---

       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

            Wednesday, July 16 2003, Vol. 6, No. 139

                         Headlines

A U S T R A L I A

AMP LIMITED: Allots 103,721,441 Ordinary Shares at A$4.82
ANACONDA LIMITED: Panel Publishes Reasons in Anaconda 01-19
AUSTRALIAN MAGNESIUM: Securities Trading Halted
CARLOVERS CARWASH: Under Voluntary Administrator Appointment
NEWMONT YANDAL: Parent Extends Offer for Yandal Notes

ORBITAL ENGINE: SPP Shares Issuance Set on July 17
TRANZ RAIL: Toll Takeover Offer Record Date Set Today
UNITED ENERGY: Obtains Court Scheme of Arrangement Approval
UNLEYCAL PTY: Former Director Pleads Guilty
WESTERN METAL: Releases Fourth Quarter Activities Report


C H I N A   &   H O N G  K O N G

ASIA GLOBAL CROSSING: UST Calls for July 22 Sec. 341(a) Meeting
BILLION GROUP: Winding Up Hearing Scheduled in August
CHEUNG TAI: 2003 Operations Loss Widens to HK$59.122M
FONG ON: Winding Up Sought by Eastwell Engineering
MASS GOOD: Winding Up Petition Pending


I N D O N E S I A

DIRGANTARA INDONESIA: Struggling to Stay Afloat

* IBRA Reviewing Final Bids From PPAS Investors


J A P A N

ALL NIPPON: Resumes Service Between Tokyo and Taipei
ALL NIPPON: S&P Affirms BB-pi Rating
COLIN CORPORATION: Equipment Maker Files for Court Protection
JAPAN AIRLINES: S&P Affirms 'BB' Ratings
KASHIMANOMORI COUNTRY: Golf Course Enters Rehab

SKYNET ASIA: Miyazaki OK's Y300M Financial Aid Request


K O R E A

CHOHUNG BANK: KDIC Issues Warning
HYNIX SEMICONDUCTOR: U.S. Slaps 44.7% Tariff on Chips
SK CORPORATION: Foreign Investors Up Stake to 44%
SK GLOBAL: Creditors Agree on Court Receivership


M A L A Y S I A

AMSTEEL CORPORATION: Proposed Disposal Completed
BRISDALE HOLDINGS: BDSB Petition Hearing Set on September 11
EKRAN BHD: Proposed Capitalization Completion Extended
GULA PERAK: RCSN Conversion Period Commences April 2005
L&M CORPORATION: Audit Committee Member Bin Abdullah Resigns

L&M CORPORATION: KLSE Grants Six Months Scheme Extension
METACORP BERHAD: OKs Proposed Acquisition Application Waiver
NAUTICALINK BERHAD: Issues Proposed Restructuring Scheme Update
OLYMPIA INDUSTRIES: MOU Status Remains Unchanged
PAN PACIFIC: Provides Defaulted Payment Status Update

PLANTATION & DEVELOPMENT: SC Approves Proposed Exemption
SITT TATT: Seeks Proposed Rights Issue Approval Status
SOUTHERN PLASTIC: Clarifies Winding Up Petition Against STM
SOUTHERN STEEL: ICULS Rights Issue Oversubscribed
SPORTMA CORP.: Bumiputera Equity Participation Time Extended

TAI WAH: Versatile Paper Inks Sale Agreement With QSB
TAIPING SUPER: SC Conditionally Approves Proposed Exemption
TALAM CORPORATION: Issues Proposed Merger Status Update
TANJONG PUBLIC: Inks Conditional Purchase, Loan Contract
TONGKAH HOLDINGS: Disposes of Quoted Securities


P H I L I P P I N E S

ATLAS CONSOLIDATED: Suspends Trading Due to Bounced Check
MANILA ELECTRIC: Asking ERC to Reconsider Decision
NATIONAL POWER: Bids Out Three Fuel Supply Deals
NATIONAL POWER: Expects Higher Loss After Meralco Deal
NATIONAL POWER: Imports Coal From Australia This Year

UNITED COCONUT: Government Vows More Support


S I N G A P O R E

EI-NETS LTD: Enters Winding-up Petition
NEPTUNE ORIENT: David Lim Assumes Post
PRESSCRETE HOLDINGS: Names New Chairman


T H A I L A N D

JASMINE INT'L: Court Schedules Plan Approval Hearing on August 7
NATURAL PARK: SET Reinstates Securities Trading
PRASIT PATANA: Increases Registered Paid Up Capital

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Allots 103,721,441 Ordinary Shares at A$4.82
---------------------------------------------------------
AMP Limited advised the allotment of 103,721,441 ordinary shares
at A$4.82 per share. The purpose of the issue are as follows:

   - 19,867,482 shares issued to shareholders who have
participated in the AMP Share Purchase Plan

   - 83,853,959 shares issued pursuant to an Underwriting
Agreement with UBS Warburg Australia Limited in relation to the
AMP Share Purchase Plan

Date of Issue: 18/07/2003
Number of shares on issue: 1,523,340,434


ANACONDA LIMITED: Panel Publishes Reasons in Anaconda 01-19
-----------------------------------------------------------
The Takeovers Panel has published the reasons for its decision
in the Anaconda Limited 01 to 19 proceedings.

The table set out in the Annexure
(http://bankrupt.com/misc/TCRAP_Anaconda0716.pdf)lists each of
the applications and sets out the identity of the applicant, the
date on which the application was made and the date on which the
application was withdrawn or determined.

The 19 applications in relation to Anaconda Nickel Limited
(Anaconda) were made to the Panel in the period between 21
January 2003 and 11 April 2003. The applications were made by
various persons and related to various matters in relation to
Anaconda, including a rights issue by Anaconda and a takeover
offer by MatlinPatterson Global Opportunities Partners LP for
the Anaconda rights and also the Anaconda shares in existence
prior to completion of the rights issue.

The Panel announced its decisions in relation to the various
applications between 31 January 2003 and 12 May 2003.

The sitting Panel in the Anaconda 01 to 05, 08, 11, 12 and 14 to
17 proceedings was Brett Heading (sitting President), Tro
Kortian (sitting Deputy President) and Peter Scott.

The review Panel in the Anaconda 06, 07, 09, 13, 18 and 19
proceedings was Simon McKeon (sitting President), David Gonski
(sitting Deputy President) and Ian Ramsay.

In relation to the Anaconda 10 proceedings, the President of the
Panel considered the timing issues involved in the application
and considered that it was unlikely that the Panel would be able
to assemble a Sitting Panel to consider the application within
the time required. He therefore determined the proceedings
sitting as the substantive Panel President.

The reasons are available on the Panel's website at:
http://www.takeovers.gov.au/Content/Decisions/decisions.asp

CONTACT INFORMATION: Nigel Morris,
        Director, Takeovers Panel
        Level 47 Nauru House, 80 Collins Street
        Melbourne VIC 3000
        Ph: +61 3 9655 3501
        nigel.morris@takeovers.gov.au


AUSTRALIAN MAGNESIUM: Securities Trading Halted
-----------------------------------------------
The securities of Australian Magnesium Corporation Limited was
placed in pre-open at the request of the Company, pending the
release of announcement by the Company. Unless ASX decides
otherwise, the securities will remain in pre-open until the
earlier of the commencement of normal trading on Wednesday, July
16 2003 or when the announcement is released to the market.

On 13 June 2003, Australian Magnesium Corporation Limited (AMC)
and its wholly owned subsidiary Australian Magnesium Operations
Pty Ltd (AMO) signed a Heads of Agreement with the State
of Queensland, the Commonwealth of Australia, Newmont Australia
Limited (Newmont), and Leighton Contractors Pty Limited. Refer
to the Troubled Company Reporter - Asia Pacific Thursday, June
26 2003, Vol. 6, No. 125 issue for details of the HOA.


CARLOVERS CARWASH: Under Voluntary Administrator Appointment
------------------------------------------------------------
The Board of Directors of Berjaya Group Berhad (BGroup or the
Company) wishes to inform that CarLovers Carwash Limited (CCW),
a 96.86% owned subsidiary of BGroup, and its subsidiaries
namely, CarLovers Carwash (Aust) Pty Limited, The Carwash Kings
Pty Limited and CarLovers (Maroochydore) Pty Ltd (collectively
known as "CCW and its subsidiaries") have entered into Voluntary
Administration pursuant to Section 436A of the Corporations Act
2001 of Australia. CCW and its subsidiaries have appointed
Stuart Ariff as Voluntary Administrator (VA).

INFORMATION ON CCW

CCW, a 96.86% owned subsidiary company of BGroup, was
incorporated in New South Wales, Australia on 21 June 1993. The
company has a paid-up capital of A$35,341,313 comprising
68,027,164 shares. The principal activity of CCW is the
operation of self-service and automated carwash centers.

The existing shareholding structure of CCW is as set out in
Table 1 at http://bankrupt.com/misc/TCRAP_Carlovers0716.pdf.

The net book value of the affected assets as at 10 July 2003 is
approximately A$5.5 million.

BACKGROUND INFORMATION ON THE VOLUNTARY ADMINISTRATION PROCEDURE

The Voluntary Administration process was introduced to provide
insolvent companies with an opportunity to continue in
existence, thereby avoiding liquidation and maximizing the
return to creditors.

The affairs of a company in voluntary administration are to be
administered in a way that:

   (a) maximize the chances of the company, or as much as
possible of its business, continuing in existence; or

   (b) if it is not possible for the company or its business to
continue in existence - result in a better return for the
company's creditors and members than would result from an
immediate winding up of the company.

The object of voluntary administration is to provide for a
procedure for the reorganization of companies that are
insolvent. Unlike winding up procedures, voluntary
administration looks to the possible survival of the company,
rather than its ceasing to exist. The administrator takes
control of the company's business, property and affairs. This
means that, even if the company continues to trade, the officers
of the company cannot be liable for "insolvent trading" during
the administration period.

During the Administration period, the VA will have control of
the company's business property affairs and the powers of other
officers are suspended. The VA undertakes an investigation of
the company's affairs and financial circumstances together with
his opinion on whether it would be in the creditors' interest
for:

   (a) the company to execute a Deed of Company Arrangement
(Deed);

   (b) the administration to end; or

   (c) for the company to be wound up;
and if a Deed is proposed a statement setting out details of the
proposed Deed.

VOLUNTARY ADMINISTRATION OF CCW

On 10 July 2003, CarLovers Carwash Limited, appointed Stuart
Ariff, a registered liquidator, of 6-8 Auckland Street,
Newcastle, NSW, Australia as VA pursuant to Section 436A of the
Corporations Act 2001 of Australia.

A meeting of the creditors will be held within 5 business days
of the appointment of a VA pursuant to Section 436E of the
Corporations Act of Australia. The first meeting will be held on
Thursday, 17 July 2003 in Sydney, Australia.

The purpose of the meeting is to determine:

   (a) whether to appoint a committee of creditors.

   (b) If so, who are to be the committee's members
At the meeting, creditors may also by resolution:

     (a) remove the Administrator from office; and
     (b) appoint someone else as Administrator of the company.

RATIONALE FOR THE APPOINTMENT OF VA

CCW current cash surplus is being eroded by ongoing losses which
has been exacerbated by unseasonal and continuous rain,
especially on the eastern seaboard of Australia over the last
four months from 1 February, 2003 to 30 May, 2003.

The inclement weather pattern has resulted in CCW suffering
revenue losses which in turn has depleted the cash reserves and
may affect the future solvency of the CCW group. Attempts made
to exit unprofitable sites have been unsuccessful due to the
existence of long-term property leases.

The appointment of a VA is a preferred option in order to
restructure the companies and minimize any potential liability
for BGroup and CCW in order to put CCW and its subsidiaries back
on a stronger footing.

EFFECTS OF THE APPOINTMENT OF VA

BGroup expects that the appointment of a VA may result in
professional fees of approximately RM500,000. If the CCW group
goes under liquidation, BGroup is expected to suffer a loss that
may range from approximately RM24.0 million to RM27.2 million,
mainly from the write down of investment cost and
irrecoverability of inter-company debts.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors and/or major shareholders of BGroup and/or
person(s) connected with the Directors or major shareholders of
BGroup has any interest, direct or indirect in the aforesaid
appointment.

DIRECTORS' OPINION

The Directors of BGroup are of the opinion that the aforesaid
appointment is in the best interest of the Company.


NEWMONT YANDAL: Parent Extends Offer for Yandal Notes
-----------------------------------------------------
Newmont Mining Corporation announced Monday that its subsidiary,
Yandal Bond Company Limited (YBCL), has received
tenders totaling US$233.2 million of the outstanding 87/8%
Senior Notes (the Notes) due April 2008 issued by Newmont's
Australian subsidiary, Newmont Yandal Operations Pty Ltd
(Yandal). This represents 98.7% of the Notes that YBCL did not
own prior to the commencement of the tender offer. YBCL has
agreed to extend the consent payment deadline and the expiration
time of its tender offer for the Notes to 5 p.m., New York
City time, on Friday, July 18, 2003.

