/raid1/www/Hosts/bankrupt/TCRAP_Public/030509.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

           Friday, May 09 2003, Vol. 6, No. 91

                         Headlines

A U S T R A L I A

CHAOS GROUP: Posts Final Director's Interest Notice
ELECTROMETALS TECHNOLOGIES: Lodges Rights Offer Info With ASIC
ELECTROMETALS TECHNOLOGIES: To Repay Bank Indebtedness
HORIZON ENERGY: Settles Insurance Claim
MENZIES GOLD: Deed of Company Arrangement With HCL Executed

NATIONAL TELECOMS: Responds to ASX's Quarterly Report Query
SOUTHCORP LIMITED: ASX Grants Trading Halt Request
FAI GENERAL: High Court Orders $9,992M Payment to Permanent
WILLHART LIMITED: Disposes of Non-Core Asset
WILLHART LIMITED: EGM to Approve MBO Arrangement


C H I N A   &   H O N G  K O N G

CHINA GATEWAY: Winding Up Hearing Set on May 21
DVN (HOLDINGS): Net Loss Widens to HK$136.210M
EMPEROR (CHINA): Appoints Emperor Securities as Trading Broker
EMPEROR (CHINA): Parallel Trading Ceases Today
PCCW-HKT TELEPHONE: 'BBB' Rating Affirmed; Outlook Positive

SUN WING: Winding Up Hearing Scheduled on May 21


I N D O N E S I A

BFI FINANCE: Ongko Group Challenges Restructuring Deal


J A P A N

ASAHI MUTUAL: S&P Places Rating to 'CCC'; Negative CreditWatch
FUJITSU LIMITED: To Complete Withdrawal from Kanda May 29
MITSUBISHI ELECTRIC: Launches Two New LCD Technologies
SEGA CORPORATION: Drops Merger Plans with Sammy Corporation

* Govt Agency Formed to Assist Ailing Firms Starts Operation


K O R E A

HYNIX SEMICONDUCTOR: EU Agrees with US, to Levy 33% Tariff
SK CORPORATION: S&P Rating Down 'BB+'; Remains on Watch Negative
SK GLOBAL: Creditors Prefer 'Debt-to-equity' Swap
SK GROUP: Banks Won't Likely Extend Credit Line to Affiliates


M A L A Y S I A

AKTIF LIFESTYLE: Presents Scheme to Lenders; Discussion Ongoing
AOKAM PERDANA: SC OKs Revised Timber Rights Valuation
CHASE PERDANA: 27th AGM Set on June 5
GENERAL LUMBER: Obtains SC's Nod on Proposed Disposal
OLYMPIA INDUSTRIES: MITI OKs Scheme Proposed Variations

PAN MALAYSIA: De-registers Certain NFIL Subsidiaries
PANCARAN IKRAB: FIC OKs Dceil Intl. to Meet 30% Bumiputra Stake
PANGLOBAL BERHAD: Clarifies Financial Results Deviation
PARIT PERAK: Answers KLSE's Query Re Unit's Originating Summons
PLANTATION & DEVELOPMENT: May 29 EGM Scheduled

SATERAS RESOURCES: Posts New Registrar Address
SENG HUP: Disposes of Property to Partially Repay Secured Loan
SITT TATT: Sells SSB Stake to Rationalize, Streamline Business
SITT TATT: SC Approves Proposed Time Extension
SURIA CAPITAL: Court Strikes Plaintiff's Jurisdiction

TONGKAH HOLDINGS: Disposes Quoted Securities
WOO HING: Currently Implementing Workout Proposal
WOO HING: SC Approves Kamdar Proposals Appeal


P H I L I P P I N E S

MANILA ELECTRIC: Urged to Implement PHP30B Refund Immediately
MANILA ELECTRIC: Eyes One-time Refund Deal with Small Customers
MANILA ELECTRIC: Expected to Cut Power Rates by 24 Cents
MAYNILAD WATER: Ordered to Stop Billing for FOREX Losses


S I N G A P O R E

NEPTUNE ORIENT: Potential CEO to Leave Firm Due to Other Duties


T H A I L A N D

CHRISTIANI & NIELSEN: Court OKs Business Reorganization Plan
KRISDA MAHANAKORN: No Need to Amend F/S, Says SET
MDX PUBLIC: Posts Rehabilitation Process Progress Report
MEDIA OF MEDIAS: Undertakes Shares Disposal
SIKARIN PUBLIC: Posts Added Shareholders' Meeting Resolutions

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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


CHAOS GROUP: Posts Final Director's Interest Notice
---------------------------------------------------
Chaos Group Limited posted this notice:

FINAL DIRECTOR'S INTEREST NOTICE

   Name of Company          Chaos Group Limited

   ABN                      96 077 206 583

We (the entity) give the ASX the following information under
listing rule 3.19A.3 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         Mary-Jane Salier
                            (alternate for  I S McGregor)

   Date of last notice      03/01/2002

   Date that director
   ceased to be director    05/05/2003


Part 1 - Director's relevant interests in securities of which
the director is the registered holder

Number & class of securities

3,570 ordinary shares

Part 2 - Director's relevant interests in securities of which
the director is not the registered holder

   Name of holder &                  Number & class
   nature of interest                of securities

  n/a                                   -

Part 3 - Director's interests in contracts

Detail of contract              -

Nature of interest              -

Name of registered holder
(if issued securities)          -

No. and class of securities
to which interest relates       -

On April 23, the Troubled Company Reporter - Asia Pacific
reported that Chaos Group announced restructuring to allow
exclusive focus on the growth of its Data Management division,
Microview. The restructure involves the sale of the Company's
retail and label businesses through a management buyout.

Early this month, Chaos Group has reported sales receipts of
$3.5M and negative operating cash flows of ($329K) for the March
quarter.


ELECTROMETALS TECHNOLOGIES: Lodges Rights Offer Info With ASIC
--------------------------------------------------------------
Electrometals Technologies Limited announces that it has lodged
with Australian Securities and Investments Commission (ASIC) an
Offer Information Statement dated 7 May 2003 for the offer of
one new ordinary share at 9 cents per share for every 4 ordinary
or preference shares held by shareholders at 5:00 pm on 16 May,
2003. This offer is fully underwritten by Tolhurst Noall Limited
to raise gross proceeds of $1,643,220 from the issue of
18,258,000 fully-paid ordinary shares. The Offer Information
Statement will be mailed to shareholders on 19 May. A copy of
this document is being posted at the website:
www.electrometals.com.au.

This Offer Information Statement also offers up to 17,400,000
ordinary shares at 9 cents per share to DeNora Elettrodi SpA, in
accordance with the provisions of the Letter of Intent signed
with DeNora on 24 February, 2003. This Offer is made subject to
the approval of Electrometals' shareholders at the Annual
General Meeting to be held on 28 May, 2003.

DeNora has already subscribed for 3,333,333 fully-paid ordinary
shares in the Company, which will entitle it to subscribe for a
further 833,333 shares under the 1 for 4 Entitlement Offer. In
light of the placement last week of 5,600,000 fully-paid
ordinary shares to other investors (also at nine cents per
share), and the fact that the Entitlement Offer is fully
underwritten, Electrometals now expects DeNora to subscribe for
the full amount of its entitlement together with the 17,400,000
shares offered by way of placement, for a total subscription
amount of $1,641,000. It would then hold 21,566,666 fully-paid
ordinary shares in Electrometals, representing 19.96% of total
issued ordinary share capital.

As a result of the capital raising transactions mentioned above,
Electrometals expects to raise a total of $4,013,220 before
issue costs of approximately $200,000. These funds will
eliminate its current bank overdraft and provia a substantial
amount of working capital to support the Company's planned
growth.

According to Wrights Investors' Service, the company has paid no
diviands during the previous 2 fiscal years and also reported
losses during the previous 12 months. During the 12 months
ending 12/31/02, the company has experienced losses totaling
A$0.01 per share.


ELECTROMETALS TECHNOLOGIES: To Repay Bank Indebtedness
------------------------------------------------------
Electrometals Technologies Limited posted this notice:

                         APPENDIX 3B
                    NEW ISSUE ANNOUNCEMENT

APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT

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

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

Name of Entity
Electrometals Technologies Limited

ABN
25 000 751 093

We (the entity) give ASX the following information.

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

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

2. Number of securities issued         35,658,000 maximum
   or to be issued (if known)
   or maximum number which
   may be issued

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

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

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

5. Issue price or consideration        9 cents per share

6. Purpose of the issue (if        To repay bank indebtedness
   issued as consideration for     (if any) and for general
   the acquisition of assets,      working capital to support
   clearly identify those          planned growth
   assets)

7. Dates of entering securities        30/06/2003
   into uncertified holdings
   or dispatch of certificates

                                      NUMBER  CLASS
8. Number and class of all       108,022,809  Ordinary
   securities quoted on
   ASX (including the
   securities in clause
   2 if applicable)

                                      NUMBER  CLASS
9. Number and class of all         666,667  Cum Red cnv Pref SH
   securities not quoted           720,000  Employee options
   on ASX (including the         2,600,000  Executive options
   securities in clause 2          900,000  Non-Exec Dir Options
   if applicable)

10.Diviand policy (in the case      No diviands being paid or
   of a trust, distribution          planned
   policy) on the increased
   capital (interests)

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

11. Is security holder approval        No
    required

12. Is the issue renounceable          Non-Renounceable
    or non-renounceable

13. Ratio in which the securities      1 for 4 shares held
    will be offered

14. Class of securities to which       Ordinary and preferred
    the offer relates

15. Record date to determine           16/05/2003
    entitlements

16. Will holdings on different         Yes
    registers (or subregisters)
    be aggregated for calculating
    entitlements

17. Policy for deciding entitlements  Fractional Entitlement
    in relation to fractions          rounded up to nearest
                                      whole number

18. Names of countries in which the    None
    entity has security holders
    who will not be sent new issue
    documents

    Note: Security holders must be
    told how their entitlements
    are to be dealt with.

    Cross reference: rule 7.7.

19. Closing date for receipt of        06/06/2003
    acceptances or renunciations

20. Names of any underwriters          Tolhurst Noall Ltd

21. Amount of any underwriting fee     $98,593 plus 1% of funds
    or commission                      raised by Entitlement
                                       Offer

22. Names of any brokers to the        None
    issue

23. Fee or commission payable to       N/A
    the broker to the issue

24. Amount of any handling fee       1% Stamping Fee payable by
    payable to brokers who           underwriter
    lodge acceptances or
    renunciations on behalf
    of security holders

25. If the issue is contingent         -
    on security holders'
    approval, the date of
    the meeting

26. Date entitlement and acceptance    19/05/2003
    form and prospectus or Product
    Disclosure Statement will be
    sent to persons entitled

27. If the entity has issued options,  N/A
    and the terms entitle option
    holders to participate on
    exercise, the date on which
    notices will be sent to
    option holders

28. Date rights trading will begin     N/A
    (if applicable)

29. Date rights trading will end       N/A
    (if applicable)

30. How do security holders sell       N/A
    their entitlements in full
    through a broker

31. How do security holders sell       N/A
    part of their entitlements
    through a broker and accept
    for the balance

32. How do security holders dispose    N/A
    of their entitlements (except
    by sale through a broker)

33. Dispatch date                      30/06/2003

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

34. Type of securities (tick one)

    (a) X  Securities described in Part 1

    (b)    All other securities

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

    Entities that have Ticked Box 34(a)

    Additional Securities Forming a New Class of Securities

Tick to indicate you are providing the information or documents

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

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

37.    A copy of any trust deed for the additional securities


    Entities that have Ticked Box 34 (b)

    Items 38 to 42 are Not Applicable


HORIZON ENERGY: Settles Insurance Claim
---------------------------------------
Horizon Energy Investment Group announced that Loy Yang Power
has received confirmation that final settlement has been reached
with insurers regarding the claim relating to the failure of its
Unit 4 generator.

The 500 megawatt generator failed on 22 December 2001, which
resulted in the Loy Yang Power Station operating at 75% capacity
for 115 days.

Siemens purchased a decommissioned generator from Moorburg,
Germany under the insurance program pending its repair. The
substitute generator has been operating at Loy Yang since April
2002.

With the original generator scheduled to return to Loy Yang
Power later this year, Loy Yang has advised Horizon Energy that
all aspects of the insurance arrangements in respect to the
failure have now been settled.

