TCRAP_Public/020131.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

          Thursday, January 31, 2002, Vol. 5, No. 22

                          Headlines

A U S T R A L I A

AUSTRALIAN MAGNESIUM: Feb 28 AGM Scheduled
AUSTRALIAN MAGNESIUM: Releases Explanatory Memorandum
AUSTRIM NYLEX: Appoints Company Secretary
BRISBANE BRONCOS: Takeovers Panel Reviews Magic's Application
LEYSHON RESOURCES: Posts Second Quarter Activities Report

ONE.TEL: No Money Involved on Network Deal
TENNYSON NETWORKS: Adopts New Business Plan


C H I N A   &   H O N G  K O N G

FRESH MART: Winding Up Petition To Be Heard
FUJIAN GROUP: Posts Board Member Changes
GROUPTIME HOLDINGS: Winding Up Petition Slated For Hearing
HONG-KONG MARITIME: Winding Up Petition Hearing Set
JILIN CHEMICAL: Forecast H201 Operations Losses

GUANGDONG KELON: Expects 2001 Losses
MEI TGE: Winding Up Petition Set For Hearing
NORTHEAST ELECTRICAL: Clarifies Restructuring Progress Rumors
SILVER PACIFIC: Petition To Wind Up Pending
SOBUN SERVICES: Faces Winding Up Petition


I N D O N E S I A

SEMEN GRESIK: Repays US$162.2M Debt


J A P A N

DAIEI INC: Sells Real Estate Unit in Rehab Plan Implementation
HITACHI LTD: Cutting 4,000 Workforce by Late June
KANSAI KOGIN: Raises Capital While Hiding Risks
MATSUSHITA ELECTRIC: Closes US Refrigerator Compressor Unit
MATSUSHITA ELECTRIC: Divides, Transfers LCD Business

SNOW BRAND: President Yoshida Resigns Over Beef Labeling Fraud
SUMITOMO HEAVY: Shedding 1,000 Employees


K O R E A

HYNIX SEMICONDUCTOR: Implements DRAM Product Allocation
HYNIX SEMICONDUCTOR: Committee Meeting Rumor Untrue, Says KEB
MEDISON CO: Creditors Assert Insolvency
SAMSUNG ELECTRONICS: Faces Patent Infringement Suit


M A L A Y S I A

ABRAR CORPORATION: KLSE Gives Announcement Time Extension
ANSON PERDANA: FIC OKs Proposed Debt Workout, Rights Issue
ARTWRIGHT HOLDINGS: Obtains SC's Approval on Proposals
ASSOCIATED KAOLIN: FIC Supports Proposals Implementation
CHASE PERDANA: KLSE Grants Requisite Announcement Extension

INSTANGREEN CORPORATION: Restructuring Exercise Nearly Over
MALAYSIAN PLANTATIONS: Strikes Dormant Subsidiaries
MBF CAPITAL: SC Approves Unit's Proposed Merger With QBEM
PICA (M) CORPORATION: Faces Lawsuit Over Unsettled Debt
RAHMAN HYDRAULIC: KLSE Requires Announcement Revision

TIME ENGINEERING: New Restructuring Proposal Presented
TIME ENGINEERING: Proposes Asset Sale for USD Bond Payment

* CDRC Releases December 2001 Status Report


P H I L I P P I N E S

COSMOS BOTTLING: Pays Shareholders Cash Dividend
PHILIPPINE LONG: Considers Debt Issuance to Refinance Debts
METRO PACIFIC: In Negotiations With Potential Buyers
NATIONAL BANK: Provides Amended Quarterly Report
RFM CAPITAL: Repays $65M Bond After Cosmos Disposal


S I N G A P O R E

CAPITALAND LIMITED: Posts Unit's SPA Termination Notice
FLEXTECH HOLDINGS: Issues Director's Interest Notice
L&M GROUP: Requests Suspension of Trading
SPP LIMITED: Releases Director Appointment Notice


T H A I L A N D

NATIONAL FERTILISER: Seeks Funds for Raw Materials Purchase
RAIMON LAND: Posts Capital Increase Form Report
SG STAR: Business Reorg Petition Filed in Bankruptcy Court

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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


AUSTRALIAN MAGNESIUM: Feb 28 AGM Scheduled
------------------------------------------
Australian Magnesium Corporation Limited (AMC) will hold a
General Meeting on Friday 28 February, 2002, A meeting notice
and 48-page explanatory memorandum have been mailed to
shareholders seeking approval for four items of business, they
are:

1 . To approve various funding arrangements entered into with
Normandy Mining Limited (Normandy) as part of the $1.9 billion
funding package for the Stanwell Magnesium Project;

2. To ratify the issue of 660 million Distribution Entitled
Securities pursuant to the 15 October 2001 prospectus;

3. To reinstate provisions in the Company's constitution
requiring shareholder approval to a partial takeover bid for the
securities of AMC; and

4. To introduce a General Employee Share Plan under which shares
may be issued to AMC employees as a performance incentive.

Resolutions 1 and 2 - approval of the Normandy funding
arrangements and ratification of the issue of 660 million
Distribution Entitled Securities - are directly related to the
Stanwell Magnesium Project financing outlined in the prospectus
issued last year.

All of AMC's senior debt and government financing arrangements
to develop the Magnesium Project and the half yearly payments to
holders of Distribution Entitled Securities are dependent on
shareholders approving the Normandy arrangements.

Because Normandy is a shareholder with greater than a 20 per
cent voting interest in AMC, an independent expert's report has
been prepared by Grant Samuel & Associates Pty Ltd on the
Normandy funding arrangements. The Grant Samuel report concludes
the arrangements are fair and reasonable to AMC shareholders
other than Normandy and its associates.

Resolution 3 seeks approval to reintroduce a provision in the
Company's constitution, which has recently lapsed requiring
shareholder approval to a partial takeover bid for the
securities of AMC.

Resolution 4 seeks approval to introduce a General Employee
Share Plan to offer employees (other than Directors) the
opportunity to purchase up to 5000 shares per year at a 7.5 per
cent discount to market price subject to a 3 year escrow period
and performance criteria set by the Board.

Separate to the General Employee Share Plan, AMC intends to
develop an Executive Share Plan to provide an opportunity for
executives, including executive Directors, to acquire shares
subject to certain performance hurdles and escrow provisions.
The plan is yet to be finalized. The ASX has granted AMC a
waiver of the requirement to obtain shareholder approval to the
participation of executive Directors under Listing Rule 10.14,
on condition that the plan involves on-market purchases rather
than issuing new shares. The on-market purchases will not dilute
the interests of AMC shareholders.

A copy of the Notice of Meeting is found at
http://www.bankrupt.com/misc/TCRAP_ANM0130.doc

For further comment and clarification, please contact:

Simon Jennison                     Joel Forwood
GENERAL MANAGER-Public Affairs     MANAGER-Investor Relations
Ph: +61 7 3335 8500                Ph: +61 7 3335 8500


AUSTRALIAN MAGNESIUM: Releases Explanatory Memorandum
-----------------------------------------------------
In November 2001, AMC raised gross proceeds of $525 million
through an issue of Distribution Entitled Securities pursuant to
the Prospectus (Capital Raising), primarily for the purpose of
funding the development of the Stanwell Magnesium Project.

The capital cost of the Stanwell Magnesium Project has been
estimated at $1,296 million (inclusive of $152 million in
contingencies), with an additional $138 million required for net
financing costs and expenses.

To fund the development of the Project, AMC has arranged a total
funding package of $1.8 billion, including the Capital Raising.
The funding package also includes Bank Debt Facilities,
additional equity from Normandy, and financial support from the
State of Queensland and the Federal government.

As outlined in the Prospectus, Normandy agreed to provide debt
and equity funding for the development of the Project.

The debt and equity arrangements with Normandy are contained in
these documents:

   * the Normandy 2001 Loan Facility Agreement, which is a
medium term unsecured loan facility designed to provide funding
to AMC for the commercialization of the Stanwell Magnesium
Project;

   * the Normandy 2001 Subscription Deed, which is a mechanism
whereby Normandy has the right to subscribe for new shares in
AMC in repayment of the debt owed by AMC under the Normandy 2001
Loan Facility Agreement;

   * the Normandy $100 million Subscription Deed, which is a
commitment from Normandy to subscribe for new shares in AMC by
31 January 2003 (or three months earlier); and

   * the Normandy Equity Contribution Deed, which is a
commitment by Normandy to provide up to $90 million of new
equity to AMC in certain circumstances in early 2007

(collectively referred to as the "Normandy Funding
Arrangements").

The Normandy Funding Arrangements are subject to approval by
AMC's Shareholders (other than Normandy and its associates).
This approval is a condition precedent to the draw down by AMC
of the Bank Debt Facilities, the Federal Guarantee Facility and
the State of Queensland Subordinated Loan.

If Shareholders do not approve the Normandy Funding
Arrangements, the conditions precedent of the Bank Debt
Facilities will not be satisfied. If the conditions precedent is
not satisfied, AMC may not be able to obtain funds from the
Banks under the Bank Debt Facilities and therefore may not have
the funds required to complete the Project.

If Shareholders do not approve the Normandy Funding
Arrangements, the conditions precedent of the State of
Queensland Subordinated Loan will not be satisfied. If the
conditions precedent is not satisfied, AMC may not be able to
pay the Distributions to holders of Distribution Entitled
Securities.

If Shareholders do not approve the Normandy Funding
Arrangements, the conditions precedent of the Federal Guarantee
Facility will not be satisfied. It is a condition precedent Bank
Debt Facilities being drawn that funding of not less than $75
million out of the Total funding to be obtained under the
Federal Guarantee Facility has been spent. It the condition
precedent is not satisfied, AMC may not be able to obtain funds
from the Banks under the Bank Debt Facilities and therefore may
not have the funds required to complete the Project.

An independent expert, Grant Samuel & Associates Pty Limited
(Grant Samuel) has concluded that the issue of Shares under the
Normandy Funding Arrangements is, on balance, fair and
reasonable having regard to the interests of the non-Normandy
associated shareholders.

Shareholder approval of the Normandy Funding Arrangements is
being sought pursuant to resolution 1.

Assuming Shareholders approve the Normandy Funding Arrangements,
AMC does not expect that its relationship with Normandy as
described in this explanatory memorandum will be affected if a
takeover bid for Normandy is successful.

CAPITAL RAISING

AMC raised gross proceeds of $525 million under the Capital
Raising conducted in November 2001, primarily for the purpose of
funding the development of the Stanwell Magnesium
Project.

