---

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

                   A S I A   P A C I F I C

            Friday, June 13, 2003, Vol. 6, No. 116

                         Headlines



A U S T R A L I A

AMP LIMITED: Offer to Small Investor Won't likely Raise AU$500M
AMP LIMITED: Westfield Secures 79.3% of AMP Shopping Centre
AUSTRALIAN MAGNESIUM: Beattie Makes Rescue Personal Crusade
GOODMAN FIELDER: Burns Philp's Shares Acquisition Complete
MIM HOLDINGS: Forwards Scheme of Arrangement to Court

TUART RESOURCES: Posts Details of Deed of Arrangement
TUART RESOURCES: To Hold Annual General Meeting July 16


C H I N A   &   H O N G  K O N G

BANK OF CHINA: Moody's, S&P Question Internal Loan Controls
GEO-TRONICS DEVELOPMENT: Winding Up Hearing Set June 25
JOYCE BOUTIQUE: Bigger Sales Help Cut Net Loss to HK$35 Million
NEW ASIA: HK$1 Billion Provision Leads to Year-end Net Loss
SUN MEDIA: Caps Sixth Losing Year with Five-fold Loss


I N D O N E S I A

MERPATI NUSANTARA: Under Threat of Bankruptcy


J A P A N

MERRILL LYNCH: Offers Y60B in Three Sets of Samurai Bonds
RESONA HOLDINGS: Posts Resolution to Issue New Shares
RESONA HOLDINGS: Issues Outlook For Fiscal 2003 and Dividends
RESONA HOLDINGS: Former President Apologizes, Blames Auditors
QANTAS AIRWAYS: Aims to Boost Japanese Bookings

* Japan's Electronics Companies Ratings Under Pressure, S&P


K O R E A

CHOHUNG BANK: Union Threatens General Strike
DAEWOO MOTOR: Bupyeong Plant to Rehire 910 Workers
HYUNDAI CORP.: Schedules Shareholder's Meeting July 23
JINRO CO.: Files Complaint Against Goldman Sachs
SK GLOBAL: SK Corp. Has No Plan to Counter Legal Action

SK GLOBAL: Slapped With US$3.4M Fine
SK GLOBAL: Chairman Keeps Managerial Rights


M A L A Y S I A

HO HUP: AGM Set For June 27
RAHMAN HYDRAULIC: Extends Appointment of Administrators
S P SETIA: Post Notice of Changes in Purchaser
TONGKAH HOLDINGS: Disposes of Quoted Securities
MMC ENGINEERING: Winding Up Subsidiary

NCK CORPORATION: Weng Kung Demands Payment From PNCK
PLANTATION & DEVELOPMENT: SC OK's Issuance of RCSLS/ICULS
SAP HOLDINGS: Issues Notice of Book Closure
SASHIP HOLDINGS: Restructuring Scheme Pending


P H I L I P P I N E S

BENPRES HOLDINGS: Pays US$5M Interest to Creditors This Month
BENPRES HOLDINGS: Interest Payments in November Still Uncertain
BENPRES HOLDINGS: Eyes Sale of Non-core Assets
MANILA ELECTRIC: Big Clients OK Long-term Refund
MANILA ELECTRIC: Arroyo Renews Franchise For Another 25 Years

MANILA ELECTRIC: DOE Urges to Speed up 2nd Phase Refund
NATIONAL STEEL: Creditors Will Not Invest in Back Taxes
PHILIPPINE LONG: Given Five Days to Pay Franchise Tax
PHILIPPINE LONG: Declares Cash Dividends
UNIWIDE HOLDINGS: Narrows 1Q02 Net Loss to P53.66M

UNIWIDE HOLDINGS: Closing Two Warehouse Clubs


S I N G A P O R E

SEATOWN CORPORATION: Releases FY02 Financial Statement
UNITED OVERSEAS: Voluntarily Winding Up Unit


T H A I L A N D

THAI PETROCHEMICAL: Court Verdict on New Planner Out Today

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Offer to Small Investor Won't likely Raise AU$500M
---------------------------------------------------------------
AMP Limited is not expected to achieve the AU$750 million target
it had set for its current offer to small investors, which will
close today, analysts interviewed by Reuters said yesterday.

According to the news agency, demand for the new shares in the
market will probably fall short of the AU$500 million
underwritten by UBS, a development that could create an overhang
on the stock price.

Last month, the company sold AU$1.2 billion worth of new shares
to institutions at AU$5.50 a share to finance the split up of
its Australian and U.K. business units by year's end.  AMP
shares traded at AU$4.97 by early afternoon yesterday.

Stung by poor results in Britain where profits from investments
fell short of the guaranteed returns it had to pay out on
policies, AMP said on May 1 it would split into two companies as
it moves to quarantine capital needs in Britain.

Meanwhile, a spokeswoman yesterday explained the lack of details
on the planned split: "In terms of mile posts, we've got our
interim results on August 20 and then once that's been done
we'll be able to get the explanatory memorandum on the de-merger
out.  We're expecting to do that around October-November."

The lack of detail has raised eyebrows among regulators, but the
retail component of the capital raising has not been blocked,
Reuters said.  AMP held discussions with the Australian
Securities and Investment Commission (ASIC) on Monday, assuring
ASIC Chairman David Knott that all material information had been
provided to small shareholders about the share purchase plan.

The plan allows small shareholders resident in Australia and New
Zealand to buy up to AU$5,000 worth of shares to be priced at
the lower of AU$5.50 or a five percent discount to the average
market price of AMP shares calculated over a 15 day trading
period after the close of the offer on Friday.


AMP LIMITED: Westfield Secures 79.3% of AMP Shopping Centre
-----------------------------------------------------------
Westfield Trust (ASX:WFT) announces that as at the close of
trading Thursday it had secured acceptances for 79.3% of the
units on issue in AMP Shopping Centre Trust (ASX:ART), two days
after declaring its bid unconditional.

Westfield Trust acquired 345.8 million ART units (42.7%) on
market Thursday, including the substantial unit holdings of AMP
Life and Centro Property Group (ASX:CEP).

Westfield Trust is offering $1.80 per unit for the outstanding
units in AMP Shopping Centre Trust. The bid, which opened on
June 10, 2003, remains open for acceptance until July 11, 2003.

"We are very pleased with the market response to our offer,"
said Westfield Managing Director Steven Lowy. "The shopping
centers in the ART portfolio are very high quality assets and
their acquisition represents a unique growth opportunity for
Westfield Trust."

For more information, contact: Matthew Abbott +61 2 9358 7333


AUSTRALIAN MAGNESIUM: Beattie Makes Rescue Personal Crusade
-----------------------------------------------------------
Australian Magnesium Corporation must scale down its expensive
Stanwell project if it wants to survive its current liquidity
woes, Queensland Premier Peter Beattie said Wednesday.

Mr. Beattie, who had extensive talks with other shareholders in
the project, including Prime Minister John Howard, in recent
days, said Queensland will make sure the project will be
completed.

The ambitious AU$1.7 billion project outside Rockhampton is just
half-built, but had already incurred cost overruns of up to
AU$200 million, more than the company could fund since it had
taken on the risk for construction of the plant after failing to
agree on a fixed price with building contractor, Leighton.

"We're determined to work together but at this point we don't
know the future.  This project is in serious trouble and we are
trying to save it," Mr Beattie was quoted by Asia Pulse as
saying.  "There will be a significant reduction in scale."

In an interview with ABC Radio, Peter Slipper, parliamentary
secretary to the federal Finance Minister, said the Australian
Magnesium Corp's Stanwell project had been saved: "Why is it
saved?  Because the commonwealth and the state government and
other stakeholders have sat down and talked, worked out how
important this is to Queensland and we've come up with a
solution which will benefit central Queensland, benefit our
economy and give people the opportunity of a foot on the
employment ladder."

Mr. Beattie said he was hopeful there was still some "number
crunching" going on to save the project from collapse. "I will
do everything within reason to keep it alive," he said.

"This is a partnership we have with the prime minister and he
knows it is important for the nation."  He added there would
have to be "very serious and significant changes" to the
project.

The Queensland government had committed AU$150 million to the
project to underwrite its dividend payments and help pay for
infrastructure work at an industrial park near the smelter.  The
federal government also loaned the project AU$100 million, while
the CSIRO gave AU$50 million.


GOODMAN FIELDER: Burns Philp's Shares Acquisition Complete
----------------------------------------------------------
BPC1 Pty Limited (Burns Philp) (a wholly owned subsidiary of
Burns, Philp & Company Limited) refers to its off-market
takeover bid for all the ordinary shares in Goodman Fielder
Limited (Goodman Fielder), which closed at 7.00 pm (Sydney time)
on March 28, 2003.

Burns Philp announced yesterday that it has, in accordance with
section 666B of the Corporations Act, completed the process for
compulsorily acquiring all outstanding Goodman Fielder shares.
Burns Philp is the registered holder of all Goodman Fielder
shares.

As compulsory acquisition has been completed, Goodman Fielder
removed from the official list of the Australian Stock Exchange
Limited and The New Zealand Exchange Limited at the close of
business yesterday.

H Golding
COMPANY SECRETARY


MIM HOLDINGS: Forwards Scheme of Arrangement to Court
-----------------------------------------------------
The Supreme Court of Queensland yesterday heard the application
by MIM Holdings Limited (MIM) for approval of the Scheme of
Arrangement between MIM and its shareholders regarding the $1.72
per share offer from Xstrata plc (Xstrata).  The Court is
considering the material before it and indicated that it would
make its decision as soon as possible.  MIM will advise the
market of the decision once made.

If the Court approves the Scheme, trading in MIM shares will be
suspended from close of trading on the ASX on the day of
lodgment of the Court order with the ASX.

