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

                   A S I A   P A C I F I C

            Friday, January 18, 2002, Vol. 5, No. 13

                         Headlines


A U S T R A L I A

AUSTRALIAN MAGNESIUM: Changes Director`s Interest Notice
DAVNET LIMITED: Employee Options Lapsed
FROGGY MOBILES: Joint Liquidators Appointed
HOTLINKS INTERNET: ASIC Charges Melbourne Dotcom Directors
IOCOM LIMITED: February 19 General Meeting Scheduled

NORMANDY MINING: Gold Hedging Reduced
ORBITAL ENGINE: Staff Reductions Planned To Save $2M
PACIFIC DUNLOP: Perpetual Trustees Becomes Substantial Holder
PASMINCO LIMITED: Century Sale Canceled


C H I N A   &   H O N G  K O N G

ALLIED PEARL: Winding Up Sought By Wang Cheong
CENTURY LEGEND: Price, Turnover Movements Inexplicable
CHOICE TIME: Petition To Wind Up Scheduled
CT CONSTRUCTION: Winding Up Petition Slated For Hearing
JAM (HKG): Winding Up Petition Hearing Set

KIN DON: Changes Board Lot Size; DBS Provides Trading Services
NEXT MEDIA: Clarifies Media Article
S.A.R. PROPERTY: Hearing of Winding Up Petition Set
SUNTRIM INVESTMENT: Winding Up Petition Heard


I N D O N E S I A

BANK CENTRAL: IBRA Requires Bidder's Assessment To End Jan 28
POLYSINDO EKA: Incurs US$924B 9-Month Net Loss
SEAFER GENERAL: IBRA Restructures Rp184.39B Debt


J A P A N

DAIEI INC: Creditors Agree On Y420B Bailout Plan
DAIEI INC: Withdraws Overseas Operations
DAIEI INC: FTC Allows Banks To Hold 5% Stocks
FUJITSU LTD: Develops 40Gbps Optical Transmitter Module
MITSUBISHI HEAVY: Hiroshima Machine Tool Plant Closure Likely

NTT WEST: Shedding More Employees
SHOKUSAN JUTAKU: Sells Home Business To Painthouse For Y1B


K O R E A

HANBO IRON: AK Capital Agrees To Acquisition Terms
HYNIX SEMICONDUCTOR: Micron Offers US$3.2B For Memory Plants
HYUNDAI MERCHANT: Sells Three Terminals To Hutchison For US$215M
HYUNDAI OIL: Slashing 11% Work Force


M A L A Y S I A

BESCORP INDUSTRIES: Independent, Non-Exec Director Meng Resigns
LAND & GENERAL: Azman Withdraws Winding Up Petition Against Unit
MAN YAU: Scheme Restraining Order Will Not Be Extended
MBF CAPITAL: Court Convened Meetings Adjourned
NAUTICALINK BERHAD: Ex-Dir Samad Fails To Expedite Restructuring

UNIPHOENIX CORPORATION: Courts Grants Further RO Extension
UNITED CHEMICAL: Receives Writ of Summon Over Unsettled Debts


P H I L I P P I N E S

NATIONAL BANK: Calling Shareholders Meeting
NATIONAL POWER: Request For ADB Financing Guarantee Likely
PHILIPPINE AIRLINES: Court Orders Pilot Retirement Payment


S I N G A P O R E

BBR HOLDINGS: Court Sanctions Scheme
CAPITALAND LIMITED: Supervisory Team To Review SPT Structure
KEPPEL CORPORATION: Temasek Holdings Ltd Changes Deemed Interest
SEMBCORP INDUSTRIES: Posts Shareholder's Interest Notice
VIKAY INDUSTRIAL: Clarifies Shareholder's Interest Rumor


T H A I L A N D

DATAMAT: Posts Par-Value Decrease Results, Amends Closing Date
M.E.C. FAREAST: Files Business Reorganization Petition
MEDIA OF MEDIAS: Court OKs Business Rehabilitation Plan
PREECHA GROUP: Audit Committee Members' Terms Extended

     -  -  -  -  -  -  -  -

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


AUSTRALIAN MAGNESIUM: Changes Director`s Interest Notice
--------------------------------------------------------
Australian Magnesium Corporation Limited posted this notice:

CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company     Australian Magnesium Corporation Limited

   ABN                      51 010 441 656

We (the entity) give the ASX the following information under listing rule
3.19A.2 and as agent for the director for the purposes of section 205G of
the Corporations Act.

   Name of Director         Robert James Champion de Crespigny

   Date of last notice      08/01/2002


Part 1 - Change of director's relevant interests in securities

Direct or indirect interest          Indirect

Nature of indirect interest
(including registered holder)        Laref Pty Ltd
                                     (bare trustee)

Date of change                       15/01/2002

No. of securities held prior
to change                            Nil Options

Class                                Options - 31/7/2005 $1.25

Number Acquired                      12,858 Options issued under
                                     rights issue

Number disposed                              -

Value/consideration                          -

No. of securities held after
change                                12,858 Options

Nature of change                      Rights issue.  One
                                      Option was issued for
                                      every two fully paid
                                      Ordinary Shares held on
                                      23/11/2001

Part 2 - Change of director's relevant interests in contracts

Detail of contract                      -

Nature of direct interest               -

Name of registered holder
(if issued securities)                  -

Date of change                          -

No. and class of securities to which
interest related prior to change        -

Interest Acquired                       -

Interest disposed                       -

Value/consideration                     -

Interest after change                   -


DAVNET LIMITED: Employee Options Lapsed
---------------------------------------
Davnet Limited notified of the lapsing of certain share
options in the Company that have previously been issued to employees of
companies in the Davnet group.

According to the terms of the options, notwithstanding their stated expiry
date, they automatically lapse if the relevant employee does not exercise
them within 3 months after he/she ceases employment with the Davnet group.

Since 30 June 2001, 156,651 options held by employees have lapsed as a
result of their non-exercise within three months of the cessation of
employment of the relevant individual.

Wrights Investors' Service reported that the company has paid no dividends
during the last 12 months. The company also reported losses during the
previous 12 months.


FROGGY MOBILES: Joint Liquidators Appointed
-------------------------------------------
The Australian Securities and Investments Commission (ASIC) obtained
Wednesday consent orders in the Supreme Court of New South Wales winding up
each of the Froggy Mobile companies and appointing Paul Weston and Neil
Cussen of Horwarth Accountants as joint liquidators of the companies.

ASIC obtained consent orders in the Supreme Court of NSW on 13 November 2001
in relation to an unregistered managed investment scheme promoted by Mr Karl
Suleman and companies associated with Mr Suleman, in particular Karl Suleman
Enterprizes Pty Ltd.

On 10 December 2001, ASIC made an application to join Froggy Mobiles Pty
Ltd, Froggy Mobiles (Eastern Sydney) Pty Ltd, and Froggy Mobiles (Western
Sydney) Pty Ltd together with Froggy Holdings Pty Limited and Froggy Music
Pty Limited, to current proceedings and sought orders for the companies to
be wound up.

This matter is next scheduled to appear before the court on 4 February 2002.

ASIC's investigation is continuing and ASIC will not make any further
comment at this time.


HOTLINKS INTERNET: ASIC Charges Melbourne Dotcom Directors
----------------------------------------------------------
Mr Andrew Geoffrey Thomson and Mr Dale Cameron Munckton appeared Wednesday
in the Melbourne Magistrates Court each on 19 charges of making false and
misleading statements.

The charges were brought by the Australian Securities and Investments
Commission (ASIC) and are being prosecuted by the Commonwealth Director of
Public Prosecutions.

The charges arise from an ASIC investigation into the activities of Hotlinks
Internet Services Pty Ltd (Hotlinks) and Dotnet Limited (Dotnet).

ASIC alleges that the defendants:

  * provided information that was misleading or deceptive, and was likely to
induce persons to subscribe for securities when the defendants knew, or
ought to have known that the information was misleading or false;

  * offered securities under a disclosure document in which there was a
misleading or deceptive statement;
offered securities under a disclosure document, without including
information about new circumstances that arose since the document was lodged
with ASIC.

ASIC became aware of the matter following a campaign to crackdown on
disclosure issues related to high-tech, or "dotcom" companies, announced by
Chairman, Mr David Knott, in January last year.

Both Hotlinks and Dotnet (which is now known as Sports Australia Media Group
Ltd) have been placed in liquidation, with Mr Scott Pascoe of Sims Lockwood,
appointed liquidator. This matter relates to events prior to the companies
going into external administration.

The matter was adjourned for committal mention on 3 April 2002.


IOCOM LIMITED: February 19 General Meeting Scheduled
----------------------------------------------------
Iocom Limited (ASX:ICM) have announced a General Meeting of
shareholders on Tuesday 19th February.

The purpose of the General Meeting is to seek shareholder approval to
complete the Optima acquisition, which involves:

   i)  approving the issue of shares to the Optima vendors;

   ii) ratify the placement of shares issued in December 2001;

   iii)approve a Shareholder Top Up Scheme authorizing the company to issue
20,000,000 shares at 5c each;

   iv) approve a four for one consolidation of share capital;
and

   v)  approve a change of name to 'Optima ICM Limited' to reflect  the
company's activities upon the completion of the Optima acquisition.

The Shareholder Top Up Scheme allows existing shareholders to
participate in the offer at 5c per share, which is at a discount to the
current trading price. Please note that comprehensive details are available
in the prospectus and the information memorandum, which has been mailed to
shareholders.

The Board of Iocom announced that despite a difficult global IT market,
Optima has continued to perform exceptionally well in the 6 months to 31st
December 2001, with revenue up 45% over the previous corresponding period
the year prior to $46 million.

Iocom also announced that shareholders will be issued with
one free Bonus Option for every Iocom share held at the record date. It is
intended that the Bonus Options will be quoted on the ASX.


NORMANDY MINING: Gold Hedging Reduced
-------------------------------------
Normandy has reduced its minimum hedge requirement and has completed further
restructuring of its hedge book to increase upside participation and reduce
gold interest rate risk.

Gold hedging policy has been revised, reducing the minimum hedge
ratio from 60% to 45% of reserves of operating mines (except for
Ovacik and Midas which remain unhedged) and the hedge book has been reduced.
As a result, fixed price hedging is now only 30% of reserves, allowing 70%
of reserves to participate in positive gold price movements. Around 87% of
resources, a high percentage of which are expected to be convened to
reserves, will participate in positive gold price movements.

