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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Friday, July 11 2003, Vol. 6, No. 136

                         Headlines

A U S T R A L I A

AMP LIMITED: POWERS Bookbuild Successfully Completed
COLES MYER: Increases Fly Buys Commitment With National
DOWNER EDI: A$200M Debt Refinancing Completed
MAYNE GROUP: Federal Court Dismisses ACCC Claim
POWERTEL LIMITED: Issues Second Supplementary Target's Statement

QANTAS AIRWAYS: Unit QantasLink Provides Additional Services
UNITED ENERGY: Discloses Chairman's AGM Address


C H I N A   &   H O N G  K O N G

EMPEROR (CHINA): Widens 2003 Net Loss to HK$598.266M
EZCOM HOLDINGS: Requests Trading Suspension
FONTANA (SHATIN): Winding Up Hearing Scheduled on July 30
TACK HSIN: Price, Turnover Movements Inexplicable
PCCW LIMITED: Releases HKTC Financial Information

PCCW-HKT CAPITAL: S&P Rates US$500M Bonds Due 2013 'BBB'
PEAKTOP INT'L: Enters Capitalization to Enlarge Capital Base
SWIRE PACIFIC: To Pay HK$4.5B Land Premium


I N D O N E S I A

ASTRA INTERNATIONAL: Estimates 2003 Dividend Distribution
BANK RAKYAT: State Taking Reorganization Option


J A P A N

ALL NIPPON: JCR Downgrade Ratings to BBB+/J-2
DAIEI INC.: Jumps to New High For 2003 on TSE
FUJITSU LIMITED: Enters Retail Solutions Sales Deal With Retek
HITACHI LIMITED: Enters Data Backup Business With Sony
HITACHI LIMITED: Sees Y84B Pretax Profit From Share Sale

JAPAN AIRLINES: JCR Downgrades Rating to BBB+
JAPAN OIL: Court OK's Rehab Plan
MARUBENI CORPORATION: Sells Supermarket Unit to Kyoden
NISSHO IWAI: Moody's Upgrades Rating to B1
RESONA HOLDINGS: May Not Integrate Computer Systems

TOSHIBA CORPORATION: Launches New Engineering Firm


K O R E A

ASIANA AIRLINES: Fitch Cuts Rating to 'CCC+'; Outlook Negative
ASIANA AIRLINES: Fitch Downgrades OZ Receivables Rating to 'B-'
CHOHUNG BANK: S&P Upgrades Rating to BBB- After Shinhan Takeover
CHOHUNG BANK: Signs Final Acquisition Deal


M A L A Y S I A

BELOGA SDN: Mutually Reaches SPA Extension With CFB, CF Beloga
BRISDALE HOLDINGS: Unit's Winding Up Petition Hearing Set Sept 4
CHASE PERDANA: Conditional Restricted Issue Undersubscribed
CSM CORPORATION: Issues Default in Loan Repayments Status
IDRIS HYDRAULIC: Ministry of Finance Cancels Tahan's License

JOHAN HOLDINGS: 78th AGM Fixed on July 30
OCEAN CAPITAL: KLSE OKs Two-Month Regularization Plan Extension
OCEAN CAPITAL: Non-Executive Director Ng Chin Heng Retires
QUALITY CONCRETE: Discloses Quoted Securities Transactions
RENONG BERHAD: Fleet Group Disposes Shares for RM594.08M

SEAL INCORPORATED: Awaits KLSE's Placement Listing Approval
SPORTMA CORP.: Chua Keng Re-designated as Audit Committee Member
TONGKAH HOLDINGS: Disposes Quoted Securities
TRANS CAPITAL: Debt Restructuring Scheme Implementation Underway
TRANSWATER CORP.: Appoints Lim Hock Chye as Non-Exec Director

UNITED CHEMICAL: Provides Defaulted Credit Facilities Status


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Signs Debt Deal This Week
PHILIPPINE LONG: Declares Cash Dividends
PHILIPPINE LONG: Pays PhP15M in Taxes to Davao City Government
PRYCE CORPORATION: Aims to Cut Unit Debts
PRYCE CORPORATION: Plans PhP2B Unit Bailout

UNITED COCOUNUT: Moody's Revises Outlook to Stable


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Plans to Enhance eBusiness Services
THAKRAL CORPORATION: Posts Notice of Changes in Shareholder


T H A I L A N D

BANGCHAK PETROLEUM: Cabinet Unravels Solution to Oper Problem
PRECISCO PRO: Files Business Reorganization Petition
PREMIER ENTERPRISE: Reports Shares Sale Results



     -  -  -  -  -  -  -  -

=================
A U S T R A L I A
=================


AMP LIMITED: POWERS Bookbuild Successfully Completed
----------------------------------------------------
AMP Henderson Global Investor is pleased to announce that the
bookbuild for the $415 million offer of Preferred to Ordinary
With Exchange and Reset Securities (POWERS) has been
successfully completed.

The bookbuild was well over-subscribed by a broad range of
investors, reflecting strong interest in the POWERS offer, as
well as the potential for future equity participation in the
new, unlisted investment vehicle, Diversified Energy and Utility
Trusts (DUET), AMP Henderson's new wholesale unlisted investment
vehicle, which will be marketed separately.

AMP Henderson Head of Infrastructure, Phil Garling, said: "We
are delighted with the significant amount of interest registered
by the institutional investment community and brokers in DUET's
first listed issue, and we expect retail investors will show
similar enthusiasm."

The initial margin over the six month bank bill rate was set at
2.65 per cent, which will be used to calculate the Distribution
Rate on POWERS for each semi-annual distribution period until 1
September 2008.

The bank bill rate for the first period until 1 March 2004, will
be set on the date of allotment of POWERS, which is expected to
be 7 August 2003.

The Distribution Rate is subject to a minimum of 7.25 per cent
per annum until 1 September 2004.

The offer has been fully underwritten by the Lead Manager and
Underwriter, Macquarie Equity Capital Markets Limited.

As stated in AMP Henderson's previous announcement to the market
on 3 July 2003, the proceeds of the offer will be used to re-
finance a bridge loan to DUET, which will be used by DUET to
fund the seed assets in a diversified portfolio of Australian
energy utility assets. The acquisition of the seed assets is
subject to certain conditions including United Energy Limited
shareholders voting in favor of a Scheme of Arrangement on 10
July 2003. If the Scheme is not implemented, the POWERS offer
will not proceed.

The retail component of the issue is scheduled to open on 16
July 2003 and to close on 1 August 2003. Full details of the
POWERS offer are contained in the Prospectus, which may be
downloaded from www.hendersonprivatecapital.com and
www.macquarie.com.au/powers

The offer of POWERS will be made under the Prospectus and
investors wishing to acquire POWERS will need to complete the
application form that will accompany the Prospectus.

Background information

DUET is a new wholesale unlisted investment vehicle established
to make investments in energy utility assets in Australia and
New Zealand. DUET intends to accumulate a diverse portfolio of
energy utility assets across different geographic regions and
different sectors of the energy market.


COLES MYER: Increases Fly Buys Commitment With National
-------------------------------------------------------
Coles Myer and the National Australia Bank announced they had
signed an agreement to revamp Australia's largest loyalty
program, Fly Buys. Joint venture partners in Loyalty Pacific Pty
Ltd - the company that manages Fly Buys - the National and Coles
Myer, announced an increased investment and a commitment to
continue to evolve and enhance the Fly Buys program.

Coles Myer Emerging Businesses Managing Director, Jon Wood, said
an enhanced Fly Buys was an important part of Coles Myer's
program to provide a comprehensive offer for all its customers.
"Since the announcement of the phasing out of shareholder
discounts, Coles Myer has been working to provide value to
all its customers such as the recently announced fuel
initiative. An increased commitment to Fly Buys has
always been part of this strategy".

"Fly Buys is Australia's largest loyalty program and we are
moving now to put more value into the program
for our customers," Mr Wood said. "Together with our partners at
the National we will be revamping the program to offer customers
more points, better rewards and other benefits."

"While we are not yet in a position to release details of the
changes, they are being developed with one thing foremost in
mind - the customer must be the winner," he said.

Ms Fiona Wardlaw, General Manager, Cards Australia at the
National, said that the National was pleased with the commitment
to strengthen the Fly Buys program as it meant all Fly Buys
members would benefit.

"Fly Buys is a very successful loyalty offering for the
National's credit card business," Ms Wardlaw said. "We intend to
vastly improve Fly Buys so that it will become a much stronger
loyalty program. Benefits and options for members will be
greatly improved."

"As partners in the Fly Buys program, the National and Coles
Myer have a long-standing relationship and we are keen to work
together to preserve and enhance this for the future," she said.

Coles Myer and the National will release details of new benefits
and features of the Fly Buys program over the next three months.

Fly Buys is Australia's largest loyalty program and one of the
largest globally. Over 2 million households around the country
actively collect Fly Buys points and over 7 million cards have
been issued to members.

CONTACT INFORMATION: Scott Whiffin
        Corporate Affairs
        Coles Myer
        (03) 9829 5548


DOWNER EDI: A$200M Debt Refinancing Completed
---------------------------------------------
Downer EDI advises that it has successfully completed a
refinancing and expansion of its maturing A$150 million
syndicated financing facility for a further 3 years. The
refinancing was based on investment grade parameters, was
supported by a strong group of local and foreign banks and was
significantly oversubscribed. Given the strong demand and
ability to provide Downer with a larger capital base and
improved liquidity, the opportunity was taken to increase the
facility to A$200 million.

The refinancing was arranged by ANZ Investment Bank and
participating banks were the ANZ, Bank of Scotland, Bank West,
Hong Kong Shanghai Banking Corporation, National Australia Bank,
Sumitomo Mitsui Bank and West LB.

Managing Director, Stephen Gillies said: "Downer EDI has worked
hard over the past 5 years to build a quality, diversified
business and the support from the bank market has vindicated
our efforts. We are particularly pleased that the pricing
reflects an investment grade credit and that we achieved a 3
year tenor on the financing which significantly lengthens our
debt maturity profile. Some of our existing syndicate of banks
participated in the new facility and that is a strong indication
of confidence in the management of Downer EDI.

The extra A$50 million in facility limit has provided the
company with additional available liquidity and enhanced our
financial flexibility."

Mr Gillies also announced that coinciding with the successful
completion of the financing, the company has been awarded a
`BBB-' investment grade credit rating with a stable outlook,
from an internationally recognized credit ratings agency.

He said, "The company has now reached a size and market position
where it was considered appropriate to approach a global ratings
agency to assess the company's credit quality and in the
process, validate management's view that Downer EDI is an
investment grade company. We are pleased to advise that Fitch
Ratings, an independent and widely recognized institution, have
conducted an extensive analysis of the company and agreed with
management's assessment. Fitch identified Downer EDI's
comprehensive approach to risk management, good positioning for
organic growth and steady, diversified revenue stream as among
the company's key credit strengths."


MAYNE GROUP: Federal Court Dismisses ACCC Claim
-----------------------------------------------
The Federal Court decided Wednesday that the Australian
Competition and Consumer Commission had not established its
claim that the Mayne Group Limited and two former officers
breached the Trade Practices Act 1974 over dealings with the
AMA(WA Branch) and its officers over hiring visiting doctors for
the Joondalup Health Campus, Perth in 1995 to 1997.

The decision arises from proceedings instituted by the ACCC
against Mayne, trading as Health Care of Australia, and the
AMA(WA).

It was alleged that:

   - Mayne and the AMA(WA), acting on behalf of doctors at the
hospital, engaged in price-fixing and other anti-competitive
conduct by negotiating and agreeing the fees at which visiting
doctors would supply public patient medical services at the
hospital;

   - in support of the doctors' position, the AMA(WA) advised
Mayne that the doctors had agreed to take whatever action was
necessary to conclude the negotiations and would discharge their
patients unless agreement on their fees was reached, in breach
of the Act's primary boycott provisions; and

   - Mayne Group officers Mr Martin Day and Mr Ian MacDonald and
AMA(WA) Executive Director, Mr Paul Boyatzis and former AMA(WA)
President, Dr David Roberts, were each knowingly concerned in
the alleged conduct of their respective organizations.

Previously the AMA(WA) admitted to the court that it had entered
into an understanding with Mayne to set doctors' fees for public
patient medical services provided by doctors visiting the
hospital.

Based on this admission, the court was satisfied the AMA(WA), Mr
Boyatzis and Dr Roberts had breached the price-fixing and anti-
competitive conduct provisions of the Act. In December 2001, it
imposed penalties and costs of $285 000 on the AMA(WA), Mr
Boyatzis and Dr Roberts. Following a contested trial against
Mayne, the court has now decided that the eviance presented
about Mayne's involvement in the understanding was not
sufficient to prove the company or its officers were party to
the alleged understanding.

"The ACCC is disappointed with the court's decision because the
AMA(WA), after taking its own legal advice, admitted that its
conduct had contravened the Act and accepted that the
proceedings against Mayne in respect of its part in the conduct
should be pursued", ACCC Chairman, Mr Graeme Samuel, said
Wednesday.

"However, the ACCC accepts that in our legal system where some
parties to joint conduct alleged to be in breach of the law can
elect to admit the breach [as the AMA(WA) did] and other parties
to that conduct can elect to contest the alleged breach [as
Mayne did], it is not extraordinary for an outcome like this to
occur. The ACCC is disappointed in the result in relation to
Mayne and is considering its response".

CONTACT INFORMATION: Ms Lin Enright
        Director
        Public Relations
        Tel: (02) 6243 1108


POWERTEL LIMITED: Issues Second Supplementary Target's Statement
----------------------------------------------------------------
Powertel Limited posted its Second Supplementary Target's
Statement dated 9 July 2003, which has been lodged with the
Australian Securities & Investments Commission and TVG
Consolidation Holdings SPRL on July 10, 2003.

To see full copy of the statement, go to
http://bankrupt.com/misc/TCRAP_PWT0711.pdf.


QANTAS AIRWAYS: Unit QantasLink Provides Additional Services
------------------------------------------------------------
QantasLink will increase services and improve schedules and
capacity on key regional routes operated by the airline's fleet
of Dash 8 aircraft from 28 July.

Qantas Executive General Manager Subsidiary Businesses Narendra
Kumar said the airline was responding to demand from regional
ports in New South Wales, Victoria and Queensland.

Mr Kumar said the changes to the QantasLink Dash 8 fleet
schedule included:

* Newcastle-Melbourne

An additional daily return service (except Sundays) aimed at the
business traveler departing Newcastle for Melbourne at 0630am.
New daily Melbourne-Newcastle return services will depart at
1720. QantasLink will now operate 22 return services each week
on this route.

