---

       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

            Tuesday, July 15 2003, Vol. 6, No. 138

                         Headlines

A U S T R A L I A

AMP LIMITED: Announces Share Purchase Plan Pricing
AMP SHOPPING: Takeover Offer Period Closed Friday
AUSTAR UNITED: Launches Rights Issue
GINDALBIE GOLD: Discloses Quarterly Operations Report
POWERTEL LIMITED: Takeovers Panel Receives 2nd Application

TOWER LIMITED: Sells Trust Company to Sterling Grace
UNITED ENERGY: Discloses Scheme Implementation Timetable
UNITED ENERGY: Moody's Cuts LT Debt Rating To Baa1 From A3
UNITED ENERGY: Seeks Scheme of Arrangement Court Approval

* ASIC Releases Promissory Notes Regulation


C H I N A   &   H O N G  K O N G

CHINA ONLINE: Share Consolidation Effective Tuesday
EMPEROR INTERNATIONAL: Clarifies Unit's Market Practice Report
HUA WEI: Winding Up Petition Slated for Hearing
JILIN CHEMICAL: Sees No Reason for Trading Volume Increase
ORIENTAL UNION: Hires Agent for Odd Lots Arrangement Service

SHUN HING: Winding Up Sought by Hot Wing
SUN'S GROUP: Clarifies Press Article Re Shareholding Interest
SUWAN CLOTHING: Winding Up Hearing Scheduled in August
WINFAIR INVESTMENT: 2003 Net Loss Swells to HK$12.550M


I N D O N E S I A

TRI POLYTA: Bondholders Supports Bankruptcy Lawsuit Filed by OCM


J A P A N

FUSO SOKO: General Warehouse Firm Enters Rehab
KYUSHU INDUSTRIAL: Bus Company Seeks Rehabilitation
MARUEI DEPARTMENT: R&I Downgrades Rating to B+
STANDARD HOLDINGS: Applies For Voluntary Bankruptcy
YAMAICHI TOCHI: Enters Liquidation Proceedings

YAMAKYU SEITOSHO: Ceramic Wall Manufacturer Enters Bankruptcy


K O R E A

DAEWOO MOTOR: Former Employees Return to Work Next Week
HYNIX SEMICONDUCTOR: Soaring Stock Fails to Persuade Investors
SK GLOBAL: Card Provisions To Hurt 2Q03 Results    
SK GLOBAL: Faces Market De-listing
SK GLOBAL: Local Creditors Meeting Set July 14


M A L A Y S I A

HIAP AIK: Provides Court Summons Update
HOTLINE FURNITURE: SC Grants Waiver Applications Approval
KIARA EMAS: SC Approves Proposed Acquisition Applications
MTD CAPITAL: Proposes Articles of Association Amendment
NALURI BERHAD: Information Circular Finalization Underway

PLANTATION & DEVELOPMENT: SC Approves Proposed Exemption
RENONG BERHAD: 150M Shares Disposal Settlement Date Set Today
RNC CORPORATION: SA Receives Modified Workout Proposal
SETEGAP BERHAD: Disposes Entire Investment in Hikmat Asia
SISTEM TELEVISYEN: Proposed Disposal Waiver Application Granted

TALAM CORPORATION: Dissolves Subsidiaries
TIMBERMASTER INDUS.: SC OKs Units Proposed Debt Restructuring
TONGKAH HOLDINGS: Disposes of Quoted Securities
TONGKAH HOLDINGS: SC Grants Moratorium Application Approval
YCS CORP.: Clarifies Audited, Unaudited F/S Results Variance

P H I L I P P I N E S

MANILA ELECTRIC: BIR Studies Refund Claim
MANILA ELECTRIC: Finalizes P20B Settlement With Napocor
MANILA ELECTRIC: May Sign Debt Restructuring Deal With Creditors
NATIONAL POWER: Government to Sell Generation Assets
PHILIPPINE LONG: Clarifies 1H03 PhP6B Net Forecast

PHILIPPINE LONG: Pays US$235M Debt Maturing This Year


S I N G A P O R E

THAKRAL CORPORATION: Liquidates Dormant Units
THAKRAL CORPORATION: Narrows Debt to S$65.91M This Year
THAKRAL CORPORATION: Posts Notice of Shareholder Changes


T H A I L A N D

GRAND PIYAROM: Reorganization Petition Filed at Bankruptcy Court

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Announces Share Purchase Plan Pricing
--------------------------------------------------
AMP Limited announced Monday that shareholders who participated
in its recent Share Purchase Plan (SPP) would pay A$4.82 per
share, following the close of the pricing period.

This price represents a 5 per cent discount to the volume
weighted average price over the 15 trading days from 23 June
2003 to 11 July 2003.  The share price at the open of the
pricing period on 23 June 2003 was A$5.15 and closed the period
on 11 July 2003 at A$5.17. During the pricing period, the shares
hit an intra-day high of A$5.30 (8 July 2003) and an intra-day
low of A$4.90 (2 July 2003).

Shares will be allotted on 18 July 2003 and commence trading on
the same day.

Statements detailing the allocation of shares will be sent to
participating shareholders by 7 August 2003.

AMP Chief Executive Officer Andrew Mohl said the allocation of
SPP shares was the final step in the capital raising announced
on 1 May 2003, which has raised A$1.72 billion.

Go to http://bankrupt.com/misc/TCRAP_AMP0715.pdfto see Appendix  
3B - Share Purchase Plan.


AMP SHOPPING: Takeover Offer Period Closed Friday
-------------------------------------------------
The offer period for the takeover bid by Westfield Trust and
Parliv Pty Limited a wholly owned subsidiary of Westfield
Management Limited, the responsible entity of Westfield Trust
(Bidder), for all of the issued units in AMP Shopping Centre
Trust (ART) which was announced on 20 May 2003 ended at 7:00 pm
on 11 July 2003.

In accordance with ASX Listing Rule 3.3, AMP Limited advise
that:

   1. at the date of this announcement, Bidder has a relevant
interest in 98.72% of the ordinary units in ART; and

   2. Bidder is currently proceeding with compulsory acquisition
of the remaining ordinary units in ART.


AUSTAR UNITED: Launches Rights Issue
------------------------------------
Austar United Communications (AUSTAR) confirmed Monday that it
will conduct a pro rata renounceable rights issue.

Eligible shareholders will be offered new fully-paid ordinary
shares in AUSTAR at an issue price of 16 cents a new share, on
the basis of 1 new share for every 1.52 existing ordinary shares
held as at 5:00pm on 24 July 2003.

The rights issue will raise approximately $75.0 million,
representing an increase of $7.0 million from previous
announcements. The proceeds will fund AUSTAR's repayment of bank
debt, reimbursement of accrued expenses owing to AUSTAR's parent
company United Austar, Inc. and AUSTAR's working capital and
capital expenditure requirements. The increased amount will
provide further headroom to allow for likely escalation of
AUSTAR's subscription television activities over the coming
months in light of opportunities created by AUSTAR's transition
to new satellite arrangements and the likely commencement of
Telstra as a channel to market for the AUSTAR service.

A total of approximately 469,810,531 new shares will be issued,
increasing AUSTAR's total number of ordinary shares on issue to
approximately 1,183,922,538, all subject to rounding.

A prospectus, expected to be lodged by no later than Tuesday
the Australian Securities & Investments Commission (ASIC) and
the Australian Stock Exchange (ASX) and made available on
AUSTAR's website, will be sent to shareholders by 29 July 2003.
Shareholders who wish to exercise their rights will need to
complete the Entitlement and Acceptance Form accompanying the
prospectus. The closing date for acceptances is 5.00pm 20 August
2003.

An AUSTAR Shareholder Information Line will be available from 17
July 2003 on 1800 65 65 68 if calling within Australia or +61 2
9207 3621 for international callers.

In the interests of streamlining the operations of the AUSTAR
board the directors decided to reduce the size of the board to
nine. Accordingly, Mr Leonard Harlan of Castle Harlan Inc. and
Mr Mark Schneider of UnitedGlobalCom Inc. have both offered and
agreed to resign as directors.


GINDALBIE GOLD: Discloses Quarterly Operations Report
-----------------------------------------------------
Gindalbie Gold NL disclosed an overview of its operations and
exploration for the first quarter of the year.

MINJAR OPERATIONS

* The Minjar gold mining operations benefited from lower costs
and efficiencies introduced earlier in the year resulting in
an operating surplus for the June Quarter.

* New mine scheduling and reserve estimations , prepared on the
basis of 10 metre by 10 metre spaced drilling during the
June Quarter have significantly improved the confidence in the
remaining 9 months of mine life. Gold reserves at Minjar
as at 30 June 2003 were 34,700 ounces .

* Annual gold production for the Minjar Project in the 2002/2003
financial year was 46,984 ounces at a total cash cost of
A$435 per ounce.

* Gold production for the June 2003 Quarter was 9,945 ounces at
a total cash cost of A$435 per ounce.

MINJAR EXPLORATION

* At Minjar the Company controls over 2,000 km2 of prospective
ground surrounding the Minjar treatment plant and it is
conducting a dual program of exploration active ties aimed at
firstly adding incremental new gold reserves and secondly,
discovering a significant new gold deposit.

