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

                   A S I A   P A C I F I C

           Tuesday, April 08 2003, Vol. 6, No. 69

                         Headlines

A U S T R A L I A

AMP SHOPPING: AMP Life Provides Clarification for Unitholders
AMP SHOPPING: Posts CEP Chairman`s Letter to Unitholders
GOODMAN FIELDER: BPC Compulsory Acquisition of Shares Commences
GOODMAN FIELDER: Changes Company Secretary
GOODMAN FIELDER: Securities Trading Suspended on April 11

PMP LIMITED: Appoints Ian Fraser to Board
PMP LIMITED: Strategic Review Aims $30M EBIT Improvement in FY04
QUIKTRAK NETWORKS: Undergoes Organizational Restructuring
VOICENET (AUST): Successfully Completes $1.78M Capital Raising

* ASIC Acts to Prevent Insolvent Trading


C H I N A   &   H O N G  K O N G

CHINA INVESTMENT: Operations Loss Swells to HK$5.644M
CREATOR BASE: Winding Up Hearing Scheduled in April 30
INTERCALL LIMITED: Hearing of Winding Up Petition Set
NAM FONG: Requests Trading Suspension
SOUNDWILL HOLDINGS: Capital Reorganization Proposals Effectuated

SOUNDWILL HOLDINGS: Odd Lot Trading Arrangement Ends on April 15
STRONGJET TECHNOLOGY: Winding Up Petition Slated for Hearing
TECHCAP HOLDING: Turnover Movement Unexplainable
WING LEE: Resolutions Approved at Special General Meeting
WO HING: Winding Up Sought by Thermtech


I N D O N E S I A

SEMEN PADANG: F/S Filing Failure Causes Problems for Parent


J A P A N

ALL NIPPON: Cuts Hong Kong Flights Due to Killer Pneumonia
DAI-ICHI LIFE: S&P Affirms 'BBB+' Ratings, Off CreditWatch
DAIEI INC.: Likely to Revise Restructuring Targets, Says Source
HITACHI LIMITED: To Book JPY55 Billion in Valuation Losses
KUMAGAI GUMI: Requests for Financial Support

KUMAGAI GUMI: Turnaround Plan Calls for Merger with Rival
MATSUSHITA ELECTRIC: Ends 2002 in Red Due to Stock Market Losses
MITSUBISHI TOKYO: Group Expands Pretax Loss Estimate
NEC CORP.: S&P Withdraws Ratings on U.S. Unit's CP Program
SUMITOMO MITSUI: Sees Losses, Instead of Profits for FY 2002

SUMITOMO MITSUI: S&P Won't Change Ratings over Revised Forecasts

* Firms Credit Quality Unlikely to Improve, Says S&P


K O R E A

JINRO CO.: Goldman Sacks Affiliate Urges Court to Liquidate Firm
KOREA THRUNET: Uncertain Reorganization Costs Nasdaq Listing
SK GLOBAL: Banks Up Provisions as They Expect Loans to Turn Sour
SK GROUP: Investigators Train Eyes on Restructuring Headquarters


M A L A Y S I A

AOKAM PERDANA: SC's Proposed Rescue Scheme Decision Pending
ASSOCIATED KAOLIN: FIC Endorses Revised Proposals
BRISDALE HOLDINGS: Unit's Winding Up Petition Set on July 24
CSM CORPORATION: Appoints Tan Kok as Audit Committee Member
DENKO INDUSTRIAL: SPA's Cut-Off Date Extended to September 4

FIAMMA HOLDINGS: Provisional Liquidator Appointed for Unit MBI
FW INDUSTRIES: Seeking Proposed Debt Workout Scheme Approvals
GEAHIN ENG'G: Litigation's Contingent Loss Amounts RM72,450.06
GENERAL LUMBER: SC Approves KYWI Proposed Acquisition Exemption
HO HUP: Proposes Shareholders' Mandate Renewal

LAND & GENERAL: Unit Enters SJVA With PSL, PBPO
OLYMPIA INDUSTRIES: Unit Receives Notice to Arbitrate From Insa
PAN MALAYSIA: FIC Grants Special Issue Time Extension
PLANTATION & DEVELOPMENT: Exec Dir Soh Chai Resigns
REPCO HOLDINGS: Moratorium Period Extended Until April 2004

SILVERSTONE CORPORATION: Extends Disposal Completion Deadline
TANJONG PUBLIC: Appoints PwC LLP as Auditors
TECHNO ASIA: Provides Default in Payment Status Update


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Mulls Entry into Mobile Phone Business
MANILA ELECTRIC: Wants 'Refund Ruling' Review Done by Full Court
VICTORIAS MILLING: Board Shake up to Spark Boycott, Say Clients


S I N G A P O R E

HOTEL MALAYSIA: Court Grants Extension Time to Up Shares
ISOFTEL LTD: Issues More Info on Financial Results
PACIFIC CENTURY: Voluntarily Liquidates Subsidiary
TT INTERNATIONAL: Creditors Wind Up Troubled Subsidiary


T H A I L A N D

CENTRAL PAPER: Right Warrants Units Remains 119,994,600
CHRISTIANI & NIELSEN: No General Meeting for Shareholders
KRISDA MAHANAKORN: Signs Debt Restructuring Agreement
ROBINSON DEPARTMENT: Reports CRC Option Shares Exercise

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AMP SHOPPING: AMP Life Provides Clarification for Unitholders
-------------------------------------------------------------
AMP Henderson, as Responsible Entity of the AMP Shopping Centre
Trust (ART), confirmed Monday that it has received a letter from
AMP Life, which AMP Henderson is releasing to the market in the
interests of providing clarity for ART unitholders.

AMP Henderson had asked AMP Life about its intentions in
relation to its rights under the Co-ownership Agreements and the
offer being made by Centro Properties Group (Centro).

"As the Responsible Entity, we are taking the available steps to
try to achieve clarity for unitholders on this matter," said
Jack Ritch, Managing Director, AMP Henderson.

Below is the letter from AMP Life to ART Unitholders:

I refer to your letter of 3 April 2003 to the Directors of AMP
Life Limited (AMP Life).

AMP Life has not made any decision or formed any intentions in
relation to:

   * its unit holding in ART as a consequence of the offer made
by Centro: or

   * its rights under the co-ownership agreements which relate
to the property assets which it co-owns with ART.

AMP Life has not given any previous indication of its attitude
in relation to either of those matters.

AMP Life continues to carefully consider its position in
relation to the Centro bid which is at an early stage. As you
know AMP Life is taking independent advice on its position. For
the record AMP Life's corporate advisors are Credit Suisse First
Boston and Clayton Utz are our legal advisors.

When making its decision on those matters, AMP Life will give
priority to the interests of policy owners consistent with its
statutory obligations.

P Mackey
COMPANY SECRETARY
AMP Life Limited


AMP SHOPPING: Posts CEP Chairman`s Letter to Unitholders
--------------------------------------------------------
AMP Shopping Centre Trust (ART) posted the letter of Brian
Healey, Chairman of Centro Properties Group, to ART Unitholders:

"Centro Properties Group (Centro) is pleased to provia you with
its offer to acquire all your units in AMP Shopping Centre Trust
(ART).

Centro is offering three Centro Securities plus 27.3 cents cash
for every seven ART units that you hold. Each Centro Security
comprises a share in Centro Properties Limited and a unit in the
Centro Property Trust, which are stapled together.

HIGHLY BENEFICIAL STRONG OFFER

Based on the volume weighted average market price of Centro
Securities on ASX on 28 and 31 March 2003 of $3.77, the offer
equates to $1.65 per ART unit. This is:

   * a 16.3% premium to ART's 5-day volume weighted average
price on the ASX to 17 March 2003; and

   * an 19.6% premium to ART's net tangible asset backing of
$1.38 per unit as at 31 December 2002, and values ART at
approximately $1.32 billion.

Based on the forecasts for the 2004 financial year detailed in
the Bidder's Statement, if you accept Centro's offer, you will
receive a 14.6% higher distribution than you would otherwise
have received as an ART unitholder. 1

If you are issued Centro Securities under the offer prior to 30
June 2003, you will be entitled to receive the Centro June 2003
distribution, which is forecast to be 14.05 cents per Centro
Security. Otherwise, you will be entitled to retain the ART June
2003 distribution, which is forecast to be 5.6 cents per ART
unit. The Centro Securities to be issued under the offer will
rank equally for future distributions.

CENTRO'S TRACK RECORD

Centro has a strong track record of superior returns to its
investors and has been the best performing listed property trust
entity over the 5 and 10-year periods to February 2003. Centro
is a top 100 ASX listed entity specializing in the ownership,
management and development of retail property throughout
Australia and has shopping center assets under management of
approximately $3 billion.

Centro's stapled structure, which allows for the internal
management of the Centro Property Trust, affords several
advantages over externally managed property trusts, such as ART.
Centro undertakes the day-to-day management of the trust's
properties, and its leasing and development activities. As a
result, Centro does not pay significant external fees to third
parties for those services and is able to retain these amounts
for the benefit of its security holders.

1) Based on forecast distributions announced by ART to ASX on 18
February 2003 and assuming reinvestment of the cash component of
the consideration in Centro Securities at $3.72 per security.

Centro believes that this structure creates a strong alignment
of interests between management of the trust and investors.

Centro has consistently demonstrated significantly superior
returns
to security holders in comparison to ART. Centro believes that
its
superior performance reflects a more efficient and flexible
corporate
structure, its strong retail property specialization and
management
depth and closer retailer relationships.

BIDDER'S STATEMENT AND ACCEPTANCE

The enclosed Bidder's Statement dated 20 March 2003 provias
further information in relation to Centro and our offer. We are
also enclosing a copy of a First Supplementary Bidder's
Statement dated 1 April 2003, which explains certain
developments in relation to ART and our offer which occurred
after lodgment of the Bidder's Statement. You should read these
documents carefully.

We would be pleased to welcome you as an investor in Centro
Properties Group through this offer. An acceptance form and a
reply paid envelope are enclosed. If you have any queries in
relation to our offer, please do not hesitate to call the Centro
Offer Information Line on 1300 733 636 (callers in Australia) or
int+ 612 9240 7452 (callers outside Australia)."

Last month, Troubled Company Reporter - Asia Pacific reported
that Standard & Poor's Ratings Services has placed its 'A/A-1'
corporate credit ratings on AMP Shopping Centre Trust (ART) on
CreditWatch with negative implications, following Centro
Property Trust (Centro, not rated) 19.9% stake acquisition in
ART and plans to make an off-market bid for the remaining units
in ART.


GOODMAN FIELDER: BPC Compulsory Acquisition of Shares Commences
---------------------------------------------------------------
BPC1 Pty Limited (Burns Philp) (a wholly owned subsidiary of
Burns, Philp & Company Limited) refers to its off-market
takeover bid for all the ordinary shares in Goodman Fielder
Limited (Goodman Fielder) which closed at 7:00pm (Sydney time)
on 28 March 2003.

Burns Philp announces that it has on Friday commenced the
process for compulsorily acquiring the outstanding Goodman
Fielder shares by lodging a compulsory acquisition notice (Form
6021) with ASIC.

As required by paragraph 661B(1)(d) of the Corporations Act,
Burns Philp attaches, by way of service, a compulsory
acquisition notice (Form 6021) which relates to the compulsory
acquisition.

Further to Burns Philp's announcement on 13 March 2003, Burns
Philp has drawn down A$1,300 million under the Term A Facility
and US$335 million under the Term Loan B Facilities and has
repaid the Share Acquisition Bridge Facility of A$1,350 million.
Burns Philp has also arranged for Goodman Fielder to prepay
Goodman Fielder's US$200 million guaranteed senior notes.

Below are a copies of letters being dispatched to the remaining
Goodman Fielder shareholders and to Goodman Fielder
optionholders.

LETTER TO OPTIONHOLDERS

COMPULSORY ACQUISITION OF YOUR GOODMAN FIELDER SHARES

As you may be aware, BPCI Pty Limited (Burns Philp), a wholly
owned subsidiary of Burns, Philp & Company Limited, recently
made offers to acquire all your Goodman Fielder shares (the
Offer). The Offer closed at 7.00 pm (Sydney time) on 28 March
2003.

Burns Philp has become an `85% holder' in relation to the
Goodman Fielder shares and options (as defined under section
665D of the Corporations Act). Burns Philp has also received
sufficient acceptances of the offer to entitle it to
compulsorily acquire all the outstanding Goodman Fielder shares
in respect of which acceptances were not received. The purpose
of this letter is to inform you that that process has now
commenced.

The Form 6021 (Notice of compulsory acquisition following
takeover bid), which Burns Philp is required to give to you
under the Corporations Act accompanies this letter.

Under the compulsory acquisition procedure, you will receive
A$1.635 for each Goodman Fielder share, held by you.

Burns Philp is required to give the total cash sum payable by it
under the compulsory acquisition for all of the outstanding
shares to Goodman Fielder approximately six weeks after the date
of this letter. Goodman Fielder will, as soon as practicable
after receiving the cash from Burns Philp, send you a letter
seeking your instructions on how to deal with the cash payable
to you. In the meantime Goodman Fielder will hold the cash to
which you are entitled on trust for you.

New Zealand residents will receive the New Zealand dollar
equivalent to A$1.635 unless they elect to receive their
consideration  in Australian dollars rather than New Zealand
dollars by giving notice in accordance with paragraph 5 of the
attached Form 6021.

If you have validly accepted the Offer in accordance with the
terms of the offer you will be sent your payment directly and
you can disregard this letter. However, if your acceptance is
not a valid acceptance, your shares will be acquired under the
compulsory acquisition procedure set out in this letter and the
accompanying notice.

If you have any queries in relation to the compulsory
acquisition of your Goodman Fielder shares, please contact the
Goodman Fielder Offer Information Line in Australia 1300 888 943
or New Zealand 0800 006 675 (callers outside Australia and New
Zealand should call +61 2 9240 7512).

