/raid1/www/Hosts/bankrupt/TCRAP_Public/030527.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Tuesday, May 27 2003, Vol. 6, No. 103

                         Headlines


A U S T R A L I A

AMP SHOPPING: Centro Bid Offer Period Extended to June 10
AMP SHOPPING: Panel Declines to Vary Orders in Review Decision
DRAGON MINING: Considers Finance Facility Terms Revision
ENERGY WORLD: Sells Barcaldine Power Station
ENERGY WORLD: Disposes of Basin Bridge Power Station Stake

ENERGY WORLD: Inks Loan Facility Agreement to Meet Debt Payments
FIRST FOUNDATION: Appoints Receiver to Director's Assets
GASNET AUSTRALIA: Discloses Meeting Results
GASNET AUSTRALIA: Unitholders Vote for Restructuring
STRATHFIELD GROUP: Undertakes Rights Issue to Raise $10.8M

TELEVISION & MEDIA: Posts Monthly Report
TRANZ RAIL: S&P Cuts Rating to 'CC' from 'CCC', Outlook Negative


C H I N A   &   H O N G  K O N G

B T A DESIGN: Winding Up Hearing Scheduled in June
BUILDMORE INT'L: Widens 2002 Operations Loss to HK$2.541M
FORM ART: Winding Up Petition Pending
HO WAH: Faces Winding Up Petition
ORIENTAL METALS: Requests Trading Suspension

SUNKY PHOTO: Winding Up Petition Slated for Hearing
WING LEE: Sees No Apparent Reason for Shares Volume Increase
YUE FUNG: Winding Up Sought by CITIC Ka Wah


I N D O N E S I A

ASTRA INTERNATIONAL: Expediting Debt Payment


J A P A N

HAZAMA CORPORATION: President Shoulders Burden of Huge '03 Loss
ISUZU MOTORS: Sees Profit this Year Despite Staggering 2002 Loss
NIKKAN KOGYO: Urges Resona to Turn JPY1-2B Loan into Equity
SANKYO SEIKI: R&I Places Rating on Monitor Scheme
SNOW BRAND: Sees Better 03' Result as Net Loss Slips to JPY27 BB


K O R E A

SK GLOBAL: Banks OK Bailout; Other Lenders to Play 'Hardball'


M A L A Y S I A

AMSTEEL CORPORATION: Proposed CIL Shares Disposal Completed
HIAP AIK: Defaulted Payment Status Remains Unchanged
HIAP AIK: Elects Dr. Wong Kai Fatt as Non-Exec Director
HIAP AIK: Posts Audit Committee New Composition
KUB MALAYSIA: Updates Unit's Restraining Order Status

L&M CORPORATION: Fulfillment Date Extended Until August 16
MBF CAPITAL: Obtains SC's Nod on Proposed Revision
MGR CORPORATION: Share Offer, Warrant Issue Fully Subscribed
NCK CORPORATION: SC Grants Scheme Implementation Time Extension
PAN PACIFIC: SC Approves Proposed Restructuring Scheme

RAHMAN HYDRAULIC: Posts Books Closure Notice
RAHMAN HYDRAULIC: Proposed Corporate Exercise Extended
RNC CORPORATION: Changes Registered Address


P H I L I P P I N E S

FIRST PHILIPPINE: Due Date on US$70M Debt Facility Extended
MANILA ELECTRIC: 9-year Refund Mulled for Industrial Users


S I N G A P O R E

LKN-PRIMEFIELD: Results of Annual General Meeting


T H A I L A N D

ABICO HOLDINGS: Clarifies Q1/2003 Operating Results
HEMARAJ LAND: Notifies Warrants Exercise
RATANA REAL: Explains Auditor's Inability to Express Opinion   
RATANA REAL: SET Removes "SP" Sign
THAI-GERMAN PRODUCTS: SET Still Suspends Securities Trading

     -  -  -  -  -  -  -  -

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

    
AMP SHOPPING: Centro Bid Offer Period Extended to June 10
---------------------------------------------------------
CPT MANAGER LIMITED ABN 37 054 494 307 (as responsible entity
for Centro Property Trust ARSN 090 931 123)

COMPANY NOTICE  ASX LISTING RULE 3.2

EXTENSION OF OFFER PERIOD AND NOTIFICATION OF RELEVANT INTERESTS

To: Australian Stock Exchange Limited (ASX)

CPT Manager Limited (CPTML) (as responsible entity for Centro
Property Trust (Centro)) has extended the offer period for its
takeover offers dated 4 April 2003 (which are contained in its
bidder's statement dated 20 March 2003) for all of the ordinary
units in AMP Shopping Centre Trust (ART). The offers will now
close at 7:00pm (Melbourne time) on 10 June 2003.

Accordingly, CPTML gives notice under ASX Listing Rule 3.2 that:

(a) CPTML (as responsible entity for Centro) had a relevant
interest in 19.9% of ART units when the first of the
offers was made; and
(b) at the date of the extension, CPTML (as responsible
entity for Centro) had a relevant interest in 20.02% of
ART units.

CPT MANAGER LIMITED ABN 37 054 494 307 (as responsible entity
for Centro Property Trust ARSN 090 931 123)

COMPANY NOTICE  PARAGRAPH 630(2)(b) CORPORATIONS ACT 2001

NEW DATE FOR GIVING THE NOTICE OF THE STATUS OF CONDITIONS

To: AMP Henderson Global Investors Limited (as responsible
entity for AMP Shopping Centre Trust (ART)); and

Australian Stock Exchange Limited.

For the purposes of paragraph 630(2)(b) of the Corporations Act
2001, CPT Manager Limited (CPTML) (as responsible entity for
Centro Property Trust (Centro)) hereby gives notice that:

1. the offer period relating to the offers by CPTML (as
responsible entity for Centro) for all of the ordinary
units in ART, which offers are contained in a bidder's
statement dated 20 March 2003 (Bidder's Statement), has
been extended so that it now ends at 7:00pm (Melbourne
time) on 10 June 2003;
2. the new date for giving notice of the status of the
conditions to the offers, as required by subsection 630(3)
of the Corporations Act 2001, is 31 May 2003; and
3. on the date of this notice:

(a) CPTML has not freed the offers from any of the
conditions to the offers;
(b) the condition in clause 12.10(i) of the Bidder's
Statement has been fulfilled; and
(c) so far as CPTML is aware, none of the other
conditions to the offers have been fulfilled.

LETTER TO AMP SHOPPING CENTRE TRUST UNIT HOLDERS

EXTENSION OF OFFER PERIOD FOR CENTRO'S TAKEOVER BID

CPT Manager Limited (as responsible entity for Centro Property
Trust) (Centro) has extended the offer period for its takeover
bid for all the ordinary units in the AMP Shopping Centre Trust
(ART) while the Takeovers Panel considers an appeal by AMP Life
Limited against orders (which were favorable to Centro) made by
the Panel on 13 May 2003, and to give ART unitholders an
opportunity to consider the outcome of that appeal.

The offer is now scheduled to close at 7:00pm (Melbourne time)
on 10 June 2003.

A formal notice of variation is included on the reverse side of
this letter.

If you have any queries in relation to how to accept the
takeover bid or any other matter relating to the takeover,
please contact the Centro Offer Information Line on 1300 733 636
(callers in Australia) or int +612 9240 7452 (callers outside
Australia).

CPT MANAGER LIMITED ABN 37 054 494 307 (as responsible entity
for Centro Property Trust ARSN 090 931 123)

COMPANY NOTICE  SUBSECTION 650D(1) CORPORATIONS ACT 2001

NOTICE OF VARIATION  EXTENSION OF OFFER PERIOD

To: Australian Securities and Investments Commission ("ASIC");

AMP Henderson Global Investors Limited (as responsible entity
for AMP Shopping Centre Trust (ART)); and

Each person to whom offers were made under the takeover bid
referred to in this notice.

CPT Manager Limited (CPTML) (as responsible entity for Centro
Property Trust (Centro)) gives notice under subsection 650D(1)
of the Corporations Act 2001 that:

1. it varies its takeover offer dated 4 April 2003 (Offer)
for all of the ordinary units in ART which is contained in
its bidder's statement dated 20 March 2003 (Bidder's
Statement) by extending the period during which the Offer
will remain open so that the Offer will now close at
7:00pm (Melbourne time) on 10 June 2003; and
2. the Offer is varied by:
    
(a) replacing "2 June 2003" with "10 June 2003" in
clause 12.2 of the Bidder's Statement; and
(b) replacing "23 May 2003" with "31 May 2003" in
clause 12.15 of the Bidder's Statement.

This variation may have the effect of postponing, for more than
1 month, the time when CPTML must meet its obligations to a
unitholder who has accepted the Offer. A unitholder will have a
withdrawal right if they validly accepted the Offer on or before
the date of this notice. For those unitholders, section 650E of
the Corporations Act 2001 entitles them to withdraw their
acceptance of the Offer by giving notice within 1 month
beginning on the day after the day on which the unitholder first
receives a copy of this notice.

Unitholders who withdraw their acceptance must return any
consideration received for accepting the Offer. Any notice by a
unitholder withdrawing the unitholder's acceptance under section
650E of the Corporations Act 2001 must:

   (a) if the unitholder's units are in a CHESS Holding, be in
the form of a Valid Originating Message transmitted to the SCH
by the Controlling Participant for that Holding, specifying the
number of units to be released from the Offer Accepted
Subposition in which the units have been reserved; or

   (b) in any other case, be in writing.

