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

                   A S I A   P A C I F I C

            Friday, June 27 2003, Vol. 6, No. 126

                         Headlines



A U S T R A L I A

AUSTRALIAN MAGNESIUM: ASIC Starts Disclosure Investigation
BEYOND INTERNATIONAL: Discloses Meeting Results
COLES MYER: Appoints Four New Board Directors
COLES MYER: S&P Lowers Credit Rating to 'BBB'; Outlook Stable
ERG LIMITED: Signs Transit Fare Collection Project Contract

MIM HOLDINGS: Requests ASX, NZSX Delisting
POWERTEL LIMITED: Provides Roslyndale Proposal Status Update
NOVA HEALTH: Issues Shares for Debt Repayment, Working Capital
QANTAS AIRWAYS: Posts April Traffic, Capacity Statistics
SOUTHCORP LTD: Appoints McClintock as Chief Financial Officer


C H I N A   &   H O N G  K O N G

CHARLIE & STANLEY: Winding Up Petition Pending
CHINA DEV: Narrows Operations Loss to HK$2.727M
CHINA INFRASTRUCTURE: Winding Up Sought by Donland Investments
DYNAMIC GLOBAL: Board Meeting Postponed to July 7
GOLDEN TIME: Winding Up Hearing Scheduled Next Month

HERWELL LIMITED: Winding Up Petition Set for Hearing
SWEE-KHENG (HONG KONG): Petition to Wind Up Scheduled
TERABIT ACCESS: Placement Closing Date Moved to July 21


I N D O N E S I A

TELEKOMUNIKASI INDONESIA: Appoints PwC as New Auditor


J A P A N

ALL NIPPON: Signs Ticket Purchasing Agreement With C&S
AOKI URBAN: Hotel Management Firm Enters Rehabilitation
KOBE KOSAKUSHO: Sanitation Machine Manufacturer Enters Rehab
MITSUBISHI ELECTRIC: Shutting Down Mexican CRT Plant
PCCW LTD: Considers Taking Unit Private


K O R E A

HYNIX SEMICONDUCTOR: Files Complaint Against European Union
HYNIX SEMICONDUCTOR: Involved in Channeling Funds to North Korea
HYNIX SEMICONDUCTOR: May Take Tariff Issue to WTO by June End


M A L A Y S I A

ARUS MURNI: KLSE Lifts Securities Trading Suspension
DRB-HICOM BERHAD: Unit ICB Granted 9-Month Restraining Order
GENERAL SOIL: Appoints Naveen Khanna as Non-Exec Director
GENERAL SOIL: Unit Serves Winding Up Petition Over Judgment Debt
HOTLINE FURNITURE: Receives Judgment Over Defaulted Payment

HUME INDUSTRIES: Voluntarily Winds Up Inactive Unit
LONG HUAT: Awaits Winding Up Petition Details From IRB
METACORP BERHAD: FIC Approves Proposed Acquisition
NAUTICALINK BHD: Faces Winding-Up Petition From Malayan Banking
PAN MALAYSIAN: Posts Renounceable Rights Relevant Dates

PAN MALAYSIAN: Rights Issue Final Basis Determined
PANGLOBAL BERHAD: All Resolutions Passed at AGM, EGM
PICA (M) CORPORATION: Discloses 29th AGM Resolutions
SENG HUP: Danaharta Grants Workout Proposal Approval
SIN HENG: SC Extends Proposals Completion Time Until December 31

SRI HARTAMAS: Shareholders OK Proposed Scheme of Arrangement  
SRIWANI HOLDINGS: Resolutions Pass at 19th AGM
SUNWAY BUILDING: Suspending Shares to Aid Capital Reconstruction
TECHNO ASIA: Audited Financial Statements Rejected at 34th AGM


P H I L I P P I N E S

FIRST PHILIPPINE: LTCP Rating Under Review, PhilRatings
JOHN HAY: Sobrepena Group Opposes New Terms of Debt
MANILA ELECTRIC: Plans Court Action if BIR Denies P9B Tax Claim
NATIONAL BANK: Lists 195.17M Preferred Shares


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Names Makoto Kawakami as New VP
EAGLE BRAND: Posts Q103 S$5.5M Loss
L&M GROUP: UOB Submits Restructuring Proposal
UNITED OVERSEAS: Units Enter Voluntary Liquidation
WEE POH: Issues Strategic Agreement Update


T H A I L A N D

PRECHA GROUP: Posts Financial, Operating Restructuring Progress
RATTANA REAL: Omits Dividend Payment Due to Accumulated Loss

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AUSTRALIAN MAGNESIUM: ASIC Starts Disclosure Investigation
----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
announced Wednesday that it has commenced an investigation into
disclosure by Australian Magnesium Corporation (AMC).

Since the outset, it has been clear that the AMC venture carried
significant risk. The existence and extent of this risk was the
subject of substantial disclosure in the company's prospectus.

In the risk section of the October 2001 prospectus, AMC stated
that 'there can be no assurance that construction will be
completed and the Stanwell plant commissioned on time and within
the capital cost estimate'.

Also, both ASIC and the Australian Stock Exchange (ASX) have
secured the disclosure of additional information to the market.

Nevertheless, ASIC considers that it is appropriate to fully
investigate the adequacy of the initial prospectus disclosure
and of the company's recent market disclosures.

ASIC does not propose to comment further on its investigation at
this stage.


BEYOND INTERNATIONAL: Discloses Meeting Results
-----------------------------------------------
Beyond International Limited held an Extraordinary General
Meeting at 10:am Thursday and each of the following Special
Resolutions was passed:

1. It was resolved that PricewaterhouseCoopers be removed as
auditor of the Company.

2. Following the passing of the resolution 1, It was resolved
that PKF Chartered Accountants be appointed as auditor of the
Company.

This announcement is made pursuant to Listing Rule 3.13.2

Wrights Investors' Service reports that at the end of 2002,
Beyond International Limited had negative working capital, as
current liabilities were A$47.26 million while total current
assets were only A$42.83 million. The company has paid no
dividends during the previous two fiscal years and reported
losses
during the previous 12 months.

CONTACT INFORMATION: Craig Dawson
        COMPANY SECRETARY
        Telephone 02 9437 2000
        Email: investor_relations@beyond.com.au


COLES MYER: Appoints Four New Board Directors
---------------------------------------------
Coles Myer Ltd Chairman Rick Allert announced Wednesday the
appointment of four new Board directors. Mr Allert said that the
appointments of Keith Barton, Tony Hodgson, Sandra McPhee and
Michael Wemms,* would take effect from July 22 2003. "Our new
directors possess strong strategic, financial, international
retail and consumer expertise, combined with extensive
director and executive experience. "We are delighted to welcome
four highly qualified directors to the Board to join us in
working with senior management to continue the process of
rebuilding Coles Myer," he said. Mr Allert said the appointments
followed an extensive international search.

"Our key criteria for new directors was that they have the
strategic, financial and corporate governance skills and
experience both to qualify them as directors of a large and
complex organization and to enable them to add value to the team
of retail leaders appointed by John Fletcher. "We have recruited
to the Board directors who bring skills and experience in
various areas integral to retailing, including consumer loyalty,
supermarket, fuel and convenience stores and supply chain
management.

"Coles Myer has a strong and diverse Board, committed to working
with an outstanding retail leadership team to continue the
progress we are making in delivering our five year strategy to
restore shareholder value," Mr Allert said.

KEITH BARTON

Former Chief Executive Officer and Managing Director of James
Hardie Ltd, Dr Barton has extensive experience in corporate
leadership and non-executive director positions. He served as
Chief Executive Officer and Managing Director of James Hardie
Industries Ltd from 1993-1999 after holding a variety of
executive positions at CSR Ltd  (1981-1993). Dr Barton's current
directorships include Tower Ltd; Citect Corporation Ltd and
Amcor Ltd. He is also a Council Member of the Royal Blind
Society NSW. Dr Barton's previous Board appointments include
Goodman Fielder Ltd (Chairman), F H Faulding Ltd, Keycorp Ltd
and Colonial Ltd. He is a Fellow of The Australian Academy of
Technological Sciences and Engineering.

TONY HODGSON

Mr Hodgson was a co-founder of the specialist chartered
accounting firm, Ferrier Hodgson, from which he retired in 2000
after 24 years. His role included the evaluation and
implementation of marketing and business strategies to achieve
major corporate restructures and turnarounds. Mr Hodgson's
current Board appointments include HSBC Bank Australia Ltd;
Tabcorp Holdings Ltd (Deputy Chairman) and Victoria Rugby Union
(Chairman Advisory Board). He also acts as a consultant to
Ferrier Hodgson. Mr Hodgson's previous directorships include
Melbourne Port Corporation and Victorian TAB (Chairman). Mr
Hodgson is a Fellow of the Institute of Chartered Accountants in
Australia and a Fellow of the Australian Institute of Company
Directors.

SANDRA McPHEE

Ms McPhee, currently Group General Manager Alliances with QANTAS
Airways Ltd, has extensive executive leadership experience in
sales, marketing and consumer roles. Ms McPhee held a variety of
positions with Pan American Airways Ltd from 1976-1990 before
serving as Chief Executive of the Traveland Retail Group from
1990-1993 and Director of Sales at Ansett Australia. Ms McPhee
joined QANTAS in 1994 where she has held the positions of
Executive General Manager Sales, Group General Manager
UK/Europe/South East Asia and Group General Manager Marketing.
She assumed her current role in 2001. Ms McPhee's Board
appointments include Australia Post, Primelife Corporation
Limited, CARE Australia and St Vincents and Mater Health. She
is a Fellow of the Australian Institute of Company Directors and
Council Member of Chief Executive Women. Ms McPhee's previous
non executive positions include Deputy Chair South Australia
Water and director Tourism Council Australia.

MICHAEL WEMMS

Mr Wemms is a former director of Tesco plc and Chairman of the
House of Fraser plc, with extensive retail and Board experience
in the United Kingdom. Mr Wemms worked at Tesco from 1972-2000
in a range of positions, including Managing Director Retail
(1984-89), Personnel Director (1989-92) and Operations Director
(1992-2000). He was a director of Tesco plc from 1989-2000 and a
part-time adviser to the company from 2001-03. In his
executive roles at Tesco, Mr Wemms lead cultural change and
helped shape convenience retailing in the UK through the
establishment of the Express petrol venture. He has been a
director of the UK department store, House of Fraser plc, since
1996 and Chairman since 2001. Mr Wemms is a member of the
MBA Advisory Board at Cranfield University and was a Visiting
Professor at Bristol University Business School.


COLES MYER: S&P Lowers Credit Rating to 'BBB'; Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services said Thursday that it has
downgraded its long-term corporate credit rating on Coles Myer
Ltd. (CML), and its guaranteed issues and programs, to 'BBB'
from 'BBB+', and the rating on its reset preference shares to
'BB+' from 'BBB-'. At the same time, the short-term rating is
affirmed at 'A-2'. The long-term ratings are removed from
CreditWatch, where they were placed on May 28, 2003.

The rating downgrade reflects CML's increasing financial risk as
a result of recent acquisitions, weaker-than-expected sales- and
market-share growth from its key food & liquor operations, and
ongoing challenges associated with managing its diverse and
growing band of retailing businesses," said Standard & Poor's
credit analyst Paul Draffin, associate director of Corporate &
Infrastructure Finance Ratings. Furthermore, although a
continued improvement in CML's earnings is anticipated in the
next few years, an improvement in credit-protection measures is
expected to be largely offset by growth in CML's financial
liabilities (which includes its growing operating lease
obligations).

The rating outlook is stable. "Rating stability at the 'BBB'
level should be underpinned by continued solid earnings
contributions from CML's food & liquor operations, and further
improvements in its nonfood earnings. This will help to offset
the risks associated with CML's significant and increasing
financial obligations, large capital-expenditure program, and
the ongoing risk of sales cannibalization and management
challenges associated with its diverse and expanding retail
formats," added Mr. Draffin.


ERG LIMITED: Signs Transit Fare Collection Project Contract
-----------------------------------------------------------
ERG Group has signed a contract with the Washington Metropolitan
Area Transit Authority (WMATA) to install and operate a new
Regional Customer Service Centre for their smart card based fare
collection system, known as SmarTrip(R). ERG previously
announced it had been selected for the project on 20 January
2003.

The project calls for ERG to establish and operate a smart card
customer service centre, to manage card distribution and to
clear and settle smart card transactions across 17 transit
agencies in Northern Virginia, Maryland and the Washington DC
area. Once installed, ERG will operate the system for a period
of five years, with two subsequent one-year options. The initial
five-year contract term, worth approximately US$20 million,
comprises the supply, installation and operation of the system.
ERG is expected to manage a card base exceeding 1 million smart
cards within the initial term of the contract.

