/raid1/www/Hosts/bankrupt/TCRAP_Public/030314.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Friday, March 14, 2003, Vol. 6, No. 52

                         Headlines

A U S T R A L I A

AMP LIMITED: Board Candidates to be Elected at 2003 AGM
AMP LIMITED: Gives A$2.1M Severance Payment to Ex-CEO Batchelor
ANACONDA NICKEL: Takeovers Panel Declares Shares Dispersal
CHROME GLOBAL: Director, Company Secretary Resign
KALREZ ENERGY: Oseil Field Crude Lifting Completed

MAYNE GROUP: S&P Lowers Ratings to 'BBB-/A-3'; Outlook Negative
STOCKFORD LIMITED: Investor Group Buys Collins Street Business
SUNDOWNER GROUP: H102 Revenue Increases 5.6%
WESTERN METALS: Incurs H102 Net Loss of $A31.3M


C H I N A   &   H O N G  K O N G

ASIA RESOURCES: Changes Board Lot Size to 6,000 Shares
FAMOUS ZONE: Faces Winding Up Petition
EXCEL GRACE: Hearing of Winding Up Petition Set
JUNDA ENGINEERING: Winding Up Sought by Gelec (HK)
M PRODUCTIONS: Winding Up Petition to be Heard

MINO CORPORATION: Winding Up Hearing Scheduled Late This Month
VISION CENTURY: Narrows Operations Loss to HK$82.46M
WO KEE: Changes Registered Place of Business


I N D O N E S I A

ASTRA AGRO: CPO Production Up by 19.3%
BANK INTERNASIONAL: To Issue US$225M in Bonds
BANK DANAMON: To Bid, Temasek and Deutsche Bank Tie-Up Likely


J A P A N

HUIS TEN: Ripplewood Eyes Theme Park Operator
MARUBENI CORPORATION: Renews Bank Credit Line
MIZUHO HOLDINGS: Dissolves UK Unit
NIPPON MEAT: Police Arrest Former Unit Manager
SANRIO CO.: Expects Y20.1B Net Loss

TOMEN CORPORATION: UFJ Provides Financial Assistance


K O R E A

HYUNDAI MERCHANT: S. Korea Halts Trading
HYUNDAI MERCHANT: SFC Reprimands Shipping Firm
SK CORPORATION: Head Surrendering Shares
SK GLOBAL: Faces Joint Bank Receivership


M A L A Y S I A

ASIAN PAC: Unit Inks Memorandum of Understanding With MDSB
CRIMSON LAND: All Resolutions Approved at EGM
GENERAL LUMBER: Seeks Proposed Scheme Submission Time Extension
KELANAMAS INDUSTRIES: FIC OKs MPTR to Up Bumiputra Shares
KSU HOLDINGS: Removes Dir Dato' Abdullah Zain From Board

NYLEX (MALAYSIA): SC Approves Proposed Reorganization Scheme
PAN PACIFIC: Provides Defaulted Payment Status Update
PARK MAY: Appointment of Monitoring Accountant Not Required
PERAK CORPORATION: SC Grants Proposals Approval
TECHNO ASIA: Unit WPKL Fails to Reach Settlement With KENOL

UNITED CHEMICAL: Obtains FIC's Proposed Restructuring Approval
UNITED CHEMICAL: Replies to KLSE's Restraining Order Query


P H I L I P P I N E S

ATLAS CONSOLIDATED: Completes Debt-For-Equity Swap
ATLAS CONSOLIDATED: Special General Meeting Set For March 31
BENPRES HOLDINGS: Likely to Secure Restructuring Deal This Year
MULTINATIONAL TELECOM: Senate Detains Baladjay
PHILIPPINE AIRLINES: Expects to Return to Profit This Year

PHILIPPINE LONG: SCI Blocks AT&T Calls After FCC Ruling
VICTORIAS MILLING: Gotianun Denies Takeover Report


S I N G A P O R E

ASIA PULP: Indonesian Minister Intervenes in Debt Deal Process
SPP LIMITED: Voluntary Liquidation of Associated Firm


T H A I L A N D

BANGKOK RUBBER: Bankruptcy Court Approves MoA Amendment
CENTRAL PAPER: Clarifies Auditor's 2002 F/S Disclaimer Opinions
CENTRAL PAPER: SET Awaits Amended Financial Statement
KGI SECURITIES: Reduces Exercise Price to Bt7.50/Share
RAIMON LAND: Reports Cash Outflow

* DebtTraders Real-Time Bond Pricing

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A U S T R A L I A
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AMP LIMITED: Board Candidates to be Elected at 2003 AGM
-------------------------------------------------------
The date for receipt of director nominations for the 2003 Annual
General Meeting (AGM) has now closed, AMP Chairman Peter Willcox
said Tuesday.

Current AMP Directors standing for election at the AGM are:

   *Peter Willcox;
   *Andrew Mohl; and
   *Roger Yates.

Current AMP Directors standing for re-election are:

   *Lord Killearn; and
   *Richard Grellman.

There is one external shareholder nomination for the Board:

   *Stephen Mayne.

Details of all candidates will be outlined in the Notice of
Meeting, which will be sent to shareholders around mid-April
2003.

Current AMP Director Paul Mazoudier, who was due for re-
election, has decided not to stand. Mr Mazoudier had already
indicated his intention to leave the Board by the end of August
2003 and it would therefore not make sense for shareholders to
elect him for a period of only three months.

Mr Mazoudier will leave the Board before the AGM.

Mr Willcox said that the Board process for identifying
additional candidates, announced on 25 February 2003, had only
been underway for two weeks and was progressing well.

The AGM will be held on 15 May 2003.


AMP LIMITED: Gives A$2.1M Severance Payment to Ex-CEO Batchelor
---------------------------------------------------------------
AMP Limited on Thursday paid former Chief Executive Officer Paul
Batchelor A$2.1 million as compensation for his termination in
September 2002.

Chairman Peter Willcox said AMP had delivered the former CEO a
cheque for $1.4 million, which is net of $0.7 million tax. The
gross figure is equivalent to approximately 18 months base
salary.

Mr Willcox said the cessation payment had been made in an
attempt to bring the matter to a close.

"Despite protracted discussions and negotiations, Mr Batchelor
and AMP have failed to reach an agreed settlement," he said.

"We believe this payment is fair and reasonable and it has been
made in the interests of resolving the matter.

"If he believes he is entitled to any additional payments, he is
free to take legal action."

Mr Willcox said that the Board had considered making Mr
Batchelor no payment. However in view of the legal issues
involved, a $2.1 million payment was considered an appropriate
reflection of his legal entitlements.

"We believe this is an adequate payment in the circumstances,
particularly considering the actions we have had to take since
Mr Batchelor left," Mr Willcox said.


ANACONDA NICKEL: Takeovers Panel Declares Shares Dispersal
----------------------------------------------------------
On Friday 07 March 2003, the Sitting Panel in the Anaconda
Nickel Limited 16-17 proceedings advised parties that it had
decided to make a declaration of unacceptable circumstances in
relation to the affairs of ANL. It also provided draft orders
requiring dispersal of the Excess Shares in Anaconda subscribed
for by MP Global (under the Corporations Act the Panel must
provide draft orders to affected persons for comment prior to
making the order).

The Anaconda 16 and 17 applications were from Anaconda Nickel
Ltd (ANL) and Glencore International AG (Glencore), and were
made on 21 February 2003.

APPLICATION FOR REVIEW - ANACONDA 18

On Tuesday 11 March 2003, MP Global applied for a review of the
Anaconda 16-17 decision and the proposed orders in the Anaconda
16-17 decision.

THE DECISION BY THE ANACONDA 16-17 PANEL

The Anaconda 16-17 Panel decided that unacceptable circumstances
are constituted by the disposition of certain 'Excess Shares'
which were to be issued to MP Global under a rights issue (the
Rights Issue) by ANL, by way of an agreement (the Agreement)
between MatlinPatterson Global Opportunities Partners LP (MP
Global) and Australian Investments United Pty Ltd (AIU). The
Excess Shares were those shares to be issued to MP Global on 21
February 2003 under the Rights Issue which would, without
disposition pursuant to the Agreement, have caused MP Global's
voting power in ANL after the completion of the Rights Issue to
be greater than its voting power immediately before the
allocation and issue of ANL shares pursuant to the Rights Issue.

The Anaconda 16-17 Panel considers that it is unacceptable for
MP Global to exercise all the ANL rights it had acquired under
its Rights Offer, and then seek to determine the identity of the
purchaser of the Excess Shares. In such circumstances the
Sitting Panel considers that the onus would be on MP Global to
demonstrate that the subsequent purchaser of the Excess Shares
(here AIU) is not an associate.

However, the Anaconda 16-17 Panel's decision that the Agreement
constitutes unacceptable circumstances is based on its view that
the public interest requires dispersal of the Excess Shares in
an open, competitive process, rather than any determination of
any association between MP Global and AIU. The Anaconda 16-17
Panel considers that a sale through such a process is required
to ensure that shares in ANL are acquired in an efficient,
competitive and informed market.

The Anaconda 16-17 Panel will publish the full text of it its
reasons for decision on it's the Panel's website when they are
finalized.

The Sitting Panel in these proceedings is Brett Heading, Tro
Kortian, Peter Scott.

MATTERS THAT DID NOT NEED TO BE DETERMINED IN ANACONDA 16/17

In light of the above, the Anaconda 16-17 Panel considers that
it was not necessary for it to make any finding as to whether or
not:

   (a) the Agreement was effective to place MP Global in the
position of a bare trustee in relation to the Excess Shares. If
the Agreement did have this effect, MP Global would have avoided
breaching section 606 in relation to the Excess Shares by virtue
of the exception set out in section 609(2); or

   (b) MP Global and AIU were or are associates for the purposes
of Chapter 6 of the Corporations Act.

