---

       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, March 04, 2003, Vol. 6, No. 44

                         Headlines

A U S T R A L I A

A.I. LIMITED: Incurs Acquisition Loss of More Than $3.5M
CALTEX AUSTRALIA: S&P Ups ST Rating, Revises Outlook to Stable
GOODMAN FIELDER: Takeover Offer Period Extended to Match 28
OBJECTIF TELECOMMUNICATIONS: Creditors Meeting Adjourned
POWERLAN LIMITED: Replies to ASX's Appendix 4C Query

* Queensland Supreme Court Orders Liquidator Appointment


C H I N A   &   H O N G  K O N G

CALMAR TELECOM: Winding Up Petition Hearing Set
CHOI'S BROTHER: Faces Winding Up Petition
INNOVATIVE INT'L: Price, Turnover Movements Unexplainable
KENLY (HK): Reaches Winding Up Petition Settlement Agreement
KIMWELL COMPANY: Petition to Wind Up Pending

LEXCON INVESTMENT: Winding Up Sought by Ambridge Investments
NAM FONG: Requests Suspension of Trading
PCCW LIMITED: Cash Settlement Call Warrants Starts Wednesday
STAR EAST: Considers Possible Fund Raising Exercise


I N D O N E S I A

PAITON ENERGY: Achieves Successful Debt Restructuring


J A P A N

ARABIAN OIL: Narrows FY02 Net Loss to Y1.68B
DAIEI INC.: Unveils Revised Restructuring Plan
HUIS TEN: Mizuho Clarifies Debt Waiver Report
HUIS TEN: Plans to Decide on Sponsor Firms in Six Months
SEGA CORPORATION: Microsoft, Electronic Arts Study Bid

SEIBU DEPARTMENT: Asahi Supports Reconstruction Plan
SEIBU DEPARTMENT: Unlikely to Resort to Industrial Revival Body


K O R E A

CHOHUNG BANK: Minister Jin-Pyo Confirms Bank Sale
DAEWOO ELECTRONICS: ThyssenKrupp France Buys French Plant
HYNIX SEMICON: Infineon Replaces World's No.3 Chipmaker


M A L A Y S I A

ABRAR CORPORATION: Issues Financial Assistance Provision Details
BESCORP INDUSTRIES: Provides Defaulted Payment Status Update
FACB RESORTS: RAM Lowers Bonds 2001/2005 to B1(s) From BB3(s)
GENERAL SOIL: Shareholders OK Appointment of Messrs Horwath
IDRIS HYDRAULIC: KLSE Grants Time Extension for Compliance

KEMAYAN CORP.: Releases Unit's Additional Writ of Summons Info
L&M CORP.: January Defaulted Payment Amounts to RM58,421,758.24
MGR CORP.: Issues Shares as Restructuring Scheme Compliance
PAN PACIFIC: MITI Endorses Proposed Restructuring Scheme
PICA (M) CORP.: Seeks Further Scheme Approval From Creditors

SEAL INCORPORATED: Default in Payment Stands at RM3.06M
SENG HUP: Hires Messrs Shamsir Thornton as Independent Auditor
SIN HENG: Awaits SC's Decision on Audit Firm Appointment Appeal
SPORTMA CORPORATION: Updates Defaulted Credit Facilities Status
SRIWANI HOLDINGS: Proposes Change of Auditors

TIMBERMASTER INDUSTRIES: Hires Monteiro & Heng as Audit Firm
UMW HOLDINGS: Units Under Voluntary Liquidation
UNIPHOENIX CORP.: Defers Proposed Rescue Scheme Application
YCS CORPORATION: Default Interest Payment Down to RM1,980,903.16


P H I L I P P I N E S

CAMP JOHN: Restructures P1.0B Debt
MANILA ELECTRIC: ERC May Approve Unbundling Rate Petition
MANILA ELECTRIC: Shareholders May Lift 10% Stock Ownership Limit
NATIONAL POWER: Cutting 10,000 Workers
NEGROS NAVIGATION: Threatens Libel Suit Vs. Seafarers Group

PHILIPPINE LONG: Stockholders Meeting Set for June 10


S I N G A P O R E

ASIA PULP: Bapepam May Reject Debt Plan
FLEXTECH HOLDINGS: Restructuring Banking Facilities
NEPTUNE ORIENT: Wins Oil Transportation Contract
SEATOWN CORPORATION: Defers Annual Report to Shareholders


T H A I L A N D

BANGCHAK PETROLEUM: 2002 Profit Reaches Bt534M
EASTERN PRINTING: SET Posts `SP' Sign
JASMINE INT'L: Narrows 2002 Operations Net Loss to Bt1,618M
MILLENNIUM STEEL: Omits Dividend Payment, Sets April 8 SGM
SIAM UNITED: No Plans for Dividend Payment Distribution

SIKARIN PUBLIC: Mr Chunhasawaddekul Replaces Director Kraireak
SINO-THAI RESOURCES: Discloses 2002 Rehab Plan Progress Report

     -  -  -  -  -  -  -  -

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


A.I. LIMITED: Incurs Acquisition Loss of More Than $3.5M
--------------------------------------------------------
AiLimited advises that Mr Peter Hutchinson has resigned his
position as Managing Director of the Company. Mr Hutchinson
continues in his role as a non-executive Director. The Company's
Chairman, Mr Stephen Young, has assumed the role of Executive
Chairman.

Further to previous advice that the Company was undertaking a
due diligence programmed with a view to acquiring Precision
Components Australia Pty Ltd, the Company now advises that it no
longer intends to pursue this acquisition.

This decision has been taken for strategic reasons as
aiAutomotive Pty Ltd and Precision Components Australia Pty Ltd
have significant growth opportunities available to them within
the coming year. It has been decided that aiLimited should at
this time dedicate its resources to take advantage of these
immediate opportunities and to maximize the profitability
available from internal growth in both sales and productivity
within its Automotive division.

Shareholders will be aware that aiLimited acquired the assets of
Webb Construction (WA) Pty Ltd from Vysarn Pty Ltd in January
2001. The consideration paid for the assets and goodwill was
$2.4 million, through the issue of 16 million shares to Vysarn
Pty Ltd together with 3 million unlisted 5 year options with an
exercise price of 30 cents. Following the acquisition, Webb
Construction incurred losses in the order of $0.3 million for
the period ended 30 June 2001 and further losses in the order of
$2.0 million for the year ended 30 June 2002. In addition,
aiLimited wrote off goodwill associated with the Webb
Construction acquisition of $1.4 million as at 30 June 2002.

In total, the losses incurred by aiLimited on account of the
Webb Construction acquisition to 30 June 2002 exceed $3.5
million.

The directors not associated with the vendor believe that
aiLimited has a claim against Vysarn Pty Ltd. Over recent months
approaches have been made to Vysarn Pty Ltd to resolve this
claim on a commercial basis. These initiatives have been
rejected. The Company also sought to refer the matter by
agreement to arbitration. However this alternative has also not
been accepted by Vysarn Pty Ltd.

In these circumstances the Company has instructed its solicitors
to prepare a claim against Vysarn Pty Ltd.


CALTEX AUSTRALIA: S&P Ups ST Rating, Revises Outlook to Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed Monday its 'BBB'
long-term corporate credit rating on Caltex Australia Ltd. At
the same time, Standard & Poor's raised its short-term corporate
credit rating on the company to 'A-2' from 'A-3', and revised
the outlook to stable from negative. The rating upgrade and
outlook revision follows the company's improved financial
performance and achievement of significant debt reduction in
fiscal 2002. Free operating cash flow derived principally from
tight capital expenditure controls, and improved working capital
and cost management enabled the company to reduce its net debt
to A$954 million in fiscal 2002, exceeding its targeted debt
level of A$1,075 million. Debt reduction and an improvement in
the company's capital structure were key management objectives
during 2002.

Caltex maintains a leading market position, with about 28% of
the Australian refining, marketing, and distribution industry,
supported by a strong retail network covering all Australian
states. Caltex is expected to move to a more conservative
capital structure, supported by further debt reduction in the
next 12 months from free operating cash flow, and prudent
capital and cost-management policies. Caltex's major medium-term
capital expenditure relates to its estimated A$250 million
investment to improve fuel quality at its refineries in
Queensland and New South Wales to comply with new clean fuel
standards by Jan. 1, 2006. "The clean fuel initiatives may lead
to the closure of one or more competitor refineries in Australia
and limit the availability of compliant regional imported
fuels, but in turn increase utilization and returns for the
remaining domestic refineries," said Peter Stephens, associate
director, Corporate & Infrastructure Finance Ratings. "In its
high capital expenditure years of 2003-2005, Caltex is expected
to generate solid investment grade credit protection ratios,
funding capital expenditure from operating cash flow and, to a
lesser degree, with debt," Mr. Stephens said.

While the ratings on Caltex factor in a degree of credit support
from its 50% owner ChevronTexaco Corp. (AA/Stable/A-1+), a
sustainable improvement in Caltex's credit protection measures
and underlying profitability and returns, in conjunction with a
more conservative capital structure, could limit the negative
rating impact if ChevronTexaco were to reduce its ownership.


GOODMAN FIELDER: Takeover Offer Period Extended to Match 28
-----------------------------------------------------------
Burns, Philp & Company Limited (Burns Philp) refers to the
takeover bid by its wholly owned subsidiary BPC1 Pty Limited
(BPC1), for all the Goodman Fielder Limited (Goodman Fielder)
ordinary shares (the Offer) and the Bidder's Statement for the
Offer dated 19 December 2002 (the Bidder's Statement).

EXTENSION OF OFFER PERIOD

Burns Philp announces that the board of directors has resolved
to extend the offer period. The offer will now close at 7:00pm
(Sydney time) on 28 March 2003.

The formal documents in relation to this extension was lodged
and dispatched on Monday.

CUT-OFF SUPPLEMENTARY BIDDER'S STATEMENT

Burns Philp confirms, as previously announced, that it has
completed the documentation for its external funding for the
bid. Burns Philp is required under the terms of the undertakings
provided to the Takeovers Panel, to provide shareholders with
further information on the terms of these arrangements.

Burns Philp attaches the third (cut-off) supplementary bidder's
statement dated 3 March 2003 (which supplements the Bidder's
Statement, first supplementary bidder's statement dated 3
January 2003 and second supplementary bidder's statement dated
14 January 2003).


OBJECTIF TELECOMMUNICATIONS: Creditors Meeting Adjourned
--------------------------------------------------------
Objectif Telecommunications Limited announces that a meeting of
creditors convened in accordance with Section 439A of the
Corporations Act was held on 27 February 2003.

Creditors present at the meeting unanimously resolved to adjourn
the meeting for a period of up to a maximum of thirty (30) days.
The reason for the adjournment is to allow the Administrators to
pursue and investigate all possible avenues for the future of
the Company.