Ratification of the issue of Distribution Entitled Securities
under the Capital Raising is being sought pursuant resolution 2.

PARTIAL TAKEOVER APPROVAL PROVISIONS

AMC wishes to reinstate, provisions in the Constitution that
require shareholder approval to a partial takeover bid made for
securities of AMC.

Shareholder approval of the inclusion of those provisions in the
Constitution is being sought pursuant to resolution 3.

GENERAL EMPLOYEE SHARE PLAN

AMC wishes to establish a General Employee Share Plan under
which Shares may be issued to employees of AMC as an incentive
to maximize the performance of AMC.

Shareholder approval of the issue of Shares under the General
Employee Share Plan is being sought pursuant to resolution 4.


AUSTRIM NYLEX: Appoints Company Secretary
-----------------------------------------
Austrim Nylex Limited announced the resignation of Graeme
Douglas Norman as Company Secretary and the apppointment of Neil
Sherrin Christensen as General Counsel/Company Secretary, both
effective Wednesday, January 30, 2002.


BRISBANE BRONCOS: Takeovers Panel Reviews Magic's Application
-------------------------------------------------------------
The Panel advises that it is currently continuing discussions
with parties in relation to the application from Magic Millions
under section 657EA of the Corporations Act requesting a review
of the decisions in the Brisbane Broncos Nos 1 and 2
proceedings.

The Review Panel currently believes it will be able to make an
announcement on the result of those discussions to the market
after the close of trading today, Thursday, January 31, 2002.

The sitting Panel in this review application is Simon McKeon
(sitting President), Ian Ramsay and Carol Buys.

N Morris
DIRECTOR
Takeovers Panel
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au


LEYSHON RESOURCES: Posts Second Quarter Activities Report
---------------------------------------------------------
Leyshon Resources Limited (formerly Normandy Mt Leyshon Limited)
provides this report on its activities for the December 2001
quarter.

PRODUCTION

Gold production of 25,619 ounces (25,745 ounces) was in line
with previous quarter.

Gold recovery at 77.57 percent (69.53 percent) was higher than
the previous quarter as a result of improved metallurgical
conditions, driven by the optimization of leach conditions,
crusher product size and the improvements carried out in carbon
management through the adsorption area.

The average grade was 0.82g/t (0.79g/t) saw overall the grade of
low-grade stockpile performing above expectations during the
quarter, (despite grade variances being encountered due to the
scattered historical dumping patterns in the stockpile) this was
higher then the previous due to the treatment of the higher
grade section of the stockpile during the quarter.

Mill throughput at 1,282,878 tonnes (1,418,115 tonnes) was below
with the previous quarter due primarily to plant down time
associated with mill relines, harder ore than expected, and
accessing pit water for processing requirements. Treatment rates
through the plant for this period have averaged 13,945 tonnes
per day, which is 10 percent (or 1,555 tonnes per day) below the
forecast treatment rate.

The remainder of the project will focus on improving the mill
throughput through minimizing down time at optimizing crusher
product sizing. Cost savings will be achieved through the
maximization of the water recovered from the Mt Leyshon pit. The
quality of the pit water has a direct effect on lowering reagent
consumption and increasing overall recovery.

A re-survey of the remaining low-grade stockpile at the end of
December 2001 has indicated that based upon 95 percent of the
estimated being treatable, will see processing continue to late
February 2002 and final circuit clean out and decommissioning
activities to be completed by mid March.

In mid December Mt Leyshon achieved one million hours free of an
LTI.

Rehabilitation and Mine Closure activities for the quarter
continued in line with the Mine Closure Plan and schedule.

These Rehabilitation activities occurred during the quarter:

* Seed and fertilizer application on the Southern Tailings
Facility is complete.

* Installation of rehabilitation monitoring equipment into the
Eastern Waste rock dump and Southern Tailings facility was
completed.

* The sealing layer and placement of growth media on the North
West waste rock dump is complete and drainage is 80 percent
complete. Earthworks have commenced on the Northern Tailings
facility and are approximately 30 percent complete.

* Slope reduction in preparation for sealing layer on Roche Hill
is complete. The contract for placement of the sealing layer has
been awarded and work commences in mid January.

These Mine Closure activities occurred during the quarter:

* An announcement was made that on the 1st March all Production
and Maintenance roles will be made redundant. A small number of
staff will be retained to assist with rehabilitation, safety and
administration of closure activities.

* The career transition program is continuing and will conclude
in January. Feedback from participants has been very positive
and participation in the program is high.

* Discussions with the Dalrymple Shire in relation to the
transfer of disturbed lands to the Shire are continuing. In
particular a meeting was held with the EPA and the DSC to
discuss progress to a special lease and the required site
management plan. Negotiations will commence with the separate
landowners in January.

FINANCE

Gold sales were 25,588 ounces (25,723ozs) at a net average
realized price after hedge fees of $537 per ounce ($511/oz),
compared with the average spot price of $544 per ounce.

Outstanding hedging positions total 5,604 ounces at a net
average price of $527 per ounce.

This is 25,996 ounces less than at 30 September 2001, reflecting
delivery into maturing forward contracts.

The mark to market value (unaudited) of the hedge book is
negative $0.01 million. This is lower than the previous quarter
end, due to the maturity of higher priced contracts.

HEDGING POSITIONS
AUSTRALIAN GOLD COUNCIL STANDARDS

MATURITY               OUNCES                $/0Z

Forward sales          5,604                  527
Total contracts        5,604                  527

NOTE: All hedge contracts are in Australian dollars. There are
no margin calls, call options sold or contingent options sold.

EXPLORATION

The Company's new management team is currently reviewing all of
its exploration tenements, with a view to identifying
prospective areas of interest.

Once this review has been completed, Leyshon's Board will then
decide on how any further exploration activities will be
undertaken on the prospective tenements, including joint venture
arrangements.

CORPORATE

Following shareholder approval:

* The controlling interest and management of Leyshon Resources
was transferred from Normandy Mining in accordance with
shareholder approval;

* As part of the restructure approved by shareholders,
responsibility for the day to day operation and rehabilitation
of the mine site still rests with the Normandy Group;

* The Company's name changed to Leyshon Resources Limited;

* 12.5 million shares were issued to Normandy Mining; and

* The composition of the Company's Board was changed to comprise
Mr Ian Middlemas, Mr Gary Pearce and Mr Mark Pearce.


ONE.TEL: No Money Involved on Network Deal
------------------------------------------
Hutchison Telecommunications has acquired the telephony assets
of One.Tel and no money changed hands, the Sydney Morning Herald
reported Wednesday, though Hutchison unit, Hutchison 3G
Australia, will be responsible for One.Tel's leases on network
sites from April.

"Lucent is not getting a dollar from us," Hutchison Chief
Executive Kevin Russell said. Lucent spent $654 million building
the One.Tel network and was the telco's biggest creditor
following its collapse last May.

The details of Tuesday's agreement with Hutchison remain
confidential, but a spokesperson for Lucent said the Company is
not losing on the deal. The original document for the sale of
the One.Tel network was reported to propose that Lucent remain
the network operator and provide support functions.


TENNYSON NETWORKS: Adopts New Business Plan
-------------------------------------------
Tennyson Networks announced Wednesday, January 30, 2002, that
the Board of Directors endorsed a new business plan designed to
more than double the revenue of the past six months as well as
achieve operating profitability and positive cashflow by the end
of this financial year.

Tennyson chairman, Mr Harvey Parker, said the new business plan
would build on the progress achieved since the company undertook
comprehensive restructuring and re-capitalization last year.

With the recent introduction of new software applications,
Tennyson's award-winning SOX (Smart Office eXchange) business
communications solution is no longer a single product. Instead
it has become a platform for a diverse range of voice and data
convergence solutions that address wider market niches and
create new revenue opportunities. As a result, Tennyson is
attracting interest from larger distribution companies that sell
into these new markets.

"Having identified wider distribution and new revenue
opportunities in late 2001, the key thrust now is to continue
focusing on the factors needed to generate the forecast
revenues," Mr Parker said.

"As these changes bear fruit we expect revenue to multiply and
that should allow us to be operating profitably with positive
cashflow by the end of this financial year."

The main elements of the new business plan focus on changes to
the company's distribution model and the broadening of the
product portfolio. These factors will be supported by a number
of improvements to internal processes and programs.

In the past Tennyson has relied on a network of small resellers
to push SOX, mostly to small businesses around Australia.

The company has now decided to appoint Premium Resellers that
can achieve much higher sales volumes by selling SOX-based
solutions. Initially they will be in Queensland, Victoria and
NSW. Negotiations are currently underway to formalize these
arrangements. Tennyson has also embarked on a strategy of
selling direct to end-user customers in conjunction with
commission-based independent sales agents and specialist
communications marketing firms.

International sales activity is also increasing with the
appointment of New World Telecommunications in the UK as
Tennyson's master distributor for the British market. NWT is
preparing to launch a concerted marketing campaign for SOX. Over
the next few weeks NWT will begin an advertising campaign
coupled with SOX seminars and trade show promotions. Already the
company has identified a number of major sales opportunities
that it is aggressively pursuing with large British
organizations.

TENNYSON CONTACT:                  MEDIA CONTACT:
Leigh Coleman                      Jeff Bird
Tel: (03) 8558 0407                Tel: (02) 9954 0555
Email: lcoleman@tennyson.com.au    Email: Jeff@birdhillpr.com


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


FRESH MART: Winding Up Petition To Be Heard
-------------------------------------------
The petition to wind up Fresh Mart Company Limited is scheduled
for hearing before the High Court of Hong Kong on February 6,
2002 at 10:00 am.  The petition was filed with the court on
December 3, 2001 by So Yin Ha Anne of 21E, Phase 5, Greenmont
Court, Discovery Bay, New Territories, Hong Kong.


FUJIAN GROUP: Posts Board Member Changes
----------------------------------------
The directors (Board) of Fujian Group Limited (Company)
announced that there are recent changes in the Company's board
members:

1. Mr. Kwok Chuen Hung Dominic and Mr. Chen Jian Fu have
resigned as directors of the Company with effective from 25th
January 2002 and 26th January 2002 respectively;

2. Mr. Chan Kai Nang and Madam Zhang Xiao Ying have been
appointed as new executive directors of the Company with
effective from 26th January 2002; and

3. Mr. Chen Jian Fu has also resigned as the Managing
Director of the Company.

The Board of the Company appreciates the past contribution to
the Company of the resigning directors, Mr. Kwok Chuen Hung
Dominic and Mr. Chen Jian Fu. The Company believes that the new
members of the Board shall bring in new expectation to the
Company.