PROPOSED ORDERS IN ANACONDA 16/17

The Anaconda 16-17 Panel proposed to make orders that the legal
and beneficial title to the Excess Shares vest in ASIC for sale
by a stockbroker appointed by ASIC by way of a bookbuild. AIU
would be excluded from this process, as would MP Global and
Glencore as the Panel understands that section 606 would
prohibit any acquisition of Excess Shares by them. The Anaconda
16-17 Panel proposed that persons associated with any of AIU, MP
Global, Glencore or ANL be prevented from acquiring any Excess
Shares. However, following the receipt of the review
application, the Anaconda 16-17 Panel has decided it would
be more efficient for all concerned if it did not make the final
orders it had proposed, leaving the decision on orders to the
Review Panel. In doing so, the Review Panel has retained the
interim order that it had made preventing further sale, transfer
or voting of the Excess Shares until the Anaconda 16-17 and 18
matters have been decided.

APPLICATION FOR REVIEW OF DECISION IN ANACONDA 16/17

The Substantive President of the Panel has appointed the members
of the Anaconda 9 Review Panel (Simon McKeon (President), David
Gonski and Ian Ramsay) to consider the Anaconda 18 application.

The Review Panel has not yet sought the views of persons
potentially involved in the Anaconda 18 application and has
therefore formed no views in relation to the application.


CHROME GLOBAL: Director, Company Secretary Resign
-------------------------------------------------
Chrome Global Limited announces the resignation of Stephen
Belben as a Director of the Company and Winton Willesee as
Secretary of the Company.

The Company wishes to thank Mr Belben and Mr Willesee for their
efforts during their respective terms in office. The Company is
pleased to announce the appointment of Mr Matthew Fogarty as a
Director and Company Secretary.

Wrights Investors' Service reports that at the end of 2002,
Chrome Global had negative working capital, as current
liabilities were A$352,499.00 while total current assets were
only A$238,129.00. The Company has paid no dividends during the
during the previous 2 fiscal years and reported losses during
the previous 12 months.


KALREZ ENERGY: Oseil Field Crude Lifting Completed
--------------------------------------------------
Kalrez Energy Limited advised of the successful completion of
the second Lifting of crude oil from Oseil Oilfield on Tuesday 4
March 2003.

Tanker Swallow began to take delivery on Tuesday 4 February
2003. In the period of delivery to completion approximately
296,557 barrels were loaded.

Tanker St Jacobi began to take delivery of Oseil crude oil (3rd
Lifting) on Wednesday 5 March 2003.

The second Lifting of crude oil from the Oseil
Oilfield confirms the company's positive projections after its
Seram JV (Kalrez 2.5%) investment.


MAYNE GROUP: S&P Lowers Ratings to 'BBB-/A-3'; Outlook Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that it had
lowered its ratings on Australian private health company Mayne
Group Ltd. to 'BBB-/A-3' from 'BBB/A-2'. The rating outlook is
negative. This rating action reflects Mayne's continued weak
performance in the six months to Dec. 31, 2002, and limited
prospects for a significant improvement in the short term.

Mayne reported a net loss of A$57.7 million for the six months
to Dec. 31, 2003, reflecting weak performance in its hospitals
and logistics business (now sold), as well as the negative
impact of net significant items, principally asset write-downs,
of A$90.8 million. "Mayne has yet to demonstrate an ability to
generate cash flows and returns on capital employed commensurate
with its growing asset base," said Brenda Wardlaw, director,
Corporate & Infrastructure Finance Ratings. Prospects for a
significant recovery in operating performance in the short term
will be constrained by the weak financial position of a number
of major private health funds, limited scope for increased
federal government spending on health, increasing medical
indemnity insurance premiums, and cost pressures from salaries,
especially for nurses. "While Mayne's current strong liquidity
position is positive, its ability to repay its US$350 million
maturing in fiscal 2006, unless refinanced, will require a
significant improvement in free cash flow generation," Ms.
Wardlaw said. Given weak cash flow generation, the share buyback
is regarded as a negative factor.

Mayne is Australia's largest private health care company, with
operations covering hospitals, pathology, diagnostics, and
pharmaceuticals. The company is focused solely on the health
care sector following the sale of its logistics operations,
completed in early 2003. The underperformance of the company's
hospital division has seen the sale of six hospitals in February
2003, with a further hospital sale currently under way (Sudbury
Hospital). The purchase of a further diagnostic imaging company
in Queensland, also in February 2003, reflects Mayne's strategy
to diversify revenues into more stable, government-funded
diagnostic and pathology health care services. The key challenge
for Mayne, however, is to generate significant improvements in
underlying operational performance, especially cash flow
generation. If the company is unable to evidence improvement in
its cash flow generation and its return on capital in the next
six to 12 months, the ratings may be lowered.


STOCKFORD LIMITED: Investor Group Buys Collins Street Business
--------------------------------------------------------------
The directors of Investor Group Limited (Investor Group) advised
that it has entered into a definitive purchase agreement
relating to the acquisition of certain divisions of the
Stockford Collins Street accounting and financial
planning business (the Collins Street business).

Prior to joining Stockford Limited in November 2000, Stockford
Collins Street traded as HLB Mann Judd Melbourne.

BACKGROUND

On 31 January 2003, Investor Group announced to the ASX that it
was having preliminary discussions with Stockford regarding the
possible acquisition of certain Stockford business units.

On 23 February 2003, Stockford was placed in Voluntary
Administration by its directors and since that time the
Voluntary Administrators (the Administrators) have been
negotiating the sale of Stockford businesses with the respective
principals of individual firms.

In the case of the Collins Street business, the principals have
completed negotiations with the Administrators and have agreed
to become part of Investor Group.

The selective purchase of the Collins Street business is in line
with Investor Group's on-going incremental growth strategy. The
Collins Street business is a sound, well-established practice
and represents an excellent fit into the Company's capital city
and regional financial services network in Australia and New
Zealand.

THE COLLINS STREET BUSINESS

The Collins Street business represents an important strategic
acquisition in the context of Investor Group's growth strategy,
giving rise to the establishment of a strong Melbourne CBD
presence to complement the Sydney CBD operations of Williams
Hatchman & Kean (WHK), an Investor Group member firm since
August 2002.

Like WHK, the Collins Street business is a leading mid-tier
accounting firm, and the two firms provide a substantial base
for the on-going development by Investor Group of a national
capital city business services brand.

The intention is that the Collins Street business will change
its name to WHK Carricks as part of brand development, but also
in recognition of the operating autonomy and independence
maintained within the Investor Group structure.

The operating divisions located at Stockford Collins Street that
have been acquired by Investor Group and included in the
purchase transaction comprise:

   * Business services
   * Corporate superannuation
   * Superannuation consulting
   * Wealth management (financial planning)

These operating divisions combine the provision of core
accounting and business services to a stable accounting-client
base with value added financial services and advice,
particularly in the prominent growth areas of wealth management,
financial planning and superannuation.

This leveraged approach is entirely consistent with Investor
Group's strategy to develop as a major national financial
services group with a clear focus on the needs of its large
client base and the delivery of a full range of business
services and financial services products and advice consistent
with those needs.

Importantly, the Collins Street business's corporate
superannuation division provides Investor Group with a new
capability and area of specialization which has significant
organic growth potential, including major cross-referral
opportunities within the wider Investor Group client base.

At present, the corporate superannuation division administers or
advises on funds in excess of $250 million, of which some $45
million is administered through an internally managed APRA
approved public offer fund. More than 8,000 members are serviced
under the existing administration function.

In addition, the wealth management division provides a strong
financial planning presence in the Melbourne CBD with funds
under advice of around $100 million. Many of the clients of this
division have been internally referred and are predominantly
high net worth clients, requiring a premium service similar to
that offered under Investor Group's Prescott brand.

The Prescott brand has been established in recognition of the
major opportunity to create a leading premium financial planning
brand at the high net worth end of the market. The Collins
Street business's wealth management division is considered to be
highly compatible with Prescott in terms of both its client
profile and client service requirements.

The intention is to closely align the wealth management division
with the Prescott brand and its service offering.

More generally, the Collins Street business, to be renamed WHK
Carricks, has five principals and approximately 55 staff, with
annual income projected for 2003/04 of around $7.0 million.

Of this, business services represents the largest area of
activity with over 50% of income derived from traditional
middle-tier services in the form of tax returns, accounts
preparation and business advisory services to a broad range of
private and corporate clients.

In conjunction with WHK, the Collins Street business will
provide technical specialization, expertise and support to
Investor Group's network of regional member firms. Business
services represents a significant component of Investor Group's
operations, income and profitability, and the two leading
capital city firms acting together are well placed to strongly
support regional member firms in the provision of value added
services and in obtaining benefits of scale and synergy.

TRANSACTION DETAILS

The purchase transaction involves the payment of approximately
$2.0 million in cash, the majority of which relates to the
purchase of debtors, work-in-progress and plant and equipment.

In addition, a total of 500,000 Investor Group shares are to be
issued to the Stockford principals joining Investor Group, with
the Investor Group shares to be issued over two years with a
portion subject to agreed performance targets.

The cash component of the consideration, essentially relating to
working capital requirements, will be funded from surplus cash
reserves, together with undrawn bank facilities as required.

The transaction has been completed with effect from 12 March
2003.

CONCLUDING REMARKS

The acquisition of the Collins Street business further
consolidates Investor Group's position as the fifth largest
accounting group in Australia by fee income, making it the
country's leading mid-tier firm behind the "Big Four"
international affiliations.

At the same time, the acquisition further strengthens Investor
Group's position as one of Australia's leading independent
financial planning groups, lifting funds under advice to around
$3.9 billion (based on 31 December 2002 figures), with strong
growth potential from both the development of the Prescott brand
and the emerging focus within regional member firms on a broader
financial services offering.

From a strategic perspective, the transaction establishes a
strong Melbourne CBD presence to complement the Sydney CBD
operations of WHK and represents another major step in
developing a national business services brand.

In relation to financial performance, Directors believe that
that the effect of the transaction in terms of earnings per
share will be materially positive and will substantially enhance
the Company's growth prospects and potential.