POWERLAN LIMITED: Replies ASX's Appendix 4C Query
-------------------------------------------------
Powerlan Limited, in reference to Australia Stock Exchange's
facsimile dated 28 February 2003, responded as follows:

1. It is possible to conclude on the basis of the information
provided that if the Company were to continue to expend cash at
the rate for the quarter indicated by the Appendix 4C, the
Company may only have sufficient cash to fund its activities for
less than 1 quarter. Is this the case, or are there other
factors that should be taken into account in assessing the
Company's position?

As previously advised, the negative cash flow is due to
extraordinary payments made in relation to divested businesses
and legacy debts.

These extraordinary payments along with the ongoing operational
expenses will be met from the profitable trading of core
businesses, proceeds still owing to the Company from the sale of
non-core businesses and if required, the Chairman's loan
facility.

2. Does the Company expect that in the future it will have
negative operating cash flows similar to that reported in the
Appendix 4C for the quarter and, if so, what steps has it taken
to ensure that it has sufficient funds in order to continue its
operations of that rate?

Due to the Company's distorted cash flow generated as a result
of software license receipts, that are often paid on a quarterly
or six monthly basis by customers and the legacy debt payments
referred to above in Question 1, the Company does expect to
produce negative operating cash flows from time-to-time. However
the business is profitable, excluding the extraordinary
payments, and it is anticipated these profits, the receipt of
monies still owed to Powerlan from the sale of non-core
businesses and if required, the Chairman's loan facility will
enable the business to continue operating and build on the
recent sales successes.

As an example, in approximately the next 30 to 40 days the
Company expects to receive a $2.8 million software license fee
payment in relation to Clarity software, a $700,000 milestone
payment in relation to Portfolio Manager and a $750,000 license
fee payment in relation to IMX software. These license fees are
in addition to the Company's regular income stream generated by
consulting and implementation fees.

3. Can the Company confirm that it is in compliance with the
listing rules, and in particular, listing rule 3.1?

The Company is of the view that it is compliant with all the
listing rules and in particular listing rule 3.1.

ASX QUERY:

I refer to the Company's Monthly Report in the form of Appendix
4C for the period ended 31 January 2003, released to Australian
Stock Exchange Limited (ASX) on 28 February 2003, (the Appendix
4C).

ASX notes that the Company has reported the following.

1. Receipts from customers of $4,241,000.
2. Net negative operating cash flows for the quarter of
$3,121,000.
3. Cash at end of quarter of $1,552,000.

In light of the information contained in the Appendix 4C, please
respond to each of the following questions.

1. It is possible to conclude on the basis of the information
provided that if the Company were to continue to expend cash at
the rate for the quarter indicated by the Appendix 4C, the
Company may only have sufficient cash to fund its activities for
less than 1 quarter. Is this the case, or are there other
factors that should be taken into account in assessing the
Company's position?

2. Does the Company expect that in the future it will have
negative operating cash flows similar to that reported in the
Appendix 4C for the quarter and, if so, what steps has it taken
to ensure that it has sufficient funds in order to continue its
operations at that rate?

3. Can the Company confirm that it is in compliance with the
listing rules, and in particular, listing rule 3.1?

LISTING RULE 3.1

Listing rule 3.1 requires an entity to give ASX immediately any
information concerning it that a reasonable person would expect
to have a material effect on the price or value of the entity's
securities. The exceptions to this requirement are set out in
the rule.

In responding to this letter you should consult listing rule 3.1
and the guidance note titled "Continuous disclosure: listing
rule 3.1". If the information requested by this letter is
information required to be given to ASX under listing rule 3.1
your obligation is to disclose the information immediately.

Your responsibility under listing rule 3.1 is not confined to,
or necessarily satisfied by, answering the questions set out in
this letter. ASX reserves the right to publish information it
receives.  This letter and your response will be released to the
market. If you have any concerns about your response being
released, please contact me immediately. Your response should be
sent to me on facsimile number (02) 9241 7620. It should NOT be,
sent to the Company Announcements Office.

Unless the information is required immediately under listing
rule 3.1, a response is requested as soon as possible and, in
any event, no later than 4.30pm EDST) on Monday 3 March 2003.
If you are unable to respond by the time requested you should
consider a request for a trading halt in the Company's
securities.


* Queensland Supreme Court Orders Liquidator Appointment
--------------------------------------------------------
The Supreme Court of Queensland on February 28, 2003 made orders
appointing a liquidator to two companies and an unregistered
managed investment scheme that took approximately $3.5 million
from 161 Australian investors.

The Australian Securities and Investments Commission (ASIC)
applied for the orders to wind up Groundhog Developments Pty Ltd
(Groundhog), Enterprise Management Systems (Australia) Pty Ltd
(EMS), and 'The Groundhog Scheme'. The scheme was not registered
as required by the law, and neither Groundhog nor EMS were
licensed to give investment advice or conduct a securities
business.

"Today's orders mean that the people who invested money with
this group will now have the best chance to have some of their
money returned", ASIC Director Enforcement, Mr Allen Turton
said.

"It's very unfortunate that the money available is only a small
portion of the total amount contributed. This situation is a
painful reminder that investors must make sure they're dealing
with licensed, reputable promoters before investing any money",
Mr Turton said.

On 14 June 2001 the Australian Securities and Investments
Commission (ASIC) obtained orders freezing the bank accounts of
both Groundhog and EMS. The liquidator will now be able to take
possession of the money in those accounts, and any other company
assets.

In March and April 2001 Groundhog sought money from Australians
to be used as 'loan funds' for a US company called ISH Holdings
Inc, whose primary activity was apparently purchasing tax
default properties in the American marketplace. ASIC enquiries
found there was no such company incorporated in the US.

The scheme's 161 investors were promised extraordinarily high
returns of 10% per month. People were recruited into the scheme
through 'financial educational seminars' conducted in
Queensland, Victoria and South Australia and also by word of
mouth. Their money was subsequently transferred into a number of
offshore bank accounts.

The companies involved filed affidavits stating that they did
not oppose the orders sought by ASIC and did not wish to appear
at the hearing on Monday. Messrs Ian Richard Hall and David
Laurence McEvoy, of PricewaterhouseCoopers, Brisbane, were
appointed liquidators.


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


CALMAR TELECOM: Winding Up Petition Hearing Set
-----------------------------------------------
The petition to wind up Calmar Telecom (China) Limited is
scheduled for hearing before the High Court of Hong Kong on
March 26, 2003 at 9:30 in the morning.

The petition was filed with the court on February 5, 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.


CHOI'S BROTHER: Faces Winding Up Petition
-----------------------------------------
The petition to wind up Choi's Brother Engineering 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 7, 2003 by Lau
Kwok Wing of Room 3020, Kapok House, Kwong Yuen Estate, Shatin,
New Territories, Hong Kong.


INNOVATIVE INT'L: Price, Turnover Movements Unexplainable
---------------------------------------------------------
The Board of Directors of Innovative International (Holdings)
Limited has noted the recent increase in price and trading
volume of shares of the Company and wishes to state that
the Board is not aware of any reasons for such increases.

Save as disclosed in the announcement of the Company on 30
December, 2002, 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.


KENLY (HK): Reaches Winding Up Petition Settlement Agreement
------------------------------------------------------------
The Board of Directors of Ken Holdings Berhad notified that they
have reached a settlement with the petitioners in respect of a
petition for winding-up against one of its subsidiaries, Kenly
(HK) Limited (Kenly).

DETAILS OF SETTLEMENT

Kenly was incorporated in Hong Kong on 23 March 1993. The
present and authorized share capital of Kenly is HK$5,000,000/-
divided into 5,000,000 ordinary shares of which 3,500,000
ordinary shares have been issued and fully paid. The principal
activity of Kenly is construction, civil engineering and
specialist engineering services.

Kenly had on 21 August 2002 received a Petition for winding-up
filed by a minority shareholder, KHL Projects Limited (KHL) and
a director of Kenly, Mr Cheng Leung Yan who is also a director
of KHL (collectively called "the petitioners") arising from
disputes between the parties.

Ken Holdings Berhad has reached a settlement on 27 February 2003
with the petitioners where they have agreed to dispose off KHL's
400,000 ordinary shares in Kenly, which shall be acquired in the
following manner by the existing shareholders of Kenly namely:

   a. Support Capital Sdn Bhd (SCSB), a wholly-owned subsidiary
of KHB, shall acquire 230,400 ordinary shares for a
consideration of HK$57.60;

   b. Alliance Investment Holdings Limited (AIH) shall acquire
the balance of 169,600 ordinary shares for a consideration of
HK$42.20.

The consideration was arrived at based on a willing buyer
willing seller basis. In addition, KHL shall be entitled to
receive 40% of amounts recovered and received from a debtor of
Kenly but after the gross amount has been deducted of all
expenses and cost incurred in recovery from the said debtor. The
petitioners have further agreed to execute a consent order and
to withdraw the winding-up petition.

In line with the settlement agreement, Ken Holdings Berhad 's
shareholding in Kenly shall be increased from 51% to 57.6%
comprising 740,400 shares (21.2%) in Kenly held by SCSB and
1,275,000 shares (36.4%) in Kenly held by KHB.

FINANCIAL EFFECTS OF THE DISPOSAL

The above settlement is not expected to have a material effect
on the earnings per share and the net tangible assets per share
of Ken Holdings Berhad for the financial year ending 31 December
2003.

SHARE CAPITAL AND SUBSTANTIAL SHAREHOLDERS

The disposal is not expected to have any effect on the issued
share capital and substantial shareholders' shareholdings of Ken
Holdings Berhad.

APPROVAL REQUIRED

The above disposal is not subject to the approval of
shareholders of KHB or any other relevant authorities.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the Directors or Substantial shareholders of KHB or
persons connected to them has any interest, direct or indirect,
in the proposed settlement.

STATEMENT BY DIRECTORS

The Directors of KHB, having considered all aspects of the
settlement and is of the opinion that the disposal is in the
best interests of Ken Holdings Berhad.


KIMWELL COMPANY: Petition to Wind Up Pending
--------------------------------------------
The petition to wind up Kimwell Company Limited will be heard
before the High Court of Hong Kong on March 9, 2003 at 9:30 in
the morning.

The petition was filed with the court on January 21, 2003 by
Shum Wing Yin whose address is Flat B4, 21st Floor, block B, Yan
On Building, 1 Kwong Wah Street, Kowloon, Hong Kong.


LEXCON INVESTMENT: Winding Up Sought by Ambridge Investments
------------------------------------------------------------
Ambridge Investments Limited is seeking the winding up of Lexcon
Investment Limited. The petition was filed on January 30, 2003,
and will be heard before the High Court of Hong Kong on March
26, 2003.