If a unitholder withdraws their acceptance in this manner and is
legally entitled to withdraw their acceptance, CPTML must before
the end of 14 days after the day it is given the withdrawal
notice:

       (a) return to the unitholder any documents that were sent
by the unitholder to CPTML with the acceptance of the Offer; and

       (b) if the unitholder's units are in a CHESS Holding,
Transmit to SCH a Valid Message that authorizes the release of
those securities from the Offer Accepted Subposition in which
the Holding has been reserved.

(Words defined in the SCH Business Rules have the same meaning
when used in this notice, unless the context requires
otherwise.)

A copy of this notice was lodged with ASIC on 23 May 2003. ASIC
takes no responsibility for the contents of this notice.


AMP SHOPPING: Panel Declines to Vary Orders in Review Decision
--------------------------------------------------------------
The Takeovers Panel advises that the AMP Centro 02 Review Panel
has declined to vary the orders made by the AMP Centro 01 Panel
in relation to the affairs of the AMP Shopping Centre Trust
(ART).

On 13 May 2003, the AMP Centro 01 Panel made a declaration of
unacceptable circumstances in relation to the affairs of ART.
The AMP Centro 01 Panel also made an order (A1 Order) that AMP
Life Limited (AMP Life), and other Co-Owners in shopping centers
with ART, not exercise certain aspects of Pre-Emptive Rights
which (if they exist) would allow ART's interests to be bought
out of five major Shopping Centres solely because AMP Henderson
Global Investors Ltd (AMPH) is removed as Responsible Entity of
ART following a successful takeover bid for ART (Change of
Responsible Entity).

ART is a listed managed investment scheme, which has investment
interests in a number of shopping centers. CPT Manager Limited
(as responsible entity for Centro Property Trust) (Centro)
announced a takeover bid for ART on 18 March 2003.

The AMP Centro 01 Panel accepted Centros's submissions that the
commercial effects of aspects of the Pre-Emptive Rights, if they
exist, are such that they would effectively deter any takeover
bid for ART by any person who wasn't acceptable to the AMP
group. The AMP Centro 01 Panel also found that the effect of the
Pre-Emptive Rights had not been adequately disclosed to the
unitholders of ART or the market, and that the unitholders had
not consented to the Pre-E mptive Rights, especially given their
effects following the introduction of the Managed Investments
Act (MIA) regime.

The AMP Centro 01 Panel decided that this has impaired the
efficient, competitive and informed market for control of ART
units.

On 15 May 2003, AMP Life sought a review of the decision of the
AMP Centro 01 Panel to make the A1 Order. AMP Life did not seek
review of the decision to make the declaration of unacceptable
circumstances, only the orders made by the AMP Centro 01 Panel.

AMP CENTRO 02 REVIEW PANEL DECISION

AMP Life's review application centered on three issues, whether:

   a) the Panel was constitutionally prevented from making the
A1 Order because the order acquired AMP Life's property (the
Pre-Emptive Rights) on unjust terms;

   b) the AMP Centro 01 Panel lacked the power to make the A1
Order if it interfered with a third party's property rights; and

   c) the A1 Order unfairly prejudiced AMP Life and the other
Co-Owners.

AMP Life failed to make its case to the Panel that:

   a) there was a clear cut limitation under the Constitution of
the Commonwealth of Australia that would prevent the Panel from
making the A1 Order (in the absence of a clear cut limitation,
the Panel considers that the High Court is the appropriate place
for AMP Life to take any constitutional issues for
determination); or

   b) the Panel lacked the power to make the A1 Order where it
considered that those orders were necessary and appropriate to
protect the interests of ART unitholders; or

   c) the A1 Order unfairly prejudiced AMP Life or other Co-
Owners.

ORDERS - NO UNFAIR PREJUDICE

The Panel does not consider that the AMP Centro 01 Panel made
any error in determining that the A1 Order would not unfairly
prejudice any person given:

   a) any activation of the Pre-Emptive Rights on a Change of
Responsible Entity would be a windfall benefit to the Co-Owners,
to the detriment of ART unitholders. That benefit :

      i) appears not to have been known of, or intended by, the
Co-Owners in 1997;

     ii) does not appear to be a benefit that the Co-Owners and
the ART unitholders bargained for in 1997;

     iii) appears to have been an unintended side effect of the
MIA; and

     iv) was not clearly disclosed to, or consented to by, the
ART unitholders.

To deprive the Co-Owners of this windfall and return it to the
ART unitholders would not be unfair;

   b) the participation by AMP Life in:

     i) the initial prospectus for ART in 1997, which lacked
adequate disclosure (in that it did not make clear the effect of
a change of trustee on the Pre-Emptive Rights). In saying this,
the Panel considers that the ART 1997 prospectus was,
effectively, the float by AMP Life of a portion of its shopping
center assets. On that basis, the Panel does not believe that
AMP Life, or alternatively its investment manager, was not in a
position to have significant influence on the content of the
1997 prospectus;

     ii) the entry into the deeds of confirmation of the Co-
Owners Agreements in 1999 (which should have given AMP Life
cause to consider how transition to the MIA might have affected
the operation of the Co-Owners Agreements and whether disclosure
to, or consent by, ART unitholders by AMPH was needed if AMP
Life was going to rely on the changed operation of the Co-Owners
Agreements in the future); and

     iii) the absence of subsequent disclosure or consent for
the change in the operation of the Pre-Emptive Rights resulting
from the introduction of the MIA regime (despite the various
points in time which the AMP Centro 01 Panel listed as being
potential prompts for AMP Life or AMPH to consider disclosure to
ART unitholders of the changed operation); and

   c) AMP Life had the opportunity to disclose, or to cause ART
to disclose, or to take action to protect the Pre-Emptive
Rights, which would have been sensible and prudent behavior, if
AMP Life had seriously considered the Pre-Emptive Rights were
worth the amount of prejudice it is now alleging losing them
would cause. AMP Life's lack of doing this suggests strongly
that it was not aware of the potential for the Pre-Emptive
Rights to be activated, or did not consider that the Pre-Emptive
Rights would be activated, in the event of a Change of
Responsible Entity, or did not value such benefits enough to
seek to protect them; and

   d) the fact that revoking the A1 Order would cause the
prejudice to fall on the unitholders in ART who have not
contributed it, rather than AMP Life which either contributed to
it, or failed to take any steps to prevent it.

In making the statements it has above, the Panel does not imply
that AMP Life (not being a disclosing entity) had any statutory
obligation under the continuous disclosure provisions of the
Act, or the Australian Stock Exchange Listing Rules, in relation
to the ART unitholders. However, if AMP Life wishes to rely on,
and exploit, the Pre-Emptive Rights in the way they operate
under the MIA regime, the Panel considers that AMP Life had the
opportunity to ensure that adequate disclosure was made, well
before now, of the way it now contends that they operate,
whether by persuading AMPH to do so as Responsible Entity for
ART, or by doing so itself. Similarly, if AMP Life now wants to
rely on or exploit the Pre-Emptive Rights as it contends they
operate under the MIA regime, it would have been prudent to have
persuaded ART to seek the approval of ART unitholders at the
time of the transition from the MIA regime.

The Panel notes that its legislation expressly requires it to
consider whether its orders would unfairly prejudice a person.
Mere prejudice is not something, which would stop the Panel
making orders to protect the interests of ART unitholders. For
AMP Life to persuade the Panel to vary the A1 Order it would
have had to have shown that  it was unfair to restrain AMP
Life's ability to prevent a Change of Responsible Entity in ART.
AMP Life failed to do so. For the reasons outlined above the
Panel was not satisfied that the A1 Order would be unfairly
prejudicial to AMP Life.

The President of the Panel appointed Michael Tilley, Karen Wood
and Denis Byrne to constitute the Panel for the AMP Centro 02
Review application.

The Panel's reasons for its decision will be posted on the
Panel's website when they are settled.

CONTACT INFORMATION: Nigel Morris
        DIRECTOR, TAKEOVERS PANEL
        Ph: +61 3 9655 3501  
        nigel.morris@takeovers.gov.au


DRAGON MINING: Considers Finance Facility Terms Revision
--------------------------------------------------------
Dragon Mining NL posted its App 3B (Consideration for revision
of terms of finance facility) Notice:

                             APPENDIX 3B
                        NEW ISSUE ANNOUNCEMENT

APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT

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

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

Name of Entity
Dragon Mining NL

ABN
19 009 450 051

We (the entity) give ASX the following information.

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

1. Class of securities issued          Options
   or to be issued                                                  

2. Number of securities issued         11,111,111
   or to be issued (if known)                                       
   or maximum number which                                          
   may be issued                                                    

3. Principal terms of the securities   Exercise price - 9 cents
   (e.g., if options, exercise price     Expiry date -
30/04/2006
   and expiry date; if partly paid                                  
   securities, the amount                                           
   outstanding and due dates for                                    
   payment; if convertible securities,                              
   the conversion price and dates                                   
   for conversion)                                                  

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

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

5. Issue price or consideration        9 cents

6. Purpose of the issue (if           As consideration for the
   issued as consideration for        revision of the terms of a
   the acquisition of assets,         $1 million feasibility
   clearly identify those             finance facility
   assets)                                                          

7. Dates of entering securities        22/05/2003
   into uncertified holdings                                        
   or dispatch of certificates                                      
                                      NUMBER  CLASS
8. Number and class of all       194,952,353  Ordinary
   securities quoted on                                             
   ASX (including the                                               
   securities in clause                                             
   2 if applicable)                                                 
                                      NUMBER  CLASS
9. Number and class of all           910,000  Employee Incentive
   securities not quoted                      Scheme Shares
   on ASX (including the                                            
   securities in clause 2         11,111,111  Options
   if applicable)                                                   

10.Diviand policy (in the case        -
   of a trust, distribution                                         
   policy) on the increased                                         
   capital (interests)                                              

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

Items 11 to 33 are Not Applicable

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

    Items 34 to 37 are Not Applicable

    Entities that have Ticked Box 34 (b)

    Items 38 to 42 are Not Applicable

ALL ENTITIES

Fees

43. Payment method (tick one)

       Cheque attached

  Electronic payment made
  Note: Payment may be made electronically if Appendix 3B is
        given to ASX electronically at the same time.
    
