TCRAP_Public/030714.mbx        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

            Monday, July 14 2003, Vol. 6, No. 137

                         Headlines



A U S T R A L I A

BALLARAT GOLDFIELDS: Undertakes $2.9M Capital Raising
DOWNER EDI: Fitch Assigns 'BBB-' Rating; Outlook Stable
HIH INSURANCE: Rodney Adler Committed to Stand Trial
MIM HOLDINGS: S&P Ups Ratings as Xstrata Completes Takeover
PACIFIC CAR: Former Directors Face ASIC Charges

TOWER LIMITED: Takeovers Panel Seeks Comment on GPG Exemption
TRANZ RAIL: Concerned Over Inaccurate Comments
UNITED ENERGY: Posts AGM, Scheme Meeting Voting Results
UNITED ENERGY: S&P Assigns LT Rating 'BBB'; Off Watch
UNITED ENERGY: Shareholders Approve Scheme of Arrangement


C H I N A   &   H O N G  K O N G

ASIA GLOBAL CROSSING: Robert Geltzer Appointed as Ch. 7 Trustee
CP2 CONSTRUCTION: Winding Up Petition Set for Hearing
DOUBLE WIN: Winding Up Sought by Cheong Ming
JILIN CHEMICAL: No Reasons For Shares Trading Volume Increase
KANDARA LIMITED: Petition to Wind Up Planned

OCEAN EASE: Winding Up Hearing Scheduled on July 30
PCCW-HKT TELEPHONE: Fitch Assigns 'BBB+' Rating; Outlook Stable
TOMORROW INT'L: Parallel Trading Starts Tuesday
VANDA SYSTEMS: Requests Trading Suspension


I N D O N E S I A

DIPASENA CITRA: IBRA Requests Restructuring Plan Proposal
UNITED TRACTORS: To Follow Astra's Lead


J A P A N

ALL NIPPON: Renews Raytheon Aircraft Services Contract
ALL NIPPON: Resumes Narita-Taipei Flights
DOYU KOSAN: Real Estate Firm Enters Bankruptcy
FUJITSU LIMITED: May Limit Toshiba Alliance
JAPAN AIRLINES: International Passengers Fall 52% in May

MATSUMOTO DENKI: Electronics Retailer Enters Rehab
MAZDA MOTOR: Targets US Sales Revival
NISSHO IWAI: Unifying Chemical Units


K O R E A

HYNIX SEMICONDUCTOR: Government to Appeal EU Ruling
SK GLOBAL: Domestic Creditors Raise Buy Back Price
SK GLOBAL: Talks with Foreign Creditors Break Down
SK GROUP: Market Capitalization Down 18% This Year


M A L A Y S I A

ANCOM BERHAD: Undertakes Proposed Reorganization
ARUS MURNI: Awaits KLSE's ICULS Listing Approval
BESCORP INDUS.: Hires PwC Advisory as Investigative Audit Firm
CHG INDUSTRIES: DRA With Lender Banks Executed
FW INDUSTRIES: Changes Company Secretary

GENERAL LUMBER: Lodges Creditors' Scheme With CCM
HO HUP: Inks Proposed Disposal Supplementary Agreement With KSL
KILANG PAPAN: 14th AGM Set on July 31
KSU HOLDINGS: June Defaulted Loan Facilities Hits RM130.996M
QUALITY CONCRETE: Enters Various Quoted Securities Transactions

RENONG BERHAD: Disposal Settlement Date Not July 11
TANJONG PUBLIC: Posts Dealings During Open Period
TECHNO ASIA: Releases June Production Figures
TECHNO ASIA: SC OKs Revised Proposed Set-Offs, Transfers
TONGKAH HOLDINGS: Disposes of Quoted Securities

WRP ASIA: Financial Restructuring Successfully Completed


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Unveils Debt-Equity Conversion
NATIONAL POWER: Faces Sanction Over ERC Order
REYNOLDS PHILIPPINES: PSE Delists Shares July 14
STEELCORP: Wraps Up P3B Debt Restructuring
UNITED COCONUT: Sees Return to Profitability in 5 Years


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Enters Deal With Syntricity
GP INDUSTRIES: Units Enter Voluntary Liquidation
LKN-PRIMEFIELD: Unit Increases Interests in Joint Ventures


T H A I L A N D

GOLDEN LAND: TRIS Assigns Bt1.1M Debentures `BBB' Ratings
SAMART CORP.: Undertakes Restructuring to Boost Financial Status
SIAM UNITED: Signs Debt Restructure Agreement With TAMC

     -  -  -  -  -  -  -  -

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


BALLARAT GOLDFIELDS: Undertakes $2.9M Capital Raising
-----------------------------------------------------
Ballarat Goldfields NL ACN 006 245 441 announces that it is
undertaking a capital raising of up to 58,000,000 new, fully
paid ordinary shares at an issue price of 5.0 cents to raise up
to $2,900,000 before expenses.

Funds raised will primarily be used for continuing exploration
and evaluation of the Ballarat and Berringa Projects, and for
general working capital purposes.

Go to http://bankrupt.com/misc/TCRAP_BFG0714.pdfto see a copy
of the Prospectus, which has been lodged with Australian
Securities Investments Commission.


DOWNER EDI: Fitch Assigns 'BBB-' Rating; Outlook Stable
-------------------------------------------------------
Fitch Ratings, the international rating agency, has assigned a
Senior Unsecured rating of 'BBB-' to Downer EDI Limited
(Downer), a significant regional provider of engineering and
infrastructure services in Australia and New Zealand. The rating
Outlook is Stable.

The rating reflects the company's success in establishing itself
as a key provider of engineering, and infrastructure asset
management services, across a range of infrastructure sectors in
the Australia/New Zealand markets. This has enabled the company
to develop a revenue base that is both diversified and steady,
with a large component supported by long term contractual
arrangements. Having recently completed its six-year acquisition
programmed, Downer is now able to offer a full suite of
complementary services, and appears well positioned for further
organic growth.

Another positive feature is the company's approach to managing
risk. In the broadest sense, this is evident in its efforts to
align the company's interests with those of its clients (e.g. by
sharing risks and rewards), but in a more everyday sense it is
carried out through operating controls such as strict tender
approval processes, the employment and retention of experienced
assessors, and the thorough appraisal of tender bids.

Offsetting factors include the company's historic requirement
for external funds (both debt and equity), reflecting its
strategic acquisition phase of the past six years; however, now
that this has been completed, Fitch expects the company to
become a net generator of cash and improve earnings.

In addition, over the past few years the company has produced
gradually declining profitability ratios. To a large extent this
can be attributed to a series of one-off factors and
management's focus with making and integrating acquisitions;
again, with that phase behind it, a more rigorous approach to
fine-tuning the business for profitability can be expected.

Finally, while coverages are adequate, with EBITDA/Interest at
around 5.7x (and 6.4x on a net interest basis), a high level of
operating leases leads to a less robust EBITDAR/(Interest +
Rent) ratio of around 3.1x. As it begins to generate cash and
increase earnings, the company's coverage ratios should
strengthen, in time leading to an overall stronger financial
profile.

Last Friday, the Troubled Company Reporter - Asia Pacific
reported that Downer EDI has successfully completed a
refinancing and expansion of its maturing A$150 million
syndicated financing facility for a further 3 years.


HIH INSURANCE: Rodney Adler Committed to Stand Trial
----------------------------------------------------
Mr Rodney Stephen Adler has been committed to stand trial in the
Supreme Court of New South Wales on three counts of stock market
manipulation and two counts of false or misleading statements in
relation to securities.

The Australian Securities and Investments Commission (ASIC)
alleges that Mr Adler contravened the Corporations Act in
relation to stock market manipulation with the purchase, in the
name of Pacific Eagle Equities Pty Ltd, of 1,873,661 HIH shares
on 15 June 2000, 951,339 HIH shares on 16 June 2000 and 425,000
HIH shares on 19 June 2000.

The charges of false or misleading statements in relation to
securities relates to information disseminated by Mr Adler on 19
June 2000 and 20 June 2000 that he had bought for himself
1,873,661 HIH shares on 15 June 2000 and 951,339 HIH shares on
16 June 2000.

Mr Adler will next appear in the Supreme Court of New South
Wales on a date to be fixed.

The Commonwealth Director of Public Prosecutions is prosecuting
this matter.


MIM HOLDINGS: S&P Ups Ratings as Xstrata Completes Takeover
-----------------------------------------------------------
Standard & Poor's Ratings Services on Friday raised Xstrata
Queensland Ltd.'s (previously MIM Holdings Ltd.'s (MIM)) long-
term corporate credit rating and issue rating on its A$83
million floating-rate note to 'BBB' from 'BBB-'. These rating
actions follow completion of the Xstrata PLC (not rated)
takeover on June 30, 2003. MIM's shares have been removed from
the official list of the Australian Stock Exchange as at the
close of trading Monday, June 30, 2003, following the
implementation of the scheme of arrangement under which Xstrata
PLC acquired all the shares of MIM. Additionally, the Xstrata
Queensland short-term rating has been raised to 'A-2' from 'A-3'
and then withdrawn. The outlook is stable.

Following the takeover, Xstrata PLC has refinanced most of MIM's
bank debt using bridging facilities, which were established by
Xstrata PLC prior to the scheme of arrangement being approved by
MIM shareholders. However, Xstrata Queensland will retain about
US$334 million of private-placement debt (not rated), an A$83
million floating-rate note due in February 2005 (rated 'BBB'),
and a bi-lateral US$50 million bank facility provided by an
Australian bank. Standard & Poor's expects that Xstrata
Queensland's capital-market debt and bank facility will remain
in place until maturity, with future debt financing provided
either via inter-company loans from its parent company or local-
debt facilities. While the remaining debt at Xstrata Queensland
is subordinated to its parent company's creditors, the total
outstanding debt is not material, in terms of the consolidated
Xstrata PLC debt.

Xstrata Queensland's improved credit quality reflects the robust
business and financial profile of MIM, coupled with the implicit
support provided by its 100% owner, Xstrata PLC. Following the
takeover, the combined companies have a strong global market
position in coal mining; a diverse portfolio of low-cost mining
and metal operations, particularly in coal and copper; improved
commodity diversification; good cash-flow protection measures;
and moderate financial structure. Xstrata PLC's liquidity in the
short term has been reduced given that the company has drawn
much of its available syndicated credit facilities to fund the
MIM acquisition; however, Xstrata PLC maintains a satisfactory
liquidity buffer, with available bank lines in excess of US$400
million. Given the robustness of free cash flows from the
combined entity and anticipated improvements in credit-
protection measures, the credit support for MIM's long-term
rating is likely to remain stable.


PACIFIC CAR: Former Directors Face ASIC Charges
-----------------------------------------------
Mr Michael Damianos, Mr Joseph Tigel and Mr Graeme Ward have
been charged with a total of 101 criminal counts laid by the
Australian Securities and Investments Commission (ASIC).

Mr Damianos of Bentleigh East, Mr Tigel of Brighton East and Mr
Ward of Donvale, each face 23 counts of obtaining property by
deception.

Mr Damianos and Mr Tigel were also each charged with a further
14 counts of false accounting and two counts of breaching their
duties as directors of Pacific Car & Truck Rental Holdings Pty
Ltd.

Mr Damianos and Mr Tigel are former company directors of a group
of failed car rental companies that operated as Pacific Car &
Truck Rentals. These companies went into liquidation in October
2001.

ASIC alleges that between July 2000 and January 2001, Messrs
Damianos, Tigel and Ward falsely inflated invoices for vehicles
purchased by Pacific Car & Truck Rentals. The value of the
inflated invoices amounts to approximately $1.9 million.

The charges came before the Melbourne Magistrates Court for the
first time on Thursday. The defendants were not required to be
present nor were they required to enter a plea.

The matter was adjourned for a Committal mention to be held in
the same court on 5 September 2003.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.


TOWER LIMITED: Takeovers Panel Seeks Comment on GPG Exemption
-------------------------------------------------------------
The Takeovers Panel met on 9 July 2003 to consider certain
matters arising from an underwriting agreement (the agreement)
between Tower Limited (Tower) and Guinness Peat Group Plc (GPG).

The agreement forms part of a recapitalisation plan by Tower,
being undertaken through a pro rata 4 for 3 rights issue. The
Panel had also received a complaint from Hanover Group Limited
in relation to this matter.

Under the agreement, and as a result of decisions or rulings
made by the Market Surveillance Panel of New Zealand Exchange
Limited, GPG may not retain more than 15.6 million shares
obtained by virtue of fulfilling its underwriting obligations
(representing approximately 3.75% of Tower's total share capital
following completion of the rights issue).

However, GPG may have to acquire a greater number of shares
pursuant to its underwriting obligations. The agreement provides
that GPG must subsequently divest any shares allotted in excess
of the prescribed maximum of 15.6 million shares within six
months of the closing date of the rights issue.

