/raid1/www/Hosts/bankrupt/TCRAP_Public/030619.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

           Thursday, June 19 2003, Vol. 6, No. 120

                         Headlines

A U S T R A L I A

ASHBURTON MINERALS: Secures $1.5M Debt Facility From Macquarie
AUSTAR UNITED: AUN SPV's Offer Closed
BEACONSFIELD GOLD: Today's SGM to Consider Director Appointment
DUKE ENERGY: S&P Cuts Guaranteed Program Rating Lowered to 'BBB'
HENRY WALKER: Finance Covenant Breaches Resolved

HORIZON ENERGY: Loy Yang Power Gets Loan Repayment Extension
KALREZ ENERGY: Issues Oseil Field Development Update
PASMINCO LIMITED: Faces Proceedings From Aquila Resources
POWERTEL LIMITED: Discloses TVG Bidder's Statement
QANTAS AIRWAYS: Raises US$450M to Refinance Maturing Debt

QANTAS AIRWAYS: S&P Rates US$450 Million Notes 'BBB+'
WEST OIL: Options Expiring on June 30

* Panel Publishes Final Guidance on Frustrating Action


C H I N A   &   H O N G  K O N G

DYNAMIC GLOBAL: Widens 2002 Operations Loss to HK$21.611M
DYNAMIC WAY: Winding Up Sought by Focus Roller
FORTUNE SHEEN: Petition to Wind Up Pending
PCCW LIMITED: Appoints Jack So as Group Managing Director
PCCW LIMITED: European Style Listing Withdrawn

STD MANUFACTURING: Winding Up Sought by Hip Hing Cable
T.T. INVESTMENT: Hearing of Winding Up Petition Set


I N D O N E S I A

ASTRA INT'L: Ready for Second Bond Buy Back


J A P A N

FUJITSU LIMITED: Enhances 'TRIOLE' IT Infrastructure
ASIA CONVERGENCE: Ceasing Operations by September 30
ISOFTEL LTD: EVP For Business Development Resigns
NEC CORPORATION: Selling All Shares of Cray Preferred Stock
TOKYO BLOUSE: Women's Apparel Maker Enters Rehabilitation

TOSHIBA CORP.: Separates Material and Components Business
TOSHIBA CORPORATION: Reorganizes Medical Systems Business
UCHIHARA COUNTRY: Golf Course Enters Rehabilitation


K O R E A

CHOHUNG BANK: Workers Begin Strike Wednesday
HYNIX SEMICONDUCTOR: CEO Blasts U.S. Tariff Ruling
SK GLOBAL: Shares Up 9.6% After Bailout Approval
SK GLOBAL: SK Telecom Rejects Call to Assist Firm


M A L A Y S I A

BRIDGECON HOLDINGS: Depositors Record Close on June 23
BRISDALE HOLDINGS: Undertakes Composite Scheme of Reconstruction
GLOBAL CARRIERS: 9th AGM Fixed on June 30
GOPENG BERHAD: Voluntarily Liquidates Dormant Units
HIAP AIK: Defaulted ICULS Status Remains Unchanged

KRETAM HOLDINGS: Unit Enters Joint Venture Arrangement With SCM
KUB MALAYSIA: Disposes of Shares in Muslimsconnect.com
OLYMPIA INDUSTRIES: Appoints Lim Yoke Si as Secretary
OMEGA HOLDINGS: Posts Changes in Remuneration Committee
PLANTATION & DEVELOPMENT: Sells RM21.712M Worth of ICPS

SITT TATT: Court Grants Injunction Order Against MISL
TONGKAH HOLDINGS: Disposes of Quoted Securities
ZAITUN BERHAD: Court Awards Judgment in Favor of Unit


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Plans to Offer Mobile Service
BEYOND CABLE: Expects New Investor to Come on Board
CORPORATE INVESTMENTS: Creditors Work on Liquidation Plan
MANILA ELECTRIC: Refunds US$14.4M to Customers
NATIONAL BANK: Plans Tie-up With Singapore/Taiwan on Remittance

NATIONAL POWER: 1Q03 Energy Sales Up 8.3%
NATIONAL POWER: Moody's Assigns Ba1 Rating
NATIONAL POWER: PSALM Confirms Roadshow For US$500M Bond Issue
OFW INTERNATIONAL: SEC Probes Investment Firm


S I N G A P O R E

ASIA CONVERGENCE: Ceasing Operations by September 30
ISOFTEL LTD: EVP For Business Development Resigns


T H A I L A N D

DATAMAT PUBLIC: Banks Agree Debt Reduction Condition, Terms
JASMINE INT'L: Reports Warrant Conversion Results
NATURAL PARK: Par Value Change Registration Completed
PAE THAILAND: Securities Trading Remains Suspended

     -  -  -  -  -  -  -  -

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


ASHBURTON MINERALS: Secures $1.5M Debt Facility From Macquarie
--------------------------------------------------------------
Ashburton Minerals Limited announced Tuesday that it has secured
a $1.5 million debt facility from Macquarie Bank Ltd that
substantially advances the Company's planned acquisition of the
Drummond Basin gold project in North East Queensland from Placer
Dome Asia Pacific.

The Company also announces that it has received an interim
report from independent hydrometallurgists Intec Ltd, confirming
a gold recovery of 93.3% from concentrate of Wirralie sulphide
ore.

Ashburton has previously announced that it has reached an
agreement with Placer to acquire the Drummond Basin Project,
which hosts the Wirralie mine. An Independent Technical Report
from RSG Global indicates that the Wirralie mine has the
potential to support an 83,000 oz oxide resource open pit mining
operation over a two year mine life.

Ashburton is acquiring the Drummond project because of the
opportunity to generate early cash flow by recommencing gold
mining operations at Wirralie. The Wirralie oxide resource has
the potential to deliver an operating cash flow of almost $12
million over a two year mine life at a gold price of A$550/oz.

Under the terms of the debt facility, Macquarie has agreed to
issue Performance Bonds for the Drummond project up to a limit
of $2.75 million, of which it has agreed to debt fund $1.5
million.

Ashburton Managing Director Tom Dukovcic said that the debt
facility was a vote of confidence in the Company.

"Securing this facility indicates the growing appreciation that
Ashburton has an opportunity to achieve substantial profits from
a project not suited to the big companies," Mr Dukovcic said.

To fund the Drummond acquisition and subsequent mine
implementation studies, Ashburton is seeking to raise $4.5
million through a combination of debt and equity.

"Having secured $1.5 million via debt, the Company is now able
to finalize the details of its Prospectus to raise the remaining
$3 million," Mr Dukovcic said.

In consideration, Ashburton will issue Macquarie with call
options to the value of $500,000, exercisable at the prospectus
raising price and expiring 30 June 2006. Any options exercised
will be offset against the debt facility.

Laboratory testwork results reported by Intec Ltd have indicated
a gold recovery of 93.3% from concentrate of Wirralie sulphide
ore.

Mr Dukovcic said that while the laboratory testwork was
positive, it would be several years before mining of sulphide
ore is required.

"Our development plan is to begin mining the relatively straight
forward oxide resource while using the time and the cash flow to
expand the sulphide resource base.

"During this period, the Company will also aim to refine the
optimal processing route for the sulphide resource, preferably
one with a low capital requirement and low ongoing operating
costs," Mr Dukovcic said.

Metallurgical testwork on Wirralie refractory sulphide ore is
continuing at both Intec Ltd in Sydney and at MIM Ltd's
Hydrometallurgical Research Laboratories (HRL) in Brisbane.

Intec has developed the Intec Refractory Gold Process (IRGP), a
halide-based process operating under atmospheric pressure and
moderate temperature. Importantly, the oxidation of the
sulphides and the leaching of the gold take place in the one
process, representing potentially significant savings in cost
and time.

During the Intec trial, sample material was ground to a P80 of
30 microns. Intec reports that no attempt was made to optimize
either extraction efficiencies or leach retention times and with
further testwork both higher extraction efficiencies and lower
leach retention times are likely to be demonstrated.

The IRGP results from the Wirralie concentrate sample are shown
in the table below.

TABLE 1. WIRRALIE SULPHIDE ORE REFRACTORY CONCENTRATE

ELEMENT              ASSAY           EXTRACTION EFFICIENCY

  Au                 29.2g/t                  93.3%
  Ag                 10.5g/t                   *95%
  As                 0.61%                    98.1%
  Fe                 16.9%                    97.1%

(* = greater than 95%)

Ashburton and Intec are involved in discussions, which could see
Ashburton being the first Australian company to carry out
detailed metallurgical studies at Intec's pilot-scale plant,
currently under construction, in Sydney in early 2004.

Intec Managing Director Philip Wood said:

"The IRGP is a one-step process that operates at atmospheric
pressure and moderate temperature with low retention times,
delivering significant cost saving benefits in the recovery of
gold from refractory ores with important environmental
advantages."

Additional testwork on Wirralie sulphide material continues to
be undertaken by HRL using their Albion Process.

CONTACT INFORMATION: Tom Dukovcic
        MANAGING DIRECTOR
        08 9321 6600
        URL: www.ashburton-minerals.com.au


AUSTAR UNITED: AUN SPV's Offer Closed
-------------------------------------
Austar United Communications Limited posted this letter:

LETTER FROM ATANASKOVIC HARTNELL
LAWYERS - CORPORATE, FINANCE & TAXATION

The offer period for AUN SPV Pty Limited's (AUN SPV) off market
bid to acquire issued ordinary shares in Austar ended at 5:00pm
on 17 June 2003.

In accordance with ASX Listing Rule 3.3, we advise that:

   1. AUN SPV and its associates have a relevant interest in
81.3% of the issued ordinary shares in Austar; and

   2. as the requisite thresholds in Part 6A.1 of the
Corporations Act 2001 (Cth) have not been met, AUN SPV will not
at this stage proceed with compulsory acquisition.


BEACONSFIELD GOLD: Today's SGM to Consider Director Appointment
---------------------------------------------------------------
Beaconsfield Gold NL advised that the general meeting, to be
held in the Beaconsfield Community Center at 11:00 in the
morning on Thursday 19 June 2003, has been called to consider
one resolution as follows:

ELECTION OF DIRECTOR

To elect as a director Jeffrey Williams, who having given notice
in writing to the company's secretary that he is a candidate for
the office of director in accordance with the Company's articles
of association, offers himself for election.

Proxy appointments for the resolution closed at 11 am Tuesday 17
June 2003.

The total number of proxy votes which could be voted in a poll,
in respect of the above resolution, which the appointments
specified that:

  (a) the proxy is to vote for the resolution is 26,059,019

  (b) the proxy is to vote against the resolution is 23,299,576

  (c) the proxy is to abstain on the resolution is 5,000

  (d) the proxy can vote at the proxy's discretion is 618,137


DUKE ENERGY: S&P Cuts Guaranteed Program Rating Lowered to 'BBB'
----------------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday it has lowered
its long-term rating on Duke Energy Australia Pty. Ltd.'s (DEA)
A$750 million guaranteed medium-term note (MTN) and commercial
paper (CP) program to 'BBB' from 'BBB+'. The short-term rating
on the program remains unchanged at 'A-2'. This action is due to
the lowering of the ratings on Duke Energy Corp. (Duke Energy,
BBB+/Negative/A-2) and DEA's program guarantor, Duke Capital
Corp. (Duke Capital, BBB+/Negative/A-2).

