/raid1/www/Hosts/bankrupt/TCRAP_Public/030410.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Thursday, April 10 2003, Vol. 6, No. 7

                         Headlines


A U S T R A L I A

AUSTAR UNITED: TelstraClear Sale Completed
NUFARM LTD: S&P Affirms 'BBB-' Rating; Outlook Negative
PASMINCO LIMITED: Sells Elura Mine, Shiploading Operation
PASMINCO LIMITED: Signs Sale and Purchase Agreement With CBH
PASMINCO LIMITED: Terminating Elura Workers, Pays Entitlements

QANTAS AIRWAYS: To Escalate Job Cuts
RUSKIN INDUSTRIES: Updates Deed of Company Arrangement Status
TOWER LIMITED: Director Lance Cottam Retires
TOWER LIMITED: Keith Taylor Appointed as Managing Director
VOICENET (AUST): Issues Shares for Working Capital


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Courts Sanction Proposed Scheme of Arrangement
EDWIN E&M: Faces Winding Up Petition
GOLDBO CENTRE: Winding Up Petition to be Heard
JINHUI HOLDINGS: Widens 2002 Net Loss to HK$62.339M
MANSION HOLDING: Unaware of Why Share Price Decreased

NAM FONG: Court Adjourns Winding-Up Petition Hearing to May 5
NAM FONG: Price, Turnover Movements Inexplicable
TOP GLORY: 2002 Operations Loss Narrows to HK$26.023M
WEALTHY GLORY: Winding Up Hearing Scheduled in April 30
WONG'S KITCHEN: Winding Up Sought by Bank of China


I N D O N E S I A

BANK MANDIRI: IPO Possibly Less Than 30%


J A P A N

HITACHI LIMITED: Joins Certicom Partner Network
JAPAN AIRLINES: Cutting More International Flights
KOKKO CO.: Fabric Firm Enters Rehab Proceedings
NEC CORPORATION: Expects 1H03 Y25B Net Loss


K O R E A

CHOHUNG BANK: Final Sale Talks Set to Start
HYNIX SEMICON: Govt Asks U.S. to Suspend 57% Import Tariff
HYNIX SEMICONDUCTOR: May Up Chip Supply to Taiwan This Month
SK CORP.: JP Morgan Downgrades to "Underweight" on Unit Fallout
SK GLOBAL: Creditors Rejects Debt Rescheduling

SK GROUP: Halts Mass Hiring Program


M A L A Y S I A

AMSTEEL CORPORATION: SC Grants Proposed Disposals Waiver
ARUS MURNI: KLSE Grants Two-Month Extension to Obtain Approvals
BRISDALE HOLDINGS: Securities Trading Suspended
CHASE PERDANA: SC Approves Proceeds Utilization Time Extension
KSU HOLDINGS: Provides March Defaulted Payment Details

MGR CORPORATION: Issues Rights Entitlement Notice
OLYMPIA INDUSTRIES: Joint Development Agreement Extended
PANGLOBAL BERHAD: FIC Grants Two-Year Compliance Extension
PENAS CORPORATION: Court Further Extends Restraining Order
RAHMAN HYDRAULIC: Solicitors File Appeal on Judge's Decision

REPCO HOLDINGS: Danaharta Extends Moratorium Period for One Year
SRIWANI HOLDINGS: Obtains Time Extension Approval From Lenders
TAP RESOURCES: Inks Trust Deed With AmTrustee, Paying Agent
TIME ENGINEERING: Proposed Disposal Successfully Completed
WOO HING: Reaches Hire Purchase Creditors Settlement


P H I L I P P I N E S

DIGITAL TELECOM: Board OKs Shares Issuance
NATIONAL POWER: Files New Rate Hike Petition
UNITED COCONUT: Government Sets P20B Rescue Plan
VICTORIAS MILLING: Tanduay Completes P300M Infusion


S I N G A P O R E

FHTK HOLDINGS: Posts Notice of Shareholder's Interest
FLEXTECH HOLDINGS: Replies to SGX Queries
GUL TECHNOLOGIES: Loss-Making For Two Consecutive Years
GUL TECHNOLOGIES: Unveils Financial Restructuring Plans
SNP CORPORATION: Voluntarily Winds Up Unit


T H A I L A N D

MILLENNIUM STEEL: Omits 2002 Dividend Payment
PICNIC GAS: Posts LPG Trading Additional Info
RAIMON LAND: Reports Warrant Exercise Results
THAI ENGINE: SET Suspends Shares Trading

* SET Suspends Trading, Undergoes Rehab Plan Preparation

     -  -  -  -  -  -  -  -

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


AUSTAR UNITED: TelstraClear Sale Completed
------------------------------------------
Austar United Communications Limited (AUSTAR) announced
Wednesday that, further to its announcement on 12 March 2003, it
has completed the sale of its shares in New Zealand company
TelstraClear Limited to Telstra Corporation. The sale was
completed following receipt of approval from the NZ Overseas
Investment Commission.

AUSTAR Chief Executive Officer John Porter said, "We would like
to wish everyone at TelstraClear all the best for the future. We
are proud to have played an important role in bringing new
services to New Zealand consumers, and we are looking forward to
continuing our focus on delivering choice and innovation to
regional Australians."

CONTACT INFORMATION: Deanne Weir
                     GROUP DIRECTOR
                     CORPORATE DEVELOPMENT AND LEGAL AFFAIRS
                     Austar United Communications
                     Telephone : 02 9394 9897
                     E-mail: dweir@austar.com.au


NUFARM LTD: S&P Affirms 'BBB-' Rating; Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday it has
affirmed its 'BBB-' corporate credit rating on global crop
protection manufacturer and distributor, Nufarm Ltd. At the
same time, the outlook on the rating has been revised to
negative from stable.

The outlook revision follows the release of Nufarm's results for
the six months to Jan. 31, 2003. While the reported loss was in
line with expectations given the impact of severe drought
conditions in Australia and the seasonality of earnings,
Nufarm's gearing and cash flow protection measures remain below
par for the rating category. This reflects the company's largely
debt-funded growth strategy, working capital requirements
relating to recent acquisitions, and drought conditions in
Australia. Despite the first-half loss, Nufarm expects to
achieve growth on its 2002 profit in fiscal 2003.

The rating on Nufarm Ltd. reflects the company's moderately
aggressive financial profile and solid positions in select
global crop protection, and, to a lesser extent, industrial
chemicals markets. Geographic diversity partially mitigates the
risks associated with volatility in any one market. `Although
recent acquisitions have broadened product and geographic
diversity, debt funding of its growth strategy has weakened
Nufarm's capital structure and cash protection measures," said
Brenda Wardlaw, director, Corporate & Infrastructure Finance
Ratings. "Operating lease adjusted fund from operations to debt
will need to return to levels above 25% and operating lease
adjusted gearing to fall below 55%, in the next 12-18 months for
the outlook to return to stable," Ms. Wardlaw said.


PASMINCO LIMITED: Sells Elura Mine, Shiploading Operation
---------------------------------------------------------
Pasminco Limited announced Wednesday that it had entered into an
agreement with Consolidated Broken Hill to sell its Elura mining
operation at Cobar and shiploading operation at Newcastle in New
South Wales.

The total consideration is up to $22.2 million. Consolidated
Broken Hill will pay Pasminco $2.2 million in cash on
completion, a further $3.2 million nine months after completion,
and up to a total of $5.0 million in the form of price linked
payments which will commence one year after completion and are
payable during a period of up to four years. Consolidated Broken
Hill will also assume $11.8 million in financial liabilities
including all clean up and rehabilitation liabilities in respect
of the Elura mine.

Supply contracts have been agreed for on-going delivery of Elura
concentrates to Pasminco's Cockle Creek, Hobart and Port Pirie
smelters at normal commercial terms.

The sale agreement is conditional on various requirements being
met to the satisfaction of both Pasminco and Consolidated Broken
Hill. These include Consolidated Broken Hill finalizing its
financing arrangements and other usual conditions precedent.
Assuming all conditions precedents are met, completion of the
sale and transfer of ownership are expected to occur in early
August.

The completion of the sale of these assets will unfortunately
mean that Pasminco's current Elura employees will be retrenched.
Pasminco will pay all employees their full entitlements as and
when they fall due.

The assets included in the sale are Pasminco's mining tenements
and their associated facilities at Elura, housing in Cobar as
well as concentrate storage and shiploading facilities located
at Newcastle.

Chief Executive Officer Greig Gailey said that the agreement was
an excellent one for Pasminco. "A mine of this nature is best
operated by a smaller mining company than Pasminco," he said.

"The sale of Elura, together with the closures of Cockle Creek
and the US mines, will largely complete the wholesale
rationalization of Pasminco's asset base which began with the
successful sale of the Broken Hill mine in 2002. It leaves us
well placed to re-list the company when market conditions are
appropriate," he said.

Pasminco was advised on the sale by UBS Warburg and Blake Dawson
Waldron.

CONTACT INFORMATION: Trevor Shard
                     GM Investor and Community Relations
                     ++ 61 (3) 9288 9186
                     0419 584 515


PASMINCO LIMITED: Signs Sale and Purchase Agreement With CBH
------------------------------------------------------------
Consolidated Broken Hill Limited (CBH) advises that it has
signed a Sale and Purchase Agreement with Pasminco Australia
Limited (Pasminco) for the acquisition by CBH of the Elura
zinc/lead/silver mine and related assets, including a leasehold
interest over a concentrate ship loading facility in Newcastle.

Completion of the purchase is subject to a number of conditions
including CBH completing funding arrangements.

Jim Wall, CBH Executive Chairman and former CEO of Savage
Resources, said:

"The Elura Mine project provides CBH with:

   *immediate production;

   *the opportunity to create a long life operation, with a
lowest quartile cost structure by global standards;

   *offtake agreements with Pasminco and strong, quantifiable
production growth which will enable CBH to take advantage of
export offtake opportunities including the lucrative Chinese
market in due course; and

   *excellent exploration opportunities in the area.

This project accelerates CBH's transition to producer and gives
CBH a strong position in two of Australia's premier base metal
districts, Broken Hill and Cobar."

TERMS OF THE ACQUISITION

Under the terms of the Sale and Purchase Agreement, the
consideration for the acquisition of the Elura Mine and related
assets comprises payments to Pasminco of $5.4 million ($2.2
million payable on completion and $3.2 million payable 9 months
after completion). There are possible further quarterly
production payments up to a maximum of $5 million in years 2 to
5 after completion if the zinc price exceeds A$2,000 per tonne
(currently zinc is approximately A$1300 per tonne).

The Newcastle ship loading facility will be acquired by assuming
the existing lease arrangement.

Separately, CBH will be required to provide a $4.6 million
environmental bond to the NSW Department of Mineral Resources
for the ultimate environmental rehabilitation of the Elura mine
site. This releases the securities lodged by Pasminco. CBH will
be responsible for all rehabilitation costs for the Elura site.

CBH has also entered into agreements with Pasminco for:

   *the ongoing supply of concentrates from the Elura mine to
Pasminco;

   *the receipt of slag from Pasminco's Cockle Creek smelter, to
be used for underground fill at Elura (at no economic cost to
CBH).

Pasminco will meet all employee entitlements on completion of
the transaction. Further, Pasminco will assume responsibility
for all workers compensation liabilities incurred prior to
completion, and will pay them as and when they fall due.