Yandal is currently in voluntary administration, a form of
insolvency proceedings, in Australia. Newmont, through a
subsidiary, has made an offer for Yandal, effectively
valuing the assets at US$200 million, that, if accepted, would
bring Yandal out of voluntary administration. The offer to the
voluntary administrator may result in Yandal's outstanding
third-party Note holders and the hedge counterparty that did not
accept YBCL's May 28, 2003 offer receiving not more than US$0.40
on the dollar. In addition, Newmont will honor any prior unpaid
obligations to Yandal's employees and offer trade creditors
payment in full.

Yandal, its subsidiaries who have guaranteed the Notes and the
trustee under the Indenture have executed a supplemental
indenture implementing the amendments to the Indenture consented
to by the Note holders who tendered the Notes previously
purchased by YBCL in the Note offer.

Citigroup Global Markets Inc. is the dealer manager and Mellon
Investor Services LLC is the depositary and information agent
for the tender offer and consent solicitation. Note holders'
requests for documentation should be directed to Mellon Investor
Services at (917) 320-6286 (for banks and brokers) or toll-free
(800) 392-5792. Questions regarding the transaction should be
directed to Citigroup Global Markets Inc. at (800) 558-3745.
The offer to purchase Notes and consent solicitation are being
made solely by the Offer to Purchase and Consent Solicitation
Statement dated May 29, 2003 and the related Letter of
Transmittal and Consent, as they have been and may be
supplemented or amended, which set forth the complete terms of
the tender offer and consent solicitation.


ORBITAL ENGINE: SPP Shares Issuance Set on July 17
--------------------------------------------------
Orbital Engine Corporation Limited is pleased to announce the
successful completion of its Share Purchase Plan (SPP) announced
on 6 June 2003. The A$3.2 million SPP was fully underwritten by
Paterson Ord Minnett.

Shareholder acceptances are still being finalized, however it is
clear that the SPP has been very well supported and will be
over-subscribed. It is expected that the SPP will raise
approximately A$3.5m, at an issue price of A$0.12 per share.

The Directors have determined that the over-subscriptions will
be accepted and, accordingly, shareholders who participated in
the SPP will receive the full number of shares for which they
applied.

Coupled with the recent capital raising of A$2.8m through a
placement to institutional shareholders, Orbital has now raised
approximately A$6m (net of expenses) which will be used for
working capital purposes.

Orbital Chairman Mr Ross Kelly said: "We are very pleased with
the outcome of the capital raising and are encouraged by the
level of support shown by our shareholders. We thank
shareholders for their expression of confidence in the Company."

The SPP shares are expected to be issued on or about 17 July
2003, with quotation on the ASX shortly thereafter.

According to Wrights Investors' Service, at the end of 2002, the
company had negative common shareholder's equity of -A$12.71
million. This means that at the present time, the common
shareholders have essentially no equity in the company. This
company's total liabilities are higher than total equity, which
means that the money this company owes are greater than all of
the assets of the company.


TRANZ RAIL: Toll Takeover Offer Record Date Set Today
-----------------------------------------------------
A Notice of Record Date for the Purposes of a Full Offer for
Shares and Options in Tranz Rail Holdings Limited has been
provided by Toll Group (NZ) Holdings Limited under the Takeovers
Code.

Toll Group (NZ) Limited advises that the record date for the
purposes of its full offer to purchase all the share and options
in Tranz Rail Holdings Limited (not already held by Toll as at
the date of the offer) under the Takeovers Code is Wednesday, 16
July 2003.


UNITED ENERGY: Obtains Court Scheme of Arrangement Approval
-----------------------------------------------------------
The Supreme Court of Victoria gave Tuesday its approval to the
Scheme of Arrangement between United Energy and its shareholders
regarding the $3.15 per share offer from Power Partnership.

It is expected that the Court order will be lodged with the
Australian Securities & Investments Commission, this morning,
and that trading in United Energy shares will cease from close
of trading this day, 15 July 2003.

The release of 11 July 2003 sets out the indicative timetable
for the remainder of the steps to implement the Scheme.

CONTACT INFORMATION: Graeme Thompson
        Investor Relations Manager
        Phone: (+61 3) 9222 9138
        Mobile: 0412 020 711
        Fax: (+61 3) 9222 9161
        E-mail: gthom@ue.com.au


UNLEYCAL PTY: Former Director Pleads Guilty
-------------------------------------------
Mr Christopher Beresford James on Tuesday pleaded guilty in the
District Court in Adelaide to 23 charges arising from an
Australian Securities and Investments Commission (ASIC)
investigation into the affairs of car dealer Unleycal Pty Ltd
(Unleycal), which traded as Unley Mitsubishi, and Unleycal
(Wholesale) Pty Ltd.

Mr James is a director of both companies, which are in
liquidation.

ASIC alleges that Mr James dishonestly used his position as an
officer of Unleycal (Wholesale) to gain an advantage for
Unleycal and Unleycal (Wholesale).

ASIC alleges that the companies, through the conduct of Mr
James, failed to account for the funds received from sales of 23
motor vehicles to their banker as required by their bailment
agreement, and retained the proceeds of the sale of the vehicles
for their own use.

Mr James will be sentenced on a date to be fixed.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.


WESTERN METAL: Releases Fourth Quarter Activities Report
--------------------------------------------------------
Western Metal Limited dispatched its fourth quarter activities
report, which is detailed at
http://bankrupt.com/misc/TCRAP_WMT0716.pdf.

Early this month, Western Metal secured additional short-term
funding from its US Noteholders for working capital purposes to
assist the Company pending formalization of debt and equity
restructuring of the Company presently in the course of
negotiation, and which was foreshadowed when the Company
requested and was granted a trading halt of its securities on
the Australian Stock Exchange on June 23, 2003.


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


ASIA GLOBAL CROSSING: UST Calls for July 22 Sec. 341(a) Meeting
---------------------------------------------------------------
FREDERICK, Maryland (SunStream News) -- Carolyn S. Schwartz,
United States Trustee for Region 2, has called for a meeting of
Asia Global Crossing's Creditors pursuant to Section 341 of the
Bankruptcy Code. The Section 341 Meeting will be held on July
22, 2003 at 12:30 p.m. in the Office of the United States
Trustee located at 80 Broad Street, Second Floor in New York,
10004-1408. All creditors are invited, but not required, to
attend. This Official Meeting of Creditors offers the one
opportunity in a bankruptcy proceeding for creditors to question
a responsible office of the Debtors under oath. (Global Crossing
Bankruptcy News, Issue No. 43; Bankruptcy Creditors' Service,
Inc., 609/392-0900)


BILLION GROUP: Winding Up Hearing Scheduled in August
-----------------------------------------------------
The High Court of Hong Kong will hear on August 6, 2003 at 9:30
in the morning the petition seeking the winding up of Billion
Group Engineering Limited.

Chau Kam Wing of Room 1108, Yung Yuen House, Chuk Yuen (North)
Estate, Kowloon, Hong Kong filed the petition on June 13, 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


CHEUNG TAI: 2003 Operations Loss Widens to HK$59.122M
-----------------------------------------------------
Cheung Tai Hong Holdings Limited released its financial
statement summary for the year end date March 31, 2003:

Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 1/4/2002      from 1/4/2001
                              to 31/3/2003       to 31/3/2002
                              Note  ('000)       ('000)
Turnover                           : 41,276             44,625
Profit/(Loss) from Operations      : (59,122)           (38,039)
Finance cost                       : (5,156)            (54)
Share of Profit/(Loss) of
  Associates                       : N/A                6,289
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                (17,614)
Profit/(Loss) after Tax & MI       : (51,556)           (59,019)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.45)             (0.6)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (51,556)           (59,019)
Final Dividend                     : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for Annual
  General Meeting                  : 1/9/2003           to
5/9/2003  bdi.
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A


FONG ON: Winding Up Sought by Eastwell Engineering
--------------------------------------------------
Eastwell Engineering Limited is seeking the winding up of Fong
On Construction & Engineering Company Limited. The petition was
filed on July 3, 2003, and will be heard before the High Court
of Hong Kong on August 20, 3003 at 9:30 in the morning.

Eastwell Engineering holds its registered office Room 1001,
Chevalier Commercial Centre, 8 Wang Hoi Road, Kowloon Bay,
Kowloon, Hong Kong.


MASS GOOD: Winding Up Petition Pending
--------------------------------------
Mass Good Property Management Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on July 30, 2003 at 9:30 in the morning.

The petition was filed on June 2, 2003 by Cheng Tat Chee of Room
313, Shek Wing House, Shek Lei (2) Estate, Kwai Chung, New
Territories, Hong Kong.


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


DIRGANTARA INDONESIA: Struggling to Stay Afloat
-----------------------------------------------
In an attempt to prevent the ailing PT Dirgantara Indonesia from
becoming bankrupt, the management has locked out all its 9,760
workers, Asia Pulse reports, citing Operation and Commercial
Director Budi Wuraskito.

He added that it would save 20 percent of overhead costs, or
around Rp1.8 billion (US$218,925) a month.

The state-owned aircraft factory needs the money to increase its
working capital to be able to continue operations and fulfill
its contracts.

Company President Edwin Sudarmo said the workers would be re-
employed if the company would be able to resume normal
operations.


* IBRA Reviewing Final Bids From PPAS Investors
-----------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has commenced a
review on the bids submitted by 6 (six) PPAS investors on
Friday, July 11, 2003.

The six investors have submitted their bid price on the final
bid session over the weekend. The assets they bid are as
follows:

   Barito Group/Chandra Asri bid by
     - Chinkara Capital and
     - Glazers & Putnam Investment Ltd
   Bakrie Nirwana Resort bid by
     - Goal Trading Assets Ltd and
     - PT Bahana Sarana
   The Rajawali III Sugar factory bid by
     - Mandari Consortium and
     - Bapindo Consortium.

Previously, in the preliminary bid, as many as 9 (nine)
potential investors expressed their interest with submission of
business plan and Sales and Purchase Agreement (SPA). Base on
the result of evaluation on the preliminary bid, IBRA decided
that the nine potential investors who submitted preliminary bid
pass the qualification and are eligible for attending the final
bid. However, up until July 11, 2003, only 6 (six) investors of
them submitted their final bid.

PPAS is a disposal program carried out by IBRA to bring credit
assets back to the financial/banking sector as well as to meet
the contribution target to the State Budget of Rp26 trillion.
IBRA will also launch the PPAS Batch II.


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


ALL NIPPON: Resumes Service Between Tokyo and Taipei
----------------------------------------------------
In response to the lifting of travel advisories to Taiwan by the
World Health Organization (WHO), and the expectation of
increased demand to follow, All Nippon Airways (ANA) will resume
daily service to Taipei from Tokyo-Narita Airport from the
beginning of September, a Company statement said. Owing to
continuing low demand, ANA will continue to suspend its daily
Osaka (Kansai)-Singapore service until the end of the summer
schedule on October 25.


ALL NIPPON: S&P Affirms BB-pi Rating
------------------------------------
Standard & Poor's Rating Services has affirmed its 'BB-pi'
rating on All Nippon Airways Co. Ltd. (ANA) after an extensive
industry review due to rising concerns over potential earnings
deterioration caused by the war in Iraq and the outbreak of
severe acute respiratory syndrome (SARS).

Although international passenger volumes fell in May 2003 by 40
percent from May 2002 and the load factor was low at 53 percent,
the negative impact on ANA's earnings should be limited as the
Company relies on its international segment for only 20 percent
of its total passenger air-transport revenues. Furthermore,
incidences of SARS are expected to recede in the near term.

ANA's domestic operations, which contribute nearly 80 percent of
total passenger air-transport revenues, are more stable than its
international operations. Although passenger volumes in April
and May 2003 fell slightly from the same months in 2002, this
was because of the Company's strategic measures, such as raising
prices, rather than SARS.

Standard & Poor's credit analyst Junko Miyakawa said: "The
limited competition in ANA's domestic operations is likely to
remain unchanged over the next several years, and the Company
should be able to maintain its strong business position within
Japan."

Although ANA's capital structure is very weak, with lease-
adjusted total debt to capital at 90 percent as of March 2003,
its cash flow generating ability remains sound. Funds from
operations to lease-adjusted total debt remain steady at about
10 percent, similar to the past couple of years.

Despite a difficult operating environment, deterioration in
ANA's cash flow generation, a supporting factor for the rating,
should be limited. However, the Company's earnings base remains
very weak, and the rating is constrained by its high cost
structure and huge debt burden.

