/raid1/www/Hosts/bankrupt/TCRAP_Public/030501.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, May 01 2003, Vol. 6, No. 85

                         Headlines

A U S T R A L I A

ACMA ENGINEERING: Discloses Top 20 Shareholders
ACMA ENGINEERING: May 30 AGM Scheduled
AQUILAS ASIA: S&P Withdraws Debt Ratings on Financing Vehicles
BLACK RANGE: Issues Quarter Activities, Cashflow Report
BLACK RANGE: No Material Development in Exploration Activity

BLACK RANGE: Second Creditors' Meeting Set on May2
ERG LIMITED: Completes Proton Sale; Appoints Non-Exec Dir
JORBAI PTY: Melbourne Solicitor Sentenced on ASIC Charge
POWERTEL LIMITED: Announces Top Twenty Shareholders
QANTAS AIRWAYS: To Lodge Submission on Air NZ Alliance

QANTAS AIRWAYS: Releases Preliminary Traffic, Capacity Stats
WESTERN METALS: Issues Third Quarter Activities Report


C H I N A   &   H O N G  K O N G

ELEGANCE GARMENTS: Winding Up Hearing Scheduled May 21
ESUN HOLDINGS: Requests Trading Suspension
FIRM WINNER: Winding Up Sought by Healthy Wharf
HAIER-CCT: Widens 2002 Net Loss to HK$66.888M
LAI SUN: Requests Suspension of Trading

SEN HONG: 2002 Operations Loss Down to US$5.693M


I N D O N E S I A

BANK PANIN: Pefindo Ups Rp204.8B Bond Rating to `dBBB+'
ASTRA AGRO: CPO Auction Activities Down by 5.6%


J A P A N

HITACHI LIMITED: Details of Stock Acquisition Proposal
HITACHI LIMITED: Plans Share Buybacks With Matsushita
TEIJIN LTD.: Posts Y90.98B Net Loss in 2002


K O R E A

CHOHUNG BANK: Shinhan Group Chief Labels Price "Too High"
HYNIX SEMICONDUCTOR: S. Korea Discuss Tariff With US
JINRO CO.: Omits US$1.3B From Financial Statements, KDIC
SK CORPORATION: Moody's Maintains Review For Possible Downgrade


M A L A Y S I A

ABRAR CORPORATION: Modifies Proposed Offer for Sale
CHASE PERDANA: Disposes of Sebo Shares to Streamline Structure
GLOBAL CARRIERS: Seeks Proposed Revised Scheme Time Extension
LONG HUAT: Answers KLSE's Interim Restraining Order Query
MBF HOLDINGS: Capital Reduction, Shares Consolidation Approved

NAM FATT: 23rd AGM Scheduled on May 22
NCK CORPORATION: Proposed Disposal Completed
PARIT PERAK: Restructuring Agreement Deadline Extended
SASHIP HOLDINGS: Issues Special Administrator Details
SENG HUP: Further Extends SPA for Two Months

SBB SERVICES: Under Members' Voluntary Winding-Up
TAJO BERHAD: Provides Defaulted Facilities Status Update
TAP RESOURCES: Sets ICULS Acceptance Deadline on April May 22
TAT SANG: Inks Memorandum of Understanding With Cooldec Vendors
U-WOOD HOLDINGS: Winding Up Petition Against Unit Withdrawn


P H I L I P P I N E S

MANILA ELECTRIC: Appeals Supreme Court's Refund Order Again
MANILA ELECTRIC: DOE Gets Refund Proposals
MANILA ELECTRIC: Plans to Sell $600M Debt to Finance Operations
MANILA ELECTRIC: Posts Php2B Net Loss in 2002
MANILA ELECTRIC: Refund May Be Delayed, Says ERC

NATIONAL BANK: Posts P53M Profit in Q1
NEGROS NAVIGATION: Files P73-M Libel Suit Vs UFS


S I N G A P O R E

ASIA PULP: Clarifies Debt Negotiation Status
ASIA PULP: Wins Backing of Singapore Court
HUA KOK: Creditors Meet Regarding Unit Liquidation
NEPTUNE ORIENT: Discloses Sale of AET
NEPTUNE ORIENT: Unlocking Shareholder Value with AET, Kelive

WEE POH: Update on Re-Capitalization Plan


T H A I L A N D

ASIA HOTEL: SET Lifts `NP' Sign; Trading Still Suspended
COUNTRY (THAILAND): Posts Capital Restructuring Progress
ITALIAN-THAI DEVELOPMENT: Discloses AGM No.1/2546 Resolutions
ITALIAN-THAI DEVELOPMENT: Signs Construction Contract With BoT
PRASIT PATANA: SET Still Suspends Securities Trading

PREECHA GROUP: Invests in Pornpenlan; Director Pongsuwan Resigns
THAI ENGINE: Reports Reorganization Plan Progress

     -  -  -  -  -  -  -  -

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


ACMA ENGINEERING: Discloses Top 20 Shareholders
-----------------------------------------------
Acma Engineering & Construction Group Limited disclosed its top
twenty shareholders:

DISTRIBUTION OF SHAREHOLDERS AS AT 03/04/2003

                            NO OF         % OF
     RANGE OF HOLDINGS      SHARE         ISSUED
                            HOLDERS       CAPITAL
           1 -   1,000           34         0.03
       1,001 -   5,000          251         0.88
       5,001 -  10,000           45         0.56
      10,001 - 100,000           75         3.28
     100,001  and over           19        95.25

                 TOTAL          424       100.00

TOP TWENTY SHAREHOLDERS AS AT 03/04/2003

NAME                                             NUMBER      %

ACMA Australia Pty Ltd                   26,410,284    37.32
Lityan Systems Pte Limited               22,800,000    32.21
Clifton Pastoral Pty Limited             10,000,000    14.13
Equator Capital Limited                   1,378,869     1.95
Marcello Pragier                          1,061,924     1.50
Keng Lin Tan                                931,901     1.32
Ai Lin Low                                  900,000     1.27
John Graham Forster                         683,148     0.97
Jennifer Jane Forster                       382,001     0.96
Foon Seen Leong                             570,000     0.81
Nefco Nominees Pty Ltd                      519,504     0.73
Tsuey Chin Tham                             445,000     0.63
Phillip Charles & Ann Yvonne Knowland       278,500     0.39
Chon Choo NG                                195,000     0.28
Quek Sing Tong                              176,000     0.25
Lookhaven Pty Ltd                           132,000     0.19
David Wellacolt                             130,300     0.18
Davrolyn Pty Limited                        128,711     0.18
Neja Pty Ltd                                100,000     0.14
Adrianas Vanas                              100,000     0.14

Wrights Investors' Service reports that at the end of 2001, Acma
Engineering & Construction Group Limited had negative working
capital, as current liabilities were A$11.17 million while total
current assets were only A$9.60 million.


ACMA ENGINEERING: May 30 AGM Scheduled
--------------------------------------
The Annual General Meeting of Acma Engineering & Construction
Group Limited will be held at Level 5, NAB House, 255 George
Street, Sydney, NSW, 2000 on Friday 30 May 2003 at 3.00pm. This
Notice should be read together with the accompanying
Explanatory Statement and Independent Expert's Report.

The following business will be transacted at the Meeting:

GENERAL BUSINESS

CONSIDERATION OF FINANCIAL REPORT

To consider the Financial Report and the reports of the
Directors and Auditors for the year ended 31 December 2002. No
resolution is required to be considered by members under the
Corporations Act 2001 or the Company's Constitution.

RESOLUTION 1: RE-ELECTION OF MR ROBERT J BANNON AS A DIRECTOR

To consider, and if thought fit, pass the following ordinary
resolution:

"THAT Mr Robert J Bannon, a Director retiring by rotation in
accordance with Clause 57 of the Company's Constitution, being
eligible, is re-elected as a Director of the Company."

RESOLUTION 2: ELECTION OF MR SIM PIN QUEK AS A DIRECTOR

To consider, and if thought fit, pass the following ordinary
resolution:

"THAT Mr Sim Pin Quek, a Director appointed during the year and
retiring in accordance with Clause 55 of the Company's
Constitution, being eligible, is elected as a Director of the
Company."

RESOLUTION 3: ELECTION OF MR SING HUI ANDREW QUEK AS A DIRECTOR

To consider, and if thought fit, pass the following ordinary
resolution:

"THAT Mr Sing Hui Andrew Quek, a Director appointed during the
year and retiring in accordance with Clause 55 of the Company's
Constitution, being eligible, is elected as a Director of the
Company."

SPECIAL BUSINESS

RESOLUTION 4: APPROVAL OF TERMS OF SHARE BUY BACK AGREEMENT

To consider, and if thought fit, pass the following resolution
as a special resolution:

"THAT for the purposes of section 257D of the Corporations Act
2001, the terms of the Share Buy Back Agreement dated 10 October
2002 between the Company and Clifton Pastoral Pty Limited, be
approved."

RESOLUTION 5: GIVING A FINANCIAL BENEFIT TO A RELATED PARTY

Provided resolution 4 is passed as a special resolution, to
consider, and if thought fit, pass the following ordinary
resolution:

"THAT for the purposes of section 208 of the Corporations Act
2001, the giving of a financial benefit by the Company to
Clifton Pastoral Pty Limited, a related party of the Company, on
the terms of the Share Buy Back Agreement and as set out in the
Explanatory Statement, be approved."

RESOLUTION 6: DISPOSAL OF SUBSTANTIAL ASSET TO A RELATED PARTY

Provided resolution 4 is passed as a special resolution and
resolution 5 is passed as an ordinary resolution, to consider,
and if thought fit, pass the following ordinary resolution:

"THAT for the purposes of Listing Rule 10.1 of the Australian
Stock Exchange Limited, the disposal by the Company of
substantial assets to Clifton Pastoral Pty Limited, a related
party of the Company, pursuant to the Share Buy Back Agreement
and as set out in the Explanatory Statement, be approved."


AQUILAS ASIA: S&P Withdraws Debt Ratings on Financing Vehicles
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew on April 30, 2003
its long-term 'B' rating on the debt issuances of Aquila Inc's
(B/Negative/-) three guaranteed Asia Pacific financing vehicles-
UtiliCorp Asia Pacific Pty Ltd., UtiliCorp Australia (Gas)
Finance Pty Ltd., and UtiliCorp Australia Finance Pty Ltd.-
following the repayment of all the debt in the three companies.

Also, Aquila has terminated its fully guaranteed A$500 million
medium-term notes/commercial paper program, established in April
1999, to fund the aforementioned wholly-owned subsidiaries.
Aquila unconditionally and irrevocably guaranteed all the debt
issued by these three companies, and their debt rating reflected
the long-term rating of Aquila.


BLACK RANGE: Issues Quarter Activities, Cashflow Report
-------------------------------------------------------
Black Range Minerals Limited (Administrators
Appointed) posted its Appendix 5B - Mining Exploration Entity
Quarterly Report:

                             APPENDIX 5B
               MINING EXPLORATION ENTITY QUARTERLY REPORT

Name of entity
Black Range Minerals Limited

ABN                        Quarter ended (current quarter)
86 009 079 047                31/03/2003

CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flows related to                Current   Year to date
operating activities                 Quarter   (9 months)
                                     AUD'000      AUD'000
1.1  Cash flows related to operating
      activities
      Receipts from rental income        10.1         63.2
      Payments for administration        (186.5)      (631.2)
      Interest and other items of a similar
       nature received                   5.3         12.6
      Interest and other costs of finance
       paid                              (14.4)       (14.4)
      Net Operating Cash Flows           (185.5)      (569.8)

1.2  Cash flows related to investing activities
     Expenditure on
       (a) mining leases                 40.4       (10.8)
       (b) other fixed assets            -        (0.3)
      Proceeds from sale of:
       (a) prospects                     -         11.8
       (b) equity investments            -         50.7
       (c) other fixed assets            -          0.7
      Net investing cash flows           40.4         52.1
      Total operating and investing cash
       flows                             (145.1)      (517.7)

1.3  Cash flows related to financing activities
     Proceeds from issues of shares, options,
      etc.                               -         531.0
     Proceeds from borrowings            -         250.0
     Repayment of borrowings             (250.0)      (250.0)
     Expenditure related to financing
      activities                         -        (47.8)
     Net financing cash flows            (250.0)       483.2

     Net increase(decrease) in cash held (395.1)       (34.5)
     Cash at beginning of quarter/year to date 532.8   172.2

1.4  Cash at end of quarter                137.7        137.7
1.5 PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE
    DIRECTORS
                                             Current Quarter
                                             AUD'000

     Aggregate amount of payments to
     the parties included in item -
     expenditure on administration and
     financing activities                     10.5

     Explanation necessary for an understanding
     of the transactions

- remuneration of directors                  6.0
- fees paid for legal services provided by a director
   related entity                             4.5

NON-CASH FINANCING AND INVESTING ACTIVITIES

2    Details of financing and investing transactions which have
had a material effect on consolidated assets and liabilities but
did not involve cash flows

  The company capitalized net borrowing costs that are directly
attributable to a qualifying asset as part of the cost of that
asset. During the quarter net borrowing costs totaling $275,400
(previous quarter $268,200) were capitalized to the Syerston
nickel/cobalt/platinum project.

3. FINANCING FACILITIES AVAILABLE
   Add notes as necessary for an understanding of the position.
                                        Amount       Amount
                                       available       used
                                        AUD'000      AUD'000

Loan facilities (excluding capitalized   10,000.0     10,000.0
     interest)

4. ESTIMATED CASH OUTFLOWS FOR NEXT QUARTER       AUD'000

     Exploration and evaluation                   25.0

5. RECONCILIATION OF CASH

Reconciliation of cash at the end          Current     Previous
of the quarter (as shown in the            quarter      quarter
consolidated statement of cash flows)      AUD'000      AUD'000
to the related items in the accounts
is as follows.