This early settlement of $74m is of mutual benefit to the
insurers and Loy Yang Power. It has resulted in the full repair
of the original generator and Loy Yang Power retaining the
replacement generator. The retention of the replacement
generator will significantly reduce the risk to the business and
increase operational flexibility and plant options.

CONTACT INFORMATION: Dennis Eagar
        MANAGER, EXTERNAL AFFAIRS
        Tel: (02) 8232 6771
        Mob: 0414 345 176
        Email: dennis.eagar@macquarie.com


MENZIES GOLD: Deed of Company Arrangement With HCL Executed
-----------------------------------------------------------
Hallmark Consolidated Limited (HCL) advises that a Deed of
Company Arrangement on May 2, 2003 was executed on terms
consistent with its announcement dated 4 April 2003.

It is currently expected that shareholder's of Menzies Gold
Limited will be presented will all available information
including an Independent Experts' Report and full details of a
proposed capital raising to enable the re-listing of Menzies,
within the next 14 days.

The Troubled Company Reporter - Asia Pacific reported that in
January 2003, Administrators were appointed to both Menzies Gold
Limited.


NATIONAL TELECOMS: Responds to ASX's Quarterly Report Query
-----------------------------------------------------------
National Telecoms Group Limited, in reference to the Australian
Stock Exchange's letter dated 2 May 2003 in relation to the
Appendix 4C Quarterly Report, proviad herewith response to the
questions detailed therein as follows:

1. It is possible to conclude on the basis of the information
proviad that if the company were to continue to expend cash at
the rate for the quarter indicated by the Appendix 4C, the
Company may only have sufficient cash to fund its activities for
less than one quarter. Is this the case, or are there other
factors that should be taken into account in assessing the
Company's Position?

Although one may reach the conclusion referred to above based on
the 3rd Quarter Appendix 4C, there are several other factors
that should be taken into account which explain the reasons
behind the higher than normal negative operating cash flow for
the quarter and which also explain the substantial improvement
expected in the Company's relative cash and trading position
over the next two quarters and beyond. These are as follows:

   a) On 18 February and 12 March 2003 the Company released
details of a substantial restructure, whereby, whilst
maintaining and even enhancing its product offerings, the
Company would henceforth focus on a wholesale products package,
transferring the retail sales functions to independent
businesses. This transition, implemented substantially during
the 3rd Quarter, has, on a one-off basis, impacted considerably
on cash flow, with the benefits flowing through in subsequent
quarters.

   b) The Company's operations are affected by seasonal factors
and the 3rd Quarter is generally the slowest with sales picking
up considerably in the 4th Quarter and in particular in the
month of June. The first Quarter of 2004 is also expected to
show considerable improvement on the 3rd Quarter.

   c) The restructure also impacted on operations during the 3rd
Quarter in that it understandably created a certain level of
uncertainty initially and disrupted or further slowed down
sales, in turn affecting revenues and sales negatively. After
all, there was a wholesale change resulting in the reduction of
staff from 650 to approximately 160 and the relocation of staff,
which involved considerable management time, retraining and
cost.

   d) Although the considerable improvements in cash flow are
yet to flow through, the apparent cash burn has already slowed
and we are pleased to advise that cash at bank as per bank
statements at 30 April was a much healthier $5.824 Million
($4.331 Million after allowing for unpresented cheques drawn at
the end of the month). As of Wednesday the balance was $4.39
Million, which not only represents a slight improvement on the
cash position at the end of 31 March, but more significantly it
confirms the slow down in the cash burn.

   e) As a consequence of the restructure and adoption of the
wholesale model and until such time as the staff relocations
were finalized and the independent businesses were geared up to
achieve sales for the Company, it was necessary for a
considerable portion of the sales to be funded internally (these
had always been funded externally in the past), thus negatively
impacting on cash flow. In turn, this has built a considerable
"debt book", in addition to the trade debtors referred to in
item (f) below, which is capable of being sold separately and
generating a substantial lump sum of cash to augment the cash
position, meet any short term cash flow shortages and to reduce
debt.

   f) The Board also believes that given the reasonably healthy
debtors position of $10.6 Million as at the end of April, some
focused effort in collection and better cash flow management
would significantly reduce debtors and increase the cash
balance.

2. Does the Company expect that in the future it will have
negative operating cash flows similar to that reported in the
Appendix 4C for the quarter and, if so, what steps has it taken
to ensure that it has sufficient funds in order to continue its
operations at that rate?

The Company does not expect to have negative operating cash
flows similar to that reported in the recent Appendix 4C. As a
consequence of the restructure, a significant number of cost
reduction initiatives have been implemented which will have
substantially reduced the cash burn in the 4th Quarter and are
expected to result in positive operating cash flow in the 1st
Quarter of 2004. Further, two other factors will substantially
improve the cash reserves and reduce debt in the Company in the
near future. These are as follows:

   (a) The decision by the Board to sell the "Debt Book", which
is expected to raise several million dollars for the Company,

   (b) The undertaking by TH Capital and Danewell to extend the
period of the current loans until 1st of September, and

   (c) The offer of additional funding of up to $2.5 Million
dollars by TH Capital, a company associated with Mr Tony Hakim,
a Director and the CEO of the Company, subject to the Board
proceeding with the sale referred to in (a) above.

3. To what extent have the Company's actual revenues and
expenses in the quarter, as reported in the Appendix 4C, matched
the Company's anticipated revenues and expenses for that
reporting period?

Given that considerable amount of reduction in revenue's and or
expenses are attributable to the restructure, the Company's
actual revenues and expenses were reasonably in accordance with
management's expectations and easily explained. Unaudited
management accounts indicate that as a consequence of
circumstances detailed above, 84% of originally projected
revenues included in the NPAT figure of $15 Million (negative)
stated in a release on 18 February 2003 were achieved, with a
similar reduction also in expenses. The Board wishes to advise
that a recent revised projection completed on Thursday would
indicate that as a consequence of the restructure, the new
projected NPAT figure for year ended June 2003 is closer to $18
Million (negative).

4. If the Company's actual revenues and expenses are not
substantially in accordance with the Company anticipated
revenues and expenses, when did the Company become aware that
its revenues and expenses would not substantially match the
anticipated revenues and expenses? You may wish to outline any
circumstances that may have had an effect on the Company's
revenues and expenses.

We believe the information proviad above adequately answers the
above question. However, for further clarity the Board wishes to
advise that it was apparent from the December/January
consolidated accounts available by mid February that the results
for the full year were going to be lower than expected; hence
the release of the revised NPAT on 18 February. The affects of
the implementation of the restructure, which largely impacted on
cash flow after that date, were only available when the Appendix
4C was completed for lodgment.

5. What steps has the Company taken, or what steps does it
propose to take, to enable it to continue to meet its business
objectives? The Company's business objectives and strategies may
have recently changed. If so, this should be taken into account
in your response.

As previously advised, the Company has implemented a substantial
restructure to meet its business objectives and to meet market
changes and expectations. The company expects that the positive
impacts of the restructure will flow through in the next two
quarters and beyond.

6. Can the Company confirm that it is in compliance with the
listing rules, and in particular listing rule 3.1 ?

The Company can confirm that it is in full compliance with the
listing rules including 3.1.

7. Please comment on the Company's compliance with listing rule
12.2, with reference to the matters discussed in the note to the
rule.

The company is in compliance with listing rule 12.2.


SOUTHCORP LIMITED: ASX Grants Trading Halt Request
--------------------------------------------------
The securities of Southcorp Limited will be placed in
pre-open at the request of the Company, pending the release of
an announcement by the Company. Unless ASX decides otherwise,
the securities will remain in pre-open until the earlier of the
commencement of normal trading on Monday, 12 May 2003 or when
the announcement is released to the market.

Below is the Company's trading request letter:

I refer to our telephone conversation of this morning and
confirm that Southcorp Limited (ASX code: SRP) requests a
trading halt with respect to its securities, pursuant to Listing
Rule 17.1.

The Company is reviewing its financial expectations for the
second half of this financial year, particularly in the light of
the  continued impact of difficult trading conditions.

The Company expects to make an announcement with respect to its
second half earnings by the time the market opens on Monday 12
May, 2003.

Accordingly, we request a trading halt with respect to our
securities until that announcement is made.

M M Hudson
CHIEF GENERAL COUNSEL & COMPANY SECRETARY


FAI GENERAL: High Court Orders $9,992M Payment to Permanent
-----------------------------------------------------------
Trust Company Of Australia Limited is pleased to announce that
the High Court of Australia on Thursday gave judgment in the
lengthy proceedings between its subsidiaries, Permanent Trustee
Company Limited and Permanent Trustee Australia Limited, against
FAI General Insurance Company Limited (in liquidation) (FAI).

The Court found in favor of the Permanent companies, allowing
their appeal with costs. The Court has ordered that FAI pay to
the Permanent companies a total amount of $9,992,379 plus
interest from 1997. The Court has also ordered that FAI meet the
Permanent companies costs of the proceedings in the High Court,
as well as the proceedings from which the appeal arose.

As FAI is in liquidation, the amount which the Permanent
companies will be able to recover from FAI will depend on the
outcome of the liquidation.


WILLHART LIMITED: Disposes of Non-Core Asset
--------------------------------------------
Diversified IT&T Solutions Group Willhart Ltd, has sold its
air-conditioning and refrigeration subsidiary, Able Air, as part
of its strategy of offloading non-core businesses.

Willhart Ltd Managing Director and CEO, Mr Alvin Phua, said the
sale of Perth-based Able Air to a management team was further
eviance of Willhart Ltd's determination to concentrate on
becoming a leading proviar of IT&T solutions to national blue
chip clients through its group companies Byte Power, Power Tech,
Willhart Technologies and BPonline. Willhart's current client
list includes the Department of Defence, Boeing, Telstra,
Powertel, Bovis Lend Lease, NSW Fire Brigade, Big W, Kmart,
Target, Revlon, Bristol Myers, QPAC, Glaxo and Adidas.

He said the sale of Able Air was in line with the announcement
at the November 2002 Annual General Meeting that Willhart Ltd
would dispose of non-core businesses. He said the management buy
out (MBO) group was comprised of Senior Managers Milosh Radevich
and Richard Taylor, Service Manager Rod Hill and Accountant Amy
Tan.

The contracts entered into include a call agreement to purchase
the share capital of Able Air based on a performance trigger of
a minimum $700,000 Net Profit Before Tax during the three years
from 1 July 2003 to 30 June 2006, linked three-year employment
contracts for each of the MBO members and share sale agreement
for the purchase of Able Air for $500,000.

Mr Phua said the sale of Able Air allowed Willhart Ltd to focus
on its key areas of strength, knowing that the arrangement
proviad shareholders with the best possible return from Able
Air.

According to Wrights Investors' Service, at the end of 2002,
Willhart Limited had negative working capital, as current
liabilities were A$2.22 million while total current assets were
only A$1.93 million.  This company has paid no diviands during
previous 2 fiscal years and has also reported losses during the
previous 12 months.


WILLHART LIMITED: EGM to Approve MBO Arrangement
------------------------------------------------
Further to the announcement on Wednesday regarding the disposal
of Able Air, Willhart Limited wishes to state by way of
clarification that a conditional agreement has been entered
into. The agreement is subject to shareholder approval being
obtained. Willhart is also in the process of commissioning an
Independent Expert's Report and a Notice of General Meeting will
be issued in due course.


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


CHINA GATEWAY: Winding Up Hearing Set on May 21
-----------------------------------------------
The High Court of Hong Kong will hear on May 21, 2003 at 9:30
in the morning the petition seeking the winding up of China
Gateway Development Limited.

Kwong Lai Yee of 5/F., 204 Portland Street, Mongkok, Kowloon,
Hong Kong. filed the petition on March 28, 2003. Tam Lee Po Lin,
Nina represents the petitioner.