Ambridge Investments holds its registered office at 22nd Floor,
Hutchison House, 10 Harcourt Road, Central, Hong Kong.


NAM FONG: Requests Suspension of Trading
----------------------------------------
Nam Fong International Holdings Limited requested trading in its
shares to be suspended with effect from 9:30 a.m. Monday, March
03, 2003 pending for release of an announcement in relation to
the outcome of the adjourned hearing for the winding-up petition
against the Company.


PCCW LIMITED: Cash Settlement Call Warrants Starts Wednesday
------------------------------------------------------------
PCCW Limited requested market participants to note that dealings
in the 2003 European Style (Cash Settlement) Call Warrants
relating to existing issued ordinary shares of HK$0.25 each of
PCCW Limited issued by SGA Societe Generale Acceptance N.V. will
commence at 9:30 a.m. on Wednesday, 05/03/2003 under the
following particulars:

Stock Code      Stock Short Name        Board Lot
----------      ----------------        ---------
9766            SG-PCCWL@EC0311         1,000 units


STAR EAST: Considers Possible Fund Raising Exercise
---------------------------------------------------
The board of directors of Star East Holdings Limited has noted
the recent increase in the price of the shares of the Company,
and wishes to state that the Board is not aware of any reasons
for such increase.

The Board wishes to state that the Company is currently in
discussions with certain potential business partners in the
People's Republic of China, being independent third parties not
connected with the directors, chief executive, substantial
shareholders of the Company and its subsidiaries and any of
their respective associates, regarding possible cooperation
and/or exploration of business opportunities in entertainment-
related businesses. Such discussions are of a preliminary nature
and no terms have been agreed upon by the parties in relation
thereto. The cooperation and exploration of business
opportunities, if materialized, may or may not constitute a
notifiable transaction of the Company under the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong
Limited. However, such cooperation and exploration of business
opportunities may or may not proceed or materialize. Further
announcement will be made by the Company if and when there is
any significant development.

The Board also wishes to state that the Company is considering
possible fund raising exercise for pursuing business
opportunities. Such fund raising exercise is still under
preliminary evaluation by the Company and no formal agreement
has been made by the Company in relation thereto. Such fund
raising exercise may or may not proceed or materialize. Further
announcement will be made by the Company if and when there is
any significant development.

Shareholders and investors of the Company are reminded to
exercise extreme caution when dealing in the shares of the
Company.

Save as disclosed above, the Board 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.

The Company and its subsidiaries are principally engaged in
entertainment-related businesses, including the production,
distribution and licensing of movies, television series,
documentary and infotainment programmers, the franchising and
operation of theme restaurants under the brand names of "Planet
Hollywood" and "Star East" in Asia Pacific, strategic investment
in M Channel Corporation Limited, talent management, music
production, event production and marketing and property
investment.


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


PAITON ENERGY: Achieves Successful Debt Restructuring
-----------------------------------------------------
PT. Paiton Energy and its senior lenders announced on February
28, 2003 that they successfully completed the restructuring of
Paiton Energy's debt. As part of the debt restructuring, the
Export Import Bank of the United States (USEXIM) provided a
direct loan to the project company in the amount of $381
million, reducing the outstanding loans from a group of 38
international commercial banks. USEXIM along with the Japanese
Bank for International Cooperation (JBIC), Nippon Export and
Investment Insurance (NEXI) of Japan, and the US Overseas
Private Investment Corporation (OPIC), are the four major
lenders to the project.

In addition, commercial banks from the US, Europe, Japan,
Australia and other Asian countries, and bondholders remain as
lenders to the project. As part of the overall debt
restructuring PT. Paiton Energy successfully obtained consents
from bondholders on its US$180mn 9.34% Senior Secured bonds due
2014 on February 14, 2003. Credit Suisse First Boston acted as
solicitation agent with respect to the consent solicitation
process for the bonds. Paiton Energy is a joint venture company
principally owned by Edison Mission Energy and General Electric
Capital of the United States and Mitsui & Co., Ltd. of Japan.

PT. Paiton Energy President Director, Ronald P. Landry said, "We
are delighted to make this announcement and especially pleased
to do so in conjunction with President Megawati's Declaration of
2003 as Indonesia Investment Year. Paiton Energy and its
sponsors are extremely grateful to President Megawati and her
Government for their support in completing the restructuring,
and are particularly appreciative of the efforts of Coordinating
Minister Dorodjatun, Minister of Mines and Energy Purnomo and
PLN President Eddie Widiono."

"The Government of Indonesia understood that future investment
potential is dependent on the treatment received by current
investors and worked with us to find a solution acceptable for
the investors, sponsors and the Indonesian consumers. The result
is an agreement that has won the support of both commercial and
government lenders," he said.

Paiton Swasta I is the first and largest Indonesian IPP Project
with a 1230 MW coal fired power plant in East Java. The project
achieved financial close in 1995 and the plant was commissioned
in 1999 -- at the height of the East Asian financial crisis.
Last year, PLN and Paiton Energy agreed to an Amended Power
Purchase Agreement.

"Paiton Energy is also grateful to the US and Japanese
Governments and other government lenders who supported the
project from the beginning," Landry said. "We are especially
pleased that the United States Government through USEXIM has
become a direct lender to Paiton by injecting $381 million of
fresh financing into the project. We also appreciate the support
of the commercial banks who agreed to remain in the project."

"The entry of USEXIM and continued support and participation of
the key financing agencies of Japan and the United States, JBIC,
OPIC and NEXI, signals the confidence of these agencies in the
economic policies of the Government of Indonesia," said Landry.

Robert M. Edgell, President of Edison Mission Energy Asia,
stated, "The investors in Paiton Energy are extremely pleased
with the successful restructuring of Paiton Energy. This
achievement should send positive signals to the investment
community that Indonesia is an important destination for long
term equity investment."


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


ARABIAN OIL: Narrows FY02 Net Loss to Y1.68B
--------------------------------------------
Arabian Oil Co. incurred a group net loss of 1.68 billion yen
for the business year ending December 31, versus a net loss of
5.91 billion yen in the previous year, Kyodo News said on
Saturday.

The expiration of its concession rights to the Kuwaiti portion
of the Khafji oil fields caused the losses.


DAIEI INC.: Unveils Revised Restructuring Plan
----------------------------------------------
Daiei Inc. will revise its restructuring plan on Wednesday after
failing to deliver its three year restructuring scheme despite
receiving 580 billion yen ($4.93 billion) of financial aid from
UFJ, Mizuho, Sumitomo Mitsui Financial Group Inc. and
Development Bank of Japan, the Financial Times reports.

The retailer has strived to revive its fortunes over the past
year. It has closed stores, sold assets such as hotels, and
brought down its crippling debt.

The Company may appoint as advisor Heihachiro Yoshino, President
of Maruetsu, a supermarket chain in which Daiei has a stake, to
strengthen its operations.


HUIS TEN: Mizuho Clarifies Debt Waiver Report
---------------------------------------------
Mizuho Corporate Bank Limited, subsidiary of Mizuho Holdings,
Inc., addressed media reports on the Company's possible
irrecoverability of claims owing to filing for commencement of
corporate reorganization procedures by Huis Ten Bosch Co., Ltd.

On this matter, some media reported on Wednesday that the
Company already set aside adequate loan-loss reserves against
claims on Huis Ten Bosch Co., Ltd.

Notice is hereby given that Mizuho Corporate Bank, Ltd. will
make a necessary financial preparation against uncovered portion
of the claims in this fiscal year.

This development will have no effect on Mizuho's previously
announced earnings estimate for this fiscal year.

Please direct any inquiries to:

Mizuho Holdings, Inc.                   Public Relations
+81-3-5224-2026

Mizuho Corporate Bank, Ltd              Public Relations
+81-3-5252-6574


HUIS TEN: Plans to Decide on Sponsor Firms in Six Months
--------------------------------------------------------
Huis Ten Bosch Co. plans to decide on sponsor companies within
the next six months and outline a rehabilitation plan, according
to Kyodo News.

The failed theme operator apparently felt the need to move
quickly, taking into consideration the devaluation in assets and
impact on the local economy.


SEGA CORPORATION: Microsoft, Electronic Arts Study Bid
------------------------------------------------------
Microsoft Corporation and Electronic Arts Inc. are separately
looking into the possibility of acquiring all or parts of
troubled video game maker Sega Corporation, the Wall Street
Journal reports.

The two potential suitors have yet to formally discuss the
matter with the Company. Once a leader in the video game
industry, Sega no longer produces its own games and now creates
titles for Sony Corp., Nintendo Co. and Microsoft.


SEIBU DEPARTMENT: Asahi Supports Reconstruction Plan
----------------------------------------------------
The Asahi Bank, Ltd. (President: Yukio Yanase), a wholly owned
banking subsidiary of Resona Holdings, Inc. (Resona HD), has
agreed to the reconstruction plan of The Seibu Department Stores
Group (the Group) based on 'The Guideline for Multi-creditor
Out-of-court Workouts' instituted by Japanese Bankers
Association, and decided to renounce its claims to the Group.
Details are announced as follows:

1. Outline of The Seibu Department Stores, Ltd.

Head office address:  28-1, Minami-Ikebukuro1-chome, Toshima-ku,
Tokyo
Representative:       President:   Yukio Horiuchi
Capital:              8,912 million yen
Line of business:     Department Store

2. Outline of Waiver

Date of waiver                                  March 31, 2003
Amount of waiver                                9.5 billion yen

Other banking subsidiaries of Resona HD, Daiwa Bank, Kinki Osaka
Bank and Nara Bank have no claims to the Company.

3. Impact of This Development on the Earnings Forecast

This development does not affect the previous earnings forecast
of Resona HD for the fiscal year ending March 31, 2003, which
was announced on February 12, 2003.


SEIBU DEPARTMENT: Unlikely to Resort to Industrial Revival Body
---------------------------------------------------------------
Seibu Department Stores Limited will push through its own
rehabilitation program and is unlikely to resort to an
industrial revival body, according to Kyodo News.

Shigeaki Wada, the President of Sogo Inc. who will become
Seibu's special adviser Saturday, also told reporters the Sogo
retail group will integrate operations with Seibu, possibly in
June.


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


CHOHUNG BANK: Minister Jin-Pyo Confirms Bank Sale
-------------------------------------------------
South Korea's new Finance and Economy Minister Kim Jin-Pyo has
confirmed the proposed sale of state-owned Chohung Bank, denying
speculation the plan may be dropped due to strong union
protests, AFP Asia reports.

The South Korean government owns an 80.04 percent stake in
Chohung, the country's oldest lender, which was nationalized in
1998.

Last week, the government replaced accounting firms to conduct
an independent due diligence study on Chohung according to bank
unions' demands.

The Public Fund Oversight Committee selected Shinhan Financial
Group as the preferred bidder in January to acquire the bank.


