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

                   A S I A   P A C I F I C

           Tuesday, February 25, 2003, Vol. 6, No. 39

                         Headlines


A U S T R A L I A

ANACONDA NICKEL: Takeovers Panel Receives Further Application
CRANSWICK PREMIUM: Securityholders OK Schemes of Arrangement
GOODMAN FIELDER: Burns Philp Finalizes Financing Arrangements
GOODMAN FIELDER: Takeover Bid Period Extended to March 14
KALREZ ENERGY: Issues Oseil Oilfield Production, Bula Update

SELWYN MINES: Gets $10M Provision From BankWest
STOCKFORD LIMITED: Placed in Voluntary Administration
STOCKFORD LIMITED: Requests Suspension From Official Quotation
TOWER LIMITED: Releases Board Candidate Update
WESTRALIA AIRPORTS: On CreditWathc Positive After Workout Plans


C H I N A   &   H O N G  K O N G

ARTON INVESTMENTS: Petition to Wind Up Scheduled for March
CIL HOLDINGS: Requests Suspension of Trading
DOUBLE VALUE: Winding Up Sought by Central Waterfront
HOLDLY POWER: Faces Winding Up Petition
SEAPOWER RESOURCES: Investors Currently Seek Financing

TOP FORM: Proposes Share Premium Account Reduction
WELLSPEED CONSULTANTS: Winding Up Hearing Scheduled March 19
WAH TAK: Sees No Reason for Share Price Decrease


I N D O N E S I A

ASTRA INTERNATIONAL: Buys Back Bond to Reduce Debt
BANK DAGANG: IBRA Asks Sjamsul to Meet Obligations
BANK LIPPO: Bapepam Investigates Market Manipulation


J A P A N

ALL NIPPON: Cuts Retirement Benefits by 10%
ALL NIPPON: Sees US$76M Operating Loss
ASAHI SOFT: Widens Net Loss to Y6B
HANKYU CORPORATION: Expects Y89.2B Net Loss
MARUBENI CORPORATION: Boost Capital Stock by Y100B

MARUBENI CORPORATION: Dissolves Subsidiary
MIZUHO HOLDINGS: Dissolves UK Subsidiary
MIZUHO HOLDINGS: MHCB Dissolves Unit


K O R E A

CHOHUNG BANK: Delays $250M Bond Issue
HYNIX SEMICONDUCTOR: EU Considers Adding 30% Tariff
HYUNDAI HEAVY: Revises 2002 Profit to W245B Loss
SK CORPORATION: Chief Jailed For Illegal Stock Trading


M A L A Y S I A

FIAMMA HOLDINGS: Posts Unit's Winding-up Petition Info
FORESWOOD GROUP: Appoints Public Merchant as Adviser
JUTAJAYA HOLDING: High Court Grants 90-Day Restraining Order
KAI PENG: Replies KLSE's Proposed Acquisition Query
KIM LOONG: JV Undergoes Equity Restructuring

LION GROUP: Capital Reconstruction Exercises Lodged
METROPLEX BERHAD: Debt Workout With Creditors Underway
PACIFICMAS BERHAD: Bank Negara OKs Proposed Restructuring
PAN MALAYSIA: Starts Anew Margin Financing Activities
PAN MALAYSIA: July Material Litigation Management Hearing Set

PILECON ENGINEERING: Provides Default in Payments Details
PILECON ENGINEERING: Proposed Scheme of Arrangement Approved
SAP HOLDINGS: SAPUY Serves Writ of Summons File by Menara Setia


P H I L I P P I N E S

METRO PACIFIC: First Pacific OK's Deal
NATIONAL POWER: Firms Up 68 Supply Contracts With Customers
NATIONAL STEEL: NEDA Willing to Grant Tariff Protection


S I N G A P O R E

CAPITALAND LIMITED: Chinese Unit Enters Liquidation
PACIFIC CENTURY: Liquidates Subsidiary
SEATOWN CORPORATION: Issues Group Performance Update
SEATOWN CORPORATION: Narrows Net Loss to S$11M
SEATOWN CONSTRUCTION: Unit Enters Judicial Management


T H A I L A N D

INTER FAREAST: Submits Audited Annual Instead of Q402 F/S
SIAM AGRO-INDUSTRY: Director Jacques Fragis Resigns
SIAM AGRO-INDUSTRY: SET Lifts "NP" Sign
SINO-THAI RESOURCES: Debt Restructuring Scheme With SCB Approved
TPI POLENE: Issues Credit Rating Information

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Takeovers Panel Receives Further Application
-------------------------------------------------------------
The Panel advised Monday that it has received two further
applications in relation to the affairs of Anaconda Nickel
Limited (Anaconda).

The applications are as follows:

ANACONDA 16: an application received on Friday 21 February from
Glencore International AG (Glencore) seeking interim orders, a
declaration of unacceptable circumstances, and final orders in
relation to the affairs of Anaconda. The application relates to:

   * the allotment of shares in Anaconda under applications made
by MatlinPattersonGlobal Opportunities Partner LP (MP Global)
pursuant to the exercise of Anaconda rights which resulted in MP
Global holding shares in excess of the proportion that it held
at midnight on 13 February 2003, at the close of the Rights
Offer (Excess Shares); and

   * the agreement between MP Global and Australian Investments
United Pty Ltd (AIU) under which MP Global seeks to transfer the
Excess Shares, being approximately 6% of Anaconda, to AIU.

Glencore sought an interim order restraining the allotment of
Excess Shares to MP Global. The Panel declined to make this
interim order on the ground that the allotment had already
occurred by the time the Panel received Glencore's application.

Glencore alleges that the transfer of Excess Shares to AIU may
have resulted in breaches of section 606 of the Corporations
Act. In particular, Glencore alleges that MP Global and AIU may
be associates.

Glencore seeks final orders requiring that the Excess Shares be
transferred to ASIC or the Royal Bank of Canada to dispose of
them to independent third parties.

ANACONDA 17: an application received on Friday 21 February from
Anaconda seeking interim orders, a declaration of unacceptable
circumstances, and final orders, in relation to the affairs of
Anaconda. The application is in relation to substantially the
same matters as the Anaconda 16 application. The orders sought
by Anaconda are also substantially the same as those sought by
Glencore in the Anaconda 16 application.

The Panel has not yet sought the views of persons potentially
involved in the above applications and has therefore formed no
views on the applications.

The President of the Panel has appointed the same members who
constitute the Anaconda 15 Panel (Brett Heading, Tro Kortian and
Peter Scott) to consider the applications.

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


CRANSWICK PREMIUM: Securityholders OK Schemes of Arrangement
------------------------------------------------------------
Securityholders of Cranswick Premium Wines Limited voted in
favor of the Schemes of Arrangement between Cranswick and its
securityholders in relation to the merger with Evans & Tate
Limited.

Evans & Tate Limited shareholders last week passed the following
resolution:

1. That, for the purposes of Section 208 of the Corporations Act
2001 and for all other purposes, the Company approve the
Deferred Sale Deed between Graham Cranswick-Smith and Franklin
Tate as summarized in the Explanatory Memorandum to the Notice
of Meeting.

(Proxy Votes:- 9,349,085 For
              69,668 Against
              27,953 Abstained
             818,469 Not Stated)

CONTACT INFORMATION: Franklin Tate
                     Evans & Tate Limited
                     Ph: (08) 9213 1799
                     mobile: 0419 949 340


GOODMAN FIELDER: Burns Philp Finalizes Financing Arrangements
-------------------------------------------------------------
Goodman Fielder Limited notes that Burns Philp has finalized its
financing arrangements for its unsolicited $1.615 (ex-dividend)
takeover bid and extended the bid closing date to 14 March 2003.

Goodman Fielder's Board of Directors continues to recommend that
shareholders reject the inadequate offer because it does not
reflect the underlying value of the company, its unique
portfolio of retail brands in Australasia and the Pacific, and
its ongoing potential.

The significant value being created by Goodman Fielder's retail
branded strategy and the consistently increasing shareholder
returns delivered over the past 18 months, clearly demonstrates
that the company is worth more than the current offer.

Since 1 July 2001, Goodman Fielder's total shareholder returns
have increased substantially. In that time Goodman Fielder has
also paid more than $143 million worth of dividends to
shareholders. For example, an amount of $1,000 invested in
Goodman Fielder shares on 1 July 2001 (and reinvesting
dividends) would have been worth $1,367 on 12 December, which
represents an increase of 37%. During the same period, the
S&P/ASX 200 Accumulation Index fell by 10%.

Further, Goodman Fielder recently announced additional dividend
payments of 3.5 cents per share and 20 cents per share, which
further improves shareholder returns.

Goodman Fielder's icon brands across Australasia and the Pacific
include Uncle Tobys, Meadow Lea, Mighty Soft Buttercup,
Bluebird, Praise, Pampas, White Wings, Helga's, Quality Bakers
and Flame.


GOODMAN FIELDER: Takeover Bid Period Extended to March 14
---------------------------------------------------------
In relation to the BPC1 Pty Limited (BPC1)'s off-market takeover
bid for all the ordinary shares in Goodman Fielder Limited
(Goodman Fielder).

BPC1 on February 21, 2003 completed the steps required to extend
its offer period. It is now scheduled to close at 7:00pm (Sydney
time) on 14 March 2003.

Below is the notice of extension of offer period by Burns, Philp
& Company Limited (Burns Philp), parent of BPC1, and
notification of relevant interests as required by ASX Listing
Rule 3.2:

Burns, Philp & Company Limited ABN 65 000 000 359
Company notice - ASX Listing Rule 3.2
Extension of offer period and notification of relevant interests

To: Australian Stock Exchange Limited (ASX)

BPC1 Pty Limited (BPI) (a wholly owned subsidiary of Burns,
Philp & Company Limited (Burns Philp) - ASX code BPC) has
extended the offer period for its takeover offers dated 3
January 2003 (which are contained in its bidder's statement
dated 19 December 2002) for all of the ordinary shares in
Goodman Fielder Limited (Goodman Fielder). The offers will now
close at 7:00pm (Sydney time) on 14 March 2003.

Accordingly, Burns Philp gives notice under ASX Listing Rule 3.2
that:

   (a) BPC1 (and its associates) had a relevant interest in
14.8% of Goodman Fielder shares when the first of the offers was
made; and

   (b) at the date of the extension, BPC1 (and its associates)
had a relevant interest in 21.06% of Goodman Fielder shares.

Dated 21 February 2003

Below is the letter dated 21 February 2003, which BPC1 has sent
to Goodman Fielder shareholders (which enclosed a notice of
variation lodged with ASIC on 21 February 2003):

LETTER TO SHAREHOLDERS

BURNS PHILP TAKEOVER BID FOR GOODMAN FIELDER
EXTENSION OF OFFER PERIOD

BPC1 Pty Limited (a wholly owned subsidiary of Burns, Philp &
Company Limited) has extended the offer period for its takeover
bid for all the Goodman Fielder Limited shares.