ERG will be responsible for the management of smart cards and
operation of the data processing system incorporating clearing,
settlement and financial management. ERG will use its existing
central computer processing system installed in the San
Francisco Bay Area to perform these functions and will interface
with existing installed hardware such as gates and readers. The
established Bay Area facility has been designed to process smart
card transactions from multiple North American cities.

Work is expected to commence on the project within the next 30
days.

Northrop Grumman IT will be responsible for the distribution of
smart cards and operation of the customer service centre in the
Washington DC area as a subcontractor to ERG.

"It has been very pleasing to move quickly through the contract
negotiation process and we now look forward to working with our
customer to install and operate our state-of-the-art system,"
said Michael Nash, President and General Manager of ERG's
operations in the Americas.

"Washington DC is strategically a very important city in the
growing US market for smart card based fare collection systems.
Along with our partner Northrop Grumman IT, we have firmly
established our position in the North American market and we
expect to play a significant role in this region as more and
more cities invest in smart card based systems for their fare
collection."

"ERG's capacity for interoperability and openness of its system,
as well as our proven track record in Asia-Pacific, Europe and
other parts of North America, are extremely important factors in
the eyes of our customers."


MIM HOLDINGS: Requests ASX, NZSX Delisting
------------------------------------------
Further to the suspension of trading in MIM Holdings Limited's
securities as announced to the market on 17 June 2003, MIM has
requested pursuant to Listing Rule 5.4.1, the delisting of the
company from the New Zealand Stock Exchange (NZSX) and the
Australian Stock Exchange (ASX).

Accordingly, NZX has approved the delisting of MIM from NZSX
effective from the close of trading on Monday 30 June 2003.


POWERTEL LIMITED: Provides Roslyndale Proposal Status Update
------------------------------------------------------------
PowerTel Limited wishes to update the market and 's shareholders
as to the status of the various conditions precedent to
completion of the transaction involving the Roslyndale
Syndicate, as described and defined in the Company's Notice of
Meeting for the general meeting to be held on 2 July 2003.

The various conditions, and their status as of Thursday, June
26, 2003, are as follows:

1. No acceleration of payments under PowerTel's banking
facilities

There has been no acceleration of payments as at the date of
this announcement. Accordingly, this condition has not been
breached.

2. Termination of Technical Services Agreement with Williams
International Services Company

PowerTel, Williams International Services Company, and WilTel
Communications Group Inc have entered into a binding agreement
under which the Technical Services Agreement will terminate from
completion of the share purchase by Roslyndale Syndicate.
Accordingly, this condition will be satisfied at the relevant
time.

3. No suspension of PowerTel shares for more than 5 trading days

PowerTel shares have not been suspended since the announcement
of the Roslyndale Syndicate transaction, nor has PowerTel been
removed from the official list of the Australian Stock Exchange.
Accordingly, this condition has not been breached.

4. No material adverse effect on PowerTel's business plan

PowerTel has now obtained consents from Telstra Corporation
Limited, Optus Network Pty Ltd and Macquarie Corporate
Telecommunications Holdings Limited (MCT) to the change in
control that will or may result from completion of the
Roslyndale Syndicate transaction.

In the case of the MCT consent, MCT has agreed to take no action
in relation to the change in control for six months from
completion of the transaction, but has reserved its right of
termination resulting from the change in control after that
time. If during that 6 months period PowerTel continues to
approach the MCT relationship in the normal course of business
as conducted during the past year (as determined by MCT in its
absolute discretion), then MCT will not exercise its right of
termination.

The Roslyndale Syndicate has confirmed that it is not aware of
any matter constituting a "material adverse effect" as at the
date of this announcement for the purposes of this condition
(including the limited consent from MCT to the change of
control). Accordingly, this condition has not been breached as
at the date of this announcement.

5. No "prescribed occurrence" in respect of the PowerTel group

This condition has not been breached as at the date of this
announcement.

6. Restructure of the PowerTel Secured Loan Facility, with the
approval of PowerTel's bank syndicate

A majority of the PowerTel Bank Syndicate have approved the
Roslyndale Proposal and the entire Bank Syndicate expects to
confirm formal Bank Syndicate approval on 26 June 2003.

7. Approval of the boards and banks of WilTel and WilTel
Communications LLC

The board of WilTel Communications LLC have given their approval
for the purposes of this condition, and approval of the board of
WilTel Communications Pty Ltd (WilTel) is expected to be
obtained prior to 2 July 2003.

WilTel Communications LLC are in discussions with their bank
lenders to confirm bank lender approval to the Roslyndale
Proposal, and are currently expecting to obtain such approval
prior to 2 July 2003.

8. Termination of Shareholders Agreement between WilTel and
Downtown Utilities Pty Ltd

DownTown Utilities Pty Limited and WilTel are in the process of
completing documentation to effect the termination of the
Spectrum Shareholders Agreement. If PowerTel's shareholders
approve the Roslyndale Proposal on 2 July 2003, termination of
the Spectrum Shareholder Agreement will take effect upon
completion of the share purchase agreement by WilTel and the
Roslyndale Syndicate.

9. PowerTel shareholder approval to Roslyndale Syndicate
transaction

This condition has not yet been satisfied. If shareholders'
approve all three resolutions at the general meeting on 2 July
2003, the condition will be satisfied at that time.

Where it is noted above that a condition has not been breached
at the date of this announcement, in each case PowerTel is not
aware of any reason why the relevant condition will or is likely
to be breached between now and the time of completion of the
Roslyndale Syndicate transaction.

Further information regarding the Share Sale Agreement between
WilTel and Roslyndale Syndicate

In PowerTel's Target's Statement dated 23 June 2003, the Company
stated that if the shareholder approval condition in relation to
the Roslyndale Syndicate transaction (referred to above) is not
satisfied by 31 July 2003, then the Share Sale Agreement under
which WilTel has agreed to sell its PowerTel shares and debt to
the Roslyndale Syndicate may be terminated by WilTel, WilTel
Communications LLC or the Roslyndale Syndicate.

PowerTel has asked both WilTel and Roslyndale what their current
intentions would be in this regard in the event that the
Roslyndale Syndicate transaction is not approved by shareholders
on 2 July 2003.

WilTel has advised the Company that it is WilTel's intention to
make a decision at and not before 31 July 2003 whether to
terminate the agreement if the relevant conditions are not
satisfied or waived prior to that date.

Roslyndale has not yet responded to this point.


NOVA HEALTH: Issues Shares for Debt Repayment, Working Capital
--------------------------------------------------------------
Nova Health Limited issued this notice:

                             APPENDIX 3B
                        NEW ISSUE ANNOUNCEMENT

APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT

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

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

Name of Entity
Nova Health Limited

ABN
38 099 561 556

We (the entity) give ASX the following information.

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

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

2. Number of securities issued         158,814,760
   or to be issued (if known)                                       
   or maximum number which                                          
   may be issued                                                    

3. Principal terms of the securities   Same terms as ordinary
   (eg, if options, exercise price     shares currently on issue
   and expiry date; if partly paid                                  
   securities, the amount                                           
   outstanding and due dates for                                    
   payment; if convertible securities,                              
   the conversion price and dates                                   
   for conversion)                                                  

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

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

5. Issue price or consideration        $0.12 per share

6. Purpose of the issue (if       To repay debt and address
   issued as consideration for    working capital requirements
   the acquisition of assets,                                       
   clearly identify those                                           
   assets)                                                          

7. Dates of entering securities   Expected to be 11/08/2003
   into uncertified holdings                                        
   or dispatch of certificates                                      
                                       
                                      NUMBER  CLASS
8. Number and class of all       238,222,140  Ordinary Shares
   securities quoted on                                             
   ASX (including the                                               
   securities in clause                                             
   2 if applicable)                                                 

                                      NUMBER  CLASS
9. Number and class of all         2,325,000  Options to acquire
   securities not quoted                      ordinary shares
   on ASX (including the                                            
   securities in clause 2                                           
   if applicable)                                                   

10.Dividend policy (in the case        As previously disclosed
   of a trust, distribution                                         
   policy) on the increased                                         
   capital (interests)                                              

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

11. Is security holder approval        No
    required                                                        

12. Is the issue renounceable          Renounceable
    or non-renounceable                                             

13. Ratio in which the securities      2 for 1
    will be offered                                                 

14. Class of securities to which       Ordinary Shares
    the offer relates                                               

15. Record date to determine           01/07/2003
    entitlements                                                    

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

17. Policy for deciding entitlements   N/A
    in relation to fractions                                        

18. Names of countries in which the    N/A
    entity has security holders                                     
    who will not be sent new issue                                  
    documents                                                       
                                                                    
    Note: Security holders must be                                  
    told how their entitlements                                     
    are to be dealt with.                                           
                                                                    
    Cross reference: rule 7.7.                                      
  
19. Closing date for receipt of        25/07/2003
    acceptances or renunciations                                    

20. Names of any underwriters       Austock Brokers Pty Limited

21. Amount of any underwriting fee     $857,600
    or commission                                                   

22. Names of any brokers to the        N/A
    issue                                                           

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

24. Amount of any handling fee         N/A
    payable to brokers who                                          
    lodge acceptances or                                            
    renunciations on behalf                                         
    of security holders                                             

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

26. Date entitlement and acceptance    04/07/2003
    form and prospectus or Product                                  
    Disclosure Statement will be                                    
    sent to persons entitled                                        

27. If the entity has issued options,  24/06/2003
    and the terms entitle option                                    
    holders to participate on                                       
    exercise, the date on which                                     
    notices will be sent to                                         
    option holders                                                  

28. Date rights trading will begin     25/06/2003
    (if applicable)                                                 

29. Date rights trading will end       18/07/2003
    (if applicable)                                                 

30. How do security holders sell   Complete the section on the
    their entitlements in full     back of the entitlement and
    through a broker             acceptance form marked
                                 "Instructions for your Stock-
                                 broker" and lodge the form with
                                 your Stockbroker

31. How do security holders sell  Complete the entitlement and
    part of their entitlements    acceptance form for the number
    through a broker and accept   of New Shares you wish to take
    for the balance              up and for the balance that you
                                 wish to sell, complete the
                                 section at the back of the form
                                 market "Instructions for your
                                 Stockbroker"

32. How do security holders dispose    Forward a completed and
    of their entitlements (except   stamped standard by sale        
    through a broker)               renunciation form
                                    (obtainable from your
                                    stock- broker or the
                                    Registry) together with your         
                                    Entitlement and acceptance          
                                    form to the Registry by no     
                                    later than 5pm EST on  
                                    18/07/2003

33. Dispatch date                   Before 18/08/2003

PART 3 - QUOTATION OF SECURITIES
You need only complete this section if you are applying for
quotation of securities
     
34. Type of securities (tick one)

    (a) x  Securities described in Part 1

    (b)    All other securities

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

Entities that have Ticked Box 34(a)

Additional Securities Forming a New Class of Securities
(If the additional securities do not form a new class, go to 43)

Tick to indicate you are providing the information or documents

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

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

37.    A copy of any trust deed for the additional securities
(now go to 43)

    Entities that have Ticked Box 34 (b)

    Items 38 to 42 are Not Applicable

ALL ENTITIES

Fees

43. Payment method (tick one)

       Cheque attached

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

Wrights Investors' Service reports that at the end of 2002, Nova
Health Ltd had negative working capital, as current liabilities
were A$14.26 million while total current assets were only
A$12.63 million. It has paid no dividends during the last 12
months and also reported losses during the previous 12 months.


QANTAS AIRWAYS: Posts April Traffic, Capacity Statistics
--------------------------------------------------------
Qantas Airways Limited posted a summary of Traffic and Capacity
Statistics for the month of April 2003:

International traffic, measured in Revenue Passenger Kilometers
(RPKs) decreased by 16.6 percent in April 2003 while capacity,
measured in Available Seat Kilometres (ASKs), rose by 0.1
percent. This resulted in a revenue seat factor of 68.0 percent,
13.6 percentage points lower than for April 2002.

Domestic RPKs decreased by 2.3 percent in April, while ASKs
increased by 1.1 percent over the same period. The resulting
revenue seat factor of 77.6 percent was 2.7 percentage points
lower than the previous year.

April Group (comprising International, Domestic, Australian
Airlines and QantasLink) passenger numbers decreased by 3.9
percent over the previous year. RPKs decreased by 9.5 percent,
while ASKs were up 4.2 percent, resulting in a revenue seat
factor of 70.2 percent, which was 10.6 percentage points lower
than the previous year.

FINANCIAL YEAR TO DATE APRIL 2003

International revenue seat factor for year to date April 2003
increased by 0.6 percentage points to 79.0 percent when compared
with year to date April 2002, while international yield
excluding exchange increased by 3.0 percent over the same
period. Domestic yield excluding exchange for the financial year
to April decreased by 6.1 percent. Domestic revenue seat factor
decreased by 1.3 percentage points to 78.7 percent over the same
period.

Group passenger numbers for the year to April increased by 8.4
percent over the previous year. RPKs and ASKs increased by 5.4
percent and 5.7 percent respectively, resulting in a revenue
seat factor of 78.3 percent, down 0.3 percentage points from the
previous year.

