/raid1/www/Hosts/bankrupt/TCRAP_Public/030505.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

           Monday, May 05 2003, Vol. 6, No. 87

                         Headlines


A U S T R A L I A

AMP LIMITED: S&P Places AM Securitised on CreditWatch Negative
AMP SHOPPING: Panel Defers Decision on Centro's  Application
CHAOS GROUP: Undertakes Rights Issue; Hires Fund Raising Manager
COMMSOFT GROUP: Enters Into Deed of Company Arrangement
ERG LIMITED: Releases EGM's Voting Summary

ERG LIMITED: Shareholders OK $250M Debt to Equity Conversion
HORIZON ENERGY: Gets Two Month Extension on $500M Loan Repayment
KALREZ ENERGY: Posts Q103 Activities, Cashflow Summary Report
MAYNE GROUP: Product Recall Won't Affect Ratings, Says S&P
PASMINCO LIMITED: Releases Q103 Operations, Production Review

STADIUM AUSTRALIA: Discloses Q103 Commitments Test Entity Report


C H I N A   &   H O N G  K O N G

ASIA RESOURCES: Requests Trading Suspension
HK CONSTRUCTION: 2002 Operations Loss Swells to HK$302.3M
JANTAKA DEVELOPMENT: Winding Up Petition to be Heard
KTC CREATIONS: Petition to Wind Up Pending
NAM FONG: Annual Reports Publication, Dispatch Delayed

NAM FONG: Share Price Movements Unusual
PEAKTOP INT'L: Narrows 2002 Net Loss to HK$38.553M
STAR EAST: Placing Agreement Terms Fulfillment Extended
YIN SING: Petition to Wind Up Scheduled


I N D O N E S I A

ASTRA AGRO: Books Q103 Net Income of Rp98.4B
SATELIT PALAPA: Creditors Must Approve Merger With Indosat


J A P A N

ALL NIPPON: Fails to Rebound From 2001 Losses
LEOMA K.K.: Amusement Park Enters Rehab Proceedings
NISSHO IWAI: Issuing Convertible Bonds
PACIFIC REAL: Real Estate Firm Enters Bankruptcy
SEGA CORP.: Namco Pushes Sega For Merger Decision

SHINKO SECURITIES: Posts YY32B Loss
SOMPO JAPAN: Revises Earnings Estimate


K O R E A

HYNIX SEMICONDUCTOR: US, Korea to Discuss Suspending Tariffs
SK CORPORATION: Enters China's Packaging Market For Pesticides
SK GLOBAL: 2002 Financial Statement Reveals W3.42Tr Deficit


M A L A Y S I A

BESCORP INDUSTRIES: March Defaulted Payment Stands at RM55.405M
CSM CORPORATION: Appoints Chan Lai Har as Company Secretary
CSM CORPORATION: Clarifies Audited, Unaudited F/S 10% Variance
CONSTRUCTION AND SUPPLIES: Issues Change in Boardroom Notice:
EPE POWER: Extends First Cut-Off Date to May 21

EPE POWER: Inks Debt Restructuring Agreements With Lenders
FABER GROUP: Explains Audited, Unaudited F/S 10% Variance
MALAYSIA INT'L: S&P Places Ratings on CreditWatch Negative
SPORTMA CORPORATION: March Defaulted Payment Hits RM232.66M
SRI HARTAMAS: Posts Financial Regularization Plan Status

SRIWANI HOLDINGS: Court OKs Capital Reduction, Consolidation
TIME DOTCOM: Changes Company Secretary
TIME ENGINEERING: 33rd AGM to be Held on May 26
TIME ENGINEERING: Extends SSA First Cut-Off Date to May 31
TONGKAH HOLDINGS: Disposes of Quoted Securities


P H I L I P P I N E S

BENPRES HOLDINGS: Clarifies Business World Report
MANILA ELECTRIC: GMA Orders to Pay Small Power Consumers
MANILA ELECTRIC: Investors Briefing Coming May 5, 2003
MANILA ELECTRIC: Nasecore Urges Management Change
MANILA ELECTRIC: Needs Additional $416M in Funding, Says UBS

NATIONAL BANK: Launches Priority One Checking Account
NATIONAL BANK: Marks First US$1M Profit
PHILIPPINE LONG: ASM Set For June 10


S I N G A P O R E

ASIA FOOD: Updates Debt Rescheduling
PDC CORP.: Court Orders Stay of Proceedings Against Unit
WEE POH: Confirms Capital Reduction Report


T H A I L A N D

BANGCHAK PETROLEUM: Oil Demand Causes Increased Q103 Net Profit
COUNTRY (THAILAND): Undertakes Capital Increase Exercise
MEDIA OF MEDIAS: Increases Registered Paid-Up Capital
SIAM AGRO: Cancels 2002 Dividend Distribution
THAI DURABLE: AGM Resolves Non-Distribution of 2002 Dividend

TPI POLENE: Ups Q103 Consolidated Sales Revenue to Bt4.550M

     -  -  -  -  -  -  -  -

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


AMP LIMITED: S&P Places AM Securitised on CreditWatch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services on May 1, 2003 placed its
'AA-' long-term rating on the class A1 notes issued by (The) AM
Securitised Traded Policies Trust No.1 on CreditWatch with
negative implications. The rating action follows the placement
of the 'AA-'counterparty credit rating on AMP Life Ltd. on
CreditWatch with negative implications, and reflects the status
of AMP Life Ltd. as a rating dependent in this transaction. The
transaction relies on cash flows from maturing endowment
policies, including policies issued by AMP Life Ltd.

The rating action on AMP Life Ltd. resulted from the
announcement on Thursday by the company's parent, AMP Ltd., that
it will dispose of its equity investments held in its U.K.
operations, and that the group expects a substantial write-down
in asset values, a capital raising of A$1.5 billion, and the
legal separation of its U.K and Australian operations.


AMP SHOPPING: Panel Defers Decision on Centro's  Application
------------------------------------------------------------
The Takeovers Panel on Friday advised that it has deferred
making a decision in relation to the application it received
from CPT Manager Limited (as responsible entity for Centro
Property Trust) (Centro) on Thursday 10 April 2003. The
application is for a declaration under section 657A of the
Corporations Act (Act) of unacceptable circumstances and orders
in relation to the affairs of AMP Shopping Centre Trust (ART).
Centro is currently offering to acquire all of the units in ART
in a takeover bid it announced on 18 March 2003.

The reason for the delay is that on May 1, 2003 the Panel
consented to AMP Life Limited (AMP Life) becoming a party to
these proceedings, which the Panel commenced on 10 April 2003.
AMP Life applied on Wednesday to become a party to the
proceedings. AMP Life had three times previously refused the
Panel's invitation to become a party to the proceedings.

The Panel is very mindful of the cost and uncertainty to
unitholders in ART and Centro that the added delay will cause.
However, the Panel considered that consenting was more likely to
give greater certainty to unitholders earlier than the
alternatives available to it.

Process

The Panel contacted all persons whose interests appeared to be
affected by the application on 11 April 2003 in a brief, as
required by Regulation 20 of the ASIC Regulations. AMP Life
received a copy of the brief. It advised the Panel that it did
not wish to become a party to the proceedings but sought to make
submissions to the Panel. The Panel accepted AMP Life's request
and allowed it to make submissions. The Panel advised AMP Life
of the consequences of its choice not to become a party to the
proceedings: i.e. it would not receive the submissions of the
persons who did become parties, nor their rebuttal submissions,
nor would it have the opportunity to make rebuttal submissions
of its own.

The Panel, through the course of proceedings gave AMP Life two
further invitations to become a party. AMP Life also refused
these two further invitations, even though it acknowledged
during the proceedings that its rights might be adversely
affected if it did not become a party in circumstances where the
Panel might refer the issue before it to a Court or make some
order about the Co-owners' Agreements1 that are at the heart of
the Panel's current proceedings.

On Monday 28 April 2003, the Panel provided parties, and AMP
Life, with a draft decision which it then proposed to make, and
offered them the opportunity to make submissions, under section
657A(4) of the Act.

On Wednesday 30 April 2003, AMP Life wrote to the Panel saying
that the proceedings had taken a direction it had not foreseen
(and which it couldn't have foreseen), that it had been denied
access to documents which were relevant to it, and that the
Panel had denied it procedural fairness.

AMP Life sought the Panel's consent to become a party to the
proceedings, to receive copies of all documents provided to the
Panel and to the parties in the proceedings, an opportunity to
read and consider them and an opportunity to make submissions to
the Panel on its draft decision and proposed orders in light of
the information in the documents it was seeking.

The Panel has consented to AMP Life now becoming a party to the
proceedings and has provided the relevant documents to AMP Life.
Necessarily, that has meant that the Panel cannot now make its
final decision in these proceedings until at least Wednesday 7
May 2003.

Costs

The Panel has advised AMP Life that it will take into account
the additional costs of parties to the proceedings incurred
because of the late time in the proceedings that AMP Life has
now sought to become a party, in the event that it finds that
unacceptable circumstances exist.

Review

The Panel also consented to AMP Life becoming a party because
that will allow AMP Life the right to seek review of the Panel's
decision at first instance (which it did not have as a person
who had chosen not to become a party to the proceedings). The
Panel also considered that providing the information to AMP
Life, and giving AMP Life an opportunity to make submissions
now, is most likely to assemble a complete and fully developed
decision if any of the parties choose to seek review of the
decision to a Review Panel. Again, the Panel considered that
this was the shortest way to certainty for unitholders of ART
and Centro.

Fairness

The Panel is very concerned about ensuring that it conducts
timely and efficient proceedings, for the benefit of investors,
the market and parties, but also that it conducts them fairly
and is seen to be fair. On that basis, the Panel considers it
may not be seen to be fair in these circumstances, to deny AMP
Life the opportunity to make submissions in these proceedings,
and to seek review of this decision. The Panel noted that this
is the first time that a person had refused to become a party
and then sought to become one at the very end of proceedings.
The Panel advised that its consent in these circumstances should
not be seen as any precedent for future proceedings.

Guidance

The Panel will include guidance on the subject in it briefs for
future matters.

The President of the Panel has appointed Leslie Taylor, Jenny
Seabrook and Robyn Ahern to be the sitting Panel in these
proceedings.

CONTACT INFORMATION: Nigel Morris,
        Director, Takeovers Panel
        Level 47 Nauru House,
        80 Collins Street, Melbourne VIC 3000
        Ph: +61 3 9655 3501
        nigel.morris@takeovers.gov.au

1 The Co-Owners' Agreements are agreements in relation to
shopping centers which are co-owned by ART and other AMP
entities. The Co-Owners' Agreements include pre-emptive rights
requiring a party to the agreements to sell their interest in
the shopping centers to the other co-owners in various
circumstances.


CHAOS GROUP: Undertakes Rights Issue; Hires Fund Raising Manager
----------------------------------------------------------------
Chaos Group Limited announced last week that it would raise
funds to support the growth of its data management business,
Microview. Following its decision to exit entertainment retail
and wholesale announced April 22, the Board resolved to appoint
Arthur Phillip Pty Limited to manage the fund raising. Proceeds
from the sale of the entertainment business and the fund raising
will be applied to data management growth opportunities and to
enable expansion.

The rights issue will be undertaken on the following basis:

   * Shareholders will be offered the right to purchase 2 new
shares for every 3 existing shares held with an attaching 1
option for every 2 new shares purchased

   * Option exercise price will be 4c on or before 30 August
2006

   * Each package will be priced at 6c per 2 new shares (3c per
share) with the attaching option free

   * Total new shares to be issued 29,410,066 to raise $882,300

   * New options issued total 14,705,033 and will raise $588,200
if exercised in full.

It is noted that agreement to exit the entertainment retail and
wholesale business, as announced on April 22, was a pre-
requisite prior to agreement before further fund raising for
Arthur Phillip Pty Ltd.

Full details of the rights issue will be sent to shareholders in
the coming weeks. In relation to the proposal to exit the
entertainment retail and wholesale business and change the
Company's name announced on April 22, shareholder approval is
required. A notice of meeting, explanatory memorandum and
independent experts report relating to this transaction will
also be sent to shareholders in the coming weeks.

For further information regarding this announcement please
contact Chaos Group Limited Chairman Mr Ian McGregor on 0405 487
900.


COMMSOFT GROUP: Enters Into Deed of Company Arrangement
-------------------------------------------------------
The Directors of Commsoft Group Limited (Subject to Deed of
Company Arrangement) advised that at a creditors' meeting held
on the 28th of April, it was resolved to accept a deed of
company arrangement.

The effect of the deed is that a compromise has been reached
with creditors' and the Company has been placed back into the
control of the Directors, subject to the terms of the Deed of
Company Arrangement. The form of the Deed of Company Arrangement
will be lodged with ASIC in accordance with the Corporations
Act.