ELURA MINE

The Elura mine is an underground zinc/lead/silver mining
operation in central New South Wales, 47 kilometres north-west
of the town of Cobar and 712 kilometres from Sydney. Operations
commenced in 1983 and comprise an underground mine accessed by
both decline and haulage shaft, concentrator, drying, storage
and rail facilities. In 2002 the mine treated 1.18 million
tonnes of ore and produced 170,666 tonnes of zinc concentrate
and 80,490 tonnes of lead concentrate. The aggregate contained
metal in concentrates in 2002 was 85,364 tonnes zinc, 45,146
tonnes lead and 30,154 kilograms silver.

The last published resource statement for the Elura Mine was at
31 March 2002 as follows:

              Tonnes (mt)    Zn (%)     Pb (%)     Ag (g/t)
Resources        13.9         9.1        5.6         65
Reserves         04.6         8.8        5.0         52

CBH has completed a study of the ore reserves and mine plan
based on the installation of a paste backfill plant to enable
full extraction of the orebody. Ore reserves have been estimated
at:

              Tonnes (mt)    Zn (%)     Pb (%)     Ag (g/t)
Reserves          13.0        7.9         4.7         49

MINE IMPROVEMENT PLAN

CBH has generated a Mine Improvement Plan during the due
diligence process that will revitalize Elura. Behre Dolbear
Australia has independently audited the plan. While the Elura
mine is currently a cash flow positive operation, CBH proposes
to significantly improve the mines performance and invest
capital to increase production rates by 20%, improve recovery
rates, reduce ongoing operating and overhead costs, and extend
the mine life to +9 years. Key elements of the Mine
Improvement Plan include:

   *improving haulage logistics enabling annual production rates
to be increased to 1.4 million tonnes per annum and giving CBH
greater flexibility in terms of sourcing ore during the life of
the mine;

   *installing and commissioning a surface ore crusher;

   *installing and commissioning a paste fill plant which will
use plant tailings, Cockle Creek black smelter sand and cement
to fill the mined voids, allowing additional ore to be
extracted; and

   *optimizing the process plant by increasing floatation
capacity, which will enable improved recovery rates to be
maintained across the increased throughput.

The introduction of improved haulage, the commissioning of the
cement paste fill plant and the optimization of plant throughput
have been planned as stand alone, turn-key projects, independent
of the normal operating mine. Hence, the introduction of each
project will not impact on mine production, with each project
designed to give incremental returns, rather than quantum
returns. It also provides CBH with the requisite flexibility of
implementation of the various stages of the Mine Improvement
Plan as mine performance hurdles are met.

The capital development program described above is estimated to
cost A$23.6 million.

CBH is proposing to commit a dedicated management team to the
Elura Project, including CBHs General Manager Mining &
Development, Mike Fischer, who will head up the CBH/Clough joint
operating vehicle.

Over the last 20 years, Mike has managed a range of underground
gold and lead/zinc mines in South Africa, Australia and Papua
New Guinea, and has been integrally involved in the Elura Mine
Project analysis and development planning. He will be assisted
by CBH's Executive Chairman, Jim Wall, and Managing Director,
Bob Besley, both of whom have had extensive experienced in zinc
and lead mining.

CBH Managing Director, Bob Besley said:

"This is an exciting opportunity for CBH. Elura has an
outstanding infrastructure platform and the improvement plan we
have developed can rapidly transform the mine into a long life,
low cost operation capable of underpinning strong earnings and
cashflow for the company.

Zinc prices are at historical and cyclical lows allowing CBH to
acquire Elura at a favorable price. Our Mine Improvement Plan
generates attractive returns and any recovery in zinc prices
will further enhance the value of this project for CBH and its
shareholders."

NEWCASTLE SHIP LOADING FACILITY

The Newcastle shiploading facility is an asset included in the
acquisition and is located at Newcastle Port. It comprises rail
receivable, unloading and storage equipment, as well as
retrieval and shiploading facilities, and handles concentrates
from 5 NSW mines (including Elura) with total throughput of
approximately 400,000 tonnes per annum. It is the only dedicated
facility for shiploading of mineral concentrates in NSW.

GHD Management Engineering and Environment has been engaged by
CBH to undertake a comprehensive review of the facility,
including in particular, to optimize the performance and value
of the asset.

TRANSACTION PROCESS

Following the execution of the Sale and Purchase Agreement there
will be an eight week period for CBH to finalize its financing
requirements and declare the Sale and Purchase Agreement to be
unconditional. A further period has been allowed for completion
of the transaction, which is currently anticipated to occur in
early August.

STRATEGIC ALLIANCE

As announced previously, CBH has formed an alliance with Clough
Engineering Limited (Clough) to pursue the operation and
development of the Elura mine. Under the arrangement, the Elura
mine will be acquired by a wholly owned subsidiary of CBH. CBH
and Clough will then form a separate 50:50 joint venture entity
to act as the contract operator of the underground mine and ore
concentrator.

In addition to its role as a contract mine operator, Clough has
indicated that it will contribute up to $5 million of equity to
assist with funding the Elura Project.

FINANCE

CBH is proposing to fund the acquisition of the Elura mine and
related assets, the capital expenditure to undertake the Mine
Improvement Plan and working capital requirements, through a mix
of debt and equity capital. CBH is currently finalizing its
proposed funding structure, and will advise of the outcome
shortly.


PASMINCO LIMITED: Terminating Elura Workers, Pays Entitlements
--------------------------------------------------------------
Consolidated Broken Hill Limited signed Wednesday a conditional
agreement to purchase the Elura Mine in Cobar from Pasminco.
Managing Director Bob Besley stated on Wednesday that the
signing of the agreement was the culmination of a long period of
negotiation with Pasminco and its administrators. Mr Besley
stated that he hoped CBH could now move to finalize its
purchase, which is expected to be completed in about 4 months.
CBH intends to work with the Cobar community to secure a long
term future for the mine and provide stable employment to mine
workers living in the town.

Mr Besley stated that "now the agreement has been signed we are
in a position to provide the community with some answers to the
many questions relating to the company's intentions for the
mine." CBH wished to clarify the following matters:

   * Prior to CBH becoming the owner of the Elura mine, Pasminco
employees will be terminated from their employment and they will
have paid to them by Pasminco 100% of their entitlements.
Further, Pasminco will assume responsibility for all the workers
compensation liabilities incurred prior to completion and will
pay them as and when they fall due.

   * CBH plans to operate the mine for at least 10 years. CBH
understands that under Pasminco's current mine plan Elura would
close in 2-3 years.

   * Under CBH's ownership, a substantial number of mining jobs
will be maintained at Elura for the 10 year expected mine life

   * Former Pasminco employees will be given the opportunity to
apply for a position at the mine.

   * CBH intends to run a fair recruitment and selection process
and those with the best skills and qualifications for positions
will be offered employment.

   * Employment conditions for the new mine operator's employees
will be in line with metalliferous mining industry standards and
should be amongst the most attractive at Cobar.

   * At the appropriate time a series of meetings will be held
in Cobar to allow prospective employees and interested members
of the community to access information about how to apply for a
job at the mine, likely terms and conditions of employment and
details of CBH's plans for the mine.

Mr Besley added that it was important to CBH to re-open the mine
as quickly as possible following settlement and there was still
much to do to achieve this.


QANTAS AIRWAYS: To Escalate Job Cuts
------------------------------------
Qantas Airways on Wednesday said that it would make 1,000
employees redundant between now and 30 June as it responds to
lower passenger numbers flowing from the war in Iraq, the
outbreak of Severe Acute Respiratory Syndrome and general
economic conditions.

Qantas Chief Executive Officer Geoff Dixon said the redundancies
were part of an ongoing restructuring program the company was
undertaking in response to the changing aviation market.

"We regret the need for this action. However, it is vital we
move quickly to protect our position in a very competitive and
difficult industry," he said.

"Qantas is one of the more successful airlines in the world
today. We will only remain so by ensuring our labor and capital
expenditure base matches current market activity."

Mr Dixon said the restructuring program would involve 1,700
positions and include:

   * 1,000 redundancies;
   * 400 permanent positions being eliminated through attrition
by 30 June; and
   * 300 permanent positions being converted from full-time to
part-time.

The reductions will affect nine per cent of management and five
per cent of wage and salary employees.

"We are very conscious of the effect these decisions have on the
individuals involved and their families," Mr Dixon said. "There
will be extensive consultation and we have in place professional
services for all those affected."

As part of the restructuring program, Mr Dixon said Qantas would
also:

   * extend the accelerated leave program, which has seen the
equivalent of 2,500 people take leave between March and 30 June,
to include the equivalent of 1,000 employees on leave between
July and September; and

   * make further ad hoc changes to flying schedules until
conditions show improvement.

Mr Dixon said Qantas announced on 28 March that it would reduce
planned international flying by around 20 per cent between April
and mid-July.

"We are also continuing to closely monitor all discretionary and
capital expenditure," he said.

Mr Dixon said the global aviation industry had shed over 400,000
jobs between September 2001 and the beginning of the war in
Iraq. In addition, airlines had announced plans to cut tens of
thousands of more jobs since the outbreak of the war and SARS.

"The global aviation industry is under severe strain," Mr Dixon
said.

"Our aim is to protect the jobs of the vast majority of Qantas
employees, to ensure we continue to meet the needs of our many
shareholders and to position ourselves for the inevitable
recovery.

However, we cannot rule out further restructuring, including
redundancies."

Qantas currently employs about 35,000 staff. The Qantas group
has increased staff numbers by more than 2,000 since September
2001.

According to Wrights Investors' Service, at the end of 2002,
Qantas Airways had negative working capital, as current
liabilities were A$5.91 billion while total current assets were
only A$3.76 billion. The fact that the company has negative
working capital could indicate that the company will have
problems in expanding.


RUSKIN INDUSTRIES: Updates Deed of Company Arrangement Status
-------------------------------------------------------------
Shareholders of Ruskin Industries Limited will be aware that the
Company and its subsidiaries are currently subject to Deeds of
Company Arrangement (Deeds). This follows an earlier period of
Voluntary Administration, which commenced on 21 June 2001.

The Deed Administrators have advised that they expect the Deed
to be fully effectuated around May/June of 2003, at which point
control of the Company and its subsidiaries will be returned to
the Board of Directors. The Deed Administrators will retain
control of the Group until the Deeds are completed.

At that time directors anticipate being in a position to inform
shareholders of the financial position of the company through
publication of outstanding financial reports for the periods to
30 June 2001, and 30 June 2002.

In the intervening period, should Shareholders wish to contact
the company in relation to the future of the Ruskin Group
following completion of the Deed Administrations they can do so
by telephone on 07-3236 0999 or by facsimile on 07-3236 0444,
directing their inquiries to either Peter O'Mara or Ian Davies.


TOWER LIMITED: Director Lance Cottam Retires
--------------------------------------------
TOWER Chairman Olaf O'Duill has announced Tuesday that long-
serving TOWER Director Lance Cottam will retire from the Board
of TOWER on 30 June 2003.

"Lance Cottam has been part of the TOWER Board for the past 17
years and during that time has seen TOWER transformed from a
Government entity, to a mutual and now a publicly listed
company. On behalf of the TOWER Board I thank him for his
contribution during his tenure, which included the role as
Chairman of the Audit Committee," Mr O'Duill said.

"This announcement continues the commitment made to our
shareholders at the Annual Meeting two weeks ago that the Board
would continue with a process of renewal. Colin Beyer, Lindsay
Cuming AM and Sir Colin Maiden retired at that meeting, and
Anthony Gibbs and Tony Weiss were elected to the Board. It is
our intention to appoint new Directors to replace those who
depart and thus further enhance our abilities into the future."

CONTACT INFORMATION:  Keith Taylor
                      Acting Group Chief Executive
                      TOWER Limited
                      Phone +64 4 498 7962
                      Mobile +64 21 438 833


TOWER LIMITED: Keith Taylor Appointed as Managing Director
----------------------------------------------------------
TOWER Chairman Olaf O'Duill announced Tuesday the appointment of
Keith Taylor to the position of TOWER Group Managing Director.

