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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, July 04 2003, Vol. 6, No. 131

                         Headlines

A U S T R A L I A

AMP SHOPPING: Westfield To Proceed With Compulsory Acquisition
ARISTOCRAT LEISURE: Appoints David Simpson as Non-Exec Director
JOACHIM PREHN: Sentence Reduced for Tasmanian Financial Adviser
PASMINCO LIMITED: Sells Exploration Tenements
SIRTEX MEDICAL: Takeovers Panel Publishes Grounds for Rejection

SNOWBALL GROUP: Peter Johnson Appointed as Director
TABCORP HOLDINGS: S&P Affirms `BBB+' Rating; Negative Outlook
TOWER LIMITED: Submits LR Waiver Application to NZ Panel
TRANZ RAIL: Toll Group Would Pay Broker Handling Fees


C H I N A   &   H O N G  K O N G

ASIA RESOURCES: Jin Jane Appointed as Non-Executive Director
CHESTER TECHNOLOGY: Winding Up Hearing Scheduled on July 30
FT HOLDINGS: Operations Loss Swells to HK$81.250M
GUANGDONG (H.K.): Winding Up Petition Slated for Hearing
JIN JIANG: Winding Up Petition Pending

PCCW LIMITED: Lodges Annual Report With US SEC
SKYNET (INTERNATIONAL): Agreements Long Stop Date Extended
SUN'S INTERNATIONAL: Winding Up Sought by Prosperous Tong


I N D O N E S I A

ASTRA AGRO: Selling Rubber Plantation Unit
BANK NEGARA: Selects Reuters Kondor to Manage Deals


J A P A N

FUJITSU LIMITED: Enters Mobile Deal With Nokia
NEC CORPORATION: Issues Stock Acquisition Rights Notice
NICHIMEN CORPORATION: Dissolving Various Units
NICHIMEN CORPORATION: Integrates Administrative Units
NIKKO CORDIAL: Moody's Changes Rating Outlook to Stable

SAPPORO HOLDINGS: Moody's Confirm Ratings, Outlook Negative

* Update on R&I's Broad-Definition Default Ratio


K O R E A

CHOHUNG BANK: Recovers 88% of Drained Deposits
HANBO IRON: Talks on Sale Enter Final Stage
SK CORPORATION: Unveils Production of PE-RT With Own Technology
SK GLOBAL: Creditors Resume Talks July 3
SK GLOBAL: OK's Sale of Sheraton Hotel


M A L A Y S I A

AKTIF LIFESTYLE: Three-Month RA Extension Request Pending
BUKIT KATIL: Defaults Loan, Overdraft Facilities
CHG INDUSTRIES: Lenders' Legal Adviser Coordinating DRA Signing
EPE POWER: Defaulted Interest Payment Hits RM697,127.91
GENERAL SOIL: Restructuring Plan Finalization Ongoing

GENERAL SOIL: Unit GSESB Faces Notice Over Judgment Sum
IDRIS HYDRAULIC: Restructuring Exercise Remains Unchanged
KSU HOLDINGS: Court Orders Plaintiff's Application Dismissal
MBF CAPITAL: Awaits Court's Restructuring Exercise Decision
OMEGA HOLDINGS: Awaits SC's Proposed Workout Scheme Approval

PAN MALAYSIAN: Posts Rights, Bonus Issues Important Date
SCK GROUP: Awaits KLSE's Listing Decision
SENG HUP: Financial Regularization Status Remains Unchanged
TAI WAH: Releases Restructuring Exercise Status Update
TAP RESOURCES: Provides Proposals Status Update

TAT SANG: Updates Defaulted Banking Facilities Status
UCP RESOURCES: Provides Defaulted Payment Update


P H I L I P P I N E S

MANILA ELECTRIC: In Talks With Napocor on Power Supply Contract
MANILA ELECTRIC: Sell Assets For Refund, Says Consumer Group
MANILA ELECTRIC: Pays 70% of the First Phase Refund
METRO PACIFIC: Sees Profit This Year
METRO PACIFIC: Eyes JV For Property Development

PHILIPPINE SEVEN: Narrows 5-Month Losses to P6M


S I N G A P O R E

ADDVALUE TECHNOLOGIES: Widens Net Loss to S$6.02
OVERSEA-CHINESE: Dissolves Three Bank Units
SEATOWN CORPORATION: H103 Net Loss Narrows
VAN DER HORST: Unveils Capital Reduction Exercise
WEE POH: Unit Enters Winding Up Petition


T H A I L A N D

GENERAL ENGINEERING: Issues Convertible Debentures
TANAYONG PLANNER: Explains Annual Report Loss Variance
THAI PETROCHEMICAL: Plan Administrator Appointment Update

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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


AMP SHOPPING: Westfield To Proceed With Compulsory Acquisition
--------------------------------------------------------------
Westfield Trust Limited disclosed section 630 notice advising on
the status of conditions in relation to Westfield Trust's
takeover offers for AMP Shopping Centre Trust (ART) dated 10
June 2003. Westfield Trust is now entitled to proceed with
compulsory acquisition of the outstanding ART units which it
intends to do as soon as practicable. In particular, Westfield
Trust:

   - has a relevant interest in 93.01% (by number) of the
securities in the bid class; and

   - has acquired at least 75% (by number) of the securities
that it offered to acquire under its takeover offers.

SECTION 630 NOTICE ON STATUS OF CONDITIONS

Parliv Pty Limited (ABN 50 056 002 558) (Bidder), a wholly owned
subsidiary of Westfield Management Limited, the responsible
entity of Westfield Trust, hereby gives notice in accordance
with section 630 of the Corporations Act, in relation to its
takeover offers for all of the issued units in AMP Shopping
Centre Trust (ART) dated 10 June 2003 (Offers), that:

   - the Offers are free of all defeating conditions;
   - so far as Bidder knows, each of the defeating conditions to
     the Offers are fulfilled on the date of this notice; and
   - Bidder's voting power in ART is 93.07%.


ARISTOCRAT LEISURE: Appoints David Simpson as Non-Exec Director
---------------------------------------------------------------
Aristocrat Leisure Limited announced that Mr David Simpson has
accepted an invitation to join the Board of the Company as a
non-executive director, subject to normal regulatory approval.
He will also be appointed chair of the Board's Audit Committee.

"David Simpson brings to the Board substantial accounting and
finance expertise, combined with knowledge of the gaming
industry," Chairman John Ducker said.

Interview with a number of other candidates are taking place at
present. The Directors are delighted with the caliber of the
candidates and hope to make further appointments in due course.

To see full disclosure, go to
http://bankrupt.com/misc/TCRAP_ALL0704.pdf.


JOACHIM PREHN: Sentence Reduced for Tasmanian Financial Adviser
---------------------------------------------------------------
The Tasmanian Court of Criminal Appeal on Wednesday upheld the
appeal of Mr Joachim Prehn, a former Burnie-based insurance
agent and financial adviser, against the severity of a six-year
jail sentence imposed on him last year by the Supreme Court of
Tasmania.

On 12 August 2002 Mr Prehn was sentenced to six years'
imprisonment after pleading guilty to 28 counts of fraud,
following an investigation by the Australian Securities and
Investments Commission (ASIC).

Mr Prehn pleaded guilty to being knowingly involved between 30
June 1995 and 13 July 1998, in Joachim Prehn Insurance Services
Pty Ltd misappropriating client funds of $1,714,229.

Mr Prehn was originally sentenced to six years jail, to serve a
non-parole period of four years, and enter into a recognizance
of $10,000 to be of good behavior for two years from the date of
his release.

Mr Prehn did not dispute his guilt or the facts of the case, but
appealed against the severity of the sentence. The Court of
Criminal Appeal allowed his appeal to a limited extent, by
varying the recognizance order so that he will be released from
jail after serving three years.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions, who also made submissions before the Court of
Criminal Appeal.

Background
In passing sentence last year, His Honor Mr Justice Underwood
categorized Mr Prehn's criminal conduct as '... sustained and
deliberate. It was entered into and persisted with to satisfy
[a] pathological urge to gamble. Each crime was a grave breach
of trust committed against those who could ill afford to lose
their money'.

The majority of clients defrauded by Mr Prehn's actions were
'retirees, or other people who depended upon their capital for
day-to-day living', His Honor said.

The insurance company for whom Mr Prehn acted as an agent has
compensated the clients who lost money as a result his actions.

In February 2000, ASIC permanently banned Mr Prehn from acting
as an investment adviser or as a representative of a securities
dealer. ASIC also obtained Supreme Court orders to appoint a
receiver to the property of Joachim Prehn Insurance Services Pty
Ltd and to Mr Prehn's personal assets, in order to secure those
assets for the benefit of investors and creditors of his
company.


PASMINCO LIMITED: Sells Exploration Tenements
---------------------------------------------
Pasminco Limited announced Thursday that it entered into an
agreement with Triako Resources Limited to sell certain
exploration tenements located near Cobar, New South Wales for
$2.3 million.

As part of the sale, Pasminco also proposes to sell interest in
Nymagee Join Venture. The sale of the exploration tenements
requires approval of the NSW Minister for Mineral Resources.

The sale is consistent with the rationalization of Pasminco's
assets base and sale of the nearby Elura Mine, which is expected
to be completed early September.


SIRTEX MEDICAL: Takeovers Panel Publishes Grounds for Rejection
---------------------------------------------------------------
The Takeovers Panel published Wednesday its reasons for
declining to make a declaration of unacceptable circumstances in
relation to the affairs of Sirtex Medical Limited. The
application was made by Hunter Hall Investment Management
Limited (in its capacity as responsible entity for the
Australian Value Trust, the Value Growth Trust and the
International Ethical Fund). Hunter Hall made the application on
17 April 2003 and the Panel announced its decision on 14 May
2003.

The application related to a takeover bid by a subsidiary of US-
based biopharmaceutical Cephalon, Inc. for all the shares in
Sirtex.

Hunter Hall alleged that unacceptable circumstances existed
because Sirtex shareholders had been provided with insufficient
information to assess whether to accept the bid, in particular
regarding certain transactions that may have been entered into
between Sirtex and Cephalon if Cephalon obtained between 50% and
90% acceptance levels under the bid.

Hunter Hall was also concerned about the terms of a pre-bid
agreement between Cephalon and Sirtex and the relationship
between Cephalon, on the one hand, and Sirtex and its principal
shareholder, on the other.

The Panel declined the application although it acknowledged some
of the applicant's concerns regarding disclosure. However, the
Panel believed that most of those concerns were no longer
relevant following a binding statement by Cephalon that it would
not waive the 90% minimum condition in its bid. Further, once
Cephalon agreed not to waive the 90% minimum condition the Panel
did not consider that an Independent Expert's report was
required.

The Panel also noted that it was provided with no eviance that
any aspect of Cephalon's bid prevented a rival bid from
emerging.

The sitting Panel comprised Alison Lansley (sitting President),
Scott Reid and Luise Elsing.

The reasons are available on the Panel's website at:
http://www.takeovers.gov.au/Content/Decisions/2003/sirtex_020703
.asp

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


SNOWBALL GROUP: Peter Johnson Appointed as Director
---------------------------------------------------
The Directors of advised that Mr Peter Johnson has been
appointed a Director of Snowball Group Limited.

Mr Johnson, B Corn (Hons), is a co-founder and joint Managing
Director of Equity Partners Pty Limited. He has been actively
involved in the venture capital industry since 1987. Prior to
that Mr Johnson worked in the merchant banking field for nine
years in Sydney and London.

Troubled Company Reporter - Asia Pacific reported early this
month that the Company proposed a $1.3million capital raising
comprising to provide additional working capital and
strengthen the balance sheet to enable the Company to
accelerate achieving its objectives of profitability, scale
and critical mass on sensible commercial terms by capturing
major new business opportunities and acquiring and/or merging
with a third party(s).


TABCORP HOLDINGS: S&P Affirms `BBB+' Rating; Negative Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed Thursday its 'BBB+'
ratings on TABCORP Holdings Ltd. (TABCORP) and removed them from
CreditWatch, where they were first placed  on March 4, 2003.
This rating action follows the finalization of the merger terms
between TABCORP and Jupiters Ltd. The 'BB+' ratings on
Jupiters remain on CreditWatch with positive implications, with
resolution of the CreditWatch subject to completion of the
merger. The proposed merger has the support of the Jupiters and
TABCORP boards, with meetings scheduled for September 2003 to
put the schemes of arrangement to Jupiter's shareholders.
TABCORP will initially fund the A$1.7 billion merger through a
mix of about 70% debt and 30% equity. The outlook is negative.

The successful merger of TABCORP and Jupiters Ltd. would
consolidate TABCORP's position as the largest gaming company in
Australia. The merged entity would have a strong business
position in a number of gaming-related businesses, operating
18,000 gaming machines, Keno operations on the east coast of
Australia, four casino and hotel facilities in Queensland and
New South Wales, and wagering and sportsbetting operations in
Victoria.

