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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Monday, May 26 2003, Vol. 6, No. 102

                         Headlines

A U S T R A L I A

ADVANTAGE TELECOMMUNICATIONS: Director Brett O'Riley Resigns
AMP LIMITED: Roger Yates Assumes Responsibility for UK Business
AUSTRALIAN PLANTATION: Appoints New Board Directors
MIM HOLDINGS: St Modwen Acquires Zinc Smelter Site
PAN PHARMACEUTICALS: Voluntary Administration Secures Future

TASSAL LIMITED: Releases Bidders List
TASSAL LIMITED: Webster to Conduct Due Diligence
TOMARCHIO PTY: Former Director Sentenced to Imprisonment
VOICENET (AUST): Responds to ASX's Share Price Query
WMC RESOURCES: S&P Rates Finance's A$500M Medium-Term Note 'BBB'


C H I N A   &   H O N G  K O N G

AIR CLEANING: Winding Up Hearing Scheduled in June
ASIA RESOURCES: SGM Scheduled on June 9
CHAN KEE: Faces Winding Up Petition
D 2 M LIMITED: Winding Up Sought by Tang Chia
PCCW LIMITED: Posts AGM Poll Results; Exec-Dir Bonner Retires


I N D O N E S I A

ASTRA INT'L: AGM Elects Commissioners; EGM OKs TMS Shares Sale

* IBRA Organizes The "Investor Forum 2003"


J A P A N

DAIEI INC.: Ripplewood Shows Interest in Fukuoka Business
FUJITSU LIMITED: Releases New Mid-Range Primepower Systems
KOBE STEEL: Returns to Y1.72B Profit
NICHIDO K.K.: Golf Course Enters Rehab Proceedings
RESONA BANK: Plans to Start Accounts Revival

RESONA HOLDINGS: FSA Orders Business Reform
RESONA HOLDINGS: Needs No.1 Measures, Says Koizumias


K O R E A

DAEWOO CORP.: Union Workers Continue Protest in India
HYNIX SEMICONDUCTOR: Shares Down For Third Day
KOREA THRUNET: Appoints KPMG as Lead Manager For Sale
SK CORPORATION: Sovereign Hires Lazard as Financial Adviser
SK GLOBAL: Local Creditors Press For Bigger Aid From SK Group

SK GLOBAL: SK Corporation Converts Local Debt Into Shares


M A L A Y S I A

BESCORP INDUSTRIES: Gets SC's Nod on Proposed Exemption
CELCOM (MALAYSIA): Deregisters Wholly Owned Dormant Units
CHASE PERDANA: Posts Entitlement, Book Closure Notice
EPE POWER: Resolutions Passed at 31st AGM, EGM
FORESWOOD GROUP: Regularization Plan Finalization Underway

JUTAJAYA HOLDING: Restraining Order Extended Until Feb 2004
KSU HOLDINGS: Inter Partes Injunction Hearing Further Adjourned
OLYMPIA INDUSTRIES: Unit Faces Writ and Statement of Claim
RNC CORP.: Inks Operating Asset Sale Agreement
SATERAS RESOURCES: Answers KLSE's Winding Up Petition Query

TAI WAH: Versatile Vendors Exempted From Mandatory General Offer
TONGKAH HOLDINGS: Disposes of Quoted Securities
TRANS CAPITAL: Issues PCDRS Status Update

   
P H I L I P P I N E S

MANILA ELECTRIC: Perez Urges to Adopt Efficient Refund Scheme
NATIONAL POWER: Assets Are Now Worth P5B, Says Transco
NATIONAL POWER: Consumers Pay Higher Electricity Rates in July
PHILIPPINE LONG: Pays P10M to Cebu City Government


S I N G A P O R E

NEPTUNE ORIENT: Clarifies Revised 2002 Annual Report
THAKRAL CORPORATION: Convening Court Meeting
VAN DER HORST: SGX-ST OK's Listing of New Shares


T H A I L A N D

ABICO HOLDINGS: SET Awaits Amended Financial Statements
CHRISTIANI & NIELSEN: Explains Auditor's Disclaimer of Opinion
CHRISTIANI & NIELSEN: `NP' Sign Posted on Securities Trading
MDX PUBLIC: Posts Q103 Management Discussion and Analysis
MDX PUBLIC: SET Still Suspends Securities Trading

SIAM SYNTEC: Increases Paid-up Capital to Bt400M
THAI PETROCHEMICAL: Appoints Temporary Plan Administrator   

     -  -  -  -  -  -  -  -

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


ADVANTAGE TELECOMMUNICATIONS: Director Brett O'Riley Resigns
------------------------------------------------------------
Advantage Telecommunications Limited wishes to advise that Mr
Brett O'Riley has resigned from the Board of Directors of the
Company. The Company acknowledges Mr O'Riley's contribution
during his term as a Director of the Company and particularly
his contribution in the investor, public relations and capital
raising roles.

FINAL DIRECTOR'S INTEREST NOTICE


   Name of Company          Advantage Telecommunications Limited

   ABN                      97 009 212 293

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         Brett Raymond O'Riley

   Date of last notice      11/02/2003

   Date that director
   ceased to be director    19/05/2003

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

Number & class of securities         -

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

  Fiduciary Group Ltd,              5,356,250 ordinary shares
  trustee for Cavan Trust,                                       
  Director is a beneficiary                                      
                                                                 
  Cavan Group Ltd,                  395,476 ordinary shares  
  Director is a shareholder                                      
                                                                 
Part 3 - Director's interests in contracts

Detail of contract              N/A

Nature of interest              -

Name of registered holder
(if issued securities)          -

No. and class of securities
to which interest relates       -

According to Wrights Investors' Service, during the 12 months
ending 12/31/02, the company has experienced losses totaling
A$0.27 per share. It has also not paid any dividends during the
previous 2 fiscal years.

   
AMP LIMITED: Roger Yates Assumes Responsibility for UK Business
---------------------------------------------------------------
AMP Limited has announced Friday that current head of Henderson
Global Investors, Roger Yates, will assume management
responsibility for all AMP's UK-based businesses, reporting to
Chief Executive Officer, Andrew Mohl.

The UK Life Services business (headed by Ian Laughlin) and the
UK Contemporary Financial Services business (headed by John
Drabble) will both report to Mr Yates, who will also remain as
Managing Director of Henderson Global Investors.

"These reporting changes mean that AMP is now moving to manage
the businesses along geographic lines, in line with the demerger
announcement on 1 May 2003," Mr Mohl said.

"We have set ourselves an aggressive but achievable timetable to
implement the demerger proposal.

"This is a logical first step in starting to manage our
businesses geographically as Roger will be CEO of the 'new'
Henderson business if the demerger receives necessary approvals
from shareholders and regulators."

Mr Yates said his immediate focus is to review the UK operations
and to determine the optimal structure and strategy for 'new'
Henderson.

"This is an important move for our UK businesses, allowing us to
focus on the issues and opportunities in this market. I am very
much looking forward to building 'new' Henderson, and to sharing
our plans for the new business in the coming months," Mr Yates
said.

The appointment of Mr Yates is subject to regulatory approval.

The Managing Director of AMP Henderson Global Investors, Jack
Ritch, who is responsible for the asset management business in
the Asian-Pacific region, will now report directly to Mr Mohl.

CONTACT INFORMATION: Matthew Coleman
        Phone: 61 2 9257 2700
        Mobile: 0421 611 138


AUSTRALIAN PLANTATION: Appoints New Board Directors
---------------------------------------------------
Australian Plantation Timber Limited advised that at the Board
of Directors meeting held on Thursday 22 May 2003, Futuris COO,
Leslie Peter Wozniczka, and Futuris executive, Allan Clive
Bryant were appointed to fill casual vacancies to the board of
Australian Plantation Timber Limited.

The Troubled Company Reporter - Asia Pacific reported last month
that Australian Plantation booked a profit after tax of
$30.5 million for the six months ended 31 December 2002. The
profit comprised a once-off net gain of $30.7 million arising
from the cancellation of debts as part of the Deed of Company
Arrangement (DOCA) approved by creditors and shareholders in the
first half of 2002.


MIM HOLDINGS: St Modwen Acquires Zinc Smelter Site
--------------------------------------------------
British property development company St Modwen Developments
Limited has contracted to acquire the site of MIM Holdings
Limited's now closed zinc smelter at Avonmouth, UK.

The smelter, owned by MIM's wholly owned subsidiary Britannia
Zinc Limited, was closed in February 2003.

Closure costs to MIM will be substantially reduced by the
transaction and a lower than previously expected write-down of
working capital. This will result in an estimated $41 million
writeback of the $113.8 million closure provisions that were
included in MIM's December 2002 half financial results, and
consequent increase of that amount to net profit for the June
2003 half year.

MIM Managing Director Vince Gauci said the transaction was an
excellent outcome. "It represents a real cash saving to MIM and
a successful conclusion of the company's strategy of exiting the
two loss making European zinc smelters - at Avonmouth and last
December the plant at Duisburg in Germany," he said.

As part of the transaction, MIM will pay GBP2 million
(approximately $5 million) to St Modwen for demolition. St
Modwen will assume environmental responsibility for the site
which it has acquired for potential future development. The
transaction is expected to be completed around the end of July
following final regulatory approvals.

CONTACT INFORMATION: Allan Ryan
        PRINCIPAL ADVISER INVESTOR RELATIONS
        Bus: (61 7) 3833 8295
        Mobile: 0419 781 380


PAN PHARMACEUTICALS: Voluntary Administration Secures Future
------------------------------------------------------------
The Board of Pan Pharmaceuticals announced Thursday that
Voluntary Administrators were appointed to work with the
Company's new management team as it sought to regain its
licenses and secure a future for the business.

Acting CEO Colin Henson said the Board had appointed Tony
McGrath and Chris Honey both of KPMG as Voluntary Administrators
in the interests of preserving Pan's business.

"Voluntary Administration is a logical step in the Company's
recovery plan," Mr Henson said.

"Given the Company's circumstances, this is an appropriate move
to allow the Company to deal in an orderly manner with creditors
and customer claims. We have every confidence the Company will
emerge from administration," he said.

Due to the change in the Company's financial position following
the suspension of its manufacturing license and the cancellation
of its export licenses the Board announced the interim dividend
due on 28 May 2003 will not be paid.

"While revoking the dividend is regrettable, it is part of a
plan to stabilize the Company financially, and achieve the best
long term return for shareholders.

"Our single focus is to work with the TGA to have the license
suspension lifted, commence production and have the company
trading profitably again," Mr Henson said.

Mr McGrath has advised that he expects to work with the new
management team that has been put in place. "I have every
confidence in Colin Henson and his team to imbed a culture of
quality and transparency in all dealings with regulators and
customers.

"Mr Henson has made significant progress along this path. The
appointment of Rod Unsworth to lead the independent taskforce
addressing the TGA is a significant step in this direction, as
is the revamping of Quality Assurance and information systems at
the Moorebank manufacturing facility."

Mr Henson said the Voluntary Administration process will ensure
the company's affairs are conducted in a protected environment
that is flexible enough to allow for consideration of a range of
corporate structures.

