TCRAP_Public/020129.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 29, 2002, Vol. 5, No. 20

                         Headlines

A U S T R A L I A

AUSTAR UNITED: ACCC Probes Austar-Optus Proposed Alliance
AUSTRALIAN MAGNESIUM: Posts Change of Interest Notice
BREATHE GROUP: Issues Initial Director`s Interest Notice
EARTH SANCTUARIES: Interest Inquiry Period To Close Feb 8
HIH INSURANCE: Royal Commission Hearing Resumes Today
TEIKOKUSHA AUSTRALIA: Posts Case Profile


C H I N A   &   H O N G  K O N G

BU MING: Winding Up Petition Hearing Set
CHINA LOGISTICS: Hearing of Winding Up Petition Set
CTO CONTAINER: Winding Up Petition To Be Heard
FORTRESS SHINE: Winding Up Petition Set For Hearing
GOLDEN DEER: Faces Winding Up Petition
HANDSOME TRADING: Winding Up Sought By Hopewell Property
NAM FONG: Appoints RSM Nelson Wheeler as Auditors  
NORTHEAST ELECTRICAL: Faces Lawsuit as NET's Loan Guarantor


I N D O N E S I A

BANK CENTRAL: Kwik Advises Government to Delay Sale
BANK CENTRAL: Sukardi Urges No KPPU Interference in Asset Sale
SEMEN GRESIK: Repaying US$162M Debt Today


J A P A N

DAIEI INC: Selling Ginza Building to Chanel for Y6.37B
FUNABASHI SHIKIN: Files Insolvency Proceedings
ISHIKAWA TOBACCO: Insolvency Proceedings Filed
KANSAI KOGIN: Seven Executives Arrested Over Loan Scandal
NIIGATA ENGINEERING: Court Grants Rehabilitation Approval
NISSHO IWAI: Sells Head Office Building to Ease Debt
NIPPON TELEGRAPH: Plans Y120B 5-Year Bond Issue
PSINET JAPAN: Cable & Wireless Completes Acquisition
SNOW BRAND: President's Resignation Likely
SOGO SHINKIN: Files For Insolvency Proceedings
TOSHIBA CORP: Sees Q1 Y130B Operating Loss
TOSHIBA CORP: Launches Joint Venture With Takara & Dai Nippon


K O R E A

CHOHUNG BANK: Govt Will Issue US$500M of DRs Abroad in H102
DAEWOO ENGINEERING: Poises To Graduate From Workout Program
HYNIX SEMICONDUCTOR: Micron Agrees to Take All Employees
HYUNDAI MOTOR: Completes Initial Potential Sites Evaluation


M A L A Y S I A

ACTACORP HOLDINGS: Proposed Restructuring Scheme Underway
ARTWRIGHT HOLDINGS: Shareholders OK EGM Proposals
BREM HOLDING: Issues Danaharta's Suit Add'l Info
CONSTRUCTION AND SUPPLIES: Seeks Two-Month RA Extension
GEAHIN ENGINEERING: Proposes Corporate Restructuring Exercise  
MECHMAR CORPORATION: Winding-Up Petition Hearing Postponed
PACIFICMAS BERHAD: KLSE Grants Proposed Mandate Time Extension
SISTEM TELEVISYEN: Posts Change in Boardroom Notice
TECHNOLOGY RESOURCES: Shareholders Approve Resolutions at EGM


P H I L I P P I N E S

MONDRAGON INTERNATIONAL: PSE Lifts Trading Suspension
NATIONAL POWER: Jan 29 S&P Teleconference Call Scheduled
PHILIPPINE LONG: Moody's Places Ratings On Review
UNITRUST DEVELOPMENT: Former Pres to Submit Rehabilitation Plan


S I N G A P O R E

CAPITALAND LIMITED: Unit PREMAS Enters MoU Halton
CERAMIC TECHNOLOGIES: Court OKs Judicial Management Petition
IPCO INTERNATIONAL: Posts Shareholder's Interest Notice
SEMBCORP INDUSTRIES: Temasek Holdings Changes Deemed Interest


T H A I L A N D

NORTHEAST AGRO: Files Business Reorganization Petition
THAI OLEFINS: PTT Provides Debt Refinancing

* FRA Posts 38th Non-Listed Securities Auction Results

     -  -  -  -  -  -  -  -  

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A U S T R A L I A
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AUSTAR UNITED: ACCC Probes Austar-Optus Proposed Alliance
---------------------------------------------------------
The Australian Competition and Consumer Commission (ACCC) has
commenced a formal market inquiry into the proposed alliance
between Optus and Austar United Communications Ltd, AFX reported
Monday, referring to the Australian Financial Review.

The ACCC has disseminated letters to interested parties to
survey their opinion on a closer alliance between the two.  
However, the newspaper said, no formal deal has been put to the
ACCC, with differences over valuations of the respective
operations of Optus and Austar precluding any deal in the short-
term.


AUSTRALIAN MAGNESIUM: Posts Change of Interest Notice
------------------------------------------------------
Australian Magnesium Corporation Limited posted this notice:

CHANGE OF DIRECTOR'S INTEREST NOTICE

Name of Company          Australian Magnesium Corporation
Limited

      ABN                      51 010 441 666

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         James Roland Williams

   Date of last notice      08/01/2002

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

Direct or indirect interest             Direct                   

Nature of indirect interest
(including registered holder)           -                        

Date of change                          23/01/2002

No. of securities held prior
to change                               100,000 DES              

Class                                   Distribution Entitled    
                                        Securities ("DES")

Number Acquired                         50,000 DES

Number disposed                            Nil

Value/consideration                     $0.45 per DES            

No. of securities held after
change                                  150,000 DES              

Nature of change                        On-market trade          

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                   -


BREATHE GROUP: Issues Initial Director`s Interest Notice
--------------------------------------------------------
Breathe Group Limited (BRE) issued this notice:

INITIAL DIRECTOR'S INTEREST NOTICE

Name of entity:        Breathe Group Limited
ACN:                   008 082 737

Name of director:      Philip John Cornish
Date of appointment:   30/11/2000

PART 1 - DIRECTOR'S RELEVANT INTERESTS IN SECURITIES OF WHICH
THE DIRECTOR IS THE REGISTERED HOLDER

Number and class of securities:  

44,950,954 Fully Paid Ordinary Shares.

4,000,000 Options convertible to 4,000,000 fully paid ordinary          
shares at an exercise price of 45 cents per option on or before
30/11/2003.

PART 2 - DIRECTOR'S RELEVANT INTERESTS IN SECURITIES OF WHICH
THE DIRECTOR IS NOT THE REGISTERED HOLDER

NAME OF HOLDER AND NATURE             NUMBER AND CLASS OF
OF INTEREST:                          SECURITIES:

N/A                                   N/A

PART 3 - DIRECTOR'S INTERESTS IN CONTRACTS:

N/A

In September last year, TCR-AP reported that BRE entered into
conditional contracts to sell the mobile telephony retail
operations of BRE in Australia and New Zealand to Armeadon Pty
Limited and Armeadon (NZ) Limited in an effort to stabilize the
Company in the current difficult economic environment.


EARTH SANCTUARIES: Interest Inquiry Period To Close Feb 8
---------------------------------------------------------
The Directors of Earth Sanctuaries Ltd (ESL) announced that it
is open to expressions of interest for some or all of Earth
Sanctuaries assets. The period during which to voice interest
will close Friday 8 February. An information flyer is now
available for interested parties.

The initial interest expressed in ESL's assets has been very
strong with a number of parties including significant
international inquiries, expressing an interest in continuing
the conservation activities of ESL in some form.

Earlier this month, TCR-AP reported that the Company intends to
undertake a major restructuring in order to enhance and to
preserve shareholder value.


HIH INSURANCE: Royal Commission Hearing Resumes Today
-----------------------------------------------------
The public hearings of the HIH Royal Commission will resume
Tuesday, 29 January 2002, for further cross examination of Mr
David Lombe.

As soon as Mr Lombe's evidence has been completed the Commission
will begin to inquire into reinsurance arrangements entered into
by companies in the group. The names of witnesses required to
appear in this phase of the inquiry are posted on this website
below.

Present indications are that the Commission will sit Monday to
Friday of each of the weeks commencing 4, 11, & 18 February and
4, 11 & 18 March 2002. The Commission may also sit between 25 &
28 March 2002. Sitting dates for the period after the Easter
break will be advised.

Please note that the Commission will not be sitting in the week
beginning 25 February 2002.

Hours of Sitting

The hours of sitting will be from 9.30 am to 11.15 am; 11.30 am
to 12.45 pm; and from 2.15 pm to 4.30pm.

Proposed Witnesses

Mr David Lombe will appear before the Commission on 29 January
2002.

Reinsurance

Set out below is the current witness list for the hearings into
various reinsurance contracts entered into by HIH and FAI. It is
the present intention of the Commission to call the witnesses in
the order in which they appear on the list.

This aspect of the inquiry is due to commence immediately after
the completion of the cross examination of David Lombe. That
cross examination will take place on Tuesday 29 January 2002.
Parties should be prepared for the start of the reinsurance
hearings on that date. The list is provisional and witnesses may
be added to or deleted from the list or the order rearranged at
short notice. Interested parties should check this list
regularly.

Witnesses whose names appear in bold type and marked "*" are
from overseas. It is intended that their evidence will be
adduced on the dates listed next to their names. Otherwise, it
is not possible to allocate fixed dates on which individual
witnesses are to be called. The witnesses concerned must be
available at short notice although every effort will be made to
provide reasonable notice. The legal representatives for the
witnesses (or the witness if he or she is not represented)
should maintain contact with the relevant solicitor at the
Commission with whom they have been dealing.