* A 7,000 metre exploration drilling program is currently
underway at Minjar to test a number of advanced and greenfields
targets.

* First pass reconnaissance aircore drilling has defined a
potentially significant new bedrock gold anomaly on the Phoenix
Prospect only 10 kilometers from the Minjar treatment plant. The
2 x 4 kilometer anomalous area is covered by
transported soils.

ANKETELL EXPLORATION

* A deep diamond drilling program is underway on the Magnum
Prospect at Anketell (100km north of Newcrest's Telfer
gold mine) to test for Telfer style gold liberalization. Joint
venture partner is undertaking the exploration work,
Teck Cominco Ltd, a major north American mining company. Teck
Cominco is required to spend $3.5 million over 4
years before they earn a 50% interest in the Project, Gindalbie
being free carried during this earn in phase.

CORPORATE

* A share placement in June 2003 raised $1.27 million for
working capital purposes.

* Hedged ounces were reduced by 12,709 ounces to 22,562 ounces
during the Quarter.

To see full copy of the quarterly report, go to
http://bankrupt.com/misc/TCRAP_Gindalbie0715.pdf.

According to Wrights Investors' Service, at the end of 2002,
Gindalbie Gold NL had negative working capital, as current
liabilities were A$8.58 million while total current assets were
only A$6.74 million. The company has paid no dividends during
the last 12 months.


POWERTEL LIMITED: Takeovers Panel Receives 2nd Application
-----------------------------------------------------------
The Takeovers Panel received an application from the Roslyndale
Syndicate (Roslyndale) seeking a declaration of unacceptable
circumstances in relation to the affairs of PowerTel Limited
(PowerTel). The application relates to the takeover bid
announced by TVG Consolidation Holdings SPRL (TVG) for all of
PowerTel's shares.

TVG announced its takeover bid on 10 June 2003. TVG's bid was a
rival proposal to a proposal by Roslyndale, which was not
approved on 2 July 2003 by PowerTel shareholders under Item 7 of
section 611 of the Corporations Act.

Roslyndale asserts that the form of TVG's takeover bid means
that it should not be allowed to proceed without approval of
non-associated PowerTel shareholders. It suggests that the offer
will only be attractive to WilTel Communications Group (WilTel),
PowerTel's largest shareholder. On that basis, Roslyndale
suggests that the offer should be subject to a resolution of
non-associated shareholders, or subject to a non-waiveable 50.1%
minimum acceptance condition.

Roslyndale has also suggested that TVG has been provided with
information, including some forecast information, concerning
PowerTel, which it has not included in its bidder's statement
but which should be included.

The President of the Panel has appointed Alison Lansley, Chris
Photakis and Carol Buys as the Sitting Panel to consider the
application.

The Panel has not yet sought the views of the parties affected
by the application and so has not yet formed any views in
relation to it.

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


TOWER LIMITED: Sells Trust Company to Sterling Grace
----------------------------------------------------
TOWER Limited announced Monday that US-based private investment
company Sterling Grace Corporation will purchase TOWER Trust New
Zealand on 31 July 2003, subject to satisfaction of remaining
conditions.

TOWER Trust in New Zealand provides both personal and corporate
trustee services. In the personal business it administers wills,
estates and trusts and has a range of estate and investment
planning products and services. It is New Zealand's leading
corporate trustee, providing that sector with corporate trustee
services as well as services for funds management.

TOWER Group Managing Director Keith Taylor said:

"TOWER has taken a number of steps to implement key strategic
and operational initiatives aimed at refocusing its business and
laying the framework for a turnaround in performance. We are
directing TOWER's resources towards delivering a multi-niche
risk and wealth management strategy in both Australia and New
Zealand. As we have said previously, part of that process is the
ongoing review of the ownership of TOWER's businesses and their
fit with our strategy for the future."

"Diversification of TOWER's businesses was a foundation of the
Group's success. However, today's business environment calls for
a much greater degree of focus. TOWER Trust is a profitable,
well-managed company, however we have decided that it does not
have the strategic fit we require for the future. We were
approached by Sterling Grace and, after they conducted exclusive
due diligence, a purchase price of NZ$25 million was agreed.
Sterling Grace has obviously seen the value in TOWER Trust as a
strong and dynamic company, a well managed market leader in its
field," he said.

Sterling Grace has had a presence in asset management and
financial services in major global markets, including Australia,
Japan, New Zealand, Europe and the United States over a number
of years and currently manages a significant, diversified
portfolio of investments worldwide. The company has a history of
involvement in investment and asset management dating back to
1885. Sterling Grace President, Mr John S. Grace, said the
company was now looking to establish a solid presence in New
Zealand and to apply its expertise in managing large portfolios
of investment and trust business to further build on the local
TOWER Trust operation.

"This is core business for us and an opportunity made more
exciting because of its scale, its `first-class' business
infrastructure, and we believe, our ability to grow it and
create further value," he said.

Mr Grace said he considers New Zealand to be an attractive
market for investment. "Both New Zealand and Australia have
relatively smaller and therefore more concentrated economies,
good overall economic stability, well-educated workforces and
strong business infrastructure.

"These elements allow the attainment of a strong and specialist
market position and equally, provide a solid platform for
growth," he said.

He said Sterling Grace had invested in TOWER Trust "because we
see it as a recognized market leader in its field, with high
quality management. Certainly, we will be looking to develop
operations further but that entails adding to things rather than
any substantive change in direction or operations."

As part of the purchase agreement, the TOWER Trust name will be
retained for an interim period. As New Zealand's first trustee
company, it is likely that the company's original name of
Trustees Executors will be reverted to.


UNITED ENERGY: Discloses Scheme Implementation Timetable
--------------------------------------------------------
United Energy Limited disclosed the indicative timetable for
implementation of the Scheme:

        Event                             Time and Date*
Court hearing for approval of the Scheme  14 July 2003
Effective Date                            15 July 2003
Last day UEL shares trade on ASX
(i.e., suspension of trading)             15 July 2003
                                         (from close of trading)
Scheme Record Date                        5:00pm, 22 July 2003
Implementation Date                       23 July 2003
Dispatch of cheques to shareholders by    30 July 2003

* The timetable above is indicative only and United Energy has
the right to vary any or all of these times and dates. United
Energy will announce any such variations to the ASX. The
occurrence of certain events on the dates specified or at all is
conditional upon:

   * certain conditions being satisfied or waived; and
   * approval of the Scheme by the Supreme Court of Victoria.


UNITED ENERGY: Moody's Cuts LT Debt Rating To Baa1 From A3
----------------------------------------------------------
Moody's downgraded on Friday United Energy Ltd (UE)'s long-term
underlying senior unsecured debt rating to Baa1 from A3. It also
affirmed the Aaa credit-wrapped rating on its issued US$200
million notes. The outlook on both ratings is stable.

In addition, Moody's has withdrawn UE's P-2 short-term rating.

The downgrade of UE's underlying long-term rating is prompted by
UE shareholders' approval of the scheme of arrangement, which
involves the Diversified Utilities and Energy Trusts (DUET) - a
wholesale fund managed by AMP Henderson - and AlintaGas Ltd.
(unrated), acquiring UE. "As UE's commercial paper has been
fully paid down, a short-term rating will not be required. This
concludes the review for possible downgrade on UE's underlying
long-term and short-term ratings initiated on February 28, 2003.
The downgrade reflects the expected change in its capital
structure, and the expectation that UE's debt level will
increase materially as a percentage of total capitalization and
its regulated asset base (RAB)," the agency noted.

Moody's expects that UE will face increased pressure for
shareholder distributions under the new ownership structure. It
further expects UE's gearing to reduce over time, and its
Senior-Debt-to-RAB ratio to fall below 100% by FY2007. "As a
result, the company's financial profile will be more appropriate
at the Baa1 rating level. If this gradual deleveraging to RAB
were not to occur further negative rating pressure could
eventuate."


UNITED ENERGY: Seeks Scheme of Arrangement Court Approval
---------------------------------------------------------
Following approval of the Scheme of Arrangement by United Energy
Limited's public shareholders on Thursday 10 July 2003, United
Energy will seek approval of the Scheme by the Supreme Court of
Victoria on Monday, 14 July 2003.

Under the Scheme, Power Partnership (to become indirectly owned
by Alinta and AMP Henderson-managed 'Diversified Utility and
Energy Trusts') will acquire all of the shares in United Energy
not already held by it for $3.15 cash per share.

If the Court approves the Scheme on Monday, the Company intends
to lodge a copy of the order of the Court with the Australian
Securities & Investments Commission on Tuesday, 15 July 2003 and
the Scheme will become effective from that time. Trading in
United Energy shares will cease from the close of trading on 15
July.


* ASIC Releases Promissory Notes Regulation
-------------------------------------------
The Australian Securities and Investments Commission (ASIC)
announced Monday the release of an FAQ to assist issuers of
promissory notes in understanding their obligations under the
Corporations Act. The FAQ provides guidance on the circumstances
when promissory notes are likely to be regulated as financial
products.

A promissory note is an unconditional promise by an issuer to
pay an agreed sum of money at a fixed or determinable future
time to, or at the order of, a specified person.

Generally, where an offer involves just a promissory note with a
face value of at least $50,000 and no other special features, it
will not be regulated under the Corporations Act.