     Total: cash at end of quarter (item 1.4)   137.7     532.8

6. CHANGES IN INTERESTS IN MINING TENEMENTS     None

7. ISSUED AND QUOTED SECURITIES AT END OF CURRENT PERIOD

                                                      Amount
                                          Issue       Paid-up
                                          price per   per
                                          security    security
                                          (see        (see
Category of                  Total      Number   note 3)
note 3)
securities                   Number     quoted   (cents)
(cents)

7.1 Ordinary
    securities      203,180,115  203,180,115        -        -

7.2 Convertible debt securities
    (description)

    - the principal amount of A$250,000, secured by a 2nd
ranking charge over all assets, matured on 28 February 2003 and
was repaid 10 March 2003, together with interest amounting to
$12,500.

    Changes during quarter

    - decreases through
      securities matured   15,441,176      -      1.7      1.7

7.3 Options             Option       Quoted   Exercise   Expiry
                        Series                 price     date
                                              (cents)

                 24,000,000            -       30  02/07/2003
                  5,900,000            -       20  02/07/2004
                  2,000,000            -       30  21/07/2003
                  2,000,000            -       40  21/07/2003
                  7,000,000            -   up to
                                               50  21/07/2003
                    250,000            -       20  29/10/2004
                    500,000            -   up to
                                               55  14/09/2005
                 38,000,000            -       20  05/07/2005
                 26,000,000            -       30  05/07/2005
                  2,000,000            -       40  05/07/2005
                  1,250,000            -    2,125  29/10/2007
      Total     108,900,000

COMPLIANCE STATEMENT

1  This statement has been prepared under accounting policies
which comply with accounting standards as defined in the
Corporations Law or other standards acceptable to ASX.

2  This statement does give a true and fair view of the matters
disclosed.


BLACK RANGE: No Material Development in Exploration Activity
------------------------------------------------------------
There has been no significant exploration or development
activity in the quarter ended 31 March 2003.

The Board appointed Anthony Gregory McGrath and Joseph Hayes
Administrators of Black Range Minerals Limited (Administrators
Appointed) (BLR) on 31 March 2003 and Administrators of Black
Range Metals (Syerston) Pty Limited (Receiver and Manager
Appointed) (Administrators Appointed) (BRM Syerston) on 4 April
2003.

The purpose of the appointment of an administrator is to allow
for an insolvency practitioner to control the affairs of the
Black Range group during a moratorium and investigation period
at the end of which the creditors of the company determine the
company's future.

CIBC the company's banker and major creditor, have a fixed and
floating security over a majority of the assets within the Black
Range group.  This includes the assets comprising the Syerston
Nickel/Cobalt/Platinum project held by BRM Syerston. CIBC
elected to appoint a receiver and manager to BRM Syerston on 11
April 2003.

Any creditors or shareholders who wish to discuss any aspect of
the above should refer to www.corporaterecovery.kpmg.com.au or
contact Michael Newbold of the Administrators office on (02)
9455 9066.


BLACK RANGE: Second Creditors' Meeting Set on May2
--------------------------------------------------
The Administrators of Black Range Minerals Limited announced
that a report to creditors dated 23 April 2003 has been
circulated in accordance with section 439A of the Corporation
Act 200l. A copy of the report is available at
www.corporaterecovery.kmpg.com.au.

This report sets out the Administrators' opinion in respect of
whether it would be in the interests of creditors of Black Range
to execute a Deed of Company Arrangement, to return the company
to the Directors or to have the company wound up.

Furthermore, a second statutory meeting of creditors has been
convened for 2 May 2003. The meeting will be held at KPMG
Centre, 45 Clarence Street, Sydney, NSW, 2000 at 10am.

The primary purpose of the second meeting is to allow creditors
to vote in respect of the various options outlined by the
Administrators.

This meeting will not discuss issues relating to the company's
shareholder interests.

Any creditors or shareholders who require further information,
or wish to discuss any aspect of the above, should refer to the
abovementioned Internet site or contact Michael Newbold of the
Administrators' office on (02) 9455 9066.


ERG LIMITED: Completes Proton Sale; Appoints Non-Exec Dir
---------------------------------------------------------
ERG Group (ERG) announced Tuesday that the sale of Proton World
to STMicroelectronics of Switzerland on the terms announced in
March 2003 has been completed, with some proceeds applied to the
reduction of ERG debt.

Following completion of the sale of Proton, ERG discharged debts
of Euro 5.25 million (A$9.8 million) to European banks. ERG will
also pay out in full its facility with Babcock and Brown. The
remaining cash will be applied to the Company's smart card
ticketing core business.

ERG also announced that Mr Tony Shepherd has consented to be
appointed an independent Non-Executive Director of the Company.
Mr Shepherd is currently Deputy a Chairman of Transfield
Services Limited, and is a Director of ADI Limited and the NSW
State Transit Authority. He is also Vice President of the
Australian Council for Infrastructure Development.

ERG Chairman, Mr Sandy Murdoch, said: "Mr Shepherd brings
impeccable experience in overseeing the management and delivery
of major, long term infrastructure projects to ERG.

"As ERG continues to win new, major transit ticketing projects
it is important that the Company's Board incorporates strong
project management and delivery expertise in addition to
commercial and financial expertise.

"Mr Shepherd brings a highly respected record of achievement and
experience in these areas."

Mr Shepherd's appointment is part of the Board's review of its
structure and make-up, which was announced at last year's Annual
General Meeting. Mr Shepherd's appointment as a Director will
become effective on 2 May 2003.

"The review continues and finalizing the structure of the Board
will be a key focus following this week's Shareholder Meeting to
consider the restructure of the Company's balance sheet," Mr
Murdoch said.

BACKGROUND INFORMATION

MR TONY SHEPHERD

Mr Tony Shepherd brings over 30 years of extensive experience in
commercializing the development of several significant public
and private infrastructure projects underpinned by prudent
financial management.

Currently Deputy Chairman of Transfield Services Limited since
2001, Mr Shepherd was Chief Executive Officer, Project
Development from 1992 to 2001. During this period he was
responsible for several significant projects including the $2
billion Melbourne City Link Project and the $650 million Walsh
Bay precinct re-development in partnership with the NSW
Government.

As Director of Transfield Group's business development strategy
from 1979 to 1988, Mr Shepherd was responsible for negotiating
and managing major infrastructure contracts and agreements
including the $750 million Sydney Harbour Tunnel project.

Mr Shepherd is currently also a Director of NSW State Transit
Authority, ADI Limited and Vice President of the Australian
Council for Infrastructure Development.


JORBAI PTY: Melbourne Solicitor Sentenced on ASIC Charge
--------------------------------------------------------
Former solicitor Hasan Kaygusuz of Thomastown, Victoria was
sentenced on April 29, 2003 in the Melbourne County Court on a
charge brought by the Australian Securities and Investments
Commission (ASIC).

Mr Kaygusuz was sentenced to 12 months imprisonment, fully
suspended upon him entering a recognizance in the amount of
$5,000 to be of good behavior for three years.

Mr Kaygusuz earlier pleaded guilty in the County Court to one
count of being knowingly involved in the commission by Mr Bruce
Edward Carr and Ms Kym Jeanette Clendenning of dishonestly using
their positions as officers of the company Jorbai Pty Ltd.

Mr Kaygusuz was the company lawyer and accountant for Jorbai, a
failed dairy products distribution company based in Preston,
Victoria.

The charge was laid following an investigation by ASIC, and
relates to the use of Jorbai's company funds to purchase a house
in Western Australia for Mr Carr and his partner, Ms
Clendenning. The house was purchased in Mr Kaygusuz's wife's
maiden name.

As a result of ASIC's actions, assets allegedly purchased with
the company's funds, including the Western Australian property,
have been located, and approximately $165,000 has since been
repaid to the company's liquidator and Ms Clendenning's
bankruptcy trustee.

Mr Carr and Ms Clendenning did not appear in court on April 30,
2003, and are yet to enter a plea in relation to the allegations
against them.

Ms Clendenning has been charged with one count of obtaining
property by deception, two counts of dishonestly using her
position to gain an advantage or cause detriment to the
corporation, and one count of structuring cash transactions to
avoid reporting under the Financial Transaction Reports Act.

Mr Carr has been charged with one count of obtaining property by
deception, two counts of dishonestly using his position to gain
an advantage or cause detriment to the corporation, and one
count of participating in the management of Jorbai whilst he was
disqualified from doing so.

Their charges will next be heard in the Melbourne Magistrates'
Court on 13 October 2003 at a contested committal.

This matter was prosecuted by the Commonwealth Director of
Public Prosecutions.


POWERTEL LIMITED: Announces Top Twenty Shareholders
---------------------------------------------------
Powertel Limited announced the top 20 holders of the Company's
shares:

DISTRIBUTION OF EQUITY SECURITIES  ORDINARY SHARES

RANGE OF HOLDING               NO. OF HOLDERS
                 1  1,000         1,260
             1,001  5,000         3,510
            5,001  10,000         1,490
          10,001  100,000         1,630
100,001 shares and over              218

Holders with less than a marketable parcel of 8,772 5,726

STATEMENT OF SHAREHOLDERS

NAME OF 20 LARGEST SHAREHOLDERS IN EACH CLASS OF ORDINARY SHARE
FULLY PAID
                                    NO. OF SHARES HELD   % HELD

DownTown Utilities Pty Ltd               303,191,490   34.99
Wiltel Communications Pty Ltd            299,889,341   34.61
National Nominees Limited                 59,977,991    6.92
Permanent Trustee Australia               33,799,245    3.90
ANZ Nominees Limited                      11,834,692    1.37
Citicorp Nominees Pty Limited              8,870,251    1.02
Westpac Custodian Nominees Ltd             5,139,573    0.59
MLC Limited                                3,419,728    0.39
JP Morgan Nominees Australia Limited       3,230,846    0.37
Colvic Pty Ltd                             2,903,642    0.34
Merrill Lynch (Australia) Nominees Pty Ltd 2,401,497    0.28
UOB Kay Hian Pte Ltd                       2,000,000    0.23
OCBC Securities Pte Ltd                    1,950,000    0.23
McNeil Nominees Pty Limited                1,858,582    0.21
Mrs Elisa Nicole Smith                     1,610,000    0.19
Brislan Nominees Pty Ltd                   1,508,000    0.17
Ms Margaret Higgins                        1,280,000    0.15
Commonwealth Custodial                     1,269,492    0.15
Mr Mark Floyd Keenan & Mrs Catherine       1,200,000    0.14
Anne Keenan & MGH Trustees Limited
Mr Brett Sterling-Levis                    1,200,000    0.14

On March, the Troubled Company Reporter - Asia Pacific
reported that PowerTel announced a non-cash asset write down of
$106.9 million, reflecting the decline in telecommunications
asset values throughout the industry. Excluding the write-down,
PowerTel reduced its net operating loss to $52.8 million in 2002
from $83.3 million in 2001. After the write-down, the 2002 loss
was $161.9 million.


QANTAS AIRWAYS: To Lodge Submission on Air NZ Alliance
------------------------------------------------------
Qantas Airways Limited said Tuesday it would lodge a written
submission in response to the draft determination of the
Australian Competition and Consumer Commission (ACCC) on its
proposed alliance with Air New Zealand.

Qantas will lodge the submission by 9 May 2003. However, the
airline has not requested a pre-determination conference with
the ACCC.

The Chief Executive Officer of Qantas, Geoff Dixon, said the
airline believed it had made a strong case to the ACCC that the
alliance would deliver significant benefits to consumers,
tourism and the economy of both Australia and New Zealand.

"This view has been subsequently supported by just about every
independent expert and commentator," he said. "Only the ACCC
appears to think differently."

Mr Dixon said he believed the ACCC had either ignored or
underestimated the fundamental challenges facing airlines around
the world. He said there was a pressing need for Qantas and Air
New Zealand to participate in the restructuring and
consolidation in order to provide the foundation of a strong,
long term viable and internationally competitive airline
industry in Australasia.

He said the proposed alliance therefore involved important and
broad national interest considerations and the authorization
process should not focus solely on consumer and competition
interests.

The Qantas submission will highlight a range of issues,
including:

   * Qantas and Air New Zealand are not immune from the ongoing
problems and changes facing the global aviation industry;

   * the aviation industry's problems are long term, began well
before 11 September, 2001 and have been exacerbated by the Iraq
war and SARS;

   * the future for Air New Zealand, without the proposed
alliance, would involve the inevitable contraction of its
international operations;

   * Virgin Blue has stated unequivocally that it will enter the
trans-Tasman and domestic New Zealand markets and be a
significant competitor; and

   * real and substantial benefits flow from the alliance.

"Qantas acknowledges that, under the alliance, there will be
areas where competition is reduced," Mr Dixon said. "However,
other airlines including Virgin Blue will continue to provide
strong competition in these areas.

"Furthermore, these areas constitute a small part of the
combined networks of Qantas and Air New Zealand and, overall,
both airlines will continue to operate in an intensely
competitive market where many of the other players, through
government ownership and subsidies, do not have the same
disciplines.

"Surely, in these circumstances, a regulatory body should look
beyond the narrow confines of one aspect of the total market."

Mr Dixon said Qantas had requested that the ACCC finalize its
draft determination as soon as possible so that the airline
could, if necessary, lodge an appeal with the Australian
Competition Tribunal.

He said this approach was within the normal provisions of the
Australian competition regulatory approval process.

Qantas and Air New Zealand are in discussions with the New
Zealand Commerce Commission to determine the best process to
follow in New Zealand.


QANTAS AIRWAYS: Releases Preliminary Traffic, Capacity Stats
------------------------------------------------------------
Qantas Airways Limited announced that International traffic,
measured in Revenue Passenger Kilometers (RPKs) decreased by 0.5
percent in February 2003 while capacity, measured in Available
Seat Kilometers (ASKs), rose by 3.7 percent. This resulted in a
revenue seat factor of 79.4 percent, 3.4 percentage points lower
than for February 2002.

Domestic RPKs increased by 1.9 percent in February, while ASKs
increased by 3.4 percent over the same period. The resulting
revenue seat factor of 75.2 percent was 1.2 percentage points
lower than the previous year.

February Group (comprising International, Domestic, Australian
Airlines and QantasLink) passenger numbers increased by 2.2
percent over the previous year. RPKs increased by 3.4 percent,
while ASKs were up 7.9 percent, resulting in a revenue seat
factor of 77.1 percent, which was 3.4 percentage points lower
than the previous year.