       Periodic payment as agreed with the home branch has been
       arranged
       Note: Arrangements can be made for employee incentive
             schemes that involve frequent issues of securities.

QUOTATION AGREEMENT

1.  Quotation of our additional securities is in ASX's absolute
    discretion. ASX may quote the securities on any conditions
    it decides.

2.  We warrant the following to ASX.

    *   The issue of the securities to be quoted complies with  
        the complies with the law and is not for an illegal
        purpose.

    *   There is no reason why those securities should not be
        granted quotation.

    *   An offer of the securities for sale within 12 months
        after their issue will not require disclosure under
        section 707(3) or section 1012C(6) of the Corporations
        Act.

    *   Section 724 or section 1016E of the Corporations Act
        does not apply to any applications received by us in
        relation to any securities to be quoted and that no-one
        has any right to return any securities to be quoted
        under sections 737, 738 or 1016F of the Corporations Act
        at the time that we request that the securities be
        quoted.

    *   We warrant that if confirmation is required under
        section 1017F of the Corporations Act in relation to the
        securities to be quoted, it has been provided at the
        time that we request that the securities be quoted.

    *   If we are a trust, we warrant that no person has the
        right to return the securities to be quoted under
        section 1019B of the Corporations Act at the time that
        we request that the securities be quoted.
        
3.  We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.

4.  We give ASX the information and documents required by this
form. If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.


ENERGY WORLD: Sells Barcaldine Power Station
--------------------------------------------
Energy World Corporation (EWC) confirms that, in accord with its
previously advised assets sales programmed, an agreement has
been reached with Queensland Power Trading Corporation trading
as Enertrade to purchase the assets of the Barcaldine Power
Station and the Cheepie to Barcaldine pipeline.

Proceeds from the Sale, expected in June 2003, will be utilized
to reduce the outstanding debt with the Commonwealth Bank of
Australia (CBA).

For further inquiries, please contact Mr Stewart Elliott, EWC
Managing Director or Mr Brian Allen on telephone number (612)
9247
6888.


ENERGY WORLD: Disposes of Basin Bridge Power Station Stake
----------------------------------------------------------
Further to the announcement made on 18 March 2003, the Directors
of Energy World Corporation Limited (EWC) are pleased to advise
that following the execution of a Shares Sale Agreement, the
first installment of the proceeds from the Sale of Odeon shares
has been received and is currently held in a Stakeholders
Account with Commonwealth Bank of Australia. Other installments
are scheduled to be paid shortly. The funds when fully received
will be utilized to reduce the outstanding debt with the CBA.

For further inquiries, please contact Mr Stewart Elliott, EWC
Managing Director or Mr Brian Allen on telephone number (612)
9247 6888.


ENERGY WORLD: Inks Loan Facility Agreement to Meet Debt Payments
----------------------------------------------------------------
Energy World Corporation (EWC) confirm that, in accord with its
previously advised assets sales programmed, a loan facility
agreement for an amount up to AUD12.1 Million will be executed
shortly between Energy World International Limited (EWI) and the
Company. The funding will be utilized to support the working
capital requirements of the EWC Group and to partially meet the
payment obligations of EWC to Commonwealth Bank of Australia
(CBA) in accordance with the CBA Facility.

For further inquiries, please contact Mr Stewart Elliott, EWC
Managing Director or Mr Brian Allen on telephone number
(612) 9247 6888.


FIRST FOUNDATION: Appoints Receiver to Director's Assets
--------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained orders in the Supreme Court of Queensland for an
interim Receiver to be appointed over certain property of Mr
David Elliot Kennedy, also known as Mr Robert Alan L'Hoir.

Mr Bill Fletcher, from Bentleys MRI, has been appointed interim
Receiver over Mr Kennedy's property, which includes a Mercedes
motor vehicle and speedboat, as well as funds held in his
personal bank accounts.

Mr Kennedy is a director of First Foundation Developments
Limited.

ASIC is currently investigating First Foundation Developments
and Mr Kennedy in relation to an offer of securities in an
allegedly unregistered managed investment scheme.

ASIC alleges that First Foundation Developments raised
approximately $2.2 million from members of the public in both
Australia and New Zealand during the period October 2002 to
April 2003, allegedly to finance various Gold Coast property
developments.

On 17 April 2003, ASIC obtained interim orders in the Supreme
Court of Queensland freezing certain assets of First Foundation
Developments and Mr Kennedy to the value of approximately $1.8
million.

ASIC has made an application to the court for the winding up of
First Foundation Developments Limited, and the appointment of a
Receiver. The application will be heard on 5 June 2003.


GASNET AUSTRALIA: Discloses Meeting Results
-------------------------------------------
As required by section 251AA(2) of the Corporations Act, GasNet
Australia Trust provided the statistics in respect to each
motion on the agenda. In respect to each motion the total number
of votes exercisable by all validly appointed proxies was:

Amendment of Trust Constitution and Approval of Trust
Restructure

*  Votes where the proxy directed to vote 'for'
   the motion                                         33,421,271

*  Votes where the proxy was directed to vote
   'against' the motion                                  623,300

*  Votes where the proxy may exercise a discretion
   how to vote                                         3,956,954

In addition, the number of votes where the proxy
was directed to abstain from voting on the motion
was                                                      199,223

The results of voting on each motion is as follows:  

The motion was carried as a special resolution on a poll the
details of which are:

*  The number of votes cast for the motion was        37,613,260

*  The number of votes cast against the motion was       653,900

In addition the number of votes which abstained
from voting was                                               0


GASNET AUSTRALIA: Unitholders Vote for Restructuring
----------------------------------------------------
Unitholders of the GasNet Australia Trust on Friday voted
overwhelmingly to restructure the Group in order to preserve its
tax attributes ahead of proposed changes to tax legislation and
to position the Trust to grow and diversify its asset base.

The results of the restructure were as follows:

   * 38.2 million of the units on issue (or 29 per cent) were
cast in respect of the resolution.

   * Of those votes cast, 98.3 per cent were cast in favor of
the restructure, with 1.7 per cent against. The restructure
required the support of at least 75 per cent of the votes cast.

As a result of the Resolution being passed, Unitholders will
receive one unit in a new trust and one unit in a new company.
These securities will be stapled together with the existing
GasNet Australia Trust unit and cannot be traded separately.

The restructure will preserve GasNet's ability to make
distributions with similar tax attributes as currently exist.

The Board also believes that the new structure will provide
GasNet with the additional flexibility it needs to grow and
diversify its asset base and, therefore, reduce its regulatory,
geographical and specific industry risk by participating in the
acquisition of other essential infrastructure assets.

GasNet Chairman, Rod Keller, said that the focus of the
restructured GasNet would be to maintain secure yield
investments in the long term.

"While the Board believes it is important that GasNet is in a
position to participate in the consolidation of the regulated
utility industry, we will only look at acquiring assets with a
similar risk and return profile of our current assets," Mr
Keller said.

"The focus of the restructured GasNet will remain on stable
yield investments, not growth for the sake of it.

"The restructure will preserve the existing tax attributes of
GasNet and achieve a more flexible structure which is conducive
to growth.

"It is important that GasNet has the ability to acquire
additional assets in order to mitigate the potential effect of
any adverse regulatory decision on any one asset.

"The restructure will not result in any change to GasNet
operations, and the company will continue to pursue the same
high standards of performance.

"The GasNet Board believes the new structure will also improve
the governance of the Group by allowing for the election of
directors - a process that was previously not required of GasNet
as a Unit Trust," Mr Keller said.

CONTACT INFORMATION: Christine O'Reilly
        CHIEF EXECUTIVE OFFICER
        GasNet Australia
        Phone: (03) 9797 5222


STRATHFIELD GROUP: Undertakes Rights Issue to Raise $10.8M
--------------------------------------------------------
Strathfield Group Limited announced Monday that it will
undertake a pro rata one-for-one rights issue of ordinary shares
at 15 cents a share in a bid to raise $10.8 million, which will
be used for debt reduction and working capital to further
support the business.

Kelly Group Holdings, a company owned by Mr Andrew Kelly, will
underwrite $8 million of the raising. An initial loan of $3
million from the Kelly Group will be repaid from the rights
issue. A short-form prospectus is expected to be issued shortly.

Managing Director Mr John Winstanley said: "This is a tremendous
indication of Mr Kelly's confidence in the long-term future and
viability of the Group as he will not only underwrite a
significant portion of the rights issue but will also take up
his full entitlement."