ERG LIMITED: Releases EGM's Voting Summary
------------------------------------------
Below are the results of the voting on resolutions passed by
members of ERG Limited at its extraordinary general meeting held
on 30 April 2003:

RESOLUTION          NUMBER OF   NUMBER OF  PERCENTAGE PERCENTAGE
NO    DESCRIPTION   VOTES CAST  VOTES CAST OF VOTES   OF VOTES
      OF RESOLUTION IN FAVOUR    AGAINST   CAST IN    CAST
                                           FAVOUR     AGAINST
1.1 Issue of Shares
    under Listed Note
    Conversion and
    Excluded Notes      222,857,705    7,237,055    96.85% 3.15%
1.2 Issue of
    securities for
    Debt Restructure    236,581,676    7,421,133    96.96% 3.04%
1.3 Acquisition of
    Voting Shares by
    Ingot Entities      233,462,151    8,661,057    96.42% 3.58%
2.1 Preference Share
    Terms               250,609,418    7,558,868    97.07% 2.93%
2.2 Issue of Preference
    Shares and Listed
    Options under the
    Excluded Loan       234,364,160    7,918,078    96.73% 3.27%
2.3 Issue of Dividend
    Shares              223,745,621    6,762,443    97.07% 2.93%
2.4 Issue of Shares in
    relation to
    Excluded Loan       234,521,477    8,170,081    96.63% 3.37%
3   Share
    Consolidation       246,873,602   11,743,209    95.46% 4.54%
4   Ratification of
    Shares issued under
    April Interest
    Capitalization      218,280,400    6,582,383    97.07% 2.93%

DISCLOSURE OF PROXY VOTES FOR EGM

In accordance with section 251AA of the Corporations Act, the
following information is provided to Australian Stock Exchange
Limited in relation to resolutions passed by members of ERG
Limited at its extraordinary general meeting held on 30 April
2003:

RESOLUTION         THE PROXY IS            THE PROXY  THE PROXY
NO  DESCRIPTION OF TO VOTE     THE PROXY   IS TO      MAY VOTE
    OF RESOLUTION  FOR THE     IS TO VOTE  ABSTAIN    AT THE
                   RESOLUTION  AGAINST THE ON THE     PROXY'S
                               RESOLUTION  RESOLUTION DISCRETION
1.1 Issue of Shares
    under Listed Note
    Conversion and
    Excluded Notes   150,275,342 7,236,055 3,440,765 69,344,995
1.2 Issue of
    securities for
    Debt Restructure 161,191,075 7,420,133 3,282,295 72,798,030
1.3 Acquisition of
    Voting Shares by
    Ingot Entities   158,473,029 8,654,433 4,353,312 72,679,426
2.1 Preference Share
    Terms            159,638,876 7,557,868 4,347,005 89,458,669
2.2 Issue of
    Preference Shares
    and Listed Options
    under the
    Excluded Loan    159,117,368 7,917,078 4,228,522 72,931,472
2.3 Issue of Dividend
    Shares           148,657,803 6,752,919 4,040,711 72,827,272
2.4 Issue of Shares
    in relation to
    Excluded Loan    159,354,328 8,166,181 4,145,811 72,854,729
3   Share
    Consolidation    156,316,376 11,674,309 3,821,480 89,190,253
4   Ratification of
    Shares issued
    under April
    Interest
    Capitalization   147,643,512 6,463,483 9,337,073 68,521,868


ERG LIMITED: Shareholders OK $250M Debt to Equity Conversion
------------------------------------------------------------
ERG Limited (ERG) Shareholders agreed on April 30, 2003 to
convert $250 million of listed convertible notes into ordinary
shares at 15 cents per share. The conversion was approved by
Noteholders at a meeting last month.

The note conversion is a critical part of restructuring ERG's
balance sheet to support its growing success in winning large-
scale, urban transit ticketing technology contracts. Such
contracts, while lucrative, require significant capital strength
to finance long tender periods and large performance bonds to be
placed with transit authorities.

The conversion will eliminate $250 million in liabilities from
the Company's balance sheet and extinguish the associated $18.75
million annual interest payments to Noteholders. The conversion
significantly improves both the Group's net asset position and
debt to equity ratio.

In addition to the note conversion, Shareholders also approved a
ten for one share consolidation and the terms for a possible
rights issue of up to $50 million in preference shares. These
elements of the recapitalization proposal were flagged at the
Company's November 2002 Annual General Meeting. All resolutions
put to the meeting were passed overwhelmingly.

Directors will now carefully consider whether or not to proceed
with the rights issue, taking into account the recent sale of
Proton World and other negotiations the Group is concluding. The
timing of the ten for one share consolidation will be determined
following this decision on the rights issue.

According to ERG Chairman, Mr Sandy Murdoch: "Shareholders'
support for the capital restructure is a vote of confidence in
the work being done to strengthen the Company's financial
position.

"Combined with the significant progress the Company has made in
reducing operating costs, the restructure places the Company in
a position to continue to build on our portfolio of large-scale
transit ticketing contracts."

The cost reduction program has identified annualized savings of
$30 million and the sale of non-core assets, like ERG's
interests in ECard and Proton World, is allowing the Company to
redeploy more than $60 million to its core business.

"While shareholders have accepted dilution of their shares the
net asset backing of their shares has risen dramatically," Mr
Murdoch said.

"Moreover, the Company is now in a much stronger position to
exploit its technology, which has been demonstrated as the
worlds best, by recent contract wins like Seattle, Sydney,
Stockholm and Washington DC," he said.


HORIZON ENERGY: Gets Two Month Extension on $500M Loan Repayment
----------------------------------------------------------------
The Loy Yang Power partnership, in which Horizon has a 25%
interest, has received confirmation that lenders have obtained
internal credit approvals to grant a two month extension on the
$500 million loan repayment (Bullet A) of debt facilities,
subject to execution of satisfactory documentation, which is
expected to be achieved. The amount was due on 12 May 2003.

This extension will allow the Loy Yang Power partners to pursue
the successful completion of a course of action by which the
funding of the Bullet A payment will be resolved.

The Loy Yang Power partners are seeking to sell all or a portion
of their ownership in Loy Yang Power. Negotiations are
continuing with one party and an additional potential purchaser
is conducting due diligence investigations. Implicit in this
sale will be the repayment of the debt facilities or the
assumption of the liability for those facilities by the
purchaser.

Parallel to the sale process, the partners are in discussions
with Loy Yang Power's lenders and other providers of capital to
achieve a satisfactory debt restructure.

Loy Yang Power are hopeful that the future repayment issues of
Bullet A will be resolved via one of the above actions.

As at 31 December 2002, Loy Yang Power has $210.4 million in
cash reserves and has met all its principal and interest
payments on its senior debt. Other than the Bullet A principal
repayment, Loy Yang Power is forecast to have sufficient cash to
meet all other payments as and when they fall due.

However, Loy Yang Power's financial position is still uncertain.
At expiry of the extension, should neither the sale nor the
restructure have been completed and should a further extension
not be granted, Bullet A will become due and payable, and will
be unable to be repaid. At this time the Loy Yang Power lenders
will be in a position to exercise their security under the Loy
Yang Power financing documentation.

CONTACT INFORMATION: Dennis Eagar
        MANAGER, EXTERNAL AFFAIRS
        Horizon Energy Investment Management Limited
        Ph: (02) 8232 6771


KALREZ ENERGY: Posts Q103 Activities, Cashflow Summary Report
-------------------------------------------------------------
Kalrez Energy Limited posted the highlights of its quarter ended
Activities & Cashflow Reports:

HIGHLIGHTS FOR QUARTER

   * Production during the quarter of 46,991 barrels of 23 API
crude oil from the Bula Oilfield (100% KRZ), at an average of
516 bopd.

   * Crude oil lifted and sold in March from the Bula Oilfield
amounted to 50,174 barrels at a price of US$28.28 per barrel
resulting in gross revenue of US$1,418,921.

   * Net revenue of approximately US$1.2 million from the March
Bula lifting is scheduled to be received early May.

   * First lifting of Oseil oil was completed on 3rd February
2003 with  two further liftings completed on 4th March and 6th
April 2003.

   * On 21st March 2003 Kalrez received its initial payment of
US$116,486.99 for crude oil lifting entitlement for the first
Oseil lifting.

OPERATIONS

1. SERAM JOINT VENTURE AREA
KRZ 2.5% Kufpec 97.5% (Operator)

OSEIL OILFIELD  PHASE I DEVELOPMENT

Production from the first Oseil oilfield commenced on 30 th
December 2002 through a Temporary Production System (TPS).

The current production through the TPS is expected to continue
until June 2003 after which the field facility that forms part
of the permanent production and processing facility is
completed.

2. BULA FIELD (100% KALREZ)

Production for the quarter amounted to 46,991 barrels at an
average of 516 barrels of oil per day.

50,174 barrels were lifted during March with a selling price of
US$28.28 per barrel, resulting in gross revenue of US$1,418,921.
Revenue of approximately US$1.2 million is scheduled to be
received early in May.

Net proceeds of US$1,236,000 from the December 2002 lifting of
Bula crude oil of 48,129 barrels was received early in February
2003.

FINANCIAL

The Group's cash balance as at 30 th March 2003 was AUD$460,000.
During the quarter there was a placement of 100 million shares
at 0.05 per share. A Loan Facility is now in place for AUD$1.5
million at an interest rate of 8% of funds drawn.

The Facility is available for the next 18 months.

On 29 th January 2003 the company drew down AUD$500,000 from the
loan facility to pay out all the default cash calls and imposed
interest penalties. This draw down was repaid during the
quarter.

Forecast cashflows show that the Company should be able to meet
its commitments through to the period of first oil flowing from
the Main Production Facility.

The Oxford Mining litigation has been settled for $17,500
subject to the execution of the appropriate documents.

SUBSEQUENT EVENTS

* Kalrez has finalized the agreement to purchase the remaining
25% of Petroasia Limited that it did not own. Petroasia Limited
is now a 100% wholly owned subsidiary of Kalrez Energy Limited.

* On 8th April 2003 a fourth tanker commenced loading from the
Oseil Oilfield lifting.

To see full copy of the quarter ended report, go to
http://bankrupt.com/misc/TCRAP_KRZ0505.pdf.


MAYNE GROUP: Product Recall Won't Affect Ratings, Says S&P
----------------------------------------------------------
Standard & Poor's Ratings Services said Friday that the product
recall of some consumer products marketed by Australian private
health company Mayne Group Ltd. (BBB-/Negative/A-3) would have
no immediate impact on Mayne's ratings or outlook.

The product recall follows the Therapeutic Goods
Administration's (TGA) suspension of the license held by Pan
Pharmaceuticals Ltd. (Pan, not rated). Mayne has approximately
one-third of its nutraceutcial products manufactured by Pan.
Mayne's early estimate of the financial impact of the recall and
write-off of existing stock is about A$15 million-A$20 million.
These costs are expected to be treated as a significant item in
the fiscal 2003 results, and do not include the earnings impact
to this business unit. Mayne manufactures the majority of its
nutraceutcial products at is own facility in Brisbane and is
progressively increasing the number of products made at that
location.

Mayne's consumer products segment is a relatively small part of
group operations, contributing less than 5% of group EBIT in
fiscal 2002. The negative outlook is maintained. The costs
associated with the product recall, as well as any negative
impact on consumer demand will not assist recovery in Mayne's
financial performance.


PASMINCO LIMITED: Releases Q103 Operations, Production Review
-------------------------------------------------------------
Pasminco Limited released its Review of Operations & Production
Statistics for the Quarter Ended 31 March 2003. Solid production
performance from the group's operations continued during the
March quarter. There were also a number of further steps to
rationalize the group's
asset portfolio ahead of the planned re-listing.

The re-listing is expected to occur when market conditions are
appropriate.

HIGHLIGHTS

   *  Pasminco achieved solid production results for the March
2003 quarter, higher than the corresponding quarter in 2002 and
only marginally below the strong production results in the
December 2002 quarter.

   *  Total production for the nine months ended March 2003 was
1% higher than the corresponding period in 2002.

   *  Silver production continued at record levels during the
quarter.

   *  On 25 March the company announced its intention to bring
forward the closure date of the Cockle Creek smelter in New
South Wales to the end of September 2003.

   *  On 8 April the company announced it had signed a
conditional sale and purchase agreement with Consolidated Broken
Hill for the sale of its Elura mine near Cobar in New South
Wales.

   *  Although the average LME zinc price remained steady during
the quarter, the strengthening Australian US dollar exchange
rate has adversely impacted the group's revenues. Work is
underway throughout the group to ensure that a tight focus on
containing costs is maintained, in anticipation of Australian
dollar metal prices remaining low.

   *  The group's improving safety performance trend was
unfortunately not sustained during the quarter reflecting the
uncertainty surrounding the pending closure and sale of various
sites. The 12-month moving average lost time medical referral
injury rate increased to 44, compared with 40 as at December
2002.

For a full copy of the Review of Operations & Production
Statistics for the Quarter Ended 31 March 2003, go to
http://bankrupt.com/misc/TCRAP_PAS0505.pdf.


STADIUM AUSTRALIA: Discloses Q103 Commitments Test Entity Report
----------------------------------------------------------------
Stadium Australia Group disclosed its Appendix 4C for the
quarter ended 31 March 2003.

Please note that an adjustment has been made to the comparative
(i.e. year to date 9 month) column to correct an error which was
discovered in relation to the Appendix 4C lodged for the period
ended 31 December 2002. An amount of $2,653,000 was incorrectly
included at 1.2 (d) 'Stadium Australia Trust Expenditure' when
it should have been included at 1.9(d) 'Payment for acquisition
of: physical non-current assets'.

The effect of this error, which has been corrected in the 31
March 2003 Appendix 4C comparatives, was to understate Net
operating cash flow and overstate Net investing cash flows by
$2,653,000. There was, however, no impact on the net cash flow
or cash held at the end of the quarter as reported in the 31
December 2002 Appendix 4C.

                        APPENDIX 4C
               QUARTERLY REPORT FOR ENTITIES
                  ON BASIS OF COMMITMENTS

Name of entity
Stadium Australia Group

ABN                        Quarter ended (current quarter)
11 069 692 253                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  Receipts from customers                 12,856       33,312
1.2  Payments for
       (a) staff costs                      (1,158)      (3,495)
       (b) Costs incurred to operate
           Telstra Stadium (1)              (4,265)      (7,908)
       (c) Stadium Australia Management Ltd
           Corporate Expenditure(2)          (549)      (1,726)
       (d) Stadium Australia Trust
           Expenditure(3)                    (442)      (2,182)
       (e) other working capital               -            -
1.3  Dividends received                        -            -
1.4  Interest and other items of
     a similar nature received                46          192
1.5  Interest and other costs of
     finance paid                           (4,000)     (11,279)
1.6  Income taxes paid                         -            -
1.7  Other - Net receipts of ticket sales on
     behalf of hirers                         89      (1,064)

1.8  Net Operating Cash Flows                2,577        5,850

Notes

(1) - Includes maintenance, security, cleaning, event specific
costs, utilities, administrative costs and other costs required
to operate and maintain Telstra Stadium.

(2) - Includes corporate expenditures such as directors and
company secretarial fees, legal fees and insurance costs.

(3) - Includes costs incurred by the Responsible Entity of
Stadium Australia Trust primarily in relation to overseeing the
Stadium construction works. Costs include construction
monitoring fees, legal fees, rates and land tax and management
fees paid to the Responsible Entity.