ANA's pretax interest coverage is low, at 1-2 times. Moreover,
with a 285.8 billion yen un-funded postretirement benefit
obligation, the Company's capital structure is weaker than its
balance sheet indicates.

"Improvement in ANA's capital structure cannot be expected in
the near term," Miyakawa said.


COLIN CORPORATION: Equipment Maker Files for Court Protection
-------------------------------------------------------------
Medical equipment maker Colin Corporation has applied for court
protection from creditors under the Civil Rehabilitation Law
with liabilities totaling 19.3 billion yen, Kyodo News reports.
Colin, based in Komaki in the central Japan prefecture of Aichi,
said it took the legal action at the Tokyo District Court.

COLIN Corporation is the world leader in blood pressure
monitors, using advanced technology such as "Oscillometry" and
our own proprietary "Tonometry". It has long been accepted that
"Prevention" is less costly than "Treatment". Now, as the focus
shifts from "Treatment" to "Prevention" around the world, it is
our corporate mission to use our technology to bring more
recognition to the "Prevention of Cardiovascular Diseases" and
to improve quality of life.

Corporate Data

Headquarters: 2007-1, Hayashi, Komaki, Aichi 485-8501, Japan
Paid up Capital: 1,838 million yen
Sales of 2001: 13,954 million yen
               14,927 million yen (consolidated)
Executive Officers: Masayuki Shinoda, Chairman & CEO;
Masami Goto, President; Hiroshi Masuda, Senior Vice President;
Teruyuki Nakagawa, Senior Vice President; Motoi Nagaya, Senior
Vice President
Numbers of Employees: 231 members (Nov. 2001)
Subsidiaries: COLIN Medical Instruments Texas, USA
COLIN Europe Paris, France


JAPAN AIRLINES: S&P Affirms 'BB' Ratings
----------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB' ratings
on Japan Airlines System Corp. (JALS) and Japan Airlines Co.
Ltd. (JAL). The ratings were removed from CreditWatch, where
they were placed on March 19, 2003, amid concerns over the
earnings impact from the war in Iraq and the outbreak of severe
acute respiratory syndrome (SARS). The outlooks on the ratings
are negative.

The affirmations reflect the following factors:

-- The decline in passenger volume caused by SARS is likely to
end in the near future, after the World Health Organization de-
listed Taiwan, the last country on its warning list, on July 5.
The JALS group will restore its original flight schedule,
including flights to and from China, after July 15.

-- Revenues from domestic flights, for which demand is more
stable than international flights, have increased to nearly half
of the JALS group's total air-transport passenger revenues. This
is likely to enhance the stability of the group's operating
earnings. In addition, although heated competition between the
JALS group and All Nippon Airways Co. Ltd. (ANA) is likely to
continue in the short term, competition from new, lower-cost
entrants is unlikely to rise. As a result, the overall
competitive environment should remain unchanged for some time.

-- Although the JALS group's equity base will be further eroded
by huge net losses in fiscal 2003 (ending March 2004), the group
maintains the ability to generate stable cash flows. Over the
next couple of years, the group's ratio of funds from operations
to lease-adjusted total debt will hover around 10 percent, which
is somewhat higher than that of its international peers.

The negative outlooks reflect the JALS group's weak financial
profile. Over the past two years, the profitability and equity
base of the group have been considerably eroded by the events
that have affected the global airline industry. At March 2003,
JALS' ratio of total debt to capital stood at a high 86 percent
(on a lease-adjusted basis), and is projected to deteriorate to
about 90 percent at the end of current fiscal year.

"The ratings could be lowered if the JALS group's financial
profile deteriorates beyond Standard & Poor's expectations due
to adverse changes in the business environment, including
interest rates and financing conditions," said Junko Miyakawa, a
credit analyst at Standard & Poor's.


KASHIMANOMORI COUNTRY: Golf Course Enters Rehab
-----------------------------------------------
Kashimanomori Country Club, which has total liabilities of 33.5
billion yen against a capital of 140 million yen, has applied
for civil rehabilitation proceedings, according to Tokyo Shoko
Research. The golf course is located in Kashima-shi, Ibaraki,
Japan.


SKYNET ASIA: Miyazaki OK's Y300M Financial Aid Request
------------------------------------------------------
A group of nine mayors in Miyazaki Prefecture approved Monday a
request by Skynet Asia Airways for 300 million yen in financial
aid, according to Kyodo News. The mayors made the decision
during an extraordinary meeting in the city of Miyazaki on
Kyushu in southwestern Japan.

Skynet Asia Airways has asked the Japanese government for an
injection of 300 million yen in financial aid to pursue its plan
to open a new route between Kumamoto and Tokyo's Haneda airport,
TCR-AP reported recently. Skynet Asia, launched last August,
currently only operates a Haneda-Miyazaki service.

The airline booked a net loss of 1.8 billion yen in the year
ended March 31 due to huge operating costs. The amount of
deficit represents an increase of some 300 million yen from an
earlier projection released in June last year by the airline,
based in the city of Miyazaki in southwestern Japan.


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


CHOHUNG BANK: KDIC Issues Warning
---------------------------------
The Korea Deposit Insurance Corp. (KDIC) on July 13 issued
censure-level warnings against Chohung Bank, Korea Investment &
Securities and Daehan Investment & Securities for poor operating
performance, the Korea Times reports. According to the agency,
the three insolvent companies have failed to abide by the
memorandum of understanding (MOU) signed with KDIC for
management normalization, since the second quarter 2002.

Chohung Bank failed to raise the Bank for International
Settlements (BIS) capital adequacy ratio and return on assets
(ROA). In June last year, the commercial bank pledged to hike
its BIS and ROA to 10.3 percent and 1 percent in the MOUs in a
year, but the figures stood at 8.8 percent and 0.4 percent last
June.

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


HYNIX SEMICONDUCTOR: U.S. Slaps 44.7% Tariff on Chips
-----------------------------------------------------
The United States Commerce Department in June slapped a 44.7
percent duty on microchips made by Hynix Semiconductor Inc. and
not 57 percent as previously reported, according to Dow Jones.
The U.S. decision won't become final until the International
Trade Commission determines at a hearing scheduled for July 31
that U.S. complainant Micron Technology Inc. (MU) has been hurt
by subsidized competition from South Korea.


SK CORPORATION: Foreign Investors Up Stake to 44%
-------------------------------------------------
Foreign investors have stepped up their buying efforts in SK
Corporation this month, raising their stake to more than 44
percent from 42.32 percent, the Korea Times said on Monday.
Overseas investors currently hold a 44.13 percent stake in SK
Corporation with Sovereign Asset Management, the largest
shareholder, accounting for 14.99 percent of the firm's shares.
In just four months, foreign ownership of SK has jumped 18.98
percentage points from 25.15 percent on March 19.

If SK Global is liquidated, it would ease the pressure of SK
Corporation from bailing out its sister Company and would
eventually improve the Company's financial situation and
corporate governance. It would also create shareholder value and
enhance the transparency of SK Corporation, which in turn will
give the firm's stock prices a boost.

Union members of SK Corporation will file civil charges against
Son Kil-seung, Chairman of SK Group and Kim Seung-yu, President
of Hana Bank, the largest creditor of SK Global Co., for
malfeasance, TCR-AP reported recently. Law firm Hankyul, legal
advisor for SK Corp's labor union, said Mr. Son and Mr. Kim
brought losses on SK Corp. by entering a non-binding treaty
declaring that the annual operating income of SK Global would be
kept above 430 billion won (US$361 million) before taxes.
Because even a sound firm would have difficulty in meeting such
a target, the agreement would mean future liabilities for SK
Corp. as its sister firm struggles to survive.


SK GLOBAL: Creditors Agree on Court Receivership
------------------------------------------------
Domestic creditors led by Hana Bank have agreed to place SK
Global under court receivership although other creditors still
must give their final approval in a general meeting scheduled
for next week, the Korea Herald reported Tuesday. The
prepackaged bankruptcy plan calls for a court to accept a debt-
restructuring package drawn up by creditors, based on a planned
bailout from SK Corporation, the conglomerate's flagship
Company.

Under the program, creditors will swap about 2.29 trillion won
(US$1.95 billion) of the Company's total debt worth 9.9 trillion
won into equity and will be repaid the remainder over eight
years. Foreign creditors are expected to recover about 21
percent of debts they hold. Foreign creditors and overseas
branches of Korean banks are owed 900 billion won by SK Global,
which was hit hard by the disclosure of a US$1.2 billion
accounting fraud earlier this year.


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


AMSTEEL CORPORATION: Proposed Disposal Completed
------------------------------------------------
Amsteel Corporation Berhad refers to the announcement on 27
August 2002, 28 January 2003, 7 March 2003 and 11 April 2003 in
relation to the Proposed disposal by Henrietta Rubber Estate
Limited, a wholly-owned subsidiary of Akurjaya Sdn Bhd, which is
in turn a wholly-owned subsidiary of Amsteel Corporation Berhad
(Amsteel), of 900.87 acres of freehold agricultural land in the
Tanjung Rambutan Estate within the town boundary of Tanjung
Rambutan and the Mukim of Hulu Kinta, District of Kinta, Perak
Darul Ridzuan for a cash consideration of RM27,927,049 (Proposed
Disposal).

The Board of Directors of Amsteel wish to announce that the
Proposed Disposal was completed on 9 July 2003.

For details of the Proposed Disposal, refer to the Troubled
Company Reporter - Asia Pacific Thursday, August 29, 2002, Vol.
5, No. 171 issue.


BRISDALE HOLDINGS: BDSB Petition Hearing Set on September 11
------------------------------------------------------------
Brisdale Holdings Berhad (BHB) announced that a Winding-Up
Petition pursuant to Section 218 of the Companies Act, 1965 was
served on Brisdale Development Sdn Bhd (BDSB), a 65% owned
subsidiary company of Pembangunan Brisdale Sdn Bhd (PBSB) which
in turn is wholly-owned subsidiary of BHB on 11 July 2003 by the
Petitioner, Classic Pattern Sdn Bhd at the registered office of
Lot 1A, Level 1A, Plaza Perangsang, Persiaran Perbandaran, 40000
Shah Alam, Selangor Darul Ehsan.

1. BHB received a Winding-Up Petition on 11 July 2003 which was
presented via Shah Alam High Court Companies Winding-Up Petition
No. MT1-28-124-2003 dated 13 May 2003.

2. The total amount claimed under the petition is RM254,131-50
being the liquidated damages, principal sum refundable and late
payment interest payable to the Petitioner in respect of the
property known as Lot 13-G, Larkin Perdana, Winner-4S Shop
Office pursuant to the Sale & Purchase Agreement dated 23 June
1995.

3. The solicitors for the Petitioner has on 18 March 2003 in
accordance with Section 218 of the Companies Act, 1965 served a
Notice for the said outstanding sum dated 17 March 2003 on BDSB
at its former registered office of Tingkat17, Blok B, Menara
PKNS-PJ, No.17, Jalan Yong Shook Lin, 46050 Petaling Jaya,
Selangor Darul Ehsan. The Petitioner did not receive any payment
and upon the expiry of the 21 days of the Notice, the Petitioner
filed and served the Winding-Up Petition on BDSB.

4. The total cost of investment in BDSB by BHB through PBSB is
RM162,500-00.

5. BHB does not foresee the amount claimed to have any financial
nor operational impact on the Group.

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

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

8. The Petition will be heard on 11 September 2003.


EKRAN BHD: Proposed Capitalization Completion Extended
------------------------------------------------------
Ekran Berhad wishes to announce that the completion of the
Proposed Capitalization and issuance of 4,999,998 new ordinary
shares of RM1.00 each in Langkawi Airport Hotel Sdn Bhd has been
extended from 31 March 2003 to 30 September 2003 pursuant to the
Second Supplemental Letter dated 9 July 2003.

On April, the Troubled Company Reporter - Asia Pacific reported
that Ekran Berhad provided the status report in respect
of the default in payment of the credit facilities, which can be
found at http://bankrupt.com/misc/TCRAP_Ekran0430.doc.


GULA PERAK: RCSN Conversion Period Commences April 2005
-------------------------------------------------------
Issuance Of RM288,820,655 Nominal Value Of Five (5)-Year
Redeemable Convertible Secured Notes 2003/2008 (RCSN) Pursuant
To The Debt Restructuring Of GPERAK (Debt Restructuring) Which
Is The Subject Of The Restricted Offer For Sale Of The Rights To
The Provisional Allotment Of The RM288,820,655 Nominal Value Of
RCSN By Universal Trustee (Malaysia) Berhad On Behalf Of The
Lenders At An Offer Price Of Approximately 81.24 Sen Per RCSN On
A Non Renounceable Basis To Shareholders Of Gula Perak Berhad On
The Basis Of Approximately One (1) RCSN For Every One (1)
Existing Share Held

Please be advised that Gula Perak Berhad's RM288,820,655 nominal
value of Five (5)-Year Redeemable Convertible Secured Notes
2003/2008 (RCSN) arising from the Debt Restructuring will be
admitted to the Official List of the Exchange and listing and
quotation of the RCSN on the Main Board under the `Loans' sector
on a `Ready' basis pursuant to the Rules of the Exchange will be
granted with effect from 9:00 a.m., Tuesday, 15 July 2003.