The Company will seek Australian Stock Exchange approval to
leave the trading suspension on Pan's shares in place until the
Voluntary Administrators have completed their work.

"It is my intention to work beside Mr McGrath and Mr Honey to
win back the manufacturing license and to develop a new business
plan for Pan to emerge from Voluntary Administration" Mr Henson
said.

CONTACT INFORMATION: Amy Lawrence
        Cox Inall Communications
        Tel: 02 8204 3850


TASSAL LIMITED: Releases Bidders List
-------------------------------------
The receiver and manager of Tassal Limited, Mr Mark Ryan,
announced Friday the details of the short-listed bidders.

Mr Mark Ryan said the deadline for submission of offers closed
on Friday 16 May and the level of interest received had been
extremely encouraging.

Over the past few days all of the bids had been assessed and it
had been decided to short list three parties. These parties will
proceed to the next phase of the sale process.

The three short-listed bidders are as follows:

   * A Management Buy-Out Proposal, lead by senior members of
Tassal's current executive team and their advisor Terrain
Capital Limited. Terrain Capital is a Melbourne based,
independent corporate adviser, that has extensive experience in
raising capital (equity and debt) for MBO transactions.

   * Helmsman Capital Fund (HCF). HCF is a managed investment
scheme that has raised $45 million from institutional and
private investors to provide a combination of turnaround capital
and restructuring expertise to under performing businesses in
Australia and New Zealand.

   * Webster Limited is a publicly-listed Tasmanian based
company which is currently involved in salmon farming through
its subsidiary Aquatas.

Mr Ryan said whilst bids had been received from international
parties, it was decided that the offers received from the three
short listed Australian parties represented the best
opportunities for Tassal.

"I am confident that Tassal Limited will very much continue to
carry on its daily business and provide real opportunities for
growth in the years to come," Mr Ryan said.

"I anticipate the short-listed bidders will acquire all of the
Tassal business and there will be no need to break up any part
of the company," he said.

Mr Ryan, a partner of the national accounting and insolvency
group, KordaMentha, said that the short listed bidders would now
undertake due diligence over the next four to eight weeks.

Tassal has about 640 employees and produces about 8,000 tonnes
of Atlantic salmon and trout a year. Tassal has about 65 per
cent of the Tasmanian salmon producing market. Annual turnover
is estimated at around $100 million with a sustainable EBIT of
around $11 million to $12 million.

Mr Ryan said he hoped to finalize the sale by August or
September this year.

CONTACT INFORMATION: Mark Ryan       
        (03) 6211 9611 or 0414 729 101
        David Wilson    
        (03) 9671 4458 or 0411 055 311


TASSAL LIMITED: Webster to Conduct Due Diligence
------------------------------------------------
Webster Limited (Webster) on Friday was advised by the Receiver
and Manager of Tassal Limited that it has been selected as one
of only three preferred bidders invited to undertake due
diligence on Tassal, being the next phase of the sale process by
the Receiver and Manager.

Webster submitted an indicative non-binding bid for the business
and assets of Tassal on Friday 16 May 2003. This follows advice
to its shareholders in October last year that it was seeking to
be a participant in any rationalization of the Tasmanian salmon
industry.

"Webster's 100% owned subsidiary, Aquatas Pty Ltd is in an
excellent position to capitalize on this opportunity", said
Webster Managing Director, Rob Woolley.

"Webster is a major Tasmanian food company with considerable
experience in horticulture and aquaculture food businesses. An
increase in the scale of salmon operations should lead to
improvements in farming, processing and marketing operations,
which should bring benefits to all Tasmanian participants", he
said.

Mr Woolley said "Webster had been invited to conduct an
intensive due diligence program over the next 4 - 6 weeks with
the aim of determining a prudent position from which to make a
bid".

"Any major investment such as this would involve the raising of
new equity", he added.

CONTACINT INFORMATION: Andrew Ashbolt
          GENERAL MANAGER  CORPORATE
          Webster Limited
          Ph: (03) 6238 0315


TOMARCHIO PTY: Former Director Sentenced to Imprisonment
--------------------------------------------------------
Mr Sebastian Mark Tomarchio, a 29 year-old former company
director from Shepparton, Victoria, was sentenced on Thursday in
the County Court of Victoria on charges brought by the
Australian Securities and Investments Commission (ASIC) and by
the Victoria Police.

Mr Tomarchio was sentenced to a total of two and a half years
imprisonment, to be released after serving eight months and to
be of good behavior for the remaining 22 months.

Mr Tomarchio previously pleaded guilty to eight ASIC charges of
dishonestly using his position as a company director to gain an
advantage for himself.

Between February and October 2000, while a director of G&R
Tomarchio Pty Ltd, Mr Tomarchio raised and submitted more than
140 false invoices, totaling $1.3 million, to a factoring
company called BRG Capital Facilitation Pty Ltd.

ASIC following an investigation into the collapse of G&R
TOMARCHIO PTY LTD, in January 2001, brought the charges. The
company traded as Tomarchio Orchards from fruit orchards located
at Lemnos Road North, near Shepparton.

Creditors appointed a liquidator to the company in January 2001.

Mr Tomarchio had also previously pleaded guilty in the
Shepparton Magistrates Court to two counts of obtaining property
by deception, brought by the Victoria Police.

In September 1999 and January 2000, Mr Tomarchio dishonestly
obtained $199,772 from the Commonwealth Bank by falsely
representing that his parents were signatories to hire purchase
agreements in the company's name.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.


VOICENET (AUST): Responds to ASX's Share Price Query
----------------------------------------------------
Voicenet (Aust) Limited, in reference to the Australian Stock
Exchange's letter dated 22 May, 2003 in relation to Friday's
change in the Company's securities and the trading volume and
advise the following:

   1. The Company is not aware of any information concerning it
that has not been announced, which if known, could be an
explanation for the recent trading in the securities in the
Company.

   2. Not applicable.

   3. The Company has no explanation as to the price change and
increase in volume in the securities of the Company.

   4. The Company is in compliance with the ASX Listing Rules
and, in particular, Listing Rule 3.1.

The Company and all its directors are not aware of any matters
which have a material significance or change that will affect
the price or volume of trading in the securities.


WMC RESOURCES: S&P Rates Finance's A$500M Medium Term-Note 'BBB'
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned Thursday its 'BBB'
long-term rating and its 'A-2' short-term rating to WMC Finance
Ltd.'s A$500 million combined medium-term note and electronic-
promissory-note program. The ratings reflect the guarantee
provided by WMC Resources Ltd. (BBB/Stable/A-2).

According to Wrights Investors' Service, at the end of 2002, WMC
Resources Ltd had negative working capital, as current
liabilities were A$2.03 billion while total current assets were
only A$1.20 billion. It also reported that the company has paid
no dividends during the previous 2 fiscal years and reported
losses during the previous 12 months.


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


AIR CLEANING: Winding Up Hearing Scheduled in June
--------------------------------------------------
The High Court of Hong Kong will hear on June 11, 2003 at 10:00
in the morning the petition seeking the winding up of Air
Cleaning Services Limited.

Ng Kwok Wai of Room 211, Pak Sha House, Yue Kwong Chuen,
Aberdeen, Hong Kong filed the petition on April 23, 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.


ASIA RESOURCES: SGM Scheduled on June 9
---------------------------------------
Notice is hereby given that a special general meeting of Asia
Resources Holdings Limited will be held at 9:30 p.m. on 9th
June, 2003 at Conference Room, 2nd Floor, Regal Kowloon Hotel,
71 Mody Road, Tsimshatsui, Kowloon, Hong Kong, for the purpose
of considering and, if thought fit, passing the following
resolution which will be proposed as an ordinary resolution:

ORDINARY RESOLUTION

"THAT the conditional sale and purchase agreement (Agreement)
dated 2nd May 2003 between Billion Source Investments Limited
(the Purchaser), Ms Fu Bo and Ms Lai Sze Wai, Joyce
(collectively, the "Vendors") pursuant to which the Company,
through its wholly-owned subsidiary, the Purchaser, will acquire
41% of the issued share capital in Value Brilliant Investments
Limited (Value Brilliant) amounting to an aggregate of 12,300
shares of US$1.00 each in the capital of Value Brilliant from
the Vendors (the Proposed Acquisition) be approved, and the
directors of the Company be and are hereby authorized on behalf
of the Company to sign, seal, execute, perfect and deliver all
such documents and do all such deeds, acts, matters and things
as they may in their discretion consider necessary or desirable
for the purpose of or in connection with the implementation of
the Agreement and the Proposed Acquisition."


CHAN KEE: Faces Winding Up Petition
-----------------------------------
The petition to wind up Chan Kee Piece Goods Company Limited is
set for hearing before the High Court of Hong Kong on June 18,
2003 at 10:00 in the morning.

The petition was filed with the court on May 5, 2003 by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Hong Kong.


D 2 M LIMITED: Winding Up Sought by Tang Chia
---------------------------------------------
Tang Chia Weng is seeking the winding up of D 2 M Limited. The
petition was filed on May 2, 2003, and will be heard before the
High Court of Hong Kong on June 18, 2003 at 10:00 in the
morning.

Tang Chia Weng holds its registered address at 47 Loi Tung
Tsuen, Sha Tau Kok Road, Fanling, New Territories, Hong Kong.


PCCW LIMITED: Posts AGM Poll Results; Exec-Dir Bonner Retires
-------------------------------------------------------------
PCCW Limited is pleased to announce the poll results in respect
of the resolutions proposed and seconded at the Annual General
Meeting of the Company held on May 22, 2003 (2003 AGM) as
follows:

Resolutions               Number of Votes (%)
                    For                  Against

1.  To receive and consider the audited Financial Statements of
the Company and the Reports of the Directors and Auditors for
the year ended December 31, 2002
                   1,738,353,351 (99.981%) 326,238 (0.019%)

As more than 50% of the votes were cast in favour of the
resolution, the resolution was duly passed as an ordinary
resolution.

2(i). To re-elect Mr Peter Anthony Allen as a Director           
                   1,725,138,720 (99.944%) 966,627 (0.056%)

As more than 50% of the votes were cast in favour of the
resolution, the resolution was duly passed as an ordinary
resolution.

2(ii). To re-elect Mr Michael John Butcher as a Director
                1,725,106,090 (99.944%) 969,617 (0.056%)

As more than 50% of the votes were cast in favour of the
resolution, the resolution was duly passed as an ordinary
resolution.

2(iii). To re-elect Mr Chung Cho Yee, Mico as a Director
           1,725,098,154 (99.943%) 981,767 (0.057%)

As more than 50% of the votes were cast in favor of the
resolution, the resolution was duly passed as an ordinary
resolution.

2(iv). To re-elect Sir David Ford as a Director
          1,725,122,401 (99.944%) 962,877 (0.056%)

As more than 50% of the votes were cast in favor of the
resolution, the resolution was duly passed as an ordinary
resolution.

2(v). To re-elect Mr Lee Chi Hong, Robert as a Director
          1,725,114,271 (99.943%) 976,927 (0.057%)

As more than 50% of the votes were cast in favor of the
resolution, the resolution was duly passed as an ordinary
resolution.