The offer is now scheduled to close at 7.00pm (Sydney time) on
14 March 2003.

Below is a formal notice of variation:

BPC1 Pty Limited (ABN 45 101 665 918)
Company notice - subsection 650D(1) Corporations Act 2001
Notice of variation - extension of offer period

To: Australian Securities and investments Commission (ASIC);
Goodman Fielder Ltd (Goodman Fielder); and Each person to whom
offers were made under the takeover bid referred
to in this notice.

BPC1 Pty Limited (Burns Philp) gives notice under subsection
650D(l) of the Corporations Act 2001 that:

1   it hereby varies its takeover offer dated 3 January 2003
(Offer) for all of the ordinary shares in Goodman Fielder which
is contained in its bidder's statement dated 19 December 2002
(Bidder's Statement) by extending the period during which the
Offer will remain open so that the Offer will now close at
7:00pm (Sydney time) on 14 March 2003; and

2  the Offer is hereby varied by:

   (a) replacing "5 March 2003" with "14 March 2003" in section
9.2(a) of the Bidder's Statement; and

   (b) replacing "22 February 2003" with "3 March 2003" in
section 9.10 of the Bidder's Statement; and

   (c) replacing "5 March 2003" with "14 March 2003" where
appearing on the Acceptance Form.

This variation has the effect of postponing, for more than 1
month, the time when Burns Philp must meet its obligations under
the Offer.  As a result, section 650E of the Corporations Act
2001 entitles a shareholder in Goodman Fielder who has accepted
the Offer to withdraw their acceptance by giving notice within 1
month beginning on the day after the day on which the
shareholder first receives a copy of this notice.

Shareholders who withdraw their acceptance must return any
consideration received for accepting the Offer. Any notice by a
shareholder withdrawing the shareholder's acceptance under
section 650E of the Corporations Act 2001 must:

   (a) if the shareholder's shares are in a CRESS Holding, be in
the form of a Valid Originating Message transmitted to the SCH
by the Controlling Participant for that Holding, specifying the
number of shares to be released from the Offer Accepted
Subposition in which the shares have been reserved; or

   (b) in any other case, be in writing.

If a shareholder withdraws an acceptance in this manner, Burns
Philp must, before the end of 14 days after the day it is given
the withdrawal notice:

   (a) return to the shareholder any documents that were sent by
the shareholder to Burns Philp with the acceptance of the Offer;
and

   (b) if the shareholder's shares are in a CHESS Holding,
Transmit to SCH a Valid Message that authorizes the release of
those securities from the Offer Accepted Subposition in which
the Holding has been reserved.

(Words defined in the SCH Business Rules have the same meaning
when used in this notice, unless the context requires
otherwise.)

A copy of this notice was lodged with ASIC on 21 February 2003.
Australian Securities and Investments Commission takes no
responsibility for the contents of this notice.

Dated 21 February 2003

Signed for and on behalf of Burns Philp pursuant to a resolution
passed by the directors of Burns Philp.

A notice under paragraph 630(2)(b) of the Corporations Act 2001
notifying the new date for giving the notice of the status of
conditions:

BPC1 Pty Limited (ABN 45 101 665 918)
Company Notice - paragraph 630(2)(b) Corporations Act 2001
New date for giving the notice of the status of conditions

To:      Goodman Fielder Limited (Goodman Fielder); and
         Australian Stock Exchange Limited.

For the purposes of paragraph 630(2)(b) of the Corporations Act
2001, BPC1 Pty Limited (Burns Philp) (a wholly owned subsidiary
of Burns, Philp & Company Limited) hereby gives notice that:

1  the offer period relating to the offers by Burns Philp for
all of the ordinary shares in Goodman Fielder, which offers are
contained in a bidder's statement dated 19 December 2002
(Bidder's Statement), has been extended so that it now ends at
7:00pm (Sydney time) on 14 March 2003;

2  the new date for giving the notice of the status of the
conditions to the offers, as required by subsection 630(3) of
the Corporations Act 2001, is 3 March 2003; and

3  on the date of this notice:

   (a)  Burns Philp has freed its offers from the conditions in
clause 9.6(g) (earnings confirmation), clause 9.6(h)
(liabilities confirmation), clause 9.6(k) (material adverse
change of Burns Philp), clause 9.6(1) (adverse change in
financial markets) and clause 9.6(n) (flour supply condition) of
the Bidder's Statement;

   (b) the conditions in clause 9.6(a) (Foreign Investment
Review Board approval), clause 9.6(b) (ACCC approval), clause
9.6(c) (New Zealand Commerce Commission approval), clause 9.6(d)
(Hart-Scott-Rodino (USA)) and clause 9.6(e) (other regulatory
approvals) of the Bidder's Statement have been fulfilled; and

   (c) so far as Burns Philp is aware, none of the other
conditions to the offers have been fulfilled.

Date: 21 February 2003


KALREZ ENERGY: Issues Oseil Oilfield Production, Bula Update
------------------------------------------------------------
Kalrez Energy Limited is a 2.5 percent shareholder in the Seram
Joint Venture that operates the Oseil oilfield. The major
shareholder, and Operator of the JV, is KUFPEC (Indonesia)
Limited with 97.5 percent.

Production from the Oseil oilfield commenced on December 30th
2002, with processing taking place through a Temporary
Production System (TPS) nominally rated to approximately 12,000
barrels per day throughput.

The TPS facility is a temporary process facility to be
utilized until the permanent facilities currently being
installed are completed. Current expectations are that the
permanent facilities will be available during April 2003.

REPORTING PERIOD                    FROM MIDNIGHT   TO MIDNIGHT
                                    2ND FEB 2003   16TH FEB 2003

Oil produced for the period             125,798   barrels of oil
Average daily production for the period   8,986   barrels of oil
Cumulative oil produced from 31/12/2002 367,097   barrels of oil
Oil sold during the period              241,299   barrels of oil
(as reported in ASX Announcement 6/02/2003)
Oil in stock                            125,798   barrels of oil

The above represent total production from the Oseil oilfield as
reported by the Operator. Kalrez entitlement is 2.5% of this
production after deducting operating costs and Indonesian
government entitlements.

COMMENTS

All three wells Oseil #1, Oseil #2 and Oseil #4 on production.

Steam heaters arrived on location 3rd Feb 2003 and are presently
operating under field trial control and performing effectively
in the TPS process system to assist in combating foam induced
process problems and to aid water separation (emulsion
breakdown).

Current operations are continuing production through the TPS
system.

Kalrez Energy also advised receipt on February 20, 2003 of the
December 2002 Lifting monies into its Jakarta Bank Account.

Total US$1.236 Million.

The majority of this money will now be transferred into the
Kalrez Energy Limited bank account in Australia.

This cash, along with Tulloch Lodge Limited funding facilities,
gives the company confidence.

Joe Mercorella, the company's chairman commented "the receipt of
the December 2002 Lifting cash is a real shot in the arm for
Kalrez shareholders".

The next Bula Lifting of approximately 50,000 barrels is
expected in the second half of March, 2003.

CONTACT INFORMATION: Mr Giuseppe (Joe) Mercorella
                     Mobile: 0403680570
                     Ph: 08-82391344
                     Fax: 08-82391744


SELWYN MINES: Gets $10M Provision From BankWest
-----------------------------------------------
Bank of Western Australia Limited (BankWest) announced a
provision of $10 million in relation to its exposure to Selwyn
Mines Ltd.

The decision was made February 20, 2003 after BankWest
considered a report from Garry Trevor and Peter Geroff, of
Ferrier Hodgson, who the bank appointed Receivers and Managers
on 30 December 2002.

The Receivers' report has raised questions over the level of
reserves, which may also impact on Selwyn's ability to deliver
into its gold hedging facility. Further evaluation of reserves
is being undertaken.

As a result, the bank has taken the prudent decision to make a
provision. This will be reflected in BankWest's full year
results to 31 December 2002, due to be announced on Tuesday 25
February 2003.

Without this provision, BankWest's second-half performance would
have been close to analysts' expectations.

BankWest has recently made a decision to scale back its resource
banking operations. A number of fundamental changes within the
sector, including reduced exploration activity, lower economic
returns and commodity market volatility, have contributed to
this decision. Loans and facilities to existing customers will
not be affected.


STOCKFORD LIMITED: Placed in Voluntary Administration
-----------------------------------------------------
The Board of Stockford Limited announced Monday that, pursuant
to a resolution of directors passed on 23rd February 2003, the
Company has been placed in Voluntary Administration by the
appointment of Mark Mentha and Mark Korda as Administrators.

The Board announced that it regretted the need for this action
but considered it the only remaining option for Stockford after
exhaustive efforts by the Board and management to revive the
company after the new Board was installed in September 2002.

At the last AGM of the company in October 2002, the Chairman
advised the meeting that without the strong support of
principals, the business would "disintegrate".

In its announcement to ASX on 17 February 2003, the company
advised that it had resolved that the only option available if
it were to obtain some value for its shareholders was the sale
of all, or a material number, of Stockford's existing business
units.

The company had previously announced that it was negotiating for
the sale of several of its business units to Investor Group
Limited (IGP).

After extensive discussions with a wide range of potential
purchasers, including principals of the existing business units,
it has become apparent to the Board that the sale process faces
the following hurdles:

   1. Potential third party purchasers would not proceed with a
purchase without the express support of principals of the
relevant business units. In the great majority of cases such
support is not forthcoming from the principals.

   2. The only other potential purchasers are the principals
themselves. Unfortunately, discussion with principals over the
last week have generally not been constructive.

In these circumstances, being mindful of their obligations under
the Corporations Act, the directors are concerned that they
should not commence a sale process, which they may not be able
to complete successfully.


STOCKFORD LIMITED: Requests Suspension From Official Quotation
--------------------------------------------------------------
The securities of Stockford Limited will be suspended from
quotation immediately, at the request of the Company, following
the appointment of Voluntary Administrators.

Below is the Trading Halt Request:

Appointment on 23 February 2003 of Mark F Mentha and Mark A
Korda of KordaMentha as Administrators of Stockford Limited and
a Request for Suspension from Trading in Stockford Limited
securities.

I advise that Mark A Korda and Mark F Mentha of KordaMentha were
appointed Voluntary Administrators of Stockford Limited and a
majority of the companies in the Stockford group pursuant to
Section 436A of the Corporations Act by resolutions of the board
of directors of each company on 23 February 2003.

The securities of Stockford Limited will be suspended from
Official Quotation prior to the commencement of trading on
Monday 24 February 2003, at the request of the Company.

For any questions please call Michael Brereton from my office on
(03) 8623 3313.