* Sydney-Tamworth

More frequent use of the larger Dash-8 300 50 seater aircraft on
peak flights providing up to 15 per cent more capacity each
week. QantasLink operates 28 return services each week between
Sydney and Tamworth.

* Melbourne-Mildura

A rescheduled service operating weekdays departing Melbourne at
1200 noon. The return service will depart Mildura at 1340.
QantasLink will continue to operate 34 return services each week
between Melbourne and Mildura.

Mr Kumar said services to the Queensland regional centers of
Gladstone, Rockhampton and Gold Coast had also been boosted by
the introduction of the 50 seater Dash 8 300 aircraft earlier
this month.

QantasLink, a subsidiary of Qantas Airways Limited, operates
services to 55 destinations across Australia.

On May 1, the Troubled Company Reporter - Asia Pacific reported
that Qantas Airways lodged a written submission in response to
the draft determination of the Australian Competition and
Consumer Commission (ACCC) on its proposed alliance with Air New
Zealand.


UNITED ENERGY: Discloses Chairman's AGM Address
-----------------------------------------------
United Energy Limited posted Chairman's Keith Stamm's address to
shareholders at the Annual General Meeting held on July 10,
2003:

"As years in United Energy's history go, few would be as
eventful as the calendar year 2002. This past year, the utility
sector in Australia has been well covered in the media and by
financial analysts, as on the whole, it has been a solid
performer in the broader market sense.

"In all, United Energy achieved a solid result in 2002.
Normalized net profit after tax increased by 25% to $96.2
million, and, your total dividend payment of 18.25c is 5.8% up
on the year before.

"Like any business, one that stays stagnant cannot grow. In
United Energy's case, it is refreshing to see how each year, our
business evolves. Last year when I stood before you, I commented
that our business was very different from where it was the year
before. This is even more true this year.

"UEL announced a clear strategic intent at the beginning of 2002
to address and resolve issues surrounding its investments in the
retail and wholesale sectors, and subsequently re-focus on its
core competency - ownership and management of network assets.
Looking back, United Energy has delivered on this intent with
the divestment of Pulse, EdgeCap and Utili-Mode, the
stabilization of Uecomm and overall refocus by UEL to refine and
retune its existing core business. This has established the
company as one of a solid yield with moderate, sustainable and
predictable earnings growth.

"Once again, the core distribution business has provided us with
the bulk of our revenue over the past year. And also, our other
businesses have performed well in the face of some tough issues.
Our CEO, Bob Holzwarth will go into more detail shortly.

"Looking to the future though, our business landscape is set to
change. Late last year, United Energy announced that it had
entered into discussions with Alinta Limited and AMP Henderson
Global Investors in relation to Aquila's 34% holding in United
Energy.

"In April this year, we announced to the Australian Stock
Exchange that we had signed an agreement with Alinta, AMP
Henderson and other AMP companies, and Power Partnership
Proprietory Limited to pursue a proposal to be put to you, our
shareholders, to consider an offer from Power Partnership, an
unlisted Australian company, to acquire your United Energy
shares for $3.15 per share.

"In early June, you were mailed a Scheme Booklet, which provides
a detailed description of the proposal we are asking you to
consider at the next meeting. I understand many of you may have
been overwhelmed by the size of the document, but we are
obligated to provide you with all information that is material
to you making a decision on the proposal. Using the information
provided to you, we trust that you will make your decision based
on a detailed knowledge of the proposal on offer.

"As your Chairman, I would like to thank you for your continued
support in United Energy, and to thank all the dedicated
employees in the Company."

Last month, the Troubled Company Reporter - Asia Pacific
reported that the Supreme Court of Victoria made orders
convening a meeting of United Energy shareholders, other than
Power Partnership Pty Limited, to consider and, if thought fit,
approve the proposed Scheme of Arrangement. The Proposed Scheme
of Arrangement would effect the acquisition by Power Partnership
of all the shares in United Energy, other than those shares
currently held by Power Partnership.


================================
C H I N A   &   H O N G  K O N G
================================


EMPEROR (CHINA): Widens 2003 Net Loss to HK$598.266M
----------------------------------------------------
Emperor (China Concept) Investments Limited issued its results
announcement summary:

Year end date: 31/3/2003
Currency: HKD
Auditors' Report: Unqualified
                                                  (Audited)
                               (Audited)          Last
                               Current            Corresponding
                               Period             Period
                               from 1/4/2002      from 1/4/2001
                               to 31/3/2003       to 31/3/2002
                               Note  ('000)       ('000)
Turnover                           : 31,439             46,792
Profit/(Loss) from Operations      : 18,935             (13,776)
Finance cost                       : (12,195)           (23,437)
Share of Profit/(Loss) of
  Associates                       : N/A                (20)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (598,266)          (32,954)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (54.4)             (3)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (598,266)          (32,954)
Final Dividend                     : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

1.  Turnover and profit (loss) from continuing operations and
discontinuing operation

On 14th February, 2003, the Group entered into a conditional
sale and purchase agreement to dispose of its 100% equity
interest in Lacework Profits Limited and its subsidiaries
(collectively referred to as the "Lacework Group"), which
carried out the Group's holiday resort operation and part of the
Group's property sales and development operation.  The
disposal was completed on 29th March, 2003, the date on which
control of the Lacework Group was passed to the purchaser.
Accordingly, the Group's holiday resort operation is identified
as a discontinuing operation in the current year.

An analysis of turnover and profit (loss) from continuing
operations and discontinuing operation is as follows:

                                2003            2002
                                HK$'000         HK$'000
Turnover
- Continuing operation          19,813          35,388
- Discontinuing operation       11,626          11,404
                                ---------       --------
                                31,439          46,792
                                ---------       ---------

Profit (loss) from operations
- Continuing operation          (2,595)         (2,987)
- Discontinuing operation       21,530          (10,789)
                                --------        ---------
                                18,935          (13,776)
                                --------        ---------

2.  Profit (loss) from operations has been arrived at after
(charging) crediting the following items:

                                2003            2002
                                HK$'000         HK$'000

Depreciation and amortization   (3,651)         (3,201)
Loss on disposal of property, plant and equipment
                                (301)           (7)
Impairment loss recognized in respect of properties
  under development             (3,060)         (9,537)
Impairment loss reversed (recognized) in respect of
  property, plant and equipment 26,741          (6,803)
Interest income from:
- bank and other deposits       331              234
- loan receivable               47                -
                                ---------       -----------

3.  Loss after taxation & MI has been arrived at after
(charging) crediting the following items:

                                2003            2002
                                HK$'000         HK$'000

Allowance for doubtful recovery of amount due from
  an unconsolidated subsidiary (note)
                                (627,168)       -
Gain on disposal of subsidiaries 35,815         -
                                ----------      ------------

Note:   As at 31st March, 2003, the Group had 80% interest in
the equities in and shareholders' loan to Cannibal Holdings
Limited (Canlibol) and its wholly-owned subsidiary, Beijing
Peony Garden Apartment House Co., Ltd. (Beijing Peony and
collectively referred to as the "Canlibol Group"), which are
engaged in property development, representing the Group's entire
investment costs in the Canlibol Group.  The Group was
unable to exercise its rights as a controlling shareholder of
the Canlibol Group, and in particular its ability to exercise
significant influence over the financial and operating policy
decisions of the Canlibol Group and to obtain financial
information.  Against this background, the directors of the
Company (the Directors) considered that the Group had
lost the ability to exercise effective control over the Canlibol
Group and the Canlibol Group had been dealt with as
unconsolidated subsidiaries since 1st October, 2000.

During the year, the guaranteed income of approximately
HK$53,236,000 (2002: HK$92,627,000) had been recognized and used
to reduce the amount due from Canlibol, which is considered as
part of the Group's investment costs.

On 22nd November, 2002, the Company was informed by its lawyers
in the People's Republic of China (other than Hong Kong) (PRC)
that an unauthorized registration had been filed with the
relevant authority in the PRC pursuant to which the entire
interest in Beijing Peony had already been transferred to a
party unknown to the Company.  The Directors had been in
consultation with its PRC lawyer with a view to recover its
interest in the project, however, in view of the current
development, the Directors consider it is appropriate to make an
allowance for doubtful recovery of the remaining amount due from
Canlibol of approximately HK$627,168,000 which included
additional advances of approximately HK$21,000 made to Canlibol
during the year.

4. Loss per share

The calculation of the basic loss per share is based on the
Group's consolidated loss attributable to shareholders of
approximately HK$598,266,000 (2002: HK$32,954,000) and on
11,006,883 (2002: 11,006,883 ordinary shares adjusted to take
into account of the effects of the 25 to 1 share consolidation
effective on 2nd September, 2002 and the 10 to 1 share
consolidation effective on 31st March, 2003) ordinary shares in
issue during the year.

Diluted loss per share has not been presented for either year as
the Company's debentures were fully cancelled during the year
and the exercise price of the debentures was higher than the
average market price of the Company's shares in the current
period up to the cancellation date and in last year.

5. Comparative figures

The basic loss per share in prior year has been restated in
order to take into account of the effects of the share
consolidation (as mentioned in remark 4) effective on 2nd
September, 2002 and 31st March, 2003 respectively.


EZCOM HOLDINGS: Requests Trading Suspension
-------------------------------------------
At the request of Ezcom Holdings Limited, trading in its shares
was suspended with effect from 9:30 a.m. Thursday (10/7/2003)
pending release of an announcement in relation to the
adjournment of the SGM, which is price sensitive in nature.

On January 27, the Troubled Company Reporter - Asia Pacific
reported that the Company is proposing a capital restructuring
and to make an open offer of shares to its shareholders, amongst
other things, which may involve a `whitewash waiver' application
under the Hong Kong code on Takeovers and Mergers


FONTANA (SHATIN): Winding Up Hearing Scheduled on July 30
---------------------------------------------------------
The High Court of Hong Kong will hear on July 30, 2003 at 10:00
in the morning the petition seeking the winding up of Fontana
(Shatin) Restaurant Limited.

Kong King Chung of Room 2724, Lei Chak House, Ap Lei Chau
Estate, Hong Kong filed the petition on June 6, 2003.  Tam Lee
Po Lin, Nina represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


TACK HSIN: Price, Turnover Movements Inexplicable
-------------------------------------------------
Tack Hsin Holdings Limited has noted the recent fluctuation in
the price and the trading volume of the Company's shares and
stated that it is not aware of any reasons for the fluctuation.

The Company also confirmed that, save as those stated in the
Company's announcement dated 3 July 2003 regarding the placement
of Company shares, there are no negotiations or agreements
relating to intended acquisitions or realizations which are
discloseable under paragraph 3 of the Listing Agreement, neither
is the Board aware of any matter discloseable under the general
obligation imposed by paragraph 2 of the Listing Agreement,
which is or may be of a price-sensitive nature.

According to Wrights Investors' Service, at the end of 2002,
Tack Hsin had negative working capital, as current liabilities
were HK$93.23 million while total current assets were only
HK$39.91 million. It has reported losses during the previous 12
months and has not paid any dividends during the previous three
fiscal years


PCCW LIMITED: Releases HKTC Financial Information
-------------------------------------------------
PCCW Limited announces certain financial information (based on
the audited accounts of HKTC for the three months ended 31 March
2003 and 2002) which will be disclosed to potential investors in
connection with certain debt capital markets fund raising
activities that are currently being carried out by certain of
the Company's subsidiaries.

PCCW-HKT Telephone Limited

HKTC is an indirect wholly owned Company subsidiary and forms
the most significant part of the Company's Telecommunications
Services business, the Company's major operating unit. The
Company's other telecommunications services include customer
premises equipment sales and services and most call center
services provided to third parties that are carried out by other
subsidiaries of the Company and are not accounted for in HKTC's
results.

HKTC is the leading provider of fixed-line telecommunications
services in Hong Kong. Its principal business activities include
the provision of local telephony services, local data and
broadband services, international telecommunications services
and other technical and maintenance services.

Go to http://bankrupt.com/misc/TCRAP_PCCW0711.pdfto see HKTC's
Audited Income Statement.


PCCW-HKT CAPITAL: S&P Rates US$500M Bonds Due 2013 'BBB'
--------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that it had
assigned its 'BBB' senior unsecured debt rating to PCCW-HKT
Capital No.2 Ltd.'s proposed US$500 million senior unsecured
bond issue due 2013. The bonds will be irrevocably and
unconditionally guaranteed by PCCW-HKT Telephone Ltd. (HKTC;
BBB/Positive/--).

HKTC is a wholly owned subsidiary of PCCW Ltd. Standard & Poor's
expects HKTC to continue to repay existing debt. The proceeds
will be used to replenish the company's cash reserves.

The rating on HKTC reflects the company's dominant position in
Hong Kong's fixed-line telecommunications market, its ability to
generate relatively stable cash flows, and its improving cost
structure. These strengths are partially offset by an
increasingly competitive domestic market and PCCW Ltd.'s
considerable debt burden. Continued strong cash flow from HKTC's
core business, and cash flow from the sale of apartments
at the company's Cyberport development, should help it pay down
debt.


PEAKTOP INT'L: Enters Capitalization to Enlarge Capital Base
------------------------------------------------------------
On 4 July 2003, Peaktop International Holdings Limited
entered into the Capitalization Agreements with Mr. Lin
and Jade Investment, pursuant to which Mr. Lin and Jade
Investment have conditionally agreed to subscribe for an
aggregate of 39,000,000 new Shares and 78,000,000 new
Shares respectively in cash at a subscription price of HK$0.10
per Share.

As at the date of the Capitalization Agreements, the Company was
indebted to Mr. Lin in the sum of HK$3,900,000 and to Jade
Investment in the sum of HK$7,800,000. The Shareholders' Loans
are interest-free and unsecured. The subscription price payable
by each of Mr. Lin and Jade Investment under the Capitalization
Agreements will be satisfied by capitalizing the entire amount
of the Shareholders' Loans due from the Company to Mr. Lin and
Jade Investment.

The Subscription Shares represent approximately 19.06% of the
existing issued share capital of the Company and approximately
16.01% of the issued share capital of the Company as enlarged by
the allotment and issue of the Subscription Shares.

Subscription Price

The subscription price of HK$0.10 per Subscription Share
represents:

   (a) a premium of approximately 7.53% over the closing price
of HK$0.093 per Share as quoted on the Stock Exchange on 4 July
2003, being the last trading day before July 7, 2003;

   (b) a premium of approximately 1.01% over the average closing
price of approximately HK$0.099 per Share as quoted on the Stock
Exchange for the last 10 consecutive trading days up to and
including 4 July 2003;

   (c) a discount of approximately 70.50% to the net tangible
asset value of HK$0.339 per Share as shown in the Group's s
audited consolidated financial statements made up to 31 December
2002; and

   (d) the par value of the Shares.