RECENT DEVELOPMENTS

On 18 June 2003, Qantas announced that it had successfully
raised US$450 million of senior unsecured debt. The funds were
raised through a Rule 144A/Regulation S offering of 5.125
percent coupon 10-year notes due in June 2013 and were rated
Baa1 by Moody's Investor Services and BBB+ by Standard and
Poor's. The net proceeds from the offering will be used to
refinance maturing debt and for general corporate purposes.

Qantas announced it would increase its services to the United
States of America from the current 25 per week to 28 per week
from 30 June 2003. Qantas will further increase USA services to
30 per week from early August 2003.

Qantas announced that it would suspend its twice-weekly services
to Rome via Singapore and commence codeshare services four times
each week to Rome via Hong Kong with oneworld partner, Cathay
Pacific. The codeshare services will commence on 9 September
2003 and be operated by Qantas aircraft between Australia and
Hong Kong and Cathay Pacific aircraft between Hong Kong and
Rome.

Australian Airlines announced that it will commence services
from Sydney and Melbourne to Bali and from Sydney to Sabah from
late June 2003. From late July 2003, Australian Airlines will
add services from Bali and Sabah to Singapore, and from Cairns
to Sydney.

PRELIMINARY MONTHLY TRAFFIC AND CAPACITY STATISTICS

APRIL 2003

                         MONTH               FINANCIAL YEAR TO
DATE
DOMESTIC      2002/03   2001/02   CHANGE   2002/03   2001/02   
CHANGE

Passengers
carried ('000)  1,332   1,314    1.4%    14,192  12,439   14.1%
Revenue
Passenger
Kilometres (m)  1,799   1,841   (2.3)%   19,013  16,608   14.5%
Available Seat
Kilometres (m)  2,317   2,291    1.1%    24,146  20,761   16.3%
Revenue Seat
Factor (%)       77.6    80.4   (2.7)pts   78.7  80.0  (1.3)pts

INTERNATIONAL 2002/03   2001/02   CHANGE   2002/03   2001/02   
CHANGE

Passengers
carried ('000)    603  700    (13.9)%   7,206   7,244    (0.5)%
Revenue Passenger
Kilometres (m)  3,607  4,325 (16.6)%  43,936   44,241    (0.7)%
Available Seat
Kilometres (m)  5,305   5,301  0.1%   55,608   56,435    (1.5)%
Revenue Seat
Factor (%)       68.0    81.6 (13.6)pts  79.0     78.4   0.6pts

AUSTRALIAN
AIRLINES     2002/03   2001/02   CHANGE   2002/03   2001/02   
CHANGE

Passengers
carried ('000)    29    -       N/A      224        -       N/A
Revenue Passenger
Kilometres (m)   165    -       N/A    1,274        -       N/A
Available Seat                            
Kilometres (m)   322    -       N/A    2,100        -       N/A
Revenue Seat
Factor (%)      51.2    -       N/A     60.7        -       N/A

QANTASLINK    2002/03   2001/02   CHANGE   2002/03   2001/02   
CHANGE
  
Passengers
carried ('000)   260  300   (13.3)%    2,994     2,994   (1.2)%
Revenue Passenger
Kilometres (m)   180  188     (4.3)%    1,969     1,969    0.0%
Available Seat
Kilometres (m)   247  271    (8.9)%    2,721     2,785   (2.3)%
Revenue Seat
Factor (%)      72.9  69.4      3.5pts    72.4    70.7   1.7pts

TOTAL GROUP
OPERATIONS   2002/03   2001/02   CHANGE   2002/03   2001/02   
CHANGE

Passengers
carried ('000)  2,224   2,314  (3.9)%   24,616    22,714   8.4%
Revenue Passenger
Kilometres (m)  5,751   6,354  (9.5)%   66,191    62,818   5.4%
Available Seat
Kilometres (m)  8,191   7,863   4.2%    84,575    79,981   5.7%
Revenue Seat
Factor (%)       70.2    80.8  (10.6)pts   78.3  78.5  (0.3)pts

NOTES

Any adjustments to preliminary statistics will be included in
the year-to-date results next month. Where figures have been
rounded, discrepancies may occur between the sum of the
components of items and the total, and in percentage changes
which are derived from figures prior to rounding.

The number of passengers carried is calculated on the basis of
origin/destination (one origin/destination journey represents
one passenger regardless of the number of stage lengths
undertaken).

Traffic and capacity statistics for Boeing 717 aircraft
operating on domestic core airline services are included in
domestic.

Australian Airlines commenced operations on 27 October 2002.

KEY

(m) Millions

RPKs: The number of paying passengers carried, multiplied by the
number of kilometers flown

ASKs: The number of seats available for sale, multiplied by the
number of kilometers flown


SOUTHCORP LTD: Appoints McClintock as Chief Financial Officer
-------------------------------------------------------------
Southcorp Limited announced Tuesday the appointment of Steve
McClintock as Chief Financial Officer. Steve has been acting as
Chief Financial Officer since April of this year, on secondment
from PricewaterhouseCoopers [PwC].

John Ballard, Managing Director and Chief Executive Officer
said: "I am extremely pleased that Steve has decided to take on
the role of CFO. He has been involved with us on a full time
basis over the last three months and has developed a detailed
knowledge of the business."

"The fact that someone with Steve's experience and position with
PricewaterhouseCoopers, having had a detailed exposure to the
Southcorp business, decides to join us full-time speaks volumes
for his confidence in the future of the company.

"Steve comes to the company with nearly 30 years experience
within PricewaterhouseCoopers. His responsibilities at PwC have
been multi-faceted and have included audit and consulting work
for a range of Australian and multinational publicly listed
companies.

"Steve's strong financial and analytical skills will be
particularly suited to Southcorp as it rebuilds its financial
performance and focuses on cash flow generation and balance
sheet strength.

"Since commencing his secondment with Southcorp, Steve has made
a number of valuable contributions to strengthening our
financial management disciplines, and has led the oversight of
the 2004 budgetary process," Mr Ballard said.

Steve McClintock is a Fellow of the Institute of Chartered
Accountants and a current member of the Australian Accounting
Standards Board.

CONTACT INFORMATION: Dr Robert Porter
        GENERAL MANAGER, INVESTOR RELATIONS & CORPORATE AFFAIRS
        Telephone: 02 9465 1154
        Mobile: 0407 391829
        Facsimile: 02 9465 1181


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


CHARLIE & STANLEY: Winding Up Petition Pending
----------------------------------------------
Charlie & Stanley Company Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on July 30, 2003 at 9:30 in the morning.

The petition was filed on May 30, 2003 by Wong Kam Hong of Room
3916, Heng Kwai House, Tin Heng Estate, Tin Shui Wai, Yuen Long,
New Territories, Hong Kong.


CHINA DEV: Narrows Operations Loss to HK$2.727M
-----------------------------------------------
China Development Corporation Limited posted a summary of its
results announcement:

Year end date: 30/09/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors

                                                 (Unaudited)
                              (Unaudited)        Last
                              Current            Corresponding
                              Period             Period
                              from 01/10/2002    from 01/10/2001
                              to 31/03/2003      to 31/03/2002
                              Note  ('000)       ('000)
Turnover                           : 50,550             104,472           
Profit/(Loss) from Operations      : (2,727)            (22,716)          
Finance cost                       : (3,253)            (1,951)           
Share of Profit/(Loss) of
  Associates                       : N/A                (633)             
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (1,400)            (25,795)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.009)            (0.173)           
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (1,400)            (25,795)          
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:

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The condensed financial statements have been prepared in
accordance with  the Statement of Standard Accounting Practice
(SSAP) No. 25 "Interim  Financial Reporting" issued by the Hong
Kong Society of Accountants and with the applicable disclosure
requirements of Appendix 16 to the Rules Governing the Listing
of Securities on The Stock Exchange of Hong Kong Limited.

In preparing the condensed financial statements, the directors
have given careful consideration to the future liquidity of the
Group in the light of its net current liabilities of
approximately HK$95 million.  The directors have been taking
steps to improve the Group's liquidity position.  On 20th
May, 2003, the Group entered into conditional agreements
(Agreements), subject to the approval by the shareholders of the
Company, to issue shares to new investors for an aggregate
consideration of approximately HK$90 million. Also, a
conditional deed of settlement is to be entered into with loan
providers to release and discharge the Group from net financial
obligations of approximately HK$32.4 million at 31st March, 2003
after the settlement of HK$20 million to such loan providers
upon successful completion of the Agreements.  On the basis that
the Agreements for issuing shares to new investors can be
successfully completed, the directors are satisfied that the
Group will be able to meet in full its financial obligations as
they fall due for the foreseeable future.  Accordingly, the
condensed financial statements have been prepared on a going
concern basis.

LOSS FROM OPERATIONS
                                        Six months ended 31st
March,
                                                2003    2002
                                                HK$'000 HK$'000
Loss from operations has been arrived at after charging:

Depreciation and amortization
- Owned assets                                 769     11,159
- Assets held under finance lease              34      30
Amortization of goodwill included in other operating
  expense                                       379     -   
Unrealized loss on investments in securities    -       4,295
                                                _______ _______
                                                _______ _______

GAIN ON DISPOSAL OF A SUBSIDIARY

During the period, the Company disposed of the entire interest
in Denton Capital Investments Limited, with a net liabilities of
approximately HK$4,629,000 at the date of disposal, for a
consideration of HK$1.

TAXATION

No provision for Hong Kong Profits Tax has been made in the
condensed financial statements as the Group had no assessable
profit in either period.

The taxation charge for the period ended 31st March, 2003
represents the underprovision of Hong Kong Profits Tax in
previous years.

The taxation charge for the period ended 31st March, 2002
represented underprovision for tax in other jurisdictions in
previous years.

LOSS PER SHARE

The calculation of the basic loss per share is based on the net
loss for the period of approximately HK$1,400,000 (HK$25,795,000
for the six months ended 31st March, 2002) and on the
149,064,233 ordinary shares (149,064,233 ordinary shares for the
six months ended 31st March, 2002) in issue during the period
adjusted for the effect of consolidation of shares.

No diluted loss per share is presented for either period as
there are no dilutive ordinary shares in issue.


CHINA INFRASTRUCTURE: Winding Up Sought by Donland Investments
--------------------------------------------------------------
Donland Investments Limited is seeking the winding up of China
Infrastructure Asia Construction Limited. The petition was filed
on May 6, 2003, and will be heard before the High Court of Hong
Kong on July 9, 2003.

Donland Investments holds its registered office at Room 3202,
Nine Queen's Road Central, Hong Kong.


DYNAMIC GLOBAL: Board Meeting Postponed to July 7
-------------------------------------------------
Market participants are requested to note that the board meeting
to  approve the final results of Dynamic Global Holdings Limited
for the year ended 31/12/2002 originally scheduled on 2nd July,
2003 has been postponed to 7th July, 2003.

At the end of 2001, Dynamic Global Holdings Limited had negative
working capital, as current liabilities were HK$258.62 million
while total current assets were only HK$64.54 million, Wrights
Investors' Service reported. It added that the company reported
losses during the previous 12 months and has not paid any
dividends during the previous 2 fiscal years.


GOLDEN TIME: Winding Up Hearing Scheduled Next Month
----------------------------------------------------
The High Court of Hong Kong will hear on July 16, 2003 at 9:30
in the morning the petition seeking the winding up of Golden
Time Kingdom Limited.

Lai Wai Hak of Room 1805, Sui Fuk House, Siu Sai Wan Estate,
Chai Wan, Hong Kong filed the petition on May 23, 2003.  Tam Lee
Po Lin, Nina represents the petitioner.

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


HERWELL LIMITED: Winding Up Petition Set for Hearing
----------------------------------------------------
The petition to wind up Herwell Limited is set 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 15, 2003 by Choi
Lee Ho of Flat 4, 8th Floor, Shiu Fat Industrial Building, 139-
141 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong.


SWEE-KHENG (HONG KONG): Petition to Wind Up Scheduled
-----------------------------------------------------
The petition to wind up Swee-Kheng (Hong Kong) 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 12, 2003 by Wilfred
Marble Engineering Limited whose registered office is situated
at Flats C and D, 28th Floor, CNT Tower, No. 338 Hennessy Road,
Hong Kong.


TERABIT ACCESS: Placement Closing Date Moved to July 21
-------------------------------------------------------
Terabit Access Technology International Limited refers to the
Announcements dated 15 May 2003, 22 May 2003 and 27 May 2003
relating to the placing of 1,200,000,000 Placing Shares to six
individual investors through the Placing Agent (the
Announcements).