"Since 1 August 2002, Mr Taylor has been the Acting Chief
Executive of the TOWER Group. During that time, the Board has
conducted an international search for the best credentialed
individual to lead TOWER and there were strong external and
internal candidates for the position. The Board believes that Mr
Taylor has led TOWER through challenging circumstances and has
performed in an exemplary fashion, making difficult decisions
and providing stability in a stormy environment," Mr O'Duill
said.

"TOWER has made good progress since its setback last year and
the Board considers that Mr Taylor is well qualified to lead the
Group into the future and back to more normal levels of
profitability. We have taken hard decisions and will continue to
do so to restore value in TOWER. This appointment concludes a
long and diligent process, and the Board is confident that Keith
Taylor, who has served TOWER for 23 years, will provide the
leadership that the company requires and deserves," Mr Taylor
added.

"There is no question that we have a lot of hard work to do -
the market environment for financial services companies
continues to be a tough and challenging one, however we have
taken a number of decisions in recent months that put TOWER on
the front foot into the future. We recently announced the first
quarter result, and both the Group as a whole and each operating
company were profitable. I am looking forward with confidence to
TOWER being a significant player in the wealth management and
risk business in both Australia and New Zealand - we will
continue to take the steps necessary to grow and compete
vigorously and effectively."

This appointment is effective immediately and details of Mr
Taylor's contract will be advised to the market upon its
finalization.

The position of Group Chief Financial Officer of TOWER Limited
was also confirmed on Tuesday. Keith Taylor announced that
William Giesbers, who has been Acting Group CFO since August
2002, has been permanently appointed to that position, effective
immediately.

Mr Taylor added: "Mr Giesbers has played a very important role
in dealing with the financial challenges TOWER has faced in the
last nine months and I am delighted that he is now part of the
permanent senior management team."

KEITH TAYLOR - BIOGRAPHY

Keith Taylor has been with the TOWER Group for 23 years. He
obtained mathematics and economics degrees from Victoria
University of Wellington, New Zealand and qualified as an
actuary while working at AMP. Mr Taylor traveled overseas before
joining the company that was then known as Government Life. He
headed the Corporate Superannuation division for some years, was
briefly Chief Actuary and then moved into the finance area. He
has been Group Chief Financial Officer since 1990 and Acting
Chief Executive for the past nine months.

Mr Taylor sees his major achievements as leading all of the
TOWER acquisition projects since 1988 and the successful
management of the complex demutualization and listing process.

CONTACT INFORMATION: Keith Taylor
                     TOWER GROUP MANAGING DIRECTOR
                     64 4 498 7904
                     64 21 436 833

                     Karyn Fenton
                     TOWER GROUP COMMUNICATIONS MANAGER
                     64 4 498 7397
                     64 21 598 161


VOICENET (AUST): Issues Shares for Working Capital
--------------------------------------------------
Voicenet (Aust) Limited posted this notice:

                      APPENDIX 3B
                NEW ISSUE ANNOUNCEMENT

APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT

Information or documents not available now must be given to ASX
as soon as available.  Information and documents given to ASX
become ASX's property and may be made public.

Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
1/7/2000.

Name of Entity
Voicenet (Aust) Limited

ACN or ARBN
004 701 062

We (the entity) give ASX the following information.

PART 1 - ALL ISSUES
You must complete the relevant sections (attach sheets if
there is not enough space).

1. Class of securities issued          Ordinary shares
   or to be issued

2. Number of securities issued         33,854,517
   or to be issued (if known)
   or maximum number which
   may be issued

3. Principal terms of the securities   Fully paid
   (e.g., if options, exercise price
   and expiry date; if partly paid
   securities, the amount
   outstanding and due dates for
   payment; if convertible securities,
   the conversion price and dates
   for conversion)

4. Do the securities rank equally      Yes
   in all respects from the date
   of allotment with an existing
   class of quoted securities

   If the additional securities
   do not rank equally, please
   state:
   * the date from which they do
   * the extent to which they
     participate for the next
     dividend, (in the case of
     a trust, distribution) or
     interest payment
   * the extent to which they do
     not rank equally, other than
     in relation to the next
     dividend, distribution or
     interest payment

5. Issue price or consideration  20,000,000 at 1.7 cents per
                                 share
                                 13,854,517 at 1.4 cents per
                                 share

6. Purpose of the issue (if      To fund the Microgenix project
   issued as consideration for   and to provide working capital
   the acquisition of assets,    to the company
   clearly identify those
   assets)

7. Dates of entering securities  3 April 2003
   into uncertified holdings
   or dispatch of certificates

                                 NUMBER  CLASS
8. Number and class of all       281,465,092  Ordinary
   securities quoted on
   ASX (including the
   securities in clause
   2 if applicable)

                               NUMBER  CLASS
9. Number and class of all     50,000,000  Ordinary
   securities not quoted        4,200,000  Executive options
   on ASX (including the       29,500,000  Key Personnel options
   securities in clause 2
   if applicable)

10.Dividend policy (in the case        -
   of a trust, distribution
   policy) on the increased
   capital (interests)

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

Items 11 to 33 are Not Applicable

PART 3 - QUOTATION OF SECURITIES
You need only complete this section if you are applying for
quotation of securities

34. Type of securities (tick one)

    (a) x  Securities described in Part 1

    (b)    All other securities

Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities

    Entities that have Ticked Box 34(a)

Additional Securities Forming a New Class of Securities
(If the additional securities do not form a new class, go to 43)

Tick to indicate you are providing the information or documents

35.     If the securities are equity securities, the names of
        the 20 largest holders of the additional securities,
        and the number and percentage of additional securities
        held by those holders

36.     If the securities are equity securities, a distribution
        schedule of the additional securities setting out the
        number of holders in the categories
         1 - 1,000
         1,001 - 5,000
         5,001 - 10,000
         10,001 - 100,000
         100,001 - and over

37.    A copy of any trust deed for the additional securities
(now go to 43)

    Entities that have Ticked Box 34 (b)

    Items 38 to 42 are Not Applicable

ALL ENTITIES

QUOTATION AGREEMENT

1.  Quotation of our additional securities is in ASX's absolute
discretion. ASX may quote the securities on any conditions it
decides.

2.  We warrant the following to ASX.

    *   The issue of the securities to be quoted complies with
the complies with the law and is not for an illegal purpose.

    *   There is no reason why those securities should not be
granted quotation.

    *   An offer of the securities for sale within 12 months
after their issue will not require disclosure under section
707(3) or section 1012C(6) of the Corporations Act.

    *   Section 724 or section 1016E of the Corporations Act
does not apply to any applications received by us in relation to
any securities to be quoted and that no-one has any right to
return any securities to be quoted under sections 737, 738 or
1016F of the Corporations Act at the time that we request that
the securities be quoted.

    *   We warrant that if confirmation is required under
section 1017F of the Corporations Act in relation to the
securities to be quoted, it has been provided at the time that
we request that the securities be quoted.

    *   If we are a trust, we warrant that no person has the
right to return the securities to be quoted under section 1019B
of the Corporations Act at the time that we request that the
securities be quoted.

3.  We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.

4.  We give ASX the information and documents required by this
form. If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.


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


CIL HOLDINGS: Courts Sanction Proposed Scheme of Arrangement
------------------------------------------------------------
On 2nd April 2003, the High Court of Hong Kong sanctioned the
creditors' scheme of arrangement (the Scheme) proposed by CIL
Holdings Limited with the admitted creditors of the Company
(the Scheme Creditors). Such order will take effect on the
receipt of a written undertaking given by Trade Honor Limited to
the High Court of Hong Kong. On 3rd April 2003, the written
undertaking was submitted to the High Court of Hong Kong.

On 4th April 2003, the Supreme Court of Bermuda sanctioned the
Scheme proposed by Company with the Scheme Creditors.

As of April 8, 2003, the Scheme is conditional upon the
following being fulfilled:

   (a) all necessary consents or approvals of all other relevant
government or regulatory authorities being obtained in relation
to the Scheme;

   (b) the Listing Committee of the Stock Exchange of Hong Kong
Limited granting the listing of and permission to deals in the
shares of the Company (the Shares) to be issued pursuant to the
Scheme; and

   (c) the fulfillment of all the conditions in the subscription
agreement dated 30th January 2002 between the Company, Trade
Honor Limited and Mr Ke Jun Xiang (other than the requirement
for the Scheme to be entered into by the Company with the Scheme
Creditors and the sanction of the Scheme by the High Court of
Hong Kong and Supreme Court of Bermuda).

The Scheme shall become effective upon the fulfillment of the
above conditions. Unless the Scheme shall have become effective
on or before 30th June, 2003 or such later date as the High
Court of Hong Kong and the Supreme Court of Bermuda may allow on
application of the Company, the Scheme shall lapse.

Investors are advised to exercise caution when dealing in the
Shares.


EDWIN E&M: Faces Winding Up Petition
------------------------------------
The petition to wind up Edwin E&M Engineering Limited is
scheduled for hearing before the High Court of Hong Kong on
April 16, 2003 at 9:30 in the morning.

The petition was filed with the court on November 14, 2003 by
Chung Yuen E & M Limited whose registered office is situated at
4th Floor, Acme Building, 22 Nanking Street, Kowloon, Hong Kong.


GOLDBO CENTRE: Winding Up Petition to be Heard
----------------------------------------
The petition to wind up Goldbo Centre (Holdings) Limited is set
for hearing before the High Court of Hong Kong on April 30, 2003
at 9:30 in the morning.

The petition was filed with the court on March 10, 2003 by Bank
of China (Hong Kong) Limited (the successor corporation to Sin
Hua Bank Limited pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong.


JINHUI HOLDINGS: Widens 2002 Net Loss to HK$62.339M
---------------------------------------------------
Jinhui Holdings Company Limited released its results
announcement summary for the year end date of 31 December 2002:

Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/01/2002    from 01/01/2001
                              to 31/12/2002      to 31/12/2001
                              Note  ('000)       ('000)
Turnover                           : 756,179            864,485
Profit/(Loss) from Operations      : (89,290)           57,173
Finance cost (net)                 : (16,137)           (6,307)
Share of Profit/(Loss) of
  Associates                       : N/A                (133)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (62,339)           (18,456)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.1185)           (0.0351)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (62,339)           (18,456)
Final Dividend                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for Annual
  General Meeting                  : 28/5/2003          to
30/05/2003bdi.
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

Remarks:

(1)     Basic loss per share is calculated on the net loss for
the year of HK$62,339,000 (2001: HK$18,456,000) and on the
weighted average number of 526,242,488 (2001: 526,242,488)
shares in issue during the year.

(2)     Diluted loss per share is not shown as there is no
dilution effect in both years.

(3)     Loss after taxation & MI was derived after a provision
for impairment loss of fixed assets of HK$12,661,000 (2001:
HK$56,597,000) in respect of the impairment loss for motor
vessels of HK$4,975,000 (2001: HK$46,562,000) and properties of
HK$7,686,000 (2001: HK$10,035,000).


MANSION HOLDING: Unaware of Why Share Price Decreased
-----------------------------------------------------
The Board of Directors of Mansion Holdings Limited has noted the
recent decrease in the share price of the Company and wishes to
state that it is not aware of any reasons for  such change.

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, nor 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.

According to Wrights Investors' Service, at the end of 2001,
Mansion Holdings had negative working capital, as current
liabilities were HK$76.41 million while total current assets
were only HK$72.16 million. It has paid no dividends during the
previous 3 fiscal years and also reported losses during the
previous 12 months.