DAEWOO ELECTRONICS: ThyssenKrupp France Buys French Plant
---------------------------------------------------------
ThyssenKrupp Presta France, a unit of ThyssenKrupp AG, will buy
the buildings at Daewoo Electronics' Fameck plant, AFX Asia
reports, citing ThyssenKrupp Presta France managing director
Jean Arnault.

The television tube factory declared bankruptcy on January 9 and
was damaged by fire later last month.

ThyssenKrupp Presta France recently won new orders for
Volkswagen AG's Passat and signed up in new client, Bayerische
Motoren-Werke AG, the report said.


HYNIX SEMICON: Infineon Replaces World's No.3 Chipmaker
-------------------------------------------------------
Infineon Technologies AG has replaced Hynix Semiconductor Inc.
as the world's third-largest maker of computer-memory chips,
Bloomberg reports, citing iSuppli Corporation analyst Nam Hyung
Kim.

ISuppli's rankings and sales of the ten-largest memory
chipmakers are as follows:

2002 Memory Chip Market Ranking and Sales Company

                         2002 2001 2002      2001
                         Rank Rank Sales     Sales
Samsung Electronics Co.  1    1    $5 Bln    $3.2 Bln
Micron Technology Inc.   2    2    $2.8 Bln  $2.3 Bln
Infineon                 3    4    $2 Bln    $1.2 Bln
Hynix                    4    3    $2 Bln    $1.8 Bln
Nanya                    5    7    $0.8 Bln  $0.3 Bln
Elpida                   6    5    $0.6 Bln  $0.9 Bln
Winbond Electronics Corp.7    11   $0.5 Bln  $0.1 Bln
Mitsubishi Electric Corp.8    8    $0.4 Bln  $0.3 Bln
Mosel Vitelic Inc.       9    10   $0.3 Bln  $0.2 Bln
Toshiba Corp.            10   6    $0.3 Bln  $0.5 Bln

For more information, go to
http://www.siliconstrategies.com/story/OEG20030228S0008

Hynix Semiconductor Inc. said that 50 senior executives tendered
their resignations on Thursday, following shareholder approval
of a bailout plan for the chipmaker, the Troubled Company
Reporter-Asia Pacific reported recently.

The executives decided to resign to show they accept
responsibility for the several trillions of won in deficit the
firm accumulated in recent years.

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


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


ABRAR CORPORATION: Issues Financial Assistance Provision Details
----------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
announced that the relevant information in relation to the
provision of financial assistance pursuant to Practice Note No.
11/2001 in relation to paragraph 8.23 of the Listing
Requirements of the Kuala Lumpur Stock Exchange is as follows:

1.0 AGGREGATE AMOUNT OF FINANCIAL ASSISTANCE

The aggregate amount of advances provided to corporations to
whom the provisions of advances are necessary to facilitate the
ordinary course of business of ACB Group for the 3rd quarter for
the period ended 31 December 2002 was RM8,000.00.

2.0 FINANCIAL IMPACT

The advances provided to the corporations is not expected to
have any material impact on ACB Group.


BESCORP INDUSTRIES: Provides Defaulted Payment Status Update
------------------------------------------------------------
As required by the Kuala Lumpur Stock Exchange Practice Note
1/2001, Bescorp Industries Berhad (Special Administrators
Appointed) provided an update on its default in payment, as
enclosed in http://www.bankrupt.com/misc/TCRAP_Bescorp0304.xls.

The default by BIB as at 31 January 2003 amounted to
RM54,944,764.74 made up of a principal sum of RM32,220,139.42
plus RM22,724,625.32 in interest for revolving credit
facilities.

As at 31 January 2003, the remaining subsidiary companies of
BIB, namely Bescorp Construction Sdn Bhd (In Liquidation),
Bescorp Piling Sdn Bhd (In Liquidation), Bescorp Concrete Sdn
Bhd (In Liquidation), Bespile Sdn Bhd (In Liquidation), Farlil
Sdn Bhd (In Liquidation) and Waktu Cerah Sdn Bhd, defaulted on a
total sum of RM98,067,144.65 made up of a principal sum of
RM60,905,258.44 plus RM37,161,886.21 in interest for revolving
credit facilities, term loan, banker's acceptance, hire purchase
and lease facilities, and RM58,359,397.05 for overdraft
facilities.

There were no further developments since the previous
announcement with regard to this Practice Note.


FACB RESORTS: RAM Lowers Bonds 2001/2005 to B1(s) From BB3(s)
-------------------------------------------------------------
On 12 April 2001, Facb Resorts Berhad had issued RM420.0 million
nominal value Bonds 2001/2005 and Abrar Discounts Berhad
(Bondholders) is currently the sole bondholder for the entire
Bonds 2001/2005.

The Board of Directors of FACB wishes to announce RAM's decision
to downgrade the Bonds 2001/2005 from BB3(s) to B1(s).

Pursuant to Clause 9.1 (m) of the Trust Deed dated 19 March 2001
entered into between the Company and PB Trustee Services Berhad
in respect of the Bonds 2001/2005, the Company is required to
ensure that the rating for the said Bonds 2001/2005 is
maintained at a minimum rating of "BB3" or its equivalent.

However, the Bondholder has granted their indulgence until 30
June 2003 in respect of the said requirement vide its letter
dated 24 February 2003.


GENERAL SOIL: Shareholders OK Appointment of Messrs Horwath
-----------------------------------------------------------
The Board of Directors of General Soil Engineering Holdings
Berhad is pleased to announce that all the resolutions tabled at
the Sixth Annual General Meeting held on February 28, 2003 were
approved by the shareholders and amongst them, the resolution on
the appointment of Messrs Horwath as the Auditors of the Company
in place of the retiring Auditors, Messrs Horwath Mok & Poon.

The Board of Directors of the Company announced that it had on
26 February 2003 submitted an application to the Kuala Lumpur
Stock Exchange for an extension of time for a further three (3)
months until 31 May 2003, to release the Requisite Announcement.


IDRIS HYDRAULIC: KLSE Grants Time Extension for Compliance
----------------------------------------------------------
On behalf of Idris Hydraulic (Malaysia) Bhd (IHMB), Commerce
International Merchant Bankers Berhad (CIMB) on 19 February 2003
announced that Securities Commission (SC) had via its letter
dated 17 February 2003, approved the variation to the
implementation method of the issuance of 150,000,000 new
ordinary shares of RM1.00 each (Newco Shares) in Idaman Unggul
Sdn Bhd (Newco) in two tranches comprising 28,300,207 Newco
Shares and 121,699,793 Newco Shares, to one tranche comprising
the entire 150,000,000 Newco Shares which will result in Newco
not complying with the public spread requirement at the time of
issuance of the entire 150,000,000 Newco Shares. However, the
approved variation is subject to the condition that Newco
obtains the approval of Kuala Lumpur Stock Exchange (KLSE) for
the listing of Newco Shares on the KLSE, and if the KLSE
approval is obtained, that Newco will meet the public spread
requirement within six (6) months from the date of the listing
mentioned.

On 26 February 2003, CIMB announced on behalf of IHMB that KLSE
had via its letter dated 25 February 2003 granted an extension
of time to comply with the public shareholding spread
requirement as provided in Paragraph 8.15 of the Listing
Requirements of the KLSE (Extension of Time for Compliance)
subject to certain conditions as set out in the announcement
dated 26 February 2003. The Extension of Time for Compliance is
for a period of six (6) months commencing upon issuance of the
Newco Shares arising from the Proposed Share Exchange, Proposed
Shares Subscription and the Proposed Issue of Yield Shares
pursuant to the Proposed Restructuring Exercise.

Other than the above, there is no change to the status of the
Proposed Restructuring Exercise.


KEMAYAN CORP.: Releases Unit's Additional Writ of Summons Info
--------------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad announced
the following additional information in respect of the Writ of
Summons served on subsidiary, Alrosa Sdn Bhd (formerly known as
Kemayan Industries Sdn Bhd) (ALROSA):

1. The details of the default or circumstances leading to the
filing of the writ of summons against ALROSA.

The claim is in respect to banking facilities amounted to
RM4,000,000.00 provided by RHB Bank Berhad (formerly known as
DCB Bank Berhad) to ALROSA as per Letter of Offer dated 25
October 1996, in which ALROSA has defaulted the payment of
RM2,995,450.99 as at 31 December 2002 as claimed by RHB Bank
Berhad.

2. The operational and financial impact on the group, if any,
arising from the writ of summons against ALROSA;

3. The expected losses, if any, arising from the writ of summon
against ALROSA.

The solicitor is in the process of evaluating the case. As the
Court has not adjusted the claim, there is no immediate loss as
at this stage except for legal fee to be incurred in defending
the claim.


L&M CORP.: January Defaulted Payment Amounts to RM58,421,758.24
---------------------------------------------------------------
The Special Administrators of L & M Corporation (M) Bhd informed
that the total default payments to financial institutions, in
respect of various credit facilities granted to its subsidiary
company, L & M Geotechnic Sdn Bhd, based on the latest available
information provided by financial institutions as at 31 January
2003 was RM58,421,758.24.

As announced earlier, the Foreign Investment Committee and the
Ministry of International Trade and Industry have approved the
Proposed Corporate and Debt Restructuring Scheme ("Proposed
CDRS"). L&M is currently awaiting the approval on its Proposed
CDRS and the application for a waiver from Mandatory General
Offer obligation in respect of the Proposed CDRS from the
Securities Commission.

Remarks: Default payments are not reported in respect of certain
subsidiaries and L&M, which are either in liquidation or under
special administration.


MGR CORP.: Issues Shares as Restructuring Scheme Compliance
-----------------------------------------------------------
Further to the announcement dated 5 February 2003, AmMerchant
Bank Berhad, on behalf of MGR Corporation Berhad (Special
Administrators Appointed), announced that the following
instruments of Crest Builder Holdings Berhad (CBHB) have been
allotted/issued pursuant to the Restructuring Scheme of MGR on
25 February 2003:

   (i) 2,512,500 new ordinary shares of RM1.00 each in CBHB
(CBHB Shares) to the shareholders of MGR pursuant to the
acquisition by CBHB of the entire issued and paid-up share
capital of MGR;

   (ii) 92,727,000 new CBHB Shares to the vendors of Crest
Builder Sdn Bhd (CBSB) pursuant to the acquisition by CBHB of
the entire issued and paid-up share capital of CBSB as set out
in Table 1 at http://www.bankrupt.com/misc/TCRAP_MGR0304.pdf.