"The rating on DEA's A$750 million MTN and CP program reflects
the rating on Duke Capital's senior unsecured debt rating of
'BBB'," said credit analyst Laurie Conheady, Corporate &
Infrastructure Finance Ratings. "The ratings on Duke Capital and
its parent, Duke Energy, reflect the consolidated credit
assessment methodology, which results in the same corporate
credit rating for Duke Capital and Duke Energy." DEA is a 100%
owned indirect subsidiary of Duke Capital and is the debt
capital markets funding vehicle for the company's Asia-Pacific
interests.

The rating action taken on Duke Energy and Duke Capital reflects
concern about Duke Energy's ability to strengthen its financial
profile enough over the remainder of 2003 and 2004 in order to
maintain an 'A-' corporate credit rating. The negative outlook
on the ratings on Duke Energy and Duke Capital reflects the
potential for further downgrade should Duke Energy's
consolidated financial profile or business profile deteriorate
from current levels over the next 12 to 18 months.


HENRY WALKER: Finance Covenant Breaches Resolved
------------------------------------------------
Henry Walker Eltin Group Limited advises that the breaches of
covenants under finance facilities announced earlier in the year
have now been resolved. In particular, agreement has been
reached with the US bondholders and the local banking syndicate
so that the facilities are no longer in default.

Waivers of the breaches have been received from all relevant
financiers and, where applicable, finance documents have been
modified to reflect amendments to the three covenants, which
were the subject of the breach. The amendments will remain in
place until December 2003, at which point they will revert back
to the previous levels. Costs associated with the breach of
covenants are not considered material.

CONTACT INFORMATION: Kate Shea
        General Manager, Corporate & Investor Relations
        Tel: (02) 9887 6417


HORIZON ENERGY: Loy Yang Power Gets Loan Repayment Extension
------------------------------------------------------------
On 30 April 2003, the Loy Yang Power partnership, in which
Horizon has a 25% interest, received an extension on the $500
million bullet loan repayment (Bullet A). This extension expires
on 11 July 2003. The extension was provided to allow the Loy
Yang Power partners to pursue the successful completion of a
sale or restructure of their interest in Loy Yang Power, by
which the funding of the Bullet A payment would be resolved.

As part of this process the Loy Yang Power partners have been
continuing negotiations with two consortia, led by AGL and
Origin. Horizon understands that ACCC approval may be required
by those parties and Horizon expects that these consortia are
continuing to seek necessary ACCC and other approvals to acquire
the business.

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

The Loy Yang Power partnership is seeking a further extension to
the $500 million bullet loan repayment from the lenders beyond
11 July 2003 to allow the sale and restructure process to
continue.

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

CONTACT INFORMATION: Jane Rotsey
        PUBLIC AFFAIRS
        Tel:   (02) 8232 5026
        Mob:   0401 997 160
        Email: jane.rotsey@macquarie.com


KALREZ ENERGY: Issues Oseil Field Development Update
----------------------------------------------------
Kalrez Energy Limited is a 2.5% shareholder in the Seram Joint
Venture that operates the Oseil oilfield. The major shareholder,
and Operator of the JV, is KUFPEC (Indonesia) Limited with
97.5%.

Production from the Oseil oilfield commenced on December 30th
2002, with processing taking place through a Temporary
Production System (TPS) nominally rated to approximately 12,000
barrels per day throughput.

On May 16th 2003, all Oseil wells were shut in to facilitate the
demobilization of the TPS installation.

Production from Oseil for May 2003, up to the shut-in of the
field for demobilization of the TPS was 81,170 barrels at an
average rate of 5,073 BOPD. Cumulative production from Oseil
processed through the TPS since commencement of production on
30th December 2002 was 973,931 barrels at an average daily rate
of 7,109 BOPD.

The average daily production rate for the month of May 2003 was
3,245 BOPD.

The lower average rate in May was the result of:

   * increased water cuts from wells, which the TPS was not able
to process hence the well rates needed to be choked back;

   * field shut-in for five days from demob of the TPS on 16th
May 2003 to first oil to MPF on 22nd May 2003;

   * and reduced production rates during commissioning, from
22nd May to end May 2003.

The field was reopened on 22nd May 2003, with production
directed to the skim oil tank to build stock until the MPF is
ready to process the crude oil. Only one well, Oseil-2, has been
online consistently during this time, while Oseil-1 was on
intermittently (depending on requirements of the commissioning
team), and Oseil-4 remained shut-in.

The estimated date by which High Sulphur Fuel Oil and Naphtha
will be produced has been delayed until late June 2003, due
mainly to material delivery delays for modifications. It is
anticipated all three wells will be back on stream at this time.
Final Acceptance of the new facility is now anticipated late
July 2003.

The interpretation of the recently acquired 3D seismic has
provided eviance that there is significant reservoir structure
updip of the existing wells which were drilled based on
exploration 2D seismic and consequently located too close to the
oil-water contact which explains the higher than anticipated
water cuts experienced during production from the initial three
wells. Phase II development will enable the JV to develop the
field from locations higher in the structure and this should
enable higher rates and ultimate recoveries from these new
wells.

The Phase II development drilling is expected to commence 1st
quarter 2004, with the first of the new wells on line April
2004.

Wrights Investors' Service reports that at the end of 2002,
Kalrez Energy Limited had negative working capital, as current
liabilities were A$6.23 million while total current assets were
only A$4.64 million. It has also paid no dividends during the
previous four fiscal years.


PASMINCO LIMITED: Faces Proceedings From Aquila Resources
---------------------------------------------------------
Further to its announcement of 17 June 2003, Aquila Resources
Limited wishes to advise that on Wednesday it filed
an application in the Federal Court to proceed with its claim
against Pasminco Limited and two of its subsidiaries, Savage
Resources Limited and Savage EHM Finance Pty Ltd.

The Company is seeking damages against the Pasminco Group of
$153,715,872, being the value of the lost opportunity to
purchase the Pasminco Group's interest in the Ernest Henry Mine,
plus interest and costs.

Separately, Aquila has applied to the Federal Court for an order
terminating the Deeds of Company Arrangement executed by Savage
Resources Limited and Savage EHM Finance Pty Ltd on a number of
grounds, including that the companies should never have been
placed in administration, the deeds were never approved by the
relevant bodies of creditors, and the pooling of the companies'
assets and liabilities with the Pasminco Group is erroneous.


POWERTEL LIMITED: Discloses TVG Bidder's Statement
--------------------------------------------------
TVG Consolidation Holdings SPRL (TVG), a special purpose vehicle
owned by the TVG Asian Communications Fund II, LP and Rosebud
Securities Limited, is making a takeover offer under an off-
market bid in respect of all of the fully paid ordinary shares
in the capital of PowerTel Limited.

A Bidder's Statement given by TVG to PowerTel pursuant to
Chapter 6 of the Corporations Act and includes an offer for
PowerTel shares and was lodged with ASIC on 16 June 2003.
Neither ASIC nor any of its officers takes any responsibility
for the contents of this Booklet.

A copy of the Bidder's Statement can be found at
http://bankrupt.com/misc/TCRAP_PWT0619.pdf.


QANTAS AIRWAYS: Raises US$450M to Refinance Maturing Debt
---------------------------------------------------------
Qantas Airways Limited announced Wednesday that it had
successfully raised US$450 million worth of senior unsecured
debt.

The Chief Financial Officer of Qantas, Peter Gregg, said the
funds had been raised through a Rule 144A/Regulation S offering
of 5.125 per cent coupon 10-year notes due June 2013.

The offering was priced at 187.5 basis points over the 10 year
U.S. benchmark treasury bond and was rated Baa1 by Moody's
Investor Services and BBB+ by Standard & Poor's.

Mr Gregg said there was strong investor demand for the offering,
which was distributed to US, European and Asian institutional
investors.

"The net proceeds from the offering will be used to refinance
maturing debt and for general corporate purposes," Mr Gregg
said.

"The success of the offering is a testament to the strategy that
the company has been adopting to maintain its position as one of
the leading airlines within the sector."


QANTAS AIRWAYS: S&P Rates US$450 Million Notes 'BBB+'
-----------------------------------------------------
Standard & Poor's Ratings Services on Wednesday assigned its
'BBB+' rating to Qantas Airways Ltd.'s US$450 million notes due
June 20, 2013.

The corporate credit ratings on Qantas (BBB+/Negative/A-2)
reflect the company's leading position in Australia's domestic-
airline market, satisfactory position in Australia's outbound
and inbound traffic routes, strong bilateral and other strategic
marketing alliances, and moderate financial policies. These
positive factors are offset by the difficult airline
environment, which is pressuring Qantas' operating performance,
and its large capital program. This investment increases the
company's vulnerability to competitive threats and the current
industry weakness.

"Although Qantas remains one of the best performing airlines
globally, its credit-protection measures are expected to be weak
for its rating, as a result of the difficulties it is facing.
However, Standard & Poor's is prepared to tolerate some short-
term financial underperformance, given its strong domestic-
market position and strong liquidity," said Standard &
Poor's credit analyst Jeanette Ward, director of Corporate &
Infrastructure Finance Ratings.

A turnaround in Qantas' operating performance and key credit
ratios will be challenging, given the difficult revenue
environment, growing competition domestically, and Qantas' large
capital program. Qantas' ratings could come under further
negative pressure in the next six months if its cost-reduction
and cash-preservation efforts falter, if there is a less-than-
satisfactory recovery in passenger trends, or if the airline
suffers a material deterioration in its liquidity.


WEST OIL: Options Expiring on June 30
-------------------------------------
West Oil NL has been granted a waiver by the Australian Stock
Exchange (ASX) from complying with listing rule 6.24 and will
now not send a notice to optionholders regarding the expiry of
the options on 30 June 2003.

The Company's listed options have an exercise price of 10 cents
each and upon exercise, each option converts into 1 fully paid
ordinary share. Official quotation of the options on ASX will
cease on 23 June 2003.

In accordance with the waiver granted by ASX, the following
information is provided:

MARKET SALE PRICE

The market sale price of ordinary fully paid shares in West Oil
NL  on the ASX was 0.3 cents on 12 June 2003, being the last
trading day prior to the date of this notice.

During the three months preceding the date of this notice:

   * the highest market price on the ASX was 1.2 cents on 10
March 2003; and

   * the lowest market price was 0.3 cents on 12 June 2003.

A Notice of Exercise of Options and Application for Shares form
may be obtained from Advance Share Registry Services (see
details below) or West Oil.

HOW TO EXERCISE OPTIONS

Options may be exercised wholly or in part by completing a
Notice of Exercise of Options and Application for Shares form
and payment of 10 cents for each option exercised, by no later
than 30 June 2003. If the Notice of Exercise of Options and
Application for Shares form and payment is not received by
5.00pm WST on 30 June 2003, the options will automatically
lapse.