"A key risk for TABCORP is negative community sentiment toward
gambling, which has the potential to change the regulatory
environment and could impact TABCORP's cash flow in the medium
term," said Standard & Poor's credit analyst Andrew Lally,
associate director of Corporate & Infrastructure Finance
Ratings. Evolving smoking regulations across Australia also have
the potential to impact the combined entity's revenues, as they
have done in Victoria. Nevertheless, improved geographic
and product diversity following the merger will reduce TABCORP's
exposure to state-based regulatory changes and regional
downturns.

The proposed funding of the A$1.7 billion acquisition will leave
the merged entity with about A$1.9 billion in gross debt.
Standard & Poor's anticipates that this initially will result in
EBITDA interest coverage falling to about 6x in fiscal 2004 (on
a full-year pro-forma basis), from about 9x in 2002.
Nevertheless, strong free cash flows should enable the company
to reduce debt and restore credit-protection measures in the
next two to three years.

TABCORP has adequate funding to meet day-to-day cash
requirements, underpinned by A$51 million in cash balances at
Dec. 31, 2002, and sizable daily cashflows from operations. The
integration of Jupiters will not undermine TABCORP's liquidity
position, with the merger will increase the group's daily cash
flows. It is anticipated that TABCORP will put in place
appropriate access to committed funding facilities as part of
the Jupiters acquisition.

"The rating outlook is negative, reflecting the significant
integration risks associated with acquiring Jupiters, the
sizable debt financing of the transaction, and the evolving
regulatory landscape, which have the potential to affect the
merged entity's cash flows in the short-to-medium term," Mr.
Lally added. A rating downgrade could result if TABCORP is
unable to achieve meaningful debt reduction and restoration of
credit-protection measures in the next three years.


TOWER LIMITED: Submits LR Waiver Application to NZ Panel
--------------------------------------------------------
In a notice to meeting sent to shareholders of Tower Limited,
TWR proposed a capital raising involving a placement of 50
million ordinary shares to Guinness Peat Group Plc (GPG) and a
pro rata renounceable 3 for 5 rights offer to existing
shareholders, such rights offer to be fully underwritten by GPG
(the "original proposal").

On 1 July 2003 TWR announced to the market its intention to
raise NZ$210.8 million through a fully underwritten pro rata
renounceable 4 for 3 Rights Issue at an issue price of NZ$0.90
per share (the "subsequent proposal"). This capital raising
replaces the original proposal.

Application

TWR has made application to the Panel for a waiver from LRs 7.5
and 9.2 in respect of a proposed underwriting by GPG of the
subsequent proposal.  Listing Rule 7.5 provides that an issuer
may not issue securities unless that issue of securities is
approved by an ordinary resolution of the issuer if:

   a) there is a significant likelihood that the issue. will
result in any person or group of Associated Persons materially
increasing their ability to exercise, or direct the exercise of
(either then or at any future time) effective control of that
Issuer; and

   b) that person or group of Associated Persons is entitled
before the issue to exercise, or direct the exercise of, not
less than 1% of the total Votes attaching to Securities of the
Issuer;

The footnotes to LR 7.5 provide that:

   - the rule is applicable where a shareholder or Associated
Person underwrites a Rights or other issue and a shortfall
results in the underwriter, or group of Associated Persons
including the underwriter, materially increasing its ability to
exercise effective control of the Issuer. Accordingly, if there
is a significant likelihood of that occurring, any such
underwriting arrangement should be approved by an - Ordinary
Resolution or be the subject of a waiver granted by the
Exchange, before it is entered into; and

  - In determining whether a person or group of Associated
Persons has materially increased their ability to exercise
effective control of an Issuer, regard should be had to all
relevant circumstances, such as other holdings of Securities of
the Issuer, and the crossing of significant shareholding or
control thresholds.

LR 9.2 imposes restrictions on issuers entering into Material
Transactions with Related Parties unless that Material
Transaction is approved by an Ordinary Resolution of the Issuer.
Footnote 1 to the rule provides that the Exchange may waive the
requirement to obtain the approval of a resolution for the
purposes of Rule 9.2.1 if it is satisfied that the personal
connections with, or involvement or personal interest of a
Related Party are immaterial or plainly unlikely to have
influenced the promotion of the proposal to enter into the
transaction or its terms and conditions.

Decision

The Panel has declined the application for waiver from LR 7.5.
The Panel is of the view that if the proposed underwriting by
GPG were to result in it doubling its shareholding to the
Takeover Code threshold of 20%, as could occur, this would
materially increase GPG's effective control of TWR. In making
this decision the Panel was influenced by the current spread of
shareholding in TWR, and GPG's predominant position relative to
other institutional shareholders.

Whilst it was not necessary for the Panel to make a decision on
the LR 9.2 waiver because of its decision in relation to LR 7.5,
the Panel is nonetheless of the view that the underwriting
agreement was negotiated at arms length and on a commercial
basis and as such would fall within the policy set out in
footnote 1 to LR 9.2.


TRANZ RAIL: Toll Group Would Pay Broker Handling Fees
--------------------------------------------------------
Toll Group (NZ) Limited announced Wednesday that it would pay
broker handling fees in connection with its offer for Tranz Rail
Holdings Limited. Toll believes that it is appropriate to pay
the handling fees to encourage brokers to initiate acceptances
for its offer from their clients.

The amount of the handling fee payable will be 1.0% of the
consideration payable for any acceptances received prior to
close of business on 8 July 2003. The handling fee will be
subject to a minimum and maximum amount for any single
acceptance form of NZ$50 and NZ$750 respectively, inclusive of
GST, if any.

The fee is payable, upon Toll's offer becoming unconditional, to
any participating organization of the NZX whose stamp appears on
the Acceptance Transfer Form. Only one fee will be paid in
respect of any qualifying acceptance.

Toll reserves the right to aggregate any acceptances in
determining the handling fees payable to any broker if Toll
reasonably believes that a party has manipulated holdings to
take advantage of the handling fee.

Brokers are precluded from receipt of any handling fee in
respect of shares in which they or their associates have
relevant interests (within the meaning of those terms under
Companies Act 1993).

Handling fees paid to a broker may not be directly or indirectly
shared or extended to accepting shareholders.


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


ASIA RESOURCES: Jin Jane Appointed as Non-Executive Director
------------------------------------------------------------
The Board of Directors of Asia Resources Holdings Limited is
pleased to announce that Ms. Jin Jane has been appointed as an
independent non-executive director of the Company with effect
from 1 July 2003.

The Board wishes to take this opportunity to welcome Ms. Jin to
join the Board.

Wrights Investors Service reports that at the end of 2002, Asia
Resources had negative working capital, as current liabilities
were HK$55.67 million while total current assets were only
HK$29.05 million.  It has reported losses during the previous 12
months and has not paid any dividend during the previous 2
fiscal years


CHESTER TECHNOLOGY: Winding Up Hearing Scheduled on July 30
-----------------------------------------------------------
The High Court of Hong Kong will hear on July 30, 2003 at 10:00
in the morning the petition seeking the winding up of Chester
Technology Limited.

Choy Kam Ngan of Room 213, Tin Lai Court, Tin Shui Wai, New
Territories, Hong Kong filed the petition on June 6, 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.


FT HOLDINGS: Operations Loss Swells to HK$81.250M
-------------------------------------------------
FT Holdings International Limited disclosed a summary of its
results announcement for the year-end date December 31, 2002:

Currency: HKD
Auditors' Report: Modified
                                                  (Audited)
                               (Audited)          Last
                               Current            Corresponding
                               Period             Period
                               from 1/1/2002      from 1/1/2001
                               to 31/12/2002      to 31/12/2001
                               Note  ('000)       ('000)
Turnover                           : 122,692            124,027
Profit/(Loss) from Operations      : (81,250)           (733)
Finance cost                       : (2,594)            (1,665)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (82,335)           64
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.2383)           0.0002
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (82,335)           64
Final Dividend                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for Annual
  General Meeting                  : 23/7/2003 to 28/7/2003 bdi.
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

1. Adoption of new and revised Statements of Standard Accounting
Practice (SSAPs)

During the year, the Group has adopted, for the first time, the
following new and revised SSAPs issued by the Hong Kong Society
of Accountants:

        SSAP 1 (Revised): "Presentation of Financial Statements"
        SSAP 11 (Revised): "Foreign currency translation"
        SSAP 15 (Revised): "Cash flow statements"
        SSAP 34:           "Employee benefits"

2. Earnings/(Loss) per share

The calculation of basic earnings/(loss) per share is based on
the net loss for the year attributable to shareholders of
HK$82,335,000 (2001: profit of HK$64,000) and on the weighted
average of 345,500,000 (2001: 313,695,890) ordinary shares in
issue during the year.

No diluted earnings/(loss) per share amounts has been presented
for the current and prior years as the effect of the share
option outstanding was anti-dilutive.

3. Comparative figures

Certain comparative amounts have been reclassified to conform
with the current year's presentation.

4. Summary of auditors' report

The Company's auditors have modified their report on the Group's
accounts for the year ended 31st December, 2002 because of the
fundamental uncertainty regarding the going concern basis of the
accounts as detailed in the Company's announcement dated 27th
June, 2003.


GUANGDONG (H.K.): Winding Up Petition Slated for Hearing
--------------------------------------------------------
The petition to wind up Guangdong (H.K.) Tours Company Limited
is scheduled for hearing before the High Court of Hong Kong on
August 6, 2003 at 9:30 in the morning.

The petition was filed with the court on June 12, 2003 by HK
Property (Custodian) Limited and Whitekirk Limited, whose
registered offices are both situated at P.O. Box 309, George
Town, Grand Cayman, Cayman Islands, British West Indies.


JIN JIANG: Winding Up Petition Pending
--------------------------------------
Jin Jiang Shipping (Hong Kong) Corporation Limited is facing a
winding up petition, slated to be heard before the High Court of
Hong Kong on July 9, 2003 at 10:00 in the morning.

The petition was filed on May 20, 2003 by 5/F., Hanjin Shipping
Building, 25-11 Yeido-dong, Youngdeungpo-Ku, Seoul, Korea.


PCCW LIMITED: Lodges Annual Report With US SEC
----------------------------------------------
PCCW Limited announces that on June 30, 2003 it filed its annual
report on Form 20-F for the year ended December 31, 2002 with
the SEC in accordance with the requirements of the United States
securities laws. As the disclosure requirements of the United
States securities laws differ from those of Hong Kong, which is
where the Company has its primary listing, certain information
included in the Company's 2002 Form 20-F has not previously been
announced by the Company for the general information of the
Shareholders and public investors.

In particular, certain financial information of the Group for
the year ended December 31, 2002 included in the Company's 2002
Form 20-F has been reconciled to US GAAP, which differs in
certain significant respects from HK GAAP. The most significant
respect of these differences include:

  (a) the treatment of the Company's acquisition of HKT, and in
particular the requirement under US GAAP to consolidate the
Company's interests in the HKT Group's IP Backbone Business and
Hong Kong wireless communications business until the completion
of the Telstra Alliance in February 2001;

  (b) the requirement under US GAAP to cease the amortization of
goodwill on consolidation upon the first adoption of a new
accounting standard, Statement of Financial Accounting Standards
(SFAS) 142, on goodwill and other intangible assets and to test
goodwill for impairment on January 1, 2002 and annually
thereafter, or more frequently if events or changes in
circumstances indicate that it might be impaired, using the
prescribed two-step process.

The first step screens for potential impairment of goodwill if
the fair value of the reporting unit is less than its carrying
value, while the second step measures the amount of goodwill
impairment, if any, by comparing the implied fair value of
goodwill to its carrying value. In preparation for the adoption
of SFAS No. 142, the Group had completed the transitional
impairment test of goodwill as of January 1, 2002 by comparing
the fair value of its reporting units to their carrying values;
(c) the requirement under US GAAP for identification of certain
intangible assets to be determined separately from goodwill
based on fair value. Provision for impairment was made on
certain intangible assets not recognized under HK GAAP; (d) the
requirements for marking-to-market derivatives and trading
securities under US GAAP; and (e) the requirement under US GAAP
to measure assets acquired from a minority shareholder in
exchange for the Company's options based on the fair value of
those options at the date of grant.

To see full disclosure on this matter, go to
http://bankrupt.com/misc/TCRAP_PCCW0704.doc.


SKYNET (INTERNATIONAL): Agreements Long Stop Date Extended
----------------------------------------------------------
Reference is made to the joint announcement dated 6 May 2003
issued by Skynet (International Group) Holdings Limited and
Monetary Success Investments Limited. Reference is also made to
the joint announcements dated 27 May 2003 and 9 June 2003 issued
by the Company and Monetary Success Investments Limited in
respect of the delay in dispatch of the circular of the Company
in relation to the Proposal.