2(vi). To re-elect Mr Yuen Tin Fan, Francis as a Director
           1,725,092,274 (99.943%) 988,238 (0.057%)

As more than 50% of the votes were cast in favor of the
resolution, the resolution was duly passed as an ordinary
resolution.

2(vii). To authorise the Directors to fix the remuneration of
the Directors  
                1,724,495,232 (99.908%) 1,590,922 (0.092%)

As more than 50% of the votes were cast in favor of the
resolution, the resolution was duly passed as an ordinary
resolution.

3. To re-appoint PricewaterhouseCoopers as Auditors and
authorize the Directors to fix their remuneration
         1,739,953,599 (99.974%) 448,000 (0.026%)

As more than 50% of the votes were cast in favor of the
resolution, the resolution was duly passed as an ordinary
resolution.

4. To approve a general mandate to the Directors to issue
additional shares  
               1,726,663,155 (97.166%) 50,354,058 (2.834%)

As more than 50% of the votes were cast in favor of the
resolution, the resolution was duly passed as an ordinary
resolution.

5.  To approve a general mandate to the Directors to repurchase
the Company's own securities  
                1,739,899,992 (99.972%) 490,243 (0.028%)

As more than 50% of the votes were cast in favor of the
resolution, the resolution was duly passed as an ordinary
resolution.

6. To extend the general mandate granted to the Directors
pursuant to item 4  
               1,726,854,502 (97.181%) 50,092,265 (2.819%)

As more than 50% of the votes were cast in favor of the
resolution, the resolution was duly passed as an ordinary
resolution.

The Company also wishes to announce that Mr John Todd Bonner
informed the Company on May 19, 2003 of his intention to retire
as an executive director of the Company and accordingly did not
offer himself for re-election at the 2003 AGM.

Mr. Bonner retired as an executive director of the Company with
effect from the conclusion of the 2003 AGM.


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


ASTRA INT'L: AGM Elects Commissioners; EGM OKs TMS Shares Sale
--------------------------------------------------------------
PT Astra International Tbk. conducted Annual General Meeting of
Shareholders (AGM) and Extraordinary General Meeting of
Shareholders (EGM) with the following resolutions:

I. AGM agenda

  1. Agenda 1

     I. To approve the Company's Annual Report and Annual
Account for the book year of 2002.

     II. To give full discharge and acquittal (acquit et
decharge) to Board of Directors for their management
responsibilities and to Board of Commissioners for their
supervisory responsibilities during the book year of 2002 to the
extent that such performances were reflected in the Consolidated
Financial Report and its Subsidiaries.

  2. Agenda 2
    
     I. The net income of the Company for the book year of 2002
is Rp3.636,608 million to be used for:
     
       * Rp500,497,000,000 to cover the Company's deficit of the
previous year;

       * Rp40,000,000,000 for reserves fund; and

       * Remaining Rp3,096,111,000,000 booked as retained
earnings for operational, financial and investment purposes.

     II. The Company will not distribute dividend to
shareholders for the book year of 2002 due to restrictions as
stipulated in 2002 Debt Restructuring agreement.

  3. Agenda 3
    
     I. To accept resignation of Sri Mulyani Indrawati from her
post as an Independent Commissioner effective 11 January 2003
and resignation of Vimala Menon from her post as a Commissioner
effective as of the closing of the AGM.

     II. To elect the following persons as new Commissioners of
the Company:
      
1) Mari Elka Pangestu as Independent Commissioner
2) Djunaedi Hadisumarto as Independent Commissioner
3) Patrick Morris Alexander as Independent Commissioner
4) Brian Richard Keelan as Commissioner
5) Adam Philip Charles Keswick as Commissioner
    
effective as the closing of the AGM until the closing of the
first AGM that the Company will hold after this AGM.

   III. To resolve that composition of the Board of
Commissioners as follows:

     * President Commissioner/Independent Commissioner :
       Theodore Permadi Rachmat
     * Vice President Commissioner/Independent Commissioner :
       Benny Subianto
     * Commissioner/Independent Commissioner : Benjamin Arman
       Suriadjaya
     * Commissioner/Independent Commissioner : Juwono Sudarsono
     * Commissioner/Independent Commissioner : Mari Elka
       Pangestu
     * Commissioner/Independent Commissioner : Djunaedi
       Hadisumarto
     * Commissioner/Independent Commissioner : Motonobu Takemoto
     * Commissioner/Independent Commissioner : Patrick Morris  
       Alexander
     * Commissioner : Anthony John Liddell Nightingale
     * Commissioner : Philip Eng Heng Nee
     * Commissioner : Neville Barry Venter
     * Commissioner : Brian Richard Keelan
     * Commissioner : Adam Philip Charles Keswick

effective as the closing of the AGM until the closing of the
first AGM that the Company will hold after this AGM.

  IV. - To authorize the Board of Commissioners to determine
salaries and/or allowance of members of the Board of Directors.

      - To determine honorarium of all members of the Board of
Commissioners with total amount Rp460,000,000 gross (before
income tax) per month to be paid 13 installments in one year and
to be effective 1 June 2003, and to give authorization to
President Commissioner to determine amount to be distributed
among members of the Board of Commissioners.

   V. To give power of attorney with substitution rights to the
Board of Directors of the Company to record the resolutions of
the AGM and EGM in a notary deed and to further announce the
composition of the Board of Commissioners to the Ministry of
Justice and Human Rights of the Republic of Indonesia as well as
to register it in the Company Register in compliance with the
prevailing regulations.

  4. Agenda 4

To reappoint the public accountant firm of "Drs. Hadi Sutanto &
Rekan" to audit the Company's financial report for the book year
of 2003, and to authorize the Board of Directors of the Company
to determine fee and other terms and conditions of such
appointment.

II. EGM Agenda

  1. Agenda 1

To approve establishment of a limited liability company between
the Company and Toyota Motor Corporation, Japan (TMC) in
marketing and distribution of Toyota brand motor vehicles.

   2. Agenda 2

To approve sale of 46% (forty six percent) shares of PT Toyota-
Astra Motor (TAM) owned by the Company to Toyota Motor
Corporation worth of US$ 226 million at terms and conditions
negotiated by the Board of Directors.

CONTACT INFORMATION: Aminuddin
        Corporate Communication
        PT Astra International Tbk
        62-(021)-6530-4956


* IBRA Organizes The "Investor Forum 2003"
------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) plans an
"Investor Forum 2003," entitled "Revitalizing Indonesia's
Economy," at Borobudur Hotel, Jakarta. This activity is to
introduce the IBRA's asset disposal program that covers The
Investment Asset Sales Program Phase 2 (PPAI 2) and The
Strategic Asset Sales Program (PPAS) to the interested
investors.

IBRA's offerings cover assets from PPAI 2 from Holdiko Perkasa,
Kiani Wirudha, Cakrawala Gita Pratama, Hoswarya Persada; and
from PPAS which are Texmaco Group, Chandra Asri, Bakrie Nirwana
Resort and PT Pabrik Gula Rajawali III. The offered assets in
this disposal program include equities, convertible bonds, loans
and or related properties (Asset) of various subsidiary
companies.

This asset disposal program is aimed to accelerate the assets
sales process and speed distribution. This sale program is also
one of IBRA's efforts to meet its target for the 2003 State
Budget amounting to IDR 26 Trillion. The Investor Forum will be
opened by the Chairman of IBRA, Syafruddin A. Temenggung. It
will be continued with the comprehensive explanation of The
Investment Asset Sales Program Phase 2 (PPAI 2) by the Deputy
Chairman of AMI, Taufik Mappaenre Maro'ef and The Strategic
Asset Sales Program (PPAS) by The Deputy Chairman of AMC,
Mohammad Syahrial.

IBRA is also offering the opportunity for interested investors
to obtain detail explanations bilaterally (One on One Meeting).

Investors have exhibited a strong interest in this Investor
Forum. More than 200 investors have confirmed their plans to
participate in this forum. The list includes local and foreign
companies and financial institutions.

By organizing the "IBRA's investor Forum 2003," IBRA expects to
provide comprehensive information to the investors that finally
will assist IBRA to achieve its target amount for the 2003 State
Budget. IBRA will also implement road shows to Malaysia, Germany
(Frankfurt), England (London).


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


DAIEI INC.: Ripplewood Shows Interest in Fukuoka Business
---------------------------------------------------------
U.S. investment fund Ripplewood Holdings LLC is interested to
buy Daiei Inc.'s Fukuoka operations, including the Fukuoka Dome
baseball stadium and an adjacent hotel, Kyodo News said on
Friday. "Ripplewood has said they will consider various ways of
giving help," the report said.

The Ministry of Economy, Trade and Industry (METI) approved
Wednesday a revised plan to rehabilitate Daiei Inc. which
features strengthening its tie-up with its affiliate Maruetsu
Inc., according to the Troubled Company Reporter Asia Pacific.
The new plan revises a three-year rehabilitation plan endorsed
by the government in line with the industrial revitalization law
in April 2002.


FUJITSU LIMITED: Releases New Mid-Range Primepower Systems
----------------------------------------------------------  
Fujitsu Limited announced the global release of four new low-
and mid-range PRIMEPOWER UNIX(R) systems with gigahertz-class
SPARC64(TM) V processors to meet demanding enterprise computing
needs while providing superior ROI in a smaller platform. The
new PRIMEPOWER servers, which boast performance improvements of
as much as 40 percent over current products, can also fully
maximize uptime and throughput by delivering the same ultra-high
levels of RAS (Reliability, Availability and Serviceability) as
Fujitsu's mainframe-class 128-way PRIMEPOWER 2500 server.

The newly introduced models include the 2-way PRIMEPOWER 250 and
the 4-way PRIMEPOWER 450, both based on the SPARC64 V 1.1GHz
processor, and the 8-way PRIMEPOWER 650 and 16-way PRIMEPOWER
850, both using SPARC64 V 1.08GHz. PRIMEPOWER 650 and 850 models
will be enhanced with 1.35GHz processors later this year.

These new PRIMEPOWER servers incorporate innovations like
automatic error detection and self correction initially
developed and tested for large-scale mission-critical
environments. These have now made their way into all the
processors and hardware components used across the entire
PRIMEPOWER server range. The result is an impressive combination
of record-breaking performance plus best-in-class RAS and world-
standard Solaris Operating Environment support - all in one
economical package.

"Over the years we have worked to give our UNIX systems levels
of reliability previously only thought possible in the most
advanced mainframes," said Mr. Noriyuki Toyoki, General Manager,
Enterprise Server Division, Fujitsu Limited. "We did this first
with our 128-way PRIMEPOWER server. Now, by engineering a cost-
effective delivery capability, we are bringing mainframe-class
reliability and serviceability technology into the workgroup and
mid-range class of our PRIMEPOWER systems."

"The introduction of the new PRIMEPOWER systems, with their
improved performance and RAS features, is good news for
customers," said Dave Dargo, vice President, System Platforms
Division, Oracle. "Oracle9i Database with Real Application
Clusters on these new servers provides real business and
technology benefit by delivering a stable, highly available
system that can scale as needed."

