/raid1/www/Hosts/bankrupt/TCRAP_Public/030422.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

            Tuesday, April 22, 2003, Vol. 6, No. 78

                         Headlines

A U S T R A L I A

ADSTEAM MARINE: JP Morgan Sees No Chance of Dividend Payout
AMP LIMITED: ABN Amro Sees Firm Recovering Soon
KING SOLOMON: Unsecured Creditors to Get Only AU$200,000
MIM HOLDINGS: Investor Slams Board's Acceptance of Xstrata Bid
ONESTEEL LIMITED: US Investors Widely Receive Private Placement

POLLACK GROUP: Deadline for Administrator's Report Extended
SOUTHCORP LIMITED: Diageo Offers AU$3 Billion to Takeover Firm


C H I N A   &   H O N G  K O N G

CHINA SPECIALISED: CEO to Sell 25% Stake to Cut Firm's Debt
CHINESE ESTATES: Net Loss Almost Doubles Due to Impairment Costs
GOLD-FACE: Sells London Shopping Mall to Repay Bank Loan
LAI SUN: Property Arm to Default on US$265 Million Bonds


I N D O N E S I A

ASTRA INTERNATIONAL: Consolidates Ownership in Gaya Motor
TEXMACO GROUP: Has Three Months to Improve or Face Sanctions


K O R E A

HYNIX SEMICONDUCTOR: Issues New Shares at 5,000 Won Each
SK GROUP: Creditors Want Jailed Owner to Lead Restructuring

* March Bankruptcy Figure Tops Record Set Almost Two Years Ago


M A L A Y S I A

GENERAL LUMBER: Posts Changes in Audit Committee
GENERAL LUMBER: Names New Board Director
METROPLEX BERHAD: Malaya Court Extends Restraining Order
SUNWAY BUILDING: Seeks Court Confirmation on Capital Reduction


P H I L I P P I N E S

ABS-CBN: Assures Creditors it Will Service Debts Due in 5 Years
METRO PACIFIC: Sells Part of Bonifacio Land to Cut Debt by 80%
MANILA ELECTRIC: Dispute With Napocor May Require Arbitration
PHILIPPINE LONG: Gets Nod for US$87 Million in Foreign Loans

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ADSTEAM MARINE: JP Morgan Sees No Chance of Dividend Payout
-----------------------------------------------------------
Investment bank, JP Morgan, does not expect tugboat operator,
Adsteam Marine to pay dividends, as it is looking likely to
conserve cash ahead of an inevitable restructuring, Sydney
Morning Herald said yesterday.

The paper says new Managing Director John Moller is expected to
announce a new business plan mid-May.  He had recently ended a
review of the group's British harbor towage business and that of
Northland division in the U.S.

In a note to clients, JP Morgan recently said Adsteam would
probably write down the value of Northland before selling it.
Other assets such as the agency business and the company's
investment in stevedoring may go as well, as Adsteam refocuses
its attention on its core UK and Australian towage operations.  
The bank was not prepared to estimate the potential revision to
the worth of Northland's Alaskan contracts but noted a AU$34
million charge would wipe out Adsteam's retained earnings and
render the company unable to pay a dividend, the paper says.

The bank adds the final dividend would be "either nil, or only
symbolic in nature."  

The chances of a payout are further reduced by Adsteam's drive
to bolster the strength of its highly geared balance sheet,
which was stretched by the AU$500 million acquisition of Howard
Smith's tugs business in May 2001.  According to the paper,
Adsteam paid about AU$90 million for a half share of Northland
in early 2000 only for the business to disappoint.  In the first
half, pre-tax profits fell by 35 percent, leading to a change in
management at the very top of the division.

Mr. Moller has never mentioned any asset sales in the past, but
warned that any restructuring could result in Adsteam incurring
costs to cover redundancies or the closure of some sites.  He
also foreshadowed greater spending on IT.

JP Morgan estimated the worth of potential long-term cost cuts
or efficiency measures at AU$10 million to AU$20 million a year,
the paper says.  


AMP LIMITED: ABN Amro Sees Firm Recovering Soon
-----------------------------------------------
Investment bank ABN Amro, in a recent analysis of AMP Limited's
year to December 2002 accounts, said the group will eventually
recover and record surplus with the way its restructuring is
progressing.