However, ASIC notes that some issuers are seeking to rely on the
promissory note exemptions under the Act by offering complex
investment arrangements involving promissory notes to retail
investors. In some cases, although an offer involves the issue
of a promissory note, the rate of return and the financial risk
to retail investors varies or is dependent on the performance of
certain investments.

ASIC believes that these arrangements are likely to be financial
products and therefore regulated under the Corporations Act,
requiring licensing and disclosure.

In particular ASIC is concerned about complex arrangements
involving promissory notes that:

   * are accompanied by other promises about how the money
loaned may or will be repaid;

   * may reasonably be considered to express or contain a
representation or agreement that the investment returns will be
produced by an underlying specific investment or the performance
of some specific commercial activity;

   * are not liquid, cannot be easily traded and are not
designed to raise short term finance to manage day to day
liquidity issues; and

   * are directed primarily at the retail clients.

For example, an arrangement is likely to involve the offer of
financial products if investors' money (raised through the offer
of promissory notes) is used to partly fund the purchase and
development of property and investors are led to understand that
repayment is dependant on the success of the development.

"ASIC recognizes that there are subtle and complex variations to
different types of promissory notes, as well as difficult issues
that should be addressed by the issuers of these products. Our
FAQ provides guidance to ensure that issuers comply with their
legal obligations", ASIC Executive Director FSR, Mr Ian Johnston
said.

"Offers of financial products to retail clients must meet the
requirements of the Corporations Act, and we will consider
action where there is a breach of the law", he said.

Promissory Notes

Is a promissory note arrangement where each note has a face
value of more than $50,000 a financial product?

Generally, a simple promissory note with a face value of more
than $50,000 would not be a financial product. Other promissory
notes may either be a debenture or another sort of financial
product, as set out below.

Is a promissory note with a face value of more than $50,000 a
debenture?

A financial product that is just a promissory note with a face
value of more than $50,000 is not a debenture.

However, ASIC considers the exclusion of promissory notes from
the definition of debenture only includes those instruments that
are simple promissory notes or similar debt instruments (such as
Negotiable Certificates of Deposit), which do not have any other
significant obligations or undertakings arising from the note or
other instrument. These types of instruments meet the definition
of promissory note contained in the Bills of Exchange Act 1909.

Is a promissory note with a face value of more than $50,000
another sort of financial product?

Even if not a debenture, if the person who is issued the note
has been led to understand that the payment under the note will
be produced by the use of the proceeds of the note issue in a
common enterprise or from a pool to produce those benefits, the
note may be an interest in a managed investment scheme. If the
managed investment scheme has more than 20 members or the
promoter is in the business of promoting managed investment
schemes, the interest will be a financial product.

Also if the person who is issued the note, or the issuer intends
that the proceeds from the note issue be used to enable the
payment under the notes, then the notes could also be a facility
for making a financial investment. Generally such a facility
will also be a financial product.


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


CHINA ONLINE: Share Consolidation Effective Tuesday
---------------------------------------------------
Market participants are requested to note that the ordinary
shares of HKD0.0004 each (after the Capital Reduction) (Old
Shares) in the capital of China Online (Bermuda) Limited will be
consolidated into ordinary shares of HKD0.01 each (New Shares)
on the basis of 25 into 1 subject to its shareholders' approval
at the Special General Meeting to be held on 14/07/2003.  

Upon the proposals becoming effective, a temporary counter under
stock code 2954 and stock short name "CHINA ONLINE" will be
established for trading in board lots of 400 New Shares each to
replace the present counter (stock code: 383) for trading in
board lots of 10,000 Old Shares each effective from Tuesday,
15/07/2003.

On June 20, China Online proposes Capital Reorganization
involving a Capital Reduction, a Share Premium Reduction, a
Share Consolidation and an Increase of Authorized Share Capital
and Proposed General Mandates to Issue and Repurchase
Securities.


EMPEROR INTERNATIONAL: Clarifies Unit's Market Practice Report
--------------------------------------------------------------
The board of directors of Emperor International Holdings Limited
refers to the newspaper articles on 10 July 2003, which reported
that the Commercial Crime Bureau of the Hong Kong Police Force
had requested the Company to provide certain information.

The Board confirms that CCB had requested on 9 July 2003 for
certain information from the Company in relation to Emperor
Finance Limited (Emperor Finance), a wholly owned
subsidiary of the Company. The subject matter was whether the
market practice followed by Emperor Finance during the years
1996 to 1997 would have any implication under the Banking
Ordinance. Emperor Finance has been cooperative and provided the
CCB with the relevant information for reference. During the
Inquiry, neither interview nor charge has been made and no one
was arrested.

The Board also confirms that there will not be any material
impact to the operation and financial position of the Company
and its subsidiaries as a result of the Inquiry.

A further announcement of the matter will be made if and when
appropriate.

The Troubled Company Reporter - Asia Pacific reported that
Emperor International cut its operations loss for the third
quarter of 2002, from HK$208.026 million to HK$33.133 million
loss. Net loss after Tax & MI was HK$354.320 for that year
compared to 248,043 the previous year.


HUA WEI: Winding Up Petition Slated for Hearing
-----------------------------------------------
The petition to wind up Hua Wei Pharmaceutical & Chemical
Company Limited is set for hearing before the High Court of Hong
Kong on August 6, 2003 at 9:30 in the morning.

The petition was filed with the court on June 13, 2003 by The
Hongkong and Shanghai Banking Corporation Limited whose
registered office is situated at No.1 Queen's Road Central, Hong
Kong.


JILIN CHEMICAL: Sees No Reason for Trading Volume Increase
----------------------------------------------------------
Jilin Chemical Industrial Company Limited has noted the recent
increases in the trading volume of the shares of the Company and
stated that it is not aware of any reasons for such increase.

The Company also confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.

In December last year, Troubled Company Reporter - Asia Pacific
reported that Jilin Chemical recorded losses of RMB879 million
and RMB1,083 million in the years 2001 and 2002 respectively in
accordance with PRC accounting standard.


ORIENTAL UNION: Hires Agent for Odd Lots Arrangement Service
------------------------------------------------------------
Oriental Union Holdings Limited advised that in order to
alleviate the difficulties arising from the existence of odd
lots of the New Shares as a result of the Share Consolidation
and change in board lots of the New Shares, the Company has
agreed to procure Emperor Securities Limited to stand in the
market on best effort basis to provide matching services for the
odd lots of New Shares during the period from 10th July 2003 to
14th August 2003 (both dates inclusive).

Shareholders who wish to take advantage of this matching
facility either to dispose of their odd lots of New Shares or to
top up to board lots of 5,000 New Shares, may contact Mr.
Wilson Lee of Emperor Securities Limited at 24/F Emperor Group
Centre, 288 Hennessy Road, Wanchai, Hong Kong at telephone
number (852) 2836 2601.


SHUN HING: Winding Up Sought by Hot Wing
----------------------------------------
Hot Wing Engineering Limited is seeking the winding up of Shun
Hing P.C. Boards (HK) Limited. The petition was filed on June
30, 2001, and will be heard before the High Court of Hong Kong
on August 13, 2003.

Hot Wing holds its registered office at Room 1806, 18th Floor,
Ricky Center, 36 Chong Yip Street, Kowloon, Hong Kong.  


SUN'S GROUP: Clarifies Press Article Re Shareholding Interest
-------------------------------------------------------------
Reference is made to an article (the Article) appearing in the
South China Morning Post on 10 July 2003 regarding Mr. Qian Yong
Wei, the Chairman of the Wan Tai Group. Amongst other things,
the Article states that in January 2002, Mr. Qian Yong Wei
acquired a 28% interest in The Sun's Group Limited.

The board of directors of the Company wishes to clarify the
contents of the Article as it relates to the acquisition of an
interest in the Company by Mr. Qian Yong Wei. The Board believes
that the Article inaccurately implies that Mr. Qian Yong Wei is
currently a substantial shareholder of the Company. The Board
would like to clarify the Article and remind shareholders and
the market generally that, so far as the Board is aware based on
records as at 30 June 2003 maintained by the Company's share
registrars and pursuant to disclosure legislation, neither Mr.
Qian Yong Wei nor any of his associates is a substantial
shareholder of the Company.

The terms "associate", "substantial shareholder" and
"controlling shareholder" used in this announcement shall have
the same meanings as set out in the Rules Governing the Listing
of Securities on The Stock Exchange of Hong Kong Limited.

Disposal of Interest

On 29 January 2002, China Wanan Group Limited (China Wanan)
completed the acquisition of 4,012,000,000 shares of HK$0.10
each in the Company, representing 29.9% of the then issued share
capital of the Company. Sun Man Tai Holdings Limited (Sun Man
Tai), a company listed on The Stock Exchange of Hong Kong
Limited, at such time owned a 50% interest in China Wanan.
Details of China Wanan's acquisition of the 29.9% interest in
the Company were disclosed by the Company in its announcements
dated 13 December 2001 and 30 January 2002. The Board
understands that Mr. Qian Yong Wei is a director and ultimate
controlling shareholder of Sun Man Tai.

Sun Man Tai disposed of its 50% interest in China Wanan to a
corporation beneficially owned by Mr. Chiang Ho Wai (Mr.
Chiang), then a non-executive director of the Company pursuant
to an agreement dated 26 June 2002. Details of the sale were
disclosed by the Company in its announcement dated 28
June 2002.