GROUPTIME HOLDINGS: Winding Up Petition Slated For Hearing
----------------------------------------------------------
The petition to wind up Grouptime Holdings Limited is scheduled
to be heard before the High Court of Hong Kong on February 6,
2002 at 10:00 am.  The petition was filed with the court on
December 3, 2001 by Ip Chun Moon of Flat G, 7th Floor, Block 6,
Broadview Garden, Tsing Yi, New Territories, Hong Kong.


HONG-KONG MARITIME: Winding Up Petition Hearing Set
---------------------------------------------------
The petition to wind up Hong-Kong Maritime Company Limited was
heard before the High Court of Hong Kong on January 23, 2002.
The petition was filed with the court on October 9, 2001 by
NSCSA Asia Limited whose registered office is situated at 11th
Floor, Tower 2, The Gateway, 25-27 Canton Road, Kowloon, Hong
Kong.


JILIN CHEMICAL: Forecast H201 Operations Losses
-----------------------------------------------
The Board of Directors of Jilin Chemical Industrial Company
Limited (the Company) informed the shareholders of the Company
and investors that due to increased accounting provisions
(including bad debts provisions) and price decrease in the
Company's petrochemical and organic chemical products, the
Company expects to record a loss for its operation results for
the year ended 31 December, 2001.

The Company is presently unable to quantify precisely the extent
of the losses for this period. The Company intends to release
its audited annual results, which will contain further details
of these losses by the end of April 2002.

Shareholders of the Company and investors should exercise
caution when dealing in the shares of the Company.


GUANGDONG KELON: Expects 2001 Losses
------------------------------------
The Board of Directors (the Board) of Guangdong Kelon Electrical
Holdings Company Limited informed the shareholders of the
Company and investors that since the competition within the
household electrical appliances industry in the People's
Republic of China is fiercer than last year, the Company's
trading conditions have failed to improve. As a result, the
Board currently expects that a loss will be recorded in the
Company's operating business for the year ended 31 December
2001.

As the Company's auditors have not yet audited the Company's
financial results for the year ended 31 December 2001, the Board
is not in a position to confirm the amount of the loss. The
audited results as well as the specific reasons for the loss and
its financial impact on the Company will be published in the
Company's 2001 Annual Report. The Company will publish such
audited results in accordance with the requirements under the
Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited and the Shenzhen Stock Exchange Listing
Rules before 30 April 2002.

Trading in the shares of the Company remains suspended until a
further announcement is made.


MEI TGE: Winding Up Petition Set For Hearing
--------------------------------------------
The petition to wind up Mei Tge Kit Entertainment & Production
Company Limited will be heard before the High Court of Hong Kong
on February 20, 2002 at 9:30 am.

The petition was filed with the court on December 12, 2001 by
Mei Tge Kit Company Limited whose registered office is situated
at Unit A, 9th Floor, Victoria Heights Building, 192-194 Nathan
Road, Kowloon, Hong Kong.


NORTHEAST ELECTRICAL: Clarifies Restructuring Progress Rumors
-------------------------------------------------------------
The Board of Directors of Northeast Electrical Transmission &
Transformation Machinery Manufacturing Company Limited issued
clarification regarding the progress of the restructuring of the
Company and recent media coverage.  After the release of the
clarification announcement of the Company dated 24 January 2002,
there was misleading Hong Kong media coverage regarding the
restructuring of the Company on 26 and 28 January 2002. The
board of directors hereby further solemnly declares that save as
disclosed in this announcement, the Company is not aware of any
reasons for the recent significant fluctuation of the price and
trading volume of the shares of the Company.

Shenyang Municipal Government intends to seek strategic
investors from the market for the restructuring of the Company.
It is not the government to entirely undertake the restructuring
of the Company. A press report that a "white knight" will help
the Company is only a matter of speculation by the market. It
has been very hard to seek strategic investors. There has been
no material progress on the restructuring of the Company, nor
any agreements entered into with the parties for restructuring
since the release of the announcement dated 24 January 2002. The
board of directors is devoted to proceeding with the
restructuring to the interest of all shareholders. The Company
will announce timely when there is any material development in
relation to the restructuring.

Shareholders of the Company and public investors should exercise
caution when dealing in the shares of the Company.


SILVER PACIFIC: Petition To Wind Up Pending
-------------------------------------------
The petition to wind up Silver Pacific Enterprises Limited is
scheduled for hearing/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 27, 2001 by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road,
Central, Hong Kong.


SOBUN SERVICES: Faces Winding Up Petition
-----------------------------------------
The petition to wind up Sobun Services Limited is set for
hearing before the High Court of Hong Kong on Wednesday,
February 6, 2002 at 9:30 am.  The petition was filed with the
court on November 29, 2001 by Lo Yat Ming of Room 1328, Osprey
House, Sha Kok Estate, Shatin, New Territories, Hong Kong.


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


SEMEN GRESIK: Repays US$162.2M Debt
-----------------------------------
PT Semen Gresik has repaid US$162. million debt, which was due
on January 28, in the form of medium-term notes, AFX reported
Wednesday, citing Public Relations Head Suwandi.

To meet the repayment, the Company used internal funding, as
well as Rp600 billion in proceeds of bonds issued earlier and a
Rp700 billion bridging loan from Bank Mandiri, he said.

Suwandi also added that the Company's next debt repayment of
Rp260 billion will be due in June.


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


DAIEI INC: Sells Real Estate Unit in Rehab Plan Implementation
--------------------------------------------------------------
Daiei Inc will sell all its shares in real estate subsidiary
Maruko Inc for Y15.1 billion as part of its rehabilitation
scheme, Kyodo News and Japan Times on report.

An extraordinary profit of Y13.8 billion from the deal is
already included in Daiei's earnings projection for the current
business year ending in February.

The ailing retailer will sell 20 million Maruko shares next
month to a special purpose company to be established by Schroder
Ventures K.K., an operator of private equity funds.


HITACHI LTD: Cutting 4,000 Workforce by Late June
-------------------------------------------------
Hitachi Ltd will cut 4,000 more employees in the group companies
by the end of June with the introduction of a new early
retirement program next month, Kyodo News said on Wednesday,
citing unnamed company officials.

The restructuring scheme disclosed last year that the Company
aims to cut 16,350 jobs at home and abroad. The firm will cut a
total of 20,350 jobs with the introduction of the new retirement
system.

TCR-AP reported last month that Hitachi Ltd and Mitsubishi Heavy
Industries Ltd (MHI) agreed to consolidate their rolling mill
design and procurement operations to their 50:50 joint venture
(JV) MHI-Hitachi Metals Machinery, to further strengthen the
business foundation of the venture. The JV will take over the
parent rolling mill design and procurement operations on April
1, 2002. The parent companies will inject additional capital
into the venture to raise its capital to Y320 million from Y80
million.


KANSAI KOGIN: Raises Capital While Hiding Risks
-----------------------------------------------
Osaka-based credit union Kansai Kogin raised more than Y15
billion in additional capital in 1999 and early 2000 without
telling potential investors that it was facing financial
troubles, Kyodo News reported Wednesday. The failed credit union
went bust in December 2000 and seven former executives were
arrested last Friday on charges on questionable lending
practices.

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


MATSUSHITA ELECTRIC: Closes US Refrigerator Compressor Unit
-----------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (NYSE: MC) announced
Tuesday, January 30, 2002, plans to discontinue production of
refrigerator compressors at Matsushita Refrigeration Company
of America (MARCA) on March 28, 2002.

MARCA will then begin closing/liquidation procedures.

As the main reasons for closing the U.S. refrigerator compressor
production subsidiary, Matsushita cited the necessity to
restructure its ongoing refrigerator compressor production
operations from a global viewpoint, and intensified price
competition in the U.S. refrigerator compressor market, which
resulted in decreased profitability at MARCA.

Production of refrigerator compressors for the U.S. market will
be shifted to Matsushita's Asian factories in Singapore,
Malaysia and China to further enhance the company's strategy to
achieve an optimum global production structure in this product
area.

MARCA, a joint venture of Matsushita Refrigeration Company (55
percent share), Matsushita Electric Industrial Co., Ltd. (40
percent share), and Matsushita Refrigeration Industries (S) Pte.
Ltd. (5 percent share), was established in Vonore, Tennessee in
1989. MARCA supplied approximately 22 million refrigerator
compressors to major refrigerator manufacturers in North America
over the past 10 years.

Matsushita Electric Industrial Co., Ltd. is one of the world's
leading producers of electronic and electric products for
consumer, business and industrial use, which it markets around
the world under the "Panasonic," "National," "Technics" and
"Quasar" brand names. Matsushita's shares are listed on the
Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, Amsterdam, Dusseldorf,
Frankfurt, New York, Pacific and Paris stock exchanges. For more
information, visit the Matsushita web site at the following URL:
http://www.panasonic.co.jp/global/


MATSUSHITA ELECTRIC: Divides, Transfers LCD Business
----------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (NYSE: MC) announced
January 29, 2002 that the Company decided at its Board of
Directors meeting held January 29, 2002 to divide and
transfer its liquid crystal display (LCD) and related businesses
into Toshiba Matsushita Display Technology Co., Ltd. (New
Company) to be jointly established with Toshiba Corporation
(Toshiba) effective April 1, 2002.

Details of the division and transfer are:

1. Objective of dividing and transferring LCD business into New
   Company

The global LCD market is expected to continue high growth over
the coming years, thanks to the increasing popularity of such
LCD applications as digital consumer electronic equipment and
information terminals, although it is also a highly competitive
market. The New Company will allow Toshiba and Matsushita to
increase their global competitiveness and accelerate development
of emerging applications, including LCD TVs and Internet
appliances.

In addition to its parents' technology in high luminance, high
resolution and low power consumption LCDs, the new joint venture
will also be able to draw on Toshiba's advanced manufacturing
technology for large-sized low-temperature polysilicon (LTP)
thin film transistor (TFT) LCDs and Matsushita's cutting-edge
LCD image processing technology for fast-response and high
quality TV. The Combined expertise of Toshiba and Matsushita in
LCDs for home appliances, PCs and mobile products will enhance
finished goods development such as digital TVs, PCs and new
generations of mobile products. The New Company will further
expand LCD applications by realizing system-on-glass technology,
with an aim to become a leading company in LCD and next-
generation display devices.