FINANCIAL YEAR TO DATE FEBRUARY 2003

International revenue seat factor for year to date February 2003
increased by 3.5 percentage points to 80.9 percent when compared
with year to date February 2002, while international yield
excluding exchange increased by 4.0 percent over the same
period. Domestic yield excluding exchange for the financial year
to February decreased by 5.0 percent. Domestic revenue seat
factor decreased by 0.3 percentage points to 79.3 percent over
the same period.

Group passenger numbers for the year to February increased by
11.8 percent over the previous year. RPKs and ASKs increased by
8.7 percent and 5.9 percent respectively, resulting in a revenue
seat factor of 79.8 percent, up 2.1 percentage points from the
previous year.

RECENT DEVELOPMENTS

Qantas announced it would make 1,000 employees redundant by 30
June 2003 as it responds to lower passenger numbers flowing from
the war in Iraq, the outbreak of Sever Acute Respiratory
Syndrome and general economic conditions. The redundancies form
part of an ongoing restructuring program the airline is
undertaking in response to the changing aviation market.

On 10 April 2003, Qantas said it would continue to pursue a
relationship with Air New Zealand despite negative draft
determinations by the Australian Competition and Consumer
Commission and the New Zealand Commerce Commission. Qantas CEO
Geoff Dixon said that the draft determinations highlight the
growing gulf between the commercial realities and long term
restructuring challenges facing the aviation industry and the
pursuit, by competition regulators, of ideals and market
outcomes that the industry simply will not be able
to deliver on a sustainable basis.

Qantas announced a new domestic fare structure for sale from 29
April 2003, for travel from 1 July 2003. The new range offers
one way fares that can be mixed and matched in any combination;
the ability to make itinerary changes right up to the day before
travel for all fares, and right up to departure date for
flexible fares; the end of 'minimum stay' and 'Saturday night
stay away restrictions'; and a more user friendly booking
environment for both customers and travel agents.

PRELIMINARY MONTHLY TRAFFIC AND CAPACITY STATISTICS

FEBRUARY 2003
                           MONTH     FINANCIAL YEAR TO DATE
Domestic                  2002/ 2001/ CHANGE 2002/ 2001/  CHANGE
                            03    02           03    02

Passengers carried ('000)
                           1,255 1,220 2.9% 11,461  9,675 18.5%
Revenue Passenger Kilometers (m)
                           1,601 1,572 1.9% 15,397 12,882 19.5%
Available Seat Kilometers (m)
                           2,128 2,057 3.4% 19,424 16,182 20.0%
Revenue Seat Factor (%)    75.2  76.4 (1.2)  79.3   79.6 (0.3)
                                       pts                pts

International             2002/ 2001/ CHANGE 2002/ 2001/  CHANGE
                          03    02           03    02      %
Passengers carried ('000)
                            673   667  0.9%  5,903  5,762  2.4
Revenue Passenger Kilometers (m)
                          4,131 4,154 (0.5)% 36,168 35,244 2.6
Available Seat Kilometers (m)
                          5,200 5,014  3.7% 44,686  45,532(1.9)
Revenue Seat Factor (%)     79.4  82.8 (3.4)   80.9  77.4   3.5
                                        pts                 pts

Australian Airlines      2002/ 2001/ CHANGE 2002/ 2001/  CHANGE
                         03    02           03    02

Passengers carried ('000)         35  -   na     156 -  na
Revenue Passenger Kilometers (m) 200  -   na     885 -  na
Available Seat Kilometers (m)    338  -   na   1,396 -  na
Revenue Seat Factor (%)         59.2  -   na    63.4 -  na

QantasLink               2002/ 2001/ CHANGE 2002/ 2001/  CHANGE
                         03    02           03    02      %

Passengers carried ('000)
                            247  275  (10.2)% 2,452  2,429 0.9
Revenue Passenger Kilometers (m)
                            162  170  (4.7)%  1,606  1,593 0.8
Available Seat Kilometers (m)
                            234  251  (6.8)%  2,212  2,246 (1.5)
Revenue Seat Factor (%)     69.2 67.7  1.5 pts  72.6   70.9 1.7
                                                            pts

Total Group Operations    2002/ 2001/ CHANGE 2002/ 2001/  CHANGE
                          03    02           03    02      %
Passengers carried ('000) 2,210 2,162 2.2% 19,972 17,866 11.8
Revenue Passenger Kilometers (m)
                          6,094 5,895 3.4% 54,056 49,720  8.7
Available Seat Kilometers (m)
                          7,899 7,322 7.9% 67,719 63,960  5.9
Revenue Seat Factor (%)    77.1 80.5 (3.4)   79.8   77.7  2.1
                                     pts                 pts

NOTES

Any adjustments to preliminary statistics will be included in
the year-to-date results next month. Where figures have been
rounded, discrepancies may occur between the sum of the
components of items and the total, and in percentage changes,
which are derived from figures prior to rounding.

The number of passengers carried is calculated on the basis of
origin/destination (one origin/destination journey represents
one passenger regardless of the number of stage lengths
undertaken).

Traffic and capacity statistics for Boeing 717 aircraft
operating on domestic core airline services are included in
domestic.

Australian Airlines commenced operations on 27 October 2002.

Key
(m)   Millions
RPKs: The number of paying passengers carried, multiplied by the
      number of kilometers flown
ASKs: The number of seats available for sale, multiplied by the
      number of kilometers flown


WESTERN METALS: Issues Third Quarter Activities Report
------------------------------------------------------
The Highlights of Western Metals Limited's Quarterly Report for
the quarter ended March 31, 2003:

PRODUCTION

   * The Mt Gordon process plant upgrade was completed and
successfully commissioned.

   * At the Mammoth mine, underground development continued and
ore from the first stop was mined.

   * At Mt Gordon cathode production was 10,805 tonnes.

   * Pillara produced 42,222 tonnes zinc and 16,837 tonnes lead
in concentrate for the quarter.

   * Pillara South open pit study indicates a viable
development.

EXPLORATION AND DEVELOPMENT

   * Pillara South underground drill results confirm the
continuity of the mineralized lens west of the main lode.

   * Scoping study on the Esperanza South resource has been
completed and evaluation is ongoing.

   * Approval given to develop an exploration decline to
evaluate the Esperanza Pit North wall resource.

To see the full disclosure of the Quarter Ended March 31, 2003
Activities Report, go to
http://bankrupt.com/misc/TCRAP_WMT0501.pdf.


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


ELEGANCE GARMENTS: Winding Up Hearing Scheduled May 21
------------------------------------------------------
The High Court of Hong Kong will hear on May 21, 2003 at 10:00
in the morning the petition seeking the winding up of Elegance
Garments & Textile Limited.

Wong Ngar Yee of Room 1729, Kwai Yiu House, Lai Yiu Estate, Kwai
Chung, New Territories, Hong Kong filed the petition on March
31, 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.


ESUN HOLDINGS: Requests Trading Suspension
------------------------------------------
At the request of eSun Holdings Limited, trading in its shares
was suspended with effect from 9:30 a.m. on April 30, 2003
pending the issue of an announcement of the results of the court
meeting and special general meeting.

eSun Holdings Limited, formerly known as Lai Sun Hotels
International Limited, develops and operates investment in
media, entertainment, internet and technology-oriented
businesses. It provides advertising agency services, manages
hotel operations and invests in hotel and restaurant operations
and property investment.


FIRM WINNER: Winding Up Sought by Healthy Wharf
-----------------------------------------------
Healthy Wharf Limited is seeking the winding up of Firm Winner
Trading Limited. The petition was filed on March 31, 2003, and
will be heard before the High Court of Hong Kong on May 28,
2003.

Healthy Wharf holds its registered office at 15th Floor, Asia
Standard Tower, 59-65 Queen's Road Central, Hong Kong.


HAIER-CCT: Widens 2002 Net Loss to HK$66.888M
---------------------------------------------
Haier-CCT Holdings Limited posted Result Announcement Summary
for the year-end date December 31, 2002:

Currency: HK$
Auditors' Report: Unqualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 1/1/2002      from 1/1/2001
                              to 31/12/2002      to 31/12/2001
                              Note  ('000)       ('000)
Turnover                           : 499,877            224,130
Profit/(Loss) from Operations      : (68,444)           (639)
Finance cost                       : (4,682)            (520)
Share of Profit/(Loss) of
  Associates                       : N/A                (2,439)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (66,888)           (5,030)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0073)           (0.0027)
         -Diluted (in dollars)     : (0.0073)           (0.0027)
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (66,888)           (5,030)
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                  : 14/5/2003          to
19/5/2003 bdi.
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

(1)  TURNOVER

                                2002            2001
                                HK$'000         HK$'000
                                                Restated
Continuing operations           472,615         18,349
Discontinued operations         27,262          205,781
                                -----------     -----------
                                499,877         224,130
                                ==========      ===========

(2) PROFIT/(LOSS) FROM OPERATING ACTIVITIES

                                2002            2001
                                HK$'000         HK$'000
                                                Restated
Continuing operations           (69,696)        (11,379)
Discontinued operations         1,252           10,740
                                -----------     ------------
                                (68,444)        (639)
                                =========       ==========

(3)  LOSS PER SHARE

   The calculation of basic loss per share is based on the net
loss attributable to shareholders for the year of approximately
HK$66,888,000 (2001: HK$5,030,000) and the weighted average of
9,179,016,822 (2001: 1,857,193,397) ordinary shares in issue
during the year.

   The calculation of diluted loss per share is based on the net
loss attributable to shareholders for the year of HK$66,888,000
(2001:HK$5,030,000).  The weighted average number of ordinary
shares used in the calculation is the 9,179,016,822
(2001:1,857,193,397) ordinary shares in issue during the year,
as used in the basic loss per share calculation, and the
weighted average of 1,361,989 (2001:2,149,155) ordinary shares
assumed to have been issued at no consideration on the
deemed exercise of all share options during the year and the
weighted average of nil (2001: Nil) ordinary shares assumed to
have been issued at no consideration on the deemed exercise of
all warrants outstanding during the year.

(4)  DIVIDENDS

   No dividends have been paid or declared by the Company during
the year (2001: Nil).

(5)  WARRANTS

   On 22 February 2002, the Company made a bonus issue of
warrants to the shareholders whose names appeared on the
register of members of the Company on 22 February 2002, on the
basis of one unit of warrant for every ten shares of HK$0.10
each in the share capital of the Company held on that date. As a
result, 893,876,600 units of warrants in the amount of
HK$464,815,832 were issued pursuant to the bonus issue.  Each
unit of warrant entitles the holder thereof to subscribe for new
ordinary shares of the Company at an initial subscription price
of HK$0.52 per share, payable in cash and subject to adjustment,
at any time between 26 February 2002 and 26 February 2004 (both
dates inclusive).

   There were no warrants exercised during the year.

(6)  COMPARATIVE AMOUNTS

   Due to the disposal of Current Profit Limited, formerly a
subsidiary of the Company which engaged in manufacture and sales
of baby care products, certain figures have been reclassified as
discontinued operation to conform with the current year's
presentation.


LAI SUN: Requests Suspension of Trading
---------------------------------------
Lai Sun Development Company Limited requested trading in its
shares to be suspended with effect from 11:57 a.m. April 30,
2003 pending the release of an announcement in relation to the
result of the privatization proposal of eSun Holdings Limited.

The Troubled Company Reporter - Asia Pacific reported that Lai
Sun Development had recently defaulted on convertible and
exchangeable bonds that fell due on March 31, 2003, adding that
it might be liquidated as a result. The US$265 million bonds
were the same bonds that fell due last December, but were
extended by holders for three months.


SEN HONG: 2002 Operations Loss Down to US$5.693M
------------------------------------------------
Sen Hong Resources Holdings Limited posted its results
announcement summary for the year-end date December 31, 2002:

Currency: USD
Auditors' Report: Qualified
                                                (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                           : 25,239             13,355
Profit/(Loss) from Operations      : (4,875)            (11,423)
Finance cost                       : (58)               (63)
Share of Profit/(Loss) of
  Associates                       : N/A                (1,935)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (5,693)            (14,927)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0356)           (0.22)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (5,693)            (14,927)
Final Dividend                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remark:

LPS-basis for the year ended 31 December 2001:
LPS shown in 2001 annual report is US$0.023, adjustment has been
made for the share consolidation of 10 in 1 and the figure is
rounded up to US$0.22.


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


BANK PANIN: Pefindo Ups Rp204.8B Bond Rating to `dBBB+'
-------------------------------------------------------
PEFINDO upgraded ratings of Bank Panin (PNBN) and its Rp204.8
billion Bond I Year 2000 to `dBBB+' from `dBBB'.  The upgrade
reflects the bank's favorable market position,  strong
capitalization and improving asset quality.  The bank's
improving profitability due to favorable cost structure has also
been taken into rating consideration.

However, the rating, is still mitigated by the bank's funding
structure, which still heavily relies on short-term deposits and
the bank's relatively high exposures on foreign exchange loans,
though it gradually decreased.

PNBN is one of the top-tier private banks in Indonesia with
total assets of Rp17.7 trillion as of September 30, 2002
supported by 135 branches and 146 ATMs.  Currently, ANZ
maintains its 10.93% ownership in the bank and continues to
provide technical assistance, specifically in distribution,
servicing and back office processing of the bank's liability
products.


ASTRA AGRO: CPO Auction Activities Down by 5.6%
-----------------------------------------------
PT Astra Agro Lestari Tbk (AALI) announced that its crude palm
oil (CPO) auctions in the first quarter of 2003 totaled 80,750
tons, a slight decrease of 5.6 percent compared to the same
period last year, as a result of a rise in exports.

On the other hand, the auction volume of "Super CPO" rose
significantly from 3,250 tons in QI 2002 to 26,000 tons, as
reflected by its composition change from 3.8 percent of the
total to 32.2 percent (in line with the improvement programs
already implemented).

Wrights Investors' Service reports that at the end of 2001, PT
Astra Agro had negative working capital, as current liabilities
were Rp427.52 billion while total current assets were only
Rp254.05 billion The fact that the company has negative working
capital could indicate that the company will have problems in
expanding.


