---

       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

         Thursday, July 17, 2003, Vol. 6, No. 140

                         Headlines

A U S T R A L I A

AUSTRALIAN MAGNESIUM: Reaches Agreement With Ford Motor
NEWMONT MINING: Western Goldfields May Acquire Gold Mine
UECOMM LIMITED: Transfers S$80M Funding Facility to Alinta


C H I N A  & H O N G K O N G

CHUANG'S CONSORTIUM: Widens FY03 Net Loss to HK$301.788M
CITY TELECOM: Selling Loss-Making Unit For HK$2M
CODEBANK LIMITED: Issues Update on Restructuring Proposal
EURO-ASIA AGRICULTURE: Enters Winding-up Petition
KING FOOK: Operations Loss Ups to HK$26.880M

NICHIO INTERNATIONALL: Winding Up Sought by Hollywood Palace
RICHWELL LIMITED: Petition to Wind Up Pending
WIN YAT: Winding Up Hearing Scheduled on July 30


I N D O N E S I A

DIRGANTARA INDONESIA: Freezes Operations For Next Six Months


J A P A N

ALL NIPPON: Revives Cable Car Chase Run
DAIEI INC.: June Sales Down 2%
DAIEI INC.: Renovates 64 Smaller Stores
FUJITSU LIMITED: Enters Alliance With AMD
HITACHI LIMITED: Selects The Mind Electric Computing Technology

MITSUKOSHI LTD.: Shutting Down Five Unprofitable Stores
YAMAICHI HOUSE: Files For Special Liquidation Proceedings


K O R E A

SK GLOBAL: Launches Tommy Hilfiger Products in Korea
SK GLOBAL: SK Corporation Nullifies Bailout Decision
SK GLOBAL: Creditors Confirm Package Deal
SK GROUP: Dissolves Restructuring Office


M A L A Y S I A

ACTACORP HOLDINGS: SC Seeks Revised Restructuring Scheme
EKRAN BERHAD: Taye & Co. Withdraws Winding-Up Petition
GEAHIN ENGINEERING: Seeks Restructuring Scheme Approval
HIAP AIK: Issues Default Payment Notice
PANCARAN IKRAB: Issues Details of Default Leading to Writ Filing

SITT TATT: Clarifies New Straits Times Report
TIMBERMASTER INDUSTRIES: Extends KLSE Listing Requirement
UCP RESOURCES: Issues Update on Proposed Restructuring Scheme


P H I L I P P I N E S

FIRST PHILIPPINE: Repays US$45.1M Debt
NATIONAL POWER: Signs Compromise Deal With Meralco
UNITED COCONUT: KPMG Completes Bank Audit This Week


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Portal Provides Access to eBusiness
SEATOWN CORPORATION: Extends Investment Deal With HY Investment


T H A I L A N D

BANGCHAK PETROLEUM: Refinery Should Close, says Energy Ministry
DATAMAT PUBLIC: SET Post `NR' Against Securities
JASMINE INT'L: Debt-Restructuring Plan Approval Set August 7
UNITHAI LINE: SET Delists Company Shares


     -  -  -  -  -  -  -  -

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


AUSTRALIAN MAGNESIUM: Reaches Agreement With Ford Motor
-------------------------------------------------------
Australian Magnesium Corporation Limited (AMC) and the Ford
Motor Company (Ford) have reached agreement to:

- Release AMC from its binding obligation to supply magnesium
under the supply agreement

- Release Ford from its binding obligation to purchase
magnesium under the supply agreement

For has agreed to relinquish any rights Ford may have in
relation to a refund of the US$30 million deposit on the payment
of US$10 million to Ford.

The US$30 million was provided in 1997-98 to contribute to the
funding of the Gladstone demonstration plant and magnesium
project feasibility study.

Newmont Australia has committed to provide the US$10 million
payment on behalf of AMC under the terms of the Heads of
Agreement signed by AMC stakeholders on 13 June 2003.

No ongoing financial obligations apply to either AMC or Ford in
relation to this matter.

AMC and Ford will continue to maintain an ongoing relationship,
details of which will be determined over the coming months.

For a copy of the press release, go to
http://www.asx.com.au/asxpdf/20030714/pdf/3hf2mmknf739x.pdf

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.


NEWMONT MINING: Western Goldfields May Acquire Gold Mine
--------------------------------------------------------
Western Goldfields, Inc. announced that the Company has signed a
Letter of Intent (LOI) to acquire the Mesquite gold mine from a
subsidiary of Newmont Mining Corporation. Closing is anticipated
within approximately 45 days.

The Mesquite gold mine, located in Imperial County, California,
approximately 35 miles northeast of Brawley, commenced
operations in 1986 and has produced approximately three million
ounces of gold. The conventional open pit, heap leach mine
produced an average of approximately 200,000 ounces of gold a
year until mid-2001 when mining ceased. Since that time,
production has continued at between 50,000 and 60,000 ounces of
gold per year from ore previously placed on the leach pads.

The Company anticipates that production will continue until at
least 2007, totaling in excess of 50,000 ounces for the full
year of 2003 and between 40,000 and 50,000 ounces in 2004. Total
cash costs, including royalties, general and administrative
expenses and property taxes, have averaged approximately $160
per ounce during the first six months of 2003.

In addition to the existing production, fully permitted
expansions to the existing Mesquite pit are being contemplated.
At December 31, 2002, Newmont reported gold mineralized material
of 52 million tons grading 0.019 ounces per ton. Mine
Development Associates (MDA), an independent engineering firm
based in Reno, Nevada, that has assisted the Company in its due
diligence, has identified a total of 42.9 million tons of ore
grading 0.021 ounces per ton within the fully permitted
expansions. MDA reported additional mineralized material that
lies outside the fully permitted area of 26.2 million tons
grading 0.020 ounces per ton.

The Company issued to Newmont 111,859 shares of Western
Goldfields' common stock upon signature of the Letter of Intent.
Upon closing, the Company will issue to Newmont additional
common stock equal to 8 percent of the fully diluted shares of
the Company. Western Goldfields will also issue to Newmont
warrants to purchase common stock equal to 9 percent of the
fully diluted shares as of the date of closing. Such warrants
will be exercisable for a period of five years beginning
approximately one year after closing at an exercise price of
$2.00 and are subject to certain anti-dilution features.

Newmont will retain a 50 percent net profits interest in gold
production from ore already placed on the heap leach pads.
Separately, Newmont will receive a net smelter return royalty
ranging from 0.5 percent to 2.0 percent on any newly mined ore.

The Company will assume the reclamation and closure liability at
Mesquite, currently covered by financial assurances totaling
$7.8 million. Newmont has been conducting concurrent reclamation
over the past few years and has applied for a $1.0 million
reduction in the bonding requirement based on work completed to
date.

The Company is negotiating the terms of an Environmental
Insurance Policy with a major insurance Company. The policy is
expected to cover all anticipated reclamation and closure
liabilities and as well as unforeseen potential liabilities and
will provide security for the reclamation and closure bonds.

Also, the Company has received preliminary approval for a $6
million credit facility from a major financial institution that
specializes in financing mining projects around the world.

Toby Mancuso, President of Western Goldfields, commented, "The
acquisition of Mesquite will establish Western as a low-cost
gold producer with substantial, fully permitted mine expansions.
We are excited to welcome Newmont as a significant shareholder
as we move forward to establish Western as a low-cost gold
producer with an aggressive exploration and development
program."

Mr. Mancuso continued, "We have completed extensive due
diligence on the property and believe that we may be able to
increase recovery from the existing leach pads." He concluded,
"This acquisition follows on our previously announced agreement
regarding the Cahuilla project with significant existing
inferred mineral resources."

Proteus Capital Corp. is advising Western Goldfields, a New
York-based corporate advisory firm focused on the natural
resource industries, in connection with the Mesquite
acquisition.

Newmont Mining Corporation announced a proposal to address the
outstanding Senior Note (OSN) and gold hedge liabilities (GHL)
of its Australian subsidiary, Newmont Yandal Operations Limited
(Yandal), TCR-AP reported recently. Newmont acquired Yandal
(formerly known as Great Central Mines Ltd.) in February 2002 as
part of the Normandy acquisition.

In this regard, another Newmont subsidiary, Yandal Bond Company
Limited (YBCL), intends to offer to acquire all of the 8-7/8%
Senior Notes due April 2008 (the Notes) outstanding and issued
by Yandal. YBCL currently owns $62.8 million in aggregate
principal amount of the Notes. At the same time, YBCL intends to
offer to acquire all of the gold hedge obligations owed by
Yandal to counter party banks.