The decision to reduce hedging was considered appropriate because:

1. Normandy's net gearing has been substantially and materially
reduced (from 57% in June 2000 to around 40%) and net debt remains below
AUD1.0 billion (USD512 million);

2. A net gearing target of around 30% has been adopted;

3. Lower Australian and US interest rates and higher gold interest rates
have significantly reduced the gold forward price compared to the spot
price - making long term gold hedging less attractive; and

4. Normandy has continued to enhance its profile as a low cost
producer with low political risk.

Consistent with the revised policy, Normandy recently bought back 1.3
million ounces of long term fixed price forward contracts (on a cash neutral
basis) and has increased the proportion of put options with full upside
participation from 18% at June 2001 to 24% at 16 January 2002.

Total hedging (including 100% of all subsidiaries) is reduced from 11.2
million ounces at 30 June 2001 to 9.9 million ounces
(including the Otter Gold Mines Limited hedge book of 0.3 million ounces)
and the restructuring has shortened the weighted average maturity of the
hedge book.

Gold interest rate exposure on 40% of contracts has been fixed to maturity
at an average rate of 1.85% including 100% fixed for the next one and a half
years, eliminating exposure to short term fluctuations in gold interest
rates.

Further details of the restructured hedge book will be provided in the
December 2001 Quarterly Report on Activities.

Mr Robert Champion de Crespigny, Chairman and Chief Executive Officer of
Normandy, said:

"The change to gold hedging policy and restructuring of the hedge book both
enhance the volume of Normandy. We have a prudent level of downside
protection but have 70% of reserves and 87% of resources fully exposed to
higher gold prices, and we will continue to reduce fixed price hedging as
debt is reduced."


ORBITAL ENGINE: Staff Reductions Planned To Save $2M
----------------------------------------------------
Orbital Engine Corporation announced Thursday staff reductions to better
align its capabilities with future business opportunities. Thirty-seven
technical and support staff have been affected, generating an annualized
saving of approximately $2.0 million.

This realignment is in response to weak trading conditions in the half-year
ended 31 December 2001 as well as evolving customer requirements. In
particular, the demand for activity such as the fabrication and testing of
engine prototypes has declined in favor of higher value engineering
consultancy and computer-based engineering design.

The latest staff reductions follow an earlier round of cost-cutting
measures, implemented in mid 2001 that are generating annual savings of
approximately $4.0 million.

The total cost of the latest measures is approximately $1.0 million. All
anticipated costs have been taken into account in the results outlook for
the half-year ended 31 December 2001 provided to the Australian Stock
Exchange on 19th December.

In expressing his concern for the personal impact on employees caused by
these restructurings, Peter Cook, Orbitals recently appointed CEO, commented
that the Company must be continually committed to cost containment and
improved efficiency at all levels of the organization.

Orbital is a leading international developer of engine technologies using
direct in-cylinder fuel injection and lean-burn systems for enhanced fuel
economy and lower emissions. The company serves the worldwide automotive,
marine, recreational and motorcycle markets.

Headquartered in Perth, Western Australia, Orbital stock is traded on the
Australian Stock Exchange (OEC), the New York Stock Exchange (OE) as well as
the Berlin (ORE) and Frankfurt (OREA) Exchanges.


PACIFIC DUNLOP: Perpetual Trustees Becomes Substantial Holder
-------------------------------------------------------------
Perpetual Trustees Australia Limited became a substantial shareholder in
Pacific Dunlop Limited on 15/January/2002 with a relevant interest in the
issued share capital of 48,265,792 ordinary shares (5.19 percent).


PASMINCO LIMITED: Century Sale Canceled
---------------------------------------
Pasminco announced Thursday that the Century mine sale process had ended.
Although there was considerable interest in the mine, the offers received
from prospective buyers did not reflect the retention value of the asset.

Accordingly, it has been decided that the mine will not be sold.

The Century mine is a world class asset generating a positive cash flow even
at todays depressed metal prices and there is no benefit to either Pasminco
or its creditors to sell the mine at a heavily discounted value, said Greig
Gailey, Pasminco Chief Executive Officer.

Pasminco is now expected to continue to trade in a restructured form. The
company is continuing to work with Ferrier Hodgson and its creditors to
agree the form of a restructure, which will enable the company to move out
of Administration. Administrators Ferrier Hodgson are due to present their
recommendation to creditors no later than 8 April.

Pasminco also announced Thursday that a formal sales process had been
instituted in relation to its Elura mine and Cockle Creek smelter both in
New South Wales. UBS Warburg has been appointed to advise in relation to
this process.

These assets join the United States operations and Broken Hill mine in being
formally offered for sale.


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C H I N A   &   H O N G  K O N G
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ALLIED PEARL: Winding Up Sought By Wang Cheong
----------------------------------------------
Wang Cheong Knitting & Garment Fty. Limited is seeking the winding up of
Allied Pearl Limited. The petition was filed on November 6, 2001, and will
be heard before the High Court of Hong Kong on January 30, 2002 at 10:30 am.
Wang Cheong holds its registered office at 8th Floor, Wang cheong Enterprise
Center, No. 69 Chai Wan Kok Street, Tsuen Wan, New Territories, Hong Kong.


CENTURY LEGEND: Price, Turnover Movements Inexplicable
------------------------------------------------------
Century Legend (Holdings) Limited has noted the recent increase in the price
and volume of the shares of the Company and stated that the Company 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 of
directors of the Company 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.


CHOICE TIME: Petition To Wind Up Scheduled
------------------------------------------
The petition to wind up Choice Time Development Limited is set for hearing
before the High Court of Hong Kong on January 30, 2002 at 9:30 am. The
petition was filed with the court on October 26, 2001 by Kowloon-Canton
Railway Corporation whose registered office is situate at KCRC House, No. 9
Lok King Street, Fo Tan, Shatin, New Territories, Hong Kong.


CT CONSTRUCTION: Winding Up Petition Slated For Hearing
-------------------------------------------------------
The petition to wind up CT Construction Engineering Co, Ltd is scheduled to
be heard before the High Court of Hong Kong on January 30, 2002 at 10:00 am.
The petition was filed with the court on October 31, 2001 by Lee Wah Choi of
Flat A,3rd Floor, Tai On Court, MainStreet E., Shaukeiwan, Hong Kong.


JAM (HKG): Winding Up Petition Hearing Set
------------------------------------------
The petition to wind up Jam (Hkg) Company Limited is scheduled for hearing
before the High Court of Hong Kong on January 23, 2002 at 10:00 am. The
petition was filed with the court on October 18, 2001 by Lee Ho of Room
1706, Wing Yan House, Tung Yan Court, Yiu Hing Road, Sai Wan Ho, Shaukeiwan,
Hong Kong.


KIN DON: Changes Board Lot Size; DBS Provides Trading Services
--------------------------------------------------------------
The Directors of Kin Don Holdings Limited announced that the existing board
lot size of 2,000 ordinary shares will change to 100,000 ordinary shares for
trading in the ordinary shares of HK$0.01 each in the capital of the Company
(Shares) with effect from 10:00 a.m. on Monday, 28 January 2002.

The reason for the change in board lot size is to increase the value of each
board lot of Shares and reduce transaction and registration costs incurred
by the shareholders and investors of the Company. The Directors are of the
opinion that the change in board lot size is in the best interest of the
Company and its shareholders. The change in board lot size will not result
in any change in the relative rights of the shareholders.

In order to alleviate the difficulties in trading odd lots of Shares arising
from the change in the existing board lot size of the Shares, the Company
has appointed DBS Vickers (Hong Kong) Limited (DBS Vickers) as an agent to
provide matching services to those shareholders who wish to top up or sell
their holdings of odd lots of Shares during the period from Monday, 28
January 2002 to Wednesday, 27 February 2002 (both days inclusive). Holders
of Shares in odd lots represented by the existing share certificates who
wish to take advantage of this facility either to dispose of their odd lots
of Shares or to round them up to a full new board lot may directly or
through their broker contact Mr. Frank Liu of DBS Vickers at 19/F., Far East
Finance Center, 16 Harcourt Road Admiralty, Hong Kong (Telephone: 2820 4889)
during such period.

The appointed agent, DBS Vickers, is an independent third party not
connected with any of the Directors, chief executive, or substantial
shareholders of the Company or any of its subsidiaries or associates (as
defined under the Listing Rules). Holders of Shares in odd lots should note
that successful matching of the sale and purchase of odd lots of Shares is
not guaranteed. The shareholders of the Company are advised to consult their
professional advisers if they are in doubt about the above procedures.

All existing certificates of Shares in board lots of 2,000 Shares will
continue to be evidence of entitlement to such Shares and be valid for
delivery, transfer and settlement purpose. There will be no new share
certificate issued as a result of the change in board lot size, and
therefore no arrangement for free exchange of existing share certificates in
board lots of 2,000 Shares for new share certificates in board lots of
100,000 Shares. As from Monday, 28 January 2002, any new certificates of
Shares will be issued in board lot size of 100,000 shares (except for odd
lots or where the Company's share registrars are otherwise instructed).


NEXT MEDIA: Clarifies Media Article
-----------------------------------
The Board of Directors of Next Media Limited, referring to a press article
which appeared in a newspaper Thursday (Article) regarding a possible lay
off of 200 staff employed by the Company, saving HK$40 million in annual
salary expense as a result, stated that the specific figures mentioned in
the Article were not provided by the Company or its Directors. The Board is
not aware of the source of the information on which the Article is based.

The Board confirmed that while the Company has been considering plans to
reduce costs, including reducing staff level and other overheads and
increasing efficiency, there is no specific proposal so far.

Shareholders of the Company and other investors are advised to exercise
extreme caution in dealing in the shares of the Company.


S.A.R. PROPERTY: Hearing of Winding Up Petition Set
---------------------------------------------------
The petition to wind up Hong Kong S.A.R. Property Agency Limited
will be heard before the High Court of Hong Kong on January 30, 2002 at 9:30
am. The petition was filed with the court on October 30, 2001 by Fong Chor
Yin of Flat B6, 29th Floor, Wang Kwong House, 33 Ngau Tau Kok Road, Ngau Tau
Kok, Kowloon, Hong Kong.


SUNTRIM INVESTMENT: Winding Up Petition Heard
----------------------------------------------
Suntrim Investment Limited is facing a winding up petition, which was heard
before the High Court of Hong Kong on January 9, 2002. The petition was
filed on September 14, 2001 by Bank of China (Hong Kong) Limited (the
successor corporation to Sin Hua Bank pursuant to Bank of China (Hong Kong)
Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of China Tower, 1
Garden Road, Central, Hong Kong.


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


BANK CENTRAL: IBRA Requires Bidder's Assessment To End Jan 28
-------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) expects Bank Indonesia to
finalize its test on the nine final bidders for Bank Central Asia (BCA)
before Jan 28 so that the winner can be announced on time, AFX reports,
quoting Deputy Head for Bank Restructuring, Subowo Musa.

