TCRAP_Public/020122.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Tuesday, January 22, 2002, Vol. 5, No. 15

                         Headlines


A U S T R A L I A

DIGITAL NOW: Changes Registered Office Address
FROGGY HOLDINGS: FlowCom Pays Deposit for Asset Acquisition
HARRIS SCARFE: Former Officer Appears in Court
NORMANDY MINING: Anglogold Closes Offer
NORMANDY MINING: Anglogold Sells Holding to UBS Warburg

OMNI GROUP: Proposes Fund Raising Offer
OMNI GROUP: Posts Chairman's Invitation Letter
PACIFIC DUNLOP: Principal Mutual Ceases to be Holder
QANTAS AIRWAYS: Staff Reductions Plan Implemented


C H I N A   &   H O N G  K O N G

BROADSINO LIMITED: Winding Up Sought by Wing Lung
CIL HOLDINGS: Postpones Board Meeting to January 23
FAIRTEX TEXTILES: Faces Winding Up Petition
GUANGDONG KELON: Internal Audit Conducted
KTP HOLDINGS: Price, Turnover Movements Unexplainable

OBTAINEW LIMITED: Winding Up Petition Pending
SKYROYAL GROUP: Petition to Wind Up Slated
WINPOINT CONSTRUCTION: Hearing of Winding Up Petition Set
WIRELESS INTERNETWORKS: Winding Up Petition Heard


I N D O N E S I A

INDOMOBIL SUKSES: Sold Without FSPC Approval


J A P A N

ASAHI MUTUAL: Tokio Marine To Acquire Sales Networks
DAIEI INC: Shares Soar on Hopes for Bailout Plan
DAIEI INC: Focuses On Supermarket Operations Restructuring
DAIWA BANK: Banking Unit Obtains License
NANKAI RAIL: Trims 20% Of Workforce

NIPPON COLUMBIA: Cuts Workers By 25%
NIPPON COLUMBIA: Appoints Steve Vining as US Unit President
SEKISUI CHEMICAL: Expects Y37B Net Loss
TOKYO ELECTRIC: Slashes 2,000 Managerial Employees


K O R E A

DAEWOO MOTOR: Contract Signing With GM Expected Next Month
HYUNDAI MERCHANT: Raising W400B Via ABS Issue
HYNIX SEMICONDUCTOR: Resumes Negotiations With Micron
HYUNDAI SECURITIES: WL Ross in AIG Replacement Talks
HYUNDAI SECURITIES: FSC Rejects Potential Investors Reports


M A L A Y S I A

BESCORP INDUSTRIES: Posts Default in Payment Status
DATAPREP HOLDINGS: Shareholders Okay EGM Resolutions
KEMAYAN CORP.: HID Withdraws MOU; Enters MOU With DUH, LKW
LAND & GENERAL: Appoints Peng as Non-Executive Chairman
MBF HOLDINGS: Registry Strikes Off Dormant Units

PACIFICMAS BERHAD: SC Grants Proposed Disposal Approval
PICA (M) CORPORATION: Plaintiff Claims RM5M Principal Sum
QUALITY CONCRETE: Posts Securities Disposal, Acquisition Info
RAHMAN HYDRAULIC: Unit ECSB Enters SPA With BBH For RM4.5M
SRIWANI HOLDINGS: Seeks Financial Regularization Extension


P H I L I P P I N E S

INTERNATIONAL CONTAINER: Port Operator To Buy Back Bonds
NATIONAL BANK: Selling P20B Acquired Assets


S I N G A P O R E

SEMBCORP INDUSTRIES: Posts Shareholder's Interest Notice
SEMBCORP INDUSTRIES: Clarifies Co Director Relations


T H A I L A N D

COUNTRY (THAILAND): Court Extends Plan Submission
LOXLEY PCL: BOD Meeting Resolves Houay Ho Sale
PROPERTY PERFECT: Files Petition for Business Reorganization
SAMART CORPORATION: Lists 2002 Holidays

     -  -  -  -  -  -  -  -

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


DIGITAL NOW: Changes Registered Office Address
----------------------------------------------
Digital Now, Inc (DNI) confirmed that its registered office is
now:

Street: Level 4
349 Collins Street
MELBOURNE VIC 3000

Postal: GPO Box 214D
MELBOURNE VIC 3000
Phone: 03 8614 8400.
Australian Company Secretary: Ian Pattison

DNI released on December 14, 2001 the monthly filing it is
required to make to the United States Bankruptcy Court while it
is under Chapter 11 Administration. The filing consists of a
monthly operating report that includes these items:

   (a) Financial Background Information;
   (b) Income Statement; and
   (c) Cash Distribution Summary Report.


FROGGY HOLDINGS: FlowCom Pays Deposit for Asset Acquisition
-----------------------------------------------------------
As part of developing the Froggy Holdings Pty Ltd opportunity,
FlowCom Limited on Friday evening placed a refundable deposit
with Horwath Sydney, the liquidators of Karl Suleman Enterprises
Pty Ltd to acquire the assets and business of Froggy ISP.

As was announced in May, FlowCom is the underlying service
provider to Froggy and has since then continued to provide a
seamless, high quality virtual ISP service for Froggy users. The
deposit paid is as a result of negotiations with all parties
over a period of time and detailed terms are expected to be
finalized shortly.

Froggy users can expect services to continue uninterrupted and
to the same high standards. Further information will be provided
at completion.


HARRIS SCARFE: Former Officer Appears in Court
----------------------------------------------
Mr Alan Hodgson appeared on January 18, 2001 for the first time
in the Adelaide Magistrates Court on 32 charges arising from the
Australian Securities and Investments Commission's (ASIC)
investigation into the Harris Scarfe group.

The charges have been laid by ASIC and are being prosecuted by
the Commonwealth Director of Public Prosecutions.

Mr Hodgson, of Beaumont, Adelaide, was charged with 18 counts of
failing to act honestly as an officer of Harris Scarfe Limited,
6 counts of acting dishonestly as an employee of Harris Scarfe
Limited and 8 counts relating to the dissemination of false
information to the Australian Stock Exchange.

Mr Hodgson was required to enter into a bail agreement that
included him surrendering his passport and not applying for
another. Mr Hodgson has been remanded to re-appear in the
Magistrates Court on 1 March 2002.

Mr Hodgson was the Chief Financial Officer of Harris Scarfe
Holdings Limited (Receiver and Managers appointed) (In
Liquidation) and a director of Harris Scarfe Limited (Receivers
and Managers appointed) (In Liquidation).

ASIC's investigation into Harris Scarfe is continuing and no
further comment will be made at this time.


NORMANDY MINING: Anglogold Closes Offer
---------------------------------------
At the scheduled close of its offer for Normandy Mining on
Monday in Sydney, AngloGold had not achieved a level of
acceptance that warrants an extension of the offer. The company
believes that it is not possible for AngloGold to obtain
majority control of Normandy and has therefore closed its offer.

AngloGold's Chairman and CEO, Bobby Godsell, said: "We are
clearly disappointed at not being able to do this transaction.
We gave the bid our very best effort. The competing bidder has
seen more value in the Normandy assets than we were able to
identify reliably and therefore made a higher offer. Newmont's
original offer valued Normandy at A$1.70 per share and Newmont
subsequently offered an additional cash consideration of 45
cents per share. In contrast, our original offer valued Normandy
at $1.43 per share and we subsequently increased this offer by
30 cents per share. The relative performance of the Newmont and
AngloGold shares has considerably narrowed this gap during the
course of the bid. We have made it clear that we will not
overpay for acquisitions and we could see no basis to further
increased our offer for Normandy."

AngloGold will continue to grow the value of this company
through organic growth: the company currently has five major
capital projects in development which will be coming into
production over the next three years, and which will produce
around 20 million ounces of gold in total over the life of the
projects at an average cash costs of approximately $147 per
ounce. AngloGold will also seek value growth through its
substantial and focused exploration programmed.

Here the company is particularly encouraged by its activities in
the Tanami Desert in Australia, as well as by those in Peru, and
the exploration adjacent to its properties in Tanzania, Mali and
Western Australia. Finally, it will also seek to grow the value
of AngloGold through the acquisition of both individual ore
bodies and corporate entities where these acquisitions enhance
value in AngloGold.

Mr Godsell went on to say: "AngloGold has long been an advocate
of the need for consolidation in the gold mining industry and
this process has been given considerable impetus by the contest
for Normandy. AngloGold's long-term strategy formulation will
continue to be informed by our belief in the importance of
value-creating consolidation.

AngloGold's major strategic objective remains strengthening
value creation, earnings, profitability and dividend
performance, in the interests of all of its stakeholders and,
most particularly, its shareholders.