According to The Advertiser, which has a copy of the ABN Amro
report, the company's strategy to hedge further losses in the
market, especially in London's FTSE, will eventually free up
capital.

At present, the bank says, more than half of the company's
capital or AU$8 billion is tied up in businesses that are either
for sale or about to be sold.  This includes AU$6.2 billion of
shareholder funds employed to back the capital-hungry UK Pearl
life insurance operation, the source of much of the company's
recent woes.  About AU$7.4 billion is invested in ongoing
businesses, including AU$3.63 billion to support the core
Australian financial services operation.

"By weight of balance sheet capital, AMP's principal activity
has moved from wealth management to the run-off of businesses
that have either been closed or are for sale," ABN Amro notes.

Operations to be discontinued include the greater part of AMP
Banking, recently sold to free up AU$500 million of capital, the
report says.  The company's half share in Virgin Money -- widely
believed to be on the market -- accounts for another AU$370
million.

The UK operations, meanwhile, recorded AU$1.46 billion net loss
in year to December 2002, mainly because of the erosion in value
of the Pearl business, the paper says.

"The good news for investors is that vast amounts of capital
will be freed up, especially as the Pearl life insurance
business wears down.  The company is no longer writing life
business, which offers policyholders guaranteed returns no
matter how the market performs," The Advertiser says.

"At some stage, AMP will represent a surplus capital story," ABN
Amro says.  "However in the interim the timing of the capital
release from run-off activities are virtually 'unmodellable' to
the outside world."

The bank notes AMP's use of derivatives to protect its UK share
portfolio against further market falls lacks transparency.  "As
such it is difficult to assess how much of the upside in equity
markets has been paid away to protect the downside," the ABN
Amro says.

Last year, AMP raised about AU$1 billion from asset sales,
including its administration business Cogent (sold for AU$650
million) and its credit card portfolio (AU$236 million).  AMP
also raised AU$1.2 billion last year through an issue of reset
preference shares, the paper says.


KING SOLOMON: Unsecured Creditors to Get Only AU$200,000
--------------------------------------------------------
The liquidation plan for collapsed gold miner, King Solomon
Mines, will see unsecured creditors owed AU$7.3 million getting
less than 5 cents on the dollar, according to The West
Australian.

The plan, approved by creditors last week, along with the deed
of company arrangement for parent, Menzies Gold, mandates the
transfer of KSM's asset to Menzies in order wipe out about
AU$1.3 million of debt.  Fellow explorer Hallmark, which has
security over all of Menzies assets, will then inject AU$230,000
into KSM through Menzies to pay off outstanding royalties and
tenement bonds, leaving around AU$109,000 to be distributed
among KSM's unsecured creditors in the next few months.

An extra AU$180,000 will subsequently become available to KSM's
creditors, taking the total dividend to just 5 cents on the
dollar, says the paper, citing company administrator, Ferrier
Hodgson.

The company fell into administration in January after copper-
rich ore was inadvertently fed into its plant in the Gullewa
gold mine, forcing a critical two-week shutdown, the paper says.  
Menzies had a market value of just over AU$5 million when it was
suspended from trading shares, which last closed at 3 cents.  
KSM and Menzies have a combined debt of AU$11.8 million

The collapse came just nine months after Menzies acquired KSM
and its Gullewa mine in a cash and scrip deal then valued at
AU$3.3 million.  At the time, Menzies expected the mine to
generate free cash flow of AU$24 million over four years, the
report says.

Details of the re-capitalization strategy for Menzies have not
yet been released but the plan, which will require the approval
of Menzies shareholders, is expected to see Hallmark become
entitled to a controlling interest in Menzies ahead of its re-
listing on the stock exchange, the paper says.  


MIM HOLDINGS: Investor Slams Board's Acceptance of Xstrata Bid
--------------------------------------------------------------
Platinum Asset Management, which holds a 3% stake in MIM
Holdings, became the first shareholder to raise a howl over the
takeover offer of Xstrata, calling board members "spineless."

In an interview with The Sydney Morning Herald, Platinum Analyst
Scott Gilchrist predicts MIM shares would be worth as much as
AU$3 in three-to-five years, depending on commodity prices.  
Xstrata is only offering AU$1.72 per share.