The Conversion Price of the RCSN has been fixed at RM1.20 per
share and will be subject to adjustments in accordance with
provisions of the Trust Deed. The Conversion Price shall be
satisfied in either of the following manner:

   (i) Surrendering the RCSN for the equivalent number of new
GPERAK ordinary shares of RM1.00 each at the Conversion Price;
or

   (ii) Surrendering RM1.00 nominal amount of RCSN together with
an additional cash payment of RM0.20 for a new GPERAK ordinary
share of RM1.00 each.

The Conversion Period of the RCSN shall commence from 23 April
2005, being the second anniversary from the date of issue of the
RCSN until the maturity date of the RCSN on 22 April 2008. Any
RCSN not converted during the Conversion Period will be redeemed
at RM1.05 for every RM1.00 nominal value of RCSN.

The Stock Short Name, Stock Number and ISIN Code of the RCSN are
`GPERAK-NA', `3263NA' and `MYL3263NAI48' respectively.


L&M CORPORATION: Audit Committee Member Bin Abdullah Resigns
------------------------------------------------------------
L&M Corporation (M) Bhd posted this Change in Audit Committee
Notice:

Date of change : 09/07/2003
Type of change : Resignation
Designation    : Member of Audit Committee
Directorate    : Independent & Non Executive
Name           : DATO' SERI DR ABDUL SHUKOR BIN ABDULLAH
Age            : 59
Nationality    : MALAYSIAN
Qualifications :
BACHELOR OF ARTS (HONOURS) UNIVERSITY OF MALAYA;
DIPLOMA OF EDUCATION, UNIVERSITY OF MALAYA;
MASTER OF EDUCATION, HARVARD UNIVERSITY, USA;
DOCTORATE IN EDUCATION (ED.D).

Working experience and occupation  : 35 YEARS SERVICE WITH
MINISTRY OF EDUCATION AND DURING HIS TENURE HE HELD VARIOUS
POSITIONS AS PRINCIPAL OF SM VICTORIA, KUALA LUMPUR FROM 1979 TO
1982;
CHIEF ASSISTANT DIRECTOR, PLANNING AND RESEARCH DIVISION,
DIRECTOR OF TEXT BOOK DIVISION, STATE EDUCATION DIRECTOR OF
KELANTAN, DIRECTOR OF TECHNICAL AND VOCATIONAL EDUCATION, DEPUTY
DIRECTOR GENERAL OF EDUCATION, DIRECTOR GENERAL OF EDUCATION.
Directorship of public companies (if any) : NIL

Family relationship with any director and/or major shareholder
of the listed issuer : NIL
Details of any interest in the securities of the listed issuer
or its subsidiaries : NIL

Composition of Audit Committee (Name and Directorate of members
after change) : PACKEER MOHAMAD BIN ABDUL RAHMAN - MEMBER


L&M CORPORATION: KLSE Grants Six Months Scheme Extension
--------------------------------------------------------
Application for an exemption from complying with paragraphs
15.02, 15.10(1)(a)&(b), 15.11 and 15.19 of the Listing
Requirements until the completion of the Proposed Corporate and
Debt Restructuring Scheme and the transfer of the listing status
of the Company to Itsucom Berhad (Application)

The Special Administrators of L & M Corporation (M) Bhd (L&M)
wishes to announce that upon the retirement of an independent
director, as announced on 27 June 2003, L&M does not comply with
the above requirements of the Listing Requirements. L&M has made
an application for a waiver from the KLSE in respect of the
above. However, on 10 July 2003, the KLSE rejected the
Application, but granted an extension of time of 6 months until
26 December 2003 or upon the completion of L&M's restructuring
scheme, whichever is earlier to comply with the above
requirements.


METACORP BERHAD: OKs Proposed Acquisition Application Waiver
------------------------------------------------------------
Metacorp Berhad refers to the announcements dated 18 April 2003
and 24 June 2003 in relation to the Proposed Acquisition by
Exclusive Skycity Sdn Bhd (ESSB), a wholly-owned subsidiary of
Metacorp, from Bukit Naga Development Sdn Bhd (BNDSB), of a
property known as Bangunan Shell Malaysia held under Geran
17768/m1/b1 & 1-12 (Menara b)/1, Mukim Kuala Lumpur, Daerah
Wilayah Persekutuan, for a total cash consideration of RM79
million.

On behalf of the Board of Directors of Metacorp, Commerce
International Merchant Bankers Berhad wishes to announce that on
10 July 2003, BNDSB and ESSB (collectively referred to as "the
Parties") have mutually agreed in writing to waive the
requirement for Metacorp to obtain the approval of its
shareholders for the Proposed Acquisition (Condition), a
condition precedent of the conditional sale and purchase
agreement between BNDSB and ESSB dated 18 April 2003 (SPA).

The Condition was waived as the Proposed Acquisition is not a
transaction requiring the approval of the shareholders of
Metacorp pursuant to Chapter 10 and Practice Note No. 14/2002 of
the Listing Requirements of the Kuala Lumpur Stock Exchange.

In view of the Condition being waived, the Parties have agreed
the Effective Date of the SPA (being the date when all the
relevant approvals for the Proposed Acquisition have been
received by the solicitors of ESSB) to be 10 July 2003.

According to Wrights Investors' Service, MTD had negative
working capital at the end of 2001, as current liabilities were
Rp251.05 million while total current assets were only Rp227.54
million.


NAUTICALINK BERHAD: Issues Proposed Restructuring Scheme Update
---------------------------------------------------------------
Further to the announcement on 13 June 2003 and 3 July 2003, the
Board of Directors of Nauticalink Berhad wishes to announce that
the decision by the KLSE Committee in respect of the appeal made
by NB via its letters dated 3 June 2003 and 12 June 2003 is
still pending. At this juncture, the Company and its advisors
are in the midst of finalizing the regularization plan for
submission to the relevant authorities.

Further to the injection of assets under the Proposed
Restructuring Scheme as announced on 10 June 2003, another
complimentary asset will be proposed to be included as part of
the Proposed Restructuring Scheme to enhance the asset backing
and net tangible asset of the restructured group and provide for
rental savings, of which the terms of acquisition are being
finalized and will be announced accordingly prior to the
submission of the regularization plan to the relevant
authorities.

Premised on the above mentioned progress status and barring any
unforeseen circumstances, Nauticalink foresees that it will only
be able to submit the regularization plan to the relevant
authorities for approval by 31 July 2003 as opposed to the
targeted timeline of 15 July 2003 which was announced earlier.


OLYMPIA INDUSTRIES: MOU Status Remains Unchanged
------------------------------------------------
Olympia Industries Berhad refers to the last quarterly update on
14 April 2003 in respect of the Memorandum of Understanding
(MOU) between Olympia Industries Berhad (the Company), Vinci
Construction Grand Projects and Invescor-Dumez Jaya-Woh JV.

The Board of Directors of the Company would like to inform the
Exchange that there has been no material development on the MOU
since the last update.


PAN PACIFIC: Provides Defaulted Payment Status Update
-----------------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad wishes to
announce the Default in Payment as at 30 June 2003 of PPAB and
its subsidiaries in accordance with the Practice Note No.
1/2001. Details cane be found at
http://bankrupt.com/misc/TCRAP_PPAB0716.xls.

PPAB also informed that there are no material changes in PPAB's
status of default from the date of the last announcement until
30 June 2003.


PLANTATION & DEVELOPMENT: SC Approves Proposed Exemption
--------------------------------------------------------
AmMerchant Bank Berhad, on behalf of Plantation & Development
(Malaysia) Berhad, wishes to announce to the Kuala Lumpur Stock
Exchange that the Securities Commission (SC) had via its letter
dated 9 July 2003, approved the proposed exemption to Mujur
Zaman Properties Sdn Bhd (MZPSB), and Abd. Aziz Bin Attan and
Karuppannan A/L Palaniappan as parties deemed acting in concert
with MZPSB (Parties Deemed Acting In Concert) from the
obligation to undertake a mandatory take-over (Proposed
Exemption) pursuant to the Proposed Restructuring Scheme of P&D
under Practice Note 2.9.1 of the Malaysian Code On Take-overs
and Mergers, 1998 (Code).

Pursuant to Practice Note 2.9.1(11) of the Code, MZPSB and
Parties Deemed Acting In Concert are required to disclose to the
SC all dealings in the securities of Fountain View Development
Berhad (formerly known as Fountain View Development Sdn Bhd)
made by MZPSB and Parties Deemed Acting In Concert, for a period
of 12 months after 9 July 2003, the date of granting of the
aforesaid exemption by the SC.

There are no other material developments in the Proposed
Restructuring Scheme of P&D subsequent to the announcement dated
1 July 2003.


SITT TATT: Seeks Proposed Rights Issue Approval Status
------------------------------------------------------
Sitt Tatt Berhad wishes to inform that based on the provisions
of the Share Sale Agreement dated 10 September 2001 (the SSA)
made between the Company and MISL & Associates Sdn Bhd (MISL),
the Company regards the status of CEM Machinery Pte Ltd, PMI
Plating Services Pte Ltd and Pyramid Manufacturing Pte Ltd as
wholly owned subsidiaries of the Company, as being unaffected by
the termination of the SSA by the Company on 2 August 2003.

As regards the 125,125,000 new ordinary shares and the
34,138,000 Irredeemable Convertible Preference Shares (ICPS) in
the capital of the Company (collectively referred to as the "New
Shares), the Company has given notice to MISL pursuant to clause
9.2 of the SSA to transfer the New Shares to Mr Chiang Cheng
Leong. Mr Chiang was formerly a member of the board of directors
of Chase Perdana Berhad and currently a director of Perpetual
Theme Sdn Bhd and Sri Bumi Construction Sdn Bhd.

The termination of the SSA by the Company and the issue of the
transfer of the New Shares is currently the subject matter of a
legal suit commenced by the Company against MISL on the 3 August
2003. The Company has obtained an ex-parte interlocutory
injunction against MISL to restrain MISL from dealing with the
New Shares pending disposal of the inter parte hearing of  the
Company's application for interlocutory injunction against MISL
which is fixed for hearing on 23 August 2003. On 9 August 2003,
the Company has filed an application for the appointment of a
receiver to receive and hold the New Shares pending final
determination of the legal suit by the Court and this
application is also fixed for hearing on the 23 August 2003.

The Company also wishes to announce that it received a notice
dated 8 August 2003 from Utama Merchant Bank Bhd (Utama), the
advisor of its corporate exercise that the latter wishes  to
cease acting further in relation to the Proposed Rights Issue
and the Proposed Employee Share Options Scheme (the Proposed
ESOS). Utama however did not cite any reason for doing so. The
Company is currently seeking clarification with Utama and will
make further announcement in this regard.

Upon resolving the position of the Company's advisor as
aforestated, the Company will seek clarification on the status
of the approvals granted by the Securities Commission (SC) via
its letters dated 29 October 2002, 3 December 2002 and 7 June
2003, in particular, for the waiver by MISL to make a mandatory
general offer for the Company's shares that it does not already
own.

In addition, the Company will also, through its advisor in
consultation with the SC, seek clarification on the status of
the approval on the Proposed Rights Issue given that the
proposed rights issue in its original form as approved by the SC
cannot be implemented in view of the sale of shares in the
capital of the Company by MISL since 3 June .2003.


SOUTHERN PLASTIC: Clarifies Winding Up Petition Against STM
-----------------------------------------------------------
The Board of Southern Plastic Holdings Berhad would like to
announce of an error in the earlier announcement concerning the
winding up Petition No. MT3-28-96-02 action, which was
instituted by United Overseas Bank (Malaysia) (UOB) against
Southtech (M) Sdn. Bhd. (STM) and not Southern Plastic Holdings
Bhd (SPHB) as announced earlier.

The Board would like to clarify the following on the above
subject:

   1. The date of presentation of the winding-up was on 14 May
2002. The date of the winding up petition was served on the
aforesaid Company on 17 September 2002, which was received
directly at the aforesaid registered office.