A total of 3,000,000 CBHB Shares will be subsequently
transferred by Yong Soon Chow, a vendor of CBSB, to Commerce
Approach Sdn Bhd (Commerce Approach), a nominee of Messrs
Horwath (formerly known as Messrs Horwath Mok & Poon) (Messrs
Horwath) who is in turn, an agent for the creditors of MGR (MGR
Creditors) as part settlement of the amount owing by MGR to the
MGR Creditors;

   (iii) RM18,500,000 nominal value of 3-year 3%-7% irredeemable
convertible unsecured loan stocks 2003/2006 (ICULS) at 100% of
the nominal value of RM1.00 each to Commerce Approach, a nominee
of Messrs Horwath who is in turn, an agent for the MGR Creditors
as part settlement of the amount owing by MGR to the MGR
Creditors; and

   (iv) RM10,000,000 nominal value of 5-year 1%-9% redeemable
convertible unsecured loan stocks 2003/2008 (RCULS) at 100% of
the nominal value of RM1.00 each to Commerce Approach, a nominee
of Messrs Horwath who is in turn, an agent for the MGR Creditors
as part settlement of the amount owing by MGR to the MGR
Creditors.


PAN PACIFIC: MITI Endorses Proposed Restructuring Scheme
--------------------------------------------------------
Pan Pacific Asia Berhad refers to its earlier announcements
dated 17 December 2002, 19 December 2002 and 10 February 2003 on
the Proposed Restructuring Scheme, consisting Proposed Capital
Reduction and Consolidation; Proposed Debt Restructuring; and
Proposed New Business.

Further to those announcements, PPAB announced that the Ministry
of International Trade and Industry had vide its letter dated 27
February 2003 approved the Proposed Restructuring Scheme of
PPAB. The subsidiaries of PPAB, namely, Kawood Sdn Bhd (in
receivership), Leaderade Sdn Bhd and Jafuong Plywood Corporation
Sdn Bhd (in receivership and liquidation), are required to
surrender their respective manufacturing licenses back to the
Malaysian Industrial Development Authority.


PICA (M) CORP.: Seeks Further Scheme Approval From Creditors
------------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad
wishes to make the following announcement for public release:

Further to the Company's announcement on Practice Note 4, the
Company, on 27.2.2003 has requested for an extension from Kuala
Lumpur Stock Exchange (KLSE) to make the requisite announcement,
through its merchant banker CIMB. Currently, the Company has
obtained approval in principal from majority of the creditors
representing approximately 97% of the total outstanding debts,
to participate in the Scheme. The Company is in the midst of
discussion to obtain further approval from the rest of the
creditors.


SEAL INCORPORATED: Default in Payment Stands at RM3.06M
-------------------------------------------------------
Seal Incorporated Berhad informed that there had been no new
developments in relation to the default in payment of the
principal and/or interest of the bank borrowings of Seal
Incorporated Berhad and its subsidiaries (Group) since the
announcement dated 30 January 2003. As at 28 February 2003, the
Group's total default in payments to financial institutions in
respect of various credit facilities is RM3.06 million.

Early January, the Troubled Company Reporter - Asia Pacific
reported that as at 30 December 2002, the Group's total default
in payments to financial institutions in respect of various
credit facilities is RM2.92 million.


SENG HUP: Hires Messrs Shamsir Thornton as Independent Auditor
--------------------------------------------------------------
Reference is made to the announcement made on 30 December 2002
by AmMerchant Bank Berhad on behalf of Seng Hup Corporation
Berhad (Special Administrators Appointed), relating to the
Securities Commission's (SC) approval for the Proposed
Restructuring Exercise vide its letter dated 26 December 2002
wherein the SC's approval was subject to, inter-alia, the
appointment by the Company of an independent audit firm within
two (2) months from the date of the SC's approval letter to
conduct an investigative audit on the company.

In this regard, AmMerchant Bank, on behalf of the Company, is
pleased to announce that the Company has appointed Messrs.
Shamsir Jasani Grant Thornton as the said independent audit firm
on 26 February 2003.


SIN HENG: Awaits SC's Decision on Audit Firm Appointment Appeal
---------------------------------------------------------------
Sin Heng Chan (Malaya) Berhad (Special Administrators Appointed)
refers to the announcements made on 31 January 2003 where it was
stated that the Company had submitted an appeal to the
Securities Commission (SC) on certain conditions imposed by the
SC in approving the Proposals. One of the conditions appealed by
the Company is on the requirement for SHCM to appoint an
independent audit firm to conduct an investigative audit within
two (2) months from the date of the SC's approval letter dated
27 December 2002. The Company is currently awaiting the decision
of the SC concerning this matter.

An announcement on the outcome of the appeal on the conditions
imposed by the SC in approving the Proposals will be made in due
course.

The Company also announced that there is no change in the status
of the Company's plan to regularize its financial condition
since it's last announcement on 30 August 2002. The relevant
authorities namely Securities Commission (SC), Ministry of
International Trade and Industry (MITI) and Foreign Investment
Committee (FIC) have given their conditional approval to the
Proposal. On behalf of the Company, Southern Investment Bank
Berhad had on 27 January 2003 submitted an appeal to the
Securities Commission (SC) for the waiver of certain conditions
imposed. Any further developments to the restructuring scheme
will be informed in due course.


SPORTMA CORPORATION: Updates Defaulted Credit Facilities Status
---------------------------------------------------------------
As required by the KLSE Practice Note 1/2001, Sportma
Corporation Berhad (Special Administrators Appointed) provided
an estimate of its default in payment as at 31 January 2003, as
attached in Appendix A found at
http://www.bankrupt.com/misc/TCRAP_Sportma0304.xls.

The total default by Sportma on the principal sum plus interest
as at 31 January 2003 amounted to RM229,215,317.87. Sportma in
respect of revolving credit facilities, trade financing and
overdraft utilizes the default payment.

There is no further default of payment by the Company, save as
discussed above, since the previous announcement with regard to
this Practice Note.


SRIWANI HOLDINGS: Proposes Change of Auditors
---------------------------------------------
Sriwani Holdings Berhad announced that it had received a Notice
of Nomination pursuant to Section 172(11) of the Companies Act,
1965, from a shareholder of the Company, for the nomination of
Messrs. Ernst & Young as Auditors of the Company.

Accordingly, the Board of Directors hereby proposes the change
of auditors of SHB from Messrs. Arthur Andersen & Co to Messrs.
Ernst & Young at a General Meeting to be convened.


TIMBERMASTER INDUSTRIES: Hires Monteiro & Heng as Audit Firm
------------------------------------------------------------
Timbermaster Industries Bhd (Special Administrators Appointed)
refers to the announcement dated 7 February 2003 and paragraph
5(vi) of the Securities Commission's approval letter pertaining
to the appointment of an investigative auditor for the Company.

On behalf of TMIB and the Vendors, Aseambankers Malaysia Berhad
wishes to announce that TMIB has appointed Monteiro & Heng as
the independent audit firm to carry out an investigative audit
on the past business losses of TMIB.


UMW HOLDINGS: Units Under Voluntary Liquidation
-----------------------------------------------
UMW Holdings Berhad announced that its dormant wholly-owned
subsidiaries incorporated in Malaysia, i.e., Ulu Balung Estate
Sdn Bhd and Up-Country Farming Sdn Bhd, are being placed under
members' voluntary liquidation in order to save costs in
maintaining the companies further.

The above subsidiaries had appointed on February 28, 2003 Mr Lim
Tian Huat and Encik Adam Primus Varghese bin Abdullah of Messrs
Ernst & Young as Liquidators, for purposes of the above
liquidation.

Other than the liquidation expenses, there is no material impact
on the net tangible assets and earnings per share of the Group
arising from the liquidation.

UMW Industries Pte Ltd was a dormant company and voluntary
liquidation proceedings had been initiated earlier in order to
save costs in maintaining the company further.


UNIPHOENIX CORP.: Defers Proposed Rescue Scheme Application
-----------------------------------------------------------
Uniphoenix Corporation Berhad refers to the announcement made on
behalf of the Board of Directors of UCB on 16 January 2003 in
relation to the Proposed Rescue Scheme, which included, inter-
alia, the intention of the Company to submit the application to
the relevant authorities by 28 February 2003.

The Company and Irama Spektrum Sdn Bhd had mutually agreed to
defer the application to the authorities pending finalization of
some information to be included with the abovementioned
application.

The application to the SC will be made within one (1) month from
28 February 2003.


YCS CORPORATION: Default Interest Payment Down to RM1,980,903.16
----------------------------------------------------------------
As required by Kuala Lumpur Stock Exchange Practice Note 1/2001,
YCS Corporation Berhad informed that there is no further
development since its previous announcement other than that the
outstanding interest amount has been brought down to
RM1,980,903.16 as at 28th February 2003.

COMPANY PROFILE

The Company's (YCS) early operations as a construction company
involved primarily earthworks and the construction of highways
and bridges. Engineering activities subsequently diversified to
include construction of housing projects, commercial and
industrial buildings as well as low to high-rise office and
residential buildings, piling/foundation works, main drainage
works and other related civil engineering works. YCS is
registered as a Class A contractor, enabling it to tender for
government projects of any size. Private corporations contribute
the major portion of YCS's sales turnover. Contracts are
predominantly located within the Klang Valley, Selangor and the
southern region of Peninsular Malaysia covering Negeri Sembilan,
Malacca and Johor.

In 1999, the Company proposed a restructuring scheme involving a
capital reduction, rights issue, scheme of arrangement and
compromise repayment, acquisition of Energy Park Sdn Bhd (EPSB),
disposal of Subang Twin Business Centre, share issue and
increase in authorized share capital. Apart from the acquisition
of EPSB, the Group proposed to acquire Arau Villa Sdn Bhd
(AVSB). The acquisition of AVSB will provide the Group with an
opportunity to maintain itself as a major property developer in
the UEP Subang Jaya area. By end of 2000, the Group has
substantially implemented the proposals under the scheme. The
Group has substantially diversified operations to property
investment holding and property development with the acquisition
of these two companies.

CONTACT INFORMATION: Unit A-3-1, Wisma HB
           Megan Phileo Avenue
           No.12, Jalan Yap Kwan Seng
           50450 Kuala Lumpur
           Tel : 03-2613633;
           Fax : 03-2625633


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


CAMP JOHN: Restructures P1.0B Debt
----------------------------------
Camp John Hay Development Corporation will restructure its 1.1
billion pesos debt and keep its leisure complex north of Manila
open, Dow Jones reports, quoting BCDA President Rufo Colayco.

The Company will repay its outstanding rent and fees on the
former U.S. military site. The restructuring deal will be signed
on March 4. Colayco refused to divulge further details of the
deal.

John Hay Development Corporation has blamed its failure to pay
any rent on the property since 1999 on faltering sales thanks to
the Asian financial crisis. It has already invested more than 2
billion pesos in the project. Lease rental on the property
stands at 425 million pesos a year.

The BCDA is the government agency that overseas the
redevelopment of former military bases. Camp John Hay is a
former U.S. military rest and recreation center in the mountain
resort city of Baguio.