WAIVER TO EXTEND THE DATE OF DISPATCH OF THE CIRCULAR

As announced by the Company and Monetary Success Investments
Limited on 9 June 2003, the Company has applied to the Stock
Exchange for a waiver from strict compliance with Rule 14.13(2)
of the Listing Rules to dispatch the Circular. The Stock
Exchange has granted a waiver from strict compliance with Rule
14.13(2) of the Listing Rules and granted an extension of the
deadline for the dispatch of the Circular on or before 30 June
2003.

The Company and Monetary Success Investments Limited consider
that more time is required to compile certain information,
including information as required under the Listing Rules, to be
included in the Circular and such information cannot be complied
in time to permit the Circular for dispatch on or before 30 June
2003.

The Company has applied to the Stock Exchange for a waiver from
strict compliance with Rule 14.13(2) of the Listing Rules to
dispatch the Circular on or before 21 July 2003.

EXTENSION OF LONG STOP DATE

The Company has entered into a number of supplemental agreements
with parties involved in the Agreements to extend the long stop
date for satisfaction of the conditions of the Agreements from
30 June 2003 to 22 September 2003 to allow extra time for the
satisfaction of the conditions of the Agreements.


SUN'S INTERNATIONAL: Winding Up Sought by Prosperous Tong
---------------------------------------------------------
Prosperous Tong Limited is seeking the winding up of The Sun's
International Development (H.K.) Limited. The petition was filed
on May 21, 2003, and will be heard before the High Court of Hong
Kong on July 9, 2003 at 10:00 in the morning.

Prosperous Tong holds its registered office at 3B, Hong Villa,
12 Bowen Road, Hong Kong.


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


ASTRA AGRO: Selling Rubber Plantation Unit
------------------------------------------
Bakrie & Brothers and Goodyear are rumored to have an interest
in the subsidiary of publicly listed PT Astra Agro Lestari that
specializes in the rubber plantation sector, Bisnis Indonesia
reports.

According to an unnamed source, the two companies had been
negotiating prices with Astra Argo through the mediation of
Rabobank as the financial advisor. "It has not yet been decided
who the winner is."

Lestari Maruli Gultom, Astra Agro's Chief Director, didn't
comment on the rumor but admitted that the company would sell
the rubber plantation.

"I don't know who will buy the plantation. To be sure, the
plantation will be sold along with the taa and chocolate
plantation sector," Gultom said adding that the divestments of
the non-core assets were expected to generate US$30 million for
the company.

Gultom revealed that the sale of the tea plantation was in the
process and expected it would be concluded by the third and
fourth quarter of the year.

On the other hand, Benny Tjoeng, Vice President Director of
Astra Agro, said several local and foreign investors had
expressed their interests in acquiring the rubber plantation and
there were some other investors that were interested in the tea
plantation. "I cannot reveal the identities of the bidders since
we have signed the confidentiality agreement with them."

Wrights Investors' Service reports that at the end of 2001, PT
Astra Agro had negative working capital, as current liabilities
were Rp427.52 billion while total current assets were only
Rp254.05 billion The fact that the company has negative working
capital could indicate that the company will have problems in
expanding.


BANK NEGARA: Selects Reuters Kondor to Manage Deals
---------------------------------------------------
Reuters (LSE: RTR), the global information company, announced
that Bank Negara Indonesia (Bank BNI) has selected Reuters
Kondor+, a global real-time position keeping system to help them
manage financial exposures and trading room risk.

Bank BNI, a major commercial bank, listed on the Jakarta and
Surabaya Stock exchanges in Indonesia plans to use Kondor+ to
manage deals and positions on all instruments and asset classes
across its network of local branches and overseas offices.

Sudirman, General Manager of Treasury Division, Bank BNI, said,
"All global banks are facing new regulatory controls and
increasing pressures to ensure transparent corporate reporting.
At Bank BNI we needed a sophisticated global risk system to
handle a wide range of financial market transactions. Reuters
Kondor+ effectively manages all these requirements, providing up
to the second information whilst minimizing administration."

"Bank BNI also benefits from the limits management capability
within Kondor+ which provides real-time control and monitoring
of credit exposure across the enterprise.  The sophisticated
credit functions available within the Reuters system will help
us grow our businesses and more effectively manage our vast
financial operations -- including our network of almost 760
domestic branches and 5 overseas offices," Mr. Sudirman added.

Mark Smith, Solutions Director, Reuters Asia, said, "Bank Negara
Indonesia has made dynamic and impressive reforms to improve
efficiencies and enhance their reputation as a competitive,
leading player.  We are pleased that Bank BNI has chosen Reuters
risk tools to provide the real-time information and analytics
necessary to enable them to continue this growth whilst managing
their risks more effectively."

Reuters Kondor+ provides:

    * The pricing, capturing and processing any type of
instrument - with the new Open Trade facility offering a unique
and flexible way of covering all deal types.  Open Trade has a
builder and API module to allow for designing tailor products,
accessing proprietary products and integrating third party
financial libraries -- such as NumeriX.

    * An ASP capability that enables global banks to better
manage their multi-entity trading operations

    * A full market standard credit derivatives model

    * Comprehensive coverage of Latin American risk requirements
-- meeting the latest Brazilian regulatory standards

Today Reuters has over 11,000 users of its risk systems
worldwide at approximately 500 institutions, ranging from single
site installations to global roll-outs at top-tier banks.

Troubled Company Reporter - Asia Pacific reported on June 9 that
Standard & Poor's Ratings Services assigned its 'CCC+' rating to
the proposed US$100 million subordinated notes issue by
Indonesia's P.T. Bank Negara Indonesia (Persero) Tbk (Bank
BNI; B/Stable/B) due 2013, with a call option in 2008.


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


FUJITSU LIMITED: Enters Mobile Deal With Nokia
----------------------------------------------
Fujitsu Limited and Nokia announced Monday that they will
cooperatively develop and provide end-to-end mobile solutions
and services for enterprises utilizing Nokia's range of business
terminals and platforms and Fujitsu's wide range of capabilities
in consulting, systems integration and managed services. The
companies will provide secure, easy-to-use horizontal and
customized vertical mobility solutions and services for
companies that want to take advantage of mobility to increase
efficiency, reduce costs and improve business processes. Initial
rollouts will start immediately in the Nordic region and the UK,
with expansion into selected regions of EMEA and Asia Pacific
anticipated in the early part of 2004.

The new collaborative solution offerings will focus on three key
areas: streamlining business processes with mobility, enabling
mobile access to corporate resources, and remote working for
mobile workers. In the initial phase, Fujitsu will utilize its
existing service center operations to offer customers mobile
access to corporate applications as a managed service using
Nokia business terminals, including the Nokia 6600 imaging phone
and other models running on the Symbian Operating System, which
is becoming an increasingly significant enterprise-class
platform.

"The Nokia business terminal platform range gives enterprises a
unique opportunity to select from a range of devices that fit
the needs of different workers, as well as optimize their IT
spending when mobilizing business processes," said Erik
Anderson, senior Vice President, Business Applications, Nokia
Mobile Phones. "With Fujitsu, a world-class integrator and
service provider, we can jointly develop and offer corporate
mobility solutions, thus enabling productivity gains for
enterprises with fast systems integration, implementation and
return on investment."

"Fujitsu is committed to building long-term relationships with
enterprise customers by offering end-to-end infrastructure,
solutions and services that add value to their businesses," said
Kazuo Murano, corporate senior Vice President, Fujitsu
Limited. "This collaboration with Nokia - the world's leader in
mobile terminals and platforms - marks an important new
initiative that will enhance enterprise customers' ability to
leverage mobility to become more cost efficient and competitive
in their business operations."

Hartwall Ltd, a Finnish brewery and soft drink producer and a
member of the international Scottish & Newcastle plc brewing
group, is one Company that has already enjoyed the benefits of a
proven enterprise mobility solution developed in collaboration
by Hartwall and Fujitsu and utilizing the Nokia 9210i
Communicator.

"This critical mobile logistics automation system is at the core
of our business process," said Ralf Hollmen, Sales and Logistics
Director of Hartwall Ltd. "Our truck drivers enter goods flow
information in their Nokia Communicators while servicing
customers on their delivery and pick-up routes. From the Nokia
Communicators, the information is transferred to our SAP R/3
system. This yields concrete business benefits for our Company
in the form of accelerated data communication, reduced errors,
avoiding duplicate work, and streamlined logistics process from
production to billing. Our drivers also have better control over
their own work, as the system enables them to report changes in
deliveries and any packaging returned from customers."

Other solutions and services to be jointly developed and
provided by Fujitsu and Nokia will include mobile email,
personal information management (PIM) coupled with secure
authentication and access, as well as customized vertical
applications to meet customer demand in a variety of industries.
The companies will also focus on providing easy-to-use mobile
terminal client connectivity and productivity-enhancing end-to-
end solutions and services for enterprise business processes and
operational systems.

About Nokia

Nokia is the world leader in mobile communications. Backed by
its experience, innovation, user-friendliness and secure
solutions, the Company has become the leading supplier of mobile
phones and a leading supplier of mobile, fixed broadband and IP
networks. By adding mobility to the Internet, Nokia creates new
opportunities for companies and further enriches the daily lives
of people. Nokia is a broadly held Company with listings on six
major exchanges.

About Fujitsu Limited

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

Standard & Poor's Ratings Services said in May that it might
cut Fujitsu's credit rating to below investment grade because of
the company's poor financial condition. The company has
outstanding bonds of 927 billion yen, more than triple the 284
billion yen in cash and securities with maturities of less than
90 days it held as of March 31.

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


NEC CORPORATION: Issues Stock Acquisition Rights Notice
-------------------------------------------------------
At the meeting of the Board of Directors of NEC Corporation held
on June 27, 2003, certain undetermined terms as to 'stock
acquisition rights' (rights to subscribe) for or acquire shares
from the Company - shinkabu yoyakuken -, the 'Stock Acquisition
Rights for its stock option plan, the issue of which was
approved at the 165th Annual General Meeting of Shareholders of
the Company on June 19, 2003, were decided, and we hereby inform
you as follows:

1. Class and total number of shares to be issued or acquired
upon exercise of the Stock Acquisition Rights:

-  317,000 shares of common stock of the Company


2. Total number of the Stock Acquisition Rights to be issued:

-  317 units

3. Persons to whom the Stock Acquisition Rights will be
allotted:

Directors (15 persons), corporate officers (41 persons),
employee having important responsibilities equivalent to those
of corporate officers (1 person) and executive general managers
and employees having important responsibilities equivalent to
those of executive general managers (97 persons) of the Company,
and full-time Presidents of certain significant subsidiaries in
Japan which are important from the point of view of the business
strategy of the Company (excluding subsidiaries whose shares are
listed on a stock exchange and its affiliated subsidiaries) (32
persons), who will be in office at the issue date of the Stock
Acquisition Rights.

4. Date of issuance of the Stock Acquisition Rights:

Scheduled to be issued on July 10, 2003

5. Issuance terms of certificate of the Stock Acquisition
Rights:

The certificate of the Stock Acquisition Rights will be issued
only if so requested by the holder.

6. Amount, which will not be accounted for as stated capital out
of the issue price of the shares issued upon exercise of the
Stock Acquisition Rights:

Amount which will not be accounted for as stated capital out of
the issue price of the shares issued upon exercise of the Stock
Acquisition Rights shall be less than the amount obtained by
multiplying the exercise price of the Stock Acquisition Rights
by 0.5, and any fractions less than one (1) Japanese yen arising
there from shall be rounded up to the nearest one (1) Japanese
yen.

7. Base dividends date for reckoning on the shares to be issued
upon exercise of the Stock Acquisition Rights:

The first dividends or interim dividends, pursuant to Article
293-5 of the Commercial Code of Japan, to be paid on the shares
of common stock of the Company issued upon exercise of the Stock
Acquisition Rights will be paid as if the exercise were made on
April 1 where the exercise is made during the period from April
1 to September 30, or on October 1 where the exercise is made
during the period from October 1 to March 31 of the ensuing
year, as the case may be.

8. Bank to which the exercise price will be paid:

Tokyo Business Department of the Sumitomo Trust Bank and Banking
Company, Limited.

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

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


NICHIMEN CORPORATION: Dissolving Various Units
----------------------------------------------
Nissho Iwai-Nichimen Holdings Corporation announced that, its
wholly owned subsidiary, Nichimen Corporation (Nichimen), is
determined to dissolve some subsidiaries as follows:

NICHIMEN PALTEX CO. (HONG KONG) LTD.

(1) Company profile

Location of headquarters: Room 1510-12, Ocean Centre, 5 Canton
Road, Tsim Sha Tsui, Kowloon, Hong Kong
Representative: Kentaro Enomoto
Main business: Sales of textile products
Date of incorporation: June 27, 2001
Paid-in capital: HK$ 1,560 thousand
Major Shareholder: Nichimen Corporation 100 percent

(2) Reason for dissolution

The Company was established as a sales base of textile products
made in Japan and/or China for the U.S. and European apparel
wholesale and retail stores. However, due to the decline of the
competitive edge of Japanese textile products, and the little
expectation of the recovery in the future performance, Nichimen
decided to dissolve the Company.