CONTACT:
Western Goldfields
Toby Mancuso, 972-208-0696
John Ryan, 843-682-2023
or
Proteus Capital Corp
Douglas Newby, 646-879-5970


UECOMM LIMITED: Transfers S$80M Funding Facility to Alinta
----------------------------------------------------------
Uecomm Limited on Tuesday announced that it has reached
agreement to transfer the S$80 million funding facility
currently provided by 66 percent shareholder United Energy
Limited (United Energy) to Alinta Finance Pty Ltd (Alinta
Finance).  The agreement is conditional upon the successful
completion of the scheme of arrangement between Alinta Limited
(Alinta), AMP Henderson Global Investors Limited and Power
Partnership Pty Limited (Scheme).  The completion date is
expected to be about 23 July 2003.  The transfer of the funding
facility will become effective 6 business days after a copy of
the court order approving the Scheme is lodged with ASIC.

Uecomm's Chief Executive Officer, Mr Peter McGrath, said "I am
happy to announce that Uecomm has also reached agreement with
Alinta Finance to extend the last day upon which the funding
facility can be drawn upon by an additional 18 months to 29 June
2006.  Alinta Finance is wholly owned and guaranteed by Alinta."  

Mr McGrath said that, subject to completion of the Scheme, the
66 percent shareholding in Uecomm currently held by United
Energy would also be transferred to Alinta.

The existing $80 million funding facility will be taken over by
Alinta Finance subject to a number of conditions precedent
including:

   * The scheme of arrangement becoming effective
   * No material adverse change affecting the financial or
trading position or prospects of the Alinta Group including a
change that would reduce Alinta or Alinta Finance's credit
rating below a `BBB' rating (if it were to be rated).

Mr McGrath re-iterated that it was `business as usual at Uecomm'
in terms of the Company providing corporations and government
organizations with high-speed, high-quality broadband data
services and that Uecomm looked forward to maximizing value for
all shareholders.  

Uecomm will release its half-year financial results later this
month.

Further information will be provided to the market regarding the
implications, if any, of the change in Uecomm's majority
shareholder as it relates to the interests of Uecomm
shareholders as and when it becomes available.


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


CHUANG'S CONSORTIUM: Widens FY03 Net Loss to HK$301.788M
--------------------------------------------------------
Chuang's Consortium International Ltd. booked a wider net loss
of HK$301.788 million for the year to March, against the
previous year's net loss of HK$19.505 million, AFX Asia reported
Tuesday. The loss widened due to a revaluation deficit of
HK$176.9 million on investment properties and a provision of
HK$130 million for properties held for sale.

Sales dropped to HK$289.650 million from HK$670.892 million
previously, due to the reduction in property disposals. Chuang's
Consortium managing director Bernard Ko said the Company faced a
difficult trading environment during the year under review due
to SARS, the weak global economy, the Iraq war and the rising
local jobless rate.


CITY TELECOM: Selling Loss-Making Unit For HK$2M
------------------------------------------------
City Telecom (H.K.) Limited will sell its loss-making Japanese
unit City Telecom (Japan) Co. Limited to Takua Corporation of
Japan for HK$2 million, payable in 30 monthly installments, AFX
Asia said Wednesday. City Telecom (Japan) is engaged in the
provision of retail international long distance services in
Japan and has been incurring losses since its establishment in
1997. The accumulated net loss of City Telecom (Japan) for the
period from its incorporation until August 31, 2002 as stated in
its un-audited management accounts is HK$19.96 million.


CODEBANK LIMITED: Issues Update on Restructuring Proposal
---------------------------------------------------------
The Board of Directors of Codebank Limited announced to its
shareholders that with respect to Memorandum of Understanding
(MOU) entered into between the Company and Top Edge Tradings
Limited (Top Edge) as disclosed in the announcements of the
Company dated 30 August 2002, 7 October 2002, 28 November 2002,
10 March 2003 and 7 May 2003 and expired on 15 February 2003, up
to the date of this announcement, the Company has still not
received any reply from Top Edge in connection with the MOU
after a letter sent by the Company on 17 March 2003 requesting a
confirmation of intention from Top Edge. Top Edge and the
Company are currently discussing the settlement of the
HK$2,775,300.77 Earnest Money deposited by Top Edge with the
Company.

With reference to the investigation on matters conducted by the
Investigation Committees as disclosed in the Company's
announcement dated 29 August 2002, the Board would like to
inform its shareholders that as disclosed in the Company's
announcement dated 10 March 2003 the Company had been notified
by the Investigation Committee that the Investigation has been
completed and the results of the Investigation are to be
released subject to the settlement of the fees incurred in
connection with the Investigation. The Board has been exploring
many alternatives on the settlement of professional fees in
order to have an early release of Investigation results. Further
announcement will be made on this matter when there is final
solution on this The Board would also like to inform its
shareholders that on 19 May 2003, the High Court had approved
the application of the withdrawal of the Winding-up petition
from the petitioner To Yuet Sing as disclosed in the
announcement of the Company on 10 March 2003. In addition, on
the matter of the attempt by Top Edge, to step in as the
substitute petitioner as disclosed in the announcement of the
Company on 7 May 2003, the application to step in as substitute
petitioner was dismissed by the High Court on 19 May 2003.

The Board would also like to inform its shareholders that
regarding the Restructuring Proposal submitted by Judgment
Creditor as disclosed in the Company's announcement dated 19
December 2002, the Judgment Creditor confirmed that they
continued to be interested in the proposed restructuring of the
Company on 16 April 2003. The execution of the Memorandum of
Understanding in connection of Restructuring Proposal is subject
to the Company's successful negotiation of the settlement of the
Earnest Money with Top Edge, with terms satisfactory to the
Judgment Creditor. Other than that, up to the date of this
announcement, there is no critical update in connection with the
Restructuring Proposal. Further announcement will be made on
this matter in due course.

Trading in the shares of the Company was suspended on 14 May
2002 and will remain suspended pending completion of the
Investigation as stated in the announcement of the Company dated
28 May 2002 and the release of the results of the Company and
its subsidiaries respectively for the three months ended 31
March 2002, the six months ended 30 June 2002, the nine months
ended 30 September 2002, the twelve months ended 31
December 2002 and the three months ended 31 March 2003.

Update on Top Edge Proposal

With respect to MOU entered into between the Company and Top
Edge as disclosed in the announcements of the Company dated 30
August 2002, 7 October 2002, 28 November 2002, 10 March 2003 and
7 May 2003 and expired on 15 February 2003, up to the date of
this announcement, the Company has still not received any reply
from Top Edge in connection with the MOU after a letter sent by
the Company on 17 March 2003 requesting a confirmation of
intention from Top Edge. Top Edge and the Company are currently
discussing the settlement of the HK$2,775,300.77 Earnest Money
deposited by Top Edge with the Company.

Further Delay in Release of Investigation Result

With reference to the investigation on matters conducted by the
Investigation Committees as disclosed in the Company's
announcement dated 29 August 2002, as disclosed in the Company's
announcement dated 10 March 2003 the Company had been noticed by
the Investigation Committee that the Investigation has been
completed and the results of the Investigation are to be
released subject to the settlement of the fees incurred in
connection with the Investigation.

The Board has been exploring various alternatives including i)
save cash from the cash inflow generated from the Group's
operations; ii) discuss with the Judgment Creditor for an
interim loan to settle the fees incurred in connection with the
Investigation and iii) negotiate with the professional party
involved in the Investigation to seek an agreement on the
settlement of professional fees in order to have an early
release of Investigation results. Further announcement will be
made on this matter when there is any schedule fixed.
Further announcement will be made on this matter when there is
final solution on this matter.

Winding Up Petition against the Company

With respect of the Winding Up Petition against the Company, on
19 May 2003, the High Court had approved the application of the
withdrawal of the Winding-up petition from the petitioner To
Yuet Sing as disclosed in the announcement of the Company on 10
March 2003. In addition, on the matter of the attempt by Top
Edge, to step in as the substitute petitioner as disclosed in
the announcement of the Company on 7 May 2003, the application
to step in as substitute petitioner was dismissed by the High
Court on 19 May 2003.

Group Restructuring Proposal Received by the Company from the
Judgment Creditor

With respect of the Restructuring Proposal submitted by Judgment
Creditor as defined in the Company's announcement on 19 December
2002 with "Restructuring Proposal", as disclosed in the
Company's announcement dated 7 May 2003, the Judgment Creditor
confirmed that they continued to be interested in the proposed
restructuring of the Company on 16 April 2003. The execution of
the Memorandum of Understanding in connection with Restructuring
Proposal is subject to the Company's successful negotiation of
the settlement of the Earnest Money with Top Edge, with terms
satisfactory to the Judgment Creditor. Other than that, up to
the date of this announcement, there is no critical update in
connection with the Restructuring Proposal. Further announcement
will be made on this matter in due course.