Resignation of directorship

Mr. Qian Yong Wei was appointed to the Board on 29 January 2002
and resigned on 12 August 2002.

The Board wishes to clarify and draw to the attention of
shareholders of the Company and investors generally that, as a
result of Sun Man Tai's disposal of its 50% interest in China
Wanan, as far as the Board is aware, Sun Man Tai and thereby Mr.
Qian Yong Wei ceased to have any substantial shareholding
interest in the Company and any shareholding interest in the
Company. The Board also believes that no associate of Mr. Qian
Yong Wei is a shareholder of the Company.

As of July 14, 2003, China Wanan is beneficially owned as to 50%
by Mr. Chiang and as to 50% by Mr. Wei Wu, the Chairman of the
Company.

At the request of the Company, trading in the shares of the
Company has been suspended since 24 April 2003 pending the
release of an announcement with regard to the latest  
indebtedness of the Company together with its subsidiaries (the
Group) and the Company's proposal to restructure the debts of
the Group.

Trading in the shares of the Company will remain suspended until
further notice.


SUWAN CLOTHING: Winding Up Hearing Scheduled in August
------------------------------------------------------
The High Court of Hong Kong will hear on August 13, 2003 at 9:30
in the morning the petition seeking the winding up of Suwan
Clothing (HK) Limited.

Ng Yin Fung of Ground Floor, 11 Hei Wo Street, North Point, Hong
Kong filed the petition on June 18, 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.


WINFAIR INVESTMENT: 2003 Net Loss Swells to HK$12.550M
------------------------------------------------------
Winfair Investment Company Limited posted a summary of its
Results Announcement:

Year end date: 31/03/2003
Currency: HKD
Auditors' Report: Unqualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/04/2002    from 01/04/2001
                              to 31/03/2003      to 31/03/2002
                              Note  ($)          ($)
Turnover                           : 13,776,000       10,058,000        
Profit/(Loss) from Operations      : (11,364,000)    (1,971,000)       
Finance cost                       : N/A                N/A               
Share of Profit/(Loss) of
  Associates                       : N/A                N/A               
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (12,550,000)    (2,767,000)       
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.31)             (0.07)            
         -Diluted (in dollars)     : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (12,550,000)    (2,767,000)       
Final Dividend                     : $0.07              $0.07             
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
B/C Dates for
  Final Dividend                   : 18/08/2003         to
22/08/2003bdi.
Payable Date                       : 03/09/2003
B/C Dates for Annual         
  General Meeting                  : 18/08/2003         to
22/08/2003bdi.
Other Distribution for             : N/A           
  Current Period                     
B/C Dates for Other
  Distribution                     : N/A          


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


TRI POLYTA: Bondholders Supports Bankruptcy Lawsuit Filed by OCM
----------------------------------------------------------------
Two bondholders Tri Polyta Indonesia, Cerberus Capital
Management and HCA Master Retirement Trust, support the
bankruptcy lawsuit against the company, Bisnis Indonesia
reports, quoting Rahmat Bastian, the lawyer of OCM Opportunities
Fund, which had submitted bankruptcy claim against Tri Polyta.

"Cerberus and HCA Master had visited the court and supported the
lawsuit," Bastian said, adding that the court had been inviting
the creditors of Tri Polyta to show their receivables.

He added that the creditors might come to the next court session
on Wednesday July 15th.

The lawyer of Tri Polyta, Hotman Paris & Partners, rejected the
bankruptcy claim due to the following reasons:

   * The bankruptcy claimers were not the creditor or bondholder
of Tri Polyta. It was not unclear who the bankruptcy claimer
was.

   * The claimer submitted some evidence dated on June 24th or
three months after the decision of Serang Court to place the
company under status quo.

   * The claimer did not have any authority to claim because it
was the custodian who had the authority to claim bankruptcy.

In the court session of July 9, BTPartnership claimed that it
kept referring to the fact it had submitted to the court dated
on June 25th.

The claimer rejected the statements of Tri Polyta's lawyer in
its exception.

The claimer was of the opinion that the statement of Tri
Polyta's lawyer was irrelevant, inconsistent and contrary to the
facts as proven on some evidences they had.


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


FUSO SOKO: General Warehouse Firm Enters Rehab
----------------------------------------------
Fuso Soko K.K., which has total liabilities of 5.9 billion yen
against a capital of 40 million yen, has applied for civil
rehabilitation proceedings, according to Tokyo Shoko Research.
The general warehousing and storage firm is located in Fukuoka-
shi, Fukuoka, Japan.

General warehousing and storage comprises establishments
primarily engaged in operating merchandise warehousing and
storage facilities. These establishments generally handle goods
in containers, such as boxes, barrels, and/or drums, using
equipment, such as forklifts, pallets, and racks. They are not
specialized in handling bulk products of any particular type,
size, or quantity of goods or products.


KYUSHU INDUSTRIAL: Bus Company Seeks Rehabilitation
---------------------------------------------------
Kyushu Industrial Transportation Co. will seek assistance from
the Industrial Revitalization Corporation of Japan (IRCJ) for
its rehabilitation, Kyodo News reports. The struggling bus
Company is located in the southwestern Japanese prefecture of
Kumamoto.

Under the Industrial Revitalization Corporation of Japan Law,
the Industrial Revitalization Corporation of Japan was
established on April 16, 2003. The Industrial Revitalization
Corporation of Japan is scheduled to finance its operation
mainly by loans from financial institutions through competitive
auctions.


MARUEI DEPARTMENT: R&I Downgrades Rating to B+
----------------------------------------------
Rating and Investment Information, Inc. (R&I), has downgraded
the senior-long term credit rating of Maruei Department Store
Co., Ltd. to B+ from BB-.

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Conv. Bonds No. 2 Jul 25, 1996 Aug 31, 2005 Yen 7,000

RATIONALE:

Maruei Department Store Co., Ltd., is a medium-scale department
store operator based in Nagoya. The competitiveness of leading
department stores has fallen significantly over the long term,
and there has been no halt to the decline in sales since the
1990s. While consolidated income is improving because of cost
reductions centered on personnel and rent expenses, the ability
to generate cash flow is extremely weak, and the consolidated
debt to cash flow ratio was greater than 20 in February 2003.
Competition is expected to intensify in Sakae district in Nagoya
due to a large-scale expansion of floor space by Matsuzakaya and
Mitsukoshi. As in the past, Maruei will probably be forced to
continue the difficult strategy of aiming for profit
improvements under deteriorating sales.

Although Maruei is continuing its cost reductions, a substantial
portion of these will be negated by a worsening environment and
falling competitiveness, and R&I has determined that a
drastically improved balance sheet and the steady reduction of
debt will be difficult to achieve. Secured borrowings account
for half of all interest-bearing debt, and the recovery rate on
unsecured debt may be much lower than the recovery rate on
secured debt. Consequently, one notch of recovery risk is
reflected in the rating of individual bonds.


STANDARD HOLDINGS: Applies For Voluntary Bankruptcy
---------------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that Standard
Holdings Co., Ltd., which is a customer of its banking
subsidiary, Resona Bank, Ltd. Resona Bank," President: Masaaki
Nomura), filed an application for voluntary bankruptcy with the
Tokyo District Court. As a result of this development, there
arose a concern that its claims to the Company may become
irrecoverable or its collection may be delayed. Details were
announced as follows:

1. Outline of the Company

(1) Corporate name Standard Holdings Co., Ltd.
(2) Address 18-41 Okino 1-chome, Adachi-ku, Tokyo
(3) Representative Yoji Tsumiyama
(4) Amount of capital 616 million yen
(5) Line of business Supervision of its subsidiaries' shoes-
related businesses

The Company filed an application for voluntary bankruptcy with
the Tokyo District Court on July 9, 2003.

2. Amount of the Claims to the Company

Exposure of Resona Bank: Loans 7.2 billion yen
Saitama Resona Bank, Ltd., The Kinki Osaka Bank, Ltd. and The
Nara Bank, Ltd., which are subsidiaries of Resona HD, have no
claims to the Company.

3. Impact of This Development on the Earnings Forecast of Resona
HD

This development does not affect the earnings forecast of Resona
HD for the fiscal year ending March 31, 2004 which was announced
on June 10, 2003.


YAMAICHI TOCHI: Enters Liquidation Proceedings
----------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President:
Shigemitsu Miki) announced that the credits provided by its
subsidiary, The Mitsubishi Trust and Banking Corporation (MTBC),
to Yamaichi Tochi Kabushiki Kaisha and its subsidiary, Sanryou
Estate Kabushiki Kaisha may eventually not be repaid due to the
event described hereunder.

1.       Outline of the companies
   Yamaichi Tochi Kabushiki Kaisha
(1)      Head office:   16-11, Ogikubo 5-chome, Suginami-ku,
Tokyo, Japan
(2)      Liquidator:    Toshiaki Shioda
(3)      Capital:       Japanese yen 105 million
(4)      Business:      Real Estate

   Sanryou Estate Kabushiki Kaisha
(1)      Head office:   16-11, Ogikubo 5-chome, Suginami-ku,
Tokyo, Japan
(2)      Liquidator:    Toshiaki Shioda
(3)      Capital:       Japanese yen 50 million
(4)      Business:      Real Estate

2.  Event and date of occurrence

Yamaichi Tochi Kabushiki Kaisha and Sanryou Estate Kabushiki
Kaisha submitted applications for commencement of compulsory
liquidation proceedings to the Tokyo District Court on July 11,
2003.