"Xstrata are almost gloating about what they are paying," Mr.
Gilchrist told the paper.

An independent valuation by Grant Samuel puts the value of MIM
shares at between AU$1.70 and AU$2.24, the paper notes.

"We really like what Vince and his team have done to turn around
the company," Mr. Gilchrist said, referring to the company's
managing director.  

"They should believe in management, that they can grow the
company in the years ahead," he added. "The board has been
spineless, a bit like jellyfish."

The Xstrata offer will be put on a vote by shareholders in June.


ONESTEEL LIMITED: US Investors Widely Receive Private Placement
---------------------------------------------------------------
The private debt placement of OneSteel Ltd. is reportedly going
well, says Asia Pulse, citing Managing Director Bob Emery, who
revealed that the company had received bids for seven and 12-
year tranches totaling US$128 million.

Mr. Emery did not identify the bidders, but said they were
reputable U.S. investors.  The company will use the proceeds to
pay down existing bank facilities and extend OneSteel's debt
maturity profile, the news agency said.

"OneSteel took the opportunity to extend the maturity profile of
is debt to better align it with the long life of its assets and
to diversify its funding source," Mr. Emery said in a statement.

He said the company had examined a number of different options
to achieve this outcome but undertaking a US private placement
was deemed the most appropriate method.  The lead placement
agent to the transaction was Banc of America Securities.  
Westpac Institutional Bank was co-placement agent, the news
agency said.


POLLACK GROUP: Deadline for Administrator's Report Extended
-----------------------------------------------------------  
Brian McMaster, the administrator of several companies owned by
businessman Kevin Pollack, has been given three more months to
come up with the report he is obligated to present to creditors,
The West Australian says.

Under Australia's Corporations Law, Mr. McMaster was supposed to
hold a creditors meeting a month after being appointed, but the
West Australian Supreme Court approved his request for an
extension.  He cited difficulties in tracking records of the
group that includes the earthmoving group, Goldfields, and some
Soils Ain't Soils garden centers.

NAB appointed Mr. McMaster last month, along with accountants
from Taylor Woodings, who now serve as receivers.  The paper
says it is believed NAB had been concerned over its exposure to
the Pollock group for at least a year, but only made a move
after the tax office took actions to seize company assets.

The paper pegs the company's outstanding debt at AU$100 million,
including an estimated AU$16 million owed to the Australian
Taxation Office.  Mr. McMaster has previously said that recovery
actions are the best chance of creditors getting a return.  He
is believed to be looking at issues such as insolvent trading,
preference payments and director conduct, the report says.

Mr. McMaster last week provided the court with an affidavit that
was not read out in the open court or publicly available, but
was used by Justice Michael Barker as the basis for granting a
three-month extension.  Justice Barker said it was proper to
give an extension when there were circumstances that might limit
an administrator's capacity to maximize the information he could
put in a report to creditors.

"I am satisfied there has been a degree of frustration," Justice
Barker said.  

Mr. McMaster has been given an extension to hold creditor
meetings by the end of July.

Four independently owned Soils Ain't Soils franchises at Bibra
Lake, Joondalup, Mandurah and Port Kennedy are unconnected to
the Pollock group of companies, the paper says.


SOUTHCORP LIMITED: Diageo Offers AU$3 Billion to Takeover Firm
--------------------------------------------------------------
Shares of wine-maker, Southcorp Limited, rallied 7% to 27 cents
last week after reports surfaced that Diageo has offered to
takeover the troubled firm for AU$3 billion, The West Australian
says.

The paper traced the reports to ABN AMRO, which in turn pointed
to Southcorp as its source.  Accordingly, the investment bank
merely relayed the news to clients.  

Despite Diageo's interest in the spirits and wine group, it is
reportedly reluctant to buy Southcorp shares at this time.  The
firm has been trading on a price-earning multiple of 22 times
forecast 2002-03 profits or more than a 40 per cent premium to
the broader sharemarket, the paper says.  Diageo is also
believed to be reluctant to make a serious approach at a time
when there's still much uncertainty about the outlook for
Southcorp's earnings.

The company has admitted that it will take years to restructure
its UK operations, while fresh competition and a grape glut in
California will put the US division under pressure for at least
the next 12 months.