NORMANDY MINING: Anglogold Sells Holding to UBS Warburg
-------------------------------------------------------
AngloGold Ltd has sold its holding in Normandy Mining Ltd via a
block trade to UBS Warburg and on market through Deutsche Bank.

During its takeover bid for Normandy, which closed on Friday,
January 18, AngloGold received acceptances in respect to 159.3
million Normandy shares, representing 7.11 percent of Normandy's
issued capital.

AngloGold will realize approximately A$310 million (US$159
million) from the sale of its shareholding in Normandy. It is
intended to use the cash proceeds to repay debt, which will
further strengthen AngloGold's balance sheet.

Jonathan Best, AngloGold's Chief Financial Officer, said: "It
was prudent to realize the cash from the minority stake as soon
as possible so as to avoid any market risk and to put the funds
to work."

AngloGold is well-placed financially and strategically to pursue
value-adding growth opportunities. The company will continue to
focus on organic growth through its five major capital projects
and advanced exploration projects; and will also seek to grow
value through the acquisition of both individual ore bodies and
corporate entities.



OMNI GROUP: Proposes Fund Raising Offer
---------------------------------------
Omni Group Limited announced a Prospectus that offers a minimum
of 20,000,000 and a maximum of 30,000,000 Omni Shares at an
issue price of $0.40 each to raise between $8,000,000 and
$12,000,000.

This is not a retail offer. Invitations to invest will be made
only to selected individuals and clients of certain
stockbrokers.

PURPOSE OF THE OFFER

The primary purpose of the Offer is to raise funds:

   * for additional working capital for Omni and, on Completion,
E-Control and EC21;

   * to enable EC21 to fulfill its contractual obligations to
Jeton; and

   * to meet the costs to Omni of the Offer.

APPLICATION OF FUNDS

It is currently intended that, on Completion and assuming only
the Minimum Subscription is raised, the funds raised under the
Offer will be spent in the period until 28 February 2003 as:

ITEM FOR THE PERIOD TO 28 FEBRUARY            AMOUNT
2003                                         ($ million)

Omni
Offer Costs                                    0.7
Listing Fees                                   0.1

Working Capital                                0.6

E-Control
R&D                                            1.4
Working Capital                                1.9

EC21
Beijing office
R&D                                            0.2
Working Capital                                0.5
For NAR System roll-out in
5 cities
(including Chengdu)
Working Capital                                0.5
Equipment Costs                                1.5
Additional Working Capital                     0.6

TOTAL                                          8.0

For more details on the use of funds raised by this Offer, see
Section 4.8. Omni estimates that, for each city, approximately
$400,000 will be required by EC21 to meet its obligations to
Jeton for the roll-out of the NAR System. Accordingly, Omni
expects that, if more than the Minimum Subscription is received,
EC21 will be able to assist in accelerating the roll-out and the
additional funds will be used for this purpose.

On completion of the Offer, the Directors believe that Omni will
have enough working capital to achieve the objectives set out in
this Prospectus.

IMPORTANT DATES

Offer opens                                       01/01/2002
Offer closes                                      11/02/2002
Expected issue of Omni Shares                     18/02/2002
Expected commencement of trading on ASX           21/02/2002

* Dates are indicative only. Omni reserves the right to extend
or close the Offer early without prior notice, which may impact
on subsequent dates. ASIC may extend the exposure period (up to
14 days) after lodgment of this Prospectus and if it does, the
Offer open date will be delayed.


OMNI GROUP: Posts Chairman's Invitation Letter
----------------------------------------------
Omni Group Limited (Omni) posted Chairman J Green
letter to shareholders:

"On behalf of the Directors, it is my pleasure to invite you to
become a shareholder in Omni Group Limited (Omni). It is
proposed that Omni will be renamed ECSI Limited (short for
Electronic Control Security International), to better reflect
the proposed change of focus of the business to providing high
technology security monitoring.

With governments, military and private organizations around the
world reassessing their security arrangements, this Offer
provides an opportunity to participate in a business venture
relating to the provision of Security Monitoring Systems and
Access Control Systems for a National Alarm Response System (of
"NAR System") proposed to be established in China.

The existing shareholders in Omni will be asked to consider
approving a transaction, which would see Omni acquiring E-
Control Pty Limited and its wholly-foreign owned subsidiary
Electronics and Computing 21 Limited (EC21), a Chinese
incorporated company that Omni director Graeme Green founded in
July 1999.

It is proposed that EC21 will provide enhancements to security
monitoring and access control systems linking institutions such
as retailers, banks, military installations, airports,
government buildings, high net worth individuals and critical
transport to the NAR System which is intended to be similar to
Australia's 000 and the United States' 911 emergency services
system.

EC21 has a 10-year-renewable exclusive contract with Beijing
Jeton Yangtze Technology Company Limited (Jeton) to supply
Security Monitoring Systems and Access Control Systems for the
NAR System. Jeton is a former State Owned Enterprise, which has
been privatized with a former Director of the Ministry of Public
Security, Mr Lu Xiao Bing, as its CEO. The NAR System has been
developed by Jeton.

Jeton has support from certain Chinese government entities to
roll-out its NAR System in a number of Chinese cities (it
currently has licenses to do so in ten major cities in China).

EC21's technology will enhance the NAR System by enabling live
video and audio information to be captured, stored and sent down
an existing standard telephone line to a central monitoring
control system. EC21 will also source security hardware for
Jeton and train its staff. In return EC21 will share the service
fees from clients using the NAR System. EC21 is a wholly foreign
owned enterprise with profits able to be repatriated in US
dollars.

On the successful completion of the proposed transaction, Mr Lu
Xiao Bing and Mr Du Kui, the two Chinese businessmen who own and
control Jeton, will hold approximately 10 percent of the Omni
Shares. The Directors believe this cross-ownership will provide
an incentive to maintain a close business relationship between
Omni and Jeton.

Chengdu, the capital of the Chinese province of Sichuan, has
been used by Jeton as a test of the NAR System. At this early
stage Jeton has over 2000 current clients in Chengdu. Work on
the core infrastructure is due to begin on a roll-out in Beijing
and Dalian from late January 2002. You can find more detailed
information about EC21 and its proposed business in this
Prospectus. Raising capital through the Offer will enable and
hasten the roll-out of EC21's enhancements of the NAR System
first in Chengdu and then in other Chinese cities.

The path for Omni to achieve its objectives has significant
risk, as should be expected from pursuing such a newly emerging
opportunity. However, in the current climate of heightened
demand for security and China's recent entry into the World
Trade Organization, there may be significant rewards for
shareholders if Omni is successful in achieving its objectives.

On behalf of the Directors I look forward to welcoming you as a
shareholder in Omni."


PACIFIC DUNLOP: Principal Mutual Ceases to be Holder
----------------------------------------------------
Principal Mutual Holding Company ceased to be a substantial
shareholder in Pacific Dunlop Limited on 14/January/2002.

The Company, following the sale of its Pacific Brands business,
immediately entered into a full strategic review of its global
healthcare business, Ansell International, TCR-AP reported 13
December 2001.


QANTAS AIRWAYS: Staff Reductions Plan Implemented
-------------------------------------------------
Qantas Airways said Monday that it announced on 15 November 2001
that the airline would reduce staff positions by between 1,500
and 2,000 due to the sharp and continuing deterioration in the
international aviation market.

The November statement said the reduction would be achieved
through redundancies, attrition and by not filling budgeted
vacancies and that Qantas had also introduced a range of
initiatives including:

   * taking of annual and long service leave;
   * job sharing by interested staff; and
   * leave without pay.

Qantas Chief Executive Officer, Geoff Dixon said Monday the
reduction in positions announced in November last year had been
achieved, with about 600 people taking redundancy.

"We said at the time that every effort would be made to keep
compulsory redundancies to a minimum and I am pleased that we
have achieved this aim," Mr Dixon said.

"The bulk of reductions will be achieved through attrition, not
filling budgeted vacancies, job sharing, staff taking long
service leave and leave without pay.

"We hope that there will be a net increase in jobs in the
future," Mr Dixon said. "However this will depend on the speed
of the recovery in the international aviation market over the
next 18 months and the level of discounting in the domestic
market with the large capacity increases expected over the next
six months.

"The aviation industry remains volatile, both internationally
and domestically, and Qantas will ensure that it remains
competitive against both current and new competitors by
continuing to make sound economic and operational decisions."