NAM FONG: Court Adjourns Winding-Up Petition Hearing to May 5
-------------------------------------------------------------
Reference is made to Nam Fong International Holdings Limited's
announcements regarding the Winding-Up Petition against the
Company as a guarantor by a creditor for approximately HK$58.8
million and interest.

In the hearing held on April 7, 2003, the High Court has
adjourned the hearing of the Petition to May 5, 2003 to grant
leave to the Petitioner for filing of supporting affirmation.
The Company will request for suspension of trading in its shares
on the Stock Exchange on May 5, 2003 pending for the
announcement of the outcome of the Adjourned Hearing unless the
Petition is settled prior to the said date.

Further announcement will be made as and when appropriate.


NAM FONG: Price, Turnover Movements Inexplicable
------------------------------------------------
Nam Fong International Holdings Limited noted the recent
increase in both the price and the trading volume of the shares
of the Company and wish to state that it is not aware of any
reasons for such increase save as disclosed below.

Save for the announcement made by the Company on 7th April 2003
regarding the further development of a winding-up petition
against the Company by a creditor. The Company confirmed 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.


TOP GLORY: 2002 Operations Loss Narrows to HK$26.023M
-----------------------------------------------------
Top Glory International Holdings Limited posted its financial
results summary for the year end date of 31/12/2002:

Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/01/2002    from 01/01/2001
                              to 31/12/2002      to 31/12/2001
                              Note  ('000)       ('000)
Turnover                           : 562,923          1,040,619
Profit/(Loss) from Operations      : (26,023)         (641,400)
Finance cost                       : (33,654)         (49,522)
Share of Profit/(Loss) of
  Associates                       : 113,068           67,537
Share of Profit/(Loss) of
  Jointly Controlled Entities      : (275)              (3,502)
Profit/(Loss) after Tax & MI       : 4,581            (656,115)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : 0.0016             (0.2453)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : 4,581            (656,115)
Final Dividend                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for Annual
  General Meeting                  : 12/05/2003         to
16/05/2003bdi.
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

Remarks:

1.  LOSS FROM OPERATION ACTIVITIES

The Group's loss from operating activities are arrived at after
charging:

                                        2002            2001
                                        HK$'000         HK$'000

Loss on deemed disposal of subsidiary   0            (162,312)
Impairment of investments in
  jointly controlled entities           0            (211,659)
Impairment of values of fixed assets    (14,794)     (21,516)
Impairment of properties under
development                             0             (282,293)
Deficit on revaluation of hotel
properties                              (46,708)      (55,001)
Deficits on revaluation of investment
properties                              (97,527)       0
     -------------------------
                                        (159,029)     (732,781)
     ==========================


2.  EARNINGS/(LOSS) PER SHARE

The calculation of basic earnings/(loss) per share is based on
the profit attributable to shareholders for the year of
HK$4,581,000 (2001: loss attributable to shareholders for the
year of HK$656,115,000) and the weighted average number of
2,852,867,736 (2001: 2,675,136,092 which has been taken into
account the adjusting factor from the rights issue of shares in
2002) shares in issue during the year.

A diluted earnings/(loss) per share amount for the years ended
31 December 2002 and 2001 have not been disclosed as no diluting
events existed during the year.


WEALTHY GLORY: 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 Wealthy
Glory Limited.

Lam Hon Hing of Room 1443, Tin Hang House, Shun Tin Estate,
Kowloon, Hong Kong filed the petition on March 12, 2003. Tam Lee
Po Lin, Nina represents the petitioner.

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


WONG'S KITCHEN: Winding Up Sought by Bank of China
--------------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Wong's Kitchen Limited. The petition was filed on March 13,
2003, and will be heard before the High Court of Hong Kong on
April 30, 2003.

Bank of China (the successor corporation to Sin Hua Bank Limited
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap. 1167) holds its registered office at 14th Floor, Bank of
China Tower, 1 Garden Road, Central, Hong Kong.


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


BANK MANDIRI: IPO Possibly Less Than 30%
----------------------------------------
The number of shares that PT Bank Mandiri will dispose through
its initial public offering (IPO) would most likely be less than
30 percent due to the country's current market condition, Bisnis
Indonesia reports, quoting Deputy State Minister for Revenues
and State Companies for Restructuring and Privatization
Mahmuddin Yasin.

"So far, there has been no talk about the number of the shares
disposed, but it may be less than 30%," Yasin said, adding that
the government could not force maintaining the number of shares
disposed if the market condition was not conducive.

"If the IPO is less than 30%, I think we will prioritize the
government's shares," Yasin stated and disclosed that the IPO
would be launched this May after listing it to Capital Market
Supervisory Agency (Bapepam).

On September last year, the Troubled Company Reporter - Asia
Pacific reported that Standard & Poor's Ratings Services
upgraded the outlook on PT Bank Mandiri's long-term foreign
currency sovereign credit ratings to stable from negative, after
it earlier upgraded Indonesia's sovereign ratings. S&P also
affirmed its B- long-term local currency sovereign credit and
senior unsecured debt rating, and its C short-term local
currency sovereign credit and CCC subordinated debt rating
on the bank.


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


HITACHI LIMITED: Joins Certicom Partner Network
-----------------------------------------------
Certicom Corporation, a leading provider of wireless security
solutions, announced that Hitachi Limited has signed a global
distribution agreement to add movian(TM) wireless security
products to the Company's complete enterprise mobile solution
offering. This partnership will enable mobile workers to quickly
deploy secure wireless access to enterprise applications,
anytime, anywhere.

Hitachi will join the top tier of the Certicom Partner Network
as an Advantage Partner. The agreement will see Hitachi's
Ubiquitous Group distribute movian products with Hitachi's
handheld devices globally, forming a complete solution to enable
the mobile enterprise. As an Advantage Partner, Hitachi will now
be able to meet their customers' demand for secure wireless
communications and provide Certicom with a strong partner to
leverage into the Asian market.

"Certicom's award-winning movian products round out our mobile
offering by providing the most extensive wireless security
solution that meets the enterprise's strict requirements," said
Tatsuro Arai, Solution Division, Ubiquitous Platform Systems,
Hitachi, Ltd. "Joining the Certicom Partner Network has given us
access to the world-class support and technical knowledge we
require to meet the security needs of our customers at the
highest level."

Enterprises are looking for ways to extend existing security
policies to mobile workers. In conjunction with Hitachi's
expertise in wireless products and services, Certicom's movian
products provide a complete, cost-effective security solution
for handheld devices that allows corporations to leverage
existing security infrastructure.

"As a leading global provider of wireless solutions, Hitachi saw
the requirement for security as part of a complete mobility
solution. Through this new partnership, we will help Hitachi
provide the most enhanced security solutions to its customers,"
said Ian McKinnon, President and CEO of Certicom.

"Certicom is committed to working with our world-class partners
and strengthening our Partner Network with expanded product
offerings and valuable resources. This agreement reinforces
Certicom's leadership position and further entrenches movian as
the de facto standard for wireless security globally."

Movian security applications bring together the convenience of
wireless communications with the security demanded by
organizations looking to extend critical enterprise applications
such as e-mail and web browsing to mobile professionals.
movianVPN(TM) provides secure access to the corporate network
via wireless devices while movianCrypt(TM) offers secure data
storage on the device. movianMail(TM), Certicom's latest
offering, provides true end-to-end security for e-mail messages
and their attachments over any wireless network.

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,
TCRAP reported recently.

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.
About Hitachi, Ltd.

Hitachi, Ltd., headquartered in Tokyo, Japan, is a leading
global electronics Company, with approximately 320,000 employees
worldwide. Fiscal 2001 (ended March 31, 2002) consolidated sales
totaled 7,994 billion yen ($60.1 billion). The Company offers a
wide range of systems, products and services in market sectors,
including information systems, electronic devices, power and
industrial systems, consumer products, materials and financial
services. For more information on Hitachi, please visit the
company's web site at http://global.hitachi.com.

About Certicom Partner Network

The Certicom Partner Network enables security-focused companies
and large carriers with security divisions to round out their
product portfolios with award-winning handheld security
solutions. The Certicom Partner Network has two levels of
partnership: Advantage and Alliance. Members of the Certicom
Partner Network are fully qualified to sell and support Certicom
products and have access to an extensive array of sales,
marketing and technical support benefits. Advantage partners
make a stronger revenue commitment to Certicom and enjoy
enhanced partner benefits.

About Certicom

Certicom is a leading provider of wireless security solutions,
enabling developers, governments and enterprises to add strong
security to their devices, networks and applications. Designed
for constrained devices, Certicom's patented technologies are
unsurpassed in delivering the strongest cryptography with the
smallest impact on performance and usability. Certicom products
are currently licensed to more than 300 customers including
Texas Instruments, Palm, Research In Motion, Cisco Systems,
Oracle and Motorola. Founded in 1985, Certicom is headquartered
in Mississauga, ON, Canada, with offices in Ottawa, ON; Herndon,
VA; San Mateo, CA; and London, England. Visit
http://www.certicom.com.


JAPAN AIRLINES: Cutting More International Flights
--------------------------------------------------
Japan Airlines System Corporation filed an application with the
Ministry of Land, Infrastructure and Transport to suspend or cut
international flights because of the ongoing war in Iraq and the
outbreak of severe acute respiratory syndrome (SARS), Kyodo News
said on Wednesday. The plan includes the suspension of
operations on five routes, including between Tokyo and Zurich
from April 28 until May 31, and between Osaka and Guangzhou from
April 14 until April 30.

Under the current flight schedule, JAL operates three flights
per week between Tokyo and Zurich, and Japan Air System flies
two days a week between Osaka and Guangzhou. The additional plan
also includes a cut in the number of weekly flights on various
routes, such as from eight to seven between Tokyo and Los
Angeles from April 24 until July 14, and from 21 to seven
between Tokyo and Hong Kong from April 14 until April 23.


KOKKO CO.: Fabric Firm Enters Rehab Proceedings
-----------------------------------------------
Kokko Co. Ltd., which has total liabilities of 8.9 billion yen
against a capital of 350 million yen, recently applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The lace and warp knit fabric firm is located in Takasaki-shi,
Gunma, Japan.


NEC CORPORATION: Expects 1H03 Y25B Net Loss
-------------------------------------------
Telecom equipment maker NEC Corporation became the latest victim
of Japan's weak stock market on Tuesday when it warned of a
second year in a row of net losses, Reuters said. NEC expects to
post a 25 billion yen consolidated net loss for the year that
ended on March 31, a reversal of its most recent forecast of a
10 billion yen profit.

That adds to a record 312 billion yen net loss the year before,
putting further pressure on the struggling giant's balance sheet
-- already the weakest among Japan's electronics conglomerates.
Worries about NEC's financial health have weighed heavily on its
share price, which last week hit a two-decade low of 377 yen and
lost nearly two-thirds of their value in the last business year.


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


CHOHUNG BANK: Final Sale Talks Set to Start
-------------------------------------------
The Korea Deposit Insurance Corporation (KDIC) will start final
talks this week with Shinhan Financial Group to sell its 80
percent stake in Chohung Bank after Shinhan Accounting
Corporation completed its audit in the bank, JoongAng Ilbo
reports.

The Public Fund Oversight Committee selected Shinhan Financial
Group as a priority negotiating partner on January 23, but South
Korean President Roh Moo-hyun requested the due diligence audit
on the bank by a third party, and talks were postponed for more
than two months. Shinhan Financial said in a statement, "The
[Chohung] price needs to be lowered as non-performing household
loans, bad credit card debts and losses from its loans to SK
Global Co. have been discovered.