2. Transaction summary

    (1) Schedule

Board Resolution to approve the business   January 29, 2002
division
Creation of the business division plan          January 29, 2002
Date of business division and transfer          April 1, 2002
(plan)
Date of commercial registration                 April 1, 2002
(plan)


    (2) Method of business division

1. Method

"Short form business division" as provided by the amended
Japanese Commercial code, under which Matsushita and Toshiba
will divide both companies' relevant businesses and transfer
them into the New Company as successor.

2. Reasons for applying this method

All LCD business can be transferred en bloc into the New
Company; this corporate split better effectuates the business
transfer and incorporation of a New Company more effectively
than other methods permitted under the relevant law.

   (3) Allotment of shares

    1. Share allotment ratio

Matsushita and Toshiba will 40 percent and 60 percent own the
New Company, respectively, at the time of its incorporation on
April 1, 2002. The New Company will initially issue 200
thousand shares, of which 80 thousand will be allotted to
Matsushita and 120 thousand to Toshiba.

    2. Basis for determining the ratio of the allotment

Matsushita and Toshiba severally consulted their respective
financial advisors in regards to the allotment ratio. Based upon
their valuation results, the two companies reached the above
ratio.

(4) Cash payment upon corporate split

No amount of cash will be payable upon corporate split
hereunder.

(5) New Company's rights and obligations to be succeeded to
Assets, liabilities, rights and obligations involved in the
business to be transferred from Matsushita and Toshiba, which
are considered to be mandatory to operate the New Company.

(6) Prospect of paying debt obligations

Matsushita believes that both the New Company and Matsushita can
pay the debt obligations to be incurred as a result of this
transaction.

(7) Directors and corporate auditors of the New Company

President and  Yasusuke Sumitomo    (from Toshiba)
Representative Director

Executive Vice  Takashi Jiromaru     (from MEI)
President and Representative Director

Director  Mitsuyoshi Hamanaka
Director  Noboru Yoshida
Director  Hidetsugu Otsuru     (Above all from MEI)

Director  Sakae Arai
Director  Masaji Mito
Director  Mitsugi Ogura
Director  Tadashi Taiko
Director  Eisaburo Hamano      (Above all from Toshiba)

Corporate Auditor  Osamu Oshita         (from MEI)
Corporate Auditor  Shigeharu Horiuchi
Corporate Auditor  Kazumasa Uchida      (Above all from Toshiba)

3.  Basic Information for the companies dividing the relevant
divisions (as of September 30, 2001)
(Each on a parent company alone basis)

Trade Name:  Matsushita Electric Industrial Co., Ltd.
Principal Lines of Business: Manufacture and sale of electronic
                             and electric equipment
Date of Incorporation : December 15, 1935
Principal Office : Kadoma-shi, Osaka, Japan
Representative   : Kunio Nakamura, President

Capital Stock    : 211,000 (million yen)
Shares Issued    : 2,079,579,524
Shareholders' Equity : 2,657,120 (million yen)
Total Assets     : 4,407,548 (million yen)
Financial Closing Date : March 31
No. of Employees       : 57,585

Consumer products -- widely distributed to general public
through consumer and household equipment sales networks.
Major Customers    Business and industrial equipment and
components-- sold mainly to corporations, government agencies
and manufacturers through systems and industrial sales networks.

Sumitomo Mitsui Banking                         4.69%
Corporation

Major                    Japan Trustee Services Bank
Shareholders             (trust account)                   4.00%
and Shareholdings        Nippon Life Insurance             3.95%

                         Sumitomo Life Insurance           3.69%
                         Moxley & Co.                      2.90%

Major Banks              Sumitomo Mitsui Banking Corporation,
                         Asahi Bank, etc.

Relationship between     Capital relationship:      None
the Parent Companies
                         Personnel relationship:    None
                         Trade relationship    :    None to be
                         specifically remarked
Trade Name                Toshiba Corporation

Principal Lines of Business  Manufacture and sale of electronic
and electric equipment
Date of Incorporation  : June 25, 1904
Principal Office       : Minato-ku, Tokyo, Japan
Representative         : Tadashi Okamura, Director, President
        and CEO
Capital Stock          : 274,922 (million yen)
Shares Issued          : 3,219,017,498
Shareholders' Equity   : 801,927 (million yen)
Total Assets           : 3,091,582 (million yen)
Financial Closing Date : March 31
No. of Employees       : 51,340

Sales of products, equipment, components, systems, software,
services and contents in each of industrial/social, consumer,
and

Major Customers components categories to the government,
industry and the general public.

Sumitomo Mitsui Banking                3.88%
Corporation
The Dai-ichi Mutual Life               3.78%
Insurance
Major                  Nippon Life Insurance            3.36%
Shareholders           Japan Trustee Service Bank       2.91%
and Shareholdings     (trust account)

                      State Street Bank and Trust      2.51%
                       (trust account)

Major Banks           Sumitomo Mitsui Banking Corporation, etc.

Relationship between  Capital relationship:      None
the Parent Companies
                      Personnel relationship:    None
                      Trade relationship:        None to be
                                       specifically remarked

(Note) Amounts less than one million yen have been omitted.

Financial results for the most recent three fiscal years (in
millions of yen) (parent-alone)

Matsushita Electric Industrial Co., Ltd.
Fiscal Year ended            1999/3        2000/3        2001/3
Net Sales                4,597,561     4,553,223      4,831,866
Operating Profit            80,536        75,228         76,634
Recurring Profit           122,746       113,536        115,494
Net Income (Loss)           62,019        42,349         63,687
Net Income (Loss) per        29.67         20.53          30.63
Share (yen)
Annual Dividends             14.00         12.50          12.50
per Share (yen)
Shareholders' Equity      1,152.29      1,248.31       1,306.37
per Share (yen)

Toshiba Corporation
Fiscal Year ended          1999/3         2000/3        2001/3
Net Sales                3,407,611     3,505,338      3,678,977
Operating Profit            14,687        34,324        125,880
Recurring Profit             4,920        16,280         95,327
Net Income (Loss)         (15,578)     (244,515)         26,411
Net Income (Loss) per       (4.84)       (75.96)           8.20
Share (yen)
Annual Dividends              6.00          3.00          10.00
per Share (yen)
Shareholders' Equity        328.08        274.18         286.42
per Share (yen)

(Note) Amounts less than one million yen have been omitted,
except per share information which is in yen.

4.  Description of the business to be divided

(1) Business to be divided

    R&D, manufacturing and sales of LCDs and organic light
emitting diode displays (OLEDs).

(2) Operating results of the business to be divided from
Matsushita in the fiscal year ended March 31, 2001
      (in millions of yen)
Net Sales                                   95,227

(3) Assets and liabilities to be divided from Matsushita (book
value estimated for March 31, 2002)
                                       (in millions of yen)

Assets                      Liabilities and shareholders' equity
Item     Book value       Item                   Book value
Assets         91,400        Liabilities               70,200
                              Shareholders' equity      21,200
      Total     91,400        Total                     91,400

(4) Basic information for the New Company

Trade Name                   Toshiba Matsushita Display
                             Technology Co., Ltd.

Principal Lines of Business  R&D, manufacture and sale of LCDs,
                             OLEDs and other display devices,
                             and related maintenance and
                             technical services

Date of Incorporation        April 1, 2002 (plan)
Principal Office             Tokyo, Japan
Representative               Yasusuke Sumitomo, President
Capital Stock                10 billion yen
Shares Issued                200,000 shares
                          (each with a par value of 50,000 yen)
Shareholders' Equity         Approx. 50 billion yen
Total Assets                 Approx. 200 billion yen
Financial Closing Date       March 31
No. of Employees             Approx. 2,900
Major Customers and
Suppliers             (Sales) MEI, Toshiba, Fujitsu, Sanyo
                       (Purchase) MEI, Toshiba, Toppan, Corning,
                                        Nitto Denko
Shareholders and
Shareholdings               Matsushita        40%
                             Toshiba           60%

Major Banks                  The Sumitomo Mitsui
                             Banking Corporation, etc.

                          Capital: Matsushita: 40%, Toshiba: 60%

                          Personnel: Directors will be from the
Relationship with         transferred businesses, and
Parent Companies          employees will be sent from Matsushita
                          and Toshiba

                          Trade: Sale and purchase of finished
                          products, merchandise and materials

(Note) All amounts and numbers are current estimates for April
1, 2002.

5.  Forecasts of Matsushita's business status after the business
division and transfer and financial impacts thereof

(1) Matsushita's business after the business division and
transfer

Trade Name              Matsushita Electric Industrial Co., Ltd.
Principal Lines of Business  Manufacture and sale of electronic
     and electric equipment
Principal Office             Kadoma-shi, Osaka, Japan
Representative               Kunio Nakamura, President
Capital                      No change effected by this
     transaction
Total Assets                 Approx. 91.4 billion yen reduction
                             is projected in total assets as of
                             March 31, 2002
Financial Closing Date       March 31
Impact on Business           This matter is not
                             expected to have a material
                             effect on Matsushita's
                             consolidated or parent-alone
                             financial position or performance.

(2) Forecast of financial results after the business division
and transfer

Matsushita expects to announce consolidated and parent-alone
financial forecasts for the coming fiscal year around the end
of April 2002.


SNOW BRAND: President Yoshida Resigns Over Beef Labeling Fraud
--------------------------------------------------------------
Snow Brand Food Co Ltd President, Shozo Yoshida, has resigned
because of his firm's mislabeling of imported beef as domestic
and the firm admitted to two more cases of fraud, AFX News
reported on Tuesday. The chief of Delica Ham meat division,
Managing Director Hiromi Sakurada, will also resign effective
immediately.

The meat packing company disclosed last week that it put 13.9
tons of Australian beef into containers that were labeled
Japanese-made last October to benefit from a government program
to buy all beef put in storage before a nationwide mad cow
testing regimen was put in place.

Snow Brand's Australian beef was worth Y14.6 million in
compensation, of which the government had already paid out 9
million. Yoshida stressed the Company would return the money.


SUMITOMO HEAVY: Shedding 1,000 Employees
----------------------------------------
Sumitomo Heavy Industries Ltd (SHI) will lessen its 10,000-group
workforce by 1,000 this year in a bid to save 8 billion yen in
annual personnel costs, Kyodo News and AFX News said Wednesday.
The heavy machinery maker also said it will spin off its
shipbuilding businesses in April 2003.