The allotment of shares to GPG pursuant to the agreement may
result in GPG holding or controlling, albeit on a temporary
basis, in excess of 20% of the voting rights in Tower. Any
holding in excess of 20% would result in GPG exceeding the
threshold set out in the fundamental rule of the Takeovers Code.

GPG indicated to the Panel that it would seek to rely on the
class exemption for underwriters set out in clause 19 of the
Takeovers Code (Class Exemptions) Notice (No 2) 2001 if, as a
result of its underwriting obligations, it breaches the 20%
threshold.  The Panel is of the view that GPG is unlikely to be
able to rely on this class exemption. In particular, the Panel's
preliminary view is that GPG's ordinary business does not
include that of "entering into bona fide underwriting or sub-
underwriting contracts in respect of offers of equity
securities" as required by clause 19.

The Panel was mindful of the timing requirements for Tower's
rights issue. The Panel was also conscious that the entry into
the agreement has been the subject of rigorous scrutiny from the
Market Surveillance Panel. As a consequence the Panel decided
that GPG should be invited to apply for a specific exemption so
that any regulatory doubts over this aspect of Tower's
recapitalisation would be removed.

In response GPG has applied to the Panel for a specific
exemption in respect of the agreement, on terms similar to those
set out in the underwriter class exemption. This exemption would
be subject to the following conditions:

   - The increase in GPG's voting control beyond 20% results
only from the allotment of shares to GPG pursuant to the
agreement;

   - GPG must decrease its control percentage within 6 months to
20% or less of the voting rights in Tower; and

   - The voting rights of GPG in excess of the 20% threshold are
not exercised before the decrease.

Any conditions imposed by the Panel's exemption would be in
addition to the specific terms and conditions of the agreement.
The Panel's exemption would not affect the existing arrangements
between GPG, Tower and the Market Surveillance Panel.

The Panel notes that, although GPG has made an exemption
application, GPG does not necessarily agree with the Panel's
interpretation in respect of its ability to rely on the class
exemption for underwriters.

The Panel is currently seeking comments from interested parties
in relation to the application. Submissions must be received by
9.00 a.m. on Monday 14 July 2003 and may be sent to the
Takeovers Panel, by post, fax or email for the attention of
Kerry Morrell.


TRANZ RAIL: Concerned Over Inaccurate Comments
----------------------------------------------
Tranz Rail Limited Board Chairman Wayne Walden on Friday
responded to media comments attributed to Toll Holdings Managing
Director Paul Little.

Mr Little was quoted as saying that "There are financial issues
in front of the company that are worse than what we have
realized, and if nothing happens then there could well be
another financial crisis, another debt repayment crisis within
the next few weeks."

Mr Walden says "Tranz Rail refutes this assertion. The recent
deposit of $44 million by the government has significantly
strengthened Tranz Rail Holdings capital position and, in fact,
our available banking facility at the end of June was in excess
of $20 million. In addition, the company's forward cash flow
estimates, which are regularly updated, will see us through the
seasonal lows."

"There have been a variety of comments in the market about the
new offer to shareholders from Toll. At this point, Tranz Rail
urges all shareholders to wait until the Board has received the
Grant Samuel report and makes its new recommendation. This
recommendation will be available within 14 days of the new offer
being made to shareholders.

"The board of Tranz Rail believes that it is extremely important
that shareholders are in possession of the correct facts about
the company's financial position. This information in
combination with the Grant Samuel report will enable them to
form a view in relation to the disposal of their shares having
been fully informed," said Mr Walden.


UNITED ENERGY: Posts AGM, Scheme Meeting Voting Results
-------------------------------------------------------
As required by ASX Listing Rule 3.13.2 and section 251AA(2) of
the Corporations Act, United Energy Limited provided the
following statistics in respect of each motion on the agenda of
the Annual General Meeting and the Scheme Meeting respectively,
each held on 10 July 2003. In respect to each motion the total
number of votes exercisable by all validly appointed proxies
was:

ANNUAL GENERAL MEETING

Re-election of a Director - Mr Timothy C Healey

* Votes where the proxy was directed to vote 'for' the motion
311,334,319

* Votes where the proxy was directed to vote 'against' the
motion 3,381,404

* Votes where the proxy may have exercised a discretion how to
vote 24,354,927

In addition, the number of votes where the proxy was directed
to abstain from voting on the motion was 326,111

The results of voting on the motion is as follows:

The motion was carried on a show of hands as an ordinary
resolution.

Re-election of a Director - Mr Keith G Stamm

* Votes where the proxy was directed to vote 'for' the motion
299,381,395

* Votes where the proxy was directed to vote 'against' the
motion 4,511,738

* Votes where the proxy may have exercised a discretion how to
vote 24,790,411

In addition, the number of votes where the proxy was directed
to abstain from voting on the motion was 10,713,217

The results of voting on the motion is as follows:

The motion was carried on a show of hands as an ordinary
resolution.

Re-election of a Director - Mr R Paul Perkins

* Votes where the proxy was directed to vote 'for' the motion
299,446,007

* Votes where the proxy was directed to vote 'against' the
motion 4,407,645

* Votes where the proxy may have exercised a discretion how to
vote 24,829,892

In addition, the number of votes where the proxy was directed
to abstain from voting on the motion was 10,713,217

The results of voting on the motion is as follows:

The motion was carried on a show of hands as an ordinary
resolution.

Election of a Director - Ms Tina R McMeckan

* Votes where the proxy was directed to vote 'for' the motion
308,782,445

* Votes where the proxy was directed to vote 'against' the
motion 5,359,861

* Votes where the proxy may have exercised a discretion how to
vote 24,928,344

In addition, the number of votes where the proxy was directed
to abstain from voting on the motion was 326,111

The results of voting on the motion is as follows:

The motion was carried on a show of hands as an ordinary
resolution.

Election of a Director - Mr Michael G Jonagan

* Votes where the proxy was directed to vote 'for' the motion
299,396,970

* Votes where the proxy was directed to vote 'against' the
motion 4,271,080

* Votes where the proxy may have exercised a discretion how to
vote 25,015,494

In addition, the number of votes where the proxy was directed
to abstain from voting on the motion was 10,713,217

The results of voting on the motion is as follows:

The motion was carried on a show of hands as an ordinary
resolution.

Appointment of KPMG as auditor

* Votes where the proxy was directed to vote 'for' the motion
311,884,349

* Votes where the proxy was directed to vote 'against' the
motion 1,989,715

* Votes where the proxy may have exercised a discretion how to
vote 24,560,347

In addition, the number of votes where the proxy was directed
to abstain from voting on the motion was 326,111

The results of voting on the motion is as follows:

The motion was carried on a show of hands as an ordinary
resolution.

SCHEME MEETING

Approval of the Scheme of Arrangement

* Votes where the proxy was directed to vote 'for' the motion
70,836,881

* Votes where the proxy was directed to vote 'against' the
motion 21,829,862

* Votes where the proxy may have exercised a discretion how to
vote 8,045,334

In addition, the number of votes where the proxy was directed
to abstain from voting on the motion was 15,066,605

The results of voting on the motion is as follows:

The motion was carried on a poll by a majority of 78.10% of
shares voted and 80.86% of the Shareholders who voted.

Particulars of the total votes cast and the number of
Shareholders voting were:

              Number of Shareholders      Number of Shares
In favor        13,916                    80,008,763
Against          3,294                    22,441,038


UNITED ENERGY: S&P Assigns LT Rating 'BBB'; Off Watch
-----------------------------------------------------
Standard & Poor's Ratings Services has assigned its proposed
'BBB' long-term ratings to United Energy Distribution (UED); its
holding company, United Energy Distribution Holdings Pty Ltd.
(UEDH); and its proposed A$1.03 billion senior debt loan
facility. UED is to be the new name for United Energy Ltd.,
which is the subject of a scheme of arrangement (the Scheme)
by AMP Henderson Global Investors (AMPH) and Alinta Ltd.
(BBB/Stable/A-2).

Standard & Poor's also lowered its long-term corporate credit
rating on United Energy to 'BBB' from 'A-' in line with the
proposed rating on UED, and removed the rating from CreditWatch
with negative implications, where it was placed on Dec. 18,
2002, following the announcement of the transaction. The 'A-2'
short-term rating on United Energy remains unaffected, and the
outlook on the rating is stable.

At the same time, Standard & Poor's announced that it has
assigned a proposed corporate credit rating of 'BBB' to Energy
Partnership (Gas) Pty Ltd. (EPG), and a bank loan 'BBB' rating
to EPG's proposed A$825 million senior debt loan facility. The
proposed rating on EPG reflects the business and financial
profile of the wider Multinet Group Holdings Pty Ltd. group of
companies, and like its sister company UED, it also reflects
the creditworthiness of the group of operating companies
underpinning AMPH's Diversified Utility and Energy Trust (DUET,
proposed BBB-/Stable/_) structure. The outlook on the proposed
rating on EPG is stable. These rating actions follow the
approval on Thursday by the shareholders of United Energy to
support the Scheme to allow for the delisting of United Energy
and subsequent acquisition by AMPH and Alinta. The proposed
ratings reflect the business and financial profile of the wider
UEDH group post acquisition, and that of the group of operating
companies underpinning the DUET structure.

The proposed ratings on UED and EPG are subject to financial
close of the acquisition by AMPH and Alinta of United Energy
Ltd. and EPG in substantially the same form as presented to
Standard & Poor's and the receipt of final executed
documentation. The ratings are based on information as of July
7, 2003. Subsequent information or changes to the
proposed business and financial structures of the businesses
that comprise DUET, namely UED and its holding company UEDH;
EPG; and AlintaGas Networks Pty Ltd. and its holding company
Alinta Networks Holdings Pty Ltd., may result in the assignment
of a final rating that differs from the rating on the proposed
structure. For further information on DUET, refer to the
presale report on DUET's senior debt instrument, POWERS, on the
Standard & Poor's Web site at www.standardandpoors.com.au. Under
Credit Ratings select News & Analysis. Then find the presale
report under Credit Presale Reports.

"Although the United Energy transaction remains subject to a
court ruling and financial close, the high probability of it
proceeding in the wake of the shareholder vote suggests that the
lowering of the rating to that proposed for UED at this point is
appropriate," said Standard & Poor's credit analyst Laurie
Conheady, associate director of Corporate & Infrastructure
Finance Ratings. "The business profile of United Energy
under its new ownership will vary marginally from that which
currently exists, however, it is fair to say that its financial
profile will be more aggressive than it once was, with
substantially higher gearing and lower interest and debt
coverages," added Mr. Conheady.

The ratings on United Energy are supported by the stable and
secure returns from its monopoly electricity network business,
the supportive regulatory regime under which it operates, and
good operational performance. Offsetting these strengths is
UEDH's aggressive financial profile, a refinancing risk
associated with short-term bridging finance, and low financial
flexibility. Similarly, the proposed rating on EPG is
underpinned by the company's strong business position as a
monopoly gas network business, regulated earnings, transparent
and supportive regulatory regime, and solid underlying gas
demand. These strengths are offset by the company's aggressive
financial profile and risks surrounding the refinancing of a
six-month bridge facility.

The stable outlook for United Energy and the proposed rating on
EPG reflect the stability of the underlying businesses and
regulated cash flows, and an expectation that the six-month
bridge facilities used to finance the acquisitions will be
successfully refinanced with longer-dated debt instruments in
line with that proposed by the sponsors. An inability to
refinance the bridge facilities within four months of financial
close will require a possible review of funding options and
create uncertainty for the ratings.


UNITED ENERGY: Shareholders Approve Scheme of Arrangement
---------------------------------------------------------
United Energy Limited minority shareholders on Thursday approved
the Scheme of Arrangement under which Power Partnership Pty
Limited would acquire all of the shares in United Energy not
already held by it for $3.15 cash per share.

The resolution approving the Scheme of Arrangement was duly
passed by a majority of 78.10% of shares voted and 80.86% of the
shareholders who voted. Particulars of the voting were set out
in an earlier release to the ASX of Thursday's date, together
with the voting results of the Annual General Meeting.

The Scheme of Arrangement remains subject to the satisfaction or
waiver of certain conditions precedent, and the exercise of the
discretion of the Supreme Court of Victoria to approve the
Scheme. The Court's approval is expected to be sought on 14 July
2003.

If the Court approves, and certain other conditions are
satisfied or waived, and United Energy's public shareholders
approve the Scheme, they will receive $3.15 cash per share in
return for transferring their shares to Power Partnership. It is
currently expected that cheques will be dispatched to public
shareholders by 30 July 2003.