Alan McGregor
CHAIRMAN

LETTER TO OPTIONHOLDERS

COMPULSORY ACQUISITION OF GOODMAN FIELDER SHARES AND OPTIONS

We are writing to inform you that BPC1 Pty Limited (Burns
Philp), a wholly owned subsidiary of Burns, Philp & Company
Limited, has today commenced the process of compulsorily
acquiring the outstanding shares in Goodman Fielder Limited
(Goodman Fielder) (Share Compulsory Acquisition). It is expected
that this process will be completed in approximately 6 weeks.

As the holder of Goodman Fielder options, this process is not
directly relevant to you. Burns Philp has made you a separate
options offer contained in its letter dated 31 March 2003
(Options Offer). The Options Offer is scheduled to close at
7.00pm (Sydney time) on 15 April 2003.

After the close of the Options Offer, Burns Philp intends to
compulsorily acquire any outstanding options under Part 6A.2 of
the Corporations Act (General Compulsory Acquisition). If Burns
Philp pays optionholders more for their options under the
General Compulsory Acquisition, Burns Philp will pay the
difference to any optionholder who accepts the Options Offer at
the same. time as it pays the other optionholders under the
General Compulsory Acquisition.

If you exercise your options, the Goodman Fielder shares that
you are issued upon that exercise would be compulsorily acquired
by Burns Philp under the Share Compulsory Acquisition. A formal
Form 6021 (Notice of compulsory acquisition following takeover
bid) in relation to the Share Compulsory Acquisition is attached
for your information.

Finally, also enclosed with this letter is a separate letter
from Goodman Fielder titled `85% holder notice', which the
Corporations Act requires Goodman Fielder to give to you

If you have any queries in relation to the Options Offer or the
compulsory acquisition process, please contact the Goodman
Fielder Offer Information Line on 1300 888 943 (callers in
Australia) or 0800 006 675 (callers in New Zealand) or +61 2
9240 7512 (callers outside Australia and New Zealand).

Helen Golding
COMPANY SECRETARY

LETTER TO OPTIONHOLDERS

85% HOLDER NOTICE

BPC1 Pty Limited (BPC1) (a wholly owned subsidiary of Burns,
Philp & Company Limited) has become an `85% holder' in relation
to the Goodman Fielder shares and options (as defined under
section 665D of the Corporations Act).

BPC1 has also become a `90% holder' of the Goodman Fielder share
and Goodman Fielder options (as defined under subsections
664A(l) and (2) of the Corporations Act). Accordingly, it is
entitled to compulsorily acquire all the remaining shares and
options under Part 6A.2 of the Corporations Act.

If you have any queries in relation to this matter, please
contact the Goodman Fielder Offer Information Line in Australia
1300 888 943 or New Zealand 0800 006 675 (callers outside
Australia and New Zealand should call +61 2 9240 7512)

Alan McGregor
CHAIRMAN


GOODMAN FIELDER: Changes Company Secretary
------------------------------------------
In accordance with Listing Rules 3.16 and 12.6, Goodman Fielder
Limited announces that, following the takeover of the Company by
Burns, Philp & Company Limited that effective on Friday Mr Ian
Gilmour has resigned as Company Secretary and Ms Helen Golding
has been appointed as Company Secretary.

Ms Helen Golding has also been appointed as the person
responsible for communications by the Company with the
Australian Stock Exchange Limited in relation to Listing Rule
matters.


GOODMAN FIELDER: Securities Trading Suspended on April 11
---------------------------------------------------------
The securities of Goodman Fielder Limited will be suspended from
quotation at close of trading on Friday, 11 April 2003,
following receipt of a compulsory acquisition notice from BPC1
Pty Limited in respect of all the ordinary shares in the
Company.


PMP LIMITED: Appoints Ian Fraser to Board
-----------------------------------------
PMP Limited announced Friday its appointment of Mr Ian Fraser
(FCPA, FAICD) as a director of the company effective 4th April
2003. Mr Fraser is an experienced director and is currently the
Non Executive Chairman of Forest Place Group Ltd, Environmental
Recovery Services Ltd, and Gas Market Company Ltd and a Non
Executive Director of Mackay Sugar Cooperative Association Ltd.

His executive experience includes Managing Director Clyde
Industries Ltd, Managing Director Australian Chemical Holdings
Ltd, Managing Director Pioneer Sugar Mills Ltd and Managing
Director TNT Australia Pty Ltd. Mr Fraser has also lived and
worked in the USA and South East Asia.

Wrights Investors' Service reports that the company's long-term
debt was A$416.93 million and total liabilities were A$666.35
million. The long-term debt to equity ratio of the company is
3.32.


PMP LIMITED: Strategic Review Aims $30M EBIT Improvement in FY04
----------------------------------------------------------------
Two months ahead of schedule, PMP Limited announced Monday the
results of its Strategic Review, which has resulted in
initiatives designed to close the performance gap revealed when
the group announced an earnings downgrade of $30 million on 11
November 2002.

Bain International was brought in during December 2002 to
rigorously analyze current performance and areas for potential
improvement. While the review confirmed that PMP has a strong
position in its core print business and associated media
services, it confirmed that PMP Print has suffered from some
operational weaknesses particularly in relation to its cost
position and processes linking sales and
production.

CEO Mr David Kirk said today: "Bain has worked with management
to clearly define a number of performance improvement
opportunities, which have now been structured into a
comprehensive performance improvement program. Their job is now
done, and management has taken over the task of implementing
these initiatives and fixing this company."

Mr Kirk reported strong progress on project implementation.

"We have detailed implementation plans for each initiative,
several initiatives are already complete and a significant
number are well underway. We anticipate full delivery on all
initiatives during FY04."

"I am confident that these initiatives will deliver earnings
benefits in the order of $30 million. Each has realistic,
achievable targets and appropriate resorting to succeed. A
program office has been established to monitor and regularly
report on the performance improvement program." said Mr Kirk.

Mr Kirk said he believed the market had stabilized. In addition
PMP has the benefit of significant long term contracted work,
however he cautioned that PMP's earnings target for the 04
financial year, while including the benefit of these
initiatives, would naturally be dependent on market conditions
and the underlying economy.

PERFORMANCE IMPROVEMENT PROGRAM

According to Mr Kirk, the opportunity for improved earnings
across the group is significant, particularly in PMP Print.

"Despite clear market leadership in heat set web printing, PMP's
cost position is weak relative to key competitors, so we are
moving quickly to strengthen it. This is not a program of
downsizing. It is about avoiding costs in areas such as paper
damage and waste, improving efficiencies in terms of better
scheduling our capacity, and better integrating our sales and
production processes.

"All of these measures will create tremendous efficiencies,
which will benefit both this business and our customers."

Mr Kirk said that examples of specific initiatives include:
improving procurement; better processes for managing customers'
print files; reducing paper waste and spoilt work; and a number
of capital management projects.

"To prevent commoditization and create value propositions that
drive service differentiation, we are developing our end-to-end
supply chain processes. We are also restructuring our sales
force and up-skilling to improve revenue generation and putting
in new yield management processes.

"We have already moved to improve the value of our portfolio.
Show Ads is completing a major restructure to improve its
position and align it more closely with PMP Print. Gordon and
Gotch are currently implementing a total process re-engineering
program and an ERP system. At a corporate level, we are moving
to a shared services model and working to lower compressible
costs. Within Print, we have already closed our unprofitable
Hawthorn site.

"With a view to implementing the performance disciplines of a
market leader we have recently created and filled the new
position of Group General Manager for Business Practice and
Performance. This person will drive performance management,
accountability and people management."

Mr Kirk said the implementation would not deflect PMP from its
ongoing priority of strengthening its balance sheet.

"We are targeting a net debt position below $215 million by the
end of the 04 financial year," he said.

Mr Kirk said the performance improvement program initiatives
across the Group will require further one-off costs of $12.5
million in FY04.

03 OUTLOOK

Commenting on PMP's full year 03 result, Mr Kirk said that
benefits from the performance improvement program are already
beginning to take effect and it is now likely PMP will deliver
an EBIT result on the upside of previous guidance given on 23
February 2003.

"We said in February, when the range of market expectation was
between $48 million and $52 million in terms of EBIT (pre
significant items), that we were comfortable with the lower end
of that range. We have now strengthened our view," said Mr Kirk.

He also gave guidance around debt, interest expense and capital
expenditure targets.

"Given that our second half trading is traditionally cash
neutral, we expect to sustain our net debt position of
approximately $250 million, with interest expense of about $34
million. We are also targeting full year capital expenditure of
around $39 million," said Mr Kirk.


QUIKTRAK NETWORKS: Undergoes Organizational Restructuring
---------------------------------------------------------
Quiktrak Networks Limited wishes to advise that it is
restructuring its business model in Australia to reflect that
already in place in its UK operations.

Effective 1 April 2003, QuikTrak will no longer sell product
direct to end-users. All sales will be handled through dealers
and distributors. This move will result in significant cost
savings.

As a result of the decision to cease direct sales, a number of
management changes have occurred, including the departure from
the Company of the Chief Executive Officer, Mr V Opperman. His
role will be fulfilled by Executive Director, Mr C Kyriakou.


VOICENET (AUST): Successfully Completes $1.78M Capital Raising
--------------------------------------------------------------
Voicenet (Aust) Limited is pleased to announce that it has
successfully raised $1.78 million by way of a placement and a
convertible note issue. In commenting on the issue Mr Lindsay
Sanford, the Chairman of Voicenet, said "This is a key milestone
for the company as it enables the company to continue developing
its key project, Microgenix, and to pursue a number of contract
opportunities that are available in the short term."

CONVERTIBLE NOTE ISSUE

The issue comprises 50 million convertible notes at 2.5 cents
each. Each note is convertible into one ordinary fully paid
Voicenet share with a one for two free attaching option to
acquire an additional Voicenet share at a price of 2.5 cents.
This issue is fully underwritten by Axis Financial Group
(Australia) Ltd.

The convertible notes are not listed. The securities are to be
issued without a disclosure document to "sophisticated or
professional investors" or through a licensed dealer, as
permitted by section 708 of the Corporations Act 2001.

PLACEMENT

The share placements, arranged by Axis Financial Group
(Australia) Ltd, comprises 20,000,000 shares at 1.7 cents each
and 13,854,518 shares at 1.4 cents each, together raising a
total of $533,963.

The shares will shortly be allotted and dispatched and
application made to the Australian Stock Exchange for quotation
of the new shares.

The shares are to be issued without a disclosure document to
"sophisticated or professional investors" or through a licensed
dealer, as permitted by section 708 of the Corporations Act
2001.

ABOUT MICROGENIX

In July 2002 the Directors were introduced to the Microgenix air
purification system. This technology appears to be appropriate
to the current environmental conditions. Following some detailed
due diligence a subsequent negotiation and acquisition was
completed, whereby Voicenet (Aust) Ltd acquired fifty percent of
a new joint venture company - Microgenix Technologies Limited
(UK) - with the inventor of Microgenix, Mr Philip Hall. The
Microgenix system is considered to be leading edge in the
extraction of airborne diseases, and Microgenix has established
that it can extract up to 99.8 percent of viruses, such as
Anthrax and Smallpox, among others.

In light of the present economic climate, war in the Middle East
and global terrorism, Microgenix Technologies Limited (UK) will
have a significant role in ensuring the safety of the general
population and the Board is pleased to report that the
technology is at a stage where commercialization can commence.
Microgenix Technologies Limited (UK) has successfully sold one
license in Canada for US$1m and is presently negotiating a
number of licences and manufacturing contracts worldwide.
Microgenix Technologies Limited (UK) will provia Voicenet (Aust)
Ltd the chance to rejuvenate itself, thus providing significant
future opportunities for the shareholders.

CONTACT INFORMATION: Ms Linda Bell
             Company Secretary
             Voicenet Australia Limited
             08 9486 4995


* ASIC Acts to Prevent Insolvent Trading
----------------------------------------
The Australian Securities and Investments Commission (ASIC)
announced Monday the initial results of a pilot program targeted
at insolvent trading, known as ASIC's Directors Insolvent
Trading pilot.

Since early January ASIC, through its newly formed National
Insolvency Co-ordination Unit (NICU), ASIC has been working with
senior insolvency specialists from PricewaterhouseCoopers and
Ernst & Young in both Sydney and Melbourne, to target directors
involved with companies suspected of insolvent trading.

ASIC is testing a focused approach to dealing with possible
insolvent trading before it occurs, in addition to prosecuting
directors after a company has failed.

"The program aims to make company directors aware of their
company's financial position, to encourage them to seek advice
from insolvency professionals and where necessary, to take
action to appoint voluntary administrators or liquidators to
companies that are insolvent", ASIC Executive Director Public
and Commercial Services, Mr Mark Drysdale said.

The companies targeted in the program range in size from small
proprietary companies to listed entities. They have been
identified through a range of sources, including complaints
received from the public, as well as referrals from other
programs within ASIC.

ASIC has identified some key operational and financial practices
which, in combination with other practices, indicate a company
is at significant risk of insolvency. These include**:

   * poor cash flow, or no cash flow forecasts;
   * disorganized internal accounting procedures;
   * incomplete financial records;
   * absence of budgets and corporate plans;
   * continuing loss-making activity;
   * accumulating debt and excess liabilities over assets;
   * default on loan or interest payments;
   * increased monitoring and/or involvement of financier;
   * outstanding creditors of more than 90 days;
   * installment arrangements entered into to repay trade
     creditors;
   * judgment debts received;
   * significant unpaid tax and superannuation liabilities;
   * difficulties in obtaining finance;
   * difficulties in realizing current assets (e.g. stock,
     debtors); and
   * loss of key management personnel.