The Company posted a group net loss of Y6.44 billion yen
(US$48.2 million) for the half-year ended Sept. 30, 2001. The
austerity program is expected to allow SHI to save on fixed
costs and streamline its operations. The Company will accept
early retirement applications from 260 employees, mainly at the
parent company, and transfer other workers to affiliates.


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


HYNIX SEMICONDUCTOR: Implements DRAM Product Allocation
-------------------------------------------------------
Hynix Semiconductor America Inc. announced on January 29 that it
has implemented an allocation plan for all DRAMs, including both
Single-Data-Rate (SDR) and Double-Data-Rate (DDR) product
families. Due to recent increased demand and a supply shortfall,
Hynix has elected to apportion memory products to its strategic
and contractual customers for the remainder of the first quarter
2002.

This latest surge in DDR and SDR SDRAM consumption at Hynix has
been driven by a number of factors occurring in the industry.
Personal computer prices have become more affordable as a result
of the introduction of the Brookdale Chipset supporting Intel P4
with SDR and DDR, a reduction in P4 pricing, and a growing
appetite for more memory to operate the most advanced operating
systems such as Microsoft Windows XP. In addition, an increase
of sales in consumer electronics such as DVD, set top boxes and
handheld devices, has also fueled memory demand.

At the same time, inventory levels have been bled off while a
number of memory suppliers consolidated and cut back capacity
due to IC manufacturers suffering the worse year in history.
Plans for new 12-inch wafer fabrication plants have been slow to
materialize due to a substantial required investment and no new
8-inch wafer fab capacity has been added. In response to this
shortage, Hynix has transitioned from 0.18 to 0.15-micron
geometry and developed their `Blue Chip' technology to meet the
needs of increased electronic system sales.

"The memory market is cyclical in nature--experiencing
oversupply and shortages," said Farhad Tabrizi, Vice President
of Worldwide Memory Marketing. "Customers can achieve a balance
through strategic partnerships with their key DRAM suppliers, by
forming long-term agreements and building solid
supplier/customer relationships."

About Hynix Semiconductor Inc.

Hynix Semiconductor Inc., based in Ichon, Korea, is an industry
leader in the development, sales, marketing and distribution of
high-quality semiconductors -- including DRAM, SRAM, Flash
memory and application specific standard products -- as well as
semiconductor manufacturing foundry services. While Hynix
Semiconductor is one of the world's leading DRAM suppliers, the
company is rapidly diversifying its product portfolio to meet
the needs of emerging markets. The company offers deep sub-
micron foundry services to strategically broaden its overall
presence in the industry and achieve the goal of leading the
global semiconductor market. Hynix has research, production,
sales and marketing facilities strategically located worldwide.

Hynix Semiconductor America Inc. is a U.S. subsidiary of Hynix
Semiconductor Inc. and is headquartered at 3101 North First
Street, San Jose, California, 95134. For more information on
Hynix Semiconductor visit www.hynix.com or www.us.hynix.com.

CONTACT:          Hynix
                  Kitsy Knoche, 408/232-8389 (U.S.)
                  kknoche@us.hynix.com
http://www.us.hynix.com
                  Inyoung Kangm +822-3459-5355 (Korea)
                  inyoung-kang@hynix.com


HYNIX SEMICONDUCTOR: Committee Meeting Rumor Untrue, Says KEB
-------------------------------------------------------------
Hynix Semiconductor Inc's restructuring committee does not have
any plans to meet on January 30 to discuss Micron's proposal to
acquire some assets of the firm, AFX News said on Tuesday,
citing unnamed Korea Exchange Bank official.

Chosun Ilbo daily reported that the committee would meet on
Wednesday to decide whether to accept Micron Technology Inc's
proposals to take over some assets of Hynix. However, the
official added that the committee may have to meet soon to
determine its position on Micron's proposal.

The official also stressed that market speculation that the
talks between Micron and Hynix have collapsed is untrue. Hynix
restructuring committee officials were not immediately available
for comment. Hynix spokespersons also declined to confirm or
deny the report.


MEDISON CO: Creditors Assert Insolvency
---------------------------------------
The creditor bank of Chohung Bank declared Medison Co Ltd, a
maker of medical equipment, insolvent, after it failed to repay
about W4.5 billion in promissory notes for two consecutive days,
AFX News and Korea Herald said Wednesday. The firm's total
liabilities stood at W415 billion at the end of September.
Medison will be declared bankrupt if it fails to honor its bills
by January 30.

In 2001, Medison sold a 65.4 percent stake in Austrian unit
Kretztechnik AG to General Electric Co. for W110 billion. The
Company said it would use the proceeds to pay off its high
debts.


SAMSUNG ELECTRONICS: Faces Patent Infringement Suit
---------------------------------------------------
Matsushita Electric Industrial Co., Ltd. announced on January 28
that it filed a patent infringement suit against Samsung
Electronics Co., Ltd. and three of Samsung's U.S. affiliate
companies, charging infringement of Matsushita's patents
covering semiconductor DRAM-related technologies.  The suit was
filed in the New Jersey Federal Court on January 25, 2002.

The Samsung parties named in the complaint are: Samsung
Electronics Co., Ltd. of Kyonggi, Korea, Samsung Electronics
America, Inc. of Ridgefield Park, New Jersey, Samsung
Semiconductor, Inc. of San Jose, California, and Samsung Austin
Semiconductor, L.L.C. of Austin, Texas.

The filing came after a two-year negotiation between Matsushita
and Samsung failed to reach an agreement. This legal action is
based on the company's policy of protecting its intellectual
property while respecting the intellectual property rights of
other companies.

CONTACT:          Panasonic, Secaucus
                  Jim Reilly, 201/392-6067
                  reillyj@panasonic.com

DebtTraders reports that Samsung Electronics 9.750% bond due in
2003 (SAMELE6) trades between 106.292 and 106.492. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=SAMELE6


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


ABRAR CORPORATION: KLSE Gives Announcement Time Extension
---------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed) (the
Company) announced that the Kuala Lumpur Stock Exchange (KLSE)
had by its letter dated 25 January 2002 granted the Company an
extension of time from 23 December 2001 to 28 February 2002 to
enable the Company to make its announcement on the Company's
plans to regularize its financial condition (the Requisite
Announcement).

The Company was earlier required to make the Requisite
Announcement by 22 December 2001. The Company had by its letter
dated 10 December 2001 sought the approval of the Exchange for a
further extension of twelve (12) months until 22 December 2002
to make the Requisite Announcement.


ANSON PERDANA: FIC OKs Proposed Debt Workout, Rights Issue
----------------------------------------------------------
Anson Perdana Berhad (the Company) announced that the
Restraining Order pursuant to Section 176 of the Companies Act,
1965 has been extended by the Kuala Lumpur High Court on Tuesday
to 29 July 2002.

The Company also informed that the Foreign Investment Committee
(FIC) has approved the proposed debt restructuring and proposed
rights issue vide its letter dated 18 January 2002 and the
proposals are now pending the approval of the Securities
Commission.


ARTWRIGHT HOLDINGS: Obtains SC's Approval on Proposals
------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), on behalf of the Board
of Directors of Artwright Holdings Berhad (AHB or Company),
announced that the Securities Commission (SC), via its letter
dated 28 January 2002, has approved these proposals:

   (i) The proposed disposals by the AHB Group of property,
equipment and machinery to Rengard Industries Sdn Bhd for a cash
consideration of US$17,500,000 (RM66,500,000) (Proposed
Disposals);

   (ii) The proposed restructuring of the AHB Group's debts,
which involves the following:

     (a) the proposed issuance of 1,908,994 new ordinary shares
of RM1.00 each in AHB at an issue price of RM1.89 per share
(Proposed Debt to Equity Conversion); and

     (b) the proposed issuance of RM14,410,000 nominal value of
new 5-year 5.5% irredeemable convertible unsecured loan stocks
(ICULS) on the basis of RM1.00 nominal value of new ICULS for
every RM1.00 owed to the unsecured creditors (Proposed ICULS
Issue);

   (iii) The proposed employees' share option scheme of a
maximum of 10 percent of the enlarged issued and paid-up share
capital of AHB at any point in time (Proposed ESOS);

   (iv) The listing of and quotation for the ICULS to be issued
pursuant to the Proposed ICULS Issue on the Kuala Lumpur Stock
Exchange (KLSE); and

   (v) The listing of and quotation for the new AHB ordinary
shares to be issued pursuant to the Proposed Debt to Equity
Conversion, the conversion of the ICULS and the exercise of the
options under the Proposed ESOS on the KLSE.

Further, the SC has taken cognizance of the proposed utilization
of the proceeds from the Proposed Disposals (Proposed
Utilization) subject to the following conditions:

   (i) The approval from the SC is required for any changes to
the Proposed Utilization if the said changes involve the
utilization for purposes other than for the core business of
AHB;

   (ii) The approval of the shareholders of AHB is required for
any subsequent changes of 25 percent or more to the Proposed
Utilization. For changes of less than 25 percent, appropriate
disclosure must be made to the shareholders of AHB;

   (iii) Any extension to the timeframe for the Proposed
Utilization determined by AHB must be approved by the Board of
Directors of AHB through an unconditional resolution and should
be fully disclosed to the KLSE; and

   (iv) Appropriate disclosure in respect of the status of the
Proposed Utilization must be made in the Quarterly Reports and
the Annual Reports of AHB until the proceeds have been fully
utilized.

The approval of the SC is also subject to inter alia the
following conditions:

   (i) AHB is required to ensure full compliance with the
requirements of Paragraph 11.12 of the SC's Guidelines which
states that the listing of trading/retailing companies is
allowed only on the Main Board of the KLSE or operate a core
business for which listing on the Second Board of the KLSE is
allowed within two (2) years from the date of the SC's letter of
approval. The SC has noted that the core business activity of
the Company after the Proposals is as a trading company.

   (ii) AHB is required to eliminate the accumulated losses of
the Group within 2 years from the date of the SC's letter of
approval.

   (iii) In relation to the Proposed ICULS Issue, Alliance is
required to:

     (a) obtain the SC's approval for any changes made to the
terms and conditions of the ICULS; and

     (b) furnish a copy of the executed Trust Deed for the SC's
record.

The SC has also informed that it has no objection to the
proposed five-year term loan from Steelcase to AHB of
US$4,375,000 (RM16,625,000) at an interest rate of 6.375 percent
per annum (Proposed Term Loan) without any conditions attached.
The SC has also exempted the Proposed Term Loan from compliance
with the requirements of the Private Debt Securities Guidelines
provided the Proposed Term Loan being a private loan between AHB
and Steelcase and being non-transferable and non-tradeable.