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


BROADSINO LIMITED: Winding Up Sought by Wing Lung
-------------------------------------------------
Wing Lung Bank Limited is seeking the winding up of Broadsino
Limited. The petition was filed on November 19, 2001 and will be
heard before the High Court of Hong Kong on January 30, 2001 at
11:30 am. Wing Lung holds its registered office at No. 45 Des
Voeux Road Central, Hong Kong.


CIL HOLDINGS: Postpones Board Meeting to January 23
----------------------------------------------------
CIL Holdings Limited (the Company) requested market participants
to note that the board meeting to approve the final results of
the Company for the year ended 30 June 2001 originally scheduled
on 18 January, 2002 has been postponed to 23 January, 2002.

Earlier, the High Court of Hong Kong made an order to adjourn
the winding-up petition served against the Company, and Star
Dragon Securities Limited as the substituted petitioner, to 18
March, 2002.


FAIRTEX TEXTILES: Faces Winding Up Petition
-------------------------------------------
The petition to wind up Fairtex Textiles Limited was heard
before the High Court of Hong Kong on January 16, 2002. The
petition was filed with the court on October 4, 2001 by Yiu Wai
Shan of Flt D, 6th Floor, Block 1, Tsuen King Garden, 85 Cheung
King Circuit, Tsuen Wan, New Territories, Hong Kong.


GUANGDONG KELON: Internal Audit Conducted
-----------------------------------------
Guangdong Holding's Board of Directors announced that the
Company is conducting an internal audit in relation to the
connected transactions and inter-company financial arrangements
with its single largest shareholder, Guangdong Kelon (Rongsheng)
Group Company Limited.

Currently, the Board of the Company is using its best endeavors
to carry out the final stages of the verification exercise and
will make an announcement on the results as soon as possible.
Trading in the shares of the Company remains suspended pending
the release of such announcement.

Trading in the shares of Guangdong Kelon Electrical Holdings
Company Limited (the Company) was suspended at the request of
the Company with effect from 10:00 a.m. on 14 December 2001.


KTP HOLDINGS: Price, Turnover Movements Unexplainable
-----------------------------------------------------
KTP Holdings Limited noted the increase in the price and
turnover of the shares of the Company on 18 January, 2002 and
stated that the Company is not aware of any reasons for such
increase save as disclosed in the announcement made by the
Company dated 17 January, 2002.

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


OBTAINEW LIMITED: Winding Up Petition Pending
---------------------------------------------
OBTAINEW LIMITED is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on January
30, 2002 at 11:00 am. The petition was filed on November 20,
2001 by Mookhuan, Preecha of 4th Floor, 58 Po Tung Road, Sai
Kung, New Territories, Hong Kong.


SKYROYAL GROUP: Petition to Wind Up Slated
------------------------------------------
The petition to wind up Skyroyal Group Holdings Limited 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 November 2, 2001 by Siu
Chin To of Flat G, 6th Floor, Block 5, Mayfair Gardens, Tsing
Yi, New Territories, Hong Kong.


WINPOINT CONSTRUCTION: Hearing of Winding Up Petition Set
---------------------------------------------------------
The petition to wind up Winpoint Construction Co. Limited
is set for hearing before the High Court of Hong Kong on January
30, 2002 at 11:00 am.

The petition was filed with the court on November 20, 2001 by
Tsang Wai Ming of Ground Floor, 4 Muk Min Ha Tsuen, Tsuen Wan,
New Territories, Hong Kong.


WIRELESS INTERNETWORKS: Winding Up Petition Heard
-------------------------------------------------
The petition to wind up Wireless Internetworks Limited was set
for hearing before the High Court of Hong Kong on January 16,
2002 at 9:30 am. The petition was filed with the court on
September 25, 2001 by Leung Ho Man Paul of Flat 27A, Tower 3, 14
Tregunter Path, Mid Levels, Hong Kong.


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


INDOMOBIL SUKSES: Sold Without FSPC Approval
--------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) sold PT
Indomobil Sukses International without first obtaining
permission from the Financial Sector Policy Committee (FSPC),
the Jakarta Post reported Monday.

Under government regulations, the FSPC must grant an approval to
any sale of assets held by the IBRA that are worth more than Rp1
trillion. Indomobil was worth around Rp2.14 trillion at the time
IBRA took it over.

Dasa Sutantio, IBRA's Asset Disposal Head, denied that Indomobil
was sold without FSPC approval but declined to give further
comment.

IBRA sold a 73.63 percent stake in Indomobil last month to a
consortium led by PT Trimegah Securities for Rp625 million after
a one-month bidding process.

Meanwhile, Marubeni Corp is delaying talks with PT Indomobil
Sukses Makmur on US$98 million debt restructuring debt following
the controversy surrounding the recent sale of a 72.63 percent
stake in Indomobil.


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


ASAHI MUTUAL: Tokio Marine To Acquire Sales Networks
----------------------------------------------------
Tokio Marine & Fire Insurance Co aims to buy Asahi Mutual Life
Insurance Co's sales networks for Y100 billion in March to
strengthen its capital base, the Nihon Keizai Shimbun and Kyodo
News reported Sunday. The transaction, which will precede their
planned business integration in March 2003, will entail the
transfer of Asahi Mutual's 20,000 sales employees, its sales
outlets and information systems to the ailing insurer.

Last year struggling Asahi Mutual Life Insurance Co aimed to
scale back its corporate business and withdraw from personal
installment loans, TCR-AP reported last month. The restructuring
plan is reportedly being undertaken in preparation for a
projected merger with Tokio Marine & Fire Insurance Co.


DAIEI INC: Shares Soar on Hopes for Bailout Plan
------------------------------------------------
Daiei Inc shares soar up on Friday, closing up for the fourth
straight trading day on expectations the debt-laden supermarket
chain was to complete a bailout scheme with its major creditor
banks, Kyodo News reported on January 19, citing brokers.

Shares in the company, listed in Tokyo Stock Exchange (TSE)
closed at a four-month high of Y165, up Y39 from Thursday's
close, reflecting investor relief over the future of the firm,
which has been struggling under the weight of some Y2.3 trillion
in interest-bearing group debts.


DAIEI INC: Focuses On Supermarket Operations Restructuring
----------------------------------------------------------
Daiei Inc President Kunio Takagi said that the company will
focus on its convenience store and food supermarket businesses
under its newly adopted three-year bailout scheme, AFX News said
Friday. The struggling supermarket chain operator will
restructure its operations, closing around 50 unprofitable
stores and cutting parent workforce by some 1,000 staff.

The company will also reduce interest-bearing debt to less than
Y1 trillion by the end of February 2005, it said, targeting
group pretax profit of Y54 billion and net profit of Y30 billion
in the final year of the restructuring plan. Daiei will lessen
its group workforce by 5,000 employees, on top of the 1,000 at
the parent level, partly through the sale and closure of its
units.


DAIWA BANK: Banking Unit Obtains License
----------------------------------------
Daiwa Bank announced on January 18 that the screenings by the
Financial Services Agency (FSA) for applications submitted by
The Daiwa Trust & Banking Company, Ltd. (Daiwa Trust & Banking,
President: Atsumu Kuroishi) for banking license, approval for
concurrently operating trust businesses and license for mortgage
bond trust business, and applications submitted by The Daiwa
Bank. Ltd. (Daiwa Bank, President: Yasuhisa Katsuta) for
partition of corporation was all completed Monday. Daiwa Trust &
Banking and Daiwa Bank obtained the licenses and approvals they
applied.

Daiwa Trust & Banking will assume, following the corporate
separation, the pension and corporate trust businesses of Daiwa
Bank and commence operations. Partition of corporation and
commencement of operations are planned on March 1, 2002, and the
amount of capital is planned to be 10 billion yen at the moment.

Daiwa Trust & Banking is currently a subsidiary of Daiwa Bank at
the moment. However, by the time Daiwa Trust & Banking commences
operations, it will become a wholly owned subsidiary of Daiwa
Bank Holdings, Inc. (President: Yasuhisa Katsuta).

The company press release is located at
http://www.daiwabank.co.jp/e-ir/index_lna.html


NANKAI RAIL: Trims 20% Of Workforce
-----------------------------------
Financially struggling Nankai Electric Railway Co has announced
a radical restructuring plan, saying the private railway
operator will cut 20 percent of its work force, cut wages and
close down unprofitable units, Kyodo News reported on Saturday.

The company is projecting a Y53.3 billion net loss on a
consolidated basis for the business year ending March 31. The
red ink is substantially higher than the 2.5 billion yen loss
projected in November.