   2. The petition was set for hearing on 30 October 2002, and
the aforesaid Company has taken action to oppose the winding up
petition on 22 October 2002. The hearing was subsequently
postponed to 27 March 2003 subject to the following terms and
conditions:

     a) Undertaking from SPHB to settle fully in cash the Hire
Purchase Facilities owing by Southtech Plastic (M) Sdn Bhd
amounting RM 345,000.00 upon implementation of the SPHB
Restructuring Scheme. The letter of undertaking from SPHB has
been forwarded to UOB.

     b) Withdraw the aforesaid opposition to their winding up
petition if there is no approval from Securities Commission to
SPHB Restructuring Scheme within 4 month from 27 March 2003
provided always that UOB may grant a request for an extension
based on reasonable grounds. STM and STIM have agreed to the
aforesaid terms and conditions and the next hearing was set on 7
July 2003 which was later postponed to 15 October 2003 whilst
pending the results from the Securities Commission on the
Proposed Restructuring Scheme of SPHB.

   3. This claim is in relation for its banking facilities
(overdraft) owing by STIM and STM amounting RM1,563,598.52 and
RM2,261,229.41 respectively with an interest of 3.5% per annum
from 16 August 2001 until settlement; and SPHB as a corporate
guarantor to these banking facilities.

   4. Circumstances which led to the filing of the winding- up
petition was due to non-settlement of the overdraft facilities
by STM and Southim (M) Sdn. Bhd. (STIM).

   5. There are no other expected losses arising from the
winding-up proceedings. The Company has engaged a qualified
legal representative to address the petitions and the claims by
the Petitioners. The directors are confident that the matters
will be resolved promptly and for the Petition to be set aside.
The Petitions are not expected to have any major disruption on
the normal operations of the group.

   6. SPHB has submitted to Securities Commission the debt
restructuring at 30 January 2003.


SOUTHERN STEEL: ICULS Rights Issue Oversubscribed
-------------------------------------------------
Renounceable rights issue of up to RM141,176,500 nominal amount
of 5.5% 5-year irredeemable convertible unsecured loan stocks
(ICULS) at 100% of the nominal amount payable in full upon
acceptance on the basis of RM1.00 nominal amount of ICULS for
every 2 existing ordinary shares of RM1.00 each held at 5:00
p.m. o 5 June 2003 (Rights Issue of ICULS)

The Board of Directors of Southern Steel Berhad is pleased to
announce that as at the close of the last date and time for
acceptance and payment in respect of the Rights Issue of ICULS
at 5:00 p.m. on 8 July 2003, the Rights Issue of ICULS was over-
subscribed by 12.88%.

Further details of acceptances and excess applications for the
Rights Issue of ICULS are set out below in table.

                              No. of        Nominal Amount %
                              Applications  of ICULS
                                            RM

Acceptances received           1,571        138,373,867  98.01
Excess ICULS applications received
                                 937         20,984,610

Total applications received    2,508        159,358,477

Total nominal amount of ICULS
available for subscriptions                 141,176,500

Over-subscription                            18,181,977 12.88


SPORTMA CORP.: Bumiputera Equity Participation Time Extended
------------------------------------------------------------
On behalf of the Special Administrators of Sportma Corporation
Berhad (Special Administrators Appointed), Affin Merchant Bank
Berhad wishes to announce that the Foreign Investment Committee,
via its letter dated 4 July 2003, which was received on 11 July
2003, has approved the extension of time for Sportma and/or Harn
Len Corporation Bhd (Harn Len) (which will be assuming the
listing status of Sportma) to comply with the 30% bumiputera
equity participation after two (2) years from the listing and
quotation of Harn Len on the Second Board of Kuala Lumpur Stock
Exchange.


TAI WAH: Versatile Paper Inks Sale Agreement With QSB
-----------------------------------------------------
Further to the earlier announcements made on behalf of the Board
of Directors of Tai Wah Garments Manufacturing Berhad
in relation to the Proposed Restructuring Exercise, Alliance
Merchant Bank Berhad (Alliance) wishes to announce on behalf of
the Board of Directors of TWGB, that the vendors of Versatile
Paper Boxes Sdn Bhd have on 14 July 2003 signed a conditional
share sale agreement with Quinquick Sdn Bhd (QSB), being a new
company formed to facilitate the Proposed Restructuring
Exercise, details of which can be found at the Troubled Company
Reporter - Asia Pacific Friday, May 16 2003, Vol. 6, No. 96
issue.

QSB was incorporated in Malaysia under the Companies Act, 1965
on 16 January 2003 as a private limited company. The company
will be changing its name to Versatile Creative Sdn Bhd and is
in the midst of being converted to a public company. Thereafter,
it will assume the name of Versatile Creative Berhad.

QSB has an authorized share capital of RM100,000 comprising
100,000 ordinary shares of RM1.00 each of which 2 ordinary
shares of RM1.00 each have been issued and fully paid-up. The
company is currently dormant. Presently, the Directors of QSB
are Yan Suit Moey and Yuen Yun Peng, each of whom holds one (1)
QSB share each.


TAIPING SUPER: SC Conditionally Approves Proposed Exemption
-----------------------------------------------------------
Taiping Super Berhad refers to the announcement dated 3 July
2003 in relation to the Proposed Exemption, comprising:

   ú Proposed Rights Issue With Warrants;
   ú Proposed Bonus Issue;
   ú Proposed Exemption;
   ú Proposed Restricted Issue of 6% 5-Year Convertible
     Unsecured Loan Stocks (CULS); and
   ú Proposed Employees' Share Option Scheme.

Southern Investment Bank Berhad (SIBB), had on 8 July 2003, on
behalf of Taiping Super Equity Sdn Bhd (TSE) and parties acting
in concert (if any) made an application to the Securities
Commission (SC) for the Proposed Exemption under Practice Note
2.9.1 of the Malaysian Code on Take-overs and Mergers, 1998.

On behalf of the Board of Directors of TSB, SIBB wishes to
announce that the SC via its letter dated 11 July 2003,
indicated that it will only consider the application for the
Proposed Exemption upon the fulfillment of the following:

   (i) TSE and parties acting in concert (if any) obtaining the
approval of the shareholders of TSB for the Proposed Exemption
by way of a poll at an extraordinary general meeting to be
convened whereby all interested parties shall abstain from
voting. The result of the said poll is required to be certified
by an independent auditor;

   (ii) Competent independent advice is provided to the
shareholders of TSB whereby the prior approval of the SC must be
obtained for the appointment of the independent adviser and the
contents of the independent advice circular to be circulated to
the shareholders of TSB; and

   (iii) TSE and the parties acting in concert (if any) to
furnish statutory declarations to the SC that they have not
purchased and will not purchase any ordinary shares of RM1.00
each in TSB in the six (6) months prior to the posting of the
circular in relation to the Proposed Exemption to the
shareholders of TSB and until the SC approves the Proposed
Exemption.

According to Wrights Investors' Service, at the end of 2001,
Taiping Super Berhad had negative working capital, as current
liabilities were RM19.30 million while total current assets were
only RM12.06 million. It also reported losses during the
previous 12 months and has not paid any dividends during the
previous 2 fiscal years.


TALAM CORPORATION: Issues Proposed Merger Status Update
-------------------------------------------------------
In accordance with the provisions of the Deed Poll dated 31
October 2000 constituting the Warrants 2000/2005 (Deed Poll),
TALAM CORPORATION BERHAD (Company No. 1120-H) hereby notifies
all holders of the Talam Warrants that Talam has, at a Court
Convened Meeting and Extraordinary General Meeting held on 18
June 2003, obtained the approval of the shareholders of Talam
for the Proposed Merger (as defined below) to be effected by way
of a members' scheme of arrangement pursuant to Section 176 of
the Companies Act, 1965 (Act) and the merger agreement dated 15
June 2001 (Merger Agreement) entered into between Talam,
Kumpulan Europlus Berhad (KEB) and Europlus Berhad (Europlus) as
varied and/or supplemented by the supplemental letters of
Europlus and Talam dated 13 July 2001 (Supplemental Merger
Agreement) and supplemental agreement dated 17 October 2002
(Second Supplemental Merger Agreement), which consists of the
following:

   (i) the proposed reorganization by Europlus of its
recreational and leisure related businesses and investment
properties, involving the transfer of:

     (a) 5,000,000 ordinary shares of RM1.00 each representing
the entire issued and paid-up share capital in Bukit Beruntung
Golf & Country Resort Berhad from Europlus Corporation Sdn Bhd,
a wholly owned subsidiary of Europlus;

     (b) 300,000 ordinary shares of RM1.00 each representing the
entire issued and paid-up share capital in Bukit Khazanah Sdn
Bhd from Europlus; and

     (c) the unsold retail portions, two (2) levels of carpark
and a water theme park comprised in a shopping complex known as
Pandan Safari Lagoon Shopping Complex and Water Theme Park
erected on the piece of land held under H.S.(M) 33339 P.T.3623
(formerly held under PM 3468 and 3469 for Lots 40819 and 2523
respectively), Mukim of Ampang, District of Hulu Langat,
Selangor (Property) from Dirga Niaga (Selangor) Sdn Bhd, a
wholly-owned subsidiary of Europlus, (Dirga Niaga), including
the novation to Venue Venture Sdn Bhd (VVSB) of a debt by Dirga
Niaga in respect of a syndicated bridging loan including
interest thereon, granted by Alliance Merchant Bank Berhad, OCBC
Bank (Malaysia) Berhad and Southern Bank Berhad to Dirga Niaga,
which loan is secured on the Property,

to VVSB, a wholly-owned subsidiary of Europlus, at a
consideration of RM1.00 for each of the subsidiaries to be
transferred and the book value of the net asset to be
transferred to VVSB as at the date of implementation of the
Proposed Merger to be satisfied by the issuance of 269,000 new
ordinary shares of RM1.00 each in VVSB (VVSB Shares) at par and
the balance to be satisfied by the issuance of irredeemable
convertible unsecured loan stocks (ICULS) in VVSB at their
nominal value, of which up to 269,000 VVSB Shares shall be
distributed to trustees to be held in trust for the benefit of
Europlus shareholders. The distribution shall be effected via
the cancellation of up to RM269,000 from the share premium
account of Europlus

(collectively, the "Proposed Carve-Out");

   (ii) the proposed acquisition by KEB of:

     (a) the entire equity interest in Europlus to be satisfied
by the issuance of new ordinary shares of RM1.00 each in KEB
(KEB Shareson the basis of 650 new KEB Shares for every 1,000
ordinary shares of RM1.00 each in Europlus (Europlus Shares)
surrendered;

     (b) the entire warrants 1995/2005 in Europlus (Europlus W1)
to be satisfied by the issuance of new warrants in KEB (KEB W1)
on the basis of 650 KEB W1 for every 1,000 Europlus W1
surrendered;

     (c) the entire warrants 2000/2005 in Europlus (Europlus W2)
to be satisfied by the issuance of new warrants in KEB (KEB W2)
on the basis of 650 KEB W2 for every 1,000 Europlus W2
surrendered;

     (d) the entire ICULS 2000/2005 in Europlus (Europlus
ICULS1) to be satisfied by the transfer of new ICULS in Talam
(Talam ICULS1) to be issued pursuant to the Proposed Europlus
Disposal (as defined below) by KEB on the basis of RM1,000
nominal value Talam ICULS1 for every RM1,000 nominal value
Europlus ICULS1 surrendered; and

     (e) the entire ICULS 2001/2006 in Europlus (Europlus
ICULS2) to be satisfied by the transfer of new ICULS in Talam
(Talam ICULS2) to be issued pursuant to the Proposed Europlus
Disposal (as defined below) by KEB on the basis of RM1,000
nominal value Talam ICULS2 for every RM1,000 nominal value
Europlus ICULS2 surrendered; and

Europlus shall transfer its listing status to KEB after the
Proposed Merger and thereafter, Europlus shall be delisted from
the Official List of the Kuala Lumpur Stock Exchange (KLSE)

(collectively, the "Proposed Europlus Acquisition");

   (iii) the proposed novation by Europlus and/or some of its
subsidiaries to KEB of amounts due to such creditors and/or
financial institutions aggregating up to RM43,000,000 at a
consideration equivalent to the amount novated to KEB, to be
satisfied by the issuance of such number of new Europlus Shares
to KEB at an issue price equivalent to the revalued net asset
value (RNAV) per share of Europlus after the Proposed Carve-Out
and Proposed Europlus Acquisition (Proposed Novation), if
applicable;

   (iv) the proposed acquisition of the entire equity interest
in Talam by KEB to be satisfied by the issuance of new KEB
Shares on the basis of 1,000 new KEB Shares for every 1,000
ordinary shares of RM1.00 each in Talam (Talam Shares)
surrendered (Proposed Talam Acquisition);

   (v) the proposed distribution to KEB of the non-property
related companies of Europlus and Talam via a repayment of
capital under Section 64 of the Act and the cancellation of an
amount equivalent to the cost of investment of the respective
non-property related companies as at the date of implementation
of the Proposed Merger from the share premium accounts of
Europlus and Talam respectively (Proposed Non-Property
Distribution);

   (vi) the proposed disposal by KEB to Talam of:

