U.S. SECURITIES AND EXCHANGE COMMISSION
                      Washington, DC  20549

                      ---------------------
                           FORM 10-QSB
                      ---------------------

(Mark One)

     [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
          SECURITIES AND EXCHANGE ACT OF 1934 for the Quarterly
          period ended March 31, 2003

     OR

     [ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
          THE SECURITIES EXCHANGE ACT OF 1934 for the transition
          period from _______ to _______.


                  Commission File No. 000-29933


                   TRANSAMERICAN HOLDINGS, INC.
       ----------------------------------------------------
          (Name of Small Business Issuer in its Charter)


Nevada, U.S.A.                                         77-0434471
(State or other Jurisdiction                        (IRS Employer
of Incorporation or Organization)             Identification No.)


 9601 Wilshire Boulevard, Suite 620, Beverly Hills, California 90210
             (Address of principal executive offices)


                          (310) 271-9911
                   (Issuer's telephone number)


Check whether the registrant (1) filed all reports required to be
filed by Section 13 or 15 (d) of the Exchange Act during the past
12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.       YES [X]    NO [ ]


As of March 31, 2003, the Company had 17,446,090 shares of Common
Stock issued and outstanding.

<PAGE>


                   TRANSAMERICAN HOLDINGS, INC.

                           FORM 10-QSB

               for the quarter ended March 31, 2003

                        TABLE OF CONTENTS


Part I.   Financial Information
-------
Item 1.   Financial Statements

          Balance Sheet as of March 31, 2003 (unaudited).

          Statements of Operations for the three months ended
          March 31, 2003 (unaudited) and March 31, 2002
          (unaudited) and from inception on July 22, 1996 to
          March 31, 2003 (unaudited).

          Statement of Stockholders' Equity for the Period from
          inception to March 31, 2003 (unaudited).

          Statements of Cash Flows for the three months ended
          March 31, 2003 (unaudited) and March 31, 2002
          (unaudited) and from inception on July 22, 1996 to
          March 31, 2003 (unaudited).

          Notes to Financial Statements.

Item 2.   Managements Discussion and Analysis or Plan of
          Operation

Item 3.   Controls and Procedures


Part II.  Other Information
--------
Item 1.   Legal Proceedings

Item 2.   Changes in Securities

Item 3.   Defaults upon Senior Securities

Item 4.   Submission of Matters to a Vote of Security holders

Item 5.   Other Information

Item 6.   Exhibits and reports on form 8-K

          SIGNATURES

<PAGE>

        SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

     This quarterly report on form 10-QSB contains "forward-
looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934.  Statements of our intentions, beliefs, expectations
or predictions for the future, denoted by the words "believes,"
"expects," "may," "should," "seeks," "pro forma," "anticipates,"
"intends" and similar expressions are forward-looking statements
that reflect our current views about future events and are
subject to risks, uncertainties and assumptions.

     We wish to caution readers that these forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties.  Actual events or results may differ
materially from those discussed in the forward-looking statements
as a result of various factors, including, without limitation,
the risk factors and other matters contained in this annual
report generally.  All subsequent written and oral forward-
looking statements attributable to us or persons acting on our
behalf are expressly qualified in their entirety by the
cautionary statements included in this document.  We undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.



                 PART I -- FINANCIAL INFORMATION


ITEM 1.   FINANCIAL STATEMENTS.


                  TRANSAMERICAN HOLDINGS, INC.
                (A DEVELOPMENT STAGE ENTERPRISE)

                      FINANCIAL STATEMENTS

               THREE MONTHS ENDED MARCH 31, 2003


                             CONTENTS

                                                       Page

Financial Statements:
  Balance Sheet                                        2
  Statements of Operations                             3
  Statement of Stockholders' Equity                    4
  Statements of Cash Flows                             5
  Notes to Financial Statements                        6-7



<PAGE>
<TABLE>
                               TRANSAMERICAN HOLDINGS, INC.
                             (A DEVELOPMENT STAGE ENTERPRISE)

                              BALANCE SHEET - MARCH 31, 2003
                                        (UNAUDITED)

                                          ASSETS

<S>                                          <C>            <C>
Current assets:
  Cash                                        $    62,693
  Note receivable, related party                   49,360
                                              -----------

Total current assets                                      $   112,053

Property and equipment, net of accumulated
  depreciation, including project acquired
  from related party of $2,200,000                          2,205,217