TRADING UPDATE

Strathfield also foreshadowed a significant trading loss after
tax for the full year ending 30 June 2003 as a result of the
company's drive to reduce debt levels, weaker-than-expected
second-half sales and one-off write downs. In the first half of
this financial year Strathfield Group announced a $ 17.6 million
loss at EBIT level.

Mr Winstanley said: "EBITDA for the first half excluding one off
write downs was neutral and we are forecasting an EBITDA loss of
$4.5 million for the second half. Naturally, we are disappointed
that EBITDA will not be positive in the second half as we first
thought, but this is as a result of two major factors.

"The company has embarked on a significant debt reduction
program that has used cash resources and has hindered the
ability of Strathfield's management to generate appropriate
sales levels in the short term. In particular, our mobile phone
business was severely impacted by the re-alignment of our telco
strategy and it has taken a few months to build momentum in this
very important category.

"Further, trading conditions proved to be less buoyant in March
and April than first forecasted and resulted in weaker-than-
expected sales in the home entertainment category. The car audio
business remains strong. Trading is expected to remain
challenging through the May and June period."

BOARD AND MANAGEMENT CHANGES

Mr Norm Fricker has indicated that he is no longer able to
dedicate the time to the chairmanship of Strathfield and has
regrettably retired from the position of Chairman and as a
director of Strathfield effective on 21 May 2003.

Board member Mr Geoffrey Pitt was appointed Chairman on 21 May
2003 and will work closely with the management team to continue
to implement the established and agreed plans for the Group. Mr
Pitt brings to Strathfield over 30 years of retailing experience
with major retailers, John Martin Retailers and David Jones. Mr
Pitt thanked Mr Fricker for his contribution to the Group over
the past two years.

Mr Chris Coudounaris, a former partner of Gadens Lawyers and
non-executive director of a number of companies, has agreed to
join Strathfield's board. Mr Coudounaris brings in excess of 15
years' corporate law experience to the Group.

Mr Andrew Kelly has become Executive Director responsible for
overall group marketing strategy and driving the retail
relationships with the company's telecommunication providers.

Mr Winstanley continues as Managing Director with overall
responsibility for the company's operations.

Mr Kelly said: "John Winstanley has over the past eight months
delivered significant changes to the operation of the company,
placing it on a sound footing, and we will see the benefits flow
through next financial year.

"My role will be to drive Strathfield's marketing and manage the
relationships with our telco partners. This will allow John to
focus on the day-to-day running of the business and implementing
the operational improvements."

Mr Winstanley said: "The changes we have implemented will
prepare us for consolidating and focusing on our core business
areas, and targeting organic growth in the new financial year."

CONTACT INFORMATION: John Winstanley                         
        MANAGING DIRECTOR                       
        Strathfield Group Limited               
        Ph: (02) 9747 7777                      


TELEVISION & MEDIA: Posts Monthly Report
----------------------------------------
Television & Media Services Limited posted this Notice:

                        APPENDIX 4C
                       MONTHLY REPORT

Name of entity
Television & Media Services Limited

ABN                        Month ended ("current month")
83 004 160 249             April 2003

CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flows related to                     Current   Year to date
operating activities                      Month   (10 months)
                                          AUD'000      AUD'000

1.1  Receipts from customers              3,464       83,062
1.2  Payments for         
       (a) staff costs                    (1,417)     (25,070)
       (b) advertising & marketing        -        (116)
       (c) research & development         -            -
       (d) leased assets                  (668)      (1,871)
       (e) other working capital          (2,830)     (56,456)
1.3  Dividends received                   -            -
1.4  Interest and other items of
     a similar nature received            -          109
1.5  Interest and other costs of
     finance paid                         (444)      (4,370)
1.6  Income taxes paid                    -            -
1.7  Other (provide details if material)  -            -

1.8  Net Operating Cash Flows             (1,895)      (4,712)

Cash flows related to investing activities                
1.9  Payment for acquisition of:        
       (a) businesses (item 5)            -            -
       (b) equity investments             -            -   
       (c) intellectual property          -            -   
       (d) physical non-current assets    -            -   
       (e) other non-current assets       -            -
1.10  Proceeds from disposal of:        
       (a) businesses                     -          593
       (b) equity investments             -        1,459   
       (c) intellectual property          -            -   
       (d) physical non-current assets    -            -   
       (e) other non-current assets       -       19,671
1.11 Loans to other entities              -            -
1.12 Loans repaid by other entities       -            -
1.13 Other (provide details if material)
     CAPEX                                (13)        (145)

     Net investing cash flows             (13)       21,578

1.14 Total operating and
     investing cash flows                 (1,908)       16,866

Cash flows related to financing activities                
1.15 Proceeds from issues of
     shares, options, etc.                -            -
1.16 Proceeds from sale of
     forfeited shares                     -            -
1.17 Proceeds from borrowings             -            -
1.18 Repayment of borrowings              -     (24,129)
1.19 Dividends paid                       -            -
1.20 Other (provide details if material)  -            -

     Net financing cash flows             -     (24,129)

     Net increase (decrease) in cash held (1,908)      (7,263)

1.21 Cash at beginning of month/
     year to date                         802        6,163

1.22 Exchange rate adjustments to item 1.20 2          (4)

1.23 Cash at end of month                 (1,104)      (1,104)

PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE
DIRECTORS PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE
RELATED ENTITIES
                                             Current Month
                                             AUD'000

1.24 Aggregate amount of payments to
     the parties included in item 1.2        -

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

1.26 Explanation necessary for an understanding
     of the transactions                      -

NON-CASH FINANCING AND INVESTING ACTIVITIES

2.1  Details of financing and investing transactions which have
had a  material effect on consolidated assets and liabilities
but did not involve cash flows    None

2.2  Details of outlays made by other entities to establish or
increase their share in businesses in which the reporting entity
has an interest     None

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

3.1  Loan facilities                     58,785       56,741
3.2  Credit standby arrangements         -            -

RECONCILIATION OF CASH

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

4.1  Cash on hand and at bank              (3,682)      (1,776)
4.2  Deposits at call                      -            -
4.3  Bank overdraft                        -            -
4.4  Other (provide details)               2,578        2,578

     Total: cash at end of month (item 1.22) (1,104)    802

ACQUISITIONS AND DISPOSALS OF BUSINESS ENTITIES

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

5.1 Name of entity               -            Val Morgan & Co
                                              (Aust) Pty Ltd
5.2 Place of incorporation
    or registration              -            Victoria,      
                                              Australia      
5.3 Consideration for
    acquisition or disposal      -            $593,000       

5.4 Total net assets             -            $1,988,000     

5.5 Nature of business           -            Cinema         
                                              Advertising    


TRANZ RAIL: S&P Cuts Rating to 'CC' from 'CCC', Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services on Friday lowered the long-
term and guaranteed-debt issue ratings on Tranz Rail Holdings
Ltd. (Tranz Rail) to 'CC' from 'CCC'. At the same time a
negative outlook has been assigned and the CreditWatch
Developing listing has been removed. The action follows the
withdrawal of RailAmerica Inc.'s (BB-/Stable/-) proposed offer
for the equity securities of the New Zealand-based rail-freight
operator.

Following RailAmerica's due diligence investigation on Tranz
Rail, RailAmerica's management has determined that, under
current circumstances, the proposed acquisition does not
represent the opportunity for enhanced shareholder value that
had been originally contemplated. RailAmerica had intended to
offer NZ$0.75 cash for each ordinary share of Tranz Rail, for
a total consideration of about US$90 million. In addition, it
would have assumed about US$135 million of existing
indebtedness. In the meantime, Toll Holdings Ltd. (not rated)
announced on May 19, that it has purchased 6.1% of TranzRail's
equity, and that it would consider purchasing more equity if the
share price remained reasonable.

The negative outlook reflects Tranz Rail's liquidity constraints
and uncertainty regarding the extent of support from its
bankers. The company has a very tight liquidity position that is
compounded by the requirement to meet some critical external
obligations before the end of June 2003. Standard & Poor's will
continue to comment on Tranz Rail's rating based on publicly
available market information.


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


B T A DESIGN: Winding Up Hearing Scheduled in June
--------------------------------------------------
The High Court of Hong Kong will hear on June 18, 2003 at 10:00
in the morning the petition seeking the winding up of B T A
Design Limited.

Ip Wing Shan of Room 3524, 35/F., Hin Tak House, Hin Keng
Estate, Shatin, New Territories, Hong Kong filed the petition on
May 5, 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.


BUILDMORE INT'L: Widens 2002 Operations Loss to HK$2.541M
---------------------------------------------------------
Buildmore International Limited posted a summary of its Results
Announcement for the year ended January 31, 2002:

Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/02/2002    from 01/02/2001
                              to 31/01/2003      to 31/01/2002
                              Note  ($)          ($)
Turnover                       : 467,750            4,005,500         
Profit/(Loss) from Operations  : (2,541,386)        (2,143,604)       
Finance cost                   : (430,681)          (587,590)         
Share of Profit/(Loss) of
  Associates                   : (1,672,531)        (5,174,119)       
Share of Profit/(Loss) of
  Jointly Controlled Entities  : N/A                N/A               
Profit/(Loss) after Tax & MI   : (4,550,204)        (7,977,255)       
% Change over Last Period      : N/A       %
EPS/(LPS)-Basic (in dollars)   : (0.053)            (0.096)           
         -Diluted (in dollars) : N/A                N/A               
Extraordinary (ETD) Gain/(Loss): N/A                N/A               
Profit/(Loss) after ETD Items  : (4,550,204)        (7,977,255)       
Final Dividend                 : NIL                NIL               
  per Share                                                               
(Specify if with other         : N/A                N/A               
  options)                                                                
B/C Dates for
  Final Dividend               : N/A          
Payable Date                   : N/A       
B/C Dates for (-)            
  General Meeting              : N/A          
Other Distribution for         : N/A           
  Current Period                     
B/C Dates for Other
  Distribution                 : N/A          


FORM ART: Winding Up Petition Pending
-------------------------------------
Form Art International Development Limited is facing a winding
up petition, which is slated to be heard before the High Court
of Hong Kong on June 25, 2003 at 9:30 in the morning.