1. General Cologne Re Australia Ltd/GCR International

        Andrew Smith
        Lindsay Self
        Geoffrey Barnum
        Chris Byatt
        Andrew Allison
        *Tore Ellingsen          Date to be arranged
        *Milan Vukelic           Date to be arranged
        *John Houldsworth        Date to be arranged

2. Guy Carpenter and Company Pty Limited

        *Geoffrey Bromley        4 to 5 February 2002
        John Tuckfield

3. Willis Reinsurance Australia Limited

        Stuart Stow

4. FAI

        Geoffery Trahair
        Stephen Burroughs
        Niran Piris
        Daniel Wilkie

5. Hannover Re

        *Henning Ludolphs        11 to 14 February 2002
        *Jurgen Graeber         11 to 14 February 2002
        Ross Littlewood
        
6. HIH

        Stephen Parry (Parry Carroll Kanjian, Solicitors)
        Ray Gosling
        Federick Lo
        Paul Abela
        Effy Dimos
        Peter Thompson
        Rob Martin

7. APRA

        Witness names to be advised

8. Arthur Andersen

        Witness names to be advised

9. APRA

        Witness names to be advised

10. Other

        Greg Couttas(Deloittes)
        Estelle Pearson(Towbridge Consulting)


TEIKOKUSHA AUSTRALIA: Posts Case Profile
----------------------------------------
Teikokusha Australia Pty Ltd posted this case profile:

Territory :  Australia  
Company Name:  Teikokusha Australia Pty Ltd  
Lead Partner:  Ian Hall  
Case Manager:  Derrick Vickers  
Date of Appointment:  16 March 1999  
Normal Contact  :  Graham Killer  
Contact Phone No  :  (07) 3257 8855  

PwC Office  

Location :  Brisbane  
PO Box :  GPO Box 150  
Street Address:  Waterfront Place, 1 Eagle Street  
City  :  BRISBANE  
State  :  QLD  
Postcode :  4001  
DX  :  DX 77 Brisbane  
Phone  :  (07) 3257 5000  
Fax  :  (07) 3257 8004  
Appointor :  Supreme Court of Queensland  
Registered Office of company:  Corrs Chambers Westgarth, Lvl 4
                      Corporate One Center, 2 Corporate
       Crt, Bundall, Qld 4217  
Company No / CAN  :  010 922 362  
Type of Appointment :  Liquidator  
Lead Partner - Full Name:  Ian Richard Hall  
Second Partner - Full Name:  Gregory Winfield Hall  

Case Information (Last Updated 30/10/2001 11:31:06 AM)  

First Creditors' Meeting  

Date :  14/5/99  
Time :  9.30am  
Address:  Rooms of PricewaterhouseCoopers, Brisbane  
Proxy return date:  13/5/99  
Return time :  4:00 PM  

Other Key Information  

Report as to Affairs received from directors:  Lodged with the
ASIC on 8/3/99

Dates of trading by insolvency practitioner:  No business was
traded on The Liquidator continued to collect rentals from the
building at 64 Marine Parade Southport, Queensland.  

Business sold/ceased trading:  N/A  

Job closure:  Not determinable at this stage.  

Background Information  

IR Hall and G W Hall of PricewaterhouseCoopers were appointed
provisional liquidators of the company on 16 February 1999. They
were subsequently appointed liquidators on 16 March 1999. The
major activity of the company was to operate as a lessor of a
building at 64 Marine Parade, Southport, Queensland.  

Current status of assignment and actions required by creditors  

Creditors who have a right to prove in the administration are
requested to lodge a proof of debt on or before 15 January 2001.
Copies of proofs are found on this website.  

Next milestone and estimated timetable  

An interim dividend to creditors is being proposed and proofs of
debt are being called from creditors.  

Likely outcome for creditors and timetable  

It is likely there will be a return of an yet undetermined
amount to creditors in this administration.(www.pwcrecovery.com)


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C H I N A   &   H O N G  K O N G
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BU MING: Winding Up Petition Hearing Set
----------------------------------------
The petition to wind up Bu Ming Trading Company Limited is
scheduled for hearing before the High Court of Hong Kong on
March 6, 2002 at 98:30 am.  The petition was filed with the
court on the 14th day of December 2001 by Nanyang Commercial
Bank, Limited whose registered office is situated at 151 Des
Voeux Road, Central, Hong Kong.


CHINA LOGISTICS: Hearing of Winding Up Petition Set
---------------------------------------------------
The petition to wind up China Logistics Group Limited is
scheduled for hearing before the High Court of Hong Kong on
February 6, 2002 at 9:30 am.  

The petition was filed with the court on November 27, 2001 by
New Era Foundation (China) Limited whose registered office is
situated at Saffrey Square, Suite 205, Bank Lane, PO Box N-8188,
Nassau, Bahamas.


CTO CONTAINER: Winding Up Petition To Be Heard
----------------------------------------------
The petition to wind up CTO Container Lines Limited is scheduled
to be heard before the High Court of Hong Kong on February 6,
2002 at 9:30 am.  The petition was filed with the court on
November 28, 2001 by Pon Yat Cho of Flat F, 21/F., Capilano
Court, Pictorial Garden, Shatin, New Territories, Hong Kong.


FORTRESS SHINE: Winding Up Petition Set For Hearing
---------------------------------------------------
The petition to wind up Fortress Shine Development Limited was
heard before the High Court of Hong Kong on January 23, 2002.  

The petition was filed with the court on September 5, 2001 by
Bank of China (Hong Kong) Limited (the successor corporation to
The National Commercial Bank Limited 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.


GOLDEN DEER: Faces Winding Up Petition
--------------------------------------
The petition to wind up Golden Deer Textile Company Limited is
set for hearing before the High Court of Hong Kong on January
30, 2002 at 11:30 am.  The petition was filed with the court on
The Hongkong and Shanghai Banking Corporation Limited whose
registered office is situated at No. 1 Queen's Road Central,
Hong Kong.


HANDSOME TRADING: Winding Up Sought By Hopewell Property
--------------------------------------------------------
Hopewell Property Management Company Limited is seeking the
winding up of Handsome Trading Company Limited. The petition was
filed on October 26, 2001, and will be heard before the High
Court of Hong Kong on January 30, 2002 at 9:30 am.

Hopewell Property Management Company Limited holds its
registered office at 20th Floor, Hopewell Centre, 183 Queen's
Road East, Hong Kong.


NAM FONG: Appoints RSM Nelson Wheeler as Auditors  
-------------------------------------------------
The Board of Directors (Board) of Nam Fong International
Holdings Limited has appointed RSM Nelson Wheeler as the Company
auditors following the resignation of KPMG on January 15, 2002.

KPMG, who were appointed on October 16, 2001, confirmed that
there were no circumstances connected with their decision, which
they considered, should be brought to the attention of the
shareholders or creditors. The Board has appointed RSM Nelson
Wheeler, which have agreed to fill the office of the Company
auditors vacated by the above resignation.

A special general meeting is expected to be convened shortly to
approve the aforesaid appointment and notice for convening the
special general meeting will be dispatched to the shareholders
in due course.


NORTHEAST ELECTRICAL: Faces Lawsuit as NET's Loan Guarantor
-----------------------------------------------------------
Northeast Electrical Transmission & Transformation Machinery
Manufacturing Company Limited (the Company) informed that China
Everbright Bank, the plaintiff, instituted a lawsuit against
Northeast Electrical Transmission and Transformation Equipment
Group Corporation Limited (NET), the controlling shareholder of
the Company, for repayment of the principal of a loan of
HK$24.67 million and accrued interest. This case was heard by
No. 1 Intermediate People's Court in Beijing on 21 January 2002.

The Company is the second defendant because it, acting as a
guarantor of the loan granted to NET, bears joint and several
repayment liabilities. In the meantime, NET requested
reconciliation with the court and the plaintiff. The court
agreed to mediate. The date for the next hearing has not been
set down.  The Company provided a guarantee in respect of a loan
of HK$24.67 million granted to NET by China Everbright Bank on
19 June 1998. The Company also provided a guarantee in respect
of a loan of HK$18.7 million granted to Shenyang Cable Company
Limited, a subsidiary of NET, by Shenyang Branch, Bank of China
on 23 April 1999.

The Company apologized for the failure to comply with the
relevant proceedings and timely disclosure obligation under the
Listing Rules and ensured that it has an obligation to disclose
information in strict compliance of the Listing Rules in the
future. The board of directors of the Company hereby apologized
to all shareholders, other than NET. The Stock Exchange
indicated that it reserves the right to take any disciplinary
action against the Company and its directors for the breach of
the Listing Rules.

Recently, there have been a number of media coverage involving
the Company in Hong Kong. Most of which was misleading coverage.
The Board of Directors of the Company hereby clarifies that:

   (i) with regard to restructuring of the Company, Shenyang
Municipal Government intends to seek strategic investors for the
Company;

   (ii) to date, the Company has not had an official meeting
with the banking consortium led by CCIC Finance Ltd. in respect
of repayment;

   (iii) as at the date of this announcement, A shares of the
Company are still listed and traded normally on Shenzhen Stock
Exchange; and

   (iv) as stated in the announcement of the Company dated 3
January 2002, there has been no material changes in the
Company's financial position since interim result. The Company
had unaudited net assets of HK$880 million, including HK$203
million due from NET, as at 30 September 2001. The Company is
making full efforts to recover the account receivable through
legal means. It was expected that the sales revenue of the
Company for 2001 would reach HK$1.3 billion. To date, the
Company has normal operations.

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


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


BANK CENTRAL: Kwik Advises Government to Delay Sale
---------------------------------------------------
National Development Planning Minister Kwik Kian Gie has urged
the government to delay divestment of the government's majority
stake in PT Bank Central Asia (BCA), AFX reports.

"Privatizing BCA in a situation in which the bank relies on Bank
Indonesia certificates (SBIs) and government bonds for its
earnings will mean that the new owner will continue to enjoy
government subsidies," Kwik said, adding that BCA's financial
reports have not reflected the maximum earnings the bank could
earn.

The government injected 5Rp8.2 trillion in bonds into BCA to
recapitulate the bank, with a large portion carrying variable
interest rates of above 17 percent per annum.

Kwik had sent a letter to the IMF, President Megawati
Sukarnoputri and Vice President Hamzah Haz as well as the
economic ministers about the matter.  He has also called on the
Supreme Audit Board to audit BCA's financial reports.


BANK CENTRAL: Sukardi Urges No KPPU Interference in Asset Sale
--------------------------------------------------------------
State Enterprises Minister, Laksamana Sukardi has urged the
Business Competition Supervisory Commission (KPPU) not to
interfere in the privatization of PT Bank Central Asia, The
Jakarta Post reported Monday.

"I think the duties of KPPU must be clearly redefined because I
see that its functions are almost becoming equal to those of the
Lower House (DPR)," Sukardi said.

He said KPPU has gone too far by interfering in the tender
process, adding that such intervention by the anti-monopoly body
when the tender is not yet closed will only serve to scare off
participating bidders.

The KPPU, which was established in 1999 under Law No. 5/1999 on
monopolies and unfair business competition, formed a special
team two weeks ago to monitor the high profile BCA tender amid
growing concern that the Salim Group, the founder of BCA, would
reenter the bank via a nominee.

BCA was nationalized by the government in 1998 in the wake of
the disastrous 1997 financial crisis, which sent many banks to
the wall.


SEMEN GRESIK: Repaying US$162M Debt Today
-----------------------------------------
PT Semen Gresik said it will fully repay a debt of US$162.2
million in medium term notes today, Tuesday January 29, 2002,
AsiaPulse reported Monday, citing Corporate Secretary Satriyo.

Satriyo added that Indonesian cement maker has set aside Rp500
million (US$50 million) from operating income to repay the debt.  
The rest are from bonds with fixed interest rate issued last
year for 5 years and an investment credit from state owned Bank
Mandiri.

"The debt repayment plan was discussed by the shareholders in a
meeting last week," Satriyo said.