M A Korda
ADMINISTRATOR


TOWER LIMITED: Releases Board Candidate Update
----------------------------------------------
TOWER confirms that two candidates seeking to be elected to the
TOWER Board have advised the Company on Monday that they have
withdrawn their candidacies for the position of Director.

Those candidates are: Colin Beyer, TOWER's former Chairman and
incumbent Director who was seeking re-election, and Derek Kirke,
a shareholder nominee.

Donald Baskerville, Anthony Gibbs, Hutton Peacock and Gary Weiss
remain as candidates for the three vacancies on the TOWER Board,
which will be decided at the TOWER Limited Annual Meeting on 27
March 2003.

CONTACT INFORMATION: Keith Taylor
                     GROUP CHIEF EXECUTIVE
                     TOWER Limited
                     Tel 64 4 498 7962


WESTRALIA AIRPORTS: On CreditWathc Positive After Workout Plans
---------------------------------------------------------------
Standard & Poor's Ratings Services said last week that it has
placed its 'BB+/B' ratings on Westralia Airports Corp. Pty. Ltd.
(WAC) on CreditWatch with positive implications following the
company's imminent plans to restructure its bank debt. The
outlook on WAC's ratings has been negative since March 2002 as a
result of the company's weak liquidity position, caused by a
breach of its bank covenant in December 2001 that constrained
its access to surplus cash flow.

As part of its debt restructure, WAC intends to retire all of
its existing bank debt through the issuance of A$45 million
convertible bonds by its ultimate shareholder, Airstralia
Development Group (ADG). The proceeds of the convertible bonds
are expected to be made available to WAC in the form of a
subordinated loan on terms and conditions that have some
equitylike characteristics relative to pure debt, thereby
enhancing WAC's flexibility to deal with unexpected financial
stress. In addition, Standard & Poor's expects the company's
board to adopt prudent long-term financial policies with respect
to debt stabilization, distributions to shareholders, and
maintenance of adequate liquidity-features that have
been negative for the rating in the past few years.

"If WAC is successful in implementing its proposed debt
restructuring, incorporating features that improve its
liquidity, relieve it from its onerous bank covenants, and
ensure ongoing commitment to financial discipline, the ratings
are likely to be upgraded to 'BBB-/A-3'," said Parvathy Iyer,
associate director, Corporate & Infrastructure Finance
Ratings. "Nevertheless, WAC's financial profile will remain
aggressive in the medium term, and similar to other highly
geared airports in Australia, WAC will continue to face the
challenge of managing its creditworthiness if there is a
material or prolonged decline in traffic due to the lingering
geopolitical uncertainties," added Ms. Iyer.

WAC operates Perth International airport under a 50-year lease
to 2047 from the Commonwealth of Australia, with an option to
extend it for a further 49 years. Perth airport is Australia's
fourth-largest airport in terms of total passenger numbers.


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


ARTON INVESTMENTS: Petition to Wind Up Scheduled for March
----------------------------------------------------------
The petition to wind up Arton Investments Limited is scheduled
for hearing before the High Court of Hong Kong on March 19, 2003
at 10:00 in the morning.

The petition was filed with the court on January 28, 2003 by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14/F., Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong.


CIL HOLDINGS: Requests Suspension of Trading
--------------------------------------------
CIL Holdings Limited requested trading in its shares to be
suspended with effect from 9:30 a.m. Monday, (24/February/2003)
pending the release of the announcement of the Company in
relation to the result of the winding up petition.


DOUBLE VALUE: Winding Up Sought by Central Waterfront
-----------------------------------------------------
Central Waterfront Property Development Limited is seeking the
winding up of Double Value Company Limited. The petition was
filed on January 7, 2003, and will be heard before the High
Court of Hong Kong on March 5, 2003 at 9:30 in the morning.

Central Waterfront holds its registered office at Akara
Building, 24 Des Castro Street, Wickhams Cay I, Road Town,
Tortola, British Virgin Islands and whose principal place of
business in Hong Kong is situated at 45th Floor, Sun Hung Kai
Centre, 30 Harbour Road, Wanchai, Hong Kong.


HOLDLY POWER: Faces Winding Up Petition
----------------------------------------
The petition to wind up Holdly Power Development Limited is set
for hearing before the High Court of Hong Kong on March 5, 2003
at 10:00 in the morning.

The petition was filed with the court on January 15, 2003 by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14/F., Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong.


SEAPOWER RESOURCES: Investors Currently Seek Financing
------------------------------------------------------
Seapower Resources International Limited (Provisional
Liquidators Appointed) announced that there has been no progress
obtaining the Certificate for Housing Ownership and land use
right title in respect of the investment properties held by
Pentagon profits since the dispatch of the Circular and its is
highly unlikely that this will occur prior to the Completion.
The Investors have indicated to the Provisional Liquidators the
following Completion, they will procure the proposed Directors
of the Company to use their best endeavors to pursue the matter
further as part of the post-completion operational review of the
Group. This exercise will determine whether a provision in
respect of Pentagon is required.

The Provisional Liquidators announced that the Investors have
failed to provide HK$69,000,000 of the Subscription proceeds and
an amount equal to a post closing working capital amount of
approximately HK$6,200,000 in accordance with their obligations
under the Restructuring Agreement.  The Provisional Liquidators
understand that the Investors are currently seeking financing
for the above amount and a placement arrangement for restoring
the public float.

The Provisional Liquidators believe that it is in the interest
of the Shareholders and the Creditors to have a successful
restructuring of the Company. The Provisional Liquidators have
given the Investors until 5:00 pm on the 28th of February to
fulfill their obligations under the Restructuring Agreement,
after which, the Provisional Liquidators will take further
action as they may decide in relation to the defaults which may
include, without limitation, termination of the Restructuring
Agreement, and forfeiting if the deposits of HK$2,000,000 paid
by the Investors.


TOP FORM: Proposes Share Premium Account Reduction
--------------------------------------------------
The Board of Top Form International Limited intends to put
forward to the Shareholders a proposal, whereby the entire
amount of approximately HK$282.4 million standing to the credit
of the unaudited Share Premium Account as at 31st December, 2002
will be cancelled and the credit arising therefrom will be
applied to set off against the Accumulated Losses of
approximately HK$230.6 million and the remaining balance of
approximately HK$51.8 million will be credited to a
distributable reserve account of the Company.

REASON FOR THE PROPOSAL

As at 31st December, 2002, the Group recorded an Accumulated
Losses of approximately HK$230.6 million. The Board considers
that the Proposal will allow the Group to eliminate the
Accumulated Losses in full and, as a result, will enable the
Company to declare dividends to the Shareholders in the future
when the Board considers appropriate, than by generating profit
to offset such losses. Accordingly, the Board proposes the
Reduction of Share Premium Account and to apply the amount
standing to the credit of the Share Premium Account against the
Accumulated Losses. At present, the Board has no intention to
declare any dividend. However, if and when the Board considers
appropriate to declare any dividend, the Company will ensure to
comply with the relevant regulatory requirements under the
Listing Rules.

Since the Proposal does not affect the profit and loss account,
the net asset value and the cash flow of the Group and in view
of the abovementioned reason, the Board considers the Proposal
is in the interests of the Company and the Shareholders as a
whole.

CONDITION OF THE PROPOSAL

The Reduction of Share Premium Account is conditional upon the
passing by the Shareholders of a special resolution to approve
the Reduction of Share Premium Account at the SGM and compliance
with section 46(2) of the Companies Act 1981 of Bermuda.

CLARIFICATION OF SHARE PRICE AND TRADING VOLUME MOVEMENT

The Board noted the recent increase in the price and trading
volume of the Shares and wishes to state that the Board is not
aware of any reasons for such fluctuation.

Saved as disclosed above, the Board also confirms that there are
no negotiations or agreements relating to intended acquisitions
or realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature.

GENERAL

The Group is engaged in the design, manufacture, distribution,
wholesale and retail of ladies' intimate apparel, principally
brassieres.

The Circular containing details of the Proposal and a notice
convening the SGM to approve the Proposal will be sent to the
Shareholders as soon as practicable.

DEFINITIONS

"Accumulated Losses" the unaudited accumulated losses of the
Group as at 31st December, 2002 of HK$230,594,000

"Board" the board of Directors

"Circular" a circular of the Company to be dispatched to the
Shareholders containing details of the Proposal and a notice
convening the SGM

"Company" Top Form International Limited, a company incorporated
in Bermuda with limited liability and the Shares of which are
listed on the main board of the Stock Exchange

"Directors" the directors of the Company

"Group" the Company and its subsidiaries

"Listing Rules" The Rules Governing the Listing of Securities on
the Stock Exchange

"Proposal" the proposal relating to the Reduction of Share
Premium Account

"Reduction of Share Premium the proposed reduction of the Share
Premium Account as set out in this Account" announcement

"SGM" the special general meeting of the Company to be convened
to approve the Proposal

"Share(s)" existing ordinary share(s) of HK$0.10 each in the
capital of the Company

"Shareholders" holders of the Shares

"Share Premium Account" the share premium account of the Group

"Stock Exchange" The Stock Exchange of Hong Kong Limited

"HK$" Hong Kong dollars, the lawful currency of Hong Kong


WELLSPEED CONSULTANTS: Winding Up Hearing Scheduled March 19
------------------------------------------------------------
The High Court of Hong Kong will hear on March 19, 2003 at 10:30
in the morning the petition seeking the winding up of Wellspeed
Consultants Limited.

Bank of China (Hong Kong) Limited, whose registered office is
situated at 14/F., Bank of China Tower, 1 Garden Road, Central,
Hong Kong, filed the petition on January 24, 2003.


WAH TAK: Sees No Reason for Share Price Decrease
------------------------------------------------
Wah Tak Fung Holdings has noted the recent decreases in the
price of shares of the Company and stated that it is not aware
of any reasons for such decreases.

Save for the matters as disclosed in the Announcement published
on 21st February, 2003 in relation to the termination of Placing
Agreements and Major and Connected Transaction, the Directors
confirmed that there are no other negotiations or agreements
relating to intended acquisitions or realizations which are
discloseable under paragraph 3 of the Listing Agreement, neither
is the Board aware of any matter discloseable under the general
obligation imposed by paragraph 2 of the Listing Agreement,
which is or may be of a price-sensitive nature.


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


ASTRA INTERNATIONAL: Buys Back Bond to Reduce Debt
--------------------------------------------------
PT Astra International Tbk bought back the third series of its
bond valued at US$17 million, using the company's sinking fund
and the funds it raised in its latest rights issue, Bisnis
Indonesia reports, in order to reduce its debt.

The President Director of PT Astra International Budi
Setiadharma said that Astra has finished buying back its debts
but can not give its exact value. "I forget the exact value of
the debt... it must be around US$17 million. The process of
buying back the debts uses the sinking fund we created long time
ago."