"As a strategic partner providing leading storage software
solutions and joint support for PRIMEPOWER servers, VERITAS
Software welcomes Fujitsu's extension of mission-critical
computing ability to its entire range of PRIMEPOWER servers,"
said Kevin Reinis, vice President of business development and
strategic alliances, VERITAS Software. "Through tightly
integrated, interoperable solutions with our partners, VERITAS
enables utility computing in today's multi-vendor data center
environments. Our products running on the new Fujitsu servers
will continue to provide customers with superior high
availability, data protection and storage management solutions
for cost-effective computing and improved service levels
throughout their IT organization."

"The growing momentum behind the Solaris 9 Operating System is
fueling growth in the Solaris market," said Graham Lovell,
Marketing Director, Sun Microsystems. "The Solaris OS is the
best choice for deploying secure and robust business critical
applications in today's economy."

"Fujitsu's new generation of servers bring high-end system
performance to the low end that has not been seen to date," said
Vernon Turner, group vice President, Global Enterprise Server
Solutions, IDC. "As customer performance demands continue to
increase at the entry level, Fujitsu's PRIMEPOWER 250 and 450
are addressing the most urgent computing needs by giving
customers mainframe-like capabilities, reliability, and
availability."

As well as the power and hardware reliability that come with
Fujitsu's SPARC64 V processor implementation, the new PRIMEPOWER
250 and 450 systems include Extended System Control Facility
(XSCF) technology, which raises the reliability level of all
functions within the server through autonomous, self-monitoring
capabilities. XSCF reduces running costs by minimizing downtime
and maintenance. The new PRIMEPOWER servers communicate their
operational status so they don't need to be closely monitored
for signs of gradual or imminent failure. They can also be
monitored remotely via the web, email or a private connection
for very fast turnaround on preventative maintenance, component
replacement and troubleshooting support.

These new PRIMEPOWER models have a number of features that
contribute to their mainframe-class reliability, including the
SPARC64 V processor, self-monitoring and self-diagnostics,
redundancy of major components, and high-speed crossbar.

The SPARC64 V processor includes advanced error detection, error
correction using ECC and instruction-retry, and cache-
degeneration, to enhance the processor's own RAS performance and
ensure the integrity of the customer's valuable data. Along with
the SPARC64 V processor's excellent RAS performance, PRIMEPOWER
servers include data-integrity checks in the memory and data
pathway (parity, ECC). To minimize unscheduled downtime, they
also are designed to automatically reboot in case that there is
a fault in the CPU, memory, or PCI bus, with monitoring and
diagnostic functions that allow the server to continue operating
while isolating the problem area.

PRIMEPOWER servers have built-in redundancy of all major
components - including power supplies, fans, and hard drive -
for higher availability. For data transfers that are roughly
twice as fast as their predecessors, these new PRIMEPOWER
servers come with a high-speed crossbar.

With these low and mid-range models, customers can now take
advantage of mainframe-class levels of reliability and
processing power to expand their business on a global scale
while maximizing their return on IT investment.

Customer contact information for the Japan and Asia/Pacific
markets are listed below. For information regarding
specifications, features, availability and pricing for EMEA and
North America, please contact local representative.

About PRIMEPOWER

PRIMEPOWER servers are developed by Fujitsu Limited in Japan and
sold by local Fujitsu group companies in Asia/Pacific, Fujitsu
Technology Solutions in North America and Fujitsu Siemens
Computers in Europe, the Middle East, and Africa. They use SPARC
V9 architecture and the Solaris Operating Environment to run
some of the world's most demanding systems. Fujitsu has
PRIMEPOWER benchmarking centers in America, Europe and Japan
that provide the most realistic comparisons of the power
available from these systems and test bed further system
performance improvements.
For more information about PRIMEPOWER, see:
http://primepower.fujitsu.com/en/

About Fujitsu Limited

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting technologies, high-reliability/performance computing and
telecommunications platforms, and a worldwide corps of systems
and services experts make Fujitsu uniquely positioned to unleash
the infinite possibilities of the broadband Internet to help its
customers succeed. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.6 trillion yen
(about US $38 billion) for the fiscal year ended March 31, 2003.
For further information, please visit the Fujitsu Limited home
page at: www.fujitsu.com/

Standard & Poor's Ratings Services reported Wednesday that the
'BBB-pi' rating on Fujitsu Ltd. could be lowered if the
Company's cash flow and profitability fail to recover quickly,
or if its capital structure is not improved through debt
reduction.

Having reduced its fixed costs by 170 billion yen through
restructuring measures, Fujitsu returned to profitability in
fiscal 2002 (ended March 31, 2003), posting an operating profit
of 100 billion yen after an operating loss of 74.4 billion yen
in the previous year. However, its cash flow showed only a small
improvement in fiscal 2002. Funds from operations to total debt
rose to 4.3 percent from minus 2.8 percent a year earlier, which
is still very weak for the rating category.

Contact:
Fujitsu Limited
Bob Pomeroy, Minoru Sekiguchi, Nancy Ikehara
pr@fujitsu.com
+81-3-3215-5259


KOBE STEEL: Returns to Y1.72B Profit
------------------------------------
Kobe Steel Ltd. reported a group net profit of 1.72 billion yen
and a group pretax profit of 35.44 billion yen in the year
ending in March 31, versus a net loss of 28.52 billion yen and a
pretax loss of 13.55 billion yen a year earlier, according to
Kyodo News on Thursday. The steel maker returned to
profitability due to cost-cutting measures and a recovery of
steel demand from Asian users notably in China.

TCR-AP reported that Kobe Steel posted a group net loss of 28.52
billion yen in 2002 ending March 31 from a profit of 6.50
billion yen the previous year. The Shinagawa-ku, Tokyo-based
steel maker attributed the poor earnings to a hefty
extraordinary loss resulting from appraisal losses on securities
holdings amid the stock market slump and charges to cover
shortages in reserves for retirement benefits.


NICHIDO K.K.: Golf Course Enters Rehab Proceedings
--------------------------------------------------
Nichido K.K., which has total liabilities of 58.6 billion yen
against a capital of 30 million yen, recently applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The golf course is located in Minato-ku, Tokyo, Japan.


RESONA BANK: Plans to Start Accounts Revival
--------------------------------------------
Resona Bank announced Wednesday a plan to introduce revival
accounts to manage its 2.3 trillion yen non-performing loans
separately from healthier loans, reports the Yomiuri Shimbun.
The separate account system will be introduced as early as the
end of June. Resona is also in the process of appointing a new
Chairman. Resona Bank is applying for a public funds injection
by the end of the month, while simultaneously submitting its
restructuring and reorganization plan. Bank officials plan to
start selecting loans based on the current value of assets as
assessed by the Financial Services Agency in April.

According to the bank's projections for its earnings in fiscal
2002, Resona's non-performing loans, a majority of the 2.3
trillion yen will be transferred to the revival account. Of
those, 820 billion yen worth of bad loans, which are classified
as "those held by companies that possibly may fail," or worse
conditions, will be transferred to the revival account. The bank
will retain the remaining 1.49 trillion yen worth of bad loans,
which are categorized as requiring careful attention, with the
aim of helping the borrowers restructure their businesses and
regain the health of the loans.


RESONA HOLDINGS: FSA Orders Business Reform
-------------------------------------------
On May 17, 2003, Resona Holdings and its subsidiary Resona Bank
received Business Reform Orders from the Financial Services
Agency under Article 52, Section 33-1 and Article 26, Section 1
of Japan's Banking Law. The content of the Business Reform
Orders is described below. The Resona group is committed to
taking the steps needed for improvement in group's activities.

Details of the Business Reform Orders

I. Prompt Corrective Action Measures

1. Content of the Business Reform Orders

(1) Resona Holdings and its subsidiaries will prepare a reform
plan recognized as reasonable and effective for restoring sound
management (including measures related to the increase in
capital) and submit it by June 2, 2003.

(2) Resona Holdings and its subsidiaries will implement the
plan described in (1) immediately.

(3) Reports on the progress toward implementation of plan
described in (1) will be submitted.

2. Reasons for the Issuance of the Business Reform Orders

(1) The Business Reform Orders were issued on May 17, 2003,
following the submission of a report by Resona Holdings to the
Financial Services Agency based on Article 52, Section 31-1 of
the Banking Law, indicating that as of March 31, 2003, the
consolidated capital ratio according to domestic criteria of
Resona Holdings was 3.78 percent. The Business Reform Order was
issued in recognition of the fact that under the stipulations of
Article 26, Section 2 of the Banking Law and Article 3, Section
1 of the Order (Prime Minister's Office Order 2000, Ministry of
Finance Order No. 39) stipulating classifications indicated the
capital condition of Resona Holdings placed it in
"Classification
1."

(2) The Business Reform Orders were issued on May 17, 2003,
following the submission of a report by Resona Bank to the
Financial Services Agency based on Article 24, Section 1 of the
Banking Law, indicating that as of March 31, 2003, its
nonconsolidated capital ratio and consolidated capital ratio
according to domestic criteria were 2.27 percent and 2.07
percent, respectively. The Business Reform Order was issued in
recognition of the fact that under the stipulations of Article
26, Section 2 of the Banking Law and Article 1, Section 1 and
Section 2 of the Order (Prime Minister's Office Order 2000,
Ministry of Finance Order No. 39) stipulating classifications
indicated the capital condition of Resona Bank placed it in
"Classification 1."

3. Subsequent Actions

In view of the issuance of the Business Reform Orders, Resona
Holdings, together with its subsidiaries will prepare a rational
and specific reform plan for implementation.

II. Securing the Appropriate Conduct of Operations

1. Content of the Business Reform Orders
In view of the intent of Japan's Banking Law and Deposit
Insurance Law, efforts must be made to secure the appropriate
conduct of operations

  (1) All possible measures must be taken to avoid any
disruption of transactions with depositors and other customers
having transactions with Resona Bank.

  (2) Consideration must be given to the soundness of assets and
financial position of Resona Holdings and Resona Bank

  (3) Appropriate compliance structures must be maintained in
Resona Holdings and Resona Bank.
  (4) Reports must be made on the implementation of items (1),
(2), and (3) above.

2. Reasons for the Issuance of Business Reform Orders

(1) The Business Reform Order was issued on May 17, 2003,
following the submission of a report by Resona Holdings to the
Financial Services Agency, based on Article 52, Section 31-1 of
the Banking Law, indicating that as of March 31, 2003, the
consolidated capital ratio according to domestic criteria had
declined to 3.78 percent. The Business Reform Order was issued
in recognition of the necessity of securing soundness of
management through the appropriate conduct of operations

(2) The Business Reform Orders was issued on May 17, 2003,
following the submission of a report by Resona Bank to the
Financial Services Agency, based on Article 24, Section 1 of the
Banking Law, indicating that the nonconsolidated and
consolidated capital ratios had declined to 2.27 percent and
2.07 percent, respectively. The Business Reform Orders was
issued in recognition of the necessity of securing soundness of
management through the appropriate conduct of operations.