The subscription price was arrived at after arm's s length
negotiations between the Company, Mr. Lin and Jade Investment.
The Directors (including the independent non-executive Directors
subject to the receipt of the IFA Letter) consider that the
subscription price (including the premium over the closing
prices and the discount to the net tangible asset value as shown
above) and the terms of the Capitalization and the
capitalization Agreements are fair and reasonable and are in the
interests of the Shareholders as a whole.

Rights

The Subscription Shares, when issued and allotted, will rank
equally in all respects among themselves and with the Shares in
issue on the date of allotment and issue of the Subscription
Shares.

Mandate to issue Subscription Shares

The SGM will be convened and held to consider and, if thought
fit, to approve, among other things, the allotment and issue of
the Subscription Shares to Mr. Lin and Jade Investment pursuant
to the Capitalization.

Conditions of the Capitalization

The Capitalization is conditional upon, among other things, the
following conditions having been fulfilled:

   (a) the Independent Shareholders passing at the SGM the
necessary resolutions approving the Capitalization and all other
transactions contemplated thereunder;

   (b) the Listing Committee of the Stock Exchange granting or
agreeing to grant listing of, and permission to deal in, the
Subscription Shares; and

   (c) (if so required) the Bermuda Monetary Authority granting
permission for the allotment and issue of the Subscription
Shares.

Completion

Completion will take place within 10 business days after the
conditions of the Capitalization are fulfilled.

Reasons for the Capitalization

The Group is engaged in the design, manufacture and sale of
decorative gift items, a wide range of home and garden
decorative products.

In view of the working capital requirements of the Group, the
Directors believe that it is in the best interest of the Company
to convert the Shareholders' Loans into equity capital. The
Directors also consider that the Capitalization will enlarge
the capital base of the Company and will reduce the gearing
level of the Group thereby strengthening the financial position
of the Group.

The Directors (including the independent non-executive Directors
subject to the receipt of the IFA Letter) consider that the
Capitalization Agreements are entered into upon normal
commercial terms following arm's s length negotiations between
the parties to the Capitalization Agreements and that the terms
of the Capitalization Agreements and the Capitalization are fair
and reasonable and are in the interests of the Shareholders as a
whole.

SGM

The SGM will be convened and held to consider and, if thought
fit, to approve, among other things, the Capitalization and the
allotment and issue of the Subscription Shares. Mr. Lin, Jade
Investment and their respective associates will abstain from
voting in respect of resolutions approving the Capitalization
and the allotment and issue of the Subscription Shares due to
their interests in the Capitalization.

GENERAL INFORMATION

Mr. Lin is an executive Director and Ms. Angeleslao Jocelyn O.,
the spouse of Mr. Ng, beneficially owns the entire issued share
capital of Jade Investment as to 50% by Mr. Ng, an executive
Director, and as to the remaining 50%. The Capitalization
therefore constitutes a connected transaction on the part of the
Company under Rule 14.26 of the Listing Rules and will be
subject to, among other things, the approval of the Independent
Shareholders at the SGM. Mr. Lin, Jade Investment and their
respective associates will abstain from voting for the
relevant resolution approving the Capitalization and the
allotment and issue of the Subscription Shares at the SGM.

The Independent Board Committee comprising the two independent
non-executive Directors will be formed to advise the Independent
Shareholders as to the fairness and reasonableness of the
Capitalization. An independent financial adviser will be
appointed to advise the Independent Board Committee in this
regard.

Application will be made by the Company to the Stock Exchange
for the listing of, and permission to deal in, the Subscription
Shares.

A circular containing, among other things, further details of
the Capitalization, the letter from the independent financial
adviser to the Independent Board Committee on the
Capitalization, the recommendation of the Independent Board
Committee to the Independent Shareholders on the Capitalization
together with the notice of the SGM will be dispatched to the
Shareholders within 21 days from the date of this announcement.

DEFINITIONS

In this announcement, unless the context otherwise requires, the
following expressions shall have the following meaning:

`associates' has the meaning ascribed to this term under the
Listing Rules

`Capitalization' the subscription of the Subscription Shares at
HK$0.10 per Subscription Share by Mr. Lin under the Lin
Capitalization Agreement and by Jade Investment under the Jade
Capitalization Agreement by capitalizing the entire amount of
the Shareholders' Loans

`Capitalization Agreements' collectively the Lin Capitalization
Agreement and the Jade Capitalization Agreement

`Company' Peaktop International Holdings Limited, a company
incorporated in Bermuda with limited liability and the issued
Shares of which are listed on the main board of the Stock
Exchange

`Completion' completion of the Capitalization pursuant to the
Capitalization Agreements

`Directors' directors (including the independent non-executive
directors) of the Company

`Group' the Company and all of its subsidiaries

`Hong Kong' the Hong Kong Special Administrative Region of the
People's Republic of China

`IFA Letter' the letter from the independent financial adviser
to the Independent Board Committee on the Capitalization

`Independent Board Committee' an independent board committee
comprising the independent non-executive Directors to advise the
Independent Shareholders as to the fairness and reasonableness
of the Capitalization

`Independent Shareholders' Shareholders other than Mr. Lin, Jade
Investment and their  respective associates

`Jade Capitalization Agreement' the capitalization of loan
agreement dated 4 July 2003 and  entered into between the
Company and Jade Investment in respect of the Capitalization

`Jade Investment' Jade Investment Limited, a company
incorporated in Samoa with limited liability and which entire
issued share capital is beneficially owned as to 50% by Mr. Ng
and as to the remaining 50% by Ms. Angeleslao Jocelyn O., the
spouse of Mr. Ng

'Lin Capitalization Agreement' the capitalization of loan
agreement dated 4 July 2003 and entered into between the Company
and Mr. Lin in respect of the Capitalization

`Listing Rules' the Rules Governing the Listing of Securities on
the Stock Exchange

`Mr. Lin' Mr. Lin Chun Kuei, an executive Director, the chairman
of the Company and the beneficial owner of approximately 5.84%
of the existing issued share capital of the Company

`Mr. Ng' Mr. Ng Kin Nam, an executive Director and the
beneficial owner of 50% of the existing issued share capital of
Jade Investment

`SGM' the special general meeting of the Company to be convened
and held to consider and, if though fit, to approve, among other
things, the Capitalization

`Share(s)' ordinary share(s) of HK$0.10 each in the share
capital of the Company

`Shareholder(s)' holder(s) of the Share(s)

`Shareholders'  Loans' an aggregate sum of HK$11,700,000
advanced to the Company as to HK$3,900,000 by Mr. Lin on 23 June
2003 and 28 June 2003 and as to HK$7,800,000 by Jade Investment
on 28 June 2003

`Subscription Shares' an aggregate number of 117,000,000 new
Shares, as to 39,000,000 new Shares to be subscribed by Mr. Lin
pursuant to the Lin Capitalization Agreement and as to
78,000,000 to be subscribed by Jade Investment pursuant to the
Jade Capitalization Agreement

`Stock Exchange' The Stock Exchange of Hong Kong Limited

`HK$' Hong Kong dollars, the lawful currency for the time being
of Hong Kong

`%' percent.

According to Wrights Investors' Service, at the end of 2002,
Peaktop International Holdings Limited had negative working
capital, as current liabilities were HK$340.91 million while
total current assets were only HK$293.27 million. It also
reported losses during the previous 12 months and has not paid
any dividends during the previous 3 fiscal years.


SWIRE PACIFIC: To Pay HK$4.5B Land Premium
------------------------------------------
Standard & Poor's Ratings Services said Tuesday that its rating
on Swire Pacific Ltd. (Swire Pacific; BBB+/Negative/--) would
not be affected by the Hong Kong Court of Final Appeal's
rejection of Swire Pacific's appeal against an estimated Hong
Kong dollar 4.5 billion (US$580 million) land premium payment.

Land premiums are paid by property developers in Hong Kong for
the right to develop properties. Standard & Poor's previously
factored the potential payment into the rating on Swire Pacific.
Swire Pacific has already accrued for the estimated premium in
its balance sheet.

The Troubled Company Reporter - Asia Pacific reported on May 7,
2003 that Standard & Poor's Ratings Services had affirmed its
'BBB+' unsecured corporate credit rating on Swire Pacific Ltd.
but revised its outlook on the rating to negative from stable.
The rating action follows an announcement by the company that
its 46%-owned affiliate, Cathay Pacific Airways Ltd., will cut
its dividend payout to reflect the negative effects of the
recent outbreak of Severe Acute Respiratory Syndrome (SARS), a
potentially fatal pneumonia-like illness that has become
increasingly widespread in Greater China and Southeast Asia over
the past two months.


=================
I N D O N E S I A
=================


ASTRA INTERNATIONAL: Estimates 2003 Dividend Distribution
---------------------------------------------------------
Based on the progress set of Series II Debt Buyback and Toyota
Divestment Transaction, PT Astra International Tbk (Astra)
estimates it can pay a dividend to its shareholders in the
current financial year. Under the terms of the debt
restructuring agreement, Astra may pay dividends up to an amount
of 10% of net profits starting from the financial year 2003, and
such dividend payments may increase if Astra is able to fulfill
certain financial targets (Release Date), namely, inter alia, if
the total debt of Series I and Series II is reduced by 50% from
the level as at the date of the agreement.

If Astra achieves the Release Date expected to be accomplished
by the end of this year and in the absence of unforeseen
circumstances, it is possible for Astra to pay a total final
dividend for 2003 of around 25% of the net profit excluding
extraordinary income. This would include an interim dividend for
the financial year 2003 of Rp50,- per share, anticipated to be
paid before December 2003. Astra aims to increase the amount of
dividend payment progressively until it reaches an amount of 50%
of the net profit in accordance with the maximum dividend
payment as set forth in debt restructuring agreement, subject to
the achievement of a satisfactory business performance and the
maintenance of a sound financial position.


BANK RAKYAT: State Taking Reorganization Option
-----------------------------------------------
The government intends to take a quasi-reorganization option to
resolve the capital problem of PT Bank Rakyat Indonesia before
conducting initial public offering of the state owned bank,
Bisnis Indonesia reports, quoting Suad Husnan, a Deputy State
Minister of State Owned Enterprises.

"The government will take the option of quasi-reorganization to
resolve the capital problem of BRI. We are talking about that,"
Husnan said, adding that the method to resolve the capital
problem of BRI would be just the same as that of Bank Mandiri
before its IPO. "Choosing the other options would change the
statutes of the state owned company."

One unnamed governmental official said that the capital problem
of BRI was not as complicated as that of Bank Mandiri. He said
that the loss on 2000, due to the recapitalization process, was
not accounted into the paid in capital of the bank but by quasi-
reorganization.

"With this option the loss will be set-off with some shares so
that the retained earning will not be negative. In the paid in
capital there are some retained earning. We just need to invite
an accountant," he said.

Commenting on this plan the Vice Chairman of Commission IX of
the Parliament Paskah Suzetta said that the government could not
do that to resolve the capital problem of BRI. The only way to
do that is by using some money from the IPO.

"The government can set-off the loss, but it still have to
inject some new capital," Suzetta said, adding that basically
the parliament had agreed with the IPO plan of BRI even though
the bank was not on the list of state owned companies to
privatize.

"BRI is not on the privatization list of 2001, 2002 and 2003,"
Suzetta said. The IPO was mainly to resolve the capital problem
of the bank.


=========
J A P A N
=========


ALL NIPPON: JCR Downgrade Ratings to BBB+/J-2
---------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the ratings on
the shelf registration, bonds and CP program of All Nippon
Airways Co. Ltd. from A- and J-1 to BBB+ and J-2, respectively.

Shelf Registration:

Maximum: Y200 billion
Valid: two years from March 26, 2002

Issues Amount (billion) Issue Date Due Date Coupon

Convertible

Bonds no.5 Y100 Jun. 17, 1996 Mar. 31, 2005 0.40%
Bonds no.1 Y35 Jun. 11, 1997 Jun. 11, 2007 3.075%
Bonds no.2 Y20 Sept.19, 1997 Sept.18, 2009 2.75%
Bonds no.3 Y20 Sept.19, 1997 Sept.19, 2017 3.20%
Bonds no.4 Y20 Mar. 25, 1998 Mar. 25, 2008 2.90%
Bonds no.6 Y20 Apr. 6, 1999 Apr. 6, 2004 2.20%
Bonds no.7 Y10 Apr. 6, 1999 Apr. 6, 2007 3.00%
Bonds no.8 Y15 July 29, 1999 July 28, 2006 2.05%
Bonds no.10 Y10 Dec. 16, 1999 Dec. 16, 2011 3.00%
Bonds no.11 Y20 Mar. 1, 2000 Mar. 1, 2006 2.08%
Bonds no.12 Y10 Mar. 1, 2000 Mar. 1, 2010 3.00%
Bonds no.13 Y20 Sept.21, 2001 Sept.19, 2008 1.33%
Bonds no.14 Y20 Nov. 11, 2002 Nov. 11, 2005 0.95%
Bonds no.15 Y10 Dec. 19, 2002 Dec. 19, 2008 1.50%
Bonds no.16 Y10 Mar. 25, 2003 Mar. 25, 2009 1.27%
Bonds no.17 Y10 Mar. 25, 2003 Mar. 25, 2011 1.70%
Bonds no.18 Y30 Apr. 21, 2003 Apr. 21, 2006 0.80%

CP:

Maximum: Y50 billion
Backup Line: 0%

RATIONALE:

Sharp drop in demand for international passenger lines due to
SARS and war had adverse impact on All Nippon Airways (ANA),
although the weight of international lines in the business is
small. The performance of international lines that had begun to
improve due to restructuring measures deteriorated again. The
earnings from the mainline domestic lines declined sharply for
fiscal 2002 with the competition with rivals being intensified.
Although the worst of the business environment is now behind, it
will take time for the earnings power to recover on a full
scale. JCR downgraded the rating for ANA, taking into account
the delay in improvement in the earnings and financials as well
as an increase in business risk. ANA is now gathering pace of
the restructuring measures to improve profitability. JCR will
continue to watch carefully the future developments as to
whether ANA can achieve the improvement in the earnings as
planned and how it implements the measures to improve the
financial structure after the improvement in the earnings is
made.