For further information, contact:

GENERAL MANAGER
Bus: +61 (0) 7 3833 8285
Mobile: +61 (0) 419 703 145

Investors Relations:
Collin Myers
Allan Ryan
Bus: +61 (0)7 3833 8295
Mobile: +61 (0) 419 781 380


TUART RESOURCES: Posts Details of Deed of Arrangement
-----------------------------------------------------
On 13 January 2003, the directors of Tuart Resources Ltd (Tuart
or the Company) appointed G M (John) Carrello of PKF Chartered
Accountants, Western Australia Partnership as Administrator of
the Company pursuant to Section 436A of the Corporations Act.

The appointment was made following the Company's securities
being suspended from trading on the Official List of the
Australian Stock Exchange Limited.

At a meeting held on 21 February 2003, the Administrator
proposed to the creditors of the Company that it was in the best
interests of creditors to enter into a deed of company
arrangement. At this meeting, creditors voted to enter into a
deed of company arrangement with Ascent Capital Pty Ltd (Ascent
Capital) representing an investment group to recapitalize the
Company (Deed of Company Arrangement). The terms of the proposal
to recapitalize the Company are reflected in the Deed of Company
Arrangement, a summary of which is set out in this Memorandum.
Details of the investment group are set out in the Memorandum.

The Deed of Company Arrangement requires that, subject to
conditions being met, an amount of $220,000, certain assets and
rights to the benefit of certain receipts and contracts of the
Company be made available for the satisfaction of the claims of
creditors and to meet the costs of the Administrator and Deed
Administrator. Ascent Capital has provided the funding to meet
the costs associated with this Notice of Annual General Meeting.

The proposal from Ascent Capital requires members in General
Meeting to vote on and pass the following resolutions all of
which are interdependent:

(a) the ratification of the issue and allotment of 113,193,718
Shares prior to the consolidation of capital pursuant to the
Ascent Capital Performance Option;

(b) the consolidation of the capital of the Company on the basis
that every 30 Shares be consolidated into 1 Share;

(c) the issue and allotment of 55,000,000 Shares at an issue
price of 0.1 cents per Share following the consolidation of
capital, to raise $55,000 for working capital. The determination
of the allottees is at the sole discretion of Ascent Capital;

(d) the issue and allotment of up to a further 140,000,000
Shares at an issue price of not less than 1 cent per Share
following the consolidation of capital to raise up to $1,400,000
for working capital. The determination of the allottees is at
the sole discretion of Ascent Capital;

(e) the issue and allotment of 10,000,000 Shares at an issue
price of 1 cent per Share following the consolidation of capital
to Bennett & Co. as part of the recapitalization proposal in
settlement of a debt;

(f) the transfer of such of the assets of the Company as are
capable of being assigned to the Trustee pursuant to Listing
Rule 11.2 of the ASX and the terms of the Deed of Company
Arrangement;

(g) the ratification of the appointment of the nominees of
Ascent Capital as directors of the Company;

(h) changes to the constitution of the Company to give effect to
the above proposals and to update the constitution in compliance
with the Corporations Act and/or Listing Rules of the ASX;

(i) change of the name of the Company, if required by Ascent
Capital;  and

(j) any other approvals required to give effect to the objects
of the Deed of Company Arrangement or as required by the ASX or
ASIC.

The resolutions proposed which are included in the attached
Notice of Annual General Meeting enable the Company to satisfy
the above terms of the Deed of Company Arrangement. The General
Meeting referred to in the Deed of Company Arrangement will be
held concurrently with the Annual General Meeting.

If the above resolutions are passed and the proposed
restructuring and recapitalization completed, the Company will
seek the reinstatement of the quotation of its securities on
ASX. Ascent Capital has advised the Deed Administrator that it
intends the Company to continue with its mining and exploration
activities.

The Notice of Annual General Meeting also comprises the ordinary
business of adopting the financial report of the Company for the
period ending 30 June 2002, the re-election of a Director and
the special business of the recapitalization proposals.

DISCLAIMER

The Deed Administrator is not responsible for the contents of
this Notice of Annual General Meeting, the financial report of
the Company for the year ended 30 June 2002 and the reports by
the Directors and Independent Auditor, the Explanatory Statement
or the Memorandum generally, nor the report by Howarth
Securities (WA) Pty Ltd attached to and forming part of the
Memorandum. The Deed Administrator does not accept any
responsibility for any disclosure in or failure to include any
disclosure in those documents.

G M (John) Carrello
Deed Administrator

TUART RESOURCES: To Hold Annual General Meeting July 16
-------------------------------------------------------
Notice is given that the Annual General Meeting of shareholders
of Tuart Resources Ltd (subject to deed of company arrangement)
(Tuart or Company) will be held at PKF, Chartered Accountants,
Level 6, 28 The Esplanade, Perth, Western Australia at 11am
(Western Standard Time) on 16 July 2003.

AGENDA

The Explanatory Statement that accompanies and forms part of
this Notice of Meeting describes the matters to be considered as
ordinary business and special business.

ORDINARY BUSINESS

ANNUAL ACCOUNTS

To receive, consider and adopt the financial report of the
Company for the year ended 30 June 2002 and the reports by the
Directors and Independent Auditor.

RESOLUTION 1: RE-ELECTION OF MR MARTIN BENNETT AS A DIRECTOR

To consider and if thought fit to pass with or without
amendment, the following resolution as an ordinary resolution:

"That Mr Martin Bennett, being a director of the Company,
retiring by rotation in accordance with the Company's
Constitution, being eligible and offering himself for re-
election, be appointed as a director of the Company."

SPECIAL BUSINESS

It is a requirement of the special business of the meeting that
each of the resolutions set out below are passed, otherwise none
of the resolutions will have any effect.

RESOLUTION 2: RATIFICATION OF ALLOTMENT AND ISSUE OF SHARES

To consider and, if thought fit, to pass, with or without
amendment, the following resolution as an ordinary resolution:

"That, for the purpose of Listing Rule 7.4 of the Listing Rules
of the Australian Stock Exchange Limited and for all other
purposes, the Company approves and ratifies the allotment and
issue of 113,193,718 fully paid ordinary shares in the capital
of the Company to Ascent Capital Pty Ltd, prior to the
consolidation of capital, pursuant to the performance option
granted by the Company and otherwise on the terms set out in the
Explanatory Statement accompanying this Notice."

Short Explanation: Approval is sought under Listing Rule 7.4 to
allow the Company to ratify the issue and allotment of these
securities.
Please refer to the Explanatory Statement for details.

RESOLUTION 3:  CONSOLIDATION OF CAPITAL

To consider and, if thought fit, to pass, with or without
amendment, the following resolution as an ordinary resolution:

"That, in accordance with Section 254H of the Corporations Act,
Listing Rule 7.22.1 of the Listing Rules of the Australian Stock
Exchange Limited and the Company's Constitution and for all
other purposes:

(a) the issued capital of the Company be consolidated on the
basis that every thirty (30)fully paid ordinary shares in the
capital of the Company be consolidated into one (1)fully paid
ordinary share in the capital of the Company; and

(b) that every thirty (30)30 June 2003 options exercisable at 20
cents each granted by the Company be consolidated into one (1)30
June 2003 option exercisable at $6.00 each, and where this
consolidation results in a fraction of a Share or option being
held by a member of the Company, the directors of the Company be
authorized to round that fraction up to the nearest whole share
or option."

Short Explanation: Under the Corporations Act, a company may
convert all or any of its Shares into a smaller amount by
resolution passed at a general meeting. In that circumstance,
the Company is required to consolidate its options in accordance
with the Listing Rules.

RESOLUTION 4: ALLOTMENT AND ISSUE OF SHARES

To consider and, if thought fit, to pass, with or without
amendment, the following resolution as an ordinary resolution:

"That, for the purposes of Listing Rules 7.1 and 10.11 of the
Listing Rules of the Australian Stock Exchange Limited, Sections
208 and 611 of the Corporations Act and for all other purposes,
approval is given for:

(a) the Company to allot and issue up to 55,000,000 fully paid
ordinary shares in the capital of the Company at an issue price
of 0.1 cents per ordinary share (on a post consolidation basis)
to raise $55,000; and

(b) the Company to allot and issue up to 140,000,000 fully paid
ordinary shares in the capital of the Company at an issue price
of not less than 1 cent per ordinary share (on a post
consolidation basis) to raise $1,400,000; and

(c) those parties set out in the Explanatory Statement to
acquire a relevant interest in issued voting shares in the
Company on the issue of fully paid ordinary shares in accordance
with this Resolution, and otherwise on the terms set out in the
Explanatory Statement accompanying this Notice."

Short Explanation: Approval is sought under Listing Rule 7.1 to
allow the Company to issue these securities. Further, the
proposed directors intend to subscribe for or procure the
subscription of part of these Shares to support the capital
raising. Approval for this purpose is sought under Listing Rule
10.11 and the related party provisions of the Corporations Act.
Approval is also sought to allow those parties (who could be
deemed to be acting in concert) to acquire a relevant interest
in more than 20% of the Company. Please refer to the Explanatory
Statement for details.

RESOLUTION 5: ALLOTMENT AND ISSUE OF SHARES

To consider and, if thought fit, to pass, with or without
amendment, the following resolution as an ordinary resolution:

"That, for the purposes of Listing Rules 7.1 and 10.11 of the
Listing Rules of the Australian Stock Exchange Limited, Section
208 of the Corporations Act and for all other purposes, approval
is given for the Company to allot and issue 10,000,000 fully
paid ordinary shares in the capital of the Company at an issue
price of 1 cent per ordinary share (on a post consolidation
basis) to Bennett & Co. or its nominees in settlement of a debt
owed by the Company and otherwise on the terms set out in the
Explanatory Statement accompanying this Notice."

Short Explanation: Approval is sought under Listing Rule 7.1 to
allow the Company to issue these securities. Further, Mr
Bennett, a current director is associated with this resolution.
Approval for this purpose is sought under Listing Rule 10.11 and
the related party provisions of the Corporations Act. Please
refer to the Explanatory Statement for details.