As announced on 22 May 2003, the Closing Date of the Placing is
to be ten (10) business days after the fulfillments of the
Conditions (or such other time or date as the Company and the
Placing Agent shall agree). All Conditions of the Placing have
been fulfilled or waived on 29 May 2003 such that the Closing
Date should be 13 June 2003 (or such other time or date as the
Company and the Placing Agent shall agree). The Company has then
been advised on 13 June 2003 by the Placing Agent that certain
Placees need more time than originally anticipated to finalize
their funding arrangement with regard to the completion of the
Placing. Since then, the Placing Agent and the Company have been
negotiating on the extension of the Closing Date. Finally, on 20
June 2003, the Placing Agent and the Company have mutually
agreed to set the Closing Date to 21 July 2003 (or such other
time or date as the Company and the Placing Agent shall agree)
with all Placees having been consulted of. The Placees consist
of 6 independent investors, including five individual investors
and one corporation (which is beneficially owned by three
individuals of which two individuals holding an aggregate of
66.66% shareholding of the corporation are husband and wife).

The five individual investors and the corporation are
independent of one another. The Directors confirm that all the
six Placees and their respective ultimate beneficial owners are
all independent individuals, corporate and / or institutional
investors and are third parties independent of and not connected
with or acting in concert with the directors, chief executive or
substantial shareholders of the Company and its subsidiaries or
any of their respective associates or their concert parties (as
defined in the Listing Rules). Save as mentioned in the
Announcements and this announcement, all other terms in the
Placing Agreement remain unchanged.

As approximately HK$15.5 million of the net proceeds of Placing
is intended to be applied for repayment of liabilities under the
Convertible Bonds due on 30 May 2003, the Company is now making
arrangement with the sole bondholder.

References were also made to the Announcements that the
subscription price of the Placing Shares was set at a price of
HK$0.017 per Share which represents:

   (i) the closing price of HK$0.017 per Share as quoted on the
Stock Exchange on 12 May 2003;

   (ii) at a premium of 5.59% to the average closing price of
the Shares quoted on the Stock Exchange for the ten (10)
consecutive trading days ending on and including 12 May 2003
which was HK$0.0161; and

   (iii) at a premium of 13.33% to the closing price of HK$0.015
per Share as quoted on the Stock Exchange on 20 June 2003.

The Directors believe that the extension (i) will not have any
material impact on the Placing and the operation of the Company;
and (ii) is to the best interests of the Company and its
Shareholders as a whole based on current market condition and to
have the Placing completed.

Further timely announcement will be made in the event of any
change regarding the Placing.

The Stock Exchange has stated that delay in disclosure of the
Extension, which is price-sensitive in nature, might have
constituted a breach of Paragraph 2 of the Listing Agreement and
has reserved its rights to take appropriate action against the
Company and / or the Directors.

According to Wrights Investors' Service, at the end of 2002,
Terabit Access Technology International had negative working
capital, as current liabilities were HK$166.24 million while
total current assets were only HK$161.66 million.  It also
reported losses during the previous 12 months and has not paid
any dividends during the previous 5 fiscal years.


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


TELEKOMUNIKASI INDONESIA: Appoints PwC as New Auditor
-----------------------------------------------------
KAP Drs. Hadi Sutanto & Rekan of PriceWaterhouseCoopers (PwC)
has accepted the appointment as PT Telekomunikasi Indonesia Tbk
(TLKM)'s auditor for the audit of its 2002 consolidated
financial statements, Bisnis Indonesia reports.

PwC will replace KAP Eddy Pianto - Grant Thornton (KAP Eddy
Pianto) as TLKM's auditor for the purposes of its U.S. SEC
filings. The Board of Commissioners has unanimously approved the
appointment. As noted in TELKOM's press release of June 11,
2003, KAP Eddy Pianto failed to meet the U.S. SEC's
qualification standards for audit firms.

The appointment is subject to finalization of the terms of
engagement in its continuing commitment to bring its Annual
Report on Form 20-F into full compliance with United States
Securities and Exchange Commission (U.S. SEC) requirements.

"TLKM looks forward to PwC starting work in the next few days
with a view to completing an audit of TLKM which complies with
U.S. SEC requirements," TLKM President Director, Kristiono said.

While it is difficult to predict the time period required for
the audit, TELKOM currently expects the audit to take
approximately 2 to 3 months to complete. During the period of
the audit and up to the time TELKOM files its amended Form 20-F,
TELKOM intends to remain in close contact with the U.S. SEC and
the NYSE and all relevant Indonesian and international capital
markets regulators and exchanges.

According to Wrights Investors' Service, at the end of 2002,
P.T. Telekomunikasi Indonesia (Persero) had negative working
capital, as current liabilities were Rp11.02 trillion while
total current assets were only Rp10.98 trillion.


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


ALL NIPPON: Signs Ticket Purchasing Agreement With C&S
------------------------------------------------------
All Nippon Airways Co. will team up with convenience store
operator C&S Co. on July 1 to allow passengers to book flights
using mobile phone and pay for tickets at the+- retailer's 6,200
outlets, Bloomberg reported Wednesday. The new alliance will
bring to 20,000 the number of convenience stores in Japan where
passengers can pay for All Nippon domestic flights.

ANA passengers can pay for tickets at Lawson Inc. and FamilyMart
Co. convenience store operators. Customers make reservations
using computer terminals installed at the stores. The carrier is
trying to compete with rival Japan Airlines System Corp. and
attract more passengers by making it easier to buy tickets.

All Nippon Airways (ANA) incurred a net loss of 28 billion yen
(US$235 million) last year, but forecast a return to
profitability this year with the help of further cost cutting
measures, TCR-AP reported recently. The airline blamed the
weakening of the United States economy, deflation and slow
economic activity in Japan for its disappointing performance
last year.


AOKI URBAN: Hotel Management Firm Enters Rehabilitation
-------------------------------------------------------
Aoki Urban Development Corporation has applied for civil
rehabilitation proceedings, Tokyo Shoko Research reports. The
hotel management firm has total liabilities of 31.5 trillion yen
versus a capital of 16 trillion yen. The Company is located in
Osaka-shi, Osaka, Japan.


KOBE KOSAKUSHO: Sanitation Machine Manufacturer Enters Rehab
------------------------------------------------------------
Kobe Kosakusho K.K., which has total liabilities of 7 billion
yen against a capital of 60 million yen, has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The sanitation machine manufacturer is located in Kobe-shi
Hyogo, Japan.

Kobe Kosakusyo was established in September 1918 as an aircraft
and ship parts manufacturer. In the postwar years of
reconstruction and industrial development, Kobe Kosakusyo took
advantage of its technological prowess, getting involved in
manufacturing products related to industrial machinery and
equipment including ships and vehicles. The Company was
responsible for the invention of hot-water car washes and
associated equipment, which have contributed to the streamlining
of industrial operations. In 1989, the Company relocated its
main factory to Kobe High Technology Park, a cluster of R&D
businesses, where it constructed a new plant. In addition to
production innovation, the Company ensures quality improvement,
the maintenance of reasonably prices, and timely delivery.
Moreover, it is committed to offering reliable products that
meet human needs, and make pioneering contributions to a
brighter tomorrow.

COMPANY PROFILE:

Company Name: Kobe Kosakusyo Co., Ltd.
Representative: President Isao Ishida
Business code: Manufacture of originally developed products
Description of business: Designing, manufacture and sales of
various cleaning machines
Amount of capital: 60 million yen
Number of employees: 97
Address: 7-5 Murotani 2-chome, Nishi-ku, Kobe
Phone: 078-991-8461
Fax: 078-991-8474
URL: http://www.kobkos.co.jp
E-mail kobkos@kobkos.co.jp (Marketing Dept.)
gijutsubu@kobkos.co.jp (Technical Dept.)


MITSUBISHI ELECTRIC: Shutting Down Mexican CRT Plant
----------------------------------------------------
Mitsubishi Electric Corporation will shut down its northern
Mexican plant that makes cathode ray tubes (CRT) for computer
monitors on July 15, slashing 1,200 jobs, Reuters said Thursday.
The name of the plant was not mentioned in the report. New
computer and television screen technologies such as plasma
displays and liquid crystal displays are the reason the plant is
closing.  

Cathode ray tubes (known as CRTs) are the devices inside most
televisions and computer monitors that display images on the
screen. The plant, inaugurated in September 1998, has the
capacity to manufacture 2.7 million CRTs a year for 17-inch
computer screens. Most of the production is for export.


PCCW LTD: Considers Taking Unit Private
---------------------------------------
Hong Kong's telecom operator PCCW Limited has started to
reorganize its non-core businesses and is studying a plan to
take private its game software producer Pacific Century
CyberWorks Japan Co., Reuters reported Monday. PCCW could not be
reached for comment.

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.


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

HYNIX SEMICONDUCTOR: Files Complaint Against European Union
-----------------------------------------------------------
The South Korean government will file a complaint with the World
Trade Organization (WTO) next month against a European Union
(EU) move to slap 34.9-percent countervailing tariffs on Hynix
chips, Asia Pulse reports. The EU, which slapped preliminary 33
percent countervailing tariffs on Hynix's chips in April, is
slated to make a final ruling on the issue in mid-August. The EU
action would come on the heels of a similar recent move by the
United States, where the U.S. Department of Commerce decided to
levy 44.71 percent punitive duties on its chips.


HYNIX SEMICONDUCTOR: Involved in Channeling Funds to North Korea
----------------------------------------------------------------
Hyundai Group Chairman Chung Mong Hun and two aides of former
President Kim Dae Jung involved Hynix in illegal channeling of
hundreds of millions of dollars to North Korea, DebtTraders
reports. Kim earned the 2000 Nobel Peace Prize after channeling
a total of $450 million to North Korea, and Hynix provided $100
million of that. In addition to Hynix's $100 million, Hyundai
Merchant Marine and Hyundai Engineering and Construction
provided $200 million and $150 million, respectively. We are
surprised that Hynix had such strong liquidity in 2000.


HYNIX SEMICONDUCTOR: May Take Tariff Issue to WTO by June End
-------------------------------------------------------------
The South Korean government will file a complaint with the World
Trade Organization (WTO) by the end of June against a recent
U.S. decision to impose high punitive tariffs on chips made by
Hynix Semiconductor Inc., Asia Pulse reports, citing Minister
for Trade Hwang Doo-yun. Depending on the results of a ruling on
industrial damage the U.S. International Trade Commission is
slated to put out in July, Korea would appeal to the world trade
body once again.

On June 18, the U.S. Department of Commerce made a final ruling
to slap 44.71-percent countervailing tariffs on Hynix chips,
citing creditor banks' lending of 3.25 trillion won (US$2.73
billion) to the Company as tantamount to government subsidies.


SK GLOBAL: Bailout Plan Does Not Help, Says Sovereign
-----------------------------------------------------
SK Corporation's largest shareholder Sovereign Asset Management
commented that the bailout of SK Global would not stop the
trading arm from going bust because there is no margin of error
in the debt plan, according to DebtTraders. The asset management
Company opposed SK Corporation's plan to swap 850 billion won
($714 million) of debt into SK Global equity.

DebtTraders reports that SK Corp.'s 7.500% bond due in 2006
(YUKO06KRN1) trades between 97 and 99.5. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=YUKO06KRN1


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


ARUS MURNI: KLSE Lifts Securities Trading Suspension
----------------------------------------------------
Further to the Arus Murni Corporation Berhad' announcements on 4
and 24 June 2003 that the Company has obtained the approvals
from relevant authorities on the logging concession and the
shareholders' approvals on the Proposed Acquisitions of Jernih
Makmur Sdn Bhd and Consistent Harvest Sdn Bhd respectively in
relation to the Company's plan to ensure adequate level of
operation pursuant to paragraph 6.0 of Practice Note 10/2001.

The Board of Directors of Arus Murni Corporation Berhad advised
that the trading suspension on the securities of the above
Company will be uplifted with effect from 9:00 a.m., Thursday,
26 June 2003.

The securities of the Company will be traded on a "Ready" basis
pursuant to the Rules of the Exchange.


DRB-HICOM BERHAD: Unit ICB Granted 9-Month Restraining Order
------------------------------------------------------------
DRB-HICOM Berhad wishes to inform that a restraining order (RO)
pursuant to Section 176 of the Companies Act, 1965 has been
granted by the High Court of Malaya to Intrakota Consolidated
Berhad (ICB) on 20 June 2003, valid for a period of 9 months.
ICB is a 67% owned subsidiary of Intrakota Komposit Sdn Bhd
(IKSB) and IKSB is a 70% owned subsidiary of DRB-HICOM.

Details of Events Leading to the Grant of the Court Order

ICB has forwarded a debt-restructuring proposal to the hire
purchase creditors to address its debt position pursuant to the
proposed integration of the public transportation system in
Kuala Lumpur. 90% of the hire purchase creditors have agreed in
principle to the proposal. However, in view of legal proceedings
against ICB taken by a certain hire purchase creditor and to
preserve the public interest, there is a need to restrain any
further legal proceedings while the scheme of arrangement is
being finalized. As such, it was deemed necessary to apply for
an RO under Section 176 of the Companies Act, 1965.