Aside from Diageo, other major investors touted as possible
buyers are Allied Domecq and Foster's Group.  They're also seen
as skeptical about investing in Southcorp.

"Southcorp is still on a premium to the market yet wine prices
are going down in the US and UK," said Alliance Capital
Management's Andrew McAuley, in an interview with The West
Australian.  "There's a wine glut at the moment and the dark
cloud hanging over Southcorp is reflected in management's
reticence to giving any earnings guidance."

The Oatley family, who are major shareholders, are considered a
stumbling block, as they'd have to incur a massive loss to
accept a takeover offer.  The Oatleys paid an average AU$6 a
share for their 19.7 percent stake in Southcorp, the paper says.

Also a negative factor is the increasing strength of the
Australian dollar, making Southcorp less attractive to a foreign
buyer, says the paper.


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C H I N A   &   H O N G  K O N G
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CHINA SPECIALISED: CEO to Sell 25% Stake to Cut Firm's Debt
-----------------------------------------------------------
Gangsu San Zhou Industrial Holdings is reportedly in talks with
Chen Shunli, Chairman and CEO of China Specialised Fibre
Holdings, over a possible 25% shareholding in the troubled
chemical fiber producer.

According to The Standard, Mr. Chen initiated the talks,
promising part of his 63% shares in the company in exchange for
cash and a hotel in Lanzhou, Province of Gangsu.  The valuation
and terms of the sale were not available, but the company said
Mr. Chen would remain the largest shareholder and Gangsu San
Zhou would become the second-largest shareholder.

Following the completion of this deal, the report adds, Top New
Finance, one of the mortgagees of Mr. Chen's 63% stake will
extend its HK$172 million loan to China Specialised for a
further six months and release the 786.6 million shares pledged
by Mr. Chen under the loan agreement, or 43 percent of the share
capital.  The hotel will be used to guarantee the loan.

The paper says China Specialised Fibre's cash flow has been
tight in recent months, forcing Mr. Chen to pledge his shares to
financial institutions in return for loans.  


CHINESE ESTATES: Net Loss Almost Doubles Due to Impairment Costs
----------------------------------------------------------------
Property developer, Chinese Estates Holdings, nearly doubled its
net losses last year, recording HK$1.46 billion, up from only
HK$536.7 million in 2001, The Standard says.

The company linked the sharp climb to surging impairment losses
from property assets and poor flat sales.  A turnover of
HK$729.2 million in 2002 from only HK$699.3 million a year
earlier did not even manage to arrest the widening bottom line.

Losses from operations tallied HK$1.19 billion, compared with a
profit of HK$266.5 million in 2001, the paper says.  Impairment
loss relating to properties held under a long lease also went up
from HK$321 million a year ago to HK$1.17 billion.  It also
reported a HK$211.6 million impairment loss on properties held
under medium-term lease, up from HK$45.09 million in 2001.

In the property development and sales segment, the company made
a loss of HK$1.39 billion in revenue, compared with a loss of
HK$366 million a year ago.  Revenue from property leasing
increased from HK$594 million to HK$620.8 million.  In its money
lending business, revenue shrank from HK$301.2 million to
HK$60.3 million, the paper says.

Meanwhile, Chairman Thomas Lau has reiterated that his earlier
guarantee that the company would not be privatized. "There is no
such intention for the moment," he told The Standard.

He expects to reap between HK$5-6 billion over the next two
years from sales of 2,500 units at the company's Cornwall Street
project in Kowloon Tong, King's Park in Ho Man Tin, and Kau Pui
Lung Road in To Kwa Wan.  


GOLD-FACE: Sells London Shopping Mall to Repay Bank Loan
--------------------------------------------------------
Gold-Face Holdings is reportedly selling its shopping mall in
London for HK$295.2 million in order to repay bank loans, The
Standard said over the weekend.

Accordingly, it has picked Rosewheel, a main board-listed firm,
as buyer and the deal will be concluded in Gold Face's behalf by
wholly owned subsidiary, Goldline.

The mall covers 37,000 square feet with 23 retail and restaurant
units and will be sold because it returned a loss of about
HK$1.5 million for the six months ended September 30 last year
after taking into account mortgage loan interest and operating
expenses.  The property took in revenue of HK$8.9 million during
the same period, the paper says.