Once the Notice of Exercise of Options and Application for
Shares form is complete, please forward it together with 10
cents per option exercised, to be received prior to 5.00pm WST
on 30 June 2003, to:

Advanced Share Registry Services     Telephone: (08) 9221 7288
PO Box 6283                          Facsimile: (08) 9221 7869
EAST PERTH WA 6892

Payments must be in Australian dollars only, and cheques should
be made payable to West Oil NL and crossed "Not Negotiable" and
drawn on an Australian bank.

CONTACT INFORMATION:  Mark Pearce
        COMPANY SECRETARY
        Ph: 08 9322 6322
        Fax: 08 9322 6558
        Website: www.westoilnl.com.au


* Panel Publishes Final Guidance on Frustrating Action
------------------------------------------------------
The Takeovers Panel has published on Tuesday its Guidance Note
on Frustrating Action. The final version follows a draft that
the Panel released for public consultation.

The Guidance Note is based on the Panel's view that decisions
about control and ownership of a company should be made by its
shareholders.

Where a corporate action could frustrate a proposal concerning
control or ownership of a company, the Panel will generally
require that shareholders be able to determine the control and
ownership of the company.

The Panel's approach is based on legislative policy, which
requires it to examine the effect of conduct on shareholders and
markets, rather than subjective factors.

The Guidance Note indicates the Panel's approach when
considering actions of the directors of a company that is
subject to a takeover offer, where those actions may lead to the
offer lapsing, being withdrawn or not proceeding.

The Guidance Note aims to draw a balance between preserving the
rights of shareholders and not unduly limiting the conduct of a
target's business while a bid is on foot. The Guidance Note
makes it clear that the Panel will not support applications by
bidders who attempt to exploit the policy.

The Panel has also published on its website a paper that sets
out the major external comments that the Panel received on the
consultation draft and its response to those comments.

The Panel would like to thank the Frustrating Action Sub-
Committee (Robyn Ahern, Tony Burgess, Kathy Farrell, Irene Lee
and Marian Micalizzi) for their work.

The Frustrating Action Guidance Note and the Public Consultation
Response Statement are available at:

http://www.takeovers.gov.au/Content/guidance/final_guidance.asp
http://www.takeovers.gov.au/Content/consultation/frustrating_act
ionPCRS.asp

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


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


DYNAMIC GLOBAL: Widens 2002 Operations Loss to HK$21.611M
---------------------------------------------------------
Dynamic Global Holdings Limited posted its results announcement
summary for the year end date December 31, 2002:

Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
                                               (Unaudited)
                            (Unaudited)        Last
                            Current            Corresponding
                            Period             Period
                            from 01/01/2002    from 01/01/2001
                            to 30/06/2002      to 30/06/2001
                            Note  ($)          ($)
Turnover                       : 3,563,000          23,802,000
Profit/(Loss) from Operations  : (21,611,000)       (16,189,000)
Finance cost                   : (5,028,000)        (4,049,000)
Share of Profit/(Loss) of
  Associates                   : (441,000)          (239,000)
Share of Profit/(Loss) of
  Jointly Controlled Entities  : N/A                (5,782,000)
Profit/(Loss) after Tax & MI   : (26,996,000)       (29,485,000)
% Change over Last Period      : N/A       %
EPS/(LPS)-Basic (in dollars)   : (0.01151)          (0.01927)
         -Diluted (in dollars) : N/A                N/A
Extraordinary (ETD) Gain/(Loss): N/A                N/A
Profit/(Loss) after ETD Items  : (26,996,000)       (29,485,000)
Interim Dividend               : NIL                NIL
  per Share
(Specify if with other         : N/A                N/A
  options)
B/C Dates for
  Interim 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

Remarks:

(1) Loss from operating activities

Loss from operating activities has been arrived at after
charging:
                                      Six months ended
                                      30.6.2002       30.6.2001
                                      HK$'000         HK$'000

Amortization of goodwill arising on
  acquisition of associates             1,886           2,597
Depreciation of fixed assets            5,251           3,962
                                        =====           =====
(2) Finance costs
                                       Six months ended
                                       30.6.2002       30.6.2001
                                       HK$'000         HK$'000

Interest on bank loans and other loans wholly
  repayable within five years           5,028           4,049
                                        =====           =====
(3) Taxation
                                        Six months ended
                                        30.6.2002
30.6.2001
                                        HK$'000         HK$'000
Group:
  Mainland China                        -               37
  United States of America              -               3,163
Associates:
  Mainland China                        -               -
                                        ----------------------
                                        -               3,200
                                        ======================

No provision for Hong Kong Profits tax has been made for the
period as the Group did not generate any assessable profits
arising in Hong Kong during the period (2001: Nil).  Taxes on
profits assessable elsewhere have been calculated at the rates
of tax prevailing in the respective jurisdictions in which the
Group operates, based on existing legislation, interpretations
and practices in respect thereof.

No provision for tax is required for the Group's jointly-
controlled entity and associates as no assessable profits were
earned by the jointly-controlled entity and associates during
the period (2001: Nil).

(4) Loss per share

The calculation of the basic loss per share is based on the net
loss attributable to shareholders of HK$26,996,000 (2001:
HK$29,485,000) and on the weighted average of 2,345,421,553
(2001: 1,529,902,107) ordinary shares in issue during the
period.

The computation of diluted loss per share for the six months
ended 30 June, 2001 has not been shown as the warrants
outstanding during 2001 (lapsed on 31 August 2001) had an anti-
dilutive effect on the basic loss per share.


DYNAMIC WAY: Winding Up Sought by Focus Roller
----------------------------------------------
Focus Roller Shutter Limited is seeking the winding up of
Dynamic Way International Limited. The petition was filed on May
22, 2003, and will be heard before the High Court of Hong Kong
on July 16, 2003 at 9:30 in the morning.

Focus Roller holds its registered office at Room 737, 7th Floor,
Beverley Commercial Centre, 87-105 Chatham Road South, Kowloon,
Hong Kong.


FORTUNE SHEEN: Petition to Wind Up Pending
------------------------------------------
The petition to wind up Fortune Sheen Investment Limited is
scheduled for hearing before the High Court of Hong Kong on June
25, 2003 at 10:00 in the morning.

The petition was filed with the court on May 7, 0003 by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.


PCCW LIMITED: Appoints Jack So as Group Managing Director
---------------------------------------------------------
Further to the announcement of PCCW Limited dated May 12, 2003,
the Board of Directors of the Company is pleased to announce
that the Company has entered into an agreement with Mr. Jack So
Chak-kwong (Mr. So) on June 17, 2003 for him to join the Company
as Group Managing Director and Deputy Chairman. Mr. So's
appointment as Group Managing Director and Deputy Chairman will
be effective no later than September 24, 2003 on a date to be
agreed.

Mr. Richard Li Tzar Kai (Mr. Li) has informed the Board that he
will relinquish his role as Chief Executive when Mr. So joins
the Company but will remain an executive director and chairman
of the Company. On the appointment of Mr. So, the chief
executive position will be retitled to Group Managing Director
and will be filled by Mr. So. Chief Operating Officer, Mr.
Michael John Butcher and Group Chief Financial Officer, Mr.
Alexander Anthony Arena will report to Mr. So.

Pacific Century Diversified Limited, a company controlled by Mr.
Li, has agreed to transfer 6,483,000 shares in the Company to
Mr. So, subject to certain terms and conditions. One-third of
such shares will be transferred to Mr. So at each of the first,
second and third anniversary of his commencement of employment
with the Company or its subsidiaries (PCCW Group) provided that
he is employed by the PCCW Group at the time. If Mr. So were
employed by the PCCW Group for only part of the second or third
year, then only a pro-rata number of shares relating to those
years will be transferred to him.


PCCW LIMITED: European Style Listing Withdrawn
----------------------------------------------
Market participants are requested to note that listing of the
2003 European Style (Cash Settled) Put Warrants relating to
existing issued ordinary shares of HK$0.25 each of PCCW Limited
issued by Credit Suisse First Boston (stock code: 9421) was
withdrawn after the close of business on Wednesday (18/06/2003).

Wrights Investors' Service reports that at the end of 2002, the
company had negative common shareholder's equity of -HK$5.92
billion. It also reported losses during the previous 12 months
and has not paid any dividends during the previous 6 fiscal
years.


STD MANUFACTURING: Winding Up Sought by Hip Hing Cable
------------------------------------------------------
Hip Hing Cable & Plug Manufactory Limited is seeking the winding
up of STD Manufacturing Limited. The petition was filed on May
22, 2003, and will be heard before the High Court of Hong Kong
on July 16, 2003 at 9:30 in the morning

Hip Hing Cable holds its registered office at 6th Floor, Block
C, High Win Factory Building, 47 Hoi Yuen Road, Kwun Tong, Hong
Kong.


T.T. INVESTMENT: Hearing of Winding Up Petition Set
---------------------------------------------------
The petition to wind up T.T. Investment (China) Limited is
scheduled for hearing before the High Court of Hong Kong on July
9, 2003 at 9:30 in the morning.

The petition was filed with the court on May 13, 2003 by
Standard Chartered Bank of 3rd Floor, Nos. 4-4A Des Voeux Road
Central, Hong Kong.


YAU KEE: Winding Up Hearing Scheduled on 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 Yau Kee
Hot Pot Restaurant Company Limited.

Cheung Sui Hung of No. 53, Tai Om Tsuen, Lam Tsuen, Tai Po, New
Territories, 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 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


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


ASTRA INT'L: Ready for Second Bond Buy Back
-------------------------------------------
The management of PT Astra International is ready to buy back
the II-series bond, which is more than the expected funds worth
US$25 million, if the bondholders were ready before selling the
bond, Bisnis Indonesia reports, quoting President Director Budi
Setiadharma.

"We provide US$25 million to meet the requirement for the II-
series bond buyback... However, if the bondholders were
interested in selling the bond and its value was at a low price,
we are ready to buy back," Setiadharma said.

Bisnis source said the buyback would take three weeks. "If the
advertisement was issued last week, the process may finish by
the end of June 2003."

When asked on the price of the buyback, Setiadharma said it
depended on the offering from the bondholders since they would
offer the promissory notes at various prices.

"There are various prices that make us have to select the
offerings," he stated.


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


FUJITSU LIMITED: Enhances 'TRIOLE' IT Infrastructure
----------------------------------------------------
Fujitsu Limited on Tuesday expanded on its vision for the coming
era of ubiquitous computing and communications. Positioning the
key hardware and software elements of its TRIOLE concept as the
comprehensive IT infrastructure for such a future, the Company
detailed new initiatives aimed at significantly strengthening
the Company's integration capabilities and product offerings.

Originally introduced in February of last year as an IT platform
integration concept, covering servers, storage systems and
networks, TRIOLE (inspired by the German word for triplet) is
based on the three core technological areas of autonomics,
virtualization and integration. Fujitsu's TRIOLE-related
activities to date have focused on developing and delivering
products that further advance overall system reliability,
optimizing systems integration to take advantage of customers'
existing IT assets, and analyzing customer system installations
to discern specific high-reliability system patterns.