To date, ASIC has conducted solvency reviews of 130 companies
associated with 35 directors, including a number of large
corporate groups. This has resulted in directors taking action
to consider appointing voluntary administrators or liquidators
to ten companies.

"Although the pilot is only for six months, the initial results
have been very encouraging. ASIC is considering undertaking
similar activities on a national basis", Mr Drysdale said

During the process of visiting companies to assess solvency, a
number of directors have been assisting ASIC to assess the true
financial position of corporate groups. They are currently
preparing detailed management accounts to demonstrate the true
financial position of the companies of interest to ASIC.

"Already, one listed group has made an announcement to the
Australian Stock Exchange regarding its solvency, following a
visit from ASIC", Mr Drysdale said.

ASIC is reminding directors that Section 180 of the Corporations
Act requires them to exercise a degree of care and diligence in
the discharge of their duties. This includes taking steps to
ensure they are properly informed about the financial position
of the company and, ensuring the company does not trade while
insolvent.

"Insolvent trading causes significant hardship to the business
community, and imposes significant costs to the Australian
economy through unpaid taxes, superannuation, and losses to
legitimate business."

"Proper accounting and legal advice can avoid many insolvencies,
and ASIC urges accountants and lawyers to have a proactive role
in advising their corporate clients."

"Directors and advisors must be held accountable for
irresponsible corporate decision-making, and ASIC will ensure
that directors of companies who fail to comply with the law are
prosecuted", Mr Drysdale said.

Section 588G of the Corporations Act states that where a
director fails to prevent a company incurring a debt when the
company is insolvent, that officer will be guilty of an offence
known as insolvent trading.

A breach of this provision can attract both criminal and civil
penalties, including pecuniary penalties of up to $220,000 and
imprisonment for up to five years, or both. In addition,
compensation proceedings may be initiated by ASIC, a liquidator
or creditors against a director personally, in reparation of the
debt.

** The above are examples only and are not to be taken as a
comprehensive list of indicators of insolvency problems.


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


CHINA INVESTMENT: Operations Loss Swells to HK$5.644M
-----------------------------------------------------
China Investment Fund Company Limited posted its result
announcement summary with a year end date of 31/12/2002:

Currency: HKD
Auditors' Report: Unqualified
                                                  (Audited)
                               (Audited)          Last
                               Current            Corresponding
                               Period             Period
                               from 1/1/2002      from 18/9/2001
                               to 31/12/2002      to 31/12/2001
                               Note  ($)          ($)
Turnover                           : N/A                N/A
Profit/(Loss) from Operations      : (5,644,294)       (309,426)
Finance cost                       : N/A                N/A
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (5,644,294)       (309,426)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0707)           (0.0533)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (5,644,294)       (309,426)
Final Diviand                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Final Diviand                   : N/A
Payable Date                       : N/A
B/C Dates for Annual
  General Meeting                  : 23/4/2003          to
29/4/2003 bdi.
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

Remarks:

1. Corresponding period

The period from 18 September 2001 to 31 December 2001 has been
used as the last corresponding period because the company was
incorporated on 18 September 2001 in the Cayman Islands.

2. Loss from operations

Loss from operations for the current period was mainly
contributed by unrealized loss on investments in securities of
approximately $1.9 million and other operating expenses of
approximately $4.2 million.

3. Loss per share

The calculation of basic loss per share for the year is based on
the loss for the year of HK$5,644,294 and on the weighted
average number of ordinary shares of 79,835,616 during the year.

The calculation of basic loss per share for the last
corresponding period was based on the loss for that period of
HK$309,426 and on the weighted average number of ordinary shares
of 5,810,527 during that period.

No diluted loss per share is presented because the company did
not issue any dilutive potential ordinary shares in both
periods.


CREATOR BASE: Winding Up Hearing Scheduled in April 30
------------------------------------------------------
The High Court of Hong Kong will hear on April 30, 2003 at 9:30
in the morning the petition seeking the winding up of Creator
Base Limited.

Lam Chi Keung of Flat B1, 15/F., Block B, Greenwood Garden, Nos.
7-11 Sha Kok Street, Shatin, New Territories, Hong Kong filed
the petition on March 19, 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.


INTERCALL LIMITED: Hearing of Winding Up Petition Set
-----------------------------------------------------
The petition to wind up Intercall Limited is scheduled for
hearing before the High Court of Hong Kong on April 23, 2003 at
9:30 in the morning.

The petition was filed with the court on March 5, 2003 by Choi
Wai Man of Room 2209 Sau Shan House, Cheung Shan Estate, Tsuen
Wan, New Territories, Hong Kong.


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


SOUNDWILL HOLDINGS: Capital Reorganization Proposals Effectuated
----------------------------------------------------------------
References are made to the announcements dated 25th February
2003 and 10th March 2003 respectively and the circular (the
"Circular") dated 11th March 2003 issued by Soundwill Holdings
Limited relating to (i) the proposed Capital Reorganization (ii)
the proposed renewal of general mandates granted to the
Directors to issue and repurchase securities; and (iii) the
proposed appointment of new auditors to fill the vacancy arising
from the resignation of the existing auditors.

The Directors wish to announce that all resolutions regarding
approvals of, inter alia, the Capital Reorganization
have been duly passed at the SGM held on April 3, 2003.

The Directors expect that the Capital Reorganization Proposals
will become effective on 4th April 2003.

The Directors wish to remind Shareholders that parallel trading
arrangements will be implemented, the timetable
of the implementation of which has been set out in the
announcement issued by the Company dated 10th March
2003.


SOUNDWILL HOLDINGS: Odd Lot Trading Arrangement Ends on April 15
----------------------------------------------------------------
Soundwill Holdings Limited announced that in order to alleviate
the difficulties arising from the existence of odd lots of
Reorganized Ordinary Shares, it has agreed to make arrangements,
during the period commencing from 4th April 2003 and ending
on 15th May 2003, both dates inclusive, for a broker to stand in
the market to purchase and sell odd lots of Reorganized Ordinary
Shares at the relevant market price per Reorganized Ordinary
Share.

Christfund Securities Limited has been appointed as the broker
and has opened a securities trading account for this purpose.
Holders of odd lots of Reorganized Ordinary Shares who wish to
deal in odd lots of Reorganized Ordinary Shares are asked to
contact Christfund Securities Limited through their brokers
during the period commencing from 4th April 2003 and ending
on 15th May 2003.

For those holders of odd lots of Reorganized Ordinary Shares
with queries, they should contact Ms. Cynthia Tsang (tel: 2147-
9898) of Christfund Securities Limited, Suite 2808-2811, One
International Finance Centre, 1 Harbour View Street, Central,
Hong Kong. Shareholders should note that successful matching of
the sale and purchase of odd lots of Reorganized Ordinary Shares
is not guaranteed.


STRONGJET TECHNOLOGY: Winding Up Petition Slated for Hearing
------------------------------------------------------------
The petition to wind up Strongjet Technology Company Limited is
set for hearing before the High Court of Hong Kong on April 23,
2003 at 9:30 in the morning.

Western Digital Technologies Inc. filed the petition with the
court on March 6, 2003. The Petitioner's principal place of
business is situated at 20511 Lake Forest Drive, Lake Forest,
California, United States of America.


TECHCAP HOLDING: Turnover Movement Unexplainable
------------------------------------------------
The board of directors of TechCap Holdings Limited has noted the
recent increase in trading volume of shares of the Company and
wishes to state that they are not aware of any reasons for
such movement.

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.

Wrights Investors' Service reports that at the end of 2002,
Techcap Holdings had negative working capital, as current
liabilities were HK$115.65 million while total current assets
were only HK$107.83 million. It also reported losses during the
previous 12 months and has not paid any diviands during the
previous 2 fiscal years.


WING LEE: Resolutions Approved at Special General Meeting
---------------------------------------------------------
References are made to the announcements made by Wing Lee
Holdings Limited dated 14th February, 2003 and 10th March, 2003
and the circular of the Company dated 10th March, 2003
("Circular").

The Board is pleased to announce that all the resolutions
proposed as set out in the notice of the Special General Meeting
in the Circular were duly passed at the SGM held on Thursday,
3rd April, 2003.

The Capital Reorganization became effective at 4:00 p.m. on
Thursday, 3rd April, 2003. Dealings in the Reorganized Shares on
the Stock Exchange will commence on Friday, 4th April, 2003.

Dispatch of Prospectus Documents Following the SGM, the
Prospectus Documents has been dispatched to the Qualifying
Shareholders on Thursday, 3rd April, 2003.


WO HING: Winding Up Sought by Thermtech
---------------------------------------
Thermtech Building Products Limited is seeking the winding up of
Wo Hing Engineering Limited. The petition was filed on March 6,
2003, and will be heard before the High Court of Hong Kong on
April; 23, 2003 at 9:30 in the morning.

Thermtech Building holds its registered office at Room 11-12,
10th Floor, International Plaza, 20 Sheung Yuet Road, Kowloon
Bay, Hong Kong.


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


SEMEN PADANG: F/S Filing Failure Causes Problems for Parent
-----------------------------------------------------------
PT Semen Padang's failure to file its 2002 audited financial
report is causing problems for its holding company, publicly
listed PT Semen Gresik, Jakarta Post reported. As a result of
the failure, Semen Gresik was unable to issue a consolidated
financial statement by the March 31 deadline set by the Jakarta
Stock Exchange (JSX).

Semen Gresik must now pay Rp1 million in fines for each day of
the delay until independent auditors Hans Tuanakotta & Mustofa
complete an audit of Semen Padang in West Sumatra.

Desri Ayunda, Corporate Secretary of Semen Padang, said the
delay was caused by technical problems in the introduction of
its new data processing system, Oracle. Ayunda denied that the
problem was related to the failure of the Semen Padang
management to account for Rp50 billion (US$5.5 million) in
spending in 2002.

However, he insisted, that the company could not yet close its
books for 2002 simply because of start-up problems in the
application of its Oracle data processing system.

Sources at JSX said the management of Semen Gresik had been
called on to explain the delay.

Semen Padang's 2001 annual report showed that the company, with
an annual capacity of 5.5 million metric tons, was the worst
performing of Semen Gresik's three cement units.


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


ALL NIPPON: Cuts Hong Kong Flights Due to Killer Pneumonia
----------------------------------------------------------
All Nippon Airways will cut the number of daily flights between
Narita airport, near Tokyo, and Hong Kong to one from the
current two, effective today until May 1.  The carrier says the
decision is due to the outbreak of the deadly pneumonia in
China, especially in Hong Kong.

Moody's recently placed under review the company's Ba1 senior
unsecured long-term rating and warned of a possible downgrade.
The rating agency said the review was prompted by growing
concern that the company's profitability and financial profile
could be under significant pressure over the intermediate term
due to the war in Iraq and the weak business environment in
Japan.


DAI-ICHI LIFE: S&P Affirms 'BBB+' Ratings, Off CreditWatch
----------------------------------------------------------
Standard & Poor's Ratings Services early this month had affirmed
its 'BBB+' ratings on Dai-ichi Life Kikin Ryudouka Tokutei
Mokuteki Kaisha's (TMK) Series 1 class A-C specified notes. The
ratings have been removed from CreditWatch, where they were
placed on Jan. 23, 2003.

The notes issued by the TMK are supported by `kikin' funding (a
form of subordinated debt) from Dai-ichi Mutual Life Insurance
Co. The rating on Dai-ichi Life's kikin was affirmed and removed
from CreditWatch following the affirmation and removal from
CreditWatch of the 'A-' counterparty credit rating on Dai-ichi
Life on April 1, 2003.

Due to the structure of this transaction and the liquidity
support mechanisms incorporated within it, the ratings on the
specified notes issued are dependent upon the rating on the
kikin that backs them.

TRANCHE BREAKDOWN

Dai-ichi Life Kikin Ryudouka TMK Series 1 &80 billion specified
notes

Class            Amount        Current Rating    Maturity
A                Y30 bil.      BBB+              Aug. 12, 2005
B                Y30 bil.      BBB+              Aug. 11, 2006
C                Y20 bil.      BBB+              Aug. 13, 2007


DAIEI INC.: Likely to Revise Restructuring Targets, Says Source
---------------------------------------------------------------
Japan's third-largest retailer, Daiei Inc., is reportedly
planning to scale back profit targets as well as debt reduction
goals after allegedly falling short of its 2% growth forecast
for fiscal year 2002.

Citing an insider who had asked not to be identified, Reuters
says the company is looking at a JPY5 billion cut in profit
estimates under its restructuring plan.  The source said the
original target for 2004/05 is JPY27 billion.

The current business plan, which afforded the company a US$4
billion bailout package from creditors, was launched in March
2002.  The bailout came with a condition that the company would
take steps to reduce its mountain of interest-bearing debt.

Daiei has been trying to revive sales by remodeling shops and
revamping store formats, but Japan's battered economy and
slumping consumption weighed on its bottom line.  The company's
same-store sales on a parent basis fell during the latter half
of 2002/03 compared with a year earlier, missing its target of
two percent growth, the source told Reuters.  This means Daiei
fell around five billion yen short of its parent recurring
profit estimate of JPY20 billion for the year that ended in
February, he said.

Recurring profit is a core measure of profitability since it is
pre-tax and excludes extraordinary items.

A company spokesman refused to comment on the earnings estimate,
but told Reuters to wait for the results, which will be
announced on April 18.

"It is true that we are facing a severe situation, but we can't
comment at this point on whether we intend to revise our three-
year plan," he said.


HITACHI LIMITED: To Book JPY55 Billion in Valuation Losses
----------------------------------------------------------
The slide of Tokyo share prices to near 20-year lows has forced
Hitachi Limited to book an estimated JPY55.3 billion in parent-
company shareholding appraisal losses for fiscal year 2002,
Reuters said yesterday.