Creditors agreed Astra could use the sinking fund of US$16
million the company had booked. The US$1 million balance was the
fund from the rights issue. "The amount of our sinking fund is
not enough to buy our debts back. But we have some fund we raise
from rights issue," Setiadharma added.

Peregrine Ferry Wong, an analyst of BNP Paribas, said the buy-
back of Astra's third series of bonds would give a positive
impact to the Company.

"The impact of the buying back will be positive for Astra. More
over the company bought the bonds at the lower price that those
in the market so that those US$17 million debt is actually
comparable with around US$25 million," Wong said.


BANK DAGANG: IBRA Asks Sjamsul to Meet Obligations
--------------------------------------------------
Indonesia Bank Restructuring Agency (IBRA) will ask tycoon
Sjamsul Nursalim, owner of the liquidated Bank Dagang Nasional
Indonesia (BDNI), to meet his assets obligation worth Rp28.4
trillion if the value of the assets guaranteed are not good,
Bisnis Indonesia reports, citing IBRA's Head Division for
Communication Raymond van Beekum, adding that revealed the
agency carries due diligence to insure that the assets Sjamsul
handed in were of appropriate value to meet his obligation.

"We are also reviewing PT Meshindo Alloy Wheel Corporation,
which is one of 12 assets handed in to IBRA. If the assets are
not good, we will ask them to be substituted by cash or near
cash," he said.

Indover Bank (Asia) Limited filed bankruptcy for Meshindo Alloy.
The filing has been put forward to Surabaya Commercial Court on
January 22, 2003, and the court denied the case last Thursday.
Then, Indover brings the case into the Supreme Court.

Maqdir Ismail, legal representative of Sjamsul Nursalim, said
his client would inform IBRA if suddenly there were something
wrong with the assets.

"Currently, we and IBRA have yet scheduled a meeting to discuss
the issue. However, based on the company's debt balance
mentioned by Indover Bank (Asia) Limited, it seems there are no
problem," he said.

Sjamsul Nursalim signed letter of undertaking at the end of 2002
marking the completion of the assets transfer worth Rp27.4
trillion to IBRA. The letter contains a statement that the
assets transferred are of good value.


BANK LIPPO: Bapepam Investigates Market Manipulation
----------------------------------------------------
Capital Market Supervisory Agency (Bapepam) will call the
securities company involved in the stock trading of PT Bank
Lippo during the period of November 4, 2002 to January 10, 2003
in a bid to investigate the alleged market manipulation in the
trading.

Bisnis Indonesia reports that Bureau of Investigation and
Inquiry (PP) sent on Friday a letter to the Chairman of Bapepam
to investigate the alleged market manipulation.

"The previously-informal investigation for the manipulation
market has been declared official," said Abrahim Bastari, Chief
of Bureau of Investigation and Inquiry, adding that besides
using stock trading data in JSX, Bapepam would also call the
securities company involved in the stock trading of Bank Lippo.

Chairman of Bapepam Herwidayatmo said the agency expected to be
able to expose the report on Bank Lippo's case to the public by
mid-March. "We have been filing investigation reports. By mid-
March, Bapepam expects it can expose the report to the public."

Herwidayatmo added that Bapepam had checked the two financial
statements issued by Bank Lippo.


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


ALL NIPPON: Cuts Retirement Benefits by 10%
-------------------------------------------
All Nippon Airways Co. (ANA) will cut its retirement and pension
benefits by around 10 percent starting April 1, 2003, as part of
its cost cutting scheme, Kyodo News said on Monday.

The airline expects to cut a fund shortage in the firm's
retirement and pension program by about 45 billion yen.

ANA will also add more emphasis to employees' performance in
calculating the amount of lump-sum retirement packages, which
have thus far been determined on the basis of employees' wages
and length of service, the report said.


ALL NIPPON: Sees US$76M Operating Loss
--------------------------------------
All Nippon Airways (ANA) expects a group operating loss of 9
billion yen (76 million USD) in the year to March, vacating an
earlier forecast of a profit, the Daily Times reported Monday.

Cuts to domestic airfares forced by the battle with top carrier
Japan Airlines System hurt the airlines performance.

Net loss would far exceed an earlier estimate of 18 billion yen
due to poor results of domestic operations and book losses on
stocks holdings, the report said.


ASAHI SOFT: Widens Net Loss to Y6B
----------------------------------
Asahi Soft Drinks Co. posted a net loss of 6 billion yen in the
year to December 31, versus a loss of 1.45 billion yen a year
earlier, according to Kyodo News on Friday.

Address:

Asahi Soft Drinks Co., Ltd.
23-1, Azumabashi 1-Chome
Sumida-Ku Tokyo 130-8602
Japan  +81 3 56085331
+81 3 56085174

President - Masumi Uematsu
Chairman - Minoru Tabuchi

Asahi Soft Drinks Co. Limited ttp://www.asahiinryo.co.jp/umacha/
was established in 1982 as Mitsuya Foods K.K to sell refreshing
drinks, launched into nationwide wholesaling operations except
for Hokkaido and Okinawa in 1991 after the 1990 merger with
three other companies, started the business in Hokkaido in 1995
and in Okinawa in 1996. In July 1996, the company merged with
two other beverage manufacturing companies, took over the
beverage business from Asahi Breweries, Ltd. and established
itself as a comprehensive soft drinks manufacturer engaging in
products development, production and sales.

Asahi Soft Drinks became publicly held in August 1999 by listing
in the Tokyo First Section. Tea drinks accounted for 33 percent
of 1999 revenues; coffee drinks, 25 percent; carbonated drinks,
22 percent; fruit drinks, 10 percent; other beverages, 10
percent and other including bought-in products and
confectioneries, nominal. The company is a subsidiary of Asahi
Breweries, Ltd., which holds 51.17 percent of issued stock.


HANKYU CORPORATION: Expects Y89.2B Net Loss
-------------------------------------------
Hankyu Corporation expects a net loss of 89.2 billion yen in the
year to March 31, Kyodo News reports.

The railway firm attributed the deterioration to heavy
extraordinary losses, including a 105 billion yen charge against
valuation losses on real estate holdings.


MARUBENI CORPORATION: Boost Capital Stock by Y100B
--------------------------------------------------
Marubeni Corporation plans to raise 100 billion of fresh capital
over the three years by the end of March 2006 as part of debt
reduction plan, according to Kyodo News and Dow Jones on Friday.

The trading house now targets annual group net profit of 50
billion yen by March 2006, along with reduced group net
interest-bearing debts of 2 trillion yen.

The Company will prioritize its resources toward its key
business segments, such as food, energy, new technologies and
overseas independent power production operations.


MARUBENI CORPORATION: Dissolves Subsidiary
------------------------------------------
Marubeni Corporation announced the dissolution of its unit
Tianjin Ronghong Sales & Distribution Co., Ltd. as follows:

1. Reason for dissolution: Wholesaler and distributor of food to
mass sales stores in China.

Dissolved due to low profitability of its business.

2) Company Profile:

Location:   3F Ouruike Building
            No. 193 Je Fang north Road He Ping District
            Tianjin, P.R. China

Representative: Sakamoto, Tetsuro

Capital Stock: US$5,000 million

Major Shareholder(s): Marubeni Corporation 65.7%, Marubeni
(China) Co., Limited 7.3%, Others

3) Prospects: Dissolution was resolved on October 10, 2002
Liquidation is to be completed during FY2002.
Its effects on financial results for FY2002 are insignificant.

Contact:

Honda, Tsutomu, General Manager
Media Relations Sec.
Corporate Communications & Investor Relations Dept.
(Phone: 81-3-3282-4800)


MIZUHO HOLDINGS: Dissolves UK Subsidiary
----------------------------------------
Mizuho Holdings, Inc. announced that its wholly-owned
subsidiary, Mizuho Corporate Bank, Ltd. (MHCB), has decided to
dissolve Mizuho Corporate Leasing (UK) Limited, a subsidiary of
MHCB, as follows.

1.The Subsidiary to be dissolved

Corporate Name: Mizuho Corporate Leasing (UK) Limited
Location River Plate House, 7-11 Finsbury Circus, London EC2M
7DH, U.K.
Representative: Satoru Ochiai

2.Reason for Dissolution

The companies will go into dissolution as part of
rationalization of MHCB's operations in Europe.

3.Outline of the Subsidiary

Business Leasing
Date of Establishment: August 1987
Capital Stock: STG 20 thousand
Number of Stock Issued: 20 thousand Stocks
Total Assets: (December 2001) STG 379 thousand
Number of Employees (December 2002) Nil
Shareholders MHCB:  19,999 stocks
Satoru Ochiai:  1 stock
Performance Ordinary Loss:  STG 4.8 thousand
(Fiscal Year Ended in December 2001) Net Loss:  STG 4.8 million

4.Scheduled Date of Dissolution

By March 2004

5. This decision will have no material effect on the profit and
loss for this fiscal year of Mizuho Holdings, Inc. (consolidated
or non-consolidated)


MIZUHO HOLDINGS: MHCB Dissolves Unit
------------------------------------
Mizuho Holdings, Inc. announced that its wholly owned
subsidiary, Mizuho Corporate Bank, Ltd. (MHCB), has decided to
dissolve IBJ Data Service Incorporated, a subsidiary of MHCB, as
follows.

1. The Subsidiary to be dissolved

Corporate Name: IBJ Data Service Incorporated
Location: 2-8 Kanda-Ogawa-Cho 2-chome, Chiyoda-ku, Tokyo,
Japan
Representative: Mutsumi Watanabe

2. Reason for Dissolution

The Company will go into dissolution as part of rationalization
of Mizuho Financial Group.

3. Outline of the Subsidiary

Business                       :  Research
Date of Establishment          :  March 1971
Capital Stock                  :  JPY 10 million
Number of Stock Issued         :  20 thousand Stocks
Total Assets (February 2002)   :  JPY 40 million
Number of Employees (January 2003): 10
Shareholders:

MHCB                               5 percent
Seiwa Building Co., Ltd.          30 percent
Japan Management Systems Inc.     20 percent
The Kyoritsu Co., Ltd.            45 percent

Performance : Ordinary Profit JPY 9 million (Fiscal Year Ended
in February 2002)   Net Profit  JPY 6 million

4. Scheduled Date of Dissolution: By September 2003

5. This decision will have no material effect on the profit and
loss for this fiscal year of Mizuho Holdings, Inc. (consolidated
or non-consolidated).

Please direct any inquiries to:

Mizuho Holdings, Inc Public Relations: 81-3-5224-2026
Mizuho Corporate Bank, Ltd.   Corporate Planning: 81-3-5252-6574


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


CHOHUNG BANK: Delays $250M Bond Issue
-------------------------------------
Chohung Bank is delaying indefinitely its plan for a $250
million subordinated bond issue, a move widely expected after
the South Korean government expressed pessimism about the deal,
Dow Jones reports.