     (a) the entire equity interest in Europlus at a
consideration equivalent to the RNAV of Europlus after the
Proposed Carve-Out, Proposed Europlus Acquisition, Proposed
Novation, if applicable, and the Proposed Non-Property
Distribution, to be satisfied by the issuance of:

       (aa) 50,000,000 redeemable convertible preference shares
of RM0.01 each in Talam (Talam RCPS) at an issue price of RM1.00
per Talam RCPS;

       (bb) such number or the rights to allotment of such
number of irredeemable convertible preference shares of RM0.10
each in Talam (Talam ICPS) at their par value which will enable
KEB to offer for sale the said Talam ICPS or rights to allotment
of the Talam ICPS to KEB's shareholders on the basis of 1,250
Talam ICPS for every 1,000 KEB Shares held after the Proposed
Europlus Acquisition and Proposed Talam Acquisition (as set out
in paragraph (ix) below); and

       (cc) such number of new Talam Shares at an issue price of
RM1.00 per Talam Share, in satisfaction of the balance of the
purchase consideration; and

     (b) its holdings of Europlus ICULS1 and Europlus ICULS2 to
be satisfied by the issuance of new Talam ICULS1 and Talam
ICULS2 on the basis of RM1,000 nominal value Talam ICULS1 and
RM1,000 nominal value Talam ICULS2 for every RM1,000 nominal
value Europlus ICULS1 and RM1,000 nominal value Europlus ICULS2
acquired respectively

(collectively, the "Proposed Europlus Disposal");

   (vii) the proposed settlement of the amounts owing by KEB to
Europlus ICULS1 and Europlus ICULS2 holders pursuant to the
Proposed Europlus Acquisition via the transfer of RM1,000
nominal value Talam ICULS1 and RM1,000 nominal value Talam
ICULS2 for every RM1,000 nominal value Europlus ICULS1 and
RM1,000 nominal value Europlus ICULS2 surrendered respectively
(Proposed Settlement);

   (viii) the proposed distribution by KEB of part of its equity
interest in Talam to KEB shareholders on the basis of 500 Talam
Shares for every 1,000 KEB Shares held after the Proposed
Europlus Acquisition and Proposed Talam Acquisition via a
repayment of capital under Section 64 of the Act and the
cancellation of an amount equivalent to KEB's cost of investment
of the Talam Shares so distributed from the share premium
account of KEB (Proposed Talam Distribution); and

   (ix) the proposed offer for sale by KEB to its shareholders
of Talam ICPS or the rights to allotment of the Talam ICPS
issued pursuant to the Proposed Europlus Disposal on the basis
of 1,250 Talam ICPS for every 1,000 KEB Shares held after the
Proposed Europlus Acquisition and Proposed Talam Acquisition at
an issue price of RM0.10 per Talam ICPS (Proposed OFS)

(collectively, the "Proposed Merger").

Further details on the Proposed Merger are set out in the
Explanatory Statement and Circular to shareholders of Talam
dated 27 May 2003 which is accessible through the KLSE's website
at www.klse.com.my.

On 1 July 2003, the High Court of Malaya has:

   (i) approved the members' schemes of arrangement of Europlus,
Talam and KEB under Section 176 of the Act for the
implementation of the Proposed Merger (Scheme of Arrangement);
and

   (ii) approved the proposed capital reduction by way of
cancellation of the relevant amounts in the share premium
accounts of Europlus, Talam and KEB pursuant to the Proposed
Carve-Out, Proposed Non-Property Distribution and Proposed Talam
Distribution

(collectively, the "Court Order").

Pursuant to Condition 5.1 of the Second Schedule of the Deed
Poll, the holders of Talam Warrants are entitled, at any time
within six (6) weeks after the granting of the Court Order, to
exercise their Talam Warrants and participate in the Proposed
Merger. In view of the above, to participate in the Proposed
Merger, a holder of a Talam Warrant must, by 5:00 p.m. on 12
August 2003, submit the following:

   (i) form for exercising his right to subscribe for the Talam
Shares (Subscription Form) as set out in the First Schedule of
the Deed Poll, duly completed and executed by the holder of the
Talam Warrant. A copy of the Subscription Form has been posted
to holders of Talam Warrants together with this Notice;

   (ii) payment of the aggregate exercise price of the Talam
Warrants of RM1.00 for each Talam Share to be subscribed, which
may be made by way of banker's draft, cashier's order, money
order or postal order, together with an administration fee of
RM10.00 for each Subscription Form submitted; and

   (iii) such other evidence, if any, as the Directors of Talam
may reasonably require to prove the title of the person
exercising the Talam Warrants to the Registrar at the following
address:

   Securities Services (Holdings) Sdn Bhd
   Level 7 Menara Milenium
   Jalan Damanlela
   Pusat Bandar Damansara
   Damansara Heights
   50490 Kuala Lumpur
   Tel no. : 03-2095 7077
   Fax no. : 03-2094 9940 / 03-2095 0292

The above procedures for exercising the Talam Warrants are
subject to the terms and conditions of the Talam Warrants as set
out in the Deed Poll.

Talam also hereby notifies all holders of the Talam Warrants
that Talam has, on 11 July 2003, executed a supplemental deed
poll to the Deed Poll (Supplemental Deed Poll), which states
that:

"the provisions of Condition 5.1 of the Deed Poll which state
the following:

"......Subject to the foregoing, if the Company is wound up or
an order has been granted for such compromise or arrangement all
Warrants which have not been exercised within six (6) weeks of
the passing of the resolution or the granting of the court
order, shall lapse and the Warrants will cease to be valid for
any purposes."

do not apply to, in respect of or in connection with, the Scheme
of Arrangement, which is an arrangement binding on members of
the Company (and not creditors of the Company or the Warrant
Holders).

For the avoidance of doubt, the Warrants shall continue to be
valid and in force subject to and in accordance with the other
provisions of the Deed Poll."

Commerce International Merchant Bankers Berhad (CIMB) has, on 11
July 2003, confirmed that the Supplemental Deed Poll will not be
materially prejudicial to the interests of the holders of Talam
Warrants. As such, in accordance with the provisions of the Deed
Poll, the consent of the holders of the Talam Warrants is not
required for the Supplemental Deed Poll.

Pursuant to Clause 6.3 of the Deed Poll, the Supplemental Deed
Poll will take effect seven (7) days from the date of this
Notice.

In view of the above, if a holder of a Talam Warrant does not
wish to participate in the Proposed Merger, the Talam Warrant
holder may continue to hold his Talam Warrant which will remain
listed and quoted on the Main Board of the KLSE upon completion
of the Proposed Merger. The number of Talam Warrants held will,
however, be adjusted in accordance with the Deed Poll pursuant
to the proposed distribution to KEB by Talam of its non-property
related companies under the Proposed Non-Property Distribution.
A notice will be sent to the holders of Talam Warrants on the
adjustment to be made to the number of Talam Warrants upon
implementation of the Proposed Merger.

The following approvals in relation to the Proposed Merger have
also been obtained:

   (i) Securities Commission for the Proposed Merger, which was
obtained on 21 January 2003;

   (ii) Foreign Investment Committee for the Proposed Merger,
which were obtained on 10 September 2001 and 30 January 2003;

   (iii) Ministry of International Trade and Industry for the
Proposed Merger, which were obtained on 20 March 2002 and 25
November 2002;

   (iv) Bank Negara Malaysia for the issuance of KEB warrants
and Talam ICULS to holders of Europlus warrants and ICULS
respectively, including non-resident holders, which was obtained
on 6 January 2003;

   (v) shareholders of Europlus and KEB at the Court Convened
Meetings held on 19 June 2003 and 18 June 2003 respectively for
the Proposed Merger pursuant to Section 176 of the Act;
(vi) shareholders of Europlus and KEB for the Proposed Merger at
the EGMs held on 19 June 2003 and 18 June 2003 respectively;

   (vii) shareholders of Talam for the proposed increase in the
authorized share capital of Talam and proposed amendments to the
Memorandum and Articles of Association of Talam at the EGM held
on 18 June 2003;

   (viii) Europlus ICULS1 holders for the Proposed Merger and
the proposed acquisition by KEB of the entire Europlus ICULS1 at
the Meeting of Europlus ICULS1 Holders held on 19 July 2003;

   (ix) Europlus ICULS2 holders for the Proposed Merger and the
proposed acquisition by KEB of the entire Europlus ICULS2 at the
Meeting of Europlus ICULS2 Holders held on 19 July 2003;

   (x) Europlus W1 holders for the proposed amendments to the
deed poll of Europlus W1 and the proposed acquisition by KEB of
the entire Europlus W1 at the Adjourned Meeting of Europlus W1
Holders held on 1 July 2003; and

   (xi) Europlus W2 holders for the proposed amendments to the
deed poll of Europlus W2 and the proposed acquisition by KEB of
the entire Europlus W2 at the Adjourned Meeting of Europlus W2
Holders held on 1 July 2003.

Other approvals required in relation to the Proposed Merger,
which are still being sought, are as follows:

   (i) KLSE for the following:

     (a) the transfer of the listing status of Europlus to KEB
and the admission to the Official List of the KLSE and the
listing of and quotation on the Main Board of the KLSE for the
entire issued and paid-up share capital of KEB, KEB W1 and KEB
W2;

     (b) the admission to the Official List of the KLSE and the
listing of and quotation on the Main Board of the KLSE for the
Talam ICULS1, Talam ICULS2 and Talam ICPS to be issued pursuant
to the Proposed Europlus Disposal;

     (c) the listing of and quotation for the new Talam Shares
to be issued pursuant to the Proposed Europlus Disposal on the
Main Board of the KLSE;

     (d) the listing of and quotation for the new KEB Shares to
be issued pursuant to the exercise of the KEB W1 and KEB W2 on
the Main Board of the KLSE; and

     (e) the listing of and quotation for the new Talam Shares
to be issued pursuant to the conversion of the Talam ICULS1,
Talam ICULS2, Talam RCPS and Talam ICPS on the Main Board of the
KLSE;

   (ii) the relevant creditors and/or financial institutional
creditors of Europlus and/or some of its subsidiaries for the
Proposed Novation;

   (iii) the requisite approvals/consents from the various
lenders of Europlus, Talam and KEB, where applicable; and

   (iv) any other relevant authorities or parties.


TANJONG PUBLIC: Inks Conditional Purchase, Loan Contract
--------------------------------------------------------
Further to the announcement made on 20 June 2003, Tanjong Public
Limited Company announces that:

   (a) Tanjong Entertainment Sdn Bhd (TESB), a wholly owned
subsidiary of Tanjong, has entered into a joint venture
agreement dated 11 July 2003 (JVA) with Au Leisure Investments
Pte Ltd (Au Leisure), a company owned by Mr Colin Au (CA); and

   (b) JFVVG Dreiundvierzigste Verm”gensverwaltungsgesellschaft
mbH (to be known as "Tropical Island Management GmbH") and JFVVG
Fnfundvierzigste Verm”gensverwaltungsgesellschaft mbH (to be
known as "Tropical Island Asset Management GmbH") (collectively
referred to as the "German Companies"), both 50% owned by TESB,
have entered into a conditional purchase and loan contract with
Prof Dr Rolf-Dieter M”nning (Liquidator), in his capacity as the
insolvency trustee of CargoLifter AG (CargoLifter) group of
companies (CargoLifter AG Group), dated 11 July 2003
(Conditional Purchase and Loan Contract).

For purposes of this announcement, an exchange rate of EUR1.00 :
RM4.35 has been adopted.

DETAILS OF THE JVA

Pursuant to the JVA, TESB and Au Leisure shall hold equal equity
interest of 50:50 in Central Pacific Assets Limited, being the
joint venture company (JV Company) that shall identify, develop
and operate edutainment and leisure based holiday destinations
with tropical island setting (Proposed Joint Venture).

The JV Company will be initially capitalized at EUR5 million
comprising 5 million ordinary shares of EUR1.00 each and
eventually an enlarged paid-up share capital of up to EUR30
million. TESB shall subscribe for its interest in the JV Company
using internally generated funds.

CA shall be appointed as the Chief Executive Officer of the JV
Company. The position of Chairman and Chief Financial Officer of
the JV Company shall be nominated by TESB.

THE PROPOSED ACQUISITION OF ASSETS FROM CARGOLIFTER AG GROUP

Pursuant to the Conditional Purchase and Loan Contract, Tropical
Island Asset Management GmbH shall acquire, amongst others, all
the pieces of land owned by CargoLifter AG Group measuring
approximately 500 hectares located at Briesen in Brand, Germany,
together with all such buildings erected thereon and all rights
attached thereto, including:

   * a free standing hangar measuring 360 meters (length) by 210
meters (width) by 107 meters (height);

   * a visitors' center and other operational and ancillary
buildings; and

   * an option to purchase the adjoining parcels of land
measuring an aggregate of approximately 100 hectares for an
option price of approximately EUR1.28 million (or approximately
RM5.6 million), exercisable through 30 December 2008.