RESOLUTION 6:  DISPOSAL OF ASSETS

To consider and, if thought fit, to pass, with or without
amendment, the following resolution as an ordinary resolution:

"That, for the purpose of Listing Rule 11.2 of the Listing Rules
of the Australian Stock Exchange Limited and for all other
purposes, approval is given for the Company to dispose of
certain assets of the Company, including rights to the future
benefit of proceeds and contracts in accordance with clause 9 of
the Deed of Company Arrangement, and as set out in the
Explanatory Statement accompanying this Notice."

Short Explanation: The Listing Rules require the Company to seek
shareholder approval where it proposes to dispose of its main
undertaking. The Company will retain its interest in mining
assets. Please refer to the Explanatory Statement for details.

RESOLUTION 7:  RE-ELECTION OF MR GARY STEINEPREIS

To consider and if thought fit, to pass, with or without
amendment, the following resolution as an ordinary resolution:

"That Mr Gary Steinepreis, being a director of the Company who
was appointed on 9 January 2003,retires in accordance with the
Company's Constitution and, being eligible and offering himself
for re-election, be appointed as a director of the Company."

RESOLUTION 8:  RE-ELECTION OF MR HUGH WARNER

To consider and if thought fit, to pass, with or without
amendment, the following resolution as an ordinary resolution:

"That Mr Hugh Warner, being a director of the Company who was
appointed on 9 January 2003,retires in accordance with the
Company's Constitution and, being eligible and offering himself
for re-election, be appointed as a director of the Company."

RESOLUTION 9:  ADOPTION OF NEW CONSTITUTION

To consider and if thought fit, to pass, with or without
amendment, the following resolution as a special resolution:

"That the Company adopts a new constitution in the form as
signed by the chairman of the meeting for identification
purposes in lieu of the existing constitution of the Company."

Short Explanation: The Company proposes to adopt a new
constitution that more accurately reflects the recent changes to
the Corporations Act and the Listing Rules of Australian Stock
Exchange Limited.

RESOLUTION 10:  CHANGE OF NAME

To consider and if thought fit, to pass, with or without
amendment, the following resolution as a special resolution:

"That for the purpose of Section 157(1) of the Corporations Act
and for all other purposes, the name of the Company be changed
to Extract Resources Ltd and the Constitution be amended
accordingly."

DATED THIS 12th DAY OF JUNE 2003
BY ORDER OF THE BOARD

J Carrello
DEED ADMINISTRATOR


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


BANK OF CHINA: Moody's, S&P Question Internal Loan Controls
-----------------------------------------------------------
Standard & Poor's Ratings Services on Wednesday revised to
"negative" from "stable" its outlook on the 'BBB+' long-term
counter-party rating of Bank of China Hong Kong (Holdings) Ltd.

This as Moody's Investors Service also raised similar concerns
about the bank's internal controls and its goal of becoming an
international commercial bank, Reuters said.  The bank has been
collaterally hit by a loan scandal involving its former chief
executive.

"The event... raises questions about BOC (HK)'s ability to
strengthen internal controls under institutional specific
constraints," Moody's said in a statement.

BOC Hong Kong, the city's second largest lender and whose non-
performing loan ratio is far above the industry average, said:
"We understand their concerns.  We will keep open the lines of
communication with the credit rating agencies."

Chinese authorities are currently investigating former CEO Liu
Jinbao, whose loans made through the Bank of China's Shanghai
branch, where he headed operations in the 1990s, is now the
focal point of the probe.  The Hong Kong bank disclosed last
week that it is owed HK$741 million (US$95 million) by New
Nongkai Global Investments Ltd, a company owned by Chinese
property tycoon Zhou Zhengyi, which has been placed in
receivership.  Mr. Zhou is also under house arrest in Mainland
China and facing investigations over alleged questionable loans
and fraud.

"The fact that the loan to New Nongkai became problematic in
less than a year raises questions about the adequacy of BOC HK's
loan approval controls," S&P said in a statement.

BOC Hong Kong said on Friday it made bridge loans of HK$1.77
billion (US$227 million) to New Nongkai Global Investments Ltd
last year and the loan was secured by New Nongkai's 75 percent
stake in Hong Kong-listed Shanghai Land Holdings Ltd, which is
also controlled by Mr. Zhou and had just recently filed for
receivership.

According to Reuters, Hong Kong's de facto central bank, the
Hong Kong Monetary Authority (HKMA), has pledged to appoint an
independent auditing firm soon to review the bank's credit
approval procedures, risk management systems and asset quality.


GEO-TRONICS DEVELOPMENT: Winding Up Hearing Set June 25
-------------------------------------------------------
The High Court of Hong Kong will hear on June 25, 2003 at 10:00
in the morning the petition seeking the winding up of Geo-
Tronics Development Company Limited.

Choong Siew Heun of Room 228, 2/F., Lee Hang House, Shun Lee
Estate, Kwun Tong, Kowloon, Hong Kong filed the petition on May
9, 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 34th Floor, Hopewell
Centre, 183 Queen's Road East, Wanchai Hong Kong.


JOYCE BOUTIQUE: Bigger Sales Help Cut Net Loss to HK$35 Million
---------------------------------------------------------------
Joyce Boutique Holdings Ltd. reported yesterday a narrower net
loss for the year to March, as sales last year reached HK$511.1
million, AFX-Asia said.

Net loss came in at HK$35 million, down from HK$85 million
previously. Loss per share was HK$0.022 against a LPS of
HK$0.053 a year earlier.  The company did not declare a final
dividend, the newswire said.


NEW ASIA: HK$1 Billion Provision Leads to Year-end Net Loss
-----------------------------------------------------------
Poor home sales and a HK$1.159 billion property provision led
New Asia Realty and Trust to finish the year to March 31 in the
red, The Standard said Wednesday.  The paper said net losses
came in at HK$781.8 million, a sharp contrast to last year's
HK$86.3 million- net profit.

"Included in the company's accounts is a provision of HK$658.6
million for impairment in value of the company's properties
under development for sale," New Asia Realty explained. "The
provision is principally for the properties held under Realty
Development and is substantially in line with the amount
reflected in its privatisation scheme."

The company proposed the privatization in December at HK$3.20
per share, or approximately HK$1.016 billion in total. The
scheme was completed on March 19, the paper said.  New Asia also
made a provision of HK$500.8 million on revaluation of
investment properties.  The total provision of HK$1.159 billion
was an increase over the HK$374 million provision a year
earlier.

Turnovers, meanwhile, dropped 40 percent to HK$1.999 billion,
according to the company, while operating profit fell 43.8
percent to HK$652.9 million.

"The decrease [in turnover] was chiefly caused by the lower
property revenue recognized by the Marco Polo Developments in
respect of its sales of Ardmore Park units in Singapore," New
Asia said.

The net loss from associates also widened to HK$456.6 million
from HK$353.9 million due to provisions of HK$548.7 million made
for residential projects Sorrento in Tsim Sha Tsui and Bellagio
in Sham Tseng, the paper added.  As of March 31, New Asia's
gearing ratio was 7.8 percent, compared with 5.1 percent a year
earlier, while the ratio of new debt to shareholders' equity
soared to 10.4 percent from 7.4 per cent.  New debt amounted to
HK$1.01 billion -- comprising total debts of HK$3.81 billion
less deposits and cash of HK$2.8 billion, compared with HK$851
million last year, the report said.


SUN MEDIA: Caps Sixth Losing Year with Five-fold Loss
-----------------------------------------------------
Sun Media Group announced earlier this week its sixth
consecutive annual net loss of HK$364.86 million, which is five
times wider than the figures recorded a year earlier.

According to The Standard, sales for the year to March 31
plunged to HK$184.49 million amid keen competition in the news
media industry.  Operating loss rose 4.84 times to HK$347.06
million, the paper added.

The company is currently peddling some of its business to revamp
operations.  Just last week, it agreed to sell a 70 percent
stake in Sun TV and 350 hours of its television program to
Strategic Media for 80 million yuan (HK$75.37 million).  A few
days ago, the company disclosed that it had sold its entire
stake in Jingwen Records, held under its record and audio-visual
products distribution arm, Jingwen Entertainment Group (JEG), to
two mainland investors for 35 million yuan cash.

The disposal, according to the company, is part of plan to break
JEG into three segments.  Under the plan, JEG will retain its
nationwide audio-visual products distribution business in the
mainland and will continue to develop its educational multimedia
products joint venture with the People's Education Press.
Founder Bruno Wu says these restructuring measures would enable
the group to concentrate its efforts and resources on its
publishing and distribution business and markets.

"The record business is not seen as a business with a bright
future... It is not a major development direction of the Sun
Media Group," Mr. Wu told The Standard.  "Since the copyright
investment period is very long, local companies are finding it
hard to compete with international media groups for copyright
resources in the long term."

He said the company will integrate its audio-visual and book
distributorship business under its Growth Enterprise Market-
listed unit Leadership Publishing Group.


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


MERPATI NUSANTARA: Under Threat of Bankruptcy
---------------------------------------------
The accumulated losses of state-owned Merpati Nusantara Airlines
has now reached Rp1.6 trillion, an alarming level that may force
the company to file for bankruptcy, Asia Pulse said yesterday.

Company president Hotasi Nababan said there is a number of ways
of saving the ailing company, one of which is to get a bank loan
with government guarantee.  The company could also pursue
privatization, but it will need an investment of Rp200 billion
(US$24.19 million) to improve its selling price in the market,
he said.

He said, for the company to survive, it must streamline its
employees, lease new aircraft and move the head office from
Jakarta to Makasar in eastern Indonesia where it will have more
routes to serve.


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


MERRILL LYNCH: Offers Y60B in Three Sets of Samurai Bonds
---------------------------------------------------------
Merrill Lynch & Co Inc. (Meralco) offered 60 billion yen ($509.8
million) in three tranches of Samurai bonds on Thursday,
according to Reuters, citing lead manager Merrill Lynch Japan
Securities said.