NIPPON COLUMBIA: Cuts Workers By 25%
------------------------------------
Nippon Columbia will slash its work force by 25 percent and
lessen its product lineup in music and video software by 40
percent, PR Newswire said on Friday. Under a new plan, Nippon
Columbia, which became part of US investment firm Ripplewood
Holdings LLC in October 2001 and has since spun off operations
in audio and video equipment, will aim to return to a profit on
a consolidated basis in the fiscal year through March 2003. By
trimming its work force, the firm will reportedly be able to
lower fixed costs by Y1.5 billion (US$11.3 million) a year.

TCR-AP reported last year that the financially troubled music
entertainment firm, posted a consolidated net loss of Y520
million and a pretax loss of Y458 million for the fiscal first
half ended September 30, 2001.


NIPPON COLUMBIA: Appoints Steve Vining as US Unit President
-----------------------------------------------------------
Steve Vining has been named President of Savoy Label Group,
Nippon Columbia's U.S-based jazz and classical division, PR
Newswire reports, citing Jack Matsumura, President and CEO,
Nippon Columbia.

His appointment is effective immediately and he will report
directly to Matsumura. In this newly created position, Vining
will be responsible for creating a new label division of Nippon
Columbia's U.S. arm, which includes the exploitation of Nippon
Columbia's legendary Savoy Jazz line. In addition, the new
division will be responsible for the marketing of Denon's Jazz
and Classical recordings and the development of new artists.

In a related announcement, noted jazz A&R executive, Steve
Backer will be joining Vining as Vice President, Jazz A&R.
Backer will oversee the revitalization of Savoy and Denon, which
will include releases from the line in a range of new
technologies and packages.

"Steve Vining is a highly respected industry veteran whose
forward- thinking approach to developing and marketing artists
and their music has earned him the reputation as an innovator,"
said Jack Matsumura. "He is the ideal choice to lead our jazz
and classical division outside of Japan."

Strauss Zelnick, Chairman added, "I have known Steve for many
years and know first hand the quality of his work and am
confident that he will be a driving force in the success of the
newly revitalized Nippon Columbia."

"I am thrilled to be working with Nippon Columbia, which has a
proud and prestigious history in the recorded music industry,"
said Vining. "From my tenure at BMG, I know both Jack Matsumura
and Strauss Zelnick to be highly seasoned executives and I look
forward to working closely with them to significantly expand the
Nippon Columbia business."

Vining most recently served as the CEO of Silicon Valley based
Euphonix Inc., the leading manufacturer of high resolution
digital audio recording and mixing technology. While at
Euphonix, Vining successfully orchestrated a partnership with
Microsoft, launched the development of Euphonix AES31 multi
track archive program and increased sales by over 30 percent.

Prior to joining Euphonix in the fall of 2000, Vining served as
President of BMG Entertainment's Windham Hill Group from 1996 -
2000. He successfully established the label as a leader in not
only New Age but also prominent positions in the Adult
Contemporary, World, Smooth Jazz and Urban Adult Contemporary
categories resulting in 14 gold records and 4 Grammy Awards.
Vining joined BMG Entertainment in 1991 where he rose to the
position of Vice President/General Manager of RCA Victor/BMG
Classics U.S. As a producer/engineer, Vining has created Grammy
nominated recordings for a diverse group of jazz and classical
musicians including Dizzy Gillespie, Gerry Mulligan, London
Symphony Orchestra, Cleo Laine and the Duke Ellington Orchestra.


Nippon Columbia's music and entertainment business, established
in 1910, throughout its 90-year history in the Japanese music
entertainment industry, owns over 140,000 titles. Nippon
Columbia brand is well known throughout the Japanese market,
with a strong presence in the Enka market segment. Misora
Hibari, the singer considered Japan's national singer for the
last 50 years, has recorded with Nippon Columbia throughout her
career. As of March 31, 2001, Nippon Columbia's music and
entertainment business has revenues of approximately Y39
billion.


SEKISUI CHEMICAL: Expects Y37B Net Loss
---------------------------------------
Major chemical manufacturer, Sekisui Chemical Co expects a group
net loss of Y37 billion for the current business year to March
31, larger than the loss of Y20 billion it forecast in November
2001, Kyodo News reports. The company said pretax loss is likely
to total Y22 billion, compared with the predicted Y5 billion.

Sekisui Chemical blamed the downward revision of its earnings on
bigger-than-expected losses at its home-building unit Sekisui
House Ltd.


TOKYO ELECTRIC: Slashes 2,000 Managerial Employees
--------------------------------------------------
Tokyo Electric Power Co. aims to cut the number of managerial
staff from 6,000 to 4,000 by the end of its 2006 as the company
faces an increasingly competitive environment amid the
deregulation of the power-supply industry, Kyodo News said
Saturday citing unnamed company sources. The electric services
company also plans to lessen overall employees from 41,000 to
39,000 by the end of 2004 by restricting new hiring.

According to Wrights Investors service, at the end of 2001,
Tokyo Electric Power Company Incorporate had negative working
capital, as current liabilities were Y3.02 trillion while total
current assets were only Y603.47 billion.


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



DAEWOO MOTOR: Contract Signing With GM Expected Next Month
-----------------------------------------------------------
The formal sales contract of Daewoo Motor to General Motors (GM)
will be signed next month, though somewhat later than scheduled,
Digital Chosun said on Friday, citing an unnamed high-ranking
government official close to the negotiations.

The official said Daewoo and GM have been carrying out due
diligences on latent debts at Daewoo's 22 overseas foreign
operations. Latent debts refer to those that may result from
possible losses in litigations involving the foreign branches.
The due diligence on such debts is expected to be concluded on
February and the main sales contract may follow immediately
after that.


HYUNDAI MERCHANT: Raising W400B Via ABS Issue
---------------------------------------------
Hyundai Merchant Marine Co Ltd (HMM) aims to raise W400 billion
by issuing bonds backed by revenues from its shipping services
by the end of February to help meet short-term cash flow
problems, AFX News reports, citing an unnamed company spokesman.

The firm plans to repay 20 percent of the W247 billion in
principal from a convertible bond issue that has fallen due
using proceeds from the ABS issue, with the remaining 80 percent
of bonds to be re-purchased by Korea Development Bank, the
official said.

HMM has promised its main creditor KDB and other banks that the
company will raise W1 trillion through self-rescue programs.

"The ABS will enable us to almost meet the W1 trillion won
fund-raising target and should ease our current short-term cash
flow problems," the official said.

The official said that creditor banks have agreed that they will
extend the maturity of W1.7 trillion in short-term debt once the
firm meets its pledge to raise W1 trillion won through the self-
rescue programs.


HYNIX SEMICONDUCTOR: Resumes Negotiations With Micron
-----------------------------------------------------
Officials of struggling Hynix Semiconductor Inc. will restart
alliance discussions this week with Micron Technology Inc., the
National Yonhap News Agency and AP Online said Sunday. Hynix's
President, Park Jong-sup, plans to visit Micron's corporate
headquarters in Boise, Idaho.

Last month, Hynix officials stated that Micron was seeking a
merger of the two companies' memory chip operations. Micron
offered to acquire Hynix's memory chip operations for $3
billion, but didn't want to assume Hynix's $6 billion in debt.

A preliminary deal between both companies may be delayed until
mid-February because the global chipmakers must consider the
interests of the industry and their employees.


HYUNDAI SECURITIES: WL Ross in AIG Replacement Talks
----------------------------------------------------
US investment bank WL Ross is negotiating with several financial
institutions over replacing AIG in a consortium planning a W1.1
billion acquisition of Hyundai Securities and two affiliates,
the Financial Times and AFX News reported, citing the bank's
chief executive Wilbur Ross. He said he is confident that the
deal will be finalized, despite AIG's withdrawal last week, the
consortium's lead partner, after 18 months of talks.

Speculation in Seoul about the identity of a potential
replacement bidder for AIG has focused on large US investment
banks, including Lehman Brothers, which is advising WL Ross on
the proposed deal. Ross refused to name the possible candidates.


HYUNDAI SECURITIES: FSC Rejects Potential Investors Reports
-----------------------------------------------------------
The Financial Supervisory Commission (FSC) has rejected local
reports that Prudential Group, Lehman Brothers, Goldman Sachs,
Morgan Stanley, Metropolitan, JP Morgan, Citigroup, GE Capital,
and Hyundai Motor Co have an interest in acquiring Hyundai
Securities and two affiliates namely Hyundai Investment Trust
and Securities Co and Hyundai Investment Trust Management Co,
AFX News said Sunday.

"The reports are not true and such speculative reports should
be restrained for the sake of the negotiation," FSC said in a
statement.


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


BESCORP INDUSTRIES: Posts Default in Payment Status
---------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed)
(BIB or the Company), as required by the Kuala Lumpur Stock
Exchange Practice Note 1/2001, provided an update on its default
in payment. The default by BIB as at 31 December 2001 amounted
to RM56,983,530.07 made up of a principal sum of RM35,750,000
plus RM21,233,530.07 in interest for revolving credit
facilities.