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


HITACHI LIMITED: Details of Stock Acquisition Proposal
------------------------------------------------------
Hitachi, Ltd. announced that, as a measure intended to
contribute to the maximization of corporate value by heightening
the motivation of directors, executive officers and employees,
the Board of Directors of the Company, at the meeting on April
28, resolved to submit a proposal at the ordinary general
meeting of shareholders, to be held on June 25, 2003, regarding
the issue of stock acquisition rights for the purpose of
granting stock options pursuant to Article 280-20 and Article
280-21 of the Japanese Commercial Code.

The details of the proposal are as follows:

1. Qualified persons to be allocated the stock acquisition
rights (the Rights) Directors, executive officers and employees
of the Company.

2. Class and number of shares to be issued upon exercise of the
Rights

Not more than 1,500,000 shares of the Company's common stock
(the Common) Stock in total.

In the event that the Company splits or consolidates its Common
Stock, the number of shares to be issued upon exercise of the
Rights shall be adjusted according to the following formula.
Number of Number of shares Ratio of stock split or shares after
= before adjustment x consolidation adjustment

Any fraction less than one share derived in consequence of
adjustment shall be rounded down to the nearest one share.

3. Total number of the Rights to be issued

Not more than 1,500 Rights in total. The number of shares to be
issued upon exercise of each Right shall be 1,000, which shall
be adjusted in accordance with the preceding provision (2.
above).

4. Issue price of the Rights

No consideration shall be paid.

5. Amount to be paid upon exercise of the Rights

The amount to be paid per share upon exercise of the Rights (the
"Exercise Price shall be 1.05 times of the average of the
closing price (including indication of any bid or offer) of a
Common Stock on the Tokyo Stock Exchange on each of the thirty
consecutive trading days commencing on the forty-fifth trading
day preceding the issue date (excluding the number of days on
which no closing price is quoted), any fraction less than one
yen shall be rounded up to the nearest one yen. However, in the
event that the price is less than the closing price of the issue
date (or if no closing price is quoted on the issue date, the
latest closing price before the issue date shall be applied),
the Exercise Price shall be 1.05 times of the closing price of
the issue date.

In the event that the Company issues new shares or reissues its
own shares at price less than the market price (excluding the
issue of shares resulting from the exercise of the stock
acquisition rights) after the issue date, the Exercise Price
will be subject to adjustment in accordance with the following
formula, and any fraction less than one yen derived in
consequence of adjustment shall be rounded up to the nearest one
yen.

6. Period during which the Rights may be exercised
The Rights will be exercisable within a three-year period
following one-year from the issue date.

7. Conditions for exercise of the Rights

  (1) In the event a person holding the Rights loses the
position of director, executive officer or employee of the
Company, such person may exercise the Rights only within the
succeeding six months of such event. In the event of the death
of the person, the Rights expire immediately.

  (2) Other terms of exercising the Rights shall be subject to
the provisions in granting agreement between the Company and
each qualified person.

8. Cancellation of the Rights
The Company may cancel the Rights at any time without
consideration.

9. Restriction on the transfer of the Rights

The approval by the Board of Directors of the Company shall be
required for transfer of the Rights.

Notes:

The issue of the Rights above is subject to the approval by
shareholders at the 134th Ordinary General Meeting of
Shareholders to be held on June 25, 2003.

For more information, go to global.hitachi.com

HITACHI LIMITED: Plans Share Buybacks With Matsushita
-----------------------------------------------------
Hitachi Limited and Matsushita Electric Industrial Co. Ltd will
buy back their own shares as the firms unveiled results that
indicated the need for further restructuring, the Financial
Times reports. The firms said the combination of weak economic
conditions in Japan and the United States and the impact of the
war in Iraq and the outbreak of sudden acute respiratory
syndrome (SARS) would negatively affect their business this
year.

Last year, Matsushita posted an operating loss of 199 billion
yen and vowed to return to profitability. At the net level,
however, Matsushita was affected by legal changes relating to
net deferred tax assets as well as share holding appraisal
losses, and posted a net loss of 19.5 billion yen. This year's
loss follows record net losses of 428 billion previously.

Hitachi has also implemented restructuring measures in the past
but will take a further 30 billion yen restructuring charge this
year. In a bid to improve competitiveness, Hitachi plans to exit
certain businesses that currently account for about 20 percent
of net sales. It aims to increase its operating margin to at
least 5 percent from 1.8 percent and return on equity to at
least 8 percent from 1.3 percent by fiscal 2005.


TEIJIN LTD.: Posts Y90.98B Net Loss in 2002
-------------------------------------------
Polyester maker Teijin Limited posted a net loss of 20.98
billion yen for the just-ended year against a profit of 975
million yen the previous year, as it suffered a total of 54.1
billion yen in special loss, according to Kyodo News on
Wednesday.

Teijin Limited falls into the red for the year ending March 31
due to a heavy special loss connected mainly to valuation losses
on its shareholdings and costs resulting from business
restructuring.


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


CHOHUNG BANK: Shinhan Group Chief Labels Price "Too High"
---------------------------------------------------------
Shinhan Accounting Corp.'s valuation of Chohung Bank was too
high, JoongAng Daily reported Wednesday, citing Shinhan
Financial Group Chief Executive Ra Eung-Chan. Shinhan Financial
is the priority negotiator to purchase the government's 80
percent controlling stake in the bank. Shinhan Accounting has no
relation with Shinhan Financial Group.

Last week, Shinhan Accounting Corp. estimated the value of
Chohung Bank at 5,000 won ($4.10) to 7,000 won per share, after
inspecting the bank at the request of Korea Deposit Insurance
Corp. Morgan Stanley, which is managing the sale of Chohung
Bank, estimated the value of the bank lower, 4,600 won to 6,400
won per share, in a review late last year.

"I expect the government will offer Chohung Bank for a
reasonable price once we begin the negotiations," Mr. Ra said,
indirectly urging the government to exclude the new valuation of
Chohung Bank from consideration of its asking price.


HYNIX SEMICONDUCTOR: S. Korea Discuss Tariff With US
----------------------------------------------------
South Korea and the United States government are set to discuss
a possible delay to the imposition of 57.37 percent tariffs on
DRAM's from Hynix Semiconductor imported into the United States,
CMPnetAsia reported Wednesday. The South Korean Ministry of
Commerce, Industry and Energy said negotiations are scheduled to
take place on May 1 and 2 in the United States and have to be
concluded by May 15.

Negotiators are being lined up to deal with two issues -- U.S.
authorities' investigation of Korean DRAM chipmakers and the
suspension of tariff payments. The South Korean government
reportedly asked for talks earlier in April.


JINRO CO.: Omits US$1.3B From Financial Statements, KDIC
--------------------------------------------------------
According to the Korea Deposit Insurance Corporation (KDIC)
Wednesday, Jinro Co. did not include loans it provided to its
affiliates and big shareholders from 1994 to 1996 worth 1.59
trillion won (US$1.30 billion), Yonhap News said on Wednesday.

Based on the misstated financial statements, the producer of the
traditional liquor "soju", now under court mediation, could
float corporate bonds (CBs) and borrow loans from financial
institutions, which it failed to redeem afterwards. Jinro
excluded 615.4 billion won in credits extended to its affiliates
and shareholders from its 1995 financial statements and 975.2
billion won the following fiscal year.

The KDIC said it would soon file a reparations suit against
Jinro executives, including former Chairman Chang Jin-ho.


SK CORPORATION: Moody's Maintains Review For Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service is maintaining its review for possible
downgrade of the Ba2 long-term rating of SK Corporation and the
guaranteed debt of Momenta (Cayman). The ratings were initially
placed on review on March 12, 2003 following the revelation of
accounting fraud at SK Global Co. (unrated), and the consequent
deterioration in its financial position. SK Global is 38.7
percent owned by SK Corp.

Moody's remains concerned that creditor banks of SK Global may
seek SK group companies, including SK Corp, to provide material
financial support for SK Global. SK Corp. maintains substantial
bank usance facilities to support its crude purchases, and
Moody's remains concerned that the potential for banks to
withhold credit lines to SK Corp will constrain the Company's
ability to manage its ongoing working capital requirements. In
addition, the accounting irregularities at SK Global, and more
recently SK Shipping Co. (unrated), raises concerns about the
quality of the financial disclosure at SK Corp. However, Moody's
notes that SK Corp has recently received an unqualified report
form its auditors (Ahn Kwon & Co which is affiliated with
Deloitte Touche Tohmatsu) regarding its 2002 financial
statements.

Moody's recognizes that SK Corporation currently maintains
substantial cash balance of around KRW 1.4 trillion, which could
be utilized to support the Company's liquidity needs. In
addition, Moody's expects SK Corp. to post materially improved
operating cash flow in 2003 as the Company benefits from the
improving refining margins in recent months. Moody's expects
that the operating cash flow and cash on hand should
sufficiently allow the Company to meet its maturing debt and
capital expenditure requirements over the next 12 months. That
said, Moody's cautions that SK Corp faces risks that could
constrain its liquidity management plans, including 1) the
decision to provide material support to SK Global, 2)
substantial reduction in the bank usance facilities, or 3)
material deterioration in refining margins.


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


ABRAR CORPORATION: Modifies Proposed Offer for Sale
---------------------------------------------------
Public Merchant Bank Berhad, on behalf of Abrar Corporation
Berhad (Special Administrators Appointed), wishes to announce
that ACB and Oil-Line Engineering & Associates Sdn Bhd propose
to modify the allocation of shares in OilCorp Berhad (OilCorp)
to bumiputera investors approved by Ministry of International
Trade and Industry (MITI) under the Proposed Offer for Sale.

The Proposed Offer for Sale involves inter-alia, offer for sale
of 15,000,000 OilCorp shares to Bumiputera investors to be
approved by MITI. With regards to the said shares, OilCorp
proposes to modify the said allocation, and instead, allocate
them to public investors to be identified via private placement
(Proposed Modification).

The Proposed Modification is subject to the approvals of, inter-
alia, the Securities Commission and other relevant authorities.


CHASE PERDANA: Disposes of Sebo Shares to Streamline Structure
--------------------------------------------------------------
Chase Perdana Berhad wishes to announce that it has on 28 April
2003 entered into a Sale and Purchase Agreement with Mr Namedi
Modisi and Mrs Sefalana Modisi to dispose of its entire 75
percent shareholdings in Sebo comprising 135,000 ordinary shares
of BWP1.00 each for a total cash consideration of US$2.00.

Following the completion of the disposal, Sebo will cease to be
a subsidiary of the Company.

Rationale

Sebo was set up with the purpose of securing construction
contracts in Botswana. However, apart from maintaining as liason
office, which has, since been closed, Sebo has not commenced
operations as it has been unable to secure sufficient contracts.
The disposal is in line with the Group's effort to streamline
its structure.

Financial Effects

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

Approvals required

The disposal is not subject to the approval of the shareholders
or any of the relevant government authorities.

Directors' and substantial shareholders' interest

None of the directors and/or major shareholders and/or persons
connected to them have any interest, direct or indirect, in the
above transaction.

Directors' Statement

The Board of Directors of CPB is of the opinion that the
disposal is in the best interest of the Company.


GLOBAL CARRIERS: Seeks Proposed Revised Scheme Time Extension
-------------------------------------------------------------
Utama Merchant Bank Berhad (UMBB) on behalf of Global Carriers
Berhad, wishes to announce that an application has been made to
the Securities Commission (SC) for an extension of time of two
(2) months up to 30 June 2003 to complete the Proposed Revised
Scheme, comprising Proposed Composite Scheme; Proposed BSNCL
Settlement Scheme; and Proposed Non-Financial Creditors
Settlement Scheme. An appropriate announcement shall be made in
due course on the reply from SC.

In regards to the Proposed Revised Scheme, we are pleased to
announce that the Exchange had granted listing of the additional
210,265,947 new ordinary shares of RM1.00 each issued pursuant
to the Proposed Revised Scheme with effect from Wednesday, 30
April 2003. However, the trading of GCB shares will remain
suspended until further notice from the Exchange.


LONG HUAT: Answers KLSE's Interim Restraining Order Query
----------------------------------------------------------
Long Huat Group Berhad, in reply to Query Letter by KLSE
reference ID: MN-030425-36201 dated 25 April 2003 in relation to
the Interim Restraining Order (IRO), replies are as follows:

1) The duration of the IRO

The IRO was obtained pursuant to the Ex-Parte Originating
Summons (OS) filed on behalf of the Company for, inter-alia, a
Restraining Order for 90 days. The IRO is a temporary order and
was granted until the OS is heard and disposed of conclusively.
The duration of the IRO is therefore at least until 5 May 2003
(being the date fixed by the Court for the continued hearing
thereof), or such other time as may necessary for the Court to
dispose of the OS conclusively.

2) Details of the events leading to the grant of Court order

The granting of the IRO by the Court was made pursuant to OS
filed on 16 April 2003 for the convening of meetings of
creditors and shareholders of the Company and for the
Restraining Order pursuant to Section 176 (10) of the Companies
Act, 1965 in relation to the Proposed Debt Settlement which
forms part of the Proposed Restructuring Scheme.

As to date, the Company has yet to receive the sealed copy of
the IRO from the High Court.

3) Financial and operational impact on the Group

The IRO would not have a material impact on the financials and
operations of LHuat.

KLSE's Query Letter content:

We refer to your Company's announcement dated 24 April 2003, in
respect of the aforesaid matter.

In this connection, kindly furnish the Exchange immediately with
the following additional information for public release:

   1. The duration of the Interim Restraining Order;
   2. The details of the events leading to the grant of the
court order; and
   3. The financial and operational impact on the group, if any.

Yours faithfully
TAN YEW ENG
Senior Manager, Listing Operations
WSW/TYE/LMN
copy to: Securities Commission (via fax)


MBF HOLDINGS: Capital Reduction, Shares Consolidation Approved
--------------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of MBf Holdings Berhad,
wishes to announce that the Capital Reduction and Shares
Consolidation were approved by the shareholders of MBf-H at the
extraordinary general meeting of the Company held on 10 January
2001 and the Capital Reduction was sanctioned by the High Court
of Malaya on 17 April 2001 under Petition No.: D8-26-16-2001 in
accordance with Section 176(3), Section 60 as well as Section 64
of the Companies Act, 965 respectively.