3.  MTBC's outstanding credit balances to the companies

Yamaichi Tochi Kabushiki Kaisha: Japanese yen 56,580 million
Sanryou Estate Kabushiki Kaisha: Japanese yen 7,424 million

4.  Influence on MTFG's business results

This event is not expected to have any material effect on MTFG's
previously announced business forecast for the current fiscal
year.

For further information, please contact:
Masahiko Tsutsumi
Chief Manager, Corporate Communications Office
Tel: 81-3-3240-8136


YAMAKYU SEITOSHO: Ceramic Wall Manufacturer Enters Bankruptcy
-------------------------------------------------------------
Yamakyu Seitosho, K.K. has been declared bankrupt, according to
Tokyo Shoko Research Limited. The ceramic wall and floor tiles
manufacturer located at Aichi-gun, Aichi, Japan has 54 million
yen in capital against total liabilities of 7 billion yen.


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


DAEWOO MOTOR: Former Employees Return to Work Next Week
-------------------------------------------------------  
Some 400 former employees of Daewoo Incheon Motor Co. will
return to work next week, nearly two-and-a-half years after
being laid off due to Daewoo Motor Co.'s bankruptcy, the Korea
Herald reports. Located in Bupyeong, Daewoo Incheon Motor was
the largest domestic production plant of failed Daewoo Motor.
The plant is preparing for partial two-shift operations set to
begin next month and raises hopes of an earlier-than-expected
acquisition of the facilities by General Motors.

According to Daewoo Incheon Motor and its labor union, 416 laid-
off workers will return to work next week after health check-
ups. The move comes after the factory's union and management
agreed last month to allow all aspiring laid-off employees to
come back to work this year or in 2004. Under a restructuring
program, Daewoo Incheon Motor laid off 1,725 workers in February
2001, and 300 of them came back to work late last year.


HYNIX SEMICONDUCTOR: Soaring Stock Fails to Persuade Investors
--------------------------------------------------------------
Hynix Semiconductor Inc.'s soaring stock price and third bank
bailout have failed to persuade institutional investors the
chipmaker can raise the billions of dollars needed to stay in
the computer-memory market, Bloomberg reported Saturday. Hynix
has gained 90.54 percent in the past month, making it the best
performer among South Korea's 200 biggest stocks.

Hynix reported a net loss of 1.05 trillion won, with 334 billion
won in cash and total debts of 3.98 trillion won. Hynix's
bailouts, its takeover by creditors, a combined net loss of 9.48
trillion won since 1998 and the collapse of its overseas shares,
sold in 2001, mean the Company cannot raise the money needed to
keep up, unnamed analysts said.


SK GLOBAL: Card Provisions To Hurt 2Q03 Results    
-----------------------------------------------
Second quarter earnings at SK Global may be worse than the first
three months as banks increased provisioning for SK Global's
debt and card delinquency rates continue to climb," Dow Jones
reports, citing said Jang Seung-Hoon, an analyst at SK
Securities Co.

Local card industry and banks' in-house card operations have
seen their delinquency rates shoot up since last year due to the
slowing economy and tighter government regulations. The average
delinquency ratio at South Korea's nine credit card companies
rose to 11.7 percent as of the end of May, from 10.9 percent a
month earlier. South Korea's top seven lenders had a debt
exposure, excluding debt payment guarantees, to SK Global of
2.28 trillion won as of March.

Local creditors of SK Global Thursday broke off talks with their
foreign counterparts on a debt buyout program because of wide
differences over the buyout ratio and local lenders now say they
will meet next week to finalize a court receivership plan for SK
Global.


SK GLOBAL: Faces Market De-listing
----------------------------------  
The Korea Stock Exchange (KSE) plans to take steps to delist SK
Global immediately after the firm's creditors apply for court
receivership procedures, Digital Chosun reports. Domestic
creditors have decided to place the firm under court
receivership procedures if the foreign creditors do not accept
the cash buyout ratio.

Hana Bank said that what the creditors have in mind is not a
liquidation of the firm through court receivership steps, but a
normalization of its operations through such steps, often
referred to as "prepackaged bankruptcy procedures."


SK GLOBAL: Local Creditors Meeting Set July 14
----------------------------------------------  
Domestic creditors of SK Global Co. will meet on July 14 to
discuss whether to put the ailing trading firm under court
receivership, the Korea Herald said on Saturday, citing the
firm's main creditor Hana Bank. Local creditors would hold a
plenary meeting to approve a prepackaged bankruptcy plan and
hold another gathering next Friday to make a final decision on
the issue.

Hana Bank has been negotiating with foreign creditors to proceed
with the rescheduling plan. However, foreign creditors have been
calling for more cash debt repayments, while Korean creditors
have threatened to liquidate SK Global unless talks with foreign
lenders bear fruit by July 18.


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


HIAP AIK: Provides Court Summons Update
---------------------------------------
The Special Administrators of Hiap Aik Construction Berhad
(Special Administrators Appointed) informed the following
litigation matters against the subsidiaries of HACB.

1. Shah Alam High Court Summons No.: 52-1878-2003
CLAY INDUSTRIES SDN. BHD. - v - SOLID PANEL SDN. BHD.

This is to announce that Clay Industries Sdn. Bhd. has filed a
summons against Solid Panel Sdn. Bhd., a wholly owned subsidiary
of HACB on 22 January 2003 for the sum owing of RM51,991.50 as
at 11 December 2002 and received a copy of the said summons on
10 July 2003.

2. Kuala Lumpur High Court Summons No.: D5-22-1248-2002
RHB BANK BERHAD - v - BATU SIMEN INDAH SDN. BHD.

This is to announce that RHB Bank Berhad (formerly known as Bank
Utama (Malaysia) Berhad) has filed a summons against Batu Simen
Indah Sdn. Bhd., a wholly owned subsidiary of HACB on 12 August
2002 for sum owing of RM308,768.04 as at 30 April 2002 further
secured by a corporate guarantee given by HACB. The Company has
received a copy of the said summons on 10 July 2003.


HOTLINE FURNITURE: SC Grants Waiver Applications Approval
---------------------------------------------------------
Hotline Furniture Berhad refers to the announcement dated 29
April 2003 made by Public Merchant Bank Berhad (PMBB) on behalf
of the Board of the Directors of HFB, on the approval from the
Securities Commission (SC), via its letter dated 23 April 2003
on the Proposed Restructuring Scheme (Approval Letter).

Pursuant to certain terms as set out in the Approval Letter, it
is stipulated that:

   (i) The relevant acquiree companies which have irredeemable
unconvertible preference shares (IUPS), are required to change
the terms of the IUPS from non-redeemable to redeemable and any
other changes to the terms of the IUPS should not be detrimental
to the relevant acquiree companies; and

   (ii) With regards to the properties known as Lot PT 34134 and
the other 199 lots (also known as Compartment 3), Mukim
Petaling, Daerah Petaling, Selangor

      (a) The vendors of Jiwa Property Sdn Bhd (JPSB) are
required to ensure that the titles for the entire 200 lots
involved in the valuation are to be transferred and registered
in the name of Medan Damai Sdn Bhd (MDSB) before the
implementation of the Proposed Restructuring Scheme; and

      (b) Declaration from all parties to the joint venture (JV)
in respect of their intentions and commitments in relation to
the development of the said JV are to be furnished to the SC.

On 21 May 2003, PMBB had submitted an application to the SC
(Application) for the following:

   (i) To exempt the relevant acquiree companies from having to
change the terms of the IUPS from non-redeemable to redeemable;

   (ii) To exempt the vendors of JPSB from having to ensure that
the titles for the entire 200 lots involved in the valuation are
to be transferred and registered in the name of MDSB before the
implementation of the Proposed Restructuring Scheme; and

   (iii) To exempt the vendors of JPSB from having to obtain
declarations from all parties to the JV in respect of their
intentions and commitments in relation to the development of the
said JV.

PMBB, on behalf of the Board of Directors of HFB, wishes to
announce that the SC has approved the Application via its letter
dated 1 July 2003, received on 8 July 2003, as follows:

   (a) Exemption for (i) and (ii); and

   (b) Exemption for (iii). However, the vendors of JPSB are
still required to provide the declarations as to their
intentions and commitments to the development of the said JV.

In addition, PMBB had via the Application, sought clarification
on one of the conditions imposed by the SC in the Approval
Letter, whereby, the vendors of JPSB have to be responsible for
the payment of the entire premium in relation to the extension
of the lease period of Lot MLO 348 and 349, Mukim of Jelutong,
Daerah Johor Bahru to 99 years.

In connection thereto, the SC takes cognizance that the premium
to be paid for the extension of the lease to 99 years should be
borne by Jiwa Resort Sdn Bhd and not the vendors of JPSB.
Pursuant thereto, the condition as imposed previously should now
be revised to as follows:

"A written undertaking should be provided by Jiwa Resort Sdn Bhd
that it will be responsible to pay for the full premium on the
landed properties to extend the lease period to 99 years."