By order of the Board
Codebank Limited
Cheng Yu Hong
Director


EURO-ASIA AGRICULTURE: Enters Winding-up Petition
-------------------------------------------------
Chiyu Banking Corp, a unit BOC Hong Kong, is expected to file a
winding-up petition against Euro-Asia Agriculture Holdings to
recover a HK$30 million loan, the South China Morning Post
reported. The move appears to have been triggered by Shenyang
Intermediate People's Court's decision on Monday to sentence
Euro-Asia's controlling shareholder Yang Bin to 18 years in
prison for bribery, illegal use of farm land, forgery of
documents and bank bills, and inflation of paid-up capital.

The report also quoted the sources as saying that the Securities
and Futures Commission (SFC) was unlikely to invoke its rights
under the Securities and Futures Ordinance to appoint either an
administrator or receiver to protect the interests of Euro-
Asia's minority shareholders because the Company had no assets
in Hong Kong and the SFC had no jurisdiction in China.


KING FOOK: Operations Loss Ups to HK$26.880M
--------------------------------------------
King Fook Holdings Limited posted its results announcement
summary:

Year-end date: 31/3/2003
Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                             (Audited)           Last
                              Current            Corresponding
                              Period             Period
                              from 1/4/2002      from 1/4/2001  
                              to 31/3/2003       to 31/3/2002  
                              Note  ($)         ($)
Turnover                       : 566,785,000        765,367,000       
Profit/(Loss) from Operations  : (21,314,000)       (8,434,000)       
Finance cost                   : (5,502,000)        (7,924,000)       
Share of Profit/(Loss) of
  Associates                   : N/A                (297,000)         
Share of Profit/(Loss) of
  Jointly Controlled Entities  : 96,000             N/A               
Profit/(Loss) after Tax & MI   : (26,880,000)       (16,064,000)      
percent Change over Last Period      : N/A        percent
EPS/(LPS)-Basic (in dollars)   : (0.062)            (0.037)           
         -Diluted (in dollars) : N/A                N/A               
Extraordinary (ETD) Gain/(Loss): N/A                N/A               
Profit/(Loss) after ETD Items  : (26,880,000)       (16,064,000)      
Final Dividends                 : Nil                Nil               
  per Share                                                               
(Specify if with other         : N/A                N/A               
  options)                                                                
B/C Dates for
  Final Dividends               : N/A          
Payable Date                   : N/A       
B/C Dates for (-)            
  General Meeting              : N/A          
Other Distribution for         : N/A           
  Current Period                     
B/C Dates for Other
  Distribution                 : N/A          


NICHIO INTERNATIONALL: Winding Up Sought by Hollywood Palace
------------------------------------------------------------
Hollywood Palace Company Limited is seeking the winding up of
Nichio International Group Limited. The petition was filed on
July 30, 2003, and will be heard before the High Court of Hong
Kong on July 30, 2003.

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


RICHWELL LIMITED: Petition to Wind Up Pending
---------------------------------------------
The petition to wind up Richwell Limited is set for hearing
before the High Court of Hong Kong on August 6, 2003 at 9:30 in
the morning.

The petition was filed with the court on June 12, 2003 by The
World Realty Limited whose registered office is situate at Top
Floor, Chinachem Golden Plaza, 77 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong, All Best Wishes Limited whose registered
offce is situate at Room 1213, Champion Building, 301-309 Nathan
Road, Kowloon, Hong Kong, Him Fook Company Limited whose
registered office is situate at 1301 Sin Hua Bank Building, 2-8
Wellington Street, Hong Kong and Chee Sheung Industry & Godown
Company Limited whose registered office is situated at 1508-
1509, Bank Centre, 636 Nathan Road, Kowloon, Hong Kong.


WIN YAT: Winding Up Hearing Scheduled on July 30
------------------------------------------------
The High Court of Hong Kong will hear on July 30, 2003 at 9:30
in the morning the petition seeking the winding up of Win Yat
Construction & Engineering Company Limited.

Tang Chun Yu of Room 221, Fook Yat House, Fortune Estate, Cheung
Sha Wan, Kowloon, Hong Kong filed the petition on May 30, 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.


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


DIRGANTARA INDONESIA: Freezes Operations For Next Six Months
------------------------------------------------------------
PT Dirgantara Indonesia (DI) has temporarily closed its
operation following financial difficulties, reports the Daily
Express. A decree of the board of directors of PT DI that came
into effect on June 11 closed down the Company for six months
because of financial problems. The Company will continue to pay
its 9,670 workers.

DI, which assembled various European-made helicopters as well as
Spain's CASA aircraft and produced parts for several
international aircraft builders, was now closed and soldiers
from the air force's elite Special Forces Paskhas were guarding
its premises. Formerly known as the Nusantara Aircraft Industry,
Bandung-based DI had its heyday under the government of Suharto
and his research and technology minister, German-trained BJ
Habibie, who became President after his mentor stepped down in
1998.


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


ALL NIPPON: Revives Cable Car Chase Run
---------------------------------------
All Nippon Airways (ANA) will revive a great San Francisco
tradition on August 31, the Cable Car Chase Run, a Company
statement said. The inaugural Cable Car Chase in 1983 was
created by Dave Horning of Alcatraz Triathlon fame, the
organizer of this year's race. The race has not been run in
several years.

The 2003 race will begin at 8 a.m. on August 31, Sunday, from
Aquatic Park, and will afford participants breathtaking views of
San Francisco Bay, plus the opportunity to chase the cable car
up California Street.

There are in fact two races to choose from: the 5.67-mile ANA
Cable Car Chase for serious runners, or the ANA Amble, a 5K fun
run designed for children and those who don't feel able to
tackle the California Street climb.

The top male and female finishers in the Cable Car Chase will
win a trip to Tokyo as guests of ANA, where they will take part
in a 10k race. Each top finisher will receive two Club ANA
business class tickets and three nights accommodations at the
ANA Hotel Tokyo. There also will be five random draws, awarded
individually, among all participants of both races for an
Economy ticket from San Francisco to Tokyo aboard ANA.

Other draws will consist of numerous prizes awarded by race
sponsors. All participants will receive an official ANA Cable
Car Chase T-Shirt. The entry fee is $25 until August 17, $30
thereafter. Entry fees are non-transferable and non-refundable.
A portion of all race fees will go to the local charities: "San
Francisco Boys Chorus" and "Girls on the Run San Francisco".

About one hour after the race begins there will be entertainment
on a stage in the central area. Acts included are Borderline the
Band, Gen Taiko, kendo (a martial arts demonstration) and the
San Francisco Boys Chorus.

For additional information, visit the ANA Americas Web site at
www.fly-ana.com, or contact Moselle Hindle, ANA San Francisco,
650 762-3203, m.hindle@fly-ana.com or contact Thomas Fredo, ANA
New York, at 212 703-5003 or t.fredo@fly-ana.com

Standard & Poor's Rating Services has affirmed this week 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). 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.

CONTACT:
ANA San Francisco
Moselle Hindle, 650-762-3203
m.hindle@fly-ana.com
or
ANA New York
Thomas Fredo, 212-703-5003
t.fredo@fly-ana.com


DAIEI INC.: June Sales Down 2%
------------------------------
Sales in supermarket chain operator Daiei Inc. in June decreased
2 percent from the year-ago period, on a same-store basis, Jiji
Press reports. The fall marked the tenth consecutive month that
Daiei has seen its same-store sales drop. Sales of clothing fell
4 percent, while sales of foodstuffs slid 1 percent. Sales of
furniture and interior goods were down 5 percent.

Daiei said bad weather led to weaker sales of summer goods in
the first half of the month, and rising temperatures in the
second half of June did not make up for the earlier poor
performance.


DAIEI INC.: Renovates 64 Smaller Stores
---------------------------------------
Retailer Daiei Inc. plans to renovate 64 of its smaller-scale
stores to boost sales by offering a wider range of products,
including clothing, according to a Nikkei report. The renovation
will be completed by the end of February 2005. Of the 64 stores,
Daiei plans to convert 11 into food supermarkets, while the
remainder will continue to operate as comprehensive
supermarkets. Daiei plans to focus on the needs of local
consumers in order to attract customers.


FUJITSU LIMITED: Enters Alliance With AMD
-----------------------------------------
AMD and Fujitsu Limited on Monday announced the formation of a
new Flash memory semiconductor joint venture that will market
its solutions under the new Spansion global product brand name.
The new company, FASL LLC, was formed by the integration of
AMD's and Fujitsu's Flash memory businesses. The new joint
venture is the largest Flash memory company in the world based
on dedicated resources that include gross assets having a net
book value of approximately US$3 billion and approximately 7,000
employees. Spansion Flash memory solutions are available
worldwide from AMD and Fujitsu.