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J A P A N
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DAIEI INC: Selling Ginza Building to Chanel for Y6.37B
------------------------------------------------------
Struggling supermarket store operator, Daiei Inc will sell all
the shares in its real estate subsidiary Daiei Ginza Building to
the Japanese branch of the French luxury brand Chanel for Y6.37
billion next month as part of its restructuring, AFX News and
Kyodo News reported on Saturday.

Daiei said it will book an extraordinary profit of around Y6.3
billion in the year to February 2002, but added that there are
no forecast changes in the period.  Daiei aims to cut
interesting-bearing debt worth Y1.8 trillion to Y1 trillion by
end of February 2005.


FUNABASHI SHIKIN: Files Insolvency Proceedings
----------------------------------------------
Funabashi Shinkin Bank in China Prefecture has filed for
insolvency proceedings with the Financial Services Agency
on Friday under the Deposit Insurance Law after giving up
efforts to rehabilitate on its own, Kyodo News reported on
Saturday.

Financial Services Agency will appoint financial administrators
to oversee the firm's liquidation.


ISHIKAWA TOBACCO: Insolvency Proceedings Filed
----------------------------------------------
After giving up efforts to rehabilitate on its own, Ishikawa
Tobacco Credit Union in Ishikawa Prefecture has filed for
insolvency proceedings with the Financial Services Agency (FSA)
on Friday under the Deposit Insurance Law, Kyodo News reported
on January 26.  FSA will hire financial administrators to
oversee its liquidation.


KANSAI KOGIN: Seven Executives Arrested Over Loan Scandal
---------------------------------------------------------
Seven executives of failed local credit union Kansai Kogin were
arrested on Friday in connection with loans that the suspects
allegedly knew would not be repaid, Japan Times reported
Saturday.

Those arrested include Kansai Kogin Chairman Lee Hui Gon; Sung
Jae, who was President of the union when the loan was extended;
Toshio Horitsugi, former President of Koma Kaihatsu, Lee Jong
Rim, former President of Kansai Kogin; Pak Chung Hong, a former
Vice President at the union; Yang Jong Myong, a former Senior
Managing Director of Kansai Kogin; and Fukutaka Nishihara, a
former head of Koma Kaihatsu's administrative division.

Police are convinced that around Y2 billion in loans extended to
the company's affiliated golf course operator, Koma Kaihatsu,
between September and November 1997, caused financial problems
to Kansai Kogi. Around Y5.5 billion out of the Y6 billion in
loans extended by Kansai Kogin to Koma Kaihatsu from September
1997 through September 2000 has become unrecoverable.

Kansai Kogin is presently undergoing rehabilitation and is
operating under the control of financial administrators. The
Kinki Sangyo credit union, based in Kyoto, is scheduled to
acquire viable Kansai Kogin assets in June.


NIIGATA ENGINEERING: Court Grants Rehabilitation Approval
---------------------------------------------------------
Troubled heavy-duty machinery maker Niigata Engineering Co has
obtained court approval to start rehabilitation procedures,
Kyodo News reports.  Lawyer Takeo Kosugi was appointed by the
Tokyo District Court to serve as its administrator.

The company filed for legal protection from creditors in
November 2001 under the corporate rehabilitation law after
collapsing with debts totaling Y227 billion.  


NISSHO IWAI: Sells Head Office Building to Ease Debt
----------------------------------------------------
Trading company Nissho Iwai Corp plans to sell its new head
office building in Tokyo's Daiba district to raise cash to pare
down its swelling debts, Kyodo News reported Saturday, citing
unnamed company sources.

The firm plans to realize the sale by securitizing its stake in
the 24-story building, which was occupied less than a year ago.
The company invested about Y40 billion to build the Daiba head
office, moved into its new headquarters from a rented office
building in spring in 2001.

Last year, Nissho Iwai suffered from a very weak financial
profile, characterized by high debt-usage and very weak
financial flexibility caused by its heavy reliance on short-term
bank borrowings, TCR-AP reported earlier this month. The firm
has total debts of Y2.4 trillion at the end of September 2001.


NIPPON TELEGRAPH: Plans Y120B 5-Year Bond Issue
-----------------------------------------------
Nippon Telegraph and Telephone Corp (NTT) will tap the debt
market for Y120 billion through a planned five-year bond issue,
Reuters reported on Saturday, citing unnamed sources close to
the company. Nomura Securities Co Ltd and Tokyo-Mitsubishi
Securities will lead manage the domestic straight bond issue,
they said.

In 2001, NTT issued Y390 billion of bonds, all with maturities
of 10 years. It will be its first five-year issue. NTT has a
shelf registration to issue up to Y1 trillion in corporate
bonds.

TCR-AP reported last week that NTT presented the
Telecommunications Ministry with written opinions against a
government panel's call for reorganizing or dividing up the
giant telecom group.


PSINET JAPAN: Cable & Wireless Completes Acquisition
----------------------------------------------------
Cable and Wireless PLC (Cable & Wireless) (NYSE:CWP), the global
telecommunications group, announced on January 25 that it has,
through its subsidiary Cable & Wireless IDC, completed the
acquisition of PSINet Japan, Inc. (PSINet Japan) from PSINet
Inc. for US$16.6 million (approximately (pound) 11.5 million).

The increase in the purchase price originally announced on 10
December 2001 results from Cable & Wireless bidding against
another party at the court supervised auction which forms part
of the sale process under Chapter 11 of the US Bankruptcy Code.

PSINet Japan provides IP (Internet Protocol) connectivity and
web hosting services for enterprise customers in Japan. The
company has points of presence within key Japanese cities, a
data center in Tokyo and provides services to several thousands
of business customers.

The acquisition is intended to reinforce Cable & Wireless'
position in

Japan's growing internet market and accelerate the delivery of
Cable &

Wireless' strategy to provide IP and data services to business
customers in Japan.

PSINet Japan's unaudited revenue in the first half year 2001 was
(pound)28 million, generating positive EBITDA (under US GAAP) of
(pound)3.4 million in the same period, and the acquisition is
expected to more than double Cable & Wireless's IP revenue
within Japan.

Commenting on the announcement, Simon Cunningham, President and
CEO Cable & Wireless IDC, said: "This acquisition highlights
our commitment to the Japanese market and clearly fits our
strategy to grow our IP business within Japan. We will realize
cost synergies through sharing a much larger infrastructure,
whilst our continued commitment to quality will bring benefit to
a much broader customer base."

About Cable & Wireless

Cable & Wireless is a major global telecommunications business
with revenue of over (pound) 8 billion (US$11 billion) in the
year to 31 March 2001 and customers in 70 countries. Cable &
Wireless' focus for future growth is on IP (Internet protocol)
and data services and solutions for business customers.

It is developing advanced IP networks and value-added services
in the US, Europe and the Asia-Pacific region in support of this
strategy. With the capability of its global IP infrastructure
and its strength in key markets, Cable & Wireless holds a unique
position in terms of global coverage and services to business
customers.

For more information about Cable & Wireless, go to www.cw.com

CONTACT: Cable & Wireless
Media:
Susan Cottam, +44 (0)207 315 4410
Peter Eustace, +44 (0)20 7315 4495
Muneo Obata, +81 3 5820 0701 (Japan)
or
Investor Relations:
Chris Tyler, +44 (0) 20 7315 4460
Valerie Gerard, 646/735-4211


SNOW BRAND: President's Resignation Likely
------------------------------------------
Shozo Yoshida, President of Snow Brand Food Co, stressed on
Friday that he may quit to take responsibility for his firm's
abuse of a beef buyback scheme related to Japan's outbreak of
mad cow disease, Kyodo News reported on Saturday.

According to Yoshida he will clarify his responsibility shortly
at a press conference at the Ministry of Agriculture, Forestry
and Fisheries. He disclosed his company's plan to stop from
engaging in beef-related business for the time being.

Standard & Poor's on Thursday lowered its 'pi' rating on Japan's
Snow Brand Milk Products Co Ltd (Snow Brand) to single-'B'-plus-
pi from double-'B'-pi. The downgrade reflects delays in
restoring Snow Brand's business and earnings bases, which were
substantially weakened after a food poisoning incident in June
2000.


SOGO SHINKIN: Files For Insolvency Proceedings
----------------------------------------------
Sogo Shinkin Bank has filed for insolvency proceedings with the
Financial Services Agency (FSA) on Friday under the Deposit
Insurance Law after giving up efforts to rehabilitate on its
own, Kyodo News reported on Saturday.

The agency will appoint financial administrators to oversee the
Osaka based Sogo Shinkin's liquidation.


TOSHIBA CORP: Sees Q1 Y130B Operating Loss
------------------------------------------
Chipmaker Toshiba Corp sees a larger-than-expected group
operating loss for this year related to poor sales of
semiconductors and personal computers, Nihon Keizai Shimbun and
Reuters reported on Sunday. Toshiba's group operating loss was
likely to reach Y130 billion for the year ending March 2002, up
Y20 billion from its forecast made in late October. The company
is likely to forgo a dividend payment for 2002.

Nikkei said that Toshiba's chip division was expected to post a
loss of Y150 billion, hit by the steep drop in prices of dynamic
random access memory (DRAM) chips. Toshiba also expects Y30
billion loss from the sale of its U.S. memory chip factory to
Micron Technology Inc, announced last month.

The firm is overhauling its operations by cutting its workforce
by about a tenth, consolidating production facilities and
selling assets.

Company officials could not be reached for comment.


TOSHIBA CORP: Launches Joint Venture With Takara & Dai Nippon
-------------------------------------------------------------
A company press release disclosed on Thursday that Toshiba
Corporation, Takara Co. Ltd. and Dai Nippon Printing Co. Ltd.  
will establish Toshiba TD Education Co., Ltd., a joint venture
company dedicated to the development and promotion of an
innovative education platform supporting educational programs
for all age groups in many and varied subjects. Toshiba TD
Education will be incorporated by the end of February and draw
on the different strengths of its three partners.

Advances in information technology, including progress in
storage technology, are increasingly having an impact on
education, making possible new approaches in the classroom and
to personal self-development. Toshiba, Takara and DNP have
combined their diverse know-how to create the EX-Pad, a
versatile platform designed to support many aspects of
education, including general education, continuing education,
vocational training and certification, and human resources
training.

The clam-shell EX-Pad opens up to provide a base for dedicated
printed materials that users access via a pen-shaped stylus.
Doing so activates application software preinstalled on a Smart
MediaTM* flash memory. Touching and tracing the printed pages
with the stylus gives access to content as diverse as stories,
music and games, and opens the way to an interactive learning
experience that involves sight, sound and movement.