Cash flows related to investing activities
1.9  Payment for acquisition of:
       (a) businesses (item 5)                  -            -
       (b) equity investments                   -            -
       (c) intellectual property                -            -
       (d) physical non-current assets        (360)      (5,849)
       (e) other non-current assets             -            -
1.10  Proceeds from disposal of:
       (a) businesses                           -            -
       (b) equity investments                   -            -
       (c) intellectual property                -            -
       (d) physical non-current assets          -            -
       (e) other non-current assets             -            -
1.11 Loans to other entities                    -            -
1.12 Loans repaid by other entities             -            -
1.13 Other (provide details if material)        -            -

     Net investing cash flows                 (360)      (5,849)

1.14 Total operating and
     investing cash flows                     2,217            1

Cash flows related to financing activities
1.15 Proceeds from issues of
     shares, options, etc.                    -            -
1.16 Proceeds from sale of
     forfeited shares                         -            -
1.17 Proceeds from borrowings                126        1,188
1.18 Repayment of borrowings               (1,157)      (2,314)
1.19 Dividends paid                           -            -
1.20 Other (provide details if material)      -            -

     Net financing cash flows              (1,031)      (1,126)

     Net increase (decrease) in cash held    1,186      (1,125)

1.21 Cash at beginning of quarter/
     year to date                            1,318        3,629

1.22 Exchange rate adjustments to item 1.20  -            -

1.23 Cash at end of quarter                  2,504        2,504

PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE
DIRECTORS PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE
RELATED ENTITIES
                                              Current Quarter
                                                 AUD'000
1.24 Aggregate amount of payments to
     the parties included in item 1.2               (6,414)

1.25 Aggregate amount of loans to the
     parties included in item 1.11                    -

1.26 Explanation necessary for an understanding
     of the transactions   N/A

NON-CASH FINANCING AND INVESTING ACTIVITIES

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

2.2  Details of outlays made by other entities to establish or
increase their share in businesses in which the reporting entity
has an interest    N/A

FINANCING FACILITIES AVAILABLE
Add notes as necessary for an understanding of the position.
(See AASB 1026 paragraph 12.2)
                                          Amount       Amount
                                       available       used
                                          AUD'000      AUD'000

3.1  Loan facilities                      149,262      147,909
3.2  Credit standby arrangements          4,500        3,000

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.

4.1  Cash on hand and at bank              2,504        1,318
4.2  Deposits at call                         -            -
4.3  Bank overdraft                           -            -
4.4  Other (provide details)                  -            -

Total: cash at end of quarter (item 1.22)   2,504        1,318

ACQUISITIONS AND DISPOSALS OF BUSINESS ENTITIES

                                Acquisitions        Disposals
                              (item 1.9(a))      (Item 1.10(a))

5.1 Name of entity               -                 -

5.2 Place of incorporation
    or registration              -                 -

5.3 Consideration for
    acquisition or disposal      -                 -

5.4 Total net assets             -                 -

5.5 Nature of business           -                 -

COMPLIANCE STATEMENT

1. This statement has been prepared under accounting policies
which comply with accounting standards as defined in the
Corporations Act (except to the extent that information is not
required because of note 2) or other standards acceptable to
ASX.

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


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


ASIA RESOURCES: Requests Trading Suspension
-------------------------------------------
At the request of Asia Resources Holdings Limited, trading in
its shares was suspended with effect from 9:30 a.m. May 2, 2003
pending an announcement regarding a proposed acquisition which
is price-sensitive in nature.

Wrights Investors Service reports that at the end of 2002, Asia
Resources had negative working capital, as current liabilities
were HK$55.67 million while total current assets were only
HK$29.05 million.  It has reported losses during the previous 12
months and has not paid any dividends during the previous 2
fiscal years.


HK CONSTRUCTION: 2002 Operations Loss Swells to HK$302.3M
----------------------------------------------------------
Hong Kong Construction (Holdings) Ltd released its Financial
Statement for the year end date December 31, 2003:

Currency: HKD
Auditors' Report: Qualified & Modified
                                                  (Audited)
                               (Audited)          Last
                               Current            Corresponding
                               Period             Period
                               from 1/1/2002      from 1/1/2001
                               to 31/12/2002      to 31/12/2001
                               Note ('Million)    ('Million)
Turnover                           : 1,322.3            1,833.4
Profit/(Loss) from Operations      : (302.3)            (293.9)
Finance cost                       : (125)              (217.8)
Share of Profit/(Loss) of
  Associates                       : (24.7)             (324.9)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 0.8                (11)
Profit/(Loss) after Tax & MI       : (496.2)            (836.1)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.816)            (1.506)
         -Diluted (in dollars)     : (0.816)            (1.506)
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (496.2)            (836.1)
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                  : 29/5/2003          to
5/6/2003  bdi.
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

(1) BREAKDOWN

                                              2002        2001
                                         HK$ Million HK$ Million
Share of profits less losses of associates      (11.9)  (125.4)
Share of impairment losses and property
revaluation deficits of associates             (12.8)  (199.5)
                                                -------- ------
Total share of profits/(losses) of associates   (24.7)  (324.9)
                                                ======  =======

(2)     LOSS PER SHARE

(a)     Basic loss per share

The calculation of basic loss per share is based on the loss
attributable to shareholders of HK$496.2 million (2001: HK$836.1
million) and on 607.9 million (2001: 555.2 million) ordinary
shares, being the weighted average number of ordinary shares
outstanding during the year.

(b)     Diluted loss per share

There were no dilutive potential ordinary shares in existence
during the years 2002 and 2001.


JANTAKA DEVELOPMENT: Winding Up Petition to be Heard
----------------------------------------------------
The petition to wind up Jantaka Development Limited is scheduled
for hearing before the High Court of Hong Kong on June 11, 2003
at 9:30 in the morning.

The petition was filed with the court on April 9, 2003 by Dr.
Chang Swie Yun of Room 701, Yiu Chung House, Yiu On Estate, Ma
On Shan, New Territories, Hong Kong.


KTC CREATIONS: Petition to Wind Up Pending
------------------------------------------
The petition to wind up KTC Creations International (H.K.)
Limited is set for hearing before the High Court of Hong Kong on
May 28, 2003.

The petition was filed with the court on March 31, 2003 by
Rockapetta Toys Manufacturing Company Limited whose registered
office is situated at Unit A-C, 15th Floor, Lever Tech Centre,
69-71 King Yip Street, Kwun Tong, Kowloon, Hong Kong.


NAM FONG: Annual Reports Publication, Dispatch Delayed
------------------------------------------------------
The Directors of Nam Fong International Holdings Limited have
not been able to agree with the auditors on the provision of
audit report of the Annual Results for table at the board
meeting proposed to be held on 29 April 2003. The Directors need
more time to have further discussion with the property valuer
and the auditors on the valuation of the Group's investment
properties. Thus, the release of the Annual Results of the
Company and its subsidiaries (the Group) and the dispatch of the
2002 Annual Report will be postponed.

The auditors are still in discussions with the Directors.
Following the several conversations with the auditors, the
Directors believe that the audit report can be provided by mid
May 2003.

Further announcement will be made by the Company if the expected
deadline cannot be met. Based on the Company's annual report for
the year ended as at 31 December 2001, the Group's investment
properties were valued at HK$962.31 Million as at 31 December
2001 by Greater China Appraisal Limited, an independent firm of
professional valuers, on an open market basis. The aforesaid
valuation amount represented 60.38% of the Group's total assets
of HK$l,593.88 Million as at 31 December 2001. The Group's
audited net assets amount to HK$371.68 Million as at 31
December 2001.

Pursuant to Listing Rules, the Annual Results should be released
and the 2002 Annual Report should be dispatched to the
shareholders on or before 30 April 2003. The Directors note that
the delay would breach paragraphs 8(1), 11(1) and 11(3)(i)(c) of
Listing Agreement and the Stock Exchange reserves the
rights to take appropriate actions against the Company and its
directors regarding the breach.

The directors have undertaken to the Stock Exchange that they
have not dealt and will not deal in the shares of the Company
from 1 January 2003 until the Annual Results are announced.
Save as disclosed above, we also confirm that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are disclosable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature.


NAM FONG: Share Price Movements Unusual
---------------------------------------
The Directors of Nam Fong International Holdings Limited noted
the decrease in the price of the shares of the Company on 28
April 2003 and states that it is not aware of any reasons for
such a decrease.

The Directors also announce that the board meeting to approve
the Company's final results for the year ended 31 December 2002
has been postponed from 29 April 2003 to until further notice.


PEAKTOP INT'L: Narrows 2002 Net Loss to HK$38.553M
--------------------------------------------------
Peaktop International Holdings Limited posted a summary of its
results announcement for the year end date December 31, 2002:

(stock code: 00925 )
Year end date: 31/12/2002
Currency: HKD
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                           : 666,989            709,195
Profit/(Loss) from Operations      : (12,866)           (26,770)
Finance cost                       : (19,516)           (21,677)
Share of Profit/(Loss) of
  Associates                       : (3,518)            N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (38,553)           (42,810)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.079)            (0.12)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (38,553)           (42,810)
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                  : 16/7/2003          to
18/7/2003 bdi.
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

Loss per share

The calculation of basic loss per share is based on the net loss
attributable to shareholders for the year of HK$38,553,000
(2001: HK$42,810,000) and the weighted average of 487,772,137
(2001: 358,193,096) ordinary shares in issue during the year.

Diluted loss per share amounts for the years ended 31 December
2002 and 2001 has not been disclosed, as the warrants
outstanding during these years had an anti-dilutive effect on
the basic loss per share for these years.


STAR EAST: Placing Agreement Terms Fulfillment Extended
-------------------------------------------------------
Reference is made to the announcement and the special general
meeting circular issued by Star East Holding Limited
on 1 April 2003 and 17 April 2003, respectively, in relation to:

(i)   placing of a maximum of 300,000,000 new Shares;
(ii) subscription of 500,000,000 new Shares by ITC
Corporation Limited;
(iii) subscription of 1,100,000,000 new Shares by Strategic
Media International Limited; and
(iv) proposed renewal of general mandates of the Company to
issue securities and repurchase Shares (the
Documents).

The Board wishes to announce that the long stop date for
fulfilling the conditions of the Placing Agreement has been
extended from the original date of 30 April 2003 to 31 May 2003
as a result of a mutual agreement between the Company and the
Placing Agent in the light of the prolonged weak stock market
sentiment instigated by the Severe Acute Respiratory Syndrome
(SARS) incident.

The Placing Agreement is not inter-conditional on the completion
of the ITC Subscription Agreement and the SMI Subscription
Agreement. Hence, the Board does not expect that the aforesaid
extension will have any material adverse impact on the business
or financial position of the Group. An announcement will be
issued by the Company once the Placing is completed.

Refer to The Troubled Company Reporter - Asia Pacific Monday,
April 07 2003, Vol. 6, No. 68 issue, for further details on the
Placement Agreement.


YIN SING: Petition to Wind Up Scheduled
---------------------------------------
The petition to wind up Yin Sing Trading Limited is set for
hearing before the High Court of Hong Kong on May 28, 2003 at
10:00 in the morning.

The petition was filed with the court on April 3, 2003 by Choi
Ki Chuen Robert of 20C, Harrison Court, Phase 6, 10 Man Wan
Road, Waterloo Hill, Kowloon, Hong Kong.


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


ASTRA AGRO: Books Q103 Net Income of Rp98.4B
--------------------------------------------
During January - March 2003, PT Astra Agro Lestari Tbk (AALI)
booked a sharp growth (of 90.6 percent) in its net income of
Rp98.4 billion, while its margin improved from 12.2 percent to
16.3 percent.

The increase was mainly derived from a significant  growth in
sales revenue and gross profit. AALI's gross profit during this
period went up by 39.8 percent to Rp254.2 billion. On the other
hand, a higher intensity of fertilizing application resulted in
a slight decrease in gross profit margin from 43.1 percent to
42.1 percent.

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.


SATELIT PALAPA: Creditors Must Approve Merger With Indosat
---------------------------------------------------------
The merger of PT Satelit Palapa Indonesia (Satelindo) and PT
Indosat Multi Media Mobile (IM3) to publicly listed PT Indosat
must be approved by 50% + 1 voice of nine Satelindo's creditor
consortia, Bisnis Indonesia reports, quoting Atje Muhammad
Darjan, Satelindo's Senior Executive Vice President of Financial
and Administration Affairs.

"In every creditor consortium, the vertical merger must get 50%
+ 1 vote for approval. Some of the facility agents representing
Satelindo's creditors are Commerce Bank and Deutsche Bank, which
can be considered great banks," Darjan said.

According to him, PT ING Securities and PT Andalan Artha
Advisindo, as the financial advisors, would work for three
months and by September the preparations for the vertical merger
could be finished.

Aside from the Satelindo's creditors approval, the vertical
merger must also be approved by Indosat's and IM3 creditors.

Satelindo's total main debt had reached US$360 million and the
debt had previously been restructured and extended to due by
2006. The interest coupon of the debt would be paid every
semester in the amount of Libor +2.5%.


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


ALL NIPPON: Fails to Rebound From 2001 Losses
---------------------------------------------
All Nippon Airways Co. (ANA) failed in the year to March to
rebound from the losses it suffered in 2001, blaming its
sluggish performance on weak consumer spending and stiff
competition on prices, Japan Times said on Thursday. The airline
warned that the war in Iraq and the outbreak of severe acute
respiratory syndrome (SARS) might depress its consolidated
revenue by a further 26 billion yen for the current year.

It pledged to return to profitability by canceling flights and
taking other cost-cutting schemes. For the 12-month period that
ended March 31, the Company logged a group net loss of 28.26
billion yen, far more than the previous year's 9.46 billion yen
loss.


LEOMA K.K.: Amusement Park Enters Rehab Proceedings
----------------------------------------------------
Leoma, K.K., which has total liabilities of 139 billion yen
against a capital of 1.6 billion yen, recently applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The amusement park is located in Osaka-shi, Osaka, Japan.