(3) Prospects

Liquidation is to be completed by September 2004.

Because the anticipated loss from the liquidation was already
included in the Nichimen's financial results for the previous
fiscal year, there is no effect on the performance of the
current fiscal year ending March 31, 2004.

LAROX SHIPPING, S.A.

(1) Company profile

Location of headquarters: Panama City, Republic of Panama
Representative: Hiroyuki Ohsone
Main business: SPC for owning vessel
Date of incorporation: October 19, 1992
Paid-in capital: US$ 5,008 thousand
Major Shareholder: Nichimen Corporation 100 percent

(2) Reason for dissolution
The Company sold off the vessel it owned and completed its
operating purpose.

(3) Prospects

Liquidation was completed in March 2003 and the accompanied loss
was also included in Nichimen's financial results for the
previous fiscal year. Therefore, there is no effect on the
performance of the current fiscal year ending March 31, 2004. ,

OCEAN CHASER MARITIME, S.A.

(1) Company profile

Location of headquarters: Panama City, Republic of Panama
Representative: Hiroyuki Ohsone
Main business: SPC for owning vessel
Date of incorporation: July 14, 1989
Paid-in capital: US$ 5,943 thousand
Major Shareholder: Nichimen Corporation 100 percent

(2) Reason for dissolution

The Company sold off the vessel it owned and completed its
operating purpose.

(3) Prospects

Liquidation is to be completed in July 2003.

Because the anticipated loss from the liquidation was already
included in the Nichimen's financial results for the previous
fiscal year, there is no effect on the performance of the
current fiscal year ending March 31, 2004

NICHIMEN KOREA LIMITED

(1) Company profile
Location of headquarters: 705, Marine Center Bldg, 118, 2-ka,
Namdaemoon-ro, Cung-ku, Seoul, Korea
Representative: Hirohisa Nakao
Main business: General trading Company (overseas subsidiary)
Date of incorporation: April 1, 2000
Paid-in capital: WON 2,400 million
Major Shareholder: Nichimen Asia Oceania PTE 100 percent

(2) Reason for dissolution
The Company had run a deficit since its establishment, and there
was no expectation for improvement in its performance.

(3) Prospects

Liquidation was completed in June 2003.

Because the loss from the liquidation was small, the effect on
the performance of the current fiscal year is insignificant.

The original and official version of this notice is written in
Japanese.

In case of any discrepancies between this notice and the
original, the Japanese version shall govern.

Nissho Iwai-Nichimen Holdings Corporation
Inquiries: Public Relations Dept.
General Manager: Shinichi Taniguchi
Tel: 81-3-5446-1061

The press release can be accessed at http://www.nn-
holdings.com/eng/pdf/2003/e_05.pdf


NICHIMEN CORPORATION: Integrates Administrative Units
-----------------------------------------------------
As stated earlier, Nichimen has been preparing for the
integration of Nichimen Corporation and Nissho Iwai
Corporation's administrative subsidiaries as part of the
Company's efforts to reorganize and rationalize the Group's
administrative functions. It is hereby notified that the 5**
administrative companies of the Nissho Iwai-Nichimen Group have
been consolidated to create a new corporate entity, viz. Nissho
Iwai-Nichimen Shared Service Corporation. The details are as
follows.

1. Objective

By condensing routine administrative functions such as common
support functions, routine functions, etc., into a single
subsidiary, the Group will be able to increase administrative
efficiency while safeguarding against operational risk. This
step will not only bring about administrative efficiency through
the process of selection and focus on core administrative
functions, but will also lead to a leaner and cost-efficient
organization by reducing redundant personnel.

2. Employee Reduction

Number of Employees (Rounded figures)

Sept.2002 April 2003 July 2003 July 2004 (planned)

   340        270       230       130

3. Description of the New Company

Please refer to the Appendix.

** The 5 companies are: Nichimen Accounting Service Co., Ltd.,
Nichimen Cash Management Corp., Nichimen Business Support Corp.,
Nissho Iwai Professional Services, Ltd., and Nissho Iwai
Financial Link Corp.

APPENDIX

Description of the New Company As of 1st July 2003

Company: Nissho Iwai-Nichimen Shared Service Corporation
Established: 18th Sept. 1995
Start of Business: 1st July 2003
Headquarters: 2-31-15, Shiba, Minato-ku, Tokyo
Branch office: 2-3-1 Daiba, Minato-ku, Tokyo
Directors & Auditors
President & CEO: Kenji Okazaki
Senior Managing Director: Eisuke Takakuwa
Director: Akiyoshi Ishikawa (full-time)
Director: Hidenobu Inoue (full-time)
Auditor: Yoshio Mogi
Auditor: Hirofumi Himeno
Capital: JY 50 million
Total number of shares issued: 1,000
Accounting Period: April to March
Number of Employees: 230

Major shareholders: Nissho Iwai-Nichimen Holdings Corporation
(100 percent)
Business: Provision of all types of administrative services

Business activities in the initial period will include
accounting services, foreign exchange, receipts and
disbursements, HR & employee welfare services, and dispatch
services, as per the basic plan. However, the Company will also
take over all administrative functions and work of the Group in
the future.

Nichimen and Nissho Iwai recently announced that they would
consolidate under a holding Company in April 2003, the Troubled
Company Reporter-Asia Pacific reported recently. The
consolidation plan is intended to enhance the capital of the two
companies, and allow the reorganization and streamlining of
unprofitable businesses. Given the weak business and financial
profiles of Nichimen and Nissho Iwai, however, drastic
restructuring efforts could generate additional losses at the
companies.


NIKKO CORDIAL: Moody's Changes Rating Outlook to Stable
-------------------------------------------------------
Moody's Investors Service has revised to stable from negative
the rating outlook of Nikko Cordial Securities' (NCS) Baa2
senior unsecured debt rating and Prime-2 commercial paper rating
and Nikko Cordial Corporation's (NCC) Baa3 senior unsecured debt
rating and issuer rating.

The revision of NCS' rating outlook reflects Moody's view that
the pace of deterioration in its core earnings has begun to
stabilize. While NCS may face medium-term earnings pressure from
the ongoing weak state of retail money inflows into the capital
market, Moody's expects the Company to achieve decent earnings
through its introduction of a flexible compensation structure in
an effective and timely manner. In fact, NCS has implemented
substantial reduction in personnel costs in FYE3/03.

Furthermore, Moody's expects it to maintain its current firm
position in Japan's securities industry along with its ample
liquidity profile and sufficient regulatory capital standing.

The revision of the rating outlook for NCC's Baa3 senior
unsecured debt rating reflects the overall cash-generating
strengths of its two key operating subsidiaries, Nikko Citigroup
Ltd. and NCS, and the structural subordination of NCC's debts to
those of its subsidiaries. It also reflects the ample liquidity
of the holding Company and expectation that this will be
maintained.

Nikko Cordial Securities, Inc., headquartered in Tokyo, was
established in October 2001, and acquired the retail assets of
the former Nikko Securities Co., Ltd. It is a specialist retail
entity of the Nikko Cordial group, which is the fourth largest
in Japan in terms of consolidated asset size. Its total assets
were around JPY1,525 billion as of March 31, 2003.

Nikko Cordial Corporation, headquartered in Tokyo, was
established in April 1944 as Nikko Securities Co., Ltd. In
October 2001, when it entered into a holding Company structure
to effectively implement its business line-based strategies, it
transferred its retail assets to Nikko Cordial Securities, Inc.
and changed its name to Nikko Cordial Corporation. Its total
asset size was around JPY942 billion as of March 31, 2003.

Nikko Cordial Corporation posted a group net loss of 18.94
billion yen in the year ending March 31 under U.S. accounting
rules, versus a group net loss of 59.64 billion yen the previous
year, TCR-AP reported recently. Net loss per share was 10.29
yen, compared with 32.37 yen the previous year. The Company
booked a 21.9 billion yen ($186 million) net loss in the three
months ended March 31, its fifth loss in the past seven
quarters.


SAPPORO HOLDINGS: Moody's Confirm Ratings, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has confirmed Sapporo Holdings Limited
(Sapporo)'s Ba3 long-term debt ratings and (P) Ba3 Japanese
shelf-registration rating. The outlook is negative.

The rating action reflects Moody's view that Sapporo's
reorganization, which involved setting up a pure holding Company
and 4 operating companies, will not materially change the risk
profile of the bonds rated. The rating action concludes the
review initiated on February 25, 2003. Under its reorganization
plan started on July 1, 2003, Sapporo became a pure holding
Company with the split of its main operations into 4 operating
companies owned 100 percent by the pure holding Company. The
holding Company continues to hold all the existing bonds and
bank debts of the previous parent Company.

In the future, Moody's expects Sapporo to fund all the financing
needs of the group at the holding Company level. Going forward,
the 4 operating companies will not hold any external debts. As a
result, structural subordination will be minimized, or largely
avoided. The negative outlook is based on Moody's concern that
the competitive environment prevailing in Japan's beer and
happoshu market will continue to pressure Sapporo's
profitability and cash flow generation. In particular, last
year's price cuts on happoshu are negatively affecting Sapporo's
financial performance. To counter this difficult environment,
the Company is focusing on its core competencies and aims to
establish its corporate brand. It is also reducing its cost base
and consolidating its production facilities to strengthen its
profitability. A tax increase for happoshu in May 2003 -- as
well as the liberalization of liquor sales -- may increase
volatility in Japan's market for beer-tasting beverages.

Moody's will closely monitor Sapporo's performance and see how
the Company deals with this difficult situation. Sapporo,
headquartered in Tokyo, is a holding Company that owns Japan's
third largest brewing Company in terms of market share.

According to Wright Investor's Service, at the end of 2002,
Sapporo Holdings Limited had negative working capital, as
current liabilities were 281.74 billion yen while total current
assets were only 155.02 billion yen.


* Update on R&I's Broad-Definition Default Ratio
------------------------------------------------
Rating and Investment Information, Inc. (R&I), has updated the
broad- definition default ratio and the rating transition matrix
with the latest data. The broad-definition default ratio was
first announced in June 2000 as an indicator of the probability
of actual default on corporate bonds. In addition to bond
default and legal bankruptcy procedures, the definition of
broad- definition default includes eventualities such as
abandonment of claims. The survey covers the period from fiscal
1978 to fiscal 2002 and includes all companies R&I has rated
during that time, a total of 1250, and demonstrates a high
correlation between R&I ratings and the broad-definition default
ratio.

Some of the major features of the ratio for fiscal 2002 are as
follows:

-- The number of companies covered by the survey that suffered
broad- definition default was 15, still a high level.

-- Of the 674 Japanese corporate rated by R&I at the start of
fiscal 2002, five suffered broad definition default during the
year. The ratings for all of those companies at the beginning of
the fiscal year were BB or lower. As a result, the broad-
definition default ratio for fiscal 2002, as a whole was zero
for ratings of BBB or more, and 7.69 percent for ratings of BB
or lower.

From now on, the broad-definition default ratio for ratings of
BB or lower will be broken down into data for BB and B or lower,
and a transition matrix for asset-backed securities has been
added.

For details of the calculation results, as well as updated
figures for the rating transition matrix and the broad-
definition default ratio, please refer to R&I's homepage
(http://www.r-i.co.jp).

The data can be downloaded in an Excel file. At present, the
homepage contains only Japanese language data; the English-
language translation will follow in about a month. For further
details, please contact Akira Ishiwata or Tomoyuki Hirose at
R&I's Structured Finance Division. Rating and Investment
Information, Inc. TT-2 Bldg, 3-8-1, Nihonbashi Ningyocho, Chuo-
ku, Tokyo 103-0013, Japan Credit Rating Division TEL.03-5644-
3450 FAX.03-5644-3452 http://www.r-i.co.jp


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


CHOHUNG BANK: Recovers 88% of Drained Deposits
----------------------------------------------
Chohung Bank has recovered more than 5.24 trillion won (US$4.42
billion) or 88 percent of the deposits pulled out of its
accounts during its labor union's strike last month, the Korea
Herald reported Thursday, citing the Financial Supervisory
Service. Total deposits held by the bank, which is to be merged
into Shinhan Financial Group, reached 47.3 trillion won as of
Tuesday. This represents a leap from the 42.06 trillion won held
by the bank June 22, the day after the union ended its four-day
work stoppage against the lender's privatization. The Bank of
Korea also extended loans to the troubled bank to stave off a
possible liquidity shortage.

Meanwhile, Digital Chosun reported that Chohung Bank employees
who participated in the general strike from June 18 to June 22
would be treated as having been absent from work, on the
principle of no work, no-wage. Of the total payroll of about
5,600 workers, some 5,000 reportedly participated in the
walkout.