KIARA EMAS: SC Approves Proposed Acquisition Applications
---------------------------------------------------------
On behalf of Major Team Holdings Sdn Bhd (MTHSB), AmMerchant
Bank Berhad (AmMerchant Bank) had on 19 June 2003 made an
application to the Securities Commission (SC) to seek the
approval of the SC in relation to the proposed acquisition by
MTHSB of 90.91% of the issued and paid-up capital of Stone World
Sdn Bhd (Stone World) for the following matters:

   (a) An exemption from the full provisions of the Malaysian
Code On Take-Overs and Mergers 1998 (Code) in relation to the
procedures for a mandatory offer, pursuant to Practice Note 4.6
of the Code, which entails the following:

     (i) Dispensation from the requirements for an Offer
Document, the comments of the Board of Directors of Stone World
on the Offer Letter (in lieu of the Offer Document), and an
Independent Advice Circular; and

     (ii) Dispensation from the requirement to appoint an
Independent Adviser to advise the shareholders of Stone World on
the Proposed Mandatory Offer; and

   (b) An exemption from Section 9 of the Code, which requires
the provision of a cash consideration in respect of the Proposed
Mandatory Offer.

On behalf of Kiara Emas, AmMerchant Bank is pleased to announce
that the SC has via its letter dated 7 July 2003 approved the
aforementioned application.

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.


MTD CAPITAL: Proposes Articles of Association Amendment
-------------------------------------------------------
MTD Capital Bhd proposes to seek the shareholders' approval for
the following proposals at the forthcoming Extraordinary General
Meeting (EGM):

   (a) Proposed Shareholders' Mandate For Recurrent Related
Party Transactions Of A Revenue Or Trading Nature And Mandate
For Additional Recurrent Related Party Transactions Of A Revenue
Or Trading Nature; and

   (b) Proposed Amendment to the Articles of Association.

A Circular to the Shareholders containing information on the
abovementioned proposals will be dispatched to the shareholders.

On July last year, the Troubled Company Reporter - Asia Pacific
reported that that the Securities Commission had approved the
Company's application for an extension of time for the
implementation of the above Proposals to 6 March 2003. The
Proposals involve:

   * Disposal of MTD Prime Sdn Bhd;
   * Capital Repayment and Distribution; and
   * Placement.


NALURI BERHAD: Information Circular Finalization Underway
---------------------------------------------------------
Naluri Berhad (Special Administrators Appointed) refers to the
announcement dated 12 June 2003 in relation to the Acceptance of
the offer for the Celcom Shares:

Alliance Merchant Bank Berhad, on behalf of the Special
Administrators of Naluri, wishes to announce that the Company is
in the process of finalizing the Information Circular in
relation to the acceptance of the mandatory offer for the Celcom
Shares. The Information Circular will be dispatched to the
shareholders of Naluri upon receipt of the clearance of the
Information Circular from the KLSE.


PLANTATION & DEVELOPMENT: SC Approves Proposed Exemption
--------------------------------------------------------
AmMerchant Bank Berhad, on behalf of Plantation & Development
(Malaysia) Berhad, wishes to announce to the Kuala Lumpur Stock
Exchange that the Securities Commission (SC) had via its letter
dated 9 July 2003, approved the proposed exemption to Mujur
Zaman Properties Sdn Bhd (MZPSB), and Abd. Aziz Bin Attan and
Karuppannan A/L Palaniappan as parties deemed acting in concert
with MZPSB (Parties Deemed Acting In Concert) from the
obligation to undertake a mandatory take-over (Proposed
Exemption) pursuant to the Proposed Restructuring Scheme of P&D
under Practice Note 2.9.1 of the Malaysian Code On Take-overs
and Mergers, 1998 (Code).

Pursuant to Practice Note 2.9.1(11) of the Code, MZPSB and
Parties Deemed Acting In Concert are required to disclose to the
SC all dealings in the securities of Fountain View Development
Berhad (formerly known as Fountain View Development Sdn Bhd)
made by MZPSB and Parties Deemed Acting In Concert, for a period
of 12 months after 9 July 2003, the date of granting of the
aforesaid exemption by the SC.

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


RENONG BERHAD: 150M Shares Disposal Settlement Date Set Today
----------------------------------------------------------------
Renong Berhad refers to paragraph 2.2 of the announcement on 8
July 2003 as well as the announcement on 9 July 2003 in relation
to the Disposal by Fleet Group Sdn Bhd (Fleet Group), a wholly-
owned subsidiary of Renong, of 158,000,000 ordinary shares of
RM1.00 each in Commerce Asset-Holding Berhad (CAHB),
representing 6.17% equity interest therein as at 12 March 2003
for a total cash consideration of RM594.08 million (Disposal).

Renong wishes to announce that the direct business transaction
for the Disposal Shares has been effected and reported to Kuala
Lumpur Stock Exchange as follows:

   1. in respect of 7,500,000 Disposal Shares on 9 July 2003,
the Settlement Date of which shall be 14 July 2003; and

   2. in respect of 150,500,000 Disposal Shares on 10 July 2003,
the Settlement Date of which shall be 15 July 2003.


RNC CORPORATION: SA Receives Modified Workout Proposal
------------------------------------------------------
RNC Corporation Berhad (Special Administrators Appointed)
refers to the earlier announcements dated 18 April 2003, 22 May
2003, 13 June 2003 and 7 July 2003, in relation to the
modifications to the Proposed Corporate and Debt Restructuring
(Proposed Scheme).

The Special Administrators (SA) of RNC announced that it has
received the independent adviser report (IAR) dated 2 July 2003
prepared by Alliance Merchant Bank Berhad (Alliance), the
independent adviser to the modified workout proposal of the SA.

In the IAR, Alliance is of the opinion that the modified workout
proposal is fair and reasonable, and as such, a meeting of the
creditors to approve the modified workout proposal would not be
necessary.

The IAR is prepared pursuant to section 44 (3) of the Pengurusan
Danaharta Nasional Berhad Act, 1998 (as amended by Pengurusan
Danaharta Nasional Berhad (Amendment) Act 2000 and includes any
subsequent revisions therefrom) which entails that the
independent adviser reviews the reasonableness of the workout
proposal submitted by the SA, taking into consideration the
interests of the secured creditor, creditors and members of the
affected person, and to recommend whether a creditors' meeting
will be required thereon. Therefore, this could be deemed that
approval from Pengurusan Danaharta Nasional Berhad has been
obtained.


SAP HOLDINGS: Unit Receives Breach of Contract Demand Notice
------------------------------------------------------------
SAP Holdings Berhad (SAP) hereby announces that its subsidiary
Perangsang International Sdn Bhd (PISB) has on 8 July 2003
received a notice of demand dated 3 July 2003 from Jabatan Kerja
Raya Malaysia (JKR).

JKR is demanding PISB payment of RM44,245,594-22, the purported
cost for the rectification works in respect of a project
undertaken by PISB known as "Proposed Construction and
Completion of MATRADE Building, Jalan Duta, Kuala Lumpur" within
fourteen (14) days from the date of the said Notice failing
which they will forfeit the performance bond.

Pursuant to the Contract between the Government of Malaysia and
PISB in respect of the said Project, PISB has furnished the
Government of Malaysia the performance bond in the form of Bank
Guarantee by Bumiputra-Commerce Bank Berhad (BCBB) in the sum of
RM8,350,000-00 payable on demand.

The total cost of investment of SAP in PISB is RM14,500,000-00.

Save for the sum of RM8,350,000-00, which will be debited by
BCBB from PISB's account, the Company does not foresee any
operational impact on the Group.

PISB has instructed its solicitors to look into the legal
recourse available arising from the Contract.


SETEGAP BERHAD: Disposes Entire Investment in Hikmat Asia
---------------------------------------------------------
Setegap Berhad announced that on 10th July 2003, it disposed off
its entire investment of 112,000 ordinary shares of RM1.00 each
in Hikmat Asia Sdn. Bhd., a company involved in railway
infrastructure works, at it original cost of RM112,000.00. These
shares were acquired on 16th September 2002 and 20th October
2002. The transaction will be satisfied by way of cash
immediately upon completion of the transfer of the said shares.
The disposal was due to the fact that the investment has not
generated profits or cash flow to the Group.

Out of the 112,000 ordinary shares, 2,800 ordinary shares were
disposed to Lanvik Sdn. Bhd., a company in which a director of
the Company Tan Sri Ahmad Kamil Bin M. Jaafar has an interest
in. The company currently holds 50% of the total paid up capital
of Hikmat Asia Sdn. Bhd. The balance of 109,200 ordinary shares
was disposed to En. Ismail Bin Sulaiman, a director of Hikmat
Asia Sdn. Bhd. En. Ismail currently has a total of 10%
shareholding in Hikmat Asia Sdn. Bhd. These purchasers would not
assume any liabilities from their acquisitions.

The Company does not foresee any financial effect resulting from
the transaction. As the disposal price is the same as the
original cost of investment, there is no gain or loss arising
from the transaction. The sale proceeds will be utilized for the
Company's operations.

No approval from shareholders and any government authority are
required for the disposal.

Save and except for Tan Sri Dato' Ahmad Kamil Bin M. Jaafar who
has an interest in Lanvik Sdn. Bhd., the directors and major
shareholders of the Company do not have any interest, director
or indirect in the transaction.