Cash - restricted                                              32,866

Other assets                                                   10,000
                                                          -----------

                                                          $ 2,360,136
                                                          ===========


                          LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable and accrued expenses         $    13,872
  Payable to related party                        2,200,000
                                                -----------

Total current liabilities                                 $ 2,213,872
                                                          -----------

Stockholders' equity:
  Common stock; $.001 par value, 100,000,000
   shares authorized, 18,471,090 shares
   issued and 17,446,090 outstanding          $    17,621
  Additional paid-in capital                    1,872,281
  Subscriptions receivable                        (83,750)
  Deficit accumulated during
   development stage                           (1,607,388)
  Treasury stock, 175,000 shares at cost          (52,500)
                                              -----------

Total stockholders' equity                                    146,264
                                                          -----------

                                                          $ 2,360,136
                                                          ===========


The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>                                       2

<TABLE>
                              TRANSAMERICAN HOLDINGS, INC.
                            (A DEVELOPMENT STAGE ENTERPRISE)

                                STATEMENTS OF OPERATIONS



<S>                           <C>                 <C>                 <C>
                                                                      From inception on
                                  For the three months ended          July 22, 1996 to
                              March 31, 2003      March 31, 2002      March 31, 2003
                              ---------------     --------------      -----------------
                                (Unaudited)         (Unaudited)          (Unaudited)

Net revenues                  $             -     $            -      $               -

Cost of sales                               -                  -                      -
                              ---------------     --------------      -----------------
Gross profit                                -                  -                      -

General and administrative
 expenses                             211,330             81,184              1,644,899
                              ---------------     --------------      -----------------

Net loss from operations
 before interest income              (211,330)           (81,184)            (1,644,899)

Interest income                           381              4,209                 37,511
                              ---------------     --------------      -----------------

Net loss                      $      (210,949)    $      (76,975)     $      (1,607,388)
                              ===============     ==============      =================

Net loss per share,
 basic and diluted            $         (0.01)    $        (0.00)
                              ===============     ==============

Weighted average number
 of shares outstanding,
 basic and diluted                 17,613,312         16,321,090
                              ===============     ==============

The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>                                       3


<TABLE>

                              TRANSAMERICAN HOLDINGS, INC.
                            (A DEVELOPMENT STAGE ENTERPRISE)

                            STATEMENT OF STOCKHOLDERS' EQUITY



<S>                 <C>          <C>        <C>         <C>        <C>           <C>      <C>
                                                                   Deficit
                                                        Subscrip-  accumulated            Total
                        Common stock        Additional  tion       during        Treas-   stock-
                    ----------------------  paid-in     receiv-    development   ury      holders'
                    Shares       Amount     capital     able       stage         stock    equity
                    ----------------------------------------------------------------------------------

Balance at
 July 22, 1996
 (inception)                -   $     -   $        -   $      -     $      -   $      -   $        -

Issuance of common stock
 for cash during
 July 1996, (restated
 for forward stock
 split)              2,000,000      2,000       3,000                                           5,000

Issuance of common stock
 in exchange for services
 in November 1999      100,000        100                                                         100

Issuance of common stock
 for cash during
 November 1999       9,200,000      9,200                                                       9,200

Accumulated net loss
 for the period from
 July 22, 1996 (inception)
 to December 31, 1999                                                 (5,100)                  (5,100)
                    ----------  --------  -----------  ---------    ---------  ---------  -----------
Balance at
 January 1, 2000    11,300,000    11,300        3,000         -       (5,100)         -         9,200

Issuance of common stock
 for cash during
 March 2000,
 net of shares issued
 for services        1,445,090     1,445      296,100                                         297,545

Issuance of common stock
 for cash during
 April 2000            230,000       230      114,770                                         115,000

Issuance of common stock
 for cash during
 May 2000            1,918,000     1,918      670,790                                         672,708

Issuance of common stock
 for cash during
 June 2000             913,000       913      142,150                                         143,063

Issuance of common stock
 for cash during
 July 2000             465,000       465      226,337    (33,750)                             193,052

Net loss for
 the year ended
 December 31, 2000                                                   (319,992)               (319,992)
                    ----------  --------  -----------  ---------    ---------  ---------  -----------
Balance at
 December 31, 2000  16,271,090    16,271    1,453,147    (33,750)    (325,092)        -     1,110,576

Issuance of common stock
 for cash during
 June 2001              50,000        50       99,929    (50,000)                              49,979