As at 31 December 2001, the remaining subsidiary companies of
BIB, namely Bescorp Construction Sdn. Bhd. (In Liquidation),
Bescorp Piling Sdn. Bhd. (In Liquidation), Bescorp Concrete Sdn.
Bhd. (In Liquidation), Bespile Sdn. Bhd. (In Liquidation) and
Waktu Cerah Sdn. Bhd., defaulted on a total sum of
RM145,848,589.30 made up of a principal sum of RM57,324,000 plus
RM28,875,215.96 in interest for revolving credit facilities,
term loan, and banker's acceptance, and RM59,649,373.34 for
overdraft facilities.

Check http://www.bankrupt.com/misc/TCRAP_Bescorp0120.xlsfor
defaulted payment details.


DATAPREP HOLDINGS: Shareholders Okay EGM Resolutions
----------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of the Board of
Directors of Dataprep Holdings Berhad (Dataprep or Company),
announced that the resolutions, in regards to the Proposals, set
out in the circular to shareholders dated 26 December 2001 and
tabled at the extraordinary general meeting held on 18 January
2002 have been approved by the shareholders of Dataprep. The
Proposals include:

  * Proposed Restructuring Scheme
  * Proposed Exemption
  * Proposed Employee Share Option Scheme
  * Proposed Increase in Authorized Share Capital
  * Proposed Amendments to Articles of Association


KEMAYAN CORP.: HID Withdraws MOU; Enters MOU With DUH, LKW
----------------------------------------------------------
On behalf of Kemayan Corporation Bhd (KCB or the Company), Arab-
Malaysian Merchant Bank Berhad (Arab-Malaysian) announced that
Haji Ismail Bin Daut (HID) has decided to withdraw his
participation in the Memorandum Of Understanding (MOU), which
was entered into on 19 September 2001 between the Company and Mr
Lai Kuai Weng (LKW), Datuk Umar Haji Abu (DUH) and HID, in view
of the new requirements imposed by relevant authorities on the
assets comprising 2 parcels of land measuring approximately
1,077 acres located in Shah Alam and hence, is no longer
possible for inclusion into KCB's proposed restructuring scheme.

The Company, LKW and DUH have agreed to extend the expiry date
of the MOU to 22 February 2002 as KCB is still in discussion
with parties with income generating assets for possible
injection, and accordingly, are still formulating a
restructuring plan to regularize its financial condition. An
announcement will be made upon the finalization of the
restructuring plan and execution of the formal agreement.


LAND & GENERAL: Appoints Peng as Non-Executive Chairman
-------------------------------------------------------
Land & General Berhad (L&G) released this notice:

Change in Boardroom/Chief Executive Officer

Date of change  : 18/01/2002
Type of change  : Appointment Boardroom
Designation  : Chairman
Directorate  : Non Independent & Non Executive
Name    : Oh Chong Peng
Age    : 57
Nationality  : Malaysian
Qualifications  : Fellow of Institute of Chartered
Accountants, England and Wales

Working experience and occupation : Mr Oh Chong Peng was
previously the Partner of Coopers & Lybrand, Malaysia from 1974
until his retirement in 1997. He sits on the Board of several
public listed companies as tabled below. He is also a Council
Member of the Malaysian Association of Certified Public
Accountants, a Government appointed Member of the Labuan
Offshore Financial Services Authority and Trustee of the Huaren
Education Foundation.

Directorship of public companies (if any):

   1. Star Publications (Malaysia) Berhad
   2. Powertek Berhad
   3. British American Tobacco (Malaysia) Berhad
   4. Rashid Hussain Berhad
   5. RHB Capital Berhad
   6. Nanyang Press Holdings Berhad
   7. Renong Berhad

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

Remarks : Mr Oh Chong Peng shall also be appointed as Chairman
of Nominations Committee with effect from 18th January 2002.

Profile:

The Group is presently pursuing the restructuring of its
financial obligations to contractors, creditors and bank lenders
as well as its Euro convertible holders.

L&G proposes to partially settle the amount owing to its
financial institution lenders and certain financial institution
lenders of BSB and associated company Islands Helicopter
Services Pty Ltd, to whom corporate guarantees/letter of support
have been provided by L&G, and convertible bond holders of L&G
(Scheme Creditors) via swapping with the shares of BAB owned by
the L&G Group. L&G and subsidiary Bestform Ltd, own a total of
29,634,164 shares in BAB (47.0 percent).

The proposed BAB swap forms an integral part of the overall debt
restructuring scheme of L&G, which is pending finalization. The
remaining debts owing to the Scheme Creditors not settled
pursuant to the proposed BAB swap will be dealt with under the
overall debt restructuring scheme. The Group has ceased the
furniture business undertaken by subsidiary, Lang Furniture
(Selangor) Sdn Bhd.


MBF HOLDINGS: Registry Strikes Off Dormant Units
------------------------------------------------
MBf Holdings Berhad informed that these dormant companies have
been struck off/dissolved from the respective Registry/Ministry:

Name of company  Country of Incorporation     Registry/Ministry

MBf Asian Development      Malaysia     Registrar of Companies
(M) Sdn Bhd

MBf Asia Capital (Thailand) Thailand     Ministry of Commerce
Limited


PACIFICMAS BERHAD: SC Grants Proposed Disposal Approval
-------------------------------------------------------
PacificMas Berhad (the Company), in reference to the
announcement on 26 October 2001 stating that the Securities
Commission (SC) had allowed the Company to complete the proposed
acquisition of the remaining 25 percent issued and paid-up share
capital of Pacific Mutual Fund Bhd (PMF) subject to PMF
complying with the minimum 30 percent Bumiputera condition
(Equity Condition) on or before 5 August 2002, has on 17 January
2002 received the approval of the SC to dispose of 15 percent
equity interest comprising 750,000 ordinary shares of RM1.00
each in the issued and paid-up share capital of PMF at RM4.75
per share for a total consideration of RM3,562,500.00 to
Koperasi Angkatan Tentera Malaysia Berhad (KATM) (Proposed
Disposal) via SC's letter dated 9 January 2002 (SC Letter).

The SC Letter stipulates that the Proposed Disposal is required
to be implemented within six (6) months from the date of the SC
Letter, failing which, the said approval of the SC for the
Proposed Disposal will be deemed to have expired.

On completion of the Proposed Disposal, PMF will comply with the
Equity Condition imposed by the SC.

KATM is a substantial shareholder of PacificMas Berhad.

The details of the Proposed Disposal will be announced upon
execution of the Sale and Purchase Agreement.


PICA (M) CORPORATION: Plaintiff Claims RM5M Principal Sum
---------------------------------------------------------
The Board of Directors of Pica (M) Corporation Bhd (Pica or the
Company) furnished this additional information for public
release:

1. That the Plaintiff is claiming a principal sum of RM5.0
million arising from a Revolving Credit Facility offered on
19.2.2001 and a principal sum of RM7.0 million arising from a
Short Term Loan offered on 17.8.1998. These facilities matured
on 29.6.2001 and 29.5.2001 respectively.

2. That the interest rate claimed by the Plaintiff under both of
the facilities are 2 percent above the Plaintiff's cost of fund
plus 1 percent (default interest rate) per annum on the
principal sum.

3. That if the Plaintiff succeeds in its claim, the group may be
ordered to pay a sum of RM12 million plus interest. This amount
represents 10.3 percent of our group's net tangible asset as at
31.12.2000.

4. In the event, the court rules in favor of the Plaintiff, the
expected losses would be the amount claimed by the Plaintiff in
this writ (RM12 million plus interest) and other damages (if
any) awarded by the court.

The Company had been served a writ of summons by Affin
Merchant Bank Berhad (AMBB) Plaintiff on 14 January 2002
claiming for the sum of RM5,185,380.84 and RM7,278,846.79
allegedly arising from credit facilities granted by the said
financial institution.


QUALITY CONCRETE: Posts Securities Disposal, Acquisition Info
-------------------------------------------------------------
Quality Concrete Holdings Berhad has entered into disposals and
acquisitions of its quoted securities, on various dates as
listed below, and for diverse considerations. The aggregate
value of the transactions exceeded 5 percent of the Company's
NTA.

1. Go to http://www.bankrupt.com/misc/TCRAP_Quality0120.xlsfor
particulars of quoted shares acquired or disposed of.

2. Aggregate value of consideration - RM5,740,596.00
This value represents the aggregate of actual sales and purchase
proceeds received and paid respectively.

