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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

            Monday, July 07 2003, Vol. 6, No. 132

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Posts Initial Director's Interest Notice
AUSTRALIAN MAGNESIUM: Issues CEO Remuneration, Board Fees
AUSTRALIAN MAGNESIUM: Posts Chairman's Letter to Shareholders
CMG CH: Liquidators Request Securities De-listing
NEWMONT YANDAL: Placed Into Voluntary Administration

NEWMONT YANDAL: S&P Lowers Corp Credit Rating to 'D'
POWERTEL LIMITED: Discloses General Meeting Results
TOWER LIMITED: NZ Panel Grants Waiver Application
TOWER LIMITED: Posts Shareholders Special Meeting Results
TRYSOFT CORPORATION: Panel Declares Unacceptable Circumstances


C H I N A   &   H O N G  K O N G

ECYBERCHINA HOLDINGS: Widens Net Loss to HK$450.201M
KWAN ON: Winding Up Sought by Cheung Yuk
GRANDMART CONSTRUCTION: Winding Up Hearing Set on July 30
NEWTON CATERING: Winding Up Petition Pending
PCCW LIMITED: Cash Settlement Call Warrants Cease Today

SUPER WARM: Petition to Wind Up Scheduled
TOP GLORY: Notes Error on Scheme Document


I N D O N E S I A

* IBRA Launches PPAP 3


J A P A N

EBARA CORPORATION: R&I Downgrades Ratings to BBB
HINO KIKAKU: Hotel Management Firm Enters Bankruptcy
ISUZU MOTORS: Share Price Quadruples in Six Months
OENON HOLDINGS: R&I Affirms BBB- Rating
RESONA HOLDINGS: May Post Loss After Reassessment

SHIMIZU KOHSAN: Golf Course Enters Rehab
TATSUMI JUTAKU: Real Estate Firm Applies For Rehabilitation


K O R E A

HANBO IRON: Consortium Delays Sale Payment to August 20
HYNIX SEMICONDUCTOR: E.U. Imposes 34% Duty on Chips
HYUNDAI ENGINEERING: Shares Down 8% Thursday
HYUNDAI HEAVY: Reaches Tentative Deal on Wage Increase
SK GLOBAL: Domestic Creditors Threaten Liquidation

SK GLOBAL: S. Korea Investigate Lenders in Fraud Case


M A L A Y S I A

AUTOWAYS HOLDINGS: Negotiation With White Knight Ongoing
BERJUNTAI TIN: Inks Supplemental SSA With Vendors
BRISDALE HOLDINGS: Winding Up Petition Hearing Set on Oct 3
CHASE PERDANA: Provides Defaulted Credit Facilities Update
CSM CORPORATION: Proposes KSSB Acquisition to Resolve Debt

GEAHIN ENGINEERING: Court Orders Creditors Meeting on July 25
GENERAL LUMBER: Submits Creditors' Scheme Petition to Court
GLOBAL CARRIERS: Clarifies Container Ships Sale Report
KIARA EMAS: Obtains KLSE's Proposed Restricted Issue Approval
LONG HUAT: Winding Up Petition Mention Date Moved to Aug 13

MALAYSIAN PACIFIC: Receives DCMI Dissolution Notice
MBF HOLDINGS: Offshore Debt Restructuring Scheme Completed
NCK CORPORATION: Currently Implementing Restructuring Scheme
NCK CORPORATION: June Defaulted Credit Facilities Hits RM438.67M
OCEAN CAPITAL: Obtains Two-Month Proposed Workout Extension

PAN MALAYSIAN: Rights Allotment Dates Remains Unchanged
PARIT PERAK: Issues Financial Regularization Status Update
ROAD BUILDER: Dormant Units Undertake Voluntary Winding-Up
SPORTMA CORPORATION: Proposals Completion Expected by Month End
TALAM CORPORATION: Court OKs Proposed Capital Reductions

   
P H I L I P P I N E S

MANILA ELECTRIC: Meralco, Creditors Fail to Reach Deal
NATIONAL POWER: Government Eyes US$500M Bond Issue in 3Q03
NATIONAL STEEL: Rehab on Track Despite Snags, says DTI Chief


S I N G A P O R E

C.K. TANG: AGM Set For July 31
HONG LEONG: Voluntarily Liquidates Unit
SEATOWN CORPORATION: Reviews Group Performance


T H A I L A N D

ITALIAN-THAI DEVELOPMENT: Signs Construction Contract   
KIATNAKIN FINANCE: TRIS Assigns "BBB+" Issue Rating
TANAYONG PUBLIC: SET Suspends Securities Trading

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ANACONDA NICKEL: Posts Initial Director's Interest Notice
---------------------------------------------------------
Anaconda Nickel Limited earlier announced the appointment of Mr
Gustiaman Deru as a non-executive director of the Company. Mr
Deru, 43, is the regional manager for Asia for MatlinPatterson.
He holds an MBA from the Rotterdam School of Management of
Erasmus Universiteit and a Civil Engineering degree from
Universitas Katolik Parahyangan in Bandung, Indonesia.

The Company released an Initial Director's Interest Notice,
which can be found at
http://bankrupt.com/misc/TCRAP_ANL0707.pdf.


AUSTRALIAN MAGNESIUM: Issues CEO Remuneration, Board Fees
---------------------------------------------------------
Following the restructuring of the Board of Directors of
Australian Magnesium Corporation Limited (AMC) and the
appointment of the Acting CEO, Dr Chris Rawlings, AMC discloses
the following contractual information and terms of engagement:

New CEO Contract:

The Board has finalized Dr Rawlings employment contract as the
Acting Chief Executive Officer of the Company. His contract is
for a period of 12 months from 16 June 2003. His annual total
remuneration is $360,000 (inclusive of superannuation) and there
are no contract provisions for any incentives or termination
benefits other than accrued statutory entitlements (i.e. annual
leave).

Non-Executive Directors:

Directors' fees paid to the non-executive Directors of the AMC
Board for 2003 and the new annual fees effective from 1 July
2003 are as follows:

                       pre 13 June 2003 (1) post 13 June 2003(1)
Dr JR Williams - Chairman      $165,500        $120,000
Mr JD Story                     $67,100         $40,000
Dr CD Rawlings                  $45,900 (2) Now Acting CEO
Mr FCH O'Connor                 $29,400 (3)     $40,000
Mr KG Williams (4)                 -               -
Mr JAS Dow (4)                     -             Retired
Mr HE Umlauff (4)                  -             Retired
Mr IR Freer                     $71,900          Retired
Total:                         $379,800        $200,000

Notes:

1. Above does not include the Superannuation Guarantee Levy of
9%, which is a statutory requirement and would be applied where
appropriate.

2. Dr Rawlings was appointed to the Board on 3 October 2002.

3. Mr O'Connor became a non-executive Director on 1 January
2003.

4. Mr Ken Williams is a Newmont Australia appointee to the
Board. He does not receive any emoluments from AMC but receives
a fee from Newmont Australia. Messrs Dow and Umlauff were
Newmont appointees and did not receive any fees from AMC.
The reduced total fees from the 2002/03 year reflect both the
reduction in numbers of Non-Executive Directors and the
reduction in individual Directors fees.


AUSTRALIAN MAGNESIUM: Posts Chairman's Letter to Shareholders
-------------------------------------------------------------
Australian Magnesium Corporation disclosed the letter of
Chairman Dr J Roland Williams CBE to the shareholders:

Dear Shareholders,

Many shareholders in Australian Magnesium Corporation would have
observed recent wideranging media speculation - and some
commentary by the Australian Shareholders Association - putting
forward various scenarios with respect to AMC, its activities,
disclosures and the Stanwell Magnesium Project.

While it is AMC's preference not to respond in a public manner
to such speculation and comment, your Board of Directors is
mindful that speculation and at times erroneous reporting in the
media has caused confusion and genuine shareholder concern.
We have therefore agreed that we should communicate with you
further because it is important that you have a full
appreciation of the events leading up to the decision to
restructure AMC and the Stanwell project.

Clearing the air as quickly as possible will also allow Acting
CEO, Dr Chris Rawlings and the AMC team to press ahead and
develop their new and revised business, project and funding
plans.

What went wrong?

It was a condition precedent to the draw-down of funds under the
banking facility that the definitive cost estimate for the
project met certain defined criteria. The definitive cost
estimate could not be confirmed until detailed engineering
designs had been completed and costs estimates developed for the
various areas of the project. The risk that the definitive
cost estimate would not meet the defined criteria was always
recognized as a risk to the project and was identified as such
in the prospectus. Your directors believed, however, that
this risk had been effectively addressed and mitigated. The
reasons for their belief included the following:

   * a detailed feasibility study conducted by AMC and Fluor had
confirmed the technical and economic feasibility of the project;

   * the AM processing technology had been technically proven
over two years of operating experience at the industrial-scale
Gladstone demonstration plant;

   * the finance plan for the Stanwell project had significant
contingent funding facilities for cost over-runs and
commissioning delays;

   * Behre Dolbear Australia, having conducted an independent
technical review of the project, had provided its endorsement in
accordance with the opinion set out in the prospectus;

   * management with appropriate skills and experience was in
place;

   * those members of the Board and Advisory Committee with past
large-scale industrial project experience had provided their
endorsement.

Notwithstanding the above, it progressively emerged that AMC
could not reach agreement with its principal contractor,
Leighton, as to a definitive cost estimate that would meet the
bank requirements. AMC explored all feasible alternatives for
proceeding, but could not develop a satisfactory strategy within
the timing allowed under the project schedule. This left
no alternative other than to stop the project.

Whilst the reasons are complex, there were four primary factors:

   * the volume of the bulk commodities required in the full-
scale project had not been fully appreciated;

   * there were conceptual difficulties in the contracting
strategy agreed with the banks;

   * AMC could not agree with Leighton the extent of contingent
provisioning to be included in the definitive cost estimate; and

   * the difficulties arising between AMC and Leighton in the
development of the costs estimate did not facilitate the
development of an alternative strategy.

When did we know?

AMC signed the contract with Leighton in August 2002. This put
in place a contracting strategy that AMC believed was
appropriate, with a project capital cost estimate that was
achievable and reasonable and within its funding arrangements.
Behre Dolbear Australia, the independent technical expert for
the senior financiers, endorsed this view.

In November 2002, AMC received from Leighton its interim cost
price breakdown, indicating an increase in capital cost of 17%.
As AMC announced at its AGM in November 2002, the project
capital costs before contingency remained within its funding
arrangements. The amount of contingency was, however, to be
reviewed and negotiated between Leighton and AMC, to ensure it
was reflective of the level of certainty that would exist within
the project at the time of contract conversion in mid-2003. We
foreshadowed that, if additional contingency was considered
necessary, AMC would make appropriate arrangements.

During the period between December 2002 and April 2003, AMC
received progressive reports from Leighton that demonstrated
emerging cost trends of an adverse nature. AMC was not, however,
confident in the validity of those estimates as representing a
realistic assessment of the project costs, and considered that
the disclosure of those emerging trends would have misled
shareholders. It was AMC's expectation that, with the
progressive development of engineering and area cost estimates,
increased project certainty would emerge. This would facilitate
agreement with Leighton on the basis of project contingency
provisioning within the range considered by AMC to be
reasonable, and within the agreed banking criteria.

During the course of March, AMC engaged Fluor to provide
assistance in its on-going review of Leighton estimates, and
subsequently to provide a bottom-up estimate of project costs.
It was only after having received that estimate in June, based
on advanced engineering and equipment procurement, that AMC was
in a position to assess project costing with confidence.

During April, it became increasingly apparent that a
satisfactory outcome with Leighton could not be achieved. This
was announced to the market on 17 April 2003. Whilst AMC
thereafter endeavored to develop alternative strategies, this
was not possible within the project schedule timing.

Where has the money gone?

Prior to the public equity raising in November 2001, AMC had
incurred capital expenditure of approximately $200 million on
the Stanwell project.

Since November 2001, AMC has incurred approximately $600
million. This expenditure was incurred before the finalization
of a definitive cost estimate meeting the banks' criteria for
two reasons: firstly, it represented the work that had to be
done before a definitive cost estimate could be developed, and
secondly it represented the work necessary to meet the project
schedule and the timing requirements of the Ford Magnesium
Supply Agreement.

Much of the expenditure since November 2001 relates to
engineering design and development and specialized equipment
procurement. This work was substantially specific to the
project. In other words, it was of a highly specialized nature,
that was essential for the purposes of the project, but has
value only in the context of the project. If the project does
not proceed in its current form, the ability to realize value
will be limited. Both AMC and Leighton have interests in the
value that may be derived, and have entered into a joint venture
to work together to maximize that value.

Where to now?

The restructuring arrangements put in place in June 2003 will
enable AMC to explore fully the feasibility of proceeding with
the project in its original or amended form. There is, however,
also considerable potential value in the technological and
marketing arms of AMC. We are, as a matter of urgency, assessing
all of the options that may be available to AMC. The
circumstances and events that precipitated the AMC restructuring
in June are significant and deeply disappointing for AMC, our
shareholders, and our staff.