Net loss for
 the year ended
 December 31, 2001                                                   (563,404)               (563,404)
                    ----------  --------  -----------  ---------    ---------  ---------  -----------
Balance at
 December 31, 2001  16,321,090    16,321    1,553,076    (83,750)    (888,496)        -       597,151

Issuance of common stock
 for cash during
 September 2002        800,000       800      199,170                                         199,970

Issuance of common stock
 for cash during
 October 2002          100,000       100       29,870                                          29,970

Issuance of common stock
 for cash during
 December 2002         400,000       400       90,165                                          90,565

Net loss for
 the year ended
 December 31, 2002                                                   (507,943)               (507,943)
                    ----------  --------  -----------  ---------    ---------  ---------  -----------
Balance at
 December 31, 2002  17,621,090    17,621    1,872,281    (83,750)  (1,396,439)        -       409,713

Purchase of
 treasury stock
 (unaudited)          (175,000)                                                  (52,500)     (52,500)

Net loss for
 the three months ended
 March 31, 2003
 (unaudited)                                                         (210,949)               (210,949)
                    ----------  --------  -----------  ---------    ---------  ---------  -----------
Balance at
 March 31, 2003
 (unaudited)        17,446,090  $ 17,621  $ 1,872,281  $ (83,750) $(1,607,388) $ (52,500) $   146,264
                    ==========  ========  ===========  =========    =========  =========  ===========



The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>                                       4

<TABLE>
                              TRANSAMERICAN HOLDINGS, INC.
                            (A DEVELOPMENT STAGE ENTERPRISE)

                                STATEMENTS OF CASH FLOWS

                    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS


<S>                           <C>                 <C>                 <C>
                                                                      From inception on
                                   For the three months ended         July 22, 1996 to
                              March 31, 2003      March 31, 2002      March 31, 2003
                              ---------------     --------------      -----------------
                                (Unaudited)         (Unaudited)          (Unaudited)

Cash flows used for
 operating activities:
  Net loss                    $   (210,949)       $    (76,975)       $ (1,607,388)

Adjustments to reconcile net loss
 to net cash used for
 operating activities:
  Depreciation                         738                 737               7,027
  Bad debt                              -                4,725             136,725
  Issuance of common stock
   for services in connection
   with private placement               -                   -               94,500

Changes in assets and liabilities:
 (Increase) decrease in assets:
  Interest receivable                   -               (2,362)                 -
  Other assets                          -                   -              (10,000)

 Increase (decrease) in liabilities:
  Accounts payable and
   accrued expenses                     -                  497              13,872
                              -----------------   -----------------   -----------------

  Total adjustments                    738               3,597             242,124
                              -----------------   -----------------   -----------------

  Net cash used for
   operating activities           (210,211)            (73,378)         (1,365,264)
                              -----------------   -----------------   -----------------

Cash flows provided by (used for)
 investing activities:
  Acquisition of property
   and equipment                        -                   -              (12,244)
  Notes receivable                      -                6,000            (136,725)
  Notes receivable,
   related parties                 190,000                  -              (49,360)
  Restricted cash                       -               (1,373)            (32,866)
                              -----------------   -----------------   -----------------

  Net cash provided by (used for)
   investing activities            190,000               4,627            (231,195)
                              -----------------   -----------------   -----------------

Cash flows provided by (used for)
 financing activities:
  Proceeds from sale of
   common stock                         -                   -            1,711,652
  Proceeds from note payable,
   officer                              -                   -               21,540
  Payments on note payable,
   officer                              -              (16,540)            (21,540)
  Purchase of treasury stock       (52,500)                 -              (52,500)
                              -----------------   -----------------   -----------------

  Net cash provided by (used for)
   financing activities            (52,500)            (16,540)          1,659,152
                              -----------------   -----------------   -----------------

Net increase (decrease) in cash    (72,711)            (85,291)             62,693
Cash, beginning of period          135,404             192,949                  -
                              -----------------   -----------------   -----------------

Cash, end of period           $     62,693        $    107,658        $     62,693
                              =================   =================   =================


Supplemental disclosure of cash flow information:
  No amounts were paid for
   interest or taxes


The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>                                       5

                  TRANSAMERICAN HOLDINGS, INC.
                (A DEVELOPMENT STAGE ENTERPRISE)

                 NOTES TO FINANCIAL STATEMENTS

               THREE MONTHS ENDED MARCH 31, 2003




(1)  Summary of Significant Accounting Policies:

     Interim Financial Statements:

     The accompanying financial statements include all
     adjustments (consisting of only normal recurring accruals),
     which are, in the opinion of management, necessary for a
     fair presentation of the results of operations for the
     periods presented.  Interim results are not necessarily
     indicative of the results to be expected for a full year.
     The financial statements should be read in conjunction with
     the financial statements included in the annual report of
     TransAmerican Holdings, Inc. on Form 10-KSB for the year
     ended December 31, 2002.