Overall, Directors regard the transaction as a unique
opportunity to acquire a sound, well-established business with a
large client base, consistent with Investor Group's acquisition
strategy of incremental growth and its focus on quality firms
compatible with existing businesses and the inherent culture of
the wider group.

As a result of the prevailing circumstances within Stockford
where Administrators have been appointed, the Collins Street
business has been acquired on terms regarded by Directors as
attractive and below normal market valuations for going concern
businesses of this type, scale and scope of operations.

Moreover, the transaction has been appropriately structured so
that a substantial proportion of the business goodwill on
acquisition has been applied to the principals of the underlying
business and is to be paid on a performance-related basis.

The decision by the Collins Street principals to join Investor
Group reflects an underlying confidence in the Company and its
business model, which is different to the Stockford model in a
number of material respects and which has given rise to a strong
operating performance over the last five years.

This decision by the principals also endorses the competitive
advantage and compelling features of public company ownership of
large accounting and financial planning businesses.

These comparative and imposing advantages, combined with a sound
business model, give Directors further confidence in the future
development of Investor Group into a most significant financial
services group, potentially with high strategic value as a
consequence of its large and stable client base and the major
inherent business and financial services demand within that
client base.


SUNDOWNER GROUP: H102 Revenue Increases 5.6%
--------------------------------------------
Sundowner Group's Chairman P Copulos announced that the Group
Revenue for the period has increased 5.6% over the corresponding
period on a like for like basis.

The Company's Managing Director, Stephen Copulos has laid the
foundations for a new Sundowner business strategy. Major
contributing factors to this improved revenue performance have
been the implementation of new Operational and Sales & Marketing
initiatives, the ongoing Refurbishment of properties and the
increased Repairs and Maintenance program.

Relocation of the support office to Shepparton, in Victoria had
occurred during the period and the `one off' costs of the move
were brought to account. The benefits of moving to Shepparton
have already been announced and savings will be realized in the
next reporting period.

All shareholders will be aware from previous announcements and
correspondence, that the Group restructure and corporatization
became effective on 10 January 2003, when new Holding Statements
were dispatched, leaving only the finalization of Group legal
documentation to be completed. The reduction in Group overhead
costs to be derived from the restructure, will start to be
realized in the second half of this financial year, with the
full benefit of the savings being achieved next financial year.

The five year Group finance facility fell due for renewal on 30
November 2002 and following a competitive tender, the facility
was transferred to the ANZ Bank. Substantial savings will be
realized in future years compared to the alternative tender,
however the `one off' costs of the change were also brought to
account during the period.

The complex elements of this restructure were achieved at a `one
off' cost of approximately $350,000, which was brought into
account during the period.

The Directors have continued their policy of refurbishing the
Group properties as quickly as can reasonably be achieved. This
is having an impact on our cash position. In addition to the
funds available from the non renounceable rights issue of 12
months ago, the net funds utilized as a result of the increased
Repairs & Maintenance and Depreciation provisions were $123,000
greater than for the corresponding period last year. This, of
course, has a short term adverse impact on net profit, but is
expected to produce positive results in future periods.

The `one off' costs, together with increased employment,
insurance and refurbishment costs have resulted in a modest
surplus of $18,282 for the period. The Directors have determined
that having regard to the cost of making a distribution, this
amount will be added to the second half results. Consequently
there will not be an interim distribution paid.

Further commentary on the Group performance and results will be
provided in greater detail in the Half Year Report to be sent to
Shareholders shortly.

The Directors are conscious of the divestment of smaller, non
strategic properties and will continue to realize the maximum
benefit to Shareholders.

The company has undergone many changes in the preceding period
including the corporatization, restructure and the relocation of
the Support Office to Shepparton. The Board remains convinced
that those steps were necessary for the medium and long term
benefit of the Shareholders and the Group. Now that those are
virtually complete, it is expected that the new Sundowner
environment will see growth and improved results in the future.

To see a copy of the Group's Appendix 4B Half Yearly Report
together with the Repoll to Investors, Combined Statement of
Financial Performance, Declaration by the Directors of the
Responsible Entity and the Independent Review Report,  go to
http://bankrupt.com/misc/TCRAP_SDR0314.pdf.

Wrights Investors' Service reports that at the end of 2002,
Sundowner Group Ltd had negative working capital, as current
liabilities were A$2.76 million while total current assets were
only A$2.11 million.


WESTERN METALS: Incurs H102 Net Loss of $A31.3M
-----------------------------------------------
Western Metals Limited reported a loss after tax of $A31.3
Million was recorded for the 6 months to 31 December 2002.

The Group's operating result continues to be affected by
historically low zinc prices and a fall in the average copper
price received during the half. The average realized price of
zinc sold during the half was $US 35 cents per lb and $US 70
cents per lb for copper.

CASHFLOW

The Group generated $A 15.7 Million cashflow from operations and
had $A 7.5 Million cash on hand at 31 December 2003.

Capital expenditure for the 6 months was higher than the
previous half at $A 41.9 Million. This reflected one-off project
expenditure at the Group's Lennard Shelf operations and
construction of a flotation plant and associated works at Mt
Gordon. Lennard Shelf capital expenditure will reduce in the
second half.

FINANCIAL POSITION

On the 7th of January 2003 the Group finalized further financial
restructuring arrangements. The arrangements included the
provision of additional working capital facilities of $US 5.95
Million and the conversion of an order financing facility of $A
7.5 Million (drawn to $A 2 Million at 31 December 2002) into a
revolving term facility. Standstill arrangements with financiers
were also extended until 30 June 2005 and debt and interest
payments have been rescheduled.

OUTLOOK

The Group's metal derivatives are expected to be fully
extinguished at 30 June 2003. The Group's foreign exchange hedge
book has fallen from an out of the money position of $A 93
Million at 30 June 2001 to $A 13 Million at 28 February 2003. By
31 December 2003 the Group expects to be unhedged.

At Lennard Shelf the potential to open pit near surface
resources at Pillara South is being studied. A change from
underground to open pit mining for this resource has the
potential to reduce operating costs and provide greater
flexibility to mining schedules.

At Mt Gordon stope production from the Mammoth mine is expected
to commence in March 2003. The flotation plant is on schedule to
be commissioned in March 2003. Near mine exploration at Mt
Gordon will target potential continuation of the Esperanza
orebody into the north and south pit walls.

Metal markets have shown some signs of improvement in early
2003. While metal stocks remain high, a shortage of concentrates
is reducing treatment charges and ultimately will restrict metal
production. Industry consensus forecasts see metal stocks
falling and an improvement in prices during 2003.


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


ASIA RESOURCES: Changes Board Lot Size to 6,000 Shares
-----------------------------------------------------
The board lots for trading in the ordinary shares of Asia
Resources Holdings Limited has been changed from 2,000 shares to
6,000 shares, with effect from Friday, 14/March/2003.

The reason for the change in board lot size is to avoid the
creation of fractional entitlements under the existing board lot
size of 2,000 Existing Shares as a result of the Share
Consolidation under the Capital Reorganization.

The Directors are of the opinion that the Capital Reorganization
is in the interest of the Company and the Shareholders, as such,
the change in board lot size is in the interest of the Company
and the Shareholders. The change in board lot size will not
result in any change in the relative rights of the Shareholders.


FAMOUS ZONE: Faces Winding Up Petition
--------------------------------------
The petition to wind up Famous Zone Electronics Limited is set
for hearing before the High Court of Hong Kong on March 26, 2003
at 10:00 in the morning.

The petition was filed with the court on February 12, 2003 by
Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.


EXCEL GRACE: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up Excel Grace International Limited is
scheduled for hearing before the High Court of Hong Kong on
March 26, 2003 at 10:00 in the morning.

The petition was filed with the court on February 11, 2003 by
Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.


JUNDA ENGINEERING: Winding Up Sought by Gelec (HK)
--------------------------------------------------
Gelec (HK) Limited is seeking the winding up of Junda
Engineering (China) Limited. The petition was filed on January
30, 2003, and will be heard before the High Court of Hong Kong
on March 26, 2003 at 9:30 a.m.

Gelec (HK) holds its registered office at 18th Floor, K. Wah
Center, 191 Java Road, North Point, Hong Kong.


M PRODUCTIONS: Winding Up Petition to be Heard
----------------------------------------------
The petition to wind up M Productions Limited is scheduled to be
heard before the High Court of Hong Kong on March 19, 2003 at
9:30 in the morning.

The petition was filed with the court on January 21, 2003 by
Hollywood Palace Company Limited whose registered office is
situated at Top Floor, Chinachem Golden Plaza, 77 Mody Road,
Tsimshatsui East, Kowloon, Hong Kong.


MINO CORPORATION: Winding Up Hearing Scheduled Late This Month
--------------------------------------------------------------
The High Court of Hong Kong will hear on March 26, 2003 at 10:00
in the morning the petition seeking the winding up of Mino
Corporation Limited.