The versatility of EX-Pad assures its appeal to a wide range of
people, from children to the elderly. Toshiba TD Education will
capitalize on this and promote market penetration by first of
all targeting specific groups and education market segments: the
individual (lifetime education and vocational qualifications);
the children's market (music, English-language education and
school-admission tests) and the business market (English
language and vocational schools). Sales will start this spring,
and will fully leverage Toshiba and Takara's sales channels in
home appliances and toys, respectively.

The partnership in Toshiba TD Education allows the three
partners to promote specific corporate goals and strategies.
Toshiba is positioning education as a core element of its
business, both in hardware and content; DNP is seeking to expand
its printing business and to move in new directions; and Takara
is evolving to become a total lifestyle and entertainment
company. The new joint venture will allow all three to enter and
make inroads into an expanding market.

Each company will play a defined role in the joint venture.
Toshiba will develop and manufacture the overall system and
develop content creation tools. Takara will create and provide
characters and promote sales in toy market. DNP will form a
network with content producers and support EX-Pad book
production.

The potential of EX-Pad has already won the support of some of
Japan's leading educational publishers, and Toshiba TD Education
will promote the new platform and develop content in partnership
with such companies as Shogakukan Production Co., Ltd., Gakken
Co., Ltd., Yamaha Music Media Corporation, ALC Press Inc. and
Poplar Publishing Co., Ltd.

Profile of New Joint Venture Company

Company Name:  Toshiba TD Education Co., Ltd.
President:  Osami Suzuki (Vice President of Media & Contents
Business Division, Toshiba e-Solutions Company)
Headquarters:  Takanawa, Minato-ku, Tokyo
Capital:  Y200 million
Shareholding:  Toshiba 51%; Takara 24.5%; DNP 24.5%
Business Description:  Development, design, production and sales
of the EX-Pad educational platform and related educational
content
Establishment:  End of February 2002
Sales Target:  Approximately 5.5 billion yen in 2004

Toshiba Corporation is a leader in information and
communications systems, electronic components, consumer products
and power generation. The company's integration of these wide-
ranging capabilities assures its position as an innovator in
advanced components, products and systems. Toshiba has 188,000
employees worldwide and annual sales of over US$47 billion.
Visit Toshiba's website at: www.toshiba.co.jp/index.htm

Takara Co., Ltd. is one of the largest general toy manufacturers
in Japan, and takes good care of its original contents such as
"Licca-chan" fashion doll, "Choro-Q" miniature car,
"Transformers" transforming robot, etc. Its latest big hit
includes "Beyblade", a customizable spinning battle top, and
"e-kara", a portable home Karaoke system. Takara is now aiming
to become a Life Entertainment company to provide all
generations with a sense of play and dreams. Visit Takara's
website at http://www.takaratoys.co.jp

Dai Nippon Printing (DNP) is one of the world's largest
comprehensive printing companies, with annual sales of 1.342
trillion yen and 34,000 employees (as of March 2001). DNP's wide
range of businesses include publication printing, commercial
printing, smart cards, business forms, network business and
electronic components. While DNP maintains a 50 percent market
share in Japan's domestic magazine printing, the company
continues to leverage its information processing techniques and
printing technologies to promotes cross-media solutions. In
addition to providing packaged media such as CD-ROM and DVD, DNP
provides professional services in Internet content planning and
server hosting. For more information about DNP, please visit
www.dnp.co.jp


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


CHOHUNG BANK: Govt Will Issue US$500M of DRs Abroad in H102
-----------------------------------------------------------
The Korean government on Friday decided to issue US$500 million
of depositary receipts [DRs] of Chohung Bank equities abroad by
the end of June, PR Newswire reports. In a financial policy
coordination meeting presided over by Vice Finance and Economy
Minister Kim Jin-pyo, participants also decided to offer up to
500 billion won (US$380.5 million) worth of stocks of Woori
Financial Holding Company for public subscription in late May or
early June. The government will continue to dispose of equities
in Chohung and Woori in order to lower its stake in the two
financial organizations to less than 50 percent by the end of
2003.


DAEWOO ENGINEERING: Poises To Graduate From Workout Program
-----------------------------------------------------------
Daewoo Engineering & Construction has met six of the seven
conditions for release from workout set forth in the Memorandum
of Understanding (MOU) and is expected to graduate in 2Q02 (3Q02
at the latest).

According to the workout MOU, Daewoo Engineering & Construction
has satisfied six of the seven conditions for workout
graduation. Regarding the last condition, the company has
already come up with W327.6 billion, or 35.6 percent remaining
debts as of end-2001. If the company raises an additional W132.3
billion, which amounts to 50 percent of the amount set forth in
the workout MOU, it becomes eligible for graduation.

Therefore, Daewoo Engineering & Construction is expected to
graduate from workout during 2Q02 or 3Q02 at the latest. After
graduation, the company will likely aggressively pursue
management normalization in 2002 and strive to recapture its
number-two market position in 2003.

Click on the headline "Set-top boxes/Daewoo Engin&Const/Hite
Brewery/SBS/Jungsoft" to locate the company press release at
http://eng.stockmarket.co.kr/


HYNIX SEMICONDUCTOR: Micron Agrees to Take All Employees
--------------------------------------------------------
Micron Technology, which is currently trying to tie up a deal to
acquire Hynix Semiconductor, is known to have agreed to take on
all current Hynix employees, PR Newswire reports. A Hynix
spokesperson said that Micron confirmed its position in favor of
assuming the current employment level and that the issue would
not impede the deal. He added that Micron also intended to
accept Hynix' suppliers if they are competitive. As of the end
of last year, Hynix' workforce totaled 14,729 in both the memory
and non-memory sectors.


HYUNDAI MOTOR: Completes Initial Potential Sites Evaluation
-----------------------------------------------------------
Hyundai Motor Company has completed the initial phase of its
evaluation of potential sites for its first manufacturing
facility in the United States, PR Newswire reports. The Company
has narrowed its focus to sites located in Alabama, Kentucky,
Mississippi and Ohio. Based on its initial evaluation, Hyundai
believes that each of these states, if selected, would provide
the quality work force and support structure necessary for
Hyundai to successfully launch a manufacturing facility
producing the high-quality world-class automobiles for which
Hyundai is known.

"On behalf of Hyundai Motor Company, I would like to thank the
governors, the economic development officials and the
congressional delegations from each of the states for their hard
work, hospitality and commitment to helping Hyundai throughout
the site selection process," said Chung Mong-koo, Chairman of
Hyundai Motor Company. "In particular, we appreciate the effort
made by many of these representatives to learn more about
Hyundai Motor Company during visits to our facilities in
Korea."

Dr. Kim Dong-jin, President and Chief Executive Officer of
Hyundai Motor Company, this week concluded a series of site
visits in Alabama, Kentucky, Mississippi and Ohio. Each of the
states remains under active consideration. Hyundai will continue
its evaluation process with a thorough analysis of the logistics
of launching and operating a plant at each of the potential
sites. "We look forward to completing our evaluation process and
announcing the location of our first manufacturing facility in
the United States," said Chairman Chung.

TCR-AP reported last month that Hyundai will continue its
production until the end of 2001 if the labor union does not
take any collective strike action, even with the union's
rejection of the tentative agreement. Unionists are likely to
re-start their partial strikes, which paralyzed the operations
at various plants of the motor company for over three weeks.

DebtTraders reports that Hyundai Motor's 7.600% bond due in 2007
(HYUNMTR) trades between 103.656 and 104.159. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNMTR


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


ACTACORP HOLDINGS: Proposed Restructuring Scheme Underway
---------------------------------------------------------
Actacorp Holdings Berhad (AHB or the Company) is still in the
midst of finalizing the Proposed Restructuring Scheme to be
presented to Corporate Debt Restructuring Committee for their
onward transmission to the lenders for their approval.

Meanwhile the Company, through its main adviser, Southern
Investment Bank Berhad has written to Kuala Lumpur Stock
Exchange (KLSE) seeking for an extension of three (3) months to
make the Requisite Announcement pursuant to Practice Note 4/2001
of the KLSE.


ARTWRIGHT HOLDINGS: Shareholders OK EGM Proposals
--------------------------------------------------
Alliance Merchant Bank Berhad, for and on behalf of the Board of
Directors of Artwright Holdings Berhad (AHB or Company),
announced that pursuant to the Extraordinary General Meeting
(EGM) held Friday, January 25, 2002, the shareholders of the
Company have approved all the resolutions tabled at the EGM in
relation to the Proposals.

The "Proposals" refers to:

   * Proposed Strategic Alliance;
   * Revised Proposed Voluntary Debt Restructuring; and
   * Proposed Employees' Share Option Scheme.


BREM HOLDING: Issues Danaharta's Suit Add'l Info
------------------------------------------------
Brem Holding Berhad, with reference to Kuala Lumpur Stock
Exchange's letter dated 23 January 2002 in regard to Kuala
Lumpur High Court Suit: Danaharta Managers Sdn. Bhd. vs Em
Machinery Parts Sdn. Bhd. and Brem Holding Berhad (Suit),
furnished this additional information for public release:

   (a) There is no material financial and operational impact of
the Suit on Brem Holding Berhad group of companies.

   (b) There is no material losses arising from the Suit other
than the legal and ancillary cost.

   (c) The interest rate on the amount claimed pursuant to the
Suit is 2.0 percent per annum above Malayan Banking Berhad's
prevailing Base Lending Rate and penalty interest at the rate of
1 percent per annum from 1 May 2001 to the date of full
settlement.

The action was brought about by Danaharta Managers Sdn. Bhd.
(Danaharta) against EM for a default in the repayment of banking
facilities amounting to RM3.6 million and against Brem for the
amount of RM3,432,611.77 pursuant to the Corporate Guarantee
provided by Brem.


CONSTRUCTION AND SUPPLIES: Seeks Two-Month RA Extension
-------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Construction and Supplies House Berhad (CASH or the
Company)(Board), announced that CASH has on 25 January 2002
sought the approval of the Kuala Lumpur Stock Exchange (Kuala
Lumpur Stock Exchange) for a further extension up to 25 March
2002 to make the Requisite Announcement (RA).

On 14 December 2001, Alliance Merchant announced that KLSE had,
by its letter dated 13 December 2001, granted an extension of
time up to 25 January 2002 for CASH to make the Requisite
Announcement pursuant to paragraph 5.1 of Practice Note No.
4/2001 (PN4) issued by the KLSE.

   
GEAHIN ENGINEERING: Proposes Corporate Restructuring Exercise  
-------------------------------------------------------------
On behalf of Geahin Engineering Berhad (GEB or the Company),
Public Merchant Bank Berhad (PMBB) announced that GEB had on, 23
January 2002, entered into a restructuring agreement (Agreement)
with Mayford Garments Sdn Bhd (MGS) Band M.K.K Industries Sdn
Bhd (MKK) (collectively referred to as the "Mayford Group") to
undertake a proposed restructuring scheme (PRS).