The coupon on the first tranche of 15 billion yen in two-year
floating-rate Samurai bonds yen issued in Japan by non-Japanese
entities, was set at 11 basis points over three-month Libor. The
second tranche of 15 billion yen in three-year straight Samurais
carried a coupon of 0.31 percent. The final tranche of 30
billion yen in five-year straight Samurais carried a coupon of
0.46 percent. All the bonds were priced at par.

It was the first time Merrill had tapped the Samurai market
since June 2001.


RESONA HOLDINGS: Posts Resolution to Issue New Shares
------------------------------------------------------
With respect to the application submitted by Resona Bank, Ltd.
(Resona Bank) on May 30, 2003, for an infusion of public funds
based on Article 105, Section 1 of the Deposit Insurance Law of
Japan, the Prime Minister of Japan decided on Tuesday to
implement the measures stipulated in Article 102, Section 1,
Paragraph 1 of the Deposit Insurance Law.

Accompanying the decision, Resona Bank passed a resolution to
issue new common shares and preferred shares with voting rights
totaling Y1,960,000,000,200 and allocate them to the Deposit
Insurance Corporation (DIC). In addition, Resona Holdings, Inc.
(Resona HD) and Resona Bank concluded a share exchange contract
regarding the exchange of the above new shares of Resona Bank
and shares to be issued by Resona HD.

Resona Bank plans to issue the aforementioned new shares on July
1, 2003 and the share exchange will be implemented on August 7,
2003, contingent on the approvals in the general meetings of
shareholders to be held by Resona HD and Resona Bank,
respectively.

                  Type of stock  Number of shares  Total issue
amount
                                  to be issued

Common stock     Common stock   25,912,450,000
Y296,438,428,000
                                         shares
Class one,
series one       Preferred stock  12,500,000,000
Y550,000,000,000
                with voting right         shares
Class two,
series one      Preferred stock   12,808,217,550
Y563,561,572,200
               with voting right          shares

Class three,
series one     Preferred stock    12,500,000,000
Y550,000,000,000
              with voting right           shares


2. Outline of the share exchange contract between Resona HD and

Resona Bank Resona HD and Resona Bank concluded on Tuesday a
share exchange contract. Resona HD acquires the new shares which
Resona Bank issues and allocates to the DIC. In exchange for
these shares, Resona Bank will issue and allocate to the DIC its
own shares so that the DIC could become a direct shareholder of
Resona HD. The intended exchange of shares will thus help Resona
Group strengthen its corporate governance and compliance
functions. Outline of the share exchange contract is as follows:

(1) Date of share exchange: August 7, 2003

(2) Increase of Resona HD's capital and capital reserve in
relation to the share exchange Resona HD's capital will be
increased by Y980 billion accompanying the share exchange.
Amount of increase in Resona HD's capital reserve will be
equivalent to the amount obtained by the following formula:

Net assets of Resona      Number of Resona           Amount of
Resona
Bank on the date of    X  Bank's shares acquired  - HD's capital
share exchange            by share exchange       increase in
relation
                                                  to the share
exchange
                              Divided by

                          Total number of shares
                          issued by Resona Bank

(3) Share exchange ratio

Outline of the shares to be issued by Resona HD in relation to
the share exchange is shown as follows. (For further details,
please refer to the separate attachment) Resona HD allocates its
own shares to the shareholders of Resona Bank registered as of
the previous day of the share exchange as specified below.

Resona HD received the opinion from Merrill Lynch Japan
Securities that the intended transactions are fair judging from
a financial viewpoint.

(4) Schedule for the share exchange

June 27, 2003 General meeting of shareholders to be held by
Resona HD July 1, 2003 General meeting of shareholders to be
held by Resona Bank August 6, 2003 Deadline for submission of
share certificates August 7, 2003 Date of share exchange

1. New shares to be issued by Resona Bank, Ltd.

(1) Common stock

Total issue amount 296,438,428,000 yen
Issue price 11.44 yen per share
Number of shares
to be issued 25,912,450,000 shares

(2) Class one, series one preferred stock

Total issue amount 550,000,000,000 yen
Issue price 44 yen per share
Number of shares
to be issued 12,500,000,000 shares
Voting right Same as the one attached to common share
Preferred dividend
For one share, the following amount shall be paid as dividend:
Issue price per share X preferred dividend rate (one-year yen
LIBOR +
0.50 percent)
Preferred dividend rate shall be reset every year on April 1.
Preferred interim dividend Preferred interim dividend shall be
half of the amount of preferred dividend.

Terms for conversion:

The class one, series one preferred shares shall be convertible
to common shares of Resona Bank from and including July 1, 2006
on the terms and conditions specified below:

Initial conversion price shall be as follows:

Average market price of a Resona HD's common share on July 1,
2006 X
0.22 (conversion ratio)
Such conversion price shall be rounded to the nearest 0.01 yen
(0.005 yen being rounded up)
Provided however that if such amount falls short of 6.16 yen
(floor conversion price), initial conversion price shall be the
floor conversion price.

Reset of conversion price:

The initial conversion price shall be reset on August 1, 2006
and thereafter on August 1 in each year (each, a "reset date to
the average market price of a Resona HD's common share as of
such date multiplied by the conversion ratio. (Such conversion
price shall be rounded to the nearest 0.01 yen (0.005 yen being
rounded upwards)).

Provided however that if such conversion price after reset falls
short of the floor conversion price, conversion price after
reset shall be the floor conversion price.

"Average market price" for this purpose means the average of the
closing prices (or the closing bid or offered prices) (regular
way) of a Resona HD's common s hare on the Tokyo Stock Exchange
on each of the 30 consecutive trading days commencing on the
45th trading day immediately preceding the relevant reset date
(such average will be rounded to the nearest 0.1 yen (0.05 yen
being rounded upwards))

(3) Class two, series one preferred stock Total issue amount
563,561,572,200 yen
Issue price 44 yen per share
Number of shares
to be issued 12,808,217,550 shares
Voting right Same as the one attached to common share

For more information, go to http://www.resona-hd.co.jp/e-
ir/pdf/i_01/030610_1a.pdf


RESONA HOLDINGS: Issues Outlook For Fiscal 2003 and Dividends
-------------------------------------------------------------
Resona Holdings, Inc. announced the following:

1. Outlook for Performance for the year ending in March 20004.

Non-consolidated   (Y million,  percent)

                     Operating income Ordinary profit Net income

Interim period ending
September 30, 2003        15,000           9,300         9,300

Change from previous       8,369           8,241         8,492

Fiscal year ending        22,000           9,300        66,000
March 31, 2004

Change from previous       8,922           7,513
1,219,552
year

Consolidated (Y million,  percent)

                    Ordinary income  Ordinary profit  Net income

Interim period ending
September 30, 2003      550,000         26,000        22,000

Change from previous
term                    (89,264)         3,642         8,482

Interim period ending
March 31, 2004            1,110,000     75,000        63,500

Change from previous
year                   (149,259)       585,143       901,133

2. Dividends

In view of the designation of subsidiary Resona Bank, Limited
(Resona Bank), under Article 102, Section 1-1, of the Deposit
Insurance Law and the need for Resona Bank and the Resona Group
as a whole to restore the soundness of its operations at the
earliest possible date, we regret that, from the perspective of
securing retained earnings, Resona Holdings will not pay a cash
dividend on its common shares. In addition, Resona Holdings is
scheduled to pay cash dividends on its preferred shares in
accord with the issue provisions of these securities. For the
details of cash dividends on preferred shares, please see the
Supplementary Information on the attached sheet. Resona Holdings
takes the infusion of public funds with utmost seriousness and
will marshal the full capabilities and resources of the Resona
Group to implement reforms in all aspects of management, and, by
structuring a sound management base, will aim to restore
dividends at an early date.

For more information visit http://www.resona-hd.co.jp/e-
ir/pdf/i_01/030610_2a.pdf


RESONA HOLDINGS: Former President Apologizes, Blames Auditors
-------------------------------------------------------------
Former Resona Holdings Inc. President Yasuhisa Katsuta
apologized Wednesday for the crisis of the banking group that
led to a government bailout of nearly 2 trillion yen for its
core bank, but blamed auditors for the crisis, Kyodo News said
on Wednesday. Katsuta said Resona Bank could have solidified its
capital base better if it had received fitting advice from its
auditors prior to a capital increase implemented in March.


QANTAS AIRWAYS: Aims to Boost Japanese Bookings
-----------------------------------------------
Qantas Airways Ltd. has sent a team to Tokyo to help boost
Japanese bookings, hit by the impact of the deadly severe acute
respiratory syndrome (SARS) virus, Asia Pulse reports. The
airline aims to increase its number of flights to Japan, which
were reduced by 20 percent in March with the onset of Severe
Acute Respiratory Syndrome (SARS) across Asia. Qantas Sales and
Marketing executive general manager John Borghetti said Japan
booking numbers were yet to recover from the onset of SARS,
which had decimated passenger numbers throughout much of Asia.


* Japan's Electronics Companies Ratings Under Pressure, S&P
-----------------------------------------------------------
The financial profiles of Japan's five major integrated
electronics companies continue to show weakness for their rating
categories, despite some improvement in their operating
performance in fiscal 2002, Standard & Poor's Ratings Services
said in a new report published today.

"The credit quality of the integrated electronics companies
remains under pressure, and the ratings on the companies could
be lowered if operational improvements are delayed," warned
Standard & Poor's credit analyst Fusako Nagao, the author of the
report.

"Downgrades could also occur if refinancing risks or funding
costs were to rise due to adverse developments in Japan's
financial system, eroding the financial flexibility of the
companies," Ms. Nagao added.

Gains in fiscal 2002 (ended March 31, 2003) were seen largely in
the semiconductor business, in which all five firms had recorded
large losses in fiscal 2001. However, the profitability and cash
flows of the companies remain weak for their rating categories.
Further improvement will likely be constrained by entrenched
weakness in the economy and IT spending, at least in the near
term, and the market outlook remains gloomy.