HYNIX SEMICON: Govt Asks U.S. to Suspend 57% Import Tariff
----------------------------------------------------------
The South Korean government is asking the United States
Department of Commerce to suspend punitive import tariffs on
Hynix Semiconductor's memory products, Register Online reports.
The South Korean government doesn't want the duty to harm either
sales or confidence in the country's exporters. Chips generated
$16.6 billion in South Korean exports last year, of which 35 per
cent was contributed by memory exports.

In return for waiving the 57 percent import duty, the United
States will be offered a reduction in the number of chips
shipped to the US and possibly the imposition of limits on the
prices Hynix can charge. If the punitive duty is approved it
would effectively block Hynix DRAM imports into the United
States. Hynix has been struggling on the brink of collapse for
the last couple of years at least, and has repeatedly been
pulled back from the edge by its creditor banks.


HYNIX SEMICONDUCTOR: May Up Chip Supply to Taiwan This Month
------------------------------------------------------------
Hynix Semiconductor Manufacturing Ltd. plans to increase its
supply of DDR SDRAM to Taiwan starting mid-April to expand its
market in Asia, after facing a stiff tariff in the United
States, DigiTimes Online reported Tuesday.

The United States government made a preliminary ruling last week
to impose a 57.37 percent tariff on imports of Hynix memory
chips to the US. Taiwanese module makers, with their big market
share worldwide, will play a key role in Hynix's plan to shift
its weight to Asia, according to sources.


SK CORP.: JP Morgan Downgrades to "Underweight" on Unit Fallout
---------------------------------------------------------------
JP Morgan Chase had downgraded SK Corporation to "underweight"
from "neutral" on concern over the fallout from the $1.2 billion
accounting scandal at its sales unit SK Global Company, Reuters
said Tuesday.

"If SK Global fails, the impact on SK Corp could be material,
particularly on its domestic retail operations," JP Morgan said
in a report. "Although management contends otherwise, we believe
it will take time for SK Corp to normalize its operations given
the importance of SK Global to SK Corp's core energy strategy,"
it added.

DebtTraders reports that SK Corp.'s 7.500% bond due in 2006
(YUKO06KRN1) trades between 89.5 and 93. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=YUKO06KRN1


SK GLOBAL: Creditors Rejects Debt Rescheduling
----------------------------------------------
SK Global, the trading arm of SK Corporation, failed to convince
its foreign creditors to delay debt repayments, DebtTraders and
the Bloomberg reported Tuesday. Domestic creditors has already
agreed to suspend debt repayment until June 18 while SK Global
is working with SK Corporation for continued financial support.

Foreign creditors plan to set up a steering committee, which
basically means that they will not take action against SK Global
in the short term, in our view. We believe the Korean style debt
restructuring process has just begun. Domestic creditors will do
everything to save SK Global.


SK GROUP: Halts Mass Hiring Program
-----------------------------------
SK Group will not hire a large group of new employees in the
first half of this year because of the economic slowdown and the
accounting irregularities at some affiliates, JoongAng Ilbo
reports. The Company will decide later whether to hire in the
second half of the year. In two major rounds of hiring in 2002,
the firm hired 200 new employees in the first half and 500 new
workers in the second half. Those numbers and the hiring
procedure are typical of large firms in Korea.


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


AMSTEEL CORPORATION: SC Grants Proposed Disposals Waiver
--------------------------------------------------------
Amsteel Corporation Berhad refers to the announcement made on 24
December 2002 in relation to the Proposed Disposals, which
collectively refers to:

   1) approximately 1,512,356,160 new ordinary shares of HK$0.01
each in CIL Holdings Limited (CIL) to be received pursuant to a
scheme of arrangement proposed by CIL to Ambang Jaya Sdn Bhd and
Angkasa Marketing (Singapore) Pte Ltd, both wholly-owned
subsidiaries of the Company (collectively "the Amsteel Group")
in settlement of debts owing by CIL for a total cash
consideration of HK$11 million (Proposed Disposal of CIL
Shares); and

   2) the Amsteel Group's 241,615,000 shares of HK$0.20 each in
eCyberChina Holdings Limited for a total cash consideration of
HK$17 million (Proposed Disposal of eCyberChina Shares)

The Board of Directors of Amsteel Corporation Berhad wishes to
announce that:

   i) the Securities Commission (SC) has via its letter dated 3
April 2003, which was received on 4 April 2003, approved the
waiver sought by the Company from the SC from having to obtain
the SC's approval for the Proposed Disposals;

   ii) on 2 April 2003, the scheme of arrangement proposed by
CIL with its creditors (CIL Scheme) was sanctioned by the court.

The Proposed Disposal of CIL Shares remains subject to the
following conditions being satisfied:

   i) the CIL Scheme becoming effective; and

   ii) the receipt of approximately 1,512,356,160 new CIL Shares
by the Amsteel Group pursuant to the CIL Scheme.

The Proposed Disposal of eCyberChina Shares remains subject to
the following conditions being satisfied:

   i) the CIL Scheme becoming effective; and

   ii) where applicable, consents from the relevant banks for
the Amsteel Group.


ARUS MURNI: KLSE Grants Two-Month Extension to Obtain Approvals
---------------------------------------------------------------
On behalf of the Board of Directors of Arus Murni Corporation
Berhad, Public Merchant Bank Berhad is pleased to announce that
Kuala Lumpur Stock Exchange had on 7 April 2003 approved AMCB's
application for an extension of two (2) months from 30 March
2003 to 31 May 2003 to enable AMCB to obtain all the necessary
approvals from the regulatory authorities.

To see progress of the Company's financial positions
regularization, refer to the Troubled Company Reporter - Asia
Pacific, Thursday, December 6, Vol. 4, No. 238 issue.


BRISDALE HOLDINGS: Securities Trading Suspended
-----------------------------------------------
Brisdale Holdings Berhad advised that trading in its shares was
suspended with effect from 9:00 a.m., Monday, 7 April 2003 until
further notice, due to the Winding Up Petition against its
subsidiary Brisdale Resources (BRSB).

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.


CHASE PERDANA: SC Approves Proceeds Utilization Time Extension
--------------------------------------------------------------
On behalf of the Board of Directors of Chase Perdana Berhad,
Southern Investment Bank Berhad wishes to announce that the
Securities Commission (SC) had, via its letter dated 3 April
2003, which was received on 7 April 2003, approved an extension
of time for the utilization of the remainder of the proceeds
from the rights issue which was completed on 6 July 1999 as
follows:

   (i) extension of time for 6 months until 5 August 2003 for
RM1,367,000 to be utilized for the working capital for the
construction of Universiti Malaysia Sabah (Phase 2); and

   (ii) extension of time for 6 months until 16 August 2003 for
RM23,000,000 to be utilized for part repayment of bank
borrowings.

The approval by the SC is subject to the condition that the
remainder of the proceeds is to be placed in a fixed deposit
account with a financial institution until it is utilized for
purposes as approved above. Documentary evidence relating to the
fixed deposit must be submitted to the SC.


KSU HOLDINGS: Provides March Defaulted Payment Details
------------------------------------------------------
As required by the KLSE Practice Note 1/2001, the Board of
Directors of KSU Holdings Bhd (KSUH) wishes to provide an update
on the details of all the facilities currently in default, as
enclosed in Appendix A at
http://bankrupt.com/misc/TCRAP_KSU0410.pdf.

The default by KSUH as at 31 March 2003 amounted to
RM106,315,379.17 of principal sum and RM21,550,656.82 of
interest for term/bridging loans and overdraft facilities.


MGR CORPORATION: Issues Rights Entitlement Notice
-------------------------------------------------
Non-renouceable offer for sale by Yong Soon Chow and Commerce
Approach Sdn Bhd to former shareholders of MGR Corporation
Berhad (Special Administrators Appointed) (MGR) of 7,900,000
ordinary shares of RM1.00 each in Crest Builder Holdings Berhad
(CBHB) (CBHB Shares) at an offer price of RM1.00 each payable in
full upon application (Share Offer).

Kindly be advised of the following:

   1) The above Company's securities will be traded and quoted
[Ex - Rights Issue] as from : [21 April 2003]

   2) The last date of lodgment : [23 April 2003]

   3) Retention Money : Where the seller does not deliver
securities in time for registration, then the brokers concerned:

     a) Selling Broker to deduct [999/1999], of the Selling
Price against the Selling Client.

     b) Buying Broker to deduct [10%] of the Purchase Price
against the Buying Client.

     c) Between Broker and Broker, the deduction of [999/1999]
of the Transacted Price is applicable.

REMARKS:

The entitlement of the former shareholders of MGR to the Share
Offer will be determined on the basis of such number of CBHB
Shares required to top up their respective shareholdings of less
than 1,000 CBHB Shares held as at the Book Closure for the Share
Offer to lots of 1,000 CBHB Shares. For example, as set out in
the above Ratio of 999:1, if a former shareholder of MGR is
holding 1 CBHB Share as at the Book Closure, this shareholder
will be entitled to 999 CBHB Shares pursuant to the Share Offer.


OLYMPIA INDUSTRIES: Joint Development Agreement Extended
--------------------------------------------------------
Further to the announcement made on 3 June 2002 on the Proposed
Joint Development with City Properties Sdn Bhd (CPSB), the Board
of Directors of Olympia Industries Berhad wishes to announce
that both OIB and CPSB have on 8 April 2003 agreed to an
extension of time for a further period of six (6) months from
the date hereof for fulfillment of conditions precedent relating
to obtaining of the regulatory and shareholders approvals.

In addition, both OIB and CPSB have also agreed to modify the
mode and manner of payment pursuant to the provision under
clause 5.2.2 (iv) of the Joint Development Agreement dated 3
June 2002 in respect of the development right payment.

Copy of the above document is available for inspection at the
Registered Office of the Company at Level 23, Menara Olympia,
No. 8, Jalan Raja Chulan, 50200 Kuala Lumpur during normal
office hours from Mondays to Fridays (except for public
holidays) for a period of three (3) months from the date of this
announcement.


PANGLOBAL BERHAD: FIC Grants Two-Year Compliance Extension
----------------------------------------------------------
On 10 December 2002, Commerce International Merchant Bankers
Berhad (CIMB) had, on behalf of Panglobal Berhad, submitted an
application to the FIC for a further extension of time of two
(2) years to 31 December 2004 to comply with the Equity
Condition.

On behalf of PanGlobal, CIMB wishes to announce that the FIC
had, via its letter dated 31 March 2003, approved the said
extension.

COMPANY PROFILE

The Group's principal activities include general insurance
business, extraction of logs, sawmilling and manufacturing of
veneer, coal mining, property investment and development, rental
of office and commercial premises and operation of hotel
apartments.

The Company was originally a housing developer. In 1966, the
Company disposed of these activities and entered into the towel
and yarn manufacturing business. Over the years, the Company
diversified its activities into property development, computers
and insurance. The Company maintains its insurance operations
through PanGlobal Insurance Bhd, with head office in Kuala
Lumpur and branches in 12 states. It transferred its towel
manufacturing operations to one of its subsidiaries in 1987,
thus becoming a purely investment holding company. Subsequently,
the Company, in 1994, disposed of its property development
division and computer division and, in 1995, its textile
operations.

Following this, the Company became involved in timber extraction
and related activities and operation of a coal mine. Both
activities are carried out in Sarawak.

An affected listed issuer under Practice Note 4/2001 of KLSE's
Listing Requirements, the Company has submitted a proposed
composite scheme of debt arrangement to the SC and the relevant
authorities. The proposals are awaiting approval from SC, the
High Court of Malaya and shareholders. A Restraining Order under
Section 176 of the Companies Act, 1965, granted to PanGlobal
together with four of its subsidiaries (PanGlobal Properties Sdn
Bhd, Menara PanGlobal Sdn Bhd, Global Minerals (Sarawak) Sdn Bhd
and Limbang Trading (Limbang) Sdn Bhd) has been extended to 15
November 2002. This Restraining Order affects only banking
creditors.