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


ASIA GLOBAL CROSSING: Robert Geltzer Appointed as Ch. 7 Trustee
---------------------------------------------------------------
The United States Trustee for Region 2, Carolyn S. Schwartz, has
appointed Robert Geltzer as the Interim Chapter 7 Trustee for
the Asia Global Crossing Debtors pursuant to Section 701(a) of
the Bankruptcy Code. If no trustee is elected, Mr. Geltzer will
serve as the Trustee by operation of law.  Mr. Geltzer is
authorized to operate the business of the estates in accordance
with the Bankruptcy Code. His address is Tendler Biggins &
Geltzer, 1556 Third Avenue, Suite 505, New York, New York 10128,
telephone (212) 410-0100 fax (212) 410-0400. (Global Crossing
Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service,
Inc., 609/392-0900)


CP2 CONSTRUCTION: Winding Up Petition Set for Hearing
-----------------------------------------------------
The petition to wind up CP2 Construction Limited is scheduled
for hearing before the High Court of Hong Kong on July 23, 2003
at 9:30 in the morning.

The petition was filed with the court on May 28, 2003 by Chen
Shui Tse of Room 504, Shng Keung House, Kwai Shing East Estate,
Kwai Chung, New Territories, Hong Kong.


DOUBLE WIN: Winding Up Sought by Cheong Ming
--------------------------------------------
Cheong Ming Investment Company Limited is seeking the winding up
of Double Win Plastic Factory Limited. The petition was filed on
June 12, 2003, and will be heard before the High Court of Hong
Kong on August 6, 20032 at 9:30 in the morning.

Cheong Ming holds its registered office at Top Floor, Chinachem
Golden Plaza, 77 Mody Road, Tsimshatsui East, Kowloon, Hong
Kong.


JILIN CHEMICAL: No Reasons For Shares Trading Volume Increase
-------------------------------------------------------------
Jilin Chemical Industrial has noted the recent increases in the
trading volume of the shares of the Company and stated that its
is not aware of any reasons for the increase.

The Company also confirmed that 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.

In December last year, Troubled Company Reporter - Asia Pacific
reported that Jilin Chemical recorded losses of RMB879 million
and RMB1,083 million in the years 2001 and 2002 respectively in
accordance with PRC accounting standard.


KANDARA LIMITED: Petition to Wind Up Planned
--------------------------------------------
The petition to wind up Kandara Limited is scheduled for hearing
before the High Court of Hong Kong on July 23, 2003 at 9:30 in
the morning.

The petition was filed with the court on May 28, 2003 by Kwan
Kan Kai Kee Holdings Limited whose registered office is situated
at Luen On Building, 2nd Floor, 6-7 Wo On Lane, Central, Hong
Kong.


OCEAN EASE: Winding Up Hearing Scheduled on July 30
---------------------------------------------------
The High Court of Hong Kong will hear on July 30, 2003 at 9:30
in the morning the petition seeking the winding up of Ocean Ease
Limited.

Lo Chun Kit of Room 422, Ting Hong House, On Ting Estate, Tuen
Mun, New Territories, 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.


PCCW-HKT TELEPHONE: Fitch Assigns 'BBB+' Rating; Outlook Stable
---------------------------------------------------------------
Fitch Ratings, the international rating agency, had assigned on
Wednesday a Senior Unsecured rating of 'BBB+' to PCCW-HKT
Telephone Limited (HKTC). The Outlook is Stable.

The rating takes into consideration various positive factors:
HKTC has the leading franchise in local access, IDD, data and
internet services; its high-performance network is the most
extensive in Hong Kong; and its positive free cash flow has been
assisted by low annual capex requirements. This cash flow has
helped HKTC to pare its debt and improve its financial profile.
Furthermore, HKTC maintains a high level of liquidity,
facilitated by strongly cash generative operations. A prudent
debt maturity profile and suitable levels of committed credit
facilities also bolster the rating. However, Fitch takes into
account the intensely competitive environment for fixed-line
services: the recent contraction in the overall size of that
market has reduced revenues, and a loss of market share has
exacerbated this for HKTC (although this has been mitigated by
strong growth in broadband subscriptions, for which HKTC has the
leading market share). Fitch believes that the high level of
competition has been spurred by an effective regulatory regime,
and although the agency does not expect significant further
regulation, the market is likely to remain intensely competitive
in the near-to-medium term. Additionally, Fitch has factored
into the rating the high financial leverage of HKTC's parent
company PCCW Limited, which indirectly owns 100% of HKTC.

HKTC is Hong Kong's incumbent fixed-line network operator with
an estimated 82% share of all direct exchanges lines (DELs) in
service at December 2002. This represents a drop from 89% one
year earlier. Fitch anticipates HKTC yielding further market
share to competitors as liberalization continues to take effect
and as competing networks are expanded. Furthermore, the
substitution of mobile and internet services in place of fixed
lines has emerged as a threat, and the level of competition has
been compounded by a persistently weak local economy. While the
inevitable loss of retail lines in service and intense IDD
tariff competition both increase business risk, Fitch
nevertheless believes that HKTC's overall credit profile remains
stable as the company has responded by improving its financial
and operational flexibility and by reducing debt. This is the
basis for the Stable Outlook on the rating. Further near-term
strengthening of HKTC's financial risk profile should
consolidate the current rating, provided that there is no
adverse change in business risk.

With respect to the relationship between HKTC and PCCW, Fitch
acknowledges that PCCW is currently prevented under certain loan
covenants from obtaining dividend payments from HKTC in excess
of 75% of HKTC's net income, but the agency expects the
limitation to be removed and that HKTC will at some stage lift
the dividend payout to 100%. This, combined with common
management and their ability to transfer funds between the two
companies, signals that the credit risk profiles of the two
entities could converge over time. However, Fitch is cognizant
that PCCW is dependent upon dividends from HKTC to assist in
servicing its own financial obligations and that some creditors
of PCCW are structurally subordinated to those of HKTC.

The agency currently considers HKTC to have a stronger financial
and operational risk profile than PCCW. This opinion stems from
PCCW's higher leverage and low level of operating cash flows
from non-telecom operations. It also reflects PCCW's investment
in higher-risk ventures such as the Cyberport development and
its 50% stake in Reach - a wholesale international
communications infrastructure services provider operating in an
acutely competitive industry. Having said that, the agency notes
that Reach's borrowings are non-recourse to PCCW (apart from
capacity pre-purchases from Reach that have already been paid
for by PCCW), and Fitch expects PCCW to deny Reach further
financial support. More importantly, however, the agency expects
the Cyberport project (which until December 2002 had absorbed
USD499 million of group cash) to generate free cash flow shortly
and to assist in the reduction of PCCW's debt. In the meantime,
Fitch expects PCCW's earnings from its eSolutions business to
improve (albeit at low margins) and envisages only modest
returns from PCCW's property portfolio. With respect to the
latter, PCCW has the capacity (but no immediate need) to sell
its property and other investments in order to accelerate debt
reduction. Fitch expects that PCCW will continue to de-leverage,
despite the possibility of incremental modest acquisitions.

For the 12 months ended 31 Dec 2002, revenues had fallen around
7% from the prior year, but the company had improved net
debt/EBITDA to 3.3x and EBITDA/net interest expense to 7.1x as
at 31 Dec 2002. HKTC's EBITDA margin of 57%, ratio of free cash
flow (before dividends to PCCW) to sales of 33% and capex to
sales ratio of 8.1% underline its ability to generate cash flow.


TOMORROW INT'L: Parallel Trading Starts Tuesday
-----------------------------------------------
Market participants are requested to note the parallel trading
in the ordinary shares of Tomorrow International Holdings
Limited will commence at 9:30 a.m. on Tuesday, 15/07/2003 under
the following particulars:

Stock Code  Stock Short Name     Board Lot     Certificate Color
----------  ----------------     ---------     -----------------
760         TOMORROW-NEW         5,000 shares       Blue
2951        TOMORROW-OLD         200 shares         Grey

Settlement of trading at each counter shall be in respect of the
shares traded at the respective counters.

The Troubled Company Reporter - Asia Pacific reported that on
May 28, 2003 the Capital Reorganization Circular was dispatched.
The Company's Proposed Capital Reorganization involves

   (1) a reduction of the issued share capital and subdivision
       of unissued share capital,
   (2) consolidation of the issued and unissued share capital,
   (3) amendment to the bye-laws and (4) change in board lot
       size.


VANDA SYSTEMS: Requests Trading Suspension
------------------------------------------
At the request of Vanda Systems & Communications Holdings
Limited, trading in its shares has been suspended with effect
from 9:30 a.m. Friday (11/7/2003) pending the release of an
announcement in relation to the financing alternatives which are
being explored by the board of directors of the Company which,
if materialized, may result in a change in control of the
Company.

Wrights Investors' Service reports that at the end of 2002,
Vanda Systems & Communications Holdings had negative working
capital, as current liabilities were HK$497.05 million while
total current assets were only HK$448.39 million. It has paid no
dividends and reported losses during the last 12 months. Vanda
Systems last paid a dividend during fiscal year 1998, when it
paid dividends of 0.02 per share.


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


DIPASENA CITRA: IBRA Requests Restructuring Plan Proposal
---------------------------------------------------------
The Indonesia Bank Restructuring Agency (IBRA) has asked PT
Dipasena Citra Darmaja's management to design the business plan
for the next five years concerning the corporate restructuring
following the consent of eight villages in the project owned by
Gajah Tunggal Group to participate in the efforts to
revitalization the company, Bisnis Indonesia reports, quoting
IBRA Deputy Chairman for Investment Management Assets Taufik
Mappaenre Ma'roef.

"The IBRA asks Dipasena's management to design the business plan
for the five years to offer to banks that may be interested in
providing loans," Ma'roef said, informing that IBRA had a big
change to revitalize Dipasena.

Sjamsul Nursalim, the owner of Dipasena, has liabilities to the
state worth Rp28.04 trillion. Currently, the settlement of the
liabilities is waiting for the result of the financial due
diligence (FDD) performed by Ernst & Young.


UNITED TRACTORS: To Follow Astra's Lead
---------------------------------------
PT United Tractors probes the settlement of the debt
restructuring worth US$170 million to the creditors using the
combination of the rescheduling and the debt buyback option,
Bisnis Indonesia reported Friday.

Director of Financial and Administration of UT, Buntoro Muljono
explained that the restructuring scheme was similar with the
debt settlement of PT Astra International. "We have proposed
some debt restructuring options to the creditors. And we hope to
find the best combination as the one Astra got."

"UT was still negotiating with the creditors and the negotiation
would continue once every two weeks. In principle, all creditors
know that the company's debts will be restructured. Now, the
company is lobbying the creditors and it will take a long time."

UT's restructured debts consists of first facility debt worth
US$88 million, which reached maturity in 2002, and the second
facility debt worth US$180 million.


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


ALL NIPPON: Renews Raytheon Aircraft Services Contract
------------------------------------------------------
Raytheon Aircraft Services (RAS) has signed a three-year
contract extension with All Nippon Airways (ANA) to continue a
highly successful pilot training program in Bakersfield,
California. The International Flight Training Academy (IFTA),
which began in 1992, is Tokyo-based ANA's official pilot
training center. RAS has provided total maintenance, inspection
and repair support for ANA's fleet of 19 Beechcraft Bonanzas and
eight Barons since the program began.

Terms of the contract were not disclosed.

ANA purchased the Barons and Bonanzas in 1992 to conduct pilot
training in the United States. The 27 aircraft fly about 10,500
hours per year and have accumulated 123,500 hours and 290,000
fleet landings to date with zero maintenance-related accidents.
More than 630 pilots have been trained at the facility. Each
full class training cycle is about 18 months from start to
finish.

"This program is a world-class model for safe and efficient
pilot training," said Ed Dolanski, Vice President - Customer
Support Operations for Raytheon Aircraft. "A great amount of
credit goes to Danny Shamoon, who has been our Operations
Manager at the site for the entire contract period. We are
extremely proud of the unblemished safety record Danny's team
sets year after year at the location."

Under terms of the contract, IFTA owns and maintains the hangar
facilities and purchases its own parts. RAS provides the
technicians and FAA Repair Station management.

Raytheon Aircraft designs, manufactures, markets and supports
Beechcraft and Hawker aircraft for the world's commercial,
military and regional airline markets.

JCR recently downgraded the ratings on the shelf registration,
bonds and CP program for ANA to BBB+ and J-2, 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.


ALL NIPPON: Resumes Narita-Taipei Flights
-----------------------------------------
All Nippon Airways Co. (ANA) will resume flights between Narita
airport and Taipei, suspended since May 16 over the severe acute
respiratory syndrome (SARS) crisis, on September 1, Kyodo News
reports. The decision followed the announcement last Saturday by
the World Health Organization that it had dropped Taiwan from
its list of places with local transmissions of the atypical
epidemic.


DOYU KOSAN: Real Estate Firm Enters Bankruptcy
----------------------------------------------
Doyu Kosan K.K. has been declared bankrupt, according to Tokyo
Shoko Research Limited. The real estate firm located at Chuo-ku,
Tokyo, Japan has 30 million yen in capital against total
liabilities of 27 billion yen.