     Organization and Description of Business:

     TransAmerican Holdings, Inc. (formerly known as Health
     Research, Ltd.) (the "Company") was incorporated under the
     laws of the state of Nevada on July 22, 1996, and is
     conducting its operations in California.  The Company has
     been in the development stage and was inactive until
     November 1999, at which time current management became
     involved.  On November 15, 1999, the Company changed its
     name to TransAmerican Holdings, Inc.  The sole purpose of
     the Company at this time is to raise capital and to locate
     and acquire a private on going business.

     Development Stage Enterprise:

     The Company is a development stage enterprise as defined by
     the Financial Accounting Standards Board's ("FASB")
     Statement of Financial Accounting Standards ("SFAS") No. 7,
     "Accounting and Reporting by Development Stage Enterprises."
     The Company is devoting substantially all of its present
     efforts to establish a new business.  All losses accumulated
     since inception of the Company have been considered as part
     of the Company's development stage activities.


<PAGE>                          6

                  TRANSAMERICAN HOLDINGS, INC.
                (A DEVELOPMENT STAGE ENTERPRISE)

                 NOTES TO FINANCIAL STATEMENTS

               THREE MONTHS ENDED MARCH 31, 2003




(2)  Treasury Stock:

     During March 2003, a total of 175,000 shares of treasury
     stock were purchased from three shareholders.  Treasury
     stock is stated at cost and consists of the 175,000 shares
     as of March 31, 2003.


(3)  Commitments:

     In October 2002, the Company entered into a Definitive
     Agreement to acquire 51% of the shares of Shaden Al Khaleej
     Est., a Saudi Arabic Kingdom company ("Shaden").  The
     acquisition has not been finalized as Shaden has yet to
     provide certain materials to the Company, including, among
     other things, audited financial statements that are in
     accordance with accounting principles generally accepted in
     the United States of America.  Upon completion of the
     acquisition, the Company will issue (a) 1,683,528 shares of
     the Company's $0.001 par value common stock to Shaden, (b)
     an agreement to fund, within 3 months from the date of
     closing, $700,000 in the form of debt to Shaden, and (c) a
     further agreement to fund, at a future unspecified date,
     $1,050,000 in the form of debt to Shaden.  Shaden is a
     leading Middle Eastern company that operates in the
     construction industry, targeting both commercial and high
     end residential projects.



<PAGE>                          7



ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
          OPERATION.

Management's Discussion and Analysis.

Significant Accounting Policies and Estimates

     Management's Discussion and Analysis of Financial Condition
and Results of Operations discusses the Company's financial
statements, which have been prepared in accordance with
accounting principles generally accepted in the United States of
America.  The preparation of these financial statements requires
management to make estimates and assumptions that affect the
reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and
expenses during the reporting period.  On an on-going basis,
management evaluates its estimates and judgments, including those
related to reserves and financial operations.  Management bases
its estimates and judgments on historical experiences and on
various other factors that are believed to be reasonable under
the circumstances, the results of which form the basis for making
judgments about the carrying value of assets and liabilities that
are not readily apparent from other sources.  Actual results may
differ from these estimates under different assumptions or
conditions.  The most significant accounting estimates inherent
in the preparation of the Company's financial statements include
estimates as to the appropriate carrying value of certain assets
and liabilities which are not readily apparent from other
sources, primarily allowance for doubtful accounts and recording
of assets from related parties.  These accounting policies are
described at relevant sections in this discussion and analysis
and in the notes to the financial statements included in our
Annual Report on Form 10-KSB for the fiscal year ended December
31, 2002.

Results of Operations

Three months ended March 31, 2003 as compared to March 31, 2002.

Revenues

     We are a development stage company.  There were no revenues
for the three months ended March 31, 2003 and March 31, 2002.