NISSHO IWAI: Issuing Convertible Bonds
--------------------------------------
Nissho Iwai-Nichimen Holdings Corporation (NNHC) has resolved to
issue preferred and common stock by allocation to third parties,
and convertible bonds denominated in Japanese yen, at the
meeting of its Board of Directors held on April 25, 2003.

The Company previously announced in our Business Plan that NNHC
would implement an equity financing in the amount of over 200
billion yen, soon after the establishment of the NNHC. In this
connection, the Company announced that NNHC will raise capital
by issuing preferred and common stock in the amount of 273
billion yen, which exceeds the initial plan, resulting from a
full understanding of the purposes of business integration
between Nichimen and Nissho Iwai, and trust in our business plan
by financial institutions and business partners.

Also, through the 50 billion yen capital-raising commitment
facility established with Lehman Brothers, NNHC will initially
issue convertible bonds in the amount of 5 billion yen. NNHC
also plans to allocate 2 billion yen of preferred stock to
Lehman Brothers in addition to 3 billion yen for this time.

Through this capital raising, the Company has made a certain
step towards realizing one of our fundamental business
strategies, the "Reinforcement of Financial Strength". The
Company, as a group, will pursue our goal to realize the
"Improvement in Profitability" based on "Business Portfolio
Strategies", and further enhance equity capital by accumulating
retained earnings.

For more information, go to
http://www.nn-holdings.com/eng/pdf/enr002.pdf


PACIFIC REAL: Real Estate Firm Enters Bankruptcy
------------------------------------------------
Pacific Real Estate Co. Ltd. has been declared bankrupt,
according to Tokyo Shoko Research Limited. The real estate firm
located at Minato-ku, Tokyo, Japan has 44 million yen in capital
against total liabilities of 66.7 billion yen.


SEGA CORP.: Namco Pushes Sega For Merger Decision
-------------------------------------------------
Video game maker Namco Ltd. said that rival Sega Corporation has
until May 9 to decide on a merger proposal submitted by Namco
last month, the Japan Times reports. The merger deal would
create Japan's largest game software Company, boasting combined
annual sales of 350 billion yen. This would surpass current
leader Konami Corporation, whose sales for fiscal 2002 are
estimated at 250 billion yen.

Sega returned to profitability for the first time in five in
years, with an operating profit of 14.2 billion yen ($112
million) last year, compared with an operating loss of 51.7
billion yen previously, the Troubled Company Reporter-Asia
Pacific reports. The Tokyo-based maker of video game software
has been cutting costs and strengthening its balance sheet
through disposals of assets, including offices and stock
holdings.


SHINKO SECURITIES: Posts YY32B Loss
-----------------------------------
Shinko Securities Co posted a group net loss of 32.31 billion
yen in the year ending March 31 due to extraordinary losses on
severance payments and stock investments, Kyodo News said on
Thursday. The Company, which incurred a group net loss of 16.67
billion yen the previous year, reported a 16.21 billion yen
special loss, including 6.26 billion yen in one-off severance
costs after the second-tier brokerage house sought early
retirement of employees.


SOMPO JAPAN: Revises Earnings Estimate
--------------------------------------
Sompo Japan Insurance Inc. revised upward its group earnings
projection for fiscal 2002 ended in March, noting an improvement
in its core property and casualty insurance business, according
to Kyodo News on Friday. The insurer expects a consolidated net
loss of 29 billion yen for the just-ended fiscal year, compared
with a loss of 37.5 billion yen in its initially revised
earnings estimate released on April 10.

The Company expects a group net loss of 20 to 25 billion yen
($167-208 million) for fiscal 2002, hit by stock valuation
losses, the Troubled Company Reporter-Asia Pacific reported
recently. The casualty insurer expects heavy losses from a slide
in Tokyo share prices to near 20-year lows. Sompo was formed
last July after a merger of Yasuda Fire & Marine Insurance Co
and Nissan Fire & Marine Insurance Co.


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


HYNIX SEMICONDUCTOR: US, Korea to Discuss Suspending Tariffs
------------------------------------------------------------
The South Korean and United States governments are set to
discuss a possible delay to the imposition of 57.37 percent
tariffs on DRAM's from Hynix Semiconductor Inc. imported into
the United States, according to a report in the Korean Herald.
Negotiations are set 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. Under the Department of Commerce
preliminary ruling Hynix must make escrow deposits or post bond
to cover the 57.37 percent countervailing duty set as penalty
for government subsidies paid out to support the financially-
distressed chipmaker. A final Department of Commerce ruling is
due June 12, and the U.S. International Trade Commission then
must determine whether the U.S. DRAM industry has been injured
by the subsidies.


SK CORPORATION: Enters China's Packaging Market For Pesticides
--------------------------------------------------------------
SK Corporation signed an agreement on April 24 with SHENXIN,
China's largest producer of packaging containers for pesticides,
to establish a 50:50 joint venture in Hangzhou City, China.

With an investment of $3 million, the two companies will set up
a new plant in Hangzhou starting this June and plan to have an
annual production capacity of 100 million packaging containers
for pesticides. By 2005, the company expects to invest $10
million, and increase the annual production capacity to 300
million containers, which is equivalent to 20 percent
(approximately KW20 billion [$16.4 million]) of the Chinese
market.

China's pesticide packaging market is worth approximately KW100
billion ($82 million), with a market size of 1.3 billion
containers, said Y.D. Yoo, vice president of Polymer Business
Division at SK Corp. The new company will gradually expand the
business to include packaging containers for food, cosmetics,
and other products.

As part of the agreement, SK Corp. will supply the raw material,
equipment, and technology, whereas SHENXIN will provide the
plant site, employees, and marketing network.

The raw material, which is named NOTRAN, is a barrier resin
developed by SK Corp. Containers made out of NOTRAN greatly
reduce permeation of various solvents. NOTRAN's barrier
performance is equivalent to glass, metal, and co-extruded
bottles, but its initial investment is lower. In addition,
NOTRAN is shatter resistant, lightweight, and easy to stock.

The press release is located at
http://eng.skcorp.com/company/frame_intro.asp?seq=195

DebtTraders reports that SK Corp.'s 7.500% bond due in 2006
(YUKO06KRN1) trades between 88 and 91. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=YUKO06KRN1


SK GLOBAL: 2002 Financial Statement Reveals W3.42Tr Deficit
-----------------------------------------------------------
According to the Financial Supervisory Service (FSS), SK
Global's consolidated financial results for 2002 revealed that
it held 15.46 trillion won in debts and 12.04 trillion won in
assets, recording a deficit of 3.42 trillion won, the Korea
Times reports. The Company's net loss reached 3.92 trillion won,
compared with a 285 billion-won shortfall in 2001, due to
extraordinary loss worth 3.4 trillion won at overseas units.

Its capital dropped into negative numbers as 3.4 trillion won in
unreported overseas insolvent assets were factored into the
financial statements. Samil Accounting is looking into the
Company's accounting books for verification and its report will
be due in the middle of this month.


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


BESCORP INDUSTRIES: March Defaulted Payment Stands at RM55.405M
---------------------------------------------------------------
As required by the Kuala Lumpur Stock Exchange Practice Note
1/2001, Bescorp Industries Berhad (Special Administrators
Appointed) provided an update on its default in payment, as
enclosed in Appendix A at
http://bankrupt.com/misc/TCRAP_Bescorp0505.xls.

The default by BIB as at 31 March 2003 amounted to
RM55,405,901.00 made up of a principal sum of RM32,220,139.42
plus RM23,185,761.58 in interest for revolving credit
facilities.

As at 31 March 2003, the remaining subsidiary companies of BIB,
namely Bescorp Construction Sdn. Bhd. (In Liquidation), Bescorp
Piling Sdn. Bhd. (In Liquidation), Bescorp Concrete Sdn. Bhd.
(In Liquidation), Bespile Sdn. Bhd. (In Liquidation), Farlil
Sdn. Bhd. (In Liquidation) and Waktu Cerah Sdn. Bhd., defaulted
on a total sum of RM98,318,535.66 made up of a principal sum of
RM60,905,258.44 plus RM37,413,277.22 in interest for revolving
credit facilities, term loan, banker's acceptance, hire purchase
and lease facilities, and RM59,372,339.09 for overdraft
facilities.


CSM CORPORATION: Appoints Chan Lai Har as Company Secretary
-----------------------------------------------------------
CSM Corporation Berhad posted this Change of Company Secretary
Notice:

Date of change : 30/04/2003
Type of change : Appointment
Designation    : Joint Secretary
License no.    : MAICSA No.7050024
Name           : Chan Lai Har
Working experience and occupation during past 5 years : She has
more than 7 years of working experience in management companies
handling all aspects of corporate secretarial work involving
private limited companies as well as public listed companies.

COMPANY PROFILE

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

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

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

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

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

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


CSM CORPORATION: Clarifies Audited, Unaudited F/S 10% Variance
--------------------------------------------------------------
CSM Corporation Berhad wishes to announce that there is a
deviation of more than 10% between the unaudited profit after
tax and minority interest for the year ended 31 December 2002 of
RM7,707,000 and audited profit after tax and minority interest
of RM1,967,000. The deviation was mainly due to the followings:

1) Provision for legal claims of RM4,331,000

The provision is in respect of the legal claims on indemnities
given to third party individuals and although the outcome of the
legal claims is not presently determinable, the Directors, after
consultation with the Company's lawyers and on grounds of
prudence, are of the view that a provision amounting to
RM4,331,000 is required.

2) Allowance for diminution in value in other investments of
RM599,000 is made in the audited results for the year ended 31
December 2002.


CONSTRUCTION AND SUPPLIES: Issues Change in Boardroom Notice:
--------------------------------------------------------
Construction and Supplies House Berhad posted this notice:

Date of change : 28/04/2003
Type of change : Vacation of Office
Designation    : Director
Directorate    : Independent & Non Executive
Name           : Wong Weng Chow
Age            : 41
Nationality    : Malaysian
Qualifications : Sijil Pelajaran Malaysia (SPM)
Working experience and occupation  : Businessman and Company
Director
Directorship of public companies (if any) : Not Applicable
Family relationship with any director and/or major shareholder
of the listed issuer : Not Applicable
Details of any interest in the securities of the listed issuer
or its subsidiaries : Not Applicable

Remarks : Office of Director vacated by virtue of Article 105 of
the Company's Articles of Association.

COMPANY PROFILE

Currently, the Company is in the midst of identifying new assets
to be injected into the Group in order to create sustainable
income and to enter into negotiation with various creditors
including financial institutions with a view to implementing a
debt restructuring exercise through a corporate advisory firm.
The MOU with the vendors of Kurnia Padu Sdn Bhd (KPSB) to
acquire KPSB, which is a shareholder of HVD Holdings Sdn Bhd,
was terminated on 15 December 2000.

The Company originally owned oil palm and rubber plantations,
which were sold in May 1971. It diversified into property
development in 1982, supply and distribution of petroleum and
petroleum-based products and services in 1985, hotel business
and the financial services sector also in 1985, and the
garment/textile business in 1989/1990.

In 1993, the Company embarked upon a rationalization and
restructuring programmed beginning with cessation of the
petroleum-based and garments/textile business. The property
development and construction businesses were disposed of in
1999.

CONTACT INFORMATION: Unit Level 13E
        Main Office Tower
        Financial Park Labuan
        Jalan Merdeka
        87000 Labuan
        Tel : 087-451 688
        Fax : 087-453 688


EPE POWER: Extends First Cut-Off Date to May 21
-----------------------------------------------
Further to the announcement on 27 March 2003 in respect of the
Proposed Acquisitions, which comprises:

   * Proposed Acquisition of 4,000,000 ordinary shares of RM1.00
each in Powertron Resources Sdn Bhd (PRSB), representing 40%
equity interest in PRSB and RM11.6 million nominal value
Convertible Unsecured Loan Stocks (CULS) in PRSB, representing
40% of the outstanding nominal value of CULS in PRSB; and

   * Proposed Acquisition of 2,940,000 ordinary shares of RM1.00
each in Penjanaan EPE-TIME Sdn Bhd (PET), representing 60%
equity interest in PET.

Commerce International Merchant Bankers Berhad wishes to
announce, on behalf of EPE Power Corporation Berhad, that EPE
has agreed to extend the First Cut-Off Date (as defined in the
Sale of Securities Agreement (SSA) between EPE and Ranhill
Berhad (Ranhill)) from 28 April 2003 to 31 May 2003.

With the above amendment, the SSA shall be conditional upon the
execution of the debt restructuring agreements in respect of the
debt restructuring exercise of EPE upon terms and conditions
acceptable to Ranhill, TIME Engineering Berhad and EPE on or
before 31 May 2003.

All other terms and conditions in the SSA remain unchanged.


EPE POWER: Inks Debt Restructuring Agreements With Lenders
----------------------------------------------------------
Further to the announcement by Commerce International Merchant
Bankers Berhad (CIMB) on 28 December 2002 on the details of the
Proposed EPE Restructuring Scheme and in compliance with the
requirements of Practice Note 4/2001 (PN4) of the Listing
Requirements of Kuala Lumpur Stock Exchange (KLSE) to make the
Requisite Announcement of its plan to regularize its financial
condition, CIMB is pleased to announce, on behalf of EPE Power
Corporation Berhad, that EPE and its wholly-owned subsidiary
have on 30 April 2003 entered into two debt restructuring
agreements (DRAs) with its Lenders and a creditor respectively,
with another DRA expected to be executed by a wholly-owned
subsidiary of EPE with its creditor in approximately four (4)
weeks' time (The Lenders and the two (2) creditors are
collectively hereinafter referred to as the Creditors). The DRAs
stipulate the terms and conditions of the restructuring of the
EPE Group's outstanding debts owed to the Creditors.