FUJITSU LIMITED: May Limit Toshiba Alliance
-------------------------------------------
Computer maker Fujitsu Limited may limit the scope of a chip
partnership with rival Toshiba Corporation, confining their
cooperation to development in favor of making the chips at its
own factory, Bloomberg reported Friday, citing Fujitsu Chief
Financial Officer Masamichi Ogura.

Fujitsu, whose shares have rallied almost 35 percent since June
24, will concentrate on making advanced system chips for
computer servers, telecommunications equipment and cell phones
at its factory in Akiruno on the western edge of Tokyo, Ogura
said. Fujitsu's shares fell 21 yen, or 3.6 percent, to 564 as of
10 a.m. Friday in Tokyo Stock Exchange trade. Toshiba's shares
fell 4.8 percent.


JAPAN AIRLINES: International Passengers Fall 52% in May
--------------------------------------------------------
Japan Airlines System Corp. (JAL Group) said the number of
passengers on its international flights dropped 52.1 percent in
May from a year earlier to some 560,000. Company officials said
the decline was due mainly to the spread of severe acute
respiratory syndrome (SARS).

The airline industry expects demand for international flights to
grow with the start of summer vacations, hoping that negative
effects from the SARS epidemic will soon vanish as the World
Health Organization declared Saturday that the disease has been
brought under control worldwide.

The "BB" long-term rating of Japan Airlines System Corp. is now
on Standard and Poor's CreditWatch with negative implications,
the Troubled Company Reporter-Asia Pacific reported recently,
adding that the placement is due to heightened concerns over the
performance of the group due to the outbreak of severe acute
respiratory syndrome (SARS).


MATSUMOTO DENKI: Electronics Retailer Enters Rehab
--------------------------------------------------
Matsumoto Denki Co., Ltd., which has total liabilities of 7.6
billion yen against a capital of 953 million yen, has applied
for civil rehabilitation proceedings, according to Tokyo Shoko
Research. The mass-sale retailer of consumer electronics is
located in Fujimi-shi, Saitama, Japan.

The Company is a mass-sale retailer of consumer electronics
operating 17 outlets in Saitama Prefecture. Personal computers
and OA equipment accounted for 34 percent of fiscal 2000
revenues; household appliances, 19 percent; audio and visual
equipment, 17 percent; heating and cooling equipment, 9 percent;
game machines and software, 5 percent; related works and
repairs, 5 percent and other. 11 percent. The Company has one
consolidated subsidiary, which is based in Japan. Masayoshi
Matsumoto, the President, is the major shareholder with 23.77
percent of issued stock.

Address:

Matsumoto Denki Co. Ltd.
2662 O-AZA TSURUMA
FUJIMI, SAITAMA PREF.
354-8502
JAPAN
Tel +81 492 513111
Tel +81 492 541350


MAZDA MOTOR: Targets US Sales Revival
-------------------------------------
Mazda Motor Corporation wants to revive sales in the United
States, boost market share in Japan and in Europe, and double
its dealership network in China, AFX News reports, quoting
Senior Managing Executive of Marketing and Sales Stephen Odell.

Meanwhile, the Tuscaloosa News reported that Mazda would stop
making some light trucks and shift the production to Isuzu
Motors Ltd. to cut costs and focus on the passenger car market.
The move is part of a broader shakeout in Japan's crowded truck
market and comes three months before the Japanese government
tightens restrictions on diesel emissions.

According to Wright Investor's Service, at the end of 2003,
Mazda Motor had negative working capital, as current liabilities
were 910.67 billion yen while total current assets were only
745.75 billion yen.


NISSHO IWAI: Unifying Chemical Units
------------------------------------
Nissho Iwai-Nichimen Holdings Corporation (NNHC) will merge four
chemical subsidiaries on October 1 as part of its group
reorganization, according to Kyodo News on Thursday. Nichimen
Chemicals Co., Nichimen Kagakuhin Co., Nissho Iwai Chemical
Corporation and Nissho Iwai Kagakuhin Co., will be merged on an
equal footing into NN Chemical Corp. Nichimen Chemicals will be
the surviving entity in the merger.

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, TCR-AP reported recently. Nissho Iwai has begun
restructuring efforts and has decided to cut the salaries of its
management staff by about 20 percent.

Separately, Nissho Iwai-Nichimen Holdings Corporation has
endorsed its trading house subsidiary Nichimen Corporation's
plan to sell its steel operations to Sumitomo Corporation on
August 1 for 12.9 billion yen.


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


HYNIX SEMICONDUCTOR: Government to Appeal EU Ruling
---------------------------------------------------
South Korea has notified the European Union (EU) of its decision
to appeal to the World Trade Organization (WTO) over the EU's
tentative ruling on punitive tariffs for chips made by Hynix
Semiconductor Inc, Asia Times reports. The South Korean
government also expressed concern about the EU's resumption of
subsidy provision to shipbuilders, saying the dispute over such
subsidies should be resolved through WTO mediation.


SK GLOBAL: Domestic Creditors Raise Buy Back Price
--------------------------------------------------
SK Global's domestic creditors raised its buy back price to 43
percent from 40 percent, DebtTraders reports. If foreign
creditors reject the offer, Hana and five other local creditors
may push SK Global into court receivership. Foreign creditors
want SK Global to pay 72 percent debt in cash and the remaining
28 percent in equity-linked securities or go for a court
reorganization plan. The buy back price for local creditors is
30 percent. Creditors need to agree by the July 18 deadline.


SK GLOBAL: Talks with Foreign Creditors Break Down
--------------------------------------------------
Local creditors may place SK Global Co. under receivership after
a third round of negotiations between them and overseas
creditors fell through on Thursday, JoongAng Daily reports.
Negotiations in Hong Kong between local sand overseas creditors
ended without agreement over discrepancies regarding the
percentages of cash buyouts. Local creditors have offered to buy
back SK Global's debts at 40 percent of face value from overseas
creditors, who are demanding 72 percent.

Following their initial plans to seek court receivership for
liquidation in case overseas creditors rejected the suggested
debt rescheduling plan, local creditors will hold a conference
some time this week to discuss the matter.


SK GROUP: Market Capitalization Down 18% This Year
--------------------------------------------------
SK Group's market capitalization dropped 18 percent this year
from 24.6 trillion won ($20.7 billion) to just over 20 trillion
won, as the group was hit hard by the accounting fraud at
trading arm SK Global, the Korea Times said on Thursday. The
revelation of the scandal in March sent shares of SK Group's
affiliates tumbling, including those of SK Telecom, SK
Corporation and SK Securities.

The group accounted for 6.9 percent of the overall value of the
main exchange, dropping 2.6 percentage points from 9.5 percent
at the end of 2002.


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


ANCOM BERHAD: Undertakes Proposed Reorganization
------------------------------------------------
Aseambankers Malaysia Berhad (Aseambankers) on behalf of the
Board of Directors of Ancom Berhad (Board) is pleased to
announce that the Company proposes to undertake a reorganization
of the subsidiaries of Ancom involving the following:

   (i) proposed acquisition by SM Integrated Transware Pte Ltd
(SMIT), a 50.96%-owned subsidiary of Ancom, of 300,000 ordinary
shares of RM1.00 each representing 30% of the issued and paid-up
share capital of Pengangkutan Cogent Sdn Bhd (PCSB), a 70%-owned
subsidiary of SMIT, from Lim Eng Poh and Mooi Ngan Cheng for a
purchase consideration of RM2,166,808 to be satisfied by the
issuance of 739,651 new ordinary shares of S$1.00 each in SMIT
at an issue price of S$1.35 per share (Proposed PCSB
Acquisition);

   (ii) Proposed disposal by Ancom to Synergy Trans-Link Sdn Bhd
(Synergy Trans-Link) of the following:

     (a) 5,000,000 ordinary shares and 24,470 8% non-cumulative
redeemable preference shares (RPS) preference shares of RM1.00
each, representing the entire issued and paid-up share capital
of Synergy Concepts Sdn Bhd (Synergy Concepts), a wholly-owned
subsidiary of Ancom, for a sale consideration of RM9,767,437 to
be satisfied by issuance of 78,139,496 new ordinary shares of
RM0.10 each in Synergy Trans-Link at par value and 19,534,874
zero-coupon 2003/2008 nominal value of irredeemable convertible
unsecured loan stocks (ICULS) of Synergy Trans-Link (Proposed
Synergy Concepts Disposal);

     (b) 1,300,000 ordinary shares and 11,500 RPS of RM1.00
each, representing the entire issued and paid-up share capital
of Synergy Point Sdn Bhd (Synergy Point), a wholly-owned
subsidiary of Ancom, for a sale consideration of RM2,450,000 to
be satisfied by issuance of 16,954,840 new ordinary shares of
RM0.10 each in Synergy Trans-Link at an issue price of
approximately RM0.12 per share and 4,900,000 ICULS of Synergy
Trans-Link (Proposed Synergy Point Disposal);

     (c) 2 ordinary shares of RM1.00 each, representing the
entire issued and paid-up share capital of Ancom Ship Management
Sdn Bhd (ASM), a wholly-owned subsidiary of Ancom, for a sale
consideration of RM28,898 to be satisfied by issuance of 231,184
new ordinary shares of RM0.10 each in Synergy Trans-Link at par
value and 57,796 ICULS of Synergy Trans-Link (Proposed ASM
Disposal);

     (d) 6,120,000 ordinary shares of RM1.00 each, representing
51% of the issued and paid-up share capital of Ancom-ChemQuest
Terminals Sdn Bhd (ACQT), a 51%-owned subsidiary of Ancom, for a
sale consideration of RM7,362,282 to be satisfied by issuance of
58,898,256 new ordinary shares of RM0.10 each in Synergy Trans-
Link at par value and 14,724,564 ICULS of Synergy Trans-Link
(Proposed ACQT Disposal); and

     (e) proposed disposal by Synergy Tanker Sdn Bhd (Synergy
Tanker), a wholly-owned subsidiary of Ancom, of 3,210,815
ordinary shares of S$1.00 each representing approximately 45.61%
of the issued and paid-up share capital of SMIT after the
Proposed PCSB Acquisition, for a sale consideration of
RM13,303,771 to be satisfied by issuance of 67,167,648 new
ordinary shares of RM0.10 each in Synergy Trans-Link at an issue
price of approximately RM0.16 per share and 26,607,542 ICULS of
Synergy Trans-Link (Proposed SMIT Disposal);

(Hereinafter the Proposed Synergy Concepts Disposal, the
Proposed Synergy Point Disposal, the Proposed ASM Disposal, the
Proposed ACQT Disposal and the Proposed SMIT Disposal shall
collectively be referred to as the "Proposed Disposals" and
Synergy Concepts, Synergy Point, ASM, ACQT and SMIT shall
collectively be referred to as "Transportation & Logistics
Companies".)

   (iii) proposed capitalization of the net inter-company debts
owing by Synergy Point and ASM to Elderberry Sdn Bhd (ESB), a
wholly-owned subsidiary of Ancom, and Synergy Tanker and the
inter-company debts owing by ESB to Synergy Concepts amounting
to RM1,985,223 to be satisfied by the issuance of 19,852,230
zero-coupon 2003/2008 nominal value of ICULS in Synergy Trans-
Link to Ancom ("Proposed Capitalization of Debt");

(Hereinafter the Proposed PCSB Acquisition, the Proposed
Disposals and the Proposed Capitalization of Debts shall
collectively be referred to as "Proposed Reorganization".

The Proposed Disposals, the Proposed SMIT Acquisition (as
defined in the attachment) and the Proposed Capitalization of
Debts form part of the rationalization exercise undertaken by
Ancom to reorganize the existing diverse business activities of
the Ancom and its subsidiaries. Pursuant to the Proposed
Disposals, the Transportation & Logistics Companies of Ancom
will be housed under Synergy Trans-Link to facilitate
accountability and enhance operational efficiency. It will
enable Synergy Trans-Link to place greater focus on business
activities to tap opportunities and to face challenges and
competition in the marketplace.

The Proposed Reorganization is subject to the approvals of the
Securities Commission for the issuance of the ICULS, the Foreign
Investment Committee for the Proposed Disposals and Bank Negara
Malaysia for the issuance of the ICULS to Lim Hock Heng. The
Proposed PCSB Acquisition, the Proposed Disposals and the
Proposed SMIT Acquisition are inter-conditional.

The proforma financial effects of the Proposed Reorganization
are set out in the attachment of this announcement.

None of the Directors, major shareholders of Ancom, and persons
connected to the Directors and/or major shareholders of Ancom,
have any interest, either direct or indirect, in the Proposed
Reorganization. Lim Hock Heng is a common director of SMIT and
PCSB and is also a major shareholder of SMIT. Lim Eng Poh is a
director of PCSB and a major shareholder of PCSB. Accordingly,
they are deemed interested in the Proposed PCSB Acquisition.