NOTICE IS HEREBY GIVEN THAT the shareholders of MBf-H registered
on the Record of Depositors and the Record of Members of MBf-H
as at 8 May 2003 will be entitled to the New MBf-H Shares
pursuant to the Capital Reduction and Shares Consolidation.

FURTHER NOTICE IS HEREBY GIVEN THAT a Depositor shall qualify
for entitlement to the New MBf-H Shares only in respect of the
MBf-H Shares transferred into the respective depositors'
securities accounts before 4:00 p.m. on 8 May 2003 in respect of
the ordinary transfer.

Shareholders are reminded that pursuant to Section 29 of the
Securities Industry (Central Depositories) (Amendment) (No. 2)
Act 1998, shareholders who held undeposited securities were
required to deposit their shares with Malaysian Central
Depository Sdn Bhd (MCD) by 1 December 1998 unless otherwise
exempted from the mandatory deposit requirement. All shares not
deposited with MCD by 1 December 1998 would have been
transferred to the Ministry of Finance (MOF). For the purpose of
the Capital Reduction and Shares Consolidation, all such shares
transferred to the MOF shall be recalled for cancellation and
subsequent consolidation.

The existing MBf-H Shares were last traded on 8 March 1999 and
trading of the same has remained suspended. The suspension of
trading of the existing MBf-H will continue until the admission
of Official List and listing and quotation of the warrants to be
issued pursuant to the proposed warrants issue of 11,509,106
warrants on the basis of one (1) warrant for every five (5) New
MBf-H Shares upon completion of the Capital Reduction and Shares
Consolidation as well as the listing and quotation of all the
New MBf-H Shares arising from the Capital Reduction, Shares
Consolidation and other exercises which are integral to the
scheme of arrangement as detailed in the Circular to
Shareholders dated 19 December 2000.

Any enquiries concerning the notice of books closure should be
addressed to the Company's share registrar, Insurban Corporate
Services Sdn Bhd (76260-W), located at 149, Jalan Aminuddin
Baki, Taman Tun Dr. Ismail, 60000 Kuala Lumpur (Tel. No.: 03-
77275573, 77295529).


NAM FATT: 23rd AGM Scheduled on May 22
-------------------------------------
Notice Is Hereby Given that the Twenty-Third Annual General
Meeting of the Company will be held at the Function Room, Kelab
Golf Sultan Abdul Aziz Shah, No. 1, Club House, Jalan Kelab Golf
13/6, 40100 Shah Alam, Selangor Darul Ehsan on Thursday, 22 May
2003 at 10:00 a.m. to transact the following businesses:

AGENDA

1. To receive and adopt the Audited Financial Statements for the
year ended 31 December 2002 together with the Reports of
Directors and Auditors thereon. Resolution 1

2. To re-elect the following Directors:

   a) Woo You Hong who retires pursuant to Article 108(1) of the
Company's Articles of Association and being eligible, offers
himself for re-election. Resolution 2

   b) Fatimah binti Mahmood who retires pursuant to Article
108(1) of the Company's Articles of Association and being
eligible, offers herself for re-election. Resolution 3

   c) Tan Wee Hoong who retires pursuant to Article 115 of the
Company's Articles of Association and being eligible, offers
himself for re-election. Resolution 4

   d) Javet Tay Yee Wet @ Tay May who retires pursuant to
Article 115 of the Company's Articles of Association and being
eligible, offers himself for re-election. Resolution 5

3. To consider and, if thought fit, to pass the following
resolution:

"THAT Puan Sri Datin Hajjah Minuira Sabki who retires pursuant
to Section 129(6) of the Companies Act, 1965 be and is hereby
re-appointed as a Director of the Company to hold office until
the conclusion of the next Annual General Meeting." Resolution 6

4. To approve the payment of Directors' fees Resolution 7

5. To re-appoint Messrs. Deloitte & Touche as Auditors and to
authorize the Directors to fix their remuneration Resolution 8

6. As Special Business Special Business

To consider and, if thought fit, to pass the following:

Ordinary
ordinary resolution: Resolution 1

"THAT subject to the Companies Act, 1965 and the approval of the
relevant government and/or regulatory authorities, the directors
be and are hereby empowered pursuant to Section 132D of the
Companies Act, 1965, to issue shares of the Company from time to
time upon such terms and conditions and for such purpose and to
such person or persons whomsoever as the Directors may deem fit
provided that the aggregate number of shares issued pursuant to
this resolution shall not exceed 10% of the issued capital for
the time being and such authority shall continue to be in force
until the conclusion of the next Annual General Meeting of the
Company."

7. To transact any other business of which due notice shall have
been received.


NCK CORPORATION: Proposed Disposal Completed
--------------------------------------------
Reference is made to the announcement on 6 September 2002 in
relation to the Proposed disposal by Multi-Success Builder Sdn
Bhd, a subsidiary of NCK of approximately 1.189 hectares of land
(Proposed Disposal).

On behalf of NCK Corporation Berhad (NCK) (Special
Administrators Appointed), Alliance Merchant Bank Berhad, is
pleased to announce the completion of the Proposed Disposal on
28 April 2003.


PARIT PERAK: Restructuring Agreement Deadline Extended
------------------------------------------------------
On 22 October 2002, Alliance Merchant Bank Berhad (Alliance), on
behalf of Parit Perak Holdings Berhad (Special Administrators
Appointed), had announced that the Company had entered into a
restructuring agreement with the vendors of Liqua Health
Marketing (M) Sdn Bhd (collectively, the Vendors) for the
purpose of undertaking the Proposals (Restructuring Agreement),
which comprises the following:

   * Proposed PPHB Acquisition;
   * Proposed Liqua Acquisition;
   * Proposed Buyback;
   * Proposed Put and Call;
   * Proposed Restricted Offer for Sale;
   * Proposed Debt Settlement;
   * Proposed Disposal;
   * Proposed Placement;
   * Proposed Transfer of Listing Status; and
   * Proposed Waiver.

The Proposals were subsequently submitted to both the Securities
Commission (SC) and the Foreign Investment Committee (FIC) and
had received their respective approvals on 10 March 2003 and 30
December 2002 respectively.

It was further announced on 17 March 2003 that PPHB had on 17
March 2003 entered into a supplemental restructuring agreement
with the Vendors (Supplemental Agreement) to vary certain terms
of the Restructuring Agreement in relation to the financing
arrangement to be procured by Liqua Health (M) Sdn Bhd and Align
Matrix Sdn Bhd (collectively, the Promoters) in relation to the
following:

   (i) The proposed buyback by the Promoters from the Creditors'
Agent of 18,000,000 ordinary shares of RM0.50 each in Liqua
Health Corporation Sdn Bhd (formerly known as Joycity Holdings
Sdn Bhd) (LHCB) (LHCB Shares) and 3,600,000 warrants in LHCB
(Warrants) to be issued to the Creditors' Agent to be held for
the benefit of the creditors of PPHB, at an indicative purchase
price of RM0.75 per LHCB Share and RM0.10 per Warrant (Proposed
Buyback); and

   (ii) The proposed put and call arrangement between the
Promoters and the Creditors' Agent whereby the Creditors' Agent
gives an option to the Promoters to acquire from the Creditors'
Agent an additional 18,000,000 LHCB Shares and 3,600,000
Warrants at any time during the call option period and the
Promoters give an option to the Creditors' Agent to sell the
above number of Joycity Shares and Warrants during the put
option period (Proposed Put and Call).

Among others, one of the terms of the Supplemental Agreement
stated that as security for the performance of Align Matrix Sdn
Bhd's and Liqua Health (M) Sdn Bhd's (collectively, the
Promoters) obligations under the Proposed Buyback, a bank
guarantee for the amount of RM13,860,000 shall be issued by a
financial institution in favor of the Creditors' Agent within
forty-five (45) days from the date of receipt of the SC's
approval for the Proposals (Bank Guarantee A).

Alliance now wishes to announce that by way of an exchange of
letters dated 11 April 2003 and 25 April 2003 between the
Company and the Promoters, the parties to the Supplemental
Agreement have agreed to extend the deadline to procure Bank
Guarantee A from 26 April 2003 (being a date which is forty-five
(45) days from the receipt of the SC's approval for the
Proposals) until the end of three (3) market days from the date
of the receipt of the Kuala Lumpur Stock Exchange's (KLSE)
approval-in-principle for the listing of and quotation for the
ordinary shares of RM0.50 each and warrants of LHCB on the KLSE.

Further, by way of an exchange of letters dated 15 April 2003
and 25 April 2003 between the Company and the Promoters, the
parties to the Restructuring Agreement have also agreed to
extend the deadline to obtain all necessary approvals for the
Proposals (which are stated as the conditions precedent to the
Restructuring Agreement) for an additional ninety (90) days from
21 April 2003 (being the original deadline as stipulated under
the Restructuring Agreement) to 20 July 2003.


SASHIP HOLDINGS: Issues Special Administrator Details
-----------------------------------------------------
Saship Holdings Berhad wishes to make the following announcement
in relation to the appointment of Special Administrators as
required under Chapter 9 of the KLSE Listing Requirements to
Saship Holdings Berhad.

(a) Date of Appointment & Particulars of Special Administrators;

On 28 April 2003, Mr Lim Tian Huat, Mr Chew Cheng Leong and
Encik Raja Ali bin Raja Othman of Messrs. Ernst & Young, 4th
Floor, Kompleks Antarabangsa, Jalan Sultan Ismail, 50250 Kuala
Lumpur were appointed as Special Administrators.

(b) Details of the event leading to the appointment of Special
Administrators;

The Company is in default of its loans obligations. The
appointment of Special Administrators under this circumstance is
provided under the Pengurusan Danaharta Nasional Berhad Act
1998. The appointment has been approved by Danaharta's Oversight
Committee, a three-member committee with one representative each
from the Ministry of Finance, Securities Commission and Bank
Negara Malaysia.

(c) Terms of Reference of the Special Administrators;

The Special Administrators will assume control and management of
the assets and affairs of the Company with effect from the date
of their appointment.

The Special Administrators will carry out an assessment on,
inter-alia the viability of the operations and business of the
Company and will thereafter prepare a workout proposal as soon
as reasonably practicable, which will be examined by the
Independent Advisor. The Independent Advisor's role is to review
the reasonableness of the proposal, taking into consideration
the interests of all creditors (whether secured or unsecured)
and shareholders.

If Danaharta approves the proposal prepared by the Special
Administrators, the Special Administrators will call for a
meeting of secured creditors to consider and vote on the
proposal. A majority in value of secured creditors present and
voting at the meeting must approve the proposal before it can be
implemented. Relevant regulatory approvals must also be
obtained.

(d) The financial and operational impact of the aforesaid
appointment of the group, if any;

The appointment of Special Administrators is not expected to
have any immediate financial and operational impact on the
Group.

(e) The effect of the appointment on the business operations of
the listed issuer;

The appointment of Special Administrators is not expected to
have any impact on the business operation. The Company is
expected to continue to operate as usual under the supervision
of the Special Administrators.

However in order to preserve the assets of the Company until the
Special Administrators are able to complete their task, a 12-
month moratorium will take effect from the date of appointment.
During that period, no creditor may take action against Company.

(f) The steps taken or proposed to be taken by the listed issuer
in respect of the appointment of the Special Administrators;

No steps are expected to be taken by the Company in respect of
the appointment of Special Administrators.

(f) The role of the board of directors in light of the
appointment of the special administrator;

With the appointment of Special Administrators, the powers of
the Board of Directors are effectively suspended and only the
Special Administrators can deal with assets and affairs of the
Company. Pursuant to the provision of the Danaharta Act, Special
Administrators shall be entitled to exercise all the functions
of the Board of Directors.


SENG HUP: Further Extends SPA for Two Months
--------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Seng Hup Corporation Berhad
(Special Administrators Appointed), announced that in respect of
Clause 3.4 of the Principal Agreement (PA) dated 27 August 2002
entered into between KEB, as the promoter of Salcon Engineering
Berhad (SEB) and SHCB as supplemented by supplemental agreements
dated 30 September 2002 and 13 December 2002, KEB and SHCB had
on 25 April 2003 agreed to a further extension of time of sixty
(60) days from the expiration of the original extended time
frame of 240 days from the date of the PA for the fulfillment of
the conditions precedent pursuant to the PA.

In relation thereto, in respect of Clause 2.2 of the Sale and
Purchase Agreement (SPA) dated 30 September 2002 entered into
between KEB, Eminent Triumph Sdn Bhd, Mampu Alam Sdn Bhd, Salcon
Sdn Bhd and SHCB, the said parties had on 25 April 2003 agreed
to a further extension of time of sixty (60) days from the
expiration of the original extended time frame of 210 days from
the date of the SPA for the fulfillment of the conditions
precedent pursuant to the SPA.


SBB SERVICES: Under Members' Voluntary Winding-Up
-------------------------------------------------
Malaysian Plantations Berhad wishes to announce that SBB
Services (Asing) Sdn Bhd, the wholly-owned subsidiary of
Alliance Bank Malaysia Berhad, has been dissolved with effect
from 21 April 2003 pursuant to Section 272(5) of the Companies
Act, 1965.


TAJO BERHAD: Provides Defaulted Facilities Status Update
--------------------------------------------------------
Tajo Berhad (Tajo) is pleased to provide an update on the
details of all the facilities currently in default in compliance
with Section 3.1 of Practice Note 1/2001. Details are as per
Table 1, which can be found at
http://bankrupt.com/misc/TCRAP_Tajo0501.pdf.

A) REASON FOR DEFAULT IN PAYMENT

Due to the slowdown in the regional economy in general and the
construction and building industry specifically following the
financial crisis in late 1997, the cashflow generated from
operations was not sufficient to service the interest and
principal obligations to the lenders as and when they fell due.

B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS

Reference is made to our announcements dated 28 March 2003, 28
February 2003, 30 January 2003, 31 December 2002, 29 November
2002, 29 October 2002, 1 October 2002, 30 August 2002, 30 July
2002, 26 June 2002, 31 May 2002, 26 April 2002, 29 March 2002,
26 February 2002, 31 January 2002, 28 December 2001, 21 November
2001, 22 October 2001, 12 September 2001, 16 August 2001 and 5
July 2001.