We will keep you informed of developments as they emerge.


CMG CH: Liquidators Request Securities De-listing
-------------------------------------------------
CMG CH China Investments Limited will be removed from the
Official List of Australian Stock Exchange as from the close of
trading on Wednesday, July 9, 2003, at the request of the
Company's liquidators, under listing rule 17.12.

CMG Ch invests primarily in the equity of companies whose assets
and businesses are located predominantly in China. Wrights
Investors' Service reports that the Company reported negative
earning as of December 31, 2001. It hasn't paid dividends during
the last 12 months.

The Troubled Company Reporter - Asia Pacific reported on July 4
last year the status of the Company's restructuring. Go to
Troubled Company Reporter - Asia Pacific Thursday, July 4, 2002,
Vol. 5, No. 131 issue for details.


NEWMONT YANDAL: Placed Into Voluntary Administration
----------------------------------------------------
Newmont Mining Corporation announced Thursday that the board of
directors of its Australian subsidiary, Newmont Yandal
Operations Pty Ltd (Yandal), resolved to place the company into
voluntary administration (a form of insolvency proceeding) in
Australia as it is insolvent or likely to become insolvent.

Thomas Mahoney, Vice President and Treasurer for Newmont,
commented: "We are very disappointed that we were not able to
get 100% acceptance of our offers to acquire the claims of
Yandal's creditors. We have received acceptances from hedge
counterparties representing 76% of Yandal's negative
mark-to-market liability as of May 22, 2003, and Note holders
representing 83% of the 8 7/8% Senior Notes due April 2008 not
already owned by a Newmont subsidiary. We are optimistic that
the voluntary administration process will be completed in an
expeditious manner."

In conjunction with the voluntary administration process,
Newmont or a subsidiary is making an offer to the administrator
for Yandal that, if accepted, would bring the company out of
voluntary administration. The offer will effectively value the
assets at US$200 million and may result in Yandal's outstanding
third-party Note holders and hedge counterparty receiving not
more than $0.40 on the dollar. If Newmont's offer is accepted,
Yandal would be returned to the control of its directors and
employees would continue their employment as usual. In addition,
Newmont will honor any prior unpaid obligations to Yandal's
employees and offer trade creditors payment in full. The Newmont
offer will require Yandal to enter into a Deed of Company
Arrangement at a meeting of creditors to be held within one
month.

In order to comply with applicable requirements and to allow
Note holders more time to assess these material developments,
Newmont's subsidiary, Yandal Bond Company Limited (YBCL), has
extended the consent payment deadline and the expiration of the
offer to acquire the Notes to 5:00 p.m., New York City time, on
Friday, July 11, 2003, with respect to Notes not previously
tendered.

Citigroup Global Markets Inc. is the dealer manager and Mellon
Investor Services LLC is the depositary and information agent  
or the tender offer and consent solicitation. Note holders'
requests for documentation should be directed to Mellon Investor
Services at (917) 320-6286 (for banks and brokers) or toll-free
(800) 392-5792. Questions regarding the transaction should be
directed to Citigroup Global Markets Inc. at (800) 558-3745.

YBCL has previously purchased and paid for the $196.8 million
aggregate principal amount of the Notes tendered on or before
June 26, 2003. YBCL has been advised by Mellon Investor Services
LLC, the depositary for the Note offer, that as of July 2, 2003,
no additional Notes have been tendered since June 26, 2003.
Yandal, its subsidiaries who have guaranteed the Notes and the
trustee under the Indenture have executed a supplemental
indenture implementing the amendments to the Indenture consented
to by the Note holders who have tendered the Notes already
purchased by YBCL.

The offer to purchase Notes and consent solicitation are being
made solely by the Offer to Purchase and Consent Solicitation
Statement dated May 29, 2003 and the related Letter of
Transmittal and Consent, as they have been and may be
supplemented or amended, which set forth the complete terms of
the tender offer and consent solicitation.

Newmont, based in Denver, is the world's premier gold mining
company and the largest gold producer with significant assets on
five continents.


NEWMONT YANDAL: S&P Lowers Corp Credit Rating to 'D'
----------------------------------------------------
Standard & Poor's Ratings Services said Friday that the
corporate credit rating and U.S.-dollar bond rating on Newmont
Yandal Operations Ltd. (Yandal) have been lowered to 'D'
from 'SD', following the resolution of the board of directors to
place the company into voluntary administration as it is
insolvent, or likely to become insolvent. The action follows an
offer by a subsidiary of Yandal's parent company, Newmont Mining
Corp. (Newmont, BBB/Stable/-), to acquire all outstanding bonds
and unwind the Yandal hedge book, both for consideration of U.S.
50 cent on the dollar.

Currently, Newmont has received acceptances from hedge
counterparties representing 76% of Yandal's negative mark-to-
market liability as of May 22, 2003, and noteholders
representing 83% of the senior bond, due April 2008, not already
owned by a Newmont subsidiary. In order to comply with
applicable requirements and to allow noteholders more time to
assess these material developments, Newmont's subsidiary, Yandal
Bond Company Limited (YBCL), has extended the consent payment
deadline and the expiration of the offer to acquire the
notes to 5:00 p.m., New York City time, on Friday, July 11,
2003, with respect to notes not previously tendered.

Under the administration process, Newmont will make an offer to
the administrator for Yandal that would bring the company out of
voluntary administration. The offer values the assets at US$200
million, and may result in Yandal's outstanding third-party
noteholders and hedge counterparty receiving no more than U.S.
40 cents on the dollar. If Newmont's offer is accepted, Yandal
would emerge from administration and return to the control of
its directors. Newmont said it will honor any prior unpaid
obligations to Yandal's employees and offer trade creditors
payment in full. The Newmont offer will require Yandal to enter
into a deed of company arrangement at a meeting of creditors to
be held within one month.
     

POWERTEL LIMITED: Discloses General Meeting Results
---------------------------------------------------
For the purposes of section 251AA of the Corporations Law, the
General Meeting of PowerTel Limited resulted in a vote on the
following resolutions:

1. In relation to Resolution 1, the poll vote was as follows:

   a) For 61,336,519
   b) Against 309,736,023
   c) Abstained 7,198,615

The required majority did not carry the resolution.

2. Resolution 2 was approved on a show of hands.

3. In relation to Resolution 3, the poll vote was as follows:

   a) For 62,273,137
   b) Against 308,408,911
   c) Abstained 7,216,064

The required majority did not carry the resolution.

As all resolutions were inter-conditional, none of the
resolutions was effective.


TOWER LIMITED: NZ Panel Grants Waiver Application
-------------------------------------------------
In a notice of 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, 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 applied to the Panel for a waiver from application of LR 9.2
to proposed underwriting arrangements with Credit Suisse First
Boston/First NZ Capital Securities ("underwriters") for the
subsequent proposal. LR 9.2 would potentially be triggered as a
consequence of certain aspects of the sub-underwriting
arrangements between the underwriters and certain members
of the sub-underwriting syndicate.

Certain of the proposed sub-underwriters include some of TWR
existing shareholders, one of whom was, in the past six months,
a substantial shareholder in TWR and accordingly caught by LR
9.2.3(b). In addition, it is possible that other sub-
underwriters from whom the underwriters secure commitments
could, either prior to or during the rights trading period,
acquire further TWR shares - with the result that by the time
the sub-underwriting commitments are settled, these parties
could hold greater than 5% of the issued shares in TWR.
Furthermore the underwriter sought to invite Guinness Peat Group
Plc (GPG) to enter into a sub-underwriting agreement. In
addition to being caught by LR 9.2.3(b) GPG is caught by LR
9.2.3(a) as it has 2 directors on the TWR board.

LR 9.2 applies to any Material Transaction, where a Related
Party is a party to that transaction, or at least one of a
related series of transactions of which the material transaction
forms part. The underwriters have no association with TWR for
the purposes of that Rule, however as it is proposed that
certain Related Parties of TWR enter into sub-underwriting
arrangements, LR 9.2 applies as the sub-underwriting agreements
are one of a related series of transactions of which the
material transaction (i.e. the underwriting agreement) forms
part.  Accordingly TWR, sought a waiver from LR 9.2 to the
extent that that provision would otherwise apply to the
underwriting agreement by virtue of the sub-underwriting
arrangements outlined above.

Decision

The Panel has granted the waiver application to permit:

   - those persons who are (or who may become during the rights
trading period) Related Parties of TWR by virtue of also being
substantial security holders (as defined in the Securities
Markets Act 1988) of TWR; and

   - Guinness Peat Group Plc, who is a Related Party of TWR, not
only by virtue of being a substantial security holder of TWR but
also as an associated person (as defined in LR 1.3) of TWR,
to enter into sub underwriting arrangements with the
underwriters subject to fulfillment of the following conditions:

   - the offering document for the proposed rights issue
specifically referring to the sub underwriting arrangements put
in place. The offering document should also refer to this waiver
granted by the Panel; and

   - the Board of TWR certifying to the Panel that the
underwriting agreement is on arms length and commercial terms
and that all sub-underwriters are treated on the same basis.

The Panel is satisfied that the sub-underwriting arrangements
fall within the scope of the policy statement set out in
footnote 1 to LR 9.2.1 on the basis that the underwriting
agreement is manifestly arm's length and the interests of those
persons who are "Related Parties" have not influenced promotion
or adoption of the subsequent proposal adopted by the TWR board
or the proposed entering into an underwriting agreement by TWR
with the underwriters.


TOWER LIMITED: Posts Shareholders Special Meeting Results
---------------------------------------------------------
Tower Limited's Special Meeting of Shareholders was held on July
4, 2003. In respect to resolutions 2 and 3 they were both
withdrawn. The outcome in respect of resolution 1 put to the
meeting was:

Motion

To consider and, if thought fit, to pass the following as a
special Resolution:

That TOWER Limited's Constitution be altered, with effect
immediately after this meeting, by deleting Regulation 5.30 and
substituting the following:

"Period of operation of Regulation 5

5.30 This Regulation 5 shall remain in force for a term
commencing on the date that ordinary shares of the Company are
first officially quoted by the NZSE and shall expire on 3 July
2003, and thereafter it shall not apply."

Outcome: Passed

In relation to the amendment to Regulation 5.30 of the TOWER
Constitution which was passed at a Special Meeting of
Shareholders, a copy of the amended Constitution can be
requested from lcr@nzx.com.  


TRYSOFT CORPORATION: Panel Declares Unacceptable Circumstances
--------------------------------------------------------------
The Takeovers Panel on Thursday made a declaration of
unacceptable circumstances, and final orders, in relation the
affairs of Trysoft Corporation Limited (Trysoft).

The proceedings

The application was made by Mr Stephen Ioannides, a shareholder
and former director of Trysoft. The application alleged that
Trysoft's managing director, Mr Douglas Wong had entered into a
voting agreement (the Robertson Agreement) with Mr Grahame
Robertson and a company controlled by him, and that these
parties together held approximately 44% of the shares in
Trysoft. Mr Robertson is a former director of Trysoft.

The application alleged that the Robertson Agreement breached
the 20% voting power threshold in section 606 of the
Corporations Act (the Act) and had not been properly disclosed
to the market or Trysoft shareholders.

During the course of the proceedings, the Panel also became
aware of a second voting agreement to which Mr Wong, Trysoft and
Mr Ioannides were parties (the Ioannides Agreement).

The Agreements

Trysoft provided the Panel with a copy of both the Robertson
Agreement and the Ioannides Agreement.

Among other things, the Robertson Agreement required Mr
Robertson to vote his shares in support of an option scheme (the
Wong Option Scheme) granting options to Mr Wong as part of his
employment agreement. It also gave Mr Wong a right of first
refusal over shares held by Mr Robertson.

The Ioannides Agreement also required Mr Ioannides (who at the
time held approximately 19% of the voting power in Trysoft) to
support the shareholder resolutions necessary to implement the
Wong Option Scheme, among other things.

The shareholder approval of the Wong Option Scheme

At the 2002 Trysoft annual general meeting, the shareholders of
Trysoft voted under ASX Listing Rule 10.11 to allow Trysoft to
issue the Wong options. Trysoft shareholders were not advised of
the terms or the existence of the Agreements, although each of
Trysoft, Mr Wong and Mr Robertson submitted to the Panel that
they believed that Mr Wong had revoked the Agreements before the
AGM.

At the AGM, both Mr Robertson and Mr Ioannides voted in favor of
the Wong Option Scheme. If their votes had not been counted, the
resolution to approve the scheme would have been defeated.
Approximately 21.1% of Trysoft's shares were not voted at the
AGM in relation to this resolution. It is possible that some of
these additional votes may have been cast at the AGM if
shareholders had been aware that Mr Robertson and Mr Ioannides
were to be excluded from voting in relation to the resolution.
However, it is impossible to know whether such votes would have
been cast in favor of, or against, the resolution.