"We plan to make Spansion Flash memory the pre-eminent brand in
the memory market," said Dr. Bertrand Cambou, president and CEO
of FASL LLC. "The Spansion brand symbolizes new horizons and
possibilities for our customers, helping them to create products
with greater value and differentiation. We expect that the
combination of our focus on customers, next-generation
technology, process design and integrated manufacturing will
help us emerge as the global Flash memory leader."

"We are pleased to announce the inauguration of this new company
that increases Fujitsu's and AMD's focus and commitment to the
Flash memory market," said Toshihiko Ono, chairman of the board,
FASL LLC (and Fujitsu Limited corporate senior vice president
and group president of Fujitsu's Electronic Devices Business
Group). "Both AMD and Fujitsu share a common vision to help
customers design market leading products using Spansion Flash
memory solutions."

Company Details:

The company is headquartered in Sunnyvale, California, and
operates a Japan headquarters in Tokyo

AMD owns a 60 percent interest in the new company and Fujitsu
owns 40 percent; the company's financial results will be
consolidated in AMD's financial statements

Gross assets having a net book value of approximately US$3
billion

The company sells Spansion Flash memory products through AMD and
Fujitsu and their respective sales forces

Global workforce of approximately 7,000 employees

Key executives include:

-Dr. Bertrand Cambou, president and CEO, FASL LLC

-Toshihiko Ono, Chairman of the Board, FASL LLC, and Fujitsu
Limited Corporate Senior Vice President and group President of
Fujitsu's Electronic Devices Business Group

-Shinji Suzuki, executive vice president, FASL LLC, and
president of FASL JAPAN LIMITED

The board of managers consists of 10 members, six appointed by
AMD and four by Fujitsu

"This new company comes out of the gate as a major player in the
Flash memory business with a strong management team and
resources that position it for success," said Hector Ruiz, AMD
president and chief executive officer. "We created this joint
venture to leverage global operational efficiencies and have the
flexibility to respond to rapidly changing customer and market
requirements. A single product line and the global Spansion
Flash memory brand brings focus and synergies for design,
operations and marketing functions."

AMD contributed to the new company its Flash memory group; Fab
25 in Austin, Texas; its research and development center known
as the Submicron Development Center (SDC) in Sunnyvale,
California; and its Flash memory assembly and test operations in
Thailand, Malaysia, and China. Fujitsu contributed its Flash
memory business division and Fujitsu Microelectronics (Malaysia)
Sdn Bhd final assembly and test operations. Fujitsu and AMD
jointly contributed their respective interests in the original
manufacturing joint venture, Fujitsu AMD Semiconductor Limited,
located in Aizu-Wakamatsu, Japan.

AMD and Fujitsu have a solid history of cooperation. The
original manufacturing joint venture, initiated in 1993, has
been a model of success for U.S.-Japanese joint ventures.

Additional financial information will be provided as part of
AMD's second quarter earnings release and conference call
scheduled for Wednesday, July 16.

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

About Spansion Flash Memory Devices

Spansion Flash memory products encompass a broad spectrum of
densities and features to support a wide range of markets.
Spansion Flash memory customers represent leaders in the
wireless, cellular, automotive, networking, telecommunications
and consumer electronics markets. There are a variety of
Spansion Flash memory products, such as devices based on the
innovative MirrorBitT technology; the award-winning simultaneous
read-write (SRW) product family; super low-voltage 1.8 Volt
Flash memory devices; and burst- and page-mode devices.
Information about Spansion Flash memory solutions is available
at http://www.spansion.com/overview.

About AMD

Founded in 1969 and based in Sunnyvale, California, AMD (NYSE:
AMD) is a global supplier of integrated circuits for the
personal and networked computer and communications markets with
manufacturing facilities in the United States, Europe, Japan,
and Asia. AMD, a Standard & Poor's 500 company, produces
microprocessors, Flash memory devices, and silicon-based
solutions for communications and networking applications.

AMD on the Web

For more information about AMD products, please visit our
virtual pressroom at www.amd.com/news/virtualpress/index.html.
Additional press releases and information about AMD and its
products are available at www.amd.com/news/news.html.

About Fujitsu

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, highly reliable computing and
telecommunications platforms, and a worldwide corps of systems
and services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
reported consolidated revenues of 4.6 trillion yen (US$38
billion) for the fiscal year ended March 31, 2003. For more
information, please see www.fujitsu.com

AMD Contact:
Dave Kroll
AMD Public Relations
408.749.3310
dave.kroll@amd.com

Mike Haase
AMD Investor Relations
(408) 749-3124
mike.haase@amd.com

Fujitsu Contact:
Yuri Momomoto, Nancy Ikehara
Fujitsu Limited Public & Investor Relations
+81 (0) 3-6252-2176
Press Inquiries


HITACHI LIMITED: Selects The Mind Electric Computing Technology
---------------------------------------------------------------
Hitachi, Ltd. and The Mind Electric(TM) (TME), a leading
provider of software for service-oriented architectures,
announced that Hitachi has signed a license agreement to use the
TME GLUE(TM) and TME GAIA products as a component for
development of a platform for ubiquitous computing.

Because of their robust feature set, simplicity, small
footprint, ease of integration, and industry leading
performance, Hitachi plans to employ TME GLUE as a web services
platform for embedded systems and TME GAIA as a peer-to-peer
(P2P) platform to drive the new distributed system.

Hitachi plans to deliver a platform for ubiquitous computing
that connects a broad range of mobile, embedded, and general
computing devices, such as cellular phones, PDAs, mobile PCs,
and plant controlling and monitoring systems. The TME GLUE web
services platform and TME GAIA web services fabric products with
P2P architecture will provide the fundamental, underlying
connectivity of the Hitachi platform.

"We are excited about our strategic relationship with such a
forward-thinking company as Hitachi," explains Graham Glass,
chairman and chief architect of The Mind Electric. "Web services
are becoming ever more prevalent among companies seeking to
strengthen and extend their position in the enterprise
marketplace. With its new platform, Hitachi takes the concept of
web services to a whole new level. With their platform
independence, simplicity, and high performance, The Mind
Electric products provide Hitachi with the perfect platform upon
which to develop these next wave applications."

About The Mind Electric

Founded by noted distributed computing expert Graham Glass, The
Mind Electric is a pioneer and leading provider of web services
infrastructure. The GLUE and GAIA products make it faster,
easier, and more cost-effective to create, deploy, and manage
service-oriented architectures at every step of the web services
adoption curve. The Mind Electric products have a thriving
customer base, with over 35,000 downloads since August 2001 and
over 300 deployed projects. The company's track record of
innovation has made it a favorite of the developer community,
with more than 2,100 active members in The Mind Electric's
Yahoo! forum, making it the 2nd most popular group in the
Internet software development category. Visit
www.themindelectric.com to learn more and download products.

About Hitachi Ltd.

Hitachi, Ltd., headquartered in Tokyo, Japan, is a leading
global electronics company, with approximately 340,000 employees
worldwide. Fiscal 2002 (ended March 31, 2003) consolidated sales
totaled 8,191.7 billion yen ($68.3 billion). The company offers
a wide range of systems, products and services in market
sectors, including information systems, electronic devices,
power and industrial systems, consumer products, materials and
financial services. For more information on Hitachi, please
visit the company's Web site at http://global.hitachi.com.

The Mind Electric and GLUE are trademarks of The Mind Electric.
All other company names and product names may be trademarks or
registered trademarks of their respective companies or owners.

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

CONTACT:
The Mind Electric
Suzanne Porter-Kuchay, 703-406-2575
spk@themindelectric.com
or
Hitachi, Ltd. (Japan)
Atsushi Konno, 3-3258-2056
atsushi_konno@hdq.hitachi.co.jp
or
Hitachi America, Ltd. (U.S.)
Matt Takahashi, 650-244-7902
masahiro.takahashi@hal.hitachi.com


MITSUKOSHI LTD.: Shutting Down Five Unprofitable Stores
-------------------------------------------------------
Department store chain operator Mitsukoshi Limited will shut
down five unprofitable outlets due to intensifying competition,
according to Kyodo News. Mitsukoshi will shut down its
Hanamigawa and Narashinodai stores in Chiba Prefecture in late
August before shuttering its store in Kamiooka in Yokohama in
late December.