On 10 October 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced their appointment as Tajo's Adviser
with regards to Tajo's revised plans to regularize its financial
condition pursuant to PN4. In the same announcement, it was also
announced that an application for an extension of time pursuant
to Paragraph 5.1(c) of PN4 has been made to KLSE on 10 October
2001 as the deadline granted by KLSE to enable Tajo to make a
resubmission of its regularization plans to the relevant
authorities for approval was on 10 October 2001.

On 1st November 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced that KLSE via its letter dated 1
November 2001, has granted its approval for an extension of time
from 11 October 2001 to 28 February 2002 to enable Tajo to:

   1. Revise its regularization plan;
   2. Make a revised Requisite Announcement to KLSE; and
   3. Submit its revised plan to the regulatory authorities for
approval.

Further to the above, Tajo is also required to provide KLSE with
detailed progress reports on the development and/or latest
status of its regularization plan in accordance with the
following schedule:

   * 1st progress report by 15 November 2001;
   * 2nd progress report by 15 December 2001;
   * 3rd progress report by 15 January 2002; and
   * 4th progress report by 15 February 2002.

On 15 November 2001, Public Merchant Bank Berhad, on behalf of
Tajo, submitted the 1st progress report on the developments and
latest status of Tajo's regularization plan to KLSE. On 14
December 2001, the 2nd progress report was submitted to KLSE and
subsequently, the 3rd progress was submitted to KLSE on 14
January 2002. The fourth progress report was submitted on 15
February 2002.

On 28 February 2002, Public Merchant Bank Berhad, on behalf of
Tajo announced that Tajo is still in the process of evaluating
and negotiating with its potential "white knights", which forms
an integral part of its regularization plans. In view of that,
Public Merchant Bank Berhad on behalf of Tajo announced that
Tajo is unable to make the revised requisite Announcement by 28
February 2002. As such, Public Merchant Bank Berhad, on behalf
of Tajo, had written to KLSE on 26 February 2002 for an
extension of time of three (3) months from 28 February 2002 for
Tajo to make the revised Requisite Announcement.

On 11 April 2002, Tajo announced that, KLSE, on even date, did
not approve Tajo's application for a further extension and
imposed a suspension on the securities of the Company pursuant
to paragraphs 8.14 and 16.02 of the listing requirements. The
suspension took effect on 19 April 2002.

Tajo's Requisite Announcement was made via Public Merchant
Berhad on 10 June 2002 to the KLSE. Tajo has 2 months to submit
their proposal to the Securities Commission for approval wherein
the Securities Commission has up to 4 months to revert. With the
Requisite Announcement being made, the issue of the KLSE not
approving the extension of time is no longer relevant.

On 9 August 2002, Public Merchant Bank Berhad, on behalf of
Tajo, made an application to the Kuala Lumpur Stock Exchange
(KLSE), for the KLSE's approval to grant an extension of a
further one (1) week up to 16 August 2002 for Tajo to submit its
plan to regularize its financial condition to the relevant
authorities, in compliance with paragraph 5.1 (b) of PN4.

On 14 August 2002, PMBB, on behalf of Tajo, announced that an
application for the Proposed Restructuring Exercise had been
made to the relevant authorities, namely the Securities
Commission, The Foreign Investment Committee and the Ministry of
International Trade and Industry.

The KLSE, has via its letter dated 26 September 2002, granted
its approval for an extension of time for a further one (1) week
from 9 August 2002 to 16 August 2002, for Tajo to submit its
plan to regularize its financial condition to the relevant
authorities.

On 8 October 2002, PMBB on behalf of Tajo announced that the
Ministry of International Trade and Industry (MITI) has, via its
letter dated 8 October 2002, approved Tajo's Proposed
Restructuring Exercise. Tajo is required to consult MITI on
Tajo's equity conditions within a period of three (3) years from
the date of MITI's approval on 8 October 2002. In addition, Tajo
is required to inform MITI upon full implementation of the
Proposed Restructuring Exercise.

On 16 October 2002, PMBB on behalf of Tajo announced that the
Foreign Investment Committee (FIC) has, via its letter dated 3
October 2002, which was received on 16 October 2002, approved
Tajo's Proposed Restructuring Exercise. The approval from FIC is
subject to Mithril Berhad (Newco) set up for the purposed of the
Restructuring Exercise) meeting the minimum Bumiputra
requirement of 30% upon listing on the KLSE. In addition,
Tajo/Mithril is required to inform FIC upon full implementation
of the Proposed Restructuring Exercise.

The Securities Commission via their letter dated 24 December
2002 which was received on 27 December 2002 by PMBB, approved
the Proposals in the Proposed Restructuring Exercise as proposed
subject to certain variations and conditions.

On 23 January 2003, PMBB, on behalf of Tajo, announced that PMBB
had on 23 January 2003, submitted an appeal to the Securities
Commission. The Securities Commission via their letter dated 3
March 2003 had rejected the appeal. More information on the
appeal can be view on our announcement dated 6 March 2003.

The vendors have deliberated on the Securities Commission's
decision and from the deliberation, the vendors of Saferay (M)
Sdn Bhd, namely, Mr. Ong Kah Huat and Mr. Cheong Chee Yun, and
the vendors of the subsidiary parcels in Menara MAA Kota
Kinabalu and Menara MAA Kuching, namely Malaysian Assurance
Alliance Berhad (MAA), have accepted all other terms and
conditions imposed by the Securities Commission.

However, MAA and Tokojaya Sdn Bhd (Tokojaya), being the vendors
of the properties mentioned below have decided not to proceed
with the injection of the said properties into Tajo as part of
the proposed restructuring exercise.

The properties that will not be injected into Tajo are as
follows:

1. Property held under MAA

Five (5) pieces of freehold land in area totaling 23,839 square
feet with a 13 storey retail/office building erected thereon,
comprising 3 levels of retail space, 5 levels of car park and 5
levels of office space with an appropriate total area of 233,685
square feet known as "Menara MAA" located in Penang

2. Property held by Tokojaya

Sixteen (16) parcels of commercial space situated on the
Mezzanine. Eighth and Tenth Floors with an appropriate total
area of 34,996 square feet together with 47 units of basement
carpark bays forming part of an 11 storey office building with 3
basement car park known as "Menara MAA" located in Kota
Kinabalu.

In compliance with one of the conditions imposed by the
Securities Commission in its approval letter for the Proposed
Restructuring Exercise dated 24 December 2002, Tajo had on 21
February 2003 appointed an audit firm, Messrs. Anuarul, Azizan,
Chew & Co. to conduct an investigative audit on the Group.

The company is currently in its implementation stage of the
Proposed Restructuring Exercise.

Any new developments on the Company's plan to regularize its
financial condition will be announced in due course.

C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS

The estimated total outstanding as at 28 March 2003, in relation
to the payments, which are in default and are the subject matter
of the restructuring scheme is RM195,025,636.

Since Tajo is either the principal borrower or the guarantor for
these loans, Tajo is liable for the full amount and any further
interest and financial cost levied there or until the settlement
of these debts.

D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN STOCKS
OR BONDS, THE LINES OF ACTION AVAILABLE TO THE GUARANTORS OR
SECURITY HOLDERS AGAINST THE LISTED ISSUER

Tajo's bonds were unsecured.

E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER THE
DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER AND MANAGER
As a debenture holder pursuant to the secured loans made by MAA
to Tajo, MAA is empowered to appoint a receiver or receiver and
manager.

F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS
DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE; AND

The facilities listed above represent all the borrowings of the
Tajo Group, and as a result of the Proposed Scheme of
Arrangement "have not been serviced" (interest and principal)
since December 1998. As such they are all technically in
default.

The creditors have however refrained from serious legal action
other than those, which have been disclosed in our Annual Report
and Circulars as well as Announcements, since they have voted
unanimously in favor of the Proposed Scheme of Arrangement on 15
August 2000.


TAP RESOURCES: Sets ICULS Acceptance Deadline on April May 22
-------------------------------------------------------------
Further to the announcement made by TAP Resources Berhad on 8
April 2003 in relation to the issuance of up to a maximum of
RM43,178,831 Nominal Value of 2% 3-year Irredeemable Convertible
Unsecured Loan Stocks (ICULS) on the basis of RM1.00 Nominal
Value of ICULS for every RM1.00 Nominal Value of debt owing to
the Creditors as at the cut-off date.

TAP wishes to announce that the Prospectus together with the
ICULS Acceptance Form was dispatched to the Creditors on 30
April 2003. The last time and date for acceptance of the ICULS
is at 5:00 p.m. on 22 May 2003 or such later time and date as
may be announced by the Directors of TAP.

Creditors who do not receive the Prospectus together with the
ICULS Acceptance Form may collect the Prospectus and the ICULS
Acceptance Form from TAP's Registrar, Signet Share Registration
Services Sdn Bhd, 11th Floor, Tower Block, Kompleks
Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur.

In such event, the Registrar of TAP shall be entitled to request
for such evidence as they deem necessary to satisfy themselves
as to the identity and authority of such person collecting the
Prospectus and ICULS Acceptance Form.


TAT SANG: Inks Memorandum of Understanding With Cooldec Vendors
---------------------------------------------------------------
Tat Sang Holdings Berhad has on 25 April 2003 entered into a
Memorandum of Understanding (MOU) with Cooldec Industries Sdn.
Bhd., Five Stars Manufacturing Sdn. Bhd., Cooldec Metal
Industries Sdn. Bhd., Cooldec Industry (Kelantan) Sdn. Bhd.,
Cooldec Marketing Sdn. Bhd., Five Stars Manufacturing (Melaka)
Sdn. Bhd., Vicotech Prefab House Manufacturing Sdn. Bhd. and
Wajahmesh (M) Sdn. Bhd. (collectively referred to as "COOLDEC
VENDORS) for the purpose to set forth the agreements, intentions
and understandings and the essential terms of the above parties
for the following corporate proposals:

   1. a proposed capital reduction and consolidation from RM40
million divided into 40 million ordinary shares of TSHB to RM4
million divided into 4 million ordinary shares involving a
cancellation of RM0.90 only from every existing ordinary shares
of TSHB ("the proposed capital reduction) and the proposed
consolidation thereafter of Ten (10) ordinary shares of RM0.10
only each into one ordinary TSHB share (the consolidated shares)

   2. a proposed debt restructuring scheme (the proposed Debt
Restructuring Scheme) upon terms to be mutually agreeable by
TSHB and COOLDEC VENDORS involving a debt waiver by creditors of
the TSHB Group and conversion of debts owed by them to equity or
debt instruments to be issued by of a newly incorporated company
(the NewCo)

   3. A proposed acquisition by the NewCo from the COOLDEC
VENDORS of the entire equity interest in COOLDEC for a purchase
consideration of RM100 million only. The consideration whereof
is to be satisfied by the issuance of 100 million shares of
RM1.00 each in the NewCo to COOLDEC Vendors proportionate to
their shareholdings in COOLDEC and upon other terms to be agreed
upon between TSHB and the COOLDEC VENDORS.

   4. the proposed application for the listing of the NewCo
which shall be made by NewCo to the KLSE to assume the listing
status of TSHB and subject to the approvals from the relevant
authorities including the KLSE and the Securities Commission.

   5. the proposed exchange of the Consolidated Shares by
existing shareholders of TSHB for NewCo shares.

   6. the proposed listing and quotation of all the new ordinary
shares of NewCo on the KLSE.

The execution of the definitive sale and purchase agreement
between TSHB and the COOLDEC VENDORS shall be entered into
within one month from the date of this MOU or such extended time
as may be agreed in writing by both parties.

The Company shall make a detailed announcement to KLSE upon the
execution of the sale and purchase agreement with the COOLDEC
VENDOR in due course.


U-WOOD HOLDINGS: Winding Up Petition Against Unit Withdrawn
-----------------------------------------------------------
U-Wood Holdings Berhad, in reply to Query Letter by KLSE
reference ID : NM-030408-37298 on the advertisement of Notice of
Winding-Up Petition by Erinco Sdn Bhd on Zuriat Watan Sdn Bhd, a
wholly owned subsidiary of the Company, informed that the
aforesaid winding-up petition has been withdrawn on 28 April
2003 with no order as to costs.

Below is the KLSE's Query Letter content:

We refer to the above Notice of Winding-Up Petition, appearing
in The Star on Tuesday, 8 April 2003, a copy of which is
enclosed for your reference.

In this connection, kindly furnish the Exchange immediately with
the following information for public release:

   1. The date the petition was served on ZWSB.
   2. The date of presentation of the petition.
   3. The particulars of the claim under the petition, including
the amount claimed for under the petition and the interest rate.
   4. The total cost of investment in ZWSB by U-Wood Holdings
Berhad.
   5. The details of the default or circumstances leading to the
filing of the winding-up petition.
   6. The operational and financial impact on the Group, if any,
arising from the aforesaid petition.
   7. The expected losses, if any, arising from the aforesaid
petition.
   8. The steps that your Company/ZWSB has taken and will take
with regards to the winding-up petition.
   9. The hearing date for the winding-up petition.

Yours faithfully,
INDERJIT SINGH
Senior Manager
Listing Operations
IS/WSW/NMA


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


MANILA ELECTRIC: Appeals Supreme Court's Refund Order Again
-----------------------------------------------------------
The Manila Electric Co. (Meralco) has again appealed a Supreme
Court decision ordering the distributor to refund overcharges to
customers from 1994, AFX Asia said Tuesday. In an April 24
motion, Meralco said the Supreme Court ruling should be reversed
and set aside or "modified."

The court recently upheld its November 2002 ruling, which was
based on a 1998 decision of the defunct Energy Regulatory Board
that ruled Meralco had overbilled customers from February 1994
due to its treatment of income tax as operating expense. Meralco
said the Supreme Court should accept its previous motion for
reconsideration and at the same time give it the opportunity to
defend its position in an oral argument.


MANILA ELECTRIC: DOE Gets Refund Proposals
------------------------------------------
Representatives from at least 10 consumer and civil society
groups attended on April 29 the public consultation held by the
Department of Energy (DOE) to solicit proposals on how to go
about the refund of P28.15 billion in over billing by the Manila
Electric Co. (Meralco), the Philippine Star said on Wednesday.