MANILA ELECTRIC: ERC May Approve Unbundling Rate Petition
---------------------------------------------------------
The Manila Electric Co. (Meralco) expects a favorable decision
on its unbundling rate petition with the Energy Regulatory
Commission (ERC) that will keep the distribution-utility firm
financially viable, the Manila Times said, citing its President
Jesus Francisco.

ERC is set to approve the unbundling rate petition next week,
extended from the original deadline last month, if it found no
further legal impediments. ERC Commissioner Leticia Ibay said
that ERC would approve a lower rate than Meralco's proposed 1.12
pesos per kWh power rate increase.

Meralco's unbundling rate petition is composed of average rate
increase of P1.12 per kWh, which includes consolidated petitions
on unbundling of rates and electricity rate increase petition.
Of the total, the unbundling rate accounts for an average of
P0.82 per kWh increase while the power rate increase petition
accounts P0.30 per kWh.

Rate unbundling is aimed at attaining transparency in the
pricing of electricity.

In the light of the Supreme Court's ruling on overcharging, they
order the power firm to refund 28 billion pesos to its
customers. The power firm is likely to face a financial
difficulty once the SC refund decision becomes final and
executory.


MANILA ELECTRIC: Shareholders May Lift 10% Stock Ownership Limit
----------------------------------------------------------------
Manila Electric Co. (Meralco) is planning to obtain an approval
from shareholders to lift the 10 percent stock ownership limit,
DebtTraders reports. The court is reviewing its ruling that
Meralco has to refund 28 billion pesos ($515 million) to its
clients. DebtTraders believe the Philippine government will
eventually figure out a way to resolve the country's power
problem.


NATIONAL POWER: Cutting 10,000 Workers
--------------------------------------
Around 8,500 permanent employees and 1,500 non-plantilla workers
of the National Power Corporation (NPC) were given Friday their
walking papers as part of the final phase of the initial
restructuring plan, the Malaya Newspaper reports.

But around 4,000 of them will be re-hired to ensure that there
will be no disruption in the provision of electricity services.


NEGROS NAVIGATION: Threatens Libel Suit Vs. Seafarers Group
-----------------------------------------------------------
Negros Navigation Co. (Nenaco), a unit of Metro Pacific
Corporation, will file a multi-million-dollar criminal and civil
case against the United Filipino Seafarers Inc. (UFS) for
allegedly destroying the shipping firm's public reputation, the
Manila Times reports.

Lawyers of Nenaco demand that the UFS should make a public
apology through advertisements in all the leading newspapers in
the country.

UFS said Nenaco engaged itself in so-called "creative
accounting" to virtually mislead the public by "doctoring"
financial statements it submitted to the Securities and Exchange
Commission. In reality, UFS said, Nenaco is "hemorrhaging."

UFS also alleged that Nenaco has not been paying its trade
suppliers in Iloilo, Zamboanga and Manila, with debts having
accrued to 17 million pesos.


PHILIPPINE LONG: Stockholders Meeting Set for June 10
-----------------------------------------------------
The Philippine Long Distance and Telephone Co. advised that the
Annual Meeting of Stockholders of the Company would be held on
June 10, 2003 (the second Tuesday of Juneas provided in the
Company's By-laws) at 4:00 o'clock P.M. at the Grand Ballroom,
Dusit Hotel Nikko, Ayala Center, Makati City, Philippines.

We enclose a copy of the resolution, fixing April 11, 2003 as
the record date for the determination of stockholders entitled
to notice of and to vote at the Annual Meeting.


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


ASIA PULP: Bapepam May Reject Debt Plan
---------------------------------------
In Indonesia, Asia Pulp & Paper's debt restructuring plan to
export credit agencies may be rejected by stock market regulator
Bapepam, DebtTraders reports. A plan to set up a trading company
to oversee the flow of raw materials and marketing of products
was rejected last month due to the protection of minority
shareholders' interest.

The debt plan includes a possible issue of notes convertible
into three-quarter of Asia Pulp & Paper's enlarged capital of
its four operating subsidiaries in the event of default.

Asia Pulp, owned by Indonesia's Sinar Mas Group, defaulted on
more than $13 billion of debt almost two years ago as a result
of expansion that led to a liquidity crunch amid a slump in pulp
prices. PT Purinusa Eka Persada, a holding Company, holds its
Indonesian units. The units are PT Indah Kiat Pulp & Paper, PT
Tjiwi Kimia, PT Pindo Deli and PT Lontar Papyrus.


FLEXTECH HOLDINGS: Restructuring Banking Facilities
------------------------------------------------------
Flextech Holdings Limited announced:

1. On 23 September 2002, Flextech Holdings Limited (FHL)
announced that it is undertaking a comprehensive review and
restructuring of the business, operations and borrowings of the
Company, its subsidiaries and its principal associated companies
(FHL Group). As one of the initiatives of the said
restructuring, additional and/or replacement loan facilities for
the FHL Group's working capital requirements (the New Lendings)
are to be secured. FE Global Electronics Pte Ltd FEG and three
of its subsidiaries (collectively, the FEG Group) are FHL Group
entities for which the New Lendings are to be secured. FEG is
the principal operating subsidiary of the Company.

2. The Company announced that it has reached an understanding
with the bankers of the FEG Group to restructure the banking
loans of the FEG Group Restructuring. A term sheet setting out
the general understanding of the parties with regards the
principal terms of the FEG Group Restructuring was, on 28
February 2003, confirmed by the bankers of the FEG Group, being
ABN AMRO Bank N.V., Malayan Banking Berhad, Oversea-Chinese
Banking Corporation Limited, Standard Chartered Bank and United
Overseas Bank Limited (collectively, the FEG Group Bankers).
Subject to full legal documentation to be prepared and executed
by the FEG Group and the FEG Group Bankers, the proposed
principal terms of the FEG Group Restructuring are as follows:

2.1 The total principal bank debt of the FEG Group comprising
approximately US$0.8 million; NTD35.0 million and S$26.0 million
(totaling approximately S$29.2 million) shall be partially
repaid with an initial payment of S$3.7 million (the Initial
Payment) to the FEG Group Bankers on a pro rata basis on
completion of the definitive documentation. After the Initial
Payment, the resulting principal amount outstanding would be
approximately S$25.5 million (the Resultant Loan). The Resultant
Loan will be maintained in its original borrowing currency.

2.2 In consideration of the Initial Payment and a fixed and
floating charge over all the assets of the FEG Group, with
certain excluded assets to be given in favor of the FEG Group
Bankers, the Resultant Loan will be restructured so that it will
be repayable over 3 years. At the end of the 3 years, at the
request of FEG and subject to the approval of each individual
FEG Group Banker, the respective final repayment amounts payable
to the FEG Group Bankers may be refinanced for a further 2 years
or such other period, and on such terms and conditions as may be
agreed between the FEG Group and the respective FEG Group
Bankers. The Initial Payment is to be made no later than 31 July
2003 and the repayment of the Resultant Loan shall be made on a
quarterly basis from 31 December 2003 with the final repayment
to be made by 31 December 2005 (unless otherwise extended).

2.3 Interest will be payable on the outstanding bank debt amount
on a quarterly basis at the same time as repayment of the bank
debt is made. The interest rates per annum from the 1st to the
3rd year of repayment range from SIBOR, SWAP Offer Rate or LIBOR
(whichever is applicable) plus 3 percent to 3.5 percent.
2.4 The payment proposal also incorporates an early repayment
mechanism to apply any cash in excess of FHL Group's operational
requirements and planned commitments (the Surplus Cash) to the
repayment of the Resultant Loan in inverse order of maturity.
Determination of the Surplus Cash shall be carried out on a
half-yearly basis, in the months of January and July of each
year, based on the preceding 6 months' historical data. The
first computation will commence on January 2004 for the period
ended 31 December 2003. The computation is to be certified by
FEG's auditor, based on an agreed formula, which is subject to
annual review, provided that the FEG Group Bankers and the FEG
GROUP to be effective must first agree upon any variation or
adjustment to the formula.

3. Moving forward, the documentation for the FEG Group
Restructuring will be prepared. Subject to the full legal
documentation being prepared to the parties' satisfaction, it is
envisaged that the signing of the documentation should take
place within the next few months. FHL will continue to update
its shareholders on the status of the FEG Group restructuring,
as may be appropriate or required.


NEPTUNE ORIENT: Wins Oil Transportation Contract
------------------------------------------------
Neptune Orient Lines (NOL) announced that its oil transportation
Company American Eagle Tankers (AET) has won a long term
contract to transport fuel from Venezuela to Asia.

NOL Chairman Cheng Wai Keung said the Company has won the tender
to transport orimulsion, a bitumen-based fuel, for Bitor, a
subsidiary of the Venezuelan national oil Company, PDVSA, for
delivery to Singapore power Company Power Seraya.

The contract is for seven years with an option for a three-year
extension and requires a fleet of five VLCCs to transport the
fuel from Venezuela to Singapore and other parts of Asia. The
value of the contract is in the order of US$220 million.

As a consequence of the extra business, the Company has
committed to expand its fleet of VLCCs by three ships.

"A fleet of five VLCCs is needed to meet the customer's volume
and quality requirements," Mr Cheng said. "We negotiated with
Far Eastern shipyards last year to book capacity to build an
additional three VLCCs with the possibility of winning this
tender in mind."

Delivery of the vessels is due from the end of 2004 through to
the beginning of 2005.

AET's President and CEO, Joseph Kwok highlighted that the
contract made use of otherwise unused capacity in the backhaul
transportation leg from the Americas to Asia. "We are able to
fully utilize capacity on both legs of the journey, so, instead
of returning empty back to Asia, the vessels will be earning
revenue."

Mr Kwok said the contract is due to begin in the second half of
2004 with AET's two current VLCCs, the Eagle Vermont and the
Eagle Virginia, also being deployed to service the contract.

Because the start date for the contract is 2004, there will be
no impact on NOL's net tangible asset (NTA) value or earnings
per share (EPS) in 2003.

According to The Troubled Company Reporter-Asia Pacific, Neptune
Orient Lines Limited aims to return to profitability this year.
The Company reported a net loss of US$109 million in 2002 and
expects cost savings of up to US$200 million for this year.

The Company confirmed that 350 people would be laid off in 2003,
while the group was making a provision for severance for the
rest of the staff, which may come from the sale of its
businesses.

Media inquiries
Sarah Lockie
+65-6371-5022
sarah_lockie@nol.com.sg


SEATOWN CORPORATION: Defers Annual Report to Shareholders
---------------------------------------------------------
The Directors of Seatown Corporation Ltd announced that pursuant
to an application made to the Singapore Exchange Securities
Trading Limited (SGX-ST), the SGX-ST has granted an extension of
time of up to 31 May 2003 for the Company to comply with Rule
707(1) of the Listing Manual in relation to the release of the
annual report to shareholders and the SGX-ST subject to further
approval by the Registry of Companies and Businesses.