Liu Chi of Room 1504, Tung Shing House, Fu Tung Estate, Tung
Chung, Hong Kong filed the petition on February 12, 2003.  Tam
Lee Po Lin, Nina represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


VISION CENTURY: Narrows Operations Loss to HK$82.46M
----------------------------------------------------
Vision Century Corporation Limited announced on 12 March 2003:

Year end date: 31/12/2002
Currency: HKD
Auditors' Report: Unqualified
                                                (Audited)
                             (Audited)          Last
                             Current            Corresponding
                             Period             Period
                             from 01/01/2002    from 01/01/2001
                             to 31/12/2002      to 31/12/2001
                             Note  ('000)       ('000)
Turnover                           : 443,431       383,048
Profit/(Loss) from Operations      : (82,465)     (301,734)
Finance cost                       : (21,991)      (41,613)
Share of Profit/(Loss) of
  Associates                       : (26,355)      (41,833)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : (3,909)       (456)
Profit/(Loss) after Tax & MI       : (267,019)
(396,653)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.113)       (0.238)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (267,019)
(396,653)
Final Dividend                     : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

Remarks:

(1)     LOSS FROM OPERATIONS
                                        2002            2001
                                        HK$'000         HK$'000

Gross profit/(loss)                     17,422          (20,367)
Other revenues (2)                      7,142            17,537
Provisions made for operations (3)      (58,785)       (243,393)
Administrative expenses                 (48,244)        (55,511)
                                       -------------------------
Total operating loss                    (82,465)       (301,734)
                                       =========================
(2)     OTHER REVENUES
                                        2002            2001
                                        HK$'000         HK$'000

Realized gain on sales of non-trading securities
                                        422             12,059
Interest income                         3,261           2,456
Dividend income from listed securities  385             1,059
Others                                  3,074           1,963
                                       -------------------------
                                       7,142           17,537
                                       =========================
(3)     PROVISIONS MADE FOR OPERATIONS
                                        2002            2001
                                        HK$'000         HK$'000

Provisions made in relation to:
Property projects                      29,390          235,682
Long-term investment in equity securities -            7,475
Fixed assets                           22,337          -
Inventories                            3,731           -
Doubtful debts                         3,327           236
                                       -------------------------
                                       58,785          243,393
                                       =========================
(4)     NON-OPERATING PROVISIONS MADE
                                        2002            2001
                                        HK$'000         HK$'000

Provisions made for impairment in values of:
Goodwill arising on acquisition of a subsidiary
                                        106,694         -
Interest in a jointly controlled entity -              17,245
Provision for property project due to contract frustration
                                        24,700          -
Provision for a contractual claim       10,907          -
                                       -------------------------
                                       142,301         17,245
                                       =========================
(5)     TAXATION
                                        2002            2001
                                        HK$'000         HK$'000

Hong Kong profits tax                   780             13
Overseas taxation                       -               833
                                       -------------------------
                                        780             846
                                       =========================

Hong Kong profits tax has been provided at the rate of 16%
(2001: 16%) on  the estimated assessable profit for the year.
Taxation on overseas profits has been calculated on the
estimated assessable profit for the year at the rates of
taxation prevailing in the countries in which the Group
operates.

(6) BASIC LOSS PER SHARE

The calculation of basic loss per share is based on the Group's
loss attributable to shareholders of HK$267,019,000 (2001:
HK$396,653,000) and the weighted average of 2,365,686,867 (2001:
1,667,935,487) ordinary shares in issue during the year.
Diluted loss per share is not shown as there were no dilutive
potential ordinary shares.


WO KEE: Changes Registered Place of Business
--------------------------------------------
The board of the directors of Wo Kee Hong (Holdings) Limited
announces that the registered place of business of the Company
in Hong Kong will be changed to 10/F., Block A, Wo Kee Hong
Building, 585-609 Castle Peak Road, Kwai Chung, New Territories,
Hong Kong with effect from 18 March 2003.

According to Wrights Investors' Service, at the end of 2001, Wo
Kee Hong (Holdings) Ltd had negative working capital, as current
liabilities were HK$381.44 million while total current assets
were only HK$256.66 million. It reported losses during the
previous 12 months and has not paid any dividends during the
previous 6 fiscal years.


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


ASTRA AGRO: CPO Production Up by 19.3%
--------------------------------------
In the first two months of 2003, PT Astra Agro Lestari Tbk
(AALI)'s crude palm oil units (CPO) production increased by 19.3
percent, from 78,321 ton in the same period last year to 93,452
tons.

The increase in CPO production was mainly brought by a rise in
CPO extraction rate, fresh fruit bunches (FFB) production and
mill max program  intensively implemented. CPO extraction rate
in February 2003 went up to 23.3 percent, while the total FFB
production rose by 10 percent, to 374,699 tons with over than
52% or 196,980 tons came from the Sumatra area.

The contribution of the Kalimantan and the Sulawesi area were
27.8 percent and 19.6 percent, respectively. Due to the high
growth in nucleus area of 12.5 percent, plasma contribution went
down from 28.2 percent to 26.5 percent.


BANK INTERNASIONAL: To Issue US$225M in Bonds
---------------------------------------------
Bank Internasional Indonesia will issue bonds valued at Rp2
trillion (US$225 million) in the second half of this year in
order to finance its credit scheme, AsiaPulse reports, citing
Bank President Sigit Pramomno, adding that the medium term notes
(MTN) will be listed on the Surabaya Stock Exchange.

Pramomno said the funds raised will be needed in its plan to
change the bank financing system from short term to long term
funding.

The bank is looking for foreign and local underwriters to handle
the sales of the bond.

Pramomno added that the bank, which had to be injected with
fresh funds by the government to improve its capital adequacy
ratio last year, will also start a credit expansion this year.


BANK DANAMON: To Bid, Temasek and Deutsche Bank Tie-Up Likely
-------------------------------------------------------------
Temasek Holdings and Deustche Bank may tie-up to bid for a 51
percent stake in Bank Danamon worth about US$400 million, the
Business Times reports, citing undisclosed sources.

According to the sources, Deutsche Bank will replace Goldman
Sachs as financial adviser to Temasek's bid, although the
Goldman Sachs is still expected to take an equity stake in Bank
Danamon.

"From what I hear, Deutsche Bank will replace Goldman Sachs as
Temasek's financial adviser and will co-invest in Bank Danamon.
That is why Temasek decided to replace its financial adviser,"
the unnamed sources added.

Both Deutsche Bank and Temasek declined to comment.


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


HUIS TEN: Ripplewood Eyes Theme Park Operator
---------------------------------------------
U.S. investment fund Ripplewood Holdings LLC expressed interest
in investing in failed Huis Ten Bosch in Nagasaki Prefecture,
Japan Times said on Thursday, citing Ripplewood President
Timothy Collins.

Huis Ten Bosch Co., the theme park operator, filed for
bankruptcy in late February and is looking for a buyer.

MARUBENI CORPORATION: Renews Bank Credit Line
---------------------------------------------
Standard & Poor's Ratings Services reported that the recent
renewal of a 400 billion yen bank commitment line by Marubeni
Corporation would enhance the Company's liquidity to some
extent, but would not have an impact on the rating. In terms of
its liquidity, the key issue affecting Marubeni's credit quality
is its ability to maintain access to bank loans, its major
source of funding. Standard & Poor's does not expect Marubeni's
bank borrowings to come under serious pressure in the immediate
term.

On March 11, 2003, Marubeni announced that it had renewed its
400 billion yen commitment line with Mizuho Corporate Bank Ltd.,
Bank of Tokyo-Mitsubishi Ltd., and other banks. At the same
time, the Company extended the term of 152 billion yen of the
line to three years. Marubeni maintains an average business
franchise in the Japanese general trading industry. However, the
Company's asset quality is a source of concern amid the downturn
in the stock market and continued deflationary pressures in
Japan.


MIZUHO HOLDINGS: Dissolves UK Unit
----------------------------------
Mizuho Holdings Inc. announced it has decided to take necessary
steps to dissolve its subsidiary Fuji Investment Management
Company (Europe) Limited, as follows. This decision is subject
to the approval of relevant regulatory authorities.

1.The Subsidiary to be Dissolved

Corporate Name Fuji Investment Management Company (Europe)
Limited
Location Bracken House, One Friday Street, London EC4M 9JA U.K.
Representative Takahito Aoyagi

2.Reason for Dissolution

Because of reorganization of the global investment management
operations of Fuji Investment Management Co., Ltd.FIMCO, a
subsidiary of Mizuho Holdings, Inc.

3.Outline of the Subsidiary

Business Investment Management Business
Date of Establishment June 1992
Capital Stock GBP 4 million
Number of Common Stock Issued 4 million stocks
Total Assets (December 2002) GBP 3,222 thousand
Number of Employees 1
Shareholders FIMCO  50.25 percent
Mizuho Corporate Bank, Ltd  49.75 percent
Recent Performance
(Fiscal Year Ended in December 2002) Ordinary Loss  GBP 3,196
thousand
Net Loss  GBP 3,280 thousand

4.Scheduled Date of Dissolution: By December 2003

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


NIPPON MEAT: Police Arrest Former Unit Manager
----------------------------------------------
Yoshinobu Igaue, a former manager of Nippon Food Inc., was
arrested Wednesday on suspicion of defrauding the government out
of more than 6 million yen in a beef-buyback scheme launched
after the mad cow disease outbreak in September 2001, Kyodo News
reports. Nippon Food is a unit of Nippon Meat Packers
Incorporated.

Igaue allegedly falsified labeling on 3,520 kilograms of
imported beef as domestic on October 29, 2001. Igaue then
allegedly sold about 9,590kg of beef, including the falsely
labeled meat, to an industry association through parent Nippon
Meat Packers to obtain about 6.72 million yen.


SANRIO CO.: Expects Y20.1B Net Loss
-----------------------------------
Character goods maker Sanrio Co. expects a group net loss of
20.1 billion yen in a the year ending in March, due to capital
losses in stock sales as Tokyo equities fell to a 20-year low
recently, Kyodo News reports. The Company also expects to book
one-time losses of 15.4 billion yen mainly from the stock sales.

Sanrio Co. widened its net loss to 13.26 billion yen in the
first half of 2002, versus a loss of 3.79 billion yen a
year earlier, the Troubled Company Reporter-Asia Pacific
reported. Most of the extraordinary losses stemmed from costs in
discontinuing securities investments.


TOMEN CORPORATION: UFJ Provides Financial Assistance
----------------------------------------------------
UFJ Holdings Inc. decided to give financial assistance to Tomen
Corporation (Tomen), as described below, in order for Tomen to
execute its "Medium-term Management Plan", which was announced
on December 27, 2002.