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


DVN (HOLDINGS): Net Loss Widens to HK$136.210M
----------------------------------------------
DVN (Holdings) Limited posted its Results Announcement
Summary for the year-end date December 31, 2002:

Year-end date: 31/12/2002
Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/01/2002    from 01/01/2001
                              to 31/12/2002      to 31/12/2001
                              Note  ('000)       ('000)
Turnover                           : 49,879             65,048
Profit/(Loss) from Operations      : (135,152)          (33,202)
Finance cost                       : (1,164)            (1,311)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : (837)              N/A
Profit/(Loss) after Tax & MI       : (136,210)          (31,772)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.39)             (0.15)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (136,210)          (31,772)
Final Diviand                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Final Diviand                   : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

1.  Operating loss

Operating loss is stated after crediting and charging the
following:
                                                     Group
                                                2002    2001
                                                HK$'000 HK$'000
Crediting
Other operating income including:
Compensation income                             -       11,912
Write-back of provision against doubtful debts  474     8,228
Net gain on disposal of fixed assets            155     -
                                                ===============
Charging
Cost of inventories sold                        24,555  21,500
Cost of provision of international financial
market information and selective consumer data 3,953   3,774
Depreciation                                    16,571  9,684
Auditors' remuneration                          850     850
Staff costs                                     34,149  34,741
Operating lease rentals on land and buildings   6,323   7,453
Other operating expenses including:
Amortization of
  deferred development costs                    3,082   2,967
  goodwill                                      -       200
  film rights                                   3,641   5,985
Provision for impairment in investment
  securities                                    35,000  -
Provision against inventories                   3,623   950
Provisions against trade and other receivables  1,308   736
Write-off of trade receivables                  33,110  -
Impairment of goodwill                          -       7,800
Loss on disposal of fixed assets                -       504
                                                =============
2. Staff costs
                                         Group
                                2002            2001
                                HK$'000         HK$'000
Wages and salaries              43,599          43,774
Unutilised annual leave         717             -
Pension costs                   2,882           3,834
Termination benefits            723             50
Less: costs capitalized         (13,772)        (12,917)
                                ------------------------
                                34,149          34,741
                                ========================

3.  Share of results of a jointly controlled entity

On 18th April 2002, the Company established a joint venture (JV)
company in the PRC.  Pursuant to the JV Agreement, each party
holds a 50% interest and profit sharing.  In the year of 2002,
the Group shared the loss of JV amounting to HKD837,000 (2001:
Nil).

4.  Loss per share

The calculation of the basic loss per share is based on the
Group's loss attributable to ordinary shareholders of
HK$142,299,000 (2001: HK$41,373,000) and on the weighted average
number of 368,522,092 (2001: 280,028,323) ordinary shares in
issue during the year.

No diluted loss per share is shown for the two years ended 31st
December 2002 and 2001 as the share options, convertible and
exchangeable preference shares outstanding had an anti-dilutive
effect on the basic loss per share for both years.


EMPEROR (CHINA): Appoints Emperor Securities as Trading Broker
--------------------------------------------------------------
Emperor (China Concept) Investments Limited announces that i
order to alleviate the difficulties arising from the existence
of odd lots of the New Shares as a result of the Share
Consolidation, the Company has agreed to procure Emperor
Securities Limited to stand in the market to provia matching
services for the odd lots of the New Shares on best effort basis
during the period from 14th April, 2003 to 9th May, 2003
(both dates inclusive).

Shareholders who wish to take advantage of this matching
facility either to dispose of their odd lots of shares or to top
up to board lots of 5,000 New Shares, may contact Mr. Wilson Lee
of Emperor Securities Limited at 24th Floor, Emperor Group
Centre, 288 Hennessy Road, Wanchai, Hong Kong at telephone
number (852) 28362601.


EMPEROR (CHINA): Parallel Trading Ceases Today
----------------------------------------------
Market participants are requested to note the parallel trading
in the ordinary shares of Emperor (China Concept) Investments
Limited (EMPEROR (CHINA)) will cease after the close of business
on Friday, 09/05/2003.

As from the close of business on that day, the counter for
trading in the consolidated shares (stock code: 2921) of EMPEROR
(CHINA) as represented by old share certificates will be
withdrawn and trading in the shares of EMPEROR (CHINA) will only
be under the following arrangements:

Stock Code  Stock Short Name     Board Lot    Certificate Color
----------  ----------------    ---------     -----------------
296         EMPEROR (CHINA)      5,000 shares    Blue

Last month, the Troubled Company Reporter - Asia Pacific
reported that Emperor (China Concept) proposed the Capital
Reorganization, under which the par value of each issued Share
will be reduced from HK$0.50 to HK$0.0001, all unissued Shares
in the capital of the Company will be subdiviad into 5,000
shares of HK$0.0001 each and thereafter every 10 shares of
HK$0.0001 each in the issued and unissued share capital of the
Company will be consolidated into one New Share of HK$0.001
each.


PCCW-HKT TELEPHONE: 'BBB' Rating Affirmed; Outlook Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services said on May 7, 2003 that it
had affirmed its 'BBB' corporate credit rating on PCCW-HKT
Telephone Ltd. (HKTC; BBB/Positive/--). The outlook on the
rating is positive.

"The company's discipline in its use of free cash flow over the
medium term is a key influence on the rating," said Standard &
Poor's credit analyst Huiyi Qu. HKTC's parent, PCCW Ltd., has
indicated publicly that it is interested in niche acquisitions,
although the company has also stated that it intends to further
reduce its debt. Standard & Poor's expects management to use
most of its discretionary cash flow for this purpose.

PCCW Ltd. has made significant progress in deleveraging and
restructuring its balance sheet over the past two years. Through
asset sales and free operating cash flow, the company reduced
its total debt to about US$5.3 billion as at Dec. 31, 2002, from
US$6.1 billion a year earlier. Net debt to EBITDA improved to
more than 4x from about 5x over the same period.

"If PCCW Ltd. significantly reduces its debt leverage and
improves coverage ratios, it could be upgraded over the medium
term," said Ms. Qu. Implicit in this outlook is the expectation
that the company will not make any large acquisitions that could
put undue stress on its financial profile over the medium term.


SUN WING: Winding Up Hearing Scheduled on May 21
------------------------------------------------
The High Court of Hong Kong will hear on May 21, 2003 at 9:30
in the morning the petition seeking the winding up of Sun Wing
Catering Equipment & Gas Engineering Company Limited.

Lee cHi Kuen of Room 1505, Kin Tai House, Fu Tai Estate, Tuen
Mun, New Territories, Hong Kong filed the petition on March 26,
2003. Tam Lee Po Lin, Nina represents the petitioner.

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


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


BFI FINANCE: Ongko Group Challenges Restructuring Deal
------------------------------------------------------
A business group led by Kaharuddin Ongko, a former majority
shareholder of BFI Finance Indonesia until the 1998 financial
crisis, has asked a Jakarta court to overturn a $260 million
restructuring agreement with creditors that was accepted more
than two years ago, Asian Wall Street Journal reports.

The agreement is being contested based on what is believed to be
the failure of BFI's current management to secure permission to
dispose of the Ongko family's stake in the company. BFI Finance
Indonesia began restructuring its debt after the financial
crisis hit in 1998. Mr. Lucas, the Ongko attorney, contends that
the restructuring was invalid because BFI failed to extend power
of attorney over shares of the two Ongko companies in early
2000, rendering their subsequent transfer illegal.

Lawyers representing PT Aryaputra Teguharta, a company
controlled by the Ongko Group, recently published an injunction
in Jakarta newspapers freezing about 760 million BFI shares,
pending a suit filed late last month on behalf of the company.
The suit requires BFI to return all its shares currently held in
trust as well as compensation of more than $1 billion

The case comes at a crucial time for BFI. Securities analysts
said the company is considered well-managed and the debt workout
has been largely problem-free. Last year, BFI posted a net
profit of Rp100 billion. Francis Lay, BFI's president-director,
said a prolonged court case would damage the company's future,
and might prevent shareholders from agreeing to a pledge of
assets prior to a planned bond issue.


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


ASAHI MUTUAL: S&P Places Rating to 'CCC'; Negative CreditWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services on Wednesday placed its 'CCC'
financial strength and long-term counterparty ratings on Asahi
Mutual Life Insurance Co. on CreditWatch Negative, following the
company's decision to defer interest payments on its "kikin"
funding and to forego diviand payments on insurance policies in
fiscal 2003.

Kikin is a type of subordinated debt unique to Japanese mutual
life insurers.

On May 6, 2003, alongside its preliminary announcement of fiscal
2002 (ended March 2003) results, Asahi Life disclosed its plan
to defer interest payments on Y211 billion in kikin proviad by
corporates and banks with close relationships with the insurer.
Asahi Life also announced its decision not to pay diviands on
all insurance policies, including group life insurance, in
fiscal 2003.

According to Japan's Insurance Business Law, an insurer can pay
interest on kikin up to an amount equal to net assets on its
balance sheet minus the aggregate amount of kikin, reserves for
loss payments, reserves for amortization of the kikin, and
unrealized gains on other securities. The issuing insurer and
investors in the kikin debt enter into an agreement that
generally provias for a deferral of interest payments using the
clause on limitation of interest payments proviad by the
Insurance Business Law. Asahi Life is the first insurer to defer
interest payments on its kikin debt under this agreement with
its investors.

"The deferral will not lead to an immediate downgrade of the
company's counterparty rating to 'SD', since it is proviad for
under a kikin agreement and does not constitute an event of
default," said Ms. Runa Ichihari, a director at Standard &
Poor's. "However, the announcement suggests that the company's
financial condition has deteriorated further and its financial
resources for interest payments are exhausted."

The damage to Asahi Life's reputation is another concern. In
addition, the insurer is likely to experience increased
difficulty in issuing further kikin debt due to the deferral,
which could erode the company's financial flexibility
considerably.

Asahi Life will suspend diviand payments for two consecutive
years. This follows the suspension of diviands on individual
insurance policies in fiscal 2002. Nonpayment of diviands on all
policies is likely to have a negative impact on the company's
business franchise. If this negative impact is substantially
larger than the accumulation of retained earnings due to these
actions, the ratings on the company are likely to be lowered.

Standard & Poor's does not assign ratings to Asahi Life's kikin
debt.


FUJITSU LIMITED: To Complete Withdrawal from Kanda May 29
---------------------------------------------------------
Fujitsu Limited disclosed recently that it has reached a basic
agreement with Privee Zurich Turnaround Co., Ltd. regarding the
planned sale of all of Fujitsu's 8,017,000 shares in Kanda
Tsushin Kogyo Co., Ltd. (31.7% of Kanda's outstanding shares).

According to the JCN Network, the share transfer, intended to
support the wide-ranging business collaboration between Kanda
Tsushin Kogyo and Privee Zurich Turnaround, will be completed on
May 29.

"The new arrangement is expected to leverage synergies between
Kanda Tsushin Kogyo, which has been enhancing software and
solutions activities focusing on the IP networks, wireless and
medical fields, and Privee Zurich Group Inc. to diversify the
scope of their business activities and develop new areas of
collaboration going forward," JCN Network said.


MITSUBISHI ELECTRIC: Launches Two New LCD Technologies
------------------------------------------------------
Mitsubishi Electric Corporation President and CEO Tamotsu
Nomakuchi announces that they have developed a new Liquid
Crystal Display (LCD), which incorporates two new technologies.
The first is called "Compression Feed-forward Driving" (CFFD), a
technology that produces a clear, moving picture display.  The
other is called "Natural Color Matrix" (NCM), a color management
technology.

Mitsubishi Electric will demonstrate their new LCDs at a booth
at the Windows Hardware Engineering Conference 2003 (WinHEC). In
addition, Mitsubishi Electric will announce their moving picture
display technology and color management technology at the
Society for Information Display 2003 Conference (SID 2003),
which starts May 18 in Baltimore.

Mitsubishi Electric is involved in a wide range of research
activities, such as contributing to the establishment of
international standards for display technologies, etc. When
compared to CRTs, the current LCD has some problems regarding
its moving picture display at high response rate or its delicate
color reproduction capabilities.  Thanks to Mitsubishi
Electric's new CFFD and NCM technologies, fine moving pictures
can now be displayed and natural colors can be reproduced on
LCDs, as briefly explained below.

"We are thrilled Mitsubishi Electric is taking display
technology to the next level," said Rick Thompson, corporate
vice president of the Windows Extended Platforms Group at
Microsoft Corp. "We believe that such advancements will enable
the PC and Windows to deliver a higher level of customer
satisfaction and new usage scenarios."

In LCDs, there is a problem when viewing a moving picture. That
is, the picture is not displayed very clearly on LCDs compared
to for example, the same picture displayed on a CRT monitor.
This is caused by the longer response time used by LCDs. To
solve this a technology to decrease the response time had to be
conceived. Now, Mitsubishi Electric has, by using a system,
which incorporates CFFD technology that controls an acceleration
voltage supply with the smallest frame memory size and by
utilizing their exclusive picture compression technology,
established such shorter response times for LCDs with clear
moving picture display capability.