CONTACT INFORMATION: Level 27, Menara IMC
                     8 Jalan Sultan Ismail
                     50250 Kuala Lumpur
                     Tel : 03-2019199
                     Fax : 03-2023977


PENAS CORPORATION: Court Further Extends Restraining Order
----------------------------------------------------------
Further to the announcements made on 18 October 2002 and 9
January 2003 in relation to the Extension of Restraining Order
Under Section 176 (10) of the Companies Act, 1965.

AmMerchant Bank Berhad (formerly known as Arab Malaysian
Merchant Bank Berhad), on behalf of Penas Corporation Berhad, is
pleased to announce that the High Court of Malaya (Court) had on
27 March 2003 granted Pencorp and its subsidiaries, namely Penas
Management Sdn Bhd, Penas Engineering Sdn Bhd and Penas
Construction Sdn Bhd and its associated company, namely
Innovisco Sdn Bhd (Pencorp Group) to further extend the
restraining order for ninety (90) days from 15 April 2003.

In addition, further to the announcement made on 10 February
2003, the Court had also on 27 March 2003 extended the order for
Pencorp Group to convene meeting of the members on or before 15
July 2003, from 9:00 a.m. to 5:00 p.m.


RAHMAN HYDRAULIC: Solicitors File Appeal on Judge's Decision
------------------------------------------------------------
Reference is made to the announcement on 1 April 2003 in
relation to the Kuala Lumpur High Court Originating Summons No.
D5-24-184-2002, Speed Operations Sdn Bhd & Anor VS Rahman
Hydraulic Tin Berhad (Special Administrators Appointed) & 3 Ors
whereby the Company announced that the Plaintiffs' application
was allowed with costs. The learned Judge directed that the
Defendants release the sum of RM1.5 million to the Plaintiffs,
together with accrued interest, within 14 days from the date of
service of the Order on the Defendants.

The Company wishes to announce that the solicitors for RHTB have
on 7 April 2003 filed a Notice of Appeal to the Court of Appeal
against the whole of the decision of the learned Judge given at
the Kuala Lumpur High Court on 28 March 2003.

Further developments will be announced in due course.

UNQUOTE


REPCO HOLDINGS: Danaharta Extends Moratorium Period for One Year
----------------------------------------------------------------
Repco Holdings Bhd had on 4 April 2003 announced that the
moratorium under section 41 of the Pengurusan Danaharta Nasional
Berhad Act 1998 (the Act) 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(i.e. Repco Holdings Berhad, Repco
(Malaysia) Sdn. Bhd., Everise Capital Sdn. Bhd., Everise
Ventures Sdn. Bhd., Even Horizon Sdn. Bhd., Teluk Jadi Sdn.
Bhd., Hajat Semarak (M) Sdn. Bhd. and Repco Timber Sdn. Bhd.)
except in accordance with section 41 of the Act.


SRIWANI HOLDINGS: Obtains Time Extension Approval From Lenders
--------------------------------------------------------------
On behalf of Sriwani Holdings Berhad, Commerce International
Merchant Bankers Berhad hereby announces:

   (i) the shareholders of SHB have duly passed all the
resolutions pertaining to the Proposals as set out in the Notice
of Extraordinary General Meeting (EGM) dated 14 March 2003, in
the EGM held on 8 April 2003; and

   (ii) SHB has obtained the approval of all the financial
institution lenders for an extension of time to 30 June 2003 for
fulfillment of all condition precedents as stipulated in the
Debt Restructuring Agreement dated 28 June 2002.

The Proposals collectively refers to:

   £ Proposed Capital Reduction and Consolidation;
   £ Proposed Restricted Issue;
   £ Proposed Rights Issue;
   £ Proposed Debt Restructuring Scheme;
   £ Proposed Assets Injection;
   £ Proposed Ma Sepang Debt Settlement;
   £ Proposed Exemptions to Multi Esprit Sdn Bhd from Having to
Undertake Mandatory Offers;
   £ Proposed Additional Issue;
   £ Proposed Employees' Share Option Scheme for Eligible
Employees And Executive Directors of SHb and its Subsidiaries;
   £ Proposed Amendment to the Articles of Association of SHb;
   £ Proposed Increase in Authorized Share Capital of SHB; and
   £ Proposed Change of Auditors of SHB.


TAP RESOURCES: Inks Trust Deed With AmTrustee, Paying Agent
-----------------------------------------------------------
Further to the announcement dated 28 March 2003 made by
Malaysian International Merchant Bankers Bhd on behalf of TAP
Resources Berhad in relation to the Proposals, which comprises
Proposed Debt Restructuring, Proposed Profit Guarantee Waiver
and Proposed Rights Issue.

The Board of Directors of TAP wishes to announce that TAP has on
8 April 2003 entered into a Trust Deed with AmTrustee Berhad
(formerly known as Arab-Malaysian Trustee Berhad) (the Trustee)
and Signet Share Registration Services Sdn Bhd (the Paying
Agent) in respect of the 2% three (3) year irredeemable
convertible unsecured loan stocks 2003/2006 up to a maximum of
43,178,831 with an aggregate nominal value of up to a maximum of
RM43,178,831.00 to be issued (pursuant to the Proposed Debt
Restructuring) to the Creditors of TAP and its subsidiaries as
settlement of the debts owing to the said Creditors


TIME ENGINEERING: Proposed Disposal Successfully Completed
-----------------------------------------------------------
Time Engineering Berhad refers to the announcement by the
Company with regards to the Proposed Disposal of TIME's 1.11%
Equity Interests in Renong Overseas Corporation Sdn. Bhd. (ROC).

The Company informed that the proposed disposal of TIME's 1.11%
equity interests in ROC pursuant to the Share Sale Agreement
dated 28 March 2003 between TIME and Renong Berhad has been
successfully completed on 4 April 2003.

For further info regarding the Proposed Disposals, refer to the
Troubled Company Reporter - Asia Pacific, Wednesday, April 02
2003, Vol. 6, No. 65 issue.


WOO HING: Reaches Hire Purchase Creditors Settlement
--------------------------------------------------------
Bradley Dean Norman, the Special Administrator of Woo Hing
Brothers (Malaya) Berhad informed that the Company has fully
settled the Hire Purchase Creditors, Public Finance Berhad and
Am Finance Berhad amounting to RM12,714.20, in accordance with
the Workout Proposal dated 8 August 2002 and its modifications.

COMPANY PROFILE

WHB offers a wide range of watches. It has Agency Rights
(exclusive rights) for the distribution of selected brands of
time pieces in Malaysia and Dealership Rights (exclusive and
non-exclusive rights to be dealers for selected brands of time
pieces in Malaysia). These Agency and Dealership Rights have no
expiry period and terms of renewal. The Agency Rights allow WHB
to appoint other retailers as dealers whilst the Dealership
Rights are assigned solely to the WHB Group. The Group has also
expanded into the wholesale of watches.

The origins of the Company (WHB) may be traced to Woo Hing
(Singapore) Pte Ltd, in Singapore. Its first retail outlet in
Kuala Lumpur was established at Jalan Bukit Bintang in November
1951. From this beginning, the WHB Group now has five retail
outlets in Kuala Lumpur.

With effect from 2 March 2000, Pengurusan Danaharta Nasional Bhd
has appointed Special Administrators (SA) for the Company to
assume full control of the Company's affairs and assets. The SA
have entered into a MOU with Jiwa Ragam Sdn Bhd on 28 August
2000, with a view to restructure the Company so as to settle
and/or manage its debts. A due diligence exercise on the assets
to be injected into the Company under the restructuring exercise
is being carried out and is expected to be completed in August
2001.

The debt moratorium of 12 months, which took effect from the
appointment of the SA on 2 March 2000, has been extended for
another 12 months.


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


DIGITAL TELECOM: Board OKs Shares Issuance
------------------------------------------
The Board of Directors of Digital Telecommunications Philippines
Inc. (Digitel) has agreed on the issuance and registration of
convertible bonds and non-convertible preferred shares, AFX Asia
reports. The Company said earlier it would issue US$31.12
million worth of zero-coupon, 10-year convertible bonds to
finance its mobile phone business.

According to a Wright Investor's Service dossier, Digitel at the
end of 2001 had negative working capital, as current liabilities
were 8.99 billion pesos while total current assets were only
6.01 billion pesos.


NATIONAL POWER: Files New Rate Hike Petition
--------------------------------------------
National Power Corporation recently filed with the Energy
Regulatory Commission (ERC) an application for a new rate
increase of P0.66 per kilowatt-hour to avert the forecasted
swelling of its losses to 70 billion pesos this year, the Malaya
Newspaper reported Wednesday. If approved, the Napocor petition
would also effectively increase Meralco's rates.

But ERC sources said the Commission would not approve the power
firm's petition since it still has a pending resolution
regarding its negotiations with its independent power producers
(IPPs). The ERC has been pushing both Napocor and Meralco to
continue negotiations with its IPPs to the end view of reducing
power rates.


UNITED COCONUT: Government Sets P20B Rescue Plan
------------------------------------------------
The Philippine government is mounting a 20-billion-peso
rehabilitation plan for United Coconut Planters Bank (UCPB) to
be carried out by the Philippine Deposit Insurance Corporation
(PDIC) next month, the Inquirer News Service reported Tuesday.

The massive bailout will consist of the sale of 13 billion
pesos' worth of non-performing loans to PDIC and seven billion
pesos worth of 10-year subordinated debt papers at a lower-than-
market rate. The package proceeds would be used to infuse fresh
capital into the bank.


VICTORIAS MILLING: Tanduay Completes P300M Infusion
---------------------------------------------------
Tanduay Holdings, Inc. has infused the remaining 270 million
pesos of the 300-million pesos fresh funding to Victorias
Milling Co. Inc. (VMC), reports the Philippines Star. The liquor
firm emerged as the winner among three giant firms who bid for
the capital infusion to VMC on March 27.

The Board of Directors will review VMC management's proposal to
utilize the fresh funding for capital expenditures to increase
production, improve energy and cost efficiency, and give better
services to planters.


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


FHTK HOLDINGS: Posts Notice of Shareholder's Interest
-----------------------------------------------------
FHTK Holdings Ltd. posted a notice of changes in substantial
shareholder Temasek Holdings Ltd's interest:

Date of notice to Company: 08 Apr 2003
Date of change of interest: 31 Mar 2003
Name of registered holder: CDP: DBS Nominees
Circumstance(s) giving rise to the interest: Others
Please specify details: Please see footnotes

Information relating to shares held in the name of the
registered holder: -
No. of shares which are the subject of the transaction: 624,518
% of issued share capital: 0.05
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: 0
No. of shares held before the transaction: 98,843,295
% of issued share capital: 8.03
No. of shares held after the transaction: 99,467,813
% of issued share capital: 8.08

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed     Direct
No. of shares held before the transaction: 98,843,295 0
% of issued share capital:                 8.03       0
No. of shares held after the transaction:  99,467,813 0
% of issued share capital:                 8.08       0
Total shares:                              99,467,813 0

1. Reference is made to the announcement by FHTK Holdings Ltd.
on 1 October 2001 regarding completion of the Company's Debt
Restructuring Exercise. The Development Bank of Singapore
Limited is one of the Group's Creditor Banks referred to in the
announcement. A total of 74,942,047 ordinary shares of S$0.05
each in the capital of the Company (the Conversion Shares) have
been issued to The Development Bank of Singapore Limited
pursuant to the Company's Debt Restructuring Exercise. The
Conversion Shares represent approximately 6.09 percent of the
total outstanding shares of the Company.