The Panel's decision

The Panel decided that the Agreements resulted in Mr Wong
acquiring a relevant interest in shares in Trysoft and in
increases in the voting power of each of Mr Wong, Mr Robertson
and Mr Ioannides in breach of section 606 of the Act. Despite
submissions to the contrary from Mr Wong and Mr Robertson, the
Panel did not accept that the Agreements had been terminated or
that the breaches of section 606 had been remedied.

The Panel has also decided that the Agreements required each of
Mr Wong, Mr Robertson and Mr Ioannides to give a substantial
holding notice under section 671B of the Act. Each of them
failed, and continues to fail, to comply with these obligations.

The Panel has declared that these breaches of the Act, and the
failure to comply with the obligations under section 671B of the
Act, constitute unacceptable circumstances. A copy of the
declaration is included as Annexure A in the copy of this
release posted on the Panel's website.

The Panel has also ordered that the Agreements be terminated
with immediate effect, and that any options issued to Mr Wong
under the Wong Option Scheme must not be exercised unless and
until the Trysoft shareholders approve the Wong Option Scheme
(subject to certain restrictions). A copy of the orders is
included as Annexure B in the copy of this release posted on the
Panel's website.

The Panel has also accepted undertakings from each of Mr Wong,
Mr Robertson and Mr Ioannides to the effect that they will
obtain advice from their legal advisers concerning when parties
will be associates for the purposes of Chapters 6 and 6C of the
Act.

The sitting Panel comprised Robyn Pak-Poy (sitting President),
Anthony Burgess and Marian Micalizzi.

The Panel will post its reasons for this decision on its website
(http://www.takeovers.gov.au/)when they have been settled.

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


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


ECYBERCHINA HOLDINGS: Widens Net Loss to HK$450.201M
-----------------------------------------------------
eCyberchina Holdings Limited disclosed its results announcement
summary for the year ended June 30, 2002:

Currency: HKD
Auditors' Report: Qualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/07/2001    from 01/07/2000
                              to 30/06/2002      to 30/06/2001
                              Note  ('000)       ('000)
Turnover                           : 6,889              8,213             
Profit/(Loss) from Operations      : (70,510)           (53,829)          
Finance cost                       : (8,810)            (11,087)          
Share of Profit/(Loss) of
  Associates                       : (1,106)            (146)             
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (450,201)          (81,358)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.21)             (0.07)            
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (450,201)          (81,358)          
Final Dividend                     : NIL                NIL               
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
B/C Dates for
  Final Dividend                   : N/A          
Payable Date                       : N/A       
B/C Dates for (-)            
  General Meeting                  : N/A          
Other Distribution for             : N/A           
  Current Period                     
B/C Dates for Other
  Distribution                     : N/A          

Remarks:

(1) General

The difference between the unaudited results of the Group
announced on 20th November, 2002 and the audited results of the
Group as disclosed herein was mainly attributable to the
additional impairment losses recognized in respect of the
interests in associates and other investment, and the goodwill
arising on acquisition of associates and subsidiaries.

(2) Loss from operations                    
                                       2002              2001
                                      HK$'000            HK$'000
Loss from operation has been arrived at
after charging:                        
Depreciation and amortization on:                       
- Assets owned by the Group            149             148
- Assets held under finance leases     581             402
                                       ===             ===

(3) Taxation
        
No provision for Hong Kong Profits Tax has been made in the
financial statements as the companies comprising the Group did
not have any assessable profit for the year.

(4) Loss per share

The calculation of the basic loss per share is based on the loss
for the year of approximately HK$450,201,000 (2001:  
HK$81,358,000) and on the weighted average of 2,115,247,945
(2001:  1,226,458,904) shares in issue throughout the year.

No diluted loss per share has been presented because the
exercise of the Company's outstanding share options would have
an anti-dilutive effect on loss per share for the year ended
30th June, 2002.  There were no diluting events existed for the
year ended 30th June, 2001.

(5) Dividends

The Directors do not recommend any dividend for the year ended
30th June, 2002 (2001: Nil).


KWAN ON: Winding Up Sought by Cheung Yuk
----------------------------------------
Cheung Yuk Chuen is seeking the winding up of Kwan On Plumbing
Company Limited. The petition was filed on May 12, 2003, and
will be heard before the High Court of Hong Kong on July 9, 2003
at 10:00 in the morning.

Cheung Yuk holds its registered office at Flat B, 12/F., Orchid
Court, 38 Tung On Street, Yaumatei, Kowloon, Hong Kong.


GRANDMART CONSTRUCTION: Winding Up Hearing Set on July 30
---------------------------------------------------------
The High Court of Hong Kong will hear on July 30, 2003 at 9:30
in the morning the petition seeking the winding up of Grandmart
Construction Engineering Limited.

Law Wai Chun of Room 834, Tip Yee House, Butterfly Estate, Tuen
Mun, New Territories, Hong Kong filed the petition on May 30,
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.


NEWTON CATERING: Winding Up Petition Pending
--------------------------------------------
Newton Catering Development Company Limited is facing a winding
up petition, which is slated to be heard before the High Court
of Hong Kong on September July 23, 2003 at 9:30 in the morning.

The petition was filed on May 28, 2003 by Lung Chard Ming of
Room 109, 1st Floor, Hong Sui House, Hong Tung Estate, Sai Wan
Ho, Hong Kong.  


PCCW LIMITED: Cash Settlement Call Warrants Cease Today
-------------------------------------------------------
Market participants are requested to note that dealings in the
2003 European Style (Cash Settlement) Call Warrants relating to
existing issued ordinary shares of HK$0.25 each of PCCW Limited
issued by SGA Societe Generale Acceptance N.V. (stock code:
9641) will cease after the close of business today, 7/7/2003 and
listing of which will be withdrawn after the close of business
on Friday, 11/7/2003.

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


SUPER WARM: Petition to Wind Up Scheduled
-----------------------------------------
The petition to wind up Super Warm International Limited is set
for hearing  before the High Court of Hong Kong on July 23, 2003
at 9:30 in the morning.

The petition was filed with the court on May 24, 2003 by Shung
King Development Company Limited and Join Fortune Development
Limited both of whose registered office are situate at 6/F.,
World Wide House, 19 Des Voeux Road Central, Hong Kong, and The
Yin Nin Savings Mortgage Loan and Land Investment Compan,
Limited whose registered office is situated at 503, Luk Hoi Tong
Building, 31 Queen's Road Central, Hong Kong.


TOP GLORY: Notes Error on Scheme Document
-----------------------------------------
The Directors of COFCO (Hong Kong) Limited and Top Glory
International Holdings Limited wish to clarify an error in the
letter from the independent financial adviser to the Independent
Board Committee contained in the Scheme Document, containing
details of the scheme of arrangement of the Company under
Section 166 of the Companies Ordinance (Scheme Document) was
dispatched to the Shareholders on Thursday, 26th June, 2003.

The Directors and the COFCO (HK) Directors have noted an error
in the letter from Somerley, the independent financial adviser,
to the Independent Board Committee contained on page 28 of the
Scheme Document, in which it was stated that:

"The Adjusted NAV per Share of HK$1.34 represents a discount of
44.8% to the Cancellation Price receivable by the holders of the
Scheme Shares."

The sentence should be restated as follows:

"The Cancellation Price receivable by the holders of the Scheme
Shares represents a discount of 44.8% to the Adjusted NAV per
Share of HK$1.34."

A replacement page correcting the sentence will be dispatched to
the Shareholders on 2nd July, 2003.

Save as stated above, the contents of the Scheme Document remain
unchanged.


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


* IBRA Launches PPAP 3
----------------------
Indonesia Bank Restructuring Agency has officially commenced the
Property Asset Sales Program 3 (PPAP 3) on 3 July 2003. PPAP 3
offers 3,000 plus property units in total book value of about
Rp2 trillion.

Unlike the previous PPAP, at this time PPAP prospective
investors are allowed to buy assets on package (bulk).

Basically, the assets in PPAP 3 are classified into 2 (two)
groups as under:

   * Individual Asset group, of which assets are offered on
piece unit basis consisting of 6 (six) categories : A, B, C, D,
E and F.

   * Bulk Aset Group, of which the assets are offered by package
(each package consists of several individual assets), consisting
of 3 (three) categories : P, Q and R.

The sales with package/bulk option alternative is aimed at
further improving asset saleability (units sold) for investors,
in view of the PP17 government regulation which stipulates that
IBRA existence must have been ended by Febtruary 2004.

In this PPAP 3, IBRA implements variant range of Security
Deposit from Rp10 million to Rp2 billion for the individual
asset group; while for the bulk asset group the security deposit
ranges from Rp500 million to Rp5 billion. The security deposit
is refundable, and is eligible only for bidding the assets
pursuant to the range. IBRA in cooperation with Bank Permata,
appoints the bank as the payment bank for security deposit
payment from investors of PPAP3.

The types of assets offered in PPAP 3 consists of land plots,
rice-field, houses, villa, shophouse, stores, office space,
hotel, building, warehouse, apartment and ex-factories located
throughout Indonesia. Bidding offer can be carried out at the
local BPPN Center nearest to the domicile of the potential
buyers, encompassing BPPN Center Medan, Lampung, Bandung,
Semarang, Surabaya, Denpasar and Makasar. Just as in the
previous PPAP, in the PPAP 3 IBRA also implements the FAME (full
access maximum entry) system, which is a computer system
allowing buyers to bid for assets located beyond their own
domicile.

All assets are offered on `as is' basis, pursuant to the
ownership/entitlement documents available in IBRA and the most
recent physical condition during offer by IBRA including
possibility of assets being occupied by other parties. Any
existing payment default in taxes and other expenses
(electricity, water, telephone, service charge, sinking fund,
etc.) will also be liable to the responsibility of the winner.

Upholding transparency, IBRA will announce the list of all
assets offered in PPAP 3 complete with the floor price in the
national newspaper Kompas on 14 July 2003, in the IBRA website
www.bppn.go.id and in the announcement board of BPPN Head
Office, BPPN Center in the cities of Medan, Lampung, Bandung,
Semarang, Surabaya, Denpasar and Makasar, as well as several
banks appointed by IBRA.

The sales method in PPAP 3 adopts Public Offering with One Phase
Bid to be submitted in a closed envelope. Every potential buyer
is allowed to have more than one Participant Registration Number
(NIP). However, every NIP is eligible only for bidding 1 (one)
asset.


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


EBARA CORPORATION: R&I Downgrades Ratings to BBB
------------------------------------------------
Rating and Investment Information, Inc. (R&I) has removed the
following ratings of Ebara Corporation from the rating monitor
scheme and has downgraded them as follows:

Senior Long-term Credit Rating; Long-term Bonds (8 Series)

R&I RATING: BBB (Downgraded from A-; Removed from the Rating
Monitor scheme) Domestic Commercial Paper Programme

R&I RATING: a-2 (Downgraded from a-1; Removed from the Rating
Monitor scheme)

RATIONALE:

Ebara Corporation is a manufacturer of machinery that leads in
the field of pumps. It is involved in a wide range of
businesses, including environmental and water treatment plant
engineering, semiconductor-related equipment, fluid machinery,
and the development of new energy sources. It has strength in
advanced technological skills and a stable client base centering
the public sector. Large consecutive losses were incurred in the
fiscal years ended March 2002 and 2003 due to the unprofitable
projects in the Environmental Engineering Group, and there has
been a dramatic deterioration of the financial structure. Ebara
Corp. is striving to develop new markets in the private sector
and overseas in order to deal with the decline in public demand
and intense competition. However, new business risks such as
credit and legal risks are anticipated. While the Precision
Machinery Group is moving ahead with cost reductions, it has not
escaped the tendency for performance to be influenced by
fluctuations in demand. Under such business environment, R&I
believe that it will take time until the improvement is seen in
the unbalanced financial structure. Based on the above factors,
R&I downgraded the senior long-term credit rating to BBB, and
the commercial paper rating to a-2.


HINO KIKAKU: Hotel Management Firm Enters Bankruptcy
----------------------------------------------------
Kinki Hotel System, K.K. has been declared bankrupt, according
to Tokyo Shoko Research Limited. The hotel management firm
located at Takaraduka-shi, Hyogo, Japan has 69 million yen in
capital against total liabilities of 38.3 billion yen.


ISUZU MOTORS: Share Price Quadruples in Six Months
--------------------------------------------------
Isuzu Motors Ltd. has seen its share price quadruple in six
months, helped by a bank bailout and a surge in truck sales
triggered by new rules aimed at cleaning up vehicle exhaust
gases, Bloomberg reported Friday. Some investors say the advance
may stall unless Isuzu further pares its debt, which led banks
to agree to a 100 billion yen (US$840 million) debt- for-equity
swap last November. The shares' advance has been driven mainly
by individual investors, analysts and investors said, because
Isuzu's debt means the stock is still unattractive to many fund
managers. The stock fell 4.4 percent on Thursday to 172 yen in
Tokyo.