1. Subscription of preferred shares of 30 billion yen
2. Debt forgiveness totaling 110 billion yen

Impact on earnings of UFJ Holdings

Financial assistance to Tomen does not change the current
forecast of UFJ Holdings' consolidated financial results for the
fiscal year ending March 31, 2003.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_tomen0313.pdf


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


HYUNDAI MERCHANT: S. Korea Halts Trading
----------------------------------------
Trading in Hyundai Merchant Marine (HMM) was suspended on
Wednesday after asked by regulators to submit its financial
statements for a probe into its secret funding to North Korea,
according to Reuters.

"We made the decision on worries that the shares may fluctuate
after the documents are released," an official at the stock
exchange said.

The Financial Supervisory Service (FSS) is likely to report
the shipping firm to prosecutors this week for concealing
accounting books involving a 400 billion won loan from Korea
Development Bank (KDB), TCRAP reports.


HYUNDAI MERCHANT: SFC Reprimands Shipping Firm
---------------------------------------------
South Korea's Securities and Futures Commission (SFC) has
penalized Hyundai Merchant Marine Co. for failing to provide
information about the possible omission of some 300 billion won
of interest-bearing debt in its 2000 financial statements, Dow
Jones said on Wednesday.

The Financial Supervisory Service (FSS) said the commission has
decided the Company won't be able to offer securities to the
public for six months. The FSS will ask prosecutors to
investigate Hyundai Merchant Marine and its executives for
failing to comply with requests for additional information on
its books.


SK CORPORATION: Head Surrendering Shares
----------------------------------------
Chey Tae Won, SK Corporation Chairman, agreed Wednesday to
surrender all of his shares held in the group's subsidiaries to
the creditors as collateral, taking responsibility for the
accounting fraud at SK Global, the group's trading arm, as
alleged by prosecutors, Business Times and Digital Chosun
reported.

The Chairman had earlier offered his 3.3 per cent stake in SK
Global, which is worth 16.6 billion won (S$23.3 million) and
selected holdings in other group subsidiaries, before succumbing
to creditors pressure to surrender all his shares.

Chey, the eldest son of the group's founding family, has been in
jail since February on charges including illegal stock
transactions. Chey and nine other top SK Group executives were
indicted on Tuesday on charges of accounting fraud.


SK GLOBAL: Faces Joint Bank Receivership
----------------------------------------
Hana Bank and other key creditor banks are planning to put SK
Global Co. Limited, which has been charged for accounting fraud,
under joint bank receivership as part of moves to normalize the
Company's management, Munhwa Ilbo and AFX Asia reported on
Wednesday.

As many as 10 executives from the SK Group were charged with
falsifying accounts, according to prosecutors on March 11,
according to the Troubled Company Reporter-Asia Pacific. The
officials charged include Chairman Son Kil-seung and SK Group
Vice Chairman and SK Corp. Chairman Chey Tae-won.


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


ASIAN PAC: Unit Inks Memorandum of Understanding With MDSB
----------------------------------------------------------
The Board of Directors of Asian Pac Holdings Berhad announced
that its subsidiary company, BH Realty Sdn Bhd (BH) had entered
into a Memorandum of Understanding (MOU) with Magnificient
Diagraph Sdn Bhd (Company No. 242659-T) (MDSB) on 11 March 2003.

Objective of the MOU

   ú BH is the registered and beneficial owner of all that piece
of land held under PN 14242 Lot 46349 Mukim Batu, Daerah Kuala
Lumpur,Wilayah Persekutuan measuring approximately 126,196
square metres (hereinafter referred to as "the said Land");

   ú MDSB is desirous of operating a hypermarket upon a portion
of the said Land measuring approximately 37,398 square metres
(hereinafter referred to as the said Lot); and

   ú BH will grant MDSB the right to conduct exclusive good
faith negotiations with BH in order to enter into agreement
relating to the operation of a hypermarket upon the said Lot by
MDSB.

Salient Terms of the Joint Venture

   ú The grant of the exclusive negotiation right shall be for a
period of three (3) months from the date of the MOU (Term of
this MOU);

   ú The Term of MOU shall be automatically extended for a
further three (3) months UNLESS:

     (a) the parties mutually agree not to proceed with the
automatic extension and to terminate the MOU accordingly; or

     (b) (i) there have been no significant progress in
negotiations; or

     (ii) the parties have failed to reach any material
agreement on the mechanism by which MDSB will set-up and operate
the hypermarket upon the said Lot; or

     (iii) MDSB has indicated to BH that it does not wish to
proceed further with the negotiations;

   ú Prior to the date of expiry of the Term of this MOU and BH
has immediately upon such expiry given to MDSB written notice of
its intention not to extend the same.

Information of MDSB

MDSB was incorporated on 19 June 1992 with an authorized share
capital of RM620,000,000 of which RM390,000,000 is issued and
paid-up. The shareholders are Carrefour Nederland B.V. holding
86.7% with the balance of 13.3% held by Carrefour Malaysia Sdn
Bhd. Its principal activity is in general retailing through
hypermarkets and other directly related activities.

Effects of the Joint Venture

The MOU will not have any material effect on the APHB Group.

Directors and Substantial Shareholders' Interest

None of the directors or substantial shareholders of the APHB
Group has any interest, direct or indirect, in the MOU.


CRIMSON LAND: All Resolutions Approved at EGM
---------------------------------------------
The Board of Directors of Crimson Land Berhad informed that the
shareholders of Crimson have approved all the resolutions set
out in the Notice of EGM dated 18 February 2003 at the Company's
EGM held on Wednesday, 12 March 2003.

A copy of the Notice of the EGM is attached at
http://bankrupt.com/misc/TCRAP_Crimson0314.doc.

COMPANY PROFILE

Crimson was incorporated on 30 March 1974 in Malaysia as
Malaysian Containers (1974) Bhd. On 20 December 1985, the
Company changed its name to MCB Holdings Berhad following the
change of its business as a manufacturer of glass and other
types of containers to that of an investment holding company.

Since 1985, the Company, through acquisitions, has ventured into
property investment and development and manufacturing.

During the period from 1977 to 1999, the Company undertook a
rationalization exercise to streamline the Group's assets, which
involved the divestment of certain subsidiaries and the disposal
of its manufacturing concern. Following the rationalization, the
Company changed its name to Crimson Land Berhad on 25 January
2000.

Among the Group's property development projects, Taman Seri
Lembahyung comprising 528 units of low cost flats and 18 units
of shops located in Shah Alam, was completed in November 2000,
while D'aman Crimson comprising 1,068 units of medium cost
apartments and 68 shop lots located in Ara Damansara, was
completed in April 2001.

In April 2000 and August 2000, subsidiary RV Management Sdn Bhd
launched Phase IA and Phase 1B of Taman Krubong Jaya in Malacca,
respectively. Scheduled completion dates are April 2002 and
August 2002 respectively. In March 2001, subsidiary, Crimson
Attraction Sdn Bhd launched D'aman Ria, located in Ara Damansara
comprising a 26-storey building with 420 units of medium cost
apartments and some commercial space together with 782 units of
car parks. Expected completion is in March 2004.

On 26 January 2000, the Company announced a proposed corporate
exercise involving rights issues of ordinary shares and loan
stocks, acquisition of Linggi Park Resorts Sdn Bhd,
restructuring of RM90m debts and special issue to Bumiputera
investors. Following this, on 11 May 2000, subsidiary Machap
Development Sdn Bhd proposed to acquire 538 acres of land in
Kluang, Johor, while the Company proposed to acquire Citraplus
Sdn Bhd.

The FIC, MITI and SC except for the Proposed Acquisition, which
was rejected by the SC, have approved the Proposed Corporate
Exercise. The SC has approved an extension of time for
completion of the exercise.

In addition, on 5 October 2001, Crimson entered into a
conditional SPA for the disposal of its entire stake in MCB
Farmland Sdn Bhd and Binaan MCB Sdn Bhd as part of the Company's
continuing rationalization exercise. FIC approval was obtained
in December 2001.

CONTACT INFORMATION: 5, Persiaran Lidcol
                     Off Jalan Yap Kwan Seng
                     50450 Kuala Lumpur
                     Tel : 03-2162 8099;
                     Fax : 03-2162 8711/2161 5045


GENERAL LUMBER: Seeks Proposed Scheme Submission Time Extension
---------------------------------------------------------------
Further to the previous announcement on the proposed
restructuring scheme (Proposed Restructuring Scheme) on 11
December 2003, PM Securities Sdn Bhd (PM Securities), on behalf
of the Board of Directors of General Lumber Fabricators &
Builders Bhd, announced that pursuant to paragraph 5.1(c) of PN4
of the KLSE Listing Requirements, GLFB is required to obtain all
approvals necessary for the implementation of GLFB's Proposed
Restructuring Scheme within four (4) months from the date of
submission of the Proposed Restructuring Scheme to the relevant
authorities, i.e. by 12 March 2003.

To date, the Company has yet to obtain all the necessary
approvals from the relevant authorities/parties within the
timeframe stipulated in paragraph 5.1 (c) of PN4.

In view of the above and as announced on 11 March 2003, PM
Securities had on 10 March 2003, on behalf of the Board of
Directors of the Company, sought the approval of the KLSE for an
extension of time to obtain all necessary approvals from the
relevant authorities/parties for the full implementation of the
Proposed Restructuring Scheme of GLFB to on or before 30 June
2003.

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


KELANAMAS INDUSTRIES: FIC OKs MPTR to Up Bumiputra Shares
---------------------------------------------------------
AmMerchant Bank Berhad, further to the announcement dated 14
January 2003 in relation to the Proposed Restructuring Scheme,
announced on behalf of the Board of Directors of Kelanamas
Industries Berhad, that the Foreign Investment Committee has via
a letter dated 6 March 2003, granted MP Technology Resources
Berhad (MPTR) a period of three (3) years (from the date of
quotation of MPTR's shares on the Main Board of the Kuala Lumpur
Stock Exchange) to increase its bumiputra shareholding interest
to 30%.