2. Radica Reviva Associates (S) Pte Ltd (formerly known as
Arthur Andersen Associates (S) Pte Ltd), as escrow agent, holds
the Conversion Shares for the benefit of The Development Bank of
Singapore Limited.

3. The Conversion Shares are registered in the name of UOB Kay
Hian Private Limited. UOB Kay Hian Private Limited, as
depositary agent, holds the Conversion Shares for the benefit of
Radica Reviva Associates (S) Pte Ltd.

4. DBS Nominees (Private) Limited is the registered holder of
The Development Bank of Singapore Limited.


FLEXTECH HOLDINGS: Replies to SGX Queries
---------------------------------------
In response to the following queries raised by the Singapore
Exchange Limited on 4 April 2002, the Board of Directors of
Flextech Holdings Limited will provide the following information
and clarifications in relation to the announcement of its Full
Year's Results.

The Company notes from its commentary on current year prospects
of the full year results of FY 2002 in its MASNET announcement
of 30 September 2002 that, "Barring unforeseen circumstances,
the directors expect the performance of both these subsidiaries
[FE Global Electronics Pte Ltd and Spire Technologies Pte Ltd]
for the second half of FY2002 to be maintained." However, we
note from the full year results of FY 2002 that the Group
recorded a significant decrease in sales and an increase in
operating loss for the second half of FY2002. Please provide the
following in an announcement to be released via MASNET as soon
as possible:

   (a). The bases for the Directors' expectation in September
2002 that the performance of its two core subsidiaries will be
maintained for the second half of FY 2002.

   (b). To state when the Directors were first aware that the
bases explained in 2(b)(i) above were no longer appropriate and
thus resulting in the Group's lower profitability for the second
half of FY 2002; and

   (c). Why the material changes in circumstances resulting in
the substantial change to the Group's performance could not have
been announced via MASNET earlier.

At the time when the announcement was released on 30 September
2002, the Board's opinion in relation to the subsidiaries
performance and outlook for the year was based on the then
latest management accounts and forecasts available.

During the year-end closing, the results of these subsidiaries
were significantly affected by the following factors that were
not anticipated earlier. A large part of management attention
has been dedicated to the restructuring exercise in the year and
as such, some of these events were inadvertently overlooked.

Restructuring costs incurred by the subsidiaries in FY 2002 were
significantly higher than anticipated. These costs were incurred
by the holding Company and were later charged to the
subsidiaries during the year-end book closing time. This
affected the overall performance of these subsidiaries. The
expenses incurred by FE Global Electronics Group FEG Group and
Spire Technologies Group Spire Group was $0.9 million and $0.2
million respectively.

The FEG Group also made late adjustments to increase additional
general provision of $0.4 million resulting from current
information of doubtful debts position of an entity in the
group.

In addition, due to foreign exchange translation accounting, the
FEG Group incurred additional foreign exchange losses of $0.5
million.

Going forward, the Group will undertake more stringent measures
to improve the timeliness and completeness of disclosure of
information, to ensure that such information be made known to
shareholders appropriately.


GUL TECHNOLOGIES: Loss-Making For Two Consecutive Years
--------------------------------------------------------
As announced on 31 December 2002, the Group has been loss making
for two consecutive years since 2001 and this has had a negative
impact on the Group's cash position and certain loan covenants
have also been breached. Management has successfully negotiated
with its group of syndication banks to modify the loan covenants
and grant a waiver on the loan covenant breach on condition that
the Group raises $20,000,000 in cash.

The Directors have been exploring various ways in which GulTech
can raise new capital, but the Group has very limited ability to
raise new funds from financial institutions, or through a rights
issue in the market. Given this limitation, TSH, the holding
Company of GulTech, assisted the Group in securing the new funds
from the New Investor, a Chinese Company related to the
substantial shareholder of TSH and $20,000,000 was secured for
the Group via GTSZ, as a subordinated loan in December 2002.

The cash injection is critical to GulTech in order to support
its working capital requirements, expansion program in the PRC,
as well as to pay down some of its bank loans as and when they
fall due in 2003. In addition, the Group's existing banks and
the New Investor further stipulated that $20,000,000
subordinated loan has to be capitalized by GTSZ by 30 June 2003.
The loan capitalization will strengthen the Group's balance
sheet and reduce the Group's gearing and limit its interest
expense. The Group's bankers and controlling shareholder are
supportive of GulTech's $20,000,000 financial restructuring plan
to strengthen the balance sheet and cash position.

For these reasons GulTech intends to implement the following
capitalization transaction:

Capitalization. The proposed capitalization by GTSZ, an indirect
subsidiary of GulTech, of a $20,000,000 subordinated loan, which
would become convertible upon obtaining GulTech's shareholders'
approval (the "Convertible Loan (including the interest thereon
at the rate of 6 per cent. per annum (the "Convertible Loan
Interest), by way of an allotment to the New Investor of new
registered capital in GTSZ (the "Capitalization.

GTS PROPOSED ACQUISITION, TSH PROPOSED ACQUISITION/PUT OPTION
ACQUISITION

Pursuant to the terms and conditions of the Shareholders and
Subscription Agreement relating to GTI dated 26 December 1997
between GulTech, GTI and EDBI, both the Convertible Loan and the
Capitalization require the approval of EDBI (the 30% shareholder
of GTSZ). Approval was given by EDBI on the condition that
either:

(a) GulTech acquire from EDB Investments Pte Ltd EDBI all of
redeemable convertible preference shares of $1.00 each EDBI GTI
PS in the capital of Gultech International Pte Ltd GTI which
have a nominal value of $9,000,000 for an aggregate
consideration of $10,500,000 to be satisfied in full by the
issuance of (a) new ordinary shares of $0.20 each in the capital
of GulTech GTS Consideration Shares and/or (b) new non-
cumulative convertible preference shares of $0.20 each in the
capital of GulTech GTS CPS, in accordance with the GTS
Acquisition Schedule, and that TSH simultaneously acquires from
EDBI the same GTS Consideration Shares and/or GTS CPS, as the
case may be, for an aggregate consideration of $10,500,000 to be
satisfied in cash in accordance with the TSH Alternative 1
Acquisition Schedule; or

(b) Notwithstanding the fulfillment of the Conditions Precedent,
if GulTech does not, or is not able to, allot and issue the GTS
Consideration Shares and/or GTS CPS to EDBI pursuant to the GTS
Proposed Acquisition for any reason whatsoever, TSH or its
nominee will acquire all of the EDBI GTI PS from EDBI, for an
aggregate consideration of $10,500,000 to be satisfied in cash
and pursuant to the TSH Alternative 2 Acquisition, with the Put
Option to require GulTech to acquire all of the EDBI GTI OS from
TSH or its nominee, for an aggregate consideration of
$10,500,000 to be satisfied in full by the issuance of GTS
Consideration Shares and/or GTS CPS, as the case may be.

GulTech's management to be reasonable assesses the aggregate
purchase consideration of $10,500,000 for all of the EDBI GTI PS
or all the EDBI GTI OS. EDBI's approval of the Capitalization
will allow GulTech to secure the much-needed $20,000,000 cash
injection for the expansion of GTSZ's production capacity so as
to ensure its financial viability.

In order to satisfy the conditions required by EDBI, GulTech
intends to implement the following transactions;

- GTS Proposed Acquisition. The proposed acquisition by Gultech
of all EDBI GTI PS in the capital of GTI held by EDBI, in
consideration for an aggregate sum of $10,500,000 to be
satisfied in full by the allotment and issue to EDBI of (a) GTS
Consideration Shares and/or (b) GTS CPS, both to be credited as
fully paid-up (the "GTS Proposed Acquisition.

- TSH Proposed Acquisition. The back-to-back arrangement for
Tuan Sing Holdings Ltd TSH or its nominee to acquire from EDBI
either:

(a) All the GTS Consideration Shares and/or all the GTS CPS, as
the case may be, allotted and issued to EDBI by GTS pursuant to
the GTS Proposed Acquisition, in consideration for an aggregate
sum of $10,500,000 to be satisfied in full in cash (the TSH)
Alternative 1 Acquisition; or

(b) If GulTech does not or is not able to allot and issue the
GTS Consideration Shares and/or GTS CPS to EDBI pursuant to the
GTS Proposed Acquisition for any reason whatsoever, all of the
EDBI GTI PS, in consideration for an aggregate sum of
$10,500,000 to be satisfied in full in cash (the TSH)
Alternative 2 Acquisition.

The TSH Alternative 1 Acquisition, together with the TSH
Alternative 2 Acquisition, shall hereinafter be referred to as
the "TSH Proposed Acquisition".

- Put Option Acquisition. In conjunction with the TSH
Alternative 2 Acquisition, GulTech has granted a put option to
TSH (the "Put Option to require GulTech to purchase from TSH or
its nominee, all the ordinary shares of $1.00 each in the
capital of GTI EDBI GTI OS to be converted automatically from
EDBI GTI PS upon the transfer of EDBI GTI PS from EDBI to TSH or
its nominee pursuant to the TSH Alternative 2 Acquisition, in
consideration for an aggregate sum of $10,500,000 to be
satisfied in full by the allotment and issue to TSH or its
nominee of GTS Consideration Shares and/or GTS CPS, both to be
credited as fully paid-up (the Put Option Acquisition).

The Capitalization, the GTS Proposed Acquisition, the TSH
Proposed Acquisition and the Put Option Acquisition shall
hereinafter be referred to as the "Transactions".

Shareholders Approval

Pursuant to the Listing Manual of the Singapore Exchange
Securities Trading Limited (SGX-ST), the Transactions are
subject to the approval of GulTech shareholders. Accordingly,
GulTech will in due course issue a circular to the GulTech
shareholders Circular to convene an extraordinary general
meeting EGM and seek their approval for, inter alia, the
Transactions.

A detailed description of all the Transactions is provided in
Appendix I.

INFORMATION ON GTI, GTSZ, NEW INVESTOR AND TSH

GTI was incorporated in Singapore in 5 July 1997 as a private
limited Company. It is 70 per cent owned by GulTech and 30 per
cent owned by EDBI as at the date of this Announcement. GTI is
an investment holding Company with GTSZ being its wholly owned
subsidiary and its only investment. GTSZ is in the business of
manufacturing and distribution of PCBs. The net tangible asset
value of GTI as at 31 December 2002 is $9.4 million.

GTSZ was incorporated in Suzhou, the PRC in 1997 as a private
limited Company. It is a wholly owned subsidiary of GTI and its
principal activity is that of manufacturing and distribution of
PCBs. The net tangible asset value of GTSZ as at 31 December
2002 is $13.7 million.

The New Investor is Chinese Company registered in June 1995 in
Anhui, PRC, with a paid-up capital of US$29.8 million. It is
engaged in the manufacture and distribution of tyre cord
fabrics. The New Investor is owned by Nuri Holdings (S) Pte Ltd
NHPL, which is interested in 45.55 per cent of the issued share
capital of TSH. TSH is, in turn, a controlling shareholder of
GulTech by virtue of its indirect interest in 60.25 per cent of
the issued share capital of GulTech.

TSH was incorporated on 13 March 1969 and is a public Company
limited by shares and listed on the SGX-ST. TSH is a controlling
shareholder of GulTech, by virtue of its indirect interest in
60.25 per cent of the issued share capital of GulTech as at the
date of this Announcement. TSH's business is that of an
investment holding Company.