"The deadline for bids has been set for Jan 28, therefore it is hoped that
the central bank completed its fit and proper test on the nine bidders by
then," Musa said, adding that IBRA has no plan to extend the bid deadline.
However, he said that the possibility of announcing the winner will be made
sometime after Jan 28, since there is no guarantee that the central bank
will complete the "fit and proper" test before that date.

Currently, the central bank is assessing the bidders to ensure that they
meet BI's requirements before they become a controlling shareholder in the
bank, BI's Deputy Director for Banking Supervision Ali Sahid Kasyim said,
stating that majority of bidders have yet to deliver all necessary
documents.


POLYSINDO EKA: Incurs US$924B 9-Month Net Loss
----------------------------------------------
PT Polysindo Eka Perkasa of the Texmaco Group posted a net loss of Rp924
billion in the first nine months of 2001 mainly due to foreign exchange
losses, IndoExchange reports, referring to the financial statement submitted
to Jakarta Stock Exchange (JSX).

The company is still heavily under pressure by high foreign debt, which has
inflicted large losses in foreign exchange. The company has yet to secure
agreement from its creditors to restructure its debts.

DebtTraders reports that Polysindo's 13.000% bonds due on 2001 (POLYS3) are
trading between 10 and 13. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=POLYS3for real-time bond
pricing.


SEAFER GENERAL: IBRA Restructures Rp184.39B Debt
------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has restructured debt of PT
Seafer General Foods with total obligation worth Rp184.390 billion. This
settlement is marked by the signing of a Debt Restructuring Agreement
(Perjanjian Restrukturisasi Hutang - PRH) between IBRA and the company's
shareholder on 15 January 2001. In the Agreement, IBRA and PT SGF agreed
upon 3 restructuring tranches, as follows:

   Tranche A: in the form of loan facility (ex - accrued principal) with a
period of 10 years including grace period 2 years, worth US$2,884 million.

   Tranche B: in the form of loan facility (ex - accrued interest) with a
period of 10 years including grace period 4 years, worth Rp11,390 billion.

   Tranche C: in the form of convertible bonds worth Rp143 billion, which
will be converted into 100 percent of share ownership. In the PRH agreement,
IBRA and PT SGF also agreed upon implementing 2 currencies: debt in US
Dollars with interest rate 10 percent per year, and debt in Indonesian
Rupiahs with interest rate 18 percent per year. Implementation of these
interests complies with FSPC Decree No. Kep. 01/K.KKSK/05/2001 issued on 8
May 2001 on Refinement of Debt Restructuring Policy. The debt of PT SGF was
originally transferred from Bank Bumi Daya currently merged into Bank
Mandiri.

PT SGF is an agrobusiness company specializing in shrimp farming and
fishery, whose products are exported worldwide like Europe (France, British
Islands, Belgium), United States of America (Colombus, California, Los
Angeles) and Asia (South Korea, Japan, Singapore, Hong Kong). Hary Sudarwo,
a businessman from Kendal town, Central Java, owns this company.

In addition to the PRH agreement signing, IBRA has also entered into Credit
Agreement (PK) between PT SGF and Bank Mandiri worth US$5 million.


=========
J A P A N
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DAIEI INC: Creditors Agree On Y420B Bailout Plan
------------------------------------------------
Daiei Inc and its three major creditor banks have agreed on a Y420
billion-bailout package involving swapping some Y300 billion in loans for
Daiei shares, Kyodo News reported Thursday.
Bank sources said that UFJ Holdings Inc, Sumitomo Mitsui Banking Corp and
Fuji Bank also plan to retire preferred shares totaling Y120 billion that
they purchased on 2001.

According to Wrights Investors' Service, the Company had negative working
capital at the end of 2001, as current liabilities were $22.20 billion while
total current assets were only $9.73 billion. This company has paid no
dividends during the last 12 months. The Daiei Incorporated last paid a
dividend during calendar year 1999, when it paid dividends of US$0.12 per
share.


DAIEI INC: Withdraws Overseas Operations
----------------------------------------
Daiei Inc. will quit its four supermarkets in Hawaii as part of a withdrawal
from overseas operations, in a move part of a three-year restructuring plan,
AP Online reported Thursday. The company may enter negotiations to sell the
four Hawaii supermarkets beginning in April. The report said Daiei Hawaii
Investment, its subsidiary that manages the supermarkets, would be
liquidated.

The struggling Japanese retailer is loaded with Y2.3 trillion in
interest-bearing debt, began discussing a bailout scheme last week. Under
tentative plans, Daiei's three main banks have decided to extend Y420
billion in financial aid to the retailer, the Nihon Keizai said.

The plan also calls for 2,000 job cuts out of its group work force of
32,000, the selling and liquidating its unprofitable hotels and restaurants
and dropping by half its 150 units.


DAIEI INC: FTC Allows Banks To Hold 5% Stocks
---------------------------------------------
Major creditor banks of Daiei Inc are likely to be permitted to temporarily
hold stocks in the struggling supermarket chain even if their ownership
surpass the 5 percent limit set by the antimonopoly law, Kyodo News reported
Thursday, citing secretary general of Fair Trade Commission, Akio Yamada.

"It all depends on what the contents turn out to be, but the current law
allows for exceptions to the 5 percent rule," Yamada said.


FUJITSU LTD: Develops 40Gbps Optical Transmitter Module
-------------------------------------------------------
Fujitsu Ltd has developed a 40-gigabit per second optical transmitter module
for use in next generation high-speed optical communications systems, AFX
News said Wednesday. The firm will focus on commercializing the module and
plans to begin shipping samples in March.

The company expects to post a $2.3 billion loss this year, and has already
committed to cutting 20,900 employees by March, at a cost of $2.6 billion,
TCR-AP reported January 14. Its decision to cut working hours rather than
jobs at its chip business reflects the high cost of lay-offs in Japan.


MITSUBISHI HEAVY: Hiroshima Machine Tool Plant Closure Likely
-------------------------------------------------------------
Mitsubishi Heavy Industries Ltd. is considering shutting down its
large-scale machine tool manufacturing plant in Hiroshima next year due to
low demand, Japan Times reported Thursday, citing company officials. The
move is part of a restructuring plan for domestic machine tool manufacturing
operations. About 270 employees at the plant will be expected to move to
other factories or divisions.

President Takashi Nishioka said that the company would review machine tool
manufacturing operations under a business plan for 2002 to 2005 aiming to
regain profitability in the business in 2003.


NTT WEST: Shedding More Employees
---------------------------------
NTT East Corp and NTT West Corp will seek applications from workers aged 40
to 59 to leave the companies, following four rounds of similar solicitations
since 2000, Kyodo News said Thursday. The move is part of the firm's
restructuring efforts under which they plan to transfer 100,000 employees to
newly established subsidiaries and lessen labor costs.

TCR-AP reported a year ago that the Company was expecting to incur an
unconsolidated pretax loss of Y30 billion this year, substantially higher
than the estimated pretax revenue of Y22 billion. NTT East's unconsolidated
pretax revenue over the same period is expected to drop to Y54 billion from
an estimated 109 billion yen. Last year the firms planned to cut 17 percent
of their workforce, 22,000 of their combined 123,000 employees, by the end
of fiscal 2002.


SHOKUSAN JUTAKU: Sells Home Business To Painthouse For Y1B
----------------------------------------------------------
Shokusan Jutaku Sogo Co, the collapsed builder of custom-made houses, will
sell its new home construction business to home painting and renovation
firm, Painthouse Co for Y1 billion, Kyodo News reported Thursday. The sale
will consist of Shokusan Jutaku's Homest brand, computer systems related to
home construction, showrooms and use of some of its main office building in
Tokyo's Shibuya Ward.

Shokusan Jutaku Sogo Co. filed for court protection from creditors on
Sunday, with unconsolidated obligations of Y13.5 billion.


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


HANBO IRON: AK Capital Agrees To Acquisition Terms
--------------------------------------------------
AK Capital consortium has agreed terms with Korea Asset Management Corp, the
main creditor of Hanbo Iron & Steel Co, for its proposed acquisition of
Hanbo and is expected to buy upon approval of the deal by other creditors,
the Korea Herald reported, citing Jungwoo managing director Kim Tae-gyun.

AK Capital will launch a due diligence study of Hanbo by the end of next
week to decide on Hanbo's valuation, which is currently estimated at W380
billion.

According to Wrights Investors Service, at the end of 2000, the company's
long-term debt was W4 trillion and total liabilities were W4.11 trillion.


HYNIX SEMICONDUCTOR: Micron Offers US$3.2B For Memory Plants
------------------------------------------------------------
Micron Technology Inc has offered to pay US$3.2 billion for Hynix
Semiconductor Inc's seven memory chip plants and a 20 percent stake in the
firm's non-memory operations, Chosun Ilbo Daily and AFX News said on
Wednesday, citing unidentified creditor officials. It is about US$1.2
billion more than the US$2 billion Micron is said to have proposed
previously. Micron plans to pay for the seven plants and non-memory stake
with new Micron shares.

Micron is refusing to acquire any of W6.5 billion in Hynix's total debt and
local creditors are refusing to grant further debt forgiveness. Talks
between the two companies are expected to take longer than expected because
of differences on price, debt write-off and other terms.


HYUNDAI MERCHANT: Sells Three Terminals To Hutchison For US$215M
----------------------------------------------------------------
Hyundai Merchant Marine Co Ltd (HMM) has signed a final agreement to sell
its three local container terminals to Hutchison Whampoa Ltd unit Hutchison
Port Holdings for US$215 million as part of its corporate restructuring, AFX
News reported on January 15.

The company said the restructuring program has successfully completed with
the sale of the asset, which paves the way for early management
normalization and restoration of market reputation, adding that it has
realized some W520 billion via sales of non-core assets.

According to Wrights Investors Service, at the end of 2000, HMM had negative
working capital, as current liabilities were W3.25 trillion, while total
current assets were only W1.88 trillion.


HYUNDAI OIL: Slashing 11% Work Force
------------------------------------
Hyundai Oil Refinery will lay off 11 percent of its 1,800 manpower on a
voluntary resignation plan, Digital Chosun reports.

The firm offers a bonus worth a year's wage for working-level staff members
and slightly more for staff members who have worked at the company for more
than four to five years if they resign voluntarily.

Hyundai Oil, which operates its gas retail chain of Oilbank throughout the
country, said the company decided to take the lay-off measure as the number
of workers have increased sharply since its merger with Hanwha Energy in
1999 while sales of petroleum products have been sluggish, shrinking its
profits.


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


BESCORP INDUSTRIES: Independent, Non-Exec Director Meng Resigns
---------------------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed)
(BIB or the Company) posted this change in boardroom notice:

Date of change : 16/01/2002
Type of change : Resignation Boardroom
Designation    : Director
Directorate    : Independent & Non Executive
Name           : LIAN GEE MENG
Age            : 42
Nationality    : MALAYSIAN
Qualifications : LLB

Working experience and occupation  : Previously worked as an advocate and
solicitor with experience in commercial and civil litigation. He has
subsequently ceased practice in 1999 and is presently involved in consulting
services.