For further details on the Proposed Reorganization, go to
http://bankrupt.com/misc/TCRAP_Ancom0714.doc.


ARUS MURNI: Awaits KLSE's ICULS Listing Approval
------------------------------------------------
Further to the announcement dated 24 June 2003 (Ref: CU-030623-
65427) in relation to the Status of the Proposed Acquisitions of
Jernih Makmur Sdn Bhd (JMSB).

The Board of Directors of Arus Murni Corporation Berhad (AMCB)
advised that it had received a letter dated 9 July 2003 from the
due diligence lawyer, Messrs Peter Cheah & Co., confirming that
all conditions precedent specified in the Sale & Purchase
Agreement between the Vendors of JMSB and AMCB have been
fulfilled save and except for the approval of the Kuala Lumpur
Stock Exchange (KLSE) for the listing of the Irredeemable
Convertible Loan Stocks (ICULS).

As such, upon KLSE approval the listing of the ICULS and upon
the issuance of the ICULS to JMSB, the acquisition is deemed
completed.

Arus Murni will be providing updates/announcements on the status
of the acquisitions as soon as it is available.

The Troubled Company Reporter - Asia Pacific reported on May 16,
that Arus Murni Corporation Berhad is still in the progress of
reviewing various business proposals to regularize its financial
positions.


BESCORP INDUS.: Hires PwC Advisory as Investigative Audit Firm
--------------------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed)
refers to the announcement made on behalf of the Company by
Commerce International Merchant Bankers Berhad (CIMB) on 20 May
2003 in relation to the Corporate Proposals, which collectively
refers to:

   - Proposed Share Split;
   - Proposed Share Exchange;
   - Proposed Cash Payment;
   - Proposed Capitalization;
   - Proposed Conversion of Advances;
   - Proposed Restricted Offer for Sale/Private Placement;
   - Proposed Transfer of Listing;
   - Proposed Exemption; and
   - Proposed Liquidation.

On behalf of the Company, CIMB wishes to announce that the
Company had on 8 July 2003 appointed Messrs
PricewaterhouseCoopers (PwC) Advisory Services Sdn Bhd to carry
out the investigative audit on BIB's past losses pursuant to a
condition imposed by the Securities Commission via its letter
dated 9 May 2003. The said investigative audit is required to be
completed within a period of 6 months from the date of the
appointment.


CHG INDUSTRIES: DRA With Lender Banks Executed
----------------------------------------------
CHG Industries Berhad refers to the announcements dated 27
August 2002, 29 August 2002, 4 October 2002, 25 November 2002,
27 November 2002 and 27 December 2002 in relation to the
Proposals, comprising:

    The Proposed Capital Reduction;
    The Proposed Rights Issue;
    The Proposed Debts Restructuring; and
    The Proposed Capital Increase

Commerce International Merchant Bankers Berhad (CIMB), on behalf
of the Company, wishes to announce that the Company had revised
the coupon of the irredeemable convertible unsecured loan stocks
(ICULS) pursuant to the proposed issue of RM73,848,000 nominal
value three (3)-year ICULS from 4.50% to 4.75% upon finalizing
the terms of the ICULS with the lender banks involved in the
Proposed Debt Restructuring (Lender Banks) (Revision). The
Revision is subject to the approval of the Securities Commission
(SC), where applicable.

Further, on behalf of CHG, CIMB is pleased to announce that the
Debt Restructuring Agreement (DRA) has been executed on 9 July
2003 between the Company, CHG Plywood Sdn Bhd (CHGPly), ChengHin
Timber Industries Sdn Bhd (ChengHin) (collectively referred to
as the "Borrowers") and the Lender Banks pursuant to the
Proposals.

The salient terms of the DRA are, inter-alia, as follows:

   (i) The DRA is subject to, amongst others, the following
conditions to be fulfilled or satisfied within thirty (30) days
from the date of the DRA or such later date as may be agreed
between CHG and the majority of the Lender Banks (First
Approvals Period):

     (a) the approval of the board of directors of the
Borrowers; and

     (b) receipt by CHG of confirmation in writing from Syarikat
Galas Setia (Ulu Kelantan) Sdn Bhd (SGS) in respect of the
novation of the Assumed SGS Liabilities (as defined herein) to
CHG.

   (ii) The DRA is also subject to, amongst others, the
following conditions to be fulfilled or satisfied within twelve
(12) months from 31 May 2003 (Cut-off Date) or such later date
as may be agreed between CHG and the majority of the Lender
Banks (Second Approvals Period):

     (a) the approval of the shareholders of CHG in a general
meeting and other approvals required by the relevant
authorities/parties are obtained for the Proposals;

     (b) the underwriting agreement pursuant to the Proposed
Rights Issue shall have been signed or underwriting arrangements
acceptable to the Lender Banks have been put in place;

     (c) the completion of the disposal of SGS and the novation
of certain liabilities owing by SGS to some of the Lender Banks,
to be assumed by CHG (Assumed SGS Liabilities) and assumption by
Excellent Bonus Sdn Bhd (EBSB), the purchaser of SGS from CHG,
of the RM38,000,000 loan comprised in the CHGP Loan (SGS
Portion) (as defined herein);

     (d) the subscription in full of the entitlements of Francis
Foo See Yuan and Lum Weng Loy in relation the Proposed Rights
Issue;

     (e) completion of the Proposed Rights Issue and receipt of
the entire proceeds of the Proposed Rights Issue by CHG;
(f) the execution of put and call option agreements to be
entered into between Francis Foo See Yuan and the Lender Banks,
which will involve principally the following:

      (aa) Francis Foo See Yuan will grant the Lender Banks a
put option that will allow the Lender Banks to dispose up to 10%
of the Shares to be issued pursuant to the conversion of the
ICULS held by the Lender Banks to Francis Foo See Yuan; and

      (bb) The Lender Banks will grant Francis Foo See Yuan a
call option that will allow him to acquire up to 10% of the
Shares to be issued pursuant to the conversion of the ICULS from
the Lender Banks.

     (g) payment of all interest owing; and

     (h) no event of default has occurred and is continuing
under the DRA.

   (iii) The Lender Banks will determine the indebtedness of the
Borrowers as of the Cut-off Date within a period of seven (7)
days from the date of the DRA and the Borrowers will confirm the
indebtedness within a period of fourteen (14) days from the
Lender Banks' notification. Subject to the determination of the
above, the amount of indebtedness shall be settled as follows:

     (a) An amount of approximately RM23,198,000 nominal value
six (6)-year 4% redeemable secured loan stocks (RSLS) will be
issued by CHG at an issue price of approximately 81.97% of its
nominal value;

     (b) An amount of approximately RM64,399,000 nominal value
six (6)-year 4% RSLS will be issued by CHGPly at an issue price
of approximately 83.33% of its nominal value;

     (c) An amount of approximately RM21,382,000 nominal value
six (6)-year 4% RSLS will be issued by ChengHin at an issue
price of approximately 83.33% of its nominal value;

     (d) An amount of RM73,848,000 nominal value three (3)-year
4.75% ICULS will be issued by CHG at an issue price of 100% of
its nominal value; and

     (e) An amount of RM10,766,250 in cash from part of the
proceeds of the Proposed Rights Issue.

The number of ICULS to be issued and the amount of the said cash
settlement are fixed and any increase or decrease in the amount
of the respective indebtedness owing to each Lender Bank as a
result of the confirmation exercise as stated above shall be
satisfied by an adjustment in the number of RSLS to be issued to
such Lender Bank.

   (iv) The trade lines facilities of RM6,000,000 and
RM2,000,000 from the existing credit facilities of CHGPly shall
continue to be granted by Malayan Banking Berhad and RHB Bank
Berhad respectively upon the commencement of the Cut-off Date
and Cheng Hin is permitted to utilize the bank guarantee
facilities which forms part of the said trade lines facilities
(Restructured Working Capital Facilities).

   (v) The mechanism to be implemented during the Interest
Moratorium Period, i.e. the period commencing from the Cut-off
Date and expiring on the Termination Date (as defined in the
DRA), is as follows:

     (a) the repayment terms and interest rate of the principal
amount outstanding in the bank guarantee facilities of CHG
(Called SynBG) and the outstanding amount of the bridging loan
of CHGPly (CHGPly Loan) as at the Cut-off Date are hereby
restructured on the date on which the conditions precedent to be
fulfilled or satisfied within the First Approvals Period are
fulfilled or satisfied (First Unconditional Date) as follows:

      (aa) the respective interest rates for the restructured
Called SynBG and the CHGPly Loan is varied to the base lending
rate or cost of funds, as the case may be, plus 2.5% per annum
on the respective principal amount outstanding as at the Cut-off
Date based on simple interest calculation with no penalty
imposed save that:

       (aaa) interest payable to AmMerchant Bank Berhad, one of
the guarantors of the Called SynBG, in respect of the monies
owing to it be varied to 2.5% per annum plus cost of funds;
(bbb) interest payable on the CHGPly Loan shall be determined by
reference to the CHGPly Loan until such time as part of the loan
of CHGPly (CHGP Loan (SGS Portion)) is assumed by EBSB,
whereupon interest payable on the CHGPly Loan shall be
determined by reference to the balance of the CHGPly Loan (CHGP
Loan (Balance));

      (bb) the respective interest accrued during the Interest
Moratorium Period shall be chargeable and payable in the manner
set out in paragraph (v)(f) below;

      (cc) any sum in excess of the Called SynBG limit as set
out in the DRA shall not be restructured and shall be fully
settled in cash within seven (7) days after the amount in excess
of such facilities limit have been determined. The outstanding
amount less the excess sum (Principal Amount of Bank Guarantee),
if any, will be restructured; and

      (dd) the Principal Amount of Bank Guarantee and the
outstanding amount of the CHGPly Loan excluding the CHGP Loan
(SGS Portion) being assumed by EBSB, shall be settled via the
debt restructuring scheme as set out in the DRA;

     (b) all outstanding amount of the overdraft facilities as
at the Cut-off Date are automatically converted into short term
loans (STL-1) on the First Unconditional Date subject to the
following terms:

      (aa) the respective interest rates of the STL-1 are
maintained at the prevailing rates applicable for overdraft
facilities charged by the relevant Lender Banks prior to the
said conversion based on simple interest calculation with no
penalty interest to be imposed;

      (bb) the respective interest accrued during the Interest
Moratorium Period shall be chargeable and payable in the manner
set out in paragraph (v)(f) below;

      (cc) any sum in excess of the overdraft facilities limit
as set out in the DRA shall not be converted into STL-1 and
shall be fully settled in cash within seven (7) days after the
amount in excess of such facilities limit have been determined.
The outstanding amount less the excess sum (Principal Amount of
STL-1), if any, will be converted into STL-1; and

      (dd) the Principal Amount of STL-1 shall be settled via
the debt restructuring scheme;

     (c) all outstanding amount trade facilities and principal
amount of the revolving credit facilities which are due and
payable as at the Cut-off Date (except for the trade facilities
to be maintained pursuant to the Restructured Working Capital
Facilities and bank guarantee facilities granted by certain
Lender Banks to CHGPly and ChengHin) are automatically converted
into short term loans (STL-2) on the First Unconditional Date
subject to the following terms:

      (aa) the respective interest rates of the STL-2 are
maintained at the prevailing rates applicable for revolving
credit facilities charged by the relevant Lender Banks
immediately prior to the said conversion based on simple
interest calculation with no penalty interest imposed;

      (bb) the respective interest accrued during the Interest
Moratorium Period shall be chargeable and payable in the manner
set out in paragraph (v)(f) below;

      (cc) any sum in excess of the trade facilities limit and
the principal amount of the revolving credit facilities as set
out in the DRA shall not be converted into STL-2 and shall be
fully settled in cash within seven (7) days after the amount in
excess of such facilities limit or principal amount have been
determined. The outstanding amount less the excess sum
(Principal Amount of STL-2), if any, will be converted into STL-
2; and

      (dd) the Principal Amount of STL-2 shall be settled via
the debt restructuring scheme;

     (d) any outstanding amount of the trade facilities and
principal amount of the revolving credit facilities falling due
and payable after the Cut-off Date (except for the facilities to
be maintained pursuant to the Restructured Working Capital
Facilities and bank guarantee facilities granted by certain
Lender Banks to CHGPly and ChengHin) shall be converted and
consolidated into STL-2 as and when they fall due (and in any
event on or after the First Unconditional Date) and the
paragraph (v)(c) shall apply accordingly;

     (e) all interest on the trade facilities (if applicable)
and revolving credit facilities referred to in paragraphs (v)(c)
and (v)(d) above due and payable on the maturity date of the
trade facilities (if applicable) and revolving credit facilities
shall be paid on their respective due dates;

     (f) Notwithstanding that the respective interest rates of
the restructured Called SynBG, the CHGPly Loan, the STL-1 and
the STL-2 are maintained at the prevailing applicable rates
applicable for the relevant facilities during the Interest
Moratorium Period, interest on the restructured Called SynBG,
the CHGPly Loan, the STL-1 and the STL-2 shall be payable
quarterly at the rate of three percent (3%) per annum on simple
interest calculation basis and shall be chargeable on:

       (i) the Principal Amount of the Bank Guarantee and the
Principal Amount of STL-2;

       (ii) the respective outstanding amounts on the CHGPly
Loan (or the CHGP Loan (Balance) as the case may be); and

       (iii) the Principal Amount of STL-1

and such interest shall be payable in cash at the end of each
quarter, the first quarter starting from the commencement of the
Interest Moratorium Period.