"All five major integrated electronics companies except Hitachi
have weak balance sheets for their rating categories," Ms. Nagao
said.

The capital structures of the five companies have deteriorated
in the past two years, mainly due to an erosion of their equity
bases, caused by sizable losses recorded in fiscal 2001.
Standard & Poor's expects their capital structures to show some
improvement over the next few years, based on the strong
commitment of their management teams to reduce debt. However
this improvement could be constrained if the companies fail to
achieve a consistent improvement in their fundamental abilities
to generate cash flows from their businesses.

"Cost reductions achieved through downsizing and supply-chain
management alone will not guarantee longer-term earnings
improvement for the electronics companies. Lower-cost producers
from other Asian countries are continuing to gain leadership in
markets for commodity-like products, in which price competition
is high and cost competitiveness is critical," Ms. Nagao said.

Key credit factors Standard & Poor's is focusing on include:

-- Progress with business realignments. Such realignment
includes withdrawing completely from underperforming and
uncompetitive businesses and expanding into value-added sectors
such as solution-linked services and system LSIs, by taking
advantage of two key strengths: technological expertise and an
extensive customer base in Japan, and differentiating themselves
from competitors.

-- Improving operating efficiency. The poor performance of the
integrated electronics companies in terms of profitability and
cash flows in the past few years is not only attributable to
weak market conditions, but also to their high cost structures
and weak management of returns on capital investment.

-- Reduced debt usage and improved capital structures. These are
essential for the companies to improve their credit quality,
especially for Toshiba Corp., NEC Corp., Mitsubishi Electric
Corp., and Fujitsu Ltd. Conservative balance sheets and sizable
cash balances are needed to offset the companies' higher-than
average business risks, which stem from intense price
competition, short product cycles, often dramatic changes in
growth rates, and high investment requirements.


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


CHOHUNG BANK: Union Threatens General Strike
--------------------------------------------
Labor union members at Chohung Bank threatened to launched an
indefinite general strike June 25 to prevent the government's
plan to sell of its 80.04 percent stake in the bank to the
preferred bidder Shinhan Financial Group, the Korea Herald said
on Thursday, citing union President Lee Nam-soon. Lee said
Chohung's union would initially go on strike June 25, which will
be followed by a general strike by FKTU, a major umbrella group
with a membership of over 940,000. In protest against the
government's divestment plan, all Chohung employees will also
tender their resignations to "Cheong Wa Dae" (the office of the
President).


DAEWOO MOTOR: Bupyeong Plant to Rehire 910 Workers
--------------------------------------------------
Former Daewoo Motor's largest Bupyeong plant is to rehire 910 of
the 1,725 workers that the plant laid off in February 2001,
Digital Chosun reported Tuesday. The labor union and management
of the Bupyeong plant, currently named Daewoo Incheon Motor,
agreed Wednesday on the rehiring plan.

The plant said that of the total workers due to come back, 416
are to begin working this year, to be followed by 200 in the
third quarter next year, and the remainder in 2005. Plant CEO
Kim Seok-hwan said that after the launch of GM Daewoo last
October, the plant's demand for output has been soaring. The
plant makes two of Daewoo Motor's passenger models, Kalos and
Magnus, for GM Daewoo.


HYUNDAI CORP.: Schedules Shareholder's Meeting July 23
------------------------------------------------------
Hyundai Corporation will hold an ad hoc meeting of shareholders
on July 23 at the Company's headquarters in downtown Seoul to
ratify a capital decrease and other self-restructuring measures,
according to Asia Pulse on Wednesday. Shareholders will also
seek approval of a debt-to-equity swap on the part of creditors.


JINRO CO.: Files Complaint Against Goldman Sachs
------------------------------------------------
Distiller Jinro Co. had lodged a complaint against eight
officials of Goldman Sachs, including Managing Director Philip
D. Murphy, for alleged neglect of duty and fraud, Reuters said
on Wednesday. Jinro is in court-appointed receivership after a
domestic court accepted in mid-May a Goldman Sachs' request. The
Company had missed debt repayments. This was the first time a
foreign creditor had put a Korean firm into receivership.

Jinro alleged that the U.S. investment bank took profits by
taking advantage of financial information it obtained while
working as its financial advisers. Goldman Sachs and other
foreign investors control more than 30 percent of Jinro's
outstanding debt estimated at 1.8 trillion won ($1.51 billion).


SK GLOBAL: SK Corp. Has No Plan to Counter Legal Action
-------------------------------------------------------
SK Corporation said it did not plan to counter legal action by
British shareholder Hermes Investment Management Ltd. to block
three board members from voting on a bailout plan for affiliate
SK Global, according to Reuters on Wednesday. The three board
members covered by the petition are SK Corp. Chairman Chey Tae-
won, SK Group Chairman Son Kil-seung and SK Corp. President Kim
Chang-keun. The Company would wait for the court's decision on
the Hermes petition, which was filed by local law firm Myungin
Law (Yoon and Han).

Domestic creditors of SK Global have agreed to swap up to 2.9
trillion won, or 43 percent of their total debt of 6.7 trillion
won, into new shares and convertible bonds in SK Global. The
trading firm has 4.38 trillion won in net debt.


SK GLOBAL: Slapped With US$3.4M Fine
------------------------------------
The Fair Trade Commission (FTC) has imposed a fine of 4.1
billion won (US$3.4 million) on SK Global in connection with
secret stock trading between SK Group and JP Morgan Chase and
Co., Asia Pulse reports. SK Group made a secret deal with JP
Morgan in 1999 to purchase SK Securities shares held by the U.S.
investment bank at a negotiated price higher than the market
price through group units, such as the Sheraton Grande Walker
Hill Hotel and SK Capital.

Under the call option contract, JP Morgan sold its shares in SK
Securities in August 2002 at a price higher than market value,
pocketing about 100 billion won. SK Global, a trading arm of SK
Group, used its branches in the United States and Singapore to
cover the costs incurred by the transaction.


SK GLOBAL: Chairman Keeps Managerial Rights
-------------------------------------------
Creditors of SK Global have decided to allow Chey Tae-won, the
owner of the SK group and Chairman of SK Corporation, to
continue to hold the managerial rights to the group, on the
condition that Chey expedites the group-wide efforts to
normalize the struggling unit as early as possible, Digital
Chosun said Wednesday.

The lenders have decided that of Chey's shares that have been
secured by the creditor banks, those shares not directly related
to Chey's managerial rights should be sold or contributed in
kind to other units of the group. Creditors would continue to
hold Chey's 0.11 percent stake in SK Corp. and 44.5 percent
stake in SK C&C until the banks end their supervision of the
group after 2007. The stakes are then to be returned to Chey.
Chey's secured stakes to be liquidated have been estimated at
W200 billion to W300 billion at market prices.


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


HO HUP: AGM Set For June 27
---------------------------
The Extraordinary General Meeting (AGM) of Ho Hup Construction
Company Bhd (Ho Hup) will be held at the Ballroom, Hotel
Equatorial, Kuala Lumpur on Friday, 27 June 2003 at 11.30 a.m.
or immediately after the conclusion or adjournment (as the case
may be) of the Twenty Ninth Annual General Meeting of the
Company which will be held at the same venue and on the same day
at 11.00 a.m., for the purpose of considering and, if thought
fit, to pass the following resolution:

Ordinary resolution:

Proposed disposal of two parcels of development land with
interest in perpetuity approved for residential and commercial
use totaling approximately 92.172 hectares held under master
titles h.s.(d) 257249 ptd no. 71047 and h.s.(d) 258295 ptd no.
71065 located at Mukim of Pulai, district of Johor Bahru, Johor
Darul Takzim by Ho Hup Jaya Sdn Bhd, a wholly-owned subsidiary
of Ho Hup, to Khoo Soon Lee Realty Dn Bhd, a wholly-owned
subsidiary of KSL Holdings Berhad, for a cash consideration of
rm97,000,000 proposed disposal:

"THAT, subject to the approvals from the relevant authorities
being obtained, the proposed disposal of two parcels of
development land with interest in perpetuity approved for
residential and commercial use totaling approximately 92.172
hectares held under master titles H.S. (D) 257249 PTD No. 71047
and H.S.(D) 258295 PTD No. 71065 located at Mukim of Pulai,
District of Johor Bahru, Johor Darul Takzim, by Ho Hup Jaya Sdn
Bhd Ho Hup Jaya, a wholly-owned subsidiary of Ho Hup, to Khoo
Soon Lee Realty Sdn Bhd KSL Realty, a wholly-owned subsidiary of
KSL Holdings Berhad, for a cash consideration of RM97,000,000
upon such terms and conditions as set out in the Sale and
Purchase Agreement dated 17 April 2003 entered into between Ho
Hup Jaya and KSL Realty be and are hereby approved.

And that the Directors of the Company be and are hereby
authorized to take all such steps and to enter into all other
agreements, undertakings, indemnities, transfers, assignments
and/or guarantees with any party or parties as the Directors may
deem fit, necessary, expedient and/or appropriate in order to
implement, finalize and give full effect to the Proposed
Disposal with full powers to assent to any condition,
revaluation, modification, variation and/or amendment as may be
required by any relevant authorities and/or consequent thereto
and to do all such acts and things as they may consider
necessary or expedient in the interest of the Company."

Notes:

1. A member entitled to attend and vote at the meeting is
entitled to appoint a proxy/proxies to attend and vote in his
stead. A proxy need not be a member of the Company.

However, in accordance with Section 149(1)(b) of the Companies
Act,1965, a member shall not be entitled to appoint a person who
is not a member of the Company as his proxy unless that person
is a qualified legal practitioner, an approved Company auditor
or a person approved by the Registrar of Companies in a
particular case.

Where a Member of the Company is an authorized nominee as
defined under the Central Depositories Act, it may appoint at
least one proxy in respect of each securities account it holds
with ordinary shares of the Company standing to the credit of
the said securities account.