Further, Tropical Island Management GmbH shall acquire a 49%
share in Energieversorgung Brand GmbH which owns the on-site
power station and certain moveable fixtures and equipment owned
by CargoLifter AG Group.

(Hereinafter, the above acquisitions shall be collectively
referred to as the "Proposed Acquisitions" and the subject of
the Proposed Acquisitions shall be collectively referred to as
the "Assets")

Purchase Consideration

The total purchase consideration payable in respect of the
Proposed Acquisitions of EUR17.5 million (Purchase
Consideration), which was arrived at following negotiations with
the Liquidator after the submission of the joint bid, shall be
wholly satisfied in cash as follows:

   (a) a non-refundable sum of EUR50,000 which had been paid at
the point of submission of the joint bid by Tanjong and CA on 13
June 2003;

   (b) a refundable deposit of EUR4.95 million (or approximately
RM21.5 million) which has been paid into an interest-bearing
trust account upon the execution of the Conditional Purchase and
Loan Contract on 11 July 2003; and

   (c) the balance Purchase Consideration less the loan amounts
as detailed in Section 3.2 below which shall be payable within
14 days after the rights of withdrawal.

The Purchase Consideration shall be funded by the German
Companies through a combination of equity funds and
shareholder's advances.

No valuation has been undertaken by the German Companies on the
Assets.

Save for the assumption of the employment of 12 permanent
employees as required under German laws, there are no
liabilities relating to the aforesaid assets to be acquired
pursuant to the Proposed Acquisitions.

Loan amounts and contributions

Under the terms of the Conditional Purchase and Loan Contract,
Tropical Island Asset Management GmbH shall extend a loan of
EUR1 million to the Liquidator at an interest rate of 2.8 % per
annum to enable the Liquidator to continue to manage the Assets
and maintain existing insurance and service contracts in
relation to the Assets pending completion of the Conditional
Purchase and Loan Contract. In addition, Tropical Island Asset
Management GmbH undertakes to extend a further loan amount of
EUR1 million to the Liquidator if the Liquidator is able to
prove that the additional amount is required for the aforesaid
purpose.

The loans of up to EUR2 million and the deposit of EUR4.95
million, which shall be repayable in the event the Conditional
Purchase and Loan Contract is terminated, are secured by a
guarantee to be issued by the State of Brandenburg or a major
European bank.

The loans of up to EUR2 million shall however be set-off against
part of the balance Purchase Consideration upon completion of
the Conditional Purchase and Loan Agreement.

Tropical Island Management GmbH shall also make a contribution
amounting to EUR180,000 to the Liquidator over a period of six
months commencing from August 2003. However, in the event the
Conditional Purchase and Loan Agreement is terminated, then the
EUR180,000 together with interest accrued at a rate of 2.8% per
annum shall be repayable.

Taxes payable

In addition to the Purchase Consideration, a refundable value-
added tax equivalent to 16% of the Purchase Consideration or
EUR2.8 million (approximately RM12.2 million) is payable by the
German Companies upon completion of the Proposed Acquisitions.

A non-refundable real estate transfer tax amounting to
EUR678,832 (or approximately RM3.0 million) is also payable by
the German Companies upon completion of the Proposed
Acquisitions.

Conditions precedent

The Proposed Acquisitions are subject to the fulfillment of
certain conditions precedent, including the receipt of approvals
for the zoning and building plans and permits for construction
and buildings from the relevant German authorities by 31 January
2004, with an extension of 3 months up to 30 April 2004 subject
to the payment to the Liquidator of an additional amount of
EUR30,000 per month.

Rights of withdrawal

The German Companies are entitled to withdraw from the
Conditional Purchase and Loan Contract under the following
circumstances:

   (a) If major defects to the Assets appear before the
conditions precedent have been fulfilled. In such an event, the
German Companies may also at their election, demand for an
adjustment to the Purchase Consideration if the amount of
reduction in the Purchase Consideration does not exceed EUR3
million. A defect is considered as major if the cost of remedial
work exceeds EUR0.5 million for a single defect or an aggregate
of EUR2 million for several defects.

   (b) If the construction and building permits are not granted
by 31 January 2004 (which is extendable to 30 April 2004 as
described above) or within 2 months of such grant, appeals are
lodged against one or more of the permits.

   (c) The occurrence of any force majeure events prior to the
receipt of approvals for the construction and building permits.

   (d) If prior to the receipt of approvals for the construction
and building permits, the CargoLifter hangar is destroyed for
reasons not attributable to the German Companies.

In the event any right of termination is exercised by the German
Companies, then the German Companies shall be entitled to a
refund of the deposit of EUR4.95 million, and the loan amounts
granted to the Liquidator shall be repaid by the Liquidator upon
receipt of 4 weeks' notice from the German Companies.

INFORMATION ON THE VENDOR

Prof Dr Rolf-Dieter M”nning, Attorney-at-Law, is acting in his
capacity as the trustee (receiver) in the insolvency proceedings
of the assets of CargoLifter AG Group.

CargoLifter is a limited liability company in Germany, with its
headquarters located in Berlin. CargoLifter AG Group was
principally involved in the development, construction, operation
and marketing of large airships for the worldwide transportation
of large and heavy goods. However, it has been under
receivership proceedings since June 2002.

RATIONALE

The German Companies will develop and operate an edutainment and
leisure based tourist holiday destination with tropical island
setting within the hangar mentioned in Section 3 ("Tropical
Island") which is located in Brand, approximately 60km south of
Berlin, Germany ("Project"). The entrance to the Tropical Island
is proposed to be on the north side of the hangar where the
ticket office, cloakrooms, souvenir shops, restaurants and bars
will be located. Following on from the entrance shall be located
a tropical flower world, a tropical village exhibition center
and a tropical lagoon. At the center of the hangar, there shall
be transplanted thereon a rainforest on a hill which shall
contain trees and plants from various rainforest zones such as
South America, Africa, Asia and Australia, as well as streams,
rivers and waterfalls. A tropical sea with beach and terrace for
sun loungers shall be created at the south end of the hangar.

The Project would represent the Tanjong Group (Group)'s first
step towards the development of new expertise in the
identification, planning, development, management and operation
of edutainment and leisure based holiday destinations with
tropical island settings, and therefore create a new
intellectual property for the Group's leisure and entertainment
business.

CA has 30 years of experience and expertise in international
leisure and tourism industries. Tanjong is already involved in
the leisure and entertainment business through the Group's
interest in, inter-alia, Tanjong Golden Village Sdn Bhd and has
continuously evaluated further participation in this particular
area of business.

As such, the Company believes that the Project is an extension
of the Tanjong Group's expertise and existing involvement in the
leisure and entertainment business. The Project also meets
Tanjong's investment criteria and is expected to enhance the
Group's earnings.

It is estimated that the Project shall incur a total cost of up
to approximately EUR70 million (or approximately RM304.5
million), which is inclusive of the Purchase Consideration of
EUR17.5 million. The project cost shall be funded through a
combination of equity funds, shareholder's advances and bank
borrowings to be secured by the German Companies.

INFORMATION ON THE GERMAN COMPANIES

Tropical Island Management GmbH

JFVVG Dreiundvierzigste Verm”gensverwaltungsgesellschaft mbH was
established in Germany on 22 August 2001 as a private limited
company. The company is in the process of changing its name to
Tropical Island Management GmbH and shall be principally
involved in the operation of a leisure park. As at 11 July 2003,
its authorized and issued and paid-up share capital is EUR25,000
comprising 1 ordinary share of EUR25,000 each.

Tropical Island Asset Management GmbH

JFVVG Fnfundvierzigste Verm”gensverwaltungsgesellschaft mbH was
established in Germany on 22 August 2001 as a private limited
company. The company is in the process of changing its name to
Tropical Island Asset Management GmbH and shall be principally
involved in the acquisition and administration of the assets
which are required for the operation of a leisure park. As at 11
July 2003, its authorized and issued and paid-up share capital
is EUR25,000 comprising 1 ordinary share of EUR25,000 each.

EFFECTS ON TANJONG

Effects on share capital, shareholding structure and
consolidated net tangible assets (NTA)

The Proposed Joint Venture, Proposed Acquisitions and Project
will not have any effect on the share capital or shareholding
structure of Tanjong, as they will not involve the issuance of
new ordinary shares by Tanjong.

The Proposed Joint Venture, Proposed Acquisitions and Project
are not expected to have any immediate effect on the
consolidated NTA of Tanjong.

Effects on earnings

The Project is only expected to commence operations in the
fourth quarter of 2004. As such, the Project will not have any
material effect on the Group's earnings for the current
financial year ending 31 January 2004.

Barring any unforeseen circumstances, the Project is expected to
contribute positively to the Group's earnings in the future
years.

INVESTMENT CONSIDERATIONS AND PROSPECTS

Investment considerations

Investment considerations relating to the Project include, but
are not limited to, the following:

Legal and regulatory risks

Whilst there is no existing legal or regulatory requirement
which would adversely affect the Project, there is no assurance
that any unexpected changes in the legislation and regulatory
requirements in Germany would not have a material adverse effect
on the Project.

Competition risk and barrier to entry

Whilst competition may stem from other outdoor theme parks or
other tourist attractions particularly during the summer months,
it is believed that this "Tropical Island" holiday destination
has an edge over any such competition as the Project is ideally
located within 60km of Berlin and it is the first of its kind in
terms of the tropical island concept.

Further, the construction of a climatically controlled enclosed
space would require a significant amount of cost and time and
represents the single most important barrier to entry. However,
under the Project, such a climatically controlled enclosed space
is provided by the CargoLifter hangar, which is already an
existing structure to be purchased at a fraction of its cost.

Notwithstanding the above, there is no assurance that the
Project will be able to achieve its anticipated market share in
the event of greater competition from existing theme parks,
other tourist attractions and/or new entrants.

Environmental risk

Whilst there are certain areas close to the site of the
CargoLifter hangar that have been contaminated by fuel oil, a
declaration of indemnity against liability has been given and
the State of Brandenburg has taken over the obligation to remedy
possible existing residual pollution. Further, the Conditional
Purchase and Loan Contract provides for cancellation of the said
contract should other environmental problems or material defects
arise.

Foreign exchange risk

Foreign exchange risk is expected to be minimized as any
borrowings obtained by the German Companies to finance the
Project shall be denominated in Euro to match the income stream.
Further, the Group's equity participation shall also be sourced
from the Group's funds held offshore.

Risks relating to the repatriation of profits

German laws currently do not restrict foreign investments in
Germany nor the repatriation of profits by foreign investors out
of Germany. Barring any unforeseen circumstances, the Tanjong
Group expects to repatriate profits arising from the Project
within a period of 5 years from the date of commencement of
operations of the Project. However, there is no assurance that
there will not be any modifications to the existing German laws
which may impose restrictions or conditions on the repatriation
of profits by foreign investors out of Germany.

Prospects

The leisure and tourism industry is one of the largest sectors
in the world. Tropical islands are one of the most visited
holiday destinations in the world. This is especially true for
tourists from cold temperate countries who are drawn to the warm
and sunny climate. Tourism is an important sector for the German
economy. In 2001, the tourism industry represented 8% of
Germany's gross domestic product and accounted for 8% of the
nation's workforce (Source: German National Tourist Board).

In view of the foregoing, the prospects for the Project are
positive and it also offers Tanjong the opportunity to extend
its involvement in the leisure and entertainment industry.

APPROVALS REQUIRED

Save for the conditions precedent to the Conditional Purchase
and Loan Agreement, the Proposed Joint Venture and Proposed
Acquisitions are not subject to the receipt of any regulatory or
shareholders' approvals.

DIRECTORS' OPINION

After careful deliberation, the Directors of Tanjong are of the
opinion that the Proposed Joint Venture and Proposed
Acquisitions are in the best interest of the Group.

INTERESTS OF THE DIRECTORS, MAJOR SHAREHOLDERS AND/OR ANY
PERSONS CONNECTED WITH THEM

None of the directors nor major shareholders of Tanjong and/or
any persons connected with them have any interest, whether
direct or indirect, in the Proposed Joint Venture and Proposed
Acquisitions.

TENTATIVE TIMING

Barring any unforeseen circumstances and assuming the approvals
for the construction and building permits are obtained by the
end of the year and the Conditional Purchase and Loan Contract
is completed, works within the CargoLifter hangar are expected
to commence in the first quarter of 2004, and operations of the
Tropical Island are expected to commence in the fourth quarter
of 2004.

THE SECURITIES COMMISSION'S POLICIES AND GUIDELINES ON
ISSUE/OFFER OF SECURITIES

As far as Tanjong is aware, the Proposed Joint Venture and
Proposed Acquisitions do not fall within the ambit of the
Securities Commission's Policies and Guidelines on Issue/Offer
of Securities.