Gold-Face valued the asset in May last year at HK$313.65
million.  The amount offered by Rosewheel, according to the
company, was the highest bid for the property.  Net proceeds
from the transaction, about HK$291.51 million, will be used to
repay a bank loan of HK$236.9 million.  The balance will be used
as working capital for the group's property development projects
in Hong Kong.  The firm expects to make a profit of about HK$54
million before taxation and net expenses from the sale.  


LAI SUN: Property Arm to Default on US$265 Million Bonds
--------------------------------------------------------
Property developer, Lai Sun Development, admitted in an interim
results announcement last week, that it would not be able to pay
its US$115 million exchangeable bonds and US$150 million
convertible bonds, which expired at the end of last month.

The announcement, according to The Standard, has sparked
speculations that the company would also default on a HK$1.5
billion debt owed to entertainment and media arm, eSun Holdings.  
This debt, owed by Lai Sun Development's Furama Hotel
Enterprise, actually fell due on December but was extended.

In related news, parent company, Lai Sun Garment International,
recorded a much improved first-half to end of January net loss
figure, which fell HK$105.88 million from HK$289.56 million a
year earlier.  Losses at associates also fell to HK$9.92 million
from HK$116.45 million, the paper said.

Turnover climbed to HK$548.79 million from HK$546.52 million
while finance cost declined to HK$260.47 million from HK$306.23
million.  This allowed the group to post a first-half net profit
of HK$12.36 million, compared to a net loss of HK$214.46 million
in the year-ago period.

Lai Sun Garment International owns 42.25% of Lai Sun
Development, 46.04% of Lai Fung Holdings, and 54.93% of
Crocodile Garments.


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


ASTRA INTERNATIONAL: Consolidates Ownership in Gaya Motor
---------------------------------------------------------
Astra International has taken complete control of PT Gaya Motor,
one of the largest car assembling companies in Southeast Asia,
Asia Pulse said late last week.

The company paid Rp41.5 billion to increase its 75.92%
shareholding to 100%, the newswire said.  Last year, Gaya Motor
produced 35,797 cars of various brands including BMW, Peugeot,
Daihatsu, Isuzu and Nissan Diesel.

Before the deal, PT Rajawali Nusantara Indonesia held the other
shares.  RNI President Rama Prihandana said his company sold its
stakes in order to focus on core business in the agro industry.

Astra, the country's largest automotive company, reported a net
profit of Rp3.64 trillion last year, up from Rp845 billion in
the previous year.


TEXMACO GROUP: Has Three Months to Improve or Face Sanctions
------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has issued a
three-month ultimatum for Texmaco Group to improve its
performance or face action from the Financial Sector Policy
Committee.

IBRA chief Syafruddin Temenggung issued the deadline during the
signing of an agreement on L/C facility management by IBRA, Bank
BNI and Texmaco Group.   He said he hoped Texmaco's performance
could be improved through control over cash flows, escrow
account and placement of IBRA personnel in the group.

Under the agreement, he said, the L/C facility would continue to
be given to Texmaco so that its operations could be continued.
Texmaco's cash flows in its textile and chemical units would be
separated from its non-textile units and no cross-subsidy would
be allowed.  An escrow account meanwhile would be opened to
receive income from sales and control its use.

IBRA and BNI would also place their representatives in the
group's holding company as well as operating companies to
monitor operations, Asia Pulse said.  An independent financial
controller, namely PT Sucofindo Appraisal Utama, meanwhile will
be assigned to monitor exports and imports.

Texmaco owner Marimutu Sinivasan will also be requested to
provide working capital at a minimum of US$25 million to settle
L/Cs maturing by the end of June, the newswire adds.  

IBRA has absorbed Texmaco's debts totaling Rp29.09 trillion from
several banks mainly Bank BNI.  Texmaco's textile and chemical
units incurred Rp7.84 trillion of these debts, while its
engineering unit owed the Rp21.2 trillion.  IBRA's claim to
Texmaco's textile and chemical units is equivalent to 32 percent
of the overall amount of the group's debts while the rest are by
local as well as foreign creditors, who own Yankee Bonds.