2. The Form of Proxy must be deposited at the Registered Office
of the Company at No. 2, Medan Imbi, 55100 Kuala Lumpur, not
less than 48 hours before the time appointed for holding the
Meeting.

3. The instrument appointing a proxy in the case of an
individual shall be signed by the appointer or his attorney and
in the case of a corporation must be executed under its common
seal or under the hand of its duly authorized officer or
attorney. The signature of any joint holder is sufficient.


RAHMAN HYDRAULIC: Extends Appointment of Administrators
-------------------------------------------------------
Rahman Hydraulic Tin Berhad announced that the moratorium under
section 41 of the Danaharta Act, which took effect from 16 June
2000, i.e. the date of the appointment of the Special
Administrators to the Company, has been further extended to 15
June 2004. The extension is pursuant to section 41(3) of the
Danaharta Act. During the period of the moratorium, no creditor
may take any action against the Company, except in accordance
with section 41 of the Danaharta Act. All dealings and enquiries
may be directed to the Special Administrators.


S P SETIA: Post Notice of Changes in Purchaser
----------------------------------------------
Further to our announcement made on 2 May 2003, the Board of
Directors of S P Setia Berhad announced that Y. Bhg Dato' Liew
Kee Sin Dato' Liew has requested that LKS Properties Sdn Bhd LKS
Properties, the current purchaser for the three (3) residential
properties in Duta Nusantara, Mukim Batu, Daerah Kuala Lumpur,
State of Wilayah Persekutuan, be changed to Gelora Harta Sdn Bhd
Gelora Harta. Y. Bhg. Dato' Liew is a director and shareholder
in both LKS Properties and Gelora Harta.

Accordingly, the Sale and Purchase Agreements SPA dated 30 April
2003 between Setia Duta One Sdn Bhd (formerly known as Forte
Amalgamated Sdn Bhd) Setia Duta One, a wholly owned subsidiary
of S P Setia, and LKS Properties have been formally revoked and
the new SPAs were entered into between Setia Duta One and Gelora
Harta on 11 June 2003. All other terms and conditions of the
SPAs remain the same.

The details regarding the three residential properties are as
set out in Table 1.

Table 1

Name of Director  Nature of    Purchasing  Description   Selling
            Relationship Company   Property  Price(RM)

Y. Bhg.  Group Managing  Gelora Harta  1 unit bungalow 2,615,790
Dato Liew    Director    (Note1) 1 unit semi-detached 1,706,565
                                 1 unit semi-detached 1,719,960
Total                                                 6,042,315

Note 1: To be purchased via Gelora Harta Sdn Bhd Gelora
Harta where Y. Bhg. Dato' Liew owns 1 share, representing 50
percent equity interest in Gelora Harta and spouse, Y. Bhg.
Datin How Teng Teng owns the remaining 1 share, representing 50
percent equity interest in Gelora Harta.


TONGKAH HOLDINGS: Disposes of Quoted Securities
-----------------------------------------------
Tongkah Holdings Berhad informed that the Company on 11 June
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
percent-2 percent Redeemable Secured Convertible Bonds A
1999/2004 and RM275,980,363 Nominal Value of 5 year 1 percent-2
percent Redeemable Secured Convertible Bonds B 1999/2004
(collectively Bonds) that they have on 4 June 2003 and 5 June
2003, disposed of some of the Company's securities held in
public listed companies, which are pledged with them in relation
to the Bonds. The proceeds of sale are retained in the sinking
fund accounts maintained pursuant to the respective trust deeds
relating to the Bonds.

The securities disposed are as follows:

Bonds A

Counter :  Pos Hldgs

Date of
Disposal   Unit Disposed   Price per unit (RM) Total amount
                                               received (RM)

5/6/2003    11,500         1.40         15,953.86


Counter :  Pantai

Date of
Disposal   Unit Disposed   Price per unit (RM) Total amount
                                                received (RM)
5/6/2003 8,000                0.715          5,661.67

Bonds B

Counter :  BJCap
Date of
Disposal   Unit Disposed Price per unit (RM) Total amount
                                   received (RM)

4/6/2003    3,000               0.78          2,309.68
5/6/2003   56,000               0.78               43,302.76

Bonds B

Counter :  BJCap
Date of
Disposal  Unit Disposed Price per unit (RM) Total amount
received (RM)

4/6/2003    3,000         0.78          2,309.68
5/6/2003   56,000         0.78         43,302.76


MMC ENGINEERING: Winding Up Subsidiary
--------------------------------------
MMC Engineering Group Bhd (MMCENG) announced that MMCAK Sdn Bhd
(MMCAK), a subsidiary of MMC Engineering Services Sdn Bhd (a
wholly owned subsidiary of MMCEG) has been wound up by the High
Court of Malaya at Kuala Lumpur under the provision of the
Companies Act, 1965.

The winding up petition dated 29 July 2000 was presented by L&M
Agencies Sdn Bhd (Petitioner). The petition was presented based
on a judgment obtained on 6 September 1999 against MMCAK for the
sum of RM 27,069.59 together with interest at the rate of 1
percent per month from 31 May 1998 and costs.

MMCAK was established as a special purpose vehicle to execute
the contract for the Kuala Lumpur Middle Ring Road (Package II).
The physical construction works were completed in 1998.

All avenues, including settlement proposals, to resolve the
matter amicably had failed.

There are no expected losses or any material financial impact on
MMCEG Group arising from the appointment of the Official
Receiver. However, the deconsolidation of MMCAK from MMCEG
Group's financial statements will be treated as a Prior Year's
Adjustment in Financial Year 2004 Audited Accounts.

There is no expected impact on the operations of the Group as
the physical construction works have been completed in 1998.


NCK CORPORATION: Weng Kung Demands Payment From PNCK
----------------------------------------------------
NCK Corporation Bhd (NCK) announced that Weng Kun Construction
had on 6 June 2003 served a Notice pursuant to Section 218 of
the Companies Act, 1965 on Perumahan NCK Sdn Bhd PNCK, a
subsidiary of NCK.

According to the Notice, PNCK is required to pay to Weng Kun
Construction the sum of RM700,000.00 being the outstanding sum
in respect of rental of scaffolding for Galaxy Ampang Project.
The Notice requires PNCK to pay or to secure or compound the sum
of RM700,000.00 to the reasonable satisfaction of Weng Kun
Construction within 21 days of the receipt of the Notice,
failing which PNCK shall be deemed to be unable to pay the debts
within the meaning of Section 218 of the Companies Act, 1965 and
winding-up proceedings shall be thereafter be instituted against
PNCK.

The Management is seeking legal advice and will take appropriate
actions to resolve the matter.


PLANTATION & DEVELOPMENT: SC OK's Issuance of RCSLS/ICULS
---------------------------------------------------------
Reference is made to the circular to the shareholders of
Plantation & Development (Malaysia) Berhad (P&D) dated 7 May
2003 in respect of the application to the Securities Commission
SC for the contemporaneous issuance of the RCSLS and ICULS to
Class D creditor, with the issuance of the RCSLS and ICULS to
Class B and Class C creditors. AmMerchant Bank Berhad (formerly
known as Arab-Malaysian Merchant Bank Berhad), on behalf of P&D,
announced to the Kuala Lumpur Stock Exchange that the SC has via
its letter dated 9 June 2003, approved the application subject
to amongst others, full disclosure of the matter and the
obtaining of approval from relevant parties, if applicable.

Reference is also made to the application to the SC disclosed in
the same circular for the RCSLS-A and RCSLS-B series to be
constituted by issuing agreements to be executed by Fountain
View Development Berhad and Pengurusan Danahara Nasional Berhad
and Southern Finance Berhad respectively. AmMerchant Bank, on
behalf of P&D, wishes to announce that the SC has taken note of
the application.

There are no other material developments in the Proposed
Restructuring Scheme of P&D subsequent to the announcement dated
2 June 2003.


SAP HOLDINGS: Issues Notice of Book Closure
-------------------------------------------
Sap Holdings Berhad refer to announcements dated 12 April 2002,
17 July 2003, 28 September 2001, 4 October 2001, 13 May 2002, 26
July 2002, 31 October 2002, 3 December 2002, 3 January 2003, 7
February 2003 and 10 June 2003 as well as the Explanatory
Statement to Shareholders of SAP dated 13 January 2003 in
relation to a Composite Scheme Of Reconstruction Pursuant To
Sections 176 And 178 Of The Companies Act, 1965 (Scheme).

On behalf of SAP, Commerce International Merchant Bankers Berhad
is pleased to announce the Notice of Book Closure, the full text
of which is set out below:

"NOTICE IS HEREBY GIVEN THAT the Register of Members of SAP will
be closed at 5.00 p.m. on 30 June 2003 Entitlement Date for the
purpose of determining the shareholders of SAP, who are entitled
to participate in the Scheme involving the exchange of SAP
Shares with KPS Shares and KHSB Shares on the basis of 0.8 KPS
Shares and 0.4 KHSB Shares for every 1 SAP Share held in
consideration of the aforesaid share exchange.

A shareholder of SAP shall qualify for the entitlement to
participate in the Scheme only in respect of the following:

(i) Shareholders of SAP whose names appear in the Register of
Members or Register of Depositors of SAP at the close of
business at 5.00 p.m. on 30 June 2003 shall be entitled to
participate in the Scheme;

(ii) For the purpose of facilitating the cancellation of SAP
Shares and crediting of KPS Shares and KHSB Shares via the
Central Depository System CDS, depositors shall qualify for
entitlement to participate in the Scheme only in respect of the
following:

(a) SAP Shares deposited into the respective depositors' CDS
account before 4.00 p.m. on 30 June 2003, in respect of ordinary
transfers; and

(b) SAP Shares bought on the Kuala Lumpur Stock Exchange KLSE
according to the Rules of the KLSE.