DOCUMENTS AVAILABLE FOR INSPECTION

Copies of the JVA and the Conditional Purchase and Loan Contract
shall be made available for inspection at Tanjong's principal
office located at Level 30, Menara Maxis, Kuala Lumpur City
Center, 50088 Kuala Lumpur, during normal business hours from
Mondays to Fridays (inclusive) for a period of 1 month from the
date hereof.


TONGKAH HOLDINGS: Disposes of Quoted Securities
-----------------------------------------------
Tongkah Holdings Berhad informed that it had on 11 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 7 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_Tongkah0716.doc
for information on the securities disposed.


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


ATLAS CONSOLIDATED: Suspends Trading Due to Bounced Check
---------------------------------------------------------
The Philippine Stock Exchange (PSE) on Monday suspended the
trading of Atlas Consolidated Mining and Development Corporation
shares as the check the firm issued to pay PSE fines had
bounced, Business World reports. The 150,000 pesos (US$2,805)
fine was imposed for the firm's delayed submission of corporate
reports to the stock exchange.

The PSE issued a warning to Atlas last week for its non-
submission of 200 copies of its first-quarter results. The
Securities Regulations Code requires listed firms to submit
their quarterly reports within 45 days after the end of a
particular period.


MANILA ELECTRIC: Asking ERC to Reconsider Decision
--------------------------------------------------
Manila Electric Co. will likely ask the Energy Regulatory
Commission (ERC) to reconsider its earlier decision preventing
the Company from deducting collections from its "one-day power
sale program" from the amount of overcharges it is now returning
to customers, BusinessWorld reported.

Meralco President Jesus Francisco said that under the one-day
sales program, the Company is charging only 0.40 pesos per
kilowatthour against its normal rate of 1.00 peso per kWh. The
program has been in place since 1999, aimed at helping state-
owned National Power Corp to increase its sales.

Meralco earlier said it expects the refund of overcharges from
1994 to cost some 30.5 billion pesos.


NATIONAL POWER: Bids Out Three Fuel Supply Deals
------------------------------------------------
The National Power Corporation (Napocor) will bid out three fuel
supply contracts worth 35 million pesos, ABS-CBN reported
Tuesday. The contracts cover the additional fuel requirements of
the Bantayan diesel power plant, the Doong diesel power plant,
and Power Barge (PB) 116, all located in Cebu. The three
facilities require a total of 2,196 kiloliters (KL) of diesel
oil. A kiloliter is equivalent to 1,000 liters.

Napocor bids and contracts services department has set a pre-
bidding conference for the fuel supply auction on July 16. The
final bidding is set on July 31. Tender documents were issued on
July 2. Of the three power plants, Bantayan has the biggest
supply requirement at 1,553 KL, with an approved budget of
P25.47 million. PB 116, on the other hand, needs 604 KL, with an
approved contract budget of P9.92 million. Finally, Doong's
diesel requirement has been placed at 39 KL, with an estimated
budget of P639,550.82. Bantayan, Doong and PB 116 are all owned
by Napocor and formed part of the state-owned firm's Small
Island Grid in the Visayas.


NATIONAL POWER: Expects Higher Loss After Meralco Deal
------------------------------------------------------
The National Power Corporation (Napocor) expects a loss of as
much as 113 billion pesos (US$2.1 billion) after it agrees to
allow Manila Electric (Meralco) buy less power, DebtTraders
reports. However, Manila Electric has to pay 20 billion pesos
(US$528 million) to National Power Corporation over a longer
term and cover the loss from its customers.


NATIONAL POWER: Imports Coal From Australia This Year
-----------------------------------------------------
The National Power Corporation (Napocor) will import a total of
975,000 metric tons of coal from Australia this year and in
2004, AFX Asia, quoting Philippine President Gloria Macapagal-
Arroyo.

Meanwhile, the power firm 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 Troubled
Company Reporter-Asia Pacific reported recently.

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.


UNITED COCONUT: Government Vows More Support
--------------------------------------------
The Philippine government may extend further support to United
Coconut Planters Bank (UCPB) after the anti-graft court
Sandiganbayan ruled it was the rightful owner of the bank, ABS-
CBN News reported Tuesday, citing Finance Secretary Jose Isidro
Camacho. The court said the so-called coconut levy, the taxes
paid by farmers during the former Marcos regime and which was
used to purchase 72 percent of UCPB, were public funds. It named
the government as the "rightful and beneficial" owner of the
bank, which has been under sequestration since 1986.

The bank had recently managed to obtain a 20 billion-peso
financial assistance package from the Philippine Deposit
Insurance Corporation to beef up its capital.


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


EI-NETS LTD: Enters Winding-up Petition
---------------------------------------
Ei-Nets Ltd. announced that pursuant to the Court's rejection on
12 July 2003 of the Company's application for a stay of
execution, in respect of the Judgment Sum awarded on 9 May 2003
against the Company, a winding-up petition served on the Company
by Yeo Nai Meng on 12 July 2003.

Further to the Company's announcement of 20 May 2003, the
Company reiterates that it will continue to pursue the appeal
against the court's judgment in respect of the Suit.

In addition to the above, the Company will, as soon as
practicable, lodge in respect of the stay of execution
application, which was not granted, a request for further
arguments. The directors are confident that the Company will be
able to reallocate its current resources to meet the payment, if
necessary, in respect of the said Judgment Sum.


NEPTUNE ORIENT: David Lim Assumes Post
--------------------------------------
Former Cabinet minister and ex-PSA chief David Lim officially
took the helm of Neptune Orient Lines (NOL) on Monday. Mr Lim,
whose appointment was announced in June, became executive
Director and group Chief Executive Officer, according to the
Business Times. NOL reported a second year of losses in 2002 and
has to sell assets to reduce $2.8 billion of debt, $264 million
of which is due by June, the Troubled Company Reporter-Asia
Pacific reported recently.


PRESSCRETE HOLDINGS: Names New Chairman
---------------------------------------
Construction firm Presscrete Holdings has appointed Neo Roland
Bah as its new Chairman. He replaces Chua Yong Hai, who resigned
on June 25. With his appointment as Chairman, Neo has
relinquished his Chief Executive Officer post. Tan Wee Soon
takes over as Chief Executive Officer.

The Troubled Company Reporter-Asia Pacific reported that
Presscrete Holdings Limited posted a net loss of S$1.302 million
in the first half of 2002 from 3.254 million a year earlier due
to lower interest charges arising from the deconsolidation of
unit Ceramic Technologies Pte Ltd.'s debts.


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


JASMINE INT'L: Court Schedules Plan Approval Hearing on August 7
----------------------------------------------------------------
Chaengwatana Planner Co., Ltd., as the Planner of Jasmine
International Public Company Limited, informed that, as the
Central Bankruptcy Court rendered the order for an evidence
hearing in consideration of the Rehabilitation Plan (the Plan)
of JASMIN on 18, 24-25 June, 10 and 11 July 2003 respectively,
the Central Bankruptcy Court finished the hearing related
witnesses and scheduled for render the order for approval on the
Plan of JASMIN on 7 August 2003 at 9:00 a.m.

Jasmine International Overseas Co., Ltd (JIOC), which is the
Company's subsidiary, the Central Bankruptcy Court scheduled for
render the order for approval on the Plan of JIOC on 31 July
2003 at 9:00 a.m.


NATURAL PARK: SET Reinstates Securities Trading
-----------------------------------------------
Natural Park Public Company Limited (N-PARK) submitted the
petition for trading reinstatement to the SET on March 27, 2003
because the Rehabilitation Plan of N-PARK has been approved by
the Central Bankruptcy Court and N-PARK has carried out all the
debt restructuring at 100% of the total amount of debts.

Presently, the Central Bankruptcy Court already issued the order
for termination of the business rehabilitation of the Company on
February 13, 2003. In addition, N-PARK submitted its reviewed
financial statements for the first quarter of year 2003  on June
3, 2003 and its shareholders' equities was Bt1,309 million from
Bt201,429 million of its paid up capital with book value Bt0.065
per share (from par value Bt10).

N-PARK also disclosed the significant information on its
rehabilitation plan. In addition it also clarified issues on
capital increase and the use of such capital in various assets
to the SET on July 7, 2003.

In addition, the Ordinary General Meeting of Shareholders of the
company held on 28 April 2003 passed the resolutions of the
capital increase allotted and offered to the existing
Shareholders at the ratio of one existing share to one new
share, priced at Bt0.10 per share. The company has completed the
registration of changing the paid-up capital from Bt201,428
million to Bt402,858 million on June 5, 2003.

The meeting also pass the resolution of approval for the change
of the par value of the company's share after the increase of
paid up Company capital, from the existing par value of Bt10 per
share to Bt100 per share, completed the registration on June 16,
2003, and the resolution of reduction of paid up capital from
the amount of Bt402,858 million to Bt4,029 million, by reducing
the par value from Bt100 per share to Bt1 per share.

The company is in the process of capital reduction of Bt398,829
million which will be applied to write off the discount of the
share  and complied with the relevant laws.

The SET has considered for trading the securities of N-PARK
according to the SET's principles in the period that the company
submitted the petition for trading reinstatement to the SET.
Therefore, the SET decides to lift "SP" sign from N-PARK  on
July 23, 2003 to allow the trading of such securities in REHABCO
sector.

Hence, shareholders and investors should  follow financial
status and performance of the company, the rehabilitation plan
and the progress including its capital increase for investment
in assets and the clarification of such investments before
making investment decision.

However, five shareholders of N-PARK ( E-Street Properties
Limited, E-Street Group Limited, Mrs. Sawang Mankongcharoen ,Mr.
Sermsin Samalapa and Morgan Stanley & Co. International Ltd.),
holding 2,016,484,427 common shares as a whole (50.05% of paid
up capital), voluntarily certify to the SET that their shares
will not be sold for the period of 1 year from the trading date
of the N-PARK with the condition that the above-mentioned
persons are allowed to sell only 25% of these shares after six
months from the trading date of N-PARK.

Since the trading of N-PARK's securities have been suspended
since May 7, 1999, and the company have significant changes in
capital structure. These issues may affect the stock price of
the company in the market, according to Clause 24 (3) and (6) of
the regulation on trading, clearing and settlement for listed
securities 1999, the ceiling and floor limits on the main board
of the securities of N-PARK will be temporarily removed on  July
23, 2003 to allow the market mechanism to work freely.


PRASIT PATANA: Increases Registered Paid Up Capital
---------------------------------------------------
Paphon Mangkhalathanakun of PricewaterhouseCoopers Corporate
Restructuring Limited, the Plan Administrator of Prasit Patana
Public Company Limited, advises that the following increases in
registered and paid up capital for Debt/Equity Conversion will
be made as stipulated in the Rehabilitation Plan that was
approved by the Central Bankruptcy Court on 9th July 2001 and
which the Central Bankruptcy Court approved the increases in
paid up capital on 6 March 2003:

1. Increase Registered and Paid up Capital

In accordance with the Rehabilitation Plan, PYT has to increase
registered and paid up capital for debt/equity conversion for
the financial creditors of PYT,  Phyathai 2 Hospital Company
Limited (PYT2) and Phyathai 3 Hospital Company Limited (PYT3)
(PYT's subsidiaries) and the construction creditors of PYT2 and
PYT3.  PYT has to increase paid up share capital of 346,409,504
shares at Bt10 par value from Bt866,023,760 to Bt4,330,118,800,
divided into 433,011,880 common shares at Bt10 par value.

2. Set Shareholders' Meeting Date to Approve the Increase of
Capital and New Allocation of Capital

Not required. The Central Bankruptcy Court approved the
increases in paid up share capital for Debt/Equity conversion of
346,409,504 shares on 6 March 2003.

3. Obtain Permission for Capital Increase from Concerning
Government Authority and the Conditions Required

The Central Bankruptcy Court has ordered the issue as stipulated
in the Rehabilitation Plan and PYT is preparing the documents
for obtaining the permission from the Ministry of Commerce.

4. Objectives of Capital Increase and the Utilization of
Increased Capital

As stipulated in the Rehabilitation Plan, PYT, the financial
creditors and the construction creditors have agreed to convert
the Convertible Debt into new PYT shares to be issued by PYT on
the terms and conditions of the Debt Restructuring Agreement and
the Debt/Equity Agreement.

5. Benefits from the Increase / Allocation of New Shares

Debt Reduction in accordance with the Rehabilitation Plan

6. Benefits to be Received by Shareholders from the Increase /
Allocation of New Shares      - None -

7. Necessary and Relevant Details Affecting Decision Making
Process of Shareholders in the Above Transactions   - None -


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.

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delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
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information, contact Christopher Beard at 240/629-3300.

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