Currently, it is difficult to eliminate all the color
differences that exist between display systems. However this new
NCM will drastically eliminate these differences more than ever
before. It also provias standard color environments, i.e. sRGB
by allowing color data exchanges between different display
systems based on a common color environment.  With NCM, any
preferred color features can now be reproduced between, for
example, TV, DVD and Standard settings, from one mode to
another, easily.

Mitsubishi Electric plans to proceed in developing LCD panels
that continue to support the Windows operating system.

For more information, contact:

Robert Barz
Phone: 03-3218-2346
E-mail: Robert.Barz@hq.melco.co.jp


SEGA CORPORATION: Drops Merger Plans with Sammy Corporation
-----------------------------------------------------------
After recently choosing Sammy Corp. over Namco Ltd. as merger
partner, Sega Corporation announced Thursday that it will
abandon the planned business combination.

Citing Nihon Keizai, Bloomberg said the failure to agree on a
price is the main reason why the deal is being dropped.  Sega
and Sammy were expected to hold separate board meetings
yesterday to formally break off discussions, the report said.

Sega wants a partner "because it needs more capital, it needs to
be financially stronger," Arvind Bhatia, a viao game analyst at
SWS Securities Inc. told Bloomberg in an interview.
"Development costs and marketing costs are going up in the viao-
game world, and you need someone who understands that and who
understands this is a long-term growth industry," he said.

Bloomberg says Sega has been bleeding since 1998.  Its shares
have also fallen by three quarters in the last year and the game
maker had almost JPY80 billion in interest-bearing debt at the
end of March.

Sega President Hideki Sato said last week the company should be
able to finish an audit of Sammy's financial records ahead of a
May 9 deadline set by Namco for a reply to its interest in
merging with Sega.  Before the Namco approach was made public in
April, Sammy President Hajime Satomi said February 13 that he
expected a merger of Sega and Sammy to take place on October 1.


* Govt Agency Formed to Assist Ailing Firms Starts Operation
------------------------------------------------------------
The government-backed Industrial Revitalization Corp. of Japan,
tasked to facilitate the rehabilitation of heavily indebted but
viable firms, began operating Thursday, Japan Today said.

Headquartered near the JR Tokyo Station, the company brings
together turnaround experts, from various backgrounds, who will
advise companies going through rehabilitation proceedings.

Sadakazu Tanigaki, state minister in charge of industrial
revitalization; Finance Minister Masajuro Shiokawa; Economy,
Trade and Industry Minister Takeo Hiranuma; and economic and
fiscal policy minister, Heizo Takenaka, attended the opening
ceremony, the paper said.


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


HYNIX SEMICONDUCTOR: EU Agrees with US, to Levy 33% Tariff
----------------------------------------------------------
Following the lead of the United States, the European Commission
recently slapped Hynix Semiconductor with a provisional 33%
tariff on its dynamic random access memory chips, the Idaho
Statesman says.

The penalty is in response to accusations that the Korean
chipmaker is receiving government subsidies, thus gaining unfair
advantage in the market.  The industry is currently enduring the
longest slump in demand ever.

In the U.S., rival Micron Technology successfully convinced the
commerce department to impose a preliminary 57.37% tariff on
Hynix DRAM products entering the country.  A final determination
is expected later in the summer, The Idaho Statesman said.

The tariff is not expected to immediately impact Hynix's market
share -- nearly half of the world market for DRAM -- but it will
have significant effect in the long run.

"They don't get fully closed out of the U.S. market because they
have a facility in Oregon, but it makes manufacturers more wary
of them," Matt Godfrey, an analyst with Semico Research Corp. in
Phoenix, told The Idaho Statesman in an interview.

Micron officials, meanwhile, treated the EU ruling as an
affirmation of their claim.

"We are pleased with the direction the EU is moving with their
positive preliminary decision of a 33 percent duty on Hynix,"
Micron spokesman Dave Parker told the paper.  "The fact that
both the U.S. and EU have made positive preliminary
determinations and that other countries such as Japan and Taiwan
are considering pursuing this issue validates our view that
illegal subsidies have occurred and that appropriate duties
should be applied."

The EU decision prompts the immediate collection of tariffs, but
the tariffs do not become final until a final vote in August,
the paper said.  South Korea, for its part, called the EU ruling
"regrettable."

"We hope that the European Union will make a final decision by
conducting a fair and objective investigation, so that this
issue does not hinder close South Korea-EU economic and trade
relations," the South Korean Foreign Ministry said in a
statement.

Chips manufactured by Hynix and Samsung are Korea's biggest
export items.  Last year exports amounted to US$5.97 billion,
according to the report, with shipments to the United States
accounting for 32.5 percent.


SK CORPORATION: S&P Rating Down 'BB+'; Remains on Watch Negative
----------------------------------------------------------------
Standard & Poor's Rating Services lowered on Wednesday its long-
term credit rating on SK Corp. to 'BB+' from  'BBB-', amid
increasing pressure on the company to provia support to SK
Global, the SK group's troubled trading unit. The rating remains
on CreditWatch with negative implications.

SK Global's main creditor banks are demanding that the stronger
units of the SK group provia financial support to SK Global,
which has been placed under a work-out program following
revelations of accounting fraud in March 2003. As SK Corp. is
dependent on these banks for usance financing, it might be
unable to fully distance itself from a bank-led reorganization
of SK Global. This situation is further exacerbated by a
continued reduction in bank lines to SK group companies by banks
and investment trust companies.

"The rating remains on CreditWatch Negative due to Standard &
Poor's concerns about the level of support SK Corp. may have to
provia to SK Global and other group companies," said Eun Jin
Kim, a credit analyst at Standard & Poor's.

Depending on the level of support SK Corp. provias to SK Global,
a further downgrade, possibly of more than one notch, may be
warranted. The ultimate lifting of the CreditWatch placement can
only take place after the completion of SK Global's three-month
workout program, which is scheduled to end in June.


SK GLOBAL: Creditors Prefer 'Debt-to-equity' Swap
-------------------------------------------------
Creditors of SK Global Co. will withhold further aid to the
ailing company if major shareholders refuse to convert debts
into equities, JoongAng Daily reported yesterday.

"SK Group, including its affiliates, should hold the
irregularities involving SK Global accountable," a senior
executive from the creditors' camp told JoongAng Daily
Wednesday.

"Unless SK Group comes up with practical rescue measures for SK
Global Co., such as converting its debts to equities, there will
no longer be aid from creditors," he said.

Creditors are suggesting that SK Corp. convert some of its
account receivables from petroleum products into equities, while
SK Telecom give specific business rights to SK Global.


SK GROUP: Banks Won't Likely Extend Credit Line to Affiliates
-------------------------------------------------------------
An executive of a creditor bank believes the SK Group would be
better off liquidating ailing trading arm, SK Global Co., if it
appears that the unit is no longer viable.

In an interview with JoongAng Daily recently, the unnamed
executive also said his bank won't heed the call of the group to
roll over debts of well-performing SK affiliates.  He revealed
SK Group has KRW1.5 trillion of debts maturing this year,
KRW200-300 billion of which are owed his bank.

"Our confidence in SK Group was badly shaken in the course of
settling the irregularities involving SK Global," said the
executive in explaining why the bank does not agree to a debt
rollover.

The paper said other SK Group creditors are expected to follow
suit.  Analysts told the paper creditors were deeply
disappointed at SK Group's lack of effort to revive SK Global
after creditors filed a petition to prosecutors to release Chey
Tai-won, the former chairman of SK Corp., who was charged in the
scandal, from prison.

"SK Group made belated efforts to address the fallout a month
after SK Global accounting fraud came to light," the executive
told JoongAng Daily.  "It is doubtful SK Group is determined to
revive SK Global at all."

"It would be better to liquidate SK Global, if [SK Group] keeps
acting this way," he added.


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


AKTIF LIFESTYLE: Presents Scheme to Lenders; Discussion Ongoing
---------------------------------------------------------------
On 18 March 2003, Southern Investment Bank Berhad (SIBB) on
behalf of Aktif Lifestyle Corporation Berhad, announced that the
Company was granted an extension of time up to 7 May 2003 by the
KLSE to make its requisite announcement.

On 2 May 2003, SIBB on behalf of Aktif, had presented a proposed
restructuring scheme (Scheme) to the major lenders of Aktif.
Aktif has been in discussion and negotiations with the major
lenders of Aktif as well as the prospective White Knight in
respect of finalizing the terms of the Scheme. The Scheme
broadly comprises, amongst others, the following:

Proposed Acquisition

Proposed acquisition of a company which owns a hotel and
commercial property (New Assets) to be satisfied by issuance of
new ordinary shares of RM1.00 each in Aktif (Aktif Shares).

Proposed Debt Restructuring

The Scheme involves the restructuring of certain outstanding
debts of Aktif and its subsidiaries and the New Assets through
the issuance of Aktif Shares and/or other financial instruments.

Proposed Exemption

Upon completion of the Proposed Acquisition, the vendors of New
Assets will own more than 33% of the enlarged issued and paid-up
share capital of Aktif. The Vendors propose to seek an exemption
from the mandatory offer obligation under Practice Note 2.9.1 of
the Malaysian Code of Takeover and Mergers, 1998.
  Proposed Restricted Offer for Sale/Offer For Sale

The Vendors of New Assets will undertake a Restricted Offer For
Sale to the existing shareholders of Aktif and an Offer For Sale
to the Malaysian public to meet the public shareholding spread
requirement in the event that the public shareholding spread is
less than 25% pursuant to the Scheme.

The Scheme is subject to the following approvals:

   - The Securities Commission;
   - The lenders of Aktif and New Assets;
   - The shareholders of Aktif at an Extraordinary General
Meeting to be convened;
   - The shareholders of New Assets at an Extraordinary General
Meeting to be convened;
   - The KLSE for the listing of the Aktif Shares and other
financial instruments; and
   - Any other relevant authorities.

The Company intends to make the Requisite Announcement upon
procuring the approvals-in-principal of the major lenders of
Aktif and New Assets for the Scheme. The submission of the
Scheme is expected to be made within two (2) months from the
date of the Requisite Announcement.

As the approvals of the lenders of Aktif and New Assets are
pending, SIBB on behalf of the Company had on 25 April 2003,
submitted an application to the KLSE for a further extension of
time for a period of three (3) months to 7 August 2003 for Aktif
to make its requisite announcement. The decision of the said
application is pending from the KLSE. SIBB will announce the
outcome of the said application in due course.

The Company will inform its shareholders of any pertinent
development on the Scheme.


AOKAM PERDANA: SC OKs Revised Timber Rights Valuation
-----------------------------------------------------
Aokam Perdana Bhd refers to the announcements made on 18 and 19
December 2002 in relation to the Proposals comprising Proposed
Rescue Scheme and Proposed Employees' Share Option Scheme.

Further to the Company's application to the Securities
Commission (SC), the SC had via its letter dated 5 May 2003,
which was received on 6 May 2003, reverted with the approved
revised valuation of the contractual timber rights to be
injected into Aokam pursuant to the Proposed Rescue Scheme. The
approved revised valuation is set out in Table 1 at
http://bankrupt.com/misc/TCRAP_Aokam0509.pdf.

The SC had also requested for the Company to submit a revised
proposed restructuring scheme based on the revised valuation.

An announcement will be made once the Company has decided on the
revised proposed restructuring scheme.


CHASE PERDANA: 27th AGM Set on June 5
------------------------------------
Chase Perdana Berhad is pleased to announce that the Twenty-
Seventh Annual General Meeting of the Company will be held at
Suite 5.2, 5th Floor, Wisma Chase Perdana, Off Jalan Semantan,
Damansara Heights, 50490 Kuala Lumpur on Thursday, 5 June 2003
at 9:00 in the morning.

Please refer to the attached file for the Notice of the Twenty-
Seventh Annual General Meeting found at
http://bankrupt.com/misc/TCRAP_Chase0509.doc.