In order to facilitate the cancellation of SAP Shares and
issuance and transfer of the KPS Shares and KHSB Shares pursuant
to the Scheme, the trading of SAP Shares on the Main Board of
the KLSE will be suspended with effect from 9.00 a.m. on 24 June
2003 which is three (3) clear market days prior to the
Entitlement Date. Accordingly, the last day of trading for the
SAP Shares on the KLSE shall be 23 June 2003.

Shareholders of SAP are NOT REQUIRED TO TAKE ANY ACTION to
effect the cancellation of SAP Shares pursuant to the Scheme. A
circular on the exchange and cancellation of SAP Shares and the
issuance and transfer of KPS Shares and KHSB Shares pursuant to
the Scheme will be dispatched to the shareholders of SAP
tomorrow.

The crediting of KPS Shares and KHSB Shares into the CDS
accounts and the dispatch of notices of allotment of the KPS
Shares and KHSB Shares to all entitled SAP shareholders and an
application for the listing of and quotation for such KPS Shares
and KHSB Shares will be made to the KLSE within fifteen (15)
market days from the Entitlement Date or such period as may be
prescribed by the KLSE.

Any inquiries concerning the above Notice of Book Closure should
be made or addressed to SAP's share registrar at:

Securities Services Registration (Holdings) Sdn Bhd
Level 7, Menara Milenium
Pusat Bandar Damasara
50490 Kuala Lumpur

Tel: 03-2095 7077

The above notice of book closure will be advertised in the Star
on 12 June 2003.

In addition to the above, we wish to inform that upon the order
of the High Court of Malaya approving the Scheme and confirming
the capital reduction by KPS being lodged with the Companies
Commission of Malaysia, the Scheme will take effect according to
its terms on 30 June 2003 and SAP will become a wholly-owned
subsidiary of KHSB of which KPS is the ultimate holding Company.
As a result, SAP will no longer meet the minimum public
shareholding spread requirement prescribed under chapter 3
paragraph 3.05 of the Listing Requirements of the KLSE and as
required under chapter 8 paragraph 8.15 of the Listing
Requirements of the KLSE. In view thereof, the suspension of the
SAP Shares with effect from 9.00 a.m. on 24 June 2003 will
continue until the SAP Shares are de-listed from the KLSE. The
listing status of SAP will be transferred to KPS, which will be
listed thereon.


SASHIP HOLDINGS: Restructuring Scheme Pending
---------------------------------------------
Saship Holdings Berhad clarified that as at to date, the Company
has not made a final decision to abort the Company's existing
restructuring scheme pursuant to Section 176 of the Companies
Act, 1965 Restructuring Scheme pending a viability study on the
terms of the Restructuring Scheme given the current market
conditions. An appropriate announcement will be made in due
course.


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


BENPRES HOLDINGS: Pays US$5M Interest to Creditors This Month
-------------------------------------------------------------
Benpres Holdings Corporation has paid US$5 million interest to
creditors this month, DebtTraders reports. However, the Company
may not be able to meet the next US$5.5 million interest payment
in November. It has only about US$10 million in funds. The
holdings company plans to reorganize US$552 million debt.

AIG is pressing the Company to repay US$45 million of
convertible bonds. The holding company plans to sell its stakes
in a property Company, a construction venture and a call-center
business. Its subsidiaries are also trying to negotiate their
respective debt. Most of Benpres' investments are not making
profit or excess cash flow. DebtTraders believe Benpres' debt
plan will rely heavily on asset disposals, because most of its
subsidiaries are not generate profits or excess cash flows.


BENPRES HOLDINGS: Interest Payments in November Still Uncertain
---------------------------------------------------------------
Benpres Holdings Holdings Corp. (BHC) is still uncertain if it
can pay 291 million pesos (US$5.5 million) in interest payments
due in November, the Manila Times reports, citing Chief Finance
Officer Angel S. Ong. BHC made an interest payment of $5 million
on June 2, its second since a Balance Sheet Management Plan
(BSMP) was started last year. The Company is restructuring its
debt that as of May 31, 203, amounted to about $552 million,
including $360 million in guaranteed debts of its subsidiaries.


BENPRES HOLDINGS: Eyes Sale of Non-core Assets
----------------------------------------------
Benpres Holdings Corporation (BHC) will continue selling non-
core assets this year to pay off maturing debts and focus on
power generation and media, the Philippine Star reports. BHC
aims to dispose of First Philippine Infrastructure Development
Corp. (FPIDC), Rockwell Land Corp., Customer Contact Center Inc.
(C-Cubed), Beyond Cable Inc. and Bayan Telecommunication
Holdings Corp.

Discussions are ongoing for the sale of its investment in
Rockwell (25 percent valued at P1.6 billion), C-Cubed (valued at
P100 million), and FPIDC (68 percent). Benpres Chief Financial
Officer Angel Ong refused to divulge the parties involved in the
talks but expressed confidence that a deal is forthcoming in the
next few weeks.


MANILA ELECTRIC: Big Clients OK Long-term Refund
------------------------------------------------
Manila Electric Company (Meralco) claimed that its commercial
and industrial costumers have agreed to a refund spread over
eight years, the Business World reported Thursday, quoting
Meralco Vice-President and Director for Corporate Communication
Elpi O. Cuna, Jr. On April 10, the Supreme Court ordered Meralco
to refund to all its customer overpayments made since 1994.
Meralco estimates the refund amount at 30.39 billion pesos
(US$567.846 million). Meralco has started the refund's first
phase, which covers only customers using up to 100 kilowatt-
hours monthly.


MANILA ELECTRIC: Arroyo Renews Franchise For Another 25 Years
-------------------------------------------------------------
Philippine President Gloria Macapagal-Arroyo has signed into law
the Republic Act 9029 renewing Manila Electric Co's (Meralco)
franchise to distribute electricity in parts of Luzon island for
another 25 years, AFX Asia said on Wednesday, citing Benpres
Chief Financial Officer Angel Ong. The law, signed on June 9,
has consolidated Meralco's 52 existing franchises into a single
mega-franchise. The power distributor supplies electricity to
over 3.0 million customers in metropolitan Manila and the
provinces of Laguna, Cavite, Pampanga, Batangas and Quezon.


MANILA ELECTRIC: DOE Urges to Speed up 2nd Phase Refund
-------------------------------------------------------
Department of Energy (DOE) Secretary Vincent S. Perez urged
Wednesday the Manila Electric Co. (Meralco) to speed up the
submission of its application for the implementation of phase II
of the refund scheme to allow the medium-sized residential
consumers to avail of the same benefit, reports the Philippine
Star.

Meralco started last Friday the refund process to residential
consumers using 100 kilowatt hour (kWh) or less in compliance
with the May 12, 2003 order of the Energy Regulatory Commission
(ERC) enjoining Meralco to start paying its customers in cash
not later than June 6, 2003. Customers within this bracket, who
were unable to claim their cash refund, will get it through
credits to future bills.


NATIONAL STEEL: Creditors Will Not Invest in Back Taxes
-------------------------------------------------------
Creditor banks of the National Steel Corp. (NSC) will not invest
and raise money for the steel firm if it will just be used to
pay off back taxes to the government, the Philippine Star
reports. Following a meeting with creditor banks, Trade and
Industry Secretary Manuel Roxas II said banks are already
discussing mechanisms to raise the 2 billion pesos needed to
restart NSC's operations.

The Department of Trade and Industry (DTI) chief also said the
National Government had already assured creditor-banks that it
would waive whatever it can with regard to NSC's obligations to
the Bureau of Internal Revenue (BIR), the Bureau of Customs
(BOC) and even the National Power Corporation.


PHILIPPINE LONG: Given Five Days to Pay Franchise Tax
-----------------------------------------------------
The Lapu-Lapu City Government gave the Philippine Long Distance
Telephone (PLDT) Co. five days to pay its franchise tax after
the firm failed to answer the City's May 26 demand letter, Sun
Star Cebu reported Thursday. City Treasurer Elena Pacaldo said
PLDT owes the City millions (no specific amount) in franchise
tax as the Company has stopped paying its taxes since 1998.

PLDT last week gave the Cebu City Government 10 million pesos as
initial payment for the franchise tax due to the local
government. Cebu City is demanding more than 75 million pesos in
franchise tax from PLDT.


PHILIPPINE LONG: Declares Cash Dividends
----------------------------------------
The Board of Directors of Philippine Long Distance Telephone
(PLDT) has approved cash dividends for holders of the Company's
series III, V, VI and VII convertible preferred shares as of
June 27, AFX Asia reports. The dividends will be paid on July
15. A dividend of USD1.029412 per share will be paid to series
III holders, 4.675 pesos for series V, USD0.09925 for series VI
and 10.179725 yen for series VII.


UNIWIDE HOLDINGS: Narrows 1Q02 Net Loss to P53.66M
--------------------------------------------------
Uniwide Holdings posted a net loss of 53.66 million pesos in the
first quarter to March versus a loss of 67.07 million pesos a
year earlier, AFX Asia said on Wednesday. The Company posted
51.09 million in gross income, while operating expense reached
105.19 million. It reported 54.09 million in operating losses.
The Company did not give comparative figures.


UNIWIDE HOLDINGS: Closing Two Warehouse Clubs
---------------------------------------------
Debt-strapped Uniwide Holdings Inc. will shut down two warehouse
clubs located in Avenida, Manila and Libis, Quezon City on June
30 in line with its approved amended rehabilitation program,
according to the Philippine Star. The closure of these stores is
part of efforts to save on operating costs and improve the
Company's financial position. Assets of the Uniwide group will
be used to settle the Company's outstanding debt. The total
amount to be settled with secured creditors, net of debt already
settled, is estimated at P6.61 billion, with Equitable PCI Bank
having the biggest exposure of 1.74 billion.