The Proposed EPE Restructuring Scheme encompasses the following
proposals:

   (i) Proposed capital reduction by EPE involving the
cancellation of RM0.50 of the par value of each existing
ordinary share of RM1.00 each and thereafter, the consolidation
of every two (2) resultant ordinary shares of RM0.50 each into
one (1) ordinary share of RM1.00 each (Proposed Capital
Reduction);

   (ii) Proposed debt restructuring to settle the total
indebtedness of the EPE Group amounting to RM106.668 million as
at 31 December 2002 (Total Scheme Indebtedness) to seven
financial institutions and two trade creditors (Proposed Debt
Restructuring);

   (iii) Proposed acquisitions from Ranhill Berhad (Ranhill) of
the following for a total purchase consideration of RM54.35
million, to be satisfied by the issuance of 54,350,000 new
ordinary shares of RM1.00 per share in EPE (Consideration
Shares) after the Proposed Capital Reduction as stated in
Section 1.2 (i) above:

     (a) 4,000,000 ordinary shares of RM1.00 each and
RM11,600,000 nominal value of convertible unsecured loan stocks
(CULS) in Powertron Resources Sdn Bhd (PRSB), representing 40%
of the equity interest (PRSB Shares) and outstanding nominal
value of CULS (PRSB CULS) in PRSB respectively for a total
purchase consideration of RM51.0 million; and

     (b) 2,940,000 ordinary shares of RM1.00 each in Penjanaan
EPE-TIME Sdn Bhd (PET), representing 60% equity interest in PET
(PET Shares) for a total purchase consideration of RM3.35
million.

(a) and (b) above are collectively hereinafter referred to as
"the Proposed Acquisitions" and the share sale agreement in
respect of the Proposed Acquisitions entered into by EPE and
Ranhill on 27 December 2002 hereinafter referred to as "Ranhill-
EPE SSA";

   (iv) Proposed renounceable rights issue of 60,350,000 new
ordinary shares of RM1.00 each in EPE (Right Shares) at an issue
price of RM1.00 each on the basis of one (1) Rights Share for
every one (1) consolidated ordinary share of RM1.00 each held
after the completion of the Proposed Capital Reduction and
Proposed Acquisitions (Proposed Rights Issue); and

   (v) Proposed increase in authorized share capital of EPE.

DETAILS OF THE PROPOSED EPE RESTRUCTURING SCHEME

Proposed Capital Reduction

EPE proposes that the existing issued and paid-up share capital
of the Company of RM12,000,000 comprising 12,000,000 ordinary
shares of RM1.00 each be reduced to RM6,000,000 comprising
12,000,000 ordinary shares of RM0.50 each, via the cancellation
of RM0.50 from the par value of each existing ordinary share of
RM1.00 each in issue, pursuant to Section 64 of the Companies
Act, 1965 .

The credit of RM6,000,000 arising from the Proposed Capital
Reduction, together with the audited share premium account as at
31 December 2002 of RM102,200 will be utilized to partially set-
off the audited accumulated losses of EPE, which amounted to
RM37.146 million as at 31 December 2001.

Subsequent to the Proposed Capital Reduction, the resultant
paid-up share capital of EPE of RM6,000,000 comprising
12,000,000 ordinary shares of RM0.50 each shall be consolidated
into RM6,000,000 comprising 6,000,000 ordinary shares of RM1.00
each, via the consolidation of every two (2) resultant ordinary
shares of RM0.50 each into one (1) ordinary share of RM1.00 each
(Share Consolidation).

Fractions of a share after the Share Consolidation, if any, will
be disregarded.

Proposed Debt Restructuring

The Proposed Debt Restructuring entails the restructuring of the
EPE Group's Total Scheme Indebtedness as detailed below:  RM
million

Lenders - outstanding principal of Revolving Credit (RC)
Facilities 82.636*

   - overdue interest and penalty interest on the RC Facilities
18.633*

   Sub-total  101.269

   PCM* 2.240

   Wartsila# 3.159

Total Scheme Indebtedness 106.668

Notes:

* Being Power Cables Malaysia Sdn Bhd (approximately RM1.816
million) and Power Cable Engineering Services (M) Sdn Bhd
(approximately RM0.424 million). The debt is owed by Trans Bakti
Sdn Bhd (Trans Bakti), a wholly-owned subsidiary of EPE.

# Being Wartsila Finland OY (approximately RM0.441 million) and
Wartsila Nederland B.V. (approximately RM2.718 million). The
debt is owed by EPE Projects Sdn Bhd (EPSB), a wholly-owned
subsidiary of EPE.

Following the execution of the DRAs, the Creditors will provide
a standstill from the date of the DRAs until the completion of
the Proposed EPE Restructuring Scheme.

The Total Scheme Indebtedness will be restructured upon the
terms and subject to the conditions contained in the DRAs, which
include inter-alia, the following salient terms:

   (a) Waiver of 50% of the Total Scheme Indebtedness of the
Creditors or RM53.334 million (the Proposed Debt Waiver).

   (b) Waiver of all interest and penalty interest from 1
January 2003 up to 31 December 2003 (Waiver Period).

   (c) The balance of 50% of the Total Scheme Indebtedness of
the Creditors or RM53.334 million after the Proposed Debt Waiver
(Restructured Scheme Indebtedness) will be settled in cash from
the monies to be placed in an escrow account (Deposit) by
Ranhill. Ranhill undertakes that it shall place the Deposit
within two (2) Business Days (as defined in the DRAs) from the
earlier of:

     (i) the date of the approval of the shareholders of Ranhill
for the placement of Deposit; or

     (ii) the date of receipt by Ranhill of the approval of the
Securities Commission (SC) to utilize the bond proceeds towards
the placement of the Deposit.

Provided always that Ranhill shall ensure that the Deposit is
placed in the escrow account no later than 30 September 2003.

   (d) The settlement of the Restructured Scheme Indebtedness
shall be within two (2) Business Days following the receipt by
the escrow agent of a written notice from the Company stating
that the Ranhill-EPE SSA has been completed ("Repayment Date").

   (e) With regard to the Lenders only and should the Repayment
Date fall after 31 December 2003, interest after the Waiver
Period (Post Waiver Interest) shall be payable as follows:

     (i) Interest commencing from 1 January 2004 up to but
excluding the Repayment Date shall be calculated on the
Restructured Scheme Indebtedness at the respective Lenders'
prevailing default interest rate payable as follows:

       (aa) partially/fully from the interest earned on the
Deposit on the Repayment Date; and

       (bb) remaining (if any) from the proceeds to be derived
from the Proposed Rights Issue upon completion of the same
(Completion Date). The Completion Date is defined as the date
falling on the seventh (7th) Market Day (as defined in the DRAs)
after the Rights Shares are listed on the KLSE.

     (ii) Interest commencing from the Repayment Date up to but
excluding the Completion Date (the Period) shall be calculated
on the remaining Post Waiver Interest (if any) and interest
accrued during the Period at the respective Lenders' prevailing
default interest rate payable from the proceeds to be derived
from the Proposed Rights Issue on the Completion Date.

   (f) If the Repayment Date falls on or before 31 December
2003, no Post Waiver Interest shall be payable to the Lenders
and the interest accrued on the Deposit shall be released by the
escrow agent to Ranhill.

The DRAs are conditional upon, inter-alia, the following
conditions precedent:

   (a) The DRAs having been duly signed by all parties and duly
stamped;

   (b) The following approvals having been obtained:

     (i) the approval of the SC for the Proposed EPE
Restructuring Scheme including:

       (1) for the Proposed Acquisitions;
       (2) for the Proposed Rights Issue; and
       (3) for the listing of and quotation for the 6,000,000
consolidated ordinary shares of RM1.00 each after the Proposed
Capital Reduction, the Consideration Shares and the Rights
Shares on the KLSE.

     (ii) the approval of the shareholders of EPE for the
Proposed EPE Restructuring Scheme;

     (iii) the approval of the High Court of Malaya pursuant to
Section 64 of the Companies Act, 1965 for the Proposed Capital
Reduction;

     (iv) the approval or non-objection of the Foreign
Investment Committee (FIC) (or alternatively the SC) for the
Proposed Acquisitions;

     (v) the approval or non-objection of the Ministry of
International Trade and Industry (MITI) for the acquisition of
the PET Shares;

   (c) all conditions precedent of the Ranhill-EPE SSA having
been satisfied, save as regard any condition requiring the DRAs
to be unconditional;

   (d) all conditions precedent of the other DRAs having been
satisfied, save as regard any condition requiring the said DRA
to be unconditional;

   (e) on or before 30 September 2003, the approval of
shareholders of Ranhill authorizing the placement of the Deposit
into the escrow account; and

   (f) on or before 30 September 2003, the approval of the SC
for Ranhill to utilize the bond proceeds towards the placement
of the Deposit into the escrow account.

Other salient terms of the DRAs

(i) EPE shall implement the Proposed Rights Issue after the
completion of the Proposed Capital Reduction and Ranhill-EPE
SSA.

(ii) Ranhill undertakes to subscribe to its full entitlement
under the Proposed Rights Issue.

(iii) Ranhill will provide a corporate guarantee on the
Repayment Date to secure the trade lines granted by the Trade
Lines Lenders (as defined in Lenders' DRA) to EPE, unless
otherwise agreed by the latter.

(iv) On the Completion Date, EPE is to utilize the proceeds from
the Proposed Rights Issue to:

   (a) repay Ranhill the Deposit and interest earned on the
Deposit, free of any interest; and

   (b) settle all legal expenses incurred for the Proposed EPE
Restructuring Scheme.

(v) Ranhill undertakes to comply with and take all steps to
comply with the conditions imposed by the SC, KLSE and other
relevant authorities which concerns Ranhill or is within the
control of Ranhill including selling down its shareholding in
EPE in order to meet the public spread requirements within the
timeframe imposed by any such authorities.

(vi) In the event the Ranhill-EPE SSA is terminated for any
reason whatsoever or in the event the escrow agent receives a
Termination Notice (as defined in the DRAs) prior to the date on
which the escrow agent receives the notice from the Company
stating that the Ranhill-EPE SSA has been completed, the escrow
agent is unconditionally and irrevocably authorized to release
the Deposit together with all interest accrued thereto to
Ranhill within a certain number of days as specified in the DRAs
under those events respectively.

(vii) In conjunction with the DRAs, the Creditors, EPE, Ranhill,
Trans Bakti, EPSB and CIMB will also be executing an escrow
agreement stipulating the terms and conditions of the escrow
arrangement in relation to the Deposit to be placed by Ranhill
as stated in Section 2.2.3(c).

Proposed Acquisitions

As an integral part of the Proposed EPE Restructuring Scheme,
Ranhill and TIME Engineering Berhad (TIME) have also entered
into a share sale agreement on 27 December 2002 wherein Ranhill
will acquire from TIME the PRSB Shares, PRSB CULS and PET Shares
(Assets) for a total cash consideration of RM54.35 million
(Ranhill-TIME SSA), which is similar to the purchase
consideration in respect of the Proposed Acquisitions. As the
Assets shall first be acquired by Rahnill from TIME, the
Proposed Acquisitions shall only be implemented upon completion
of the Ranhill-TIME SSA.

The issued and paid-up share capital of EPE after completion of
the Proposed Capital Reduction and Proposed Acquisitions will
increase from RM6,000,000 to RM60,350,000.

The Consideration Shares will, upon issue and allotment, rank
pari passu in all respects with the consolidated ordinary shares
of EPE. They will be entitled to the Proposed Rights Issue.

The Proposed Acquisitions shall be conditional upon:

(i) The execution of DRAs with the Creditors of EPE upon terms
and conditions acceptable to Ranhill and EPE must take place on
or before 31 May 2003;

(ii) The fulfillment of, inter alia, the following conditions:

   (a) the completion of the Ranhill-TIME SSA;

   (b) the approval of the SC for the Proposed EPE Restructuring
Scheme and the issuance and listing of the Consideration Shares
to Ranhill;

   (c) the approval of the FIC and MITI (if required) for the
Proposed Acquisitions;

   (d) the waivers of the pre-emptive rights of the other
shareholders of PRSB, namely Sabah Energy Corporation Sdn Bhd
and Aras Setia Sdn Bhd (collectively hereinafter referred to as
"Other Shareholders") in respect of the PRSB Shares pursuant a
joint venture agreement dated 29 April 1995 made between EPE,
TIME and the Other Shareholders;

   (e) confirmation from Ranhill that it would adhere to the
Subscription Agreement dated 30 April 1997 and varied by the
Supplemental Agreement dated 15 June 1998 with respect to the
PRSB CULS;

   (f) the receipt by EPE from each of the Other Shareholders of
PRSB of a written confirmation that they would not accept a
take-over offer should an offer be made;

   (g) (i) the confirmation from the SC that the SC does not
require a mandatory general offer to be made by EPE for the
remaining shares in PET pursuant to Practice Note 1.2 of the
Malaysian Code on Take-Overs and Mergers 1998 (Code) (if
required); and (ii) the approval of the SC for a waiver of EPE's
obligation to undertake a mandatory general offer under the Code
for the remaining shares of PRSB not already owned by EPE;

   (h) the approval of the lenders of PRSB for the proposed
acquisition of PRSB Shares, if required;

   (i) the approval of the shareholders of Ranhill for the
Proposed Acquisitions;

   (j) the approval from the SC granting a waiver from a
mandatory general offer to be made by Ranhill for the remaining
shares in EPE not already owned by Ranhill pursuant to Practice
Note 2.9.1 or 2.9.3 of the Code;

   (k) the approval of the shareholders of EPE for the Proposed
EPE Restructuring Scheme;

   (l) the approval of the High Court of Malaya pursuant to
Section 64 of the Companies Act, 1965 for the Proposed Capital
Reduction; and

   (m) all conditions precedent under the Proposed Debt
Restructuring having been satisfied save for any condition
requiring the Ranhill-EPE SSA to become unconditional.

The acquisition of PRSB Shares, PRSB CULS as well as PET Shares
would increase EPE's shareholding in PRSB and PET from the
existing 30% and 40% to 70% and 100% respectively, resulting in
PRSB and PET becoming subsidiaries of EPE.