The Proposed Restructuring collectively refers to:

   a) Proposed Acquisition of KIB;
   b) Proposed Acquisition of SBM Food Industries Sdn Bhd;
   c) Proposed Scheme of Arrangement;
   d) Proposed Acquisition of New Business;
   e) Proposed Special Issue;
   f) Proposed Offer for Sale;
   g) Proposed Acquisition of MPR;
   h) Proposed Acquisition of Plastronic;
   i) Proposed Transfer of Listing Status;
   j) Proposed Disposal/Liquidation; and
   k) Proposed General Offer Waiver (GO Waiver)


KSU HOLDINGS: Removes Dir Dato' Abdullah Zain From Board
--------------------------------------------------------
KSU Holdings Berhad posted this Change in Boardroom notice:

Date of change : 07/03/2003
Type of change : Removed
Designation    : Director
Directorate    : Non Independent & Non Executive
Name           : Dato' Abdullah Bin Mohd Zain
Age            : 49
Nationality    : Malaysian
Qualifications : Bachelor of Science Management Degree
Working experience and occupation  :

More than 25 years of extensive experience in the fields of
human resource and leisure management, having held numerous
managerial and advisory positions with National Semiconductor,
Shangri-La Hotel and R.J. Reynolds Tobacco Co.

Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil

Early this week, the Troubled Company Reporter - Asia Pacific
reported that the Company's default as at 28 February 2003
amounted to RM106,315,379.17 of principal sum and
RM20,499,499.77 of interest for term/bridging loans and
overdraft facilities.


NYLEX (MALAYSIA): SC Approves Proposed Reorganization Scheme
------------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of Nylex (Malaysia)
Berhad, announced that the Securities Commission (SC) has, via
its letter dated 7 March 2003, approved the Proposed
Reorganization Scheme without any modifications.  Proposed
Reorganization involves the following:

   - Proposed Capital Reconstruction, comprising the Proposed
Capital Reduction, Proposed Share Consolidation and Proposed
Capital Distribution; and

   - Proposed Acquisitions

The approval of the SC is subject to the following conditions:

   (i) The approval of the Ministry of International Trade and
Industry (MITI) must be procured prior to the implementation of
the Proposed Reorganization Scheme. As announced by Alliance on
behalf of Nylex on 4 December 2002, the approval of MITI had
been obtained on 4 December 2002. Therefore, Nylex has already
complied with this condition imposed by the SC;

   (ii) Full disclosure is required to be made in the Circular
to shareholders of Nylex in respect of the following:

     (a) The basis for the evaluation / comparison used to
determine the purchase consideration of Perusahaan Kimia
Gemilang Sdn Bhd (PKG), Fermpro Sdn Bhd (Fermpro), Kesuma Sdn
Bhd (Kesuma) and Wedon Sdn Bhd (Wedon) together with the view of
the independent adviser on the reasonableness of the purchase
consideration;

     (b) Risks connected to the dependence on certain customers
and suppliers and steps taken / to be taken to mitigate the said
dependence;

     (c) The outstanding amounts owed by the trade debtors of
PKG, Fermpro, Kesuma and Wedon, aging analysis of the said
outstanding amounts and comments / statement from the directors
of the respective companies on the recoverability of the trade
debtors which exceeded the credit periods granted; and
(d) Detailed prospects and major risks associated with PKG,
Fermpro, Kesuma and Wedon together with the plans and steps
taken / to be taken to mitigate the said risks; and

   (iii) Alliance / Nylex is required to fully adhere to all
other requirements in respect of the implementation of the
above, as set out in the Policies and Guidelines on Issue /
Offer of Securities of the SC.

In connection with the application made on behalf of Rhodemark
Development Sdn Bhd (RDSB) for the proposed waiver from the
obligation to undertake a mandatory offer on the remaining
voting shares in Tamco Corporate Holdings Berhad (Tamco),
arising from the Proposed Capital Distribution under Practice
Note 2.9.7 of the Malaysian Code on Take-Overs and Mergers, 1998
(Code), the SC is of the view that the increase in equity
interest in Tamco by RDSB would not result in an obligation to
undertake a mandatory offer on the voting shares in Tamco on the
part of RDSB. This is because Tamco does not fall into the
category of private companies stipulated under Practice Note 1.2
of the Code, since RDSB will be obtaining Tamco shares at no
consideration.


PAN PACIFIC: Provides Defaulted Payment Status Update
-----------------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad announced the
Default in Payment as at 28 February 2003 of PPAB and its
subsidiaries in accordance with the Practice Note No. 1/2001,
which can be found at
http://bankrupt.com/misc/TCRAP_PanPacific0314.xls.

The Company also informed that there are no material changes in
PPAB's status of default from the date of last announcement
until 28 February 2003.


PARK MAY: Appointment of Monitoring Accountant Not Required
-----------------------------------------------------------
On 28 February 2003, Park May Berhad announced its Quarterly
Results for the 18-month ended 31 December 2002. This
announcement serves as the First Announcement of PMB as required
by PN4/2001.

Based on the 6th Quarterly Results, PMB has registered a deficit
in shareholders' equity on a consolidated basis of RM23.17
million, making it an Affected Listed Issuer under PN4. As an
Affected Listed Issuer, PMB is required to comply with PN 4/2001
which amongst others, includes the following:

   (i) Announce the status of its plan to regularize its
financial condition on a monthly basis until further notice from
the KLSE;

   (ii) Announce its compliance or failure to comply with a
particular obligation imposed pursuant to PN 4/2001, as and when
such obligation becomes due;

   (iii) Submit monthly reports to the KLSE, accompanied by a
statutory declaration;

   (iv) Make an announcement to KLSE of a plan to regularize its
financial condition within six (6) months from the date of this
First Announcement;

   (v) Submit its plan to regularize its financial condition to
the relevant authorities for approval, including the Securities
Commission (where applicable), within two (2) months from the
date of the announcement mentioned in (iv) above; and

   (vi) To obtain all the necessary approvals for the
implementation of its plans to regularize its financial
condition within four (4) months from the date of submission of
such plan for approval to the relevant authorities.

The Company does not need to appoint an independent accounting
firm as Monitoring Accountant. This requirement is not
applicable to the Company as its does not comply under the
criteria set out under paragraph 6.1 of PN 4/2001 to warrant an
appointment of such Monitoring Accountant.

CONSEQUENCES OF NON-COMPLIANCE OF PN 4/2001

Should PMB fail to comply with any of the obligations set out
under PN 4/2001, the Company may be regarded as a listed issuer
whose financial condition does not warrant continued trading
and/or listing. In this regard, the KLSE may suspend the trading
of PMB's shares and/or delist the Company from its official
list.

PMB'S PLANS TO REGULARIZE ITS FINANCIAL CONDITION

The Board of Directors of PMB will assess options with regard to
the plans to regularize PMB Group's financial condition.


PERAK CORPORATION: SC Grants Proposals Approval
-----------------------------------------------
Malaysian International Merchant Bankers Berhad (MIMB), on
behalf of the Board of Directors of Perak Corporation Berhad, is
announced that the Securities Commission (SC) has approved the
Proposals, which involve:

   ú Proposed private placement of 10,000,000 new ordinary
shares of RM1.00 each (share(s)) representing approximately
14.29% of the existing issued and paid-up share capital of PCB
at an issue price to be determined later (Proposed Private
Placement);

   ú Proposed transfer of the listing of and quotation for the
entire issued and paid-up share capital of PCB from the Second
Board to the Main Board of the Kuala Lumpur Stock Exchange
(KLSE) upon completion of the Proposed Private Placement
(Proposed Transfer); and

   ú Proposed bonus issue of 20,000,000 new shares on the basis
of one (1) new share for every four (4) existing shares held in
PCB after the Proposed Private Placement at a date to be
determined later (Proposed Bonus Issue)

In respect of the utilization of proceeds from the Proposed
Private Placement, the following conditions must be fulfilled:

   (i) the SC's approval is to be obtained for any variation to
the proposed utilization of proceeds if the said variation
involves utilization for purposes other than for the core
business of PCB;

   (ii) shareholders of PCB must be informed on the proposed
utilization of proceeds. Appropriate disclosures should be made
to the shareholders of PCB, should there be any variation to the
utilization of proceeds;

   (iii) any extension of time for the utilization of proceeds
must be approved by a final resolution by the Board of Directors
of PCB and fully disclosed to the KLSE; and

   (iv) appropriate disclosures on the status of utilization of
proceeds must be made in the Quarterly Reports and Annual Report
of PCB until the proceeds are fully utilized.

The SC's approval for the Proposals is also subject to the
following conditions:

   (i) MIMB/PCB are required to comply with the Policies and
Guidelines on Issue/ Offer of Securities issued by the SC (SC
Guidelines) in relation to Private Placement, which include the
requirement to submit to the SC the following:

     (a) a final list of placees for the new shares to be issued
pursuant to the Proposed Private Placement; and

     (b) a written confirmation that the Proposed Private
Placement has complied with the relevant requirements under the
SC Guidelines on Private Placement; and

   (ii) PCB must fully adhere to the relevant requirements under
the SC Guidelines, including the public shareholding spread
requirement.

The Proposals are now subject to the approvals of the following:

   (i) the Foreign Investment Committee, for the Proposed
Private Placement;

   (ii) the KLSE, for the listing of and quotation for the new
shares to be issued pursuant to the Proposed Private Placement
and Proposed Bonus Issue; and

   (iii) the shareholders of PCB, at an extraordinary general
meeting (EGM) to be convened.

The Circular to the shareholders of PCB together with the Notice
to convene the EGM will be dispatched to the shareholders of PCB
in due course.


TECHNO ASIA: Unit WPKL Fails to Reach Settlement With KENOL
-----------------------------------------------------------
The Special Administrators of Techno Asia Holdings Berhad
announced that an amicable settlement had not been reached
between Westmont Power (Kenya) Limited (WPKL) with Kenya Oil
Company Limited (KENOL) in respect of an alleged sum of
KShs33,360,625.40 claimed by KENOL against WPKL under the Civil
Case No. 106 of 2002 in the High Court of Kenya at Nairobi.