Directorship of public companies (if any) : Nil

Family relationship with any director and/or major shareholder of the listed
issuer : Nil

Details of any interest in the securities of the listed issuer or its
subsidiaries : Nil


LAND & GENERAL: Azman Withdraws Winding Up Petition Against Unit
---------------------------------------------------------------
The Board of Directors of Land & General Berhad (L&G), further to the
announcements dated 20 November 2001 and 21 November 2001, informed that
Azman & Tay Associates Sdn Bhd withdrew its winding up petition served on
Sri Damansara Sdn Bhd, a wholly owned subsidiary of L&G. The winding up
petition was served on 19 November 2001.

The Board also advised informed that the Court has scheduled 18 April 2002
to deliver its decision on L&G's application for an interlocutory injunction
against Bayerische Landesbank Girozentrale (Bayerische). The Court further
fixed 23 January 2002 for mention to allow Bayerische's counsel to seek
Bayerische's instructions on terms for a holding over subject to
Bayerische's undertaking not to file winding up proceedings before the said
mention date.


MAN YAU: Scheme Restraining Order Will Not Be Extended
------------------------------------------------------
The Board of Directors of Man Yau Holdings Berhad (MYHB or the Company)
announced that as the scheme of arrangement pursuant to Section 176 of the
Companies Act, 1965 between MYHB and its shareholders, and MYHB together
with its subsidiary companies, namely Wang and Man Yau Plastic Factory
(Malaysia) Sdn Bhd (MYPF), and their scheme creditors (Scheme) had been
sanctioned by the Kuala Lumpur High Court (High Court), the Restraining
Order under section 176(10) of the Companies Act 1965 (Restraining Order) is
not required and will not be extended.

Under Section 176(5) of the Companies Act, 1965, the scheme creditors of
MYHB, its subsidiary Wang Corporation Sdn Bhd (Wang) and MYPF are bound by
the terms of the Scheme as sanctioned by the High Court and payment will be
made in accordance with the Scheme.

Reference is made to the announcement on 8 November 2001 whereby it was
announced that the Restraining Order granted by the High Court to MYHB and
Wang had been extended for another 3 months i.e. to 16 January 2002. The
Restraining Order was granted to enable MYHB and Wang to complete the
Scheme.


MBF CAPITAL: Court Convened Meetings Adjourned
----------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of Directors of MBf
Capital Berhad (MBf Capital), announced that due to certain variations
necessary to the MBf Capital's proposed debt restructuring scheme, the Court
Convened Meetings (CCM) for MBf Leasing Sdn Bhd and MBf Factors Sdn Bhd,
which were scheduled to be held on 14 January 2002 and the CCM for MBf
Capital, which were scheduled to be held on 15 January 2002, have been
postponed to a later date, which shall be announced in due course.


NAUTICALINK BERHAD: Ex-Dir Samad Fails To Expedite Restructuring
----------------------------------------------------------------
Nauticalink Berhad (NLB or the Company) released this notice:

Date of change  : 14/01/2002
Type of change  : Resignation Boardroom
Designation  : Director
Directorate  : Executive
Name    : Dato' Azizul Rahman bin Abd Samad
Age    : 40
Nationality  : Malaysian
Qualifications  : Barrister-at-Law, University of Kent, Canterbury (1986)
Certificate of Legal Practice, University of Malaya (1988)
Diploma in Public Administration, ITM Shah Alam (1982)

Working experience and occupation : Formerly, a Practicing LawyerCEO of
Nauticalink Berhad since August 2000.

Directorship of public companies (if any) : None except Nauticalink Berhad

Family relationship with any director and/or major shareholder
of the listed issuer : Brother to Executive Director, Abd Ghafar bin Abd
Samat.

Details of any interest in the securities of the listed issuer or its
subsidiaries : Deemed interest in 3,881,972 ordinary shares of RM 1.00 each
in NAUTICA.

Remarks : Reason given for the resignation is to avoid conflict of interest
in view of Dato' Azizul's recent personal venture in another company and
also for his failure in expediting the corporate restructuring exercise for
the Company and the Group.


NCK CORPORATION: Enters Transfer of Listing Status Agreement
------------------------------------------------------------
NCK Corporation Berhad (NCK) (Special Administrators Appointed)
Proposed Restructuring announced that on 16 April 2001, Pengurusan Danaharta
Nasional Berhad (Danaharta) appointed Dato' Nordin bin Baharuddin, Mr Adam
Primus Varghese Abdullah and Ms Wong Lai Wah of Messrs Ernst & Young as
Special Administrators (SA) for NCK. On 15 January 2002, NCK entered into a
Transfer of Listing Status Agreement with Kekal Sepakat Sdn Bhd (Newco), Era
Julung Sdn Bhd (EJ), the shareholders of Amalgamated Metal Corporation (M)
Sdn Bhd (AMC), Benmarl Sdn Bhd (Benmarl) and Prescan Sdn Bhd (Prescan)
and/or their nominee to transfer the listing status of NCK on the Main Board
of the Kuala Lumpur Stock Exchange (KLSE) to Newco. The Proposed Transfer is
part of a scheme that will be undertaken by Newco as follows:

   (i) Proposed acquisition of 100 percent equity interest in EJ by Newco
(Proposed Acquisition)

   (ii) Proposed transfer of listing status of NCK to Newco (Proposed
Transfer)

   (iii) Proposed restricted issue with free non-detachable Warrants to the
shareholders of Newco pursuant to the Proposed Transfer (Proposed Restricted
Issue)

   (iv) Proposed Special Issue

(collectively referred to as the Proposals)

The Proposals form part of the workout proposal for NCK, which is being
finalized by the SA and will be submitted to Danaharta for their approval
and the approval of the secured creditors, if any. Danaharta will announce
details on the workout proposal upon approval.

THE PROPOSALS

Proposed Acquisition

Newco proposes to acquire the entire issued and paid-up capital of EJ. Prior
to the Proposed Acquisition, EJ proposes to undertake the following:

   (i) rights issue of 4,700,000 new EJ Shares to the shareholders of EJ at
an issue price of RM1.00 per new ordinary share of RM1.00 each in EJ (EJ
Share);

   (ii) acquisition of 100 percent equity interest in AMC comprising
3,000,000 ordinary shares of RM1.00 each in AMC (AMC Shares) for a purchase
consideration of RM33,159,849 to be satisfied by the issuance of 33,159,849
new EJ Shares;

   (iii) acquisition of 100 percent equity interest in Benmarl comprising
400,004 ordinary shares of RM1.00 each in Benmarl (Benmarl Shares) for a
purchase consideration of RM5,444,765 to be satisfied by the issuance of
5,444,765 EJ Shares;

   (iv) acquisition of 100 percent equity interest in Prescan comprising
1,600,000 ordinary shares of RM1.00 each in Prescan (Prescan Shares) for a
purchase consideration of RM2,333,471 to be satisfied by the issuance of
2,333,471 EJ Shares;

(collectively referred to as EJ Proposals)

Upon completion of the EJ Proposals, the issued and paid-up capital of EJ
will increase to RM45,638,085 comprising of 45,638,085 EJ Shares. Newco will
then acquire 100 percent equity interest in EJ comprising 45,638,085 EJ
Shares from the shareholders of EJ (Vendors) for a purchase consideration of
RM76,837,000 to be satisfied by the issuance of 51,837,000 new ordinary
shares in Newco of RM1.00 each (Newco Shares) at an issue price of RM1.00
each and the issuance of 25,000,000 5.5 percent Irredeemable Convertible
Preference Shares of RM1.00 each in Newco (ICPS).

Please refer to Table 1 set out at
http://www.bankrupt.com/misc/TCRAP_NCK0117.htmlfor the salient terms of the
ICPS to be issued by Newco.

The proforma estimated consolidated NTA of EJ for the financial year ended
31 December 2001 will be provided at a later date upon the finalization of
the financial statements of AMC, Benmarl and Prescan and the proforma
financial statements of EJ on a consolidated basis.

The EJ Shares are to be acquired free from all charges, mortgages, pledges
and all other encumbrances attaching thereto.

The new Newco Shares to be issued pursuant to the Proposed Acquisition
shall, upon allotment and issue, rank pari passu in all respects with all
other Newco Shares in issue and those to be issued pursuant to the Proposals
except that they shall not be entitled to any dividends, rights, allotments
and/or distributions, the entitlement date of which is prior to the date of
allotment of the said Newco Shares.

There are no liabilities to be assumed by Newco pursuant to the Proposed
Acquisition.

The total original cost of investment of the Vendors in EJ is expected to be
RM45,638,085.

Basis of valuation

The total purchase consideration of RM76,837,000 for EJ was arrived at on a
willing-buyer, willing-seller basis after taking into consideration the
earnings potential of EJ and the unaudited proforma forecast consolidated
earnings of EJ of approximately RM9,603,000 for the financial year ending 31
December 2002.

Proposed Transfer

Upon completion of the Proposed Acquisition, Newco will be the holding
company of EJ. It is proposed that NCK transfers its listing status on the
Main Board of the KLSE to Newco with all rights attached thereto. In
consideration for the Proposed Transfer, Newco shall in accordance with the
terms of the Transfer of Listing Status Agreement:

   (i) issue 3,736,000 new Newco Shares to the existing shareholders of NCK
on the basis of one (1) new Newco Share for every ten (10) existing NCK
Shares held;

   (ii) issue 10,000,000 new Newco Shares to NCK, its assigns or the
creditors' agent appointed pursuant to the workout proposal (Creditors'
Agent), for the benefit of its creditors.

NCK will be delisted from the Official List of the Main Board of the KLSE
and Newco be admitted to the Official List of the KLSE in place of NCK, with
the listing of the entire issued and paid-up share capital of Newco on the
Main Board of the KLSE.

The Vendors will enter into a Put and Call Option Agreement with NCK, its
assigns and/or Creditors' Agents at a later date.

The Put and Call Option will be for 5,000,000 new Newco Shares at an option
price of RM1.00 for a period of six (6) months commencing three (3) months
from the date on which the Newco Shares are listed on the Main Board of the
KLSE and expiring nine (9) months thereafter. The Put and Call Option shall
be secured by 5,000,000 Newco Shares to be held by the Vendors.

Proposed Restricted Issue

Newco proposes to undertake a restricted issue of up to 3,736,000 new Newco
Shares with 3,736,000 free non-detachable Warrants to the existing
shareholders of NCK on the basis of one (1) new Newco Share for each Newco
Share held pursuant to the Proposed Transfer at an issue price of RM1.00 per
Newco Share.