3. Effect of transaction on Company

NTA per share as at 31 January 2001 RM1.9408
NTA per share after transaction RM1.8584
Loss per share RM0.0824

The Company has on 17 January, 2002 and 18 January, 2002
disposed off 95,000 and 40,000 ordinary shares of RM1.00 each in
EOX Group Berhad respectively.

The Board will continue to monitor market conditions on the KLSE
and will make appropriate disclosures from time to time in
compliance with the KLSE Listing Requirements.


RAHMAN HYDRAULIC: Unit ECSB Enters SPA With BBH For RM4.5M
----------------------------------------------------------
On behalf of Rahman Hydraulic Tin Berhad (Special Administrators
Appointed) (the Company or RHTB), the Special Administrators of
RHTB announced:

   (1) Acquisition of Bangunan Bee Hhin by Exaland Corporation
Sdn. Bhd. (ECSB), a wholly owned subsidiary company of RHTB from
Bee Hin Holdings Sdn. Bhd. (Special Administrators Appointed)
(BHH) for a cash consideration of Rm4.5 million (the
Acquisition)

   (2) Appointment of Independent Adviser to RHTB in relation to
the acquisition of Bangunan Bee Hin by Exaland Corporation Sdn.
Bhd. (ECSB), a wholly owned subsidiary company of RHTB, from Bee
Hin Holdings Sdn. Bhd. (BHH) (Special Administrators Appointed)
for a cash consideration of Rm4.5 million

1. ACQUISITION OF BANGUNAN BEE HIN

I. Introduction

ECSB, a wholly-owned subsidiary company of RHTB had on 3
December 1997 executed a Sale and Purchase Agreement (SPA) with
Bee Hin Holdings Sdn. Bhd. (Special Administrators Appointed)
(BHH), a wholly-owned subsidiary company of Kuala Lumpur
Industries Holdings Bhd. (Special Administrators Appointed)
(KLIH) to acquire a six-storey commercial building known as
Bangunan Bee Hin for a total cash consideration of RM6.5 million
(the Acquisition). Subsequently supplemental agreements were
signed on 2 April 1998, 15 June 1998 and 24 September 1998
between the parties to vary the purchase consideration to RM4.5
million in cash. The purchase consideration was paid in full
through advances by RHTB from internally generated funds.

In view of the substantial interest of RHTB in KLIH as at the
date of the Acquisition, the Acquisition is deemed a related
party transaction pursuant to Section 118 of the Kuala Lumpur
Stock Exchange Main Board Listing Requirements (MBLR) and
Chapter 20 of the Securities Commission's Policies and
Guidelines on Issue/Offer of Securities (SC Guidelines).

II. a) Information on ECSB

ECSB was incorporated in Malaysia under the Companies Act, 1965
as a private limited company and having its registered office at
Level 14, Uptown 1, No. 1, Jalan SS 21/58, Damansara Uptown,
47400 Petaling Jaya, Selangor Darul Ehsan.

The nature of business of ECSB is property investment holding
and has its business address at c/o Suite 1201A, 12th Floor,
Menara Choy Fook On, 1B Jalan Yong Shook Lin, 46050 Petaling
Jaya, Selangor Darul Ehsan.

The authorized share capital of ECSB is RM100,000.00 comprising
100,000 ordinary shares of RM1.00 each, of which 2 ordinary
shares of RM1.00 each have been issued and fully paid-up.

b) Information on BHH

BHH, a wholly-owned subsidiary of KLIH (Special Administrators
Appointed),was incorporated in Malaysia on 19 September 1979 as
a private limited company and having its registered office at
11th Floor, Wisma KLIH, 126 Jalan Bukit Bintang, 55100 Kuala
Lumpur. The principal activities of BHH are investment holding,
rental of properties and provision of corporate and financial
support to its subsidiary companies.

The authorized shares capital of BHH is RM25,000,000 comprising
25,000,000 ordinary shares of RM1.00 each, of which RM20,769,700
is fully issued and paid-up.

III. Details of the Building

Bangunan Bee Hin is a six-storey office building erected
approximately 25 years ago on a piece of land held under Geran
10977 & Geran 11180, Lots 20 & 21, Section 61, Town of Kuala
Lumpur, District of Wilayah Persekutuan, State of Wilayah
Persekutuan (the Building). The Building is a freehold building
located at No. 508 and 510, Jalan Pudu, 55100 Kuala Lumpur and
the gross built-up area is approximately 1,764.2 square metres
with a net lettable area of approximately 1,450.4 square metres.

The ground floor of the Building measuring 297.1 square metres
is presently tenanted to TNB Distribution Sdn. Bhd. for a period
of three (3) years from 1 September 2001. The rental income is
RM9,688 per month presently. The remaining floors of the
building are presently vacant.
IV. Details of the Acquisition

On 3 December 1997, ECSB entered into a SPA with BHH for the
acquisition of the Building for a cash consideration of RM6.5
million. The purchase consideration of the Building of RM6.5
million then was arrived at based on a valuation of RM6.5
million conducted by Messrs Khong & Jaafar on 24 February 1997
using the comparison method of valuation.

Upon the execution of the SPA, ECSB paid a sum of RM2.0 million
directly to BHH as a deposit and part payment towards the
purchase price of RM6.5 million. Under the SPA, it was mutually
agreed that the balance sum of RM4.5 million would be settled in
the following manner:

   a) RM3.1 million to be made payable to BHH directly; and

   b) The remaining sum of RM1.4 million (Estimated Redemption
Sum) to be made to Messrs J. C. Leong & Saw, the appointed
stakeholder to discharge and release the two (2) charges under
the National Land Code created on 30 March 1988 and 11 July 1988
respectively in favor of Malayan Banking Berhad ("MBB")
(Existing Charges).

On 2 April 1998, ECSB and BHH entered into a First Supplemental
Agreement for the extension of time of three (3) months from 2
April 1998 to 2 July 1998. The extension of three (3) months was
to facilitate the application to the Foreign Investment
Committee (FIC) and to obtain other necessary approvals from the
relevant authorities.

In consideration for the extension of time of three (3) months,
RM1.3 million was paid by ECSB to BHH as partial payment for the
Acquisition.

On 15 June 1998, ECSB and BHH entered into a Second Supplemental
Agreement for a further extension of time of another three (3)
months from 2 July 1998 to 2 October 1998 for the purpose of
obtaining any other authorities' approvals, consents,
authorizations or exemptions required by the relevant authority,
body or agency as referred to in the SPA dated 3 December 1997.

In consideration of BHH granting the 3 months extension to ECSB,
ECSB paid another RM1.3 million, as further partial payment for
the Acquisition. At this juncture, ECSB had paid a total of
RM4.6 million to BHH for the Acquisition.

Subsequently on 24 September 1998, ECSB entered into a Third
Supplemental Agreement with BHH to revise downward the purchase
price of the Building from RM6.5 million to RM4.5 million. The
purchase consideration of RM4.5 million then was arrived at
based on an independent valuation exercise conducted by Messrs
Jones Lang Wootton on 1 June 1998 using the comparison method
and investment method of valuation.

With the revision in purchase consideration, an excess fund of
RM100,000 was owed by BHH to ECSB. Under the Third Supplemental
Agreement, it was agreed that the excess fund would be regarded
as a debt owing by BHH to ECSB, with the repayment and timing to
be determined by BHH.

V. Salient Features of the Agreement

The salient terms and conditions of the SPA, amongst others, are
as follows:

   a) The sale of the Building by BHH to ECSB is to be free from
all charges, liens, options, rights and encumbrances, and with
vacant possession;

   b) The sale and purchase of the Building is conditional upon
the approval of the FIC and any other approvals, consents,
authorization or exemptions required by any relevant authority,
body or agency (the Approvals);

   c) In the event that the Approvals are not obtained within a
period of one hundred and twenty (120) days from the date of the
SPA or such extended period as the parties may agree upon in
writing despite all reasonable efforts by the parties hereto,
BHH shall within fourteen (14) days of notice in writing from
ECSB or its solicitors refund or cause the refund to ECSB of the
deposit and all other monies paid towards the purchase price of
RM6.5 million with interest at 15 percent per annum calculated
on a day to day basis from the date of this SPA until the date
such monies shall have been refunded in full;

   d) Completion of the SPA shall take place no later than
ninety (90) days from the unconditional date of the SPA or such
extended period as may be agreed upon by the parties hereto. The
unconditional date of the SPA being the date when all of the
relevant Approvals are obtained or deemed as obtained (as the
case may be);

   e) For the purpose of redeeming the Building, BHH's lawyer
was irrevocably authorized, requested and directed to apply on
behalf of BHH to MBB for the Estimated Redemption Sum and
discharge the Existing Charges;

   f) It shall remain the sole obligation of BHH to ensure the
release of all the required documents by MBB within the periods,
stipulated in the SPA and BHH shall do and execute or cause to
be done and executed all such act, things, matters and documents
as may be necessary to procure the same;

   g) BHH expressly covenants that if the Estimated Redemption
Sum is insufficient to settle the amount owing to MBB, BHH's
lawyer shall upon receipt of the redemption statement,
immediately inform BHH of the same and BHH undertakes to
forthwith upon written notification by the said lawyer pay the
difference to MBB to cause the discharge of the Existing Charges
in favor of MBB; and

   h) BHH shall deliver or cause to deliver vacant possession of
the Building to ECSB or its duly authorized agent or its nominee
upon the full payment of the balance of purchase price of RM4.5
million.