YAMAICHI HOUSE: Files For Special Liquidation Proceedings
---------------------------------------------------------
Resona Holdings, Inc. (Resona HD) hereby gives notice that
Yamaichi House Kogyo Co., Ltd. and Yamaichi Tochi Co., Ltd.
(collectively referred to as "The Companies, which are customers
of Resona Bank, Ltd. (President: Masaaki Nomura), a subsidiary
of Resona HD, filed applications to the Tokyo District Court for
commencement of Special Liquidation proceedings. Due to this
development, there arose a concern that the claims to the
Companies may become irrecoverable or their collections may be
delayed. Details are announced as follows:

1. Outline of The Companies

(1) Name 1. Yamaichi House Kogyo Co., Ltd. 2. Yamaichi Tochi
Co., Ltd.

(2) Address 16-11 Ogikubo 5-chome, Suginami-ku, Tokyo 16-11
Ogikubo 5-chome, Suginami-ku, Tokyo

(3) Representative Toshiaki Shioda Toshiaki Shioda

(4) Paid-in Capital 12 million yen 106 million yen

(5) Line of Business Real estate Real estate

2. Fact Arisen to the Company and Its Date

The Companies filed applications to the Tokyo District Court for
commencement of Special Liquidation proceedings on July 11,
2003.

3. Amount of the Claims to the Companies

Exposure of Resona Bank

1. Yamaichi House Kogyo Co., Ltd. Loans: 2.1 billion yen

2. Yamaichi Tochi Co., Ltd. Loans: 0.4 billion yen

Saitama Resona Bank, Ltd., The Kinki Osaka Bank, Ltd. and The
Nara Bank, Ltd., other subsidiaries of Resona HD, have no claims
to the Companies.

4. Impact of This Development on the Previous Earnings Forecast

The aforementioned claims of Resona Bank are covered by
collateral and loan loss reserves. Therefore, this development
does not affect the earnings forecasts of Resona HD for the
fiscal year ending March 31, 2004, which was announced on June
10, 2003.


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


SK GLOBAL: Launches Tommy Hilfiger Products in Korea
----------------------------------------------------
SK Global, after acquiring a license from Tommy Hilfiger in
November of last year, plans to launch the brand in department
stores in August, a Company statement said.

The fashion market of Korea currently needs a change, as the
traditional casual market is on the decline. The Company has
established a business team for the brand, and has mapped out a
marketing strategy. The brand will be introduced with a new and
fresh Tommy Hilfiger image, as well as various styles. High
quality materials and the "Youthful & Exciting" style will
differentiate it from other brands. It will also maintain the
image of a classic high-quality US brand, communicating to the
consumers by representing young and free minds.

The Company plans to focus on the "fun" factor of the brand
image, and will begin advertising in all types of media. It also
plans to market the product via Internet, including wireless
Internet, where such promotions will appeal to young adults. For
the brand image, the Company is also working on music that would
represent the young spirit of the consumers.

Men's apparel will be debuted first at department stores in 10
different locations, while the women's will be limited to two
different locations. It will completely be launched in 2004.


SK GLOBAL: SK Corporation Nullifies Bailout Decision
----------------------------------------------------
Directors of SK Corporation have agreed to nullify their earlier
decision to join the creditors' bailout program for its ailing
affiliate SK Global if the latter is put under court
receivership, according to Asia Pulp on Tuesday. On June 17,
domestic creditors put forward a bailout program for SK Global,
the trading unit of SK Group, under which they would convert 2.3
trillion won (US$1.95 billion) of debt into equity.

It requires SK Corporation, the virtual holding Company of SK
Group, to conduct a debt-for-equity swap of 850 billion won,
while SK Telecom, the nation's largest mobile carrier, would
also extend help to its sister Company. Following the breakup of
talks with its foreign creditors, however, domestic creditors
recently decided to seek court receivership for the troubled
trading Company.


SK GLOBAL: Creditors Confirm Package Deal
-----------------------------------------  
In a committee meeting Monday, the domestic creditors of SK
Global confirmed a plan to place the firm under pre-packaged
bankruptcy schedule in order to normalize the firm, Digital
Chosun reports. The creditors are expected to make a final
decision on the court-receivership procedures next week.

The creditors had earlier planned to revive the Company by
placing it under the direct supervision of the creditor group.
The so-called "pre-packaged" bankruptcy procedure, to be
implemented in the country for the first time, is in formality a
court receivership, but at its core is a plan in which the
creditors mutually supervise the Company. The creditors said the
whole pre-packaged bankruptcy steps would take about three
months less than normal.


SK GROUP: Dissolves Restructuring Office
----------------------------------------
SK Group announced June 18 that the group would dissolve its
restructuring office and expedite the implementation of
"Corporate Reform Plan," a strategy that will allow its
affiliates to operate independently and thus strengthen the role
of the board of directors in the management decision-making
process.

This is in line with SK's 2002 Jeju Declaration, which was drawn
up at the CEO Seminar held last October. The main clause in the
declaration states "any Company that does not secure survival
conditions by 2005 will be closed down." Since putting the
declaration into effect, SK has designated energy, chemicals,
and telecommunications as its core businesses. In addition, SK
has decided to fold non-profit generating companies and sell its
assets to raise KW2 trillion (US$1.7 billion) in order to lower
its debt-to-equity ratio to 120 percent by 2007 from 207 percent
at the end of 2002.

"We feel heavy social responsibility for the SK Global crisis
and other related events. To take full responsibility of our
action, we have undertaken these intense restructuring measures
to improve our governance. We promise our customers,
shareholders, employees, and the public that we will be reborn
as a trustworthy Company," said an SK official.

Through the reform measures, SK will abandon the group-wide
management structure and create a network of "win-win value
chain" with its affiliates by allowing them to operate more
independently and share only the SK name and corporate culture.

Board of Directors-Centered Corporate Restructuring and Ethical
Management System

The group restructuring office will be dissolved and its two
main affiliates-SK Corp., the group's holding Company, and SK
Telecom-will be in charge of the core businesses: energy,
chemicals and telecommunications. As for the SK Global
Normalization Office, which is operated as a task force model,
will also be dissolved.

To improve upon the traditional practice and to institute a
management reform, each affiliate will operate independently,
led by its board of directors. And to enhance transparency of
accounting affairs, SK will strengthen internal auditor's
functions and set up supervision system for outside board of
directors involving internal transactions. SK will also
establish an ethical committee to raise its standard to a global
standard.

Restructure Business according to Core Capacity and Eliminate
Source of Impropriety

SK will focus on its core businesses and close non-profitable
affiliates. This is the basic strategy for establishing a win-
win relationship with the affiliates.

"As set up in last year's CEO Seminar, those affiliates or
business units that did not meet 'The Three Conditions of
Survival,' will be quickly shut down. Thus, the number of our
affiliates will decrease drastically," said the SK official.

The Three Conditions of Survival are:

-Increase the competitiveness of the business model  
-Improve operational efficiency to meet the global standard  
-Perform necessary financial restructuring to create value  

Lower Debt-to-Equity Ration to 120 Percent by 2007

Through sales of securities, real estate, and fixed assets, SK
will generate cash totaling over KW900 billion ($759.5 million),
thus lowering its debt-to-equity ratio to 120 percent by 2007.
According to the SK official, securities include stock invested
in venture companies, and KW400 billion (US$337.6 million)-worth
real estate property that SK Corp. holds in the town of
Yonghyun-dong in Incheon, Korea.

SK will also drastically decrease its investment in venture
companies, refrain from participating in the government's
privatization programs, and close less-profitable businesses in
order to cut costs by KW900 billion (US$759.5 million).


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


ACTACORP HOLDINGS: SC Seeks Revised Restructuring Scheme
--------------------------------------------------------
Further to the earlier announcement dated 1 July 2003, PM
Securities Sdn Bhd PM Securities, on behalf of Actacorp
Holdings, announced that the Securities Commission (SC) had via
its letter dated 10 July 2003 (which was received on 15 July
2003) informed the Company that based on the information and
concept paper, SC has found the construction contracts
contemplated to be injected into Actacorp to be not suitable for
the proposed restructuring scheme of Actacorp.

Accordingly, the SC has informed the Company to submit a revised
proposed restructuring scheme of Actacorp that involves
additional quality landed properties to enhance the profit
forecast and projections of Actacorp, thus strengthening the
profitability arising from the rental income of Menara PSCI.


EKRAN BERHAD: Taye & Co. Withdraws Winding-Up Petition
------------------------------------------------------
Taye & Co. refers to the Winding-Up Petition no. MT2-28-2-2003
by Affin Bank Berhad winding-up petition on Ekran Berhad and
informs the Kuala Lumpur Stock Exchange (KLSE) that the winding-
up Petition was (15 July 2003) by consent ordered by the High
Court Melaka to be withdrawn by the Petitioner with no order as
to cost. The Order was made in open court before Yang Arif Dato'
Abu Samah bin Nordin. Mr Antony Louis Taye of Taye & Co. who
also mentioned on behalf of the Respondent represented the
Petitioner.