The electronics manufacturer said JPY35.5 billion of the total
valuation loss came from holdings in affiliates, while another
JPY19.8 billion came from other security investments, including
financial sector shares.  The company said it was still
tabulating its earnings figures on a group basis and did not see
a need to revise its group or parent-only earnings at this time.

The company, however, will book an extraordinary profit of
JPY41.3 billion from the sale of securities and an additional
JPY46.6 billion extraordinary profit from the sale of real
estate holdings, including its company headquarters.


KUMAGAI GUMI: Requests for Financial Support
--------------------------------------------
Standard & Poor's Ratings Services on Friday said that the
request by construction company Kumagai Gumi Co. Ltd. (CCpi/--/-
-) for a financial support package from its creditor banks would
not lead to an immediate revision of the rating on the company.
However, if the financial support is implemented, the rating on
Kumagai Gumi will be lowered to 'SDpi' (selective default).

Kumagai Gumi announced a three-year management restructuring
plan on Friday, including a request for financial support from
its creditor banks and plans to separate its real estate and
construction businesses. The construction business is slated to
be consolidated with Tobishima Corp. According to the
restructuring plan, the company is requesting Y270 billion in
debt forgiveness and the purchase of preferred shares worth �30
billion by Sumitomo Mitsui Banking Corp. (BBB/Negative/A-2) and
other major creditor banks.

Kumagai Gumi has an extremely weak capital structure, with only
Y20.3 billion in equity against Y571.1 billion in debt as of
Sept. 30, 2002. In addition, the company's funds from operations
have been negative for the past few years. Kumagai Gumi is
suffering from a substantial decrease in new order receipts, as
seen in a 17% year-on-year decline in the first half of fiscal
2002.

If implemented, the financial support package requested by
Kumagai Gumi is likely to reduce the company's debt burden and
nonperforming assets substantially. However, its financial
profile will remain weak. The planned consolidation with
Tobishima is unlikely to boost Kumagai Gumi's credit quality
significantly in the short term, given the difficult business
environment and the uncertain benefits from integration.

An 'SD' rating is assigned when an obligor has defaulted on a
specific issue or class of obligations but is expected to
continue to meet its payment obligations on other issues or
classes of obligations in a timely manner.


KUMAGAI GUMI: Turnaround Plan Calls for Merger with Rival
---------------------------------------------------------
Troubled construction firm, Kumagai-Gume Co., Ltd. disclosed
last week that it had started negotiations with Tobishima Corp.
for the consolidation of their operations.

The merger is a key feature of its 3-year turnaround plan,
according to AFX Asia, but it is not clear if the company will
consider other partners if negotiations with Tobishima Corp.
will fail.

"To make sure of our revival, we will start negotiations with
Tobishima towards the consolidation of our operations,"
President Kazutoshi Torikai said at a news conference late last
week.

AFX says the new business plan also calls for a sharp reduction
of staff and debt forgiveness from banks.  In addition, the
company will also spin off property operations and realign them
with a new unlisted firm, which will be set up by October 1.

At present, the company employs 3,876 staff.  This number will
be reduced to 1,600 by March 2006, says AFX Asia.  As regard its
debt, the firm will reduce interest-bearing debt to JPY68.3
billion by the end of March 2006 from JPY504.1 billion at end-
March 2003.

The construction firm also said it will seek some JPY300 billion
in financial aid from its creditor banks, including Sumitomo
Mitsui Financial Group.  It will also reduce capital by JPY30.1
billion to JPY3.34 billion and merge 5 shares into one share, to
dispose of accumulated losses.

The company is setting a profit target of JPY8.4 billion by
March 2006, says the news agency, and revenue target of JPY216.2
billion, adding that annual sales, general and administration
costs are expected to fall to around JPY10.5 billion by the
final year of the new business plan.

In the year to March 2003, the firm estimates a current profit
of zero, net profit of JPY5.7 billion and revenue of JPY444.6
billion.

"We are very sorry that we were forced to revise our previous
business plan in the process.  But I would like to emphasize
that the revision became necessary, as the construction market
fell and asset deflation developed beyond our expectations," Mr.
Torikai said.


MATSUSHITA ELECTRIC: Ends 2002 in Red Due to Stock Market Losses
----------------------------------------------------------------
Panasonic brand owner, Matsushita Electric Industrial Co.,
disclosed yesterday that it would book another full-year loss,
its second in as many years.

Reuters says the company blames the negative results to the rout
of its shareholdings in the market.  Like many big Japanese
companies, Matsushita has maintained sizable shareholdings --
especially in banks -- to cement ties with lenders and business
partners.  But worries over the country's financial woes and the
continuing war in Iraq have caused the stock market to slide in
recent months.

Matsushita, however, said its revenues and operating profit were
still on track to hit targets, lifted by cost cutting and
healthy sales of new products.  It said cash flow would not be
affected.  It also said it would stick to its plan for a year-
end diviand payout of 6.25 yen per share.

"We have implemented management reforms, including a reduction
in inventories and other assets, a restructuring of operations,
and the aggressive introduction of new products on the market,"
the company said in a statement.

Matsushita Electric said it expected a JPY23.5 billion (US$195.3
million) consolidated net loss for the year ended on March 31,
adding to the prior year's record loss of JPY431 billion.  Its
operating profit target was left unchanged at JPY120 billion,
according to Reuters, reversing the prior year's JPY211.8
billion operating loss, while the pretax profit figure was cut
to JPY59.5 billion from JPY96.0 billion, still a marked
improvement from the JPY548 billion loss a year earlier.

The revenue estimate was held steady at JPY7.3 trillion, a six
percent gain from the prior year's JPY6.88 trillion result,
Reuters adds.  The company will release official figures for the
fiscal year 2002/03 and targets for fiscal year 2003/04 on April
28.


MITSUBISHI TOKYO: Group Expands Pretax Loss Estimate
----------------------------------------------------
Standard & Poor's Ratings Services said on April 4, 2003 that
revised financial forecasts by Mitsubishi Tokyo Financial Group
Inc. (MTFG) released on April 2, 2003, would not lead to
an immediate revision of its rating on MTFG member banks Bank of
Tokyo-Mitsubishi Ltd. (BTM; BBB+/Negative/A-2) and Mitsubishi
Trust & Banking Corp. (MTB; BBB+/Negative/A-2).

MTFG revised its fiscal 2002 pretax ordinary profit forecast to
a Y405 billion consolidated net loss from a �165 billion net
loss. The expanded losses are mainly due to increased
devaluation losses on its securities holdings, according to
MTFG. However, Standard & Poor's has already incorporated risks
stemming from the group's securities holdings in its
ratings.

Meanwhile, MTFG maintained its net loss forecast of Y185
billion, which is bolstered by tax adjustments. Although
mediocre by international comparison, MTFG's capitalization
remains relatively strong compared with that of other major
Japanese bank groups.


NEC CORP.: S&P Withdraws Ratings on U.S. Unit's CP Program
----------------------------------------------------------
Standard & Poor's Ratings Services said Friday that it had
withdrawn its 'A-3' rating on the dollar-denominated commercial
paper program established by NEC Capital Inc., a U.S.-based
financial subsidiary of NEC Corp. (--/--/A-3), following the
termination of the program. The withdrawal of the rating
does not affect the short-term issuer rating on the parent
company.

On April 1, the Troubled Company Reporter - Asia Pacific
reported that NEC Corporation will consider holding a public
stock offering to boost its capital. After posting a loss of 312
billion yen in the year ended March 2002, NEC has forecast net
income of 10 billion yen in the year ending this month, It
posted a 4.5 billion yen net loss for the third quarter, down
from 155 billion yen a year earlier.


SUMITOMO MITSUI: Sees Losses, Instead of Profits for FY 2002
------------------------------------------------------------
Sumitomo Mitsui Financial Group Inc. bared last week that it now
expects a net loss of JPY470 billion, instead of the JPY30
billion-profit estimated last November, says Japan Times.

The company says the sharp reversal is due to much larger losses
in its securities holdings and bad loans.  Along with the
revised forecast, the company also cut diviand payments to 3,000
yen from 4,000 yen, the report says. Sumitomo Mitsui said it
would book JPY1.07 trillion in loan-loss charges for the just-
ended year, up sharply from the previously estimated JPY700
billion.

The financial group also said it plans to take JPY700 billion in
charges against valuation losses on securities holdings by
Sumitomo Mitsui Banking, which grew out of its merger with
subsidiary Wakashio Bank in March.  The holding firm said it
would also book about JPY500 billion more in equity-related
losses.

Despite these, the consolidated capital adequacy ratio of the
group is still believed to be 10 percent, well above the 8
percent threshold required for banks operating globally, the
report says.

Sumitomo Mitsui sees a pretax loss of JPY530 billion for fiscal
2002 against the previously estimated profit of JPY200 billion,
but it left its forecast for revenues unchanged at JPY3.4
trillion.


SUMITOMO MITSUI: S&P Won't Change Ratings over Revised Forecasts
----------------------------------------------------------------
Standard & Poor's Ratings Services said Friday that revised
financial forecasts by Sumitomo Mitsui Financial Group Inc.
(SMFG) would not lead to an immediate revision of its rating on
the group's flagship bank, Sumitomo Mitsui Banking Corp. (SMBC;
BBB/Negative/A-2).

SMFG revised its fiscal 2002 net profit forecast to a JPY470
billion consolidated net loss from a JPY30 billion net profit.
The expanded losses are mainly due to increased credit costs and
devaluation losses on its securities holdings, which are
expected to reach JPY1,070 billion (original forecast: JPY700
billion) and JPY630 billion (original forecast: nil),
respectively.

The increase in credit costs is largely due to the adoption of
the discount cash flow method in setting loan loss provisions.
Standard & Poor's had already factored into its ratings
expectations that SMBC's level of loan loss provisions would
exceed the group's forecasts and the risks stemming from the
bank's securities holdings.


* Firms Credit Quality Unlikely to Improve, Says S&P
-----------------------------------------------------
Standard & Poor's Ratings Services announced that the credit
quality of Japan's construction companies was unlikely to
improve in the next couple of years, given the still tentative
nature of moves by the companies to combat earnings pressure.
Standard & Poor's will monitor the restructuring efforts of the
companies to assess the impact on ratings over the longer term.

Japan's construction companies remain vulnerable to depressed
market conditions, with little prospects for a recovery in the
medium term. Demand is falling by about 5 percent each year in
the domestic construction sector, forcing companies to engage in
severe price competition.

"Although the companies have made concerted efforts to improve
their asset quality and reduce debt, they have not yet taken
meaningful steps to recover earnings in their core construction
business," said credit analyst Junko Miyakawa, the author of the
report. "As a result, the overall credit quality of the 10
general contractors rated by Standard & Poor's will remain weak
over the next few years, with ratings distributed around an
average of 'BB'."


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


JINRO CO.: Goldman Sacks Affiliate Urges Court to Liquidate Firm
----------------------------------------------------------------
Korean distillery, Jinro Co., accused a Goldman Sacks affiliate
of maliciously filing an involuntary receivership suit against
the company in order to gain a better position in a planned debt
rescheduling.

Senna Investment, according to The Korea Times, filed the
petition with the Seoul District Court Thursday last week,
claiming that Jinro had defaulted on its most recent debt
obligation.  The Ireland-based investment firm allegedly holds
KR87 billion of Jinro's credit.

"The creditor's application for court control is a mean attempt
to secure a stronger position in the upcoming negotiations with
other creditors for debt rescheduling," said a Jinro spokesman
during a recent interview with The Korea Times.

Senna, in its petition, claims that Jinro is no longer in a
position to pay back its loans under a current court-approved
workout program.  It further claims that court receivership is
necessary as Jinro's liquidation value is estimated to be
smaller than the value of the firm as a going concern.
Accordingly, Jinro's liquidation value is estimated at KR437.2
billion.

"We reviewed a 15-year restructuring plan proviad by Jinro and
received after Jinro's default on Monday and came to the
conclusion that the plan lacked feasibility, credibility and
transparency," a Senna official told The Korea Times.

The petition also claims that Jinro's total debt is KR32.6
billion more than its total assets and its financial status is
so bad that accounting firms have refused to present their
opinions on the outcome of their audits.

The court is expected to make a final decision on whether to
permit the petition for court receivership within a month, says
the paper.


KOREA THRUNET: Uncertain Reorganization Costs Nasdaq Listing
------------------------------------------------------------
Korea Thrunet Co., Ltd., a major proviar of broadband Internet-
access services in Korea, announced Friday that the Company
received a Nasdaq delisting determination on April 3, 2002,
indicating that the Nasdaq Listing Qualifications Panel (Panel)
has determined to delist the Company's securities from The
Nasdaq Stock Market effective with the open of business on
Monday, April 7, 2003.

Based upon the uncertainty of the timing and outcome of the
reorganization and its impact on the equity interests of the
Company's existing equity holders, the Panel was of the opinion
that the continued listing of the Company's securities on The
Nasdaq Stock Market is not in the best interests of the
investing public; accordingly, the Panel determined to
immediately delist the Company's securities from The Nasdaq
Stock Market.

The Company also announced that on March 27, 2003, the Seoul
District Court had issued an order for the commencement of
reorganization proceedings.

The court also appointed Seog-won, Park, former Executive Vice
President of Koram Bank, as administrator (comparable to
`trustee' under U.S. Bankruptcy law) to oversee the
reorganization. Mr. Park is experienced in the industry
and is also administrator for HungChang Co., Ltd, a manufacturer
of communication equipment.

Following commencement of the reorganization proceedings, all
creditors will be required to file their claims with the court
by April 25, 2003. The court shall also require the
administrator to submit a draft reorganization plan,
including a debt repayment schedule, within 4 months from the
date of the commencement.

Founded in July 1996, Korea Thrunet Co., Ltd. is a major proviar
of broadband Internet access services in Korea. The first to
offer broadband Internet services in Korea, Thrunet has
1,293,541 paying end-users at the end of February 2003. Thrunet
service features `always-on' Internet access at speeds up to 100
times faster than traditional dial-up Internet access.