The new Newco Shares to be issued pursuant to the Proposed Restricted Issue
shall, upon allotment and issue, rank pari passu in all respects with all
other Newco Shares in issue and those to be issued pursuant to the Proposals
except that they will constitute a separate class for the purposes of
trading on the Main Board of the KLSE and they shall not be entitled to any
dividends, rights, allotments and/or distributions, the entitlement date of
which is prior to the date of allotment of the said Newco Shares.

Depending on the subscription rate of the Proposed Restricted Issue and if
necessary, the Vendors may undertake an offer for sale (the quantum of which
will be determined later) to the employees of AMC, Benmarl and Prescan to
meet the public shareholding spread as required under the Securities
Commission's (SC) Policies and Guidelines on the Issue/Offer of Securities
and the Listing Requirements of the KLSE.

The Proposed Restricted Issue will not be underwritten as there is no
minimum level of subscription.

Go to Table 2 at http://www.bankrupt.com/misc/TCRAP_NCK0117.htmlfor the
salient terms of the Warrants.

Proposed Special Issue

Newco proposes to undertake a special issue of 16,600,000 new Newco Shares
to Bumiputera investors to be approved by the Ministry of International
Trade and Industry (MITI) at an issue price of RM1.00 per Newco Share.

The Proposed Special Issue is to enable Newco to comply with the requirement
of the National Development Policy that at least Bumiputera investors hold
30 percent of the issued and paid-up capital of Newco.

The new Newco Shares to be issued pursuant to the Proposed Special Issue
shall, upon allotment and issue, rank pari passu in all respects with all
other Newco Shares in issue and those to be issued pursuant to the Proposals
except that they shall not be entitled to any dividends, rights, allotments
and/or distributions, the entitlement date of which is prior to the date of
allotment of the said Newco Shares.

The Proposed Acquisitions, Proposed Transfer and Proposed Special Issue are
interconditional.

The Proposals are estimated to be completed by October 2002.

The Proposals do not depart from the SC's Policies and Guidelines on the
Issue/Offer of Securities.

Background information

NCK

NCK was incorporated in Malaysia on 27 December 1984 under the Companies
Act, 1965 (Companies Act) as a private limited company under the name of Ng
Choo Kwan Corporation (Butterworth) Sdn Bhd. On 25 July 1990, the Company
changed its name to NCK Concrete Product Sdn Bhd. It was subsequently
converted to a public company on 2 November 1991 and assumed the name of NCK
Concrete Products Berhad. On 6 February 1992, the Company changed its name
to NCK Corporation Berhad and was listed on the Main Board of the KLSE on 10
March 1993.

NCK is principally an investment holding company whose subsidiaries are
involved in the manufacturing, trading and distribution of building
materials and hardware products, construction, provision of specialist
materials and soil protection works, manufacturing and retailing of
aluminium products, manufacturing and marketing of wire products, supply and
installation of air-conditioners and other electrical products, rental of
machinery and site equipment and trading, property development and the
manufacturing, trading and wholesale in pave blocks, cement and bricks.

Newco

Newco was incorporated in Malaysia under the Companies Act, 1965 on 20
November 2001. The present authorized share capital of the company is
RM100,000 comprising 100,000 Newco Shares, of which 2 shares have been
issued and fully paid up.

The principal activity of Newco is investment holding.

EJ

EJ was incorporated in Malaysia under the Companies Act, 1965 on 12 October
2001. The present authorized share capital of the company is RM100,000
comprising 100,000 EJ Shares, of which 2 shares have been issued and fully
paid up.

The principal activity of EJ is investment holding.

AMC

AMC was incorporated in Malaysia under the Companies Act, 1965 on 28 January
1982. The present authorized share capital of the company is RM5,000,000
comprising 5,000,000 AMC Shares, of which 3,000,000 shares have been issued
and fully paid up.

The principal activity of AMC is the fabrication of specialized design and
manufacturing of engineering equipment.

The financial information on AMC for the past three years are set out in
Table 3 at http://www.bankrupt.com/misc/TCRAP_NCK0117.html

Benmarl

Benmarl was incorporated in Malaysia under the Companies Act, 1965 on 10
September 1986. The present authorized share capital of the company is
RM500,000 comprising 500,000 Benmarl Shares, of which 400,004 shares have
been issued and fully paid up.

The principal activity of Benmarl is in the business as contractors in
air-conditioning and related engineering works.
The financial information on Benmarl for the past three years are set out in
Table 4 at http://www.bankrupt.com/misc/TCRAP_NCK0117.html

Prescan

Prescan was incorporated in Malaysia under the Companies Act, 1965 on 10
March 1988. The present authorized share capital of the company is
RM5,000,000 comprising 5,000,000 Prescan Shares, of which 1,600,000 shares
have been issued and fully paid up.

The principal activity of Prescan is the provision of non-destructive
testing services which include ultrasonic flaw detection, pipeline
radiographic inspection utilizing remote control crawlers, positive material
identification, magnetic particle inspection, metallurgical analysis,
failure analysis and mechanical testing.

The financial information on Prescan for the past three years are set out in
Table 5 at http://www.bankrupt.com/misc/TCRAP_NCK0117.html

Vendors

The vendors of EJ are Yap Kow @ Yap Kim Fah, Chi Hoo @ Chu Chi Hoo, Loh Siew
Hooi, Lim Hong Liang, Cheong Boon Yu, Gan Chin Boon, Jaafar bin Padil, Lim
Lye Hock, Johari Low bin Abdullah, Loo Pak Soon, Danau Restu Sdn Bhd, Rare
Prestige Sdn Bhd, TTS Resources Sdn Bhd and Aspirasi Jitu Sdn Bhd.

Danau Restu Sdn Bhd

Danau Restu Sdn Bhd was incorporated in Malaysia under the Companies Act,
1965 on 19 February 1997. The present authorized share capital of the
company is RM100,000 comprising 100,000 ordinary shares of RM1.00 each in
Danau Restu Sdn Bhd, of which 2 shares have been issued and fully paid up.

The Directors and substantial shareholders of Danau Restu Sdn Bhd are Rosley
bin Abdul Rahman and Rosnah binti Abdul Rahman.

The principal activity of Danau Restu Sdn Bhd is investment holding.

Rare Prestige Sdn Bhd

Rare Prestige Sdn Bhd was incorporated in Malaysia under the Companies Act,
1965 on 17 May 1994. The present authorized share capital of the company is
RM100,000 comprising 100,000 ordinary shares of RM1.00 each in Rare Prestige
Sdn Bhd, of which 2 shares have been issued and fully paid up.

The Directors and substantial shareholders of Rare Prestige Sdn Bhd are Lim
Hong Liang and Lim Tow Ching.

The principal activity of Rare Prestige Sdn Bhd is property investment
holdings.

TTS Resources Sdn Bhd

TTS Resources Sdn Bhd was incorporated in Malaysia under the Companies Act,
1965 on 17 June 1992. The present authorized share capital of the company is
RM5,000,000 comprising 5,000,000 ordinary shares of RM1.00 each in TTS
Resources Sdn Bhd, of which 1,745,002 shares have been issued and fully paid
up.

The Directors and substantial shareholders of TTS Resources Sdn Bhd are Yap
Kow @ Yap Kim Fah and Yap Kau @ Yap Yeow Ho.

The principal activity of TTS Resources Sdn Bhd is investment holding.

Aspirasi Jitu Sdn Bhd

Aspirasi Jitu Sdn Bhd was incorporated in Malaysia under the Companies Act,
1965 on 16 October 2001. The present authorized share capital of the company
is RM100,000 comprising 100,000 ordinary shares of RM1.00 each in Aspirasi
Jitu Sdn Bhd, of which 2 shares have been issued and fully paid up.

The Directors and substantial shareholders of Aspirasi Jitu Sdn Bhd are Atan
bin Abdullah and Wan Azman bin Wan Abdul Majid.

The principal activity of Aspirasi Jitu Sdn Bhd is investment holding.

RATIONALE FOR THE PROPOSALS

On 16 April 2001, Danaharta appointed Dato' Nordin bin Baharuddin, Mr Adam
Primus Varghese bin Abdullah and Ms Wong Lai Wah all of Messrs Ernst & Young
as SA for NCK pursuant to the Pengurusan Danaharta Nasional Berhad Act,
1998. The primary objective of the SA is to preserve the assets of NCK and
to formulate a workout proposal, as soon as practicable, taking into
consideration the interests of the creditors and also the shareholders.

The Proposals form part of the workout proposal currently being prepared by
the SA. The primary objective of the Proposals is to restructure via a newly
incorporated company. The Proposals will enable the existing shareholders of
NCK to participate in Newco, which will have assets, which are
income-generating and will be listed on the Main Board of the KLSE. The
Proposals will also allow NCK to discharge part of its outstanding
liabilities in an equitable and orderly manner. The Proposals will alleviate
the current debt burden of NCK through debt settlement in the form of Newco
Shares.

EFFECTS OF THE PROPOSALS

Share Capital

The effects of the Proposals on the share capital of Newco is set out in
Table 6 at http://www.bankrupt.com/misc/TCRAP_NCK0117.html

NTA

The effect of the Proposals on the NTA and NTA per share of Newco will be
provided at a later date upon the finalization of the financial statements
of AMC, Benmarl and Prescan and the proforma financial statements of EJ on a
consolidated basis.

Earnings

The effect of the Proposals on the earnings of Newco will be provided at a
later date upon the finalization of the financial forecast and projections
of Newco.

Shareholding Structure

The effect of the Proposals on the substantial shareholders of Newco is set
out in Table 7 at http://www.bankrupt.com/misc/TCRAP_NCK0117.html

Group Structure

The effect of the Proposals on the group structure of Newco is set out in
Table 8 at http://www.bankrupt.com/misc/TCRAP_NCK0117.html

FUTURE PROSPECTS AND RISK FACTORS

Upon the completion of the Proposals, Newco will be the new holding company
of AMC, Benmarl and Prescan and will principally be involved in the
provision of steel equipment fabrication and engineering services for the
oil and gas, energy, petrochemical, oleo chemical and food-based industries.
The Malaysian Economy

The Malaysian economy is forecast to grow by 4-5 percent in 2002, led by
stronger performance in the manufacturing and services sectors. The recovery
in global electronics demand will contribute towards growth in the
manufacturing sector while the pace of expansion in the services sector will
be driven by higher economic activities and Government fiscal stimulus.
(Source: Economic Report 2001/2002, Ministry of Finance)

The period of the Eighth Malaysia Plan (Plan) from 2001 to 2005 will witness
a new phase in the country's industrial development. The overriding
objective will be to strengthen the resilience and growth of the
manufacturing sector. In this regard the Government will continue to provide
support for the development of infrastructure facilities for industries and
efforts will be made to increase investments in the sector by providing a
conducive environment for business.