The bank was due to issue the bonds later this month to help
boost its capital adequacy ratio.

The Korea Deposit Insurance Corp. is now in talks to sell its
entire 80.04 percent stake in the financially troubled Chohung
Bank to Shinhan Financial.

Chohung Bank's planned subordinated bond was to have a maturity
of 10 years with an option to pay back the principal after five
years, and Salomon Smith Barney had been mandated as its
arranger. Chohung Bank had planned an international roadshow in
Hong Kong and Singapore to market the bonds on February 25-26,
2003.


HYNIX SEMICONDUCTOR: EU Considers Adding 30% Tariff
---------------------------------------------------
The European Union (EU) is considering slapping a 30 percent
tariff on Hynix-made memory semiconductors, the Maeil Business
Newspaper said on Sunday.

The chipmaker was found guilty of receiving illegal funds from
the Korean government.

Should the EU raise tariffs against Hynix, the Company will no
longer be able to do business in the European market due to the
high tariff rates and may result in a conflict between Korea and
the EU.

DebtTraders reports that Hyundai Semiconductor's 8.625 percent
bond due in 2007 (HYUS07KRA1) trades between 60 and 65. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1


HYUNDAI HEAVY: Revises 2002 Profit to W245B Loss
------------------------------------------------
Hyundai Heavy Industries Co. revised last year's net income to a
loss of 245.4 billion won ($206 million) to reflect losses from
its stake in Hynix Semiconductor Inc., Bloomberg said on Friday.

The Company reflected losses of 408.2 billion won from its Hynix
holding, compared with only 174 billion won when it reported a
preliminary net income last month. The wider Hynix losses pushed
the shipbuilder to a net loss from a profit, the shipbuilder
said in a statement.

Last month, Hyundai Heavy posted a 2002 net income of 43.4
billion won. The shipbuilder holds about 24,000 Hynix shares, or
a 0.46 percent stake.

Hynix, the world's third-largest computer memory chipmaker, had
received three bailouts from its creditors, including swapping
debt for equity and extending payment on debt, to keep the debt-
ridden Company in business.


SK CORPORATION: Chief Jailed For Illegal Stock Trading
------------------------------------------------------
Chey Tae-Won, Chairman of SK Corporation, was arrested and
jailed in a Seoul prison on charges of illegal stock trading,
Channel News Asia said on Monday.

Prosecutors charged Chey had traded his stake in Walker Hill
Hotel Co. for shares of SK Global, the holding Company of SK
Corporation, at favored prices.

If convicted, the Chairman could be sentenced to more than five
years in prison.

Also jailed was SK Group executive Kim Chang-Keun, who had an
alleged role in the illegal deals, while other SK executives
face questioning.


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


FIAMMA HOLDINGS: Posts Unit's Winding-up Petition Info
------------------------------------------------------
Fiamma Holdings Berhad wishes to clarify on the circumstances
leading to the filing of the winding-up petition against, MB
Industries Sdn. Bhd. (MBI), a wholly-owned subsidiary of Sunrise
Stream Sdn. Bhd., a 50.1% owned subsidiary of Fiamma, as
follows:

   (i) MBI has on 7 January 2003 been served with a notice
pursuant to Section 218 of the Companies Act, 1965 dated 6
January 2003 (Notice). The Notice was served by Messrs M.K. Chen
& Leong, the solicitors for Lim Oy Joo @ Lim Yoi Joo (Lim) for a
total claim of RM225,000.00.

   (ii) The total claim by Lim of RM225,000.00 is for the debt
due from MBI in relation to the Sale and Purchase Agreement
dated 3 July 2000 entered into between Lim and MBI (Sale and
Purchase Agreement) for the purpose of the purchase of
machineries, equipment and tools for a total purchase
consideration of RM1,150,000.00. The total sum of RM225,000.00
consists of:

     (a) RM150,000.00 being the remainder of the purchase price
due from MBI to Lim under the said Sale and Purchase Agreement;
and

     (b) RM75,000.00 being the interest due from MBI to Lim in
respect of MBI's delay in paying RM750,000.00 (being part of the
purchase price) under the said Sale and Purchase Agreement.

   (iii) By the Notice, the total claim by Lim is to be paid
within 21 days of the receipt of the Notice failing which it
would be deemed that MBI is unable to pay its debt and a
winding-up petition would be commenced against MBI.

   (iv) Fiamma, on behalf of MBI, based on its legal counsel's
advice would take steps to file an application to stay the
winding-up proceeding and to refrain the petitioner from
advertising and gazetting the winding-up petition and to oppose
the winding-up petition.


FORESWOOD GROUP: Appoints Public Merchant as Adviser
----------------------------------------------------
Reference is made to Foreswood Group Berhad's announcement dated
22 August 2002, wherein it was announced that FGB was an
affected listed issuer pursuant to Paragraph 8.14 of the KLSE
Listing Requirements and PN4 (First Announcement).

Following the requirements of PN4, FGB must make an announcement
to the KLSE within six (6) months from its First Announcement
(i.e.: by 21 February 2003). At this juncture, the Company is
still in the midst of formulating its financial regularization
plans and as such is unable to make its Requisite Announcement
by the stipulated time frame.

The Board of Directors of FGB is pleased to announce that Public
Merchant Bank Berhad has been appointed as Adviser on 20
February 2003 in relation to the Company's plan to regularize
its financial condition. PMBB had on behalf of FGB written to
KLSE on 21 February 2003, for an extension of time for the
Company to finalize its regularization plans and make its
Requisite Announcement.


JUTAJAYA HOLDING: High Court Grants 90-Day Restraining Order
------------------------------------------------------------
On behalf of the Board of Directors of Jutajaya Holding Berhad,
OSK Securities Berhad wishes to announce that the High Court of
Malaya at Kuala Lumpur had on 21 February 2003, granted a
Restraining Order (RO) to the Company, pursuant to Section
176(10) of the Companies Act, 1965.

The RO is valid for ninety (90) days effective from 21 February
2003 and is to facilitate the finalization of the JHB Group's
proposed corporate and debt restructuring scheme.

Further details pertaining to the Group are proposed corporate
and debt-restructuring scheme is contained in the Company's
announcement dated 17 January 2003.


KAI PENG: Replies KLSE's Proposed Acquisition Query
---------------------------------------------------
Kai Peng Berhad, in reply to Query Letter by KLSE reference ID:
MN-030218-34623 on Proposed Acquisition Of 2,450,000 Ordinary
Shares In Sierra Bay Sdn Bhd From Chin Sin Oon For A Total Cash
Consideration Of RM4,900,000, furnished the information as
requested:

1. The cash purchase consideration of RM490,000.00 representing
10% of the total purchase consideration was paid on 17 February
2003 and the balance of RM4,410,000.00 representing 90% was paid
on 21 February 2003.

2. Salient features of the Sale and Purchase Agreement (SPA)

   i) The Sale Shares to be acquired shall be free from all
claims or encumbrances and together with all rights now or
hereafter attaching thereto, including without limitation all
bonuses, rights, dividends and other distributions declared,
paid or made in respect of the Sale Shares whether before or on
or after the date of execution of the SPA.

   ii) Deferred Completion - If for any reason the sale and
purchase shall not be completed on the Completion Date (i.e. no
later than 5 business days after the execution date of the SPA)
but shall pursuant to mutual agreement of the both Parties be
completed on a subsequent date, then reference throughout the
SPA to the Completion Date shall thereupon be substituted by
reference to the actual date of completion.

According to Wrights Investors' Service, at the end of 2002, Kai
Peng had negative working capital, as current liabilities were
Rm108.45 million while total current assets were only RM89.52
million. It also reported losses during the previous 12 months
and has not paid any dividends during the previous 2 fiscal
years.


KIM LOONG: JV Undergoes Equity Restructuring
--------------------------------------------
The Board of Directors of Kim Loong Resources Berhad (KLRB)
wishes to announce that with the mutual consent and agreement of
its joint venture partner, Desa Cattle (S) Sdn. Bhd. (042957-P)
(DCSB), their equity interests in the joint venture company,
Desa Kim Loong Palm Oil Sdn. Bhd. (463620-W) (DKLPO), have been
restructured.

DCSB, a wholly-owned subsidiary of Desa Plus Sdn. Bhd. (354094-
D), is a private limited company incorporated in Malaysia under
the Companies Act, 1965 on 25th October, 1978. It has an
authorized capital of RM15,000,000 divided into 15,000,000
ordinary shares of RM1.00 each, of which 10,750,000 shares were
issued and are fully paid-up. The principal activities of DCSB
are poultry broiler farming, dairy farming and production of
dairy products.

The directors of DCSB are Datuk Dr. Richard Sakian Bin Gunting,
Datuk Hj. Ibrahim Mokhtar, Tuan Hj. Pgn. Othman Bin Hj. Pgn.
Gamok, Dr. Reynard Gondipon and Puan Angeline Soh.

DKLPO is a private limited company incorporated in Malaysia
under the Companies Act, 1965 on 8th June, 1998. The principal
activities of DKLPO are processing and marketing of oil palm
products.

Mr. Gooi Seong Lim, Mr. Gooi Seong Heen, Mr. Gooi Seong Chneh,
Mr. Gooi Seong Gum, Ms. Gooi Seow Mee, are directors of DKLPO
and also directors and substantial shareholders of KLRB. The
other directors of DKLPO are Mr. Lee Fook Wing, Datuk Dr.
Richard Sakian Bin Gunting and Dr. Reynard Gondipon.

Before the restructure, DKLPO's authorized capital was RM100,000
divided into 100,000 ordinary shares of RM1.00 each, of which
1,000 shares were issued and fully paid up and held as follows-

Shareholding
Name of Shareholder No. of Shares %
Direct Indirect

KLRB - - 70.0
Okidville Holdings Sdn. Bhd. (458944-P) (OHSB) 547 54.7 -
Desa Okidville Sdn. Bhd. (463619-U) (DOSB) 300 30.0 -
DCSB 153 15.3 30.0
1,000 100.0 100.0

DOSB is a 51% owned subsidiary of OHSB while DCSB holds the
remaining 49% interest. In turn, OHSB is a wholly-owned
subsidiary of KLRB.

Under the restructure, which was completed on 10th February,
2003:

   (i) KLRB and DCSB subscribed for 699,153 and 299,847 ordinary
shares of RM1.00 each respectively in DKLPO at par; and

   (ii) KLRB acquired 547 and 300 ordinary shares of RM1.00 each
fully paid in DKLPO from OHSB and DOSB respectively at par.