The carmaker's bailout by Mizuho Corporate Bank Ltd. and other
lenders was aimed at helping it to reduce debt to 518 billion
yen, from 678.2 billion yen last September. In the
reorganization, General Motors' stake dropped from 49 percent.
Under a three-year plan, Isuzu aims to cut debt to 450 billion
yen and earn net income of more than 50 billion yen in the year
ending March 2005. Last year it lost 144 billion yen, its fourth
consecutive annual loss.


OENON HOLDINGS: R&I Affirms BBB- Rating
---------------------------------------
Rating and Investment Information, Inc. (R&I) has affirmed the
following ratings:

ISSUER: Oenon Holdings, Inc. (TSE Code: 2533)
Senior Long-term Credit Rating: BBB- (Affirmed)
ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 2 Dec 13, 2000 Dec 13, 2005 Yen 5,000
R&I RATING: BBB- (Affirmed)

RATIONALE:

Oenon Holdings is a pure holding Company that controls the newly
established Godo Shusei, formed as a result of the split-up of
the former Godo Shusei, and Fukutokucho Co., Ltd, which was
taken over in January 2001. It has a great deal of control over
the cash and assets of its business subsidiaries, and its senior
long-term credit rating reflects the creditworthiness of the
group as a whole. Looking at the financial composition of the
holding Company on its own, the book value of subsidiary shares
greatly exceeds shareholders equity, financial liabilities are
converted into subsidiary shares, and financial balance is poor.
However, there is a credit enhancement in the form of a joint
guarantee from business subsidiary Godo Shusei, and R&I has
determined that there is no need to reflect the holding
Company's recovery risk as a differential in the long-term
credit rating.

Although to a certain extent Oenon Holdings has maintained its
operating base in the shochu and low-alcohol market, competition
has intensified with the full-scale entry of major beer
manufacturers into the market. While group expansion has
proceeded with the aim of strengthening the full non-beer line,
apart from shochu and synthetic sake there are few products that
are strong in terms of brand or competitiveness, and "choice and
focus" in the business have become necessary. Earnings recovery
in less profitable businesses such as chuhai, sake, and wine is
expected to take some time, and there are differences between a
series of pre-takeover forecasts and earnings and financial
results. With the business environment becoming difficult, there
are concerns that expansion in earning power and improvement in
financial structure may not proceed as expected.


RESONA HOLDINGS: May Post Loss After Reassessment
-------------------------------------------------
Resona Bank, which is receiving public funds from the
government, may incur a net loss this business year after
reevaluation of its assets, the Nihon Keizai Shimbun reports,
citing Resona Bank's President Masaaki Nomura. The bank's new
management team said at its shareholders meeting last month that
it aimed for an early resumption of dividend payments on common
shares after skipping them for the year to next March.

Resona bank is a core unit of Resona Holdings Inc. The group
posted a loss of 837 billion yen (US$7.08 billion) for the
2002/2003-business year, nearly triple it's previous forecast
but slightly lower than a loss of 931.88 billion yen the year
before. The bank did not offer a forecast for the current
business year ending next March.


SHIMIZU KOHSAN: Golf Course Enters Rehab
----------------------------------------
Shimizu Kohsan Co., Ltd., which has total liabilities of 5.1
billion yen against a capital of 36 million yen, has applied for
civil rehabilitation proceedings, according to Tokyo Shoko
Research. The golf course construction firm is located in
Yokohama-shi, Kanagawa, Japan.


TATSUMI JUTAKU: Real Estate Firm Applies For Rehabilitation
-----------------------------------------------------------
Tatsumi Jutaku K.K. has applied for civil rehabilitation
proceedings, Tokyo Shoko Research reports. The real estate firm,
which has total liabilities of 23 billion yen against a capital
of 40 million yen, is located in Osaka-shi, Osaka, Japan.


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


HANBO IRON: Consortium Delays Sale Payment to August 20
-------------------------------------------------------
The ongoing procedures to sell Hanbo Steel to a consortium led
by AK Capital have reached a roadblock because the consortium
has failed to pay the full balance of US$350 million by July 11,
Digital Chosun reported Thursday. The consortium, after paying
US$27 million in advance, decided to move back the payment date
to August 20. According to market sources, AK Capital has been
moving ahead with a measure to borrow W330 billion from a group
of Korean banks, including Shinhan Bank.


HYNIX SEMICONDUCTOR: E.U. Imposes 34% Duty on Chips
---------------------------------------------------
A large majority of European Union (E.U.) governments agreed to
impose a 34 percent import tariff on memory chips from Hynix
Semiconductor Manufacturing, Dow Jones reported Thursday. The
U.S. Commerce Department last month imposed a 44.71 percent
tariff on chips from the chipmaker because it received support
from the South Korean government. Thirteen out of the 15 E.U.
governments agreed on the tariffs, with only France and the
Netherlands voting against. The tariffs would start in August
and would last up to five years. A formal decision is due by
August 25. The South Korean government is planning to file
lawsuits against the United States and the E.U. for imposing the
tariffs.

DebtTraders reports that Hyundai Semiconductor's 8.250% bond due
in 2004 (HYUS04KRS1) trades between 87 and 91. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS04KRS1


HYUNDAI ENGINEERING: Shares Down 8% Thursday
--------------------------------------------
Shares in Hyundai Engineering and Construction fell 8.4 percent
at 2,245 won on Thursday, hit by allegations from a civil action
group that linked poor auditing to big losses at the builder in
2000, according to Reuters. The People's Solidarity for
Participatory Democracy (PSPD) is a leading action group that
targets malpractice by family-run conglomerates.

The Company, which reported net losses of 2.9 trillion won
(US$2.44 billion), denied any wrongdoing. Samil Accounting
Corporation could not be immediately reached for comment. The
allegations helped knock the broader stock market off its highs.


HYUNDAI HEAVY: Reaches Tentative Deal on Wage Increase
------------------------------------------------------
Hyundai Heavy Industries (HHI) and its labor union have reached
a tentative agreement Thursday for a 7.8 percent wage increase
this year and a Company welfare donation worth 1 billion won
(US$ 844,800) to be voted on by union workers on Saturday. The
labor union said it had accepted the proposals, considering the
Company's difficult situation.

HHI revised last year's net income to a loss of 245.4 billion
won (US$206 million) to reflect losses from its stake in Hynix
Semiconductor Inc., the Troubled Company Reporter-Asia Pacific
reported recently. The Company reflected losses of 408.2 billion
won from its Hynix holding, compared with only 174 billion won
when it reported a preliminary net income last month.


SK GLOBAL: Domestic Creditors Threaten Liquidation
--------------------------------------------------
Domestic creditors are warning they may liquidate SK Global
unless foreign creditors accept the two billion-dollar bailout
package, which requires local creditors to convert up to 47
percent of their outstanding loans into equity, AFP Online
reports. Creditors opposing the debt-for-equity swap are to be
allowed to sell their loans at a discount but they have called
for a higher rate and an investigation into allegations that SK
Global might have hidden billions of dollars.

SK Global's crisis began earlier this year when the firm
admitted to inflating earnings by more than 1.2 billion dollars
in 2001 to hide losses.


SK GLOBAL: S. Korea Investigate Lenders in Fraud Case
-----------------------------------------------------
The South Korean government will investigate SK Global lenders
to determine whether they helped the trading Company hide 1.2
trillion won (US$994 million) of debt in 2001, Bloomberg
reports. Spokesmen at Hana Bank and Kookmin Bank denied any
wrongdoing. Spokesmen at six other lenders also declined to
comment. They are National Agricultural Cooperative Federation,
Chohung Bank, Korea Exchange Bank, Industrial Bank of Korea,
Shinhan Bank and Woori Bank.

Chey Tae Won, the owner of the SK Group, and nine other group
executives were convicted last month for their roles in an
accounting fraud at SK Global, which has 4.4 trillion won more
debt than assets.


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


AUTOWAYS HOLDINGS: Negotiation With White Knight Ongoing
---------------------------------------------------------
In compliance with the directive from Kuala Lumpur Stock
Exchange (KLSE) and KLSE Listing Requirements, Autoways Holdings
Berhad (In Liquidation), wishes to announce that there is no
material change to the status of AUTOWAY's plan to regularize
its financial condition.

However, AUTOWAY is negotiating with a White Knight to further
strengthen the quality of assets before submitting the plan to
the relevant Authorities.

AUTOWAY has also applied for further extension of time to KLSE.


BERJUNTAI TIN: Inks Supplemental SSA With Vendors
-------------------------------------------------
Berjuntai Tin Dredging Berhad refers to the announcement made on
behalf of the Board of Directors of BTD (Board) by Southern
Investment Bank Berhad on 26 May 2003 and 28 May 2003.

On behalf of the Board, SIBB wishes to announce that BTD had on
1 July 2003 entered into a Supplemental Share Sale Agreement
(Supplemental SSA) with Chip Lam Seng Berhad (CLS or the Vendor)
to revise certain terms of the Share Sale Agreement (SSA) dated
26 May 2003, information on which was announced on 26 May 2003.
The summary of the Supplemental SSA is as follows:

   1) Exclusion of PT Abbergummi Medical PT (PT) from the
Comfort Rubber Industries Sdn Bhd (CRG) group of companies

In August 2002, CRG entered into a joint venture agreement (JVA)
to subscribe for shares in PT (PT Shares) representing 60%
equity interest in PT. PT was disclosed as one of the
subsidiaries of CRG in the SSA. In view that the acquisition of
the 60% equity interest in PT by CRG is still pending the
approval of the Ministry of Justice, Indonesia and in order to
expedite the submission process of BTD for the Proposed
Restructuring Scheme in view of the PN 4/2001 status of BTD, CRG
and the vendors of PT had on 30 June 2003 mutually agreed to
terminate the JVA and PT will not form part of the Proposed
Acquisition.

Currently, CRG has paid RM2 million to PT as consideration for
its investment in PT (Consideration). CLS will enter into an
agreement with the vendors of PT to acquire the PT Shares. The
right to receive the Consideration has subsequently been
assigned to CLS by CRG. The amount assigned by CRG to CLS is
deemed an amount due and owing from CLS to CRG (Debt). The full
and final settlement of the Debt by CLS to CRG shall be within
seven (7) days from the date of the receipt of approval from the
Securities Commission of the Proposed Restructuring Scheme and
the date when the parties agree to the completion of the SSA.

Notwithstanding the above, CRG is entitled to a first right of
refusal to acquire PT from CLS within three (3) months upon the
expiry of three (3) years from the completion of the Proposed
Restructuring Scheme at the same terms and conditions as per the
JVA.

The exclusion of PT will not materially affect the profit
forecast of CRG for the financial year ending 31 January 2004.
Further, PT was not a consideration for BTD in establishing the
purchase consideration of RM90.3 million for the entire equity
interest in CRG.

   2) Revision of the par value of BTD

BTD and CLS have agreed that as part of the Proposed
Restructuring Scheme, the par value of BTD will be revised to
RM0.50 from RM1.00. Pursuant thereto, the issue price for the
ordinary shares of BTD (BTD Shares) for the purpose of Proposed
Debt Conversion, Proposed Acquisition and Proposed Restricted
Offer For Sale/Offer For Sale will be revised to RM0.50 from
RM1.00. The consequential changes to the SSA as set out in
http://bankrupt.com/misc/TCRAP_Berjuntai0707.gif.

All other terms of SSA remain unchanged. The corresponding
financial effects from the revision are set out in
http://bankrupt.com/misc/TCRAP_Berjuntai20707.,doc.

To facilitate the abovementioned revision of par value, BTD
proposes to amend its Memorandum and Articles of Association to
enable the Company to revise the par value of the ordinary
shares of BTD from RM1.00 to RM0.50 each.


BRISDALE HOLDINGS: Winding Up Petition Hearing Set on Oct 3
--------------------------------------------------------
Brisdale Holdings Berhad (BHB) hereby announce that a Winding-Up
Petition pursuant to Section 218 of the Companies Act, 1965 was
served on Brisdale Development Sdn Bhd (BDSB), a 65% owned
subsidiary company of Pembangunan Brisdale Sdn Bhd (a wholly
owned subsidiary of BHB) on 28 June 2003 by the Petitioner, Tam
Bee Mooi at the registered office of Lot 1A, Level 1A, Plaza
Perangsang, Persiaran Perbandaran, 40000 Shah Alam, Selangor
Darul Ehsan.

   1. The Company received a Winding-Up Petition which was
presented via Johor Bahru High Court Companies Winding-Up
Petition No. 28-124-2003 on 28 June 2003.

   2. The total amount claimed under the petition is RM212,740-
00 being the final judgment sum together with an interest at the
rate of 8% per annum calculated from 27 September 2002 to the
date of realization and total costs of RM1,715-00 pursuant to
Johor Bahru Sessions Court Summon No 52-4839-2002 (2) dated 26
December 2002.

   3. The petitioner, Tam Bee Mooi has by a Sale & Purchase
Agreement dated 26 September 1996 brought an action against BDSB
via Johor Bahru Sessions Court Summon No. 52-4839-2002 (2) dated
26 December 2002 for rescission of contract, refund all monies
and damages alleging that BDSB has breached the contract for not
delivering the property on the date specified in the Sale &
Purchase Agreement.