To facilitate the finalization of the PRS, the Company had, on
23 January 2002, applied for an extension of a further three (3)
months to make the requisite announcement, i.e. a plan to
regularize the financial condition of GEB pursuant to Practice
Note (PN4/2001 of the Listing Requirements of the Kuala Lumpur
Stock Exchange (KLSE

THE PROPOSED RESTRUCTURING SCHEME

The PRS will entail these principal components:

   i) Proposed capital reconstruction via a newly incorporated
company (Newco);
   
   ii) Proposed settlement of debt owing to creditors amounting
to approximately RM229.3 million;

   iii) Proposed disposal of assets of the Company, i.e. the
identified trade receivables and non-core assets of GEB to a
special purpose vehicle (Proposed Disposal

   iv) Proposed acquisition of the Mayford Group by Newco for a
purchase consideration of RM130.0 million (Proposed
Acquisition);

   v) Proposed exemption to the vendors of the Mayford Group
from the obligation to extend a mandatory take-over offer for
the remaining ordinary shares not owned by them in Newco upon
completion of the Proposed Acquisition ("Proposed Exemption");
and

   vi) Proposed transfer of the listing status of GEB on the
Second Board of the KLSE to Newco and the subsequent promotion
of Newco to the Main Board of KLSE (Proposed Transfer).

DETAILS OF THE PROPOSED RESTRUCTURING SCHEME

PRS is strictly indicative in nature and is subject to, inter-
alia, the final terms to be agreed by the parties under the
Agreement and the acceptance by the Scheme Creditors.

The Proposed Capital Reconstruction

The proposed capital reconstruction will involve a cancellation
of the existing issued and paid-up share capital of GEB of
RM19,999,000 comprising 19,999,000 ordinary shares of RM1.00
each thus giving rise to a credit of RM19,999,000. It is
proposed that RM1,999,000 of the credit arising therefrom be
utilized in paying in full 1,999,000 new ordinary shares of
RM1.00 each in its share capital which shall be allotted and
issued, credited as full paid-up to Newco and GEB shall apply
the balance of RM17,999,100 credit arising would be utilized to
reduce the audited accumulated losses of the Company which stood
at approximately RM68,281,064 as at 31 December 2000.

In consideration for the cancellation of the said issued
ordinary shares, Newco shall allot and issue to the shareholders
of GEB ordinary shares of RM1.00 each in Newco at par, credited
as fully paid up on the basis of one (1) Newco share for every
ten (10) ordinary shares of RM1.00 each held in GEB prior to the
aforesaid capital reduction.

The Proposed Debt Settlement

The Proposed Debt Settlement will involve arrangements and
compromises with the unsecured financial institution creditors
(including Danaharta Managers Sdn Bhd (Danaharta)) (FI
Creditors) and identified unsecured trade creditors (Non-FI
Creditors) amounting to approximately RM211.5 million and RM17.8
million respectively as at 30 June 2001. The Proposed Debt
Settlement will involve the following:

   (i) the waiver by the FI Creditors and Non-FI Creditors of
all interest, penalties, costs, fees or other charges accrued
after 30 June 2001;

   (ii) the assumption by GEB of contingent liabilities arising
under corporate guarantees and other security arrangements
provided by GEB (if any);

   (iii) a further waiver by the FI Creditors and Non-FI
Creditors at the rate of at least 52 percent for every RM1.00 of
all the aggregate debts and liabilities after taking into
account paragraphs (i) and (ii) above;

   (iv) the issuance by Newco of 5 year 2 percent Redeemable
Convertible Secured Loan Stocks (RCSLS) amounting to
approximately RM22,616,000, two (2) year 5 percent Newco
Redeemable Unsecured Loan Stocks (RULS) amounting to
RM3,000,000, and 20,000,000 new ordinary shares of RM1.00 each
in Newco to the FI Creditors and Non-FI Creditors or such
persons as they may nominate. The RCSLS will be secured against
the core assets of GEB comprising factory land and building
located at Lot 60, Air Keroh Heights and Lots 1-4, Plot 4493,
Industrial Land, Batu Berendam, Melaka and the plant and
machinery situated thereon which are owned by GEB (Factory
Assets).

   (v) the settlement of the liabilities to all the creditors of
the GEB Group other than the FI Creditors and Non-FI Creditors
whose debts are to be settled in full in the ordinary course of
business, including hire purchase and lease creditors,
preferential creditors, trade creditors/subcontractors in the
existing work-in-progress projects, general insecure non-trade
creditors and related party creditors (Other Creditors) in cash
in full in the ordinary course of business; and

   (vi) the settlement of the balance of the debts and
liabilities of GEB (after the said payment in cash by GEB to the
other creditors) of a value not exceeding RM119,589,000 million
upon completion of the Proposed Acquisition by way of an
equitable distribution to the FI Creditors and the Non-FI
Creditors of the cash proceeds from the recovery of trade
receivables and disposal of non-core assets (excluding the
Factory Assets and the remaining ongoing projects or contracts)
of GEB.

In respect of the Newco shares to be issued pursuant to the
Proposed Debt Settlement, the Vendors propose to enter into a
put and call arrangement with the Scheme Creditors, the details
of the terms of which will be announced upon finalization of the
said arrangement.

A summary of the Proposed Debt Settlement is set out in Table 1
at http://www.bankrupt.com/misc/TCRAP_Geahin0128.html Details  
of the principal terms of the RCSLS and the RULS will be
announced at a later stage upon finalization.

Proposed Disposal

As an integral part of the PRS, GEB proposes to transfer all the
trade receivables, non-core assets and the remaining debts of
approximately RM64.1 million (SPV Debts) to a special purpose
vehicle (SPV). It is further proposed that an independent
accounting firm or agent be appointed to manage the SPV and
implement an orderly disposal of the above trade receivables and
non-core assets, as full and final settlement of the SPV Debts.

Proposed Acquisition

The background information on the Proposed Acquisition is set
out in the ensuing section. Details of the Proposed Acquisition
will be announced later upon signing of a sale and purchase
agreement in respect of the Proposed Acquisition.

   Particulars

The proposed acquisition contemplated under the PRS involves the
proposed acquisition by Newco of the following:

    (i) 100 percent equity interest of MGSB comprising 300,000
ordinary shares of RM1.00 each (MGSB Acquisition); and

   (ii) 100 percent equity interest of MKK comprising 2,000,000
ordinary shares of RM1.00 each (MKK Acquisition);
for a minimum aggregate purchase consideration of RM130,000,000,
to be satisfied by the issuance of 130,000,000 Newco shares at
par.

   Information on MGSB

MGSB was incorporated in Malaysia under the Companies Act. 1965
(Act) on 18 February 1989. The present authorized share capital
of the company is RM500,000 comprising 500,000 ordinary shares
of RM1.00 each, of which 300,000 shares have been issued and
fully paid up.

The principal activity of MGSB is that of garment manufacturing.
It is involved in the knitting, dyeing, finishing and garment
manufacturing for the export market in Europe, United States of
America and Canada. The company's products comprise business and
casual men's shirts with knitted collar. T-shirts for casual and
sport wear, children's clothing and seasonal fashion garments.

The directors of MGSB are Mr Chon Chye @ Chon Chong On, Mr Lim
Lay Kian and Mr Lee Lim Choong. The shareholders of MGSB are Lim
Lay Kian and Inno-Option Sdn Bhd.

   Information on MKK

MKK was incorporated in Malaysia under the Act on 3 April 1997.
The present authorized share capital of the company is
RM5,000,000 comprising 5,000,000 ordinary shares of RM1.00 each,
of which 2,000,000 shares have been issued and fully paid up.

MKK specializes in the knitting of fabrics and commercial dyeing
and finishing of knitted fabrics. Approximately 50 percent of
the knitted fabrics are used for the manufacturing of garments
by the Mayford Group. The variety of knitted fabric manufactured
comprises Single Jersey, Interlock, Ribs, Spundex, Lacosta,
Pique, Fleece, Tricot, Polar Fleece and Jacquard.

The directors of MKK are Mr Chon Chye @ Chon Chong On and Mr Lee
Lim Choong. Capital Line Sdn Bhd is the sole shareholder of MKK.

   Information on Vendors

The shareholders of MGSB are Lim Lay Kian and Inno-Option Sdn
Bhd (IOSB) whilst the Capital Line Sdn Bhd (CLSB) is the sole
shareholder of MKK.

   IOSB

IOSB was incorporated in Malaysia under the Act on 12 April
1985. The present authorized share capital of the company is
RM100,000 comprising 100,000 ordinary shares of RM1.00 each, of
which 100,000 shares have been issued and fully paid up.

The principal activity of IOSB is that of investment holding.
The directors of IOSB are Mr Chon Chye @ Chon Chong On and Mr
Lee Lim Choong, whilst the shareholders of IOSB are Mr Chon Chye
@ Chon Chong On, Mr Cheah Chin Hong @ Chiah Chin Hong and Mr Lee
Lim Choong with equity interests of 50 percent, 30 percent and
20 percent each.

   CLSB

CLSB was incorporated in Malaysia under the Act on 10 March
1998. The present authorized share capital of the company is
RM500,000 comprising 500,000 ordinary shares of RM1.00 each, of
which 500,000 shares have been issued and fully paid up.

The principal activity of CLSB is that of investment holding.
The directors of CLSB are Mr Chon Chye @ Chon Chong On and Mr
Lee Lim Choong, whilst the shareholders of CLSB are IOSB and
Moslee Bin Nawawi, with equity interest of 80 percent and 20
percent respectively.

Proposed Transfer

Upon completion of the PRS, an application will be made to the
relevant authorities for the transfer of the listing status of
GEB to Newco. Henceforth, GEB will be delisted from the Official
List of the Second Board of the KLSE and Newco will apply to the
KLSE for admission and promotion to the Official List on the
Main Board of the KLSE.

Proposed Waiver

Upon completion of the PRS, the Mayford Vendors will hold
approximately 74.4 percent of the enlarged issued and paid-up
share capital of Newco.

As such, pursuant to Part II of the Malaysian Code on Take-overs
and Mergers, 1998 (Code), the Mayford Vendors and persons acting
in concert (PAC) with them will be required to undertake a
mandatory offer for the remaining Newco Shares not held by them
(Mandatory Offer) upon completion of the PRS.

Pursuant thereto, an application will be made by the Mayford
Vendors and PAC with them to the Securities Commission (SC) for
a waiver from the obligation on the Mayford Vendors and PAC with
them to undertake a mandatory offer pursuant to Practice Note
2.9.3 of the Code.

INTER-CONDITIONALITY

The Proposed Capital Reconstruction, the Proposed Disposal, the
Proposed Debt Settlement, the Proposed Acquisition, the Proposed
Waiver and the Proposed Listing Transfer are inter-conditional.