Financial And Operational Impact on the Group

DRB-HICOM does not expect the RO to have any material financial
and/or operational impact on DRB-HICOM Group.

Details of the Proposed Scheme

Subject to the consent of the creditors and any modifications
required to comply with regulatory and legal requirements, the
proposed debt restructuring scheme of ICB would involve the
takeover of bus related assets as part of the completion of the
proposed integration of the public transportation system by the
Government.

The detailed proposed debt-restructuring scheme would be
forwarded to all creditors of ICB for their approval upon the
finalization of the terms.


GENERAL SOIL: Appoints Naveen Khanna as Non-Exec Director
---------------------------------------------------------
General Soil Engineering Holdings Berhad posted this Change in
Boardroom Notice:

Date of change : 25/06/2003  
Type of change : Appointment
Designation    : Non-Executive Director
Directorate    : Independent & Non Executive
Name           : NAVEEN KHANNA
Age            : 27
Nationality    : MALAYSIAN
Qualifications : September 1998 - Bachelor of Commerce (Major
Accounting) (Bond University),
May 2002 - Certified Public Accountant

Working experience and occupation  : Currently engaged as the
Financial Manager at Asia Pacific Viao Lab Sdn Bhd, which he
joined since 15 April 1999
Directorship of public companies (if any) : Nil

Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil


GENERAL SOIL: Unit Serves Winding Up Petition Over Judgment Debt
----------------------------------------------------------------
The Board of Directors of General Soil Engineering Holdings
Berhad informed that the Company and its wholly owned
subsidiary, General Soil Engineering Sdn Bhd (GSESB) have been
served a winding up petition by OCBC Bank (Malaysia) Berhad. The
details are as follows:

1. Winding up petition dated 20 May 2003 was served on GSESB on
23 June 2003.

Winding up petition dated 20 May 2003 was served on the Company
on 23 June 2003.

2. Particular of claim under petition.

OCBC has claimed for a sum of RM2,457,199.11 being the judgment
sum, interest and costs due as at 17.1.2003 pursuant to the
final judgment obtained in the High Court of Kuala Lumpur
pertaining to the defaulted amount under the Credit Facility.

3. Circumstances leading to the filing of winding up petition.

OCBC had via its letter dated 18 December 1998 granted a
restructured credit facility consist of overdraft, trust
receipts and term loan to GSESB with the Company being a
Guarantor to the facility. GSESB had defaulted the payment. On
17.7.2002, OCBC had obtained the Judgment against GSESB and the
Company (as guarantor) from the High Court of Kuala Lumpur High
Court in suit No D7-22-1264-2001. Subsequently GSESB had filed
an appeal but later rejected by the High Court on 6 May 2003.

4. Cost of the investment in GSESB.

Based on the unaudited accounts of the Company at 31 March 2003,
the total cost of investment in GSESB is RM14.3 million.
However, full provision of the diminution in value of the
investment has been made in the accounts of the Company.

5. The financial and operational impact of the winding up
proceedings.

The Group's finance and operations will be severely affected by
the winding-up proceedings.

In the event of winding up proceedings against GSESB, the
immediate financial loss would be the cost of investment of
RM14.3 million. In addition, the overall expected financial
losses will be very substantial, however, such losses are not
quantifiable with reasonable certainty.

GSESB being the principal operating subsidiary of the Company
and the core business held all the requisite licenses and
permits for engineering and construction services. Overall, the
operational impact is expected to be severe such that a revival
of its business prospects may be difficult.

The winding up proceedings by OCBC against the Company will
jeopardize any prospect of revitalization.

6. Proposed steps to be taken by the Company.

The Company is in the midst of implementing a restructuring plan
with the objective to strengthen its financial position. The
Company had announced that it has entered into a Restructuring
Agreement with Dr Chin Mee Leen and Lok Kau Lin. The
restructuring scheme includes amongst others the settlement to
Creditors. Currently, the Company is in the midst of discussing
and negotiating with the bankers including OCBC.
In the event of liquidation, based on the Company analysis, the
Unsecured Financial Institution will be compensated
approximately RM0.03 for every RM1.00 outstanding.

7. The hearing date of the winding up petition against GSESB is
on 14 August 2003.

The hearing date of the winding up petition against the Company
is on 25 September 2003.


HOTLINE FURNITURE: Receives Judgment Over Defaulted Payment
-----------------------------------------------------------
The Board of Directors of Hotline Furniture Berhad hereby inform
that its subsidiary, Hotline Furniture Manufacturers Sdn Bhd
(Receiver and Manager Appointed)(HFM), had on 19 June 2003
received a sealed copy of Judgment from Jotun Powder Coatings
(Malaysia) Sdn Bhd (JPC) for the following claims against HFB
and HFM:

   1. Judgment sum of RM44,110-00;
   2. Interest at the rate of 8% per annum from the date of
judgment until the date of full and final payment; and
   3. Legal cost of RM1,185-00.

The claim is in respect of credit limit of RM100,000-00 on
credit term of 90 days given by JPC, in which HFM has defaulted
the payment of RM44,110-00 as at 9/1/2003 as claimed by JPC. HFB
had provided corporate guarantee for the credit.

The Board has no knowledge as to the steps to be taken because
Receiver & Manager has been appointed to HFM on 9 August 2002.


HUME INDUSTRIES: Voluntarily Winds Up Inactive Unit
---------------------------------------------------
Hume Industries (Malaysia) Berhad informed that it would place
Concrete Products Marketing Sdn Bhd (CPM), a wholly-owned
subsidiary of the Company, under Member's Voluntary Winding-up
pursuant to Section 254(1)(b) of the Companies Act, 1965. Mr
Ling Kam Hoong (I.C. No. 391019-08-5069) of Messrs Ling Kam
Hoong & Co., No. 6-1, Jalan 3/64A, Udarama Kompleks, Off Jalan
Ipoh, 50350 Kuala Lumpur will be appointed as liquidator of CPM.

CPM was involved in trading and marketing of concrete and
related products. It ceased operations since financial year 1994
and remained dormant since then. The Company does not have any
plans to activate it.

There is no loss arising from the voluntary winding-up of CPM.

The voluntary winding-up of CPM will not have any material
impact on the net tangible assets and earnings per stock unit of
the HIMB Group for the financial year ending 30 June 2003.


LONG HUAT: Awaits Winding Up Petition Details From IRB
------------------------------------------------------
Long Huat Group Berhad (LHMSB) refers to its earlier
announcement on 21 January 2003 in relation to an advertisement,
which had appeared on a newspaper regarding the notice of
winding up petition served on the group by Government of
Malaysia (Inland Revenue Board (IRB)  

Subsequently, LHGB had written to IRB seeking details on the
notice of the winding up petition. However, to date, LHMSB have
yet to receive copy of the said notice from IRB.

On 23 June 2003, an advertisement on the winding up order of
LHMSB had appeared in a newspaper and LHMSB had not received any
notice from IRB pertaining to the said order. Nonetheless, LGHB
had instructed its solicitor to obtain the details on the
winding up order from IRB and accordingly a detailed
announcement to the Exchange will be made upon obtaining the
same.


METACORP BERHAD: FIC Approves Proposed Acquisition
--------------------------------------------------
Further to the announcement dated 18 April 2003 and on behalf of
the Board of Directors of Metacorp Berhad, Commerce
International Merchant Bankers Berhad is pleased to announce
that the Foreign Investment Committee has, via its letter dated
17 June 2003, informed that it has no objections to the Proposed
Acquisition.

The Proposed Acquisition, which is implemented by Exclusive
Skycity Sdn Bhd (ESSB), a wholly-owned subsidiary of Metacorp,
from Bukit Naga Development Sdn Bhd (BNDSB), of a property known
as Bangunan Shell Malaysia Held under Geran 17768/M1/B1 & 1-12
(Menara B)/1, Mukim Kuala Lumpur, Daerah Wilayah Persekutuan,
for a total cash consideration of RM79 Million (Proposed
Acquisition), is further subject to the approval of the
shareholders of the Company.

According to Wrights Investors' Service, MTD had negative
working capital at the end of 2001, as current liabilities were
Rp251.05 million while total current assets were only Rp227.54
million.


NAUTICALINK BHD: Faces Winding-Up Petition From Malayan Banking
---------------------------------------------------------------
Reference is made to the earlier announcement dated 31 December
2002, the Board of Directors of Nauticalink Berhad is obliged to
announce that a winding-up petition has been repeatedly served
against the Company by Malayan Banking Berhad (the Petitioner)
at the Registered Office on Monday, 23 June 2003.

In the meantime, the Management and the Company's corporate
advisers are still in the midst of preparation of corporate
restructuring scheme and is confident to pursue to the
Petitioner in conjunction with the corporate restructuring
scheme, which is expected to be resolved amicably.


PAN MALAYSIAN: Posts Renounceable Rights Relevant Dates
------------------------------------------------------
Pan Malaysian Industries Berhad posted the important relevant
dates for trading of Renounceable Rights:

Title / Description :  
Rights Issue of up to 782,737,200 new ordinary shares of RM0.50
each in Pan Malaysian Industries Berhad (PMI) (Rights Shares) at
an issue price of RM0.50 per Rights Share payable in full upon
application on the renounceable basis of two (2) Rights Shares
for every five (5) existing ordinary shares held by the existing
shareholders of PMI at 5.00 p.m. on 24 June 2003 (Rights Issue).  

Dispatch Date: 30/06/2003   
Last date and time for: Date  Time
Sale of provisional allotment of rights: 16/07/2003 at 5PM  
Transfer of provisional allotment of rights: 21/07/2003 at 4PM
Acceptance and payment: 28/07/2003 at 5PM
Excess share application and payment: 28/07/2003 at 5PM  
Commencement Date: 02/07/2003   
Cessation Date: 16/07/2003   
    
Remarks:    

Barring any unforeseen circumstances, the dispatch of the
Abridged Prospectus of PMI for the Rights Issue and the
important dates pertaining to the Rights Issue are as stated
above, or such extended dates and time as may be determined and
announced by the Board of PMI.

In addition to the above, PMI is also undertaking a bonus issue
of up to 704,463,480 new ordinary shares of RM0.50 each in PMI
(Bonus Shares) on the basis of nine (9) Bonus Shares for every
ten (10) Rights Shares subscribed by the entitled shareholders
of PMI and/or their renouncees under the Rights Issue (Bonus
Issue). Accordingly, the Entitled Shareholders and/or their
renouncees who subscribe for their entitlements under the Rights
Issue will also be entitled to be issued and allotted the Bonus
Shares pursuant to the Bonus Issue, at no additional cost, on
the basis of nine (9) Bonus Shares for every ten (10) Rights
Shares subscribed under the Rights Issue.

The Bonus Shares will be provisionally allotted to the Entitled
Shareholders to the Rights Issue but will ultimately be issued
to the final subscribers for the Rights Shares. Accordingly, the
Entitled Shareholders who renounce their entitlements to the
Rights Shares provisionally allotted to them under the Rights
Issue will simultaneously relinquish their entitlements to the
corresponding Bonus Shares to be issued pursuant to the Bonus
Issue.


PAN MALAYSIAN: Rights Issue Final Basis Determined
--------------------------------------------------
On 10 October 2002, PM Securities Sdn Bhd (PM Securities), on
behalf of Pan Malaysian Industries Berhad, had announced the
following corporate exercises:

   (i) the renounceable rights issue of:

     (a) up to 864,243,670 new ordinary shares of RM0.50 each in
PMI (Rights Shares) on the basis of two (2) Rights Shares of
RM0.50 each for every five (5) existing ordinary shares held
under Scenario I (as defined below); or

     (b) up to 864,243,671 Rights Shares on the basis of three
(3) Rights Shares for every ten (10) existing ordinary shares
held under Scenario II (as defined below); or

     (c) up to 733,816,125 Rights Shares on the basis of one (1)
Rights Share for every four (4) existing ordinary shares held
under Scenario III (as defined below);

on an entitlement date to be determined later at an indicative
issue price of RM0.50 per Rights Share, the basis of which shall
be determined at a later date by the Board of PMI, depending on
the number of warrants of PMI exercised on or before the
Entitlement Date (Rights Issue); and

   (ii) the bonus issue of up to 777,819,303 new ordinary shares
of RM0.50 each in PMI (Bonus Shares) on the basis of nine (9)
Bonus Shares for every ten (10) Rights Shares subscribed by the
existing shareholders of PMI and/or their renouncees under the
Rights Issue (Bonus Issue);

whereby:

Scenario I : Scenario I would be applicable in the event that
none or up to 203,766,177 warrants are exercised on or before
the Entitlement Date;
   
Scenario II : Scenario II would be applicable in the event that
in aggregate 203,766,178 up to 923,969,237 warrants are
exercised on or before the Entitlement Date; and
   
Scenario III : Scenario III would be applicable in the event
that in aggregate 923,969,238 up to 978,421,500 warrants are
exercised on or before the Entitlement Date.  
   