The "Proposals" includes:

   * Proposed Strategic Alliance with Steelcase Inc.
(Steelcase);

   * Proposed Voluntary Debt Restructuring; and

   * Proposed Employees' Share Option Scheme


ASSOCIATED KAOLIN: FIC Supports Proposals Implementation
--------------------------------------------------------
On behalf of Associated Kaolin Industries Berhad (Special
Administrators Appointed) (AKI or the Company), Commerce
International Merchant Bankers Berhad announced that the Foreign
Investment Committee (FIC), via its letter dated 21 January
2002, stated that FIC has no objection for AKI to undertake the
Proposals.

The approvals from the Ministry of International Trade and
Industry and the Securities Commission for the Proposals are
still pending.

The "Proposals" refers to:

  *  Proposed Capital Reduction;
  *  Proposed Termination of AKI's Outstanding Warrants
1996/2005;

  *  Proposed Share Exchange of 5,465,023 Ordinary Shares of
RM1.00 each in AKI (AKI Shares) on the basis of One (1) Ordinary
Share of RM1.00 each in Greatpac Holdings Berhad (GHB) (GHB
Shares) for every one (1) AKI Share (Proposed Share Exchange);

  *  Proposed Rights Issue of up to 16,395,070 New GHB Shares on
the basis of Three (3) New GHB Shares for every One (1) existing
GHB Share held after the Proposed Share Exchange at an issue
price of RM1.00 per GHB Share (Proposed Rights Issue);

  *  Proposed Special Bumiputera Issue (SBI) of 25,000,000 New
GHB Shares to Bumiputera Investors at an Issue Price of RM1.00
per Ordinary Share (Proposed SBI);

  *  Proposed Acquisition of the Entire Equity Interest in
Greatpac Sdn. Bhd. (GPSB) By GHB for a Total Consideration of
RM72,000,000 to be Satisfied by the Issuance of 72,000,000 New
GHB Shares at an Issue Price of RM1.00 per GHB Share (Proposed
GPSB Acquisition);

  * Proposed Acquisition of the Entire Equity Interest in
Success Profile Sdn. Bhd. (Success Profile) by Ghb for a Total
Consideration of RM17,727,272 to be Satisfied by the Issuance of
17,727,272 New GHB Shares at an Issue Price of RM1.00 per GHB
Share (Proposed Success Profile Acquisition);

  * Proposed Debt Restructuring of AKI;

  * Proposed Waiver from Undertaking a Mandatory General Offer
(Proposed Waiver); and

  * Proposed Transfer of Listing Status of Aki to GHB (Proposed
Transfer Listing)


CHASE PERDANA: KLSE Grants Requisite Announcement Extension
-----------------------------------------------------------
Chase Perdana Berhad (the Company), in reference to the
announcement on 21 December 2001 pertaining to the application
to the Kuala Lumpur Stock Exchange (KLSE) for an extension of
time to release the Requisite Announcement (RA), announced that
the KLSE has approved the application and granted an extension
from 24 December 2001 to 28 February 2002 to announce the RA to
the KLSE.

Profile

The Company (CPB) commenced operations as Tan Chew Piau Building
Contractor, a civil engineering and building construction.
Today, CPB is a registered Class "A" Pusakabumi contractor able
to tender for public and quasi-government sector projects with
no limitation on project size and contract sum. CPB is also
experienced in restoration, renovation and upgrading work.

In the mid-1990s the Company expanded its business activities to
include the property development, plantation and finance
sectors. During its 20 years in operation, the Company has
completed projects for the public and private sectors both in
Malaysia and overseas ranging from luxurious 5-star hotels and
condominiums to high-rise offices, mosques and other special
purpose buildings.

The Company's debt restructuring scheme (submitted to the SC on
12 July 2000) has been withdrawn and the Tripartite agreement
(signed between the Company, Sitt Tatt Bhd and Malaysian
Resources Corporation Bhd on 16 January 2001) has been
terminated. The Company is now in the process of formulating a
revised debt and corporate restructuring exercise.

On 25 June 2001, the Company appointed Messrs Arthur Andersen
Corporate Advisory Sdn Bhd to act as Independent Financial
Adviser to review and advise its lenders on a fresh scheme to be
presented by the Company before 11 July 2001.


INSTANGREEN CORPORATION: Restructuring Exercise Nearly Over
-----------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of Instangreen Corporation Berhad (Special Administrators
Appointed) (ICB or the Company), announced that the
Restructuring Exercise of ICB (a company under the purview of
Practice Note No.4/2001 of the Listing Requirements of the Kuala
Lumpur Stock Exchange (KLSE)) announced on 28 November 2000, 25
June 2001 and 11 September 2001 has now been completed save for
the admission to the Official List and listing of and quotation
for LBS Bina Group Berhad (LBGB)'s shares and Irredeemable
Convertible Unsecured Loan Stocks (ICULS) on the Main Board of
the KLSE.

The KLSE, via its letter dated 25 January 2002, has approved:

   i) admission to the Official List and listing of and
quotation for LBGB's entire issued and paid-up share capital
comprising 280,633,667 ordinary shares of RM1.00 each on the
Main Board of the KLSE under the "Property" sector;

   ii) admission to the Official List and listing of and
quotation for LBGB's RM38,154,000 nominal value of 2001/2006 5-
year 4 percent ICULS on the Main Board of the KLSE under the
"Loans" sector; and

   iii) LBGB will be listed in place of ICB, which will be
delisted.

The abovementioned events will be with effect from 9.00 a.m,
Wednesday, 30 January 2002.

LBGB was incorporated in Malaysia on 29 June 2000 under the
Companies Act, 1965 as a public limited company. LBGB is
principally an investment holding company.

The principal activities of LBGB's subsidiaries and associated
companies are mainly property development and property
investment which are being carried out by its core subsidiary
group namely LBS Bina Holdings Sdn Bhd and its subsidiaries and
associated companies (LBS Group). The LBS Group is also involved
in project management and as contractor for property
development, sales of motor vehicles and trading of building
materials.

Arab-Malaysian also announced that upon the listing of LBGB on
the Main Board of KLSE, ICB has successfully implemented its
plan to regularize its financial position (i.e. via the
Restructuring Exercise). ICB is now a 100 percent owned
subsidiary of LBGB and is currently dormant. The Special
Administrators of ICB will still remains to be appointed to ICB
pending completion of their administrative function prior to
handling over ICB to the management of LBGB.


MALAYSIAN PLANTATIONS: Strikes Dormant Subsidiaries
---------------------------------------------------
Malaysian Plantations Berhad (the Company), further to the
Company's announcement dated 27 April 2001 in relation to the
following subsidiaries' application to the Registrar of
Companies (ROC) to strike off their names from the register of
the ROC pursuant to Section 308(4) of the Companies Act, 1965,
announced that the names of these subsidiaries of the Company
have been struck from the register pursuant to Section 308(4) of
the Companies Act, 1965:

   1) Kota Benar Sdn Bhd;
   2) Milligan Resort & Travel Sdn Bhd;
   3) Setiu Golf and Beach Resort Sdn Bhd; and
   4) Setiu Resort Development Sdn Bhd.

Accordingly, they have ceased to be subsidiaries of the Company.


MBF CAPITAL: SC Approves Unit's Proposed Merger With QBEM
---------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), for and on behalf of
the Board of Directors of MBf Capital Berhad (MBf Capital or
Company), announced that the Securities Commission (SC) has, via
its letter dated 25 January 2002, approved the Proposed Merger:

   (i) Proposed transfer of MBf Insurans Berhad's (MBfI), a
wholly owned subsidiary company of MBf, general insurance
business to QBEM by way of transferring MBfI's insurance
liabilities and insurance assets of an equivalent amount
(Proposed Transfer of MBfI's Insurance Business to QBE Insurance
(Malaysia) Berhad (QBEM));

   (ii) Proposed subscription by MBfI for 99,400,000 new
ordinary shares of RM0.50 each in QBEM (QBEM Shares) at par
representing approximately 46 percent of the enlarged share
capital of QBEM of 216,000,000 ordinary shares prior to the
Proposed Acquisition of QBEM Shares (as defined below) for a
subscription consideration of RM49,700,000 (Proposed
Subscription for new QBEM Shares); and

   (iii) Proposed acquisition of 6,440,000 QBEM Shares for a
cash consideration of RM4.2 million by MBfI from QBE Insurance
(International) Limited ) (Proposed Acquisition of QBEM Shares).

Following the Proposed Merger, MBfI will have an equity interest
of 49 percent in QBEM.

Mbf Capital also announced that the Kuala Lumpur Stock Exchange
had, on 29 January 2002, approved an extension of time from 23
January 2002 to 28 February 2002 to make the Requisite
Announcement.


PICA (M) CORPORATION: Faces Lawsuit Over Unsettled Debt
-------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad (Pica or
the Company) made this announcement for public release:

1. That the Company and its wholly owned subsidiary, Pica First
Credit Sdn. Bhd. had been served a writ of summons by Alliance
Merchant Bank Berhad on 25 January 2002 claiming for the sum of
RM48,819,749.16 allegedly arising from a term loan facility
granted by the said financial institution to Pica First Credit
Sdn. Bhd, of which the Company acted as the guarantor;

2. The maturity date of the term loan facility was on 30 June
2001 and the Plaintiff is claiming for the outstanding principal
sum together with default interest at the rate of 2.75 percent
above the Plaintiff's cost of funds;

3. The alleged sum represents 39 percent of the net tangible
assets of the Company of RM121,000,000.00 as at the date of the
latest audited accounts i.e. 31/12/2000;

4. The Company had approached the Plaintiff for further
discussions on the matters arising on a without prejudice basis
and hopes to be able to resolve the matters amicably.


RAHMAN HYDRAULIC: KLSE Requires Requisite Announcement Revision
---------------------------------------------------------------
The Special Administrators Rahman Hydraulic Tin Berhad (Special
Administrators Appointed) (the Company or RHTB), further to its
announcement on 14 December 2001 regarding the White Knight
Company's decision to withdraw from the proposed restructuring
scheme of RHTB, announced that the Exchange has granted an
extension of time to 28 February 2002 for the Company to:

   1. Revise its regularization plan, and

   2. Make a revised Requisite Announcement to the Exchange

Profile

On 2 February 2001, Pengurusan Danaharta Nasional Berhad
appointed Special Administrators (SAs) to the Company.