OTHER PRINCIPAL TERMS AND CONDITIONS OF THE AGREEMENT

The other principal terms and conditions of the Agreement are as
follows:

   i) For a period of three (3) months following the execution
of this Agreement or such longer period as may be mutually
agreed (the Negotiation Period), GEB and/or its agents shall
either deal direct with FI Creditors or submit an application to
the Corporate Debt Restructuring Committee (CDRC) for the
purpose of initiating a workout proposal to actively negotiate
with the FI Creditors and shall also actively negotiate with the
Non-FI Creditors with a view to reaching agreement with some or
all FI Creditors and Non-FI Creditors as to the settlement of
the debts owed to FI Creditors and Non-FI Creditors and/or the
terms of the restructure and settlement of the debts owed by GEB
to some or all FI Creditors and Non-FI Creditors. GEB agrees to
and shall keep the Mayford Group fully informed of the progress
of the workout process of the CDRC or negotiations with FI
Creditors and of such negotiations with the Non-FI Creditors.

   ii) If at the expiry of the Negotiation Period the parties
hereto are mutually of the view that

     a) the workout process in consultation with CDRC results in
sufficient consensus amongst the FI Creditors for their approval
of a restructuring proposal and there is sufficient consensus
amongst the Non-FI Creditors to carry a formal Scheme of
Arrangement with the Non-FI Creditors, GEB shall thereupon
forthwith at its expense take and/or cause to be taken all
necessary steps to prepare a proposed for the Proposed Debt
Settlement, as may be varied in the workout process carried out
in consultation with the CDRC and Mayford Group, for the
restructure of debt with the FI Creditors (Restructuring
Proposal) and prepare a proposal for the formal scheme of
arrangement pursuant to Section 176 of the Companies Act, 1965
(Act) (Scheme of Arrangement) with Non-FI Creditors and within
five (5) days from the expiry of the Negotiation Period submit
such Proposed Debt Settlement, and the proposed formal Scheme of
Arrangement with Non-FI Creditors, to the Mayford Group; or

     b) there is sufficient consensus amongst the FI Creditors
and Non-FI Creditors to carry a formal Scheme of Arrangement
with Creditors, GEB shall thereupon forthwith at its expense
take and/or cause to be taken all necessary steps to prepare a
proposal for the formal Scheme of Arrangement with FI Creditors
and Non-FI Creditors and within five (5) days from the expiry of
the Negotiation Period submit such proposed formal Scheme of
Arrangement with Creditors to the Mayford Group; or

     c) there is no sufficient consensus amongst the FI
Creditors and Non-FI Creditors to carry a formal Scheme of
Arrangement with Creditors, this Agreement shall terminate and
neither party shall have any claim against the other whatsoever
save in respect of any antecedent breach.

   iii) If the Mayford Group fails to agree on the final terms
of the formal Scheme of Arrangement with Creditors, or the final
terms of the Restructuring Proposal with the FI Creditors and
the formal Scheme of Arrangement with the Non-FI Creditors (as
the case may be), within four (4) months from the date of this
Agreement or such longer period as may be mutually agreed
(Consent Period), this Agreement shall terminate and neither
party shall have any claim against the other whatsoever save in
respect of any antecedent breach.

   iv) If the Mayford Group agrees on the final terms of the
formal Scheme of Arrangement with Creditors within the Consent
Period, or the final terms of the Restructuring Proposal with
the FI Creditors and the formal Scheme of Arrangement with the
Non-FI Creditors, GEB shall at such time as it elects after the
submission to the SC for approval in relation to the Proposed
Capital Reconstruction apply for the High Court approval and
implement the same pursuant to Sections 64 and 176 of the Act
(where applicable).

   v) GEB shall thereafter apply to the High Court of Malaya for
and obtain its sanction of the Scheme of Arrangement no later
than the Cut-Off Date.

Subsequently on 24 January 2002, the Company has received a
letter from CDRC indicating that it would not qualify for the
consideration for a workout proposal under CDRC. The Board is
now deliberating on the subject of an appeal to CDRC.

RATIONALE FOR THE PRS

The PRS is formulated as a rescue scheme for GEB. The GEB Group
recorded consecutive losses after taxation of for the past 3
years of approximately RM14.8 million, RM29.9 million and RM49.7
million for the financial years ended 31 December 1998, 1999 and
2000 respectively. As a result of deteriorating operational
performance, and weak financial position, the GEB Group is
experiencing severe financial constraints and is unable to repay
its financial obligations. Further, with deficit shareholders'
funds of RM49.4 million based on the audited consolidated
accounts of GEB for the financial year ended 31 December 2000,
the Group is technically insolvent.

Pursuant to the Revamped KLSE Listing Requirements, GEB is
classified as an affected listed issuer pursuant to Practice
Note (PN) 4/2001. As such, it is required to regularize its
position within a stipulated timeframe pursuant to paragraph 5
of PN 4/2001, in order to warrant its continued listing on the
Second Board of the KLSE.

The primary objective of the PRS is to enable the existing
shareholders of GEB to participate in the Newco Group, which
will comprise of new profit generating businesses involved in
the manufacturing of garments. The new businesses are expected
to provide the existing shareholders of GEB a return that is
otherwise not available from the existing businesses of the GEB
Group. The PRS also represents an alternative to maximize the
recovery for the creditors of the existing GEB Group compared to
the otherwise inevitable liquidation scenario of GEB.

PROSPECTS OF THE PROPOSED ACQUISITION

Upon completion of the Proposed Acquisition, GEB will have a new
core business via the Mayford Group, which manufactures garment
for the export market such as United States of America, Canada,
Europe, Japan and the Middle East. The prospects of the industry
are set out in the ensuing paragraph.

During the first seven months of 2001, export receipts of
textiles, apparel and footwear, as a group, declined by 8.4
percent compared to a strong growth of 11.4 percent in the
corresponding period of 2000. The downtrend was mainly due to
lower demand from export markets as well as increased price
competition from lower cost producers in the region. Exports of
textiles decreased by 12.2 percent (January - July 2000 : 19.9
percent), reflecting weaker external demand as well as lower
export prices for yarn and synthetic textiles as some textiles
manufacturers dumped yarn in the market to clear stocks.
Similarly, export of apparel, which accounted for about half of
total exports of this industry group dipped by 4.4 percent
(January - July 2000 : 3.3 percent), reflecting lower offtakes,
particularly from the US and the EU markets. Export receipts of
footwear also softened following lower orders from major
importers, such as Singapore and Italy.

(Source : Economic Report 2001/2002)

Notwithstanding the soft prospects of the industry, the
prospects of the Mayford Group is positive as it has proven to
be one of the more established local garment manufacturers with
its own niche in the garment industry.

RISK FACTORS

New business

The GEB Group is currently principally involved in structural
and related civil engineering activities. After the completion
of the PRS, Newco's revenue and profit will be contributed by
the manufacturing and trading of garments through the Mayford
Group pursuant to the Proposed Acquisition. Shareholders should
be aware that upon completion of the PRS, the Mayford Group's
performance would then also be affected by the performance of
the garment industry.

Change in Control

Following the completion of the PRS, the Mayford Group vendors
(Vendors) will emerge as the largest controlling shareholders of
Newco. The Vendors as the new controlling shareholders may
introduce new Directors who will effectively determine the
future business direction of Newco. In this regard, the Vendors
will be able to influence the outcome of matters requiring the
vote of GEB's shareholders, unless it is required to abstain
from voting by law and/or the relevant authorities.

Business risks

The Mayford Group will be subjected to additional risks inherent
in the ordinary course of business relating to the garment
industry. These include, but is not limited to, fluctuation in
consumer demand and changes in business conditions such as, but
not limited to, consolidation in the industry, deterioration in
market conditions and changes in pricing. Although, the Group
seeks to limit these risks by, inter-alia, providing good
service, maintaining a large client base and exploring new or
additional products, effective human resource management and
effective cost-control policy, no assurance can be given that
any change to these factors will not have a materially adverse
effect on the Mayford Group's new business.

Competition

The garment market in general is competitive in nature.
Nonetheless, the Mayford Group believes that it has a
competitive advantage in its high quality products and by
continuously meeting the changing needs of its customers. In
addition, there are various barriers of entry in the garment
industry such as capital requirements, expertise and
availability of good and cheap raw materials. However, there can
be no assurance that competitive pressures in the future will
not materially affect the Mayford Group's market share and
consequently its financial results.

Dependent on key personnel

The success of the Mayford Group will depend to a significant
extent upon the abilities and continued efforts of the Directors
and senior management of the Group. The Group's future success
will also depend upon its ability to attract and retain skilled
personnel.

Political, economic and regulatory considerations

Like all other business entities, changes in political, economic
and regulatory conditions in Malaysia and elsewhere could
materially and adversely affect the financial and business
prospects of the Mayford Group. Amongst the political, economic
and regulatory uncertainties are the changes in political
leadership, expropriation, nationalization, re-negotiation or
nullification of existing sales orders and contracts, interest
rates, method of taxation and currency exchange rates.

EFFECTS OF THE PRS

The effects of the PRS are as follows:

Share Capital

The effects of the PRS on the issued and paid-up share capital
of GEB and Newco are set out in Table 3 at
http://www.bankrupt.com/misc/TCRAP_Geahin0128.html

Earnings

The PRS is not expected to have any effect on the earnings of
GEB and Newco for the financial year ending 31 December 2002 as
the PRS is only expected to be completed at the end of the 2002
financial year. However, the PRS is expected to contribute
positively to the future earnings of the Newco Group.

NTA

The proforma effects of the PRS on the consolidated NTA of the
GEB Group and Newco are set out in Table 3 at
http://www.bankrupt.com/misc/TCRAP_Geahin0128.html

Shareholdings Structure

The effects of the PRS on the shareholdings structure of Newco
are illustrated in Table 4 at
http://www.bankrupt.com/misc/TCRAP_Geahin0128.html

APPROVALS REQUIRED

The PRS is subject to approvals being obtained from the
following:

   i) the High Court of Malaya pursuant to Section 64 and
Section 176 of the Companies Act, 1965 for the Proposed Capital
Reconstruction;

   ii) the Securities Commission (SC);

   iii) the Foreign Investment Committee and the Ministry of
International Trade and Industry;

   iv) the KLSE for the Proposed Transfer and the listing of and
quotation of the new Newco shares to be issued upon conversion
of the RCULS on the Main Board of the KLSE, pursuant to the PRS;

   v) The Scheme Creditors at meeting(s) to be convened by order
of the High Court of Malaya;

   vi) the shareholders of GEB at an extraordinary general
meeting (EGM) to be convened; and

   vi) any other relevant authorities.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS AND PERSONS
CONNECTED WITH THEM

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

SC'S POLICIES AND GUIDELINES ON ISSUE/OFFER OF SECURITIES

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

STATEMENT BY THE DIRECTORS

The Board of Directors of GEB, after careful deliberation, is of
the opinion that the PRS is in the best interest of the Company
and for the benefit of all shareholders given the current
financial predicament of GEB. Therefore, the successful
implementation of the PRS is imperative for the revival of GEB.