Building on these efforts, Fujitsu's new TRIOLE-related
initiatives - which aim to respond to customers' heightened
needs to flexibly accommodate changing business circumstances,
cope with increased system complexity and reduce total cost of
operation (TCO) - include the development of Platform-
integration Templates (Pi Templates) that capitalize on the
Company's wealth of systems integration experience in
sophisticated open systems deployments. In addition, the Company
is continuing efforts to boost the reliability and reinforce the
interconnectivity of its key server, storage, network and
middleware offerings under TRIOLE, with particular emphasis on
augmenting the integration features and functionality of its
major middleware offerings, including Interstage, Systemwalker
and B2.Sframework. New middleware products currently under
development and scheduled to be released over the next year
include Interstage Shunsaku Data Manager (temporary name), which
will provide high-speed XML data cross-reference/search
functionality, and Resource Coordinator (temporary name), which
boasts advanced autonomic control functionality.

In strengthening and giving further articulation to TRIOLE
through these initiatives, Fujitsu intends to greatly accelerate
the development and deployment of customers' IT systems in
complex heterogeneous environments, while at the same time
assuring them absolute reliability and seamless connectivity
among system components. Details are as follows.
Pi Templates

- Capitalizing on Accumulated Expertise to Strengthen
Integration Capabilities Fujitsu has been analyzing major IT
deployments in a variety of industries, extracting recurrent
system patterns in open, heterogeneous environments and carrying
out studies to verify system reliability and scalability. Based
on these patterns, the Company has put together a compendium of
Platform-integration Templates (Pi Templates) and confirmed
techniques for using them as functional building blocks to speed
the construction of highly reliable open-system installations.

By employing these Pi Templates, Fujitsu will be able to quickly
construct highly integrated, reliable and scalable systems that
take advantage of customers' existing IT assets. As a result,
customers will be better able to grow their business, accelerate
operations, ensure stable system operations and reduce TCO.

Establishment of Pi Center

In conjunction with this effort, Fujitsu has newly established a
Platform-integration Center (Pi Center). Located at the
Company's Numazu Plant and with an initial staff of 200
professionals from its Software & Services and Platforms
business groups, the Pi Center will be used to develop and
verify an expanding range of Pi Templates.

TRIOLE-related Product Enhancements

Focusing on the core technological area of autonomics,
virtualization and integration, Fujitsu has been continuously
strengthening its lineup of TRIOLE-related products - at the
component, module, individual product and overall system levels.
Going forward, the Company will place particular emphasis on
augmenting middleware offerings to respond to customer needs for
increased integration, as well as on enhancing autonomic control
at software and hardware levels for assuring system stability,
helping customers speed business growth and operations, and
reducing total cost of ownership.

Key TRIOLE-related Product Announcements to Date*

[Servers]
GS21 (Mainframes)

- Complete new lineup with performance range of 3,500 times from
low to high end (May 2003)
PRIMEPOWER (UNIX systems)

- No. 1 on SAP benchmark test (May 2003)

- Global launch of mid-range model with mainframe-class RAS
technology (May 2003)
PRIMERGY (IA systems)

- High-performance 4-way model (Nov. 2002)

- Highly compact blade server 2CPU model (Feb. 2003)

- Enhanced entry model lineup (Jun. 2003)

[StorageSystems]

ETERNUS

- Network storage server (Feb. 2002)

- Model with autonomic back-up and high-speed recovery functions
(Apr. 2003)

- Top-class mid-range models (May 2003)

[Network Solutions]

IPCOM (Network server)

- Model with industry's highest performance Layer 7 load
distribution and bandwidth controller (Feb. 2003)
GeoStream (IP network products)

- High-end IP access router (Dec. 2002)

- High-performance equipment for firewall use (Jan. 2003)

- Mid-range IP access router (May 2003)

[Middleware]

B2.Sframework (Open systems construction framework)

- Application framework and application control/operation
functionality (Jan. 2003) Interstage (Collaborative business
integration)

- Advanced technology version for driving expansion of Web
services (Jun. 2002)

- .NET compatibility (Oct. 2002)
- Enhanced Web services for small and mid-sized businesses (Jan.
2003)

- BI software via partnership with Cognos (May 2003)
Systemwalker (Integrated operations management software)

- Enhanced multivendor storage management (Jul. 2002)

- Advanced technology version for Web services and virtual
networks (Oct. 2002)

[Other]
Collaboration with Red Hat for Linux solutions (May 2003)

Upcoming TRIOLE-related Product Developments (in FY2003)*

[Servers, Storage and Networks]
Responding to needs for higher speed, larger processing
capability and high reliability, will introduce successive
product enhancements and strengthen autonomic functionality via
middleware linkages.

[Middleware]

Will introduce series of new products aimed at facilitating
customers' business growth and expansion via greater system
connectivity, service integration and reliability.

- Interstage Shunsaku Data Manager Enterprise Edition with
enhanced high-speed XML data cross-reference/search
functionality (2Q FY2003)

- Enhanced features for ubiquitous services (3Q FY2003)

- Resource Coordinator with enhanced autonomic control
functionality (4Q FY2003)

*All product information refers to Japan market; many products
are or will also be available outside Japan.

Customer Views on TRIOLE

Kanebo, Ltd.

One key issue confronting its cosmetics group, in terms of
raising its competitiveness, was how to provide useful
information, directly and in a timely manner, to the 7,000
beauty counselors that make up the front lines of the sales
force. The key point in this regard was to develop and deploy
the right handheld terminals and network system. Working closely
with Fujitsu's consulting group, the Company decided to create a
beauty counselor knowledge management system based on the TRIOLE
information technology infrastructure. Designed with an eye
toward the age of ubiquitous computing and communications, the
system is considered to be one of the most advanced mobile
knowledge management systems. Thanks to TRIOLE, the switchover
to this system occurred right on schedule, taking just 7 months
from development to deployment. It is now essential to the sales
growth. The Company is now working on developing a system that
will enable us to make even better use of the accumulated
knowledge content. So the Company will be counting on TRIOLE
even more.

Eiichi Yoshida
Executive General Manager
Computer Systems Dept. Cosmetics Division
Kanebo, Ltd.


ASIA CONVERGENCE: Ceasing Operations by September 30
----------------------------------------------------
Singapore Exchange (SGX) announced that Asia Converge Pte Ltd,
its joint venture with DBS Vickers Securities and OCBC
Securities, would cease operations on 30 September 2003. The
Company provides outsourcing services for brokers' back office
operations. The closure of Asia Converge will not have a
significant financial impact on SGX.

The Company was unable to generate a sufficient volume of
business to keep it going, and the partners therefore decided to
cease Asia Converge's operations. DBS Vickers Securities and
OCBC Securities will resume their own back office operations and
are confident there will be no impact on their customers.


ISOFTEL LTD: EVP For Business Development Resigns
-------------------------------------------------
ISoftel Ltd. announced the resignation of its Executive Vice-
President of Business Development, Michelle Chan Poh Peng.
Michelle Chan had been with iSoftel since 1998. She is leaving
the Company for personal reasons.

Her role in business development is taken over by our Senior
Vice-President of Global Sales & Services, Jesse Liu who joined
us in mid 2002. Jesse has substantial experience in the
telecommunications industry and has 15 years of experience
working for AT&T/Lucent. He received a Business Management
Certification from the University of Virginia, Darden Graduate
School of Business Administration in 1995 and a Master Degree on
Computer Science from Northern Illinois University in 1986.

ISoftel remains focused on its core products of iMillenia PPMS
(prepaid/Postpaid Management System) - a serial award winner and
iRoute (Intelligent Routing Management System). These
revolutionary solutions enabled communications service providers
to leverage its existing and new IP infrastructure and the
ability to roll out value-added services through multiple
network access. Enhanced by a full suite of integrations and
optional product modules to meet the needs of vertical markets,
these solutions enabled providers the full potential in
deploying increased value to its services offerings. These
value-added services include: Prepaid VoIP; Prepaid GPRS;
Prepaid SMS; Prepaid ISP; Prepaid Mobile; Intelligent Payphone &
IP Phone System; Internet & LAN game to name a few.

CURRENT LIABILITIES:

Trade creditors has increased from $1.7 million to $3.2 million
as the Group stalled its timing of payment to match the
collection from trade debtors, TCRAP reported recently. As a
result of a reversal of its liability of $3.8 million relating
to Tranche (3) payment to vendors of BLIT, other creditors and
accruals has decreased to $3.0 million as compared to $7.6
million in the previous year.

The reasons for the continuing losses in China operations;

China operations are in the red because of the following
reasons:

-Lower gross profit margins of 14.9 percent compared to 20.6
percent in the previous year because of lower pricing and trade
discounts given to customers.

-Total gross profit is not sufficient to cover its total
operating expenses.

-The telecom industry in China is cautious in spending
additional capital expenditure.

-Slow payments from customers in China.

(iii) The effect of the change in accounting policy to comply
with SAS 12.

There has been no material effect arising from the change in
accounting policy to comply with SAS 12.

About iSoftel Ltd

Based in Singapore, with presence in China, India and the United
States, iSoftel has been listed on the mainboard of the
Singapore Exchange Securities Trading Limited (SGX-ST) since
August 2000. iSoftel is an award-winning software developer for
the telecommunications industry. The company offers a feature-
rich prepaid/postpaid enhanced services platform (iMillenia
Prepaid Postpaid Management System), convergent billing system
(Renaissance Convergent Billing Management System), intelligent
routing management system (iRoute), and Enhanced Services. For
more information, visit www.isoftel.com.

CONTACT:
Edmund Ng
iSoftel Ltd
Tel: +65 62939939
Fax: +65 63967421
Email: edmund_ng@isoftel.com


NEC CORPORATION: Selling All Shares of Cray Preferred Stock
-----------------------------------------------------------
Cray Inc. announced Tuesday that all 3,125,000 shares of its
Series A Convertible Preferred Stock held by NEC Corporation had
been converted and sold. Cray issued a total of 3,269,154 shares
of its Common Stock in the conversion and in payment of accrued
dividends on the Preferred Stock. Cray now has no shares of
preferred stock outstanding.

About Cray Inc.

Cray's mission is to be the premier provider of supercomputing
solutions for its customers' most challenging scientific and
engineering problems. Go to www.cray.com for more information
about the Company.

Battered by a global economic slump and a diving Tokyo stock
market, NEC Corporation narrowed its losses to 24.5 billion yen
($204 million) for the year ending in March 31, but failed to
return to profit this year, reports the Troubled Company
Reporter-Asia Pacific. The electronics firm posted a loss of 312
billion yen ($204 million) a year ago.

The Company has been hurt by the shaky world economy, worsened
by worries about the war in Iraq in the latter half of
fiscal 2002. A recent dive in Tokyo share prices to 20-year lows
also eroded NEC's earnings. NEC expected to return to
profitability this year but stayed in the red for the second
straight year.

CONTACT:

Cray Inc.
Scott Poteracki, 866/729-2729
scottp@cray.com
or
Snyder Investor Relations
John Snyder, 206/262-0291
john@snyderir.com


TOKYO BLOUSE: Women's Apparel Maker Enters Rehabilitation
---------------------------------------------------------
Tokyo Blouse K.K., which has total liabilities of 7.5 billion
yen against a capital of 268 million yen, has applied for civil
rehabilitation proceedings, Tokyo Shoko Research reports. The
women's apparel manufacturer is located in Shinjuku-ku Tokyo,
Japan.