GENERAL LUMBER: Obtains SC's Nod on Proposed Disposal
-----------------------------------------------------
The Securities Commission (SC) had, via its letter dated 28
January 2003, approved General Lumber Fabricators & Builders
Bhd's Proposed Restructuring Scheme except for the proposed
disposal of the entire equity interest in GLFB by Maxtral
Industry Berhad (MIB) (Proposed Disposal of MIB) whereby the SC
has indicated that it will only consider the Proposed Disposal
of GLFB after obtaining the relevant justifications from PM
Securities Sdn Bhd (PM Securities) for the Proposed Disposal of
GLFB (whereby GLFB owns a timber concession in Papua New Guinea
via its wholly-owned subsidiary, G.L. Niugini Limited) and as to
why the said timber concession is not being used to supply
timber logs to KYWI (Kin Yip Wood Industries Sdn Bhd).

PM Securities, on behalf of the Board of Directors of GLFB is
pleased to announce that after considering the justifications
provided by PM Securities, the SC had, via its letter dated 30
April 2003 (which was received on 5 May 2003), approved the
Proposed Disposal of GLFB, as proposed earlier, subject to the
condition that full disclosure shall be made in the circular to
shareholders/prospectus for the abovementioned rationale and
justifications for the Proposed Disposal of GLFB and as to why
the said timber concession is not being used to supply timber
logs to KYWI. KYWI is proposed to be injected into MIB in
conjunction with the Proposed Restructuring Scheme of GLFB.


OLYMPIA INDUSTRIES: MITI OKs Scheme Proposed Variations
-------------------------------------------------------
Reference is made to the announcement on 7 March 2003 that
Olympia Industries Berhad through Alliance Merchant Bank Berhad
had on 6 March 2003 submitted a letter notifying the Ministry of
International Trade & Industry (MITI) and Foreign Investment
Committee each in respect of the recent application to the
Securities Commission (SC) on 6 February 2003 of the proposed
variations to the Proposed Restructuring Scheme (Scheme).

The Board of Olympia Industries Berhad wishes to inform that the
Company had received on Wednesday from MITI, in its letter dated
30 April 2003, which noted the proposed variations and that it
will not affect the approval already granted to the Scheme. The
approval from the SC on the proposed variations had been
obtained on 25 March 2003 and announced on 27 March 2003.


PAN MALAYSIA: De-registers Certain NFIL Subsidiaries
----------------------------------------------------
Pan Malaysia Corporation Berhad wishes to inform that Marcel's
Patisserie (S) Pte Ltd and MUI Internet (Singapore) Pte Ltd,
both wholly-owned subsidiaries of Network Foods International
Limited (NFIL), which in turn, is a 79.09%-owned subsidiary of
PMC, have been de-registered from the Registrar of Companies and
Businesses of Singapore following the applications by the said
companies for de-registration as companies.

Henceforth, Marcel's Patisserie (S) Pte Ltd and MUI Internet
(Singapore) Pte Ltd ceased to be subsidiaries of NFIL with
effect from 5 May 2003. Marcel's Patisserie (S) Pte Ltd and MUI
Internet (Singapore) Pte Ltd had been dormant since 14 August
1987 and 10 September 1981 respectively.


PANCARAN IKRAB: FIC OKs Dceil Intl. to Meet 30% Bumiputra Stake
---------------------------------------------------------------
Public Merchant Bank Berhad (PMBB) on behalf of the Board of
Pancaran Ikrab Berhad, is pleased to announce that the Foreign
Investment Committee (FIC) had via its letter dated 2 May 2003,
received on 7 May 2003, approved the appeal made to FIC by PMBB
on behalf of the Board of PIB, on 20 February 2003, to allow
Dceil International Berhad (Dceil International) (formerly known
as Capital Abound Sdn Bhd) (being the company which will assume
the listing status of PIB pursuant to the Proposed Restructuring
Scheme) to meet the 30% Bumiputera equity interest within 3
years of the date of the listing of the shares of Dceil
International on the Second Board of the Kuala Lumpur Stock
Exchange.


PANGLOBAL BERHAD: Clarifies Financial Results Deviation
-------------------------------------------------------
PanGlobal Berhad wishes to inform that the deviation of
RM2,340,000 between the Group Loss After Tax and Minority
Interest in the unaudited quarterly results for the fourth
quarter ended 31 December 2002, being RM18,040,000, and the
audited accounts for the year ended 31 December 2002, being
RM20,380,000, is mainly due to the following:

   1.Additional provision for doubtful debts and other expenses
of RM2,447,000 and provision for current year taxation of
RM2,090,000 by the Company's subsidiary, PanGlobal Insurance
Berhad as a result of subsequent prudent review.

   2.Reversal of provision for incurred but not reported (IBNR)
claims of RM4,705,000 by PanGlobal Insurance Berhad as a result
of subsequent actuarial adequacy assessment.

   3.Provision for doubtful debts of RM2,436,000 by the
Company's subsidiary, Global Minerals (Sarawak) Sdn Bhd as a
result of subsequent prudent review.


PARIT PERAK: Answers KLSE's Query Re Unit's Originating Summons
---------------------------------------------------------------
Reference is made to the Query Letter by KLSE reference ID: NM-
030505-39208 on Originating Summons No. 24-548-Tahun-2002 Served
an Oxford Master Sdn Bhd, a wholly owned subsidiary of the
company, dated May 5, 2003.

The Special Administrators of Parit Perak Holdings Berhad
(Special Administrators Appointed) [PPHB] hereby announce the
following additional information in respect of the Summons
served on a wholly owned subsidiary company, Oxford Master Sdn
Bhd:

1. The details of default or circumstances leading to the filing
of the summons:

The claim is in respect of property loan amounting to
RM1,255,000.00 granted by AMBB to OMSB as per their letter of
offer dated 11 August 1997, for which OMSB has defaulted a total
payment of RM2,101,140.09 inclusive of principal and interest
and calculated up to 6 May 2003 as claimed by AMBB. PPHB has
proviad corporate guarantee for the facility.

2. Expected loss, if any, arising from the summons:

All interest up to date has been accrued for and charged to the
accounts. Should AMBB succeed in its claim against OMSB the
group stand to lose the security pledged to the bank.

3. Financial and operational impact on the group, if any,
arising from the summons:

As the Court has not adjudicated the claim, there is no
immediate financial and operational impact as this stage.

4. The steps that OMSB has taken and will take with regards to
the summons:

OMSB will not contest the above proceeding due to the financial
constraints.

KLSE's Query Letter content:

We refer to your announcement dated 2 May 2003 in respect of the
aforesaid matter.

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

1) The details of default or circumstances leading to the filing
of the summons.
2) Expected loss, if any, arising from the summons.
3) Financial and operational impact on the group, if any,
arising from the summons.
4) The steps that your Company/OMSB has taken and will take with
regards to the summons.

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


PLANTATION & DEVELOPMENT: May 29 EGM Scheduled
----------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Plantation & Development (Malaysia) Berhad will be held at
Daffodil Room, Level 6, Eden Garden Hotel, Kompleks Bebas Cukai
Johor Bahru, No. 88, Jalan Ibrahim Sultan, Stualang Laut, 80300
Johor Bahru on Thursday, the 29th day of May 2003 at 10:30 a.m.,
or as soon thereafter the meeting of the holders of ordinary
shares of RM1.00 each in the capital of the Company convened by
an order of the High Court of Malaya (Court) for the purpose of
considering and, if thought fit, approving (with or without
modifications) the Proposed Restructuring Scheme of the Company
proposed under Section 176 of the Companies Act, 1965 (the Act),
for the same day and at the same place shall have been concluded
or adjourned, whichever is the later, for the purpose of
considering and, if thought fit, passing the following
resolutions with or without modification:

SPECIAL RESOLUTION - PROPOSED RESTRUCTURING SCHEME

"THAT, subject to the approval of the Kuala Lumpur Stock
Exchange (KLSE) for the delisting of the P&D shares from the
Official List of the Main Board of the KLSE, and the listing of
the shares of Fountain View Development Berhad (formerly known
as Fountain View Development Sdn Bhd) (Fountain View) to the
Main Board of the KLSE, AND subject to the sanction of the Court
and the approvals of all the relevant authorities being
obtained, the Proposed Restructuring Scheme proposed to be made
pursuant to Section 176 of the Act between (a) the Company and
(b) the holders of its ordinary shares of RM1.00 each as stated
in the Document dated 7 May 2003 and produced to this meeting
(with any modifications, alterations, additions, variations or
conditions made or imposed or to be made or imposed thereto by
the Court, the KLSE and any other relevant authorities),
APPROVAL BE AND IS HEREBY GIVEN for the implementation of a
proposed restructuring scheme which comprises (Proposed
Restructuring Scheme):

   (a) Proposed Capital Reduction And Consolidation - a proposed
capital reduction and consolidation whereby the issued and paid-
up share capital of the Company of RM159,828,000 comprising
159,828,000 ordinary shares of RM1.00 each be reduced to
RM7,991,400 comprising 159,828,000 ordinary shares of RM0.05
each and thereafter, consolidation of the 159,828,000 ordinary
shares of RM0.05 each in such manner that every 20 ordinary
shares of RM0.05 each shall constitute one (1) ordinary share of
RM1.00 each (Consolidated P&D Shares), upon which the sum of
RM1.00 shall be credited as having been fully paid-up, thereby
consolidating the 159,828,000 ordinary shares of RM0.05 each
into 7,991,400 ordinary shares of RM1.00 each and the fractions
of a share arising from the Proposed Capital Reduction and
Consolidation will be dealt with by the Directors of the Company
as they may deem fit and that the credit of RM151,836,600 in the
share capital account of the Company arising from the Proposed
Capital Reduction And Consolidation shall be set-off against the
Company's accumulated losses;

   (b) Proposed Share Swap - a proposed share swap whereby the
7,991,400 Consolidated P&D Shares of RM1.00 each in the capital
of P&D shall be exchanged with new ordinary shares of RM1.00
each, credited as fully paid (Fountain View Shares), in the
capital of Fountain View (a company set up to assume and take
over the listing status of P&D) on the basis of one (1) Fountain
View Share for every one (1) Consolidated P&D Share held on a
book closure date to be determined by the Directors of the
Company;

   (c) Proposed Debt Compromise - a proposed debt compromise by
Fountain View with certain creditors of P&D and Redztikah Sdn
Bhd, a wholly-owned subsidiary of the Company, for the
restructuring of the debts amounting to a maximum of
RM256,723,926 in the following manner:

     (i) issue and allotment by Fountain View of up to
94,200,000 3-year 3.5% redeemable convertible secured loan stock
(RCSLS) of par value RM1.00 each in Fountain View and the RCSLS
shall be issued in three (3) series as follows:

       (a) 49,000,000 RCSLS-A series secured against the
existing charge on the Sabai Estate and Ulu Tingkayu Estate;

       (b) 14,000,000 on RCSLS-B series secured against the
existing charge on Taman Industri Seri Sulong, Batu Pahat; and

       (c) 31,200,000 on RCSLS-C series secured against the
existing unencumbered assets of P&D comprising the Bukit Cantik
Estate and Kahang Palm Oil Mill; and

    (ii) issue and allotment by Fountain View of up to
17,425,000 3-year 3.5% irredeemable convertible unsecured loan
stock (ICULS) of par value RM1.00 each in Fountain View;

the particulars of which are as detailed in section 2.4 of the
Document dated 7 May 2003

   (d) Proposed Acquisition Of Everange - a proposed acquisition
by Fountain View from vendors of Everange Sdn Bhd (Everange),
the entire equity interest in Everange represented by 35,800,002
ordinary shares of RM1.00 each at the purchase consideration of
RM161,696,000 to be satisfied by way of the issue and allotment
by Fountain View of 150,000,000 new ordinary shares of RM1.00
each and 11,696,000 ICULS of par value RM1.00 each in Fountain
View and upon terms and conditions of the conditional Share Sale
Agreement dated 7 August 2002 (as supplemented by a supplemental
Share Sale Agreement dated 26 February 2003 and including any
subsequent modifications, variations and/or amendments as may be
required by any relevant authorities) as more particularly
described in section 2.5 of the Document dated 7 May 2003,
entered into by Fountain View as a purchaser and the vendors
named therein;

   (e) Proposed Settlement Of Debts To Creditors Of The Everange
Group - a proposed settlement of debts by Fountain View to
certain creditors of the Everange Group amounting to
RM244,000,000 by way of allotment and issuance of 104,000,000
new Fountain View ordinary shares of RM1.00 each at par value
and RM140,000,000 nominal value ICULS at 100% of its nominal
value to the creditors of the Everange Group and upon terms and
conditions of a conditional Everange's creditors settlement
agreement dated 7 August 2002 entered into by Fountain View,
Everange, Mujur Zaman Sdn Bhd and the creditors named therein
(Settlement Agreement);