Pursuant to the Practice Note 1/2002 of the Listing
Requirements, Ekran Berhad provided the status report in respect
of the default in payment of the credit facilities of Ekran
Group, which can be found at
http://bankrupt.com/misc/TCRAP_Ekran0430.doc


GEAHIN ENGINEERING: Seeks Restructuring Scheme Approval
-------------------------------------------------------
Public Merchant Bank Berhad (PMBB) had on 16 June 2003, on
behalf of Geahin Engineering, submitted an application to the
Securities Commission (SC) to seek its approval for the proposed
restructuring scheme (PRS) to exclude the proposed restricted
offer for sale of 3,000,000 ordinary shares of RM1.00 each in
Maxbiz Corporation Sdn Bhd Maxbiz Maxbiz Shares by Capital Line
Sdn Bhd Capital Line to the existing shareholders of Geahin on a
renounceable basis Proposed Revision.

On behalf of Geahin, PMBB announced that the SC, via its letter
dated 14 July 2003, received on 15 July 2003, approved the
Proposed Revision subject to the following conditions:

(i) All the substantial shareholders of Maxbiz, namely Capital
Line, Inno-Option Sdn Bhd and Lim Lay Kian are required to give
their undertakings to the SC, before the date of implementation
of the PRS, that they will deposit an amount of Maxbiz Shares
with an independent placement agent to be placed out to the
public investors within a period of six (6) months from the said
implementation date, for the purpose of meeting the 25 percent
public spread requirement; and

(ii) Geahin/Maxbiz is required to make full disclosure in the
circular to shareholders on steps taken/to be taken to meet the
25 percent public spread requirement.

All other conditions, save for the conditions in relation to the
Proposed OFS, imposed by SC via its letter dated 26 December
2002 shall remain unchanged.


HIAP AIK: Issues Default Payment Notice
---------------------------------------
Further to the announcement made on 16 June 2003 pertaining to
the default in payment in relation to Practice Note No. 1/2001,
Hiap Aik Construction Berhad (Special Administrators Appointed)
announced that there is no change to the status in respect of
the default in payment in registered holders of 8 percent
Irredeemable Convertible Unsecured Loan Stocks 2001/2006.

Construction Company Hiap Aik Construction Bhd (HACB) has been
operating from Malacca since incorporation. Prior to its
incorporation, the founder of HACB, Yap Seng Hock, started the
business under a partnership in the early 1960s. During the
early years of the Company, it was involved in construction
works for plantation companies, Dunlop Estates Bhd and Kumpulan
Guthrie Bhd. As the Company expanded over the years, it
diversified into construction for the government and private
sectors. Today, HACB is a registered "Class A" contractor and
currently, the Group's job order book and work-in- progress
total approx. RM351m.


PANCARAN IKRAB: Issues Details of Default Leading to Writ Filing
----------------------------------------------------------------
Further to the announcement made on June 8, 2003, Pancaran Ikrab
provide herewith further information as requested by the Kuala
Lumpur Stock Exchange (KLSE):

The Writ was served on RC Consultancy (RC)

The Writ of Summons was dated 2 June 2003 but was received on 17
June 2003.

Details of Default or Circumstances leading to the filing of the
Writ

The default was in respect of income tax for the year of
assessment 1998 (i.e. for basis period 1 October 1996 to 30
September 1997). In the basis period, the Company made a net
profit before tax of RM7,980,556 as was reported in its audited
accounts for year ended 30 September 1997.

Form J Tahun Taksiran 1998 dated 10 February 1999 for
RM2,331,587.44 was received on 19 February 1999. Certain set-
offs were made resulting in the residual sum of RM2,321,374.44.

RC made various proposals to settle the tax in installments.
However, no payments were made as RC had no cash flow after it
ceased operation and remained dormant since 2000. Neither RC nor
PIB had available funds as the Group had been facing cash flow
problems since.

Reasons for the cash flow problems:

During 1997, RC made advances to inter-group companies amongst
which were substantial sums of RM3.0 million made to Powerdrive
Sdn Bhd (another wholly owned subsidiary of PIB and RM16.7
million made to PIB (RC's holding Company).

In October 1997, PIB made an advance of RM37.5 million to Lembah
Seraya Sdn Bhd LS. The purpose of this advance was in payment of
expenses in a joint-venture undertaking for property development
entered into between Pancaran Properties Sdn Bhd and LS's
holding Company, Hou Ji Sdn Bhd concluded on 17 December 1997.

These payments from RC to PIB and PIB's payment to LS resulted
in both RC and PIB to experience cash flow problems.

This amount of RM37.5 million was provided for as not
recoverable in the Annual Report of PIB for year ended 30
September 1998 which effectively caused PIB to register negative
shareholders fund as at 30 September 1998.

An investigation audit was directed by the Board and undertaken
by Arthur Andersen & Co in October 1999, whereby certain
irregularities were reported.

Various reports were lodged with the Police and the Securities
Commission SC for further investigation.

RC made further advances to PIB between 1997 and 1999 increasing
the advances from RC to PIB from RM16.7 million to RM19.4
million. The total inter-Company advances of RM19.4 million was
subsequently provided as not recoverable in the audited accounts
of RC for year ended 30 September 1999.

RC audited accounts for year ended 30 September 1999 therefore
registered negative shareholders fund as a result of this bad
debt provision.

PIB has since undergoing restructuring exercises to address its
financially distressed conditions as a PN4 Company. A New
Proposed Restructuring Scheme was submitted to the SC and the
Foreign Investment Committee FIC on 12 December 2002 and 26
December 2002 respectively. The FIC granted conditional approval
on 30 January 2003. On 1 April 2003, the SC granted conditional
approval to the New Proposed Restructuring Scheme save for the
purchase consideration for the proposed acquisition of the Land,
which it approved at RM5.5 million instead of RM8.0 million as
proposed. After taking into consideration, the reduction in
value of the Land from RM8.0 million to RM5.5 million, the New
Proposed Restructuring Scheme does not meet the SC Guidelines on
the minimum net tangible assets per share of at least 33 percent
of the nominal value of the share after the implementation of
the New Proposed Restructuring Scheme. Hence, the Company is
required to ensure that this requirement together with other
conditions contained in the SC's approval letter are complied
with prior to the issuance of the circular to the shareholders
of the Company on the New Proposed Restructuring Scheme.
Following thereto, the SC in principle has approved any rights
to issue by the Newco CASB to ensure that the said requirement
of the SC Guideline is met. Subsequently, on 30 April 2003,
Public Merchant Bank Berhad on behalf of PIB and CASB submitted
an appeal against the SC's decision on the valuation of the Land
of RM5.5 million together with certain revisions Proposed
Revisions in relation to the New Proposed Restructuring Scheme
as approved by the SC. The Proposed Revisions were made to
satisfy the conditions imposed by SC as well as to shorten the
time period needed for implementation of the New Proposed
Restructuring Scheme. The above proposals are subject to the
approvals of the High Court, the KLSE, other relevant
authorities, the financial institution borrowers and
shareholders of the Company.

The Financial and Operational Impact of the Writ on the PIB
Group

RC has ceased operation in financial year 2000 and has since
remained dormant. As such, there are no material financial or
operational impact on PIB group except for the said tax
liabilities, which have been reflected in the audit accounts of
RC and additional expenses as a result of the Writ. In the Writ
the Plaintiff has requested for: payment of RM2,321,374.44;
interest on RM2,321,374.44 at 8 percent per annum from date of
judgment until date realized; legal cost; and whatever other
relief that the court deem fit.

The Expected Losses, if any Arising from the Writ

Except for the additional expenses that may arise in interest
cost, legal fees and other relief as sought under the Writ the
tax liability of RM2,321,374.44 has been fully provided in the
accounts of RC.


SITT TATT: Clarifies New Straits Times Report
---------------------------------------------
Sitt Tatt Berhad refers to the article entitled "Sitt Tatt, MISL
told to sort out problems which appeared in the New Straits
Times, Business Times section on 12 July 2003 and hereby wish to
inform that we are unable to confirm nor deny the underlined
sentences appearing in the said Article as to whether these are
statements said to be made by Securities Commission SC. The
Company have not received any official or written communications
from SC in any of this matters.

The disposal of shares in the Company by MISL does not affect
the status of the approvals via their letters dated 29 October
2002, 3 December 2002 and 7 May 2003.