Proposed Rights Issue

In conjunction with the Proposed EPE Restructuring Scheme, EPE
will undertake renounceable rights issue of 60,350,000 new
ordinary shares of RM1.00 each in EPE (Rights Shares) on the
basis of one (1) new ordinary share of RM1.00 each for every one
(1) ordinary share held after the completion of the Proposed
Capital Reduction and the Proposed Acquisitions at an issue
price of RM1.00 each, to the shareholders of EPE whose names
appear in the Register of Members or Record of Depositors at the
close of books of EPE on a date to be determined by the Board of
Directors of EPE. Fractions of a share arising from the Proposed
Rights Issue will be dealt with by the Board of Directors of EPE
as they may deem fit.

Ranhill, the controlling shareholder of EPE pursuant to the
Proposed Acquisitions, has provided a written irrevocable
undertaking to subscribe to its entire entitlement of 54,350,000
Rights Shares pursuant to the Proposed Rights Issue.

The Rights Shares will, upon issue and allotment, rank pari
passu in all respects with the consolidated and new ordinary
shares of EPE pursuant to the Proposed Capital Reduction and
Proposed Acquisitions.

Pursuant to the Proposed Rights Issue, Ranhill will hold 90.06%
of the equity in EPE. Pursuant to its undertaking as stated in
Section 2.2.5 (v), Ranhill will sell down its shareholding in
EPE in order to meet the public spread requirements within the
timeframe imposed by the relevant authorities.

As the ordinary shares of EPE are prescribed securities, the
Rights Shares will be credited into the respective Central
Depository System accounts of the relevant shareholder
subscribing to the Proposed Rights Issue and no physical share
certificates will be issued. However, a notice of allotment will
be dispatched to each successful applicant within fifteen (15)
market days from the closing date of application.

Proposed IASC

In conjunction with the Proposed Acquisitions and Proposed
Rights Issue, the Company proposes to increase its authorized
share capital from RM20,000,000 comprising 20,000,000 ordinary
shares of RM1.00 each to RM500,000,000 comprising 500,000,000
ordinary shares of RM1.00 each. The Memorandum and Articles of
Association of the Company will be duly amended to reflect the
said increase in the authorized share capital.

RATIONALE FOR THE PROPOSED EPE RESTRUCTURING SCHEME

The main objectives of the Proposed EPE Restructuring Scheme are
to improve the financial standing of the EPE Group, to enable
the EPE Group to continue as a going concern, and to enable the
EPE Group to repay and/or restructure the debts owing to the
Creditors. It will enable EPE to come out of its current
classification as an affected listed issuer under PN4 of the
KLSE Listing Requirements and also enable the Company to comply
with the minimum paid-up capital requirement of RM40 million
under the Guidelines of the SC.

The Proposed Capital Reduction and the reduction in the share
premium account are to cancel capital that is lost and not
represented by available assets.

The Proposed Acquisitions and Proposed Rights Issue are an
integral part of the Proposed EPE Restructuring Scheme aimed at
improving the future profitability and cashflow position of the
EPE Group. The Proposed Acquisitions will result in Ranhill
becoming the controlling shareholder in EPE. With the Proposed
Acquisitions, PRSB and PET will become subsidiaries of EPE as
opposed to being associate companies currently. The Proposed
Rights Issue will raise the funds required to repay Ranhill
pursuant to the Proposed Debt Restructuring and defray the
expenses of the Proposed EPE Restructuring Scheme.

The Proposed IASC is to accommodate the increase in the issued
and paid-up share capital of the Company arising from the
issuance of the Consideration Shares and the Rights Shares.

INFORMATION ON THE COMPANIES SUBJECT TO THE PROPOSED
ACQUISITIONS

PRSB

PRSB was incorporated in Malaysia as a private limited company
under the Companies Act, 1965 on 12 January 1995 and currently
it has an issued and fully paid-up share capital of RM10,000,000
comprising 10,000,000 ordinary shares of RM1.00 each. PRSB is
principally involved in constructing, owning and operating an
open-cycle gas-fired power plant in Sabah.

Details on the directors, substantial shareholders and
historical performance of PRSB are set out in Table 1, Table 2
and Table 3 respectively, whereas the salient terms and
conditions of the PRSB CULS are set out in Table 4 below.

PET

PET was incorporated in Malaysia as a private limited company
under the Companies Act, 1965 on 11 January 1988 and currently
it has an issued and paid-up share capital of RM4,900,000
comprising 4,900,000 ordinary shares of RM1.00 each. PET is
principally an investment holding company.

Details on the directors, substantial shareholders, historical
performance and the only subsidiary of PET are set out in Table
5, Table 6, Table 7 and Table 8, respectively.

INFORMATION ON RANHILL, THE VENDOR OF THE SHARES AND CULS
SUBJECT TO THE PROPOSED ACQUISITIONS

The principal activity of Ranhill is investment holding. The
principal activities of Ranhill's subsidiaries are as follows:

   ú Provision of engineering, procurement and construction
management services and project management services
   ú Engineering, procurement and construction
   ú Property investment
   ú Provision of facilities management and maintenance
   ú Provision of procurement services management for the
contracting and supply of medical and non-medical equipment
   ú Provision of land and marine piling works, marine
structures related civil engineering works

As at 30 June 2002, the issued and paid-up share capital of
Ranhill is RM79,000,000 comprising 79,000,000 ordinary share of
RM1.00 each.

Details on Ranhill's directors and substantial shareholders are
set out in Table 9 and Table 10 respectively.  The cost of
investment in PRSB and PET are RM51,000,000 and RM3,350,000
respectively. The date of the investment will be upon the
completion of the Ranhill-TIME SSA.

EFFECTS OF THE PROPOSED EPE RESTRUCTURING SCHEME

Issued and paid-up share capital

Upon completion of the Proposed EPE Restructuring Scheme, the
issued and paid-up share capital of EPE will increase as shown
in Table 11.

Earnings

The Proposed EPE Restructuring Scheme is not expected to have
any effect on the earnings of the EPE Group for the year ending
31 December 2003 as it is likely to be completed only in early
2004. On completion, the Proposed EPE Restructuring Scheme is
expected to contribute positively to the future earnings of the
EPE Group principally as a result of interest savings of
approximately RM9 million per annum, and the increased share of
profits from the Proposed Acquisitions.

NTA and Gearing

The proforma effects of the Proposed EPE Restructuring Scheme on
the NTA and gearing of the EPE Group, based on the audited
consolidated balance sheet of EPE for the financial year ended
31 December 2002, are illustrated in Table 12.

Substantial shareholders

The proforma effects of the Proposed EPE Restructuring Scheme on
the substantial shareholders of EPE, based on the Register of
Substantial Shareholders of EPE as at 31 December 2002, are
illustrated in Table 13.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

Salmah binti Sharif and Amiruddin Abdul Aziz (who are both the
nominees of TIME on the Board of EPE) as well as Tuan Haji
Abdullah Yusof (an independent director of TIME who also sits on
the Board), have abstained and will continue to abstain from all
deliberation and voting on the relevant resolution at the board
meetings of EPE.

TIME is the holding company of EPE and the vendor of the assets
which are the subject of the Proposed Acquisitions. The Proposed
Acquisitions will only be implemented upon completion of the
Ranhill-TIME SSA and both the proposed acquisitions are
conditional upon all conditions precedent under the Proposed
Debt Restructuring having been satisfied save for any condition
requiring the Ranhill-EPE SSA to become unconditional. Due to
this conditionally, TIME is deemed interested in the Proposed
EPE Restructuring Scheme. Accordingly, TIME will abstain from
voting on the relevant resolutions approving the Proposed EPE
Restructuring Scheme in respect of its direct shareholding in
EPE.

DIRECTORS' RECOMMENDATION

Having considered all aspects of the Proposed EPE Restructuring
Scheme, the Board of Directors of EPE is of the opinion that the
Proposed EPE Restructuring Scheme is in the best interest of the
Company.

ADVISERS

CIMB has been appointed by EPE as the Main Adviser for the
Proposed EPE Restructuring Scheme.

In view of TIME's interest in the Proposed EPE Restructuring
Scheme as set out in Section 10 above, AmMerchant Bank Berhad
has been appointed as the Independent Adviser to advise the
independent shareholders of EPE on the Proposed EPE
Restructuring Scheme.

DEPARTURE FROM SC GUIDELINES

The Board of Directors of EPE is not aware of any departure from
the SC's Policies and Guidelines on Issue/Offer of Securities in
respect of the Proposed EPE Restructuring Scheme.

Tables 1 to 13 can be found at
http://bankrupt.com/misc/TCRAP_EPE0505.doc.


FABER GROUP: Explains Audited, Unaudited F/S 10% Variance
---------------------------------------------------------
In accordance with KLSE Listing Requirements, Chapter 9, Part J,
Para 9.19 (35), Faber Group Berhad wishes to announce that the
Company's audited financial statements for the financial period
ended 31 December, 2002 was qualified on an "except for" basis.

The qualification is in relation to the possible impairment loss
of the capital work-in-progress amounting to RM245,022,000 of a
subsidiary incorporated outside Malaysia, Vimas Joint Venture
Company Limited. The capital work-in-progress is in relation to
the construction of a hotel, Sheraton Hanoi which has subsequent
to the period end recommenced the construction work. The Group
also has subsequent to year end secured financing for the
construction work of Sheraton Hanoi and as such, believe that
the residual value will approximate the net book value upon its
completion and adequate cash flows will be generated thereafter.
However, the auditors were unable to obtain appropriate audit
evidence to determine whether a provision for impairment is
required, if any and as such have accordingly qualified their
audit report.

The Company also wishes to announce that there are variances
between the audited financial statements as at 31 December, 2002
of the Group as compared to the quarterly report on unaudited
consolidated result for the financial period ended 31 December,
2002 as tabled at http://bankrupt.com/misc/TCRAP_Faber0505.pdf.

The variance on the above is mainly due to deferred expenditure
comprising pre-branding expenses written off amounting to
RM41,464,000 as recommended by the auditors. The pre-branding
expenses are in relation to direct cost incurred in connection
with the Sheraton branding of the Sheraton Hanoi hotel. In the
past, these pre-branding expenses were capitalized by the Group
and only written off upon the opening of the hotel. However, in
the current financial period, these expenses have been written
off in accordance with the Malaysian Accounting Standards Board
Standard 1.


MALAYSIA INT'L: S&P Places Ratings on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services on April 30, 2003 placed its
'A-' long-term local currency and 'BBB+' long-term foreign
currency ratings on Malaysia International Shipping Corp. Berhad
(MISC) on CreditWatch with negative implications. This action
follows the announcement that MISC has won the bid to purchase a
100% equity interest in Aframax tanker operator American Eagle
Tankers Inc. Ltd. (AET), from Singapore-based Neptune Orient
Lines Ltd.

MISC will acquire AET in cash for US$445 million, plus a net
tangible asset (NTA) adjustment on closure of the transaction
sometime in July 2003. In addition, MISC will assume the debt at
AET, which was about US$500 million in February 2003. MISC
intends to fund the acquisition through a combination of debt
and internal resources. The company is in the process of
arranging a one-year bridging loan with a consortium of
banks, which is expected to be refinanced in future with a term
loan. At the end of 2002, MISC had Malaysian ringgit (RM) 4.1
billion (about US$1.1 billion) in debt and RM1.2 billion in
cash.

In addition to raising MISC's overall debt levels, potentially
by as much as 80%, this transaction will increase MISC's
exposure to the more volatile crude oil tanker segment. Standard
& Poor's views the Aframax tanker segment as being more risky
than the liquefied natural gas shipping segment, from which MISC
derived 82% of its EBITDA in fiscal year 2002. Crude oil tanker
operations during the year accounted for only 8% of MISC's
EBITDA. Furthermore, AET's vessels are employed predominantly in
the spot market, as long-term charter employment makes up only
about 20% of its revenue base, thereby exposing the company to
unpredictable earnings.

The acquisition should position MISC more as a global player
since AET has 29 Aframax tankers (which are predominantly
double-hulled) and two Very Large Crude Carriers, and is a
dominant player in the chartering business in the Atlantic Basin
and the U.S. Gulf lightering market. Nevertheless, there is
uncertainty over the financial impact of the acquisition on
MISC. Standard & Poor's will monitor the situation and resolve
the CreditWatch placement when the specific sums to be paid for
acquisition and additional debt assumed are clear. In addition,
Standard & Poor's will await information on management's views
for a more stable long-term financing plan, and discussions with
management on the full operational and financial impact of the
acquisition.


SPORTMA CORPORATION: March Defaulted Payment Hits RM232.66M
-----------------------------------------------------------
As required by the KLSE Practice Note 1/2001, Sportma
Corporation Berhad (Special Administrators Appointed) provided
an estimate of its default in payment as at 31 March 2003, as
attached in Appendix A at
http://bankrupt.com/misc/TCRAP_Sportma0505.xls.

The total default by Sportma on the principal sum plus interest
as at 31 March 2003 amounted to RM232,655,082.34. The default
payment is in respect of revolving credit facilities, trade
financing and overdraft utilized by Sportma.

There is no further new development on the default of payment of
the Company, since the previous announcement with regard to this
Practice Note.


SRI HARTAMAS: Posts Financial Regularization Plan Status
--------------------------------------------------------
Pursuant to the Practice Note No. 4/2001 on the criteria and
obligations pursuant to paragraph 8.14 of the Listing
Requirements, Sri Hartamas Berhad (Special Administrators
Appointed) provided the monthly report for the month of April
2003:

"The Special Administrators of SHB wish to inform that there is
no change to our announcement made on 1 April 2003 on the status
of SHB's plan to regularize its financial position.

As announced on 20 March 2003 by Commerce International Merchant
Bankers Berhad (CIMB), the Special Administrators of SHB had
entered into a Second Supplemental Reconstruction Agreement with
FACB Resorts Berhad (FACB) and Hartamas Group Sdn Bhd (HGB) on
20 March 2003. The Second Supplemental Reconstruction Agreement
which supplement the Reconstruction Agreement dated 23 May 2001
and the Supplemental Reconstruction Agreement dated 25 September
2001 serves to vary the manner of implementing the Proposed
Restricted Renounceable Rights Issue by HGB which form part of
the Proposed Scheme of Arrangement of SHB. The Second
Supplemental Reconstruction Agreement does not revise the
existing terms of the Proposed Scheme of Arrangement that was
approved by the Securities Commission (SC) via its letter dated
9 July 2002.