Among those that were represented in Tuesday's consultation were
Freedom from Debt Coalition (FDC), National Association of
Electricity Consumers for Reforms Inc. (Nasecore), Makati
Business Club, Philippine Institute of Certified Public
Accountants, US Agency for International Development,
Semiconductors Industries of the Philippines Inc., Consumers Oil
and Price Watch, research groups from Ateneo University,
University of Sto. Tomas and University of the East.

The DOE intends to submit its own proposal to the Energy
Regulatory Commission (ERC) on the Meralco refund. The FDC,
which was the first group to submit its proposal to the ERC, is
proposing that instead of cash, Meralco can either issue capital
stock worth P28 billion. FDC said Meralco can source out the
shares from its appropriated and un-appropriated retained
earnings (P27.9 billion as of yearend 2001), or from its asset
appraisal increment (P25.57 billion as of 2001).


MANILA ELECTRIC: Plans to Sell $600M Debt to Finance Operations
---------------------------------------------------------------
Manila Electric Corporation plans to sell $600 million debt to
finance operations. According to a DebtTraders estimate the
electricity distributor's total debt will increase to 79 billion
pesos ($1.5 billion) from an estimated 47 billion pesos ($1
billion) of debt in 2002. After the issuance, DebtTraders
estimate Meralco's total debt-to-EBITDA will increase to 8.5
times. The Company was ordered to refund 28 billion pesos ($528
million) to customers by the Supreme Court.


MANILA ELECTRIC: Posts Php2B Net Loss in 2002
---------------------------------------------
Manila Electric Co. (Meralco) booked a net loss of 2 billion
pesos ($37.8 million) in 2002 but boosted electricity sales by
around 9 percent year-on-year in the first quarter this year,
Reuters said on Tuesday. The power distributor is also facing a
potential customer refund of up to 28 billion pesos after the
Supreme Court ruled it had been overcharging customers since
1994.

The Company, which is contesting the ruling, has warned a refund
of that size would cause it to default on short-term debt
obligations. Meralco had total outstanding debts of around 70.22
billion pesos in 2002, with about 10 billion pesos of that
falling due this year.


MANILA ELECTRIC: Refund May Be Delayed, Says ERC
------------------------------------------------
Customers waiting for a refund of the 28 billion pesos in
overcharges by the Manila Electric Company (Meralco) may be in
for a long wait due to difficulties in determining which
customers were over- billed by the power distributor, according
to the Philippine Star on Wednesday.

The Supreme Court earlier ordered a refund of Meralco customers
who it said were over-billed between February 1994 and February
1998. Meralco distributes electricity to consumers in Metro
Manila and the surrounding provinces. The ERC is still waiting
for proposals from consumers and Meralco for the effective
refund of the overcharges.


NATIONAL BANK: Posts P53M Profit in Q1
--------------------------------------
The Philippine National Bank (PNB) posted a net profit of 53
million pesos ($1 million) in the first quarter of this year, a
reversal from the 783 million pesos loss a year ago, Reuters
said on Wednesday. The recovery was the initial result of its
rehabilitation program signed in May 2002 between the bank's two
owners tycoon Lucio Tan and the national government.


NEGROS NAVIGATION: Files P73-M Libel Suit Vs UFS
------------------------------------------------
Negros Navigation Co. (Nenaco) filed a 73 million pesos libel
suit against the head of United Filipino Seafarers (UFS), Nelson
T. Ramirez, before the Office of the City Prosecutor of Manila
on April 11, 2003, the Philippine Star reports. The complaint
was based on a newspaper advertisement signed by Ramirez last
February 13, 2003, which Nenaco said contains libelous
implications and accusations, geared to dishonor and discredit
the Company.

Nenaco said Ramirez made it appear in the paid advertisement
that the Company is like Enron, the American Company, which
collapsed due to what Ramirez calls "creative accounting."
Ramirez added that Nenaco has virtually misled the public as to
its condition by "doctoring" financial statement submitted to
the Securities and Exchange Commission and that Nenaco has not
been paying its trade suppliers and has a bad credit standing
with them, adding that Nenaco is potentially bankrupt due to
staggering debts.

Nenaco said that these are all patently untrue, grossly
unfounded statements. Nenaco has maintained healthy credit
arrangements with its suppliers. Nenaco asked for P20 million in
moral damages and another P40 million for loss of revenues and
other opportunities plus P10-million exemplary damages and P3
million in attorney's fee.


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


ASIA PULP: Clarifies Debt Negotiation Status
--------------------------------------------
Asia Pulp and Paper (APP) issued a press release on April 28 to
clarify the status and conduct of its debt negotiations with
creditors, Kelive reports. The release pointed out the
increasing demands by creditor Mr. Isozaki of NEXI, a Japanese
creditor, regarding in his professionalism and conduct. The
creditor demands for a 25 percent vote to accelerate
restructured debt, versus a market practice of a supermajority
vote of between 66.6 percent and 75 percent. However, the group
stated that it is committed to the consensual debt restructuring
process.


ASIA PULP: Wins Backing of Singapore Court
------------------------------------------
A Singapore appellate court has blocked an attempt by Deutsche
Bank and BNP Paribas to have Asia Pulp & Paper (APP) placed in
administration, further frustrating efforts by creditors of the
Company responsible for the largest default in emerging markets
history to get their money back, the Financial Times reports.

The two banks split from other APP creditors in 2002 after
deciding to try to have judicial managers appointed in Singapore
where APP is headquartered. APP defaulted on $13.9bn in debt in
March 2001. Tuesday's ruling by Singapore's Court of Appeal came
as negotiations between APP and another group of creditors
resumed in Jakarta. APP, which is controlled by Indonesia's
Widjaja family, has operations in both Indonesia and China.

DebtTraders reports that APP China Group's 14 percent bonds due
on 2010 (PAP10IDS1) are trading between 32.75 and 36. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PAP10IDS1for
real-time bond pricing.


HUA KOK: Creditors Meet Regarding Unit Liquidation
--------------------------------------------------
Further to the announcement by the Board of Directors of Hua Kok
International Ltd. on 31 March 2003 (Masnet No. 122), the Board
announced that at the Creditors' Meeting of its subsidiary, Hua
Kok Precast (Pte) Ltd (in liquidation) HKP, held on April 30,
2003, the creditors of HKP appointed Messrs Tam Chee Chong and
Wee Aik Guan of Deloitte & Touche as the liquidators of HKP.

At the same meeting, the bankers of HKP notified HKP that
pursuant to their rights as debenture holders, they have
formally appointed Messrs Tam Chee Chong and Wee Aik Guan of
Deloitte & Touche as the receivers and managers for HKP.


NEPTUNE ORIENT: Discloses Sale of AET
-------------------------------------
Neptune Orient Lines (NOL) had reached a conditional agreement
to sell its crude oil transportation Company American Eagle
Tankers (AET) to Malaysia International Shipping Corporation
Berhad (MISC).

NOL Chairman Cheng Wai Keung said, "This is a strategic move
that will allow us to focus on our core container transportation
and logistics businesses, APL and APL Logistics, while at the
same time strengthening our balance sheet and unlocking value
for shareholders."

Under the terms of the agreement, MISC will pay a purchase price
for equity of US$445 million in cash at closing for the
acquisition of the lightering specialist Company, which today
operates 29 Aframax tankers and two Very Large Crude Carriers
(VLCCs), principally in the Gulf of Mexico/Atlantic basin. MISC
will also fund a US$75 million cash dividend from AET to NOL.

The purchase price is also subject to adjustment on a dollar-to-
dollar basis for the profits earned from February 8, 2003 to the
closing date. MISC has agreed as well to increase the equity
price should AET achieve certain performance milestones over the
next two years.

The decision to divest followed a thorough six-month review of
the Group's investment in AET. Mr. Cheng said, "We have been
through a robust and comprehensive assessment process, and we
are confident that the sale of AET at this time, if approved,
will provide an opportunity to realize a sizable gain on the
Group's investment in AET.

"It would also significantly strengthen the Group's balance
sheet and enable resources to be focused on driving sustained
profitability from our core capabilities in global container
transportation and logistics," he said.

As a result of the strategic divestment, the NOL Group is
expected to reduce its debt burden, with net gearing cut by
approximately half.

Mr. Cheng said AET CEO Joseph Kwok and his management team,
together with the portion of NOL's ship management subsidiary,
NSSPL, that serves the tanker unit would move with the business
to MISC and operate under the name Eagle Ship management Pte
Ltd. The remaining portion of NSSPL, which serves NOL's
container transportation unit, APL, would stay with NOL.

"Under Joseph's capable leadership, AET has been a significant
contributor to the Group over the years. But the time is now
right for us to focus on what we do best and to allow AET to
grow in its own right," Mr. Cheng said. "The transaction with
MISC provides Joseph Kwok and his team with the opportunity to
expand their business and their markets under the umbrella of a
much larger fuel transportation specialist organization."

Mr. Cheng said several parties had shown strong interest in AET
prior to and during the review process, which meant the review
looked particularly closely at that option. The current
conditional agreement developed from that scrutiny.

The agreement is subject to shareholder approval, which will be
sought at an Extraordinary General Meeting to be held on the
same day as the Annual General Meeting, 28 May. Shareholders
will receive information regarding the sale on or before mid-
May.

Pursuant to shareholder and regulatory approval, the sale of AET
will be completed within three months. JP Morgan acted as
financial advisor to NOL during the transaction.

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

About NOL

NOL is a Singapore-based global transportation and logistics
Company engaged in shipping and related businesses. Its
container transportation arm, APL Liner, provides customers
around the world with container transportation services that
combine high quality inter-modal operations with state-of-the-
art information technology, while APL Logistics provides end-to-
end supply chain management services through its global network.
Its crude oil transportation Company, American Eagle Tankers
(AET) provides quality services to the oil industry, principally
in the Caribbean and Gulf of Mexico region, currently operating
29 Aframax tankers, of which seven are chartered in, and two
VLCCs.


NEPTUNE ORIENT: Unlocking Shareholder Value with AET, Kelive
------------------------------------------------------------
Neptune Orient Lines (NOL) has entered into a conditional sale
agreement for its unit American Eagle Tankers Ltd (AET) with
Malaysian International Shipping Corporation Berhad (MISC),
Kelive reports. The net sale price of US$428m represents an
attractive valuation of 1.4x P/B and an enterprise value of
US$930m (with debt included). Considering deal sweeteners, the
overall package came in better than market expectations.

DEAL STRUCTURE

1) Based on AET's book value of US$308 million (as of Feb. 7,
2003), the transaction will allow NOL to book a minimum disposal
gain of US$120 million this year. As the sale agreement contains
an adjustment factor for 100 percent of earnings proceeds booked
from Feb 7 right up to the deal closure date, the eventual sale
price could be revised upwards by US$30 million to US$35 million
based on the pro-rated earnings of AET.

2) The deal entitles NOL to keep US$75m in dividends declared by
AET in FY02.

3) There is also an additional earn-out feature, which qualifies
NOL for 50 percent entitlement to the portion of gross charter
earnings by AET vessels that are above US$28,000 per day. The
earn-out is valid for 2 years and does not include a penalty
clause if the earn-out sum is zero or negative.

Base-case sale proceeds of US$1 billion (AET's EV + dividend
disbursements) will be directed towards paying down group debt
of US$2.8 billion.

For more information on Kelive market analysis, go to
http://www.kelive.com/kelive/userview/Home.jsp


WEE POH: Update on Re-Capitalization Plan
-----------------------------------------
Capitalized terms not otherwise defined in this Announcement
shall have the same meanings ascribed to them in the
announcements dated 8 November 2002 and 10 February 2003.

Further to the Company's announcement dated 10 February 2003,
the Directors announced that Wee Poh Holdings and Mr Tay Hung
Cheow THC had agreed on 24 April 2003 to extend the long-stop
date for the satisfaction of all of the conditions precedent
under the Strategic Agreement, as may be varied, from 31 May
2003 previously to 30 June 2003. Following from the extension,
the completion of the Strategic Agreement, as may be varied,
shall take place on the date falling 14 days after the last
condition precedent in the Strategic Agreement, as may be
varied, has been fulfilled (or on such other date as may be
agreed in writing between the parties).

THC further confirms that THC with UOB KAY HIAN PRIVATE LIMITED
shall deposit the entire cash consideration of S $8.0 million
for the Strategic Shares by 15 May 2003 to be held in escrow
pending Completion.

The Company will continue to update Shareholders on any further
developments on matters relating to the re-capitalization plan.


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


ASIA HOTEL: SET Lifts `NP' Sign; Trading Still Suspended
--------------------------------------------------------
Previously, the SET posted the NP (Notice Pending) sign on
the securities of Asia Hotel Public Company Limited (ASIA) from
5 March 2003 because the company has submitted the SET its
audited financial statements for the year ending 31 December
2002 with the Disclaimer of Opinion from auditor on ASIA's
financial statements and the SET was waiting for the conclusion
whether the company has to amend its financial statements.

The Securities and Exchange Commission (SEC) has now informed
the SET that it is not necessary to amend ASIA's financial
statements on the issue that the auditor has stated, therefore,
the SET has posted the `NR' (Notice Received) sign on ASIA's
securities for the second trading session of 29 April 2003 to
announce that the SET has received the conclusion from the SEC.
However, the SET has still suspended trading all securities of
ASIA until the causes of delisting are eliminated.


COUNTRY (THAILAND): Posts Capital Restructuring Progress
--------------------------------------------------------
With reference to the fact that Country (Thailand) Public Co.,
Ltd. had filed the petition for business rehabilitation of the
Company with the Central Bankruptcy Court on July 16, 2001 and
the Central Bankruptcy Court has granted an order to approve the
rehabilitation plan on May 20,2002 and also appointed Property
Planner Co., Ltd. (the Plan Administrator) as the Plan
Administrator. Since the capital increasing and decreasing, the
Company reported the detailed information as follows:

According to the rehabilitation plan, the Company has to
restructure its' capital by decreasing and increasing the
capital accordingly. On August 19 2002, the Company has reduced
the registered capital from the existing amount of
Bt1,500,000,000 to Bt1,212,500 by the following ways. First, the
Company has cancelled 28,750,000 unissued ordinary shares, par
value of Bt10,amounting to Bt287,500,000. Second, the Company
has reduced Bt1,211,287,500 of paid-up capital of the company
(121,128,750 shares at par value of Bt10) to Bt1,212,500
(121,250 shares at par value of Bt10).