SK GLOBAL: Banks Up Provisions as They Expect Loans to Turn Sour
----------------------------------------------------------------
Creditor banks of SK Global, which is currently in the middle of
an accounting fraud scandal within the SK group, are reportedly
upping their loan loss provisions, Digital Chosun said Saturday.

According to the paper, Korea's 13 banks have a total loan
exposure of KR5.25 trillion to SK Global.  Combined loan loss
provisions of these banks only amount to 20% of the total loan,
or KR1.05 trillion.

The paper says SK Global's main creditor, Hana Bank, has
announced recently that it would increase provisions by up to 5
percent of the total loan by the end of the first quarter, and
further up to 20 percent by the end of June.  To meet the
targets for the provisions, the bank is expected to earmark a
total of KR27.9 billion by the end of March and additional
KR111.8 billion by the end of June, says the report.

Other creditors are expected to follow suit. Most plans to
increase the provisions up to 10 percent, while Kookmin is to
hike its provisions to 19 percent, says the paper.  State-run
Korea Development Bank, on the other hand, has already decided
to expand its provisions up to 20 percent.

The paper says this frantic move by banks to up provisions
related to loans to SK Global could be traced to the firm's
annual meeting on March 31, during which the firm unveiled a
negative net worth of KR212.8 billion.  The firm has since been
found to have hidden KR476.8 billion worth of additional losses,
totally wiping out its capital, the paper says.


SK GROUP: Investigators Train Eyes on Restructuring Headquarters
----------------------------------------------------------------
Prosecutors have now allegedly shifted their attention to SK
Group's restructuring headquarters, in yet another attempt to
figure out the roots of the group's illegal accounting
practices.

Dow Jones did not state exactly what prosecutors are looking
for, but said that these so-called restructuring headquarters
had received about KRW150-200 million from major SK affiliates,
including SK Corp., SK Global Co. and SK Chemicals Co.

Large conglomerates formed restructuring headquarters after the
Asian financial crisis to lead their affiliates' restructuring
efforts, Dow Jones said.

Prosecutors estimate the fund totals about KRW10 billion and are
investigating whether SK Group used the funds to lobby
politicians, the report said.  On March 11, prosecutors
discovered accounting irregularities worth KRW1.55 trillion at
SK Global, the trading arm of SK Group.


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


AOKAM PERDANA: SC's Proposed Rescue Scheme Decision Pending
-----------------------------------------------------------
Further to Aokam Perdana Berhad's announcement dated 3 March
2003 made pursuant to Paragraph 4.1(b) of PN 4, Aokam, as the
affected listed issuer as defined under Paragraph 2.1(a) of PN 4
due to deficit in the adjusted shareholders' equity on a
consolidated basis, wishes to announce that it had obtained
conditional approvals from the following regulatory authorities
on the Proposed Rescue Scheme and Proposed Employees Share
Option Scheme of Aokam:

   (i) Labuan Offshore Financial Services Authority via their
letter dated 20 January 2003

   (ii) Foreign Investment Committee via their letter dated 27
January 2003

   (iii) Bank Negara Malaysia via their letter dated 28 January
2003

   (iv) Ministry of International Trade and Industry via their
letter dated 13 February 2003

   (v) High Court of Malaya via the Court Order dated 28 March
2003

The approval from the Securities Commission is still pending.


ASSOCIATED KAOLIN: FIC Endorses Revised Proposals
-------------------------------------------------
Associated Kaolin Industries Berhad (Special Administrators
Appointed) refers to the announcements made on 26 September
2001, 2 October 2001, 3 October 2001, 29 January 2002, 22
February 2002, 15 July 2002, 17 January 2003, 10 March 2003 and
17 March 2003 in relation to the Proposals, which consists of:

   i. Proposed Capital Reduction;

   ii. Proposed Termination of Aki's Outstanding Warrants
1996/2005;

   iii. Proposed Share Exchange of 5,465,023 Ordinary Shares of
RM1.00 each in AKI (Aki Shares) on the basis of one (1) Ordinary
Share of RM1.00 each in Greatpac Holdings Berhad (GHB) (GHB
Shares) for every one (1) AKI Share (Proposed Share Exchange);

   iv. Proposed Renounceable Rights Issue of up to 16,395,070
New GHB Shares on the basis of three (3) New GHB Shares for
every one (1) existing GHB share held after the Proposed Share
Exchange at an issue price of RM1.00 per GHB Share (Proposed
Rights Issue);

   v. Proposed Special Bumiputera Issue (SBI) of 25,000,000 New
GHB Shares to Bumiputera investors at an issue price of RM1.00
per GHB Share (Proposed SBI);

   vi. Proposed Acquisition of the entire equity interest in
Greatpac Sdn Bhd (GPSB) by GHB for a total consideration of
RM72,000,000 to be satisfied by the issuance of 72,000,000 New
GHBb Shares at an issue price of RM1.00 per GHB Share (Proposed
GPSB Acquisition);

   vii. Proposed Acquisition of the entire equity interest in
Success Profile Sdn Bhd (Success Profile) by GGB for a total
consideration of RM17,727,272 to be satisfied by the issuance of
17,727,272 New GHB Shares at an issue price of RM1.00 per GHB
Share (Proposed Success Profile Acquisition);

   viii. Proposed Debt Restructuring of AKI;

   ix. Proposed Waiver from Undertaking a Mandatory General
Offer (Proposed Waiver); and

   x. Proposed Transfer of Listing Status of AKI To GHB
(Proposed Transfer Listing)

On behalf of AKI, Commerce International Merchant Bankers Berhad
is pleased to announce that the Foreign Investment Committee
(FIC) had via its letter dated 3 April 2003 stated that the FIC
has no objection for AKI to undertake the proposed revisions to
the Proposals as announced on 17 January 2003 and 10 March 2003.
The approvals from the Ministry of International Trade and
Industry and the Securities Commission for the proposed
revisions to the Proposals are pending.


BRISDALE HOLDINGS: Unit's Winding Up Petition Set on July 24
------------------------------------------------------------
Brisdale Holdings Berhad (BHB) hereby announce that its
subsidiary company, Brisdale Resources (BRSB) has on 2 April
2003 been served with a Winding-Up petition pursuant to section
218 of the Companies Act, 1965 by Heng Hooi Lian, the Judgment
Creditor in respect of Kuala Lumpur Sessions Court Summons No.
8-52-14068-2000.

   1. The Company received a Winding-Up Petition which was
presented via Kuala Lumpur High Court Winding-Up Petition No.
D1-28-213-2003 on 2 April 2003. The said Petition was served on
BRSB on 2 April 2003 at the registered office which is Lot 1A,
Level 1A, Plaza Perangsang, Persiaran Perbandaran, 40000 Shah
Alam, Selangor Darul Ehsan.

   2. The total amount claimed under the Petition is RM30,384-
52(RM25,669-73 with an interest at the rate of 8% per annum
calculated from 18 December 2000 till 4 April 2003) being
claimed for the judgment sum pursuant to the Judgment dated 23
April 2002 in respect of Kuala Lumpur Sessions Court Summons No.
8-52-14068-2000 including cost of RM941-00.

   3. The total of investment in BRSB by BHB is RM10,578,472-50.

   4. The Company does not foresee the amount claimed to have
any financial nor operational impact on the Group.

   5. Apart from the amount claimed, the Company does not
foresee any further losses except for legal cost needed to pay
the petitioner's solicitors as well as ours.

   6. BHB is taking the necessary steps to resist the Winding-Up
Petition.

   7. The Petition will be heard on 24 July 2003.


CSM CORPORATION: Appoints Tan Kok as Audit Committee Member
-----------------------------------------------------------
CSM Corporation Berhad posted this Change in Audit Committee
Notice:

Date of change : 02/04/2003
Type of change : Appointment
Designation    : Member of Audit Committee
Directorate    : Executive
Name           : Tan Tien Kok
Age            : 33
Nationality    : Malaysian
Qualifications : A fellow member of the Association of Chartered
Certified Accountants, United Kingdom and a member of the
Malaysian Institute of Accountants.

Working experience and occupation  : He began his career with
BDO Binder, Public Accountants in the audit department in
January, 1993. Subsequently, he joined Malaysian International
Merchant Bankers Berhad as Corporate Finance Executive. Since
then, he had held various senior positions with a number of
private and public companies including the previous position as
an Executive Director of OCB Berhad. His diverse experience
includes Auditing, Financial Accounting, Corporate Finance and
Taxation Planning. Currently, Mr. Tan is a director of Jasatera
Berhad, which is principally involved in construction works,
civil works and engineering activities.

Directorship of public companies (if any) : Jasatera Berhad
Family relationship with any director and/or major shareholder
of the listed issuer : None
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil

Composition of Audit Committee (Name and Directorate of members
after change) : Mr. Alex Goh Shaw Peng - Independent Non-
Executive Director
Tuan Haji Ismail Bin Daut - Independent Non- Executive Director
Mr. Tan Tien Kok - Executive Director

COMPANY PROFILE

The Company's activities are focused in manufacturing, trading
and distribution of food and allied products, property
management, investment and development. Formed as a wholly-owned
subsidiary of Cold Storage Holdings PLC (CSH), the Company
commenced operations in February 1974, upon completion of a
reorganization of the CSH Group in Malaysia. As part of the
reorganization the Company acquired the Malaysian assets of Cold
Storage Singapore Pte Ltd and was then converted into a public
company and listed on KLSE. Current production
capacity/production output is 236 m/t of butter per month.

Recently, the Company entered into a JV with Saujana Pertiwi Sdn
Bhd for development of mixed residential and commercial
properties on leasehold land measuring approx. 19.56 acres
located at Kelana Jaya, Selangor (Kelana Perdana Project). The
first phase, the Bayu Sutera Condominium comprising 260 units
residential apartments, was launched in December 1999.

Trading, manufacturing and property management will remain the
focus of the Group, in addition to property development that is
envisaged to improve in years to come.

Group operations are located in Kuala Lumpur, Penang, Ipoh,
Malacca, Johor, Kuantan, Sabah and Sarawak.

Following its shareholders' deficit position for financial year
ending 31 December 2000 and default with its bank lenders, the
Group is undertaking a corporate and debt restructuring
exercise, which may include the divestment of certain assets of
the Group, restructuring of the Group's borrowings and new
assets injection. The Group has appointed an independent
financial advisor and merchant banker to advise on the
restructuring proposals. The Group together with its advisors
are currently formulating a restructuring scheme to regularize
its financial conditions and address its debt obligations. The
KLSE has granted the Company a three-month extension until 25
October 2001 to make an announcement on its plan to regularize
its financial condition.

CONTACT INFORMATION: 10th Floor Jaya Shopping Center
                     Jalan Semangat
                     46100 Petaling Jaya
                     Tel : 03-7958 8888,
                     Fax : 03-7958 1289


DENKO INDUSTRIAL: SPA's Cut-Off Date Extended to September 4
------------------------------------------------------------
Denko Industrial Corporation Berhad refers to the announcements
dated 5 June 2002, 30 August 2002, 30 December 2002 and 22
January 2003 in relation to the Proposed Corporate and Debt
Restructuring Scheme.

Pursuant to the terms of the sale and purchase agreements (SPAs)
dated 4 June 2002 (as amended by the first supplemental SPAs)
entered into between Denko and the vendors of Winsheng Plastic
Industry Sdn Bhd (Winsheng), Aliran Mujarab Sdn Bhd, Lean Teik
Soon Sdn Bhd (LTSSB) and Eromax Industries Sdn Bhd (collectively
referred to as Acquiree Companies), the proposed acquisition of
the Acquiree Companies is subject to the relevant approvals and
necessary conditions being obtained and fulfilled within a
period of six (6) months from the date of the SPAs (i.e. by 4
December 2002) (herein referred to as Cut-Off Date).

In relation thereto, Public Merchant Bank Berhad on behalf of
Denko, wishes to announce that Denko and the vendors of the
Acquiree Companies had on 4 April 2003 entered into various
second supplemental SPAs to extend the Cut-Off Date for a
further nine (9) months, expiring on 4 September 2003.

In addition, the vendors of Winsheng and LTSSB had in the second
supplemental SPAs also agreed to amend the financial years for
which the profit guarantees are provided, to be co-terminuos
with that of Denko.


FIAMMA HOLDINGS: Provisional Liquidator Appointed for Unit MBI
--------------------------------------------------------------
Reference is made to Fiamma Holdings Berhad's announcement on 20
February 2003 and 21 February 2003 on the winding-up petition
against its subsidiary company, MB Industries Sdn. Bhd.(MBI) by
Lim Oy Joo @ Lim Yoi Joo, a director of MBI.

The Company had earlier announced that the sealed winding-up
petition on MBI was served on MBI on 19 February 2003.

The Company wishes to announce that:

   (a) Pursuant to the Court Order dated 26 February 2003 served
on MBI on 5 March 2003, the Official Receiver is to be appointed
as the Provisional Liquidator. The Order was served by Messrs
M.K. Chen & Leong, the solicitors for Lim Oy Joo @ Lim Yoi Joo
(Lim). The Official Receiver via a Notice dated 3 April 2003,
notified that the Official Receiver has been appointed as the
Provisional Liquidator under Section 231 of the Companies Act,
1965;

   (b) the net book value of the affected assets as at 31 March
2003 is approximately RM698,000;

   (c) the details of the events leading to the appointment of
the provisional liquidator is as follows:

     (i) MBI has on 7 January 2003 been served with a notice
pursuant to Section 218 of the Companies Act, 1965 dated 6
January 2003 (Notice). The Notice was served by Messrs M.K. Chen
& Leong, the solicitors for Lim for a total claim of RM225,000;

     (ii) The total claim by Lim of RM225,000 is for the debt
due from MBI in relation to the Sale and Purchase Agreement
dated 3 July 2000 entered into between Lim and MBI (Sale and
Purchase Agreement) for the purpose of the purchase of
machineries, equipment and tools for a total purchase
consideration of RM1,150,000. The total sum of RM225,000
consists of:

       (a) RM150,000 being the remainder of the purchase price
due from MBI to Lim under the said Sale and Purchase Agreement;
and

       (b) RM75,000 being the interest due from MBI to Lim in
respect of MBI's delay in paying RM750,000 (being part of the
purchase price) under the said Sale and Purchase Agreement.