DAIEI INC.: Jumps to New High For 2003 on TSE
---------------------------------------------
Shares in ailing supermarket chain Daiei Inc. took a sudden leap
on the Tokyo Stock Exchange (TSE) Wednesday afternoon, hitting a
fresh high for this year, Namnews reports. The issue erased
early losses and climbed to a high of 168 yen past midafternoon,
up 23 yen, or 15.9 percent, from Tuesday's close. Daiei shares
attracted purchases from brokerage house dealers and individual
investors, along with lagging mainstay retail issues like Ito-
Yokado Co. Restructuring efforts have also contributed to the
popularity of the issue.


FUJITSU LIMITED: Enters Retail Solutions Sales Deal With Retek
--------------------------------------------------------------
Fujitsu Limited and Retek Inc. announced that they have agreed
to collaborate in incorporating Retek's popular merchandise
optimization, planning, operations and management software
package, Retek10, as part of Fujitsu's suite of comprehensive
solutions for major fashion retailers, electronics superstores,
supermarkets and other large retailers in the Japanese market.
The integrated solutions will encompass all aspects of retail
operations, including management of store operations, inventory
and merchandising, sales, customer information, and logistics,
as well as supply chain management and product demand
forecasting. Following the launch of solutions incorporating
Retek 10 in Japan from July 10, Fujitsu will consider
introducing these solutions to customers in overseas markets,
particularly Asia.

Fujitsu currently offers a wide range of retail solutions, such
as GlobalSTORE and B-STOREPOWER software packages for store
operations management, i-Retail/ASP for customer-relationship
management, and CollaboAgent for supply chain management, and it
has developed numerous large-scale customized merchandising
systems according to specific customer requirements.

Retek10 is built around a core of advanced merchandising
functions and has achieved a track record of success with major
retailers in the U.S. and Europe. Its integrated process flow
combines collaborative software for inventory control, ordering,
distribution and sales with predictive technologies for product
forecasting.

Against a backdrop of ever-sharper competition and weak consumer
spending, retailers in Japan need to offer a selection of
products that are more closely attuned to customer requirements
and to operate more efficiently on the basis of reliable real-
time information. By teaming up with Retek, Fujitsu will be able
to offer solutions that help customers revamp the important
areas of product management and business collaboration as well
as the merchandising that underlies them. This will enable
customers building large-scale retail systems to quickly
implement best practices without requiring customization.

As part of their collaboration to integrate Retek 10 into
Fujitsu's retail solutions offerings, Fujitsu and Retek will
undertake joint promotions targeting large retailers and will
offer joint support services, covering consulting, installation,
and operations.

About Retek

Retek Inc. is the leading provider of mission-critical software
and services to the retail industry. Retek 10 integrates
collaborative software with patented predictive technologies,
consulting services, and the best practices of customers and
partners to help retailers create, manage and fulfill consumer
demand. Leading global retailers including A&P, Fast Retailing,
Tesco, Best Buy, Family Dollar Stores, Gap Inc., Sainsbury's,
Eckerd Corp. and Kohl's Department Stores use Retek solutions.
For further information please visit Retek at www.retek.com.

About Fujitsu Limited

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, high-reliability/performance computing and
telecommunications platforms, and a worldwide corps of systems
and services experts make Fujitsu uniquely positioned to unleash
the infinite possibilities of the broadband Internet to help its
customers succeed. Headquartered in Tokyo, Fujitsu Limited
reported consolidated revenues of 4.6 trillion yen (about US $38
billion) for the fiscal year ended March 31, 2003. For further
information, please visit the Fujitsu Limited home page at:
www.fujitsu.com/

Computer giant Fujitsu Limited plans to cut group interest-
bearing debt to 1.5 trillion yen (US$12.7 billion) in the year
through March 2004, TCR-AP reported recently, citing Fujitsu
President Hiroaki Kurokawa. Kurokawa intends to turn around
Fujitsu, which has been hit by two straight annual net losses
due to a sharp downturn in capital spending for telecom
equipment and the bursting of the information technology (IT)
bubble in the United States.

Contact:
Fujitsu Limited
Bob Pomeroy, Minoru Sekiguchi, Nancy Ikehara
pr@fujitsu.com
+81-3-3215-5259


HITACHI LIMITED: Enters Data Backup Business With Sony
------------------------------------------------------
Hitachi Limited and Sony Corporation have agreed to cooperate in
the data backup solution business in Japan, Kyodo News said on
Wednesday. Under the agreement, both parties will jointly test
large-scale high-speed data backup solution technologies by
combining Hitachi's hard-disk equipment with Sony's tape storage
equipment.

Hitachi has also implemented restructuring measures in the past
but will take a further 30 billion yen restructuring charge this
year, the Troubled Company Reporter-Asia Pacific reported
recently. In a bid to improve competitiveness, Hitachi plans to
exit certain businesses that currently account for about 20
percent of net sales. It aims to increase its operating margin
to at least 5 percent from 1.8 percent and return on equity to
at least 8 percent from 1.3 percent by fiscal 2005


HITACHI LIMITED: Sees Y84B Pretax Profit From Share Sale
--------------------------------------------------------
Hitachi Limited expects to post 84 billion yen (US$710 million)
in pretax profit from the sale of its 39.97 million shares in
Nitto Denko Corporation for 120 billion yen on Tuesday,
according to Reuters. Hitachi unveiled the plan to cut its stake
in Nitto Denko as part of its restructuring scheme.

The move reflected Hitachi's mid-term business plan, launched in
April, which involves major structural reforms including the
withdrawal from operations that account for about 20 percent of
its consolidated sales.


JAPAN AIRLINES: JCR Downgrades Rating to BBB+
---------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the ratings on
the bonds of Japan Airlines Co. Ltd. (JAL) from A- to BBB+.

Issues Amount (billion) Issue Date  Due Date Coupon
Euro yen

Bonds no.13 Y15 July 22, 1993 July 22, 2003 5.50%
Euro yen
Bonds no.14 Y15 July 22, 1993 Oct. 29, 2003 5.50%
Bonds no.12 Y22 July 22, 1998 July 22, 2004 2.45%
Bonds no.13 Y18 July 31, 1998 July 31, 2008 3.20%
Bonds no.14 Y15 Dec. 18, 1998 Dec. 18, 2003 2.225%
Bonds no.15 Y15 Apr. 1, 1999 Apr. 1, 2005 2.45%
Bonds no.16 Y5 Apr. 7, 1999 Apr. 7, 2009 3.40%

RATIONALE:

JAL integrated its operations into those of Japan Air System in
October 2002. JAL then became an operating subsidiary of a
holding Company, Japan Airlines System Corp. The integration
helped build infrastructure for improvement in earnings
structure and financial structure. However, deterioration in the
environment surrounding the mainline international lines delayed
the improvement in them. Given the increasing business risk due
to the international situation, JCR downgraded the rating for
JAL from A- to BBB+. On the other hand, JCR takes into account
that it is now clearer that the government would extend support
in the case of emergencies and that the integration would by
paying off. JCR will continue to carefully examine the speed of
improvement in the earnings and financials, particularly,
synergistic effects, as well as performance of JAL to be
reflected in the rating.


JAPAN OIL: Court OK's Rehab Plan
--------------------------------
The failed government-affiliated Japan Oil Development Co.
(JODCO) obtained court approval Wednesday of its rehabilitation
plan, Kyodo News reports. The Tokyo District Court, where the
oil firm filed for protection from its creditors in March with
liabilities amounting to about 307.6 billion yen, issued the
approval.

Since establishment in 1973, JODCO has lifted three grades of
crude oil - Umm Shaif, Zakum and Upper Zakum. Umm Shaif and
Zakum crude oil are shipped out from Das Island, and Upper Zakum
crude oil produced at Upper Zakum field, one of the largest
fields in the world, is loaded onto tankers at Zirku Island
together with crude oil produced at adjacent fields of Umm Al-
Dalkh and Satah. These crude oil is good quality products and is
among the world's best medium and light grade oil. They are eyed
as a promising source of stable supply of oil over many years to
come. In June 2002, JODCO handled an accumulated total of 1.8
billion barrel of these 3 grades of crude oil, and since then
our annual sales volume of crude oil exceeds 100 million
barrels.

The UAE supplies Japan about 1.0 million barrel per day, which
is around 1/4 of the needs of our country of about 4.13 million
barrels per day, and JODCO is proud that it shoulders a sizeable
quantity of this requirement.

COMPANY PROFILE:

Japan Oil Development Co., Ltd.
Head Office:
Kayabacho Tower
21-2, Shinkawa 1-Chome,
Chuo-ku, Tokyo 104-0033, Japan
Phone: +81-3-5541-3155
Telex: J26159 (AAB:NJODCO J26159)
Facsimile: +81-3-5541-3159
Cable: JAPOILDEV

Established on February 22, 1973

CAPITAL
Authorized capital---380 billion Yen (38 million shares)
Paid-up capital----365.2 billion Yen (36.52 million shares)

SHAREHOLDERS

Amount in thousand Yen

Japan National Oil Corp.                 328,100,100
Overseas Petroleum Corp.                 17,318,400
ITOCHU Oil Exploration Co., Ltd.          3,090,400
Sumitomo Petroleum Development Co., Ltd.  3,090,400
Toyo Oil Development Corp.                3,090,400
Fuyo Petroleum Development Corp.          3,090,400
Mitsui Oil Exploration Co., Ltd.          3,090,400
Mitsubishi Corporation                    3,090,400
Japan Petroleum Exploration Co., Ltd.       619,600
Teikoku Oil Co., Ltd.                       619,600

TOTAL                                   365,200,000


MARUBENI CORPORATION: Sells Supermarket Unit to Kyoden
------------------------------------------------------
Marubeni Corporation has sold its supermarket subsidiary Sanmari
to an investment arm of Kyoden Co., Kyodo News reported on
Wednesday. The trading house sold all outstanding shares in the
wholly owned subsidiary in late June. Kyoden, a maker of printed
circuit boards listed on the Second Section of the Tokyo Stock
Exchange, has been active in the retail business since last
year. Sanmari has nine stores in Miyagi Prefecture and posted 6
billion yen in sales in the fiscal year ended March 2002.

Marubeni's earnings power improved due to cut in expenses as
well as withdrawal from unprofitable businesses, according to
Japan Credit Rating Agency. On the other hand, its interest-
bearing debt and total assets were reduced. However, Marubeni
still carries large amount of securities and real estate against
the amount of shareholders' equity. Reductions in the risk
assets are important issue for Marubeni. It aims to increase the
earnings and to improve the financial structure by allocating
the resources to core business areas.


NISSHO IWAI: Moody's Upgrades Rating to B1
------------------------------------------
Moody's Investors Service has confirmed its B1 long-term debt
rating for Nichimen Corporation (NM), and upgraded the long-term
debt rating for Nissho Iwai Corporation (NI) to B1 from B2. The
unsecured senior debt ratings of their keep-well letter
supported subsidiaries have been confirmed at B2. The outlooks
are stable for both ratings. The rating actions conclude the
rating reviews of both companies initiated on December 11, 2002.
Moody's also withdrew the ratings assigned to the Euro MTN
program of NI, NM, and their subsidiaries. The ratings for all
the outstanding notes issued under these programs are
maintained.

The ratings reflect Moody's view that the credit risk associated
with rated public debts of Nissho Iwai Corporation has
diminished as a result of recently completed large re-
capitalization of the holding Company. This re-capitalization
comes mainly from Japanese core banks and eviances the continued
validity of bank support element for Japanese trading Company
sector, and also confirmed Moody's view that senior loans from
Japanese core banks to Japanese trading companies effectively
function as subordinated capital to provide a quasi -economic
cushion for public debt holders. The ratings continue to factor
in the weak capitalization of the combined group, the persistent
pressures on profitability and balance sheet, and the
deteriorating operating environment.

NM and NI established a holding Company, Nissho Iwai-Nichimen
Holdings Corporation (NNHC) on April 1 2003. These two companies
at that time became wholly owned subsidiaries of NNHC. By April
2004, the companies will further explore optimal mode of
integrating their diverse business lines, while trying to
achieve substantial benefits from managing down expenses. The
form of this planned business integration is not yet fully
articulated. However, in Moody's view, this would have the
potential to significantly change business and financial
profiles of these two entities on a standalone basis. Given this
large uncertainty associated with their future standalone
business profiles, coupled with their weak financial
fundamentals, Moody's concluded that equalization of their
ratings is appropriate.

NNHC has implemented a large re-capitalization from its core
banks as well as their customers. This is believed to confirm
the continued validity of bank support for the ratings of these
two firms, and a factor for the stable rating outlooks. The re-
capitalization (in the aggregate amount of Y280 billion) takes
the form of a mandatory convertible preferred stock, the
proceeds of which are down streamed to the two operating
companies as common stock. The debt-equity ratios for these two
firms on a financial accounting basis are likely to improve for
FYE 3/2004 mainly as a result of implementing de-consolidation
business initiatives for those balance sheet intensive business
lines.

The following ratings are confirmed.

Nichimen Corporation: B1 unsecured senior debt rating.

Nichimen America, Inc.: B2 unsecured senior debt rating

Nichimen Europe, Plc.: B2 unsecured senior debt rating

Nichimen Hong Kong (Cayman) Ltd.: B2 unsecured senior debt
rating

Nissho Iwai America Corporation: B2 unsecured senior debt rating

Nissho Iwai Europe plc: B2 unsecured senior debt rating

Nissho Iwai Hong Kong (Cayman) Ltd.: B2 unsecured senior debt
rating

Nissho Iwai International Finance (Cayman) Ltd.: B2 unsecured
senior debt rating

The following ratings are upgraded.

Nissho Iwai Corporation: unsecured senior debt rating to B1 from
B2

The following EMTN program ratings were withdrawn:

Nichimen America, Inc.: B2 EMTN program

Nichimen Europe, Plc.: B2 EMTN program

Nichimen Hong Kong (Cayman) Ltd.: B2 EMTN program

Nissho Iwai Corporation: B1 EMTN program

Nissho Iwai America Corporation: B2 EMTN program

Nissho Iwai Europe plc: B2 EMTN program

Nissho Iwai Hong Kong (Cayman) Ltd.: B2 EMTN program

Nissho Iwai International Finance (Cayman) Ltd.:B2 EMTN program

On April 1, Nissho Iwai and trading house Nichimen Corp.
integrated their management under a holding Company Nissho Iwai-
Nichimen Holdings Corporation in a bid to rebuild the struggling
businesses. Nissho Iwai has begun restructuring efforts and has
decided to cut the salaries of its management staff by about 20
percent.