IBRA meanwhile is the largest creditor to the group's
engineering unit with loans totaling 90 percent of the overall
amount of the group's debts, Asia Pulse says.

Mr. Syafruddin said the decision to guarantee the US$100 million
worth of Texmaco's L/Cs was taken by the government through the
Financial Sector Policy Committee on March 23, 2000 and the
Finance Minister on July 6, 2001, continued later by Bank BNI.
The consideration for it was to ensure the continuity of
Texmaco's operations to repay debts to IBRA totaling Rp29.04
trillion.

It was also made to ensure employment for around 21,000 workers,
in addition to thousands of other workers in industries
depending for their raw materials on Texmaco, which has so far
supplied 30 percent of the country's polyester industries, Asia
Pulse adds.


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K O R E A
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HYNIX SEMICONDUCTOR: Issues New Shares at 5,000 Won Each
--------------------------------------------------------
Troubled chipmaker, Hynix Semiconductor, was expected to list
more than 190 million new shares on the Korea Stock Exchange
yesterday, as part of a 21:1 capital write-down, Dow Jones says.

The company informed the exchange last Thursday, adding that the
new shares would be sold at 5,000 won apiece.  A spokesman told
Dow Jones the transaction is part of the company's restructuring
plan, approved by creditor banks recently.


SK GROUP: Creditors Want Jailed Owner to Lead Restructuring
------------------------------------------------------------
Creditors, led by Hana Bank, are reportedly seeking the release
of Chey Tae-Won, the jailed owner of the SK group of companies,
in order to head the firm's restructuring, Agence France Presse
said yesterday.

Citing Yonhap news agency, the French newswire said Mr. Chey's
arrest in February for accounting fraud is one of the reasons
the group's operation is in disarray.  Trading arm, SK Global,
recently entered bank receivership.

The newswire did not say when these creditors will file their
petition and in which court.  They will ask the court to free
Mr. Chey on bail, the report says.    

The SK group of companies is the third largest conglomerate in
South Korea.


* March Bankruptcy Figure Tops Record Set Almost Two Years Ago
--------------------------------------------------------------
Corporate failures in South Korea have reached new heights, says
Dow Jones, citing a Bank of Korea report, which noted 396
bankruptcies in March.  The same report also noted a sharp climb
in default rates for corporate bills, which include corporate
bonds, checks and promissory notes.

"Last month's default rate was the highest since December 2001,"
said Hwang Hu-Nam, an analyst at the Bank of Korea's corporate
finance analysis team.  On average, the rate was higher in 2001
because of defaults on bonds issued by the failed Daewoo Group
companies, she told Dow Jones.  

In March, the sharp rise in default rate -- from 0.08% to 0.14%
-- was caused mainly by SK Global Co.'s KRW770 billion default,
according to the central bank.  

Corporate bankruptcies in February totaled 384, says the Bank of
Korea.


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M A L A Y S I A
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GENERAL LUMBER: Posts Changes in Audit Committee
------------------------------------------------
General Lumber Fabricators published this notice yesterday,
April 21, 2003.

Date of change : 21/04/2003  

Type of change : Resignation

Designation : Chairman of Audit Committee

Directorate : Independent & Non Executive

Name : Dato' Azman bin Mahmood

Age : 52

Nationality : Malaysian

Qualifications : Institute of Chartered Accountants, England and
Wales

Working experience and occupation : Executive Chairman, Fine
Access Sdn Bhd & Group of Companies

Directorship of public companies (if any) :
(1)Amanah Saham Selangor Bhd
(2)Astino Berhad

Family relationship with any director and/or major shareholder
of the listed issuer : Nil

Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil
   
Composition of Audit Committee (Name and Directorate of members
after change) :
(1)Rozlan bin Ismail - Independent Non-Executive Director
(2)Wan Mustapha bin Wan Ismail - Executive Director
   
Remarks : The Company has applied to the Exchange for waiver to
comply with Paragraph 15.10(1)(a) and 15.10(1)(b) of the Listing
Requirements until the transfer of its listing status to Maxtral
Industry Bhd.


GENERAL LUMBER: Names New Board Director
----------------------------------------
General Lumber Fabricators published this board changes
yesterday, April 21, 2003.