The financial statements are prepared on a going concern basis,
which is dependent on the outcome of the workout proposal to be
prepared by the SAs to enable the Group and Company to continue
as a going concern.

On 6 August 2001, the SAs entered into a conditional MOU with
Semai Warnasari Sdn Bhd and Dr Yu Kuan Chon with the intention
of setting the key areas of understanding on a corporate
restructuring exercise pending the finalization and approval of
the Workout Proposal.

On 2 February 2001, SAs were appointed for the sub-subsidiary
Prima Moulds Manufacturing Sdn Bhd. On 30 April 2001, SAs were
also appointed for the following subsidiaries; Mount Austin
Properties Sdn Bhd (formerly known as Westmont Mount Austin Sdn
Bhd), Cempaka Sepakat Sdn Bhd, Ganda Edible Oils Sdn Bhd, Litang
Plantations Sdn Bhd, Wisma Dindings Sdn Bhd, Ganda Plantations
(Perak) Sdn Bhd and Techno Asia Venture Capital Sdn Bhd
(formerly known as Westmont Venture Capital Sdn Bhd).

The Company carried on the business of cultivating and
processing oil palm in its early days. The Company later evolved
into an investment holding company with subsidiaries involved in
property development, investment holding, oil palm plantations
and power generation.

The Company changed its name to Techno Asia Holdings to better
reflect its current activities and business as an investment
holding company with diversified business.


TIME ENGINEERING: New Restructuring Proposal Presented
------------------------------------------------------
Time Engineering Berhad (the Company) has presented a new
restructuring proposal consisting of the Information Memorandum
and Restructuring Offer (Restructuring Offer Document) for the
outstanding principal amount of the US$250 million nominal value
redeemable secured zero-coupon bonds 1996/2001 (USD Bonds)
amounting to USD162,034,270 to the holders of its USD Bonds. The
new restructuring proposal supersedes the previous restructuring
proposal presented to the USD Bondholders on 4 December 2001.

In the new restructuring proposal, the final maturity date of
the USD Bonds will be extended to 5 December 2004 and the entire
outstanding principal amount of the USD Bonds will be redeemed
in three (3) tranches through the sale of assets at the dates as
mentioned below:

Outstanding principal amount of the USD Bonds Redemption Date

USD44,559,424.25 (27.5%)     5 December 2002
USD44,559,424.25 (27.5%)     5 December 2003
USD72,915,421.50 (45.0%)     5 December 2004

Along with the restructuring proposal, the Company has issued a
notice calling for a meeting of the USD Bondholders to be held
at the office of Messrs Rashid & Lee, Level 12 Menara Milenium,
No. 8 Jalan Damanlela, Pusat Bandar Damansara, 50490 Kuala
Lumpur on Wednesday 6 March 2002 at 10.00 am for the purpose of
passing the following Special Resolutions:

   1. Special Resolution 1 - Acceptance of the Restructuring
Offer on the basis of the terms and conditions of the
Restructuring Offer Document for the Outstanding Amount of the
USD Bonds.

   2. Special Resolution 2 - Revocation of the December 2001
Resolution Declaring an Event of Default.

On a separate note, the Company also wishes to announce that it
has been informed by Khazanah Nasional Berhad ("Khazanah") that
Khazanah has submitted an offer document to Bumiputra-Commerce
Trustee Berhad, the Trustee for the USD Bonds. The offer is to
acquire the outstanding principal amount of the USD Bonds from
the existing registered USD Bondholders at 90 per cent of the
nominal principal value of the USD Bonds, subject to certain
conditions (which have not been disclosed to us) being met.


TIME ENGINEERING: Proposes Asset Sale for USD Bond Payment
----------------------------------------------------------
Time Engineering Berhad (the Company) announced:

1. The assets proposed to be sold by the Company over the next
three (3) years include the assets pledged to the USD Usd250
million nominal value redeemable secured zero-coupon bonds
1996/2001 (USD Bonds) Bondholders:

   a) Renong Berhad shares;
   b) EPE Power Corporation Berhad shares;
   c) TIME dotCom Berhad shares; and
   d) Wisma TIME.

2. The salient terms and conditions of the Special Resolution
No. 1 as contained in the notice of the Meeting of the USD
Bondholders dated 29 January 2002 are:

   a) Authorizing the Company, subject to the approval of the
relevant authorities, to implement the Proposed Restructuring
Offer (the Offer upon the terms and conditions of the
restructuring Offer document dated 29th January 2002;

   b) Authorizing Bumiputra-Commerce Trustee Berhad (the
Trustee), to negotiate and enter into all relevant agreements to
implement the Offer;

   c) Binding the Bondholders to the things and acts done by the
Trustee and not to hold the Trustee liable for anything done on
their behalf thereof; and

   d) Agreeing to indemnify the Trustee from claims,
liabilities, damages, etc.


* CDRC Releases December 2001 Status Report
-------------------------------------------
The Corporate Debt Restructuring Committee (CDRC) Wednesday
released its Status Report as at 31 December 2001. The report
highlights the progress of resolution of restructuring schemes
since the implementation of CDRC's new initiatives on 1 August
2001 to 31 December 2001, as well as progress achieved since
inception to 31 December 2001.

CDRC had targeted to resolve 10 cases with debts of
approximately RM10.25 billion between 1 August 2001 and 31
December 2001, and has been successful in resolving 8 of these
cases. This accounts for 83.5% of the total targeted amount of
debt to be addressed. Amongst the cases resolved were Sistem
Transit Aliran Ringan (STAR) and Projek Usahasama Transit Ringan
Automatik (PUTRA), which had a combined outstanding debt of
approximately RM5.7 billion (debt addressed under the Debt
Restructuring Agreement). Finalization of STAR and PUTRA's
scheme had the effect of reducing non-performing loans (NPLs) in
the banking sector by approximately RM2.9 billion or 0.7 percent
on a net 6-month basis (excluding loans extended by offshore
banks, development finance institutions and other non-bank
institutions).

Meanwhile, Perbadanan Kemajuan Negeri Pahang and Kretam Holdings
Berhad were admitted to CDRC whilst PSC Industries Sdn Bhd was
discharged.

On a cumulative basis, since the inception of CDRC to 31
December 2001, 37 cases with debts amounting to RM34.5 billion
have been resolved. As at 31 December 2001, 12 cases with debts
amounting to RM18.0 billion remained outstanding.

Going forward, CDRC targets to resolve the remaining cases by 31
July 2002.


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


COSMOS BOTTLING: Pays Shareholders Cash Dividend
------------------------------------------------
On Tuesday Cosmos Bottling Corp paid out a cash dividend of
P0.4454 to holders on record as of December 20, AFX News
reports.  The Company said that the dividend included accrued
interest owed to shareholders due to the delays in the payment.

San Miguel Corp had deferred the original January 9 schedule for
dividend payments due to an audit following the acquisition of
the company.  Cosmos stressed that the total dividend payments
amounted to P1.029 billion.


PHILIPPINE LONG: Considers Debt Issuance to Refinance Debts
-----------------------------------------------------------
Philippine Long Distance Telephone Co (PLDT) will consider
issuing bonds to refinance maturing liabilities but has yet to
finalize plans, according to AFX News on Tuesday. PLDT disclosed
to the Philippine Stock Exchange that PLDT continues to consider
various options for purposes of managing its debt obligations,
and tapping the debt-capital market is one of them.

The Company issued the statement in response to newspaper
reports that the firm is reviving an earlier plan to offer
US$250 million worth of bonds to partly refinance maturing
obligations in 2002 estimated at US$323 million.


METRO PACIFIC: In Negotiations With Potential Buyers
----------------------------------------------------
Metro Pacific Corporation is holding preliminary talks with
probable buyers of property within the Fort Bonifacio Global
City, AFX News said Wednesday.

"We wish to inform you that while there are indeed several
groups who have expressed interest in acquiring specific
properties in the global city, these discussions are still in a
preliminary stage and we are not in a position to make any
announcement or public disclosure at the moment," Metro Pacific
informed the Philippine Stock Exchange.

The Company announced that it issued the statement in reaction
to a newspaper report, which said that one or two foreign
groups, as well as some local groups, are holding discussions
with the company for specific properties in Fort Bonifacio.

Metro Pacific is also seeking to sell its controlling stake in
Fort Bonifacio to lessen its debt burden.

DebtTraders reports that Metro Pacific's convertible bond due in
2003 (METPAC) trades between 124 and 125. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=METPAC


NATIONAL BANK: Provides Amended Quarterly Report
------------------------------------------------
The Philippine Stock Exchange disclosed a copy of Philippine
National Banks (PNB) amended quarterly report, using SEC Form
17-Q, for the quarter ended September 30, 2001 containing the
following additional information on its Consolidated Statements
of Income, in line with the SEC requirement to include Earnings
per share with bases of computation:

For the nine months ended 9/30/01
9/30/00
Earnings (Loss) per share       (14.14)           (6.95)
Average no. of shares            378,070          206,220

For the third quarter ended 9/30/01
9/30/00
Earnings (Loss) per share        (3.76)            0.06
Average no. of shares            378,070        206,220


The bank further stated that: "...we did not include data on
dividends per share with bases of computation since PNB did not
declare dividends during the year." A copy of PNB's amended
quarterly report, using SEC Form 17-Q, for the quarter ended
September 30, 2001 is available for reference at the PSE-Center
and PSE-Plaza Libraries.


RFM CAPITAL: Repays $65M Bond After Cosmos Disposal
---------------------------------------------------
DebtTraders analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), reported that RFM Capital has fully
repaid its $65 million 2.75 percent Convertible Bond due in 2006
on January 25 after the disposal of Cosmos earlier this month.
The RFM 2.75 percent Convertible Bond was puttable on May 30,
2001 at a price of 128.71. The food conglomerate has repaid $38
million earlier from the disposal of Consumer Bank and Psi
Technologies and its Tuna brand.

According to DebtTraders, RFM Capital's 2.750% convertible bond
due in 2006 (RFM) trades between 65 and 75. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=RFM


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


CAPITALAND LIMITED: Posts Unit's SPA Termination Notice
-------------------------------------------------------
The Board of Directors of CapitaLand Limited announced that the
agreement (the Agreement) relating to the sale and purchase of
shares in Slamet Pte Ltd (Slamet), entered into on 9 April 2001
between Somerset Holdings Limited (now known as The Ascott
Holdings Limited) (TAHL), a wholly-owned subsidiary of the
Company, and Simplex Capital Asia Limited (Simplex) has been
terminated following TAHL's acceptance of Simplex's repudiatory
breach of the Agreement, owing to the non-performance by Simplex
of its obligations under the Agreement.