The Securities Commission (SC) had on 1 April 2003 approved the
Rights Issue and Bonus Issue. The shareholders of PMI had also
approved the Rights Issue and Bonus Issue via ordinary
resolutions passed at the Extraordinary General Meeting of the
Company held on 29 May 2003.

The entitlement date for the Rights Issue was fixed on 24 June
2003 (Entitlement Date). As at 5:00 p.m. on the Entitlement
Date, none of the outstanding 978,421,500 warrants in PMI was
exercised. Accordingly, the Directors of the Company have
determined the final basis for the Rights Issue based on
Scenario I as mentioned above.

Based on the existing issued and paid-up share capital of PMI as
at 24 June 2003 of RM978,421,500 comprising 1,956,843,000
ordinary shares of RM0.50 each, the Rights Issue and Bonus Issue
shall be implemented as follows:

   (a) rights issue of up to 782,737,200 Rights Shares on the
renounceable basis of two (2) Rights Shares for every five (5)
existing ordinary shares held by the entitled shareholders of
PMI; and

   (b) bonus issue of up to 704,463,480 Bonus Shares on the
basis of nine (9) Bonus Shares for every ten (10) Rights Shares
subscribed under the Rights Issue.

The Rights Issue and Bonus Issue would involve minimum
subscription levels, whereby the minimum number of Rights Shares
and Bonus Shares to be issued pursuant to the Rights Issue and
Bonus Issue are 272,605,206 Rights Shares and 245,344,685 Bonus
Shares respectively, which are based on the undertakings by
certain shareholders of the Company to subscribe for the
respective entitled Rights Shares based on their shareholdings
as at 9 January 2003, which in aggregate amount to 272,605,206
Rights Shares.


PANGLOBAL BERHAD: All Resolutions Passed at AGM, EGM
----------------------------------------------------
The Board of Directors of Panglobal Berhad wishes to announce
that all the resolutions as per the notice of the meetings dated
3 June 2003 were duly passed by the shareholders at the 38th
Annual General Meeting and Extraordinary General Meeting of
PanGlobal Berhad held at Level 34, Menara PanGlobal, 8, Lorong
P. Ramlee, 50250 Kuala Lumpur on 25 June 2003.

COMPANY PROFILE

The Group's principal activities include general insurance
business, extraction of logs, sawmilling and manufacturing of
veneer, coal mining, property investment and development, rental
of office and commercial premises and operation of hotel
apartments.

The Company was originally a housing developer. In 1966, the
Company disposed of these activities and entered into the towel
and yarn manufacturing business. Over the years, the Company
diversified its activities into property development, computers
and insurance. The Company maintains its insurance operations
through PanGlobal Insurance Bhd, with head office in Kuala
Lumpur and branches in 12 states. It transferred its towel
manufacturing operations to one of its subsidiaries in 1987,
thus becoming a purely investment holding company. Subsequently,
the Company, in 1994, disposed of its property development
division and computer division and, in 1995, its textile
operations.

Following this, the Company became involved in timber extraction
and related activities and operation of a coal mine. Both
activities are carried out in Sarawak.

An affected listed issuer under Practice Note 4/2001 of KLSE's
Listing Requirements, the Company has submitted a proposed
composite scheme of debt arrangement to the SC and the relevant
authorities. The proposals are awaiting approval from SC, the
High Court of Malaya and shareholders. A Restraining Order under
Section 176 of the Companies Act, 1965, granted to PanGlobal
together with four of its subsidiaries (PanGlobal Properties Sdn
Bhd, Menara PanGlobal Sdn Bhd, Global Minerals (Sarawak) Sdn Bhd
and Limbang Trading (Limbang) Sdn Bhd) has been extended to 15
November 2002. This Restraining Order affects only banking
creditors.

CONTACT INFORMATION: Level 27, Menara IMC
                     8 Jalan Sultan Ismail
                     50250 Kuala Lumpur
                     Tel : 03-2019199
                     Fax : 03-2023977


PICA (M) CORPORATION: Discloses 29th AGM Resolutions
----------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad
wishes to make the following announcement for immediate public
release:

That at the Company's Twenty-Ninth (29th) Annual General Meeting
which was duly convened on Wednesday, 25 June 2003 at 9:00 a.m.
at Hotel Sri Petaling of 30, Jalan Raden Anum, Bandar Baru Sri
Petaling, 57000 Kuala Lumpur, all the resolutions tabled to the
shareholders were duly passed:

Ordinary Business

Resolution 1 - Receipt and adoption of the Audited Financial
Statements for the year ended 31 December 2002 and Reports of
the Directors and Auditors thereon

Resolution 2 - Re-election of Encik Subki bin Haji Ahmad as
Director of the Company in accordance with Article 91 of the
Company's Articles of Association

Resolution 3 - Re-election of Dato' Abdul Azim bin Mohd. Zabidi
as Director of the Company in accordance with Article 91 of the
Company's Articles of Association

Resolution 4 - Re-election of Mr. Ong Phui Fatt as Director of
the Company in accordance with Article 98 of the Company's
Articles of Association

Resolution 5 - Re-election of Mr. Chan Hoi Tung as Director of
the Company in accordance with Article 98 of the Company's
Articles of Association

Resolution 6 - Appointment of the Auditors and authorization to
the Directors to determine their remuneration.

Special Business

Resolution 7 - Authority to the Directors to issue and allot
shares pursuant to Section 132D of the Companies Act, 1965.


SENG HUP: Danaharta Grants Workout Proposal Approval
----------------------------------------------------
AmMerchant Bank Berhad, on behalf of Seng Hup Corporation Berhad
(Special Administrators Appointed), wishes to announce that by
way of an exchange of letters, the respective dates for the
fulfillment of the conditions precedent under the Principal
Agreement dated 27 August 2002, and the corresponding
Supplemental Agreements dated 30 September 2002 and 13 December
2002, as well as the Sale and Purchase Agreement dated 30
September 2002 has been extended to 31 October 2003.

In addition, AmMerchant Bank wishes to announce that Pengurusan
Danaharta Nasional Berhad (Danaharta) had on 20 June 2003
approved the workout proposal in relation to the Proposed
Restructuring Exercise for implementation pursuant to Section
45(2) of the Danaharta Act 1998.


SIN HENG: SC Extends Proposals Completion Time Until December 31
----------------------------------------------------------------
Sin Heng Chan (Malaya) Berhad (Special Administrators Appointed)
refers to the announcements made on 31 December 2002, 3 January
2003, 31 January 2003, 11 March 2003 and 24 April 2003 in
relation to the Proposals, involving Proposed Restructuring
Scheme, Proposed Employees' Share Option Scheme, Proposed Share
Capital Increase.

On behalf of the Special Administrators of SHCM, Southern
Investment Bank Berhad wishes to announce that the Securities
Commission, via its letter dated 23 June 2003, which was
received on 25 June 2003, approved the Company's application for
an extension of time of six (6) months up to 31 December 2003 to
complete the Proposals.


SRI HARTAMAS: Shareholders OK Proposed Scheme of Arrangement  
------------------------------------------------------------
On behalf of Sri Hartamas Berhad (Special Administrators
Appointed), Commerce International Merchant Bankers Berhad is
pleased to announce that FACB Resorts Berhad (FACB) has informed
the Company that the resolution for the participation of FACB in
the Proposed Scheme of Arrangement as contained in the Notice of
Extraordinary General Meeting in the Circular to Shareholders of
FACB dated 9 June 2003, has been duly approved by the
shareholders of FACB at the Extraordinary General Meeting of
FACB held on 24 June 2003.

Refer to the Troubled Company Reporter - Asia Pacific Monday,
July 15, 2002, Vol. 5, No. 138 issue for more info on the
Proposed Scheme of Arrangement.


SRIWANI HOLDINGS: Resolutions Pass at 19th AGM
----------------------------------------------
Sriwani Holdings Berhad Company is pleased to inform that the
19th Annual General Meeting (19th AGM) of the Company held at
Hotel Equatorial, No. 1, Jalan Bukit Jambul, 11900 Penang on
Tuesday, 24 June 2003 at 11:30 a.m. and all resolutions have
been duly passed at the said meeting except for the motion under
Resolution No. 11 in relation to the proposed change of the
Company's name to DFZ Capital Berhad was not carried in
accordance with the Company's recommendation.

The full text of the Notice of the 19th AGM together with the
Statement accompanying the said Notice are attached at
http://bankrupt.com/misc/TCRAP_Sriwani0627.pdf.


SUNWAY BUILDING: Suspending Shares to Aid Capital Reconstruction
----------------------------------------------------------------
The capital reduction and consolidation of Sunway Building
Technology Berhad whereby the issued and paid-up share capital
of RM126,515,600 comprising 126,515,600 ordinary shares of
RM1.00 each will be reduced to RM63,257,000 comprising
126,515,600 ordinary shares of RM0.50 each by the cancellation
of RM0.50 from each existing ordinary share of RM1.00 each
(Capital Reduction) and thereafter a capital consolidation on
the basis of two (2) resultant ordinary shares of RM0.50 each
into one (1) ordinary share of the RM1.00 each (Consolidated
Shares) (Capital Reconstruction).

Please be advised of the following:

   (i) The shares of shareholders whose names appear in the
record of depositors of Suntech at the close of business of 5:00
p.m. on 8 July 2003 shall be subject to the Capital
Reconstruction.

   (ii) To facilitate the Capital Reconstruction, the trading of
Suntech's securities will be suspended with effect from 9:00
a.m., Wednesday, 2 July 2003.

   (iii) The last day for trading of Suntech securities shall be
on Tuesday, 1 July 2003.


TECHNO ASIA: Audited Financial Statements Rejected at 34th AGM
--------------------------------------------------------------
At the 34th AGM of Techno Asia Holdings Bhd. (Special
Administrators Appointed) held on Wednesday, 25 June, 2003, the
following resolution tabled was not carried as the members
present unanimously voted against the resolution:

Resolution No. 1

"To receive and adopt the Audited Financial Statements for the
year ended 31 December, 2002 together with the Directors' and
Auditors' Reports thereon."

The following resolutions tabled at the 34th AGM was carried by
unanimous votes:

Resolution No. 2

"To re-elect Lee Ai Cheen who retires in accordance with Article
90 of the Company's Articles of Association and being eligible,
offers herself for re-election."

Resolution No. 3

"To re-elect Tuan Haji Muhadzir Bin Mohd. Isa who retires by
rotation in accordance with Article 96 of the Company's Articles
of Association and being eligible, offers himself for re-
election."

Resolution No. 4

"To re-elect Chye Kit Choong who retires by rotation in
accordance with Article 96 of the Company's Articles of
Association and being eligible, offers himself for re-election."

Resolution No. 5

"To re-elect Lee Sieng Meng who retires by rotation in
accordance with Article 96 of the Company's Articles of
Association and being eligible, offers himself for re-election."

The following resolution tabled at the 34th AGM was not carried
by unanimous votes:

Resolution No. 6

"To re-appoint Messrs KPMG as Auditors of the Company and to
authorize the Directors to fix their remuneration."

The meeting was adjourned to a date to be determined later to
consider the appointment of new auditors.


WOO HING: Submits Revised Kamdar Proposals to Administrators
------------------------------------------------------------
Woo Hing Brothers (Malaya) Berhad (Special Administrators
Appointed) refers to the announcements dated 9 January 2003 and
7 May 2003 in relation to the following matter:

   (i)    Proposed Acquisitions;
   (ii)   Proposed Share Swap;
   (iii)  Proposed Restricted Offer for Sale
   (iv)   Proposed Cash And Securities Transfers;
   (v)    Proposed Placement;
   (vi)   Proposed Put Option;
   (vii)  Proposed Transfer of Listing Status; and
   (viii) Proposed Transfer to Main Board

(collectively referred to as "Kamdar Proposals").

Further to the abovementioned announcements, Commerce
International Merchant Bankers Berhad, on behalf of WHB, wishes
to announce that a revision to the Kamdar Proposals has been
submitted to the Special Administrators and Pengurusan Danaharta
Nasional Berhad for their consideration.

In view of the imminent deadline for the implementation of the
Kamdar Proposals, which falls on 6 July 2003, WHB has on 20 June
2003 sought the Securities Commission's approval for an
extension of time of seven (7) months up to 7 February 2004 to
complete the implementation of the Kamdar Proposals.

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


FIRST PHILIPPINE: LTCP Rating Under Review, PhilRatings
-------------------------------------------------------
Philippine Rating Services Corporation (PhilRatings) announced
that FGHC International (FGHCI) is seeking a second extension
on the payment of its outstanding USD 60 million facility by
another 30 days or by July 31, 2003. The maturity of the
facility, originally falling due on May 22, 2003, had earlier
been extended to June 30. First Philippine Holdings Corporation
FPHC) guarantees this facility.