ADVISER

PMBB has been appointed as the adviser to GEB for the PRS.

DOCUMENTS AVAILABLE FOR INSPECTION

A copy of the Agreement between the Mayford Group and GEB dated
23 January 2002 is available for inspection at the office of GEB
at 8999, Kawasan Perindustrian Batu Berendam (Fasa IV) Batu
Berendam, 75350 Melaka during normal office hours from Monday to
Friday (except public holidays) from the date hereof until
approval from the relevant authorities have been obtained.


MECHMAR CORPORATION: Winding-Up Petition Hearing Postponed
----------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad informed that the hearing
to strike the winding up petition by Bonus Point Investment Ltd
has been postponed to 20 February 2002.

TCR-AP reported September 11 last year that the hearing
to strike the winding up petition by Bonus Point Investment
Ltd was postponed by the Court to 15 January 2002.


PACIFICMAS BERHAD: KLSE Grants Proposed Mandate Time Extension
--------------------------------------------------------------
Pacificmas Berhad (PacificMas or the Company) has submitted an
application to the Kuala Lumpur Stock Exchange (KLSE) for,
amongst others, an extension of time to seek its shareholders'
ratification/mandate in respect of the proposed shareholders'
mandate for recurrent related party transactions of a revenue or
trading nature (RRPTs), if any, undertaken/to be undertaken
which are necessary for the day-to-day operations of the Company
and/or its subsidiaries (Proposed Mandate).

In relation thereto, the Company announced that the KLSE has via
its letter dated 24 January 2002 granted its approval for an
extension of time until 30 June 2002 for the Company to procure
its shareholders' approval for the Proposed Mandate.


SISTEM TELEVISYEN: Posts Change in Boardroom Notice
---------------------------------------------------
Sistem Televisyen Malaysia Berhad posted this notice:

Date of change  : 24/01/2002  
Type of change  : Appointment Boardroom
Designation  : Chairman & Director
Directorate  : Non Independent & Non Executive
Name    : DATO' SERI SYED ANWAR JAMALULLAIL
Age    : 50
Nationality  : Malaysian

Qualifications:

Bachelor of Arts (Accounting), Macquarie University, Sydney,
Australia
Chartered Accountant, Malaysian Institute of Accountants
Certified Practicing Accountant (CPA), Australia

Working experience and occupation: Director

Directorship of public companies (if any):

   Listed Companies

     1. Amanah Capital Partners Berhad
     2. Amanah SmallCap Fund Berhad

   Non-Listed Companies

     1. Amanah Capital Malaysia Berhad
     2. Asia Unit Trusts Berhad
     3. Amanah SSCM Asset Management Berhad
     4. Amanah General Insurance Berhad
     5. Malaysia Discount Berhad
     6. Bangkok Bank 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:

Deemed interested in 84,570,500 shares (49.66 percent) of TV3 by
virtue of his shareholding in Realmild (M) Sdn Bhd which is a
substantial shareholder of Malaysian Resources Corporation
Berhad which in turn is a substantial shareholder of TV3.

Profile:

The Company's core business is commercial television
broadcasting with operations located at Sri Pentas, Bandar
Utama. In addition to television broadcasting, the Company is
also involved in other activities that complement and enhance
its core business such as post and pre-production services,
sports and event management, and training and education in film,
broadcasting and related activities.

As at 1 March 2001, the Group is still undergoing a
restructuring exercise under the auspices of the Corporate Debt
Restructuring Committee of BNM. The Scheme comprises a proposed
debt restructuring of the Group, proposed structural re-
organization and the revival of the financial and operational
viability of both the Group and the Company.


TECHNOLOGY RESOURCES: Shareholders Approve Resolutions at EGM
-------------------------------------------------------------
The Board of Directors of Technology Resources Industries Berhad
(TRI) announced that these resolutions:

   - Ordinary Resolution 1 on the Proposed Restricted Issue,
Proposed Rights Issue and Proposed Internal Restructuring of the
Company;

   - Ordinary Resolution 2 on the Inter-conditionality Revision;
and

   - Special Resolution on the Increased in Authorized Share
Capital

as set out in the Circular to Shareholders dated 2 January 2002
were unanimously approved by the shareholders of the Company at
the Extraordinary General Meeting held Friday, January 25, 2002,
with the following modification to Ordinary Resolution 1:

   To insert the words "save for item (c )(iii)"

   i) At the end of the title to read as follows:

ORDINARY RESOLUTION 1- PROPOSED RESTRICTED ISSUE, PROPOSED
RIGHTS ISSUE AND PROPOSED INTERNAL RESTRUCTURING OF THE COMPANY
(SAVE FOR ITEM (c) (iii)); and

   ii) In the first line of the first paragraph after the word
"approval be and is hereby given".

DebtTraders reports that Technology Resources Industries' 2.750%
convertible bonds due on 2004 (TRI2) are trading above par
between 110a and 120. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec


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


MONDRAGON INTERNATIONAL: PSE Lifts Trading Suspension
-----------------------------------------------------
Shares of Mondragon International Philippines, Inc. (MIPI) has
been traded again on January 28 at the Philippine Stock Exchange
(PSE), Business World reported Monday.

MIPI Chairman and CEO Jose Antonio U. Gonzalez said MIPI has
received word from the local bourse that the trading suspension
imposed on MIPI shares will finally be lifted. Gonzalez said
that the PSE has agreed to allow the casino firm to pay P200
thousand in penalties on installment. The penalty was imposed
due to the company's failure to submit financial records since
1999.

MIPI last submitted its financial statement in 1998 when it
reported net losses of P982 million, resulting in a deficit of
P490 million. The opening price of the stock will depend on the
reception of investors on the company's trading, Eagle Equities,
Inc. president Joseph Roxas said. MIPI shares last traded at
P0.76 in August 2000.

The casino firm has total debts of PP7.5 billion, of which P5.3
billion is owed to creditor banks namely Metropolitan Bank and
Trust Co., Far East Bank and Trust Co., Asian Banking Corp.,
United Coconut Planters Bank and Land Bank of the Philippines.
It also owes Clark Development Corp. (CDC) P325 million in lease
rental, another P82 million to Pagcor and about P23 million to
the BIR.


NATIONAL POWER: Jan 29 S&P Teleconference Call Scheduled
--------------------------------------------------------
Standard & Poor's will hold a teleconference call on Tuesday,
Jan. 29, 2002, at 9:30 a.m. Eastern Standard Time to discuss the
upcoming Napocor International Finance Trust transaction with
Kevin Kime, Director, Structured Finance Ratings (New York) and
Mary Ellen Olsen, Director, Corporate Ratings (Hong Kong).

The Napocor transaction is a government-guaranteed obligation of
the National Power Corp. of the Philippines that will benefit
from the provision of insurance for certain foreign exchange
control events and from other structural enhancements. Standard
& Poor's analysts will provide a brief description of the
transaction, review Standard & Poor's rating rationale, and
answer participant questions.

A presale report containing Standard & Poor's analysis of the
transaction based on its terms as of Jan. 24, 2002, is available
on RatingsDirect, Standard & Poor's Web-based credit analysis
system. The presale also can be found on Standard & Poor's Web
site at
www.standardandpoors.com/RatingsActions/PresaleReports/Structure
dFinance/index.html

Live Dial-in Number: 1-712-257-0143

Call Confirmation Number: 2030926

Passcode: SANDP

The call will begin promptly at the time indicated. Please call
at least 15 minutes before the scheduled start of the call to
complete the pre-call registration process. The call
confirmation number is "2030926" and the passcode is SANDP.
Participants will be asked to provide their name, company
affiliation, and fax numbers or e-mail address. The entire call
will last approximately one hour, and after brief presentations
by the analysts, participants will be able to ask questions
directly about this topic.

Replays: Recorded replays of the call are made available about
an hour after the call concludes. This recording will be
available until Tuesday, Feb. 5, 2002. Callers will be asked for
their name, company, phone and fax number.

U.S./Canada Replays: 1-402-530-7953

Call Confirmation Number: 2030926

Passcode: SANDP

RealAudio Available from Standard & Poor's World Wide Web Site:
The call will also be available live in "listen-only" mode from
the Standard & Poor's home page for listeners worldwide with PCs
equipped with the Real Player software, sound card, and
speakers. Point your web browser at www.standardandpoors.com and
follow the link for "Events." The RealAudio on-demand playback
will be available until Tuesday, Feb. 26, 2002.

Standard & Poor's uses web usage, billing, and contact data from
subscribers for billing and order fulfillment purposes, for new
product development and occasionally to inform subscribers about
products or services from Standard & Poor's and The McGraw-Hill
Companies. For more information please visit our Privacy Notice
at www.mcgraw-hill.com/privacy.html

If you have any questions about the conference call, please e-
mail: teleconferences@standardandpoors.com

Please send any address corrections via e-mail to
seminars@standardandpoors.com or via fax to +1-212-438-6698.


PHILIPPINE LONG: Moody's Places Ratings On Review
-------------------------------------------------
Moody's Investors Service downgraded on Friday, January 25,
2002, the long term ratings of Philippine Long Distance
Telephone Company (PLDT) to Ba3 from Ba2.  At the same time
Moody's placed the ratings on review for further possible
downgrade pending developments in PLDT's near term refinancing
initiatives, in particular its ability to cover 2002 and 2003
debt maturities.

The downgrade is prompted by concerns over PLDT's ability to
service long term debt, especially in light of its exposure to
foreign currency movements.  The company is currently in
negotiations with several groups of financiers, the outcome of
which may not be fully known for a number of months. Moody's
notes that a number of these initiatives have progressed to an
advanced stage.

The ratings downgraded and placed on review for further possible
downgrade are:

Senior Unsecured - Ba3 from Ba2

Senior Unsecured Shelf - (P)Ba3 from (P)Ba2

Preferred Stock - B2 from B1

Preferred Stock (Shelf) - (P)B2 from (P)B1

The rating agency notes that PLDT has a large exposure to
adverse movements in the Peso/US dollars exchange rate, with the
risk of devaluation heightened by regional instability. The
company has significant levels of debt, primarily denominated in
US dollars.

Philippine Long Distance Telephone Company is the leading
integrated telecommunications company in the Philippines.


UNITRUST DEVELOPMENT: Former Pres to Submit Rehabilitation Plan
---------------------------------------------------------------
Francis Yuseco Jr., former Unitrust Development Bank President,
will plan to submit this week a rehabilitation plan that calls
for the injection of P200 million in fresh capital into the
closed thrift bank, the Philippine Daily Inquirer reported on
Sunday.