TOSHIBA CORP.: Separates Material and Components Business
---------------------------------------------------------
The Board of Directors of Toshiba Corporation (Toshiba) will
make independent its materials and components business in the
Materials & Components Division in Display Devices and
Components Control Center (the Separation Business and excluding
the sales by CRT Components Group the sales by CRT Components
Group is excluded from the Separation Business.) in Toshiba and
establish a new subsidiary Company of Toshiba. This separation
and new incorporation will be completed on October 1, 2003 with
new Company name of Toshiba Materials Co., Ltd.

1.Purpose of separation and new incorporation

Through this separation by new incorporation, the Separation
Business, including various high-precision processing
components, and high-purity materials will be able to realize
timely and flexible streamlined management, and establish a
highly profitable business structure.

2. Outline of the separation and new incorporation

To implement this reorganization to establishing a new
independent group Company, a Japanese reorganization method of
'Kaisha-Bunkatsu' (Corporate Separation) defined under the
Commercial Code of Japan is used. (Corporate Separation)

1. Schedule

June 12, 2003          Approval by board of directors for
Corporate Separation Plan

October 1, 2003        Date of Corporate Separation

October 1, 2003        Registration of Corporate Separation

(2) Method

-Corporate Separation

'Simplified separation method,' which does not necessitate the
special resolution at the shareholders' meeting will be adopted.

- Reason for selecting this method

This method was chosen to transfer the relevant businesses more
efficiently. Share allocation rate was decided based on the
capital of the New Company, and the value of the Separation
Business, and also on the fact that Toshiba is 100 percent owner
of new Company after the separation.

(3) Allocation of shares

-The New Company will newly issue to Toshiba 9,600 shares.

- Calculation of share allocation rate

Share allocation rate was decided based on the capital, and
shareholder's equity based on the fact that Toshiba is 100
percent owner of new Company after the separation.

(4) Cash subsidy

There will be no cash distribution.

(5) Legal rights and obligation to be succeeded

The New Company will succeed assets, liabilities, rights and
obligations involved in the material and components business.

(6) Forecast of fulfillment of obligation

Toshiba and the New Company will be able to meet all their
obligations.

(7) Newly appointed directors and corporate auditors of a new
Company

     Mr. Morie Yamaguchi, Director
     Mr. Hironobu Oishi, Director
     Mr. Tsuyoshi Yasui, Director
     Mr. Kazunori Fukuma, Director
     Mr. Yoshiaki Imamura, Auditor

3. Outline of the relevant companies

     As of March 31, 2003 for Separation Company
     As of September 30, 2003 for the New Company

5. Effects of business separation on Toshiba's financial results

(1) There is no change in trade name, principal lines of
business, principal office, representative, capital stock, total
assets, and financial closing date.

(2) No significant effect on Toshiba's consolidated operating
results or financial position is forecasted. The fiscal year
2003 forecast on non-consolidated basis announced on April 25
included this separation.


TOSHIBA CORPORATION: Reorganizes Medical Systems Business
---------------------------------------------------------
The Board of Toshiba Corporation (Toshiba) has approved that it
will make its medical systems business (Separation Business) an
independent operating Company of Toshiba and establish a new
group Company, integrating the operations of Toshiba Medical
Systems Co., Ltd. (Toshiba Medical), a Japanese subsidiary
Company of Toshiba. This reorganization will be completed on
October 1, 2003 with a new Company name of Toshiba Medical
Systems Corporation.

1. Purpose of Corporate Separation and Integration

The key objective is to further strengthen the medical systems
businesses, currently an in-house Company within Toshiba
(Medical Systems Company), will become an independent group
Company of Toshiba on October 1, 2003. The new Company, Toshiba
Medical Systems Corporation, will integrate its operations with
those of Toshiba Medical, which now undertakes sales and
marketing and maintenance of medical systems mainly in the
Japanese market, to establish itself as a global provider of
comprehensive medical solutions, able to assure timely delivery
of advanced medical products and excellent services to the world
market, with integrated capabilities in planning, R&D, design,
manufacturing, sales and marketing and after-sales services.

2. Outline of Corporate Separation

To implement this reorganization to establishing a new
independent group Company, a Japanese reorganization method of
'Kaisha-Bunkatsu' (literally translated as 'Corporate
Separation') defined under the Commercial Code of Japan is used.
(Corporate Separation)

1. Schedule

June 12, 2003      Approval by the Board of Directors for
Corporate Separation

June 12, 2003      Agreement between Toshiba and Toshiba Medical

October 1, 2003    Date of Corporate Separation

October 1, 2003    Registration of Corporate Separation

(2) Method

-Corporate Separation

'Simplified separation method,' which dose not necessitates the
special resolution at the shareholders' meeting will be adopted.
Toshiba will separate the Separation Business into Toshiba
Medical.

- Reason for selecting this method

This method was chosen to transfer the relevant businesses
efficiently.

(3) Allocation of Shares

Toshiba is to own Toshiba Medicals newly issued 44,020,060
shares.

Allocation of the shares was determined in comparison of the
Separation Business' shareholder's equity and that of Toshiba
Medicals, and in consideration of Toshiba Medicals outstanding
number of share.

(4) Cash Subsidy

There will be no cash distribution.

(5) Legal Rights and Obligation to be succeeded

Toshiba Medical will succeed all of the assets, liabilities,
rights and obligations involved in the transferred business,
unless specifically excluded there from.

(6) Forecast of Fulfillment of Obligation

Toshiba and Toshiba Medical will be able to fulfill all their
obligations.

(7) Newly Appointed Directors and Corporate Auditors of Toshiba
Medical for the operations from October 1, 2003.

To be decided

Contact: Hideo Kitamura, General Manager
Corporate Communication Office
Tel: 81 3 3457 2096


UCHIHARA COUNTRY: Golf Course Enters Rehabilitation
---------------------------------------------------
Uchihara Country Kurabu, K.K., which has total liabilities of 20
billion yen against a capital of 30 million yen, has applied for
civil rehabilitation proceedings, Tokyo Shoko Research reports.
The golf course is located in Higashiibaragi-gun, Ibaragi,
Japan.


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


CHOHUNG BANK: Workers Begin Strike Wednesday
--------------------------------------------
Labor union members from Chohung Bank launched a general strike
on Wednesday to protest a government plan to sell the bank to
Shinhan Financial Group, Asia Pulse reports.

After overnight talks between Chohung President Hong Serck-joo
and union leader Huh Heung-jin to reach a compromise broke down,
more than 6,000 union members gathered at the bank's head office
in downtown Seoul to declare the start of the strike. The strike
is expected to cripple bank operations as about 300 computer
workers walked off the job. The Ministry of Finance and Economy
said the government will take civil and criminal measures
against striking workers.


HYNIX SEMICONDUCTOR: CEO Blasts U.S. Tariff Ruling
--------------------------------------------------
E.J. Woo, Chief Executive Officer (CEO) of Hynix Semiconductor
Inc., condemned on Tuesday the United States Department of
Commerce's (DOC) final decision to set punitive subsidy margins
on imports of Korean DRAMs as an "outrageous act aimed at a
hidden agenda."

"It was absolutely clear from the facts of this case that these
subsidy levels are unjustified and illegal," Mr. Woo said. "The
only possible explanation is that the DOC has decided to use
this case to pressure the Korean Government on the question of
economic restructuring."

Mr. Woo explained that "the DOC has blindly concluded that the
Korean Government must have been secretly involved in the
financial restructurings of Hynix simply because the Korean
Government still owns shares in some commercial banks. DOC
wrongly ignored testimony from numerous experts that the Korean
Government cannot control private banks' decision-making."

"The DOC seems to believe that the Korean Government wants to
maintain its bank shareholdings, and that punishing Hynix will
change the situation. That is also wrong. The government is
trying hard to find buyers for its bank shareholdings," Mr. Woo
commented.

"Today's decision further ignores the leadership role Citibank
played in the Hynix restructuring. If the DOC followed U.S. law,
it would acknowledge that Citibank and other private banks --
banks without any government ownership -- should be the
benchmark for measuring the true commercial nature of the
overall restructuring."

"Finally, the U.S. decision unfairly condemns the use of out-of-
court workouts, rather than bankruptcy. American-style
bankruptcy is not the only way to handle troubled companies."
Mr. Woo explained that "most of the world, like Korea, tries to
use creditor led workouts to avoid unnecessary bankruptcies,
which often lead to liquidation and huge economic dislocation."

"Hynix will fight to assure open trade in Korean DRAMs," Mr. Woo
concluded. "Freed from political pressure and hidden agendas,
the DOC's determination cannot survive court or World Trade
Organization scrutiny. More importantly, the Company is
confident that the independent and objective market evaluation
of the U.S. International Trade Commission will put an end to
this case without the need for more wasteful legal conflict."

About Hynix Semiconductor Inc.

Hynix Semiconductor Inc. (HSI) of Ichon, Korea, is an industry
leader in the development, sales, marketing and distribution of
high-quality semiconductors, including DRAM, SRAM, Flash memory
and system IC devices. Hynix Semiconductor is the world's
leading DRAM supplier with thirteen semiconductor-manufacturing
facilities worldwide, and production capacity of over 300,000
wafer starts per month. In addition, Hynix is expanding its
system IC business unit with leading technology and added deep
sub-micron foundry services to strategically broaden its overall
semiconductor presence and achieve its goal of leading the
global semiconductor market. Hynix maintains worldwide
development, manufacturing, sales and marketing facilities.


SK GLOBAL: Shares Up 9.6% After Bailout Approval
------------------------------------------------
Shares in SK Global Co. jumped as much as 9.6 percent and traded
at 3,270 won on Wednesday after its creditors approved a plan to
bail out the Company, Bloomberg reported Wednesday. SK Global in
March sparked South Korea's biggest accounting scandal in four
years after admitting it misstated more than 1.5 trillion won in
its 2001 financial statements by hiding debt and inflating
earnings.

Hana Bank and other creditors holding a combined 84 percent of
the Company's domestic debt voted in favor of rescuing SK
Global, which has 4.4 trillion won (US$3.7 billion) more debt
than assets. Lenders will swap as much as 2.9 trillion won of
debt for stock and equity-linked bonds.


SK GLOBAL: SK Telecom Rejects Call to Assist Firm
-------------------------------------------------
SK Telecom has rejected a call to help rescue embattled SK
Global Co., casting a cloud over the fate of its parent SK
Group, the Korea Herald reports. SK Global creditors and SK
Corporation are now bound to spearhead the rehabilitation of SK
Global themselves, as SK Telecom decides not to get entangled
with the accounting scandal. Saddled with 6.7 trillion won in
debts, SK Global has been on the verge of liquidation since the
revelations of large-scale accounting fraud in early March.

Samil Accounting Corp.'s due diligence on SK Global revealed
that the Company had a negative net worth of 4.38 trillion won
at the end of 2002, sharply lower than the negative 212.8
billion won claimed by the Company's auditor in December, TCRAP
reports. At the same time, SK Global has hidden assets totaling
422 billion won in depositary receipts floated by its subsidiary
SK Telecom.