GUL TECHNOLOGIES: Unveils Financial Restructuring Plans
-------------------------------------------------------
As announced by The Board of Directors on 28 March 2003, Gul
Technologies Singapore Limited (GulTech or the Group) intends to
effect its operational and financial restructuring plans to
allow the Group to focus on the printed circuit board PCB market
in the People's Republic of China PRC and expects that by the
end of 2004 approximately 75% of its manufacturing capacity will
be in the PRC.

Accordingly, GulTech is currently undertaking a number of
measures to ensure that the Company will be positioned as an
internationally competitive PCB producer with a strong
production base in PRC's growing market. GulTech announced on 28
March 2003 that it plans to reposition and restructure its PCB
production capacity and that it:

(i) is maximizing its high-end plant capacity in Suzhou, PRC to
500,000 sq ft per month; and
(ii) has established a GulTech China Joint Venture to construct
in stages, a new PCB plant in Wuxi PRC with a production
capacity of 1,000,000 sq ft per month, estimated to cost $100
million.

Upon completion, GulTech's production capacity in the PRC will
thus be 3 times its existing size.

As part of its repositioning effort, GulTech plans to strengthen
its balance sheet and cash position with the capitalization of a
$20,000,000 subordinated loan from Anhui Prime Cord Fabrics Co.
Ltd. (the "New Investor to its subsidiary Company, Gultech
(Suzhou) Electronics Co. Ltd GTSZ.


SNP CORPORATION: Voluntarily Winds Up Unit
------------------------------------------
SNP Corporation Ltd. announced that eOS Resource Management Pte
Ltd eOSRM, the wholly-owned subsidiary of SNP eOS Pte Ltd which
is in turn a subsidiary of the Company, has been placed under
members' voluntary winding-up on 7 April 2003. eOSRM was
incorporated in Singapore on 17 April 1997 and had been dormant
since 11 February 2002. The winding-up will not have any
material impact on the net tangible assets per share and
earnings per share of the Group.


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


MILLENNIUM STEEL: Omits 2002 Dividend Payment
---------------------------------------------
Notice is hereby given that the First Ordinary General Meeting
of Shareholders of Millennium Steel Public Company Limited held
on April 8, 2003 approved the following resolutions:

1. Approved the Minutes of the Second Extraordinary General
Meeting of Shareholders of Millennium Steel Public Company
Limited, held on October 19, 2002.

2.  Acknowledged the 2002 Report and adopted the Balance Sheet
and the Profit and Loss Statements for the year ended December
31, 2002.

3.  Due to the operating results and the Company's financial
status, together with the accumulated losses, the meeting
resolved not to pay dividend for the year 2002.

4.  Elected Mr. Kajohndet Sangsuban to replace the retiring
director Mr.Pramote Techasupathkul who has requested not to be
re-elected, and re-elected the three retiring directors, namely
Mr.Wirash Krittapol, Mr. Taratorn Premsoontorn, and Mr. Kriang
Kaifuengfoo to retain office for another term.

5.  Appointed Auditor, namely Mr. Methee Ratanasrimetha or Mr.
Pisit Chiwaruangroch of SGV-Na Thalang & Co., Ltd. (currently
changes to KPMG Phoomchai Audit Limited), to be the Auditor of
the Company for the year 2003 at the audit fee of Bt150,000.

6.  Approved the Company's Directors remuneration with the vote
greater than two - thirds of the total numbers of votes of
shareholders who attend the meeting. The details are as follows:

      Chairman        500,000 Baht/year
      Vice Chairman   500,000 Baht/year   (The remuneration for
                      the position of Executive Committee
                      Chairman is included.)
      Director (each) 250,000 Baht/year

This remuneration shall be effective from the date of
entitlement of each director.

7.  Approved with the vote greater than three quarters of the
total numbers of votes of shareholders who attend the meeting
and have the right to vote for the amendment to Clause 4 of the
Company's Memorandum of Association in order to comply with the
conversion of preferred shares to ordinary shares. Below is the
details on the mentioned Clause:

Amendment to Clause 4 of the Company's Memorandum of Association

Clause 4. Registered Capital  Bt8,813,120,000
          Diviad into  8,813,120,000 shares
          Par value of  Bt1
          Comprising of :-
          Ordinary Shares : 7,097,041,983 shares
          Preference Shares :  1,716,078,017


PICNIC GAS: Posts LPG Trading Additional Info
---------------------------------------------
Ultimate Key Company Limited, the Plan Administrator of
Picnic Gas and Chemicals Public Company Limited (previously BGES
Engineering Systems Public Company Limited), reported the
correction and additional information of the acquisition of
"Liquid Petroleum Gas (LPG) Trading" business from Union Gas and
Chemicals Company Limited (Union Gas) as indicated in the
Rehabilitation Plan of PICNIC as follows:

After the acquisition, the main business of PICNIC will change
to "Liquid Petroleum Gas (LPG) Trading" business under `PICNIC
GAS" trademark.

1. Correction of Total Value of the Transaction

Total value of "Liquid Petroleum Gas (LPG) Trading" business is
Bt806.36 million or 1,011.74% of total tangible asset of PICNIC
and its subsidiaries in amount of Bt79.70 million as indicated
in the audited financial statement at December 31, 2002.

2. Description of the Transaction

Considered from the type and size of the transaction pursuant to
Section 2 and Section 3 of the Notification of the Stock
Exchange of Thailand regarding rules, procedures and disclosure
of Information concerning the acquisition and disposition of
assets of listed company, the acquisition of "Liquid Petroleum
Gas (LPG) Trading" business can be classified as category 4.
Total value of "Liquid Petroleum Gas (LPG) Trading" business is
Bt806.36 million or 280.48% of total asset of PICNIC and its
subsidiaries in amount of Bt287.49 million as indicated in the
audited financial statement at December 31, 2002.

3. Total Consideration Value

In the acquisition, the transferred asset in amount of Bt806.36
million will have liabilities in amount of Bt329.25 million.
Thus, the net value of transferred asset is Bt477.11 million.
The source of fund will come from the right offering of new
ordinary shares to PICNIC's shareholders in amount of
Bt326.67 million and loans from financial institutions for the
rest.

4. Net Profit of "Liquid Petroleum Gas (LPG) Trading" business

Net profit after taxes and extraordinary items of "Liquid
Petroleum Gas (LPG) Trading" business transferred from Union Gas
is as follows:

                                   2543         2544
Net Profit (million baht)          36.78       15.76

5. Expected Benefit of the Company

To complete the acquisition of "Liquid Petroleum Gas (LPG)
Trading" business as indicated in the Plan. PICNIC's main income
will be from this LPG Trading.

6. Source of Fund

PICNIC has to seek additional fund in amount of Bt477.11
million. The source of fund will come from the right offering of
new ordinary shares to PICNIC's shareholders in amount of
Bt326.67 million and loans from financial institutions. PICNIC
will pay several cash payments to Union Gas for the acquisition.

7. Conditions of the Transaction

The values of transferred assets and liabilities as indicated
above have been approved in the meeting of creditor committee on
November 1, 2002. The correction of the actual value of
transferred assets and liabilities was also informed in the
meeting of creditor committee on January 29, 2003. In addition,
PICNIC has to receive the approval from the Stock Exchange of
Thailand to proceed this transaction.


RAIMON LAND: Reports Warrant Exercise Results
---------------------------------------------
Raimon Land Planner Co., Ltd., the Plan Administrator for
Raimon Land Plc., reported on the results of warrant exercise
that as at 31 March 2003.

   Total  Warrants      :  299,904,000 units
   Total Issued Warrant :  253,530,974 units
   Exercise Date        :  Every last business day of  the
                           quarter (expect for the last
                           exercise)
                           Starting from the quarter of 2003 the
                           last Exercise Date will be on
                           December 17,  2007
   Exercise Period       : 5  years from the First Issuance Date
                           of the Warrants on December 18, 2002
   Right Ratio           : 1 warrant: 1 ordinary share
   Price per Share       : Bt5.00
   Commence Date         : March 31, 2003

Report on the results of warrant exercise on March 31, 2003

Number of the Holders  Number of Warrants  Number of Ordinary
                       Exercise            Shares
1)    Local   -   person      -     unit      -     share
2)    Foreign -   person      -     unit      -     share
      Total   -   person      -     unit      -     share

Net Balance of Warrants as at March 31,2003 = 253,530,974 units.


THAI ENGINE: SET Suspends Shares Trading
----------------------------------------
Thai Engine Manufacturing Public Company Limited (TEM) has
submitted the SET its audited financial statements for the
period ending 31 December 2002. Since its auditor issued a
Disclaimer of Opinion on its financial statements, it can be
considered that the numbers (indicating the financial status
and operating results of the company presented in its financial
statements) did not reflect the actual position of the company
and the Securities and Exchange Commission (SEC) probably issues
an instruction that they are obliged to amend its financial
statements.

The SET has posted `SP' sign for suspended trading on TEM
for the second trading on 8 April 2003 until the company has
disseminated its financial statements and clarifications about
the auditor's opinion to enable shareholders and general
investors to have sufficient time to scrutinize the auditor's
opinion relating to the results in financial statements,
including the company's clarification as a whole.

Below is the Company's audited annual financial statements
summary:

Audited
Ending  December 31,  (In thousands)
                                        For year
                                  2002          2001

Net profit (loss)                 (123,950)   (225,539)
EPS (baht)                         (25.89)    (601.44)


* SET Suspends Trading, Undergoes Rehab Plan Preparation
---------------------------------------------------------
The Stock Exchange of Thailand (SET) announced two listed
companies had been subjected to rehabilitation plan preparation.
The SET temporarily posted SP (Suspension) sign to prohibit
securities trading of those listed companies since 10 March 2003
and transferred the securities of those listed companies to
REHABCO category since 13 March 2003. The SET also informed a
time schedule for those listed companies' management to make
prudent decision on whether to prepare a rehabilitation plan to
propose to the company's shareholders, or to ask for a voluntary
delisting, or to try another option which will benefit to all
involved in the listed companies and report their decisions to
the SET by 8 April 2003  to disclose to the public. After that,
the SET will allow trading of those listed companies on 9 April
2003 - 8 May 2003 before suspension again on 9 May 2003 until
all the delisting problems have been resolved.

The SET has considered the companies' management decision
submitted to the SET, and will proceed as follows:

   1. T.C.J. Asia Public Company Limited (TCJ)

1.1 To allow trading of TCJ securities, which decide to
rehabilitate, under the REHABCO category from 9 April
2003 to 8 May 2003 to give shareholders a chance of
trading the company's securities. Because TCJ informed
the SET that the company would prepare a
rehabilitation plan to the Central Bankruptcy  Court.
Therefore, according to Clause 24 (3) and (6) of the
regulation on trading, clearing and settlement for
listed securities 1999, the ceiling and floor limits
on the main board will be expanded from the regular
+/-30% to +/-100% of their last trading. The new
limits will be in effect on 9 April 2003.

1.2 To post an SP sign to prohibit further trading of TCJ
securities, beginning from 9 May 2003 until the causes
of delisting are eliminated. This is by virtue of
Clause 5 (5) of the SET's rules, Conditions and
Procedure of the Temporary Prohibition against Trading
of Listed Securities dated on 9 February  1995. The
planner and plan administrator of TCJ  must report to
the SET every six months on the company's progress.

The SET would like the companies' shareholders and general
investors to follow up the progress of TCJ.

   2. Thai Wire Products Public Company Limited (TWP)

An SP sign is still posted to prohibit securities trading
on TWP because the company has asked for an extension period to
report its decision, which is expected to be made by 8 May 2003.
The SET will allow trading of its securities when it has
reported the information clearly.


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

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

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