General and Administrative Expenses

     Total expenses amounted to $211,330 for the three months
ended March 31, 2003, as compared to $81,184 at March 31, 2002.
The expenses resulted primarily from costs incurred by the
Company in the ordinary course of business and in our review of
potential acquisition candidates.

Loss from Operations

     The Company incurred a loss from operations of $211,330 for
the quarter ended March 31, 2003, as compared to $81,184 at March
31, 2002.

Net loss

     The Company had a net loss of $210,949 or $(0.01) per share
for the three months ended March 31, 2003 as compared to $76,975
or $(0.00) per share for the three months ended March 31, 2002.

Liquidity and Capital Resources

     In the third quarter of 2002, TransAmerican entered into two
separate definitive agreements, one for the acquisition of an
on-going construction and architectural design firm in Saudi
Arabia and one for the acquisition of a resort project in Lebanon
that is in the final stages of construction and whose operations
are expected to commence in the fourth quarter of 2003.  In
addition, we are in advanced negotiations with several other
domestic and international entities with going businesses in
varied sectors of the market.  We expect to conclude at least one
of these acquisitions in the second quarter of 2003.

Plan of Operation.

     TransAmerican intends to seek and acquire assets or shares
of an entity actively engaged in a business that generates
revenues in exchange for our securities.  We have identified
potential business opportunities and have entered into
discussions with several companies.  However, we have not yet
entered into any definitive agreements or understandings as of
the date of this filing.

General Business Plan

     TransAmerican's purpose is to seek and acquire an interest
in business opportunities presented to us by persons or firms who
or which desire to seek the advantages of an Issuer who has
complied with the 1934 Act.  In our search for a business
opportunity, we will not restrict our selection to any specific
business, industry, or geographic region and we may participate
in a business venture of any kind or nature.  This discussion of
the proposed business is purposefully general and is not meant to
restrict our unlimited discretion to search for and enter into
potential business opportunities.

     Due to general economic conditions, rapid technological
advances being made in some industries and shortages of available
capital, management believes that there are numerous firms
seeking the benefits of an issuer who has complied with the 1934
Act.  Such benefits may include facilitating or improving the
terms on which additional equity financing may be sought,
providing liquidity for incentive stock options or similar
benefits to key employees, providing liquidity (subject to
restrictions of applicable statutes) for all shareholders
and other factors.

     Management believes that TransAmerican will be able to offer
owners of acquisition candidates the opportunity to acquire an
interest in an issuer who has complied with the 1934 Act without
incurring the cost and time required to conduct an initial public
offering.  The owners of the business opportunity will, however,
incur significant legal and accounting costs in connection with
the acquisition of a business opportunity, including the costs of
preparing and filing required reports on Form 8-K, 10-QSB and
10-KSB, agreements and related reports and documents.  The 1934
Act specifically requires that any merger or acquisition
candidate comply with all applicable reporting requirements,
which include providing audited financial statements to be
included within the filings relevant to complying with the 1934
Act.

     The analysis of new business opportunities will be
undertaken by, or under the supervision of, the officers and
directors of the Company.  Management intends to concentrate on
identifying prospective business opportunities, which may be
brought to our attention through present associations with the
Company's officers and directors, or by our shareholders.  In
analyzing prospective business opportunities, management will
consider such matters as the available technical, financial and
managerial resources; working capital and other financial
requirements; history of operations; prospects for the future;
nature of present and expected competition; the quality and
experience of management services which may be available and the
depth of that management; the potential for further research,
development, or exploration; specific risk factors not now
foreseeable but which then may be anticipated to impact the
proposed activities of the Company; the potential for growth or
expansion; the potential for profit; the public recognition of
acceptance of products, services, or trades; name identification;
and other relevant factors.  TransAmerican management expects to
meet personally with management and key personnel of the business
opportunity as part of our investigation.  To the extent
possible, we intend to utilize written reports and personal
investigation to evaluate the above factors.  We will not acquire
or merge with any company for which audited financial statements
cannot be obtained within a reasonable period of time after
closing of the proposed transaction.

Acquisition of Opportunities

     In implementing a structure for a particular business
acquisition, TransAmerican may become a party to a merger,
consolidation, reorganization, joint venture or licensing
agreement with another corporation or entity.  We may also
acquire stock or assets of an existing business.  Any terms of
sale of the shares presently held by officers and/or directors of
TransAmerican will be also afforded to all other shareholders of
the Company on similar terms and conditions.  Any and all such
sales will only be made in compliance with the securities laws of
the United States and any applicable state.