   (f) Proposed Exemption From The Obligation To Undertake A
Mandatory Offer - Upon completion of the Proposed Acquisition of
Everange, certain vendors of Everange and persons acting in
concert with them, and Mujur Zaman Properties Sdn Bhd, a
creditor of the Everange Group, will collectively hold
approximately 51.6% and 35.0% shareholding respectively of the
enlarged issued and paid-up share capital of Fountain View
(before conversion of the RCSLS and ICULS and the Proposed Offer
For Sale And/Or Placement Of Fountain View Shares And ICULS). It
is proposed that exemption be granted to certain vendors of
Everange and persons acting in concert with them and Mujur Zaman
Properties Sdn Bhd and persons acting in concert with them from
having to undertake a mandatory general offer for the remaining
shares in Fountain View not already owned by them after the
Proposed Acquisition of Everange and the Proposed Settlement Of
Debts To Creditors Of The Everange Group;

   (g) Proposed Offer For Sale And/Or Placement Of 60,000,000 Of
Fountain View Shares And ICULS - To meet the public spread
requirement, 60,000,000 Fountain View Shares will be offered for
sale and/or placed out by Mujur Zaman Properties Sdn Bhd to the
Malaysian public and/or other potential public investors at an
offer or placement price of RM1.00 per share and RM100,000
nominal value of Fountain View ICULS will be disbursed for free
(or in such other manner as deemed fit) by Mujur Zaman
Properties Sdn Bhd to selected persons;

   (h) Proposed Transfer Of Listing Status Of P&D - a proposed
de-listing of P&D from the official list of the Main Board of
the Kuala Lumpur Stock Exchange, and in its place, the listing
of and quotation for the shares of Fountain View;

   (i) Proposed Listing Of And Quotation For Fountain View
Shares And ICULS - the proposed listing of and quotation of
Fountain View Shares and ICULS on the Official List of the Main
Board of the KLSE; and

   (j) Proposed Settlement And/Or Compromise With American Home
Assurance Company (Singapore) (AHA) - a proposed compromise
and/or a settlement with AHA in respect of such contingent
liability up to but not exceeding the sum of RM5,462,000, on
terms not more favorable than those applicable to the Contingent
Unsecured Scheme Creditor under Class D as set out in section
2.11 of the Document dated 7 May 2003;

AND THAT:

   (i) the new Fountain View Shares to be issued to the
shareholders of the Company pursuant to the Proposed Share Swap
shall upon allotment and issue, rank pari passu in all respects
with the existing Fountain View Shares in issue save and except
that that they shall not be entitled to any dividends, rights,
allotments and/or other distributions, the entitlement date of
which is prior to the date of issue;

   (ii) the new Fountain View Shares to be issued to the vendors
of Everange pursuant to the Proposed Acquisition Of Everange
shall upon allotment and issue, rank pari passu in all respects
with the then existing Fountain View Shares in issue save and
except that they shall not be entitled to any dividends, rights,
allotments and/or other distributions, the entitlement date of
which is prior to the date of issue;

   (iii) the new Fountain View Shares to be issued pursuant to
the Proposed Settlement Of Debts To Creditors Of The Everange
Group shall upon allotment and issue, rank pari passu in all
respects with the then existing Fountain View Shares in issue
save and except that they shall not be entitled to any
dividends, rights, allotments and/or other distributions, the
entitlement date of which is prior to the date of issue; and

   (v) the new Fountain View Shares to be issued on conversion
of the RCSLS and ICULS shall upon allotment and issue, rank pari
passu in all respects with the then existing Fountain View
Shares in issue save and except that they shall not be entitled
to any dividends, rights, allotments and/or other distributions,
the entitlement date of which is prior to the date of conversion
of the RCSLS and ICULS.

AND THAT the Directors be and are hereby authorized and
empowered to complete and do all such acts, deeds and things;
and to enter into, sign and execute all relevant agreements,
deeds, instruments, undertakings, and other relevant documents,
for and on behalf of P&D as they may consider necessary or
expedient to give effect to and to implement the Proposed
Restructuring Scheme, with full powers to assent to any
conditions, modifications, alterations, variations and/or
amendments as may be imposed or permitted by the Court or by any
other relevant authorities or as they may deem fit and
appropriate."

ORDINARY RESOLUTION - proposed exemption under Practice Note
2.9.1 of the Malaysian Code on Take-Over and Mergers 1998 to
Mujur Zaman Properties Sdn Bhd, a creditor of Mujur Zaman sdn
Bhd, and persons deemed acting in concert with them, from the
obligation to undertake a mandatory offer PURSUANT TO PART ii,
SECTION 6 OF THE MALAYSIAN CODE ON TAKE-OVERS AND MERGERS 1998
FOR The remaining shares in Fountain View not owned by them upon
the completion of the proposed settlement of debts to the
creditors of the Everange Group (Proposed Exemption)

"THAT subject to the approvals of the relevant authorities,
approval be and is hereby given to Mujur Zaman Properties Sdn
Bhd and persons deemed acting in concert with them, i.e. Abd.
Aziz Bin Attan and Karuppannan A/L Palaniappan for the exemption
from the obligation to undertake a mandatory offer to acquire
the remaining shares in Fountain View not owned by them under
Practice Note 2.9.1 of the Malaysian Code On Take-Overs And
Mergers 1998 upon the completion of the Proposed Settlement Of
Debts To Creditors Of The Everange Group, whereupon the
aggregate increase in their collective shareholdings in Fountain
View from the current zero level to collectively thereafter more
than 33% of the voting rights in Fountain View.

AND THAT the Directors be and are hereby authorized to do all
such acts and things and to execute all necessary documents to
give full effect to the Proposed Exemption pursuant to the
Proposed Settlement Of Debts To Creditors Of The Everange Group
with full power to assent to or make any modifications,
revaluation, variation and/or amendments as may be required or
permitted by the relevant authorities and to take all steps and
actions as may be necessary and expedient for the
implementation, finalization and effectuation of the Proposed
Exemption pursuant to the Proposed Settlement Of Debts To
Creditors Of The Everange Group."

Terms defined in the Document shall, when used in this notice of
EGM, have the same meaning as defined therein.

In this respect, the Shareholders of Plantation & Development
(Malaysia) Berhad (P&D) are advised to disregard an earlier
Notice of the Extraordinary General Meeting to be held on
Thursday, the 22nd day of May, 2003, at the same venue. The said
Notices were inadvertently and erroneously advertised in THE SUN
newspaper on the 30th day of April, 2003.


SATERAS RESOURCES: Posts New Registrar Address
----------------------------------------------
Sateras Resources (Malaysia) Berhad posted this notice:

Old registrar : M & C Services Sdn Bhd
New registrar : Tenaga Koperat Sdn Bhd
Address       : 20th Floor, Plaza Permata, Jalan Kampar, Off
                Jalan Tun Razak, 50400 Kuala Lumpur.
Telephone No  : 03-40416522
Facsimile No  : 03-40426352
Effective date : 01/05/2003

COMPANY PROFILE

The Company's (SRM) principal activity prior to 1984 was the
manufacture and sale of PVC resins and compounds. SRM
diversified into property investment in November 1982 with the
acquisition of Development Securities (DSSB), which owned an
office building known as Bangunan Sateras. A year later, with
the acquisition of Sarawak Motor Industries Bhd (SMI), the
Company became involved in timber operations and property
development, and held contracts to assemble Hino and other heavy
commercial vehicles as well as franchises to assemble and sell
Toyota land cruisers, Toyota Dyna and BMW passenger cars.
Subsequently, SRM transferred its PVC manufacturing operations
to then subsidiary Industrial Resins (Malaysia) Sdn Bhd (IRM),
transforming itself into an investment holding company. However,
due to shrinking business and non-renewal of timber licenses,
SRM disposed of SMI, Bangunan Sateras and IRM between 1988-89.

In searching for new a earnings base, SRM later branched into
the manufacture and sale of water meters, fishing, industrial
and agricultural nets, ropes, twines and rice husk boards as
well as cocoa planting, education, leisure, property and
information technology. Among the property projects associated
with the Group are the Hefei World Trade Center in China, the
18-hole Serendah Golf Resort and a mixed-development project in
Johor known as Cosmo City. In education, SRM holds a stake in
Kolej WIT Sdn Bhd (formerly known as WIT Education Holdings Sdn
Bhd) and Goon Institution Sdn Bhd. Meanwhile, SRM teamed up with
an Australian-incorporated company to jointly operate,
commercialize, promote and develop an electronic cash system
known as CYBANK, which offers commerce transactions on the
Internet.

Due to the recession, SRM has proposed a debt restructuring
scheme, which has received approval-in-principle from 70% of its
creditors and financial institutions. The scheme proposed a
debts-for-equity swap with 12% accrued interest up to the date
of share issuance. In September 1999, the debt-restructuring
scheme was approved by the FIC and MITI while the SC's approval
was obtained in April 2000. On 7 November 2001, the SC approved
variations to the proposals and a further extension of time to
27 April 2002 for completion of the proposals. The proposals are
currently pending shareholders' approval at an EGM to be
convened.

CONTACT INFORMATION: 46th Floor, Empire Tower City
                     Square Center
                     182 Jalan Tun Razak
                     50400 Kuala Lumpur
                     Tel : 03-2625288
                     Fax : 2618529


SENG HUP: Disposes of Property to Partially Repay Secured Loan
--------------------------------------------------------------
Seng Hup Corporation Berhad (Special Administrators Appointed)
wishes to announce that on 1 May 2003, PT Krisindo Mas (PTKM), a
95% owned subsidiary of SHCB, has disposed a plot of land
covering 1,390 square meters along with a four story building
with a gross floor area of 2,811 square meters (collectively the
land and the building is referred to as Property) on an "as is
where is" basis for a total cash consideration of US$1,140,000
pursuant to a deed of sale and purchase (Deed) executed on the
same day with PT Graha Ismaya (PTGI). The cash consideration of
US$1,140,000 is based on the valuation of the Property carried
out by Colliers International.

The above Property, which is charged to Danaharta Managers (L)
Ltd (Danaharta), has been disposed with the consent of the said
secured creditor.

SALIENT TERMS OF THE DEED

The salient terms of the Deed are as follows:

   (i) Discharge of the loan and mortgage rights with Danaharta;

   (ii) The original land certificate to be confirmed by the
National Land Office at South Jakarta; and

   (iii) The proof of payment of the taxes from the sale of the
Property by PTKM.

The buyer has not assumed any liabilities pursuant to the
Disposal.

FINANCIAL EFFECTS OF THE DISPOSAL

The disposal has resulted in a gain of RM209,933 to the SHCB
Group. The net proceeds from the Disposal amounting to RM3.7
million (after deducting expenses incurred on the Disposal) was
utilized to repay Danaharta. Accordingly, the interest savings
resulting from the repayment is approximately RM1 million per
annum. The net tangible liabilities (NTL) of the SHCB Group
decreased by RM0.01 per share pursuant to the above Disposal.

The Disposal will not have any effect on the share capital and
shareholdings of the substantial shareholders of SHCB.

RATIONALE FOR THE DISPOSAL

The property has been disposed to partially repay the
outstanding secured loan of Danaharta. The sale consideration
was also at a slightly higher than the forced sale valuation of
the Property as appraised by Colliers International.

APPROVALS REQUIRED

The Disposal is not subject to the approval of any relevant
authority.

DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTEREST

To the best knowledge of SHCB, none of the Directors and
substantial shareholders of SCHB and PTKM or any persons
connected with them has any interest, direct and indirect in the
Disposal.

STATEMENT BY DIRECTORS

As the Disposal represents a realization of the charge on the
Property by the secured creditor, the Special Administrators of
SHCB is of the view that the Disposal is in the best interest of
the SHCB Group and its creditors.


SITT TATT: Sells SSB Stake to Rationalize, Streamline Business
--------------------------------------------------------------
Sitt Tatt Berhad on 6 May 2003, entered into a Share Sale
Agreement (SSA) with Abu Zarim bin Malik and Norhayati bt
Mohamad Hasim (the Purchaser) wherein the Company has agreed to
sell its entire stake of 100,000 shares in Sariteknik Sdn Bhd
(SSB) to the Purchaser, representing 40% of the entire issued
and paid-up capital of SSB, for a total cash consideration of
RM646,000.