The Troubled Company Reporter - Asia Pacific reported on August
last year that Setegap has proposed a renounceable two-call
rights issue of up to 26,612,334 new ordinary shares of RM1.00
each, proposed non- renouncable rights issue of up to
RM26,612,334 nominal value of ICULS at 100% of its nominal
value, and proposed increase in the authorized share capital of
the Company from RM100,000,000 comprising 100,000,000
Shares to RM200,000,000 comprising 200,000,000 Shares in the
Company. It is believed that the Proposals were the most
appropriate means to strengthen its capital base and raise
funds, inter-alia, for the Setegap Group's working capital
requirements, repayment for bank borrowings and to provide
security for the performance bond facilities necessary
for its projects.


SISTEM TELEVISYEN: Proposed Disposal Waiver Application Granted
---------------------------------------------------------------
On behalf of Sistem Televisyen Malaysia Berhad (TV3), AmMerchant
Bank Berhad (AmMerchant Bank) is pleased to announce that the
Securities Commission (SC) has, via its letter dated 7 July
2003, approved AmMerchant Bank's application on behalf of TV3
for the waiver from having to seek the approval of the SC for
the Proposed Disposal of 100% Equity Interest in Cosmo Focus Sdn
Bhd.

Refer to the Troubled Company Reporter - Asia Pacific Tuesday,
June 3 2003, Vol. 6, No. 108 issue for details of the Proposed
Disposal.


TALAM CORPORATION: Dissolves Subsidiaries
-----------------------------------------
Talam Corporation Berhad (Talam) wishes to announce that Korwin
Company Limited and Talam Management Services (HK) Limited, both
subsidiaries of Talam have been deregistered pursuant to Section
291AA(9) of the Companies Ordinance and accordingly dissolved.

On Troubled Company Reporter - Asia Pacific reported on last
week that the High Court of Malaysia 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.


TIMBERMASTER INDUS.: SC OKs Units Proposed Debt Restructuring
-------------------------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed) refers to the announcements dated 11 July 2001, 13
June 2002 and 5 August 2002 in relation to the abovementioned
matter in relation to the Proposed Debt Restructuring of KPTS
and PTM, which collectively refers to:

   (1) Kompleks Perkayuan Timbermaster Smallholders Sdn Bhd
(Special Administrators Appointed) (KPTS), a subsidiary of TMIB:

     (i) Sale of Debts and Stocks of KPTS;
     (ii) Proposed Disposal of Land and Assets of KPTS;
     (iii) Proposed Debt Restructuring of KPTS; and
     (iv) Proposed Liquidation of KPTS.

   (2) Perkayuan T.M. (Malaysia) Sdn Bhd (Special Administrators
Appointed) (PTM), a subsidiary of TMIB:

     (i) Sale of Debts and Stocks of PTM;
     (ii) Proposed Disposal of PTM; and
     (iii) Proposed Debt Restructuring of PTM.

Aseambankers Malaysia Berhad, on behalf of the Company, is
pleased to announce that the Securities Commission had via its
letter dated 8 July 2003 approved the Proposed Debt
Restructuring of KPTS and PTM as proposed.


TONGKAH HOLDINGS: Disposes of Quoted Securities
-----------------------------------------------
Tongkah Holdings Berhad on 9 July 2003, was notified by PB
Trustee Services Berhad (the trustee in respect of the Company's
RM186,558,296 Nominal Value of 5 year 1%-2% Redeemable Secured
Convertible Bonds A 1999/2004 and RM275,980,363 Nominal Value of
5 year 1%-2% Redeemable Secured Convertible Bonds B 1999/2004
(collectively "Bonds")) that on 3 July 2003, it disposed of some
of the Company's securities held in public listed companies,
which are pledged with them in relation to the Bonds.

The proceeds of sale are retained in the sinking fund accounts
maintained pursuant to the respective trust deeds relating to
the Bonds.

Please refer to the summary attached at
http://bankrupt.com/misc/TCRAP_Tongkah0715.docfor information  
on the securities disposed.


TONGKAH HOLDINGS: SC Grants Moratorium Application Approval
-----------------------------------------------------------
Tongkah Holdings Berhad refers to the announcement dated 6
February 2003 on the approval from the Securities Commission,
via its letter dated 29 January 2003 on the Proposed
Restructuring Scheme (Approval Letter).

Pursuant to certain terms as set out in the Approval Letter, it
is stipulated that:

   (i) Public Merchant Bank Berhad is required to disclose in
the explanatory statement and circular to shareholders of THB,
the basis and justification for the purchase consideration for
the Proposed Acquisitions, compared with the values of other
companies that are involved in similar businesses, including
comments from PMBB on the reasonableness of the purchase
consideration of the Acquiree Companies; and

   (ii) Moratorium will be imposed on 50% of the total shares to
be issued by the Vendors, whereby the Vendors will not be
allowed to sell, transfer or assign his/her/its holdings
securities for one year from the date the securities issued as
consideration for the acquisitions are listed on KLSE.

On 7 May 2003, PMBB had submitted an application to the SC
(Application) for the following:

   (i) To exempt PMBB from having to comment on the
reasonableness of the purchase consideration for the Acquiree
Companies, and for THB and HLG to comply with this requirement
in commenting on the reasonableness of the purchase
consideration for the Acquiree Companies given that both are
parties to the Proposed Acquisitions; and

   (ii) To allow the Vendors to pledge the moratorium shares as
collateral for the profit guarantee.

PMBB, on behalf of the Board of Directors of THB, wishes to
announce that the SC has approved the Application via its letter
dated 2 July 2003, received on 8 July 2003, subject to the
following conditions:

   (a) The approval from the SC should be first obtained before
any sale, transfer or assignment of the rights of the said HLG
Shares during the moratorium period; and

   (b) The moratorium imposed on the HLG Shares shall remain
based on the present conditions.

In addition, the SC take cognizance of the disposal of 1,333,344
ordinary shares of RM1.00 each in ESEC by Wong Ah Fatt to the
remaining shareholders of ESEC, namely Toh Guan Seng and Hooi
Yen Peng (Disposal), which was announced on 30 April 2003 and
have no objection to the change of parties whom will be required
to adhere to the moratorium condition as follows:

Vendors              No. of HLG Shares to be  No. of HLG Shares
                     issued to the Vendors    to be placed under
                                              moratorium

Enricharvest Sdn Bhd 73,000,000               36,500,000
United Joy Sdn Bhd   37,000,000               18,500,000
Toh Guan Seng        22,500,000               11,250,000
Hooi Yen Peng        22,500,000               11,250,000
                    155,000,000               77,500,000

Further, PMBB and THB/HLG are reminded that all the other terms
and conditions as set out in the Approval Letter remain
unchanged.


YCS CORP.: Clarifies Audited, Unaudited F/S Results Variance
------------------------------------------------------------
YCS Corporation Berhad advised that the variance of RM129.356
million between the audited loss after tax RM156.278 million and
the unaudited loss after tax of RM26.922 million is due to the
following:

                                          Effect on audited
                                          results increase
                                          (decrease) loss after
                                          taxation
                                          RM'000
Additional Provision for impairment loss         1,775
Additional Provision for doubtful debts         43,440
Additional Provision for non recoverability
of profit from joint venture                     3,181
Additional Provision for diminution in value
of development projects                         55,887
Additional Provision for diminution in value
of investments                                     768
Reversal of Profit from cancellation of Sale
of Properties                                   26,875
Goodwill written off                             5,705
Overprovision of Taxation                       (8,275)
                                               129,356
   
=====================
P H I L I P P I N E S
=====================


MANILA ELECTRIC: BIR Studies Refund Claim
-----------------------------------------
The Bureau of Internal Revenue (BIR) will not refund Manila
Electric Co. (Meralco) until it has determined that the power
firm is entitled to a refund during the period covered by the
landmark Supreme Court decision, the Philippine Star said
Monday, citing BIR Commissioner Guillermo Parayno.

Meralco said it expects about 9 billion pesos in income taxes
that it might have overpaid the BIR since 1994, stemming from
the Supreme Court's decision that disallowed the Company from
including income tax as part of its operating expenses, which it
had passed on to customers via its power distribution rate. As a
result of the court order, Meralco would have to refund its
customers over 30 billion pesos in excess billings since
February 1994, when its distribution rate was increased.


MANILA ELECTRIC: Finalizes P20B Settlement With Napocor
-------------------------------------------------------
The Manila Electric Co. (Meralco) and the National Power
Corporation (Napocor) are expected to sign this week a detailed
agreement on a 20-billion-peso settlement on unmet electricity
sales quotas, the Inquirer News Service reported Friday, citing
Meralco President Jesus Francisco. An application for approval
of the Energy Regulatory Commission's (ERC) of the settlement
details could also be filed this week.
  
In May, Meralco and Napocor agreed in principle that Meralco
would pay Napocor 20 billion pesos over a period of five years.
The penalty is for the volume of electricity that Meralco should
have bought from Napocor but did not because Meralco started
drawing supply from independent power producers.