WPKL's solicitors view the merits of the proceedings to favor
KENOL and have informed that KENOL proceeded to garnish the
amount claimed against the receivables of WPKL due from the
Kenya Power & Lighting Company Limited (KPLC).

As a result of the above, the receivables due from KPLC to WPKL
will be reduced accordingly. Since KENOL's claims have already
been taken up as a liability in the books of accounts of WPKL,
the proceedings initiated by KENOL have no material impact on
the group.

WPKL, a company incorporated in Kenya, is a subsidiary company
of Westmont Offshore Sdn. Bhd., which in turn is wholly-owned by
the Company.


UNITED CHEMICAL: Obtains FIC's Proposed Restructuring Approval
--------------------------------------------------------------
On behalf of United Chemical Industries Berhad, Alliance
Merchant Bank Berhad announced that the Company has received the
approval of the Foreign Investment Committee for the Proposed
Restructuring, via its letter dated 10 March 2003 with no
conditions attached. A summary of the Proposed Restructuring is
set out as follows:

   (i) proposed scheme of arrangement between UCI and its
shareholders under Section 176 of the Companies Act, 1965 to
exchange their existing ordinary shares of RM1.00 in UCI (UCI
Shares) with new ordinary shares of RM0.50 each in AESB (AESB
Shares) (Proposed UCI Scheme);

   (ii) proposed acquisitions by AESB of equity interest in a
group of companies involved in property development and
investment from KUB, KUB Ekuiti Sdn Bhd (KUBE) and PKNP
respectively (Proposed Acquisitions);

   (iii) proposed settlement of debts outstanding in UCI
pursuant to a scheme of arrangement under Section 176 of the
Companies Act, 1965 (Proposed Debt Restructuring);

   (iv) proposed scheme of arrangement between Syarikat
Majuperak Berhad (Majuperak) and its shareholders under Section
176 of the Companies Act, 1965 to exchange their existing shares
in Majuperak with AESB Shares and Zero-Coupon Irredeemable
Convertible Preference Shares in AESB (ICPS) (Proposed Majuperak
Scheme);

   (v) proposed transfer of the listing status of UCI to AESB
(Proposed Transfer of Listing Status);

   (vi) proposed restricted issue of 11,000,000 new AESB Shares
to investors to be identified at an issue price of RM0.70 per
AESB Share (Proposed Restricted Issue); and

   (vii) proposed offer for sale of:

     * 7.5 million AESB Shares by PKNP at an offer price of
RM0.70 per share;

     * 8.0 million AESB Shares by KUB at an offer price of
RM0.70 per share; and

     * RM2 million nominal value of 0.5% Irredeemable
Convertible Unsecured Loan Stocks in AESB (ICULS) at 100% of the
nominal value;

to the public (Proposed Offer for Sale).

Refer to the Troubled Company Reporter - Asia Pacific September
03, 2002, Vol. 5, No. 174 issue, for details of the Proposed
Restructuring Scheme.


UNITED CHEMICAL: Replies to KLSE's Restraining Order Query
-------------------------------------------------------
United Chemical Industries Berhad, in Reply to Query Letter by
KLSE reference ID: MZ-030311-37327 regarding the Restraining
Order (RO), informed that the RO is not expected to have
material financial and operational impact on UCI because:

   (i) the RO is to facilitate the Company to develop and
propose a scheme of arrangement to its' creditors; and

   (ii) currently the operations of the Company is maintained at
a level sufficient to meet the outstanding and urgent
requirement of its customers.

Below is the KLSE's Query Letter content:

We refer to your announcement dated 10 March 2003.
In this connection, kindly furnish the Exchange with the
following additional information for public release:

1. The financial and operational impact of the Restraining Order
on United Chemical Industries Berhad group, if any.

Please furnish the Exchange with your reply immediately.

Yours faithfully
TAN YEW ENG
Senior Manager, Listing Operations
TYE/MZZ
c.c. Securities Commission


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


ATLAS CONSOLIDATED: Completes Debt-For-Equity Swap
--------------------------------------------------
Atlas Consolidated Mining and Development Corporation recently
completed a debt-for-equity swap for debt totaling 878.8 million
pesos, Dow Jones said Wednesday. The Company issued 87.9 million
shares, each at 10 pesos, to cover its debts to Alakor
Corporation and Minoro Mining and Exploration Corporation.

Aside from the 81 million shares Alakor will get through the
debt-for-equity swap, Alakor bought from other creditors of the
mining Company debts totaling 2.49 billion pesos, which will be
converted to shares later. The Company will hold a general
meeting March 31 to get shareholders' approval for an increase
in its capital stock to create more shares to cover further debt
retirement and for future fund raising.


ATLAS CONSOLIDATED: Special General Meeting Set For March 31
------------------------------------------------------------
Further to Circular for Brokers No. 3271-2002 dated December 13,
2002, Atlas Consolidated Mining and Development Corporation
furnished the Philippine Stock Exchange a copy of its SEC Form
17-IS (Definitive Information Statement) in connection with its
Special/Advance General Meeting of Stockholders which will be
held on March 31, 2003, at 10:00 a.m. at the Valle Verde Country
Club, Capt. H. Javier St., Bo. Oranbo, Pasig City.

The Company, in the said Notice, further advised that:

The Board has fixed 12:00 noon of Monday, March 10, 2003 as the
record date for the determination of stockholders entitled to
notice of and to vote at the meeting. The stock and transfer
books will be closed at such hour.

The press release is located at
http://www.pse.org.ph/html/disclosure/pdf/dc2003_0690_AT.pdf

The Troubled Company Reporter-Asia Pacific reported that the
Company posted a net loss of 31.528 million pesos in the first
quarter of 2002, versus a net loss of 625.698 million a
year earlier.

The mining firm was established through the merger of assets and
equities of three distinctive companies. These are Masbate
Consolidated Mining Company, IXL Mining Company and the Antamok
Goldfields Mining Company. Its copper minesite is located in
Toledo, Cebu while its gold minesite is in Aroroy, Masbate. The
Company is into mineral and metallic mining and exploration and
primarily produces copper concentrates and gold with silver and
pyrites as major by-products.


BENPRES HOLDINGS: Likely to Secure Restructuring Deal This Year
---------------------------------------------------------------
Benpres Holdings is confident it will be able to secure a
restructuring deal with its creditors for debts totaling
US$596.9 million by the end of this year, AFX Asia said on
Thursday, citing Benpres Chairman Oscar Lopez.

The Company scheduled its special stockholders' meeting on March
13 to secure shareholders' authorization to negotiate with
creditors for a debt restructuring.


MULTINATIONAL TELECOM: Senate Detains Baladjay
----------------------------------------------
Philippines Senator Robert Jaworski has ordered the arrest of
Multinational Telecom Investors Corporation (Multitel) President
Rosario Baladjay, which is subject of complaints from investors
allegedly soliciting investments from the public and promising
high interest rates on investments, the Malaya Newspaper said on
Thursday.

Baladjay was escorted to the Senate by members of the Criminal
Investigation and Detection Group and was turned over by
Pangasinan police.

Among those cited in contempt by the Senate were Baladjay's
husband Saturnino; Ervin and Evelyn Mateo of Mateo Management
Group of Co.; Jesus and Rosemarie Nina Tibayan of Tibayan Group
of Co.; SPO3 Alex Cacananta and Orlando Santos of Ma. Teresa
Santos Trading (MTST); Ma. Nina Rebecca Marquez V and Fe Reyes
of Ma. Touch Trading; Ireneo C. Sison of ICS Exports and Helen
Garcia. Ma. Teresa Santos of MTST has been arrested.


PHILIPPINE AIRLINES: Expects to Return to Profit This Year
----------------------------------------------------------
Philippine Airlines Inc. expects to post a net income of 500
million pesos in the year ending March, because it sold more
tickets, BusinessWorld and Bloomberg reported, quoting PAL
President Avelino Zapanta.

The airline has cut its debt to $1.2 billion from $2.2 billion
when it was reorganized in 2000. The Company earned 46 million
pesos that year, and 419 million pesos in 2001. The estimated
profit for this year is half of what Philippine Airlines
predicted in November.


PHILIPPINE LONG: SCI Blocks AT&T Calls After FCC Ruling
-------------------------------------------------------
Philippine Long Distance and Telephone Co. unit Smart
Communications Inc. (SCI) will block inbound traffic from AT&T
after the US Federal Communications Commission banned US
carriers from paying their Philippine counterparts, BPI
Securities reports. The U.S. Federal Communications Commission
(FCC) issued the ban after AT&T and WorldCom complained they
were forced to compete unfairly with other US carriers after
local telecommunication firms increased termination rates for
inbound calls from the United States.

Smart said that the FCC's International Bureau had no
jurisdiction to rule on the dispute. The FCC had said the ban on
payments would stay until it is assured the anti-competitive
situation is resolved. Smart said termination rates for inbound
calls should be governed by bilateral agreements between
carriers.


VICTORIAS MILLING: Gotianun Denies Takeover Report
--------------------------------------------------
In response to recent news reports, business magnate Andrew
Gotianun denied any interest on the part of the Gotianun family
to acquire Victorias Milling Corporation (VMC), the Philippine
Star said on Thursday.

Gotianun reported that as one of the creditor-stockholders of
VMC, East West Bank feels duty bound to look into the
performance of VMC to insure that VMC would be able to meet the
repayment of its obligations. With a P8-billion debt level, VMC
should be run efficiently, in order to meet its obligations
under the restructuring agreement, Gotianun added.


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


ASIA PULP: Indonesian Minister Intervenes in Debt Deal Process
--------------------------------------------------------------
Indonesian Chief Economics Minister Dorodjatun Kuntjoro-Jakti
said he would be intervening in a dispute over negotiations
between Asia Pulp & Paper (APP) and its creditors as meetings to
finalize a $6.7 billion debt deal for the timber and pulp
Company's Indonesian units continued, the Financial Times said
on Wednesday.