On the completion of the restructure, the issued and paid-up
share capital of DKLPO was increased to RM1,000,000/- comprising
1,000,000 ordinary shares of RM1.00 each fully paid and held as
follows

Shareholding
Name of Shareholder No. of Shares held %
Direct

KLRB 700,000 70.0
DCSB 300,000 30.0
1,000,000 100.0

There is no change in the effective equity interest in DKLPO
held by KLRB after the restructure.

The subscription and acquisition of the DKLPO shares by KLRB
were made in cash from internally generated funds and will not
have any material effect on the earnings or net tangible assets
of the KLRB Group for the year ending 31st January, 2004.

Save and except for Mdm. Loo Geok Eng, Mr. Gooi Seong Lim, Mr.
Gooi Seong Heen, Mr. Gooi Seong Chneh, Mr. Gooi Seong Gum and
Ms. Gooi Seow Mee who are directors and substantial shareholders
of KLRB through their substantial interest in Sharikat Kim Loong
Sendirian Berhad (SKL) and Herng Yuen Sdn. Bhd. (HYSB) and the
parties connected with them, namely SKL, a substantial
shareholder of KLRB, and HYSB, a shareholder of KLRB, none of
the other directors or other substantial shareholders of KLRB,
or persons connected with them has any interest, whether direct
or indirect, in the above restructure.

The Board of Directors of KLRB is of the opinion that the
restructure, which simplifies the organization structure, is in
the interest of the KLRB Group.


LION GROUP: Capital Reconstruction Exercises Lodged
---------------------------------------------------
The Board of Directors of Lion Corporation Berhad (LCB), Lion
Industries Corporation Berhad (LICB), formerly known as Lion
Land Berhad, Amsteel Corporation Berhad (ACB) and Silverstone
Corporation Berhad (SCB), formerly known as Angkasa Marketing
Berhad, (collectively referred to as the "Lion Group") jointly
announce that the respective Orders granted by the High Court of
Malaya pursuant to Section 64 of the Companies Act, 1965
confirming the Lion Group's proposed capital reconstruction
exercises under the Proposed Corporate and Debt Restructuring
Exercises (Capital Reconstruction Exercises) were lodged with
the Companies Commission of Malaysia on Friday, February 21,
2003.

Shareholders of LCB, LICB, ACB and SCB and potential investors
are requested to refer to the respective Circulars to
Shareholders issued by the Lion Group on 9 January 2003 and the
respective companies' announcements dated 30 January 2003, 17
February 2003 and 20 February 2003 for further details of the
Capital Reconstruction Exercises.


METROPLEX BERHAD: Debt Workout With Creditors Underway
------------------------------------------------------
Metroplex Berhad refers to the earlier announcement on 22
January 2003 in relation to the Restraining Order and Proposed
Debt Restructuring of the Group.

The Company advised that following the restraining order granted
by the High Court of Malaya, MB is continuing to work out its
debt restructuring with its creditors. An announcement would be
made to the Kuala Lumpur Stock Exchange once an agreement has
been reached on this.


PACIFICMAS BERHAD: Bank Negara OKs Proposed Restructuring
---------------------------------------------------------
PacificMas Berhad wishes to announce that it has received Bank
Negara Malaysia's approval letter dated 21 February 2003 for
PacificMas Berhad (PacificMas):

   i) to begin negotiations with Koperasi Angkatan Tentera
Malaysia Berhad (KAT) for the purpose of merging the insurance
business of The Pacific Insurance Berhad (PIB), a wholly-owned
subsidiary of PacificMas, and Malaysia & Nippon Insurans Berhad
(MNIB);

   ii) to begin negotiations with GEL Capital (Malaysia) Berhad
(GCMB) for the restructuring of the equity and insurance
business operations as follows:

     a) The transfer of the equity of Great Eastern Life
Assurance (Malaysia) Berhad (GELM) and Overseas Assurance
Corporation (Malaysia) Berhad (OACM), both wholly-owned by Great
Eastern Holdings Limited (GEH) to PacificMas and subsequently
with GEH holding 51% interest in PacificMas; and

     b) Merger of the general insurance companies under GEH
Group, PacificMas and KAT, namely OACM, PIB and MNIB.

Oversea-Chinese Banking Corporation Limited (OCBC) is a
substantial shareholder of GEH.

OCBC is a substantial shareholder of PacificMas holding a total
interest of 28.15%.

Malaysia & Nippon Insurans Berhad is a wholly-owned subsidiary
of KAT and KAT is a substantial shareholder of PacificMas,
owning 16.44% of the paid-up share capital of PacificMas.

Further announcements will be made as and when there are
material developments in the negotiations.


PAN MALAYSIA: Starts Anew Margin Financing Activities
-----------------------------------------------------
Pan Malaysia Capital Berhad informed that there has been no
change to the status of the Company's proposal that was
disclosed in the Initial Announcement of 26 July 2001 and
Quarterly Announcements made by the Company on 13 November 2001,
27 February 2002, 22 May 2002, 28 August 2002 and 26 November
2002, save for:

   1) PM Securities Sdn Bhd (PMS) has opened an electronic
access facility in Jelebu and Batu Pahat in December 2002 and
February 2003 respectively.

   2) PMS has recommenced its margin financing activities and
has also launched the Electronic Client Ordering System in
November 2002.


PAN MALAYSIA: July Material Litigation Management Hearing Set
-------------------------------------------------------------
Pan Malaysia Holdings Berhad Refers to the announcement on 22
October 2002 concerning the suit filed on 17 May 1996 in the
High Court of Kuala Lumpur by Loyal Design Sdn Bhd (LDSB), a
wholly-owned subsidiary of Malayan United Industries Berhad
(MUI), against the Company and all its then existing directors
for breach of directors' duties in conducting the affairs of the
Company during the period involved with the takeover offer by
MUI through LDSB in respect of the Company. The suit also seeks
to declare, inter-alia, that various options granted by the
Company under the Company's Executive Share Option Scheme are
void.

Pan Malaysia informs that the case has now been fixed for
further case management on 2 July 2003.


PILECON ENGINEERING: Provides Default in Payments Details
---------------------------------------------------------
Pilecon Engineering Berhad announced that the Group has
defaulted on its principal and interest servicing obligations
amounting to RM377 million as at 31 December 2002 in respect of
various facilities from a number of financial institutions.
Pursuant thereto, the Company provided the following details, in
compliance with Section 3.1 of Practice Note 1/2001 of the Kuala
Lumpur Stock Exchange's Listing Requirements.

Reason for Default in Interest

The slowdown in the regional economy in general and the
construction, building and property industry specifically has
adversely affected the financial performance of Pilecon. The
decrease in the number of projects secured coupled with thin
margin from projects have resulted in the cashflow generated
from operations was insufficient to service the interest and
principal obligations to the lenders as and when they fall due.

Measures by the Company to address the default in payments

On 21 February 2003, Alliance Merchant Bank Berhad, on behalf of
Pilecon, announced to the Kuala Lumpur Stock Exchange that
Pilecon is implementing a debt restructuring scheme to address
the settlement of its debts to certain lenders and corporate
guarantee creditors (Unsecured Creditors). The proposals
comprise of

   (a) Proposed renounceable two-call rights issue of
399,642,012 new ordinary shares of RM0.50 each in Pilecon
(Pilecon Shares) at a proposed issue price of RM0.50 per new
share on the basis of one (1) new Pilecon Share for each
existing Pilecon Share held, payable in two (2) calls, as
follows:

     * RM0.25, the first call, will be payable in cash upon
application; and

     * RM0.25, the second call, will be payable out of the
Company's share premium account

   (b) The proposed acquisition of a plot of freehold land known
as the Bukit Bayu mixed housing and commercial project developed
at Lot Nos. 11156 and 1570, Mukim of Plentong, District of Johor
Bahru, Johor Darul Takzim by Pilecon from Mahabudi Development
Sdn Bhd (Mahabudi) for a total purchase consideration of RM82
million to be satisfied via the proposed issuance of RM82
million nominal amount of two (2)-year 5% redeemable convertible
secured loan stock series-B at 100% of the nominal amount to
Mahabudi;

   (c) The proposed debt restructuring scheme (PDRS) between
Pilecon and the Unsecured Creditors involving debts amounting to
RM354,264,934, which entails the following:

     (i) The proposed cash settlement amounting to RM80 million
as part settlement of the outstanding indebtedness of Pilecon as
at 31 March 2002;

     (ii) The proposed conversion of part of the outstanding
indebtedness of Pilecon amounting to RM20 million (as at 31
March 2002) into new Pilecon Shares at a conversion price based
on the weighted average price for the five (5) market days
immediately prior to the completion date or the par value,
whichever is higher;

     (iii) The proposed issuance of RM170 million nominal amount
of four (4)-year 5% redeemable convertible secured loan stock
series-A at 100% of the nominal amount to the Unsecured
Creditors, as part settlement of the outstanding indebtedness of
Pilecon as at 31 March 2002; and

     (iv) The proposed issuance of RM34 million nominal amount
of five (5)-year 5% irredeemable convertible unsecured loan
stocks at 100% of the nominal amount to the Unsecured Creditors,
as part settlement of the outstanding indebtedness of Pilecon as
at 31 March 2002.

Financial and legal implications in respect of the default in
payments, including the extent of Pilecon's liability in respect
of the obligations incurred under the agreements for the
indebtedness

The estimated total debt outstanding as at 31 March 2002, in
relation to the payments, which are in default and are the
subject matter of the restructuring scheme is RM354,264,934.
Since Pilecon is either the principal borrower or the guarantor
for these loans, Pilecon is liable for the full amount and any
further interest (save for the proposed interest waiver as
announced on 21 February 2003) and financial cost levied until
the settlement of these debts.

In the event the default is in respect of secured loan stocks or
bonds, lines of action available to the guarantors/security
holders against the Company.

The Guarantors' courses of action against the Company are
provided in the Guarantee Facility Agreement dated 6 April 1994
entered between the Company, Public Bank (as Arranger), the
Several Banks (as Guarantors) and Public Bank Berhad (as
Facility Agent).

In the event the default in payment is in respect of payments
under a debenture, to specify whether the default will empower
the debenture holder to appoint a receiver or receiver and
manager

Not applicable.

Whether the event of default constitutes an event of default
under a different agreement for indebtedness (cross default)

Yes


PILECON ENGINEERING: Proposed Scheme of Arrangement Approved
------------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), on behalf of the Board
of Directors (Board) of Pilecon Engineering Berhad, announced
that the Board had approved a proposed scheme of arrangement
with certain unsecured creditors of Pilecon ("Pilecon Scheme" or
"Proposals").