The SPA and the valuation reports could be inspected at Suite
1201A, 12th Floor, Menara Choy Fook On, 1B Jalan Yong Shook Lin,
46050 Petaling Jaya, Selangor Darul Ehsan

VI. Rationale for the Acquisition

Based on the Board Minutes of RHTB dated 27 March 1997, the
acquisition of the Building was due to a lack of office space in
its corporate headquarters at that material time.

RHTB took over possession of the building in 1997 and relocated
its corporate office to the said building. The Company
subsequently moved from the said building in November 1999 to
its present location as the aforesaid building was found to be
unsuitable to house its corporate office.

VII. Financial Effects of the Acquisition

The financial effect of the Acquisition would basically only be
historical in nature and did not have any effect on the share
capital of RHTB for the financial year ended 31 December 1998 as
the purchase was satisfied entirely in cash.

The Acquisition also did not have any material effect on the
following for the same financial period of RHTB:

   (1) The Consolidated Net Tangible Assets; and

   (2) The Consolidated Earnings Per Share.

Currently, the ground floor of the Building is tenanted and
generating a rental income of RM116,256 per annum.

VIII. Approval Required

The Acquisition of Bangunan Bee Hin requires the following
approvals:

   a) FIC, which had been obtained, vide its letter dated 24
April 1998;

   b) Shareholders of ECSB, i.e. RHTB, which was obtained on 3
November 1997; and

   c) Shareholders of RHTB at the upcoming Extraordinary General
Meeting (EGM) to be convened.

The approval obtained from the FIC for the Acquisition vide
their letter dated 24 April 1998, RHTB are subject to the
following requirements:

   i) RHTB is to convene an Extraordinary General Meeting to
obtain shareholders' approval;

   ii) RHTB to appoint a competent independent adviser to
provide advice to the minority shareholders' on the Acquisition;

   iii) The independent adviser to be appointed must firstly be
approved by FIC; and

   iv) The independent advice circular to shareholders providing
the information pertaining to the Acquisition must be cleared
and approved by the FIC prior to circulation.

On 22 October 2001, the Special Administrators made an
application to the FIC for a waiver of conditions (iii) and (iv)
mentioned above. The FIC pursuant to their letter dated 31
October 2001 approved a waiver for all conditions imposed in
their letter of 24 April 1998.

IX. Directors' and Substantial Shareholders' Interests

Tan Sri Dato' Wan Sidek Bin Hj Wan Abdul Rahman, Encik Abdul
Malek Bin Hormat and Mr Chong Kee Ling are presently de facto
directors of RHTB and directors of KLIH. They were appointed to
the Board of RHTB subsequent to the Acquisition and prior to the
completion of the transaction and have deliberated on the
execution of the Third Supplemental Agreement. They are deemed
interested in the Acquisition by virtue of their directorships
in both RHTB and KLIH. Since the appointment of the Special
Administrators, the powers of the directors have ceased pursuant
to Section 33 of the Pengurusan Danaharta Nasional Berhad, Act
1998 (as amended) which states that the board of directors shall
not perform or exercise any function as an officer of the
Company unless with the prior written approval of the Special
Administrators. None of the aforesaid directors and persons
connected to them has any direct and/or indirect interest in the
Acquisition.

The Special Administrators have examined the available board
minutes and noted that there was no declaration of interest by
any members of the Board of Directors of RHTB at the Material
Time.

The Special Administrators have written to the substantial
shareholders of RHTB at the Material Time to ascertain whether
the substantial shareholders and any persons connected with them
has any interest, direct or indirect in the Acquisition. As at
the date of this announcement, all substantial shareholders,
except for Cerah Kualiti Sdn. Bhd. have reverted and confirmed
that they and no person connected with them has any direct or
indirect interest in the Acquisition.

Accordingly, as at the date of this announcement, save as
disclosed above, none of the directors and substantial
shareholders, and persons connected to the directors and
substantial shareholders of RHTB at the Material Time has any
interest, direct or indirect in the Acquisition.

X. Conclusion

The Special Administrators have taken into consideration the
circumstances relating to the Acquisition of the Building and
has sought a legal opinion from Messrs A. Zahari Kanapathy
Thulasi on the potential implication towards RHTB in the event
that the Acquisition is not approved by the shareholders of RHTB
and vice-versa.

Based on the legal opinion provided by Messrs A. Zahari
Kanapathy Thulasi, ECSB has fulfilled its obligations under the
SPA with payment of the purchase consideration in full, except
for obtaining the approval of the shareholders of RHTB, and it
is now incumbent upon BHH to discharge the Existing Charges
created in favor of MBB and deliver the building free from
encumbrances to ECSB. Since the purchase consideration has been
settled in full. BHH is holding the property as a bare trustee
for ECSB. The failure to comply with the MBLR does not
invalidate the transaction. The failure constitutes a non-
compliance with Section 118 of the MBLR and Chapter 20 of the SC
Guidelines, which states that the approval of shareholders must
be obtained prior to the completion of any related party
transaction. The non-compliance of the MBLR and Chapter 20 of
the SC Guidelines makes the parties in breach liable to one of
the many penalties that could be meted out by KLSE as stated in
Section 392 of the MBLR and paragraph 9.5 of the SC Guidelines
without making the transaction itself void.

Premised on the above, a vote in favor of the Acquisition of
Bangunan Bee Hin will mean that the shareholders have approved
the Acquisition. However, the Company may be liable for a breach
of Section 118 of the MBLR and/or Chapter 20 of the SC
Guidelines that is for not having obtained the approval of the
shareholders prior to completing a related party transaction.

On the other hand, a vote against the Acquisition would mean
that the shareholders are not ratifying the decision of the
Board of Directors at the Material Time on this transaction.
This would tantamount to an ultra vires act and thereby
rendering the directors personally liable for the loss suffered
by the Company. Nevertheless, the Company may still be liable
for the penalties that may be imposed by the KLSE and/or SC for
not having obtained the approval of shareholders prior to the
completion.

The Special Administrators of BHH have prepared a workout
proposal pursuant to the Pengurusan Danaharta Nasional Berhad
Act, 1998 (as amended) in respect of BHH. It is inter-alia part
of the workout proposal, that the monies due to MBB who has a
charge over the Bangunan Bee Hin be settled in accordance to the
said workout proposal. The creditors of BHH have approved the
workout proposal on 20 December 2001. The monies due to MBB is
considered settled and MBB shall take all necessary steps to
discharge Bangunan Bee Hin. As a consequence thereof, ECSB shall
get the title of Bangunan free from encumbrances irregardless of
the shareholders' decision to vote for or against the
Acquisition of Bangunan Bee Hin.

XI. Prospects and Risk Factors of the Acquisition

Due to the revision in purchase consideration, there is excess
funds of RM100,000 owed by BHH to ECSB, which shall remain as a
claim against BHH, with the repayment and timing to be
determined by BHH. BHH is presently under the administration of
a special administrator and undergoing its own restructuring
scheme. In view of this, the amount to be recovered will be
subject to the workout proposal prepared by the Special
Administrators of BHH.

XII. Completion Date

Based on legal advice, the Acquisition has been completed with
the full payment of purchase price by ECSB.

2. APPOINTMENT OF INDEPENDENT ADVISER

On 19 October 2001, RHTB had appointed OSK Securities Berhad
("OSK") as Independent Adviser to the minority shareholders of
RHTB in relation to the acquisition of a six-storey commercial
building known as Bangunan Bee Hin in Kuala Lumpur by ECSB, a
wholly-owned subsidiary company of RHTB on 3 December 1997 from
BHH.


SRIWANI HOLDINGS: Seeks Financial Regularization Extension
----------------------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of
Sriwani Holdings Berhad (SHB or Company), announced that on 17
January 2002 SHB applied to the Kuala Lumpur Stock Exchange for
a further extension of four (4) months from 22 January 2002 for
the Company to submit to the relevant authorities its plan to
regularize its financial condition.