The remaining interest charges on the Principal Outstanding (as
defined in the DRA) shall be payable at the end of the Interest
Moratorium Period in cash based on a formula as set out in the
DRA; and

      (g) Subject to the terms of the DRA, CHG shall bear all
interest payable under the Assumed SGS Liabilities commencing
from the date on which such liabilities were assumed by CHG.

     (vi) The bank guarantee facilities granted by certain
Lender Banks to CHGPly and ChengHin shall continue to be
maintained in accordance with their terms and conditions. Upon
the Debt Conversion Date (as defined in the DRA), save and
except for one of the bank guarantee facilities which shall be
collateralized in cash, the other bank guarantee facilities
shall be assumed under the Restructured Working Capital
Facilities; and

     (vii) Upon the occurrence of an event of default (in the
manner as defined and set out in the DRA), any Lender Bank may
at its sole and absolute discretion and by notice in writing to
CHG and the other Lender Banks terminate the DRA whereupon:

       (a) the obligations of all Lender Banks (including
without limitation, those under Clause 3 of the DRA) shall
forthwith terminate and cease to have any effect whatsoever;

       (b) each Lender Bank shall forthwith be entitled to:

        (aa) retain all payments, if any, received by it from
CHG, CHGPly or ChengHin under the DRA but shall set-off the
amount of such payments against the respective indebtedness
owing to such Lender Bank; and

        (bb) make demand on the CHG, CHGPly or ChengHin, as the
case may be, or commence or re-commence action against CHG,
CHGPly or ChengHin, as the case may be and any security party
for payment or recovery of the respective indebtedness or the
Assumed SGS Liabilities (including, in each case, all interest
and late-payment interest accruing thereon before as well as
after the termination date as determined in accordance with the
terms of the respective existing security documents) after
setting-off there from all payments, if any, received by such
Lender Bank pursuant to the DRA;

      (c) exercise such rights and remedies, which it may have
against CHG, CHGPly or ChengHin or any security party under any
existing security documents.

The Proposals are further subject to the approvals, amongst
others, from the Kuala Lumpur Stock Exchange, the High Court of
Malaya and the shareholders of CHG and any other relevant
authorities and/or parties, if applicable.

The DRA is available for inspection at the registered office of
the Company at 8th Mile, Jalan Cheras, 43200 Cheras, Selangor
Darul Ehsan during normal business hours from Mondays to Fridays
(except for public holidays) for a period of three (3) months
from the date of this announcement.


FW INDUSTRIES: Changes Company Secretary
----------------------------------------
FW Industries Berhad posted this notice:

Date of change : 02/07/2003
Type of change : Appointment
Designation    : Secretary
License no.    : MIA5655
Name           : Tong Kai Mun
Working experience and occupation during past 5 years: Chartered
         Accountant, financial and corporate adviser
Remarks        : Nil

On early May, the Troubled Company Reporter - Asia Pacific
reported that the Company has made substantial progress in the
discussion with some major Financial Institution lenders (FI)
and the White Knight relating to the Proposed Corporate and
Debts Restructuring Scheme (PCDR).


GENERAL LUMBER: Lodges Creditors' Scheme With CCM
-------------------------------------------------
Further to the announcement dated 4 July 2003, PM Securities Sdn
Bhd in relation to the Proposed Restructuring Scheme.

The Board of Directors of General Lumber Fabricators & Builders
Bhd wishes to announce that the Company had on 9 July 2003
lodged with the CCM the sanction of the High Court of Malaya for
the Proposed Share Exchange and Proposed Creditors' Schemes in
relation to the Proposed Restructuring Scheme of GLFB.

For details on the Proposed Restructuring Scheme, refer to the
Troubled Company Reporter - Asia Pacific, September 9, 2002,
Vol. 5, No. 178 issue.


HO HUP: Inks Proposed Disposal Supplementary Agreement With KSL
---------------------------------------------------------------
Further to the announcement dated 21 April 2003 (Previous
Announcement) regarding the Proposed disposal of two parcels of
development land with interest in perpetuity approved for
residential and commercial use totaling approximately 92.172
hectares held under master titles H.S.(D) 257249 PTD No. 71047
and H.S.(D) 258295 PTD No. 71065 located at Mukim of Pulai,
District of Johor Bahru, Johor Darul Takzim by Ho Hup Jaya Sdn
Bhd (Ho Hup Jaya), a wholly-owned subsidiary of Ho Hup, to Khoo
Soon Lee Realty Sdn Bhd (KSL Realty), a wholly-owned subsidiary
of KSL Holdings Berhad, for a cash consideration of RM97,000,000
(Proposed Disposal).

Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Ho Hup Construction Company Berhad, wishes to
announce that Ho Hup Jaya had, on 7 July 2003 entered into a
supplementary agreement (Supplementary Agreement) with KSL
Realty to revise and clarify certain terms of the conditional
sale and purchase agreement dated 17 April 2003 in respect of
the Proposed Disposal (SPA).

Pursuant to the Supplementary Agreement, Clause 6.7 of the SPA
is varied only to the extent that progressive payments billed
prior to the execution of the SPA for two (2) of the five (5)
completed show house units (Subject Units) of the proposed mixed
development project known as Taman Nusa Bestari within Bandar
Nusajaya, Johor Bahru shall belong to Ho Hup Jaya and KSL Realty
in equal shares. Progressive billings for the Subject Units
after the execution of the SPA shall belong to KSL Realty
absolutely.

The Supplementary Agreement is not expected to have any material
effects on the financial effects of the Proposed Disposal set
out in the Previous Announcement.


KILANG PAPAN: 14th AGM Set on July 31
------------------------------------
Kilang Papan Seribu Daya Berhad advised that its Fourteenth
Annual General Meeting will be held at Reception Lounge, Kilang
Papan Seribu Daya Berhad, Lot 1, Harmoni Industrial Estate,
Kolombong, 88450 Inanam, Kota Kinabalu, Sabah on 31 July 2003 at
11 in the morning.

Go to http://bankrupt.com/misc/TCRAP_Kilang0714.docfor a full
copy of the AGM Notice.

COMPANY PROFILE

The Company (KPSD) produces 36,000 m3 of sawn timber and 24,000
m3 of molded timber per annum out of its factory in Kota Marudu,
Sabah. It also has a kiln drying facility with capacity of 1,500
m3 per discharge. Approx. 90% of its products is exported to
Japan, USA and Europe. Since 1994, the Company has diversified
into the manufacture of particle board, timber doors, rubber
wood products and charcoal.

Main subsidiary, Padas Hevea Wood Products (PHWP), produces
9,000 m3 of sawn timber per annum. Approx. 95% is exported to
Taiwan, China and USA whilst the local market accounts for 5% of
finished products.

With effect from 14 December 1999, Special Administrators (SA),
Messrs Ernst & Young, were appointed to the Company. On 21
August 2000, KPSD entered into a conditional agreement with
Datuk Hwong You Chuaang and his brother, Hwong You Soon
(substantial shareholders), for the Company's proposed debt and
equity restructuring scheme.

The proposal, approved by Danaharta and secured creditors on 22
December 2000 and 29 December 2000 respectively, entails a
capital reconstruction, incorporation of a new company (Newco),
share swap of KPSD's shares for Newco shares, debt
restructuring, offer for sale of ICULS by KPSD's ICULS holders
after the debt restructuring, restricted issue of Newco shares
with warrants to certain substantial shareholders, completion of
KPSD's acquisition of Resofocus Corporation Sdn Bhd, internal
restructuring via transfer to Newco of KPSD's shareholdings in
Resofocus and PHWP, put and call option agreement between
substantial shareholders and holders of KPSD's debt securities
pursuant to the debt restructuring, and transfer of KPSD's
listing status to Newco.

Submissions of the proposal to the relevant authorities have
been extended to 31 August 2001 due to the finalization of the
scheme and endorsement from affected parties.

CONTACT INFORMATION: Lot 1, Harmoni Industrial Estate Inanam
                     88100 Kota Kinabalu, Sabah
                     Tel : 088-423385
                     Fax : 088-423287


KSU HOLDINGS: June Defaulted Loan Facilities Hits RM130.996M
------------------------------------------------------------
As required by the KLSE Practice Note 1/2001, the Board of
Directors of KSU Holdings Bhd provided an update on the details
of all the facilities currently in default, as enclosed in
Appendix A at http://bankrupt.com/misc/TCRAP_KSU0714.pdf.

The default by KSUH as at 30 June 2003 amounted to
RM106,325,379.17 of principal sum and RM24,671,331.90 of
interest for term/bridging loans and overdraft facilities.


QUALITY CONCRETE: Enters Various Quoted Securities Transactions
---------------------------------------------------------------
The Board of Directors wishes to announce that Quality Concrete
Holdings Berhad 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 off
Please refer to Appendix I at
http://bankrupt.com/misc/TCRAP_Quality0714.xls.

2. Aggregate value of consideration - RM913,373.16
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 RM0.0001

The Company has on 8th July, 2003 disposed off 10,000 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: Disposal Settlement Date Not July 11
---------------------------------------------------
Renong Berhad refers to the announcement on 8 July 2003 in
relation to the Disposal by Fleet Group Sdn Bhd (Fleet Group), a
wholly-owned subsidiary of Renong, of 158,000,000 Ordinary
Shares of RM1.00 each in Commerce Asset-Holding Berhad (CAHB"),
representing 6.17% equity interest therein as at 12 March 2003
for a total cash consideration of RM594.08 million (Disposal).

Renong wishes to announce that the Settlement Date is not 11
July 2003. The Settlement Date will be announced after the
direct business transaction referred to therein has been
executed.


TANJONG PUBLIC: Posts Dealings During Open Period
------------------------------------------------
Tanjong Public Limited Company announced that it has been
notified of the following dealings by Principal Officers of the
Company in the shares of the Company pursuant to Paragraph 14.09
(a) of the KLSE Listing Requirements:

1. Notification on 7 July 2003 by Puan Yau Li Chong :

   a) (i) That she has disposed in the open market, 5,000 shares
of 7.5 pence each in Tanjong representing 0.001% of the issued
share capital of Tanjong as at the date of the transaction;

     (ii) Date of transaction - 1 July 2003; and

     (iii) Transaction price - RM10.10 per share of 7.5 pence
each.

   b) (i) That she has disposed in the open market, 5,000 shares
of 7.5 pence each in Tanjong representing 0.001% of the issued
share capital of Tanjong as at the date of the
transaction;

     (ii) Date of transaction - 2 July 2003; and

     (iii) Transaction price - RM9.95 per share of 7.5 pence
each.

   c) (i) That she has disposed in the open market, 5,000 shares
of 7.5 pence each in Tanjong representing 0.001% of the issued
share capital of Tanjong as at the date of the
transaction;

     (ii) Date of transaction - 3 July 2003; and

     (iii) Transaction price - RM10.00 per share of 7.5 pence
each.

   d) (i) That she has disposed in the open market, 5,000 shares
of 7.5 pence each in Tanjong representing 0.001% of the issued
share capital of Tanjong as at the date of the
transaction;

     (ii) Date of transaction - 3 July 2003; and

     (iii) Transaction price - RM10.10 per share of 7.5 pence
each.

Notification on 9 July 2003 by Encik Kwan Tat Thai :

(i) That he has disposed in the open market of the KLSE, 20,000
shares of 7.5 pence each in Tanjong representing 0.005% of the
issued share capital of Tanjong as at the date of the
transaction;

(ii) Date of transaction - 8 July 2003; and

(iii) Transaction price - RM10.30 per share of 7.5 pence each.


TECHNO ASIA: Releases June Production Figures
---------------------------------------------
Techno Asia Holdings Berhad (Special Administrators Appointed)
is pleased to inform the June 2003 production figures of the
Group as follows:

                MT

Crude Palm Oil 3,887
FFB            4,288
Palm Kernel    1,222

COMPANY PROFILE

On 2 February 2001, Pengurusan Danaharta Nasional Berhad
appointed Special Administrators (SAs) to the Company.