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


BRIDGECON HOLDINGS: Depositors Record Close on June 23
------------------------------------------------------
Notice is hereby given that the Record of Depositors of
Bridgecon Holdings Berhad (Special Administrators Appointed)
will be closed on 23 June 2003 for the following purposes:

(i) Recalling of the existing issued and paid-up share
capital of RM1.00 each in BHB;
(ii) Exchange and replacing the existing ordinary shares of
RM1.00 each in BHB (BHB Share(s)) for new ordinary
shares of RM0.50 each in Premium Nutrients Berhad
(PREMIUM Share(s)) on the basis of one (1) new PREMIUM
Share for every 9.975 BHB Shares held at or before 5.00
p.m. on 23 June 2003 pursuant to the proposed share
exchange (Share Exchange); and
(iii) Closure of books relating to the entitlement of new
PREMIUM Shares pursuant to the Share Exchange.

FURTHER NOTICE IS HEREBY GIVEN THAT a depositor of BHB
registered in the Record of Depositors as at 23 June 2003 will
be subject to the Share Exchange in respect of BHB Shares
transferred into the depositor's securities account before 4:00
p.m. on 23 June 2003. Your attention is also drawn to BHB's
Information Circular to Shareholders dated 17 June 2003.


BRISDALE HOLDINGS: Undertakes Composite Scheme of Reconstruction
----------------------------------------------------------------
Brisdale Holdings Berhad is participating in the merger between
Kumpulan Perangsang Selangor Berhad (KPS), Kumpulan Hartanah
Selangor Berhad (KHSB), SAP Holdings Berhad, Central Spectrum
(M) Sdn Bhd and BRISDAL to be implemented by way of a composite
scheme of reconstruction pursuant to Sections 176 and 178 of the
Companies Act, 1965 (Merger) involving, amongst others, the
following:

1) Exchanges of 120,000,002 BRISDAL ordinary shares of RM1.00
each (BRISDAL Shares) by the shareholders of BRISDAL to be
issued with 18,000,002 new ordinary shares of RM1.00 each
in KPS (KPS Shares) at approximately RM10.10 per share to
be listed and quoted on the Main Board of the KLSE based
on an exchange ratio of approximately 150 new KPS Shares
for every 1,000 BRISDAL Shares held (Share Exchanges);

2) Capital repayment and distribution by KPS to all its
shareholders (after the Merger) of 215,701,980 ordinary
shares of RM1.00 each in KHSB (KHSB Shares) on the basis
of three (3) KHSB Shares for every two (2) KPS Shares held
after the Merger (KPS Distribution); and

3) Bonus issue of 287,602,640 new KPS Shares to be credited
as fully paid-up on the basis of two (2) new KPS Shares
for every one (1) KPS Share held after the Merger (KPS
Bonus Issue).

The Record of Depositors and the Register of Members will be
closed at 5:00 p.m. on 30 June 2003 for the purpose of
determining the entitlement of shareholders of BRISDAL to the
Share Exchanges, KPS Distribution and KPS Bonus Issue.

In order to facilitate the Merger exercise, trading in BRISDAL
shares will be suspended with effect from 9:00 a.m., on Tuesday,
24 June 2003.


GLOBAL CARRIERS: 9th AGM Fixed on June 30
-----------------------------------------
Notice is hereby given that the Eight Annual General Meeting of
Global Carriers Berhad will be held at the Lumut 1 Room, 1st
Floor, Vistana Hotel, No.9, Jalan Lumut, Off Jalan Ipoh, 50400
Kuala Lumpur on 30 June 2003 at 9:00 a.m. to consider the
following matters:

AGENDA

1. To receive and adopt the audited accounts for the financial
year ended 31 December 2002 together with the reports of the
Directors and Auditors thereon. (Resolution 1)

2. To re-elect the following Directors retiring pursuant to
Articles 80, 81, and 87 of the Company's Articles of
Association.

   (a) DATO' AZLAN BIN HASHIM (Resolution 2)
   (b) SARFUDDIN BIN OTHMAN (Resolution 3)
   (c) JOHARI LOW BIN ABDULLAH @ LOW HAN HING (Resolution 4)
   (d) KAMAL BIN YUSOFF (Resolution 5)
   (e) MOHAMAD ISA BIN ABDULLAH (Resolution 6)
   (f) DATO' DR. MOHD NASIR BIN ISMAIL (Resolution 7)

3. To approve the payment of Director's fees in respect of the
financial year ended 31 December 2002. (Resolution 8)

4. To re-appoint Messrs Mohamed, Yeng & Co. as auditors of the
Company and to authorize the Directors to fix their
remuneration. (Resolution 9)

5. Special Business:
To consider and if thought fit to pass the following ordinary
resolution:

"That pursuant to section 132D of the Companies Act 1965,the
Directors be and are hereby empowered to allot and issue new
shares in the Company at any time and upon such terms and
conditions and for such purposes as the Directors may, in their
absolute discretion deem fit, provided that the aggregate number
of shares issued pursuant to this resolution in any one
financial year does not exceed 10% of the issued capital of the
Company for the time being and the Directors be and are also
empowered to obtain the approval for the listing of and
quotation for the additional shares on the Kuala Lumpur Stock
Exchange and that such authority shall continue to be in force
until the conclusion of the next Annual General Meeting of the
Company" (Resolution 10)

6. To transact any other ordinary business for which due notice
shall have been given.


GOPENG BERHAD: Voluntarily Liquidates Dormant Units
---------------------------------------------------
Gopeng Berhad advises that as part of the restructuring,
reorganization and rationalization of the Group's structure and
operations, arrangements are being made to place the following
subsidiaries, under members voluntary liquidation. The
subsidiaries concerned are:

   1) Gopeng Plantation Consultant Sdn Bhd
   2) Mambang Holdings Sdn Bhd
   3) Clay & Minerals Sdn Bhd
   4) Perak Ballclay Sdn Bhd
   5) Gopeng Health Solutions Sdn Bhd
   6) GB Industrial Minerals Sdn Bhd

As all the above subsidiaries have been dormant for some time,
their voluntary winding up will not have any effect on the
Group's operations.


HIAP AIK: Defaulted ICULS Status Remains Unchanged
--------------------------------------------------
Further to the announcement made on 23 May 2003 pertaining to
the default in payment in relation to Practice 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


KRETAM HOLDINGS: Unit Enters Joint Venture Arrangement With SCM
---------------------------------------------------------------
The Board of Directors of Kretam Holdings Berhad (KHB) wishes to
announce that Jeffa Construction Sdn Bhd (JCSB), a 51%
subsidiary of KHB Development Sdn Bhd, which in turn is a
wholly-owned subsidiary of KHB, had on 17 June 2003 entered into
a Supplemental Agreement to the Joint Venture Agreement (JVA)
with Southcon Corporation (M) Sdn Bhd (SCM), which had been
announced on 5 June 2002.

Pursuant to the JVA, in the event that any of the conditions
precedent are not fulfilled within nine months from the date of
execution of the JVA (which has since been extended from 4 March
2003 to 4 September 2003), SCM shall be entitled to terminate
the JVA. The JVA is subject to the approval of the Securities
Commission.

Upon termination of the JVA, JCSB shall refund:

i) all monies advanced by SCM for the Project Expenditure
referred to in Clause 5 (2) of the JVA; and
ii) all monies and costs expended by SCM towards
fulfillment of its obligations under the JVA

(collectively known as "Advanced Amounts").

In the event the JVA is terminated due to non-fulfillment of the
Conditions Precedent, SCM shall be entitled to be reimbursed the
Advanced Amounts from the proceeds derived from the operation of
the Wholesale Market, together with interest thereon at 5% per
annum calculated on a daily basis until the date of payment.

SCM has and is currently incurring costs on the construction of
the proposed Pandan Retail Market ("PRM") on the piece of land
owned by JCSB held under HS (D) 6587 PTD 68963 in Mukim Tebrau,
Johor Bahru. SCM has caused the commencement of the construction
of PRM and has secured a tenant for the PRM.

The Supplemental Agreement serves to include the rental income,
and any other proceeds derived from the PRM, in addition to the
proceeds from the Wholesale Market, as a source of reimbursement
for the Advanced Amounts.


KUB MALAYSIA: Disposes of Shares in Muslimsconnect.com
------------------------------------------------------
The Board of Directors of KUB Malaysia Berhad wishes to inform
the public that KUB Teknologi Sdn Bhd (KUBTek), a wholly owned
subsidiary of KUB, has on even date disposed off its 43.5%
equity interest comprising 208,800 ordinary shares of S$1.00
each in its 62.5%-owned joint venture subsidiary,
Muslimsconnect.com Pte Ltd (Muslimsconnect.com), a private
company limited by shares incorporated in Singapore to its
Management via a Management Buy Out scheme for a cash
consideration of RM1.00 (Ringgit Malaysia One Only) (the
Disposal).

Upon completion of the Disposal, Muslimsconnect.com shall cease
to be a subsidiary of both KUB and KUBTek.

The Disposal is not expected to have any material effect on the
earnings of KUB. Additionally, there is no effect on the share
capital and no material effect on the net tangible assets of
KUB.

As far as the Board is aware, none of the Directors or
Substantial Shareholders or person connected to Directors or
Substantial Shareholders of KUB has any interest, direct or
indirect in the Disposal.


OLYMPIA INDUSTRIES: Appoints Lim Yoke Si as Secretary
-----------------------------------------------------
Olympia Industries Berhad posted this Change Of Company
Secretary Notice:

Date of change : 16/06/2003
Type of change : Appointment
Designation    : Joint Secretary
License no.    : MAICSA 0825971
Name           : LIM YOKE SI

The Troubled Company Reporter - Asia Pacific reported that the
Company further made revisions to the Proposed Restructuring
Scheme. Details of which can be found at Troubled Company
Reporter - Asia Pacific, Thursday, May 29, 2003, Vol. 6, No. 105
issue.


OMEGA HOLDINGS: Posts Changes in Remuneration Committee
-------------------------------------------------------
Omega Holdings Berhad wishes to announce that Mr. Lim Cheng
Thean has resigned as a member of the Remuneration Committee and
the Nomination Committee on 3 January 2003. In replacement
therof, Mr. Mohamed Saleh Bin Gomu has been appointed a member
of the Remuneration Committee and Nomination Committee on 27 May
2003.

The new composition, after the aforesaid change, is as follows:

(1) Remuneration Committee

a) Peter Chen Hing Woon (Independent Non-Executive
Director) - Chairman
b) Mohamed Saleh Bin Gomu (Independent Non-Executive
Director) - Member

(2) Nomination Committee

a) Peter Chen Hing Woon (Independent Non-Executive
Director) - Chairman
b) Mohamed Saleh Bin Gomu (Independent Non-Executive
Director) - Member.

Early this month, the Troubled Company Reporter - Asia Pacific
reported Omega is still awaiting the decision of the Securities
Commission for the Proposed Restructuring Scheme, comprising:

   (i)   Proposed Acquisition of Omega by Newco;
   (ii)  Proposed Scheme of Arrangement;
   (iii) Proposed Transfer of Business;
   (iv)  Proposed Acquisition of Milan Auto Corporation (M) Sdn
         Bhd, a wholly-owned subsidiary of Milan Auto (M) Sdn
         Bhd (MA) by Newco;
(iv) Proposed Waiver from the Mandatory Take-Over Offer
         Requirement;
(v) Proposed Special Issue of Shares;
(vi) Proposed Offer For Sale of Settlement Shares By
Creditors;
(vii) Proposed Offer For Sale of Shares by MA;
(viii) Proposed Listing Transfer; and
(ix) Proposed Disposal of Omega Group.