RESONA HOLDINGS: May Not Integrate Computer Systems
---------------------------------------------------
Resona Holdings Inc. will consider canceling a plan to integrate
the computer systems run by its group banks to avoid shouldering
100 billion yen in costs to integrate the systems, the Nihon
Keizai Shimbun reports. The Company faces a pressing need to
raise its profitability, since it received some 2 trillion yen
in public bailout funds at the beginning of this month. The
integration of the system will require a significant amount of
financial and personnel costs, making it likely that Resona's
business improvement plan, unveiled in June, will not be
achieved.


TOSHIBA CORPORATION: Launches New Engineering Firm
--------------------------------------------------
Toshiba Corporation, a global leader in semiconductors, will
establish a new engineering Company dedicated to providing
advanced engineering support for discrete devices, a major
pillar of Toshiba's semiconductor business. The Company will
start operation in October 2003, in Kawasaki, near Tokyo, and is
expected to achieve shorter time-to-market for advanced discrete
devices better able to meet diversifying market needs.

Discrete devices such as power transistors, diodes and opto-
devices are essential components for a diverse range of
electronic products from cellular phones and PDAs to automotive
applications and electric systems for rolling truck. As product
development cycles become increasingly short, and product
specifications more complex, there is a fast growing need for
closer collaboration between semiconductor development and
application engineers and customers' product development
engineers at an early stage in product design.

The new Company will bring together discrete design and
application engineers in a single location. Discrete device
engineers from Toshiba LSI System Support Co., Ltd, a Toshiba's
subsidiary currently responsible for engineering all
semiconductor products, will be transferred to the new Company.
The activities of the new Company will range from device design
and development to engineering for integration in customers'
systems and products.

The new Company will have a divisional structure, with each
division responsible for a major product area, such as
telecommunications and automotive applications. The divisions
will have the resources required to provide engineering support
and professional consultation covering all needs in their areas
of expertise.

The new Company will also provide application engineering
support for Toshiba's sales and marketing companies in Japan and
overseas, particularly in Asia, including China and South Korea,
and is expected to achieve an enhanced level of total support
from the design stage on. The Company will start operations in
October with 140 engineers, and expects that figure to rise to
170 by 2005.

Toshiba's semiconductor business strategy is centered on the
ability to propose innovative solutions to customers, and so
create new markets and cultivate next generation sources of
growth that will secure continued global leadership. Bringing
this approach to the discrete devices business will assure the
Company promotes closer ties with customers and retains its
number one position in the global market.

Outline of New Company

-Name: Not decided yet.
-President: Not decided yet.
-Start of operation: October 2003
-Location: Kawasaki, Japan
-Ownership: Toshiba Corporation 70 percent, Toshiba Device
Corporation 15 percent,
Toshiba Microelectronics Corporation 15 percent
-Employment: Approximately 140 (October 2003)

About Toshiba Corporation

Toshiba Corporation is a leader in information and
communications systems, electronic components, consumer
products, and power systems. The Company's integration of these
wide-ranging capabilities assures its position as a leading
Company in semiconductors, LCDs and other electronic devices.
Toshiba has 176,000 employees' worldwide and annual sales of
over US$40 billion. For further information, please visit the
Toshiba Corporation home page at: www.toshiba.co.jp/index.htm

The Troubled Company Reporter-Asia Pacific reported that Toshiba
in the three months to December 31 had a loss of 84.9 billion
yen (US$636 million) versus a net income of Y11.1 billion in the
year- earlier period. Consolidated sales fell 14 percent to Y1.2
trillion from Y1.39 trillion.

Contact:
Toshiba Corporation
Midori Suzuki
midori.suzuki@toshiba.co.jp
03-3457-2105


=========
K O R E A
=========


ASIANA AIRLINES: Fitch Cuts Rating to 'CCC+'; Outlook Negative
--------------------------------------------------------------
Fitch Ratings, the international rating agency, has downgraded
Friday last week the Senior Unsecured foreign currency rating of
South Korea's Asiana Airlines, Inc to 'CCC+' from 'B'. The
Outlook on the rating is Negative and the Rating Watch Negative
is removed with immediate effect. The rating reflects the
agency's concern over ongoing liquidity pressure faced by
Asiana, and its weak financial performance in 2Q2003, in the
wake of the SARS (severe acute respiratory syndrome) outbreak in
Asia.

Fitch says the company has a high dependence on short term
borrowings, and hence a major refinancing risk. Its short term
debt of KRW814.2 billion represented about 1x of 2002 EBITDAR
and 36% of total on-balance sheet debt as of December 2002. The
company has low financial flexibility and limited funding
options. In the last two years, the company has utilized a
variety of funding sources, including sale and lease back
transactions, operating leases, securitization of future revenue
streams and asset sales, to meet its short term debt obligation.
The company also has a low cash balance and limited undrawn
credit facilities and unencumbered assets.

Its EBITDAR/(rent+interest) ratio, which fell sharply to 1.19x
in 1Q2003 from 1.5x in 2002, could drop further in 2Q2003, the
agency says. This could threaten the 1.1x threshold required by
the OZ receivable securitization transaction, which in turn,
among other events, could trigger early amortization and put
further pressure on the company's liquidity position.

The operating and financial performance of Asiana improved in
2002 due to business growth, a low interest rate environment,
stable exchange rate and fuel price. In particular high-yielding
routes to China were major growth drivers. However, the
improvement was reversed very quickly in 1Q2003 owing to (1) the
reduction in domestic traffic due to the opening of new highways
in Korea in late 2002, (2) the war in Iraq that discouraged air
travel, (3) political tension between North and South Korea and
(4) the outbreak of SARS in Hong Kong and Singapore in March.
These factors, coupled with high fuel price, resulted in an
operating loss of KRW11.4bn.

Fitch says the progress on Asiana's plan to sell its 57% stake
in Asiana Airport Services has been slow. The current difficult
operating environment of the airline industry is not conducive
to the completion of this transaction and the sale is unlikely
to be concluded soon. Furthermore, Asiana's exposure to non-
airline related investments also adds to cash flow and earnings
volatility. In particular, investments in non-core assets and
other speculative transactions have diverted management's effort
to improve liquidity. Although the recent sale of its catering
division to LSG Sky Chefs, a subsidiary of Lufthansa Airlines
AG, for KRW65bn brought in one-off cash flow to help close
Asiana's funding gap, the amount represented less than 8% of
total short term debt.

Fitch also believes the recovery in passenger traffic, yield and
load factors could take longer than is expected by Asiana's
management. While the impact of SARS on Korean air traffic was
not as severe as that on Singapore, Hong Kong and China, the
decline in load factors was substantial. The 2Q revenue decline
was much bigger than that experienced after the 9-11 terrorist
attack. International passenger load factor dropped 20
percentage points to the mid-50% level in April while domestic
passenger load factor fell 8 percentage points to the low-50%.
While the downtrend has stopped in May, and the peak holiday
season in July and August could help speed up the recovery
process, the time required for yield and load factors to rebound
to above pre-SARS or breakeven level is still uncertain.

Nonetheless, the business decline was partially mitigated by the
low interest rate environment, the stabilization of the fuel
price, the appreciation of the Korean Won (against USD) and
stable cargo business performance. Cargo business (which
accounted for about 30% of revenues in 2002) remained stable
with healthy yield and load factor, which was maintained at
75.5% in 1Q2003.

The Outlook on the rating is Negative, reflecting the difficult
operating environment facing Asiana and the airline industry.
Overall passenger traffic and visitors to South Korea are still
below the pre-SARS level. Besides, significant discounts and
promotions being offered to travelers are likely to hurt yield
and raise breakeven load factor. The restricted funding options
available to Asiana means a strong reliance on local banks to
rollover current borrowings.

CONTACT INFORMATION: Elizabeth Allen
        Tel: +852 2263 9696
        Adam Preece
        Tel: +852 2263 9559


ASIANA AIRLINES: Fitch Downgrades OZ Receivables Rating to 'B-'
---------------------------------------------------------------
Fitch Ratings, the international rating agency, has downgraded
Wednesday the rating of OZ Receivables PLC Series 2000-1 Secured
Notes, the future flow securitization deal backed by the airline
ticket receivables from the trans-Pacific routes of South
Korea's Asiana Airlines, to 'B-' (B minus) from B+. The rating
action follows the downgrade of the Senior Unsecured foreign
currency rating of Asiana Airlines, Inc to 'CCC+' from 'B' on
July 4. At the same time, the agency has removed the Rating
Watch Negative in place for the transaction.

The rating of the OZ Receivables PLC transaction is based
primarily on the credit quality of Asiana, the sovereign
environment of Korea, the performance risk of the trans-Pacific
routes, Asiana's U.S. distribution network, and the additional
strengths of the structure that allow these notes to rank senior
to the unsecured debt of Asiana. The downgrade is a direct
result of the downgrade of Asiana Airlines.

The minimum debt service coverage for the transaction to prevent
early amortization is 3.0 times (x). In May this ratio had
fallen to 3.57x before improving to 3.79x in June, as concerns
over both the Severe Acute Respiratory Syndrome (SARS) and
tensions in the Korean peninsula subsided. This ratio is in
excess of the requirements for a 'B-' (B minus) rated
transaction. However, the issue is reliant on the future flow of
ticket receivables and the financial strength of the airline.
Its ability to continue to generate these receivables is vital
to the rating and for this reason the downgrading of the
transaction has been completed in tandem with the downgrade of
the airline.

The transaction also includes a number of early amortization
triggers related specifically to the financial strength of
Asiana Airlines. In recent times these have also been under
pressure. The EBITDAR to interest expense (interest + rent) is
required at all times to be maintained in excess of 1.1:1.0. As
at the end of March 2003 this was 1.19x and could drop further
in 2Q2003. Adjusted debt to adjusted capitalization is required
to be maintained at no greater than 0.95:1.0. At 31 March 2003
this ratio was 0.90.

The transaction is currently undergoing scheduled amortization
and will mature in 2005.


CHOHUNG BANK: S&P Upgrades Rating to BBB- After Shinhan Takeover
----------------------------------------------------------------
Standard and Poor's announced Thursday it will downgrade Shinhan
Bank to BBB from BBB+, but said it will upgrade Chohung Bank to
BBB-, the lowest investment-grade rating, from BB+.

The moves come after the Shinhan Financial Group signed the
final contract with the Korean government to purchase its 80.04
percent stake in Chohung Bank for 3.37 trillion won. Shinhan had
also previously agreed to run Chohung as a separate unit before
merging its operations with Shinhan Bank.

"The downgrade of Shinhan reflects potential operational and
reputation risk stemming from consolidation with a weaker bank,"
said S&P credit analyst Choi Young-il in a statement.

Choi also noted that despite the three-year waiting period,
Shinhan would still suffer the business risks associated with a
merger and could still be liable to disruptive union action.
Chohung's union went on a one-week strike last month that
threatened to derail the merger after the government announced
the initial agreement.

Additionally, S&P expects the Shinhan group to suffer from
weakened capitalization, as it plans on issuing 2.7 trillion won
of redeemable preferred securities to fund the transaction,
which S&P expects Shinhan will buy back in the future because of
the high likelihood it will maintain distributable reserves, or
retained earnings, which according to Korea law would obligate
Shinhan to redeem the shares.

Preferred stocks are considered to have debt characteristics
because they tend to pay a fixed dividend, much like a bond.

Meanwhile S&P upgraded Chohung noting that the bank will benefit
from its consolidation with Shinhan Bank, which is in stronger
financial health.

"The proven risk management skills and operational efficiencies
of Shinhan should rapidly help Chohung to improve its credit
profile," said Choi.

S&P also gave a stable outlook to each financial institution,
and noted that it would converge the credit rating for the two
banks if Shinhan can streamline the operations at Chohung and
integrate the operations of the two banks without major
disruptions.


CHOHUNG BANK: Signs Final Acquisition Deal
------------------------------------------
Shinhan Financial Group signed a final contract on Wednesday to
buy the government's 80 percent stake in Chohung Bank for 3.3
trillion won (US$2.8 billion) of which 1.7 trillion won will be
paid in cash and the rest of the price in Shinhan Financial
Group shares, JoongAng Daily reports. Chohung will become a
Shinhan affiliate after Shinhan completes payment to the Korea
Deposit Insurance Corporation, which is due by October.

After signing the pact with corporation, Choi Young-whi,
President of Shinhan Financial Group, spoke of appointing
executives from Chohung Bank through a general shareholders
meeting scheduled for the end of August.

DebtTraders reports that Cho Hung Bank's 11.875% bond due in
2010 (CHOH10KRS2) trades between 113.5 and 114.5. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CHOH10KRS2


===============
M A L A Y S I A
===============


BELOGA SDN: Mutually Reaches SPA Extension With CFB, CF Beloga
--------------------------------------------------------------
AmMerchant Bank Berhad, on behalf of Chin Foh Berhad, wishes to
announce that CFB, together with the parties to the conditional
Sale and Purchase Agreement entered into on 18 October 2000,
namely CF Beloga Sdn Bhd and Beloga Sdn Bhd (Special
Administrators Appointed), had via a letter dated 7 July 2003,
mutually agreed to extend the time frame for the issuance of new
ordinary shares of RM1.00 each of CFB pursuant to the Proposed
Acquisitions from 30 June 2003 to 30 July 2003.

Proposed Acquisitions involves Acquisition of Landed Properties,
Plant and Machineries and Motor Vehicles of Beloga Sdn Bhd
(Special Administrators Appointed) by CF Beloga Sdn Bhd for a
Total Purchase Consideration of RM43,408,400 of which
RM21,704,200, being 50% of the Total Purchase Consideration, is
to be Settled in Cash, and the Remaining Balance by the Issuance
of 9,436,608 New Ordinary Shares of Rm1.00 Each in Chin Foh
Berhad at an Issue Price of RM2.30 Per Share, at Alternatively
by Cash Amounting to RM21,704,200.


BRISDALE HOLDINGS: Unit's Winding Up Petition Hearing Set Sept 4
----------------------------------------------------------------
Brisdale Holdings Berhad, in reply to the KLSE's Query Letter
reference ID: NM-030703-35926 dated 8 July 2003 on the
Advertisement of Notice of Winding-Up Petition on its unit
Brisdale Development Sdn Bhd (BDSB), furnished the information
as requested by the Exchange for public release:

1. Brisdale Holdings received a Winding-Up Petition which was
served on BDSB on 13 May 2003 by the Petitioner, Viable Shanghai
(M) Sdn Bhd at the registered office of Lot 1A, Level 1A, Plaza
Perangsang, Persiaran Perbandaran, 40000 Shah Alam, Selangor
Darul Ehsan.