In a letter to Indonesian President Megawati Sukarnoputri this
week, the ambassadors of 11 countries urged the government to
"exercise the closest possible supervision" of the Indonesian
Bank Restructuring Agency (IBRA) in its negotiations with APP.

Indonesia's Widjaja family controls the Singaporean based
Company. It stopped payments on its $13.9bn debt in March 2001
in the largest ever default in emerging markets' history.

The ambassador's letter has raised the stakes for both APP and
IBRA by putting diplomatic pressure on Jakarta to resolve an
apparent impasse.

Dorodjatun Kuntjoro-Jakti, co-ordinating minister for economic
affairs, said he had discussed the letter with IBRA and planned
to meet with the relevant ambassadors soon. Asked to respond to
the letter by Reuters yesterday, Mohammad Syahrial, IBRA's
deputy Chairman, said: "(We) don't want a government-to-
government settlement. We want a commercial approach. If they
want to bring (the case) to the President, go ahead."


SPP LIMITED: Voluntary Liquidation of Associated Firm
----------------------------------------------------
SPP Limited announced that its 49 percent owned associated
Company incorporated in Thailand, E.C. Microtunnel Co., Ltd. ECM
has been placed under members' voluntary liquidation.

The principal activities of ECM are those of piling and pipe
jacking contractors and ECM has been dormant since 1997.

The above liquidation is not expected to have any material
impact on the net tangible assets and earnings per share of the
Company for the financial year ending 31 December 2003.

SPP Limited is a subsidiary of Tuan Sing Holdings Limited. The
Company is a diversified marketing, engineering and industrial
services group with subsidiaries involved in trading and
marketing (SPP Trading Pte Ltd), distribution (Globaltraco
International Pte Ltd), engineering and construction (BPL
Group), environmental and geotechnical (Soil & Foundation Pte
Ltd) and manufacturing (3S Engineering (Shanghai) Co Ltd)
activities throughout the Asia Pacific region.


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


BANGKOK RUBBER: Bankruptcy Court Approves MoA Amendment
-------------------------------------------------------
In relation to B.R.C. Planner Co., Ltd., the Plan Administrator
of Bangkok Rubber Public Company Limited, filing an application
to the Central Bankruptcy Court dated February 6, 2003 for
amendment of the content in the Memorandum of Association (MoA)
to comply with the condition of the Business Reorganization
Plan.

B.R.C. Planner announced that the Central Bankruptcy Court
granted the amendment of MoA according to the Business
Reorganization Plan. The details of the amendment in the
Memorandum of Association are, as follows:

   1. To decrease the registered capital from Bt1,500,000,000
to Bt975,000,000 by decreasing the existing common shares which
have not been allotted amounting to 52,500,000 shares with a par
value of Bt10 per share.

   2. To increase the registered capital from Bt975,000,000 for
a further Bt30,010,470 to Bt1,805,010,470 by issuing the new
common share amounting to 83,001,047 shares in order to support
debt restructuring by way of debt to capital conversion with a
par value of Bt10 per share

   3. Conversion of debt of the creditors who have the right to
receive according to the Business Reorganization Plan to a
capital with a par value of Bt17 per share. Allotment to the
creditor according to the amount prescribed in the Business
Reorganization Plan as follows:

     3.1  Creditor group 2,3,4 Financial Institution Creditors,
          not exceeding 66,004,559 shares
     3.2  Creditor group 6     Tax Creditors, not exceeding
          9,770,840 shares
     3.3  Creditor group 7     Public Utility Creditors,
          not exceeding 124,666 shares
     3.4  Creditor group 9     Related Companies Creditors,
          not exceeding 7,100,982 shares


CENTRAL PAPER: Clarifies Auditor's 2002 F/S Disclaimer Opinions
---------------------------------------------------------------
As Central Paper Industry Public Co., Ltd submitted the audited
annual financial statement of 2002, the auditor issued
disclaimer opinions on the financial statements. The company
clarified and provided additional information as follows:

In the case of the auditor's inability to apply the other
auditing procedures to satisfy the amount of the inventories at
the beginning period of the year 2001 due to the first year
admission to audit, it was due to the reason that the Company
had different auditor at that time.

In the case of the auditor not receiving confirmation by
ordinary persons for the amount of purchased raw material of
Bt95.41 million is due to the company's policy of producing
recycled paper by using the waste paper to be the raw material
in the Deinking System. The company then has to purchase a lot
of waste paper from ordinary persons and any company instead of
importing the big lot of pulp and waste paper. Thus it is not
necessary to reply the confirmation of the ordinary persons and
because of limited time, the auditor has not received the
confirmation replies.

In the case of the auditor not receiving confirmation replies
from 2 financial institution. The company has recorded the
principal amount of loans and the accrued interest expenses at
the interest rate. After the completion of the negotiation with
Thai Assets Management Corporation (TAMC), the company will use
the same method to request for writing off some of such debts.
The auditor received confirmation from TAMC, which the
outstanding balance of the company is higher than TAMC,
confirmation replies amounting to Bt30.56 million due to the
company recording an accrued interest expenses at the default
rate, which is the maximum rate defined by TAMC and ordered by
Civil Court.

In the case of the company making agreement with two companies
as agencies for selling finished goods, which the selling price
is lower than cost due to the adjustment for the depreciation
of revaluation increment in fixed assets into the cost of sales,
according to the new Thai Accounting Standard No.32, "Property,
Plant and Equipment" the cost of sales rose by Bt40.50 million
in 2002 and the company has to pay for the labor cost for daily,
monthly and temporary employees. The agreement with the two
companies was made for raising the liquidity to attain the
working capital in operation. Term payment of the 2 companies
are between 15 and 30 days.


CENTRAL PAPER: SET Awaits Amended Financial Statement
-----------------------------------------------------
Previously, the Stock Exchange of Thailand posted the "SP"
(Suspension) sign on Central Paper Industry Public Company
Limited (CPICO) from 4 March 2003 because the company has
publicly submitted the SET its audited financial statements for
the year ending 31 December 2002 with the Disclaimer of Opinion
on its financial statements. The SET has been waiting for the
clarification about making financial statements.

Currently, the company has disseminated its financial statements
and the abovementioned clarification to investors through the
SET therefore, the SET has posted the "NP" sign on its
securities from 13 March 2003 until such time as the company
will submit its amended financial statements or conclude  that
it is not necessary to amend its financial.


KGI SECURITIES: Reduces Exercise Price to Bt7.50/Share
------------------------------------------------------
The Extraordinary General Meeting of Shareholders no. 1/2003 of
KGI Securities (Thailand) Public Company Limited, held on 9
January 2003 has approved the Company to reduce capital
by way of a reduction of par value from Bt10 to Bt7.50 per share
and a subsequent return of Bt2.50 per share to all the
shareholders proportionately to their respective shareholding.

As the capital reduction might affect the rights of the holders
of warrant#4, the Company made an adjustment to the exercise
price and exercise ratio in order to preserve the rights of the
holders by using the adjustment formula, which has been
confirmed by IFCT Advisory Company Limited, the Company's
Independent Financial Advisor.  After the calculation, the new
exercise price and new exercise ratio are as below and it will
take an effect on 12 March 2003.

         Exercise ratio     Exercise price
        (warrant : share)  (Bt per share)

Old terms & conditions  1 : 0.10000               5.00000
New terms & conditions  1 : 0.27806               1.79816

Early this week, the Troubled Company Reporter - Asia Pacific
reported that TRIS Rating has affirmed the company rating "BBB-"
due to KGI's improved performance in 2002 with higher
contribution from brokerage income.


RAIMON LAND: Reports Cash Outflow
---------------------------------
Reference is made to the letter dated 14 November 2002 stating
that the remaining balance from the capital increase as at
November 8, 2002 was approximately Bt110 million.  Raimon Land
Planner Co., Ltd., Plan Administrator for Raimon Land Public
Company Limited, reported the cash disbursement of funds from
the capital increase during November 9, 2002 to February 8, 2003
as follows:

   - Investment in share capital of Raimon Tower Co., Ltd.
     Bt4.65  million. (additional 10% paid-up of share capital,
     465,000 shares @ Bt10)

   - Used for working capital  Bt7.85 million

   Total: Bt12.50 million

The remaining balance from the capital increase is approximately
Bt97.5 million. The company will report in the near future any
additional disbursements of the remaining capital increase
funds.


* DebtTraders Real-Time Bond Pricing
------------------------------------

Issuer             Coupon   Maturity   Bid - Ask   Weekly change
-----              ------   --------   ---------   -------------

Asia Pulp & Paper     FRN     due 2001   .5 - 1.5        -0.5
Asia Pulp & Paper     11.75%  due 2005  31.0 - 32.0       0.0
APP China             14.0%   due 2010  29.5 - 30.5       0.0
Asia Global Crossing  13.375% due 2006  12.0 - 13.0       0.0
Bayan Telecom         13.5%   due 2006  14.0 - 16.0       0.0
Daya Guna Sumudera    10.0%   due 2007   2.5 - 4.5        0.0
Hyundai Semiconductor 8.625%  due 2007  67.0 - 71.0       0.0
Indah Kiat            11.875% due 2002  35.0 - 37.0       0.0
Indah Kiat            10.0%   due 2007  27.50 - 28.50     0.5
Paiton Energy         9.34%   due 2014  84.5 - 86.5      +5.0
Tjiwi Kimia           10.0%   due 2004  23.5 - 24.5      +0.5

Bond pricing, appearing in each Friday's edition of the
Troubled Company Reporter - Asia Pacific, is proviad by
DebtTraders in New York. DebtTraders is a specialist in global
high yield securities, providing clients unparalleled services
in the identification, assessment, and sourcing of attractive
high yield debt investments. For more information on
institutional services, contact Scott Johnson at 1-212-247-5300.
To view our research and find out about private client accounts,
contact Peter Fitzpatrick at 1-212-247-3800. Real-time pricing
available at www.debttraders.com


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
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                 *** End of Transmission ***