Days ago, TCR-AP reported that the Corporate Debt Restructuring
Committee (CDRC) has accepted the application by Sriwani
Holdings Berhad (SHB) to be admitted for debt restructuring
under the purview of CDRC.


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


INTERNATIONAL CONTAINER: Port Operator To Buy Back Bonds
--------------------------------------------------------
International Container Terminal Services Inc. (ICTSI) plans to
issue 5,000,000 preferred non-voting shares to International
Container Terminal Holdings Inc. for P5 billion ($97 million) by
June 2002, DebtTraders analysts, Daniel Fan (852-2537-4111) and
Blythe Berselli (1-212-247-5300), report. The purpose of the
issuance is to channel the proceeds of $90 million held by the
subsidiary from assets disposals to company for the buy back of
the ICTSI 1.75 percent convertible bond due in 2004.

Prior to the Hutchison deal, International Container Terminal
Services Inc's (ICTSI) capability to pay off its long-term debts
has been threatened by the continued fall of the peso against
the US dollar. Foreign exchange losses, which reached P459
million, has affected the port operator's revenues, Business
Wire reported Monday. In addition, accretion of the put premium
of ICTSI's convertible notes totaled P725 million. Aside from
the payment of the maturing obligations, the sale also allowed
ICTSI to book a one-time gain resulting in the increase in
consolidated net income to P3 billion in the first six months of
last year from only P15.6 million the previous year. ICTSI has
won the right to develop a container terminal at the Port of
Suape in Brazil where it will spend a total of $60 million. Of
the investment, $8 million will comprise the initial equity
contribution to be infused by newly formed unit, Tecon Suape
S.A.

TCR-AP reported last year that the company's financial state has
been suffering due to foreign exchange losses, which reached
P459 million in 2000 because of its dollar-denominated debts. In
addition, accretion of the put premium of ICTSI's convertible
notes totaled P725 million.

According to DebtTraders, International Container Terminal
Services Inc's 1.750% convertible bond due in 2004 (ICT1) trades
between 134.000 and 134.750 For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ICT1


NATIONAL BANK: Selling P20B Acquired Assets
-------------------------------------------
Lucio C. Tan-owned Philippine National Bank (PNB) will sell as
much as P20 billion of its real and other properties owned or
acquired (ROPOA) to raise additional funds this year, Business
Wire reported on January 16, quoting President Feliciano B.
Miranda said, adding that seven groups have expressed interest
already.

As of the third quarter, PNB has P22 billion worth of ROPOA that
were foreclosed. The semi-private bank is currently being
rehabilitated in preparation for its full privatization. The
National Government, which owns 16 percent of the bank,
wants to rehabilitate PNB within the year.

The government plans to rehabilitate PNB by first acquiring
shares in the bank but it wants only short-term management of
PNB since its objective is to take the helm in the
rehabilitation of the bank. The reverse privatization plan also
calls for PNB to be rehabilitated through the infusion of fresh
capital and the entry of new senior management. Mr. Feliciano
said the sale of ROPOA is part of the bank's plan to improve the
financial condition of PNB.


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


SEMBCORP INDUSTRIES: Posts Shareholder's Interest Notice
--------------------------------------------------------
Sembcorp Industries posted a notice of changes in substantial
shareholder Singapore Technologies Holdings Pte Ltd's deemed
interests:

Date of notice to company: 18 Jan 2002
Date of change of deemed interest: 15 Jan 2002
Name of registered holder: CDP: Esmaco
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: 28,000
% of issued share capital: 0
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: 1.7166
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: 711,326,167  0
% of issued share capital:        44.3         0
No. of shares held after change:  711,298,167  0
% of issued share capital:        44.3         0
Total shares:                     711,298,167  0


SEMBCORP INDUSTRIES: Clarifies Co Director Relations
----------------------------------------------------
Sembcorp Industries Ltd confirmed that, as at to date, none of
the persons holding managerial positions in the Company is
related to a director or substantial shareholder of the Company
or of any of its subsidiaries.

TCR-AP reported last year that Sembcorp will issue a second
series of $150 million seven-year fixed rate notes and a third
series of $100 million three-year fixed rate notes under its
$500 million Medium Term Note (MTN) Program. It issued the first
series of these Notes in October 2000. The $250 million from
these two series will be used to refinance a portion of Sembcorp
Industries' existing debt and for the Group's capital
expenditure.


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


COUNTRY (THAILAND): Court Extends Plan Submission
-------------------------------------------------
Country (Thailand) Pubic Co., Ltd, which entered into the
Rehabilitation process under the Bankruptcy Act B.E. 2483 (as
amended) (the Bankruptcy Act) and the Court has appointed Neo
World  Consultant Co., Ltd. to be the planner (the planner) on
16 July, 2001, informed that the Bankruptcy Court has an order
to extend the due date of submitting the plan on 21 January,
2002.

After the Central Bankruptcy Court has an order for business
reorganization of the company and appointed the planner, the
planner has drafted the plan together with the financial
advisors and the legal counsels. According to the Bankruptcy
Act, the planner has to submit the plan to the official receiver
on 21 November, 2001. Because of the planner is required
to prepare the information of the liabilities and assets of the
company, the planner has to submit the notion to extend the due
date of submitting the plan.


LOXLEY PCL: BOD Meeting Resolves Houay Ho Sale
----------------------------------------------
Loxley Public Company Limited notified that the meeting of the
Company's Board of Directors (BOD) resolved to approve the sale
of 100,000 shares the Company holds in Houay Ho Power Company
Limited to Houay Ho Thai Company Limited, at the price
of US$10 million. This sale of shares is in compliance with the
plan to restructure the investment to be more efficiently.

The above sale of shares is the sale to a party  not related to
the Company. The size of the transaction pursuant to the
criteria of aggregate value of remuneration equals to 5.29
percent. The Company will no longer have any investment in this
enterprise. The proceeds from sale shall be applied towards
repayment of debts and used as working capital of the Company.


PROPERTY PERFECT: Files Petition for Business Reorganization
------------------------------------------------------------
Real estate developer Property Perfect Public Company Limited
(DEBTOR) filed its Petition for Business Reorganization was
filed in the Central Bankruptcy Court:

   Black Case Number 40/2544

   Red Case Number 106/2544

Petitioner: DEVONSAI CAPITAL COMPANY LIMITED BY MR. UMNANT
TONKURIMAND AND TWO OTHER ASSOCIATES

Planner: Asian International Planners Company Limited

Debts Owed to the Petitioning Creditor: Bt15,105,885,207.39

Date of Court Acceptance of the Petition: January 22, 2001

Date of Examining the Petition: February 19, 2001 at 9.00 AM

Court Order for Business Reorganization and Appointment of
Planner: February 19, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: February 23, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: March 27, 2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: June 27, 2001

Planner postponed the date of submitting the reorganization plan
#1st to July 27, 2001

Appointment date for the Meeting of Creditors to consider the
plan: August 29, 2001 at 9.30 am. at QUEEN SIRIKIT CONVENTION
CENTER, xNew Ratchadapisek Road. Klongtoey

The Meeting of Creditors had a resolution accepting the
reorganization plan pursuant to Section 90/46

Court had issued the order accepting the reorganization plan:
October 2, 2001 and Appointed Asian International Planner
Company Limited to be as a Plan Administrator

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Matichon Public Company Limited and Siam Rath Company Limited:
October 10, 2001

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Government Gazette: October 25, 2001

Contact: Mr. Chat Tel, 6792525 ext 124


SAMART CORPORATION: Lists 2002 Holidays
---------------------------------------
Samart Corporation Plc inform the Company's holidays for the
year 2002 as:

Tuesday     1   January   New Years Day
Tuesday    26   February  Makha Bucha Day
Monday      8   April     Substitution of Chakri Day
Monday     15   April     Songkran Festival Day
Tuesday    16   April     Substitution of Songkran Festival Day
Wednesday  17   April      Substitution of Songkran Festival Day
Wednesday   1   May        National Labor Day
Monday      6   May        Substitution of Coronation Day
Monday     27   May        Substitution of Wisakha Bucha Day
Thursday   25   July       Buddhist Lent Day
Monday     12   August     H.M. The Queens Birthday
Wednesday  23   October    Chulalongkorn Day
Thursday    5   December   H.M. The Kings Birthday
Tuesday    10   December   Constitution Day
Tuesday    31   December   The end of Year Day

The Company, which signed the Debt Restructuring Agreement on
October 25, 2001, is currently working on its restructuring
exercise.


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

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

Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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