     It is anticipated that any securities issued in any such
reorganization would be issued in reliance upon exemption from
registration under applicable federal and state securities laws.
In some circumstances, however, as a negotiated element of the
transaction, TransAmerican may agree to register all or a part of
such securities immediately after the transaction is consummated
or at specified times thereafter.  If such registration occurs,
of which there can be no assurance, it will be undertaken by the
surviving entity after the Company has successfully consummated a
merger or acquisition.  The issuance of substantial additional
securities and their potential sale into a trading market, which
may develop in TransAmerican's securities, may have a depressive
effect on the value of our securities in the future.

     As part of TransAmerican's investigation, officers and
directors of the Company will meet personally with management and
key personnel, will visit and inspect material facilities, obtain
independent analysis or verification of certain information
provided, check references of management and key personnel,
and take other investigative measures as the Company's management
may deem necessary.  The manner in which the Company participates
in an opportunity will depend upon the nature of the opportunity,
the respective needs and desires of the Company and other
parties, the management of the opportunity and the relative
negotiation strength of the Company and such other management.

     With respect to any merger or acquisition, negotiations with
management of the target company are expected to focus on the
percentage of TransAmerican which the target company shareholders
would acquire in exchange for all of their shareholdings in the
target company depending upon, among other things, the target
company's assets and liabilities.  The percentage ownership may
be subject to reduction in the event that we acquire a target
company with substantial assets.  Any merger or acquisition
effected by TransAmerican is expected to have a dilutive effect
on the percentage of shares held by TransAmerican's then
shareholders.

     TransAmerican will participate in a business opportunity
only after the negotiation and execution of appropriate written
agreements.  Generally, such agreements will require specific
representations and warranties by all of the parties thereto,
will specify certain events of default, will detail the terms
of closing and the conditions which must be satisfied by each of
the parties prior to and after such closing, will outline the
manner of bearing costs, including costs associated with the
Company's attorneys and accountants, will set forth remedies on
default and will include miscellaneous other terms.

     As stated, we will not acquire or merge with any entity
which cannot provide independent audited financial statements
within a reasonable period of time after closing of the proposed
transaction.  The Company is subject to all of the reporting
requirements included in the 1934 Act.  Included in these
requirements is the affirmative duty of the Company to file
independent audited financial statements as part of its Form 8-K
to be filed with the Securities and Exchange Commission upon
consummation of a merger or acquisition, as well as
TransAmerican's audited financial statements included in our
annual report on Form 10-K (or 10-KSB, as applicable).  If such
audited financial statements are not available at closing, or
within time parameters necessary to insure our compliance with
the requirements of the 1934 Act, or if the audited financial
statements provided do not conform to the representations made by
the candidate to be acquired in the closing documents, the
closing documents will provide that the proposed transaction will
be rescinded, at the discretion of TransAmerican.  If such
transaction is rescinded, the agreement will also contain a
provision providing for the acquisition entity to reimburse
TransAmerican for all costs associated with the proposed
transaction.

     To assist in the acquisition of a business opportunity, the
Company may retain outside consultants, attorneys or accountants,
as we deem appropriate.  We will retain the services of these
consultants, attorneys and accountants from time to time on an
"as needed" basis.  At this time, there is no prior arrangement
or understanding regarding the engagement of any particular
consultant for future services.

Investment Company Act of 1940

     Although TransAmerican is subject to regulation under the
Securities Act of 1933, as amended, and the 1934 Act, management
believes the Company will not be subject to regulation under the
Investment Company Act of 1940 insofar as TransAmerican will not
be engaged in the business of investing or trading in securities.
In the event that TransAmerican engages in business combinations,
which result in the Company holding passive investment interests
in a number of entities, TransAmerican could be subject to
regulation under the Investment Company Act of 1940.  In such
event, TransAmerican would be required to register as an
investment company and could incur significant registration and
compliance costs.  TransAmerican has obtained no formal
determination from the Securities and Exchange Commission as to
the status of the Company under the Investment Company Act of
1940 and, consequently, any violation of such Act would subject
TransAmerican to material adverse consequences.  TransAmerican's
Board of Directors unanimously approved a resolution stating that
it is the Company's desire to be exempt from the Investment
Company Act of 1940 under Regulation 3a-2 thereto.