The agreements relating to the Put Option, the Call Option, the
charge over the Collateral Security and the Corporate Guarantee
have been entered into by SHB, via the Special Administrators,
and FACB on the same date as the Second Supplemental
Reconstruction Agreement. The Second Supplemental Reconstruction
Agreement is subject to the approval of the SC for the variation
to the terms of the Proposed Scheme of Arrangement (if required)
and the approval of the modified workout proposal of SHB by
Pengurusan Danaharta Nasional Berhad and the secured creditors
of SHB.

The Special Administrators are presently fulfilling the
conditions of the Proposed Scheme of Arrangement before
implementing the proposals."


SRIWANI HOLDINGS: Court OKs Capital Reduction, Consolidation
------------------------------------------------------------
Sriwani Holdings Berhad refers to Proposals, which involves the
following:

   ú Proposed Capital Reduction and Consolidation;
   ú Proposed Restricted Issue;
   ú Proposed Rights Issue;
   ú Proposed Debt Restructuring Scheme;
   ú Proposed Assets Injection;
   ú Proposed Ma Sepang Debt Settlement; and
   ú Proposed Additional Issue.

Commerce International Merchant Bankers Berhad announces that
the High Court of Malaya at Pulau Pinang has on 28 April 2003
sanctioned and confirmed the Proposed Capital Reduction and
Consolidation under Petition No. MT3-26-2-2003 in accordance
with Section 64 of the Companies Act, 1965.


TIME DOTCOM: Changes Company Secretary
--------------------------------------
TIME Dotcom Berhad posted this notice:

Date of change : 01/05/2003
Type of change : Resignation
Designation    : Secretary
License no.    : LS 0005782
Name           : Lee Phuay Soo

Early this year, the Troubled Company Reporter - Asia Pacific
reported that the Company proposed Capital Repayment. To know
more about it, refer to Troubled Company Reporter - Asia
Pacific, Thursday, January 23, 2003, Vol. 6, No. 16 issue.


TIME ENGINEERING: 33rd AGM to be Held on May 26
----------------------------------------------
Time Engineering Berhad announced that it will convene its
Thirty Third Annual General Meeting ("AGM") at Nusantara
Ballroom, 2nd Floor, Sheraton Imperial, Jalan Sultan Ismail,
Kuala Lumpur on Monday 26 May 2003 at 10.00 am.

Details of the Thirty Third AGM of the Company can be found at
http://bankrupt.com/misc/TCRAP_TIME0505.doc.


TIME ENGINEERING: Extends SSA First Cut-Off Date to May 31
----------------------------------------------------------
Further to the announcement on 27 March 2003 on the Proposed
TIME Disposals, which comprises:

   * Proposed Disposal of 4,000,000 ordinary shares of RM1.00
each in Powertron Resources Sdn Bhd (PRSB), representing 40%
equity interest in PRSB and RM11,600,000 nominal value
Convertible Unsecured Loan Stocks (CULS) in PRSB, representing
40% of the outstanding nominal value of CULS in PRSB; and

   * Proposed Disposal of 2,940,000 ordinary shares of RM1.00
each in Penjanaan EPE-TIME Sdn Bhd (PET), representing 60%
equity interest in PET.

Commerce International Merchant Bankers Berhad wishes to
announce, on behalf of TIME Engineering Berhad, that TIME has
agreed to extend the First Cut-Off Date (as defined in the Sale
of Securities Agreement (SSA) between TIME and Ranhill Berhad
(Ranhill)) from 28 April 2003 to 31 May 2003.

With the above amendment, the SSA shall be conditional upon the
execution of the debt restructuring agreements in respect of the
debt restructuring exercise of EPE Power Corporation Berhad
(EPE) upon terms and conditions acceptable to Ranhill, TIME and
EPE on or before 31 May 2003.

All other terms and conditions in the SSA remain unchanged.


TONGKAH HOLDINGS: Disposes of Quoted Securities
-----------------------------------------------
Tongkah Holdings Berhad has on 28 April 2003 and 30 April 2003
been notified by PB Trustee Services Berhad (the trustee in
respect of the Company's RM186,558,296 Nominal Value of 5 year
1%-2% Redeemable Secured Convertible Bonds A 1999/2004 and
RM275,980,363 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds B 1999/2004 (collectively, "Bonds")) that they
have on 23 April 2003 and 24 April 2003, disposed of some of the
Company's securities held in public listed companies, which are
pledged with them in relation to the Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds.

Please refer to http://bankrupt.com/misc/TCRAP_Tongkah0505.doc
for information on the securities disposed.


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


BENPRES HOLDINGS: Clarifies Business World Report
-------------------------------------------------
This is in reference to the news article entitled "TRO against
Maynilad bond expires" published in the April 30, 2003 issue of
the BusinessWorld (Internet Edition). The article reported that
"Government agency Metropolitan Waterworks and Sewerage System
(MWSS) has been urged to immediately confiscate the $60 million
performance bond put up by Lopez-controlled Maynilad Water
Services, Inc. with the expiration on April 29, 2003 of the
temporary restraining order (TRO) preventing the former from
touching the bonds."

Benpres Holdings Corporation (BPC), in its letter to the
Philippine Stock Exchange dated April 30, 2003, clarified that:

Notwithstanding yesterday's expiration of the temporary
restraining order that directed certain banks not to honor any
draw down request by MWSS, any attempt by MWSS to draw down the
performance bond at this time would be unlawful and subject to
punitive sanctions by the court. The current disputes between
MWSS and Maynilad are in arbitration before an Appeals Panel,
which has issued a provisional order directing MWSS not to draw
down on Maynilad's performance bond. MWSS confirmed to both the
Appeals Panel and the Regional Trial Court that it will obey the
Appeals Panel's provisional order and MWSS would refrain from
drawing on the performance bond. This is contained in the Order
of the Regional Trial Court of April 24, 2003.

The press release can be accessed at
http://www.pse.org.ph/html/disclosure/pdf/dc2003_1333_BPC.pdf


MANILA ELECTRIC: GMA Orders to Pay Small Power Consumers
--------------------------------------------------------
Philippine President Gloria Macapagal Arroyo (GMA) has ordered
Manila Electric Co. (Meralco) to pay small power users in lump
sums when it pays back some 28 billion pesos in excess charges
collected from more than three million customers since 1994, the
Manila Standard reports. For other power consumers, the
President wants Meralco to reimburse them in the form of
discounts or cheaper monthly bills.

Addressing an assembly of about 6,000 workers at the World Trade
Center in Pasay City on Labor Day, the President announced that
the government, through the Department of Energy, would file a
petition with the Energy Regulatory Commission seeking two modes
of the refund. "Justice will be done. Meralco will have to
comply with the decision of the Supreme Court. All that is left
to do is to determine how to implement this judicial mandate in
a manner that will maximize the public interest," she said.


MANILA ELECTRIC: Investors Briefing Coming May 5, 2003
------------------------------------------------------
In connection with Manila Electric Co. (Meralco)'s release of
its full year 2002 results on Wednesday and first quarter 2003
results on Friday, May 2, 2003, Meralco will be conducting an
Investors Briefing on Monday, May 5, 2003, 3:30 PM. This will be
held at the:

   BASEMENT Mini Theater
   Lopez Building, Meralco Center
   Ortigas Avenue, Pasig City

Meralco has also arrange for a Conference Call with Senior
Management at 8:00 PM. Details for the Conference call are as
follows:

   Conference Call Number: +852 2112 1333
   Passcode: MERALCO

For more information, please visit
http://bankrupt.com/misc/tcrap_meralco0502.pdf


MANILA ELECTRIC: Nasecore Urges Management Change
-------------------------------------------------
The National Association of Electricity Consumer for Reforms,
Inc. (Nasecore) has urged the Philippine government to change
the management of the Manila Electric Co. (Meralco) to save it
from collapsing, the Philippine Star reports.

"We do agree with Secretary (Vince) Perez that saving Meralco
from bankruptcy is good for the consumers and the government,"
said Nasecore President Pete Ilagan. "And the best way to do
that is to change the present management." Ilagan said it is the
present management, which led Meralco to its present condition.

Ilagan said his group has consistently argued that the Meralco
monopoly should not be allowed to continue. The group believes
that introducing real competition in the market will bring about
lower rates and efficient services.


MANILA ELECTRIC: Needs Additional $416M in Funding, Says UBS
------------------------------------------------------------
Investment bank UBS Warburg estimates that Manila Electric
Company (Meralco) will need additional funding of 22 billion
pesos ($416 million) for the next two years to service the
refund required by the Supreme Court and pay the Malampaya gas
payables, the Malaya Newspaper said on Friday. "Meralco will not
be only short of cash in the next two years, but will have to
look for lenders willing to sink in more money in the Company,"
UBS said.

Meralco needed to repay 28 billion pesos it overcharged
customers, with another 14 billion pesos due the National Power
Corp., plus the 5 billion pesos sought by the Malampaya project
proponents. Total liabilities this year alone would not be
covered by the projected earnings of only 9.076 billion pesos
projected for this year against last year's 8.6 billion pesos.

The Philippine government holds about 25 percent of Meralco
while a joint venture of First Philippine Holdings and Spanish
power firm Union Fenosa SA holds the second-largest stake at
22.86 percent. The public and other investors hold the rest.


NATIONAL BANK: Launches Priority One Checking Account
-----------------------------------------------------
The Philippine National Bank introduced on April 25 its latest
product, the Priority One Checking Account, during cocktails at
the PNB Financial Center along President Diosdado P. Macapagal
Blvd., Pasay City. Invited to the product launch are the Bank's
valued clients, a Company statement said.

PNB First Senior Vice President for Retail Banking Sector Ismael
R. Sandig has this to say about PNB's newest product: "The
Priority One Checking Account was conceptualized for a select
group of clientele, such as high net worth individuals,
businessmen, members of the board of directors and the top
executives of companies and professionals such as physicians,
lawyers, accountants, engineers, architects, dentists, among
others."

By opening a Priority One checking account, the decision-makers
and professionals can enjoy the twin benefits of convenience in
every banking transaction and an array of perks and privileges.

With an initial minimum deposit of P25,000, the busy executive
or entrepreneur can enjoy a world of privileges not available to
those with regular checking accounts.

First, the Priority One Checking Account earns higher interest.

Second, the Priority One checking account holder can fly for
free to key cities in the Philippines and to foreign
destinations such as Singapore, Melbourne, Sydney, Guam and Hong
Kong, depending on the amount he deposits in his Priority One
checking account. The higher the amount he maintains, the more
travel points he earns from Philippine Airlines and Air
Philippines. These travel points are then convertible to air
miles which if accumulated will entitle the checking account
holder to free airline trips.

Third, the Priority One checking account holder will enjoy a
one-year Personal Accident coverage for free, courtesy of PNB
General Insurers. As long as the account is maintained with PNB,
this privilege will be renewable yearly.

Fourth, dinner gift certificates from Century Park Hotel await
the Priority One checking account holder who maintains a
threshold average daily balance.

Fifth, all Priority One checking account holders will receive a
specially designed checkbook and an accompanying ATM.

Finally, Priority One checking account holders can withdraw up
to P100,000 daily by using their ATM cards

Truly, the PNB Priority One Checking Account is a toast to the
good life!

The press release can be accessed at
http://www.pnb.com.ph/news/index.asp?news_id=73


NATIONAL BANK: Marks First US$1M Profit
---------------------------------------
The Philippine National Bank (PNB) posted a profit of 53 million
pesos (US$1 million) in the first three months of this year,
versus a loss of 783 million a year earlier, its first profit
since 1997, Asia Pulse reports. PNB announced its return to
profitability barely a year into its financial rehabilitation
program that key shareholder Lucio Tan signed with the
Philippine government on May 3, 2002.

In 2002, PNB narrowed its net loss to 1.9 billion pesos when its
expected losses of 3.1 billion pesos. In 2001, the bank's total
losses amounted to 4.1 billion pesos. PNB's remittance business,
the largest in the industry, was also seen to continue to
dominate the market that last year involved moving $12.18
million worth of foreign earnings.


PHILIPPINE LONG: ASM Set For June 10
------------------------------------
Further to Circular for Brokers No. 0576-2003 dated February 27,
2003, Philippine Long Distance Telephone Company (PLDT)
furnished the Philippine Stock Exchange a copy of its Definitive
Proxy Statement, Proxy Form and 2002 Annual Report in connection
with the Company's Annual Stockholders' Meeting which will be
held on Tuesday, June 10, 2003 at 4:00 P.M. at the Grand
Ballroom, Dusit Hotel Nikko, Ayala Center, Makati City. The
Agenda, as stated in the Notice of the Meeting, is as follows:

1. Call to order
2. Certification of service of notice and quorum
3. President's Report
4. Approval of the audited financial statements for the period
ended December 31, 2002 contained in the Company's 2002 Annual
Report
5. Election of directors for the ensuing year
6. Other business as may properly come before the meeting and at
any adjournments thereof."

As previously announced, "the Board of Directors had fixed close
of business on April 11, 2003 as the record date for the
determination of stockholders entitled to notice of, and to vote
at, said Annual Meeting. Only holders of record of shares of
common stock as at the record date will be entitled to vote at
said meeting. The stock and transfer books of the Company will
not be closed.

The press release is located at
http://www.pse.org.ph/html/disclosure/pdf/dc2003_1329_TEL.pdf


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


ASIA FOOD: Updates Debt Rescheduling
------------------------------------
Further to our last announcement dated March 24, 2003, the
respective Boards of Directors of Asia Food & Properties Limited
(AFP) and Golden Agri-Resources Ltd (GAR) advised their
shareholders and the general public that the negotiations with
its various creditors are on-going. Announcements will be made
on a timely basis when there is further progress on our debt
rescheduling efforts.