Date Announced : 21/04/2003

Date of change : 21/04/2003  

Type of change : Resignation

Designation : Director

Directorate : Independent & Non Executive

Name : Dato' Azman bin Mahmood

Age : 52

Nationality : Malaysian

Qualifications : Institute of Chartered Accountants, England and
Wales

Working experience and occupation  : Executive Chairman, Fine
Access Sdn Bhd & Group of Companies

Directorship of public companies (if any) :
(1)Amanah Saham Selangor Bhd
(2)Astino Berhad

Family relationship with any director and/or major shareholder
of the listed issuer : Nil

Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil
   
Remarks : The Company has applied to the Exchange for waiver to
comply with Paragraph 15.02 of the Listing Requirements until
the transfer of its listing status to Maxtral Industry Bhd.


METROPLEX BERHAD: Malaya Court Extends Restraining Order
--------------------------------------------------------
This refers to the announcement on 21 March 2003 in relation to
the company's application for restraining order and proposed
debt restructuring.

The Board of Metroplex Bhd is pleased to announce that the High
Court of Malaya had on 17 April 2003 granted MB Group an
extension of the Restraining Order under Section 176 of the
Companies Act, 1965 to 21 August 2003.


SUNWAY BUILDING: Seeks Court Confirmation on Capital Reduction
--------------------------------------------------------------
Further to the announcements dated 13 May 2002, 27 June 2002, 26
August 2002, 18 September 2002, 28 October 2002, 31 October
2002, 14 November 2002, 10 January 2003, 14 April 2003 and 17
April 2003, Sunway Building Technology Bhd wishes to announce
that a Petition was filed on 18 April 2003 by Messrs Skrine, on
behalf of the Company, to the High Court of Malaya (Court)
pursuant to Sections 60 and 64 of the Companies Act, 1965
seeking the Court's confirmation of the reduction of the paid-up
capital of the Company from RM126,515,600.00 divided into
126,515,600 ordinary shares of RM1.00 each to RM63,257,800.00
divided into 126,515,600 ordinary shares of RM0.50 each and the
cancellation of the whole of the share premium account of the
Company in the sum of RM94,865,340.00 as resolved on and
effected by the Special Resolution of the Company duly passed on
17 April 2003 as part of the Proposed Corporate Restructuring
Exercise to be undertaken by Suntech.


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


ABS-CBN: Assures Creditors it Will Service Debts Due in 5 Years
---------------------------------------------------------------
The country's leading television company, ABS-CBN Broadcasting
Corp., announced recently it would pay PHP484 million in
maturing debts this year, adding that it would also honor all
obligations due over the next five years.

"By 2004, we will be even stronger than 2002.  We don't think
we'll have any problems refinancing, paying these (debts) down
with internally generated cash," ABS-CBN's finance chief,
Randolph Estrellado, during a news briefing.

Last year, the company sought refinancing agreements with most
of it short-term creditors after recording lower revenues from
advertising.  The company had outstanding short-term debts of
PHP3.8 billion at the time, but creditors agreed to lengthen the
maturity.

Mr. Estrellado said BNP Paribas, which originally opted out of
the agreement and, together with Standard Chartered Bank,
declared ABS-CBN in default of roughly PHP280 million worth of
loans, had since agreed to join most of the short-term creditors
in the refinancing deal.  BNP extended PHP3.6 million to ABS-
CBN, while Standard Chartered had PHP70 million in outstanding
loans with the network.

On Friday, ABS-CBN reported that its net income in 2002 plunged
to PHP166 million from PHP1.378 billion pesos the previous year.
The network, however, also said its profit in the first quarter
of this year reached PHP107 million, 2,000 percent over the
comparative figure the previous year, as a strong recovery in ad
spending in the second half of last year continued.  It added
that its consolidated airtime revenue hit PHP2.16 billion in the
first quarter, up 31 percent from the same period last year.   

Mr. Estrellado admitted, though, that going forward would be a
tougher challenge for ABS-CBN, which is now facing a tough
competitor in GMA Network Inc.


METRO PACIFIC: Sells Part of Bonifacio Land to Cut Debt by 80%
--------------------------------------------------------------
Metro Pacific Corp. (MPC) has finally concluded a crucial deal
with Ayala Land Inc. and Evergreen Holdings Inc. over its
troubled property venture, the Fort Bonifacio Global City.