The delay was due to a shortage of manpower, especially those
from the accounting departments, which has caused delays in
closing the monthly management accounts and the late notice of
resignation from the existing auditors, which was received on
January 7, 2003.

Further to the announcement issued by the Board of Directors of
Seatown Corporation Ltd on January 23, 2003, the High Court of
Singapore made the following orders on February 26, 2003.

(a) Seatown Corporation Ltd be placed under judicial management.

(b) Mr Nicky Tan Ng Kuang of Tan Corporate Advisory Pte Ltd be
appointed as the Judicial Manager of Seatown Corporation Ltd.


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


BANGCHAK PETROLEUM: 2002 Profit Reaches Bt534M
----------------------------------------------
According to the Stock Exchange of Thailand's regulations
related to Preparation and Filing of Financial Statements and
Reports concerning Financial Status and Results of Business
Operations of Listed Companies", the listed company is required
to file an audited Financial Statements within 60 days following
the end of each accounting period (in case that the listed
company does not submit financial statements for quarter 4). And
the listed company shall give reasons for the variation to SET,
where the results of business operations in accordance with the
profit and loss account varies more than 20 percent from that
of the same period of the preceding year.

In compliance with this regulation, The Bangchak Petroleum
Public Company Limited (BCP) filed its audited Financial
Statements and the Auditors' Report for the period ending
December 31, 2002. Regarding the operating results for 2002, the
Company posted a total revenue of BT51,936 million with a net
profit of BT534 million, which is higher than the previous year
by B.3,521 million. (The 2001 net loss was BT2,987 million). In
2002, the Company had an extraordinary interest expense
amounting BT92 million stemming from the premium paid to
International Bank for Reconstruction and Development (IBRD) for
having prepaid its foreign loan before maturity aiming to
refinance with long-term Baht loans for lessening the interest
burden and risk from foreign exchange fluctuations. This
improvement in profit was due mainly to the followings:

1. Sales The Company's sales both in retail and industrial
markets for this year increased 5.7 percent compared with last
year. This has been resulted from the followings:

   - The upgrading of the image of the Company's service
stations and convenience stores and improving the services to
achieve optimum customers' satisfaction through "Bright Bangchak
Project". Furthermore, the Company has  expanded its community
store called "Bai Chak" reaching 26 stores.

   - As to enhance the confidence in product and service over
the customers, the Company has joined "The Project on fuel
qualification control system improvement" belonging to Thai
Registration Department, the Ministry of Commerce and the
Company could achieve the certificate over 900 stores.

   - The development and launching new product, for
     instance:

     1) The Fuel Oil: Low Concarbon which,
        compared to the other ordinary fuel oil, is
        cleaner and has lower level of emissions
        which reduces the maintenance costs for the
        factories that use it, and also lessens the
        problem of air pollution

     2) Diesel oil "Power D" which, compared to the
        other ordinary diesel oil, has extra qualification
        since sulfur is as low as 0.02 percent- below
        the standard for the ordinary diesel oil 1.5
        times. This shall reduce dust from an exhaust
        pipe and sulfur dioxide gas. Besides, an
        additive is added aiming to enhance the
        efficiency including to lessen emission and
        soot.

     3) 100% synthetic Bangchak's lube "GE Gold"
        which firstly receives the highest standard "API
        SL SAE 5W-40" among the country etc.

2. Production The Company has improved refinery efficiency in
both an increase in production yield and an energy cost saving
in production processes. Additionally, the Company has
cooperated with other refineries as to reduce import crude
transportation cost to the refinery, to create more value-added
products and to decrease production cost based on mutual
benefit.

3. Refining Margin Improvement this was caused by the continual
increase in World oil price since the beginning of the year
arising from Opec implementation on production control and
strike in Venezuela together with news over US-Iraqi tension.
Also, demand growth both in domestic and Asia-Pacific market was
another factor.

Early this year, the Troubled Company Reporter - Asia Pacific
reported that the troubled state-run firm is currently in the
middle of a Bt24 billion debt restructuring. The company's major
creditors include the World Bank, the Government Savings Bank
and bondholders.  Bangchak is 47.9-percent owned by the Thai
finance ministry, 24.3 percent by state-owned energy firm PTT
Plc (PTT.BK), and 7.9 percent by Krung Thai Bank.


EASTERN PRINTING: SET Posts `SP' Sign
-------------------------------------
Eastern Printing Public Company Limited (EPCO) has publicly
submitted the SET  its audited financial statements for the year
ending 31 December 2002. Since  auditor issued a Disclaimer of
Opinion on EPCO's financial statements, it can be considered
that the numbers (indicating the financial status and operating
results of the company presented in its financial statements)
did not reflect the actual position of the company and the
Securities and Exchange Commission (SEC) probably issues an
instruction that EPCO is obliged to amend its financial
statements.

The SET has posted `SP' sign for suspended trading on EPCO's
securities from 28 February 2003 until the company has
disseminated its financial statements and clarifications about
auditor's opinion  to enable shareholders and general investors
to have sufficient time to scrutinize the auditor's opinion
relating to the results in  financial statements, including the
company 's clarification as a whole.


JASMINE INT'L: Narrows 2002 Operations Net Loss to Bt1,618M
-----------------------------------------------------------
Jasmine International Public Company Limited submitted its
audited financial statements for the year 2002, ending December
31, 2002.  These financial statements have been

   ( ) approved by the company's Executive Committee
   ( ) approved by the company's Board of Directors
   (/) reviewed by the company's Audit Committee at the meeting
       No. 1/2003 held on February  28, 2003.
   (/) approved by the Board of Directors of Chaengwatana
       Planner Co., Ltd., on behalf of planner of Jasmine
       International Public Company Limited at the meeting No.
       5/2003 held on February  28, 2003.

In addition, stated below is the report on the company's
operation results.

The company and its subsidiaries incurred net loss of Bt1,618
million from operation in the year 2002, decreasing Bt2,294
million or 339% from net profit of Bt677 million compared with
the same period last year.

The reasons are as follows:

1. The company and its subsidiaries had total sales and services
at the amount of Bt4,672 million. Package ST1 of the State
Railway of Thailand.
   - Turn key project by distributing additional equipment to
     Telephone Organization of Thailand (TOT) in many projects
     such as TOT-345 and JNA's equipment.
   - Submarine optical fiber cable circuit at the west coasts of
     Thailand.
   - Airtime services of satellite mobile phone.

2. The company realized profit (loss) from its associated
companies at the amount of Bt135 million.

3. The company had surplus arising from subsidiaries' investment
in debt securities at Bt1,593 million due to equity method.

4. The company and its subsidiaries recorded loss from
translation of foreign loan and penalty due to cancellation
of currency swap agreement at Bt. 2,107 million since the
counter party filed a petition to pay debt with the Official
Receiver.

5. The Company and its subsidiaries incurred net loss of Bt71
million from the foreign exchange rate as a result of the Baht
depreciation against the Japanese Yen.

6. The Company and its subsidiaries provisioned for loss on
impairment of assets at Bt. 1,350 million.


MILLENNIUM STEEL: Omits Dividend Payment, Sets April 8 SGM
----------------------------------------------------------
The Board of Directors of Millennium Steel Public Company
Limited's meeting held on February 27, 2003 has passed the
following resolutions:

1. To submit the Meeting of Shareholders to omit dividend
payment for the year 2002.

2. To approve the issuance and offering of company securities
together with exchanging securities from the minor securities
holders of N.T.S. Steel Group Public Company Limited (NTS) who
have not joined in the previous tender offer, which had been
expired since November 20, 2002.

Details are as follows:
         Total (shares/ units)  Percentage
        Common Shares   71,255,961       3.71
        Warrants 1      6,590,744       1.38
        Warrants 2      9,252,779       1.38

This offering shall be taken under the same terms and conditions
as per previous tender offer. There shall be an exchange between
MS securities and NTS securities under the same category at the
ratio 1:1. The process shall be taken under the rule of SEC. The
company shall directly purchase NTS securities from minor
securities  holders. The offering period will last for 8 weeks,
approximately starting from April until June of the year 2003.

3. To submit to the Ordinary General Meeting of Shareholders for
consideration the amendment of Clause 4 of the Company's
Memorandum of Association to order to be complied with the
conversion of preferred shares into 367,601,983 common shares
with details as follows:

"Clause 4
The Authorized Registered Capital Bt8,813,120,000
Dividing into 8,813,120,000 Shares
At par value of each Bt1
Consisting of:
Common Shares    7,097,041,983 Shares
Preferred Shares 1,716,078,017 Shares"

4. To set up the Ordinary General Meeting of Shareholders on
Tuesday, April 8, 2003, at 2:00 pm. This meeting will take place
at the Siam Cement Public Company Limited, Building 6, 2nd
floor, 1 Siam Cement Road, Bang Sue, Bangkok, with the following
agenda:

   1) To approve the Minute of the 2nd Extra Ordinary General
      Meeting of Shareholders.
   2) To consider the Company's Operating Results for the year
      2002, and approve the Balance Sheet and the Profit and
      Loss Statement for the fiscal year ended December 31,
      2002.
   3) To consider the allocation of profit for 2002.
   4) To elect the Directors in replacement for the Directors
      who are due to retire by rotation.
   5) To appoint the auditor for the year 2003.
   6) To approve the remuneration of Directors.
   7) To approve the amendment to the Company's Memorandum of
      Association Clause 4.
   8) Other Business (if any).

The share registration book will be closed as at 12:00 hours of
Wednesday, March 19, 2003, until the Ordinary General Meeting of
Shareholders is completed, for the right to attend the meeting.


SIAM UNITED: No Plans for Dividend Payment Distribution
-------------------------------------------------------
Siam United Service Public Company Limited informed that on
February 28, 2003 between 1:30 p.m. to 03:00 p.m., the Company
held a Board of Directors' meeting and had resolutions, which
are required to be reported, as follows:

1. Although in the year 2002, the Company had an operating
profit, the Board of Directors had an opinion that the Company
is still in the, period of restructuring and develop the
business to create stable growth, the Company needs to use the
profit as part of its working capital in such development.

Consequently, the Board of Directors had resolved that the
shareholders' meeting should approve that no dividends be paid
fort the operation from January 1, 2002,to December 31, 2002.d

2. To recommend to the shareholders' meeting to add a clause in
Clause 10 of the Articles of Association from:

"Clause 10 The Company shall not own its shares or accept their
pledge of its own shares. However, the Company may buy back its
shares from any shareholders who voted against a shareholders'
meeting's  resolution to make amendments to the Articles of
Association concerning the voting right and right on dividend
entitlement because they think for the purpose of administering
its financial affairs when the Company has accumulated profit
and surplus liquidity, provided that such buy back, of the
shares will not lead the Company to any financial difficulties.