3. Subsequent Actions

In view of the issuance of Business Reform Orders, together with
subsidiary Resona Bank, Resona Holdings will work to secure
appropriate conduct of operations.


RESONA HOLDINGS: Needs No.1 Measures, Says Koizumias
----------------------------------------------------
Japan Prime Minister Junichiro Koizumias designated that Resona
Bank, a unit of Resona Holdings, needed No. 1 Measures
(underwriting of shares and other measures by the Deposit
Insurance Organization to expand the capital of financial
institutions) under Article 102, Section 1 of the Deposit
Insurance Law.

Following this designation, Resona Bank will make an application
to the Deposit Insurance Corporation to receive a substantial
infusion of public funds.

Please note that this designation is not made for insolvent
financial institutions; it will therefore have no effect
whatever on customer transactions and Resona Bank will continue
to pay deposits on demand and make loans.

The Resona Group will work to improve the soundness of its
financial position following the capital increase through public
funds and will continue to endeavor to be of service to regional
communities. Accordingly, we request your understanding
regarding these matters.

For a copy of the press release, go to
http://www.resona-hd.co.jp/e-ir/pdf/i_01/030517_3a.pdf


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


DAEWOO CORP.: Union Workers Continue Protest in India
-----------------------------------------------------
Unionized workers at Daewoo Motor India continued protests for a
second day last Tuesday as over 500 union members waited outside
its Surajpur plant demanding re-employment and settlement of
dues, the Times of India reports. Over 1,000 Daewoo workers,
along with local political leaders, on Monday attacked the
court-appointed representatives of Daewoo's prime lenders,
preventing them from taking physical possession of the plant's
assets.

Creditors are planning to appoint an independent agency to carry
out the exercise of finding suitable buyers for the Surajpur
unit. South Korea's Daewoo Corporation had held 91.6 percent of
the unit. The firm, whose plant has a capacity to make 72,000
units a year, was India's third-largest car Company before its
parent went bankrupt in November 2000.


HYNIX SEMICONDUCTOR: Shares Down For Third Day
---------------------------------------------
Hynix Semiconductor Inc. fell for a third day on Wednesday as
the semiconductor industry suffered a general downfall, the
Korea Herald reports. The accusations against Hynix, by the
heads of Micron Technology Inc. and Infineon, that the Korean
chipmaker received "unfair" government subsidies have triggered
the decline in Hynix's share price. The fact that negotiations
to delay the imposition of the countervailing duties failed
added one more reason for its downfall. The report did not give
further details on the Company's shares.

DebtTraders reports that Hyundai Semiconductor's 8.625 percent
bond due in 2007 (HYUS07KRA1) trades between 72 and 75.5 For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1


KOREA THRUNET: Appoints KPMG as Lead Manager For Sale
------------------------------------------------------
Korea Thrunet has appointed KPMG as the merger & acquisition
(M&A) lead manager for the sale of the Company, the Maeil
Business Newspaper said on Wednesday. Thrunet received proposals
from 16 firms but chose KPMG, which formed a consortium of three
companies including Korea Development Bank, to lead manage the
sale of the Internet service provider. KPMG will begin spot
examinations and likely wrap the sale of Thrunet by August.


SK CORPORATION: Sovereign Hires Lazard as Financial Adviser
-----------------------------------------------------------
Sovereign Asset Management, the top shareholder of SK
Corporation, has hired Lazard as a financial adviser to help it
push for reform at the oil refiner, according to Reuters. SK
Corporation is facing calls to help bail out troubled SK Global
Co., the trading arm of SK Group. Sovereign opposes these calls
and has threatened to sell its stake if SK Corporation agrees to
a bail out.

SK Global has been driven to the verge of bankruptcy by a $1.2
billion accounting fraud and is struggling under a heap of debt
with its creditors demanding support from SK Corporation, the
largest shareholder of SK Global. Sovereign said in a statement
the move underlined its long-term commitment to help SK
Corporation to reform itself.


SK GLOBAL: Local Creditors Press For Bigger Aid From SK Group
-------------------------------------------------------------
Local creditors of SK Global pressed for bigger aid from its
parent SK Group for debt restructuring, the Star Online reported
on Friday. Hana Bank and other key creditors threatened to put
the firm under court receivership if SK Group's other affiliates
do not provide more aid to the Company. Creditors on March 17
placed SK Global under a joint bank receivership, freezing the
ailing firm's debt repayments for three months until June 18 to
help it struggle out of the scandal.

SK Global has debts exceeding assets by more than US$3.6B, an
official due diligence study showed. It showed SK Global had a
negative balance of 4.38 trillion won (US$3.67bil) with total
debt standing at 9.97 trillion won against total assets of 5.59
trillion at the end of 2002.


SK GLOBAL: SK Corporation Converts Local Debt Into Shares
---------------------------------------------------------
Creditors of troubled SK Global Co. said SK Corporation would
convert all of its local receivables worth 1.5 trillion won
($1.26 billion) owed by SK Global into shares, Reuters said on
Wednesday. SK Corporation, the largest shareholder of SK Global,
will also write off overseas receivables owed by SK Global. The
creditors do not plan to give fresh loans to SK Global.


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


BESCORP INDUSTRIES: Gets SC's Nod on Proposed Exemption
-------------------------------------------------------
In reference to the announcements made by Commerce International
Merchant Bankers Berhad (CIMB) on 13 December 2002, 27 December
2002, 17 March 2003 and 20 May 2003 in relation to the Corporate
Proposals, which comprises:

   * Proposed Share Split;
   * Proposed Share Exchange;
   * Proposed Cash Payment;
   * Proposed Capitalization;
   * Proposed Conversion of Advances;
   * Proposed Restricted Offer For Sale/Private Placement;
   * Proposed Transfer of Listing;
   * Proposed Exemption; and
   * Proposed Liquidation.

On behalf of Bescorp Industries Berhad (Special Administrators
Appointed), CIMB is pleased to announce that the Securities
Commission has, via its letter dated 19 May 2003, which was
received on 21 May 2003, approved the proposed exemption for WCT
Engineering Berhad (WCT) from the obligation to undertake a
mandatory offer for the remaining ordinary shares of RM0.50 each
in WCT Realty Sdn Bhd (now known as WCT Land Sdn Bhd), a wholly-
owned subsidiary of WCT, not already owned by them pursuant to
the Proposed Capitalization, under Practice Note 2.9.3 of the
Malaysian Code on Take-Overs and Mergers, 1998 (Proposed
Exemption).


CELCOM (MALAYSIA): Deregisters Wholly Owned Dormant Units
---------------------------------------------------------
The Board of Directors of Celcom (Malaysia) Berhad wishes to
announce that, pursuant to the publication in the Gazette dated
8 May 2003 of the respective notices from the Companies
Commission of Malaysia under Section 308(4) of the Companies
Act, 1965, the following wholly owned dormant subsidiaries of
the Company have been struck off with effect from the date of
the publication of the Gazette:

   1. EG Ventures Sdn Bhd (310911-M)
   2. Celcom Wireless Data Sdn Bhd (305023-U)
   3. Celcom Cellular Business Sdn Bhd (304700-U)
   4. Celcom Telecommunications Consulting Sdn Bhd (304699-P)
   5. Celcom International Sdn Bhd (311178-D)
   6. Celpage Sdn Bhd (305020-X)
   7. Celcom Ventures (Malaysia) Sdn Bhd (319535-K)
   8. TR International Wireless Communications Sdn Bhd (217682-  
      X)
   9. TR Communications Sdn Bhd (217881-U)
   10. TR Cruisers (M) Sdn Bhd (217879-V)
   11. Technology Resources (Capital) Sdn Bhd (216349-H)
   12. Technology Resources (Group) Sdn Bhd (216452-X)

The deregistration of the wholly owned dormant subsidiaries is
not expected to have any material effect on the earnings or net
tangible assets of Celcom Group for the financial year ending 31
December 2003.

None of the directors or substantial shareholders of Celcom or
persons connected to them has any interest, direct or indirect
in the deregistration of the above wholly owned defunct
subsidiaries.


CHASE PERDANA: Posts Entitlement, Book Closure Notice
-----------------------------------------------------
Capital reduction by Chase Perdana Berhad pursuant to the order
of the High Court of Malaya under Section 64 of the Companies
Act, 1965, to be effected as follows:

(i) the issued and paid-up share capital of CPB of
RM93,605,334.00 comprising 93,605,334 ordinary shares
of RM1.00 each (CPB Shares) will be reduced to
RM9,360,533.40 comprising 93,605,334 ordinary shares of
RM0.10 each, by the cancellation of RM0.90 from every
existing CPB Share (Share Cancellation);
(ii) upon the Share Cancellation taking effect, 6 new fully
paid-up CPB ordinary shares of RM0.10 each will be
issued to Firdauz Edmin Mokhtar at an issue price of
RM0.10 per share which will increase the paid-up share
capital to RM9,360,534.00; and
(iii) the 93,605,340 ordinary shares of RM0.10 each arising
therefrom shall be consolidated into 9,360,534 CPB
Shares (Consolidated Shares) to be credited as fully
paid-up, by the consolidation of 10 ordinary shares of
RM0.10 each into 1 Consolidated Share.

NOTICE IS HEREBY GIVEN that the Register of Members of the
Company will be closed at 5:00 p.m. on 28 May 2003 to determine:

(i) shareholders who will be subjected to the Share
Cancellation; and
(ii) shareholders' entitlement to the Consolidated Shares.

FURTHER NOTICE IS HEREBY GIVEN THAT a depositor shall qualify
for entitlement to the Consolidated Shares only in respect of:

(i) CPB Shares transferred into the Depositor's Securities
Account before 4:00 p.m. on 28 May 2003 in respect of
ordinary transfers; and
(ii) CPB Shares bought on the Kuala Lumpur Stock Exchange
(KLSE) on a cum entitlement basis according to the
Rules of the KLSE.


EPE POWER: Resolutions Passed at 31st AGM, EGM
---------------------------------------------
The Board of Directors of EPE Power Corporation Berhad  
is pleased to announce the following:

   1. That all Resolutions as set out in the Notice of the AGM
dated 29 April 2003 tabled at the 31st AGM of the Company held
at Bilik Penang 1 & 2, Hotel Sheraton Imperial Kuala Lumpur,
Jalan Sultan Ismail, 50250 Kuala Lumpur on Thursday, 22 May 2003
at 11:00 a.m. have been duly passed by the shareholders of the
Company.

   2. That the Ordinary Resolutions as set out in the Notice of
the EGM dated 7 May 2003 with regards to the renewal of
shareholders' mandate and additional shareholders' mandate
pursuant to Paragraph 10.09 of the Listing Requirements of Kuala
Lumpur Stock Exchange for existing and new recurrent related
party transactions of a revenue or trading nature with related
parties were duly passed by the shareholders at the EGM of the
Company held at Bilik Penang 1 & 2, Hotel Sheraton Imperial
Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala Lumpur on
Thursday, 22 May 2003 at 11:10 a.m.