Order to convene a meeting pursuant to section 176(1) of the
Companies Act 1965

In order to facilitate the implementation of the Pilecon Scheme,
Pilecon has on 21 February 2003, obtained an order pursuant to
section 176(1) of the Companies Act 1965 (Act) from the Kuala
Lumpur High Court to convene a meeting to be held in respect of
a particular class of its creditors comprising certain lenders
and corporate guarantee creditors of Pilecon, excluding its
trade creditors and secured creditors (hereinafter referred to
as the "Unsecured Creditors"), (hereinafter the meeting to be
referred to as "the Pilecon Meeting") and these Unsecured
Creditors which are more particularly defined in the Pilecon
Scheme are hereinafter referred to as "the Unsecured Creditors")
for the purpose of considering and if thought fit approving with
or without modification, the proposed Pilecon Scheme.

Restraining order pursuant to section 176(10) of the Companies
Act 1965

In conjunction with the order to convene the Pilecon Meeting,
the Kuala Lumpur High Court has also, pursuant to section
176(10) of the Act, granted an order to restrain, for a period
of 90 days from 21 February 2003, (Restraining Order) any person
thereby affected, regardless that the person so affected is not
a party to the proceedings in respect of the Restraining Order
or any other related proceedings and had no notice of the
proceedings or of other related proceedings, including any
winding up, execution and arbitration proceedings as well as any
intended or future proceedings.

The salient terms of the proposed Pilecon Scheme are as follows:

   (a) Proposed renounceable two-call rights issue of
399,642,012 new ordinary shares of RM0.50 each in Pilecon
(Pilecon Shares) at a proposed issue price of RM0.50 per new
share on the basis of one (1) new Pilecon Share for each
existing Pilecon Share held, payable in two (2) calls, as
follows:

      * RM0.25, the first call, will be payable in cash upon
application; and

      * RM0.25, the second call, will be payable out of the
Company's share premium account (Proposed Two-Call Rights
Issue);

   (b) The proposed acquisition of a plot of freehold land known
as the Bukit Bayu mixed housing and commercial project developed
at Lot Nos. 11156 and 1570, Mukim of Plentong, District of Johor
Bahru, Johor Darul Takzim by Pilecon from Mahabudi Development
Sdn Bhd (Mahabudi) (Mahabudi Land) for a total purchase
consideration of RM82 million to be satisfied via the proposed
issuance of RM82 million nominal amount of two (2)-year 5%
redeemable convertible secured loan stock series-B (RCSLS-B) at
100% of the nominal amount to Mahabudi (Proposed Acquisition of
Mahabudi Land);

   (c) The proposed debt restructuring scheme (PDRS) between
Pilecon and the Unsecured Creditors involving debts amounting to
RM354,264,934, which entails the following:

     (i) The proposed cash settlement amounting to RM80 million
as part settlement of the outstanding indebtedness of Pilecon as
at 31 March 2002 (Proposed Cash Settlement);

     (ii) The proposed conversion of part of the outstanding
indebtedness of Pilecon amounting to RM20 million (as at 31
March 2002) into new Pilecon Shares at a conversion price based
on the weighted average price for the five (5) market days
immediately prior to the Completion Date or the par value,
whichever is higher (Proposed Debt-to-Equity Conversion).

Completion Date is the date where all required approvals for the
Proposals have been obtained, save for the Kuala Lumpur Stock
Exchange's (KLSE) approval for the listing of and quotation of
new securities to be issued pursuant to the Proposals;

     (iii) The proposed issuance of RM170 million nominal amount
of four (4)-year 5% redeemable convertible secured loan stock
series-A (RCSLS-A) at 100% of the nominal amount to the
Unsecured Creditors, as part settlement of the outstanding
indebtedness of Pilecon as at 31 March 2002 (Proposed Issuance
of RCSLS-A); and

     (iv) The proposed issuance of RM34 million nominal amount
of five (5)-year 5% irredeemable convertible unsecured loan
stocks (ICULS) at 100% of the nominal amount to the Unsecured
Creditors, as part settlement of the outstanding indebtedness of
Pilecon as at 31 March 2002 (Proposed Issuance of ICULS).

All the above proposals are inter-conditional upon each other
and shall be implemented simultaneously via a proposed scheme of
arrangement between Pilecon and the Unsecured Creditors pursuant
to Section 176 of the Act.

The Proposals refers to:

   - Proposed Two-Call Rights Issue;
   - Proposed Acquisition of Mahabudi Land; and
   - Proposed Debt Restructuring Scheme, involving:
   - Proposed Cash Settlement;
   - Proposed Debt-to-Equity Conversion;
   - Proposed Issuance of RCSLS-A; and
   - Proposed Issuance of ICULS.


SAP HOLDINGS: SAPUY Serves Writ of Summons File by Menara Setia
---------------------------------------------------------------
SAP Holdings Berhad (SAP) announced that its subsidiary SAP Ulu
Yam Sdn Bhd (SAPUY) was on 17th February 2003 served with a Writ
of Summons Kuala Lumpur High Court Suit No. D3-22-2111-2002 by
Menara Setia Sdn Bhd (Menara Setia) through its solicitors
Messrs Abu Talib Shahrom & Zahari.

Menara Setia is claiming for the sum of RM1,893,200-14 together
with cost and interest thereon at the rate of eight percent (8%)
per annum from 22nd April 1998 to the date of settlement for the
amount allegedly due for the earthwork carried out under Ulu Yam
Heights Development.

The Company has been advised by its solicitors that the
Plaintiff's claim is liable to be struck off on the ground that
its previous claim against the Company pursuant to a same cause
of action had been struck off with cost by the Kuala Lumpur High
Court on 28th January 2002.


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


METRO PACIFIC: First Pacific OK's Deal
--------------------------------------
Hong Kong-based First Pacific Co. Limited (MPC) has agreed a
deal entered into by unit Metro Pacific Corporation with the
Ayala-Greenfield Development Corporation consortium for the
assumption by the latter of a $90-million MPC loan in exchange
for a 50.4-percent interest in Bonifacio Land Corporation (BLC),
the Philippine Star reports.

MPC currently owns 72.9 percent shareholding in BLC, which in
turn has a 55-percent interest in Fort Bonifacio Development
Corporation (FBDC), which is a joint venture project with the
Philippine government that commenced the redevelopment of a 157-
hectare property known as the Bonifacio Global City.

First Pacific expects the whole transaction to be completed not
later than April 2, 2003.


NATIONAL POWER: Firms Up 68 Supply Contracts With Customers
-----------------------------------------------------------
National Power Corporation has firmed up 68 transition supply
contracts (TSC) with customers as of January 2003, and is
currently working out 18 more, AFX Asia reports.

The power firm has at least 125 customers that include
distribution utilities (DUs), including Manila Electric Co, and
big electric cooperatives (ECs), according to Napocor marketing
and commercial department head Maharlika Ferina.

Of the 125, some 39 have agreed to sign a supplemental
memorandum of agreement (SMOA) instead of a transition deal.

The SMOA's are bilateral agreements entered into by Napocor and
its customers, which are also similar to that of TSC's. The only
difference is the timeframe in which the concerned parties
should firm up the two contracts.

"In TSC, we have to come up with a contract not later than June
2005 unlike the SMOA wherein we can still enter into an
agreement beyond 2005," Ferina explained.


NATIONAL STEEL: NEDA Willing to Grant Tariff Protection
-------------------------------------------------------
The National Economic and Development Authority (NEDA) is
willing to grant a minimal tariff protection to the National
Steel Corporation (NSC) when it goes back on line, Asia Pulse
said on Friday, citing NEDA Director-General and Socio- Economic
Planning Secretary Romulo Neri.

At present, NSC's hot and cold rolled coils have been slapped
with a 7 percent tariff, billets at 3 percent and tinplates at 3
percent.

But Neri stressed, "no amount of tariff protection will resolve
NSC's debt problems."

Interested parties in NSC have pressed for higher tariff
protection as a condition for their actual participation in the
rehabilitation and operation of the Iligan-based Company.



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


CAPITALAND LIMITED: Chinese Unit Enters Liquidation
---------------------------------------------------
The Board of Directors of CapitaLand Limited (CapitaLand)
announced that its indirect subsidiary, Shanghai Bai Ting
Consultant Co., Ltd (Bai Ting), a company incorporated in the
People's Republic of China, has been liquidated.

Bai Ting is a 56 percent owned subsidiary of CapitaLand with the
remaining 44 percent owned by a party unrelated to CapitaLand
Group.

The liquidation of Bai Ting is not expected to have any material
impact on the net tangible assets or earnings per share of
CapitaLand Group for the current financial year ending 31
December 2003.


PACIFIC CENTURY: Liquidates Subsidiary
--------------------------------------
Laurel Park Investments (Mauritius) Ltd, a dormant and wholly
owned subsidiary of Pacific Century Regional Developments
Limited (PCRD), has been dissolved from the Register of
Companies in Mauritius, pursuant to Section 296(7) of the
Companies Act 1984.

According to Wright Investor's Service, at the end of 2001,
Pacific Century Regional Developments Limited had negative
common shareholder's equity of -1.14 billion Singapore Dollars.
This Company's total liabilities are higher than total equity,
which means that the money this Company owes is greater than all
of the assets of the Company.


SEATOWN CORPORATION: Issues Group Performance Update
----------------------------------------------------
Seatown Corporation's principal activities of the Group are:

(a) Piling and foundation engineering

(b) Building, civil engineering and railway contractors.

(c) Manufacturing of ready-mix and precast concrete.

(d) Property development

The principal activities are carried out through the
subsidiaries of the Company to which the Company also provides
management and administrative services.

The group turnover declined from $138,844,000 to S$75,129,000
for the year ended 30 September 2002. The decrease in Group
turnover was mainly due to the competitive and difficult
economic conditions in the construction industry. During the
financial year, the number of projects under construction by the
Group decreased significantly as compared to the previous year.
Four building projects were novated to third parties during the
financial year. The cessation and disposal of the can making
business in the first half of last year also contributed to the
decrease in the turnover. The property development activity has
contributed S$6,116,000 to the turnover as compared with
S$807,000 in the previous year.

Group's financial performance has further deteriorated from
previous year by 520 percent from an operating loss (after tax
before minority interest) of S$12,015,000 in previous financial
year to S$74,515,000 due to the following:

(a) Loss of S$18,135,000 on novations of four building projects
to third parties. The novations were necessitated by the
imminent termination of these contracts by customers as a result
of slow progress of the projects which, had these projects not
been novated, would result in further losses to the Company.

(b) Loss of S$9,604,000 due to costs over-run and S$3,394,000
for liquidated damages incurred as a result of delay in
completion of certain building projects.

(c) Impairment in value of fixed assets amounting to S$9,649,000
comprising mainly from leasehold land of S$2,675,000 and balance
from plant and machinery, vehicles, buildings, office equipment,
furniture and fittings.