Lee Ching Yui of Flat E, 1/F., Marconi Court, 2 Marconi Road,
Kowloon, Hong Kong, filed the petition on May 7, 2003.  


HO WAH: Faces Winding Up Petition
---------------------------------
The petition to wind up Ho Wah Fashion Company Limited is
scheduled 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 Lau Yuen
Fun of Room 2027, 20/F., Block B, Skylark House, Sha Kok Estate,
Shatin, New Territories, Hong Kong.  


ORIENTAL METALS: Requests Trading Suspension
--------------------------------------------
At the request of Oriental Metals (Holdings) Company Limited,
trading in its shares has been suspended with effect from 2:30
p.m. Monday (26/05/2003) pending an announcement in relation to
the price  sensitive information of the Company.

According to Wrights Investors', at the end of 2002, Oriental
Metals (Holdings) had negative working capital, as current
liabilities were HK$1.02 billion while total current assets were
only HK$509.63 million. It has paid no Dividends during the
previous 6 fiscal years.


SUNKY PHOTO: Winding Up Petition Slated for Hearing
---------------------------------------------------
The petition to wind up Sunky Photo Typesetting Company Limited
is set for  hearing before the High Court of Hong Kong on June
11, 2003 at 9:30 in the morning.

The petition was filed with the court on April 9, 2003 by Bank
of China (Hong Kong) Limited (the successor of all the
undertakings of The Kincheng Banking Corporation by virtue of
the Bank of China (Hong Kong) Limited (Merger) Ordinance, Cap.
1167) of 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong.


WING LEE: Sees No Apparent Reason for Shares Volume Increase
------------------------------------------------------------
Wing Lee Holdings Limited has noted Monday's increase in the
trading volume of the shares of the Company and wishes to state
that it is not aware of any reasons for such increase.

The Company also confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of
the Listing Agreement, which is or may be of a price-sensitive
nature.

On 14th February, 2003, Wing Lee Holdings Limited Proposed
Capital Reorganization. At the SGM held on 3rd April, 2003,
resolutions were proposed to approve the proposed Capital
Reorganization and to grant to the Directors the General
Mandates. To see details of the said proposals, refer to the
Troubled Company Reporter - Asia Pacific Wednesday, March 12,
2003, Vol. 6, No. 50 issue.

                        
YUE FUNG: Winding Up Sought by CITIC Ka Wah
-------------------------------------------
CITIC Ka Wah Bank Limited is seeking the winding up of Yue Fung
International Group Holding Limited. The petition was filed on
March 31, 2003, and will be heard before the High Court of Hong
Kong on May 28, 2003.

CITIC Ka Wah holds its registered office at No. 232 Des Voeux
Road Central, Hong Kong.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing DEACONS,  
which holds office on the 5th Floor, Alexandra House, 10 Chater
Road, Central, Hong Kong.


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


ASTRA INTERNATIONAL: Expediting Debt Payment
--------------------------------------------
PT Astra International is going to accelerate paying some of its
debts, previously scheduled for next year, to this year, Bisnis
Indonesia reports, citing President Director Budi Setiadharma.

The funds will come from the 46% sales of PT Toyota Astra
Motor's shares to Toyota Motor Corporation worth US$226 million.

"After reduced by 30% tax, 75% of the remaining funds, or around
US$120 million will be used to pay our debts to the creditors,
and the other 25% will be used to finance our operational need,
so that Astra can meet the release date by the end of 2003,"
Setiadharma added.

In accordance with the schedule of the second series debt
payment agreed on the debt restructuring with the creditors,
Astra should pay tax installments of US$97 million for this year
and next year.


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


HAZAMA CORPORATION: President Shoulders Burden of Huge '03 Loss
----------------------------------------------------------------
Hazama President Fumiya Yamato will step down at the next
shareholders meeting on June 27 to take responsibility for the
company's financial woes, The Japan Times reported over the
weekend.

The ailing contractor reported Friday a group net loss JPY122.6
billion, up from only JPY1.66 billion in fiscal year 2001.  
Valuation losses were mainly blamed for the huge jump.  
Ironically, this appraisal loss is key to the company's three-
year turnaround plan, The Japan Times said.  

Mr. Yamato will be replaced by Vice President Junichi Shinmyo,
who will be charged with the implementation of the turnaround
plan that kicked off last month.  Under the plan, Hazama will be
split into two companies, focusing on construction and real
estate, beginning October 1.  The firm will transfer its non-
performing assets and a major part of its interest-bearing debts
to the real estate unit.  Also part of the plan is a capital tie
up with midsize constructor, Ando Corp., which will inject JPY1
billion into Hazama through the purchase of preferred shares.

For fiscal 2003, Hazama expects group sales to fall to JPY301
billion and net losses to JPY13.2 billion as a result of
squeezing asset holdings.


ISUZU MOTORS: Sees Profit this Year Despite Staggering 2002 Loss
----------------------------------------------------------------
Japanese automaker Isuzu Motors reported three-times more losses
in 2002 compared with its performance in fiscal year 2001, the
Associated Press said Friday.

Total losses in the just ended fiscal year reached JPY144
billion, 300% higher than the JPY43 billion posted in 2001.  
This is the fourth consecutive annual loss of the company that
is now under the General Motors umbrella.  

Despite the gigantic loss figure, the company still expects to
turn a profit this year.  For the fiscal year ending in March
2004, Isuzu is forecasting a profit of JPY35 billion (US$298
million) on lower sales of JPY1.25 trillion (US$11 billion).

Sales in 2002, according to the newswire, plunged 15.5 percent
to JPY1.35 trillion (US$11.5 billion) from JPY1.6 trillion a
year earlier.  Isuzu sold 277,891 vehicles worldwide, down 10
percent from the previous year.  Vehicles sales were down in
both Japan and overseas markets, it said.

Twelve-percent-owned by General Motors, Isuzu charged JPY77
billion yen (US$656 million) against earnings for restructuring
its North American subsidiaries.  Most of the charge came from
the sale of its 49 percent stake in a joint venture making sport
utility vehicles in Lafayette, Ind., to Japanese automaker Fuji
Heavy Industries, another GM affiliate.

Other highlights in the 2002 annual report include a JPY25
billion- charge for early retirement programs, JPY12 billion for
downsizing sport-utility vehicle operations and JPY5 billion for
the plunging value of its stocks.


NIKKAN KOGYO: Urges Resona to Turn JPY1-2B Loan into Equity
-------------------------------------------------------------
Tokyo-based business newspaper, Nikkan Kogyo Shimbun, has
reportedly asked Resona to turn JPY1-2 billion in loans into
Nikkan Kogyo shares to spare the company from bankruptcy, Dow
Jones said Friday.

Citing Kyodo News, Dow Jones said Resona appears to be amenable
to the proposal.  Aside from the equity-for-debt proposal, the
newspaper is reportedly considering selling its head office
building and a major cut in its work force, which currently
number 700.

Meanwhile, sources told Kyodo News Nikkan Chairman Taihei Kanno
will resign to take up responsibility for the business downturn.  
Managing editor Toshitake Chino is reportedly the prime
candidate to take his post.

The newspaper blames the sharp drop in subscriptions for its
woes.


SANKYO SEIKI: R&I Places Rating on Monitor Scheme
-------------------------------------------------
Rating and Investment Information, Inc. (R&I), has placed the
following ratings on the Rating Monitor scheme, with a view to
downgrading them:

ISSUER: Sankyo Seiki Mfg. Co., Ltd. (TSE Code: 7757)
Senior Long-term Credit Rating; Long-term Bonds (1 series)

R&I RATING: (BB+)

Placed on the Rating Monitor scheme with a view to downgrading
Domestic Commercial Paper Programme

R&I RATING: (a-3)

Placed on the Rating Monitor scheme

RATIONALE:

On May 20, Sankyo Seiki Mfg. Co., Ltd. released consolidated
results for the March term with a shortfall in bottom line
profits for the second consecutive term and consolidated
retained losses that have soared to 6.8 billion yen. As of March
2003, the company has allocated a segment of its development
costs to deferred assets. In view of this factor, the actual
bottom line and financial position of the company have
deteriorated further. Operating losses are also expected to
continue during the March 2004 term. A reorganization of the
manufacturing system is expected to incur considerable costs in
the business reconstruction of the company and make substantial
bottom line losses for this term unavoidable. Because of further
deterioration of the financial base, R&I has placed Sankyo
Seiki's Senior Long-term Credit Rating on the Rating Monitor
scheme and has launched a review. After determining the
company's plans for a recovery in earnings and finances, R&I
will assign a new rating.


SNOW BRAND: Sees Better 03' Result as Net Loss Slips to JPY27 BB
----------------------------------------------------------------
Snow Brand Milk Products Co., the dairy firm that figured in a
massive food-poisoning outbreak in 2000, has managed to cut its
losses for 2002, reporting only JPY27.1 billion in net loss last
week.