   4. The Company informed that on 30 May 1995, BDSB has entered
into an "Complex Development Agreement" ("the Agreement") with
Abra Development Sdn Bhd (ABRA) wherein ABRA agreed to undertake
the development of the commercial complex comprising individual
parcels of shop and office units on the Complex Land measuring
approximately 2.323 acres situated nest to Stadium Larkin, Johor
Bahru, Johor. The unit purchased by the Petitioner is part of
the units developed by ABRA as per the Agreement.

Consequent to the Agreement, a Letter of Indemnity dated 29
November 1995 was entered between BDSB and ABRA whereby ABRA has
agreed to indemnify BDSB against all losses suffered by BDSB as
a results of any claims brought by any purchaser against BDSB
under the Sale & Purchase Agreement(s) entered or to be entered
into between BDSB and the purchaser(s) in respect of the unit
purchased by the Petitioner.

Pursuant to the above, BDSB has made an arrangement for ABRA to
settle the claim by the Petitioner. Further, due to the fact
that BDSB is 65% owned subsidiary company of Pembangunan
Brisdale Sdn Bhd (a wholly owned subsidiary of BHB) which is in
possession of assets currently realizable and available to meet
its current liabilities, the Board of Directors are of the
opinion that this matter will be settled amicably.

   5. The total cost of investment in BDSB by BHB through
Pembangunaan Brisdale Sdn Bhd is RM162,500-00

   6. The Company does not foresee the amount claimed to have
any financial nor operational impact on the Group.

   7. Apart from the amount claimed, the Company does not
foresee any further losses except for legal cost in which we
need to pay the petitioner's solicitors as well as ours.

   8. The Petition will be heard on 3 October 2003.


CHASE PERDANA: Provides Defaulted Credit Facilities Update
----------------------------------------------------------
Further to the announcement made on 2 June 2003, Chase Perdana
Berhad wishes to update on the status of its default in the
repayment of both the principal and interest of all credit
facilities granted by Financial Institutions detailed in the
Appendix A attached at
http://bankrupt.com/misc/TCRAP_Chase0707.xls.

An update on the progress of the Company's Proposed Debt
Restructuring Scheme is made separately in another announcement
pursuant to Paragraph 4.1 (b) of Practice Note No. 4/2001 on
even date.


CSM CORPORATION: Proposes KSSB Acquisition to Resolve Debt
----------------------------------------------------------
Pursuant to PN4/2001 of the Listing Requirements of the Kuala
Lumpur Stock Exchange, the Board of Directors of CSM Corporation
Berhad has authorized Malaysian International Merchant Bankers
Berhad (MIMB) to release the following announcement:

INTRODUCTION

Reference is made to the CSM's Requisite Announcement dated 5
June 2003 pursuant to Practice Note 4/2001 of the Listing
Requirements of the Kuala Lumpur Stock Exchange (KLSE). The
Board of Directors of CSM wishes to announce that on 1 July
2003, Dutarama Holdings Berhad (formerly known as Dutarama
Berhad) (Dutarama), a newly incorporated company formed for the
purpose of facilitating the proposed rescue cum debt
restructuring scheme of CSM, had entered into the following
agreements:

   (a) Conditional Sale and Purchase Agreement in relation to
the proposed acquisition of the entire equity interest in
Kembang Sejahtera Sdn Bhd (KSSB) (KSSB Agreement);

   (b) Termination Agreement with Ample Term Sdn Bhd (ATSB) in
respect of the conditional Sale and Purchase Agreement dated 5
June 2003 entered in relation to the proposed acquisition of the
entire equity interest in Transprima Scale Sdn Bhd (TSSB)
(Termination Agreement);

   (c) Supplemental Sale and Purchase Agreement with Keyfax
Forum Sdn Bhd (KFSB) in relation to the proposed acquisition of
the entire equity interest in Tranonova Line Sdn Bhd (TLSB)
(TLSB SSPA); and

   (d) Supplemental Sale and Purchase Agreement with CSM in
relation to the proposed acquisition of the entire equity
interest in CSM Ventures Berhad (CSMV) (CSMV SSPA).

Proposed KSSB Acquisition

Details of the Proposed KSSB Acquisition

Pursuant to the debt restructuring exercise of CSM, Dutarama had
on 5 June 2003, entered into a memorandum of understanding (MOU)
with the shareholders of KSSB whereby Dutarama agrees to acquire
the entire equity interest and all new shares to be issued by
KSSB for a total purchase consideration of RM32,000,000 to be
satisfied by the issuance of 32,000,000 new shares in Dutarama
at an issue price of RM1.00 per share.

On 1 July 2003, Dutarama entered into a conditional Sale and
Purchase Agreement (KSSB Agreement) to acquire the entire issued
and paid-up share capital of KSSB comprising 2,500,002 ordinary
shares of RM1.00 each and 4,500 redeemable preference shares of
RM1.00 each for a total purchase consideration of RM32,000,000
to be wholly satisfied by the issuance of 32,000,000 new shares
in Dutarama at an issue price of RM1.00 per share (Proposed KSSB
Acquisition).

The Proposed KSSB Acquisition is to facilitate the proposed debt
restructuring as CSM had on 27 August 1998 and 16 September
1999, entered into a joint venture agreement and supplemental
agreement respectively with Saujana Pertiwi Sdn Bhd (SPSB), a
wholly-owned subsidiary of KSSB, to develop 19.56 acres of
leasehold lands held by SPSB under HS(D) 112947 PT No.11, HS(D)
112948 PT No.12, HS(D) 112949 PT No.13, HS(D) 112950 PT No.15,
PT No.14, all situated in Bandar Petaling Jaya Tambahan II (the
SP Land). The development of the SP Land has since stalled and
part of the amount owing by CSM to RHB Bank Berhad (RHB) is
secured by a third party charge on the SP Land. The Proposed
KSSB Acquisition would enable CSM to resolve its debts with RHB
and to terminate all the agreements with SPSB.

The total purchase consideration of RM32,000,000 was arrived at
on a "willing-buyer willing-seller" basis after taking into
consideration, inter-alia, the following:

   (a) the current market value of the SP Land of RM69,900,000
as appraised by Messrs. Colliers, Jordan, Lee & Jaafar, an
independent firm of professional valuers on 20 June 2003 based
on a combination of the Comparison, Cost and Discounted Cash
Flow Method;

   (b) the consolidated NTA of KSSB as at 31 December 2002 of
approximately RM42,542,000 after adjusting for the current
market value of the SP Land, deferred tax and the redemption of
preference shares in SPSB; and

   (c) settlement of part of the amount owing to RHB by CSM via
the issuance of RM32,204,957 RCSLS-B, which would be secured
against the SP Land.

Information on KSSB

KSSB was incorporated in Malaysia on 24 October 1994 under the
Companies Act, 1965 as a private limited company. As at 2 June
2003, the authorized share capital of KSSB is RM5,000,000
comprising 4,000,000 ordinary shares of RM1.00 each and
1,000,000 redeemable preference shares of RM1.00 each, of which
RM2,504,502 comprising 2,500,002 ordinary shares of RM1.00 each
and 4,500 redeemable preference shares of RM1.00 each are issued
and are fully paid-up.

Information on Axis Equity Sdn Bhd (AESB)

AESB was incorporated in Malaysia on 20 October 1993. AESB has
an authorized share capital of RM25,000,000 comprising 5,000,000
ordinary shares of RM1.00 each and 20,000,000 preference shares
of RM1.00 each, of which RM14,458,000 comprising 1,000 ordinary
shares of RM1.00 each and 14,457,000 preference shares of RM1.00
each are issued and are fully paid-up. The principal activity of
AESB is investment holding.

None of the Directors of AESB have any interest direct or
indirect in the ordinary shares of AESB. However, Alex Lee Lao
has a direct interest of 21.2% in the preference shares of AESB.

Salient terms of the KSSB Agreement

The salient terms of the KSSB Agreement are as follows:

   (a) The shareholders of KSSB agrees and shall procure KSSB
and its subsidiaries (KSSB Group), and CSM agrees and shall
procure the CSM Group, to waive the right to enforce their
rights under the joint venture agreements entered into between
the KSSB Group and the CSM Group except if the conditions
precedent of the KSSB Agreement are not satisfied or the KSSB
Agreement is otherwise terminated.

   (b) KSSB Vendors shall procure KSSB Group not to proceed with
proceedings against RHB for so long as RHB are agreeable to
withhold and not proceed with any proceedings against KSSB
Group.

   (c) shareholders of KSSB shall redeem all 256,596 preference
shares of RM1.00 each in SPSB.

   (d) The shares of KSSB shall be acquired free from all
charges, liens, pledges, trusts and other encumbrances and with
all rights, benefits and entitlements now or hereafter attaching
thereto, including without limitation all bonuses, rights,
dividends and other distributions declared, paid or made in
respect of the shares of KSSB where on or after the date of the
agreement.

Conditions Precedent to the Proposed KSSB Acquisition

Completion of the Proposed KSSB Acquisition is conditional upon,
inter-alia, the following:

   (a) all the relevant approvals as set out in Section 8.0
herein;

   (b) Dutarama being satisfied with the results of a due
diligence review on the legal, financial, contractual, tax and
trading position and prospects of KSSB's rights and title to its
assets; and

   (c) such other consents, approvals and/or waivers as may be
required of any third party or any governmental or regulatory
body or component or authority having jurisdiction over the
Proposed KSSB Acquisition.

Dutaram will not assume any liabilities arising from the
Proposed KSSB Acquisition. The liabilities will remain in KSSB
and will be repaid in the ordinary course of business.

DETAILS OF THE TERMINATION AGREEMENT

Pursuant to the debt restructuring exercise of CSM, Dutarama had
on 5 June 2003, entered into a conditional sale and purchase
agreement with ATSB to acquire the entire issued and paid-up
share capital of TSSB comprising 831,917 ordinary shares of
RM1.00 each (shares) for a total purchase consideration of
RM8,000,000 to be wholly satisfied by the issuance of 8,000,000
new ordinary shares in Dutarama at an issue price of RM1.00 per
share (TSSB Agreement).

Dutarama and ATSB have on 1 July 2003 entered into the
Termination Agreement to mutually terminate the TSSB Agreement
whereby Dutarama and ATSB expressly and irrevocably confirm,
acknowledge and agree that they shall release each other from
any obligations, commitments, duties, rights, claims, actions,
suits, proceedings, damages, costs, charges, liabilities,
judgment, orders and demand whatsoever in relation to the TSSB
Agreement.

The termination of the TSSB Agreement does not require approval
of the shareholders of CSM or any relevant authority.

DETAILS OF THE TLSB SSPA

Pursuant to the debt restructuring exercise of CSM, Dutarama had
on 5 June 2003 entered into a conditional Sale and Purchase
Agreement (TLSB Agreement) with KFSB to acquire the entire
issued and paid-up share capital of TLSB comprising 890,703
ordinary shares of RM1.00 each for a total purchase
consideration of RM5,000,000 to be wholly satisfied by the
issuance of 5,000,000 new ordinary shares in Dutarama an issue
price of RM1.00 per share (Proposed TLSB Acquisition).

On 1 July 2003, Dutarama and KFSB entered into a supplemental
agreement to vary certain terms and conditions of the TLSB
Agreement. The salient terms of the TLSB SSPA include, amongst
others, the following:

   (a) The purchase consideration is revised to RM6,500,000 for
the entire equity interest in TLSB and shall be wholly satisfied
by the issuance of 6,500,000 new ordinary shares of RM1.00 each
in Dutarama and where the purchase consideration is required to
be adjusted in accordance with the condition(s) imposed by the
Securities Commission (SC), such number of adjusted
consideration.

   (b) The shares of TLSB shall be acquired free from all
charges, liens, pledges, trusts and other encumbrances and with
all rights, benefits and entitlements now or thereafter
attaching thereto whether on or after the date of the TLSB SSPA
save and except for dividends which shall continue to accrue to
KFSB up to and including the completion date of the Proposed
TLSB Acquisition.

The revised purchase consideration of RM6,500,000 was arrived at
based on the appraisal by Messrs Colliers, Jordan, Lee & Jaafar,
an independent firm of professional valuers on 20 June 2003
using the Comparison Method of valuation.

Further information on the Proposed TLSB Acquisition is
contained in the announcement dated 5 June 2003.

On 1 July 2003, CSM and Dutarama entered into a supplemental
agreement to vary certain conditions of the CSMV Agreement,
which include, amongst others, the following:

   (a) The purchase consideration of RM120,000,000 is to be
wholly satisfied by the issuance of:

   * RM110,828,877 nominal amount of RCSLS-A; and

   * RM9,171,123 nominal amount of ICULS.

or such other combinations of the RCSLS-A and ICULS as may be
required by CSM, provided the aggregate amount of the nominal
amount of RCSLS-A and ICULS shall be equivalent to the purchase
consideration.