TIMBERMASTER INDUSTRIES: Extends KLSE Listing Requirement
---------------------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed)(TMIB) announced that the Kuala Lumpur Stock Exchange
(KLSE), by way of its letter dated 14 July 2003 has granted the
Company an extension of time until 31 December 2003 to comply
with the audit committee requirements under paragraphs 15.10 (1)
(a), (b), (c), 15.11, 15.19 and 15.20 of the KLSE Listing
Requirements.

Following the resignation of Y. Bhg Dato' Mohd Karim Bin Hj.
Abdullah Omar as a director on 11 June 2003, there remains two
(2) directors on the Board, namely Ch'ng Ping Teong and Ch'ng
Ping Choo, both of whom are non-independent non-executive
directors. Under the circumstances, the Audit Committee
comprises only one (1) member, Ms Ch'ng Ping Choo.

In order to comply with paragraphs 15.10 (1) (a), (b), (c),
15.11, 15.19 and 15.20 of the KLSE Listing Requirements, TMIB
has endeavored to secure new appointment(s) to its Board of
Directors but has not been successful to date. Nevertheless, it
will continue to make concerted efforts to do so.


UCP RESOURCES: Issues Update on Proposed Restructuring Scheme
-------------------------------------------------------------
Reference is made to UCP Resources Berhad (UCP)'s announcements
dated 29 October 2002, 31 December 2002 and 16 January 2003 on
the Proposed Corporate and Debt Restructuring Scheme, which
involves, inter-alia, a proposed debt settlement to the
creditors of UCP.

Pursuant to the debt settlement agreement dated 15 January 2003
entered into between UCP, Goldenseal Resources Berhad GRB (being
the new Company incorporated to assume the listing status of UCP
upon completion of the Proposed Corporate and Debt Restructuring
Scheme) and the scheme creditors of UCP Debt Settlement
Agreement, all relevant approvals shall be obtained within a
period of six (6) months commencing from the date of the Debt
Settlement Agreement Prescribed Period.

In relation thereto, Public Merchant Bank Berhad, on behalf of
the Board of Directors of UCP, wishes to announce that UCP, GRB
and the scheme creditors of UCP, have mutually agreed to extend
the Prescribed Period by an additional five (5) months, from 15
July 2003 to 15 December 2003.


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


FIRST PHILIPPINE: Repays US$45.1M Debt
--------------------------------------
First Philippine Holdings, a unit of Benpres Holdings, has
repaid US$45.1 million, which represents the entire outstanding
amount of principal and interest under its US$70 million
facility, DebtTraders reports. Payments are derived from the
proceeds of selling assets. First Philippine Holdings sold US$35
million bond to Darby Overseas Investments Limited. Last month,
the Company disposed of a power-generating unit for 2.3 billion
pesos (US$43 million). We believe the repayment is also a credit
positive for Benpres Holdings.
      

NATIONAL POWER: Signs Compromise Deal With Meralco
--------------------------------------------------
The Manila Electric Co. (Meralco) has signed a compromise deal
with National Power Corporation (Napocor) on their 10-year sales
contract, AFX Asia reports, citing Manila Electric Co. President
Jesus Francisco. Under the deal, Meralco will pay Napocor 20
billion pesos to settle their dispute over power supply. The
agreed amount represents Meralco's guaranteed payments to
Napocor for the last three years of the contract, which ends in
2004. Meralco will make the payment evenly over a five-year
period.

In exchange, Meralco will be allowed to buy all the electricity
contracted from its IPPs and reduce monthly purchases from
Napocor from the originally committed 3,600 megawatts. Meralco
can now purchase as much as 83 percent of electricity that
affiliate First Gas Holdings Corporation's two natural gas-fired
power plants produced, and 86 pct of the dispatch from coal-
fired power plant operator Quezon Power Ltd.


UNITED COCONUT: KPMG Completes Bank Audit This Week
---------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) President
Ricardo M. Tan said results of a "special performance audit" on
United Coconut Planters Bank (UCPB) might be completed this
week. PDIC has engaged auditing firm KPMG Philippines Laya
Mananghaya & Co. to be its financial adviser, and to examine the
bank's books, specifically its non-performing loans and assets.

PDIC President Ricardo M. Tan said the results of the audit will
be confidential, but also said this will not affect the bank's
rehabilitation plan. Nor will it be a "whitewash." He had
declined to confirm if the audit is being done on allegations of
possible mismanagement and indiscriminate lending by previous
bank officials.


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


CHARTERED SEMICONDUCTOR: Portal Provides Access to eBusiness
------------------------------------------------------------
Enterprise Web leader Plumtree Software announced that Chartered
Semiconductor Manufacturing, one of the world's top three
dedicated semiconductor foundries, is deploying the Plumtree
Corporate Portal as its Web framework for delivering online
services and enabling supply-chain collaboration among its
customers, partners, suppliers and employees worldwide. In the
first of a multi-phase deployment, Chartered upgraded its
Chartered Online Access System (COLAS), aimed at providing
customers with anytime access and virtual business services
support, to run within the Plumtree portal. In subsequent
phases, Chartered will deploy portal applications to its
suppliers and employees.

"Chartered's eBusiness model is an essential part of our value-
added foundry services offering for empowering our customers,
partners, suppliers and employees with timely access to critical
information for effective decision making and enterprise-wide
knowledge management. The Plumtree Corporate Portal is a
cornerstone of this strategy," said Tang Yong Ang, Vice
President of fab support operations and acting chief information
officer at Chartered. "Plumtree's open Web Services Architecture
allows Chartered to integrate information and diverse business
systems across our supply-chain and present each of our
constituencies with a personalized view. The portal provides a
scalable Web platform for building and growing our eBusiness
services over the long run."

What's in Chartered's Portal?

The new portal provides Chartered customers with a unified,
personalized experience, making Chartered's complete suite of
value-added foundry services and solutions easier to access and
use. Customers will be able to view integrated databases for
technical specifications, such as design specifications;
experience better information search; and gain broader access to
detailed technical and product reports, such as Work-in-Progress
(WIP) reports, process reliability monitoring reports and
outgoing wafer inspection reports.

"Plumtree's Enterprise Web strategy supports companies like
Chartered who want to deliver many high-value applications to
different constituencies using one common framework," said
Plumtree's CEO John Kunze. "As Chartered executes and expands
upon its eBusiness vision, Plumtree's technologies will allow it
to be more agile in delivering new portal applications quickly,
cost-effectively, and with higher impact."

Why Plumtree?

To support its long-term eBusiness objectives, Chartered needed
a platform that was flexible and scalable to support its
customers, partners, suppliers and employees. Chartered chose
Plumtree for its market-leading technology and extensible Web
Services Architecture, which allows the portal to integrate
diverse systems into a unified, personalized user experience.
Chartered also chose the Plumtree Corporate Portal for its
international language support and advanced security model.

The public can learn more about Plumtree extranet solutions at
www.plumtree.com/extranets .

About Plumtree Software

Plumtree Software is the Enterprise Web leader. Plumtree's
mission is to create a comprehensive Web environment for
employees, customers and partners across the enterprise to
interact with different systems and work together. Plumtree's
Enterprise Web solution consists of integration products for
bringing resources from traditional systems together on the Web,
foundation services such as collaboration, content management
and search for building new Web applications, and a portal
platform for delivering these Web applications to broad
audiences. Plumtree's independence and its Web Services
Architecture allow this solution to span rival platforms and
systems, maximizing customers' return on their existing
investments. With offices in more than a dozen countries,
Plumtree has over 480 customers, including Boeing, Ford Motor
Company, Procter & Gamble and the U.S. Navy.

NOTE: Plumtree is a registered trademark of Plumtree Software,
Inc. and/or its subsidiaries in the US and/or other countries.
All other registered and unregistered trademarks in this
document are the sole property of their respective owners.

DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent convertible bond due in 2006 (CSM06SGN1) trades between
94 and 95.25 For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1

CONTACT:
Laura Nusbaum of Plumtree Software, +1-415-399-2545, or
laura.nusbaum@plumtree.com


SEATOWN CORPORATION: Extends Investment Deal With HY Investment
---------------------------------------------------------------
The Directors of Seatown Corporation Ltd and Hui Yuan Investment
Limited (HY Investment) has agreed to a further "without
prejudice" extension of the Investment Agreement for a period of
two (2) weeks which will expire on 28 July 2003 on the basis
that parties will continue to discuss in good faith the formal
extension of the Investment Agreement for 9 months from 30 June
2003.

Background to Announcement

The Directors of the Company had announced on 13 December 2002,
that the Company had entered into a conditional investment
agreement Investment Agreement with HY Investment, a Company
incorporated in the British Virgin Islands, with regard to the
proposed acquisition by the Company of all the shares of Wise
Glory Group Ltd, a wholly owned subsidiary of HY Investment.