HANBO IRON: Talks on Sale Enter Final Stage
-------------------------------------------
The drawn-out negotiations over the sale of Hanbo Iron & Steel
Co. to an AK Capital-led consortium will be completed by the end
of next week, with creditors and the consortium ironing out the
remaining differences, according to Asia Pulse on Thursday. A
final sale contract will likely be signed July 11, as creditors
and the court are scheduled to approve the revised disposal plan
for the bankrupt steel maker Friday.

Under the tentative deal, AK Capital agreed to pay US$377
million in cash for Hanbo, with merely US$27 million paid thus
far. The remaining US$350 million will have to be paid prior to
the closing of the deal July 11. Hanbo reported annual revenue
of 437 billion won last year after its successful recovery from
the bankruptcy crisis.


SK CORPORATION: Unveils Production of PE-RT With Own Technology
---------------------------------------------------------------
SK Corp. announced that it became the second Company in the
world, after Dow Chemical, to produce with its own technology
PE-RT, a next generation material used to make heating pipes. It
received a certificate of approval from Bodycote-Broutman, the
world's leading authority in the category of plastic pipes.

PE-RT, which is an abbreviation for polyethylene of raised
temperature resistance, is a new material made from pure
polyethylene (PE) that possesses non-toxic and easy-to-produce
properties, and additives that make the chemical more durable in
high temperatures.

The first-developer of PE-RT is Dow Chemical's Germany-based
corporation, which significantly raised the earning potential of
the chemical. As a next-generation, high value-added raw
material for heating pipes, PE-RT is replacing the existing
product and rapidly expanding.

The quality of SK Corp.'s PE-RT is equivalent to that of Dow
Chemical's but its price is more competitive. Thus, SK Corp.
will go into full-scale marketing and by 2005, the Company plans
to increase its sales to US$45 million, which is 10 percent of
the world market. By 2008, SK Corp. hopes to capture more than
half of the world market.

SK Corp. has tested its PE-RT with the Agency for Technology and
Standards, a division of Korea's Ministry of Commerce, Industry
and Energy Agency (MOCIE), and Hannam University. The Company
has submitted its product to the International Standardization
Organization (ISO) for certification. The outcome looks
promising, since 21 ISO examiners from nine countries have
reviewed the application and submitted a proposal to the ISO
Secretariat.

Currently, the Korean market size for plastic heating pipes is
30,000 tons per year for cross-linked polyethylene (XLPE) and
7,000 tons for polypropylene (PP), a total of 40,000 tons.
Because PE-RT is durable, cost competitive, and environment-
friendly, it is expected that the product will replace XLPE and
PP by more than 20,000 tons.

The total world market for heating pipes is about US$450 million
(300,000 ton per year). With high demand for PE-RT in Europe and
the entrance of China as a new market, it is expected that PE-RT
will generate US$180 million (120,000 tons per year) by 2005.

Union members of SK Corporation will file civil charges against
Son Kil-seung, Chairman of SK Group and Kim Seung-yu, President
of Hana Bank, the largest creditor of SK Global Co., for
malfeasance, TCR-AP reported recently. Law firm Hankyul, legal
advisor for SK Corp's labor union, said Mr. Son and Mr. Kim
brought losses on SK Corp. by entering a non-binding treaty
declaring that the annual operating income of SK Global would be
kept above 430 billion won ($361 million) before taxes. Because
even a sound firm would have difficulty in meeting such a
target, the agreement would mean future liabilities for SK Corp.
as its sister firm struggles to survive.

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


SK GLOBAL: Creditors Resume Talks July 3
----------------------------------------
Foreign and local creditors of SK Global Co. will resume their
meeting in Seoul on July 3 on the proposed bailout plans for the
ailing trading unit of the SK Group, the Korea Herald reported
Thursday. Their meeting will focus on the cash buyout plan for
foreign creditors. The offer that local creditors made was
rejected by the foreign concerns last Friday.

At the last meeting in Hong Kong June 28, foreign creditors
reportedly demanded raising the cash buyout ratio much higher,
while domestic creditors threatened to file for bankruptcy in
court. Domestic creditors approved a bailout package for SK
Global last month, which included a debt-to-equity swap of up to
2.9 trillion won (US$2.44 billion) for the trading firm and
converting its short-term debt to longer-term debt.


SK GLOBAL: OK's Sale of Sheraton Hotel
--------------------------------------
Creditors of troubled SK Global have decided to sell the
Sheraton Walkerhill Grande Hotel through an auction, the Korea
Times reports. The proceeds would be used to reduce the debts of
the trading arm of the nation's third largest conglomerate. SK
Group de facto owner Chey Tae-won, who is now in jail for
accounting fraud, and SK Global held 40.7 percent and 9.68
percent stakes, respectively, in the hotel.


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


AKTIF LIFESTYLE: Three-Month RA Extension Request Pending
---------------------------------------------------------
Under PN4/2001, Aktif Lifestyle Corporation Berhad is required
to announce the status of its plan to regularize its financial
condition on the first market day of each month. On 28 May 2003,
Southern Investment Bank Berhad (SIBB) on behalf of Aktif,
announced that the Company was granted an extension of time up
to 7 July 2003 by the KLSE to make its Requisite Announcement
(RA).

SIBB on behalf of Aktif, had presented a final revised proposed
restructuring scheme (Scheme) to the major lenders of Aktif
(Creditors) which incorporated some of the requests of the
Creditors. In relation to this, further negotiations are needed
between Aktif and the Creditors in order to reach a mutual
agreement on specific requests made by the Creditors.

In view of this, SIBB on behalf of the Company had on 28 June
2003, submitted an application to the KLSE for a further
extension of time for a period of three (3) months to 7 October
2003 for Aktif to make its requisite announcement. The said
application is pending KLSE's approval. SIBB will announce the
outcome of the application in due course.

The Company will inform its shareholders of any pertinent
development on the proposed restructuring scheme.


BUKIT KATIL: Defaults Loan, Overdraft Facilities
------------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad announced
that the Company has defaulted in payments of principal and
interest to Bumiputra-Commerce Bank Berhad in respect of term
loan and overdraft facilities.

The facilities granted is secured by the Company's lands charged
under the National Land Code, which is to be secured by way of a
first party legal charge over all that land held under Lot Nos.
792, 1718, 1867 and 4265 of Mukim Pengkalan Bukit, Lot Nos.
5454, 5455, 5456 and 5487 Mukit of Jorak, all within District of
Muar, Johor Darul Takzim. Lot Nos, 1199 and 1200 of Mukim of
Ayer Kuning, District of Tampin, Negeri Sembilan Darul Khusus
and Lot Nos. 8391, 3745, 3746 and 3747 of Mukim of Grisek,
District of Muar, Johor Darul Takzim.

The facilites are to be repaid within a period of twelve (12)
months on a bullet basis on 24 May 2003. However, having failed
to comply with the repayment date, BKATIL was served with a
notice of default. In the meantime, in order to rectify the
situation, the Company has been seeking alternative financing
from other financial institutions for the repayment of the
defaulted sums.

The Board of Directors of BKATIL also wish to inform that
further to the on-going negotiations with OCBC Bank (Malaysia)
Berhad, the notice of appeal which came for hearing on 24 June
2003 had been declined by the court. The Board of Directors are
now pursuing alternative financing to fully settle the
outstanding facilities.

Borrowings in default as at 31 May 2003 with Bumiputra-Commerce
Bank Berhad and OCBC Bank Berhad are tabled at
http://bankrupt.com/misc/TCRAP_Bkatil0704.pdf.


CHG INDUSTRIES: Lenders' Legal Adviser Coordinating DRA Signing
---------------------------------------------------------------
Pursuant to paragraph 8.14 of the Kuala Lumpur Stock Exchange's
(KLSE) Listing Requirements and paragraph 4.1 (b) of Practice
Note No. 4/2001 of the KLSE Listing Requirements (PN4), CHG
Industries Berhad is required to announce the status of its plan
to regularize its financial condition on a monthly basis until
further notice from the KLSE.

The Company wishes to inform that the debt restructuring
agreement (DRA) has been finalized and approved by all parties.
Messrs Raslan Loong, the legal adviser for lenders, is currently
coordinating the signing of the DRA.


EPE POWER: Defaulted Interest Payment Hits RM697,127.91
-------------------------------------------------------
EPE Power Corporation Berhad refers to the announcement made by
Commerce International Merchant Bankers Berhad (CIMB) on behalf
of EPE dated 30 April 2003 in relation to the Proposed EPE
Restructuring Scheme.

EPE wishes to announce that the Proposed Restructuring Scheme
has been submitted to the Securities Commission, Foreign
Investment Committee and Ministry of International Trade and
Industry for their approvals on 28 June 2003, in compliance with
PN4 of the Listing Requirements of the Kuala Lumpur Stock
Exchange.

With regards to PN1 obligation, EPE wishes to inform that the
Company has further defaulted in the payment of monthly interest
of RM697,127.91 due to several financial institutions (FIs)
under its revolving credit (RC) facilities.


GENERAL SOIL: Restructuring Plan Finalization Ongoing
-----------------------------------------------------
The Board of Directors of General Soil Engineering Holdings
Berhad wishes to announce that the Company is still in the
process of finalizing the comprehensive restructuring plan to
regularize its financial condition. The Proposed Restructuring
Scheme announced on 23 May 2003 will be the basis for the
formulation of the detail plan.

The Company has initiated a preliminary discussion with the
bankers for their collaboration and currently pending for
approval. The Board is optimistic of the outcome.

The Company had announced on 30 June 2003 that KLSE via its
letter dated 27 June 2003 has approved the extension of time to
release the Requisite Announcement for a further four (4) months
from 31 May 2003 to 30 September 2003.

The final plan will be announced in due course.


GENERAL SOIL: Unit GSESB Faces Notice Over Judgment Sum
-------------------------------------------------------
The Board of Directors wishes to inform the Exchange that its
wholly owned subsidiary, General Soil Engineering Sdn Bhd
(GSESB) has been served a notice pursuant to section 218 of the
Companies Act, 1965 by Indah Water Konsortium Sdn Bhd (Indah
Water). The details are as follows:

1. The Notice pursuant to Section 218 of the Companies Act, 1965
was served on GSESB on 27 June 2003.

2. Particular of claim under petition.

Indah Water has claimed for a sum of RM100,300.41 comprise of
the judgment sum dated 27.08.2002 obtained in the Kuala Lumpur
Session Court, the interest on judgment sum at the rate of 8%
p.a. and costs.

3. Circumstances leading to the notice pursuant to Section 218
of the Companies Act, 1965.

GSESB has been blamed for damaging a public sewer line at Jalan
Jati, Off Jalan Imbi, Kuala Lumpur. On 28.06.2001, Indah Water
has taken the matter to Kuala Lumpur Session Court to recover
the repair cost of RM85,093.45. On 27.08.2002, the judgment by
the Session Court is in favor of Indah Water.

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.

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.


IDRIS HYDRAULIC: Restructuring Exercise Remains Unchanged
---------------------------------------------------------
On behalf of Idris Hydraulic (Malaysia) Bhd (IHMB), Aseambankers
Malaysia Berhad (Aseambankers) on 24 June 2003 had announced
that its wholly-owned subsidiary, Idris Hydraulic Properties Sdn
Bhd (IHP) had entered into a conditional Share Sale Agreement
(SSA) with Ratus Galaksi Sdn Bhd (RGSB) for the proposed
divestments of the following interests for a total sale
consideration of RM2,000,000 :

   (i) 2 ordinary shares of RM1.00 each representing the entire
equity interest in Jauza Sinar Sdn Bhd (JSSB);

   (ii) 1,000 ordinary shares of RM1.00 each representing the
entire equity interest in Asal Cipta Sdn Bhd (ACSB); and

   (iii) 100,000 ordinary shares of RM1.00 each representing the
entire equity interest in Cermat Jaya Sdn Bhd (CJSB)

The above shall be referred to as "Proposed Divestments".

On 30 June 2003, the shareholders of IHMB had approved on all
the Special Resolutions and Ordinary Resolutions as contained in
the Notice of Extraordinary General Meeting (EGM) in the
Explanatory Statement and Circular to the Shareholders and
Scheme C(2) Unsecured Creditors.

In addition, the shareholders of IHMB and the Scheme C(2)
Unsecured Creditors of the Company had also voted in favor of
the Scheme of Arrangements as contained in the Notices of Court
Convened Meeting for Members and Creditors in the Explanatory
Statement and Circular held at the Court Convened Meetings for
Members and Creditors.

Other than the above, there is no change to the status of the
Proposed Restructuring Exercise as per the announcement made on
30 May 2003 pursuant to the provision of PN4.