Yuseco said that his group has tied up with a foreign group and
a local group to come up with the P200 million in fresh capital
for Unitrust. The amount should be over and above the advances
of Philippine Deposit Insurance Corp. (PDIC) and the residual
value of the bank's shares.

Shareholders of Unitrust were given by PDIC 90 days from the
bank's closure on January 4 to submit a rehabilitation plan. The
plan may be approved by the PDIC provided it was approved by at
least 67 percent of the bank's shareholders. Asiatrust Bank and
Planters Development Bank are believed to be the two of the
three thrift banks that were keen on taking over Unitrust,
currently under PDIC receivership.


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


CAPITALAND LIMITED: Unit PREMAS Enters MoU Halton
-------------------------------------------------
PREMAS International Limited (PREMAS), a subsidiary of
CapitaLand on Friday signed a Memorandum of Understanding (MoU)
with Oy Halton Group Ltd (Halton) to further the understanding
and application of indoor air quality, thermal comfort and
energy efficiency in the areas of design, construction and
management of ventilation and air conditioning systems in
buildings.

"We are pleased to work closely with Halton, an international
group of companies specializing in indoor climate products and
solutions", said Anthony Seah, CEO of PREMAS International.

"More importantly, the two companies are dedicated to offering
their clients enduring life cycle benefits. Both believe in
adding value to a customer's business and processes through
innovative technology, products and solutions."

Mr Mika Halttunen, the President of Halton Group added, "We are
convinced that this symbiotic partnership will result in
research findings that are useful to the real estate industry,
and we also want to draw on each party's strength to bring
indoor air quality best practices and classification to a higher
level in Singapore and the region.

The partners will undertake to develop methods and models to
improve productivity of work in buildings in hot and humid
climate. This includes determining optimized design and
operational parameters for good indoor air quality, thermal
comfort and energy efficiency.

Another key area of collaboration is the re-engineering of
Halton's indoor climate solutions and products for use in the
hot-and-humid climate. The companies will also pioneer the
search for best practices and innovative solutions for buildings
in the hot-and-humid climate.

About Oy Halton Group Ltd (Halton):

Incorporated in Finland, Halton is an international group of
companies specializing in developing, manufacturing and
marketing indoor climate products and solutions. It operates in
13 countries around the world, with annual sales of USD 90
million and 800 employees.

To meet the local and international standards and needs, Halton
has R&D centres in Finland, France and the United States. It has
supplied products and systems for prestigious buildings and
marine offshore applications all over the world, including
office complexes, luxury hotels, theatres, hospitals and
industrial plants as well as cruise ships, vessels and offshore
installations. Halton products include air distribution units,
fire dampers, flow control dampers, commercial kitchen
ventilation and cooled beams.

About PREMAS International Limited (PREMAS):

PREMAS is the leading Total Asset and Facilities Management
company in Singapore and with a significant presence in the
region. It manages an extensive portfolio of commercial,
corporate, industrial and residential properties.
As a Total Asset Manager PREMAS aims to provide varied and
innovative solutions that maximize the value of its clients'
real estate assets as well as enhance the environment. Building
on its core capabilities in property and facilities management,
agency consulting, township management, engineering services and
carpark management, PREMAS has created a technology platform
that enables the company to develop the smart solutions - in
Total Building Performance, Energy Management or Indoor Air
Quality - that bring significant cost savings. This positions
PREMAS well for future market challenges.


CERAMIC TECHNOLOGIES: Court OKs Judicial Management Petition
------------------------------------------------------------
Presscrete Holdings Ltd, further to the announcements made on
December 31, 2001 and January 2, 2002, disclosed that the High
Court has approved on January 25 the firm's petition to place
its 56.3 percent subsidiary Ceramic Technologies Pte Ltd (CT)
under judicial management and that Messrs Wee Aik Guan and Chaly
Mah Chee Kheong, of Deloitte & Touche, Certified Public
Accountants are appointed judicial managers of CT.


IPCO INTERNATIONAL: Posts Shareholder's Interest Notice
-------------------------------------------------------
Ipco International posted a notice of substantial shareholder
HSBC Republic Bank (Suisse) SA's interests:

Date of notice to company: 24 Jan 2002
Date of change of interest: 23 Jan 2002
Name of registered holder: HSBC Republic Bank (Suisse) SA,
Singapore - Trust Account Clients
Circumstance giving rise to the change: Open market purchase
Shares held in the name of registered holder
No. of shares of the change: 60,234,000
% of issued share capital: 8.17
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$0.053
No. of shares held before change: 20,000
% of issued share capital: 0.003
No. of shares held after change: 60,254,000
% of issued share capital: 8.17

Holdings of Substantial Shareholder including direct and deemed
interest
                                   Deemed   Direct
No. of shares held before change:           20,000
% of issued share capital:                  0.003
No. of shares held after change:            60,254,000
% of issued share capital:                  8.17
Total shares:                               60,254,000

No. of Warrants = NIL
No. of Options = NIL
No. of Rights = NIL
No. of Indirect Interest = NIL

Percent of shares are arrived based on paid up capital of
737,341,612 shares of S$0.20 each as of January 23, 2002.


SEMBCORP INDUSTRIES: Temasek Holdings Changes Deemed Interest
-------------------------------------------------------------
Sembcorp Industries Ltd posted a notice of changes in
substantial shareholder Temasek Holdings (Private) Ltd's deemed
interest:

Date of notice to company: 25 Jan 2002
Date of change of deemed interest: 22 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: 30,000
% of issued share capital: 0
Amount of consideration per share excluding brokerage, GST,
stamp duties ,clearing fee: 1.75880
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:  712,939,175  215,054,693
% of issued share capital:         44.38        13.39  
No. of shares held after change:   712,909,175  215,054,693
% of issued share capital:         44.38        13.39

Total shares:                      712,909,175  215,054,693

This transaction was reported to Temasek on January 24, 2002.


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


NORTHEAST AGRO: Business Reorganization Petition Filed
------------------------------------------------------
The Petition for Business Reorganization of Northeast Agro -
Industry Public Company Limited (DEBTOR), engaged in producing
and distributing condense tomato juices, was filed to the
Central Bankruptcy Court:

   Black Case Number 147/2544

   Red Case Number 226/2544

Petitioner: NORTHEAST AGRO - INDUSTRY PUBLIC COMPANY LIMITED

Planner: North-Eastern Planner Company Limited

Debts Owed to the Petitioning Creditor : Bt975,741,414.46

Date of Court Acceptance of the Petition: February 27, 2001

Date of Examining the Petition: March 26, 2001 at 9.00 AM

Court Order for Business Reorganization and Appointment of
Planner: March 26, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: March 30, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: April 26, 2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: July 26, 2001

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

Planner postponed the date of submitting the reorganization plan
#2nd to September 27, 2001

Appointment date for the Meeting of Creditors to consider the
plan: October 18, 2001 at 9.30 am. Convention Room 1104, 11th
Floor, Bangkok Insurance Building, South Sathorn Road

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 8, 2001

Announcement of Court Order Cancelled the Order for Business
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited: November 16, 2001

Announcement of Court Order Cancelled the Order for Business
Reorganization in Government Gazette: December 4, 2001

Contact: Mr. Tanawat Tel, 6792525 ext. 123


THAI OLEFINS: PTT Provides Debt Refinancing
-------------------------------------------
The PTT Public Company Limited (PTT), have reported about the
Thai Olefins Company Limited (TOC), an associated company which
was held 49% shares by PTT as:

1.  Under the additional shareholder support agreement, PTT are
obliged to provide up to US$50 million in trade credit in
respect of TOC's purchase of feedstock from us by deferral of
payment for up to 180 days, and have agreed that not less than
US$ 40 million shall be drawn under this trade credit at all
times.  This trade credit bears interest at LIBOR plus a margin
which increases over time.  If TOC cannot service its debt
obligations, we are also obliged to provide Cash Deficiency
Support (CDS) in an amount up to US$50 million.  Either our
trade credit or our CDS given in the form of a subordinated loan
may be converted at any time to an equity contribution to TOC.  
To support PTT's obligation, other remaining shareholders agreed
to give additional shares of Bt473 million to PTT.  As of June
30, 2001, PTT had provided no additional CDS and had extended
trade credit in the amount of US$42.8 million to TOC under this
additional support agreement, and we were obligated to provide
the remaining amount of US$7 million trade credit and US$50
million CDS.  Furthermore, TOC is currently in the process
of refinancing its debt, which could result in a change in the
form of support provided by us under the additional shareholder
support agreement.

2. TOC plans to increase its use of  gas-based ethane feedstock
supplied by PTT, which is more cost effective, by increasing its
annual  ethylene production capacity by an additional 300,000
tonnes.  The estimated  capital expenditure for the project is
US$144 million to be funded by US$70 million in shareholder
equity contributions and US$74 million in debt financing.  PTT's
board of directors has approved a resolution allowing for our
equity contributions to TOC to fund this project, and will
allow us to increase our equity interest in TOC in excess of 50
percent if the remaining shareholders do not agree to make their
proportionate equity contributions to this project.

On January 24, 2002, PTT's board of directors have approved the
resolution for TOC's debt refinancing including additional loan
to increase the ethylene production capacity which results in
major changes in the support provided by PTT in TOC as :

   * PTT still remains to act as Clearing-House in case of
offtaker default according to the existing loan agreement

  *  PTT is obliged to provide up to US$100 million in trade
credit to TOC under normal terms and conditions instead of the
previous financial support

  *  PTT shall maintain shares holding in TOC not less than 51%

  *  PTT shall issue letter of intent to support TOC's project

  *  PTT shall enter into the purchase agreement of additional
300,000 tonnes per year of ethylene from TOC (minimum offtake of
200,000 tonnes per year with right to increase to 240,000 tonnes
per year if export facility is available) at current market
price.

In addition, PTT has to inject new fund to TOC in an amount of
Bt3,220 million (US$70 million) according to the above financing
condition.  


* FRA Posts 38th Non-Listed Securities Auction Results
-----------------------------------------------------
The Financial Sector Restructuring Authority (FRA) announced the
result of the 38th round auction of non-listed securities, which
was conducted on January 16, 2002. The FRA offered shares of 28
companies for this auction of 1 submitted bid. There were 1 non-
listed company shares sold with an aggregated winning price of
Bt32,874,880. The details of the auction result:

Company    : Om-Sin Poonpol Fixed Income Fund
Shares (Unit)   : 4,000,000
% of registered capital  : 14.31%
Par Value (Baht)   : 10.00
Winning Price per Unit(Baht) : 8.21872
Total (Baht)   : 32,874,880

Total         : 32,874,880

The winner must sign the securities purchasing contract with the
financial institution which sell the securities on January 23,
2002 at FRA Office, 15th Floor, Sindhorn Tower 3. The winner
must pay up for the securities purchased in the same day.
Afterward FRA will deliver the share certificate and transfer
documents to the winner.


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.

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                 *** End of Transmission ***