RATIONALE OF THE PROPOSED KSSB ACQUISITION

The Proposed KSSB Acquisition forms an integral part of the
proposed debt restructuring scheme as CSM has outstanding loans
due to RHB which in turn has a third party charge on the SP
Land. The Proposed KSSB Acquisition would enable CSM to resolve
its debts owing to RHB with Dutarama issuing RCSLS-B to RHB. The
Proposed KSSB Acquisition will avert a foreclosure by RHB of the
SP Land, which in turn, may result in SPSB as land owner taking
legal action against CSM for the same.

EFFECTS OF THE PROPOSED KSSB ACQUISITION

The effects of the Proposed KSSB Acquisition are contained in
the announcement dated 5 June 2003.

APPROVALS REQUIRED

The Proposals (of which details are set out in the announcement
dated 5 June 2003) are subject to, inter-alia, the approvals of
the following:

   (i) the SC for the following:

   * the Proposals; and
   * the listing of and quotation for the new Dutarama shares to
be issued pursuant to the Proposed Share Exchange, Proposed
Acquisitions and Proposed Rights Issue;

   (ii) the Foreign Investment Committee for the Proposals;

   (iii) the approval in-principle of the KLSE for the
following:-

   * the admission to the Official List and the listing of and
quotation for the entire issued and paid up share capital of
Dutarama on the Main Board of the KLSE upon completion of the
Proposed Capital Reduction, Proposed Share Exchange and the
Proposed Acquisitions;

   * listing of and quotation for the ICULS, Rights Shares,
warrants and the new shares in Dutarama to be issued pursuant to
the conversion of the warrants, RCSLS-A, RCSLS-B and ICULS;
the transfer of the listing status of CSM to Dutarama; and
admission of the ICULS and warrants to the Official List of the
KLSE;

   (iv) the Ministry of International Trade and Industry for the
Proposals, if applicable;

   (v) the shareholders of CSM at an extraordinary general
meeting to be convened;

   (vi) the approval of the shareholders and unsecured creditors
of the CSM Group and the sanction of the High Court of Malaya
for the scheme of arrangement comprised in the Proposed Capital
Reduction, Proposed Share Exchange and Proposed Debt
Restructuring in accordance with the provisions of Section 176
of the Companies Act, 1969;

   (vii) the grant of a waiver by the SC for the proposed
exemptions from undertaking a general offer on Dutarama shares;
and

   (viii) any other relevant authorities, if required.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

Madam Yao Lily who is a director and substantial shareholder of
ATSB, had via Citra Nescaya Sdn Bhd, entered into 4 sale and
purchase agreements dated 28 June 2002 with certain shareholders
of CSM, to acquire 24,034,000 CSM shares representing 29.22 % of
the issued and paid-up share capital of CSM. As such, Madam Yao
Lily is deemed to have interest in 24,034,000 shares of CSM by
virtue of the above said agreements. Madam Yao Lily is deemed to
be interested in the TSSB Agreement and therefore, in the
Termination Agreement.

Save as disclosed above, as far as the Directors of CSM are
aware, none of the Directors or substantial shareholders of CSM
or persons connected with them have any interest, direct or
indirect, in the Termination Agreement, Proposed KSSB
Acquisition, TLSB SSPA and CSMV SSPA.

INDEPENDENT ADVISER IN RELATION TO THE PROPOSED TSSB ACQUISITION

As a result of the Termination Agreement, there is no longer a
requirement to appoint an independent adviser to the minority
shareholders of CSM for the Proposed TSSB Acquisition.

DIRECTORS' OPINION ON THE PROPOSALS

The Directors of CSM are of the opinion that the Termination
Agreement, Proposed KSSB Acquisition, TLSB SSPA and CSMV SSPA
are in the long-term best interest of CSM and its shareholders.

SUBMISSION TO THE SC

CSM is in the midst of finalizing the application to the
Securities Commission and barring any unforeseen circumstances,
the Company intends to submit the application to the Securities
Commission latest by Friday, 4 July 2003.

INSPECTION OF DOCUMENTS

The Termination Agreement, KSSB Agreement, TLSB SSPA and CSMV
SSPA will be available for inspection at the Company's
registered office at 10th Floor Menara CSM, Jalan Semangat 46100
Petaling Jaya, Selangor Darul Ehsan during office hours for 6
months from the date of this announcement.


GEAHIN ENGINEERING: Court Orders Creditors Meeting on July 25
-------------------------------------------------------------
Geahin Engineering Berhad (16915-X) refers to the announcement
made on 23 October 2002, 23 January 2003, 07 February 2003 and
09 May 2003 in relation to the Proposed Corporate Restructuring
Exercise.

The Company wishes to announce that notice is hereby given that
by an Order of Court originally granted on 05 February 2003 and
subsequently extended by an Order on 08 May 2003, the Court has
directed a meeting of the scheme creditors of Geahin to be
convened pursuant to the provisions of Section 176 of the
Companies Act, 1965 (Act) for the purpose of considering if
thought fit to approve [with or without modification(s)] a
proposed restructuring scheme at Dewan Perak, Level 4 Menara
PGRM, 8 Jalan Pudu Ulu, 56100 Kuala Lumpur, Malaysia on Friday,
25th July 2003 at 10:00 a.m.


GENERAL LUMBER: Submits Creditors' Scheme Petition to Court
-----------------------------------------------------------
Further to the announcement dated 1 July 2003 in relation to the
Proposed Restructuring Scheme and Petition to the High Court of
Malaya (Court) for Sanction of the Proposed Share Exchange and
Proposed Creditors' Schemes.

PM Securities Sdn Bhd, on behalf of the Board of Directors of
General Lumber Fabricators & Builders Bhd wishes to announce
that the Company had on 1 July 2003, submitted its petition to
the Court under Section 176 of the Companies Act 1965, for the
Court's sanction on the Proposed Share Exchange and Proposed
Creditors' Schemes.


GLOBAL CARRIERS: Clarifies Container Ships Sale Report
------------------------------------------------------
Global Carriers Berhad, in reply to KLSE's Query Letter
reference ID: MZ-030701-36265 on article entitled, "Global
Carriers to sell four container ships", clarified that the
Company has been approached by a few parties who have shown
interests in acquiring its containerships.

In fact, these companies have shown interest in acquiring the
Group's 6 - not just the 4 - containerships. It is not uncommon
for ship-brokers, ship operators or ship management companies,
to approach the Group on such matters during the normal course
of business. However, at present, the Company is awaiting
further details of such offers.

Any decision to dispose will be discussed extensively at Board
level and will entail, among others, the consideration of the
offer price, the terms and conditions, the financial viability,
the strategic direction of the Group etc. The shareholders shall
be advised accordingly on the development.

KLSE's Query Letter content:

We refer to the above news article appearing in The Sun, page
12, on Tuesday, 1 July 2003, a copy of which is enclosed for
your reference. In particular, we would like to draw your
attention to the underlined sentence, which is reproduced as
follows:

"...Global Carriers Bhd is negotiating with another shipping
company to dispose of four of its six container ships..."

In accordance with the Exchange's Corporate Disclosure Policy,
you are requested to furnish the Exchange with an announcement
for public release confirming or denying the above reported
article and in particular the underlined sentence after due and
diligent enquiry with all the directors, major shareholders and
all such other persons reasonably familiar with the matters
about which the disclosure is to be made in this respect. In the
event you deny the above sentence or any other part of the above
reported article, you are required to set forth facts sufficient
to clarify any misleading aspects of the same. In the event you
confirm the above sentence or any other part of the above
reported article, you are required to set forth facts
sufficient to support the same.

Please furnish the Exchange with your reply within one (1)
market day from the date hereof.

Yours faithfully,
TAN YEW ENG
Senior Manager, Listing Operations
TYE/WSW/MZZ
c.c. Securities Commission (via fax)


KIARA EMAS: Obtains KLSE's Proposed Restricted Issue Approval
-------------------------------------------------------------
On behalf of Kiara Emas Asia Industries Berhad, AmMerchant Bank
Berhad (AmMerchant Bank) is pleased to announce that Kiara Emas
has obtained the approval of the Kuala Lumpur Stock Exchange
(KLSE) via the KLSE's letters dated 17 June 2003 and 30 June
2003 for the following matters:

   (a) The shortening of the Notice of Books Closure for the
Proposed Shareholders' Scheme to two (2) clear market days
instead of twelve (12) clear market days as required pursuant to
Chapter 6 of the KLSE Listing Requirements;

   (b) The shortening of the Notice of Books Closure for the
Proposed Restricted Issue to two (2) clear market days instead
of twelve (12) clear market days as required pursuant to Chapter
6 of the KLSE Listing Requirements;

   (c) The issuance of the provisional allotment letter (PAL) in
respect of the Proposed Restricted Issue to the entitled
shareholders of Major Team Holdings Sdn Bhd (MTHSB) (to be
converted to a public limited company and renamed Major Team
Holdings Berhad), not later than ten (10) market days after the
books closing date for the Proposed Restricted Issue instead of
five (5) market days as required pursuant to Chapter 6 of the
KLSE Listing Requirements;

   (d) The closing date for the receipt of applications for and
acceptance of new shares in respect of the Proposed Restricted
Issue, to be on the seventeenth (17th) market day after the
books closing date, instead of at least 22 market days as
required pursuant to Chapter 6 of the KLSE Listing Requirements;

   (e) The exemption from the trading of the PAL in respect of
the Proposed Restricted Issue on the KLSE; and

   (f) The re-quotation of the entire enlarged issued and paid-
up capital of MTHSB on the KLSE to be carried out after the
completion of all the Proposals instead of one (1) market day
after the books closing date as normally required by the KLSE.

The "Proposals" collectively refers to:

   i.    Proposed Shareholders' Scheme
   ii.   Proposed Creditors' Scheme
   iii.  Proposed Disposal
   iv.   Proposed Acquisition
   v.    Proposed Special Issue
   vi.   Proposed Restricted Issue
   vii.  Proposed Mandatory Offer
   viii. Proposed Transfer Of Listing Status.


LONG HUAT: Winding Up Petition Mention Date Moved to Aug 13
-----------------------------------------------------------
Long Huat Group Berhad refers to the earlier announcements dated
23 January 2003 and 2 April 2003 in relation to the Winding-up
Petitions against LHuat and Long Huat Marketing (M) Sdn Bhd
(Long Huat Mktg) by Public Bank Berhad (Public Bank).

The Company advised that its solicitor, Messrs Kadir, Andri
Aidham & Partners, had informed that the Mention date for the
aforesaid winding-up petition has been adjourned from 25 June
2003 to 13 August 2003.

Messrs Kadir, Andri Aidham & Partners had also informed the
Company that a winding-up order against Long Huat Mktg had been
obtained by Public Bank Berhad. The Company is in the process of
getting the relevant details on the winding-up order from the
aforesaid solicitor, and upon getting the same, full
announcement to the Exchange will be made.


MALAYSIAN PACIFIC: Receives DCMI Dissolution Notice
---------------------------------------------------
Further to Malaysian Pacific Industries Berhad's announcement
dated 10 March 2003 in connection with the Member's Voluntary
Liquidation of Dyna-Craft Marketing, Inc (DCMI), a corporation
incorporated in California and a wholly-owned subsidiary of the
Company, the Company now writes to inform that it had on 26 June
2003, received certification from the Secretary of State of
California that DCMI had been dissolved. Accordingly, DCMI had
ceased as a subsidiary of the Company.

Refer to the Troubled Company Reporter - Asia Pacific Wednesday,
March 12, 2003, Vol. 6, No. 50 issue for further details of
DCMI's Liquidation.


MBF HOLDINGS: Offshore Debt Restructuring Scheme Completed
----------------------------------------------------------
Further to the announcement dated 2 June 2003, Alliance Merchant
Bank Berhad (Alliance), on behalf of the Board of Directors of
MBf Holdings Berhad, wishes to announce that the new ordinary
shares of RM1.00 each in MBf-H and warrants issued on 20 May
2003 in relation the scheme of arrangement were listed and
quoted on the Kuala Lumpur Stock Exchange (KLSE) on 9 June 2003.
The redeemable convertible secured loan stocks in RM
denomination in respect of the local debt restructuring scheme
were issued to the local scheme creditors on 22 May 2003. The
employees' share option scheme was made effective on 18 June
2003 and will be implemented in due course.

MBf-H also completed the offshore debt restructuring scheme with
the execution of all relevant documents pertaining to the same
on 30 June 2003, including the trust deed, and the redeemable
convertible secured loan stocks in USD denomination will be
issued to the offshore scheme creditors accordingly.

The Board of Directors has also taken steps to reclassify the
status of MBf-H to that of a non-PN4 company.


NCK CORPORATION: Currently Implementing Restructuring Scheme
------------------------------------------------------------
Further to the announcements dated 1 November 2002 and 19
November 2002 as announced by Alliance Merchant Bank Berhad, NCK
Corporation Berhad (Special Administrators Appointed) announced
that following the approvals received from the Securities
Commission, the Foreign Investment Committee and the Ministry of
International Trade and Industry for its Restructuring Scheme,
the Restructuring Scheme is currently being implemented by the
Company.