The latest annual result is a marked improvement from the
JPY71.74 billion- net loss recorded in fiscal year 2001.  Buoyed
by this encouraging result, the company is forecasting a group
net profit of JPY3 billion for the year to next March.  The
company said several new products, which debuted this spring and
have been selling briskly, would lead the turnaround this year.

Since the 2000 scandal, the company has spun off many
operations, including the core consumer milk business, to
concentrate on cheese, butter and margarine.  As a result of
these spin-offs, the consolidated revenue projected for the
current year is JPY310 billion.

Once the undisputed leader in the domestic dairy market, the
company's revenues these days are just a quarter of what it used
to log during its hey days.  Authorities blamed the outbreak on
tainted dairy products manufactured by Snow.


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


SK GLOBAL: Banks OK Bailout; Other Lenders to Play 'Hardball'
-------------------------------------------------------------
Creditors hinted last week it would play hardball with SK Corp.,
the parent of scandal-hit unit SK Global, when in demanded that
the group first implement 'self-help' measures before asking
creditors for aid.

According to Digital Chosun, presidents of major creditor banks
urged the subsidiaries of the SK group last week to convert
KRW1.5 trillion of their sales receivable from the troubled unit
into shares, and write off an additional KRW600 billion in
overseas sales receivable in full.  To force compliance, the
group of creditors also threatened to adopt liquidation measures
against the company.

The SK group, however, defied the creditors' demand, saying
their proposal treats SK subsidiaries as scapegoats.   

Meanwhile, eleven presidents of SK Global's creditor banks,
including Kim Seung-yu of Hana Bank, agreed to bailout the firm
in a meeting held Thursday morning.  This plan urges creditors
to convert about 30 percent of their total KRW6.7 trillion
exposure in SK Global into shares.  In addition, this group of
creditors also agreed to purchase their loans to SK Global at 35
percent of the loan amount from domestic and overseas creditors
who oppose the bailout plan worked out on Thursday.

Market observers do not believe the opposing creditors would
easily accept the loan transfer plan.


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


AMSTEEL CORPORATION: Proposed CIL Shares Disposal Completed
-----------------------------------------------------------
Amsteel Corporation Berhad refers to the announcements made on
24 December 2002, 7 April 2003 and 20 May 2003 in relation to
the Proposed disposal of approximately 1,512,356,160 new
ordinary shares of HK$0.01 each in CIL Holdings Limited (CIL) to
be received pursuant to a scheme of arrangement proposed by CIL
to Ambang Jaya Sdn Bhd and Angkasa Marketing (Singapore) Pte
Ltd, both wholly-owned subsidiaries of the Company, in
settlement of debts owing by CIL for a total cash consideration
of HK$11 million (Proposed Disposal of CIL Shares).

The Board of Directors of Amsteel Corporation Berhad wishes to
announce that the Proposed Disposal of CIL Shares was completed
on 22 May 2003.


HIAP AIK: Defaulted Payment Status Remains Unchanged
----------------------------------------------------
Further to the announcement made on 15 April 2003 pertaining to
the default in payment in relation to Practice Note No. 1/2001.

Hiap Aik Construction Berhad (Special Administrators Appointed)
wishes to announce that there is no change to the status in
respect of the default in payment in registered holders of 8%
Irredeemable Convertible Unsecured Loan Stocks 2001/2006.

COMPANY PROFILE

Construction company Hiap Aik Construction Bhd (HACB) has been
operating from Malacca since incorporation. Prior to its
incorporation, the founder of HACB, Yap Seng Hock, started the
business under a partnership in the early 1960s. During the
early years of the Company, it was involved in construction
works for plantation companies, Dunlop Estates Bhd and Kumpulan
Guthrie Bhd. As the Company expanded over the years, it
diversified into construction for the government and private
sectors. Today, HACB is a registered "Class A" contractor and
currently, the Group's job order book and work-in- progress
total approx. RM351m.

The Company also has its own timber molding operations.
Production capacity of these operations is 50 tons of timber
per month for the manufacture of plywood flush doors, window
frames and other timber-related products. All the timber
molding products manufactured are used solely for the Company's
construction activities.

In line with diversification plans in 1993 and 1994, HACB
ventured into the manufacturing of cement sand bricks and
precast blocks as well as trading and distribution of building
materials.

In 1995, HACB ventured into property development in Sungai Besi
and Malacca. This was followed by the Company's diversification
into oil palm plantations in 1999.

CONTACT INFORMATION: 327-A, Taman Melaka Raya
                     75000 Melaka
                     Tel : 06-2848398;
                     Fax : 06-2838086


HIAP AIK: Elects Dr. Wong Kai Fatt as Non-Exec Director
-------------------------------------------------------
Hiap Aik Construction Berhad posted this Change in Boardroom
Notice:

Date of change : 22/05/2003  
Type of change : Appointment
Designation    : Non-Executive Director
Directorate    : Independent & Non Executive
Name           : Dr. Wong Kai Fatt
Age            : 38
Nationality    : Malaysian
Qualifications : Doctor of Philosophy (Pharmacy and Health Care
Administration) and B. SC (Computer Science)

Working experience and occupation:

He is currently the Chief Executive Officer of EAssetsManagement
Sdn. Bhd. He has many years of experience in the research and
business development. He held positions as Senior Vice-
President, Institutional Sales of Affin-UOB Securities Sdn Bhd,
Senior Manager, Research and Business Development of South Johor
Equities Bhd, Manager, Dealing and Acting Head of Research of SJ
Securities Sdn Bhd and various large institution overseas.

Directorship of public companies (if any) : NIL
Family relationship with any director and/or major shareholder
of the listed issuer : NIL
Details of any interest in the securities of the listed issuer
or its subsidiaries : NIL


HIAP AIK: Posts Audit Committee New Composition
-----------------------------------------------
Further to Hiap Aik Construction Berhad's announcement on Friday
in relation to the appointment of new Independent & Non-
Executive Director, the Special Administrators of the Company
wish to inform that the new composition of the Audit Committee
of the Company with effect from 22 May 2003 is as follows:

New Composition of Audit Committee

Names               Designation        Position in the Committee
   
Mr. Goh Theow Hiang  Independent & Non-Exec Dir     Chairman
Mr. Chee Yon Long    Independent & Non-Exec Dir     Member
Mr. Yap Ah Bee       Executive Director             Member
Dr. Wong Kai Fatt    Independent & Non-Exec Dir     Member


KUB MALAYSIA: Updates Unit's Restraining Order Status
-----------------------------------------------------
The Board of Directors of KUB Malaysia Berhad wishes to announce
that application by A&W (Malaysia) Sdn Bhd, a wholly-owned
subsidiary of the Company for a Restraining Order pursuant to
Section 176(10) of the Companies Act, 1965 was heard at the
Kuala Lumpur High Court on 20 May 2003. The Restraining Order
was extracted from the Kuala Lumpur High Court on even date.

For further details on the Restraining Order, kindly refer to
the Appendix 1 attached at
http://bankrupt.com/misc/TCRAP_KUB0527.doc.


L&M CORPORATION: Fulfillment Date Extended Until August 16
----------------------------------------------------------
Further to the announcements on 18 October 2002, 19 November
2002, 15 January 2003, 21 January 2003, 24 April 2003 and 12 May
2003 in relation to the Proposed Corporate and Debt
Restructuring Scheme.

The Special Administrators of L & M Corporation (M) Bhd (Special
Administrators Appointed) namely Mr. Gan Ah Tee, Mr. Ooi Woon
Chee and Encik Mohamed Raslan bin Abdul Rahman of KPMG Corporate
Services Sdn Bhd wish to announce that the Fulfillment Date
(referred to in the Amended and Re-stated Reconstruction
Agreement dated 18 November 2002 and the share sale agreements
dated 18 November 2002 to facilitate and implement the Proposed
Corporate and Debt Restructuring Scheme of L&M) i.e. the date
for the satisfaction of all the conditions precedent for the
said agreements has been extended to 16 August 2003.

For more details on the Proposed Corporate and Debt
Restructuring Scheme, refer to the Troubled Company Reporter -
Asia Pacific Thursday, November 21, 2002, Vol. 5, No. 231 issue.


MBF CAPITAL: Obtains SC's Nod on Proposed Revision
--------------------------------------------------
Further to the announcement dated 31 December 2002 in relation
to the Proposed revision to the approval terms for the Proposed
Scheme of Compromise (Proposed Revision).

Alliance Merchant Bank Berhad (Alliance), for and on behalf of
the Board of Directors of MBf Capital Berhad, is pleased to
announce that the Securities Commission (SC), had via its letter
dated 20 May 2003, granted the approval for the Proposed
Revision. The details of the Proposed Revision are as detailed
below.

The SC had, via its letter dated 30 December 2002 in relation to
its approval for the Proposed Scheme of Compromise, approved the
proposed acquisition of Leisure Holidays Berhad (LHB) by MBf
Capital / Perfect Utilization Sdn Bhd (PUSB) (Proposed
Acquisition of LHB) subject to Summerset Resort Sdn Bhd
(Summerset), a subsidiary company of LHB, obtaining the approval
for the layout and building plans for the construction of the
Marine Hotel on Lots PT 2547 to 2560 in Rompin, Pahang.