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

     (iv) A winding-up petition had been served on MBI on 19
February 2003, for a claim of RM225,000;

   (d) The Company does not expect the appointment of
Provisional Liquidator to have any material effect on the
financial and operational matters of the Fiamma Group for the
financial year ending 30 September 2003 as MBI had ceased its
operations with effect from 15 February 2003;

   (e) In the event the winding-up petition succeeds, there
would be an estimated exceptional loss of RM260,000 (including
estimated legal costs).

  (f) The steps taken and proposed to be taken by MBI in respect
of the appointment of Provisional Liquidator:
Filed application to stay proceedings following the Petition, to
restrain Lim from advertising and gazetting the Petition, or
alternatively to strike off the winding-up petition with costs
which would either stay/strike off completely the Petition
itself, and either effectively stay/terminate the appointment of
the provisional liquidator.


FW INDUSTRIES: Seeking Proposed Debt Workout Scheme Approvals
-------------------------------------------------------------
On 4 February 2002, FW Industries Berhad made its First
Announcement in accordance to Practice Note No. 4/2001
(PN4/2001) issued by the KLSE pursuant to paragraphs 8.14, 16.02
and 16.09 of the Listing Requirements of KLSE, whereby the
Company announced that it is an affected company pursuant to
PN4/2001. Under PN4/2001, FWI is required to make a requisite
announcement to the KLSE, which contains detailed plans, the
implementation of which will enable FWI to regularize its
financial condition (Requisite Announcement). The Requisite
Announcement is to be made within six (6) months from the date
of the First Announcement, i.e. by 3 August 2002.

The Company had announced that the KLSE had via its letter dated
9 August 2002 approved the extension of time from 3 August 2002
to 3 October 2002, its letter dated 15 October 2002 approved the
extension of time from 3 October 2002 to 3 November 2002, its
letter dated 3 December 2002 approved the extension of time from
3 November 2002 to 3 January 2003, its letter dated 13 January
2003 approved the extension of time from 3 January 2003 to 3
February 2003 and subsequently via its letter dated 28 March
2003 approved the extension of time from 3 February 2003 to 3
April 2003 for FWI to make its Requisite Announcement.

Presently, FWI is still in the midst of negotiating and
obtaining the approvals-in-principle from its creditors for its
Proposed Corporate and Debt Restructuring Scheme and the
deadline for the Requisite Announcement of 3 April 2003 will not
be met.

Accordingly, Southern Investment Bank Berhad wishes to announce
on behalf of the Board of Directors of FWI that an application
was made to the KLSE on 25 March 2003 for an extension of time
for a period of two (2) months up to 3 June 2003 for FWI to make
the Requisite Announcement. The outcome of the said application
will be announced in due course.


GEAHIN ENG'G: Litigation's Contingent Loss Amounts RM72,450.06
--------------------------------------------------------------
Geahin Engineering Berhad wishes to announce that on 03 April
2003 the Company has received a registered letter dated 31 March
2003 from Renodeco Sdn. Bhd. (Renodeco)'s solicitors M/s. Wan
Chin & Co., of Kuala Lumpur, demanding that unless payment of
the sum of RM72,292.56 for goods alleged to have been sold and
delivered by Renodeco to Geahin together with legal costs of
RM157.50 for this notice of demand to be paid directly to
Renodeco or them as solicitors within seven (7) days from the
date of receipt of this notice they as solicitors have strict
instructions to commence legal proceedings against the Company
for recovery thereof.

Except that the Company is exposed to a contingent loss on the
total alleged sum of RM72,450.06 which is disputed and
questioned by the Company, there are no interests claimed and no
other and additional financial and operational impacts on the
Geahin Group.

Meanwhile, the Company has informed and instructed its
solicitors to defend the case if and when arises and the Company
will keep all relevant parties informed about its outcome in due
course.


GENERAL LUMBER: SC Approves KYWI Proposed Acquisition Exemption
---------------------------------------------------------------
PM Securities Sdn Bhd (PM Securities), on behalf of the Board of
Directors of General Lumber Fabricators & Builders Bhd, wishes
to announce that the Securities Commission (SC) via its letter
dated 3 April 2003 has approved the proposed exemption to the
vendors of Kin Yip Wood Industries Sdn Bhd (KYWI) from the
obligation to undertake a mandatory take-over offer pursuant to
the Malaysian Code on Take-Overs and Mergers, 1998 (Code) for
the remaining ordinary shares of RM0.50 each in Maxtral Industry
Berhad (MIB) (MIB Shares) not already owned by them after the
completion of the proposed acquisition of 97.52% equity interest
in KYWI (Proposed Acquisition).

In relation to the proposed exemption to the Vendors from the
obligation to extend a mandatory offer for the remaining MIB
Shares not already owned by them upon future conversion of the
Irredeemable Convertible Preference Shares (ICPS) in MIB, the SC
has stated that it would only consider it upon the fulfillment
of the following:

   (i) Platinum Digital Sdn Bhd (Platinum) to obtain the
approval of the independent shareholders of GLFB in accordance
with the "white-wash" procedures as stipulated under sub-
sections 5(b)(i) to (iv) of Practice Note 2.9.1 of the Code. The
approval from the shareholders of GLFB, if obtained, would be
valid during the tenure of the ICPS;

   (ii) MIB is not allowed to implement any corporate exercises
which will change the percentage shareholding of Platinum in MIB
before the conversion of any ICPS by Platinum which would result
in an obligation on Platinum to extend a mandatory offer;

   (iii) Platinum is not allowed to be involved in any dealings
in the securities of MIB during the tenure of the ICPS. However,
Platinum is allowed to convert its ICPS into new MIB Shares and
dispose of the ICPS on the condition that the shareholdings of
Platinum in the voting shares of MIB remain above 33%;

   (iv) In the event that the conversion of the ICPS by Platinum
results in an increase in the equity interest of Platinum in MIB
to a level which is above the limit that will give rise to an
obligation to extend a mandatory offer, Platinum and PM
Securities are required to inform the SC of the transaction and
to confirm that all the conditions of approval as stated in
paragraphs (i), (ii) and (iii) above, have been fully complied
with. Platinum/PM Securities is required to make the necessary
announcement to inform the shareholders of MIB;

   (v) In the event that Platinum converts the ICPS it owns up
to a level at which exemption from the obligation to extend a
mandatory offer is no longer required, Platinum/PM Securities is
required to make the necessary announcement to inform the
shareholders of MIB; and

   (vi) The approval of the SC (when granted) for the exemption
from the obligation to extend a mandatory offer for the
remaining voting shares in MIB upon conversion of ICPS is valid
for a period of five (5) years from the date of issuance of the
ICPS.


HO HUP: Proposes Shareholders' Mandate Renewal
----------------------------------------------
On behalf of Ho Hup Construction Company Berhad, Alliance
Merchant Bank Berhad wishes to announce that the Company
proposes to seek the approval of its shareholders for the
renewal of the mandate in relation to recurrent related party
transactions of a revenue or trading nature which are in the
ordinary course of business (RRPT) pursuant to Chapter 10.09 of
the Listing Requirements of the Kuala Lumpur Stock Exchange.

DETAILS OF THE PROPOSED RENEWAL

At the extraordinary general meeting of the Company on 28 June
2002, the Company had obtained its shareholders' mandate to
undertake the RRPT. The authority to undertake the RRPT shall
lapse at the conclusion of the forthcoming annual general
meeting (AGM) unless the authority is renewed.

Ho Hup's Board of Directors therefore proposes to seek a renewal
of the shareholders' mandate on the RRPT.

The details of the Proposed Renewal would be disclosed in a
circular to be dispatched to the shareholders of Ho Hup
(Circular) in due course.

RATIONALE

The Proposed Renewal will enable the Company and its subsidiary
companies (Ho Hup Group or Group) to carry out recurrent
transactions necessary for the Group's day-to-day operations
which are time-sensitive in nature, and will eliminate the need
to announce and convene separate general meetings from time to
time to seek shareholders' approval as and when potential
recurrent transactions with a related party arise. This will
substantially reduce expenses associated with the convening of
such meetings on an ad hoc basis, improve administrative
efficiency and allow human resources and time to be channelled
towards attaining other corporate objectives.

Further, the Proposed Renewal is intended to facilitate
transactions entered into in the ordinary course of business of
the Ho Hup Group which are transacted from time to time with the
related parties which are carried out at arm's length on the
Group's normal commercial terms and are not prejudicial to the
interest of the shareholders of Ho Hup and on terms not more
favorable to the related parties than those generally available
to the public and are not detrimental to the minority
shareholders of Ho Hup.

FINANCIAL EFFECTS

The Proposed Renewal will not have any effect on the issued and
paid-up share capital and major shareholders' shareholdings of
Ho Hup. In addition, they are not expected to have a material
effect on the net tangible assets per share and earnings per
share of the Group.

APPROVAL REQUIRED

The Proposed Renewal is subject to and conditional upon the
approval of the shareholders of the Company at the forthcoming
AGM.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

The interests of the Directors and major shareholders of Ho Hup
in the Proposed Renewal together with the details of the RRPT
would be disclosed in the Circular to be dispatched to Ho Hup's
shareholders in due course.

DIRECTORS' STATEMENT

The Directors of Ho Hup, having considered all the relevant
factors and after careful consideration, are of the opinion that
the Proposed Renewal will be in the best interest of the Company
and its shareholders.


LAND & GENERAL: Unit Enters SJVA With PSL, PBPO
-----------------------------------------------
The Board of Directors of Land & General Berhad wishes to
announce that Overseas & General Limited (OGL), a 51% subsidiary
of L&G has on 4 April 2003 entered into a Shareholders' cum
Joint Venture Agreement (SJVA) with Protonweb Solutions Limited
of No. 13, Raghaveera Avenue, Poes Gardens, Chennai - 600086,
India (PSL) and Protonweb BPO Private Limited of No. 13,
Raghaveera Avenue, Poes Gardens, Chennai - 600086, India (PBPO)
whereby OGL and PSL shall participate in and operate a joint
venture company to carry on the business of information
technology (IT)- enabled services in India, specifically in the
industry sub-sector of business process outsourcing (BPO) (the
Joint Venture).

INFORMATION ON THE JOINT VENTURE

Background Information on the Joint Venture Parties

OGL

OGL is a public listed company incorporated in the Isle of Man
on 26 January 1987. Its shares are currently quoted on the
Australian Stock Exchange. OGL has an authorized share capital
of Australian Dollar (A$)1,000,000,000 comprising 1,000,000,000
ordinary shares of A$1 each and an issued share capital of
A$15,167,367 comprising 15,167,367 ordinary shares of A$1 each
which are fully paid-up. OGL is principally an investment
holding company.

PSL

PSL is a public limited company incorporated in Tamil Nadu,
India on 24 January 2000 under the Companies Act, 1956/1913 of
India. PSL has an authorized share capital of Indian Rupees
(INR)50,000,000 comprising 5,000,000 ordinary shares of INR10
each and an issued share capital of INR18,010,000 comprising 7
ordinary shares of INR10 each which are fully paid-up and
18,000,993 ordinary shares of INR10 each which are partly paid-
up. The paid-up share capital of PSL is INR17,363,007. Its
principal business is the provision of specific software
solutions. Currently, PSL has built and completed a call center
in Chennai (Chennai Call Centre). PSL is also the holding
company of PBPO.

The Joint Venture Company

Pursuant to the Joint Venture, PBPO, a private limited company
incorporated in Tamil Nadu, India on 17 February 2003 under the
Companies Act, 1956/1913 of India shall be the Joint Venture
company.

PBPO has an authorized share capital of INR50,000,000 comprising
5,000,000 ordinary shares of INR10 each. The present issued and
paid-up share capital of PBPO is INR35,000,000 comprising
3,500,000 ordinary shares of INR10 each. PSL is the beneficiary
owner of the entire existing issued and paid-up share capital of
PBPO.

Under the SJVA, PBPO will focus in the customer relationship
management (CRM) market and would operate in all segments of CRM
in the Indian BPO industry. The main objectives of PBPO shall be
as follows:

   (i) undertake the initial setting up of the Chennai Call
Centre and to enable the Chennai Call Centre to be fully
operational;

   (ii) fully set up a call center in Bangalore (Bangalore Call
Centre) within six (6) months from the date of the SJVA; and

   (iii) establish a marketing presence in the United States of
America (USA).

Pursuant to the Joint Venture, OGL shall subscribe for 1,500,000
new ordinary shares of INR10 each to be issued by PBPO for a
cash consideration of USD2,000,000 which shall be paid in two
(2) tranches according to certain milestones mutually agreed by
the Joint Venture parties.

Interest holdings of the Joint Venture Parties

Under the Joint Venture, the equity interest holdings of the
Joint Venture parties shall be in the proportions set out below:

             %     No. of Shares
PSL         70     3,500,000
OGL         30     1,500,000
Total      100     5,000,000

Funding of the Joint Venture

The total cost of the Joint Venture project is estimated at
USD2,740,000. The Joint Venture shall be initially funded in the
following manner :

   (i) PSL shall transfer all assets, rights and title of the
Chennai Call Centre which is valued at INR35,000,000 (or
approximately USD740,000) to PBPO at the date of the SJVA; and

   (ii) OGL shall contribute a cash amount of USD2,000,000 via
its subscription of 1,500,000 new ordinary shares of INR10 each
to be issued by PBPO within one (1) month from the date of the
SJVA.