FPHC represents that it is currently working on the
documentation of a new financing facility to allow it to meet
the June 30 maturity although as early as now, it has already
sought an extension in case there is a delay in the closing of
the new facility.

PhilRatings is closely monitoring these developments and will
decide on an appropriate rating action for FPHC's 800 million
pesos long-term commercial papers (LTCPs), which will mature
in three separate tranches from November 2003 to January 2004.
At present, the LTCPs are rated PRS Baa.


JOHN HAY: Sobrepena Group Opposes New Terms of Debt
---------------------------------------------------
Fil-Estate-led Camp John Hay Development Corp. (CJHDC) and
government-owned Bases Conversion Development Authority (BCDA)
failed to reach an agreement on the proposed restructuring of
CJHDC's back rental amounting to 1 billion pesos, the Manila
Standard said on Thursday. The report said Fil-Estate Chief
Executive Officer Robert John Sobreprena objected to the required
payment of 45 million pesos in additional interest.

BCDA President Rufo Colayco said that he is willing to
reduce the 45 million pesos interest payment just to reach
an agreement with the Fil-Estate group. The demand for the
interest payment was recommended by the Office of the
Government Corporate Counsel, in a bid to protect BCDA of
possible graft charges.


MANILA ELECTRIC: Plans Court Action if BIR Denies P9B Tax Claim
---------------------------------------------------------------
The Manila Electric Co. (Meralco) plans to go to court if the
Bureau of Internal Revenue (BIR) refuses to return some 9.0
billion pesos in excess income tax payments, AFX Asia said on
Thursday. The Company is in the process of preparing a formal
claim with the BIR and contemplating also to take the matter
to the courts should the BIR deny their claim. Meralco may file
the claim as early as next week. The tax rebate is seen to cushion
the impact of the Company's 30.5 billion pesos overcharge refund
ordered by the Supreme Court.
            

NATIONAL BANK: Lists 195.17M Preferred Shares
---------------------------------------------
Semi-private bank Philippine National Bank (PNB)
will list 195.17 million convertible preferred shares at the
Philippine Stock Exchange (PSE) on June 27 to cover its
debt-to-equity transaction with the Philippine Deposit Insurance Corp.
(PDIC), Business World reports.

The PSE has approved PNB's application to list the convertible
preferred shares with a par value of 40 pesos apiece.
The conversion price is one preferred share for every 40 pesos
of 7.8 billion pesos (US$146 million) in total advances.
The advances represent the aid extended by PDIC to PNB when
the latter experienced heavy withdrawals.


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


CHARTERED SEMICONDUCTOR: Names Makoto Kawakami as New VP
--------------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, announced the
appointment of Makoto Kawakami as its new Vice President and
general manager of Chartered Japan. Mr. Kawakami will succeed
Masayuki Suzuki, who will retire on June 30, 2003 after a 30-
year career in the semiconductor industry. Mr. Kawakami will
lead the Japan organization to leverage Chartered's
collaborative business model and strengthened position in
advanced technology for broadening the Company's access to new
customers and market opportunities.

Mr. Kawakami has more than 20 years of experience in the
semiconductor industry, and has held several senior management
positions in business development, marketing and sales. Prior to
joining Chartered, Mr. Kawakami was President of Xilinx K.K. in
Japan, where he successfully led the team that regained Xilinx's
market share leadership position for programmable logic devices.

Before Xilinx K.K., Mr. Kawakami served as President of ZILOG
Japan K.K., with responsibilities for business development and
the preparation of ZILOG's initial public offering on the OTC
Bulletin Board. From 1988 to 1998, Mr. Kawakami was President of
Xicor K.K. where he established Xicor's first office in Japan,
established a network of distributors, and helped strengthen key
customer relationships with leading Japanese companies including
NEC, Matsushita, Mitsubishi, Sharp, Toshiba, Nikon, JVC and
Hitachi. Mr. Kawakami also spent five years at Intel K.K. in
Japan, where his last position was director of distribution
sales. Mr. Kawakami holds a Bachelor of Arts degree in
management from the Musashi University, Tokyo and a master's
degree in international management from the American Graduate
School of International Management in Glendale, Arizona.

"We are pleased to have an accomplished semiconductor industry
veteran like Mr. Kawakami leading Chartered Japan," said Bruno
Guilmart, senior Vice President of sales and marketing for
Chartered. "Mr. Kawakami's extensive semiconductor product
knowledge is important for strengthening our trusted
relationships with Japanese customers and partners as well as
growing our customer base."

Guilmart added, "We would like to take the opportunity to also
thank Mr. Suzuki for his valuable contributions, and in
particular, for his leadership during the early stages of
Chartered's entry into the Japan market. Under his leadership,
Chartered Japan has evolved into a strong customer service
organization, with the capability to offer total product
solutions for helping customer's transition seamlessly from
advanced system-on-chip (SoC) design to manufacturing.

Mr. Suzuki's achievements are also reflected in Chartered's
steady revenue growth and expanding customer base in Japan over
the past three years, and we wish him well as he moves into a
new phase in his life."

About Chartered

Chartered Semiconductor Manufacturing, one of the world's top
three dedicated semiconductor foundries, is forging a customized
approach to outsourced semiconductor manufacturing by building
lasting and collaborative partnerships with its customers. The
Company provias flexible and cost-effective manufacturing
solutions for customers, enabling the convergence of
communications, computing and consumer markets. In Singapore,
Chartered operates five fabrication facilities and has a sixth
fab, which will be developed as a 300mm facility.
A Company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market (Nasdaq: CHRT) and on
the Singapore Exchange (SGX-ST: CHARTERED).

Chartered's 3,500 employees are based at 11 locations around the
world. Information about Chartered can be found at
www.charteredsemi.com.


EAGLE BRAND: Posts Q103 S$5.5M Loss
-----------------------------------
Eagle Brand posted a first-quarter loss of S$5.5 million, due to
heavy discounts it has to offer to clear its overstocked
warehouses, Channel News Asia said on Wednesday. This comes
after the China-based sanitary ware maker suffered a full-year
net loss of nearly 200 million yuan or S$42 million. It expects
to post a loss for the second quarter of 2004. It also incurred
substantial costs in renovating a number of major showrooms.

Eagle Brand Holdings Limited is engaged in the manufacturing and
sale of ceramic tiles and ceramic sanitary wares and the
machinery and equipment for the production of ceramic products
in China. It expects to post a loss for the second quarter of
2004.


L&M GROUP: UOB Submits Restructuring Proposal
---------------------------------------------
L & M Group Investments Ltd announced that it has received from
United Overseas Bank Limited the Bank a formal restructuring
offer letter dated 25 June 2003, open for acceptance by William
Soeryadjaya, Edward Soeryadjaya and Edwin Soeryadjaya the
Soeryadjaya Family and the Company, on or before 2 July 2003.
Under the terms of the restructuring offer:

1. The Soeryadjaya Family will make a cash payment of S$12
million to the Bank for an assignment of S$30 million debt owing
by the Company to the Bank Debt.

2. The Soeryadjaya Family is to make a cash deposit of S$5
million into an escrow account maintained with the Bank within 7
days from the acceptance of the restructuring offer. This cash
deposit shall form part of the S$12 million cash repayment by
the Soeryadjaya Family to the Bank.

3. The Soeryadjaya Family shall convert the assigned bank debt
of S$30 million into new ordinary shares of the Company at
S$0.01 per share.

4. The Bank shall convert S$28 million of the existing loan
outstanding into new ordinary shares of the Company at S$0.01
per share.

5. The balance debt of S$30 million shall be restructured into a
1-year Term Loan facility of S$8 million and a 3-year Term Loan
facility of S$22 million.

6. The 1-year Term Loan facility shall be repaid 1 year from the
date of the restructuring agreement or the date of the sale of
the Company's office unit at the Riverwalk, whichever is
earlier.

7. The 3-year Term Loan facility shall be repaid in 3 years from
the date of the restructuring agreement.

8. The security to be provided for all the facilities shall
comprise:

a. The existing all-monies first legal mortgage over an office
unit at 20 Upper Circular Road #02-21 The Riverwalk Singapore
058416 in favor of the Bank.

b. The existing all-monies first legal mortgage over an
industrial property at 28 Tuas Crescent Singapore 638719 in
favor of the Bank.

c. The existing all-monies legal mortgage/assignment over an
industrial property at 2 Tanjong Penjuru Crescent Singapore
608969 in favor of the Bank.

d. The existing debenture over all the present and future assets
of L&M Geotechnic Pte Ltd and L&M Precast (Tuas) Pte Ltd in
favor of the Bank.

e. The existing pledge of unquoted shares of L&M Geotechnic Pte
Ltd in favor of the Bank.

Conditions Precedent

The restructuring offer is conditional, inter alia, upon the
following:

1. The approval in-principle of the Exchange for the listing and
quotation of the new shares on the Exchange pursuant to and
contemplated by the terms of the restructuring offer and the
relevant rulings being obtained from the Securities Industry
Council for a waiver of the obligation of the Soeryadjaya Family
and/or the Bank and parties acting in concert with it to make a
mandatory take-over offer for the Company arising from the
acquisition of new shares in the capital of the Company under
the restructuring agreement;

2. The necessary approvals of the shareholders of the Company at
an extraordinary general meeting(s) to be convened; and

3. All other consents and approvals, which the Bank may deem
necessary to be obtained for and in connection with the
restructuring agreement having been obtained.

Other terms

The restructuring offer is also subject to the following terms:-

4. The Company shall appoint a monitoring accountant acceptable
to the Bank, upon acceptance of the restructuring offer. The
monitoring accountant shall monitor and report the progress of
the debt-restructuring proposal to the Bank. The terms of
reference of the monitoring accountant shall be reviewed after
implementation of the debt-restructuring proposal.

5. All loans/advances extended to the Company by its
subsidiaries/related companies/shareholders shall be
subordinated to the restructured facilities; and

6. The Company shall not declare any dividends during the tenor
of the restructured facilities, unless approved by the Bank in
writing.

(II) GOING CONCERN BASIS

The Board of Directors wishes to state that with the acceptance
and implementation of the above Bank's restructuring offer, the
Company is a going concern.

(III) ANNUAL REPORT FOR FINANCIAL YEAR ENDING 31 DECEMBER 2002

The Board of Directors wishes to set out the present status of
the following matters brought up by the Auditors in their Report
as follows:-

(a) MITI and SIMA shares

The percentage of MITI and SIMA shares presently held by the
Company as at the date hereof is 19.15 percent and 11.89 percent
respectively. The number of MITI and SIMA shares sold by the
Company is 338.7 million and 9.6 million respectively and the
total proceeds received to date in respect of the sale of all
these shares is Rp9,044 million.

(b) PT Vitadaya Harapan

As there has not been to-date available funds to pursue
aggressively the claim on these receivables, no progress have
been made in collecting these receivables since 31 December
2002.

(c) PT Cybercity Indonesia

There has been no further development in respect of the PT
Cybercity Indonesia receivables although the restructuring
exercise of PT Jakarta International Trade Fair is still
proceeding.

(d) Concrete Technology Pte Ltd

There has been no change in the status of Concrete Technology
Pte Ltd receivables since 31 December 2002. However the Board
expects Concrete Technology Pte Ltd to commence repayment of
these receivables early year 2004.

(e) L&M.com Pte Ltd

The amount of receivables in respect of L&M.com Pte Ltd, a fully
owned subsidiary of the Company, would under the terms of the
Bank restructuring offer be subordinated to the Bank's
restructured facilities.

(f) Paragraph 9 of the Auditor's Report

The Board wishes to state that paragraph 9 of the Auditor's
Report pertains to expenses incurred by the Group in relation to
the Group's interests in MITI and SIMA. As announced, the
previous management had largely delegated the duties and
responsibilities of these companies to its executives in
Indonesia and were therefore not aware of the transactions and
the expenses incurred until recently.

(IV) DELAY IN ISSUANCE OF THE ANNUAL REPORT

The Board will be applying for an extension of time to address
the delay in the issuance of the Annual Report to the
shareholders and the Exchange for the year ending 31 December
2002. The Board wishes to say that with the new management the
Board will undertake in future to adhere to Rule 707 of the
Listing Manual by issuing the annual report to the shareholders
and the Exchange within 5 months from the end of its financial
year.


UNITED OVERSEAS: Units Enter Voluntary Liquidation
--------------------------------------------------
United Overseas Bank Limited announced that the following
subsidiary companies of the Bank have commenced members'
voluntary liquidation:

OUB Optimix Funds Management Limited
OUB Asset Management Ltd
AIM Services Pte Ltd
ICB Management Pte Ltd

The liquidation is part of the ongoing rationalization of the
operations of the UOB group of companies.


WEE POH: Issues Strategic Agreement Update
------------------------------------------
The Board of Directors of Wee Poh Holdings Ltd. announced that
on 20 June 2003, the Company had received a Letter from Mr Tay
Hung Cheow (THC) informing the Company that he will not be able
to subscribe for his portion of the 1,600,000,000 Strategic
Shares under the Strategic Agreement for his own beneficial
interest due to his current commitments in the People's Republic
of China which require his attention and financial resources.