Pursuant to the above, the SC had, via its letter dated 20 May
2003, approved the Proposed Revision for Summerset to obtain the
approval for the layout and building plans for the construction
of the Marine Hotel on Lots PT 2547 to 2560 in Rompin, Pahang
not later than the 1st quarter of year 2004 subject to the
following conditions:

   (a) Leisure Holidays Holdings Sdn Bhd (LHHSB) to provide a
written undertaking that:

     (i) LHHSB shall undertake to procure and ensure that
Summerset will obtain the approval for the layout and building
plans for the construction of the Marine Hotel on Lots PT 2547
to 2560 in Rompin, Pahang not later than the 1st quarter of year
2004; and

     (ii) LHHSB shall indemnify MBf Capital/PUSB for any
reduction in the purchase consideration in respect of the
Proposed Acquisition of LHB, resulting from the failure to meet
any of the conditions in the agreement dated 24 July 2002.

   (b) Alliance is required to inform the SC not later than the
1st quarter of year 2004 on the application status for the
approval of the layout and building plans from the respective
authorities.

  
MGR CORPORATION: Share Offer, Warrant Issue Fully Subscribed
------------------------------------------------------------
MGR Corporation Berhad (Special Administrators Appointed) refers
to the Prospectus of Crest Builder Holdings Berhad (CBHB) dated
23 April 2003 in relation to the following offerings:

   (i) Public offer for sale by Yong Soon Chow and Commerce
Approach Sdn Bhd (Commerce Approach), a nominee of Messrs
Horwath (formerly known as Messrs Horwath Mok & Poon) who is in
turn, an agent for the creditors of MGR of 16,200,000 ordinary
shares of RM1.00 each in CBHB (Shares) at an offer price of
RM1.00 per Share (Share Offer) comprising:

     (a) 7,900,000 Shares for application by former shareholders
of MGR (Former MGR Shareholders Offer);

     (b) 1,600,000 Shares for application by Malaysian public
(Public Offer);

     (c) 2,000,000 Shares for application by eligible employees,
directors, customers, suppliers and business associates of CBHB
and its subsidiaries (Pink Form Allocation); and

     (d) 4,700,000 Shares for application by identified public
placees (Placement);

   (ii) Public offer for sale by Commerce Approach of RM100,000
nominal value of 3-year 3%-7% Irredeemable Convertible Unsecured
Loan Stocks 2003/2006 at 100% of the nominal value of RM1.00
each (ICULS Offer) and RM100,000 nominal value of 5-year 1%-9%
Redeemable Convertible Unsecured Loan Stocks 2003/2008 at 100%
of the nominal value of RM1.00 each (RCULS Offer); and

   (iii) Rights issue of 24,000,000 Warrants 2003/2013
(Warrants) at an issue price of RM0.30 per Warrant (Warrant
Issue).

AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of the Company/CBHB, wishes to
announce that as at the closing date on 16 May 2003, the Share
Offer and the Warrant Issue have been fully subscribed with an
excess application of 2,222 Shares and 710,789 Warrants
respectively while both the ICULS Offer and RCULS Offer were
fully subscribed.

Details of the level of subscription for the Share Offer and
Warrant Issue are disclosed in Table 1 and 2 respectively at
http://bankrupt.com/misc/TCRAP_MGR0527.doc.

All Shares not subscribed for under the Former MGR Shareholders
Offer and Pink Form Allocation will first be made available for
subscription under the Public Offer. Any further Shares not
subscribed for will be made available under Placement. The
Placement has been oversubscribed. The directors of CBHB will
allocate the Shares in such manner as they deem fit or
expedient.

The Directors of CBHB in such manner shall allot the 2,627,461
excess Warrants applied for as they deem fit or expedient. It is
the intention of the Directors of CBHB to allot the excess
Warrants in such manner that the incidence of odd lots will be
minimized.


NCK CORPORATION: SC Grants Scheme Implementation Time Extension
---------------------------------------------------------------
On behalf of NCK Corporation Berhad (Special Administrators
Appointed), Alliance Merchant Bank Berhad, wishes to announce
that NCK has on May 22, 2003 received the approval from the
Securities Commission for an extension of six (6)-month period
to 15 November 2003 to implement the Proposed Restructuring
Scheme.

For details on the Proposed Restructuring Scheme, refer to the
Troubled Company Reporter - Asia Pacific Tuesday, July 2,
2002, Vol. 5, No. 129 issue.


PAN PACIFIC: SC Approves Proposed Restructuring Scheme
------------------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad, in relation
to the Proposed Restructuring Scheme, announced that the
Securities Commission (SC) had via its letter dated 21 May 2003,
which was received on 22 May 2003, approved the Proposed
Restructuring Scheme of PPAB as follows:

   1. (i) the reduction of the issued and paid-up share capital
of PPAB from RM128,578,004 comprising 128,578,004 ordinary
shares of RM1.00 each in PPAB (PPAB Shares) to RM64,289,002,
involving the cancellation of RM0.50 of the par value of each
existing ordinary share of PPAB in issue and thereafter, the
consolidation in such manner that every two (2) ordinary shares
of RM0.50 each shall constitute one (1) ordinary share of RM1.00
each, as proposed; and

      (ii) the restructuring of outstanding debts amounting to
RM272,802,000 involving the issuance of 37,684,000 Convertible
Preference Shares of RM1.00 each (CPS), 71,620,000 Redeemable
Convertible Preference Shares of RM1.00 each (RCPS) and cash
settlement of RM45,302,000 (Proposed Debt Restructuring), as
proposed;

      (iii) the issuance and listing of a total of 109,304,000
new PPAB Shares pursuant to the full conversion of RCPS and CPS;

      (iv) listing of and quotation for:

       (a) up to 71,620,000 RCPS to be issued pursuant to the
Proposed Debt Restructuring (subject to not less than 100
holders holding not less than one (1) board lot of RCPS each);

       (b) up to 71,620,000 new PPAB Shares to be issued
pursuant to the full conversion of RCPS (where the said RCPS is
not redeemed wholly or partly);

       (c) up to 37,684,000 new PPAB Shares to be issued
pursuant to the full conversion of CPS.

The approval of the SC as stated above is subject to the
following conditions:

   (i) the conversion price of the CPS and RCPS shall be fixed
at RM1.00 per RM1.00 nominal value of CPS and RCPS;

   (ii) PPAB is required to appoint an independent audit firm
(which is experienced in investigative audit and has not been in
the past and is not the current auditor of the PPAB Group)
within two (2) months from the date of the letter of approval of
the SC to conduct an investigative audit on the past business
losses of PPAB. PPAB is also required to take the necessary
steps to recover such losses. Based on the findings of the
investigative audit, PPAB has to report to the relevant
authorities if there has been any breach to any laws, rules,
guidelines and/or Memorandum and Articles of Association of the
respective company by the directors of PPAB and/or other
parties, which resulted in the losses of PPAB. The investigative
audit must be completed within six (6) months from the date of
the appointment of the said independent audit firm and the
resultant findings must be announced. Two (2) copies of the
investigative audit report must be made available to the SC
after completion of the investigative audit; and

   (iii) Alliance / PPAB must fully comply with the SC's
Policies and Guidelines on Issue/Offer of Securities.

The SC also noted that PPAB intended to revise its utilization
of proceeds from the disposal of Peninsula Securities Sdn Bhd
(PSSB), which had been approved by the SC for the new core
business on 12 June 2001 and 1 August 2001. PPAB proposed to
utilize, amongst others, RM34,300,000, instead of RM70,000,000
as earlier approved, from the proceeds from disposal of PSSB of
approximately RM196,548,000, for the investment in and
establishment of new core business of PPAB. The SC has no
objection to the proposed revision in the utilization of
proceeds for investment in new core business of PPAB subject to
the condition that the said proposed revision can only be
implemented after PPAB obtains additional funding for the
capital expenditure for the new core business.

Alliance is required to provide written confirmation on the
status of compliance for all the terms and conditions as imposed
in paragraphs 1 to 3 above after the completion of the Proposed
Restructuring Scheme.


RAHMAN HYDRAULIC: Posts Books Closure Notice
--------------------------------------------
Notice is hereby given that the Register of Depositors of Rahman
Hydraulic Tin Berhad (Special Administrators Appointed) (RHTB)
will be closed on 13 June 2003 for the following purposes:

   (i) Recalling of the existing issued and paid-up share
capital of RM1.00 each in RHTB (RHTB Stocks); and

   (ii) Exchanging and replacing the RHTB Stocks for existing
ordinary shares of RM0.50 each in IJM Plantations Berhad (IJMP
Shares) on the basis of one (1) existing IJMP Share for every
forty (40) RHTB Stocks held at or before 5.00 p.m. on 12 June
2003 pursuant to the Proposed RHTB Acquisition and Disposal and
Proposed Listing Transfer.

FURTHER NOTICE IS HEREBY GIVEN THAT a depositor of RHTB
registered in the Register of Depositors as at 12 June 2003 will
be subject to the share exchange in respect of:

   (i) RHTB Stocks deposited into the depositor's securities
account before 12.30 p.m. on 10 June 2003 (in respect of RHTB
Stocks which are exempted from mandatory deposit); and

   (ii) RHTB Stocks transferred into the depositor's securities
account before 4:00 p.m. on 12 June 2003 in respect of ordinary
transfer.


RAHMAN HYDRAULIC: Proposed Corporate Exercise Extended
------------------------------------------------------
Further to the announcement dated 31 March 2003 in relation to
the Proposed Corporate Exercise.