2. The date of presentation of the Winding-Up Petition was
presented via Shah Alam High Court Companies Winding-Up Petition
No.28-65-2003 dated 21 March 2003.

3. The total amount claimed under the petition is RM606,941-30
being the liquidated damages, principal sum refundable and late
payment interest payable to the Petitioner in respect of the
properties known as Lot 07-G, Lot 08-1 and Lot 08-G, Larkin
Perdana, Winner-4S Shop Office pursuant to three (3) Sale &
Purchase Agreement dated 13 April 1995, 24 April 1995 and 24
April 1995 respectively.

4. The total cost of investment in BDSB by BHB through
Pembangunan Brisdale Sdn Bhd is RM162,500-00.

5. The solicitors for the Petitioner has on 31 December 2002 in
accordance with Section 218 of the Companies Act,1965 served
three (3) Notices for the said outstanding sum, all three (3)
Notices dated 24 December 2002 on BDSB at its registered office
of Tingkat 17, Blok B, Menara PKNS-PJ, No.17, Jalan Yong Shook
Lin, 46050 Petaling Jaya, Selangor Darul Ehsan. The Petitioner
did not receive any payment and upon the expiry of the 21 days
of the Notices, the Petitioner filed and served the Winding-Up
Petition on BDSB.

6. Brisdale Holdings does not foresee the amount claimed to have
any financial nor operational impact on the Group.

7. Apart from the amount claimed, Brisdale Holdings does not
foresee any further losses except for legal cost in which the
Company needs to pay the Petitioner's solicitors as well as
ours.

8. In view of the fact that BDSB is 65% owned subsidiary company
of Pembangunan Brisdale Sdn Bhd which in turn is wholly-owned
subsidiary of Brisdale Holdings Berhad which is in possession of
assets currently realizable and available to meet its current
liabilities, the Board of Directors are of the opinion that this
matter will be settled amicably.

9. The Petition will be heard on 4 September 2003.

KLSE's Query Letter content:

We refer to the above Notice of Winding-Up Petition, appearing
in The Star, Classifieds, Page 6 on Thursday, 3 July 2003, a
copy of which is enclosed for your reference.

In this connection, kindly furnish the Exchange immediately with
the following information for public release:

  1. The date the petition was served on BDSB.
  2. The date of presentation of the petition.
  3. The particulars of the claim under the petition, including
the amount claimed for under the petition and the interest rate.
  4. The total cost of investment in BDSB by Brisdale Holdings
Berhad.
  5. The details of the default or circumstances leading to the
filing of the winding-up petition.
  6. The operational and financial impact on the Group, if any,
arising from the aforesaid petition.
  7. The expected losses, if any, arising from the aforesaid
petition.
  8. The steps that your Company/BDSB has taken and will take
with regards to the winding-up petition.
  9. The hearing date for the winding-up petition.

Yours faithfully,
INDERJIT SINGH
Senior Manager
Listing Operations
IS/WSW/NMA July 2003.


CHASE PERDANA: Conditional Restricted Issue Undersubscribed
-----------------------------------------------------------
On behalf of Chase Perdana Berhad, Southern Investment Bank
Berhad wishes to announce that as at the closing of acceptance
and payment for the Rights Issue and Conditional Restricted
Issue at 5:00 p.m. on 3 July 2003, the Rights Issue has been
undersubscribed by 90.01% and the Conditional Restricted Issue
has also been undersubscribed by 99.37%. The total acceptances
and excess shares applications for the Rights Issue are as set
out in Table 1.

Hence pursuant to the terms of the Conditional Restricted Issue,
a total of 2,805,900 Restricted Shares equivalent to the total
number of Rights Shares subscribed will be available for
subscription pursuant to the Conditional Restricted Issue. The
total applications for the Conditional Restricted Issue are as
set out in Table 2.

Go to http://bankrupt.com/misc/TCRAP_Chase0711.pdfto see Tables
1 and 2.

Accordingly, pursuant to his undertaking, Tan Sri Datuk Dr Mohan
M.K. Swami will subscribe for a total of 25,275,702 Rights
Shares which are unsubscribed and a total of 2,788,200
Restricted Shares which are available but not subscribed.

Rights Issue involves Renounceable rights issue of 28,081,602
new ordinary shares of RM1.00 each in CPB (Rights Shares) at an
issue price of RM1.00 per Rights Share, payable in full upon
acceptance, on the basis of three (3) Rights Shares for every
one (1) existing ordinary share of RM1.00 each held in CPB.

Conditional Restricted Issue refers to the Conditional
restricted issue of up to 28,081,602 new ordinary shares of
RM1.00 each in CPB (Restricted Shares) at an issue price of
RM1.00 per Restricted Share, payable in full upon acceptance.


CSM CORPORATION: Issues Default in Loan Repayments Status
---------------------------------------------------------
Pursuant to the KLSE Practice Note No. 1/2001, CSM Corporation
Berhad provided an update on the status of default in interest
payments and principal loan repayments of the CSM Group bank
borrowings as at 30 June 2003. Details are tables at
http://bankrupt.com/misc/TCRAP_CSM0711.pdf.

The Troubled Company Reporter - Asia Pacific reported last month
that the Company entered further agreements have pursuant
to the Proposed Restructuring Scheme, which details are set out
at http://bankrupt.com/misc/TCRAP_CSM0610.doc.


IDRIS HYDRAULIC: Ministry of Finance Cancels Tahan's License
------------------------------------------------------------
The High Court of Malaya Kuala Lumpur has on 27 February 2003
granted the extension of the vesting order for the transfer of
all insurance business, assets and liabilities of Tenaga
Insurance Berhad (Tenaga) to Tahan Insurance Malaysia Berhad
(Tahan), a wholly owned subsidiary of Idris Hydraulic (Malaysia)
Berhad from 4 September 2002 to 31 January 2003. The said
transfer of all insurance business, assets and liabilities from
Tenaga to Tahan has completed on 31 January 2003.

Accordingly, Bank Negara Malaysia has via its letter dated 1
July 2003 informed Tahan that the general insurance license of
Tenaga will be cancelled by the Ministry of Finance with effect
on 14 July 2003.

The Troubled Company Reporter - Asia Pacific reported last week
that the status of the Company's Proposed Restructuring Exercise
involves Proposed Capital Reconstruction; Proposed Corporate
Restructuring; and Proposed Debt Reconstruction, remains
unchanged.


JOHAN HOLDINGS: 78th AGM Fixed on July 30
-----------------------------------------
Johan Holdings Berhad informed that its Seventy-eighth Annual
General Meeting would be held on Wednesday 30 July 2003 at 3:30
in the afternoon at the Registered Office, George Kent
Technology Centre, Lot 1115, Batu 15 Jalan Dengkil, 47100
Puchong, Selangor Darul Ehsan.

Go to http://bankrupt.com/misc/TCRAP_Johan0711.docfor the full
text of the Notice of the Seventy-eighth Annual General Meeting.

Early this month, the Troubled Company Reporter - Asia Pacific
reported that Company has received the approval of the
Securities Commission for an extension of time up to 31 December
2003 to implement the Corporate Exercises, comprising:

   - Debt Restructuring of JHB;
   - Debt Restructuring of Prestige Ceramics Sdn Bhd;
   - Debt Restructuring of Johan Equities Sdn Bhd; and
   - Establishment of New Employee Share Option Scheme.


OCEAN CAPITAL: KLSE OKs Two-Month Regularization Plan Extension
---------------------------------------------------------------
Further to the announcements on 22 April 2003, 29 April 2003 and
9 June 2003 regarding Extension of Time Pursuant to Paragraph
5.1 Of Practice Note No. 4/2001 (PN4).

Hwang-DBS Securities Bhd. (Hwang-DBS), on behalf of the Board of
Directors of Ocean Capital Berhad, is pleased to announce that
the Kuala Lumpur Stock Exchange (KLSE) had on 4 July 2003
approved the application for extension of time for a further
period of two (2) months from 21 June 2003 to 21 August 2003 to
enable OCEAN to make a submission of its regularization plan to
the authorities for approval.


OCEAN CAPITAL: Non-Executive Director Ng Chin Heng Retires
----------------------------------------------------------
Ocean Capital Berhad posted this Change in Boardroom Notice:

Date of change : 08/07/2003
Type of change : Resignation
Designation    : Non-Executive Director
Directorate    : Non Independent & Non Executive
Name           : Ng Chin Heng
Age            : 45
Nationality    : Malaysian
Qualifications : Not applicable
Working experience and occupation  : Not applicable
Directorship of public companies (if any) : Rumpun Hijau Capital
Berhad
Family relationship with any director and/or major shareholder
of the listed issuer : His uncle, Mr. Ng Tiong Leng @ Ng Ngee
remains the executive director of Ocean Capital Berhad
Details of any interest in the securities of the listed issuer
or its subsidiaries : Mr. Ng Chin Heng have deemed interests in
Ocean Capital Berhad (Ocean) by virtue of their substantial
shareholdings in Ng Tiong Seng Corporation Sdn. Bhd. which held
2,500,000 ordinary shares in Ocean i.e. 6.266% of its paid-up
capital

The Troubled Company Reporter - Asia Pacific reported early this
wee that the Company seeks the KLSE's approval for an extension
of time for a further period of two (2) months to 21 August 2003
for the Company to make the necessary applications to the
relevant authorities for the proposed corporate restructuring
exercise.


QUALITY CONCRETE: Discloses Quoted Securities Transactions
----------------------------------------------------------
The Board of Directors of Quality Concrete Holdings Berhad
announced that the Company has entered into the following
disposals and acquisitions of its quoted securities, on various
dates as listed below, and for diverse considerations. The
aggregate value of the transactions exceeded 5% of the Company's
NTA.

1. Particulars of quoted shares acquired or disposed of
Please refer to Appendix I at
http://bankrupt.com/misc/TCRAP_Quality0711.xls.

2. Aggregate value of consideration - RM896,698

This value represents the aggregate of actual sales and purchase
proceeds received and paid respectively.

3. Effect of transaction on Company

NTA per share as at 31 January 2003 RM2.1183
NTA per share after transaction RM2.1213
Profit per share RM0.0004

The Company has on 7th July, 2003 disposed off 68,100 ordinary
shares of RM1.00 each in EOX.

The Board will continue to monitor market conditions on the KLSE
and will make appropriate disclosures from time to time in
compliance with the KLSE Listing Requirements.

According to the Wrights Investors' Service, for the 52 weeks
ending April 11, 2003, the stock of the Company was down 26.2
percent to RM1.27. During the past 13 weeks, the stock has
fallen 11.2 percent. The corporate information agency added that
the company has paid no dividends during the last 12 months and
has not paid any dividends during the previous 3 fiscal years.


RENONG BERHAD: Fleet Group Disposes Shares for RM594.08M
--------------------------------------------------------
Renong Berhad refers to the announcement on 30 August 2002
wherein it was announced that the shareholders of Renong have
approved, amongst others, the resolution for the proposed
disposal by Fleet Group Sdn Bhd of its entire 11.16% equity
interest held in Commerce Asset-Holding Berhad (CAHB) to
buyer(s) to be identified. The shareholders mandate for the
aforesaid disposal is valid for a period of one (1) year from
the date of the Extraordinary General Meeting, which was held on
30 August 2002.

Further to the above, Commerce International Merchant Bankers
Berhad is pleased to announce that Fleet Group had on 8 July
2003 disposed of 158,000,000 ordinary shares of RM1.00 each in
CAHB (Disposal Shares) representing approximately 6.17% equity
interest in CAHB as at 12 March 2003 to various institutional
investors for a total cash consideration of RM594.08 million or
RM3.76 per CAHB share (Minimum Price).

DETAILS OF THE DISPOSAL

The price of RM3.76 was arrived at based on a book-building
process coordinated by Deutsche Bank AG (Deutsche Bank). The
price of RM3.76 represents a discount of approximately 3.09% and
3.34% over the closing market price as at 8 July 2003 and five
(5) day weighted average market price up to 8 July 2003 of
RM3.88 and RM3.89 respectively.

The gross proceeds of RM594.08 million (Proceeds) shall, after
deduction of expenses, be settled by Deutsche Bank on 11 July
2003 (Settlement Date) via a direct business transaction in
accordance with the Rules of Kuala Lumpur Stock Exchange.

The Disposal Shares will be disposed of free from all liens,
mortgages, charges and other encumbrances together with all
dividends, distributions and other benefits attaching to the
Disposal Shares from the Settlement Date.

The Disposal Shares are currently pledged as security for the
RM8,197,620,000 nominal amount zero coupon redeemable secured
guaranteed bond 1999/2006 (SPV Bond) issued by Renong Debt
Management Sdn Bhd, a subsidiary of Renong, to UEM. The Proceeds
from the Disposal will be applied towards the partial redemption
of the SPV Bond.

Upon completion of the Disposal, Fleet Group's equity interest
in CAHB shall be reduced from 286,152,326 ordinary shares of
RM1.00 each in CAHB to 128,152,326 ordinary shares of RM1.00
each representing 4.99% equity interest therein based on the
paid-up share capital of CAHB as at 12 March 2003.

RATIONALE OF THE DISPOSAL

As disclosed in the Circular to shareholders of Renong dated 15
August 2002, the Disposal is part of Renong's strategy to
systematically dispose of its assets to redeem the SPV Bond
since the completion of its debt-restructuring scheme in 1999.
The Disposal is also consistent with the direction of Renong and
its subsidiaries (Renong Group) of not having banking as part of
its core business.

FINANCIAL EFFECTS OF THE DISPOSAL

Share capital and substantial shareholding

The Disposal will not have any effect on the share capital and
substantial shareholders' shareholding of Renong.

Earnings

The Disposal will result in a one-off gain of approximately
RM236.9 million to Renong after taking into consideration the
realization of the net revaluation surplus of approximately
RM266.7 million on the Disposal Shares.

This will also result in savings in interest expense of
approximately RM56.1 million per annum.

Details are set out in Table 1.

Net tangible assets (NTA)

Details of the effect on the NTA of the Renong Group are set out
in Table 2.

Tables 1 and 2 can be found at
http://bankrupt.com/misc/TCRAP_Renong0711.pdf.

CONDITIONS OF THE DISPOSAL

All necessary approvals for the Disposal have been obtained as
follows:

   (i) Securities Commission, on 12 September 2002, the expiry
date of which has been extended to 12 September 2003 via its
letter dated 7 July 2003;

   (ii) Foreign Investment Committee, on 30 August 2002; and

   (iii) Shareholders of Renong, on 30 August 2002.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors and/or major shareholders or persons
connected to them has any interest, direct or indirect in the
Disposal.