On September 29th, 2002, the Company has increased registered
capital from Bt1,212,500 to Bt10,000,000,000. On April 8,2003,
the Company has allocated paid-up capital to creditors according
to the rehabilitation plan increasing the paid-up capital from
Bt1,212,500 to Bt6,452,291,190 (Bt6,451,078,690 paid-up capital
were increased). As the result of this increase, the total of
the registered capital is Bt10,000,000,000 while the paid-up
capital is Bt6,452,291,190.

After the Company's increase of registered and paid-up capital,
the ordinary shares were allocated to repay the debts to the
creditors according to the rehabilitation plan in the amount of
645,107,869 shares that equal to Bt6,451,078,690. Furthermore,
on April 22, 2003, the Company allocated additional paid-up
capital of Bt18,750 (1857 shares at par value Bt10) to two
additional creditors: Fonic Co., Ltd and Cannon Marketing
(Thailand) Co., Ltd.

With this allocation, the paid-up capital increased from
Bt6,452,291,190 to Bt6,452,309,760. The Company has registered
the increase of paid-up capital with the public company
registrar of the Department of Business Development, the
Ministry of Commerce.

The above transactions are made in accordance with the order of
the Central Bankruptcy Court on July 17, 2002.


ITALIAN-THAI DEVELOPMENT: Discloses AGM No.1/2546 Resolutions
-------------------------------------------------------------
Italian-Thai Development Public Company Limited disclosed the
resolutions made at the Annual General Meeting No. 1/2003 held
on April 28, 2003, as follows:

1. To certify the minutes of the annual general shareholders'
meeting No. 1/2001 held on April 30, 2001.
2. To ratify 2002 operating results.
3. To approve balance sheet and profit/loss statement for the
fiscal year 2002.
4. To approve the dividend omission for the fiscal year 2002.
5. To reappoint directors, Pol. Lt. Chatrachai Bunya-ananta,
Dr. Mingsarn Kaosa-ard, and Dr. Krisorn  Jittorntrum  and
appoint additional directors, Mr. Boonmee Pisanuwongse
and Mr. Pathai Chakornbundit and the meeting determined
the authority of directors of authorized signature are as
follows:

      Group A 1. Mr. Premchai Karnasuta
              2. Mrs. Nijaporn Charanachitta

      Group B 1. Mr. Boonmee Pisanuwongse
              2. Mr. Pathai Chakornbundit

      The Conditions

1. Mr. Premchai Karnasuta co-signs with Mrs.Nijaporn
Charanachitta
2. Anyone in Group A co-signs with anyone in Group B
and determined directors' remuneration of not more than
Bt4.6million per annum and the audit committee's
remuneration of not more than Bt780,000 per annum.

6. To appoint Mr. Ruth Chawanakawee a certified auditor No.
   247 and/or Miss.Vissuta Chariyathanakorn a certified
   auditor No. 3853 of Ernst & Young Office Limited as
   auditors with fee Bt1.73 million.

7. To approve the amendment of Article 8 of the Articles of
Association of the Company as follows:

   "Article 8: The Company may not hold its own shares or take
them in pledge, except a buy back of shares in the following
cases:

   (1) from any shareholder who objects to a shareholders'
resolution approving any amendments to the Articles of
Association concerning the voting rights and dividend
entitlements under which he/she considers that he/she is
unfairly treated; or

   (2) for the purposes of its financial management in case
where the Company has retained earnings and surplus liquidity,
but such share buy back must not cause any financial
difficulties to the Company.

   The bought back shares will not be part of a quorum of a
meeting of shareholders, nor will the Company be eligible to
cast votes or to receive dividends.

   The Company must sell or dispose of all of the bought back
shares within the period specified in the share buy back scheme.
After the specified period, the Company must proceed to cancel
the shares it holds through a reduction of paid-up capital.

   The share buy back, the sale or disposal of the bought back
shares and the reduction of paid- up capital process in respect
of the bought back shares including the number of shares, the
purchase and disposal price or any other relevant procedures
must be made in accordance with the criteria and procedures
prescribed in the relevant ministerial regulations. If the
Company's shares are listed on the Stock Exchange of Thailand,
the Company will comply with the regulations.

   If the number of shares to be bought back is ten (10) per
cent of the total paid-up capital or less, the share buy back
the board of directors can approve scheme. If the number of
shares to be bought back is more than 10 per cent of the
total paid-up capital, the Company must obtain a resolution
passed by 50 percent or more of the votes cast by the
shareholders attending and eligible to vote at the meeting. The
Company must proceed with the share buy back within one year
after obtaining the shareholders approval."

8. To approve the amendment of clause 3 of the Company's
memorandum of Association by increasing clause 52,53 and
54 of the objects are as follows:

      (52) To carry out the business of establishment of a
private surveyors bureau pursuant to the Private Surveyors Act
as well as to provide contractor service of surveying, mapping
of every kind.

      (53) To carry out the business of establishment of a
private surveyors bureau for the purpose of proceeding pursuant
to the law relating to the private surveyors and other related
laws.

      (54) To carry out various kinds of the legal services, to
provide legal advice, to act as bailer, to bail out the alleged
offenders or defendants or to proceed with any legal
compliances.


ITALIAN-THAI DEVELOPMENT: Signs Construction Contract With BoT
--------------------------------------------------------------
Italian-Thai Development Public Company Limited announced that
on 24 April 2003 the Company signed a contract with The Bank of
Thailand (BoT) to proceed with the turnkey construction works of
bore piles and diaphragm walls including capping beams at its
new head office building.

The details of the contract are as follows:

   Description of works:
     - Bore Piles 176 units (approximately 50 m. depth)
     - Diaphragm Walls 118 units (approximately 50 m. depth)
       (Included Capping Beam)
     - The construction area is 11,467 sq. m.

   Contract value: Bt240 M (Including VAT)

   The period of work: 404 days.


PRASIT PATANA: SET Still Suspends Securities Trading
----------------------------------------------------
The Stock Exchange of Thailand (SET) first posted an `NP'
sign (Notice Pending) on Prasit Patana Public Company Limited
(PYT) on 4 March 2003 because it had failed to submit its
financial statement for the period ending 31 December 2002 by
the specified deadline. Then, the SET posted an `SP'
(Suspension) sign on 11 March 2003 because PYT failed to submit
its financial statement within five working days after the SET
first posted an `NP' sign against its securities.

However, PYT has publicly released to the SET and investors its
financial statement, the SET has lifted an `NP' sign posted and
replaced it with an `NR' sign on the securities of PYT effective
from 29 April 2003 onward. However, the SET still posted an `SP'
sign on the securities of PYT because PYT is in the process of
implementation of a rehabilitation plan

Below is PYT's summarized audited annual financial statement:

                   Prasit Patana PCL
                      Audited
                  Ending December 31,

(In thousands)
                                    For year

Net profit (loss)             1,198,293   (676,016)
EPS (baht)                        14.08      (7.96)


PREECHA GROUP: Invests in Pornpenlan; Director Pongsuwan Resigns
----------------------------------------------------------------
Preecha Group Public Company Limited announced that the
Executive Board's meeting No. 4/2003 held on April 25, 2003 and
resolved the following issues:

1. Had resolved for the Company to invest in Pornpenlan Co.,
Ltd. Details of the investment are as follows:

   Transaction date                :  May 20, 2003
   The details of securities acquired
   Securities issuing party        :  Pornpenlan Co., Ltd.
   Business type                   :  Real Estate
   Related Parties and Relationship with Listed Company :
                                      Pornpenlan Co., Ltd. And
   Preecha Group Public Company Limited have no relation ship
   Registered Capital              :  Bt1,000,000 classified
                                      into 10,000 shares, of
                                      value Bt100 each
   Paid-up Capital                 :  Fully paid up
   Shares number acquired          :  10,000 shares
   Unit share price basis          :  Bt100 per share
   Pre-transaction shareholding level : 0.00%
   Post-transaction shareholding level: 100.00%
   Total remuneration value        :  Bt1,000,000
   Acquired asset value            :  Ordinary shares of
                                      Pornpenlan Co., Ltd. Total
                                      10,000 shares, for amount
                                      total Bt1,000,000
   Expected benefits               :  Dividend payment
   Funding Source                  :  The company's capital flow
   The Volume of Transaction       :  0.06% not coming under
                                      stipulation on assets
                                      acquisition or disposal
                                      criteria for set listed

2. Acknowledge resignation of Mr. Vorayuth Pongsuwan from
Director, Secretary of Board Director and Executive Vice
President to be effective from April 30, 2003.


THAI ENGINE: Reports Reorganization Plan Progress
-------------------------------------------------
The Central Bankruptcy Court ordered on 21 April 2000
reorganization of Company business pursuant to the Bankruptcy
Act B.E. 2483 as amended, appointing Churchill Pryce Planner
Company Limited as Planner.  The TEM creditors meeting held on 7
November 2000 voted in favor of TEM's reorganization plan and on
20 December 2000 the Central Bankruptcy Court approved the
reorganization plan (Approved Plan) and appointed Churchill
Pryce Planner Company Limited as Plan Administrator.

The Plan Administrator announced that Step 1 through Step 5 of
the 7-step Approved Plan have been completed.

Step 1:  Restructure of Existing Indebtedness:
         Completed on 21 December 2000

Step 2:  Transfer of Selected Assets and Liabilities to Special
         Purpose Vehicles:
         Completed upon the execution of the Assignment
         Agreements and Asset Assignment Agreements

Step 3:  Transfer of Collateral to Remaining Secured Creditors:
         Completed on 17 January 2002.

Step 4:  Capital Reduction:
         Completed on 22 October 2001

Step 5:  Capital Increase and Swapping of Debt for Equity:
         Completed on 22 May 2002

Step 6:  Forgiveness by Creditors of Remaining Debt:
         Amended

Step 7:  Re-Listing of Operating Business Unit through
         Acquisition by TEM:
         Amended

Plan Amendment

On 1 February 2002, the majority of creditors voted in favor of
the Plan Amendment, made pursuant to an investor making an offer
to purchase the business of TEM by way of acquiring the entire
registered share capital of TEM and repaying the convertible
debentures issued to creditors. The Court approved the Plan
Amendment on 4 April 2002; as such the last 2 steps of the
Approved Plan have been modified to be "Step 6:  Forgiveness of
Remaining Debt" and "Step 7:  The Sale of the Entire Share
Capital of TEM to the Investor". However, the investor did not
proceed to the completion of a binding agreement before the
deadline in early August 2002. Consequently, the implementation
of the TEM Business Reorganization Plan is now proceeding in
accordance with the specific terms and conditions stated in the
Plan Amendments.  The major terms and conditions are as follows:

   - Creditors holding the remaining debt at the time of the
vote will only forgive the remaining debt if there is an
affirmative vote equivalent to more than 50% of the votes cast.

   - The AMC II Debt to TEM of THB 69.07 million shall be
transferred and distributed pari passu to the creditors of TEM.

Delisting Criteria vs. TEM Performance

With reference to the Delisting Criteria of SET, the Company
believes that its performance does not meet either one of the
criteria as set out below:

Criterion 1    The company no longer owns the core assets
necessary for continuing its business or fails to demonstrate
its ongoing concern in its core business.

TEM is the manufacturer and distributor of small diesel engines,
engine components and spare parts for the agricultural industry.
The Company has mortgaged most of its land, together with
construction thereon and machinery to secure overdrafts and
loans obtained from banks and financial institutions. It is
agreed that those assets are located at the Company in order to
continue proceeding with its normal operations.

The Company is currently manufacturing engines for orders that
are on hand. In 2002, the Company has sold over 1,700 units.
Sales were made primarily to overseas customers, who make
prepayment on cash within a short period of time.

Criterion 2    The debt-restructuring plan fails to incorporate
small shareholders' rights or reduce the wealth of the existing
shareholders to zero.

Step 4 of the Reorganization Plan involved reducing the existing
shareholdings from Bt240 million to Bt3.75 million. According to
Step 5 of the Reorganization Plan, following the capital
reduction, TEM increased its capital by Bt71.25 million. The
shares from the capital increase were allocated among TEM
creditors on a pro rata basis to their remaining outstanding
claims against TEM via a debt-for-equity swap. The original
shareholders represent 5% of the shareholding structure of TEM.

Criterion 3    The management or the company's creditors are not
serious about debt-restructuring to enable resumption of
business.

The Plan Administrator has acted in a good faith in order to
make the business resumption of the Company possible. The
business resumption is driven by strong financial position and
performance. However, as experienced by other companies under
rehabilitation, the Company has operated with very limited
working capital. As a result, the operations continue to focus
on controlling costs and utilizing assets to assure that
production and sales efforts are ongoing. Such action reflects a
strong will to resume its business once the creditors have voted
in favor of debt forgiveness.

Criterion 4    The Company fails to clearly achieve reasonable
progress in debt restructuring or has enormous debts burden and
obligations after debt restructuring which hinders its business.

The business reorganization of the Company has shown reasonable
progress as evidence from the fact that Step 1 through Step 5 of
the 7-step Approved Plan have been completed to date. The last 2
steps of the Plan remain to be implemented. In order to obtain
the creditor approval on the Forgiveness of Remaining Debt (Step
6), the Plan Administrator has to find the best possible
alternative as a reasonable return for the creditors. One of the
best alternatives possible is the search for a new investor as
described in the "Current Status" section below.

Current Status

The Plan Administrator has been approached by Martello Holdings
Company Limited (Martello), a property company, regarding the
purchase of TEM shares. On 16 December 2002, Martello signed a
Memorandum of Understanding for the acquisition of shares in
TEM. The Plan Administrator is currently in the process of
drafting a Plan Amendment, in consultation with the Creditor
Steering Committee, which incorporates the terms of sale
proposed in Martello's MOU for the acquisition of shares in TEM.
Further details relating to proposed investment by Martello is
available to SET upon request, subject to concern by all parties
under conditions of confidentiality.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

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

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