The Securities Enforcement and Penny Stock Reform Act of 1990

     The Securities Enforcement and Penny Stock Reform Act of
1990 requires additional disclosure relating to the market for
penny stocks in connection with trades in any stock defined as a
penny stock.  The Commission has adopted regulations that
generally define a penny stock to be any equity security that has
a market price of less than $5.00 per share, subject to certain
exceptions.  Such exceptions include any equity security listed
on NASDAQ and any equity security issued by an issuer that has
(i) net tangible assets of at least $2,000,000, if such issuer
has been in continuous operation for three years, (ii) net
tangible assets of at least $5,000,000, if such issuer has been
in continuous operation for less than three years, or (iii)
average annual revenue of at least $6,000,000, if such issuer has
been in continuous operation for less than three years.  Unless
an exception is available, the regulations require the delivery,
prior to any transaction involving a penny stock, of a disclosure
schedule explaining the penny stock market and the risks
associated with that market.


Forward Looking Information.

     This Quarterly Report on Form 10-QSB contains forward-
looking statements within the meaning of that term in the Private
Securities Litigation Reform Act of 1955 (Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934).  Additional written or oral forward-looking
statements may be made by the Company from time to time in
filings with the Securities and Exchange Commission or otherwise.
Statements contained herein that are not historical facts are
forward-looking statements made pursuant to the safe harbor
provisions referenced above.

     Forward-looking statements are inherently subject to risk
and uncertainties, some of which cannot be predicted or
quantified based on current expectations.  Consequently, future
events and actual results could differ materially from those set
forth in, contemplated by or underlying the forward-looking
statements contained in this Quarterly Report.  The statements,
and "Part I, Item 2, Management's Discussion and Analysis or Plan
of Operation", describe certain factors, among others, which
could contribute to or cause such differences.

     Readers are cautioned not to place undue reliance on any
forward-looking statements contained herein, which speak only as
of the date hereof.  The Company undertakes no obligation to
publicly release the result of any revisions to these forward-
looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence
of unexpected events.


ITEM 3.   CONTROLS AND PROCEDURES.

     As required by SEC rules, we have evaluated the
effectiveness of the design and operations of our disclosure
controls and procedures within 90 days of the filing of this
quarterly report.  This evaluation was carried out under the
supervision and with the participation of our management,
including our principal executive officer.  Based on this
evaluation, the officer has concluded that the design and
operation of our disclosure controls and procedures are
effective.  There were no significant changes to our internal
controls or in other factors that could significantly affect
internal controls subsequent to the date of the evaluation.



                   PART II -- OTHER INFORMATION


ITEM 1.   LEGAL PROCEEDINGS.

     There are no legal proceedings threatened or pending, except
such ordinary routine matters which may be incidental to the
business currently being conducted by the Company.


ITEM 2.   CHANGES IN SECURITIES.

     None.


ITEM 3.   DEFAULTS UPON SENIOR SECURITIES

     None.


ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

     None.


ITEM 5.   OTHER INFORMATION

     None.


ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K.

Exhibits

     None.

Reports on Form 8-K

     On August 27, 2002, TransAmerican Holdings, Inc.
("TransAmerican" or the "Company") filed a Current Report on Form
8-K with respect to its acquisition of Shaden Al-Khaleej Est., a
Saudi Arabic Kingdom company ("Shaden").  The acquisition was
effected in accordance with the terms of a Definitive Agreement,
first executed on August 7, 2002 and approved by TransAmerican as
of August 12, 2002 (the "Agreement"), by and between
TransAmerican and Shaden Al-Khaleej Est. (the "Acquisition").

     On January 23, 2003, the Company filed an Amended Current
Report on Form 8-K reporting that subsequent to entering into the
Agreement, TransAmerican and Shaden undertook to complete the
audit of Shaden in order to comply with TransAmerican's
Securities and Exchange Commission ("SEC") reporting obligations.
A preliminary audit has been completed as of the date of this
filing.  However, due to differences in accounting standards and
procedures between the United States and Saudi Arabia, the
preliminary audit did not comply with U.S. Generally Accepted
Accounting Principles ("GAAP"), and thus could not be timely
filed as initially anticipated.  Shaden is presently working with
its auditors to bring the audit into compliance with U.S. GAAP.

     As a result of the difficulties and consequential delay in
finalizing the Shaden audit, TransAmerican has determined that
the Acquisition transaction shall be held in abeyance pending the
Company's receipt of a satisfactory audit.  As such, the parties
have agreed that all obligations pursuant to the Acquisition
shall be suspended until Shaden is able to produce a satisfactory
audit in compliance with U.S. GAAP and suitable for filing with
the SEC.  All other terms and conditions of the Definitive
Agreement remain unchanged.