Further to an application made by Alliance Merchant Bank Berhad
on 5 May 2003, the Securities Commission had on 22 May 2003
approved an extension of six (6) month to 15 November 2003, for
the Company to implement the Proposed Restructuring Scheme.

Any further developments to the Restructuring Scheme will be
announced in due course.


NCK CORPORATION: June Defaulted Credit Facilities Hits RM438.67M
----------------------------------------------------------------
In compliance with Practice Note 1/2001, NCK Corporation Berhad
(Special Administrators Appointed) wishes to announce the
following with regards to the status of credit facilities on
which the NCK Group has defaulted in payment since the Company's
previous announcement dated 2 June 2003.

Total borrowings on which the NCK Group has defaulted in payment
stood at RM438,675,165 as at 30 June 2003 compared to
RM570,647,352 as at 31 May 2003. The reduction of RM131,972,187
is due to the following:

      RM
Borrowings as at 31 May 2003      570,647,352
Distribution to lenders during Special
Administration period (see * below)    (62,223,910)
Interest waiver by lenders (see ** below)   (70,964,140)
Interest accrued for the month of June 2003   1,215,863
Borrowings as at 30 June 2003               438,675,165

The distribution to lenders, made by the Special Administrators
on 30 June 2003, has been made in accordance with the Workout
Proposals of the respective companies dated 25 July 2002.
Pengurusan Danaharta Nasional Berhad has approved these Workout
Proposals on 13 August 2002 pursuant to Section 45(2) of the
Pengurusan Danaharta Nasional Berhad Act 1998.

Go to http://bankrupt.com/misc/TCRAP_NCK0707.pdfto see  
distribution made by the subsidiary companies.


OCEAN CAPITAL: Obtains Two-Month Proposed Workout Extension
-----------------------------------------------------------
Ocean Capital Berhad informed that, since its First Announcement
made on 22 April 2003, the Amended First Announcement made on 28
April 2003 and the announcements made by Hwang-DBS Securities
Berhad on behalf of the Company on 22 April 2003 and 29 April
2003 in relation to the proposed corporate restructuring
exercise of the Company, there has been no change in the status
of the plan, save as disclosed below.

On 9 June 2003, Hwang-DBS Securities Berhad on behalf of the
Company, has announced that an application has been made on even
date to seek the Exchange's approval for an extension of time
for a further period of two (2) months to 21 August 2003 for the
Company to make the necessary applications to the relevant
authorities for the proposed corporate restructuring exercise.


PAN MALAYSIAN: Rights Allotment Dates Remains Unchanged
-------------------------------------------------------
Pan Malaysian Industries Berhad refers to the announcement of
the Company dated 1 July 2003 and the Listing Circular dated 1
July 2003 issued by the Kuala Lumpur Stock Exchange pertaining
to the Notice of Rights Entitlement.

PMI wishes to inform that the share registrar of PMI and
Malaysian Central Depository Sdn Bhd (MCD) have resolved the
technical problem referred to in the announcement dated 1 July
2003. Accordingly, the provisional allotment of rights shall be
duly credited into the Central Depository System (CDS) accounts
of the respective entitled shareholders and the entitled
shareholders of PMI would be able to trade and/or deal with the
said provisional allotment of rights commencing 3 July 2003.

Please be informed that the last dates and time for the sale and
transfer of the provisional allotment of rights shall remain
unchanged 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 shall also remain unchanged on 28 July 2003 at 5:00
p.m.


PARIT PERAK: Issues Financial Regularization Status Update
----------------------------------------------------------
On 23 February 2001, Parit Perak Holdings Berhad (Special
Administrators Appointed) announced that it is considered an
"affected listed issuer" pursuant to PN4 issued by the KLSE.

On 22 October 2002, Alliance Merchant Bank Berhad announced on
behalf of PPHB that the Company on 21 October 2002, entered into
a Restructuring Agreement (RA) with Liqua Health (M) Sdn Bhd,
Align Matrix Sdn Bhd, Chan Wan Cheong, Teh She Ling, Lim Paik
Gaik, Lee Chai Hua, Mohd Fadzil bin Mohd Ali, Muhammad bin Md
Ali and Rafizah bte Abu Hassan, (collectively referred to as the
"Vendors") for the implementation of a proposal to regularize
its financial position.

On 18 November 2002, Alliance, on behalf of PPHB, announced that
the Company had formulated a plan to regularize its financial
condition by implementing certain proposals (Proposals) which
include, among others, the proposed acquisition of 100% equity
interest in Liqua Health Marketing (M) Sdn Bhd (Liqua) by Liqua
Health Corporation Sdn Bhd (formerly known as Joycity Holdings
Sdn Bhd) (LHC), the company proposed to take over PPHB's listing
status.

On 19 November 2002, Alliance further announced that the
relevant applications have been made to the Securities
Commission (SC) and Foreign Investment Committee (FIC) for their
approval of the Proposals. It was respectively announced on 12
March 2003 and 6 January 2003 that the SC had given its approval
for the Proposals, with conditions attached, and that the FIC
had no objections to the Proposals. On 15 April 2003, Alliance
also announced that Pengurusan Danaharta Nasional Berhad had on
14 April 2003 approved the workout proposal for PPHB, which
encompasses the Proposals.

It was further announced on 16 April 2003 that the SC, via its
letter dated 14 April 2003, had stated that it had no objection
for a proposal by the promoters of the Proposals (Promoters) to
place out an additional 20,000,000 ordinary shares of RM0.50
each in LHC (LHC Shares) to eligible distributors, directors and
employees of Liqua and up to 20,000,000 LHC Shares by way of
private placement to investors to be identified, both at the
indicative placement price of RM0.75 per share.

Other than the above, both PPHB and the Promoters are working
towards meeting the conditions set by the SC in its approval
letter.


ROAD BUILDER: Dormant Units Undertake Voluntary Winding-Up
----------------------------------------------------------
Further to the announcement on 27 June 2003 on the Proposed
Members' Voluntary Winding-Up of Dormant Subsidiaries, Road
Builder (M) Holdings Bhd (RBH) wishes to inform that ST Property
Services Sdn Bhd (STPS) and Seremban Two Marketing Sdn Bhd (STM)
had received their respective shareholders' approval to
undertake a Members' Voluntary Winding-up (MVW) and the
appointment of Mr Chuah Seong Phaik of Paul Chuah & Co at No 17,
Jalan Ipoh Kecil, 50350 Kuala Lumpur as Liquidator for the
purposes of winding up STPS and STM.

The special resolution for the MVW and appointment of Liquidator
was passed at the respective Extraordinary General Meeting of
STPS and STM held on 1 July 2003.


SPORTMA CORPORATION: Proposals Completion Expected by Month End
---------------------------------------------------------------
Reference is made to paragraph 4.1(b) of the Practice Note
4/2001 of the Kuala Lumpur Stock Exchange (the Exchange)'s
Listing Requirements whereby Sportma Corporation Berhad (Special
Administrators Appointed), an affected listed issuer is required
to announce the status of its plan to regularize its financial
condition on a monthly basis until further notice from the
Exchange.

The Proposed Corporate and Debt Restructuring Scheme of the
Company (Proposal) has been approved by all relevant regulatory
authorities, for implementation. The Company is currently in the
advanced stage of implementing the Proposal.

The Share Swap involving the exchange of ten (10) shares in
Sportma for one (1) new share in Harn Len Corporation Berhad
(Harn Len), which forms part of the Proposal has been completed
on 30 May 2003.

In conjunction with the Proposal, Affin Merchant Bank Berhad, on
behalf of the Company had on 13 June 2003 announced that Harn
Len will make a Right Issue of up to 30,000,000 new ordinary
shares of RM1.00 each in Harn Len, at an issue price of RM1.30
per share on a renounceable basis of twelve (12) Rights Shares
for every one (1) Harn Len share held by the Entitled
Shareholders of Harn Len pursuant to the Share Swap together
with up to 30,000,000 free detachable Warrants on the basis of
one (1) Warrant for every one (1) Rights Share subscribed. The
last date for acceptance of the Right Issue will be on 15 July
2003.

The Proposal's completion is expected by 31 July 2003 in
accordance with the extension of time approved by the SC via its
letter dated 8 May 2003.


TALAM CORPORATION: Court OKs Proposed Capital Reductions
--------------------------------------------------------
On behalf of Talam Corporation Berhad, Commerce International
Merchant Bankers Berhad, in relation to the Proposed
Rationalization of the Businesses of Europlus Berhad (Europlus)
and Talam including the Merger of their property related
businesses (Proposals), is pleased to announce that the High
Court of Malaya has, on 1 July 2003:

   (i) sanctioned the members' schemes of arrangement of
Europlus, Talam and Kumpulan Europlus Berhad under Section 176
of the Companies Act, 1965 for the implementation of the
Proposals; and

   (ii) approved the proposed capital reductions by Europlus,
Talam and Kumpulan Europlus Berhad pursuant to the Proposals.

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


MANILA ELECTRIC: Meralco, Creditors Fail to Reach Deal
------------------------------------------------------
Manila Electric Co. (Meralco) and its creditors failed to reach
an agreement on the terms of the power utility firm's proposal
to extend its short-term loans, BusinessWorld reports, citing
Meralco President Jesus Francisco.

Meralco rejected the terms proposed by its creditors on a
payment plan, as they didn't meet the expectations of the
Company. The terms proposed by Meralco creditors were presented
to the Company by the lead arrangers Citigroup and BPI Capital
Corporation.

Meralco has 5.5 billion pesos in short-term debts due on July
25. It is working to extend the deadline on the debt, which it
owes to Citigroup, Bank of the Philippine Islands, Equitable PCI
Bank Inc., and Banco de Oro Universal Bank.


NATIONAL POWER: Government Eyes US$500M Bond Issue in 3Q03
----------------------------------------------------------
The Power Sector Assets and Liabilities Management Corporation
(PSALM), the agency overseeing the privatization of National
Power Corporation (Napocor), hopes to sell US$500 million worth
of bonds in the third quarter on Napocor's behalf after the
power firm pulled a planned issue last month, ABS-CBN reported
Thursday. Debt-laden Napocor withdrew a US$500-million bond
offer on June 27 after investors demanded a high premium for the
paper.


NATIONAL STEEL: Rehab on Track Despite Snags, says DTI Chief
------------------------------------------------------------
The rehabilitation of National Steel Corporation (NSC) is on
track despite some problems with creditor banks, Business World
reported Thursday, quoting Trade and Industry Secretary Manuel
A. Roxas II.

The United Overseas Bank of the Philippines (UOBP), for one,
earlier announced it is not keen on joining the special purpose
vehicle created to manage the assets of the steel firm. UOBP
instead proposed to sell its assets in the firm amounting to
some 54 million pesos. Similarly, Credit Agricole Indosuez,
another creditor bank, expressed reservations on joining the
rehabilitation program for National Steel.

The firm's creditor banks include the Philippine National Bank,
Land Bank of the Philippines, China Banking Corp., Rizal
Commercial Banking Corp., Metropolitan Bank and Trust Co.,
Equitable PCI Bank, United Coconut Planters Bank and Malaysia's
Pengurusan Danaharta Nacional Berhad.

The steel firm closed its plants in Iligan City in Mindanao in
November 1999 following its failure to repay debts of about 18
billion pesos. The shutdown displaced 4,000 workers.


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


C.K. TANG: AGM Set For July 31
------------------------------
The Annual General Meeting (AGM) of C.K. Tang Limited will be
held at Belimbing Room, Level 2, Marriott Hotel, 320 Orchard
Road, Singapore 238865 on Thursday, 31 July 2003, at 10.00 a.m.
for the following purposes:

AS ORDINARY BUSINESS

1) To receive and adopt the Directors' Report and the Audited
Accounts for the financial year ended 31 March 2003, together
with the Auditors' Report thereon. (Resolution 1)

2) To re-elect Mr Quek Peck Lim, a Director retiring pursuant to
Article 86 of the Company's Articles of Association. (Resolution
2)

3) To re-elect Mr John Lim Kok Min, a Director retiring pursuant
to Article 92 of the Company's Articles of Association.
(Resolution 3)

4) To consider and, if thought fit, to pass a resolution
pursuant to Section 153(6) of the Companies Act, Cap. 50 to re-
appoint Mr Cecil Vivian Richard Wong as a Director of the
Company to hold office until the next Annual General Meeting of
the Company. (Resolution 4)

5) To approve the payment of S$72,188 (net of the contributions
to a Hardship Fund referred to in Resolution 7 below) as
Directors' Fees for the financial year ended 31 March 2003.
(Resolution 5)

6) To re-appoint Messrs Ernst & Young, as Auditors and to
authorize the Directors to fix their remuneration. (Resolution
6)

AS SPECIAL BUSINESS

7) To approve the setting up of a Hardship Fund by the Directors
for needy employees of the Singapore operations and to note the
contributions by the Directors to the fund of S$30,937
(originally intended to be declared as Directors' Fees).
(Resolution 7)

8) To consider and, if thought fit, to pass the following
resolution as an Ordinary Resolution, with or without
modifications:

"THAT the Directors of the Company be and are hereby authorized,
pursuant to Section 161 of the Companies Act, Cap. 50, to offer
and grant options in accordance with the provisions of the C.K.
Tang Share Option Scheme 2002 (the "Scheme and to allot and
issue from time to time such number of shares in the capital of
the Company as may be required to be issued pursuant to the
exercise of the options under the Scheme provided always that
the aggregate number of shares to be issued pursuant to the
Scheme shall not exceed 15 per cent of the total issued ordinary
share capital of the Company from time to time." (Resolution 8)

9) To transact any other business which may be properly
transacted at an Annual General Meeting.