The financial statements are prepared on a going concern basis,
which is dependent on the outcome of the workout proposal to be
prepared by the SAs to enable the Group and Company to continue
as a going concern.

On 6 August 2001, the SAs entered into a conditional MOU with
Semai Warnasari Sdn Bhd and Dr Yu Kuan Chon with the intention
of setting the key areas of understanding on a corporate
restructuring exercise pending the finalization and approval of
the Workout Proposal.

On 2 February 2001, SAs were appointed for the sub-subsidiary
Prima Moulds Manufacturing Sdn Bhd. On 30 April 2001, SAs were
also appointed for the following subsidiaries; Mount Austin
Properties Sdn Bhd (formerly known as Westmont Mount Austin Sdn
Bhd), Cempaka Sepakat Sdn Bhd, Ganda Edible Oils Sdn Bhd, Litang
Plantations Sdn Bhd, Wisma Dindings Sdn Bhd, Ganda Plantations
(Perak) Sdn Bhd and Techno Asia Venture Capital Sdn Bhd
(formerly known as Westmont Venture Capital Sdn Bhd).

The Company carried on the business of cultivating and
processing oil palm in its early days. The Company later evolved
into an investment holding company with subsidiaries involved in
property development, investment holding, oil palm plantations
and power generation.

The Company changed its name to Techno Asia Holdings to better
reflect its current activities and business as an investment
holding company with diversified business.

The oil palm operations are based in Teluk Intan, Perak and
Lahad Datu, Sabah. The main property development activity is in
the 1,276-acre Taman Mount Austin in Johor Bahru comprising
light industrial, commercial and residential development.
Overseas, the Company is involved in the supply of electricity
to Mombasa in Kenya, Ecuador, Bangladesh and Dominican Republic.

CONTACT INFORMATION: Palm Kernel 1122
                     No. 17-2, Jalan 5/152
                     Taman Industri OUG
                     58200 Kuala Lumpur
                     Tel : 03-7782 5575
                     Fax : 03-7783 5575


TECHNO ASIA: SC OKs Revised Proposed Set-Offs, Transfers
--------------------------------------------------------
Further to the announcements made on 4 December 2002, 1 April
2003 and 2 May 2003 in relation to the Proposed Set-Offs And
Transfers, involving:

   (i) Proposed Set-Off and Transfer of 178 Bungalow Lots Held
Under Hs(D) 216990 to 217015 Ptd 58152 to 58177, Hs(D) 217016 to
217048 Ptd 58179 to 58211 And Hs(D) 217049 to 217167 Ptd 58213
to 58331, of Which All are Located in Mukim Of Tebrau, District
of Johor Bahru, State of Johor at a Transfer Value of
Approximately RM13.400 Million by Mount Austin Properties Sdn
Bhd (SA Appointed) (MAPSB) to its Secured Creditor, namely
Malpac Capital Sdn Bhd (MALPAC) (Proposed Set-Off and Transfer
of 178 Bungalow Lots by MAPSB);

   (ii) Proposed Set-Off and Transfer of Lot No. 6863 Held Under
Hs(D) 14132 Located in Mukim of Hutan Melintang, District of
Hilir Perak, Perak Darul Ridzuan by Ganda Plantations (Perak)
Sdn Bhd (SA Appointed) (GPPSB) to the Secured Creditor, Namely
Malpac, at a Transfer Value of Approximately Rm13.300 Million
(Proposed Set-Off And Transfer of Lot 6863 by GPPSB); and

   (iii) Proposed Set-Off and Transfer of Lot No. 11644 Held
Under Hs(D) 13127 Located in Mukim of Durian Sebatang, District
of Hilir Perak, Perak Darul Ridzuan by Cempaka Sepakat Sdn Bhd
(SA Appointed) (CSSB) to the Secured Creditor, Namely Malpac, at
a Transfer Value of Approximately RM34.098 Million (Proposed
Set-Off and Transfer of Lot 6863 by GPPSB).

AmMerchant Bank Berhad, on behalf of Techno Asia Holdings Berhad
(Special Administrators Appointed), wishes to announce that the
Securities Commission (SC) had via its letter dated 7 July 2003
(which was received on 8 July 2003) approved the revised
transfer values for the abovementioned Proposed Set-Offs and
Transfers as submitted to the SC on 12 March 2003.


TONGKAH HOLDINGS: Disposes of Quoted Securities
-----------------------------------------------
Tongkah Holdings Berhad had on 8 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 2 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. Go to http://bankrupt.com/misc/TCRAP_Tongkah0714.doc
for information on the securities disposed.

COMPANY PROFILE

The Group has been involved in manufacturing, financial services
and healthcare support services.

On 6 September 2001, the Company announced that it was an
affected issuer under Practice Note 4 of KLSE Listing
Requirements.

Losses incurred and continued difficult business conditions
necessitate the rationalization of the Group's activities. In
line with this, the Company disposed of Tongkah Electronics Sdn
Bhd and Tongkah Mouldings Technologies Sdn Bhd to contain
losses. The Group is also disposing of its entire equity
interest in Kestrel Securities Sdn Bhd in line with the
consolidation of the stock broking industry. Bonds A holders and
shareholders have approved the disposal of Kestrel Securities to
Allied Avenue Assets Securities Sdn Bhd on 19.12.2001. Efforts
are being put in place to regularize the financial condition of
the Company.

CONTACT INFORMATION: 10th Floor, Tower Block
            Kompleks Antarabangsa
            Jalan Sultan Ismail
            50250 Kuala Lumpur
            Tel : 03-2454337
            Fax : 03-2415757


WRP ASIA: Financial Restructuring Successfully Completed
--------------------------------------------------------
WRP Corporation announced on July 9, 2003 that its majority
shareholder, WRP Asia-Pacific Sdn Bhd (WRP Asia), has
successfully completed its financial restructuring involving
total financing of approximately Malaysian Ringgit (RM) 250
million (US $65 million). The restructuring reduced WRP Asia's
debt position by RM 143 million (US $37.6 million) and resulted
in the availability of RM 40 million (US $11.4 million) in new
funding and an increase in the company's issued share capital
from RM 278 million (US $73.2 million) to RM 385.4 million (US
$101.4 million).

The debt restructuring includes an investment by an established
UK-based fund management company, which has become a significant
shareholder in WRP Asia. This participation further strengthens
the solid mix of existing institutional shareholders, which
consist of large and established private equity and investment
funds.

"This financial restructuring exercise marks a significant
milestone for WRP Asia in its corporate history since it started
business in 1990. The restructuring has created a solid
financial platform for robust growth in WRP Asia's business, in
addition to strong financial support from its new group of
lenders and institutional shareholders," said Tan Sri Datuk
Ibrahim Mohamed, executive chairman of WRP Asia.

"The future cash flow generation of WRP Asia will be strong and
should comfortably sustain the reduced debt servicing and
support our future business growth," he added.

Mr. Lew Kwong Ann, president and CEO of WRP Asia Group of
Companies and the chairman and CEO of WRPC stated: "We are well
positioned for a strong recovery and robust business growth
after the restructuring.

"We have the right ingredients to perform extremely well. We
have the right quality product offering with great consistency,
the right manufacturing and technical capabilities, the right
customer base and distribution channels, the right business
strategies and most importantly, the right people to take on the
challenges of making WRP Asia one of the most prominent players
in the glove industry," he added.

WRP Asia is one of the top five glove manufacturers and
exporters in the world with an annual capacity of about four
billion pieces currently, generating revenue in excess of RM 450
million (US $118.4 million) per annum. Its manufacturing
capacity is approximately 10% of the world market.

WRP Corporation, headquartered in Itasca, is a top marketer and
manufacturer of disposable medical examination, foodservice and
retail gloves. The Company's wholly owned subsidiary, American
Health Products Corporation, is a leading supplier of branded
and private label disposable gloves to the healthcare,
foodservice, retail and industrial markets nationwide. The
Company is a majority-owned subsidiary of Malaysia-based WRP
Asia-Pacific, one of the world's leading integrated
manufacturers of latex powder-free disposable gloves.

CONTACT INFORMATION: Gavin Anderson & Company
        Mayura Sarah James
        Ph: 212.515.1978
        Fax: 212.515.1949


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


BAYAN TELECOMMUNICATIONS: Unveils Debt-Equity Conversion
--------------------------------------------------------
Bayan Telecommunication Inc. (Bayantel)'s debt restructuring
terms include debt-equity conversion, according to DebtTraders.
However, the percentage is not specified. The Company is still
waiting for feedbacks from bondholders. It is unlikely that
bondholders will arrive at a substantial agreement this week. A
local newspaper reported Thursday that Bayantel expects to have
a substantial restructuring agreement with its creditors this
week; and the debt plan offers 10 percent of the Company to
unsecured creditors at US$150 million.

DebtTraders reports that Bayan Telecommunications, Inc.'s
13.500% bond due in 2006 (BAYA06PHA1) trades between 18 and 22.
For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BAYA06PHA1


NATIONAL POWER: Faces Sanction Over ERC Order
---------------------------------------------
The National Power Corporation (Napocor) is facing penalties and
criminal sanctions after its failure to comply with the Energy
Regulatory Commission (ERC) order implementing the new rates for
its generation rate adjustment mechanism (GRAM), the Philippine
Star reported Friday.

Based on the May 14 order of ERC, Napocor should charge its
customers with the approved new generation charge per
kilowatthour effective immediately as follows: Luzon (P2.1258);
Visayas (P2.2412) and Mindanao (P1.0262). These rates are lower
that what the Napocor is asking the ERC which are P3.0075/kwh in
Luzon; P2.3465/kwh in Visayas and P1.4546/kwh in Mindanao.

ERC noted that the June billing of Napocor to its clients still
used the old generation charge.


REYNOLDS PHILIPPINES: PSE Delists Shares July 14
------------------------------------------------
Reynolds Philippines Corporation will be delisted from the
Philippine Stock Exchange (PSE) on July 14, AFX Asia reports.
The PSE board denied the motion for reconsideration filed by the
Company to its earlier resolution to delist its shares. It gave
no reason for the delisting.

The Company reported losses of 3.776 million pesos in the first
quarter against losses of 65.055 million pesos in the same
period last year, TCR-AP reported recently.  Despite the drop in
sales to 7.525 million pesos from 46.574 million pesos year-on-
year, data show losses were reduced due to lower operating
expenses in the first quarter.

Reynolds International Inc. of the US established Reynolds
Philippines in 1954, to manufacture and distribute aluminum
sheets, foil and extruded sections used in the packaging,
container, construction, appliance and vehicle manufacturing
industries.


STEELCORP: Wraps Up P3B Debt Restructuring
------------------------------------------
SteelCorp of the Philippines, the country's largest producer of
flat steel products, wrapped up a 3 billion pesos debt-
restructuring program with creditors on Thursday, the Malaya
Newspaper reports. The restructuring would facilitate the entry
of a foreign strategic partner. A due diligence review is
currently being done by PricewaterhouseCooper on Steelcorp's
business and financial projections.

The restructuring end two years of negotiations with creditors,
led by Equitable PCIBank. Steelcorp started operating an
integrated steel coating plant in a 22-hectare property in
Balayan, Batangas in 1998. It boasts a comprehensive line of
state of the art manufacturing equipment, calibration and
testing facilities.


UNITED COCONUT: Sees Return to Profitability in 5 Years
-------------------------------------------------------
The United Coconut Planters Bank (UCPB), which has received a 20
billion pesos financial support package from the government, is
expected to return to profitability in five years, according to
ABS-CBN News on Friday, quoting Philippine Deposit Insurance
Corporation (PDIC) President Ricardo Tan.

It has named former Bank of America country head Jose Querubin
as new UCPB President, while former PDIC President Norberto
Nazareno has been appointed Director. UCPB, which is under
government sequestration, as its ownership remains unresolved,
is the 12th largest expanded commercial bank with an asset base
of 97.24 billion pesos as of March 2003. Tan said while PDIC
will be UCPB's rehabilitator, the money will come from the
Bangko Sentral ng Pilipinas (BSP).

Continuous losses and deterioration in UCPB's assets and its
inability to raise capital due to unresolved legal issues
surrounding its ownership have impaired the bank's liquidity
position.


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


CHARTERED SEMICONDUCTOR: Enters Deal With Syntricity
----------------------------------------------------
Syntricity Inc. announced Wednesday that Chartered Semiconductor
Manufacturing, one of the world's top three dedicated foundries,
has selected Syntricity's dataConductorEP as its manufacturing
yield reporting platform. The yield data intelligence
application will initially be implemented in Chartered Silicon
Partners (CSP or Fab 6), with plans to extend implementation
across Chartered's other fabrication facilities in Singapore.

Chartered selected dataConductorEP because Syntricity's Web-
native, J2EE compatible architecture gives Chartered a platform
to build a scalable system that can automatically transform raw
engineering data into information that is easily disseminated
across the Company. Syntricity's dynamic reporting capabilities
enable quick and easy views into engineering data not seen in
other yield management systems.