(d) Impairment in value of a leasehold industrial land under
development at Tuas amounting to S$5,529,000

(e) Impairment in value of a freehold land in Senai-Kulai,
Johore from S$6,789,000 to S$2,341,000 amounting to S$4,002,000
(after offsetting revaluation reserve of S$446,000) which was
written off to the Profit & Loss Account.

(f) Provision for doubtful debts amounting to S$9,036,000, which
arose mainly from disputes with debtors on works completed.

At Company level, the loss after tax has increased significantly
from a profit of S$1,566,000 from previous financial year to a
loss of S$71,102,000 in the current financial year. The loss in
the current year was mainly due to the provision of impairment
in value of investments in Seatown Construction Pte Ltd and
Seatown Foundation Engineering Pte Ltd amounting to S$46,179,000
resulting from significant losses incurred by these subsidiaries
and questions on the ability of these subsidiaries to continue
as going concerns. The Company has also provided for the
impairment in value of investment in Capital I Sdn Bhd amounting
to S$4,002,000 resulting from devaluation of its freehold land.
In addition, a provision amounting to S$16,688,000 was made in
the Company's financial statements for crystallization of
corporate guarantees issued by the Company in favour of
financial institutions and creditors for facilities given to its
subsidiaries.

The financial statements have been prepared assuming that the
Company and its subsidiaries will continue as going concerns.
The validity of the going concern assumption on which these
financial statements are prepared depends on the successful
conclusions of matters as follows:

(i) The Company and the Group are currently in negotiation with
lenders to reschedule the bank facilities as a result of
defaults in payments and breaches of loan convenants by certain
subsidiaries within the Group.

(ii) The successful implementation of the conditional Investment
Agreement with Hui Yuan Investment Limited which will result in
the restructuring of existing debts of the Seatown Group and the
injection of its business which will broaden the asset base of
the Group.

(iii) Successful turnaround of the Company and its subsidiaries
under Judicial Management upon the implementation of the
conditional Investment Agreement with Hui Yuan Investment
Limited and the successful restructuring of debts of the Seatown
group.

In arriving at the financial results for the current year, the
Company highlighted the following:

(i) Claims by sub-contractors of Seatown Construction Pte Ltd
and Seatown Foundation Engineering Pte Ltd for work performed
differ substantially from the amount provided by these
companies. These amounts will have a financial impact on the
financial results, creditors, work-in-progress and cost of
constructions should the amount agreed subsequently is
substantially more than the amount provided by these companies.
As agreement in final amount cannot be reached currently between
these companies and its sub-contractors, the actual amount of
claims by these sub-contactors cannot be presently determined.

(ii) Due to disagreement with sub-contractors, as well as
premature termination of certain projects, certain projects'
revenues and costs cannot be reasonably ascertained at the date
of this announcement.

(iii) Certain subsidiaries within the Group have defaulted in
payments, breached certain financial covenants of existing loan
agreements that require maintenance of financial ratios. Actions
by lenders may necessitate further provision, which cannot
presently be determined.

(iv) Seatown Construction Pte Ltd is under Judicial Management.

In the event that this subsidiary is unable to complete its last
building project, additional costs and liquidated damages may
have to be provided for which presently cannot be determined.


SEATOWN CORPORATION: Narrows Net Loss to S$11M
----------------------------------------------
Seatown Corporation posted a full-year net loss of S$11 million
versus a net loss of S$72.5 million a year earlier, Channel News
Asia said on Friday. The troubled infrastructure construction
firm was placed under interim judicial management earlier this
month.

The Company lost about S$18 million from having to transfer four
building projects to third parties. It also lost nearly S$10
million in cost over-runs and over S$3 million in liquidated
damages for delays in completing certain building projects.

And it lost a massive S$22 million as the value of its various
assets tumbled. In addition, it has to provide S$9 million for
doubtful debts.


SEATOWN CONSTRUCTION: Unit Enters Judicial Management
-----------------------------------------------------
Seatown Construction Pte Limited's building subsidiary, Seatown
Construction Pte Limited (SCPL) was placed under Judicial
Management on February 7, 2002. SCPL is trying to complete its
last project in a few months time.

Seatown Foundation Engineering Pte Ltd (SFEPL) and SCPL has
signed a conditional Sale and Purchase Agreement to sell SFEPL
to Mr Soh Kian Shang Soh, a Director of SFEPL and the Company.

SFEPL has the following subsidiaries and associate companies:

(a) Seatown Development (Tuas) Pte Ltd Tuas(76 percent)

(b) Seatown-TSO JV Pte Ltd TSO(50 percent)

(c) Cheng Engineering & Equipment Pte Ltd (51 percent)(Dormant)

(d) Seatown-Pyramid Sdn Bhd (100 percent)(Dormant)

SCPL has an option to require Soh to transfer all shares held by
SFEPL in Tuas and TSO back to the Company at nil value. The
parties are in the process of completing the agreement, which is
subjected to SFEPL's creditors, the SGX and the High Court of
Singapore.

Seatown Corporation Limited signed a conditional Investment
Agreement with Hui Yuan Investment Limited on 13 December 2002.
On 20 January 2003, the Company petitioned for a judicial
management order for the implementation of the conditional
Investment Agreement and the restructuring of the debts of the
Company. The hearing of the said petition is fixed on 26
February 2003. Pending the hearing on 26 February 2003, the
Company was placed under Interim Judicial Management on 4
February 2003.

Other than the above, there was no item, transaction or event of
a material and unusual nature, which arose between 30 September
2002 and the date of the announcement of the full year results,
which would substantially affect the results of the Group and
the Company.


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


INTER FAREAST: Submits Audited Annual Instead of Q402 F/S
---------------------------------------------------------
Inter Fareast Planner Company Limited, as the Plan Administrator
of Inter Fareast Engineering Public Company Limited, submitted
its financial statement of the year 2002, instead of submitting
the 4th quarter financial statement of 2002. The certified
public accountant re-examined financial statement.

The Company submitted the annual financial statement for the
reason that preparation time in making financial statement is
shorter.


SIAM AGRO-INDUSTRY: Director Jacques Fragis Resigns
---------------------------------------------------
Siam Agro-Industry Pineapple and Others Public Company Limited
reported that the Board of Directors Meeting No. 1/2003 held on
February 21, 2003, has approved the following:

1. Acknowledged the resignation of the following director:

     Name                     Position

Mr. Jacques Fragis            Director

Effective from February 21, 2003 onwards.

2.  Approved appointment of the following director

Ms. Jamjuree Sirovetnukul     Director, Member of the Audit
                              Committee and Vice Chairman of
                              the Audit Committee

Effective from February 21, 2003 onwards.

According the Wrights Investors' Service, at the end of 2001,
Siam Agro had negative working capital, as current liabilities
were Bt628.65 million while total current assets were only
Bt340.04 million. The company has paid no dividends during the
last 12 months and has not paid any dividends during the
previous 6 fiscal years.


SIAM AGRO-INDUSTRY: SET Lifts "NP" Sign
---------------------------------------
The Stock Exchange of Thailand first posted the "NP" (Notice
Pending) sign on the securities of Siam Agro-Industry Pineapple
and Others Public Company Limited on 22 November 2002 since
SAICO failed to comply with the SET regulation regarding having
a sufficient number of establishing an audit committee.

Saico has now informed the SET that its board of directors
on 21 February 2003 has already established an audit committee.
Therefore, the SET has lifted the "NP" (Notice Pending) sign on
SAICO's securities and replaced it with the "NR" (Notice
Received) sign effective on 24 February 2003.


SINO-THAI RESOURCES: Debt Restructuring Scheme With SCB Approved
----------------------------------------------------------------
Sino-Thai Resources Development Public Company Limited reported
the resolutions adopted at the Board of Directors Meeting No.
1/2003 on February 20, 2003, as follows:

1. Approval of the Board of Directors' report on the Company's
Operating Results for the year ending December 31, 2002 and to
propose the same to the Annual General Meeting of Shareholders
for consideration.

2. Approval of the Balance Sheet and Profit and Loss Statement
for the fiscal period ending December 31, 2002 which have been
approved by the Company's auditor, and to propose the same to
the Annual General Meeting of Shareholders for approval.

3. Approval of the non-issue of year end dividends for 2002 and
to propose the same to the Annual General  Meeting of
Shareholders for approval.

4. Acknowledgment that Mr. Pricha Attavipach, Mr. Sivawong
Changkasiri and Mr. Kierte Eiamsakulrat will retire as directors
by rotation at the Annual General Meeting of Shareholders. Since
Mr. Kierte Eiamsakulrat does not wish to be the director of the
Company for another term,  the Board then propose that the
shareholders consider to appoint Mr. Chavarat Chanvirakul for
the replacement directors and members of the Audit Committee of
the Company for an additional term.

5. The appointment of Mr. Narong Puntawong C.P.A. License No.
3315 and/or Mr. Ruth Chaowanagawi C.P.A. License No. 3247 and/or
Mr. Sophon Permsirivallop C.P.A. License No. 3182 and/or Mr.
Suphachai Panyawatthano  C.P.A. License No. 3930, all of Ernst &
Young Office Limited as auditors of the Company for 2003, and to
determine remuneration of the auditors to be submitted to the
Annual General Meeting of Shareholders for consideration.

6. Proposal that the Annual General Meeting of Shareholders
consider fixing the remuneration of the Board of Directors and
Audit Committee for 2003.

7. Approval of the debt restructuring scheme with the Siam
Commercial Bank Public Company Limited (SCB).


TPI POLENE: Issues Credit Rating Information
--------------------------------------------
TPI Polene Public Company Limited provided additional
information on the Company Credit Rating assigned by TRIS Rating
Co., Ltd. (TRIS), which can be summarized as follows:

1. The Company credit rating will be upgraded to "BBB-" based on
the conditions as the followings:

   1.1 The Company completes its fund raising for new equity of
at least US$180 million.
   1.2 The Company uses all proceeds from new equity to repay,
with 18% discount, US$219 million of existing loans and USD 30
million of accrued interest.
   1.3 The Creditors convert the remaining US$120 million of
accrued interest into equity in the Company.
   1.4 The company's external auditor is able to express his
opinion of the Company's financial statements without material
changes in previously reported financial figures.

2. The company completes its fund raising for new equity of at
least US$375 million.

3. The Company uses all proceeds from new equity to repay US$450
million of existing loans and US$150 million of accrued
interest.

4. The Company's external auditor is able to express his opinion
of the Company's financial statements without material changes
in previously reported financial figures.

Currently, the Company is in the preparation process of equity
fund raising by way of the public offering for the amount of at
least US$180 million at the offering price of Bt17 per share and
the offering period will be on March 19-25, 2003. In case the
Company can complete the equity fund raising as mentioned above,
it is expected that the Company's external auditor is able to
express his opinion of the Company's financial statements and
the Company credit rating will be upgraded to "BBB-", which is
classified as an investment grade.


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.

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