To see a full copy of the Company's quarterly report for the
month ended March 31, 2003, go to
http://bankrupt.com/misc/TCRAP_EPE0526.doc.


FORESWOOD GROUP: Regularization Plan Finalization Underway
----------------------------------------------------------
On 21 February 2003, Public Merchant Bank Berhad (PMBB), on
behalf of the Board of Directors of Foreswood Group Berhad,
announced that on even date, an application for an extension of
time pursuant to Paragraph 5.1(a) of PN4 had been made to the
Kuala Lumpur Stock Exchange (KLSE).

In connection thereto, KLSE had, via its letter dated 2 April
2003, granted its approval for an extension of time until 21 May
2003 to enable FGB to make its Requisite Announcement.

At this juncture, the Company is still in the midst of
finalizing its financial regularization plans and as such is
unable to make its Requisite Announcement by the stipulated time
frame.

PMBB had on behalf of FGB written to the KLSE on 20 May 2003,
for an extension of time for the Company to finalize its
regularization plans and makes its Requisite Announcement.


JUTAJAYA HOLDING: Restraining Order Extended Until Feb 2004
-----------------------------------------------------------
Jutajaya Holding Berhad refers to the Restraining Order and to
the announcement dated 21 February 2003 whereby the Kuala Lumpur
High Court had, pursuant to Section 176(10) of the Companies
Act, 1965 granted a restraining order to JHB (Restraining Order)
for a period of ninety (90) days from 21 February 2003. The
Restraining Order expired on 21 May 2003.

Pursuant to the above, OSK Securities Berhad (OSK), on behalf of
the Board of Directors of JHB, wishes to announce that the Kuala
Lumpur High Court had, on 21 May 2003, granted an order for an
extension of time to the Restraining Order from 21 May 2003 to
21 February 2004.


KSU HOLDINGS: Inter Partes Injunction Hearing Further Adjourned
---------------------------------------------------------------
Reference is made to the announcement in relation to the
Commencement of Litigation against the Vendors of Shares in
Earnest Equity Development Berhad and the Vendors of Shares in
Kembangan Alam Berhad Pursuant to the Various Share Sale
Agreements Entered into as part of the Scheme for the
Restructuring of May Plastics Industries Berhad.

KSU Holdings Bhd wishes to announce that the hearing of the
Inter Partes Injunction Application, which was scheduled on 20th
March 2003 and postponed to 30th May 2003 has now been further
postponed to 2nd July 2003.


OLYMPIA INDUSTRIES: Unit Faces Writ and Statement of Claim
----------------------------------------------------------
The Board of Olympia Industries Berhad wishes to announce that
Sahara Sdn Berhad (Salhafa) , a wholly-owned subsidiary of
United Malaysian Properties Sdn Bhd which in turn a wholly-owned
subsidiary of OIB had received a Writ and Statement of Claim on
20 May 2003 filed by the Government of Malaysia. The amount
claimed is RM2,231,845.35 together with interest at the rate of
8% per annum.

The claim was filed against Salhafa for the defaulted tax and
penalties for the years of assessment of 1997 and 1998. The
total cost of investment of the Company in Salhafa amounts to
RM12,600,000. There are no further financial and operations
impact on the OIB Group as the said amount demanded had been
fully provided in the accounts of Salhafa. The payment of the
defaulted tax and penalties will be settled upon the completion
of the Proposed Restructuring Schemes of the Company and Mycom
Berhad.

Salhafa has instructed its solicitors to file an appearance on
its behalf.


RNC CORP.: Inks Operating Asset Sale Agreement
----------------------------------------------
RNC Corporation Berhad (Special Administrators Appointed)
refers to the earlier announcement dated 18 April 2003, in
relation to the modifications to the Proposed Scheme, on behalf
of the Special Administrators (SA) of RNC, OSK Securities Bergad
announced that the Company and one of its subsidiary companies
namely Arensi Plastics Sdn Bhd (APSB) had on even date entered
into two (2) separate agreements, namely the Operating Asset
Sale Agreement and a Licensing and Supply Agreement, with Beta
Network Sdn Bhd (BNSB) and Industrial Resins (Malaysia) Berhad
(IRM).

These agreements essentially involve the disposal, assignment
and transfer of the operating assets of RNC and APSB to BNSB.
This disposal, assignment and transfer form part of the proposed
group reorganization of the RNC Group, which in turn is an
integral part of the Proposed Scheme. As such, this announcement
should be read in conjunction with all the previous
announcements made on the Proposed Scheme. Set out in the
ensuing paragraphs is further details on the two (2) agreements.

OPERATING ASSET SALE AGREEMENT

Under the Operating Asset Sale Agreements, RNC and its
subsidiary company, APSB propose to sell, assign and transfer to
BNSB the operating assets of the plastic businesses (Operating
Assets) of both RNC and APSB, for a disposal consideration of
RM1,500,000, which will be satisfied entirely by cash. The
Operating Assets will be disposed of on an as is where is basis.

The disposal consideration of RM1,500,000 has/will be paid in
the following manner:

   (i) a deposit of RM100,000, which has already been paid;

   (ii) RM300,000 upon the execution of this Operating Asset
Sale Agreement; and

   (iii) the balance RM1,100,000 on the completion date.
The disposal consideration of RM1,500,000 was arrived at based
on a tender exercise conducted by the SA on the Operating Assets
at the premises of Pengurusan Danaharta Nasional Berhad
(Danaharta).

The Operating Asset Sale Agreement is conditional upon the
following approvals, being obtained within eighteen (18) months
from the date of this agreement:

   (i) the approval of the Independent Advisor to the
modifications to the Proposed Scheme pursuant to Section 48 of
the Pengurusan Danaharta Nasional Berhad Act, 1998 as amended by
Pengurusan Danaharta Nasional Berhad (Amendment) Act 2000; and

   (ii) the approval of the Securities Commission (SC) under
Section 32(2)(9) of the Securities Commission Act, 1993 for the
sale of the Operating Assets; or

in the event of the failure to obtain the approval of the SC,
the de-listing of RNC from the Main Board of Kuala Lumpur Stock
Exchange.

LICENCING AND SUPPLY AGREEMENT

The parties have agreed to enter into a Licencing and Supply
Agreement, for the interim period from the date of the Agreement
to the completion date to facilitate the grant of an exclusive
license by RNC to the purchaser to use and operate the Operating
Assets of RNC and for the supply of plastic goods by the
purchaser to APSB.

Under the terms of this agreement, RNC agrees to the following:

   (i) to hand over the Operating Assets of RNC to the purchaser
whereby all risks associated with these assets shall pass to the
purchaser;

   (ii) to relinquish and hand over all operational powers and
authority over the management of the Operating Assets of RNC to
the purchaser; and

   (iii) to vacate the premises and procure all employees of RNC
to vacate the premises.

FINANCIAL EFFECTS

The disposal of the Operating Assets will result in a loss on
disposal of approximately RM993,000 at the RNC Group level. RNC
will incur a loss of approximately RM554,000 at the company
level and APSB will incur a loss of approximately RM439,000 at
the company level, arising from the disposal of its respective
Operating Assets.

The other effects on the RNC Group's financial have been
disclosed in the announcement dated 18 April 2003 on the
modifications to the Proposed Scheme.

DOCUMENTS FOR INSPECTION

The Operating Assets Sale Agreement and Licencing and Supply
Agreement will be available for inspection at the office of the
Special Administrators at Business Suite 19A-30-2, Level 30, UOA
Center, No. 19, Jalan Pinang, 50450 Kuala Lumpur during normal
working hours, for a period of two (2) weeks from the date of
this announcement.


SATERAS RESOURCES: Answers KLSE's Winding Up Petition Query
-----------------------------------------------------------
Sateras Resources (Malaysia) Berhad, in reference to Query
Letter by KLSE reference ID : NM-030520-37466 on Winding-Up
Order Served Against Berkat Hasil (BHSB), a wholly owned
subsidiary of Sateras Resources, replied as follows:

The date of winding-up petition served on BHSB

The winding-up petition was erroneously served on BHSB's
previous registered office located at 46th Floor, Empire Tower
City Square Centre, 182 Jalan Tun Razak Kuala Lumpur. The
petition was collected from the previous registered office on or
about 17th February 2003.

The details of the default or circumstances leading to the
filing of the winding-up petition/winding-up order

Pursuant to the consent judgment dated 5th November 2001 entered
into between Kelanadaya Sdn Bhd (the "Petitioner") and BHSB in
the Kuala Lumpur Sessions Court Summons No. 12-52-15337-98, BHSB
had failed to pay the amount of RM242,428.83 being the consent
judgment sum to the petitioner.

Pursuant to Section 218 of the Companies Act, 1965, the
petitioner sent a copy of the statutory notice of demand dated
7th May 2002 to BHSB. Due to default in payment of the said
amount after the lapse of 21 days notice, it gave rise to the
winding-up petition against BHSB.

The date of hearing was fixed on 18th April 2003. Despite much
persuasion by BHSB's representative, the Court had refused the
application for further adjournment. As such, the Court granted
order to wind up BHSB on even date.

The operational and financial impact on the group, if any,
arising from the winding-up order.

There is no operational and financial impact on the group as
full provision has been made.

The losses, if any, arising from the winding-up order.

The Company is expected to incur legal fees, yet to be
ascertained.

The steps that Sateras/BHSB has taken and will take with regards
to the winding up petition/winding-up order

Sateras and BHSB pursued negotiations with the petitioner and
endeavored to secure an acceptable settlement scheme after
winding up petition made to the court. The effort however
failed.

BHSB has ceased operation and there being no staff employed by
BHSB, the Board of Directors of Sateras and BHSB decided not to
protest the winding up order.

KLSE's Query Letter content:

We refer to the your Company's announcement dated 19 May 2003 in
respect of the aforesaid matter.

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

   1.The date the winding-up petition was served on BHSB.
   2.The details of the default or circumstances leading to the  
filing of the winding-up petition/winding-up order.
   3.The operational and financial impact on the Group, if any,
arising from the winding-up order.
   4.The losses, if any, arising from the winding-up order.
   5.The steps that your Company/BHSB has taken and will take
with regards to the winding-up petition/winding-up order.

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


TAI WAH: Versatile Vendors Exempted From Mandatory General Offer
----------------------------------------------------------------
Further to the earlier announcements in relation to the Proposed
Restructuring Exercise, Alliance Merchant Bank Berhad, on behalf
of Tai Wah Garments Manufacturing Berhad, announced the
Securities Commission had, via its letter dated 20 May 2003, and
received on 21 May 2003, approved the application for an
exemption to Versatile Credit & Leasing Sdn Bhd and Wisefield
Resources Sdn Bhd, being two (2) of the vendors of Versatile
Paper Boxes Sdn Bhd (Versatile). Versatile will collectively
hold 59.4% equity interest in Newco upon completion of the
Proposed Acquisition, from having to undertake a mandatory
general offer for the remaining ordinary shares of RM1.00 each
in Newco not held by them after the Proposed Acquisition under
Practice Note 2.9.3 of the Malaysian Code on Take-overs and
Mergers.