These assets include three operating stores, two malls
(Metromall and Coastal Mall), two future store sites in Cubao
and Iloilo, commercial and residential lots in Cavite and
Laguna, as well as commercial lots/properties in Caloocan City,
Para¤aque, Pasig, Quezon City, General Santos City, Bulacan and
Iloilo. These properties are valued at 12.97 billion pesos.
Aside from Equitable-PCIBank and BPI, Uniwide's other secured
creditors include Philippine National Bank, Allied Banking
Corp., ING Bank, Rizal Commercial Banking Corp., PCCI and Land
Bank of the Philippines.


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


SEATOWN CORPORATION: Releases FY02 Financial Statement
------------------------------------------------------
Seatown Corporation Ltd. released its audited financial
statements for the year ended September 30, 2002 together with
the Auditors' Report on 2 June 2003.

The Company has received a request from Singapore Exchange
Securities Trading Ltd (SGX) to clarify matters which are set
out in this announcement. The questions of the SGX are
reproduced below, against the company's responses.

(a) Rule 1207(6)(a) of the Listing Manual requires the amount of
non-audit fees paid to auditors to be disclosed in the annual
report and if none, to make an appropriate negative statement.
Please provide the requisite information.

There was no non-audit fees paid to the auditors.

(b) Rule 1207(8) of the Listing Manual requires particulars of
material contracts of the issuer and its subsidiaries involving
the interests of the CEO, each director or controlling
shareholder to be disclosed in the annual report. We noticed in
note 15 to the financial statements that loan from directors
amounted to $6.9 million. In this respect, please provide the
information required under Rule 1207(8)(a)-(f).

Loan from directors

Name Relationship Amount
S$'000
Mr Wee Yan Siew Director/substantial shareholders 1,735
Mr Ong Soo Kiat Director/substantial shareholders 1,735
3,470

The loan from directors is unsecured, has no repayment term and
bears an annual interest rate at 1% above the bank's prime
lending rates.

Loan from directors cum minority shareholders of subsidiaries

Name Relationship Amount Rate S$'000
Mr Seah Chun Hian Director/shareholder of subsidiary 3,076
Interest free
Mr Seah Chun Hian Director/shareholder of subsidiary 188 8% per
annum
Mr Lim Swee Cheng Director/shareholder of subsidiary 130
Interest free
Mr Lim Hock Yong Director/shareholder of subsidiary 53 Interest
free 3,447

The above loans are unsecured and have no repayment term.

(c) Please provide the percentage of shareholding held in the
hands of the public as required under Rule 1207(9)(e) and
confirm that Rule 723 is complied with.

The percentage of shareholdings held in the hands of the public
at 12 May 2003 is 45.57%. The Company confirmed that Rule 723
which states that "at least 10% of equity securities in a class
that is listed is at all times held by the public", has been
complied with.

(d) We noted several discrepancies between the financial
statements in the Annual Report and the Company's full year
results announcement of 21 February 2003. Please provide
explanations for the following items together with detailed
breakdowns:

(i) Balance sheet
- trade receivables
- construction work-in-progress
- fixed assets
- development properties
- loans and borrowings
- trade payables
- other payables
- lease obligations
- excess of progress billings over costs incurred

Trade receivables $'000
Balance as per announcement 16,187
Less: Reclassed to Development Properties (517)
Balance as per annual report 15,670

Construction work-in-progress
Balance as per announcement -
Add : Reclassed from Excess of Progress Billings Over Cost
Incurred 145
Balance as per annual report 145

Fixed assets
Balance as per announcement 25,536
Less : Reclassed to Development Properties (4,941)
Balance as per annual report 20,595

Development properties
Balance as per announcement 8,216
Add : Reclassed from Fixed Assets 4,941
Add : Reclassed from Trade Receivables 517
Balance as per annual report 13,674

Loans and Borrowings
Balance as per announcement 31,358
Add : Reclassed from Trade Payables 2,007
Add : Reclassed from Other Payables 7,116
Balance as per annual report 40,481

Trade payables
Balance as per announcement 50,838
Add : Charged to Profit and Loss Account 584
Less : Reclassed to Loans and Borrowings (2,007)
Add : Reclassed from Other Payables 37
Balance as per annual report 49,452

Other payables
Balance as per announcement 18,763
Less : Reclassed to Trade Payables (37)
Less : Reclassed to Provisions (205)
Less : Reclassed to Loans and Borrowings (7,116)
Balance as per annual report 11,405

Less obligations
Annual
Announcement Report Reclassification
$'000 $'000 $'000
Hire purchase creditors - current portion 654 629 25
Hire purchase creditors - long term 1,082 1,107 (25)
1,736 1,736 -

Excess of progress billings over costs incurred
$'000
Balance as per announcement 4,976
Add : Reclassed to construction work-in-progress 145
Balance as per annual report 5,121

(ii) Profit and Loss Account
- exceptional items

The exceptional items have been included in other operating
(expenses) income, net
(page 26 of financial statements)

(iii) Cash flow Statement
- net cash used in operating activities
- net cash generated from investing activities
- net cash used in financing activities
- cash and cash equivalents at beginning of year

Net cash used in operating activities $'000
Balance as per announcement (1,619)
Less : Movement in Fixed Deposit pledged (17)
Less : Reclassed from Trade Payables to Loans and Borrowings
(2,007)
Less : Reclassed from Other Payables to Loans and Borrowings
(388)
Less : Exchange differences (31)
Less : Reclassed from Fixed Assets to Development Properties
(4,941)
Add : Reclassed from Investing Activities 346
Add : Movement in income tax 21
Balance as per annual report (8,636)

Net cash used in investing activities
Balance as per announcement 2,507
Add : Reclassed from Fixed Assets to Development Properties
4,941
Add : Reclassed to Operating Activities (346)
Add : Reclassed Fixed Asset purchased through hire
purchase from Financing Activities 778
Add : Exchange differences 127
Balance as per annual report (8,007)

Net cash from financing activities
Balance as per announcement (5,893)
Add : Reclassed from Trade Payables to Loans and Borrowings
2,007
Add : Relcassed from Other Payables to Loans and Borrowings 388
Add : Reclassed of Bank Overdraft 2,308
Less : Reclassed Fixed Assets purchased through
hire purchase to Investing Activities (778)
Balance as per annual report (1,968)

Cash and cash equivalents at beginning of year
Balance as per announcement (5,099)
Add : Reclassed of Fixed Deposit pledged (918)
Balance as per annual report (6,017)

(e) We noted in paragraph 15 of the Auditors' Report that the
financial statements of three subsidiaries were audited by other
auditors and the auditors' reports for these companies were
withheld. Please clarify whether the subsidiaries concerned are
significant subsidiaries, who withheld the auditors' reports and
why.

The subsidiaries concerned are insignificant subsidiaries except
for Capital I Sdn. Bhd which owns two freehold lands with a net
book value of $3,324,000 as at 30 September 2002. The three
subsidiaries were dormant during the financial year.

The Auditors' Reports were withheld by the auditors i.e.
Deloitte & Touche, Malaysia due to non-payment of their audit
fees as the three subsidiaries have insufficient funds.

(f) We also noted in paragraph 6 of the Auditors' Report that
there are significant uncertainties relating to the successful
implementation of the Investment Agreement. Please clarify what
the significant uncertainties are and explain whether the
Company will still proceed with the Investment Agreement.

We have confirmed with the auditors that the "significant
uncertainties" refers to uncertainties faced by the Company with
respect to the successful fulfillment of the conditions listed
in the same paragraph 6 of the Auditors' Report.

The Company has since obtained waiver from the Securities
Industry Council, of the requirement of Hui Yuan to make a
general offer for the outstanding shares of the Company in
connection with the transactions contemplated by the Investment
Agreement.


UNITED OVERSEAS: Voluntarily Winding Up Unit
--------------------------------------------
United Overseas Bank Limited (UOB) announced that its wholly
owned subsidiary, Overseas Union Management Services Pte Ltd has
commenced member's voluntary liquidation. The liquidation is
part of the ongoing rationalization of the operations of the UOB
group of companies.


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


THAI PETROCHEMICAL: Court Verdict on New Planner Out Today
----------------------------------------------------------
The decision of the Central Bankruptcy Court on the appointment
of a new plan administrator for Thai Petrochemical Industry Plc
will be known today, according to Business Day.

Presiding Judge Kamol Teeravetponkul was quoted earlier this
week saying it is in the interest of not just the company, but
the country as well that the issue on who should manage the
company's turnaround be resolved soon.

"A prolonged battle between the two parties will hurt the
company, employees and the country," he said referring to the
ongoing spat between creditors and company founder Prachai
Leophairattana, who is also the interim plan administrator.

Commenting on the government offer to help in a negotiated
settlement, he said, "The offer by the government was good but
some people didn't take a deep look at it."

The government had suggested that both the creditors and debtors
propose 15 members each and the government would then select
seven from each team and include one member of its own, who
would serve as a neutral party.  The debtors accepted the
proposal but the creditors rejected the offer saying it was not
fair to them and a 15-member team would be too big to make quick
decisions.

Informed of this pronouncement by the judge, some creditors told
Business Day they fear the court won't endorsement the
appointment of Thai Administrators.

"I must admit that the tone of the judge wasn't a good sign for
us," one creditor who declined to be named told the paper.

In a hearing recently, the new planners proposed to the court
various methods to lower the company's US$2.8 billion debt
including the option of increasing the company's capital, in
which the creditors are willing to participate.

Suvarn Valaisathien, a business law expert and a member of the
panel from Thai Administrator, said as part of the efforts to
bring more capital into the company, the new share price could
be priced higher than market value.  The former deputy commerce
minister added, in order to bring more credibility, Thai
Administrator may invite the government to become a shareholder
and/or go for a public offering.  He declined to say by how much
the company would like to increase its capital or how much debt-
to-equity he sought.

Last week, an overwhelming majority of creditors -- representing
89.7 billion baht or 99.68% of the debt held by those creditors
voting -- elected Thai Administrator as new administrator.
TPI's founder and current plan administrator Prachai
Leophairatana opposes the creditors' choice of administrator
because it includes none of his representatives, Business Day
said.




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,
Mavy 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 ***