Under the terms of the Investment Agreement, the conditions
precedent therein was to have been fulfilled by 30 June 2003.

As the conditions precedent have not yet been fulfilled, the
Company had requested, and HY Investment had agreed, to grant a
"without prejudice" extension of the Investment Agreement for a
further period of 2 weeks up to 14 July 2003.

The validity period of the Investment Agreement will now be
extended on a "without prejudice" basis for a further period as
announced above.  


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


BANGCHAK PETROLEUM: Refinery Should Close, says Energy Ministry
---------------------------------------------------------------
The Ministry of Energy in Thailand announced that the best
alternative for Bangchak Petroleum Plc is to close down the
refining business due to high costs compared with production
from other factories, the Nation reports. However, it should
maintain retail sales by purchasing oil from other sources with
cheaper costs of production. The Cabinet recently approved a Bt7
billion fund to solve the debt problem of the Company.

The Bangchak refinery, located in the heart of Bangkok, has
yielded 40 percent of its output as fuel oil compared with the
15 percent of other oil refineries.


DATAMAT PUBLIC: SET Post `NR' Against Securities
------------------------------------------------
Previously, the Stock Exchange of Thailand (SET) posted the NP
(Notice Pending) sign on the securities of Datamat Public
Company Limited (DTM) from the first trading session of 8 July
2003 because its auditor issued a qualified opinion on its
financial statements concerning the income statements of the
overseas subsidiary companies prepared by its management but
have not been reviewed by theirs auditors.

This can be considered that the numbers (indicating the
financial status and operating results of the Company presented
in its financial statements) did not reflect the actual position
of the Company and the Securities and Exchange Commission (SEC)
issues an instruction that DTM is obliged to have its auditor to
check and reviewed the financial statements of the oversea
subsidiaries.

Presently, the auditor has reviewed the income statements of the
overseas subsidiary companies. As a result, the auditor's
opinion upon DTM's financial statements for the period ending
31March 2003 has been changed to an unqualified opinion.
Therefore, the SET has posted the "NR" (Notice Received) sign on
DTM's securities for the first trading session of 16 July 2003
to announce that DTM has conducted according to the instruction
of the SEC.


JASMINE INT'L: Debt-Restructuring Plan Approval Set August 7
------------------------------------------------------------
Jasmine International has announced that the Central Bankruptcy
Court has finished hearing witness testimony and has scheduled
approval of its debt-restructuring plan on August 7. For its
subsidiary, Jasmine International Overseas Co. Ltd., the court
has scheduled approval of the plan for July 31.


UNITHAI LINE: SET Delists Company Shares
----------------------------------------
The May 2003 meeting of the Board of Directors of Unithai Line
Public Company Limited held on 15 July 2003 at 9:00 a.m. has
resolved to approve the voluntary delisting of the shares of the
Company from the Stock Exchange of Thailand (the SET) with the
following details:

1. Type of Securities of the Company

1.1 Ordinary Shares

1.1.1 In the amount of 225,449,744 shares, with par value of
Baht 10 each, totaling Baht 2,254,497,440

1.1.2 Listed securities on the Stock Exchange of Thailand from
23 June 1994

1.1.3 The latest trading price: Baht 9.00 per share on 10 July
2003

1.2 Debentures/Convertible Debentures
   -None-

1.3 Warrants on share
   -None-

1.4 Other types of securities (specify)
   -None-

2. Date of presentation to make recommendation concerning the
delisting of the shares

The date of presentation is scheduled to be held on 11 August
2003 at 2:00 p.m. at Arnoma 1 Room, The Arnoma Hotel, No. 99
Rajdamri Road, Lumpinee, Pathumwan, Bangkok.

3. Date of shareholders meeting for delisting of the shares
The date of the 1/2003 Extraordinary General Meeting of
Shareholders of the Company is scheduled to be held on 19 August
2003 at 10:00 a.m. at Sapphire Room, The Arnoma Hotel, No. 99
Rajdamri Road, Lumpinee, Pathum wan, Bangkok.

The Share Register Book will be closed on 30 July 2003 in order
to determine the shareholders who are entitled to attend and
vote at the said Extraordinary General Meeting of Shareholders
from 12:00 noon until the completion of the said Meeting.

4. Reasons and facts concerning the delisting of shares

* The top 4 major shareholders of the Company (which consist of
Mr. Chavalit Tsao, Lin Holdings Inc., Macst Trust Inc. and
Cathay Trust Inc.) have held shares in aggregate totaling 98.5
percent of the Company sold shares since 1998 and intend to
continue the shareholding at the current level.  They also have
sufficient funds to continue to support the Company's operation
in the future.  Therefore, the Company has no necessity to
increase its capital or sell any securities publicly through the
stock exchange.  

Moreover, the current minority shareholders portion of 1.5
percent is below the SET requirement to maintain a listing
status on The Stock Ex change of Thailand.   With the major
shareholders intention as stated above, the Company will not be
able to resolve the minority shareholder portion and
distribution to the required level.  

* Every year, the Company bears high expenses to maintain its
listing status on the SET.   

With the major shareholders stability, being a listed Company on
the SET provides less benefit to the Company.

* The Company may need to restructure its business in the near
future due to the expiration of some transportation ships (aged
over normal international standard of transportation) in the
next 2-3 years. The Company will need flexibility to timely
restructure its business to be able to compete in the current
competitive environment.  However, if there are any significant
transactions that are required by law or any regulation, the
Company will summon a shareholders meeting to approve such
transactions and follow the relevant legal process.

* The voluntary delisting of the Company shares will provide an
opportunity for the minority shareholders to sell their shares
at the tender offer price if they wish.

5. General offers to purchase from shareholders and holders of
securities and other securities convertible into shares of the
Company

5.1 Name of the offeror or group of offerors and relationship
with the Company The offeror is Mr. Chavalit Tsao who is a major
shareholder of the Company (50.25 percent shareholding of the
paid up registered capital) and a director of the Company
subsidiaries and associated companies as follows:

Company Type  Position            Company name
Subsidiary    Executive Director  United Thai Shipping
Corporation Ltd
Associate     Executive Director  Unithai Shipyard & Engineering
Ltd
Associate     Executive Director  Laem Chabang Marine Limited
Associate     DirectorUnithai Innovation Company Limited
Associate     DirectorCloughUnithai Engineering  Limited

5.2 Offer price of securities
   Baht 11.40 per share
5.3 Name of the financial advisor to the Offeror
   Thai Strategic Capital Co., Ltd.
5.4 Name of the independent financial advisor
SCMB Company Limited

6. Shareholding distribution as at 8 April 2003
6.1 Top ten major shareholders

Name               Nationality     No. of Shares   percent
Shareholding

Mr. Chavalit Tsao     Thai           113,288,290      50.25
Lin Holdings Inc.,
Marshall Islands    Others            48,785,634      21.64
Macst Trust Inc.,  
Liberia             Liberian          45,587,710      20.22
Cathay Trust Inc.,
Liberia             Liberian          14,400,000       6.39
GIH & Co Pte Ltd    Singaporean          390,400      0.17
Mr. Rungroj
Rungmuangthong      Thai                 200,000      0.09
HSBC Securities
(Singapore) Pte Ltd Singaporean          180,000      0.08
UOB Kay Hian Private
Limited             Singaporean          160,000      0.07
Mr. Kultheep Pichitsing    Thai          120,100      0.05
Thai NVDR Co., Ltd.  Thai                 92,100       0.04

Total                                 223,204,234      99.00

6.2 Number of shareholders

- The Company has 643 shareholders holding 225,449,744 shares

- The number of minority shareholders each of whom holds shares
of not more than 0.5 percent of the paid-up capital but not less
than 1 board lot:  628 shareholders, holding 3,352,719 shares,
representing 1.49  percent of the paid-up capital excluding 2 of
government agency, rehabilitation fund, state enterprise or
juristic person under any special law.
   
7. Board of Directors of the Company as at 1 July 2003

Name                            Position             % Holding
1. Mr. Sivavong Changkasiri     Chairman              0.0022
2. Mr. Sutham Chitranukroh      Deputy Chairman       0.0040
3. Mr. Don Bhasavanich          Managing Director     -
4. Mr. Gerritt Jan de Nys       Director              0.0001
5. Mr. Nibhat Bhukkanasut       Independent Director  0.0013
6. Ms. Kusuma KosalathipIndependent Director          0.0008
7. Admiral Sompong Sirihong     Independent Director  -






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,
Mavy Nineza-Merlin, Ma. Cristina Pernites-Lao, Editors.

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

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

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

                 *** End of Transmission ***