Subsequently, the operations of the Joint Venture shall be
financed by

   (i) shareholders' funds; and

   (ii) bank borrowings or any other manner as the Joint Venture
parties may mutually agree.

Sharing of Profits

PSL and OGL shall share profits of the Joint Venture in the form
of dividends to be declared by PBPO.

Board Representation

The Board of PBPO shall always be in the ratio of 2:1; two (2)
to be nominated by PSL and one (1) to be nominated by OGL.

Operation of the Joint Venture

PSL shall be responsible for the operation of PBPO. OGL shall
provide advice in matters pertaining to financial and investment
issues and be responsible for formulating the strategies and
business plans for PBPO.

Conditions Precedent

The SJVA shall be conditional upon fulfilling certain conditions
precedent within one (1) month from the date of the SJVA or
within such extension of time as may be mutually agreed by the
Joint Venture parties. The conditions precedent include, inter
alia; the transfer of the Chennai Call Centre by PSL to PBPO.

FINANCIAL EFFECTS

Share Capital

The Joint Venture will not have any effect on the issued and
paid-up share capital of L&G.

Net Tangible Assets

The Joint Venture will not have any effect on the Net Tangible
Assets of the L&G Group for the financial year ending 31
December 2003 but is expected to contribute positively in the
future.

Earnings Per Share

The Joint Venture will not have any effect on the earnings of
the L&G Group for the current financial year ending 31 December
2003. Barring unforeseen circumstances, the Joint Venture is
expected to have a positive impact on the earnings of the L&G
Group in the future.

RATIONALE

OGL's investment into the Indian BPO industry allows OGL to
enter into a fast growing outsourcing market catering to
regional and international customers particularly; the USA. OGL
has a strong joint venture partner as PSL is a Capability
Maturity Model (CMM) Level 5 software company whose CRM software
has been marketed and sold to USA and the ASEAN countries. The
Company is of the view that this investment will broaden the
existing earnings base of OGL and in turn contribute positively
to the future earnings of the L&G Group.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

As far as the Board of Directors is presently aware, none of the
Directors or the substantial shareholders of the Company nor the
persons connected to the Directors or the substantial
shareholders of the Company have any interest, whether directly
or indirectly, in the Joint Venture.

DIRECTORS' STATEMENT

The Directors of L&G, after careful deliberation, are of the
opinion that the Joint Venture is in the best interest of the
L&G Group.

DOCUMENTS FOR INSPECTION

The SJVA is available for inspection at the Company's registered
office at 2nd Floor, 7 Persiaran Dagang, Bandar Sri Damansara,
52200 Kuala Lumpur from Mondays to Fridays (except public
holidays) during normal business hours for a period of two (2)
weeks from the date of this announcement.


OLYMPIA INDUSTRIES: Unit Receives Notice to Arbitrate From Insa
---------------------------------------------------------------
The Board of Directors of Olympia Industries Berhad wishes to
announce that Mascon Sdn Bhd (Mascon), a 71% owned subsidiary of
the Company, has on 4 April 2003 received via its solicitors, a
Notice To Arbitrate (Notice) from Insa Alliance Sdn Bhd (Insa)
with regard to the dispute and differences arising from the
termination of the contract entered between Insa and Mascon in
respect of the construction of 272 units of townhouses at
Seksyen U-10, Shah Alam, Selangor on 14 December 2001.

Mascon's solicitors has accordingly replied to the Notice on 3
April 2003 stating that the grounds of the Notice is improper
and wrong in fact and procedure as Mascon had already instituted
an arbitration proceedings against Insa in January 2002 and is
now awaiting the confirmation on the appointment of Arbitrator
from Insa before the commencement of the arbitration.

The Board of Directors of the Company also wishes to announce
that Mascon has instituted an arbitration proceedings against
Safety Development Corporation Sdn Bhd with regard to a dispute
on final account for work done in respect of a contract for the
proposed construction and completion of 1 block shopping complex
5-storey shopping complex consisting of 7 level basement parking
on Lot 439, Section 85, Jalan Pahang, Kuala Lumpur and the first
preliminary meeting has now been fixed on 10 April 2003.


PAN MALAYSIA: FIC Grants Special Issue Time Extension
-----------------------------------------------------
Pan Malaysia Holdings Berhad refers to the announcement dated 12
September 2002 whereby the Securities Commission had approved a
final extension of twelve (12) months to 30 June 2003 for the
Company to implement the Special Issue of 75,270,000 New
Ordinary Shares of RM1.00 each to Bumiputera Investors
in order for the Company to meet the Bumiputera equity
conditions imposed by the Foreign Investment Committee.

On behalf of the Company, Commerce International Merchant
Bankers Berhad wishes to announce that the Foreign Investment
Committee has approved an extension to 31 December 2003 for the
Company to meet the Bumiputera equity conditions.


PLANTATION & DEVELOPMENT: Exec Dir Soh Chai Resigns
---------------------------------------------------
Plantation & Development (Malaysia) Berhad posted this Change in
Boardroom Notice:

Date of change : 31/03/2003
Type of change : Resignation Boardroom
Designation    : Director
Directorate    : Executive
Name           : SOH KEY CHAI
Age            : 45
Nationality    : Malaysian
Qualifications : -
Working experience and occupation  : -
Directorship of public companies (if any) : -
Family relationship with any director and/or major shareholder
of the listed issuer : -
Details of any interest in the securities of the listed issuer
or its subsidiaries : -

COMPANY PROFILE

Construction, previously the Company's (P & D) core business
undertaken via its subsidiary Invescor Ventures Sdn Bhd, ceased
when Invescor was placed under receivership by its debenture
holders on 11 November 1998 and under liquidation on 19.12.2000.
The P & D Group's main activities are currently the cultivation
of oil palm and property development.

Group plantation assets total approx. 11,570 acres of plantation
land comprising Bukit Cantek Estate in Johor, Sabai Estate in
Pahang, and Ulu Tingkayu Estate in Sabah. Of the total planted
area 80% is cultivated with oil palm and 20% with rubber. An oil
palm mill serves Bukit Cantek Estate as well as the neighboring
estates not owned by the Group.

Property development activities are mainly undertaken by
Redztikah Sdn Bhd and Citra Tani Sdn Bhd, P & D's subsidiaries,
and Jasa Vista Sdn Bhd, its associate company. Activities are
concentrated in Johor with the majority of housing projects
targetted for the low and middle income groups.

The Group had in October 1999, entered into an agreement with
Mayvin Consolidated Sdn Bhd to carry out a restructuring scheme
upon completion of which, Mayvin would emerge as P & D's holding
company with concerns in oil palm companies and assume the
listing status of the P & D Group.

In November 2000, the restructuring scheme underwent a formal
process where the Company and subsidiary Redztikah obtained a
restraining order pursuant to Section 176 (10) of the Companies
Act, 1965. Subsequently, Court convened creditors' meetings were
held on 15 February 2001 where the scheme was approved by all
scheme creditors.

Currently, submissions pertaining to the restructuring exercise
have been made to the SC and other relevant authorities. With
the exception of MITI's approval on 25 June 2001, other
approvals are still pending.

CONTACT INFORMATION: Suite 1301, 13th Floor, City Plaza
            Jalan Tebrau
            80300 Johor Bahru
            Tel: 07-3322088
            Fax: 07-3328096


REPCO HOLDINGS: Moratorium Period Extended Until April 2004
-----------------------------------------------------------
Pengurusan Danaharta Nasional Berhad pursuant to the Pengurusan
Danaharta Nasional Berhad Act 1998 appointed Kenneth Teh Ah Kiam
and Chan Yim Fun, as the Special Administrators of the following
companies on 8 April 1999 and 10 October 2001 respectively:

REPCO HOLDINGS BERHAD
(Special Administrators Appointed)
(Company No. 197036-D)

REPCO (MALAYSIA) SDN BHD
(Special Administrators Appointed)
(Company No. 026331-W)

EVERISE CAPITAL SDN BHD
(Special Administrators Appointed)
(Company No. 295367-V)

EVERISE VENTURES SDN BHD
(Special Administrators Appointed)
(Company No. 295177-P)

EVEN HORIZON SDN BHD
(Special Administrators Appointed)
(Company No. 385666-V)

TELUK JADI SDN BHD
(Special Administrators Appointed)
(Company No. 300958-P)

HAJAT SEMARAK (M) SDN BHD
(Special Administrators Appointed)
(Company No. 308934-H)

REPCO TIMBER SDN BHD
(Special Administrators Appointed)
(Company No. 394593-V)


The moratorium under section 41 of the Act, which took effect
from the date of its appointment, has been further extended to 7
April 2004. The extension is pursuant to section 41(3) of the
Act. During the period of the moratorium no creditor may take
action against the Companies except in accordance with section
41 of the Act. All dealings and enquiries may be directed to us
as Special Administrators.


SILVERSTONE CORPORATION: Extends Disposal Completion Deadline
-------------------------------------------------------------
On 29 November 2002, Silverstone Corporation Berhad (formerly
known as Angkasa Marketing Berhad) announced inter alia, that
AMB Venture Sdn Bhd (AMB) is required by Lion Asiapac Limited
(LAP) to complete the disposal of the entire equity interests in
Wuhan Fortune Motor Co., Ltd. and Jiangxi Fuqi Motor Co., Ltd.,
the legal ownerships whereof, as at the completion date of the
ATE Disposal on 29 November 2002, are held by Angkasa Transport
Equipment Sdn Bhd (ATE) and the beneficial interests held by
Range Grove Sdn. Bhd. and Chrome Marketing Sdn Bhd respectively,
by 31 March 2003 (or such other date as AMBV and LAP shall
agree) (Disposals).

The Board of Directors of SCB wishes to announce that AMBV and
LAP have agreed to extend the deadline for the completion of the
Disposals from 31 March 2003 to 15 May 2003 (or such other date
as AMBV and LAP shall agree).

Refer to the Troubled Company Reporter - Asia Pacific,
Wednesday, April 02 2003, Vol. 6, No. 65 issue for further info
on the Proposed Disposal.


TANJONG PUBLIC: Appoints PwC LLP as Auditors
---------------------------------------------
The Board of Directors of Tanjong Public Limited Company
wishes to announce that the Company has, with effect from 27
March 2003, appointed PricewaterhouseCoopers LLP (PwC LLP) of 1
Embankment Place, London WC2N 6RH, England, as the new firm of
External Auditors of the Company to fill the casual vacancy
following the resignation of PricewaterhouseCoopers (PwC) of the
same address, on even date, pursuant to Section 392 of the
Companies Act, 1985 of the United Kingdom.

The resignation of PwC and the appointment of PwC LLP follows
the conversion of PwC to a Limited Liability Partnership (LLP)
in the United Kingdom, with effect from 1 January 2003.


TECHNO ASIA: Provides Default in Payment Status Update
------------------------------------------------------
Mr. Lim Tian Huat and Mr. Chew Cheng Leong of Messrs. Ernst &
Young were appointed Special Administrators over Techno Asia
Holdings Berhad (Special Administrators Appointed) and a
subsidiary company, Prima Moulds Manufacturing Sdn. Bhd. (MMSB)
on 2 February, 2001. The Special Administrators were
subsequently appointed over the following subsidiary companies
of TECASIA on 30 April, 2001:

   1. Mount Austin Properties Sdn. Bhd.;
   2. Cempaka Sepakat Sdn. Bhd.;
   3. Ganda Edible Oils Sdn. Bhd.;
   4. Litang Plantations Sdn. Bhd.;
   5. Wisma Dindings Sdn. Bhd.;
   6. Ganda Plantations (Perak) Sdn. Bhd.; and
   7. Techno Asia Venture Capital Sdn. Bhd. ( collectively known
as the `Affected Companies)

Further to the announcement dated 05 March, 2003 in respect of
Practice Note 1/2001, TECASIA wishes to announce that the
Company and its subsidiaries, namely Mount Austin Properties
Sdn. Bhd (Special Administrators Appointed), PMMSB (Special
Administrators Appointed), Prima Moulds Sdn. Bhd. and Ganda
Energy and Holdings, Inc continue to default in payments of
their loan interest and principal sums owing to several
financial institutions. The outstanding amounts as at 28
February 2003 are tabled at
http://bankrupt.com/misc/TCRAP_Techno0408.gif.

Interest shown include interest from 1 July 2001 to 28 February
2003 pending implementation of the restructuring scheme which
was approved by the Securities Commission as announced on 20
December 2002 and 26 December 2002.

Measures Taken to Address the Default

TECASIA is considered as an `affected listed issuer' pursuant to
PN4/2001.

Further to the measures undertaken as announced on 05 March
2003, there have been no major changes to the status of
TECASIA's plan to regularise its financial position.

Implications in respect of the Default in Payments

TECASIA wishes to announce that Pengurusan Danaharta Nasional
Berhad (PDNB) had granted another extension of twelve (12)
months to the moratorium previously in effect for TECASIA and
PMMSB pursuant to Section 41(3). The said extension will expire
on 1 February 2004. As for the Affected Subsidiary Companies,
PDNB had on 26 April 2002 granted an extension of twelve months
to the moratorium previously in effect for the Affected
Subsidiary Companies pursuant to Section 41(3) and the said
extension will expire on 30 April 2003. All legal actions
initiated against TECASIA and other affected subsidiaries will
be stayed and any petition for winding-up, or any appointment of
a receiver, receiver and manager or provisional liquidator
cannot proceed during the moratorium period.


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


BAYAN TELECOMMUNICATIONS: Mulls Entry into Mobile Phone Business
----------------------------------------------------------------
Despite talks that the debt-laden company would soon be
auctioned, Bayan Telecommunications Inc. (BayanTel) is still
reportedly planning to enter the mobile phone service industry.