DIRECTORS' RECOMMENDATION

The Directors of Renong, after careful deliberation, are of the
opinion that the Disposal is in the best interest of the
Company.


SEAL INCORPORATED: Awaits KLSE's Placement Listing Approval
-----------------------------------------------------------
Seal Incorporated Berhad refers to the announcements dated 3
December 2002 and 16 April 2003 in relation to the Proposed
Private Placement of up to Ten Percent (10%) of the Issued and
Paid-Up Share Capital in Seal (Proposed Private Placement).

On behalf of the Board of Directors of SEAL, AmMerchant Bank
Berhad is pleased to announce that the Securities Commission
(SC) had, via SC's letter dated 2 July 2003 approved the
following:

   (i) The private placement of up to a maximum of 12,335,000
new ordinary shares of SEAL of RM1.00 each (Shares) representing
approximately 10% of the issued and paid-up share capital of
SEAL; and

   (ii) The listing of and quotation for the new Shares to be
issued pursuant to the Proposed Private Placement on the Kuala
Lumpur Stock Exchange (KLSE).

On behalf of the Board of Directors of SEAL, AmMerchant Bank is
pleased to announce that the Foreign Investment Committee (FIC)
has also approved the Proposed Private Placement via FIC's
letter to the SC dated 14 April 2003.

The Proposed Private Placement is now subject to the approval of
the KLSE for the listing of and quotation for the Proposed
Private Placement Shares.

The Troubled Company Reporter - Asia Pacific reported that as at
31 March 2003, the Group's total default in payments to
financial institutions in respect of various credit facilities
is RM1.15 million.


SPORTMA CORP.: Chua Keng Re-designated as Audit Committee Member
----------------------------------------------------------------
Sportma Corporation Berhad posted this Change in Audit Committee
Notice:

Date of change    : 04/07/2003
Type of change    : Redesignation
Previous Position : Member of Audit Committee
New Position : Member of Audit Committee
Directorate  : Independent & Non Executive
Name  : CHUA BOON KENG
Age   : 64
Nationality    : MALAYSIAN
Qualifications : WAS A MEMBER OF INSTITUTE OF BANKERS

Working experience and occupation  : MR CHUA BOON KENG HAS
EXTENSIVE EXPERIENCE IN THE BANKING AND FINANCIAL SERVICES
INDUSTRY AND IS CURRENTLY INVOLVED IN THE FIELD OF MANAGMENT
CONSULTANCY.

Directorship of public companies (if any) : NIL
Family relationship with any director and/or major shareholder
of the listed issuer : NIL
Details of any interest in the securities of the listed issuer
or its subsidiaries : NIL

Composition of Audit Committee (Name and Directorate of members
after change) : AHMAD MOKHTAR BIN ZAINAL ABIDIN -
CHAIRMAN/INDEPENDENT NON-EXECUTIVE DIRECTOR
CHUA BOON KENG - MEMBER/INDEPENDENT NON-EXECUTIVE DIRECTOR
YAP CHI KEONG - MEMBER/INDEPENDENT NON-EXECUTIVE DIRECTOR

Remarks : The office of Mr Chua Boon Keng as the Chief Executive
Officer has been vacated with effect from 4 July 2003 and
consequent thereto, Mr Chua Boon Keng has been redesignated as
Independent Non-Executive Director of the Company from the date
thereof.

The Troubled Company Reporter - Asia Pacific reported last week
that the total default by Sportma on the principal sum plus
interest as at 31 May 2003 amounted to RM235,762,861.29.
Sportma, in respect of revolving credit facilities, trade
financing and overdraft utilizes the default payment.


TONGKAH HOLDINGS: Disposes Quoted Securities
--------------------------------------------
Tongkah Holdings Berhad had on 7 July 2003 been notified by PB
Trustee Services Berhad (the trustee in respect of the Company's
RM186,558,296 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds A 1999/2004 and RM275,980,363 Nominal Value of
5 year 1%-2% Redeemable Secured Convertible Bonds B 1999/2004
(collectively "Bonds")) that they have on 1 July 2003, disposed
of some of the Company's securities held in public listed
companies, which are pledged with them in relation to the Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds. Click http://bankrupt.com/misc/TCRAP_Tongkah0711.doc
for information on the securities disposed.


TRANS CAPITAL: Debt Restructuring Scheme Implementation Underway
----------------------------------------------------------------
Trans Capital Holding Berhad (TCHB) is operated mainly through
its wholly-owned subsidiary company, Trans Capital Sdn Bhd (In
Receivership) (TCSB). On 1 August 2001, a Receiver and Manager
was appointed to TCSB by the secured creditor, Bank Utama Berhad
(now known as RHB Bank Berhad). The Receiver and Manager ceased
the production operations of TCSB on 15th November 2002. Sales
of existing finished goods of TCSB are being carried out and
there are no operations under its other subsidiaries as at to
date.

On behalf of TCHB, AmMerchant Bank Berhad wishes to announce
that TCHB had on 27 June 2003 notified the Exchange that it
falls within the definition of an affected listed issue pursuant
to paragraph 2.1(b) of the PN10 of the Listing Requirements of
the Exchange, wherein the listed issuer has suspended or ceased
all of its business or its major business, or its entire or
major operations for any reasons whatsoever.

In relation thereto, the Exchange had via its letter dated 2
July 2003 notified TCHB to make an announcement that TCHB is an
affected listed issuer pursuant to PN10 (Notice).

OBLIGATIONS OF TCHB AS AN AFFECTED LISTED ISSUER

It should be noted that TCHB is also an affected listed issuer
pursuant to practice note 4/2001 ("PN4") of the Listing
Requirements of the Exchange and the requirements and
obligations set out in PN4 will apply. TCHB is therefore
required to strictly comply with the provisions of PN4, in
particular, the time frame prescribed therein for the
regularization of its financial condition. Given this, the time
frames stipulated under PN10 for TCHB to regularize its level of
operations would therefore not be applicable to TCHB. However,
the Exchange has stated that TCHB's regularization plan pursuant
to PN4 must ensure that TCHB has adequate level of operations to
warrant continued listing on the official list of the Exchange.
In this respect, TCHB's Corporate and Debt Restructuring Scheme
pursuant to its obligation under PN4 include acquisitions of
various companies, which would provide the company with an
adequate level of operations to warrant a listing on the
Exchange.

STATUS OF TCHB'S REGULARISATION PLAN PURSUANT TO PN4

On 31 July 2002, AmMerchant Bank, on behalf of the Board of
Directors of TCHB, made a requisite announcement that it would
undertake a Corporate and Debt Restructuring Scheme, which upon
implementation would regularize its financial position.
On 16 May 2003, the Schemes of Arrangement and Compromise under
Section 176 of the Companies Act (the integral part of the
Corporate and Debt Restructuring Scheme) were approved by the
shareholders of TCHB and the respective Scheme Creditors at the
Court convened meetings. On the same day, the shareholders of
TCHB present at the EGM also approved all the ordinary
resolutions tabled at the EGM in respect of the Corporate and
Debt Restructuring and the Share Exchange as set out in the
explanatory statement and circular of TCHB dated 24 April 2003
(Explanatory Statement and Circular).

On 9 June 2003, the Penang High Court had sanctioned the Schemes
of Arrangement and Compromise pursuant to Section 176 of the
Companies Act in respect of TCHB, TCSB, Trans Capital
Electronics Sdn Bhd and Trans Capital Technology Sdn Bhd.

The Corporate and Debt Restructuring Scheme was also approved by
the following authorities:

   (i) SC (via its letters dated 24 December 2002);

   (ii) FIC (via its letter dated 10 October 2002); and

   (iii) EPU (via its letter dated 12 December 2002).

TCHB is currently implementing the Corporate and Debt
Restructuring Scheme. An Information Circular to the
shareholders of TCHB in relation to the closure of book relating
to the exchange of shares pursuant to a scheme of arrangement
under Section 176 of the Companies Act between TCHB, all its
shareholders and AWC was issue on 26 June 2003. The book closure
date in determining the share exchange exercise has been fixed
on 15 July 2003. The share exchange is expected to be completed
by the third week of July 2003. Further, the acquisitions by the
white knight, AWC Facility Solutions Berhad were completed on 27
June 2003.


TRANSWATER CORP.: Appoints Lim Hock Chye as Non-Exec Director
-------------------------------------------------------------
Transwater Corporation Bhd posted this Change in Boardroom
Notice:

Date of change : 07/07/2003
Type of change : Appointment
Designation    : Director
Directorate    : Independent & Non Executive
Name           : Lim Hock Chye
Age            : 48
Nationality    : Malaysian
Qualifications : LLB (Hons) from University of London

Working experience and occupation  : Mr Lim was previously a
Deputy Editor with the Star Newspaper, where he wrote for the
Business Section. He has 22 years of experience and exposure in
the media industry during which he has traveled extensively
overseas to cover government functions and trade missions. He is
currently a consultant with a private organization.

Directorship of public companies (if any) : Silver Bird Group
Berhad
Juan Kuang (M) Industrial Berhad
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil

The Troubled Company Reporter - Asia Pacific reported last month
that the Securities Commission (SC) has on 18 June 2003,
approved TCB's application in respect of the extension of time
till 24 December 2003 to complete the Proposed Rights Issue with
Warrants and Proposed Transfer of Listing Status. The "Corporate
Proposals" collective refers to:

   (1) Acquisition of 100% Equity Interest in Berjaya Systems
       Integrators Sdn Bhd by TCB;
   (2) Mandatory Offer to Acquire the Remaining 49% Equity
       Interest in Hyundai-Berjaya Sdn Bhd;
   (3) Proposed Rights Issue With Warrants;
   (4) Increase in Authorized Share Capital; and
   (5) Proposed Transfer of Listing Status to the Main Board of
       the Kuala Lumpur Stock Exchange.


UNITED CHEMICAL: Provides Defaulted Credit Facilities Status
------------------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
informed that there are no new significant developments in
relation to the various defaults in payment further to the
announcement on 18 June 2003.

The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note 1/2001. Details are
as per Table A at http://bankrupt.com/misc/TCRAP_UCI0711.xls.


=====================
P H I L I P P I N E S
=====================


BAYAN TELECOMMUNICATIONS: Signs Debt Deal This Week
---------------------------------------------------
Bayan Telecommunications (Bayantel) expects to have a
substantial restructuring agreement with its creditors this
week, DebtTraders reports. The debt plan offers 10 percent of
the Company to unsecured creditors at US$150 million. The
Company has US$477 million in debt, of which US$277 million is
unsecured, including the US$200 million Bayantel Bonds. Bayantel
still aims to complete its debt plan by the end of this year.


PHILIPPINE LONG: Declares Cash Dividends
----------------------------------------
Philippine Long Distance and Telephone Co. (PLDT) declared cash
dividends on series A, I, R, W, AA and BB shares at 1 pesos per
share payable on August 29, Business World reports. The cash
dividends would be given to all stockholders of record as of
July 24. In a disclosure, PLDT said the board of directors
approved the cash dividend declaration during a meeting last
Tuesday. The share series represents 10 percent of the
cumulative convertible preferred stock.

Last December, the Securities and Exchange Commission allowed
the telco to set the payment date of the cash dividends in
accordance with the bylaws and board resolution. The commission
said the implementation should be properly coordinated with the
Philippine Central Depository.


PHILIPPINE LONG: Pays PhP15M in Taxes to Davao City Government
--------------------------------------------------------------
The Davao City government expects to collect more than 5 million
Philippine pesos (US$93,516) in interest charges and penalties
from the Philippine Long Distance Telephone Co. (PLDT) even
after the telco paid last Tuesday 15.4 million pesos in
franchise tax arrears covering the past three years, The
Business World reported Thursday. Councilor Diosdado Mahipus,
who serves as acting mayor, said the city accepted the 15.4-
million pesos check, but he told PLDT executives the amount was
only a partial payment of what's due.

City Treasurer Engdian Kong said his office has yet to examine
PLDT's book of accounts noting the city government would have to
collect the balance. He said, however, the city council has the
power to waive the penalty charges.


PRYCE CORPORATION: Aims to Cut Unit Debts
-----------------------------------------
In a disclosure to the Philippine Stock Exchange, Pryce
Corporation has already informed the courts of its plans to cut
the 3.033-billion Philippine peso (US$56.73 million) debt of
Pryce Gases (PGI) by using memorial lots in Mindanao as form of
payment.

"Of PGI's currently outstanding debts of PhP3.033 billion,
P2.033 billion should be paid via conveyance of Pryce Corp.'s
real estate assets to the creditors and only PhP1 billion should
be restructured over a long-enough payment term," Pryce said in
its disclosure. Pryce did not disclose the number of lots it
owns in six memorial parks in Mindanao, but said each lot costs
PhP 32,000.

Pryce Gases is a distributor of liquefied petroleum gas and
industrial gases in the Visayas and Mindanao. It has been
defaulting on its interest payments to international creditors
since December 2000, and on its principal payments since
December 2001.


PRYCE CORPORATION: Plans PhP2B Unit Bailout
-------------------------------------------
Pryce Corporation plans to bail out its debt-ridden unit Pryce
Gases Inc. (PGI) using about 2 billion pesos worth of
properties, including memorial lots, as payment to creditors, AF
Asia said on Thursday. The manufacturing and property holding
firm added that it would increase its equity in PGI, through the
asset contribution, if creditor-banks agree to restructure
another 1 billion pesos in debts.

PGI had debts of 2.75 billion pesos as of end-2001. Its failure
to service debts in 2001, when it booked a net loss of 1.05
billion pesos, prompted two of its creditors to file a petition
for corporate rehabilitation with the Makati Regional Trial
Court in Aug 2002. PGI opposed the motion and filed its own
rehabilitation plan, now under study by a court-appointed
receiver.

According to Wright Investors Service, Pryce Corporation has
paid no dividends during the last 12 months. The company has not
paid any dividends during the previous 6 fiscal years.


UNITED COCOUNUT: Moody's Revises Outlook to Stable
--------------------------------------------------
Moody's Investors Service has revised the outlook for the B1
long-term bank deposit rating of United Coconut Planters Bank
(UCPB) to stable from negative. The regulator's willingness to
support the bank, via the recent formalization of a government-
led rehabilitation program, underpins the revised outlook. A
stable outlook is maintained for UCPB's other ratings.

However, Moody's highlights that UCPB's ratings will remain
constrained by uncertainty over the success of the
rehabilitation measures and the bank's eventual ownership,
factors that will be closely monitored.