KSU HOLDINGS: Court Orders Plaintiff's Application Dismissal
------------------------------------------------------------
In relation to the Inter partes injunction application by Ban
Guan Hin Realty Sdn Bhd (Plaintiff) Against Earnest Equity
Development Bhd (EEDB), KSU Holdings Bhd (KSUH), Abaco Estates
Sdn Bhd (AESB) and Kumpulan Sepang Utama Sdn Bhd (KSUSB) and 38
Others (Defendants), KSUH wish to announce that the Court has on
30 June 2003 ordered as follows (as contained in the Draft
Order):

   1. upon the Plaintiff's undertaking to abide by an order that
a Court or Judge may make as to damages should the Court or
Judge be hereafter of the opinion that the Defendants or any of
them shall have sustained damages, if any, by reason of the
orders granted in paragraphs 1.1 and 1.2 below for which the
Plaintiff ought to pay, until the disposal of the action herein
or until further order:

     1.1 that the 1st, 2nd 3rd and 4th Defendants (namely, EEDB,
KSUSB, KSUH and AESB) whether by themselves or by their
servants, agents or otherwise be restrained and an injunction do
hereby be issued restraining them with immediate effect from
dealing in any manner howsoever with or any rights or interest
in that piece of land of approximately 1,010 acres held under
Grant No. 5343 for Lot No. 39, in the Mukim of Beranang,
District of Ulu Langat (Abaco Land): and

     1.2 As against the 5th to 9th Defendants (namely Foo Kum
Yuen, Oye Kheng Hoon, Chia Tack Kee, Low Kah Khuen and Dato' Ng
Mann Cheong), whether by themselves jointly or severally or by
themselves or by their servants, agents or otherwise howsoever
from interfering or dealing with the legal and beneficial
ownership of the Abaco Land or any interest in the Abaco Land;

   2. that the Plaintiff be given liberty to apply; and

   3. costs of this application in respect of prayers in
paragraph 1 and 2 above be the Plaintiff's costs to be paid by
the Defendants.

The Court further ordered that the Plaintiff's application in
the Summons in Chambers dated 5 March 2003 as listed below
against 36 Defendants be dismissed with costs:

   a) that each of the 36 Defendants whether by themselves or by
their servants, agents, nominees or otherwise howsoever be
restrained and an injunction do hereby be issued restraining
them with immediate effect from disposing, transferring or in
any manner howsoever dealing with their respective portion of
shares in KSUH renounced to them by the Plaintiff (Renounced
Shares);

   b) that each of the 36 Defendants whether by themselves or by
their servants, agents, nominees or otherwise howsoever be
restrained and an injunction do hereby be issued restraining
them with immediate effect from exercising all or any rights in
respect of their respective portion of the Renounced Shares;

   c) that the 36 Defendants whether by himself, herself or
itself or by his, her or its proxy, attorney, representative or
otherwise howsoever be restrained and an injunction do hereby be
issued restraining them with immediate effect from exercising at
the Extraordinary General Meeting (EGM) of KSUH to be held on 7
March 2003 or at any adjourned EGM, all voting rights attached
to their respective portion of the Renounced Shares.


MBF CAPITAL: Awaits Court's Restructuring Exercise Decision
-----------------------------------------------------------
Pursuant to PN4/2001 in relation to the status of an affected
listed issuer of its plan to regularize its financial condition,
Alliance Merchant Bank Berhad, on behalf of MBf Capital Berhad,
is pleased to announce the following:

   (i) Perfect Utilization Sdn Bhd, the company which was
incorporated to take over the listing status of MBf Capital, had
on 18 June 2003 changed its name to MBf Corporation Sdn Bhd (MBf
Corporation). The Company is in the process of converting MBf
Corporation into a public limited company; and

   (ii) The Company is awaiting the hearing for the court
sanction in relation to its restructuring exercise.

Save for the above, there is no further development on the
status of MBf Capital's plan to regularize its financial
condition pursuant to PN4/2001 issued by the KLSE, subsequent to
the Company's announcement dated 2 June 2003.


OMEGA HOLDINGS: Awaits SC's Proposed Workout Scheme Approval
------------------------------------------------------------
Affin Merchant Bank Berhad, on behalf of the Board of Directors
of Omega Holdings Berhad, wishes to announce the current status
of the Proposed Restructuring Scheme.

Further to the announcement on 31 December 2002 and 28 January
2003, Omega, Newco, Milan Auto (M) Sdn Bhd (MA) and Milan Auto
Corporation (M) Sdn Bhd (MAC) had on 1 July 2003, entered into
further agreements for the extension of time in relation to the
Proposed Restructuring Scheme. The agreements for the extension
of time for the fulfillment of the conditions precedent are in
relation to the following agreements:

   1. The Restructuring Scheme Agreement between Omega and MA
dated 31 December 2002;

   2. The Business Transfer Agreement between MA and MAC dated
31 December 2002;

   3. The Sale and Purchase of Shares Agreement in MAC between
MA and Premium Transaction Sdn Bhd (Premium Transaction) dated
28 January 2003;

   4. The Supply Agreement between MA and MAC dated 28 January
2003; and

   5. The Deed of Agreement between Premium Transaction and
Omega dated 28 January 2003.

The date for the fulfillment of the conditions precedent of the
above agreements has been further extended until 31 December
2003. All other terms and conditions as stated in the above
agreements remain unchanged.

Omega is still awaiting the approval of the Securities
Commission for the Proposed Restructuring Scheme.


PAN MALAYSIAN: Posts Rights, Bonus Issues Important Date
--------------------------------------------------------
Important Dates In Relation To The Abridged Prospectus Dated 30
June 2003 For The Rights Issue and Bonus Issue Of The Company

Pan Malaysian Industries Berhad refers to the announcements of
the Company dated 24 June 2003 and 25 June 2003 on the important
dates relating to the Rights Issue and Bonus Issue presently
undertaken by the Company and the Listing Circular dated 25 June
2003 issued by the Kuala Lumpur Stock Exchange (Exchange).

Concurrent with the Abridged Prospectus which has been
dispatched on 30 June 2003, the Company has also dispatched the
Notice of Provisional Allotment to entitled shareholders of PMI,
indicating the rights issue shares provisionally allotted to
them based on their shareholdings in PMI as at 5.00 p.m. on 24
June 2003.

Based on the Listing Requirements of the Exchange, the
provisional allotment of rights should commence trading on the
Exchange on 2 July 2003, being one (1) clear market after the
despatch of the Abridged Prospectus on 30 June 2003.

Due to certain unforeseen circumstances, the Company's share
registrar and Malaysian Central Depository Sdn Bhd (MCD) are
presently encountering technical difficulty in transferring data
to MCD via the allotment tape, resulting in MCD not being able
to credit the said provisional allotment of rights into the
Central Depository System (CDS) accounts of the entitled
shareholders.

Accordingly, the entitled shareholders of PMI would temporarily
not be able to trade or deal with the said provisional allotment
of rights commencing 2 July 2003 until such technical problem is
resolved. An immediate announcement on the commencement date for
trading of the provisional allotment of rights will be announced
in due course.

Further thereto, the last dates and time for the sale and
transfer of the provisional allotment of rights on 15 July 2003
at 5:00 p.m. and 18 July 2003 at 4:00 p.m. respectively and the
last dates and time for the acceptance and payment for the
rights shares and excess shares application and payment on 28
July 2003 at 5:00 p.m. will be deferred accordingly, details of
which will be determined and announced by the Company in due
course.


SCK GROUP: Awaits KLSE's Listing Decision
-----------------------------------------
In accordance with Practice Note No. 4/2001 and Obligations
pursuant to Paragraph 8.14 of the Listing Requirements of the
Kuala Lumpur Stock Exchange, SCK Group Berhad announced the
status of the Company's plan to regularize the Company's
financial condition for the month ended 30 June 2003 as follows:

MONTHLY UPDATE ON THE STATUS OF SCK PLAN TO REGULARISE THE
COMPANY'S FINANCIAL CONDITION

The Company is in the final stages of negotiation with its
Lenders to finalize the Revised Proposed Restructuring Scheme as
announced on 30 December 2002. As at to-date, the Company has
received formal approval from five (5) of the seven (7) Lenders,
representing about 75% of the total debts to be restructured.
Following the approval of the remaining Lenders, the Company
will enter into a settlement agreement with the Lenders and
accordingly Aseambankers Malaysia Berhad will on behalf of the
Company prepare and make the necessary submission to the
relevant authorities for their approval.

The Company had on 20 June 2003 submitted written
representations to the Exchange stating reasons the securities
of the Company should not be de-listed from the Official List of
the Exchange. Currently, the Company is awaiting the decision of
the Exchange as to whether or not the securities of the Company
should be de-listed from the Official List of the Exchange.

FURTHER ANNOUNCEMENTS

Further announcements on the progress of the Revised Proposed
Restructuring Scheme would be made monthly or as and when
required.


SENG HUP: Financial Regularization Status Remains Unchanged
-----------------------------------------------------------
Further to the announcement made on 2 June 2003 by AmMerchant
Bank Berhad (AmMerchant Bank) with regards to Seng Hup
Corporation Berhad (Special Administrators Appointed)'s
plan to regularize its financial condition, AmMerchant Bank, on
behalf of the Company, had announced on 24 June 2003 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 to the above, 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.

Save for the above, there is no other material development to
the status of SHCB's plans to regularize its financial position
since its last monthly status announcement made on 2 June 2003.


TAI WAH: Releases Restructuring Exercise Status Update
------------------------------------------------------
In compliance with KLSE PN4, Tai Wah Garments Manufacturing
Berhad wishes to update the status of its proposed restructuring
exercise to regularize its financial condition for the month
ended June 2003.

On 18 June 2003, Alliance Merchant Bank Berhad had announced on
behalf of the Board of Directors of TWGB that the Company had
agreed to extend the completion date of the Participation
Agreement to 30 September 2003 in relation to the Proposed
Restructuring Exercise.

Further to the earlier announcement made on 18 April 2003,
Alliance Merchant Bank Berhad on behalf of the Board of
Directors of the Company had announced on 23 June 2003 that
Ministry of International Trade and Industry (MITI) had via its
letter dated 23 June 2003 approved the Proposed Private
Placement of TWGB, subject to the approvals of the Foreign
Investment Committee and Securities Commission (SC) being
obtained and all conditions imposed by MITI via its letter dated
22 February 2003 shall remain. The approval from SC was obtained
on 9 May 2003.

Alliance Merchant Bank Berhad also announced on 26 June 2003
that Foreign Investment Committee (FIC) had via its letter dated
12 June 2003 which was received on 25 June 2003 approved the
Proposed Private Placement of TWGB subject to all conditions
imposed by the FIC via its letter dated 28 January 2003 shall
remain.


TAP RESOURCES: Provides Proposals Status Update
-----------------------------------------------
The Board of Directors of TAP Resources Berhad wishes to make
the following announcement in relation to the status of the
Proposed Debt Restructuring, Proposed Profit Guarantee Waiver
and Proposed Renounceable Rights Issue (Proposals):

   1) TAP had on 5 June 2003 announced that the Company has
entered into the respective Depository and Paying Agency
Agreement (DPAA) with AmTrustee Berhad (formerly known as Arab-
Malaysian Trustee Berhad) (as Trustee), Bank Negara Malaysia (as
the Central Depository/the Paying Agent) and Malaysian
International Merchant Bankers Berhad (MIMB) (as the Lead
Arranger) in connection with the issuance of the redeemable
convertible secured loan stocks (RCSLS) upon the terms and
conditions as contained in the said DPAA;

   2) MIMB had on 5 June 2003 announced on behalf of TAP that an
application for extension of time has been submitted to the
Securities Commission (SC) to extend the deadline from 22 June
2003 to 31 October 2003 to complete the implementation of the
Proposals;

   3) TAP had on 11 June 2003 announced that the share transfer
book and register of members of TAP will be closed on 30 June
2003 for the purpose of determining the rights issue
entitlements;

   4) TAP had on 11 June 2003 announced that the Company has
entered into an underwriting agreement with Commerce
International Merchant Bankers Bhd, MIMB, Hwang DBS Securities
Berhad, Affin-UOB Securities Sdn Bhd and Thong & Kay Hian
Securities Sdn Bhd (collectively known as the "Underwriters")
wherein the Underwriters agreed to underwrite 27,714,643 Rights
Shares upon the terms and conditions as contained in the
underwriting agreement. The balance of 1,618,023 Rights Shares
will be subscribed by a shareholder of TAP pursuant to his
letter of undertaking to the Company;

   5) MIMB had on 25 June 2003 announced on behalf of TAP that
the SC has via its letter dated 25 June 2003, approved the
extension of time from 22 June 2003 to 31 October 2003 for TAP
to complete the implementation of the Proposals; and

   6) TAP had on 30 June 2003 announced that pursuant to the
Debt Restructuring of TAP, RM35,716,932 nominal value 5% coupon
RCSLS has been issued to the following banks:

     i) RM17,503,000 nominal value 5% coupon RCSLS to AmBank
Berhad (RCSLS-A);

     ii) RM10,066,000 nominal value 5% coupon RCSLS to
AmMerchant Bank Berhad (RCSLS-B); and

     iii) RM8,147,932 nominal value 5% coupon RCSLS to Hong
Leong Bank Berhad (RCSLS-C).