The deal, according to the Inquirer News Service, will reduce
the company's debt-load by 80.6% to PHP2.5 billion by the end of
the year.  The centerpiece of the transaction is the transfer of
the venture's control to the Ayala-Evergreen group, including
the US$90 million principal loan owed to Larouge BV, a unit of
Hong Kong-based parent firm, First Pacific Co. Ltd.   MPC also
embarked on a "dacion en pago" or payment in kind arrangement
with the tandem involving 50.4 percent of the outstanding shares
of BLC.

MPC also assigned to the consortium an additional PHP655 million
in BLC notes currently owed by BLC.  It will continue to owe
PHP700 million in interest on its loan to Larouge, an unsecured
creditor, for which it has received approval from First Pacific
for relaxed payment terms.

MPC chair Manuel Pangilinan said: "During 2002, Metro Pacific
focused squarely on implementing its aggressive cost-management
and debt workout program, which as the announcement underscores,
have borne tangible and substantial results."

As a result of this deal, MPC's interest will now be reduced to
approximately 9.6 percent.  It will, however, retain titled
properties in the Bonifacio Global City equivalent to about 10.4
hectares, known as the Northern Central Business District and
valued at PHP3.8 billion, as repayment for past BLC advances.


MANILA ELECTRIC: Dispute With Napocor May Require Arbitration
-------------------------------------------------------------
The row between the National Power Corporation (Napocor) and the
Manila Electric Power Co. (Meralco) could be elevated to an
arbitration body, as the current mediation efforts appear headed
for failure.

Citing the Power Sector Assets and Liabilities Management Corp.,
The Manila Times said both parties are still worlds away from
settling their differences.  The deadline for a deal to be
reached under mediation is Friday, the paper says.

"There are no indications where the discussions will end up. It
is hard to say where we will end until the last day of the
discussion is concluded.  At the end of the week, we should have
resolved the discussions on their power supply contract," PSALM
President Edgardo del Fonso told the Times.

Mediating for the two parties are Antonio del Rosario and former
Justice Secretary Sedfrey Ordonez.  Mr. Del Rosario is the
president of a non-profit organization promoting sustainable
energy development and utilization.

"We are still in constant discussions with them. What has been
taking place since the start of the mediation is the exchanging
of documents, position papers explaining their side of the
story.  But the good thing is that despite the differences
between Meralco and (Napocor) they are trying their best efforts
to resolve this and find a common ground," Mr. del Fonso said.

The row relates to the 10-year power supply contract forged by
the two companies.  Under the deal, Meralco must purchase at
least 85 percent of its requirement or 3,600 megawatts (MW) from
the state-run power generator on a monthly basis.

Meralco, however, decided in early 2002 to source a bigger chunk
of its power requirements from its own IPPs (independent power
producers) such as Duracom, Quezon Power Philippines Ltd.
(QPPL), and First Gas Power Corp.  Meralco said it has legal
basis to terminate the contract under the Electric Power
Industry Reform Act of 2001 (Republic Act 9136).  

During the mediation process, Meralco sent Napocor a demand
letter for it to pay the utility firm PHP9.7 billion in damages,
including a US$27 million claim for the power state firm's
failure to commission in time the transmission line connecting
Meralco's network to QPPL.  National Power, in turn, slapped
Meralco a PHP14 billion fine for the latter's failure to
purchase the contracted amount of power, the paper says.


PHILIPPINE LONG: Gets Nod for US$87 Million in Foreign Loans
------------------------------------------------------------
The plan by Philippine Long Distance Telephone Co. to raise
about US$87 million from two upcoming borrowings has received
the go signal from central bank, says the Inquirer News Service.

The company is raising the money to finance its expansion
program.  Under Philippine laws, the central bank's Monetary
Board must approve every foreign borrowing to ensure that the
country's external debts are being managed.

The approval covers the US$75 million five-year loan facility to
be arranged by Bank of Tokyo-Mitsubishi Ltd. and Citibank NA.  
Also covered is the US$12 million loan from Deutsche
Investitions und Entwicklysgesselshaft.

PLDT plans to expand into data services using its nationwide
infrastructure, the report says.



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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