The shares, which are held by the Company, will not be counted
in the quorum of the shareholders' meeting. Additionally, they
will neither not have the voting rights nor the rights to
receive any dividend. The Company must sell out the purchased
shares within the time prescribed in the Ministerial Regulation.
In the event that the Company does not or cannot sell out the
purchased shares within the time limit, the Company must reduce
the paid up capital by writing off the unsaleabe shares."

To :

" Clause 10 The Company shall not own its shares or accept the
pledge of its own shares. However, the Company may buy back its
shares from any shareholders who voted against a shareholders'
meeting' s resolution to make amendments to the Articles of
Association concerning the voting right and right on dividend
entitlement because they think they have been treated unfairly.
Or, the Company may buy back its shares for the purpose of
administering its financial affairs when the Company has
accumulated profit and surplus liquidity, provided that such buy
back of the shares will not lead the Company to any financial
difficulties.

The shares, which are held by the Company, will not be counted
in the quorum of the shareholders' meeting.  Additionally, they
will neither have the voting rights nor the rights to receive
any dividend. The Company must sell out the purchased shares
within the time prescribed in the Ministerial Regulation. In the
event that the Company does not or cannot sell out the purchase
shares within the time limit, the Company must reduce the paid
up capital by writing off the unsaleable shares. The Company's
Board of Directors has the authority to repurchase shares up to
only 10 % of the Company's paid up capital . However, an
approval from the shareholders is necessary if the shares to be
repurchased  represent more than 10 % of its paid up capital and
the Company must repurchase the shares within one year from the
date that the shareholders' meeting granted the resolution."

Such matter is meant to cover shares repurchasing event and to
comply with the Notification of The Stock Exchange of Thailand
Re: Disclosure of Information and Any Actions of Listed
Companies in The Circumstances where Listed Companies Repurchase
Their Own Shares and Dispose of Such Repurchased Shares (No.2)
B.E. 2545.

3. On December 3, 2002, the Company submitted a Debt
Restructurings Plan to Thai Asset Management Corporation (TAMC),
and on December 6, 2002,  TAMC approved in principle to
restructure the debt of the Company. Under the terms and
conditions of the Debt Restructuring Plan, the Company must,
have a Debt to Equity Swap Program in the amount of Bt100
million by issuing new 100 million common shares at the par
value of Bt1 per share the rights to all existing shareholders
whose names appeared on the Share Registration Book, the closing
date of which will be later set by the Company, to repurchase
44.25 million common shares from TAMC. The rights to purchase n
the new shares of the shareholders were set at 20 old shares to
one new share.

In this connection, TAMC will issue 44.25 million Derivative
Warrants and will register these warrants with The Stock
Exchange of Thailand. To follow the aforementioned Debt to
Equity Swap term of TAMC, the Company must increase its
registered and paid up capital from Baht 885,000,000 divided
into 885,000,000 common shares at the par value of Baht 1 per
share to Baht 985,000,000 divided into 985,000,000 common shares
at the par value of Baht 1 per share.

The Board of Directors resolved to recommend to the
shareholders' meeting to approve the capital increase under such
Debt to Equity Swap term of TAMC.

4. To recommend to the shareholders' meeting to approve the
amendment of the Company's Memorandum of Association, clause No.
4, regarding the registered capital in order to comply with the
capital increase stated in 3, as follows:

From :
"Clause 4.The registered capital : Baht 885,000,000
Divided into :  885,000,000 shares
At the par value of :        Baht  1
Ordinary shares  : 885,000,000 shares
Preferred shares :      -none-"

To :
"Clause 4.The registered capital : Baht 985,000,000
Divided into :    985,000,000 shares
At the par value of : Baht  1
Ordinary shares  :       985,000,000 shares
Preferred shares :      -none-"

5. An Ordinary General Meeting of the Shareholders for 2003 be
held on April 24, 2003 at 10.00 a.m. at the Company's Conference
Room, located at 30 Moo 1, Ratburana Road,Kwang Bangpakok, Khet
Ratburana, Bangkok. The agenda forth meeting will be as follows:

   Agenda No. 1  To consider and approve the minutes of the
          1/2002 Extraordinary General Meeting of the
          Shareholders held on June 26, 2002.
   Agenda No. 2  To acknowledge the Company's annual report for
          2002.
   Agenda No. 3  To consider and approve the Company's audited
          financial statements, ended December 31, 2002.'
   Agenda No. 4  To consider and approve to add a clause in
          Clause 10 of the Articles of Association in order to
          cover shares repurchasing and to comply with the
          Notification of The Stock Exchange of Thailand Re:
          Disclosure of Information and Any Actions of Listed
          Companies in The Circumstances where Listed Companies
          Repurchase Their Own Shares and Dispose of Such
          Repurchased Shares (No.2) B.E. 2545.
   Agenda No. 5  To consider and approve the capital increase
          under the Debt to  Equity Swap term of Thai Asset
          Management Corporation (TAMC).
   Agenda No. 6  To consider and approve the amendment of the
          Company's Memorandum of Association, (clause 4,
          regarding the registered and paid up capital in order
          to comply with the capital increase stated in Agenda
          5.
   Agenda No. 7 To consider and approve that no dividends be
          paid for the operation from January 1, 2002 to
          December 31, 2002.
   Agenda No. 8 To elect directors to replace those whose terms
          expire.
   Agenda No. 9 To appoint auditors and fix their remunerations.
   Agenda No.10 Other issues (if any).

6. The Share Registration Book be closed on April 3, 2003, from
12:00 a.m. until the completion of the meeting.


SIKARIN PUBLIC: Mr Chunhasawaddekul Replaces Director Kraireak
--------------------------------------------------------------
The Board Meeting No. 2/2003 held of February 27,2003 of Sikarin
Public Company Limited appointed new directors, as follows:

   1. The board appointed Dr. Mongkol Nasongkra to be the
consultant of the medical committee.

   2. The board appointed Mr. Bantoon Chunhasawaddekul to be the
board of director replace to Mr. Julsawad Kraireak, effective
February 27,2003.

   3. The board approved financial statement as at December
31,2002 that has been audited by auditors already.

The Company, which is engaged in hospital business, is under
rehabilitation.


SINO-THAI RESOURCES: Discloses 2002 Rehab Plan Progress Report
--------------------------------------------------------------
Sino-Thai Resources Development Public Co., Ltd., in
coordination with Phillip Securities  (Thailand) Public Co.,
Ltd. (Financial Advisor), reported on the actual performance
compared with the projection on the Company's Rehabilitation
Plan in compliance with the Stock Exchange of Thailand
requirements to refrain from the grounds of delisting, as
follows:

SUMMARY THE ACTUAL PERFORMANCE OF YEAR 2002

For the financial statement of year 2002, the Company recorded
total revenue of Bt50.34 million, relatively lower than the
projection by Bt112.10 million or 69 %.  The reduction of total
revenue mainly come from the shrinkage of income from Tin
Mining. Starting from the 1st quarter of the year 2002,
none of the revenue from Tin Mining was recorded due to the
remodeling dredge vessels, setting up the new dressing tin plant
and processing the dressing tin ore certificate from department
of mineral resources as well as exploring new mine deposit.

After receiving the dressing tin ore certificate, the
company then re-operated its tin mining again in the late April
2002.  On September 16,2002, the company had stopped using its
own dredge vessels because of the surging of oil price and low
selling price of tin ore resulting low return on investment. The
company, however, still hired subcontractor to operate tin
mining in the concession area.

For the reduction of revenue from construction stone, the actual
revenue was recorded lower than the projected due to the ceasing
operation for 20 days in order to renewal its expired equipment.
Additionally none of the construction project was incurred in
the 3rd quarter due to the slowing down of construction
industry and the flooding on nearby plant as well as the ending
period of government budgeting. Besides none of revenue from
dredge rental was recorded because of self-operating by using
company's dredge.

The company's total expenditure in this year recorded Bt71.25
million, lower than the projection by Bt88.60 million or 55.42%.
Because of the reduction of revenue was more than the reduction
of expenditure, since the company's performance of the year 2002
was reported net loss of Bt20.91 million, lower than the
projection by Bt23.51 million or 903 %.

EXPLANATION ON THE SIGNIFICANT VARIANCE OF THE ACTUAL
PERFORMANCE AND THE PROJECTION

Revenue from Tin Ore

Revenue from Tin Ore of Bt27.06 million was lower than the
projection by Bt97.35 million or 78%. Since the ceasing
operation in the 1st quarter, none of the revenue from Tin
Mining was recorded due to the remodeling dredge vessels,
setting up the new dressing tin plant and processing the
dressing tin ore certificate from department of mineral
resources as well as exploring new mine deposit. After receiving
the dressing tin ore certificate, the company then re-operated
its tin mining again in the late April 2002.

On September 16,2002, the company had stopped using its own
dredge vessels because of the surging of oil price and low
selling price of tin ore resulting low return on investment. The
company, however, still hired subcontractor to operate tin
mining in the concession area.

Revenue from Construction Stone

Revenue from Construction Stone of Bt15.27 million was lower
than the projection by Bt16.35 million or 51.70%.  Primarily
resulting from the ceasing operation for 20 days in order to
renewal its expired equipment. Furthermore none of the
construction project was incurred in the 3rd quarter due to
the slowing down of construction industry and the flooding on
nearby plant as well as the ending period of government
budgeting.

Other Income

Other income of Bt8.00 million was higher than the projection by
Bt6.13 million or 326.84% predominantly due to the bad debt
expense reversal of Bt4.96 million by transferring one of
debtor's asset worth Bt4.46 million including Bt0.50 million for
repayment. In addition, the company also recorded Bt0.80 million
gain from the liquidation of its investment and revenue from the
reversal of supply inventory worth Bt1.2 million.

Cost of Sales and other expenses

Cost of Tin Ore production of Bt32.89 million was lower than the
projection by Bt80.45 million or 70.97%.  Cost of Construction
Stone production of Bt17.79 million was lower than the
projection by Bt10.12 million or 36.27% mainly resulting from
the volume of Tin Ore and Construction stone were less than the
sale target.  However the Company recorded selling and
administrative expense was less than the projection by Bt2.11
million or 16.05%.  Resulting from the Company has efficiently
managed and clearly specified.

COMPARISON OF THE ACTUAL PERFORMANCE BY QUARTER FOR THE YEAR END
OF 2002 AND 2001

Revenue from Tin Ore
         SALE  (Baht '000)     QUANTITY  (Habs)
             2002    2001       2002     2001
Quarter 1       -  44,416         -     4,207


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

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

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

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

                 *** End of Transmission ***