Public Merchant Bank Berhad, on behalf of IJM Corporation Berhad
and Rahman Hydraulic Tin Berhad (Special Administrators
Appointed), is pleased to announce that both IJM and RHTB have
mutually agreed to a further extension of time of one (1) month
until the end of June 2003 to complete the Proposed Corporate
Exercise.


RNC CORPORATION: Changes Registered Address
-------------------------------------------
RNC Corporation Berhad posted this notice:
   
Change description : Registered
Old address        : Lot 767, Shah Alam Industrial Estate,
    Padang Jawa, 40200 Shah Alam, Selangor Darul Ehsan
New address        : 20th Floor, East Wing, Plaza Permata, Jalan
    Kampar, Off Jalan Tun Razak, 50400 Kuala Lumpur, Wilayah
    Persekutuan
Name of Registrar :  
Telephone no : 03-4043 9411
Facsimile no : 03-4043 1233
E-mail address :  
Effective date : 22/05/2003  

The Troubled Company Reporter - Asia Pacific reported last week
that the Securities Commission, in relation to the Proposed
Corporate and Debt Restructuring Scheme (Proposed Scheme), had
approved a further extension of 6 months to 16 October 2003, to
implement the Proposed Scheme.


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


FIRST PHILIPPINE: Due Date on US$70M Debt Facility Extended
-----------------------------------------------------------
First Philippine Holdings Corp. received a brief reprieve last
week from creditors who extended the company's deadline to pay a
US$70 million facility until June 30, 2003.

Secured by FGHC International, a wholly owned Cayman Islands-
based subsidiary of First Philippine Holdings, the loan became
due on May 22.  FGHC International could only manage a partial
payment amounting to US$10 million plus interest last Thursday.

First Philippine is confident, however, that it could pay the
obligation by the next deadline.  It expects to generate
sufficient funds by means of Dividends and through FGHC
International's issuance of term notes in the principal amount
of US$35 million to AIMCF (Cayman Islands) Ltd.

These term notes allow for another possible set of investors to
purchase additional guaranteed notes in the total amount of up
to US$35 million with call and put options for up to another 3.5
percent stake in First Generation Holdings Corp., the paper
said.  This will be at a premium over the valuation made
relating to Japan's Sumitomo Corp.'s investment in First Gen
last December 2001. AIMCF likewise has a one-time right to put
all or part of the call options to FPHC subject to certain
conditions.

The funds to be raised are intended to refinance, in part, the
payment of FGHC International's obligations, which are
guaranteed by First Philippine and maturing this month, as well
as for other corporate purposes, the report said.


MANILA ELECTRIC: 9-year Refund Mulled for Industrial Users
----------------------------------------------------------
Industrial users, which make up the bulk of Manila Electric
Co.'s customers, will have to wait until next year and quite
possibly a total of nine years to get a full refund of the
excessive charges collected by the power distributor, The Manila
Bulletin said Friday.

In its proposal to the Philippine Chamber of Commerce and
Industry, Meralco said it could not implement a refund program
for industrial users within the year because its cashflow could
not support it.  

"For our industrial customers, the scenario we are looking at is
full nine years of refund, but we cannot start that within the
year because of our cash flow limitation," Meralco President
Jesus P. Francisco was quoted by the paper as saying.

According to the paper, commercial and industrial users
constitute more than 70% of Meralco's customer base.  As a
result, a refund to this customer class would heavily impact and
even compromise Meralco's financial viability.  It is estimated
that a refund involving this sector will cost Meralco as much as
PHP24 billion, the paper said.

Meanwhile, the refund scheme for customers with monthly
consumption of 100 kilowatt-hour and below will start June 6.
The approved formula is for the refund cost to be deducted from
their present billings and the balance can be availed of in cash
from specified Meralco branches.

It is not certain when the next phase of the Supreme Court-
ordered refund, involving customers consuming 300 kilowatt-hour
and below, will follow.  Based on assumptions earlier undertaken
by industrialist Raul T. Concepcion, these customer bracket
would make up around 77 percent of the total residential
customers and are responsible for 18 percent of its total energy
sales of approximately PHP5.4 billion.

Mr. Concepcion's proposal, according to the paper, is for these
customers to be given one-time refund such as in the case of
those having 1 to 100 KWH of consumption.


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


LKN-PRIMEFIELD: Results of Annual General Meeting
-------------------------------------------------
The Board of Directors of LKN-Primefield Limited wishes to
announce that at the Annual General Meeting of the Company held
on 23 May 2003, all the resolutions as set out in the Notice of
AGM dated 5 May 2003 were duly passed.


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


ABICO HOLDINGS: Clarifies Q1/2003 Operating Results
---------------------------------------------------
Abico Holdings Public Co., Ltd., in reference to its submitted
financial statements for the first quarter of 2003, which had
been audited by the certified public accountant, clarified its
operating results for the first quarter of 2003 in comparison
with 2002, as follow:

1. Total sales revenues of Bt33.99 million

Company/Business     Financial              Increase/Decrease
                     Statement at end of
                     year                 
                     2003             2002

Co-Packing            30.19          75.01           (44.82)
Real estate business  3.80           3.80            ( - )
Total                 33.99          78.81           (44.82)

- Co-Packing Business had a decline in its revenue for 44.82
million baht due to the lower volume of production compared to
that of the previous year.

- Real Estate Business is able to generate its income as equal
as that of last year.

2. The company incurred losses on its investment under the
equity method of Bt2.85 million, a decline of Bt11.48 million
compared to that of the preceding year.  That is the result of
the loss in the investments in Malee Sampran Public Co.,Ltd. was
reduced for the entire amount.

3. The company has set up allowance for deterioration in value
of the goodwill of the investment in Malee Sampran Public
Co.,Ltd. for Bt70.32 million in accordance with the Accounting
Standard No. 36 on Deterioration in value of assets.

4. The company has set up an allowance for loss on the guarantee
made to P.P.O. Farm Co.,Ltd. and ChokeChai Milk Co.,Ltd.
totaling Bt13.81 million.  It is recorded in the selling and
administrative expenses.


HEMARAJ LAND: Notifies Warrants Exercise
----------------------------------------
Hemaraj Land and Development Public Company Limited notified the
warrant holders regarding the exercise procedures, as follows:

   1. Exercise Date: June 16, 2003.
   
   2. Exercise Period: From June 1, 2003 - June 14, 2003
      during business day from 8:30 a.m. to 3:30 p.m.
   
   3. Place
      Hemaraj Land and Development Public Company Limited
      18th Fl., UM Tower, 9 Ramkhamhaeng Road,
      Suanluang, Bangkok 10250
      Tel: 0-2719-9555
      Fax: 0-2719-9546 or the office of every
      Finance and Securities Companies and/or every Securities      
      Companies within the exercise period

   4. Exercise ratio and exercise price: 1 warrant can be
      exercised to 1 common share at Bt3.00 per share.

On April 2, the Troubled Company Reporter - Asia Pacific
reported that the Board of Directors' Meeting resolved no
distribution of Dividends and no appropriation of profits for
the 2002 operating results since the company still has deficit.
    
                                                         
RATANA REAL: Explains Auditor's Inability to Express Opinion   
------------------------------------------------------------
Ratana Real Estate Public Company Limited clarifies the
Auditor's disclaimer of opinion for the financial statement as
at December 31st, 2002, as follows:

   1. The title deeds to the Company's land and office building
amounting to Bt95 million as at December 31, 2002, which are
mortgaged to the lenders to secure loans, are still with the
lenders. At present, the auditors haven't receive yet any
response from the lenders to be unable to inspect the title deed
although the Company approved to inspect the title deed or
confirmations from the lenders.

   2.  The company has consistently suffered operating losses
and has a significant capital deficit. It also faces liquidity
problems, and has been unable to fulfill the conditions of
various loan agreements and to repay indebtedness to its
creditors. At the present the Company is in the process of
negotiating with its lenders and creditors to restructure the
conditions and the repayment of its liabilities.


RATANA REAL: SET Removes "SP" Sign
----------------------------------
Previously, the Stock Exchange of Thailand posted the "SP"
(Suspension) sign on the securities of Ratana Real Estate Public
Company Limited (RR) for the second trading session on 16 May  
2003 because the company has publicly submitted the SET its
audited financial statements for the period ending 31 December
2002 which its auditor issued a Disclaimer of Opinion on its
financial statements. The SET has been waiting for the
clarification about making financial statements.

Currently, the company has disseminated the abovementioned
clarification to investors through the SET, therefore, the SET
has posted the "NP" sign on RR for the second trading session on
22 May 2003 until such time as the 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.


THAI-GERMAN PRODUCTS: SET Still Suspends Securities Trading
-----------------------------------------------------------      
Previously, the Stock Exchange of Thailand posted the SP
(Suspension) sign on the securities of Thai-German Products
Public Company Limited (TGPRO) from the second trading session
of 16 May 2003 because the company submitted to the SET its
reviewed financial statements for the first quarter ending 31
March 2003. Its auditor was unable to reach any conclusion on
their financial statements and posted NP sign from 19 May 2003
since the SET was waiting for the conclusion on whether the
company has to amend its financial statements.

Now the Securities and Exchange Commission (SEC) has informed
the SET that it is not necessary to amend TGPRO's financial
statements at present. Therefore, the SET will post the NR
(Notice Received) sign on TGPRO's securities from the first
trading session of 22 May 2003 to announce that the SET has
received the conclusion from the SEC.

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


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.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***