TAT SANG: Updates Defaulted Banking Facilities Status
-----------------------------------------------------
Tat Sang Holdings Berhad provides an update on the details of
all banking facilities which are currently in default as per
attached Table 1 at
http://bankrupt.com/misc/TCRAP_TatSang0704.doc.

The Company wishes to inform that the hearing date of the
following legal suits are fixed as follow:

1. Standard Chartered Bank(M) Berhad - vs- Mercuries & Muar
Wooden Furniture Mfg Sdn Bhd(MMWF) at Kuala Lumpur High Court

Suit No : D5-23-1051-2001
Decision : The above suit case which came up for Decision of the
Plaintiff's Application for Summary Judgement on the 1st August
2002. The Senior Assistant Registrar allowed the Plaintiff's
application and recorded Summary Judgement against all the
defendants. The Solicitors had on 11 April 2003 lodged the
Appeal against the decision of the Learned High Court Judge to
the Court of Appeal. We are currently awaiting the notes of
proceedings and the grounds of judgment of the High Court to
file the Record of Appeal.

2. Malayan Banking Berhad (MBB) - vs- MMWF at Muar High Court

Suit No : 23-108-2001
Decision :. Base on the outcome of the hearing on 10 October
2002, the solicitors have managed to set aside the aforesaid
Summary Judgement against all the Defendants. As the dispute is
on the amount claimed by MBB, Interlocutory Judgement was
instead entered by consent with amount to be assessed before the
Senior Assistant Registrar based on the rate as specified in the
letter of offer dated 19 August 2000. MBB will not be able to
enforce or execute the aforesaid Interlocutory Judgement until
the amount to be calculated is agreed upon by the parties

On 09 May 2003, the plaintiff application assessment of amount
due has been adjourned by the court to enable the plaintiff to
recalculate the same based on the original rates as stated in
the letter of offer dated 19 August.2000 without subsequent
variations. The court has fixed the next hearing on 07 July
2003.

3. Bumiputra-Commerce Bank Berhad - vs - MMWF at Muar High Court
Suit No : 23-76-2001

Hearing date :An application to amend the Writ of Summons and
Statement of Claims dated 16 May 2002 and application for
Summary Judgement which was fixed for hearing of the Order 14
Application on 20th June 2002 has fixed for decision on 23
August 2002.

Decision : The Judgement was obtained on 23 August 2002, the
plaintiff's application for Summary Judgement against the
defendants were allowed by the Senior Assistant Registrar.
Notice of Appeal was filed and the hearing date was fixed on 9
December,2002.

On 19 May 2003, the High Court Judge in Chambers has dismissed
the appeal with costs to the Respondent and decided that there
was no triable issues or questions of law which may prohibit the
Plaintiff/Respondent from maintaining the judgment obtained
against the Company under Order 14 application for the sum of
RM4,992,000 together with interest of 8.0% p.a.. The Solicitors
have filed the Notice of Appeal to the Court of Appeal against
the decision on 15 June 2003 and now in the midst of filing the
Record of Appeal to the Court of Appeal. No date has yet been
fixed by court to hear the appeal. On 30 June 2003, the Company
received a Statutory Demand Letter dated 27 June 2003 (the said
date), to fully realize the judgment sum with interest within 3
weeks from said date. Notice was also given that upon expiry of
the 3 weeks period, a winding-up proceedings will commenced
against the TSHB without further reference.

4. Bank Pembangunan & Infrastruktur Malaysia Bhd (BPIMP)- vs -
MMWF & TSHB

Suit No : 23-54-2002
Status of the suit : Memorandum of Appearance was filed on 25
July 2002 and the solicitors had filed in defense on 8 August
2002. Hearing date was fixed on 28 November 2002. The BPIMP had
filed an application for Summary Judgement under Order 14 of the
Rules of the High Court 1989 together with the necessary
affidavit in support of application for the aforesaid sum. The
next hearing date has been postponed from 15 January 2003 to 20
February 2003 and subsequently to 20 March 2003.

Decision : Base on the outcome of the hearing dated 20 March
2003, Judgement in default has been obtained against MMWF &
TSHB. The Solicitors have filed in the appeal to the Judge in
Chambers on 27 March 2003 and the Appeal is now fixed for
hearing on 23 September 2003.


UCP RESOURCES: Provides Defaulted Payment Update
------------------------------------------------
In accordance with Practice Note No. 1/2001 of the Kuala Lumpur
Stock Exchange Listing Requirements and further to the earlier
announcement made, UCP Resources Berhad hereby provides an
update on its default in payment as follows:

   (i) UCP Manufacturing (M) Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 30 June 2003, defaulted in repayment of
Bankers Acceptance, Overdraft, Term Loan and Current Account
amounting to RM49,155,713 made up of a principal sum of
RM40,508,072 and interest of RM8,647,641;

   (ii) UCP Marketing (M) Sdn Bhd, a subsidiary of UCP Resources
Bhd, as at 30 June 2003, defaulted in repayment of Bankers
Acceptance and Term Loan amounting to RM8,702,151 made up of a
principal sum of RM7,936,500 and interest of RM765,651; and

   (iii) Universal Concrete Products Sdn Bhd, a subsidiary of
UCP Resources Bhd, as at 30 June 2003, defaulted in repayment of
Bankers Acceptance amounting to RM3,217,421 made up of a
principal sum of RM3,000,000 and interest of RM217,421.

The UCP Group shall make periodic announcement on a monthly
basis to the Exchange of the current status of the default and
its steps taken to address the default until such time when it
is remedied.

Go to http://bankrupt.com/misc/TCRAP_UCP0704.xlsfor details of
the default.


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


MANILA ELECTRIC: In Talks With Napocor on Power Supply Contract
---------------------------------------------------------------
The Manila Electric Co. (Meralco) and the National Power
Corporation (Napocor) are still negotiating on the final terms
of the 10-year power supply contract to be signed soon, the
Philippine Star reports. Napocor is still working out some terms
on the 20 billion pesos to be paid by Meralco to the state-owned
power firm. Based on the official documents, Napocor will review
whether a condonation/write-off of interest on penalties will be
included in the negotiated amount.

Accordingly, the two parties agreed that Napocor will charge
Meralco for undrawn electricity under the CSE at P1.51 per kwh
which is estimated at 28 billion pesos, less adjustments for
transmission delays in turn-over to Meralco of directly-
connected consumers amounting to P8 billion. This brings
Meralco's payable amount to Napocor at 20 billion pesos.


MANILA ELECTRIC: Sell Assets For Refund, Says Consumer Group
------------------------------------------------------------
Consumer group People Opposed to Warrantless Electricity Rates
(Power)-Agham wants debt-laden Manila Electric Co. (Meralco) to
sell some of its high-value assets in order to pay its financial
obligations to the public, the Manila Standard reported
Thursday. Meralco already sold its property in Sta. Rosa, Laguna
to Henry Sy's SM Shoemart for 130 million pesos last month, a
small fraction of the 27 billion pesos the company needs to
refund to its customers. The Company already refunded more than
1 billion pesos to its customers who have been consuming less
than 100 kilowatt-hours a month.

Meralco has been ordered by the Supreme Court to refund its
customers some 29 billion pesos for surcharges covering February
1994 to May 2003.


MANILA ELECTRIC: Pays 70% of the First Phase Refund
---------------------------------------------------
Manila Electric has refunded 1.6 billion pesos (US$30 million)
of 2.1 billion (US$40 million) to 1.4 million customers using up
to 100-kilowatt hours per month under the first phase,
DebtTraders reports. It will start the second phase refund in
September after the completion of the initial phase of the
refund in August. Separately, the Bureau of Internal Revenue
plans to meet with Meralco this week to discuss the company's
demand for a 9 billion pesos (US$170 million) tax rebate.
DebtTraders believe the worst is over for Meralco.


METRO PACIFIC: Sees Profit This Year
------------------------------------
Metro Pacific Corporation (MPC) expects to return to profit this
year after two years of losses, reports the Inquirer News
Service. MPC incurred 11.88 billion pesos in losses in 2002 and
21.1 billion pesos in 2001 due to provisioning for its
investments in its former crown jewel, the Fort Bonifacio Global
City.

In the first quarter of this year, MPC recorded a consolidated
net loss of 59 million pesos, a significant reduction from the
loss of 521.3 million pesos incurred a year ago. Gains were
realized from debt-reduction exercises and improved performance
of shipping subsidiary Negros Navigation Co.


METRO PACIFIC: Eyes JV For Property Development
-----------------------------------------------
Investment holding Company Metro Pacific Corp. (MPC) is looking
for joint venture partners in property development to pay off
its debts and improve its cash flow, Dow Jones reports, citing
newly appointed Metro Pacific President Jose Ma. Lim. MPC is
looking for prospective partners to help develop a 300-hectare
in Batangas province south of Manila into a residential resort.
The project, called Costa de Madera, will be developed in
phases, with the first phase expected to cost 60-70 million
pesos and to start within the next six months.


PHILIPPINE SEVEN: Narrows 5-Month Losses to P6M
-----------------------------------------------
Philippine Seven Corporation (PSC), operator of the 24-hour
retail store 7/11, narrowed its losses to 6 million pesos for
the first five months of 2003, compared to a loss of 45 million
pesos in the same period last year, the Manila Times reported
Thursday. The improvement would drive them to register a net
profit of about 30 million pesos by the end of 2003.


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


ADDVALUE TECHNOLOGIES: Widens Net Loss to S$6.02
------------------------------------------------
Addvalue Technologies Limited posted a net loss of S$6.02
million in the year to March 31, 2003, versus a loss of S$3.93
million a year earlier, according to Reuters. The Company is
engaged in the provision of digital, wireless and broadband
communications solutions, project management and development
solutions for systems integration. It expects to narrow its
losses in 2004.


OVERSEA-CHINESE: Dissolves Three Bank Units
-------------------------------------------
Oversea-Chinese Banking Corporation Limited (OCBC Bank)
announced that Tat Lee Asset Management Limited (In Members'
Voluntary Liquidation), a subsidiary of OCBC Bank, which is held
through KIM Limited (formerly known as Keppel Investment
Management Limited), is dissolved on 2 July 2003.

Tat Lee Asset Management Limited ceased to be a subsidiary of
OCBC Bank with immediate effect.

Dissolution of KTB Investments Ltd

Oversea-Chinese Banking Corporation Limited OCBC Bank wishes to
inform that KTB Investments Ltd (In Members' Voluntary
Liquidation), a wholly owned subsidiary of OCBC Bank, is
dissolved on 2 July 2003.

KTB Investments Ltd ceased to be a wholly owned subsidiary of
OCBC Bank with immediate effect.

Dissolution of TLF Limited

Oversea-Chinese Banking Corporation Limited OCBC Bank wishes to
inform that TLF Limited (In Members' Voluntary Liquidation), a
subsidiary of OCBC Bank, which is held through KTF Limited, is
dissolved on 2 July 2003.

TLF Limited ceased to be a subsidiary of OCBC Bank with
immediate effect.


SEATOWN CORPORATION: H103 Net Loss Narrows
------------------------------------------
Seatown Corporation booked a net loss of S$2.26 million in the
six months to March 31, 2003, versus a loss of S$21.93 million a
year earlier, according to Reuters. The Company is engaged in
infrastructure development activities, building construction
activities, civil engineering, manufacture of pre-cast
architectural components and ready-mixed concrete and property
development.


VAN DER HORST: Unveils Capital Reduction Exercise
-------------------------------------------------
At an Extraordinary General Meeting (AGM) of Van der Horst
Limited held on 30 June 2003, the shareholders of the Company
approved, inter alia, the reduction in the par value of each
ordinary share in the capital of the Company Shares from $1.00
to $0.50 (the "Capital Reduction and that subject to the
confirmation of the High Court of the Republic of Singapore the
Court of the Capital Reduction, all of the Shares of par value
$0.50 be sub-divided such that every one (1) of the Shares shall
constitute ten (10) Shares of par value $0.05 each the New
Shares, each a New Share.

The Court has on 2 July 2003 confirmed the Capital Reduction.

The Company wishes to announce that it plans to lodge the Order
of Court confirming the Capital Reduction with the Registrar of
Companies and Businesses on 11 July 2003 (the "Effective Date
after the expiry of the Book Closure Date on 10 July 2003.

The Shares will have a par value of $0.05 each (the "New Shares
on and from the Effective Date.

Deposit of Share Certificates with The Central Depository (Pte)
Limited CDP

Shareholders who hold physical share certificates for the Shares
in their own names Old Share Certificates and who wish to
deposit the same with CDP and have their New Shares credited to
their Securities Accounts must deposit their Old Share
Certificates, together with the duly executed instruments of
transfer in favor of CDP at least 5 Market Days (i.e. a day on
which the Singapore Stock Exchange is open for trading in
securities) prior to the Effective Date.

After the Effective Date, CDP will only accept for deposit share
certificates for New Shares issued pursuant to the Capital
Reduction and the Share Split New Share Certificates.