According to Syntricity Inc. CEO Jeff Teza, "Chartered's
selection of dataConductorEP is an important validation for us.
Chartered recognized that an automated yield reporting system
can be important as an engineering productivity tool.
Syntricity's dataConductorEP provides Chartered with an
integrated platform for supporting more advanced yield
monitoring and reporting capabilities, complementing its
existing engineering tools. This decision represents a vote of
confidence in dataConductorEP's approach to improving the
efficiency of its semiconductor yield management programs. Along
with our Asia representative, STAr Technologies, we will be
working to ensure that Chartered showcases best-in-class
capabilities for this program."

"As Chartered progresses toward the forefront in advanced
technology implementation, our goal is to support our customers'
time-to-market requirements through achieving first-time
success," said Tang Yong Ang, vice President of fab support
operations and acting chief information officer at Chartered.
"With the deployment of Syntricity's dataConductorEP, we are
working toward creating an integrated yield management platform
that will provide greater data transparency, as well as a
holistic view of the manufacturing environment across
Chartered's campus. This borderless and seamless implementation
approach, which is a key element of Chartered's manufacturing
strategy, is aimed at achieving faster decision-making,
increased operational productivity, and more importantly,
enhanced opportunity for first-time manufacturing success for
our customers."

dataConductorEP is the world's leading Web-native, J2EE
compliant software platform that addresses device introduction,
yield ramp and yield management, and version 4.0 is the first
release of this sophisticated platform architecture, that allows
companies to:

    1) Provide fine-grain, easily managed security control
inside and outside of the Company

    2) Integrate with J2EE information infrastructure components

    3) Provide a server-scalable system, not limited by desktop
hardware capabilities

    4) Utilize a rich set of interactive and batch analytics and
visualizations

    5) Support the automated creation, global access and
collaboration around compound report documents

    6) Automate the collection of data sources around the world

In short, dataConductorEP is the leading engineering data
management, analysis and reporting platform that supports the
communications and collaboration necessary to streamline
business decisions around semiconductor engineering information.

About Syntricity:

Headquartered in San Diego, California, with offices and
representatives in Newport Beach and San Jose, California;
Austin, Texas; Asia and Japan, Syntricity introduced
dataConductor, its core product, in 1998. Since its
introduction, dataConductor has become the yield management tool
of choice for over 40 leading semiconductor companies. For more
information, contact Syntricity Inc., 6020 Cornerstone Court
West, San Diego, California, 92121; Tel: (858) 552-4485; Fax:
(858) 552-4493.  Or visit http://www.syntricity.com.

dataConductor, dataConductor.com, dataConductorEP, and
reportConductor are registered trademarks of Syntricity Inc.


GP INDUSTRIES: Units Enter Voluntary Liquidation
------------------------------------------------
The Board of Directors of GP Industries Limited announced the
following:

1. Voluntary liquidation of Dongguan Xuguang Electronics Co.,
Ltd. DG-XGE

DG-XGE is an indirectly wholly owned subsidiary incorporated in
China and was engaged in the manufacturing of electronics
products. In 2002, the Group combined the production facilities
of DG-XGE with that of another factory to improve operational
efficiency. Thereafter, DG-XGE has remained dormant and the
Group has commenced its voluntary liquidation recently.

2. De-registration of Key Sure Industrial Limited Key Sure

Key Sure was an indirectly wholly owned subsidiary incorporated
in Hong Kong. Prior to it's de-registration, Key Sure held the
Group's equity interest in a subsidiary, which has been
voluntarily liquidated last year.

The liquidation of DG-XGE and de-registration of Key Sure are
not expected to have any material impact on the earnings per
share and net tangible assets per share of the Group for the
financial year ending 31 March 2004.


LKN-PRIMEFIELD: Unit Increases Interests in Joint Ventures
----------------------------------------------------------
LKN-Primefield Limited announced that its wholly-owned
subsidiary, LKN Construction Pte Ltd LKNC has increased its
interest in two of its joint ventures, namely, Dalat-Dankia
Holdings Pte Ltd DDH and DD Management Services Pte Ltd DDMS
following the transfer by Singapore Leisure Industries Pte Ltd
to LKNC of its interest of S$1 in each of DDH and DDMS in
February 2003. Prior to the aforesaid transfer, LKNC had an
interest of S$1 in each of DDH and DDMS, representing 33.33
percent of the issued capital of DDH and DDMS respectively.
After completion of the aforesaid transfer, LKNC now has an
interest of S$2 in each of DDH and DDMS, representing 66.67
percent of the issued capital of DDH and DDMS respectively.

DDH and DDMS are currently dormant. The above transfers have no
impact on the Company's net tangible assets and earnings per
share.

None of the Directors and substantial shareholders of the
Company has an interest, direct or indirect, in the aforesaid
transfers.


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


GOLDEN LAND: TRIS Assigns Bt1.1M Debentures `BBB' Ratings
---------------------------------------------------------
TRIS Rating Co., Ltd. has affirmed the rating of the Bt1,100
million senior secured debentures (GOLD05OA) of Golden Land
Property Development PLC (GOLD) at "BBB" and has assigned a
"BBB" rating to GOLD's proposed Bt1,100 million senior secured
debentures. The ratings reflect GOLD's ability to build a
well-accepted brand name in the high-end single detached house
(SDH) market and management's performance in turning it around
over the past three years. These strengths are offset by
concerns related to GOLD's short track record in developing SDH
projects, the yet-to-be-seen performance of its high-rise rental
projects and its relatively low cash flow protection. The
ratings also take into consideration the land and buildings
pledged as collateral at 1.89 times the outstanding debentures
for its existing debentures and at 1.34 times the outstanding
debentures for its proposed debentures throughout the life of
the debentures.

TRIS Rating reported that GOLD is a medium-sized real estate
developer in Thailand established in 1978 by the Srivikorn
family. After restructuring and re-capitalization in 1999, the
business's strategy changed significantly with the arrival of
new shareholders and a new management team. GOLD switched from
developing real estate projects in provincial areas to
developing SDH for middle- to high-income customers, high-rise
residential projects for expatriates and office building in the
central business district of Bangkok. GOLD's objective of
balancing income from housing developments and recurring income
from high rise projects is well-accepted; however, the current
management team is quite flexible and seems capable of adjusting
their strategy to take advantage of market conditions.

TRIS Rating said that GOLD's approach in project development
differs from other Thai developers since GOLD works with outside
experts who have skills in specific areas, ranging from design
to marketing. For its serviced apartment projects, GOLD has
partnered with experienced and reputable operators such as The
Ascott Group Ltd. and Marriott International Inc. The selection
of good locations has been a key to the success of GOLD's SDH
projects. The strategy for construction of its SDH projects is
to invite bids from reputable contractors and enter into a
turnkey and price-guaranteed construction agreement with the
selected contractor.

This strategy enables GOLD to control costs, construction time
and house quality. Another initiative is to use escrow accounts
in order to build customer confidence. Currently, GOLD has four
active SDH projects on hand and plans to launch two to three
additional housing projects per year. Management's ability to
turn GOLD around within three years is commendable. Management's
innovative concepts and approach to doing business have
successfully built its brand in the market. However, the
challenge for the company will be to manage the business when
its assets get larger. Delays in its SDH and high rise projects
raise concern about its financial liquidity. As of March 2003,
GOLD's lease-adjusted debt-to-capitalization ratio was 44.1%.
The ratio is expected to increase in the future due to
aggressive expansion in residential projects. EBITDA interest
coverage increased from 2.9 times in the first quarter of 2002
to 7.2 times in the first quarter of 2003. GOLD's non-annualized
funds from operation to total debt was relatively low at 1.58%.
During 2003-2005, GOLD will continue to need external funding
when outlays from investment are expected to significantly
outpaces operating income.

The residential segment of the property development is highly
cyclical, exhibiting much greater volatility than the general
economy. Demand for housing continues to grow, mainly due to
favorable interest rates and the government's stimulus packages,
which enhance homebuyers' ability to fund purchases. The
competition is still intense for developers in the Bangkok
Metropolitan Area and vicinities since more developers have
completed their debt restructuring and have resumed operations,
TRIS Rating said.


SAMART CORP.: Undertakes Restructuring to Boost Financial Status
----------------------------------------------------------------
Samart Corporation Public Company Limited, its subsidiary and
affiliated companies, wish to restructure the shareholding in
some of its business groups and restructure and enhance the
stability of their financial status in order to support the
business of a highly competitive segment and to have the
business and capital structures of the companies in the groups
organized properly. For these purposes, the Company and its
subsidiary and affiliated companies, therefore, wish to conduct
the following transactions:

     1. The Company will sell the shares of Samart Paging Co.,
Ltd. (Samart Paging, Samart Info Media Co., Ltd. (Samart Info)
and Blisstel Co., Ltd., held by the Company, to Samart I-Mobile
Co., Ltd.

     2. Samart Engineering Co., Ltd. (Samart Engineering) will
sell its shares in Samart Paging to Samart I-Mobile.

     3. Samart Online Co., Ltd. (Samart Online) will sell its
shares in Thai Ticketmaster.Com Co., Ltd. (Thai Ticketmaster) to
Samart Info.

If the Company additionally acquires the shares of Samart
Paging, Samart Info and Samart Internet in the future, the
Company will be able to sell such additional shares to the
purchasers referred to above. If Samart Online additionally
acquires the shares of Thai Ticketmaster in the future, Samart
Online will be able to sell such additional shares to Samart
Info.

     4. Samart I-Mobile will increase its capital. The Company
will purchase the new ordinary shares pursuant to its entitled
amount and shares in excess of its entitled in case there is any
unsubscribed new ordinary shares remaining after the exercise of
right by other shareholders of Samart I-Mobile.

     5. Samart Paging will increase its capital. The Company
will purchase the new ordinary shares pursuant to its entitled
amount and shares in excess of its entitled in case there is any
unsubscribed new ordinary shares remaining after the exercise of
right by other shareholders of Samart Paging.

At present, the shareholders of the subsidiary and affiliated
companies are as follows:

    1.  In Samart I-Mobile, the Company holds shares at the rate
of 80.25 percent and the creditors of the Company hold shares at
the rate of 19.75 percent.

    2.  In Samart Info, the Company holds shares at the rate of
78.33 percent and the creditors of the Company hold shares at
the rate of 21.67 percent.

    3.  In Samart Internet, the Company holds shares at the rate
of 59.29 percent and the creditors of the Company hold shares at
the rate of 10.71 percent.

    4.  In Samart Internet, the Company holds shares at the rate
of 70 percent and the creditors of the Company hold shares at
the rate of 30 percent.

    5.  In Samart Engineering, the Company holds shares at the
rate of 70 percent and the creditors of the Company hold shares
at the rate of 30 percent.

    6.  In Blisstel, the Company holds shares at the rate of
16.80 percent and the creditors of the Company hold shares at
the rate of 7.2 percent and other shareholders hold shares at
the rate of 76 percent.

    7.  In Samart Internet, the Company holds shares at the rate
of 70 percent and the creditors of the Company hold shares at
the rate of 30 percent.

    8.  In Samart Online, the Company holds shares at the rate
of 28 percent, the creditors of the Company hold shares at the
rate of 12 percent, and other shareholders hold shares at the
rate of 60 percent.

The creditors of the Company who are the shareholders in various
juristic persons are the creditors of the Company under the Debt
Restructuring Agreement of the Company and are in the same group
of creditors. In the casting of votes by the creditors, as
shareholders, at the Meeting of Shareholders of each juristic
person, such creditors being shareholders shall have the right
to vote independently from each other, without being subject to
the condition that the votes are cast in the same manner and
that the directors of the Company are aware of such independence
among the creditors being shareholders in casting votes at the
Meeting of Shareholders.

According to Wrights Investors' Service, at the end of 2002, the
company had negative common shareholder's equity of -Bt797.71
million. This means that at the present time, the common
shareholders have essentially no equity in the company.
The company has reported losses during the previous 12 months
and has not paid any dividends during the previous 6 fiscal
years.


SIAM UNITED: Signs Debt Restructure Agreement With TAMC
-------------------------------------------------------
letter Sor. Kor. Kor. 055/2546 dated March 31, 2003 regarding
the Debt to Equity Conversion Scheme with Asset Management
Corporation (TAMC) and the features of Derivative Warrants (DW),
informed that on July 9, 2003 the Board of Directors had met and
had made resolutions, which are required to be reported to the
Stock Exchange of Thailand.

The Board has considered the Debt Restructuring Agreement with
TAMC and unanimously approved the Company to sign the agreement
on July 11, 2003. The Company's registration book will be closed
on July 25, 2003 for shareholders' rights to receive the
derivative warrants (DW).


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
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

Copyright 2003.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***