The rating agency lowered the long-term bank deposit rating of
UCPB to B1 from Ba3 and its bank financial strength rating to E
from E+ on May 5, 2003 to reflect its eroding fundamentals.

The government has sequestered about 95 percent of UCPB's shares
since 1986 due to allegations that a levy collected from coconut
farmers had been improperly used to acquire significant control
of the bank.

The ownership dispute, which is still being addressed at the
anti-graft court, continues to restrict the bank's capital-
raising activities.

The following ratings for UCPB were affirmed:

- Bank financial strength rating of E
- Long-term bank deposit rating of B1

UCPB is the 12th largest bank in the Philippines. It had assets
of P 98.6 billion as of December 17, 2002.

For more information, please contact our representatives in
Singapore at 65-6398-8300 or in Hong Kong at 852-2916-1120.


=================
S I N G A P O R E
=================


CHARTERED SEMICONDUCTOR: Plans to Enhance eBusiness Services
------------------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, outlined plans to
enhance its eBusiness model, with the goal to extend a dynamic
eBusiness network environment where information is available on
demand for facilitating ongoing, borderless communication and
fostering supply-chain collaboration among Chartered's worldwide
customers, partners, suppliers and employees.

The eBusiness enhancement initiative will be implemented as an
ongoing effort with milestones delivered in phases. It involves
streamlining business processes as well as achieving information
and business systems integration across three major supply-chain
activities: buy, make and sell. With this announcement,
Chartered achieved its initial milestone of enhancing its "sell"
capabilities by upgrading the Chartered Online Access System
(COLAS), which is an essential part of Chartered's customer
services and virtual online business support strategies, to a
more responsive and streamlined integrated business platform. By
enhancing COLAS, Chartered's objectives are to effectively
support customers' supply-chain strategies and to accelerate
their access to Chartered's complete suite of value-added
foundry services and solutions.

As part of this initial phase, Chartered upgraded COLAS to an
integrated web-based portal platform utilizing the Plumtree
Corporate Portal offered by Plumtree Software, the enterprise
web leader who creates a comprehensive Web environment for
employees, customers and partners across the enterprise to
interact with different systems and work together. Through the
enhanced portal, customers will be able to view integrated
databases for technical specifications, experience better
information search, and gain broader access to detailed
technical and product reports. Other value-added features
include customizable preferences for information access, support
for multiple languages, and a simpler user interface. The portal
is accessible directly from Chartered's web site,
www.charteredsemi.com, and has been launched to Chartered's
worldwide customer base.

Additionally, as part of the enhanced COLAS, Chartered has also
successfully integrated and launched Webview, which is an online
prototyping service for enabling customers through anytime
access for performing design rule results verification and final
checks before reticule release. The launch of the enhanced
portal and online prototyping service builds upon Chartered's
successful connection earlier this year of its back-end business
systems, such as electronic product testing, production
monitoring and enterprise resource planning systems, directly
with its customers' and partners' proprietary systems. This end-
to-end connectivity, which deploys the webMethods Integration
Platform and is standardized on RosettaNet's data exchange
formats, allows participating customers and partners timely
access to Chartered's information on work-in-process, product
order, shipping and product testing status.

"Chartered is committed to delivering world-class semiconductor
product solutions and we seek to differentiate ourselves by
offering a best-in-class customer service model that evolves
with our customers' changing needs," said Tang Yong Ang, vice
President of fab support operations and acting chief information
officer at Chartered. "We believe that an effective eBusiness
infrastructure has the potential to empower our business,
connect people and enhance our workplace. And we are committed
to fostering more closely coupled supply-chain relationships
that will result in greater opportunities for market success
through sharing of information, resources and expertise."

Upcoming eBusiness Enhancement Deliverables

The next phase of Chartered's COLAS enhancement efforts will
drive towards customer empowerment through the ability to
proactively interact and manage the entire business engagement
process within Chartered's dynamic manufacturing environment.
The next deliverables, which are aimed at improving information
access and providing greater transparency, include:

- Publishing features, such as web-based document management
system
- Support for multiple file download formats
- Advanced search and sort capability
- Online capabilities to support tape-out, query, document
download for Standard Process List, mask Work-In-Process (WIP)
and customer purchase request These enhancements are expected to
be unveiled during Chartered's upcoming Worldwide
Technology Forums in September 2003.

Future phases of COLAS enhancement will focus on providing a
fully self-service virtual customer platform for performing
"make" and "buy" functions using online features for quotations,
mask orders, capacity bookings, billings and online channels for
after-sales support services, as well as establishing a virtual
community for facilitating design and engineering collaboration.

About Chartered

Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, is forging a customized
approach to outsourced semiconductor manufacturing by building
lasting and collaborative partnerships with its customers. The
Company provides flexible and cost-effective manufacturing
solutions for customers, enabling the convergence of
communications, computing and consumer markets. In Singapore,
Chartered operates five fabrication facilities and has a sixth
fab, which will be developed as a 300mm facility.

A Company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market and on the Singapore
Exchange.

Chartered's 3,500 employees are based at 11 locations around the
world. Information about Chartered can be found at
www.charteredsemi.com.

On June 9, 2003, Standard & Poor's Ratings Services affirmed its
'BBB-' ratings on Chartered Semiconductor Manufacturing Ltd. The
outlook is negative. The ratings reflect the strong support
provided by its parent, Singapore Technologies Pte. Ltd. (STPL),
and the Company's strong liquidity position. These strengths are
offset by the higher-than-average business risk of the
semiconductor industry and Chartered's relatively weak
operations. Chartered's operating performance is weak. Its
breakeven utilization rate of about 70 percent is high compared
with industry leaders' rates of 40 percent-50 percent.
Furthermore, Chartered currently faces a technology gap of three
to four quarters behind its top competitors.


THAKRAL CORPORATION: Posts Notice of Changes in Shareholder
-----------------------------------------------------------
Thakral Corporation posted a notice of changes in substantial
shareholder Bangkok Bank Public Company Ltd.'s interests:

Date of notice to company: 09 Jul 2003
Date of change of interest: 07 Jul 2003
Name of registered holder: 1. HSBC Nominees (Singapore) Pte.
Ltd. for 35,836,324 shares
2. Bangkok Bank Public Company Limited, Singapore Branch for
38,594,364 shares

Circumstance(s) giving rise to the interest: Others
Please specify details: Conversion of debt to equity pursuant to
a Scheme of Arrangement sanctioned by the High Court of Republic
of Singapore on 2nd November 2001
Information relating to shares held in the name of the
registered holder:
No. of shares, which are the subject of the transaction:
1,000,000
% of issued share capital: 0.067
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.10
No. of shares held before the transaction: 75,430,688
% of issued share capital: 5.042
No. of shares held after the transaction: 74,430,688
% of issued share capital: 4.975

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed     Direct
No. of shares held before the transaction: 75,430,688 0
% of issued share capital:                  5.042     0
No. of shares held after the transaction:  74,430,688 0
% of issued share capital:                  4.975     0
Total shares:                              74,430,688 0

No of indirect interest: 35,836,324 (2.395%) - in the name of
HSBC Nominees (Singapore) Pte. Ltd.

38,594,364 (2.58%) - in the name of Bangkok Bank Public Company
Limited,


===============
T H A I L A N D
===============


BANGCHAK PETROLEUM: Cabinet Unravels Solution to Oper Problem
-------------------------------------------------------------
The State Enterprise Policy Committee proposed a solution in the
Bangchak Petroleum Public Company Limited (BCP)'s business
operation problem in the cabinet meeting July 8, 2003 so as to
approve the solutions of the Business and Financial
restructuring.

Presently, the Cabinet Meeting already completed and has come up
with the following resolutions:

   * Acknowledgement of the results of the Corporate Due
Diligence and the Business and Financial restructuring study,

   * Approval of the Business and Financial restructuring plan
as well as the additional Government supports following the
State Enterprise Policy Committee proposed,

  * Assigns BCP to perform in accordance with the financial
restructuring plan and to complete all restructuring process
within 6 months, and

   * Assigns Ministry of Finance to guarantee for the capital
protected or do any other measures to protect the initial
capital issued by the mutual fund or SPV, in case necessary.

Deputy Prime Minister (Mr. Somkid Jatusripitak), the chairman of
the State Enterprise Policy Committee, had reported the cabinet
the following:

   1. The Ad-Hoc Committee chaired by Chai-Anan Samudavanija,
and BCP has hired a consultant, Turnaround Co.,Ltd., to study
the Company's business and financial restructuring plan and
verify the corporate and financial status. These study and
verification were proposed to the State Enterprise Policy
Committee Meeting No. 2/2003 on June 2, 2003. The details are as
follows:

     1.1 The accounting verification (Accounting Due Diligence)
     confirms that the Company's accounting record is in
     accordance with the accounting standard and the generally
     accepted accounting principles. In addition, the Company
     can generate approximately Bt1,389 million of earning
     before interest, tax, depreciation and amortization
     (EBITDA) per year during the year 1998 - 2002, as well as,
     Bt1,887 million of EBITDA per year during the year 2003
     - 2007.

      1.2 BCP has a potential to operate in the long run, if the
      Company receives the corporate and financial restructuring
      and Government supports as following:

          1) Business Restructuring : the Company should clearly
          separate its financial statement into refining and
          marketing businesses in order to monitor the
          performance of each business effectively. The Company
          should also separate those 2 businesses into the
          different entities in the next 2 - 3 years by forming
          the marketing business as a listed company and the
          refining business as subsidiary. In addition, the
          Company should control the policy of the Bangchak
          Greennet Co., Ltd., who operates the Company's service
          stations, in line with its marketing policy, as well
          as, consolidate the financial statements. The Company
          should sell off the non- core assets so as to reduce
          its debt and set up the strategic alliance among
          Thaioil Co., Ltd., PTT Plc., and BCP.

          2) Financial Restructuring: the Company has a
          potential to acquire Bt12,500 - 14,500 million of
          loans from financial institutions by utilizing the
          projected Company's EBITDA, the valuation of Company's
          assets, and the extension of the lease term for the
          site occupied by Bangchak refinery. Such financial
          restructuring will reschedule its debt in line with
          the Company's cash flow, as well as, shall not
          increase the guarantee debt burden for the Government.

          For the deficit fund of Bt5,000 - 7,000 million,
          the establishment of the Mutual Fund or Special
          Purpose Vehicle (SPV) worth Bt7,000 million will
          invest in Bt4,000 million of the Company's
          convertible bonds and Bt3,000 million of the
          Company's common shares with the condition that MOF
          guarantee for the capital protected or do any other
          measures to protect the initial capital issued by the
          mutual fund or SPV. All restructuring process shall be
          done simultaneously and completed with in 6 months.

          3) Additional Government Supports : in order to
          achieve the business and financial restructuring,
          Government should give the supports for some matters,
          for example, the extension of lease term for the site
          occupied by Bangchak refinery from 12 years to 30
          years to increase the confidence of the creditors,
          relaxing the Security and Exchange Commission's
          regulation concerning the tender offer in the process
          of capital injection, signing formal agreement with
          Thaioil Co., Ltd. and PTT Plc. for business co-
          operations and increase volume of Phet crude refined
          at Bangchak refinery, etc.

   2. The State Enterprise Policy Committee has concluded that
the BCP has the potential to further operate in the future, if
the Company receives the business and financial restructuring
and the supports from related parties.

These restructuring plan proposed by the Ad-Hoc Committee shall
increase the confidence that BCP can generate the positive
EBTIDA in the future, as well as, shall not increase the
guarantee debt burden for the Government (at present, MOF
guarantees Bt8,100 million of BCP's debt). Therefore,
the Committee has agreed to the solution in the Bangchak
Petroleum Public Company Limited (BCP)'s business operation
problem as the Company's consultant proposed.


PRECISCO PRO: Files Business Reorganization Petition
----------------------------------------------------
The Petition for Business Reorganization of Precisco Pro Packing
Company Limited (DEBTOR), engaged in manufacturing and sale of
plastic packaging products such as plastic bags and plastic
films, assembling and sales of machines for producing plastic
film products, was filed to the Civil Court then transferred to
the Central Bankruptcy Court:

   Black Case Number Phor. 2/2542

   Red Case Number Phor.14 /2542

Petitioner: Phatra-thanakit Public Company Limited

Planner: Precisco Pro Packing Company Limited: Debtor

Debts Owed to the Petitioning Creditor: Bt527,574,017.10

Date of Court Acceptance of the Petition : March 22,1999

Court Order for Business Reorganization and Appointment of
Planner : April 23, 1999

Number of creditors filing Applications for Debt Repayment : 107
Amount of debts: Bt702,636,094.52

The creditors' meeting passed a special accepted the amended
plan and established the creditors' committee which is comprised
of:

1. Chanthaburi Asset Management Co.,Ltd (creditor number 76)
2. Thai Farmers Bank Public Company Limited (creditor number 72)
3. Mr. Prasit Sakunwitthayasathaworn (creditor number 35)

On February 1 , 2000, the Court issued an order accepting the
reorganization plan of the debtor pursuant to Section 90/58
paragraph 1 of the Bankruptcy Act B.E. 2483

Court had issued the order absolute receivership on 22 February
2003

Contact: Ms. Poonsiri or Ms. Bung-orn, Tel.6792511


PREMIER ENTERPRISE: Reports Shares Sale Results
-----------------------------------------------
Premier Planner Company Limited, as the Plan Administrator of
Premier Enterprise Public Company Limited, reported on the
Results of the Sale of Shares held on July 9, 2003:

1.  Information relating to the share offering
    Category of shares offered      Common Stock
    Number of shares offered
                    - I   Lot       218,172,555  shares
                    - II  Lot         45,752,568  shares
    Offered to    Creditors whose debt is settled by mean of
                  conversion to equity
    Price per share                  Bt10.00
    Subscription and payment period
                    - I   Lot       11 December 2002
                    - II  Lot       30 June 2003

2.  Results of the sale of shares:
                    - I   Lot       Totally sold out
                    - II  Lot       Totally sold out

3.  Details of the sale

          Thai Investors       Foreign Investors    Total
   Juristic      Natural     Juristic     Natural
   persons       persons     persons      persons

Number of persons
     40        1           7        -             48
Number of shares subscribed
   230,747,133 7,905,790  25,272,200    -         263,925,123
Percentage of total shares offered for sale
    87.43     2.99         9.58      -             100

4.  Amount of money received from the sale of shares
    Total amount             2,639,251,230  Baht
    Less expenses                    -      Baht
    Net amount received      2,639,251,230  Baht


S U B S C R I P T I O N  I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2003.  All rights reserved.  ISSN: 1520-9482.

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