     The description of the transactions contained herein is
qualified in its entirety by reference to the Definitive
Agreement which was included with the initial Current Report on
Form 8-K filed on August 27, 2002, and incorporated herein by
reference.



                            SIGNATURES

In accordance with Section 12 of the Securities Exchange Act of
1934, the Registrant has caused this registration statement to be
signed on its behalf by the undersigned, thereunto duly
authorized.


                   TRANSAMERICAN HOLDINGS, INC.


Date: May 19, 2003                 By: /s/ Najib E. Choufani
                                      -------------------------
                                      Najib E. Choufani
                                      Chairman, CEO & CFO


Date: May 19, 2003                 By: /s/ Tarek Choufani
                                      -------------------------
                                      Tarek Choufani
                                      Director


<PAGE>

                   CERTIFICATION PURSUANT TO
                     18 U.S.C. SECTION 1350
                     AS ADOPTED PURSUANT TO
         SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002



     In connection with the Quarterly report of TRANSAMERICAN
HOLDINGS, INC. on Form 10-QSB for the period ended March 31, 2003
as filed with the Securities and Exchange Commission on the date
hereof (the "Report"), each of the undersigned, in the capacities
and on the dates indicated below, hereby certifies pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that to the best of their knowledge:

     1.   The Report fully complies with the requirements of
          Section 13(a) or 15(d) of the Securities Exchange Act
          of 1934; and

     2.   The information contained in the report fairly
          presents, in all material respects, the financial
          condition and results of operation of the Company.



     Date: May 19, 2003                 /s/ Najib Choufani
                                        Najib Choufani
                                        Chairman, CEO & CFO



                   CERTIFICATION PURSUANT TO
                          SECTION 302
               OF THE SARBANES OXLEY ACT OF 2002


     I, Najib Choufani, Chairman and Chief Executive Officer of
TransAmerican Holdings, Inc., certify that:

1.   I have reviewed this Quarterly Report on Form 10-QSB of
     TransAmerican Holdings, Inc. (the "Registrant");

2.   Based on my knowledge, this Quarterly Report does not
     contain any untrue statement of a material fact or omit to
     state a material fact necessary to make the statements made,
     in light of the circumstances under which such statements
     were made, not misleading with respect to the period covered
     by this Quarterly Report;

3.   Based on my knowledge, the financial statements, and other
     financial information included in the Quarterly Report,
     fairly present in all material respects the financial
     condition, results of operations, and cash flows of the
     Registrant as of, and for, the periods presented in this
     Quarterly Report;

4.   I am responsible for establishing and maintaining disclosure
     controls and procedures (as defined in Exchange Act Rules
     13a-14 and 15d-14 for the Registrant and have:

     a)   designed such disclosure controls and procedures to
          ensure that material information relating to the
          Registrant, including its consolidated subsidiaries, is
          made known to me by others within those entities,
          particularly during the period in which this Quarterly
          Report is being prepared;

     b)   evaluated the effectiveness of the Registrant's
          disclosure controls and procedures as of a date within
          90 days prior to the filing date of this Quarterly
          Report (the "Evaluation Date"); and

     c)   presented in this Quarterly Report my conclusions about
          the effectiveness of the disclosure controls and
          procedures based on my evaluation as of the Evaluation
          Date;

5.   I have disclosed, based on my most recent evaluation, to the
     Registrant's auditors and the audit committee of the
     Registrant's board of directors (or persons performing the
     equivalent functions):

     a)   all significant deficiencies in the design or operation
          of internal controls which could adversely affect the
          Registrant's ability to record, process, summarize and
          report financial data and have identified for the
          Registrant's auditors any material weaknesses in
          internal controls; and

     b)   any fraud, whether or not material, that involves
          management or other employees who have a significant
          role in the Registrant's internal controls; and

6.   I have indicated in this Quarterly Report whether there were
     significant changes in internal controls or in other factors
     that could significantly affect internal controls subsequent
     to the date of my most recent evaluation, including any
     corrective actions with regard to significant deficiencies
     and material weaknesses.



     Date: May 19, 2003                 /s/ Najib Choufani
                                        Najib Choufani
                                        Chairman, CEO & CFO