PLANTATION & DEVELOPMENT: Sells RM21.712M Worth of ICPS
-------------------------------------------------------
Plantation & Development (Malaysia) Berhad refers to the earlier
announcement dated 9 June 2003, 2 June 2003, 27 May 2003, 21 May
2003 and 2 May 2003 pertaining to the Sale of Irredeemable
Convertible Preference Share (ICPS).

Universal Trustee (Malaysia) Berhad (UTB), trustee for the
Noteholders of the Revolving Underwriting Facility of RM20.0
million loan extended to Invescor Ventures Sdn Bhd (under
Receivers & Managers and Liquidation), a wholly owned subsidiary
of Plantation & Development (Malaysia) Berhad had disposed
another 12,820,200 units of ICPS at RM1.00 each in YTL Land &
Development Berhad for an aggregate amount of RM5,073,570.52.
UTB had informed P & D of its disposal of ICPS via UTB's fax
letter dated 17 June 2003.

To date, UTB had sold 59,012,400 units of ICPS at RM1.00 each in
YTL Land & Development Berhad for an aggregate amount of
RM21,712,686.88.

Further details of the transactions are attached at
http://bankrupt.com/misc/TCRAP_P&D0619.xls.


SITT TATT: Court Grants Injunction Order Against MISL
-----------------------------------------------------
Sitt Tatt Berhad wishes to inform that a notification dated 16
June 2003 has been received from the Directors, Tan Sri Datuk Dr
Mohan Swami, JP and Dato' Pang Wee Pat, JP ( referred to as "the
Affected Directors") via their solicitors that the Court has on
13 June 2003, granted injunction order against MISL as follows:

a) That MISL and their agents be restrained from selling,
transferring or otherwise dealing with all or any of its
62,562,500 ordinary shares in Sitt Tatt Berhad (STB), the
shares of which are free of moratorium and registered in
the name of MISL save and except in accordance with the
Agreements dated 12 September 2001 and 12 September 2002
(the Agreements) entered into between the Affected
Directors and MISL;

b) That MISL be restrained whether by itself, its agents,
servants or howsoever from acting in any manner
inconsistent with the express/implied terms of the said
Agreements and be further restrained from altering or
changing the structure or composition of the Board of
Directors of STB.


TONGKAH HOLDINGS: Disposes of Quoted Securities
-----------------------------------------------
Tongkah Holdings Berhad wishes to inform that it has on 16 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%-2% Redeemable Secured Convertible Bonds A 1999/2004 and
RM275,980,363 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds B 1999/2004 (collectively Bonds)) that they
have on 10 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.

Go to http://bankrupt.com/misc/TCRAP_Tongkah0619.docfor summary
information on the securities disposed.


ZAITUN BERHAD: Court Awards Judgment in Favor of Unit
-----------------------------------------------------
Zaitun Berhad wishes to inform that the High Court of Kuala
Lumpur had on 12 June 2003 awarded Judgement in favor of Zaitun
Marketing Sdn Bhd (the Plaintiff),a wholly owned subsidiary of
Zaitun Berhad, against Kumpulan Jaya Pemasaran Sdn Bhd,
Harrisons Trading (Sabah) Sdn Bhd and Harrisons Trading
(Sarawak) Sdn Bhd (the Defendants).

By the Judgement, the High Court ordered the Defendants TO PAY:

1. the Plaintiff a total sum of RM44,765,881.08 comprising:

     Kumpulan Jaya Pemasaran Sdn Bhd RM 32,585,252.60
     Harrisons Trading (Sabah) Sdn Bhd RM 7,943,970.92
     Harrisons Trading (Sarawak) Sdn Bhd RM 4,236,657.56

2. the Plaintiff a total sum of RM1,625,624.43 for goods sold
and delivered and interest thereon at 1.5 % per month from 11
April 2000 till full settlement,

3. the Plaintiff a total sum of RM77,971.38 being the overdue
interest accrued as at 10 April 2000,and

4. Costs

The High Court further ordered that the Defense and Counter
Claims of the Defendants be dismissed with costs.


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


BAYAN TELECOMMUNICATIONS: Plans to Offer Mobile Service
-------------------------------------------------------
Bayan Telecommunications Inc. (BayanTel) plans to offer mobile-
phone service after reaching an agreement with its creditors to
restructure $447 million of debt, DebtTraders reports. There are
six mobile phone operators in the Philippines, where one in
every five people has a handset. Verizon Communications just
sold its 19 percent stake in Bayantel last week to Benpres.
Bayantel is looking for foreign investors who will provide
capital to set up the operation. It holds a license for mobile-
phone service but does yet not have the system to operate it.

DebtTraders reports that Bayan Telecommunications, Inc.'s
13.500% bond due in 2006 (BAYA06PHA1) trades between 18 and 22.
For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BAYA06PHA1


BEYOND CABLE: Expects New Investor to Come on Board
---------------------------------------------------
Beyond Cable Holdings, Inc., the unit created with the union of
SKYCable and HomeCable, expects to have a new investor come on
board once it reaches a debt restructuring deal with creditors,
Business World reported Tuesday, citing SKYCable Chairman
Eugenio Lopez III. Mr. Lopez said Beyond Cable hopes to conclude
talks with the creditors by the end of the month. Lopez declined
to identify the new investor though nor the amount that will be
put in. ABS-CBN owns 10 percent of SkyCable. The Lopez group
owns 66.67 percent of Beyond Cable, while PLDT owns 33.5
percent.


CORPORATE INVESTMENTS: Creditors Work on Liquidation Plan
---------------------------------------------------------
Creditors of Corporate Investments Philippines Inc. (CIPI) are
working on a liquidation plan for the debt-strapped investment
house to facilitate the orderly distribution of its assets, the
Philippine Star reports. The appointed liquidator for CIPI is
now conducting several meetings with some major creditors to
facilitate the preparation of the mandatory liquidation plan to
be submitted to the Pasig Regional Trial Court. The name of the
liquidator was not mentioned in the report.

CIPI filed for suspension of payments in 1999 after failing to
service debts of over 867 million pesos. Of this amount, 128.4
million pesos are owed to creditor-banks. Shareholders of CIPI
include the San Miguel Retirement Fund with 30 percent, the
Coca-Cola Retirement Fund with 30 percent, the Archdiocese of
Cebu with 20 percent, Aton Atillano, former President of CIPI,
20 percent.


MANILA ELECTRIC: Refunds US$14.4M to Customers
----------------------------------------------
The Manila Electric Company (Meralco) has refunded already a
total of 770 million pesos (US$14.4 million) to small power
users consuming less than 100 kilowatts per hour (kwh) last
April, Asia Pulse reports.

The amount comprises 37 percent of the first phase of the refund
that started last June 6. The first phase covers 1.4 million
power customers consuming less than 100 kwh last April. These
customers comprise one third of the current total 3.9 million
customers of Meralco. Phase 1 of the refund is estimated to cost
1.6 billion pesos to 2.2 billion pesos. The refund is in
compliance with the Supreme Court's order for Meralco to return
30.5 billion pesos in overcharges billed on consumers from 1994
to 1998.


NATIONAL BANK: Plans Tie-up With Singapore/Taiwan on Remittance
---------------------------------------------------------------
Philippine National Bank (PNB) is negotiating with a Singaporean
bank and a "big" Taiwanese financial institution on a possible
tie-up in the fund remittance business, BusinessWorld newspaper
reports, quoting PNB President Lorenzo Tan. Tan did not identify
the Singaporean and Taiwanese entities. PNB earlier forged a
partnership with 7-Eleven and Citibank NA in Hong Kong on fund
remittance.


NATIONAL POWER: 1Q03 Energy Sales Up 8.3%
-----------------------------------------
The National Power Corporation (Napocor) said energy sales in
the first quarter of this year increased 8.3 percent year-on-
year as demand from its main customer Manila Electric Co.
(Meralco) surged and industrial usage picked up, ABS-CBN News
reported Wednesday. Data released by Napocor showed that it sold
7,750 gigawatthours (GWh) of power in the quarter, with 3,699
GWh going to Meralco, the country's biggest power distributor.
Sales to Meralco rose 7.6 percent, year-on-year.


NATIONAL POWER: Moody's Assigns Ba1 Rating
------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to National
Power Corporation (NPC)'s proposed US$500 million Guaranteed
Bonds, based on the irrevocable and unconditional guarantee by
the Republic of the Philippines (ROP). The rating outlook is
stable, which is in line with the stable outlook for the ROP's
sovereign rating.

Moody's recognizes NPC's weak operating performance with return
on rate base of only 0.21 percent in 2002, mainly attributable
to the significant reduction of sales to Meralco, which accounts
for about 50 percent of NPC's total sales as well as a reduction
of NPC's tariffs. Moody's expects NPC's operating performance to
remain weak given the Philippines Government's mandatory removal
in September 2002 of the Purchase Power Adjustment (PPA), an
automatic cost recovery mechanism that allowed NPC to pass on
increased costs associated with its USD obligations under the
Independent Power Producer (IPP) contracts.

Moody's says that despite the weak operating and financial
profiles of NPC, the Ba1 rating reflects the guarantee by the
Philippine Government of this debt offering by NPC. Moody's
expectation is that the Philippines Government will honour its
commitment to the outstanding guaranteed obligations of NPC
regardless of the progress of power sector restructuring and
privatization. Moody's notes that under the power sector reform
plan, NPC will transfer its asset and liabilities to the Power
Sector Assets and Liabilities Management Corporation (PSALM)
which is wholly-owned by the Philippines Government.

NPC will however continue to operate the generation assets until
such assets are privatized and are currently negotiating the
operations and maintenance agreement with PSALM. Moody's also
notes that NPC has obtained consents from existing Yankee
bondholders to transfer its debt obligations to PSALM as part of
the reform process. Moody's expects NPC will launch similar
consent solicitation for its other outstanding obligations in
the near future. Moody's also understands that under the terms
of this Guaranteed Bonds PSALM may, without the consent of the
bondholders, assume the obligations of NPC, on the condition
that the Guaranteed Bonds will continue to be irrevocably and
unconditionally guaranteed by the ROP. National Power
Corporation, 100 percent owned by the Philippines Government, is
the principal supplier and transmitter of electricity in the
Philippines.


NATIONAL POWER: PSALM Confirms Roadshow For US$500M Bond Issue
--------------------------------------------------------------
Power Sector Assets and Liabilities Management (PSALM) President
Edgardo del Fonso confirmed that National Power Corporation will
hold an international roadshow this week for its US$500 million
global bond issue, AFX Asia said on Tuesday. PSALM is the state-
run Company handling Napocor's assets and obligations under its
privatization program.

He said the bond issue, rated "BB" by Standard & Poor's, is
covered by a guarantee from the national government. The
roadshow covers US, European and Asian markets. Citigroup has
been hired as lead manager and bookrunner. Proceeds will be used
for Napocor's capital expenditure requirements and pay off some
of its obligations. The Company needs US$1.2 billion for its
full-year financing requirement.