In lieu of THC subscribing for his portion of the Strategic
Shares for his own beneficial interest, THC had, in THC's
Letter, informed the Company that he will be appointing UOB Kay
Hian Private Limited UOBKH as his placement agent to procure, on
a "best endeavors" basis, placees (the Placees) for
1,340,000,000 Strategic Shares (the Placement) Shares at an
issue price of $0.005, while Dr Michael Lim Chun Leng Dr Lim
would subscribe for 160,000,000 Strategic Shares (the Proposal).
Under the Proposal in THC's Letter, the total number of
Strategic Shares and the gross proceeds raised thereon would be
reduced from 1,600,000,000 Strategic Shares and S$8.0 million
originally under the Strategic Agreement to 1,500,000,000
Strategic Shares and S$7.5 million, respectively (the Revised)
Strategic Issue.

Pursuant to a letter agreement dated 23 June 2003 (the Letter)
Agreement between the Company, THC and Dr Lim, the aforesaid
parties noted that the Proposal was a private arrangement
between THC and UOBKH but they agreed to vary the Strategic
Agreement, accordingly, to accommodate the Proposal.

Principal provisions under the Letter Agreement

Under the Letter Agreement to the Strategic Agreement, it was
agreed that:

(i) The Company shall only be obliged to allot and issue to THC,
and THC shall only be obliged to subscribe for, an aggregate of
1,340,000,000 Strategic Shares for an aggregate consideration of
S$6.7 million;

(ii) The Company shall only be obliged to allot and issue to Dr
Lim, and Dr Lim shall only be obliged to subscribe for, an
aggregate of 160,000,000 Strategic Shares for an aggregate
consideration of S$800,000;

(iii) THC and Dr Lim shall no longer be obliged to undertake the
Preferential Offering;

(iv) The Company shall undertake a renounceable rights issue of
2 Rights Shares for every 1 Existing Share at an issue price of
S$0.005 for each Rights Share (the "Revised Rights Issue,
instead of the Rights Issue on the basis of 3 Rights Shares for
every 2 Existing Shares at an issue price of S$0.005 for each
Rights Share as originally provided for under the Strategic
Agreement;

(v) THC and Dr Lim shall waive their respective rights to
participate in the Revised Rights Issue in respect of their
Strategic Shares;

(vi) THC undertakes to ensure that the Placees for the Placement
Shares procured by UOBKH shall:

(a) Waive their rights to participate in the Revised Rights
Issue in respect of their Placement Shares;

(b) Undertake not to transfer any of the Placement Shares to a
third party until 3 market days after the books closure date to
determine Shareholders' entitlements under the Revised Rights
Issue has elapsed;

(c) (Without prejudice to (b) above) undertake to accept and
comply with any moratorium on the sale of the Placement Shares
which may be imposed by the SGX-ST on THC as if such moratorium
was imposed on that Placee in respect of the Placement Shares
which the Placee acquires, or by the SGX-ST directly on each
such Placee;

(d) (Without prejudice to (b) above) undertake to accept and
comply with any moratorium on the sale of the Placement Shares
which may be imposed by the SGX-ST in respect of the Placement
Shares;
(e) Acknowledge and be bound by any and all undertakings,
covenants, warranties, representations and waivers made by THC
in the Strategic Agreement and that the Placee is deemed to have
full notice of all matters agreed to, known or ought to be known
by THC in respect of the subject matter of the Strategic
Agreement;

(vii) Dr Lim, and not THC, shall have the right to appoint up to
3 new directors to the Board upon the completion of the
Strategic Agreement, as may be varied by the Letter Agreement;

(viii) The deadline for the fulfillment of the conditions
precedent by the Company under the Strategic Agreement shall be
extended to 15 August 2003.

Save as disclosed above, all the terms and conditions under the
Strategic Agreement shall remain in full force and effect, and
all of the undertakings, covenants, warranties, representations
and waivers made by THC under the Strategic Agreement shall,
pursuant to the Deed, be deemed to have been similarly made by
Dr Lim.

Statement of Material Facts

To facilitate the placement of the Placement Shares, the Company
with the Monetary Authority of Singapore and the SGX-ST has
lodged a statement of material facts on 25 June 2003. A copy of
the statement of material facts is attached hereto.

Best Effort Debt Conversion

Further to the lodgment on 28 April 2003 by the Company of a
statement of material facts in relation to the Best Effort Debt
Conversion, the Directors are pleased to announce that 45 trade
creditors of Wee Poh Construction Co. (Pte.) Ltd. WPC, a
subsidiary of the Company, have agreed to convert an aggregate
of S$4.0 million owing by WPC to them into 80,000,000 Conversion
Shares in the capital of the Company at an issue price of
S$0.05.

Approval in-principle for the listing and quotation of the
Conversion Shares has been obtained from the SGX-ST on 10
January 2003 while Shareholders' approval for the allotment and
issue of the Conversion Shares was obtained on 7 April 2003.

Approval in-principle granted by the SGX-ST to the Company for,
and the admission of the Conversion Shares to and the listing
and quotation of the same on the SGX SESDAQ are in no way
reflective of the merits of the Company and its subsidiaries,
the Shares or the Conversion Shares.

Illustrative Proforma Financial Effects And Illustrative
Shareholding Composition

The illustrative proforma financial effects and illustrative
shareholding composition of the Company taking into
consideration the Capital Reduction, the Best Effort Debt
Conversion (being the agreement from 45 trade creditors of WPC
for the conversion of S$4.0 million in amounts owing by WPC into
80,000,000 Conversion Shares), the Revised Strategic Issue, the
placement of the Placement Shares, the Revised Rights Issue and
the waiver by the Company of the Preferential Offering under the
Letter Agreement (collectively, the "Revised Transactions are
set out below.

Financial Effects

For illustration purposes only, the financial effects set out
beneath are based on the following assumptions:-

(i) W&P Piling Pte Ltd WPP (in liquidation), a subsidiary of the
Company, has been in liquidation since 31 December 2002 and has
been deconsolidated from the Group as at 31 December 2002 for
the purpose of computing the financial effects on the NTA and
gearing of the Group (excluding WPP);

(ii) WPP (in liquidation) has been in liquidation since 1 July
2001 and has been deconsolidated from the Group as at 1 July
2001 for the purpose of computing the financial effects on the
earnings of the Group (excluding WPP); and

(iii) The Company's contingent liabilities attributable to WPP
(in liquidation) of approximately S$2.1 million have been fully
provided for in the Company's financial statements for the 6
months ended 31 December 2002 and FY2002.

The financial effects of the Revised Transactions on the share
capital of the Company, NTA and gearing of the Group are based
on the un-audited financial statements of the Group for the 6
months ended 31 December 2002 and on the assumption that the
Revised Transactions were completed as at 31 December 2002. The
financial effects of the Revised Transactions on the earnings of
the Group are based on the audited financial statements of the
Group for FY2002 and on the assumption that the Revised
Transactions were completed as at 1 July 2001.


Share Capital                No. of shares   ('000) S$'000


Issued and paid-up share capital as at 31 December 2002
(ordinary shares of S$0.20 each)          
                                119,915         23,983

Issued and paid-up share capital pursuant to the Capital
Reduction (ordinary shares of S$0.005 each)
                                119,915          600

New Shares arising from the Best Effort Debt Conversion
                                 80,000          400

New Shares arising from the Revised Strategic Issue
                                 1,500,000       7,500

New Shares arising from the Revised Rights Issue
                                  399,830        1,999

Issued and paid-up share capital after the completion of the
Revised
Transactions
                                  2,099,745      10,499


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


PRECHA GROUP: Posts Financial, Operating Restructuring Progress
---------------------------------------------------------------
With reference to the Stock Exchange of Thailand's letter no.
Bor Jor 329/2546 dated 21st April, 2003 for financial and
operating restructuring progress report and business
reorganization:  

Precha Group Public Company Limited draws special attention to
the progress being make in financial restructuring since it has
been informed that the list of suspension of Rights and Duties
of Member to solve the qualify of the business has been
suspended.

Precha Group informed that the following progress on business
restructuring has been made:

1.  The cause of capital deficiency since FY2000:

     1.1 The Company has reviewed tangible assets and book
impairment loss around Bt804 million as per new accounting
standard of Thailand issued after economic crisis.

     1.2 The result of economic crisis, the Company defaults for
loan repayment.  Under the condition of the default of loan
repayment, the finance institution has charged interest at the
maximum rate, so interest expenses on financial statement is so
high.

2.  The Company achieved the financial restructuring by capital
deficiency from Bt358 million in FY2000 to Bt128 million in
FY2002.  The operating progress were:

     2.1 The subsidiary which continue took loss were sold 5
Company.

     2.2 Debt restructuring have done 90%, the rest is in
negotiations that expect to be done by this year.

     2.3 Adkinson Security Public Company Limited was appointed
to be Financial Consultant since June 7,2001, Afterward the
Company accepted for transferring for Financial Consultant Right
from Adkinson Security Public Company Limited to I.B. Security
Company Limited dated June 27, 2002.


RATTANA REAL: Omits Dividend Payment Due to Accumulated Loss
------------------------------------------------------------
Rattana Real Estate Public Company Limited notified the
resolutions of the Board of Directors Meeting No.3/2003, held on
24 June 2003 as follows:

1. Adoption of the Minutes of the Board of Directors Meeting
No.2/2003.

2. Unanimous approval for submission to the Shareholders Meeting
for adoption and approval of the Balance Sheet and Profit and
Loss Accounts of the Company for the fiscal year ended 31
December 2002.

3. Unanimous approval for submission to the Shareholders Meeting
for no dividends payment for the performance results of the
fiscal year 2002, due to the operation loss and existence of
accumulated losses.

4. Unanimous approval for submission to the Shareholders Meeting
for re-appointment of Mr. Vitavas Vibhagool, Mr. Surin
Pholyasrisawat and Mr. Supoj Siripornlerdkul, being the
directors due to retire by rotation in this occasion, to their
offices as directors of the Company for another period.

5. Unanimous approval for submission to the Shareholders Meeting
for consideration of appointing Mr. Ruth Chaowanagawi and/or Mr.
Narong Puntawong and/or Mr. Supachai Phanyawattano and/or Miss
Siraporn Ouaanunkun, the Auditors of Ernst & Young Office
Limited, be appointed as the auditors of the Company for the
fiscal year 2003, and fixing the remuneration of the auditors.

6. Unanimous approval for setting the date of the Ordinary
General Meeting of Shareholders No.2/2003, to be held on 23 July
2003, at 10.00 hrs., at the Conference  Room  of  the  Company,
No. 2922/305-306 Charn Issara Tower II, New Petchburi  Road,
Kwaeng Bangkapi, Khet Huaykwang, Bangkok Metropolis, and fixing
the agenda for the Ordinary General Meeting of Shareholders
No.2/2003 to be as follows:

     Agenda  1. To adopt the Minutes of Ordinary General Meeting
of Shareholders No.1/2003.

     Agenda  2. To approve the performance results of
the Board of Directors for the fiscal year 2002 and the Annual
Report.

     Agenda  3. To adopt and approve the balance sheet and the
profit and loss accounts of the Company as at 31 December 2002.

     Agenda  4. To acknowledge non-payment of dividends for the
performance results of the fiscal year 2002.

     Agenda  5. To consider and appoint the directors in place
of those retiring by rotation.

     Agenda  6. To consider and appoint auditors for the fiscal
year 2003 and fix the remuneration.

     Agenda  7. Other businesses (if any)

7. Unanimous approval for fixing the closing date of share
registration from 9 July 2003, until the Ordinary General
Meeting of Shareholders No. 2/2003 will adjourn, whereupon the
Shareholders whose names appear in the Share Register during the
closing period will be entitled to attend the Ordinary General
Meeting of Shareholders No. 2/2003.


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

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

Asia Pulp & Paper     FRN     due 2001   2.0 - 4.0       -0.5
Asia Pulp & Paper     11.75%  due 2005  40.0 - 43.0      +2.0
APP China             14.0%   due 2010  34.5 - 36.5       0.0
Asia Global Crossing  13.375% due 2006  14.25 - 15.25     0.0
Bayan Telecom         13.5%   due 2006  17.0 - 21.0      -1.0
Daya Guna Sumudera    10.0%   due 2007   2.0 - 4.0        0.0
Hyundai Semiconductor 8.625%  due 2007  76.0 - 81.0      +3.0
Indah Kiat            11.875% due 2002  40.0 - 43.0      +0.5
Indah Kiat            10.0%   due 2007  38.0 - 41.0      +1.0
Paiton Energy         9.34%   due 2014  100.5 - 101.5     0.0
Tjiwi Kimia           10.0%   due 2004  31.0 - 33.0       0.0

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


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

This material is copyrighted and any commercial use, resale or
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