Shareholders who wish to deposit their share certificates with
CDP after the Effective Date must first deliver their Old Share
Certificates to the Company's Share Registrar, M&C Services
Private Limited (the Share Registrar, at 138 Robinson Road, #17-
00) The Corporate Office, Singapore 068906, in exchange for New
Share Certificates. The New Share Certificates will then be sent
by ordinary mail to the registered addresses of the Shareholders
at their own risk within 10 Market Days from the date of receipt
of the Old Share Certificates. There will be no cost to the
Shareholders for the exchange of New Share Certificates for the
Old Share Certificates.

Issue of New Share Certificates

Depositors having Shares standing to the credit of their
Securities Account and Shareholders who have deposited their Old
Share Certificates with CDP at least 5 Market Days prior to the
Effective Date need not take any action.

The Company will arrange with CDP to facilitate the exchange of
New Share Certificates pursuant to the Capital Reduction and the
Share Split.

The cost of such exchange shall be borne by the Company.

Shareholders who have not deposited their Old Share Certificates
as aforesaid or who do not wish to deposit their Old Share
Certificates with CDP are advised to forward all their Old Share
Certificates to the Share Registrar at 138 Robinson Road, #17-00
The Corporate Office, Singapore 068906 as soon as possible and
preferably, not later than 5 Market Days after the Effective
Date for cancellation and exchange for New Share Certificates.
The New Share Certificates will be sent by ordinary mail to the
registered addresses of the Shareholders at their own risk
within 10 Market Days from the Effective Date or the date of
receipt of the Old Share Certificates, whichever is later.

Shareholders who hold physical share certificates are reminded
that their Old Share Certificates are no longer valid for
settlement of trading in the Company's Shares on the Stock
Exchange of Singapore Dealing and Automated Quotation System (as
the Company is under a book-entry (script less) settlement
system) but will continue to be accepted for cancellation and
issue of New Share Certificates in replacement thereof for an
indefinite period by the Share Registrar. The New Share
Certificates will not be valid for delivery pursuant to trades
done on the Stock Exchange of Singapore Dealing and Automated
Quotation System although they will continue to be prima-facie
evidence of legal title.

The Share Registrar for the receipt of the physical Old Share
Certificates tendered will issue no receipt.

Shareholders should note that New Share Certificates would not
be issued to Shareholders unless their Old Share Certificates
have been tendered to the Share Registrar for cancellation.

Please notify the Share Registrar if you have lost any of your
existing Old Share Certificates or if there is a change in your
address from that reflected in the Register of Members.

The Register of Members for the New Shares will be maintained at
the offices of the Share Registrar 138 Robinson Road, #17-00 The
Corporate Office, Singapore 068906.


(B) APPOINTMENT OF PLACEMENT AGENT FOR THE PLACEMENT OF 95
MILLION NEW ORDINARY SHARES OF S$0.05 EACH IN THE CAPITAL OF VAN
DER HORST LIMITED

The Company wishes to announce that it has entered into a
placement agreement dated 2 July 2003 the "Placement Agreement
with UOB Kay Hian Private Limited UOB Kay Hian whereby UOB Kay
Hian has agreed to place out, on a best efforts basis only, up
to 95 million New Shares (the "Placement at S$0.05 for each New
Share the Placement Price. Pursuant to the terms and conditions
of the Placement Agreement, UOB Kay Hian will receive a
commission of 4 per cent. of the aggregate Placement Price for
such number of New Shares that are placed out by the Placement
Agent, from the Company. The Placement Agent will not be
underwriting the placement of the New Shares. The Placement
Agent has informed the Company that it will also be charging a
commission of 1 per cent of the aggregate Placement Price for
such numbers of New Shares that are placed out by the Placement
Agent, from the respective placees.

The Company has on 2 July 2003, pursuant to section 277 of the
Securities and Futures Act 2001 (Act 42 of 2001), lodged the
Statement of Material Facts with the Monetary Authority of
Singapore.

No trades were done on the Company's Shares on 2 July 2003,
being the date on which the Placement Agreement was signed as
the Company's Shares have been suspended for trading since 25
January 2000. The Placement Price represents the par value of
the New Shares after the Capital Reduction and the Share Split.

The Placement is subject to, inter alia, the completion of the
acquisition of the entire issued share capital of Goldwater
Company Limited Acquisition and the conversion of the debt of
S$104.3 million owing to Shantex Holdings Pte Ltd Shantex into
120 million New Shares. The New Shares will, upon allotment and
issue, rank pari passu in all respects with the New Shares then
existing.

Upon the Capital Reduction and the Share Split, the issued and
paid-up share capital of the Company would be S$3,381,756
comprising 67,635,120 New Shares.

After the allotment and issuance of 600 million New Shares to
the shareholders of Goldwater Company Limited Goldwater in
respect of the Acquisition, the allotment and issuance of 120
million New Shares to Shantex upon the conversion of the debt of
$104.3 million by Shantex into New Shares and the allotment and
issuance of all the Placement Shares, the Placement Shares will
represent approximately 10.76 percent of the enlarged issued
share capital of the Company of S$44,131,756 comprising
882,635,120 New Shares.

Had the Placement been effected on 30 September 2002 the last
day of the last audited balance sheet (the latest audited
balance sheet does not take into account the Acquisition), the
net tangible liability per share of the Company and its
subsidiaries, as at that date would be a decrease from
approximately 66.9 cents to 66.4 cents.

The net proceeds from the Placement of up to S$4,750,000
(excluding commission and other expenses including legal costs)
will be utilized for working capital, repayment of loans and
capital expenditure.

None of the Directors or substantial shareholders of the Company
has any interest, direct or indirect, in the Placement.


WEE POH: Unit Enters Winding Up Petition
----------------------------------------
Further to the announcement dated 28 May 2003, the Board of
Directors of the Wee Poh Holdings announced that, at the Court
hearing for the winding-up petition served by Indocement
Singapore Pte Ltd (the Petition) on WP Conc-Pact Pte Ltd. (WCP)
on 27 June 2003, the Court had granted the Petition.


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


GENERAL ENGINEERING: Issues Convertible Debentures
--------------------------------------------------
The Board of Director of General Engineering Public Company
Limited at a meeting # 4/2003 held on July 1, 2003 passed the
following resolutions:

1. The Board of Director has unanimously approved the Company
to proceed the debt-restructuring plan according to the
negotiation with its financial creditors under CDRAC on 16th
June 2003.  The principal of debt-restructuring plan can be
summarized as follows:

   a) According to the previous debt-restructuring agreement
of  the Company, the principal of Bt222.82 million will be
proportionately paid to the financial creditors during 2005 -
2006.  However, in this CDRAC meeting, the financial creditors
agreed to transfer a part of principal of Bt119.70 million
into
the 5-years convertible debenture and allowed the Company to
pay the remaining principal in 2005 and 2006 as the same
conditions in the previous debt-restructuring agreement.

   b) The creditors committee accepted the proposal by a group
of new investors to subscribe the Company's newly issued
ordinary shares at the value of Bt120 million.

   c) Regarding to the investment proposal of the new
investors, the Company is requested to appoint at least 3
representatives  from the new investors group as the directors
of the Company.  Furthermore, the new fund from this capital
increase will be  invested only for the objectives of business
expansion and/or  business's working capital, and it must not
be used for any  purposes of loan repayment.

2. The Board of Director has unanimously approved the Company
to issue the 5 years convertible debentures of 1,197 units,
and  to sell them at the price of Bt100,000 to its financial
creditors, namely, DBS Thai Danu Bank Public Company Limited,
Bank of Ayudhya Public Company Limited, Jatujak Asset
Management  Company Limited, and AIG Finance (Thailand) Public
Company Limited.  A unit of convertible debenture can be
converted to 25,000 newly issued ordinary shares at the price
of Bt4 per share.  Thus, the money obtained from such
conversion process  shall be used to repay the principal loan
to the Company's financial creditors according to the debt-
restructuring plan  under CDRAC.

3. To approve the registered capital increase.

   3.1 Capital  increase

     a. Registered capital: From Bt45,000,000
                          : To Bt239,812,500
      b. Number of new common: 77,925,000 shares
                            shares  issued
             - par value pershare      :      Bt  2.50
             - Total capital increase  :      Bt  194,812,500

   3.2  Allotment  of  new  shares

     a) To issue 48,000,000 ordinary shares at one time or
divided into groups of newly issued shares in order to offer
the  subscription to Shining Route (Thailand) Company Limited
and/or  any individuals designated by Shining Route (not more
than 35  persons in 12 months as referred to in the
notification of the  Securities and Exchange Commission) at
the selling price of Bt2.50 per share within 60 days after the
shareholders' approval  of the Company's capital increase.

   b)  To issue 29,925,000 ordinary shares at the conversion
price of Bt4 per share to be reserved for the right of the
convertible debentures of 1,197 units sold to the Company's
financial creditors according to the debt-restructuring plan
under CDRAC.

4. The Meeting appointed Mr. Sonit Pichyangkul Mr. Dnuja
Sindhvananda and Mr. Thanong Leeissaranukul to be audit
committee of the company and Mr. Sonit Pichyangkul has been
selected to be chairman of Audit Committee.

5. To approve the schedule for extraordinary meeting of
shareholders # 1/2003, should be held on August 5, 2003 from
9:0 a.m. at Bangkok Golf Spa Resort Hotel 99/3 Moo 2 Tivanon
Road, Bangkadi Muang District, Pathumthani Province 12000 with
the agenda as follows:

     1.  Adoption of the minutes the Ordinary Meeting of
shareholders No. 1/2003.
     2.  Approval of debt restructuring plan with financial
institutions under the process of the Corporate Debt
Restructuring Advisory Committee (CDRAC).
     3.  Approval of issuing convertible debentures.
     4.  Approval of capital increase and share allotment.
     5.  Approval of amendment of Article 4 of the Memorandum
of Association of the company.
     6.  Other business (if  any)


TANAYONG PLANNER: Explains Annual Report Loss Variance
------------------------------------------------------
Tanayong Planner Company Limited, as the Planner of Tanayong
Public Company Limited, offered the following explanation for
the year ended March 31, 2003 as compared to the same period
of 2002. Total revenue decreased from last year of Bt250
million due to the decrease in gain on foreign exchange while
total expenses decreased from last year of Bt2,631 million
which due to the decrease in provision for doubtful debts.
These generated the decrease in net loss of Bt2,420 million.

Below is the Company's audited annual financial statement:

                THANAYONG PUPLIC COMPANY LIMITED

Audited
Ending  March 31,            (In thousands)

                                  For year

Year                              2003        2002

Net profit (loss)                (4,088,296) (6,508,231)
EPS (baht)                       (11.12)     (17.70)


THAI PETROCHEMICAL: Plan Administrator Appointment Update
---------------------------------------------------------
Petrochemical Industry Public Company Limited refers to the
letter ref. Tor Hor 43/2546 dated 29 April 2003 regarding the
Central Bankruptcy Court's order dated 21 April 2003 for the
removal of Effective Planners Co., Ltd. as plan administrator
and the appointment of the debtor and official receivers as
joint temporary plan administrator until the steering
committee of the creditors could meet and adopt a resolution
to select a new plan administrator under the consents of the
debtor and the authority.

On 13 June 2003, the Central Bankruptcy Court had issued its
ruling to disapprove the appointment of Thai Plan
Administrator Co., Ltd. as TPI's new plan administrator by
resolution of the creditors' steering committee adopted at its
meeting held on 2 June 2003. The Central Bankruptcy Court has
seen it appropriate that the Ministry of Finance be appointed
as the new plan administrator by solution of the creditors'
steering committee if the Ministry of Finance gives its
consent in writing.

The court also ruled that the second meeting of the creditors'
steering committee was to meet as quickly as possible to adopt
a resolution for the appointment of the Ministry of Finance as
new plan administrator.  If the creditors' steering committee
fails to adopt its resolution as said, the official receivers
are required to report to the court so that further action
will be taken by the court under the provision of second and
third paragraphs of Article 90/68 of the Bankruptcy Act B.E.
1940.


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

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

Asia Pulp & Paper     FRN     due 2001   1.5 - 3.5       -0.5
Asia Pulp & Paper     11.75%  due 2005  39.0 - 42.0      +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       0.0
Daya Guna Sumudera    10.0%   due 2007   2.0 - 4.0        0.0
Hyundai Semiconductor 8.625%  due 2007  76.0 - 81.0       0.0
Indah Kiat            11.875% due 2002  40.0 - 43.0       0.0
Indah Kiat            10.0%   due 2007  38.0 - 41.0       0.0
Paiton Energy         9.34%   due 2014  100.5 - 101.5     0.0
Tjiwi Kimia           10.0%   due 2004  32.0 - 34.0      +1.0

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.
To view our research and find out about private client
accounts,
contact Peter Fitzpatrick at 1-212-247-3800. Real-time pricing
available at www.debttraders.com.


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

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

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

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

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
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                 *** End of Transmission ***