The manufacturing sector is targeted to grow by 8.9 percent per annum during
the Plan period contributing 35.8  percent to the share of gross domestic
product by 2005. The growth of the sector will be export-led, with export of
manufactures projected to grow by 8.9 percent per annum, accounting for 89
percent of the nation's export earnings by 2005. While the electrical and
electronic products industry will continue to be the major contributor to
exports, the growth of new sources of exports, especially resource-based
industries, will be enhanced to increase the country's exports.

The petrochemical industry

The petrochemical industry is gaining importance as a growth industry for
the country. The industry can take advantage of the country's feedstock
position, its cost competitiveness and strategic location in ASEAN. In
addition, the infrastructure is in place to support the future development
of the industry.

The oleo chemical industry

The Government will continue to encourage the manufacture of oleochemicals
and their value-added derivatives, which have great export potential due to
the growing world demand for natural-based oleochemical products. Emphasis
will be placed on downstream processing and diversification of the usage of
palm oil so as to increase income through higher value-added activities.

The oil and gas industry

The nation's crude oil reserves are anticipated to last at least another 10
years. To sustain the reserves, efforts that will be undertaken include
developing potential small fields and enhancing the production of matured
fields. In addition, exploration in deep-water areas will be continued,
especially in Sabah and Sarawak. This will enable the average production
level to be maintained at 600,000 barrels per day until 2005. Other efforts
to sustain the oil production will include the acquisition of
state-of-the-art technology in exploration and production as well as
intensification of research in oil recovery and reduction of cost.

A total of RM61.5 billion will be invested by the petroleum industry from
2001 to 2005. Of this, RM41.5 billion or 67.5 percent will be spent for
exploration, development and production activities by PETRONAS and its
production sharing contractors. Another RM8.1 billion will be expended by
PETRONAS to further develop infrastructure and facilities to attract foreign
investment in gas-related industries. PETRONAS will spend another RM2.0
billion to construct support facilities for the efficient operations of the
integrated petrochemical complexes, such as centralized tankage facilities,
Kuantan-Kerteh railway link, Dungun water supply, Kerteh marine facilities
and Kuantan bulk chemical storage and piperack facilities.

The food-based industry
Recognizing the importance of developing an efficient and modern food
products industry, the Government will formulate strategies and programmes
to facilitate the development of the industry. Among the new incentives to
enhance food production include granting full tax deduction on investments
in wholly-owned food manufacturing subsidiaries.

(Eighth Malaysia Plan 2001-2005)

Future Prospects of Newco
The primary contribution to Newco will be from its steel equipment
fabrication and engineering services division which principally serve the
oil and gas, energy, petrochemical, oleo chemical and food-based industries.
Given the expected growth of the abovementioned industries and the continued
support from the Government for the development of industrial activities in
Malaysia, Newco will be in a prime position to maintain a sustainable growth
rate. Furthermore, Newco is not reliant on any single market segment. This
augurs well for Newco as it will have a diversified earnings base.

Risk Factors

(i) Key Personnel

Newco believes that its continuing success will depend to a large extent
upon the abilities and continuing efforts of the existing Directors and
senior management of AMC, Benmarl and Prescan as well as its ability to
attract new and retain existing skilled personnel. Upon implementation of
the Proposals, it is Newco's intention to embark on continuous training and
development programs to enhance the technical and operational knowledge of
its staff.

(ii) Competition

The Newco Group faces competition from both local and foreign companies.
However, the competitive advantage of Newco lies mainly in its ability to
offer specialized engineering services. This is proven by the established
reputation and track record of the Newco Group over the years for being
cost-competitive and reliable.

(iii) Supply of Production Material

The Group is subject, to a certain extent, on the price fluctuations of
production materials comprising mainly stainless steel and mild steel.
However, the Group mitigates this risk by sourcing its production materials
from a number of established long-term suppliers at competitive prices.

(iv) Foreign Exchange Fluctuations

A portion of Newco's production materials are sourced from abroad and are
priced in United States Dollar (US Dollar). In the event the fixed-exchange
rate regime is abolished, Newco's revenue and profit will be exposed to the
vagaries of the fluctuations of the US Dollar. However, Newco will endeavor
to implement a currency hedging policy to mitigate such foreign exchange
fluctuation risk.

(v) Political and Economic Factors

As in any other business, adverse development in the political and economic
conditions in Malaysia could materially affect the financial prospects or
profitability of the Newco Group. Whilst Newco strives to continue to take
effective measures such as prudent financial management and efficient
operating procedures, there is no assurance that adverse political and
economic factors will not materially affect the Newco Group.

APPROVALS REQUIRED

The Proposals are subject to inter-alia, the approvals of the following:

(a) Danaharta;

(b) The secured creditors of NCK for the workout proposal, if any;

(c) the SC;

(d) the KLSE for the Proposed Transfer and the listing of and quotation for
the new Newco Shares on the Main Board of the KLSE;

(e) the Foreign Investment Committee;

(f) the MITI;

(g) any other relevant authorities and/or parties, if required.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the existing Directors and/or substantial shareholders of NCK and
persons connected to them has any interest, direct or indirect, in the
Proposals.

ADVISERS

Alliance Merchant Bank Berhad has been appointed as the Adviser for the
Proposals.

SA'S RECOMMENDATION

After due consideration of all aspects of the Proposals, the SAs are of the
opinion that the Proposals are in the best interest of the Company and its
shareholders.

APPLICATION TO THE SC

Barring any unforeseen circumstances, the relevant applications to the
regulatory authorities in respect of the Proposals will be made within sixty
(60) business days from the date of the Transfer of Listing Status
Agreement.

DOCUMENTS FOR INSPECTION

The Transfer of Listing Status Agreement is available for inspection at the
Registered Office of the SAs, 4th Floor, Kompleks Antarabangsa, Jalan Sultan
Ismail, 50250 Kuala Lumpur during normal business hours from Monday to
Friday (except for public holidays) for a period of 14 days from the date of
this announcement.


UNIPHOENIX CORPORATION: Courts Grants Further RO Extension
----------------------------------------------------------
On behalf of the Board of Directors of Uniphoenix Corporation Berhad (UCB),
Southern Investment Bank Berhad announced that the High Court of Malaya
(Court) has on 16 January 2002 granted an order for the extension of the
restraining order (RO) for a further three (3) months to 16 April 2002.

Profile

Uniphoenix was formed to acquire then listed company, Amalgamated Properties
& Industries Bhd (API), in conjunction with API's restructuring scheme. Upon
completion of the scheme in May 1990, API was removed from the Official List
of KLSE on 11 June 1990 and Uniphoenix was listed in its place on the same
date.

In 1992, the Company ventured into the stockbroking business through the
acquisition of 80 percent of Halim Securities (HS). However, in 1998, HS was
suspended of its stockbroking trading activities by the regulatory
authorities. In February 1999, Pengurusan Danaharta Nasional appointed
Special Administrators to takeover the management and to restructure HS.

In March 2000, Special Administrators (SAs) of HS accepted the tender
proposal submitted by JF Apex Securities Bhd (JFAS) to acquire the business
of HS. Subsequently, in May 2000, the SAs entered into a Business Merger
Agreement with JFAS to acquire HS for RM100m. By August, the debt workout
proposal as agreed by the two parties, was approved by the SC and secured
creditors. On 12 January 2001, HS' shareholders agreed to the winding-up of
HS pursuant to which the distribution of any remaining assets will be made
by liquidators, Messrs Pricewaterhouse Coopers, to settle all outstanding
debt balances.

The Group unveiled its restructuring scheme in November 1998 comprising a
comprehensive equity and debt restructuring, injections of property
development projects and fund raising exercise. Since its submission to the
SC in July 1999, the Company has received approvals from the FIC and MITI.
The scheme was however aborted in December 2000.

In January 2001, the Company entered into two separate agreements to acquire
four property-related companies and one construction-based company. The
acquisition forms a part of the Group's restructuring scheme involving
capital and debt reconstruction, share exchange and capital exercises. The
new assets, which complement the Group's property development arm, will
enable Uniphoenix to derive synergistic benefits. In view of its focus on
property development, Uniphoenix had in December 2000 entered into an
agreement to dispose of its entire 60.7 percent interest in Sam Long
Chemicals Industries (Malaysia), one of its manufacturing concerns.


UNITED CHEMICAL: Receives Writ of Summon Over Unsettled Debts
-------------------------------------------------------------
United Chemical Industries Berhad (UCI) has received a copy of Third Party
notice and Writ of Summon in relation to a claim by United Overseas Bank
(Malaysia) Berhad against the defendant, Mr Eng Poh Hong @ Wong Choon Ming
for RM2,011,054.46 for settlement of outstanding overdraft and revolving
credit facilities.

The case has been referred to UCI's solicitor to ascertain the appropriate
action to be taken.

Profile

The Company (UCI), located in Penang, was set up to manufacture
polypropylene woven bags for flour. Through expansionary programmes, the
Company has increased its production capacity and presently has modern
technological machinery for the manufacturing of polypropylene/polyethylene
cloth and bags. The raw materials for production are mainly sourced locally.
The Company has an estimated 12 percent share of the local market. About 80
percent of the products is sold locally and the balance 20 percent
comprising substantially polypropylene cloth is exported mainly to the
Netherlands and Australia. Currently, annual production capacity and output
stand at 2,400 m/t and 2,040 m/t respectively.

In September 1996, the Company entered into a SPA with Sungei Wang
Properties Sdn Bhd (SWP) to acquire Hongkew Holdings (M) Sdn Bhd. However
the SA was subsequently terminated. In late June 2001, the Company appointed
a merchant bank to formulate a restructuring plan to regularize the Group's
financial position. This followed the Group's write-off of the investment
incurred to acquire Hongkew. To this end, UCI has also appointed a solicitor
to assist the Company in recovering deposits paid to SWP.


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


NATIONAL BANK: Calling Shareholders Meeting
-------------------------------------------
The Philippine National Bank (PNB) will be calling a special shareholders'
meeting to approve the deal, which will allow government to regain
management control of PNB, AFX News said on Tuesday, citing PNB president
Feliciano Miranda Jr. Among the items to be put up for shareholders'
approval is a proposal to lessen the par value of the bank's shares by P20
to P40 each, he said.

The meeting will be scheduled as soon as the government and PNB's majority
owner Lucio Tan sign a memorandum of agreement (MoA) for a debt-to-equity
swap. The government aims to re-enter the bank by converting part of PNB's
P25 billion debt into shares. Miranda said the MoA is likely to be signed by
Jan 20.

TCR-AP reported last month that Lucio Tan finally agreed with the government
to a "term sheet" on the rehabilitation of Philippine National Bank (PNB),
after months of negotiations. Following the rehabilitation plan, the parties
will execute a memorandum of agreement (MOA) within 30 days to make
effective the provisions of the term sheet.