Upon signing of SSA, 10% deposit was paid and the balance to be
paid on completion on or by 31 May 2003.

SSB is involved in trading of industrial and chemical products
and provision of tanker services. SSB is an associate of the
Company and the Purchaser currently holds 60% shareholdings in
SSB.

RATIONALE FOR SALE OF SSB

Upon approval by the shareholders at the last Extraordinary
General Meeting held on 23 April 2003 to acquire the 3 Singapore
semi conductor services companies, the Company is currently in
the course of rationalizing its business of the Group and is of
the view that trading of industrial and chemicals products and
provision of tanker services are not synergistic with the
Group's overall activities. In this respect, the Directors have
approved the divestment of SSB as it will assist to streamline
the Group's activities.

FINANCIAL EFFECT

Upon completion of SSA and the transfer of the entire 100,000
shares to the Purchaser, SSB shall cease to be an associate of
the Company. The above transaction is not expected to have a
material financial impact on the Net Tangible Asset of the
Group.

APPROVALS

The above divestment is not subject to the approvals of the
shareholders of the Company and any other authorities.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

Dato' Pang Wee Pat, JP is a common director in the Company and
SSB but has no equity interest in SSB. DPWP has declared his
interest in the above divestment by virtue of his directorship
in SSB.

Save as disclosed above, none of the Directors, substantial
shareholders and persons connected to them have any interest,
whether direct or indirect in the aforesaid transaction.

The completion of the above divestment is targeted by 31 May
2003.


SITT TATT: SC Approves Proposed Time Extension
----------------------------------------------
Sitt Tatt Berhad wishes to announce that the Securities
Commission had in its letter dated 6 May 2003 approved the
Proposed Extension for a period of four (4) months to 28 August
2003 as proposed.

Proposed Extension of Time to Complete the following Proposals:

   - Proposed Acquisitions;
   - Proposed Rights Issue;
   - Proposed ESOS;
   - Proposed Waiver; and
   - Proposed IASC.


SURIA CAPITAL: Court Strikes Plaintiff's Jurisdiction
-----------------------------------------------------
Reference is made to the announcement dated 13 January 2003
regarding the Kuala Lumpur High Court Suit No. S 22-1092 of 2002
Alliance Bank Malaysia Bhd & Anor v Suria Capital Holdings
Berhad.

Suria Capital Holdings Berhad wishes to announce that on 5 May
2003 the Kuala Lumpur High Court rendered its decision to strike
the Plaintiff's action against the Company for want of
jurisdiction.


TONGKAH HOLDINGS: Disposes Quoted Securities
--------------------------------------------
Tongkah Holdings Berhad informed that it had on 5 May 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 29 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_Tongkah0509.docfor summary
information on the securities disposed.


WOO HING: Currently Implementing Workout Proposal
-------------------------------------------------
The Special Administrators wish to inform that Woo Hing Brothers
(Malaya) Berhad is an affected listed issuer in accordance with
Practice Note 10/2001 (PN 10).

The Company executed a conditional Sale of Business Agreement
(SBA) with Tema Anggun Sdn Bhd (Tema Anggun) on 31 May 2002 for
the disposal of the Company's core business in the
retailing/wholesaling of watches and 51% shareholding in
Philippe Charriol (M) Sdn Bhd for a total purchase consideration
of RM5 million. As the conditions precedent of the SBA has been
met, the sale of watch business was completed on 1 April 2003.
As such, the Company no longer operates its entire watch
business due to the disposal of the same to Tema Anggun.

The Company is also an affected listed issuer under Practice
Note 4/2001 (PN 4). On 6 September 2002, Commerce International
Merchant Bankers Berhad made the requisite announcement under PN
4 to the Exchange. Pursuant to the Workout Proposal announced
therein, Kamdar Group (M) Berhad (formerly known as "Positive
Noble Sdn Bhd), which will have adequate level of operations,
will assume the listing status of the Company.

Accordingly, the Company is currently in the process of
implementing the Workout Proposal, which is required to be
completed within six (6) months from the date of the Securities
Commission's approval on 7 January 2003. The updates of the
status of the Workout Proposal have been provided by the Special
Administrators via the monthly announcements to the Exchange. In
view thereof, the timeframes stipulated under Paragraph 6.1 of
PN 10 to regularize the Company's level of operations will not
be applicable.


WOO HING: SC Approves Kamdar Proposals Appeal
---------------------------------------------
Workout Proposal in Accordance With Section 44 of the Pengurusan
Danaharta Nasional Berhad Act 1998, as amended by Pengurusan
Danaharta Nasional Berhad (Amendment) Act 2000 (Danaharta Act),
which encompasses the following:

   (A) Kamdar Proposals,
   (B) Proposed Sale Of Watch Business And Properties;
   (C) Proposed Debt Settlement; And
   (D) Proposed Liquidation Of Whb And Its Subsidiaries

Reference is made to the announcement dated 9 January 2003
whereby Commerce International Merchant Bankers Berhad (CIMB),
on behalf of Woo Hing Brothers (Malaya) Berhad (Special
Administrators Appointed), announced that the Securities
Commission (SC) has, via its letter dated 7 January 2003
approved the Kamdar Proposals, the Proposed Sale of Watch
Business and Properties and the transfer of properties to the
secured creditor, Malayan Banking Berhad, under the Proposed
Debt Settlement.

Further to the abovementioned announcements, on behalf of WHB,
CIMB wishes to announce that the SC has, via its letter dated 30
April 2003 (which was received on 5 May 2003), approved the
following in relation to the appeal made by the promoters of
Kamdar Group (via a letter dated 20 February 2003) on certain
conditions imposed by the SC:

   (i) Except for the businesses that are similar to those of
the Asset-Based Companies, the promoters of Kamdar Group are
prohibited in the future from running any new businesses that
will, directly or indirectly, compete against and cause a
conflict of interest with the businesses of PNSB/Kamdar Group;

   (ii) Prior to the issuance of the prospectus, PNSB/Kamdar is
required to submit a letter of undertaking to the SC that it
will use its best endeavors to obtain all approvals from the
relevant authorities for the renovations done on their landed
properties within a period of 6 months from the date of the SC's
letter dated 30 April 2003; and

   (iii) The ratification of the letters of declaration in
relation to the issuance of the ICULS and bonds with warrants by
the new Board of Directors of PNSB, will be carried out only
after the Kamdar Proposals have been completed and a copy of the
extract of the Board of Directors' resolution is to be submitted
to the SC.

The abovementioned approvals are conditional upon the following:

   (i) Full disclosure must be made in the prospectus in
relation to any interests/involvement of the Kamdar family in
any other businesses that may give rise to a conflict of
interest situation with the businesses of the PNSB/Kamdar Group,
and if there are, the steps that have/will be undertaken to
address the said conflict of interest.

   (ii) The promoters, directors and substantial shareholders of
PNSB, who are involved on a full-time basis in PNSB are
prohibited from being involved on a full-time basis in the
operations/management of their other private businesses.

   (iii) The promoters, directors, and substantial shareholders
of PNSB are prohibited from making use of any information
obtained through their positions in PNSB that may adversely
affect the PNSB Group.

   (iv) In relation to the landed properties of PNSB/Kamdar
Group, the application letter submitted to the relevant
authorities must be copied to the SC. In addition,
CIMB/PNSB/Kamdar are required to inform the SC on the status of
the said applications on a monthly basis.


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


MANILA ELECTRIC: Urged to Implement PHP30B Refund Immediately
--------------------------------------------------------------
Energy Secretary Vincent Perez, Jr. called on the Manila
Electric Co. and the Energy Regulatory Commission (ERC) to
hasten the establishment of a refund mechanism to implement the
Supreme Court order entered last week.

This he said, according to BusinessWorld, even as he predicted
that it is unlikely that the duo would be able to put a system
in place when the high court ruling becomes executory on May 15.

"There should not be foot-dragging by Meralco and we feel that
the ERC should already move on this and avoid delays.  Ideally,
[the ERC] should already be working on a refund mechanism even
before the decision becomes executory," Mr. Perez was quoted
during a press conference Wednesday.

"I don't think they will be ready with a refund mechanism by May
15.  I don't think they can come up with a decision that soon,"
he said.

Although the ruling did not determine the amount of the refund,
Meralco has admitted it could reach as much as PHP30 billion.
This represents the amount of overcharges since 1994, says
Meralco.

Mr. Perez says his department is currently finalizing a proposed
scheme, which will be submitted to the Commission soon.  This
mechanism will suggest a one-time refund for marginal
residential electricity users, while mid- and upper-class
residential customers will be refunded over a period of time.
The refund for commercial and industrial customers should also
be made over a longer period, he said.


MANILA ELECTRIC: Eyes One-time Refund Deal with Small Customers
---------------------------------------------------------------
Meralco President Jesus Francisco has confirmed that the company
also favors a "lump sum refund" to implement a Supreme Court
decision, ordering it to return excess charges since 1994.

In an interview with the Manila Times, Mr. Francisco said the
company favors the proposal of the energy department to carry
out a 'one-time' refund for small residential consumers.  He
said what remains to be resolved is whether Meralco should start
refunding industrial consumers only after they are done with
refunding residential customers.  He added Meralco would like
that it be given at least nine years to refund the excess
charges in the case of industrial consumers.

During her Labor Day speech, President Gloria Arroyo ordered the
energy department to have an active role in the implementation
of the Meralco refund "in a manner that will maximize the public
interest."  Last week, the department conducted consultations
with several consumer, cause-oriented and business groups to
hear their respective positions.  The DOE proposal will give
priority to poor consumers by giving them outright refund from
the overcharges, The Times said.


MANILA ELECTRIC: Expected to Cut Power Rates by 24 Cents
--------------------------------------------------------
The energy department is optimistic electric rates in the Metro
Manila area will go down by as much as 24 cents per kilowatt-
hour beginning this month, as the Manila Electric Co. and the
National Power Corporation implement their recently inked
compromise agreement.

Energy Secretary Vincent Perez said 12 cents of the total
expected rate reduction will come directly as a result of the
agreement with Napocor.  The other 12 cents can be expected from
the deal Meralco recently reached with a consortium that
produces natural gas in the Malampaya field off Palawan
province.

According to the Inquirer News Service, Mr. Perez claims these
agreements will reduce the highly criticized "purchased power
adjustment" charge that Meralco collects from consumers.  Data
from Meralco show the PPA in May went down to 2.72 pesos from
2.90 pesos in April as the peso strengthened against the dollar.

Napocor and Meralco recently ended their tussle over a 10-year
supply contract by entering into an agreement that allows the
latter to source its energy requirements from both independent
power producers and Napocor.


MAYNILAD WATER: Ordered to Stop Billing for FOREX Losses
--------------------------------------------------------
Finally, the Metropolitan Waterworks and Sewerage System is
acting on allegations that Maynilad Water Services Inc. has been
over-charging customers under its concession.

According to the Manila Times, the water regulator recently
passed two resolutions ordering the troubled water distributor
to immediately "cease and desist" from charging its customers
amounts falling under the Accelerated Extraordinary Price
Adjustment (AEPA) and the Foreign Currency Differential
Adjustment (FCDA).  These charges were earlier sanctioned by the
MWSS to allow the company to recover its foreign exchange
losses.

In a phone interview with The Times, MWSS Chief regulator
Eduardo Santos said the two resolutions were transmitted to
Maynilad Wednesday.  He expects Maynilad customers to begin
enjoying lower water rates during the next billing period.

Under Resolution No. 03-014-CA, a copy of which was furnished
The Times, the regulator has recommended that Maynilad stop
collecting from its customers the PHP4.21 per cubic meter it
charges as AEPA.  The AEPA is a foreign exchange recovery
mechanism provided for in an amendment to the Concession
Agreement signed between MWSS and Maynilad in October 2001.
Collection of the AEPA enables Maynilad to recover FOREX losses
incurred from August 1, 1997 up to December 31, 2000, the paper
said.

However, the Concession Agreement allows Maynilad to charge its
customers the additional PHP4.21 per cubic meter only from
October 15, 2001 until December 31, 2002.  Despite this limited
period for collection, the regulatory office noted that Maynilad
continues billing its customers for the AEPA, as could be seen
from the water agency's monitoring of Maynilad bills, the paper
said.