OFW INTERNATIONAL: SEC Probes Investment Firm
---------------------------------------------
The Securities and Exchange Commission (SEC) is investigating
the operations of OFW International Holdings Inc. following
reports that the Company has been soliciting investments from
the public without prior clearance from the corporate watchdog
agency, the Philippine Star said on Wednesday.

A SEC official said OFW Holdings has been seeking investments
from Overseas Filipino Worker (OFW)'s worldwide through the
Internet, promising big returns in just a short period of time.
The SEC has received reports that these Ponzi or pyramid scheme
operators with their enticing come-ons swindled thousands of
OFW's.

Pseudo-investment firms usually solicit investments ranging from
10,000 to 100,000 pesos with a promise to investors their money
will earn interest as high as 15 percent monthly. The firms do
not clearly explain how they can give high interests to
investors.


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


ASIA CONVERGENCE: Ceasing Operations by September 30
----------------------------------------------------
Singapore Exchange (SGX) announced that Asia Converge Pte Ltd,
its joint venture with DBS Vickers Securities and OCBC
Securities, would cease operations on 30 September 2003. The
Company provides outsourcing services for brokers' back office
operations. The closure of Asia Converge will not have a
significant financial impact on SGX.

The Company was unable to generate a sufficient volume of
business to keep it going, and the partners therefore decided to
cease Asia Converge's operations. DBS Vickers Securities and
OCBC Securities will resume their own back office operations and
are confident there will be no impact on their customers.


ISOFTEL LTD: EVP For Business Development Resigns
-------------------------------------------------
ISoftel Ltd. announced the resignation of its Executive Vice-
President of Business Development, Michelle Chan Poh Peng.
Michelle Chan had been with iSoftel since 1998. She is leaving
the Company for personal reasons.

Her role in business development is taken over by its Senior
Vice-President of Global Sales & Services, Jesse Liu who joined
us in mid 2002. Jesse has substantial experience in the
telecommunications industry and has 15 years of experience
working for AT&T/Lucent. He received a Business Management
Certification from the University of Virginia, Darden Graduate
School of Business Administration in 1995 and a Master Degree on
Computer Science from Northern Illinois University in 1986.

ISoftel remains focused on its core products of iMillenia PPMS
(prepaid/Postpaid Management System) - a serial award winner and
iRoute (Intelligent Routing Management System). These
revolutionary solutions enabled communications service providers
to leverage its existing and new IP infrastructure and the
ability to roll out value-added services through multiple
network access. Enhanced by a full suite of integrations and
optional product modules to meet the needs of vertical markets,
these solutions enabled providers the full potential in
deploying increased value to its services offerings. These
value-added services include: Prepaid VoIP; Prepaid GPRS;
Prepaid SMS; Prepaid ISP; Prepaid Mobile; Intelligent Payphone &
IP Phone System; Internet & LAN game to name a few.

CURRENT LIABILITIES:

Trade creditors has increased from $1.7 million to $3.2 million
as the Group stalled its timing of payment to match the
collection from trade debtors, TCRAP reported recently. As a
result of a reversal of its liability of $3.8 million relating
to Tranche (3) payment to vendors of BLIT, other creditors and
accruals has decreased to $3.0 million as compared to $7.6
million in the previous year.

The reasons for the continuing losses in China operations;

China operations are in the red because of the following
reasons:

-Lower gross profit margins of 14.9 percent compared to 20.6
percent in the previous year because of lower pricing and trade
discounts given to customers.

-Total gross profit is not sufficient to cover its total
operating expenses.

-The telecom industry in China is cautious in spending
additional capital expenditure.

-Slow payments from customers in China.

(iii) The effect of the change in accounting policy to comply
with SAS 12.

There has been no material effect arising from the change in
accounting policy to comply with SAS 12.

About iSoftel Ltd

Based in Singapore, with presence in China, India and the United
States, iSoftel has been listed on the mainboard of the
Singapore Exchange Securities Trading Limited (SGX-ST) since
August 2000. iSoftel is an award-winning software developer for
the telecommunications industry. The company offers a feature-
rich prepaid/postpaid enhanced services platform (iMillenia
Prepaid Postpaid Management System), convergent billing system
(Renaissance Convergent Billing Management System), intelligent
routing management system (iRoute), and Enhanced Services. For
more information, visit www.isoftel.com.

CONTACT:
Edmund Ng
iSoftel Ltd
Tel: +65 62939939
Fax: +65 63967421
Email: edmund_ng@isoftel.com


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


DATAMAT PUBLIC: Banks Agree Debt Reduction Condition, Terms
-----------------------------------------------------------
Datamat Public Company informed that its Board of Directors'
Meeting held on June 16, 2003 resolved the following:

   1. The Meeting resolved that the Extra-Ordinary Shareholders'
Meeting No. 1/2003 will be held on July 21, 2003 at 2.00 P.M.,
at the Westin Grande Sukhumvit Hotel, Ballroom B, 7th floor, 259
Sukhumvit 19 road, Klongtoey-nua, Wattana, Bangkok.  The meeting
will cover the following agendas:

1.1 To approve the Minutes of the General Shareholders'
Meeting No. 35/2003
1.2 To consider and approve the Company's Balance Sheet and
the Profit and Loss Statements for the fiscal year
ended December 31, 2002, as amended
1.3 To consider other business (if any)

   2. The Meeting resolved to close the shareholders' register
book on July 2, 2003 at 12:00 noon until the Extra-Ordinary
Shareholders' Meeting No. 1/2003 is finished.

   3. The Meeting approved the joint investment with Third Wave
Education Co., Ltd. in establishing a new company-Datamat
Education Co., Ltd.  The new company will be registered with a
capital of Bt25 million, fully paid, in which the company holds
60 percent of the shares.  The objectives of Datamat Education
Co., Ltd. are to provide education and training in computer,
computer software and application to the public, to arrange
tests and examinations of knowledge in computers, to manage and
develop computer education programs for institutions, and to
develop and/or sell related education media and softwares.

   4. The Meeting approved the Company's additional investment
of Bt199 million in Soft Venture Co., Ltd.-in which the Company
holds 99.993 percent of shares, equal to Bt999,993.-by
transferring its software staffs, employees, intellectual
properties, existing works and related contracts.  The value of
the transferred assets is assessed according to the valuation of
Deloitte Touche Tohmatsu Corporate Restructuring Co., Ltd.

   5. The Meeting acknowledged that the Krung Thai Bank Plc. and
the Siam Commercial Bank Plc. agreed on the conditions of debt
reduction, from the balance of Bt210,746,266.82 million and
36,380,163.54 respectively, at 40 percent discount, totaling
Bt98,850,572.14, which are payable within 90 days as from May
27, 2003.


JASMINE INT'L: Reports Warrant Conversion Results
-------------------------------------------------
As Jasmine International Public Company Limited (JASMIN) has
issued and offered warrants to purchase new shares to the
existing shareholders and the directors or employees of the
company and its subsidiaries, Chaengwatana Planner Co., Ltd., as
the Planner, would like to report the results of warrant
conversion to common shares as follows:

1) Warrants offered to the existing shareholders

Refer to the resolution of the Annual General Meeting No 1/1999
held on 27 April 1999, approving the capital increase of the
company by issuing 333.6 million units of warrant to the
existing shareholders, the warrant holders can exercise right on
the date 15th of March, June, September and December of each
year through the maturity date.  JASMIN has set the date for
converting the company's warrants at the ratio of 1 right
warrant into 1 common share at Bt5.- per share.  Date to notify
the intention to exercise is 1-14 June 2003.  The exercise date
is on 16 June 2003.  The results of the conversion are as
follows:

   - No warrant holder exercises his right -

After this conversion, there are 257,239,437 remaining warrants.

2) Warrants offered to directors or employees of the company and
its subsidiaries

Refer to the resolution of the Extra-ordinary Shareholders
Meeting of JASMIN No. 1/2000 held on 4 September 2000, approving
the issuance and offering of warrants to purchase new shares to
directors or employees of the company and its subsidiaries at
total amount of the project 18,375,706 units, allocated in 3
classes as follows:

   - Warrant Class 1 11,749,574 units (divided into  3 grants)
   - Warrant Class 2 5,426,132 units (divided into 10 grants)
   - Warrant Class 3 1,200,000 units (divided into  2 grants)

And approved the allocation of 18,375,706 ordinary shares at par
value 10.- Baht each allocated to guarantee the use of rights
exercised under the warrant to purchase ordinary shares of the
company under the warrant issued to the directors or employees
of the company and its subsidiaries.

The warrant holder can exercise on every 3 months on the date
15th of March, June, September and December of each year from
the first day of exercise date specified in the warrant until
the expiry date.  In this time, the exercise date is on 16 June
2003, date to notify the intention to exercise is 1-14 June
2003.  The ratio to exercise for every warrant class is 1
warrant unit per 1 common share at the above mentioned exercise
prices.

The company would like to report the results of the conversion
as follows:
                - No warrant holder exercises his right -

After this conversion, there will be warrants remaining as
follows:

   - Warrant Class 1 Issue No. 1   3,916,524 units
   - Warrant Class 1 Issue No. 2   3,872,847 units
   - Warrant Class 1 Issue No. 3   3,872,856 units
   - Warrant Class 2 Issue No. 1     622,415 units
   - Warrant Class 2 Issue No. 2     462,811 units
   - Warrant Class 2 Issue No. 3     622,415 units
   - Warrant Class 2 Issue No. 4     462,811 units
   - Warrant Class 2 Issue No. 5     622,415 units
   - Warrant Class 2 Issue No. 6     462,811 units
   - Warrant Class 3 Issue No. 1     600,000 units
   - Warrant Class 3 Issue No. 2     600,000 units

The company will have a paid-up capital Bt4,746,685,280.


NATURAL PARK: Par Value Change Registration Completed
-----------------------------------------------------
Natural Park Public Company Limited notified that it has
completed the registration of the change of the par value of the
Company share from the exiting par value of Bt10 per share to
Bt100 per share by combination of 10 ordinary shares, par value
of Bt10 per share to 1 ordinary share, par value of 100 per
share, under the resolution of the Ordinary General Meeting of
Shareholders of the Company No. 1/2003 as submitted to the
Department of Business Development, Ministry of Commerce on 16
June 2003.


PAE THAILAND: Securities Trading Remains Suspended
--------------------------------------------------
Due to the "NP" (Notice Pending) sign posted against PAE
Thailand Public Company Limited (PAE) for the second trading
session on May 20, 2003 because of its auditor's inability to
reach any conclusion of PAE's quarterly reviewed financial
statements as of March 31, 2003 and the fact that the conclusion
regarding the amendment is pending:

The Securities and Exchange Commission (SEC) has informed the
SET that it is not necessary to amend PAE's financial
statements, on the issue that the auditor has stated, therefore,
"NR" (Notice Received) sign is posted on PAE's securities from
June 17, 2003 to announce that the SET has received the
conclusion from the SEC.

However, trading remains suspended on all PAE securities until
the causes of de-listing 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 ***