TONGKAH HOLDINGS: Disposes Quoted Securities
--------------------------------------------
Tongkah Holdings Berhad had on 21 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 12 May 2003 and 13 May
2003, disposed of some of the Company's securities held in
public listed companies, which are peldged 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 click
http://bankrupt.com/misc/TCRAP_Tongkah0526.docfor a summary  
information on the securities disposed.


TRANS CAPITAL: Issues PCDRS Status Update
-----------------------------------------
References are made to the announcements dated 27 December 2002
and 13 March 2003, wherein the Securities Commission (SC) had
approved the Proposed Corporate and Debt Restructuring Scheme
(PCDRS) of Trans Capital Holding Berhad via its letter dated 24
December 2002 and the variation in certain terms and conditions
imposed via its approval via its letter dated 10 March 2003.

On 25 March 2003, AmMerchant Bank Berhad (formerly known as
Arab-Malaysian Merchant Bank Berhad) (AmMerchant Bank), on
behalf of the Company and AWC Facility Solutions Berhad (AWC)
had further applied to the SC to exempt AWC from certain terms
and conditions imposed onto AWC via its letter of approval dated
24 December 2002. The SC's decisions are set out as below:
  
   (i) the proposal to exempt retention sum with credit period
of more than six (6) months when determining the provisions for
doubtful and bad debts to be provided for was approved by the SC
provided that the retention sum is within the retention period
as stated in the contracts/agreement with AWC and its respective
clients. In this connection, full provision of doubtful and bad
debts is to be made should the total retention sum exceed six
(6) months from the expiry date of the retention period as
stated in the respective contracts/agreement;

   (ii) the proposal to exempt debts owed by the Government of
Malaysia (including retention sum) with credit period of more
than six (6) months when determining the provisions of doubtful
and bad debts was approved by the SC;

   (iii) the proposal to exempt any project debts outstanding
for more than six (6) months which AWC Group had agreed to allow
a longer period of repayment when determining the provisions for
doubtful and bad debts was not approved by the SC;

   (iv) proposal to determine the provisions for doubtful and
bad debts with credit period exceeding six (6) months based on
the respective latest financial statements of each of the
acquire was not approved by the SC. In this connection, AWC is
required to make the provisions for doubtful and bad debts based
on the debt position of AWC Group as at the latest practicable
date prior to the issuance of circular to TCHB's shareholders or
the issuance of AWC's prospectus;

   (v) the proposal to exempt the vendors of Gold Green
Landscaping and Nursery Sdn Bhd (GGLN) from the requirement to
reimburse the bad debts as at the completion date of the
Proposed Corporate and Debts Restructuring, whereby relevant
provisions to the said debts were not made by the vendors of
GGLN in the circular to TCHB's shareholders or the AWC's
prospectus (the SC's Condition) was not approved by the SC.
However, in the event there is a difference between the profit
guaranteed by GGLN and the actual profit achieved (Profit
Shortfall), whereby:

     (a) if the Profit Shortfall was due to bad debts, which
relevant provisions to the said debts were not made, any
reimbursement made by the vendors of GGLN in respect of their
obligation under the profit guarantee agreement, will be deemed
as reimbursement towards meeting the SC's conditions;

     (b) if the Profit Shortfall is more than any existing bad
debts, any reimbursement made by the vendors of GGLN in respect
of their obligation under the profit guarantee agreement, will
be deemed as reimbursement towards meeting the SC's Conditions;

     (c) if the Profit Shortfall is less than the existing bad
debts, the vendors of GGLN is required to make additional
reimbursement to ensure that the reimbursement made (i.e
reimbursement made for the purpose of meeting the SC's
Condition) is equivalent to the existing bad debts.

In the event GGLN achieved its profit guarantee, the SC's
Condition in respect of the requirements for provision of such
bad debts will apply towards GGLN.

The aforesaid SC's decisions do not exempt AWC from making the
necessary provisions towards any debts should the recoverability
of the debts become uncertain.

The Proposed Corporate and Debt Restructuring Scheme refers to:

   - Proposed Share Exchange
   - Proposed Debt Settlement Scheme
   - Proposed Acquisitions of Acquiree Companies
   - Proposed Restricted Issue
   - Proposed Placement and Public Issue
   - Proposed Transfer of Listing Status
   - Proposed waiver for certain of the Vendors from undertaking
a mandatory general offer for the remaining Shares in AWC.

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


MANILA ELECTRIC: Perez Urges to Adopt Efficient Refund Scheme
-------------------------------------------------------------  
Energy Secretary Vincent S. Perez, Jr. welcomed the Energy
Regulatory Commission's (ERC's) order for the Manila Electric
Co. (Meralco) to immediately implement the Supreme Court ruling
to refund its customers of overcharges made since 1994.

Secretary Perez at the same time called on Meralco to adopt
necessary measures to ensure that the refund process would be
properly and efficiently carried out and that all the
electricity consumers who are entitled to the refund will be
paid.

"We welcome the immediate issuance of an order directing Meralco
to refund its customers, initially the low-income bracket
residential customers. We also laud the ERC for acting speedily
on this issue so that our people could enjoy savings by June in
time for the opening of classes," he said.

The ERC on May 12 issued an order directing Meralco to stop from
collecting its customers of the 16.7 centavos per kilowatt hour
excess amount in its basic rate and to pay in cash starting this
June its residential customers consuming less than 100 kW of the
overcharges made.

In its order, the ERC directed Meralco to develop a system for
advising present and former customers of the existence of the
refund including those who are connected to Meralco's system
through another person's facilities and the availment of such.

"We call on Meralco to exert all efforts and resources to make
sure that everyone entitled will receive the refund amount. To
the local government units within the Meralco franchise area, we
ask for your assistance to help Meralco effect efficiently the
refund order. We also appeal to our electricity consumers to be
patient and work closely with the Meralco personnel within their
respective areas," Secretary Perez said.

The energy chief also noted that the ERC refund order is
consistent with the DOE position it submitted. President Gloria
Macapagal-Arroyo in her Labor Day speech directed the energy
department to represent the executive branch in taking an active
role in the implementation of the refund even as the President
assured the public that the government will make sure that
Meralco will comply with the SC decision.

In its position paper, the DOE presented several options for the
implementation of the refund following consultations made with
different stakeholders.

The energy department, however, said an upfront cash refund for
residential consuming up to 100 kW is the most viable option.

For residential customers consuming more than 100 kW, the DOE
proposed that the refund scheme be credited to their future
electricity consumption over a five-year period.

For commercial and industrial customers, the DOE also proposed a
discount credit on future power consumption but over a nine-year
period.

Secretary Perez said these options will maximize the gains to
the end-users and to the economy in general and at the same time
maintaining the viability of the country's electricity industry.

The DOE also asked the ERC to consider in its decision directing
Meralco to set up an escrow account for the unclaimed refund, if
any. Secretary Perez noted that the May 12 order was issued for
the first phase implementation of the refund.      

The energy chief said the escrow account could be used by
Meralco to further reduce power rates within its area.

"It is quite conceivable that there will be customers who will
not be able to claim their refund, simply because they never
appeared on the electric bill, they have changed residence out
of Metro Manila or within the Meralco franchise area, or the
business is no longer a going concern. It would be prudent to
suggest an escrow mechanism whereby the unclaimed refund could
be placed in a fund to be used to further reduce electricity
rates to all Meralco consumers as a fund from which Meralco can
draw," he said.


NATIONAL POWER: Assets Are Now Worth P5B, Says Transco
------------------------------------------------------
The transmission assets of the National Power Corporation
(Napocor) are now worth more than 5 billion pesos, ABS-CBN News
reported on Thursday, citing the National Transmission
Corporation (Transco). The Transco board will convene this week
to approve the new valuation of the Company's sub-transmission
assets.

Transco President Allan Ortiz stressed the need for the board to
approve the guidelines including the formula for pricing the
assets. "We hope that the Transco board will approve the
guidelines for the sale. We have to meet the June 2003 deadline
under Republic Act 8196 to dispose these assets," he said. The
guidelines are essential for interested bidders as many power
private firms await the new valuation and the formula. These
firms include Manila Electric Co. (Meralco), Cagayan Power
Electric Co. and Davao Electric and other big cooperatives.


NATIONAL POWER: Consumers Pay Higher Electricity Rates in July
--------------------------------------------------------------
Philippine consumers will pay higher electricity rates in July
after the Energy Regulatory Commission (ERC) allowed the
National Power Corporation (Napocor) to collect around 3.26
billion pesos in under-recovered fuel costs, Dow Jones reports.

The ERC allowed Napocor to recover 2.04 billion pesos from the
Luzon grid over a three-month period, 1.2 billion pesos from the
Visayas grid over eight months, and 23.8 million pesos from the
Mindanao grid over four months. The additional charges translate
to an increase of 0.39 pesos a kilowatt-hour for the Luzon grid,
0.47 pesos/kWh for the Visayas grid, and 0.01 pesos/kWh for the
Mindanao grid.

The ERC said included in the charge that Napocor was allowed to
implement are uncollected fuel costs between March 1996 and
December 2000 worth 273 million pesos.


PHILIPPINE LONG: Pays P10M to Cebu City Government
--------------------------------------------------
The Philippine Long Distance Telephone (PLDT) Co. will pay in
advance franchise and real property taxes worth 10 million pesos
to the Cebu City Government, which deferred a plan to close the
PLDT's offices in Cebu, Sun Star Cebu said on Friday, citing
Cebu City Mayor Tomas Osmena. Osmena gave in to the request of
the PLDT officials to look into the documents of the City
Treasurer's Office and reconcile their records with the City's
tax assessments. The PLDT Manila office will send the check of
P10 million to the City within 15 days.


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


NEPTUNE ORIENT: Clarifies Revised 2002 Annual Report
----------------------------------------------------
Further to the release of Neptune Orient Ltd. (NOL)'s 2002
Annual Report in early May 2003, the Company hereby confirms as
follows:

(1) Mr Kyle Lee was appointed as NOL's audit partner-in-charge
since the audit of the financial year ended 31 December 2001.

(2) Save for Temasek Holdings (Pte) Ltd Temasek, the Company is
not aware of any other shareholder with substantial beneficial
interest in the shares of NOL. Temasek's direct interest in NOL
shares as at 9 April 2003 was 32.60 percent (383,465,362
shares), while its deemed interest was 0.33 percent (3,883,304
shares).


THAKRAL CORPORATION: Convening Court Meeting
--------------------------------------------
Thakral Corporation advised that pursuant to an application made
by way of Originating Summons to the High Court of the Republic
of Singapore filed on 10 May 2003 for leave to convene a Court
Meeting to approve the Rectification Scheme under section 210 of
the Singapore Companies Act (Cap 50), an order was granted on 16
May 2003 for the Company to convene the Court Meeting by giving
13 days' notice of the Court Meeting.

The Company also filed a similar application by way of
Originating Summons to the High Court of the Hong Kong SAR for
leave to convene a Court Meeting to approve a parallel
Rectification Scheme under section 166(1) of the Hong Kong
Companies Ordinance (Cap 32). The application was heard and the
order granted on 22 May 2003 for the Company to convene a Court
Meeting, at such time and place as may be convenient to the
Scheme Creditors and as may be determined by the Company, by
giving 13 days' notice of the Court Meeting.