Explanatory Notes on Business to be transacted:

1. Mr Quek Peck Lim, Mr John Lim Kok Min and Mr Cecil Vivian
Richard Wong, when re-elected, will remain as Members of the
Audit Committee. Mr Quek Peck Lim, Mr John Lim Kok Min and Mr
Cecil Vivian Richard Wong will be considered as Independent
Directors.

2. The Ordinary Resolution proposed in item 7) above, if passed,
will enable the Directors to transfer S$30,937 (being part of
the Directors' Fees for the financial year ended 31 March 2003)
to a Hardship Fund to be set up by the Directors for needy
employees of the Singapore operations.

3. The Ordinary Resolution proposed in item 8) above is to
authorize the Directors to offer and grant options and to issue
shares in the capital of the Company in accordance with the
provisions of the C. K. Tang Share Option Scheme 2002 provided
that the aggregate number of shares issued does not exceed 15
per cent of the issued ordinary share capital of the Company
from time to time.

Notes:

1. A member of the Company entitled to attend and vote at the
Annual General Meeting is entitled to appoint not more than two
proxies to attend and vote on his/her behalf. A proxy need not
be a member of the Company.

2. A member of the Company, which is a corporation is entitled
to appoint its authorized representatives or proxies to vote on
its behalf.

3. The instrument appointing the proxy must be deposited at the
registered office of the Company at 310 Orchard Road, Singapore
238864 not less than 48 hours before the time appointed for
holding the Annual General Meeting or any adjournment thereof.


HONG LEONG: Voluntarily Liquidates Unit
---------------------------------------
Helpful Realty Sendirian Berhad, incorporated in Malaysia and a
wholly owned subsidiary of Hong Leong Finance Limited, has been
voluntarily liquidated under the Malaysian Companies Act, 1965.


SEATOWN CORPORATION: Reviews Group Performance
----------------------------------------------
The principal activities of Seatown Corporation Ltd. are as
follows:

(a) Piling and foundation engineering

(b) Building, civil engineering and railway contractors.

(c) Manufacturing of ready-mix and precast concrete.

(d) Property development.

The principal activities are carried out through the
subsidiaries of the Company to which the Company also provides
management and administrative services.

Turnover of the Group declined from S$51,178,000 to S$15,675,000
for the period ended 31 March 2003. The decrease in Group
turnover was mainly due to the competitive and difficult
economic conditions in the construction industry. During the
financial period, the number of projects under construction by
the Group deceased significantly as compared to the previous
period. The Company was completing its last building project
during the period. The property development activity has also
slowed down significantly due to lack of funds.

The group's operating loss (after tax before minority interest)
has decreased from a loss of S$22,379,000 for the six months
ended 31 March 2002 to a loss of S$2,274,000 in the current
period. The loss in the current period was mainly attributed by
the losses in the ready-mix activity of S$1,328,000 and property
development activity of S$236,000.

At Company level, the loss after tax has decreased significantly
from a loss of S$48,643,000 in the previous period to a loss of
S$3,002,000 in the current period. The loss was mainly
attributed by the provision for impairment in value of
investment in subsidiary, Fermold Pte Ltd of S$2,760,000.

The financial statements have been prepared assuming that the
Company and its subsidiaries will continue as going concerns.
The validity of the going concern assumption on which these
financial statements are prepared depends on the successful
conclusions of matters as follows:

The Company and the Group are currently in negotiation with
certain lenders to reschedule the bank facilities as a result of
defaults in payments and breaches of loan covenants by certain
subsidiaries within the Group.

The successful implementation of the conditional Investment
Agreement with Hui Yuan Investment Limited which will result in
the restructuring of existing debts of the Seatown Group and the
injection of its business which will broaden the asset base of
the group.

Successful turnaround of the Company and its subsidiaries under
Judicial Management upon the implementation of the conditional
Investment Agreement with Hui Yuan Investment Limited and the
successful restructuring of debts of the Seatown group.

In arriving at the financial results for the current period, the
Company wishes to highlight the following:

Claims by sub-contractors of Seatown Construction Pte Ltd and
Seatown Foundation Engineering Pte Ltd for work performed differ
substantially from the amount provided by these companies. These
amounts will have a financial impact on the financial results,
creditors and work-in-progress and cost of constructions should
the amount agreed subsequently is substantially more than the
amount provided by these companies. As agreement in final amount
cannot be reached currently between these companies and its sub-
contractors, the actual amount of claims by these sub-
contractors cannot be presently determined. The amount in
dispute amounted to approximately S$21 million.

Due to disagreement with sub-contractors, as well as premature
termination of certain projects, certain projects' revenues and
costs cannot be reasonably ascertained at the date of this
announcement.

Certain subsidiaries within the Group have defaulted in
payments, breached certain financial covenants of existing loan
agreements that require maintenance of financial ratios. Actions
by lenders may necessitate further provision, which cannot
presently be determined.

Seatown Construction Pte Ltd is under Judicial Management. In
the event that this subsidiary is unable to complete its last
building project, additional costs and liquidated damages may
have to be provided for which presently cannot be determined.
8b A statement by the Directors of the Company on whether "any
item or event of a material or unusual nature which would have
affected materially the results of operations of the Group and
Company has occurred between the Date to which the report refers
and the date on which the report is issued". If none, to include
a negative statement.

(i)

Seatown Foundation Engineering Pte Ltd SFEPL

Our piling subsidiary, SFEPL was placed under Judicial
Management on 9 May 2003 and has scaled down its operation.

(ii)

Tri-Mix Pte Ltd TMPL

This ready-mix manufacturing subsidiary was placed under
Judicial Management on 21 May 2003.

Fermold Pte Ltd FPL

This precast concrete manufacturing subsidiary has on 13 June
2003 obtained an Order of Court staying certain proceedings
against it under section 210(10) of the Companies Act, Cap. 50
of the Singapore Statutes, save for DC Suit No. 1145/2003C
relating to an amount in dispute of S$125,595.

Other than the above, there was no item, transaction or event of
a material and unusual nature, which arose between 31 March
2003, and the date of announcement of the half-year results,
which would substantially affect the results of the Group and
the Company.

COMMENTARY ON CURRENT YEAR PROSPECTS

(iii) The construction industry is expected to continue to
operate in a difficult environment. We will continue to
restructure the Group's operations in the current financial
period.

The Company and Seatown Construction Pte Ltd have signed a
conditional Sale and Purchase Agreement to sell SFEPL to Mr Soh
Kian Shang Soh, a Director of SFEPL and the Company.

SFEPL has the following subsidiaries and associate companies:

Seatown Development (Tuas) Pte Ltd Tuas(76 percent)

Seatown-TSO JV Pte Ltd TSO (50 percent)

Cheng Engineering & Equipment Pte Ltd (51 percent)(Dormant)

Seatown-Pyramid Sdn Bhd (100 percent)(Dormant)

The parties are in the process of completing the agreement,
which is subjected to SFEPL's creditors, the SGX and other
relevant authorities approvals.

Seatown Corporation Ltd The Company

The Company signed a conditional Investment Agreement with Hui
Yuan Investment Limited on 13 December 2002. On 4 February 2003,
the Company was placed under Judicial Management for the
implementation of the conditional Investment Agreement and the
restructuring of the debts of the Company.

The future of the Group will depend on the successful
implementation of the conditional Investment Agreement, which
will result in injection of assets and business of the investor
into the Group.


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


ITALIAN-THAI DEVELOPMENT: Signs Construction Contract   
-----------------------------------------------------
Italian-Thai Development Public Company Limited is pleased to  
inform that on July 1, 2003, the Company signed a contract with
the Foundation for Educational Development of the Sisters of St.
Paul de Chartres of Thailand to proceed of Academic Building of
St. Joseph Convent School, 7 Convent road, Bangrak  district,
Bangkok.

The details of the contract are as follows:

Description of works: 6 stories building with construction area  
            of 7,500 square meters including electrical &
            plumbing works, architectural & structural works and         
            piling  works

Contract  value     : Bt75.53 million (Including VAT)

The period of work  : 300 days
   

KIATNAKIN FINANCE: TRIS Assigns "BBB+" Issue Rating
---------------------------------------------------
TRIS Rating Co., Ltd. has cancelled the rating of Kiatnakin
Finance PLC's (KK) Bt1,000 million senior debentures (KK#7) due
to the exercise of its call option. Also, TRIS Rating affirms
the company and issue ratings (069A, 079A and 073A) of KK at
"BBB+". At the same time, TRIS Rating assigns a rating "BBB+" to
KK (1/2003)'s proposed up to Bt3,000 million senior debentures.
The rating reflects KK's ability to deliver steady income from
the refinancing of distressed loans that came from investments
in loans auctioned by the Financial Sector Restructuring
Authority (FRA). The rating also reflects the experience the
company gained managing these distressed loans, which enhances
KK's capacity and skill in dealing with residential project
loans. However, the ratings also take into account the continued
intense competition in the used car hire purchase industry that
continues to lower yields realized on used cars in the hire
purchase industry.

TRIS Rating reported that in 1999, KK recorded some purchased
loans in its investment in financial claims account and the rest
in its loan account. In 2000, KK reclassified all purchased
loans as investments in financial claims account, which is a new
standard accounting practice. In addition, KK separates
investment in financial claims operations into two parts. The
first part includes operations under KK's investment funds,
while the second is direct operations through KK. The financial
claims operated by KK's fund, which are posted as gains or
losses based on the difference between the fair value and the
purchased costs, are posted to its income statement. The
financial claims KK operates directly are treated as available-
for-sale investments and unrealized gains or losses are posted
to shareholders' equity. In 2003,. The financial claims, which
have already been restructured, are reclassed to loans account
as suggested by the Bank of Thailand. These loans were
transferred at fair price and the difference between fair price
and book value were posted to KK's income statements since the
first quarter of 2003. To maintain the integrity of data, KK has
put up a special loan reserve so that comparison of income with
the past periods can be performed on the same basis.

KK's performance has demonstrated progress in the restructuring
of financial claims. The overall value of financial claims was
fair value, using the discounted cash flow method. Based on the
loan fair value, the portion of restructured loans (including
completely paid off and foreclosed assets) in KK's special
assets account increased from 16% of total special assets in
2000 to 57 % in 2001, to 69 % in 2002 and to 71% at the end of
the first quarter of 2003. During 1999-2000, KK received
exceptional returns both from interest and dividend income from
settlement of restructured financial claims, which are made
either in installments or in full. In 2001, KK also
earned impressive revenues from its used car hire purchase
business, which generated high margins for the company. In 2002,
KK continued to receive stable interest income from distressed
refinancing loans. KK's net income increased from Bt1,389
million in 2001 to Bt1,406 million in 2002. The adjusted net
income (including unrealized gains or losses from special asset
revaluation reported in shareholder's equity) would be Bt1,338
million in 2000, Bt2,031 million in 2001 and Bt1,662 million in
2002.

TRIS Rating said the foreclosed property remains nearly
unchanged at around 12% of KK's total assets. However, during
2002, the company managed to sale around Bt1,521 million of its
foreclosed property, which was higher than Bt458 million of
those sold in 2001. In addition, the selling price of foreclosed
in 2002 was approximately Bt200 million higher than its
appraised value. Furthermore, KK maintains a high capital
adequacy ratio to absorb unexpected risk, especially for its
special assets and distressed loan refinancing business. As of
December 2002, KK's capital adequacy ratio was 30.3%, up from
26.8% in 2001 and 24.5% in 2000.


TANAYONG PUBLIC: SET Suspends Securities Trading
------------------------------------------------
Tanayong Public Company Limited (TYONG) has publicly submitted
To the SET its audited financial statements for the period
ending March 31,2003.  Since its auditor issued a disclaimer of
opinion on the mentioned financial statements, it can be
considered that the company's financial performance did not
reflect its actual performance.  Moreover, the Securities and
Exchange Commission (SEC) might instruct the company to amend
the financial statements.

As such, the "SP" sign for suspended trading from July 3, 2003
will be posted against TYONG to enable shareholders and general
investors to have sufficient time as to scrutinize the auditor's
opinion relating to the results in financial statements,
including the company's clarification.


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
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USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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Copyright 2003.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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