In an interview with Manila Times, BayanTel President and CEO
Gary Olivar admitted there are "on-and-off" talks with partners
over a possible venture into mobile telephony.  Accordingly,
talks are likely to become serious once the company's debt
restructuring program is completed.

"It is important to finish first the restructuring program. I
suspect that prospective partners want that," Mr. Olivar said.
"I would think that the assets (of BayanTel) would be attractive
enough after the debt restructuring program.  There will be no
fire sale.  It will be the right kind of company under the right
price."

Financial advisor, Credit Lyonnais S.A., is currently
spearheading the company's restructuring, with Credit Suisse
First Boston doing the discussions with creditors in Manila,
Hong Kong and Singapore.  Total debt of the company amounts to
US$210 million, the paper says.

Meanwhile, Mr. Olivar said the company expects a 5 to 10 percent
improvement in EBITDA (earnings before interest, taxes,
depreciation and amortization) and revenues for 2003.

BayanTel has recorded a 4 percent decline in its net revenues
for 2002 to PHP4.9 billion from PHP5.1 billion in 2001, while
EBITDA numbers increased by 18.4 percent to PHP2.1 billion in
2002.  Capital expenditures level for this year is pegged at
PHP1 billion to PHP1.2 billion, the report says.

"We expect our data business to be our main growth driver this
year. Voice service still commands the majority of our
re-venues, but in the next four to five years we expect revenues
from data to cross the 50-percent mark," said Mr. Olivar.


MANILA ELECTRIC: Wants 'Refund Ruling' Review Done by Full Court
----------------------------------------------------------------
Manila Electric Co., the beleaguered power distributor in the
Metropolitan Manila area, has moved for reconsideration of a
Supreme Court ruling ordering it to refund consumers for over-
billing.

According to The Manila Bulletin, the company has asked the high
court's third division to elevate the matter to the full court,
claiming that the former had altered a legal principle, which
only the court sitting en banc could make.  The paper did not
give any further details.

In November last year, the third division upheld an order by
Philippine energy regulators that requires Meralco to refund its
consumers for over-billings collected since its last
distribution rate increase in 1994.  Meralco estimates the
refund could range anywhere between PHP8 billion and PHP28
billion, the report says.  At the time of the ruling, the power
distributor had retained earnings of only PHP27 billion.

In seeking the entire court to review the ruling, Meralco hopes
to increase its chances of a favorable decision since 15
justices sit in a full court.  All five of the third division
justices voted in favor of the refund ruling.


VICTORIAS MILLING: Board Shake up to Spark Boycott, Say Clients
---------------------------------------------------------------
Restructuring Victorias Milling Co. could face an exodus of
sugar planters if a rumored management reorganization pushes
through, the Inquirer News Service said yesterday.

At least 12 sugar organizations in Negros Occidental where the
company operates have sent a joint letter to the company's
board, warning that any attempt to replace President and CEO
Arthur Aguilar will be met with a boycott.

The report says the sugar planters apparently don't like the
replacement, Andrew Gotianun Jr.  The tycoon's East West bank
has a 5.76 percent stake at the mill.  He has denied any
takeover plan on VMC.


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


HOTEL MALAYSIA: Court Grants Extension Time to Up Shares
--------------------------------------------------------
The Directors of Hotel Malaysia Limited announced that the
Singapore Exchange has granted the Company an extension of time
until 27 April 2003 to raise the percentage of its shares in
public hands to at least 10 percent. If the Company fails to do
so by 27 April 2003, the Exchange will suspend trading in the
Company's shares with effect from 9 a.m. on 28 April 2003, and
suspension will continue until such time as the Company is able
to meet the 10 percent public float requirement. The Exchange
has also informed the Company that the Exchange reserves the
right to suspend trading in the Company's shares any time prior
to 28 April 2003 should there be any unusual movement in the
price or trading volume of the Company's shares.

As previously announced by the Company on 7 February 2003 and 9
December 2002, the Company has been exploring, and seeking
professional advice in respect of, various proposals and options
available to the Company including a possible delisting or
liquidation of the Company. The Company is presently considering
certain proposals (including addressing certain legal regulatory
issues) but is not in a position to make an announcement at this
stage. There is no assurance that such proposals will be
implemented. In view of the above, shareholders are advised to
exercise caution when trading. The Company will make further
announcements, where appropriate.


ISOFTEL LTD: Issues More Info on Financial Results
--------------------------------------------------
ISoftel Ltd has on 28 March 2002 made an announcement relating
to the Full Year Financial Statements for the year ended 31
December 2002 Full Year Results.

The Directors of the Company would like to make this further
announcement in response to certain queries raised by the
Singapore Exchange Limited SGX in connection with the
Announcement.

(i) The factors relating to the material changes in the
following items:

(a) In relation to the income statement, provision for doubtful
debts, provision for stock obsolescence, goodwill, foreign
exchange loss, impairment of assets and intellectual rights
written off.

Provision for doubtful debts - The Group has put in place an
accounting policy to provide in full for all debts above 180
days. Provision of $1.576 million as at 31 December 2002 is
lesser than the previous year because there are considerable
lesser debtors owing above 180 days and previous year's debts
have already been provided for.

Provision for stock obsolescence - The Group estimated that the
stocks has a life cycle of five years and hence provide a
provision of stock obsolescence which resulted in a provision of
S$2.945 million compared to S$1.967 million in the previous
year. The increase is due to previous stocks in China not
provided for.

Goodwill - The Group has decided to write off its entire
goodwill (see query (b) below) of $3.1 million, which arises
from its acquisition of Beijing Linkhead Information
Technologies, Ltd BLIT in China as it is not contributing any
further economic benefits.

Foreign exchange loss - As at 31 December 2002, the foreign
exchange rate is US$1 to S$1.7351 compared to the previous year
as at 31 December 2001, US$1 to S$1.8509. This resulted in a
foreign exchange loss of $1.8 million compared to the previous
year, a foreign exchange gain of $0.7 million.

Impairment of assets - In light of the continuing losses in
China, the Group has estimated that the market value of the
assets in China should be lowered by $1.255 million.

Intellectual rights written off - The Group acquired Amoeba's
intellectual rights of about S$0.8 million and has decided to
write it off as it does not expect to obtain any further
economic benefits from the intellectual rights.

(b) In relation to the balance sheet, goodwill on consolidation,
current assets and current liabilities;

Goodwill on consolidation - The Group has accrued a Tranche (3)
payment in its books as at 31 December 2001 in respect of its
acquisition of Beijing Linkhead Information Technology Ltd BLIT,
which resulted in goodwill in the balance sheet (as at
31/12/2001) of $6.9 million. iSoftel has reversed its liability
of $3.8 million for this Tranche (3) payment and has reduced the
goodwill on acquisition accordingly to $3.1 million. In
addition, the Group has performed impairment assessment and has
decided to write off the entire goodwill on acquisition, as BLIT
has not been contributing positively to its profitability.

Current assets:

Inventories have fallen to $4.1 million from $12.0 million due
to increased provision in obsolete stocks and deliveries to
customers.

Total cash and bank balances (including fixed deposits)
decreases to $$5 million from $11.7 million because total
expenditures are more than the total collected for the period
ending 31 December 2002 and further funding to subsidiaries
including purchase of assets from Amoeba of US$454,390.

Current liabilities:

Trade creditors has increased from $1.7 million to $3.2 million
as the Group stalled its timing of payment to match the
collection from trade debtors.

As a result of a reversal of its liability of $3.8 million
relating to Tranche (3) payment to vendors of BLIT, other
creditors and accruals has decreased to $3.0 million as compared
to $7.6 million in the previous year.

Deferred income arises from billing of its customers but not
recognizing the revenue as in accordance with the Group's
revenue recognition policy.

(ii) The reasons for the continuing losses in China operations;

China operations are in the red because of the following
reasons:

-Lower gross profit margins of 14.9 percent compared to 20.6
percent in the previous year because of lower pricing and trade
discounts given to customers.

-Total gross profit is not sufficient to cover its total
operating expenses.

-The telecom industry in China is cautious in spending
additional capital expenditure.

-Slow payments from customers in China.

(iii) The effect of the change in accounting policy to comply
with SAS 12.

There has been no material effect arising from the change in
accounting policy to comply with SAS 12.


PACIFIC CENTURY: Voluntarily Liquidates Subsidiary
--------------------------------------------------
The Board of Directors of Pacific Century Regional Developments
Limited wishes to announce the following:

(1) Resignation of Director

Robert Charles Nicholson has resigned as a Director of the
Company with effect from 4 April 2003.  The Board of Directors
has accepted his resignation and wishes to thank Mr. Nicholson
for his contributions to the Company.

(2) Voluntary Liquidation of Subsidiary

Gao Yao Power (B) Co., Ltd, a subsidiary of PCRD incorporated in
the People's Republic of China, has been liquidated on 27 March
2003.  The liquidation will have no material impact on the
results of the PCRD Group for the current financial year ending
31 December 2003.


TT INTERNATIONAL: Creditors Wind Up Troubled Subsidiary
-------------------------------------------------------
Further to the announcement by TT International Limited dated 31
January 2003 relating to the serving of creditor's winding-up
petition on UnitedBox Pte Ltd, the Directors of the Company wish
to announce that UnitedBox was wound up pursuant to an Order of
Court dated 28 March 2003 and the Official Receiver had been
appointed as the Liquidator.


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


CENTRAL PAPER: Right Warrants Units Remains 119,994,600
-------------------------------------------------------
As the Central Paper Industry Public Co., Ltd (CPICO) issued 120
million units of warrant No.1 (CPICO-W1) with 10 years term
offering to the existing shareholders during July 11-18, 2000.
The exercise is fixed on every 3 months of the normal working
hours of the Company's share registrar on the date 15th or the
next working day of March, June, September and December of
each year through the maturity date. The Exercise Date shall be
on 15th September, 2000 while the last Exercise Date shall be on
15th June, 2010 respectively. 1 unit of warrant give the right
to the holder to purchase 1 share of the company in the Exercise
Price of Bt10 per share.

The company would like to inform the Stock Exchange of Thailand
that there are 119,994,600 units of Right Warrants No.1 (CPICO-
W1), on the Exercise Date of March 17th, 2003 there is not any
warrant holder exercised his rights to purchase new ordinary
shares.

Therefore, there are 119,994,600 units remaining Right
Warrants NO.1 (CPICO-W1).


CHRISTIANI & NIELSEN: No General Meeting for Shareholders
---------------------------------------------------------
CN Advisory Company Limited, the Planner of Christiani & Nielsen
(Thai) Public Company Limited, in relation to the Court order
for the Company's Business Reorganization, informed that there
will be no Ordinary General Meeting of Shareholders including
the submission of Annual Report (56-2) to the shareholders, the
Stock Exchange of Thailand, and Office of the Securities and
Exchange Commission.


KRISDA MAHANAKORN: Signs Debt Restructuring Agreement
-----------------------------------------------------
Krisda Mahanakorn Public Company Limited announced that it has
signed the Debt Restructuring Agreement with the following
Creditors:

1. The Debt Restructuring Agreement with Thai Asset Management
Corporation.

   1.1 Principal Amount of Bt2,375.96 million and interest
amount of Bt1,532.67 million (Hair cut of Bt1,354.48 million)

   1.2 Transferring the securities of Debt guarantee Value of Bt
275.74 million.

   1.3 The Debt is converted to loan Bt456.72 million for the
period of 7 years. Interest MLR - 4% paid up to period 4,5,6,7
years.

   1.4 The Debt covers to Preference share Amount of 182.41
million shares at Bt10 per shares, with conditions of right to
convert the Preference share to Ordinary shares.

2. The Debt restructuring agreement with Krung Thai Bank PLC.,

   2.1 Principal amount of Bt3,914.20 million and Interest
amount of Bt1,843.75 million (Hair cut of Bt1,859.75 million)

   2.2 Transferring the securities of Debt guarantee value of
Bt2,432.88 million.

   2.3 The Debt is converted to loan Bt279.57 million for the
period of 1.5 years.

   2.4 The Debt covers to Preference share amount of 118.57
million shares at Bt10 per shares. Condition of right to convert
the preference share to Ordinary share.


ROBINSON DEPARTMENT: Reports CRC Option Shares Exercise
-------------------------------------------------------
Reference is made to the respective letter of Robinson
Department Store Public Company Limited dated 24 February and 13
March 2003 informing the Stock Exchange of Thailand the Pricing
Period for Tranche 1, 2 and 3 of CRC Option Shares (from 24
February 2003 to 4 April 2003 for Tranche 1 and 2, and from 28
February 2003 to 11 April 2003 for Tranche 3) of which Central
Retail Corporation Limited and/or its Designies (CRC) have their
rights to exercise the option under the CRC Option Shares Scheme
with the terms and conditions set forth in the Business
Reorganization Plan of the Company (the Plan), CRC shall
inform its intention whether to exercise the option or not
within the next business day following the expiry of each
Pricing Period, i.e. 8 April 2003 for Tranche 1 and 2, and 16
April 2003 for Tranche 3.

The Company hereby would like to inform that CRC has issued and
sent a letter showing its intention to exercise the option for
all Tranche 1, 2 and 3, representing 233,238,838 shares
or 21% of the Company's total fully paid-up shares. The exercise
dates are on 8 April 2003 for Tranche 1 and 2 (14% in total) and
16 April 2003 for Tranche 3 (7%).

Under the terms and condition set forth in the Plan however, CRC
shall maintain its right to revoke its intention to exercise the
said option within the business of 8 April 2003 for Tranche 1
and 2, and within the business of 16 April 2003 for Tranche 3.

Since the Pricing Periods are still not ended, the Company
cannot inform the exercise price at present but will report to
the SET once it is known.


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 ***