NATIONAL POWER: Request For ADB Financing Guarantee Likely
----------------------------------------------------------
The government may ask the Asian Development Bank (ADB) to guarantee the
National Power Corporation's financing requirement for this year totaling
US$750 million, AFX News reports, citing Finance Secretary Jose Isidro
Camacho.

Camacho stressed that the World Bank has also offered to extend a guarantee
for the government's fund-raising efforts. Half of a potential US$200
million loan from the World Bank can be used as guarantee cover for loans,
he said. The government has so far raised US$250 million for Napocor this
year.


PHILIPPINE AIRLINES: Court Orders Pilot Retirement Payment
----------------------------------------------------------
The Supreme Court has ordered Philippine Airlines Inc (PAL) to observe the
terms of a 1967 retirement plan in paying pilots separated from the service,
Business World & AFX News reported on Wednesday. PAL had been seeking to
enforce a retirement plan based on the labor code and its collective
bargaining agreement with the pilots, which offer lower benefits, the report
said, citing the court's ruling.

TCR-AP reported on January 2 that Chief Operating Officer Avelino L. Zapanta
said PAL's losses, due to the September terrorist attacks in the United
States, were more than three times what was expected at P684 million.

According to DebtTraders, Philippine Airlines' 7.601% floating rate notes
due on 2000 (PHAIR) are trading between 3 and 6. For more real-time bond
pricing information, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PHAIR


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


BBR HOLDINGS: Court Sanctions Scheme
------------------------------------
The Board of Directors of BBR Holdings announced on January 16 that the High
Court of the Republic of Singapore has granted an order to sanction the
BBRCS Scheme pursuant to Section 210 of the Companies Act (Cap. 50) (the
Order).

Proposed Scheme of Arrangement (the BBRCS Scheme) to be entered into between
BBR Construction Systems Pte Ltd (BBRCS), a wholly-owned subsidiary of BBR
Holdings (S) Ltd (BBR Holdings), and certain creditors of BBRCS.

The BBRCS Scheme will be effective upon the lodgment of an office copy of
the Order made by the High Court with the Registrar of Companies. A further
announcement will be made in respect of the date of lodgment of the Order
with the Registrar of Companies.

The BBRCS Scheme is subject to, inter alia, the approval of shareholders of
BBR Holdings for the issue of BBR Holdings shares pursuant to the BBRCS
Scheme (Scheme Shares). A circular to shareholders of BBR Holdings will be
issued in due course to convene an Extraordinary General Meeting to seek
their approval for the issue of the Scheme Shares.


CAPITALAND LIMITED: Supervisory Team To Review SPT Structure
------------------------------------------------------------
CapitaLand Limited announced on January 16 that the company has constituted
a supervisory team to review the structure for the proposed listing of
SingMall Property Trust (SPT). Constituted at the head office, the
supervisory team will be headed by Hiew Yoon Khong, currently the CEO of
CapitaLand Financial, supported by Lui Chong Chee, currently CapitaLand's
Group Chief Financial Officer and Dr Steven Choo, formerly national director
of research and consultancy at Jones Lang LaSalle Singapore, who has been
appointed as Senior Vice President, Research and Direct Investments at
CapitaLand Limited.

SingMall Property Trust will be managed by a strong team of professionals
knowledgeable in financial services and real estate management. Mr Hiew has
had experience in corporate finance including equity and debt capital
raising prior to joining CapitaLand. At CapitaLand, before his appointment
as CEO Financial, Mr Hiew served as Group Chief Financial Officer
responsible for the financial management of the Group including all aspects
of treasury activities, corporate finance and tax planning. During his
tenure as CFO, Mr Hiew led the Treasury team that developed and launched
various financial products in the capital markets. Mr Lui, prior to joining
CapitaLand as its Chief Financial Officer, was a Managing Director at
Citicorp Investment Bank (Singapore) Limited overseeing all fixed income
securities, financial advisory and equity related transactions. With over
fifteen years in investment banking, Mr Lui's experience includes
origination, advice and execution of capital market fundraising exercises,
IPOs and merger and acquisition transactions.

CapitaLand's President and CEO, Mr Liew Mun Leong, said, "One of the Group's
foremost focus is to transform itself from an asset heavy traditional real
estate company, to an international player in asset light, fee-based
property businesses. The appointment of a core working team represents our
strong commitment and best effort for the SPT listing. The team will review
the structure of the SPT, making adjustments to significant features and
incorporate feedback from the investors. Singapore property trusts represent
a new investment class that will provide investors with the opportunity to
participate in investment in the property sector and benefit from the steady
income, yields and the long-term capital gains potential of quality real
estate."

Mr Liew added, "Besides putting a strong team to manage the listing of the
SPT, we are also continuously refreshing and strengthening the bench
strength of our management team at CapitaLand. I am pleased to have Steven
on board. His in-depth experience of 20 years in the property industry and
his international exposure are invaluable. Steven was the Asia Pacific
regional head of research and consultancy of Jones Lang LaSalle and global
investment committee member of LaSalle Investment Management Asia and a real
estate advisor to numerous regional and global property funds and
investors."

Besides playing an important role in the SPT, Dr Choo will assist in the
operations of CapitaLand regarding direct investments on all the property
sectors including residential, office, retail and industrial. Dr Choo, a
Commonwealth Scholar, first began his professional career in the early 1970s
at Jones Lang Wootton (JLW) Singapore. He also did a stint as Director,
Development Consultancy & Research at Richard Ellis before re-joining JLW
Singapore in 1995. Over the last 20 years, he has worked in the private and
public sectors, covering a wide range of real estate practice in research,
valuation, property management, leasing, development planning and appraisal.
He has advised on numerous local and regional projects, including the
Housing and Development Board (HDB)'s Bras Basah Complex upgrading, China
Square, Riverside developments and one of the region's most significant
projects, the Kuala Lumpur City Center (KLCC) in Malaysia.

Prior to his experience in the private sector, Dr Choo was a Senior Lecturer
and Director, Center for Real Estate Studies, School of Building and Estate
Management, National University of Singapore. Dr Choo was also active in
community related projects such as the UN award winning Tampines new town
and the Simpang Development Guide Plan, the first master plan in Singapore
with private sector participation.

Dr Steven Choo said: "I am delighted to be part of the CapitaLand team at a
time when the company is strengthening its position in Singapore and
increasing its presence abroad. My experience in research and advisory work,
including market surveys, feasibility and development option studies of
projects both locally and regionally, could assist the company as it makes
investment decisions in the chosen gateway cities. On the SPT, I have
consistently supported this investment instrument for the Singapore retail
and institutional investor."


KEPPEL CORPORATION: Temasek Holdings Ltd Changes Deemed Interest
----------------------------------------------------------------
Keppel Corporation Limited posted a notice of changes in substantial
shareholder Temasek Holdings (Private) Ltd's deemed interests:

Date of notice to company: 16 Jan 2002
Date of change of deemed interest: 11 Jan 2002
Name of registered holder: CDP:DBS Nominees
Circumstance giving rise to the change: Others
Please specify details: + Deemed Interest - Open Market Purchase

Shares held in the name of registered holder
No. of shares of the change: 8,000
% of issued share capital:
Amount of consideration per share excluding brokerage, GST, stamp duties,
clearing fee: $3.09630
No. of shares held before change:
% of issued share capital:
No. of shares held after change:
% of issued share capital:

Holdings of Substantial Shareholder including direct and deemed interest
                                       Deemed     Direct
No. of shares held before change:
% of issued share capital:
No. of shares held after change:
% of issued share capital:

Total shares:

                                       Direct & Deemed
No. of shares held before change       248,014,260
% of issued share capital              32.39%
No. of shares held after change        248,022,260
% of issued share capital              32.38% #

+ Temasek Holdings is deemed to be interested in these shares under Section
7 of the Companies Act, Cap 50

This transaction was reported to Temasek Holdings on January 15, 2002.

Number based on 765,895,091 shares was issued on January 14, 2002.

All sales are discretionary sales unless stated otherwise Temasek's direct
interest is 246,227,760 shares to date.


SEMBCORP INDUSTRIES: Posts Shareholder's Interest Notice
--------------------------------------------------------
Sembcorp Industries posted a notice of changes in substantial shareholder
Temasek Holding's (Private) Ltd's deemed interests:

Date of notice to company: 16 Jan 2002
Date of change of interest: 11 Jan 2002
Name of registered holder: CDP : DBS Nominees
Circumstance giving rise to the change: Sales in open market at own
discretion

Shares held in the name of registered holder
No. of shares of the change: 20,000
% of issued share capital: 0.01
Amount of consideration per share excluding brokerage, GST, stamp duties,
clearing fee: S$1.68310
No. of shares held before change:
% of issued share capital:
No. of shares held after change:
% of issued share capital:

Holdings of Substantial Shareholder including direct and deemed interest
                                  Deemed       Direct
No. of shares held before change: 713,023,175  215,054,693
% of issued share capital:        44.39        13.39
No. of shares held after change:  713,003,175  215,054,693
% of issued share capital:        44.38        13.39

Total shares: 713,003,175 215,054,693

This transaction was reported to Temasek on January 15, 2002.


VIKAY INDUSTRIAL: Clarifies Shareholder's Interest Rumor
--------------------------------------------------------
Reference is made to the article titled "Vikay To Resume Trading Today After
Clearing JM" which appeared in the Business Times on January 15, 2002. The
article stated that Mr. Kia Kah Kim now controls between 60 and 70 percent
of the company.

The company clarifies that Mr. Kia Kah Kim currently owns through E-Path
Development Limited 201,383,388 shares in the company, representing about
54.42 percent of the issued capital in the company.


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


DATAMAT: Posts Par-Value Decrease Results, Amends Closing Date
--------------------------------------------------------------
Datamat Public Company Limited, in reference to the resolution of the Board
of Directors Meeting No. 1/2002 held on January 14, 2002, to approve the
paid up capital decrease by decrease the par value from Bt10 to Bt1,
informed that the results from decreasing in par-value will eliminate the
decline value of share capital and decrease the capital  deficiency amount
Bt343 million, the shareholder equity will not be changed. See table bellow:

       Paid up capital     Declining value      Net
Quantity      amount(Baht)     (Baht)         (Baht)

Share capital, Bt10 par value
  - Currently
        581,254,711   5,812,547,110  4,888,250,413  924,296,697
  - Interval of proceeding for increasing capital (if
     subscription in full)
         53,637,216     536,372,160    482,734,944   53,637,216

Total   634,891,927   6,348,919,270  5,370,985,357  977,933,913

Less    register capital decrease from Bt10 to Bt1
            -        (5,714,027,343) (5,714,027,343)        -
Paid up capital after decreasing par-value

        634,891,927    634,891,927   (343,041,986) 977,933,913
Remarks:
* shareholder equity- net remains unchanged.
* Balance of declining value of the capital amount Bt343,041,986
  will Carry forward to decrease deficit.