Pursuant to the above-mentioned Court Orders obtained in
Singapore and in Hong Kong SAR, a single Court Meeting will be
held in Singapore on 5 June 2003. The purpose of the Court
Meeting is to consider and approve the Rectification Scheme
proposed to be made between the Company and the Scheme
Shareholders in both Singapore and Hong Kong.

Notices of the Court Meeting will be dispatched to the Scheme
Shareholders on or about 23 May 2003.



VAN DER HORST: SGX-ST OK's Listing of New Shares
------------------------------------------------
The Judicial Managers of Van der Horst Limited (Under Judicial
Management) refer to the announcement dated 2 May 2003 wherein
it was announced that approval in-principle had been granted by
the Singapore Exchange Securities Trading Limited (SGX-ST) for
the listing and quotation of new shares to be issued pursuant
to, inter alia, the proposed acquisition (the Acquisition) of
the entire issued and paid-up share capital of Goldwater Company
Limited (Goldwater) and that a circular (the Circular) relating
to the same will be dispatched to shareholders of the Company in
due course.

Pursuant to Rule 107 of the Listing Manual, we wish to announce
that the SGX-ST has granted to the Company waiver from
compliance with Rule 606(7)(j) of the Listing Manual in relation
to the requirement that the latest audited financial statements
(to be included in the accountants' report set out in the
Circular) should be made up to a date not more than 9 months
before the time of issue of the Circular (the Waiver).

The Waiver was granted pursuant to Paragraph 4.1 of Practice
Note 6.1 of the Listing Manual and is subject to the following:

(a) The Company providing the information relating to its
reviewed 31 December 2002 financial statements via a MASNET
announcement at least 2 weeks before the date of the proposed
extraordinary general meeting to approve, inter alia, the
Acquisition; and

(b) The Company informing shareholders in its Circular of its
intention to disclose the information via MASNET.

The "financial statements" referred to above are the proforma
consolidated financial statements of the Company and Goldwater
following the completion of the Acquisition. Submitted by
Michael Ng Wei Teck, Judicial Manager.


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


ABICO HOLDINGS: SET Awaits Amended Financial Statements
-------------------------------------------------------      
Previously, the Stock Exchange of Thailand posted the "SP"
(Suspension) sign on the securities of  Abico Holdings Public
Company Limited (ABICO)  from 19 May 2003 because the company  
has publicly submitted the SET  its reviewed financial
statements ending 31 March 2003 that its auditor was unable to
reach any conclusion on its financial statements. The SET has
been waiting for the clarification about making financial
statements.

Currently, that company  has disseminated its financial
statements and the abovementioned clarification to investors
through the SET.  Therefore, the SET has posted the "NP" sign
on its securities from 22 May 2003 until such time as that  
company will submit its amended financial statements or   
conclude that it is not necessary to amend its financial  
statements. However, the SET has still suspended trading
of its securities until the causes of delisting are eliminated.


CHRISTIANI & NIELSEN: Explains Auditor's Disclaimer of Opinion
--------------------------------------------------------
CN Advisory Company Limited, as Plan Administrator of Christiani
& Nielsen (Thai) Public Company Limited, in pursuant to the
disclaimer of opinion made on May 8, 2003 by the Auditor on the
Company's consolidated financial statements for the three-month
period ended 31 March 2003, provided the following information:

Regarding the business of Christiani & Nielsen (Thai) Public
Company Limited as a going concern, the Company has a large
amount of debt. In addition, creditors of its subsidiaries
have claimed for repayment of loans and guarantees provided by
the Company, as parent company, totaling approximately Bt1,429
million.

In the current financial position, the Company has a capital
deficit of approximately Bt1,153 million, and current
liabilities exceed current assets by approximately Bt648
million.

Due to these factors, the Company filed a petition for business
rehabilitation to the Central Bankruptcy Court on 31 May 2002.
The Central Bankruptcy Court agreed the Rehabilitation Plan and
appointed CN Advisory Company Limited as the Plan Administrator
on 2 May 2003.

However, when the Company subsequently implements the Plan, the
Company considers that there will not be any significant effect
on the Financial Statements for the 1st quarter 2003. After
implementation of the Rehabilitation Plan, the Company's
financial status and operating results are expected to improve
and allow the Company to continue its business in the normal
manner.


CHRISTIANI & NIELSEN: `NP' Sign Posted on Securities Trading
------------------------------------------------------------      
Reference to `SP' sign posted against Christiani & Nielsen
(Thai) Public Company Limited (CNT) since the second trading
session on May 16, 2003 due to CNT's auditor inability to reach
any conclusion on company's quarterly reviewed financial
statements as of March 31, 2003.

CNT now presents the clarification on the captioned financial
statements to the SET. Thus, `NP' sign is posted on its
securities effective on May 22, 2003 until the amended financial
statements will be submitted or it is concluded that CNT is not
necessary to amend the aforementioned financial statement.

Nevertheless, the SET has still suspended trading all securities
of CNT until the causes of delisting are eliminated.

The Troubled Company Reporter - Asia Pacific reported 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.


MDX PUBLIC: Posts Q103 Management Discussion and Analysis
---------------------------------------------------------
Wittayu Planner Co., Ltd., as the Plan Administrator of MDX
Public Co., Ltd., in relation to the auditor not expressing any
opinion on Q1/2003 financial statement, clarified reasons, as
follows:

   1. MDX's liabilities are higher than its assets and the
company has much deficit. Moreover, it is facing liquidity
problem. All these factors cause concern about the company's
continued operation. The financial statements are, then prepared
on going concern basis.

      MDX is under implementation of Rehabilitation Plan, which
has already been approved by the Central Bankruptcy Court. After
completion of the Plan, MDX will have only 16.43 percent of its
principal liabilities left while its paid-up capital will
increase to Bt4,756.30 million. Furthermore, its deficit will be
cleared off.

   2. Financial statements of four subsidiary companies
incorporated in the consolidated balance sheet incurred loss
from operation and substantial deficit.

      Two of them are inactive while others have large amount of
interest expense. These cause loss from operation on those
companies.

   3. Auditors did not review the statement of income of one
associated foreign companies incorporated for investment by
equity method. Investment in another associated company was not
recorded by equity method in the financial statements.

      The reasons are that one associated company is foreign
company while the other is not listed in the Stock Exchange of
Thailand. So, they are not obliged to prepare quarterly
financial statements as listed company. Furthermore, MDX can not
participate in management activities due to its limited
shareholding.

All of the above factors caused the auditor to express no
opinion to MDX's financial statements. However,  MDX has already
disclosed all sufficient information in its financial
statements.

Furthermore, MDX would like to  clarify the main factors that
caused Q1-2003 operating result differ more than 20 percent from
those in 2002 as follows:

   1. In 2003, MDX recorded interest expense by using interest
rate of 7.5 to 18 per cent based on the Receiver's orders while
using 19 to 24 per cent in 2002. This brings interest expenses
in 2003 down comparing to those in 2002.

   2. In 2003, MDX recorded bad debt expense less than those
recorded in 2002.

   3. In 2002, one subsidiary company recorded Loss from
Guarantee for an amount of Bt250.00 million. This brought a
large amount of Participation Loss from Investment in Subsidiary
Company.


MDX PUBLIC: SET Still Suspends Securities Trading
-------------------------------------------------
This is a reference to the `SP' sign posted against M.D.X.
Public Company Limited (MDX) since May 20, 2003 due to MDX's
auditor inability to reach any conclusion on company's quarterly
reviewed financial statements as of March 31,2003.

MDX now presents the clarification on the captioned financial
statements to the SET. Thus, `NP' sign is posted on its
securities effective on May 22, 2003 until the amended financial
statements will be submitted or it is concluded that MDX is not
necessary to amend the aforementioned financial statement.

Nevertheless, the SET has still suspended trading all securities
of MDX until the causes of delisting are eliminated.

The Troubled Company Reporter - Asia Pacific reported that the
Central Bankruptcy Court issued an order allowing MDX to proceed
with the Rehabilitation Process with Wittayu Planner Co., Ltd.
as the Planner, on April 10, 2003.


SIAM SYNTEC: Increases Paid-up Capital to Bt400M
------------------------------------------------
Siam Syntech Planner Co.,Ltd., as the Plan Administrator
Pursuant to Central Bankruptcy Court's order approving the
Business Reorganization Plan of Siam Syntech Construction
Public Company Limited (Syntec) on March 30, 2001 and in
accordance with clause 7.8 of the Plan.

Siam Syntech Planner Company Limited as Plan Administrator has
already proceeded to increase registered capital from Bt3.97
million to Bt400 million to reserve for debt-to-equity
conversion and for the new investor.  

At present, the paid-up capital of Syntec has been increased
from Bt350,393,960 to 361,613,961 by issued new share of
11,220,001 shares at par value Bt1 per share, amount Bt
11,220,001 on May 16th ,  2003. The shares had been allocated
for debt-to-equity conversion 11,220,001 shares to creditors
group 6, 7 and 9 at par value of Bt1 per share, totaling
Bt11,220,001.

The Planner had informed the allocation of new share issued
through Thailand Securities Depository Co.,Ltd., the Company's
registrar.


THAI PETROCHEMICAL: Appoints Temporary Plan Administrator   
---------------------------------------------------------
Thai Petrochemical Public Company Limited informed of the
following:

   (1) The Central Bankruptcy Court, on 13 May 2003, issued its
order to give permission for Effective Planners Co., Ltd. to
discontinue its function as plan administrator for all of our 6
subsidiary companies, namely, TPI Oil Co., Ltd., Thai ABS Co.,
Ltd., TPI Aromatics Public Company Limited, TPI Polyol Co.,
Ltd., Thai Polyurethane Industry Co., Ltd., and TPI Energy Co.,
Ltd.. In the meantime, the Court has ordered the appointment of
Thai Petrochemical Industry Public Company Limited and the
Official Receiver as joint temporary plan administrator until a
new plan administrator can be appointed or otherwise.

   (2) It has become known that the Central Bankruptcy Court, on
21 April 2002, ordered the discontinuation of Effective Planners
Co., Ltd. as TPI's plan administrator and appointed the
debtor and the Official Receiver as joint temporary plan
administrator until the creditors can make a resolution at their
meeting to appoint a new plan administrator under the consent
jointly given by the debtor and the authority.

However, the creditors' meeting arranged to appoint a new plan
administrator of Thai Petrochemical Industry and supposed to
take place on 19 May 2003 has been postponed to 2 June 2003,
9.30 a.m. at conference room, 1stfloor of 25-years-building,
Legal Execution Department by announcement of the Official
Receiver. The reason for the postponement is that the said plan
is needs to be done smoothly and properly for both creditors and
debtors.

Therefore, the Official Receiver rearranged the creditors'
meeting, on 26 May 2003, 9:30 a.m. at conference room, 1stfloor
of 25-years-building, Legal Execution Department.


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

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

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

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