MANILA ELECTRIC: May Sign Debt Restructuring Deal With Creditors
----------------------------------------------------------------
Manila Electric Co. (Meralco) may sign a deal with creditors to
restructure 5.5 billion pesos in short-term loans anytime this
week, AFX Asia reported Friday. Meralco President Jesus
Francisco said a new proposal "better" than the previous one was
presented by advisers Citibank NA and Bank of the Philippine
Islands, which are also the Company's biggest creditors.

The proposal is now being studied by a six-member committee,
which will negotiate with creditors. As of end-April, Meralco's
total outstanding debts stood at 102 billion pesos. The Company
is seeking to lengthen debt maturity as its cash flow is under
pressure due to the refund of overcharges ordered by the Supreme
Court.


NATIONAL POWER: Government to Sell Generation Assets
----------------------------------------------------
The sale of some generation assets of the National Power
Corporation (Napocor) will proceed in the third and fourth
quarters of this year, the Philippine Star reports, citing
Department of Energy (DOE) Secretary Vincent S. Perez. Perez
said they would be privatizing power plants such as Sucat,
Limay, Pinamucan and Matinloc. Sucat will bring about additional
850 megawatt (MW) to the system and Limay will provide some 500
MW.

The government, which expects to raise about US$2 billion from
the sale of the generation facilities of Napocor, is fast-
tracking the sale of the power plants to be converted into
natural gas facilities for the development of the downstream
natural gas industry in the country. The electricity to be
generated from these converted gas-fired power plants is already
included in the Power Development Plan of the Department of
Energy for 2008.


PHILIPPINE LONG: Clarifies 1H03 PhP6B Net Forecast
--------------------------------------------------
Philippine Long Distance and Telephone Co. clarifies the news
article entitled "PLDT to report PhP6B net in first 6 months:
published in the July 14, 2003 issue of the BusinessWorld
(Internet Edition). The articles reported that: "Philippine Long
Distance Telephone Co. (PLDT) may hit more than six billion
subsidiary Smart Communications, Inc., sources in the
telecommunications Company said. PLDT Chief Executive Manuel V.
Pangilinan, meanwhile, declined to give an exact amount but went
as far as to say 'we will exceed PhP5 billion.' Mr. Pangilinan
also said they were able to reduce debts by a significant
amount. "We did reduce debts in the first half by a significant
amount. We're right on tract, slight above target. It's more
than any corporation in the country can.' Mr. Pangilinan told
reporters. The PLDT Group is expected to pay down over US$150
million in debt for the first half of the year."

PLDT, in letter dated July 14, 2003 stated that:

"We wish to advise that the Company plans to announce its first
half 2003 financial and operating results on Wednesday, July 16,
2003. For a period immediately prior to such an announcement,
the Company observes a blackout period and moreover, as we are
currently still in the process of reviewing and completing the
information on the results of operations for the first six
months of the year, we are unable to comment on the veracity of
the above news article.

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_2263_TEL.pdf


PHILIPPINE LONG: Pays US$235M Debt Maturing This Year
-----------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) President Manuel
V. Pangilinan reiterated it has paid US$235-million debts
maturing this year, the Manila Times said on Monday. Pangilinan
said the Company is on track of its debt payment and that, "a
significant amount was paid in the first half of the year."
Without revealing as to how much was actually paid, Pangilinan
said, "we have paid more than any corporation ever paid."

This debt payment is part of the liability management program
being undertaken by PLDT. The Company would be paying off
another US$285 million in 2004.


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


THAKRAL CORPORATION: Liquidates Dormant Units
---------------------------------------------
The Board of Directors of Thakral Corporation Limited the
Company announced the liquidation/de-registration of the
following dormant subsidiaries and striking off/ liquidation of
the following dormant associated companies:

(A) Liquidation/de-registration of subsidiaries during the
financial year ended 31 March 2003:

1. Beijing Thakral IT Co Ltd (China)
2. Guangzhou Dong Fang De Yuan Culture Development Co Ltd
(China)
3. China Express Associates (GZ) Ltd
4. Beijing Orient Air Service Co Ltd (China)
5. TCL Investment (Australia) Pty Ltd (Australia)
6. Thakral Information Technology Group Ltd (Hong Kong)
7. e.com Traders Ltd (Hong Kong)
8. Cyber Hub Ltd (Hong Kong)
9. e2esoft Ltd (Cayman Islands)
10. e2esoft.com Ltd (Hong Kong)
11. e2emart.com Ltd (Hong Kong)
12. e2esoft Company Limited (Cayman Islands)

The liquidation/de-registration of the above subsidiaries did
not have a material effect on the net tangible assets and
earnings per share of the Company for the financial year ended
31 March 2003.

(B) Striking off of associated Company during the financial year
ended 31 March 2003:

1. Asiabiz Network Services Pte Ltd
The striking off of the above associated Company did not have a
material effect on the net tangible assets and earnings per
share of the Company for the financial year ended 31 March 2003.
(C) Liquidation of associated companies:

1. Wearnes Thakral Pte Ltd
2. Primebest Pte Ltd
3. Techcare Services Pte Ltd
4. Wearnes Thakral (Malaysia) Sdn Bhd
5. Techcare Services (M) Sdn Bhd

These dormant associated companies are in the process of being
liquidated. The liquidation of the above associated companies
will not have a material effect on the net tangible assets and
earnings per share of the Company for the current financial year
ending 31 March 2004.


THAKRAL CORPORATION: Narrows Debt to S$65.91M This Year
-------------------------------------------------------
Thakral Corporation Ltd (Thakral Corp) has prepaid US$18.52
million (equivalent to S$32.68 million) of its bank loans, which
will effectively save the Group S$0.68 million in interest
expenses each year. The early prepayment lowers Thakral Corp's
total outstanding debt to S$65.91 million, at an exchange rate
of US$1 = S$1.7646, and the US$18.52 million represents about
one-third of its total debt position of S$98.59 million as at 31
March 2003.

The Group's main businesses are the trading and distribution of
digital electronic products, replication and distribution of
home entertainment software and electronic manufacturing
services. The People's Republic of China and Hong Kong continues
to be its two principal markets. Major brands Thakral Corp
distributes in China are Panasonic, Sharp, JVC, Samsung, IBM and
Sanyo. Over the years, the group has been increasing the
proportion of higher end products it distributes. Efficient
working capital management has also seen the Group focusing on
products with quick turnaround like digital viao cameras, audio
products, plasma TVs, notebook computers and products with
networking capabilities.


THAKRAL CORPORATION: Posts Notice of Shareholder Changes
--------------------------------------------------------
Thakral Corporation posted a notice of changes in substantial
shareholder/Director Inderbethal Singh Thakral's interests:

Date of notice to company: 10 Jul 2003
Date of change of interest: 08 Jul 2003
Name of registered holder: B. B. L. (Nominees) Pte Ltd
  
Circumstance(s) giving rise to the interest: Others
Please specify details: Sale initiated by financial institution
to meet obligations of a related company.
Information relating to shares held in the name of the
registered holder:  
No. of shares which are the subject of the transaction:
1,500,000
% of issued share capital: 0.1
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: S$0.10
No. of shares held before the transaction: 47,000,000
% of issued share capital: 3.142
No. of shares held after the transaction: 45,500,000
% of issued share capital: 3.042

Holdings of Substantial Shareholder/Director including direct
and deemed interest
                                           Deemed      Direct
No. of shares held before the transaction: 361,083,069 5,927,000
% of issued share capital:                 24.137      0.396
No. of shares held after the transaction:  359,583,069 5,927,000
% of issued share capital:                 24.037      0.396
Total shares:                              359,583,069 5,927,000

No. of Warrants - Nil
No. of Options - Nil
No. of Rights - Nil
No. of Indirect Interest - Nil


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


GRAND PIYAROM: Reorganization Petition Filed at Bankruptcy Court
----------------------------------------------------------------
Grand Piyarom Company Limited (DEBTOR)'s Petition for Business
Reorganization was filed at the Central Bankruptcy Court:

   Black Case Number 916/2544

   Red Case Number 1189/2544

Petitioner: SIMA THANI COMPANY LIMITED

Planner: STANDARD ASSET MANAGEMENT COMPANY LIMITED

Debts Owed to the Petitioning Creditor : 195,716,934.45Baht

Date of Court Acceptance of the Petition : September 3, 2001

Date of Examining the Petition: October 1, 2001 at 9.00 A.M.

Court has set the Date for the Next Examining the Petition:
November 9 and 19, 2001

Court Order for Business Reorganization and Appointment of
Planner : December 3, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: December 14, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette :January 8,
2002

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: April 8, 2002

Appointment date for the Meeting of Creditors to consider the
Reorganization Plan : May 20, 2002 at 9.30 am. Convention Room
1104, 11th Floor, Bangkok Insurance Building, South Sathorn Road

The Meeting of Creditors had a special resolution accepting the
reorganization plan

Appointment date for the Meeting of Creditors to consider the
Reorganization Plan # 2nd: December 11, 2002 at 9.30 am.
Convention Room 1104, 11th Floor, Bangkok Insurance Building,
South Sathorn Road

Court had issued an Order Cancelled the Order for Business
Reorganization since April 11, 2003

Announcement of Court Order Cancelled the Order for Business
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited: April 28, 2003

Announcement of Court Order Cancelled the Order for Business
Reorganization in Government Gazette : May 27 2003

Contact : Ms. Niramon Tel, 6792525 ext. 143


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

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

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

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

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***