Details of the total debt rescheduled during the period July
2001 to 25 April 2003, being the latest practicable date, for
AFP and GAR Groups are as follows:

Un-audited balance as at              AFP         GAR      Total
28 February 2003 (in US$ million) (excluding GAR)          AFP
                                                  (Consolidated)


Total rescheduled
debt and debt
which do not
require rescheduling (A)            452.1         319.7    771.8

Total debt which
require rescheduling (B)            184.7         175.1    359.8

Total debt outstanding (C)          636.8         494.8  1,131.6

(A) / (C) - in %                    71.0%         64.6%    68.2%

(B) / (C) - in %                    29.0%         35.4%    31.8%

Cash and time deposits with BII Bank Limited, Cook Islands (BII
Bank Ltd):

Under the repayment and security package entered into with BII
Bank Ltd (announced on 2 November 2001), the first and second
aggregate repayments to AFP Group, including GAR Group, were
scheduled to be US$27 million for the period from May 2001 to
April 2002, and US$25 million for the period from May 2002 to
October 2002. The third aggregate repayment to AFP Group,
including GAR Group, was scheduled to be US$25 million for the
period from November 2002 to April 2003. The aggregate total
repayment payable by April 2003 to AFP Group including GAR Group
is US$77 million.

As at 25 April 2003, the AFP Group, including GAR Group, has
reduced its principal cash and time deposits by US$81.1 million.
Of this reduction, US$45.7 million represents reductions of cash
and time deposits of GAR Group.

ABOUT ASIA FOOD & PROPERTIES

Listed on the Singapore Exchange Securities Trading Limited
(SGX-ST), Asia Food & Properties Limited (AFP) is involved in
three core businesses: Agri-business, Food and Property, through
its investments in Indonesia, China, Malaysia and Singapore.
Headquartered in Singapore, the AFP Group employs about 45,500
people. The Group turnover for the year 2002 was S$1.8 billion.

AGRI-BUSINESS

The Agri-business operations are located in Indonesia and China.

Through its SGX-ST listed subsidiary, Golden Agri-Resources Ltd
(GAR), the Group's Indonesia Agri-business is one of the world's
largest vertically integrated oil palm plantation companies.
With a total planted area of 282,000 hectares, GAR operates 24
palm oil processing mills, two refineries and four kernel
crushing mills. The primary activities include oil palm tree
cultivation and harvest; processing of fresh fruit bunch into
crude palm oil (CPO) and palm kernel; and refining into value-
added products such as cooking oils, margarine and shortening.

The Group's China Agri-business operations include refineries,
port and oil-seed crushing facilities in Ningbo and Zhuhai,
China.

FOOD

The Group's Food operations, which are carried out by Zhuhai
Huafeng Food Industry (Group) Co., Ltd and its subsidiaries is
one of the largest manufacturers of instant noodles in China.
Its operations include the production, distribution and sale of
instant noodles throughout China.

PROPERTY

The Group's Property division in Indonesia is a leading
developer and is engaged in the development and construction of
commercial, residential and industrial properties, townships,
hotels and resorts. The Property division has long-term
investments in major commercial buildings, hotels and resorts,
and is involved in property sales, leasing and management of its
real estate development and investments in Indonesia, China,
Singapore and Malaysia.


PDC CORP.: Court Orders Stay of Proceedings Against Unit
--------------------------------------------------------
PDC Corporation Ltd. announced on March 5, 2003 its appointment
of Tan Corporate Advisory Pte Ltd as independent financial
advisor to the Company and its group of companies the Group to
advise on, amongst others, the restructuring of the debts of the
Company's wholly-owned subsidiary namely Hong Lai Huat
Construction Pte Ltd HLHC.

Further to the announcement, the Company wishes to announce that
in conjunction with the restructuring plans of the Group, HLHC
had on 9 April 2003, filed an application for a stay of
proceedings under section 210(10) of the Companies Act. At the
hearing of HLHC's application for a stay of proceedings under
section 210(10) of the Companies Act on 25 April 2003, the High
Court of Singapore ordered an interim stay of proceedings
against HLHC until 16 May 2003 with a view to enable HLHC to
file a petition for the appointment of a judicial manager.

In addition, pursuant to Rule 704(18) of the Listing Manual of
Singapore Exchange Securities Trading Limited, the Company
wishes to announce that a petition dated 2 April 2003 has been
presented to the High Court of Singapore for the winding-up of
HLHC. The hearing of the winding-up petition is scheduled for 2
May 2003.


WEE POH: Confirms Capital Reduction Report
------------------------------------------
(Capitalized terms not otherwise defined in this Announcement
shall have the same meanings ascribed to them in the
announcement dated 8 November 2002.)

Further to the announcements dated 8 November 2002, 10 January
2003 and 7 March 2003 by Wee Poh Holdings Limited relating to
the Capital Reduction, the Directors of Wee Poh Holdings
announced that the High Court of Singapore has confirmed the
Capital Reduction on Thursday.

The Capital Reduction will take effect on 6 May 2003, being the
date on which the Company intends to lodge the office copy of
the court order confirming the Capital Reduction with the
Registrar of Companies and Businesses.

Shareholders are reminded of the following important dates:-

6 May 2003: Effective date for the Capital Reduction

7 May 2003: Commencement of trading of ordinary shares of $0.005
each in the capital of the Company.


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


BANGCHAK PETROLEUM: Oil Demand Causes Increased Q103 Net Profit
--------------------------------------------------------
Bangchak Petroleum Public Company Limited (BCP), in reference to
its unreviewed financial statements for the first Quarter ending
March 31, 2003, explained the reasons for the variation in
business Operations, in accordance with the profit and loss
account of more than 20 percent from that of the same period of
2002, as follows:

The Company books a net profit of Bt422 million for the 1st
quarter business operations in 2003, compared to the Bt307
million net profits for the first quarter last year. An increase
in the Company's profit was caused by the continuous rising of
oil prices in the world markets, which continued from early 2003
to the beginning of March as a consequence of the prolonged
strike in Venezuela together with US-Iraq war. Thus, created
demand for oil stock in the markets.

BCP's summary of its unreviewed/unaudited quarterly financial
statements:
              The Bangchak Petroleum Plc.

Unreviewed/Unaudited
                  Ending  March 31,            (In thousands)
                                   Quarter 1
                       Year      2003        2002

Net profit (loss)               422,398     306,585
EPS (baht)                         0.81        0.59

On April 28, the Troubled Company Reporter - Asia Pacific
reported that the Finance Ministry stated the best way for
Bangchak Petroleum to restructure its business is to split up
into retail distribution and refinery. He revealed that Bangchak
currently has a payable interest burden of Bt1.3 billion a year
from its outstanding debt of about Bt20 billion.


COUNTRY (THAILAND): Undertakes Capital Increase Exercise
--------------------------------------------------------
Property Planner Company Limited, as the Plan Administrator for
Country (Thailand) Public Company Limited, reported the process
of the registered capital increase and the share allotment in
relation to the order of the Central Bankruptcy Court given on
July 17, 2002, as follows:

1.   Capital increase:

On July 17, 2002, the Central Bankruptcy Court has issued an
order approving the Company to restructure the Company's capital
in connection with the rehabilitation plan.

The registered capital of the Company shall be increased from
Bt1,212,500 to Bt10,000,000,000 by issuing of 999,878,750 new
ordinary shares with the par value of Bt10  each bringing the
total of ordinary shares to Bt9,998,787,500.

2.   Allotment of new share:

The Central Bankruptcy Court has also issued an order approving
the allotment of new ordinary shares in the amount of
999,878,750 shares with the par value of Bt10 each with the
total of Bt9,998,787,500 to be allocate as follows:

3.   Approval of the capital increase/Share allotment by
relevant governmental agency and conditions thereto (if any)

On July 17,2002 the Central Bankruptcy Court has issued an order
approving the capital increase and the share allotment in form
of the conversion of debt to equity.

4.   Objectives of the capital increase and plans for utilizing
proceeds received from the capital increase.

In order for the Company to effectively implement the
rehabilitation plan, the Company has to increase the registered
capital for conversion of debts to equity as specified in the
rehabilitation plan.

5.   Benefits that the Company will receive from the capital
increase/share allotment: Reduction to the burden of debt of the
Company by conversion of debt to equity.

6.   Benefits that the shareholders will receive from the
capital increase/share allotment:

        6.1 Dividend policy        -
        6.2 Subscribers of new share issued for this capital
            increase will be entitled to receive dividends from
            the Company's business starting from   -
        6.3 Others                 -

7.   Other details necessary for shareholders to approve the
capital increase/share allotment: (None)

8.   Schedules of action where the board of directors of the
Company passes a resolution approving the capital increase or
allotment of new shares: (None)


MEDIA OF MEDIAS: Increases Registered Paid-Up Capital
-----------------------------------------------------
Pursuant to the Amendment of the Business Rehabilitation Plan of
Media of Medias Public Company Limited approved by the
Bankruptcy Court on April 21, 2003, specifically clause 4.9 of
the Plan concerning decrease and increase in capital, capital
structuring.

K.Y.S. Holding Co., Ltd., as the Plan Administrator of Media of
Medias (Public) Company Limited, has already proceed to register
the increasing Paid-up capital totaling 191,000,000 shares with
the Ministry of Commerce on April 29, 2003. The increasing Paid-
up capital arises from allocation of new shares to joint
investor per amended plan.

At present, the registered capital of Media of Medias Public
Company Limited is Bt1,312,295,584 comprises 328,073,896
ordinary shares at par value of Bt4 each .


SIAM AGRO: Cancels 2002 Dividend Distribution
---------------------------------------------
The Siam Agro Industry Pineapple and Others Public Company
Limited reported on the resolutions made at the Ordinary General
Meeting of Shareholders No. 1/2003 held on 29 April 2003, as
follows:

1. Certified the minutes of the Ordinary General Meeting of
Shareholders No.1/2002 held on 29 April 2002.
2. Received the Company's annual report as to the operation
of the Company for the financial year ended 31 December
2002.
3. Approved the Company's financial statements and auditor's
report for the financial year ended 31 December 2002.
4. Acknowledged that there will be no dividends declared and
no appropriation to the reserve fund for the financial
year ended 31 December 2002 in accordance with the law and
the Articles of Association of the Company.
5. Re-elected directors retiring under the terms of the
Company's Articles of Association and fix the directors'
remuneration for the financial year ending 31 December
2003, as follows:
         1. Mr. Samarn  Siriphatra
         2. Mr. Boonlert Cheanyoo
         3. Mr. Wachrin  Piyarat
       For remuneration of directors, the Company will pay all
reasonable out of pocket expenses incurred by outside directors
for attending meetings announced during the financial year
ending 31 December 2003.

6. Appointed the following persons as auditors for the
financial year ending 31 December 2003.
       Name               CPA No.      Auditing Firm
   1. Mr. Nirand Lilamethwat 2316  KPMG Phoomchai Audit Limited
   2. Mr. Supot Singhasaneh  2826  KPMG Phoomchai Audit Limited

      And the normal audit fee for the financial year ending 31
December 2003 has been fixed not to exceed Bt513,000.

   7. Approved the extension of the Maturity Date from 9 August
2003 to 8 August 2006 for the Transferable Warrants issued on 10
August 2000, as follows:

     Category:  Warrants with named certificate, with the right
                to purchase Ordinary shares of the company at
                the Exercise Price
     Size of Issue: 26,645,704 Units
     Purchaser: Del Monte Group Limited and/or its designee (s)
     Offering Price: Bt10 per share
     Maturity: 3 Years
     Exercise Ratio: 1 Warrant to 1 Ordinary share


THAI DURABLE: AGM Resolves Non-Distribution of 2002 Dividend
------------------------------------------------------------
The 2003 Annual General Meeting of Shareholders of Thai Durable
Textile Public Company Limited held on April 30, 2003 at Saithip
Room, 3rd Floor, The Imperial Queen's Park Hotel, No.199
Sukhumvit 22 Road, Khet Klong-Toey, Bangkok, has resolved the
following:

1. That the Extra-Ordinary Shareholders Meeting No.1/2003, be
certified.
2. That the report of operating results during the year 2002,
be acknowledged and the Directors Report, be approved.
3. That the audited balance sheet and profit and loss
statement s for the year ended 31st December, 2002, be
approved.
4. That non-distribution of dividend in respect of the year
2002 operating results as the Company still incurs
accumulated losses in respect of the year 2002.
5. That the re-election of Mr. Kamol Kongthon and Mr.
Chavalit Thonglim who retired by rotation as the directors
of the Company and the directors' remuneration of
Bt3,000,000, be approved.
6. That the appointment of Mr. Pisit Chiwaruangroch,
Registration No. 2803, and/or Miss Wipa Jindanuwat,
Registration No. 3296, and/or Mr. Methee Ratanasrimetha,
Registration No. 3425, and/or Miss Kalyarat
Chaivorapongsa, Registration No. 3460 of KPGM Phoomchai
Audit Ltd., as the Company's auditors for the year 2003
and  the remuneration of Bt1,060,000 per annum, be
approved.


TPI POLENE: Ups Q103 Consolidated Sales Revenue to Bt4.550M
-----------------------------------------------------------
TPI Polene Public Company Limited reported on the operational
performance of the unreviewed consolidated financial statements
of the Company for the first quarter ended March 31, 2003, as
follows:

Total consolidated sales revenues in Q1/2003 were at Bt4.550
million compared to Bt3.674 million in Q1/2002. A significant
increase of 23.84 percent was primarily due to the increase in
cement, ready-mixed concrete and plastic resin sales revenues in
response to an expansion of the overall economic situation in
the country. Total consolidated revenues in Q1/2003 were at
Bt5.005 million compared to Bt4.513 million in Q1/2002, an
increase of 10.91 percent.

The Company realized net profit of Bt394 million or earning per
share of Bt0.78 in Q1/2003 compared to net profit of Bt26
million or earning per share of Bt0.05 in Q1/2002, a substantial
increase of 1,417.23 percent. As of March 31, 2003, book value
per share was Bt25.07.

Below is a summary of TPIPL unreviewed quarterly financial
statement:
                  TPI POLENE PUBLIC COMPANY LIMITED
Unreviewed
             Ending  March 31,            (In thousands)
                               Quarter 1
                       Year      2003        2002

Net profit (loss)               393,570      25,940
EPS (baht)                         0.78        0.05


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

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

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