Resolution No. 03-015-CA, on the other hand, ordered Maynilad to
discontinue collection of the PHP4.07 per cubic meter FCDA.
Also part of the first amendment to the Concession Agreement,
the FCDA allows Maynilad to recover FOREX losses incurred from
January 1, 2002 until the agreement expires.

"Upon signing the amendatory clause to the Concession Agreement
last October 2001, the water agency allowed Maynilad to collect
P4.07 per cubic meter as FCDA.  No subsequent revision in the
FCDA however was authorized as both MWSS and Maynilad agreed to
stick to the P4.07 per cubic meter charge for a standstill
period to last until December 31, 2002.  The standstill period
has since lapsed," the paper said.

But despite the non-extension of the standstill period, Maynilad
has continued to collect the FCDA, based on the Regulatory
Office's monitoring of Maynilad bills.   In addition, it has
been charging its customers for the FCDA even though "there is
no cause to incur foreign currency exchange losses" as Maynilad
stopped paying its dollar-denominated concessions fees to MWSS
since March 2001, the water regulator said.

Apart from halting collection of the AEPA and FCDA, MWSS also
ordered Maynilad to "account for all amounts collected" since
January 1, 2003, the paper said.

Maynilad, for its part, dismissed the MWSS order as
"punishment," ostensibly because it terminated the concession
agreement with the regulator last December.  MWSS has since
contested the termination, thus leading to the ongoing
arbitration by a three-man panel.

Mr. Santos told The Times MWSS is prepared to take legal action
should Maynilad refuse to implement the two new resolutions
calling on the water firm to halt collection of the AEPA and the
FCDA.

The two resolutions come a month after non-government
organization, Freedom from Debt Coalition, exposed the alleged
over-billing.


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


NEPTUNE ORIENT: Potential CEO to Leave Firm Due to Other Duties
---------------------------------------------------------------
Boon Swan Foo, once touted as the next CEO of Neptune Orient
Lines, will leave the company following its annual general
meeting at end of this month, says The Business Times.

The company gave no reason for Mr. Boon's departure other than
to say he has "other pressing commitments."  The esteemed
executive could not be reached for comment, according to the
paper, but he was previously quoted saying his two-year
commitment to the Agency for Science, Technology and Research
(A*Star) precludes him from taking an executive post at NOL.

He previously held the chief executive post at Singapore
Technologies Engineering, but resigned in 2001.  He joined NOL
in the middle of last year as part of an executive committee of
NOL's board -- comprising Chairman Cheng Wai Keung, Vice-
chairman Friedbert Malt and executive director and Chief
Financial Officer Lim How Teck -- tasked to oversee the
company's management and search a new chief executive.

Many investors and analysts had considered Mr. Boon to become
the company's next chief executive after the last CEO left it
following hefty losses in 2001 and 2002.

Meanwhile, Mr. Cheng said last week NOL is likely to return to
profit this year as freight rates improve.  The company will
also reap gains from the recent sale of its oil tanker division,
American Eagle Tankers, to Malaysian International Shipping
Corporation.  The sales proceeds amount to more than US$1
billion including debt, and include a cash payment of US$445
million and a cash dividend payment of US$75 million, the paper
said.


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


CHRISTIANI & NIELSEN: Court OKs Business Reorganization Plan
------------------------------------------------------------
CN Advisory Company Limited, as Planner of Christiani & Nielsen
(Thai) Public Company Limited, informed that on May 2, 2003, the
Central Bankruptcy Court issued on order approving the Business
Reorganization Plan of the Company and approving CN Advisory
Company Limited to implement the plan accordingly.

Pursuant to this order, the role of CN Advisory Company Limited
will change from that of Planner to Plan Administrator. The
rights and duties of the Planner would have passed to the Plan
Administrator since such date.


KRISDA MAHANAKORN: No Need to Amend F/S, Says SET
-------------------------------------------------
Previously, the Stock Exchange of Thailand posted the NP (Notice
Pending) sign on the securities of Krisda Mahanakorn Public
Company Limited (KMC) from March 5, 2003 because the company has
submitted the SET its audited financial statements for the year
2002 ending  December 31, 2002 with the Disclaimer of Opinion
from auditor on KMC's financial statements and the SET was
waiting for the conclusion whether the company has to amend its
financial statements.

The Securities and Exchange Commission (SEC) has now informed
the SET that it is not necessary to amend its financial
statements on the issues that the auditor has stated,
therefore, the SET  has posted the "NR" (Notice Received)
sign on KMC's securities for the first trading session of
May 8, 2003 to announce that the SET has received the conclusion
from the SEC.


MDX PUBLIC: Posts Rehabilitation Process Progress Report
--------------------------------------------------------
Reference is made to the Stock Exchange of Thailand's letter no.
Bor. Jor. 321/2546 dated 21 April 2003 requesting the Company to
report on the progress of rehabilitation.

Wittayu Planner Co., Ltd., the Plan Administer of MDX Public
Company Limited, informed the progress of MDX's rehabilitation
process, as follows:

MDX submitted the application for rehabilitation to Central
Bankruptcy Court (the Court) and the Court issued the order
allowing MDX to proceed the rehabilitation process with Wittayu
Planner Co., Ltd. as the Planner to MDX on 10 April 2002.

Rehabilitation Plan (the Plan) has been prepared and submitted
to Official Receiver and creditors. The creditors have already
passed the resolution to accept the Plan since 21 January 2003
and the Court has issued the order agreeing with the Plan since
1 April 2003. MDX is now performing rehabilitation procedures.

After completion of the Plan, MDX still owns its core assets.
There is no reduction in share value of current shareholders.
However, capital restructure by debt to equity conversion to
newly issued share capitals is written in the Plan. As a result,
creditors will become major shareholders with the shareholding
stake of 65.18 per cent while the shareholding stake of current
shareholders will reduce to 34.82 per cent.

Furthermore, MDX will have positive shareholder equity and have
only 16.43 percent of principal liabilities left.


MEDIA OF MEDIAS: Undertakes Shares Disposal
-------------------------------------------
Media of Medias Public Company Limited posted the connected
transaction information on Disposal of Shares:

Transaction Information and The Disposal Of Shares

1. Date of Transaction: May 2 ,2003

2. The parties involved
        Buyer:  K.S.M. Company Limited
        Seller:   Media Studio Company Limited.

3. Details of Assets Purchased from Connected Persons

    The company name  : Media of Medias Plc.
    Nature of business: Television program producer and sell
                        air time
    Registered capital: Bt1,312,295,584.00
    Par value         : Bt4.00
    Paid-up capital   : Bt1,312,295,584.00

   Major shareholders as of April 24.2003

       Name                       No. of shares        %

1.  Bangkok Broadcasting & TV.Co.,Ltd. 162,494,139   49.53
2.  Mr. Kosit Suvinijjit                31,789,516    9.69
3.  BBTV Asset Management Co.,Ltd.      29,526,600    9.00
4.  BBTV Satelvision Co.,Ltd.           20,705,239    6.31
5.  Marvellux International Co.,Ltd.    13,406,201    4.09

     Board of Directors as of April 24,2003

         Name                                    Title

1. Mr. Chet Raktakanishta                      Director
2. Mr. Yongyuth Withyawongsaruchi              Director
3. Mr. Preecha Divahuta                        Director
4. Mr. Cherdsak Tanskul                        Director
5. Mr. Chalor Nark-on                          Director
6. Mr. Jessada Promjart                        Director
7. Mr. Kosit Suvinijjit                        Director
8. Mrs.Yuwadee Boonklong                       Director


4.  Type and Size of Transaction

Connected Transaction

   The sales of shares in the aforesaid company to the connected
persons under Clause 2 will be regarded as connected
transactions pursuant to the Notification of the Stock Exchange
of Thailand re: Rules, procedures and disclosures of connected
transactions of the Stock Exchange of Thailand.

Acquisition and Size of Transaction

   Upon considering the size of the transaction on the bases of
asset, net profit and total value of consideration (with
reference to the latest consolidated financial statements
as of 31st December, 2003 adjusted by the increase capital
amounting to Bt764 million ), the size of these transactions is
unqualified to Transaction pursuant to the Notification of the
Stock Exchange of Thailand re: Rules, procedures and disclosure
of information concerning the acquisition and disposition of
assets of listed companies.  The Stock Exchange of Thailand
considers the size of the transaction on the following bases:

a. the value of assets acquired or disposed of, compared with
the value of assets of the listed company;
b. the net after tax profit from the normal course of
business operations derived from the assets acquired or
disposed of, compared with the net profit of the company;
c. the total value of consideration paid or received,
compared with the value of assets of the listed company;

5.  Total Value of Consideration

   The Company offers to sell shares to the connected persons as
set out in Clause 2 at the total amount of Bt4,000,000.  Payment
shall be made totally at a single time.

6.  Nature and Extent of Interest of Connected Person

   K.S.M. is the same group as the major shareholders of listed
company.

7.  The basis used to determine the value of consideration

   Par value and Debt/Equity swap price according to the
Rehabilitation Plan.

8. The reason for the disposal of the asset

    To support joint investor per the amended rehabilitation
plan to hold a specific portion of shares in Media of Medias
Plc.

9.  Expected Advantages

   Media Studio Co., Ltd. will use the amount received from the
disposal of shares to settle its debts.

10.  Transaction Conditions

   As the transaction is a connected transaction pursuant to the
Notification of the Stock Exchange of Thailand re: Rules,
procedures and disclosure of connected transactions of listed
companies and the Notification of the Stock Exchange of Thailand
re: Rules, procedures and disclosure of information concerning
the acquisition and disposition of assets of listed companies,
the Company is required to prepare a report and disclose the
entry into the transaction to the Stock Exchange of Thailand.


SIKARIN PUBLIC: Posts Added Shareholders' Meeting Resolutions
-------------------------------------------------------------
Sikarin Public Company Limited would like to announce the
additional resolutions made at Shareholders' Meeting No. 25 hold
on April 30,2003 as follows:

   1. To certify the minutes of the ordinary general meeting of
shareholder no. 24.

   2. To reappoint the following members of the Board of
Directors after their retirement:

        1.  Mr. Charun Viwatjesadawut
        2.  Dr. Atirat Charoonsri
        3.  Mr. Sompol Wongurai

   3. To approve the company balance sheets and profit and loss
statement as at December 31,2002 and approve to refrain diviand
in the year 2002.

   4. To appoint DHARMNITI AUDITING CO.,LTD. By Mr. Jadesada
Hungsapruek or Mr. Pichai Dachanapirom as company auditor for
year 2003 and approved fee for audit amount Bt555,000 per year.

   5.To appoint increase the board of directors from 10 person
to 12 person.

   6.To appoint as increase two directors:

           1. Mr. Somsak Charoenpan
           2. Mr. Settanit Romyanon

   7. To approve fee of the board for year 2003 amount
Bt3,500,000.


* DebtTraders Real-Time Bond Pricing
------------------------------------

Issuer             Coupon   Maturity   Bid - Ask   Weekly change
-----              ------   --------   ---------   -------------

Asia Pulp & Paper     FRN     due 2001   1.0 - 2.0        0.0
Asia Pulp & Paper     11.75%  due 2005  33.0 - 36.0       0.0
APP China             14.0%   due 2010  32.5 - 34.5       0.0
Asia Global Crossing  13.375% due 2006  12.5 - 14.5       0.0
Bayan Telecom         13.5%   due 2006  18.5 - 22.0      +1.0
Daya Guna Sumudera    10.0%   due 2007   2.0 - 4.0       +0.5
Hyundai Semiconductor 8.625%  due 2007  70.0 - 72.0      -1.0
Indah Kiat            11.875% due 2002  34.0 - 36.0      +2.0
Indah Kiat            10.0%   due 2007  29.0 - 31.0      +0.5
Paiton Energy         9.34%   due 2014  86.0 - 88.0      +1.0
Tjiwi Kimia           10.0%   due 2004  26.5 - 28.5       0.0

Bond pricing, appearing in each Friday's edition of the
Troubled Company Reporter - Asia Pacific, is provided by
DebtTraders in New York. DebtTraders is a specialist in global
high yield securities, providing clients unparalleled services
in the identification, assessment, and sourcing of attractive
high yield debt investments. For more information on
institutional services, contact Scott Johnson at 1-212-247-5300.
To view our research and find out about private client accounts,
contact Peter Fitzpatrick at 1-212-247-3800. Real-time pricing
available at www.debttraders.com.


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

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USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***