Shareholders are requested to allow the Company to amend  the resolution #4
that the closing date of the Shareholder register should read February 1,
2002, at 12.00 a.m.


M.E.C. FAREAST: Files Business Reorganization Petition
------------------------------------------------------
M.E.C. Fareast Corporation Company Limited (DEBTOR), engaged in buying,
selling and renting heavy machines using in the general building, filed its
Petition for Business Reorganization in the Central Bankruptcy Court:

   Black Case Number 1069/2543

   Red Case Number 38/2544

Petitioner: M.E.C. FAREAST CORPORATION COMPANY LIMITED

Planner: Fareast Planner Company Limited

Debts Owed to the Petitioning Creditor: Bt1,170,067,000

Date of Court Acceptance of the Petition: December 20, 2000

Date of Examining the Petition: January 16, 2001 at 9.00 AM

Court Order for Business Reorganization and Appointment of Planner: January
23, 2001

Announcement of Court Order for Business Reorganization and Appointment of
the Planner in Matichon Public Company Limited and Siam Rath Company
Limited: February 5, 2001

Announcement of Court Order for Business Reorganization and Appointment of
the Planner in Government Gazette: March 1, 2001

Deadline for the Planner to submit the Reorganization Plan to Official
Receiver: June 1, 2001

Planner postponed the date of submitting the reorganization plan #1st to
July 1, 2001

Planner postponed the date of submitting the reorganization plan
#2nd to August 1, 2001

Appointment date for the Meeting of Creditors to consider the plan had been
postponed to September 17, 2001 at 9.30 am.

The Meeting of Creditors had a resolution Not Accepting the reorganization
plan pursuant to Section 90/48

Court had issued an Order Cancelled the Order for Business Reorganization on
November 16, 2001

Announcement of Court Order Cancelled the Order for Business Reorganization
in Matichon Public Company Limited and Siam Rath Company Limited: November
26, 2001

Announcement of Court Order Cancelled the Order for Business Reorganization
in Government Gazette: December 11, 2001

Contact: Mrs. Bang-Orn Tel, 6792525 ext 112


MEDIA OF MEDIAS: Court OKs Business Rehabilitation Plan
-------------------------------------------------------
Media of Medias Public Company Limited, in reference to our notice to The
Stock Exchange of Thailand dated July 23,2001 regarding the approval of The
Business Rehabilitation Plan by the Creditors on July 23,2001 and the notice
dated
November 27, 2001 regarding the judgment from the Constitution Court that
Section 90/46 and 90/58 of the Bankruptcy Act are not unconstitutional with
the section in the Constitution Court, informed that on January 15, 2002 the
Bankruptcy Court granted the order for approval of the Plan. Under this
plan, K.Y.S. Holding Co., Ltd. is the Plan Administrator. Below is a summary
of  the Business Rehabilitation Plan:

Summary of The Business Rehabilitation Plan of Media of Medias Public
Company Limited

Summary of voting result

As % of eligible voters

Group 1  Secured Creditors      4.5%
Group 2  Other secured Creditor     0.0%
Group 3  Creditors under Section 130    0.8%(Special resolution)
Group 4  Strategic Important Creditors 18.0%(Special resolution)
Group 5  Master of ceremony, actors &
   actress                        0.2%(Special resolution)
Group 6  Trade Creditors                7.3%(Special resolution)
Group 7  Barter Creditors       0.1%(Special resolution)
Group 8  Unsecured Creditors       8.9%
Group 9  Guarantee Creditors            2.2%
Group 10 Directors                      2.3%(Special resolution)
Group 11 Affiliates and Related
         Companies                      5.0%(Special resolution)
Group 12 FRA Auction Creditor           0.0%
Group 13 Tax Creditor(During an Appeal)13.6%(Special resolution)

Total creditors who voted in favor of the plan are 62.84% of total debt
those attend the meeting.  There are eight groups of creditors out of
thirteen groups having special resolution.

Total debt to be restructured comprises of:
  * Principal                 Bt899.1 Million
  * Accrued Interest          Bt177.0 Million
Total restructuring debt      Bt1,076.1 Million 304 creditors

There are seven guidelines of Debt Structuring:

1. Interest carried debt (ICD): Bt176.9M or 16.4 percent of total debt

  * To be settled within ten years
  * Principal repayment shall be made quarterly with a grace period of 2
years 6 months from the date the Court approves the plan.
  * Interest Rate during 2001 to 2002 is 2 percent, 2003 is 4 percent and
2004 up is at average MLR of 3 financial institutes. Interest  will be
calculated effective from the date the Court approves the plan.
  * Payment of interest shall be made monthly as follows:

     * 50 percent of interest incurred for 2002 and 2003 will be suspended
     * Interest incurred from 2004 up will be paid in full

A suspended interest will be paid together with the last principal
installment.

2. Non-interest carried debt(NICD): Bt65.2M /6.1% of total debt

  * To be settled within ten years
  * Principal repayment shall be made quarterly and paid by the end of each
quarter. Grace period will be 2 years 6 months from the date the Court
approves the plan.
  * Hanging debt will be paid from excess cash remaining after payment of
ICD, NICD and reserve for convertible bond redemption.  Hanging debt will
earn interest 0.01% p.a. that will be paid semi-annually . Grace period will
be  9 months from the date the Court approves the plan. If the company can
settle earlier than ten years, the amount of debt to be paid will be
calculated at net present value discounted at MLR.  If the company could not
repay within ten years, the remaining sum will be negotiated for further
restructuring.  If the creditors prefer earlier repayment, it could be
settled by advertisement airtime.

4. Convertible Debenture(CD): Bt22.3M or 2.1% of total debt

  * The company will issue a ten-year convertible debenture at Bt1,000 par
value and could be reimbursed in 2011.
  * A conversion into common shares is allowed to exercise in 2006 up.  A
conversion price will be 30 percent discounted from a market price of common
shares to be closed on the conversion date.
  * An interest rate of 1% p.a. is to be paid semi-annually starting from
June 30, 2002 (Interest incurred during January 1, 2002 to June 30, 2002).

5. Debt-Equity Swap: Bt273.2 million or 25.4% of total debt

6. Offset with Account Receivable: Bt6.4M or 0.6% of total debt

     The offset will be made within 2001.

7. Hair Cut
   Principal        : Bt127.5 million or 11.9% of total debt
   Accrued interest : Bt176.9 million or 16.4% of total debt

Debt Structuring of each group:

Group Principal Structuring  Hair cut  Accrued Interest
1   65.8  1,3,4,5        -   14.5
2     48.2  1,2,3,4,5  -   26.1
3 8.7  2 or 5, or 2 and 5-  -
4 174.4   1,4,5   -   13.2
5     2.9    2 or 5, or 2 and 5-  0.1
6  108.3  2,3,5 or 5  25%   27.1
7     0.8  3   -  0.1
8 213.1  1,2,3,5  25%(Bt533M) 93.3
9 39.4  3,4   40%(Bt15.8M) 2.8
10 18.0  5    -   5.8
11 52.4  2,3,5,6 or 5,6    25%(Bt11.5M)0.1
12 26.0  1,2,3,5  77%(Bt1.9M)16.9

13.  The amount of Bt141.3 million will be settled within 90 days after the
final Judicial Decision Council or Tax Court. The settlement will be done by
offset with tax receivable and fully    settlement for the remaining sum.

If there is an investment fund from new investor, the plan administrator
could propose an early settlement option to creditors.  In this case, a
settlement shall be made at present value discounted at MLR.  The settlement
will be made in the following order :   ICD, NICD and Hanging Debt
respectively.

Ranking of Debt Settlement:

First Group 3 -  Creditor under Section 130, 3 months grace period, will
receive the  last payment within 6 months.

Second Group 4 -  Strategic Important Creditors, 9 months grace period, will
receive the first and second payments totaling approximate Bt2.1 million.
And the remaining sum will be paid on the same condition as Creditors in the
Third Rank.

Third  A repayment of remaining debt of each group , 2 years 6 months grace
period, will complete within year 2009.

Determination of Completion of the Rehabilitation Plan

Business Structuring

  * The company will concentrate only on the core business, therefore, the
investments in non-core  business will be disposed.

Capital Structuring

  * Within 15 days from the date the Court approves the plan, the company
will decrease par value of debenture from Bt1 million to Bt1,000 and
decrease a number of shares reserved for convertible bond from a maximum of
20 million shares to a maximum of 5 million shares.

  * Within 30 days from the date the Court approves the plan, 60% decrease
in capital will be made by decrease par value of share from Bt10 per share
to Bt4 per share. Thereby, a registered capital will be decreased from Bt700
Million to Bt280 Million. The reduction of capital together with reserves
will be offset against retained losses in the account.

  * Within 60 days from the date the Court approves the plan,
the company will increase its registered capital from Bt280 Million to Bt580
Million by issuing new common shares for 75 million shares at Bt4 par value.

  * According to an objective of maintaining percentage of shares hold by
the key management, there will be an allocation of shares to a Plan
Administrator, on behalf of key management, for 30 million shares at Bt0.01
per share on Private Placement basis.  However, the aforesaid shares plus
       existing shares (only non-engagement shares) hold by the key
management could not be
       distributed or transferred until the completion of debt settlement.
   -  Debt/Equity Swap about 80 million shares at Bt4 par value. Within 7
days from the date the Court approves the plan, the plan administrator shall
inform the amount of debt/equity swap to each creditor and the written
notices confirming such amount of debt/equity swap shall be received from
creditors within 30 days from the date the Court approves the plan.

Dividend Policy

There will be no dividends or other benefits paid to shareholders during the
Plan unless the company completes its settlement and there is no retained
loss.


PREECHA GROUP: To Extend Terms of Audit Committee Members
---------------------------------------------------------
The Board of Director's meeting of Preecha Group Public Company
Limited (PRECHA) unanimously approved these Audit Committee Members' term
extensions for another two years:

1.Pol.Sub.Lt.KriengsakLohachalaChairman of the Audit Committee
2.Mr.SomphobFoosiriMember of the Audit Committee
3.Mr.SumethJirapornkasemsukMember of the Audit Committee

The resolution of extension was effective as of December 14, 2001. The scope
of duties and responsibilities of the Audit Committee remain the same.

The Stock Exchange of Thailand (SET), in its letter dated March 9, 2001
required PRECHA, engaged in real estate development business, to prepare a
rehabilitation plan. The requirement was caused by PRECHA's audited
financial statements showing negative value of shareholders' equity, which
has fallen under the SET's delisting criteria for listed companies'
securities.


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