The Company has taken and will continue to take all such steps
necessary for the protection of its interests under the
Agreement.

The termination of the Agreement has no material effect on the
earnings per share or the net tangible asset per share of the
Company for the financial year ending 31 December 2002.

Slamet, a wholly-owned subsidiary of TAHL, holds a 70 percent
interest in Guangzhou F C Golf & Country Club Co. Ltd., which
owns and manages the Masters Golf & Country Club in the North-
East area of Taihe Village, Dongjiao Town, Fangcun District,
Guangzhou City, People's Republic of China.


FLEXTECH HOLDINGS: Issues Director's Interest Notice
----------------------------------------------------
Flextech Holdings Limited posted a notice on January 28 the
changes in Interests of Director of Subsidiary Lim Huat Leong
(Amended)

Date of notice to company: 19 Jul 2001
Date of change of interest: 19 Jul 2001
Name of registered holder: see Notes below
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: 60,000
% of issued share capital: 0.055
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$0.835
No. of shares held before change: 60,000
% of issued share capital: 0.055
No. of shares held after change: 0
% of issued share capital: 0

Holdings of Director of Subsidiary including direct and deemed
interest
                                  Deemed    Direct
No. of shares held before change: 0         60,000
% of issued share capital:        0          0.055
No. of shares held after change:  0          0
% of issued share capital:        0          0

Total shares:                     0          0

Notes
Date of Sale  Registered Holder  No. of Shares sold
Consideration Per Share
19 July 2001   Lim Huat Leong        8,664           S$0.835
19 July 2001   DBS Nominees Pte Ltd  51,336          S$0.835

The computation of the above percentage holding is based on the
issued and paid-up capital of S$16,319,937.60 divided into
108,799,584 ordinary shares of S$0.15 each in the capital of
Flextech Holdings Limited as of July 19, 2001.

No. of Warrants: 1,300
No. of Options : 136


L&M GROUP: Requests Suspension of Trading
-----------------------------------------
The Board of Directors of L&M Group Investments Limited (L&M or
the Company) announced on January 30 for the suspension of
trading in the shares of the Company with immediate effect,
pending the release of an announcement.

TCR-AP reported last week that L&M Group Investments Ltd's (L&M)
wholly owned subsidiary L&M Petromas Pte Ltd (the Company) has
on January 15, 2002 terminated the Share Purchase Agreement
dated August 21, 2001 (the Share Purchase Agreement) and the
Heads of Agreement dated November 22, 2001 (the Heads of
Agreement), both entered into with PT Moeladi and PT. Petroimpex
Nuansa Corporindo (the Vendors) on the two gas pipeline projects
in Indonesia.


SPP LIMITED: Releases Director Appointment Notice
-------------------------------------------------
SPP Limited announced the appointment of director David Lee Kay
Tuan on January 2.

Name: David Lee Kay Tuan
Age: 34
Country of principal residence: Singapore
Whether appointment is executive, and if so, the area of
responsibility: Executive Director, Legal and Administration

Working experience and occupation(s) during the past 10 years:
1993 to 1994
Legal Associate, Messrs G Raman & Partners

1994 to 30 November 2001
Managing Partner, Messrs Ang & Lee

Mr David Lee established Messrs Ang & Lee in July 1994. The firm
is listed in the "Asia's Leading Law Firms" directory by Asia
Law & Practice as among one of twelve from Singapore. The firm
is also listed in the International Directory of IP Law Firms
2000, a UK publication. Mr David Lee has over the years built up
significant practice experience in civil litigation, company
law, banking law, insolvency law, probate and family law,
criminal litigation and intellectual property law. Besides legal
matters, Mr Lee was involved in the management of the firm,
human resource and client relationship matters. Mr Lee was also
trained in arbitration and mediation and has set up intellectual
property law and technology law practice in Singapore Science
Park 2.

5 December 2001 to current
Executive Director, Legal and Administration
Tuan Sing Holdings Limited

Other directorships

Past:
Nil

Present:
Tuan Sing Holdings Limited
Shareholding in the listed issuer and its subsidiaries: Nil

Family relationship with any director and/or substantial
shareholder of the listed issuer or of any of its principal
subsidiaries: (1) Son-in-law of Mr Liem Tek Siong and Mdm Go
Giok Lian, the deemed substantial shareholders of SPP Limited.

(2) Cousin-in-law of Mr Lei Huai Chin, an Executive Director of
SPP Limited.

Declaration by a Director, Executive Officer or Controlling
Shareholder as Required
( Per Appendix 15)

1(a) Were you in the last 10 years involved in a petition under
any bankruptcy laws in any jurisdiction filed against you ?
No

1(b)  Were you in the last 10 years a partner of any partnership
involved in a petition under any bankruptcy laws in any
jurisdiction filed against it while you were such a partner?
No

1(c) Were you in the last 10 years a director or an executive
director of any corporation involved in a petition under any
bankruptcy laws in any jurisdiction filed against it while you
were such a director or executive officer?
No

2. Are there any unsatisfied judgments outstanding against you?
No

3. Have you been convicted of any offence, in Singapore or
elsewhere, involving fraud or dishonesty punishable with
imprisonment for 3 months or more, or charged for violation of
any securities laws? Are you the subject of any such pending
criminal proceeding?
No

4. Have you at any time been convicted of any offence, in
Singapore or elsewhere, involving a breach of any securities or
financial market laws, rules or regulations?
No

5. Have you received judgment against you in any civil
proceeding in Singapore or elsewhere in the last 10 years
involving fraud, misrepresentation or dishonesty? Are you the
subject of any such pending civil proceeding?
No

6. Have you been convicted in Singapore or elsewhere of any
offence in connection with the formation or management of any
corporation?
No

7. Have you ever been disqualified from acting as a director of
any company, or from taking part in any way directly or
indirectly in the management of any company?
No

8. Have you been the subject of any order, judgment or ruling of
any court of competent jurisdiction, tribunal or governmental
body permanently or temporarily enjoining you from engaging in
any type of business practice or activity ?
No

9. Have you , to your knowledge, in SIngapore or elsewhere, been
concerned with the management or conduct of affairs of any
company or partnership which has been investigated by an
inspector appointed under the provisions of the Companies Act,
or other securities enactments or by any other regulatory body
in connection with any matter involving the company partnership
occurring or arising during the period when you were so
concerned with the company or partnership?
No

TCR-AP reported last year that SPP Limited (the Company or SPP)
has completed a restructuring exercise pursuant to which,
172,625,484 new ordinary shares of $0.05 each in the share
capital of the Company (the New SPP Shares) were allotted and
issued to SPP's holding company, Tuan Sing Holdings Limited.


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


NATIONAL FERTILISER: Seeks Funds for Raw Materials Purchase
-----------------------------------------------------------
National Fertiliser Plc has sought a loan of Bt900 million to
fund purchases of raw materials for fertilizer production
from Bangkok Metropolitan Bank, Bangkok Post reports, citing
company's Acting Chief Executive Officer Wisanu Niwesmarintra.

The company hoped the bank would approve the new loan by March
so that fertilizer could be produced in time to supply farmers
before the coming crop year.  This would help the company hold
prices at current levels.

National Fertiliser has an accumulated debt of Bt8.8 billion
plus unpaid accrued interest of Bt1.5 billion.  The debt was
transferred to the TAMC for restructuring.  The company has
urged the TAMC to speed up the restructuring process so that it
can obtain new funds for its operation.


RAIMON LAND: Posts Capital Increase Form Report
-----------------------------------------------
Raimon Land Public Company Limited (Company), whose office is at
the 22nd Floor, Unit 2201-3, The Millennia Tower, 62 Langsuan
Road, Kwaeng Lumpini, Khet Pathumwan, Bangkok, notified the
reduction of the registered capital, increase of the registered
capital and allotment of the capital increase shares under the
Business Rehabilitation Plan of the Company as:

1.      Capital Increase.

        The Central Bankruptcy Court issued an order approving
the Business Rehabilitation Plan of the Company on 8 November
2001.  According to the Business Rehabilitation Plan, it
provides for the Plan Administrator to carry out the reduction
of the registered capital and increase of the registered capital
of the Company.  On 28 January 2002, the Plan Administrator
therefore proceeds under the Business Rehabilitation Plan of the
Company to reduce the registered capital from the existing
amount of Bt700,000,000 to Bt9,372,000, by canceling the
13,200,000 unissued ordinary shares, par value of Bt10, mounting
to Bt132,000,000 and by reducing the Bt558,628,000 paid up
capital of the Company, divided into 55,862,800 shares, par
value of Bt10, resulting in the remaining paid up capital of
Bt9,372,000, divided into 937,200 shares, par value of Bt10.
After the Company reduces the registered capital, the Company
will increase the registered capital from the existing amount of
Bt9,372,000 to Bt249,920,000; namely, to increase the registered
capital by another Bt240,548,000 by issuing 24,054,800 new
ordinary shares, par value of Bt10, amounting to Bt240,548,000.

2.      Allotment of Capital Increase Shares.

2.1     The Plan Administrator will allot 24,054,800 newly
issued capital increase shares, par value of Bt10, amounting to
Bt240,548,000 under the Business Rehabilitation Plan of the
Company.

2.2     Unallotted shares remaining -None-.


3.      Setting the Date of Shareholders Meeting for Approval of
the Capital Increase and the Allotment of the Capital Increase
Shares.

        On 28 January 2002, the Plan Administrator exercises the
rights of the shareholders  under the Business Rehabilitation
Plan to proceed with the reduction of the registered capital and
increase of the registered capital including allotment of the
capital increase shares in lieu of the resolutions the
shareholders meeting.

4.      Approval of capital increase and allotment of capital
increase shares from the government agencies concerned and
conditions of approval (if any).

        The Company will register the capital reduction and
capital increase with the Registrar of the Public Company
Limited, Department of Commercial Registration, Ministry of
Commerce, and apply for listing the capital increase ordinary
shares as allotted to Investors and Unsecured Financial
Creditors as listed securities on the Stock Exchange of
Thailand.

5.      Objectives of capital increase and plans for utilizing
proceeds received from the capital increase.

To comply with the terms and conditions provided in the Business
Rehabilitation Plan of the Company.

6.      Benefits received by the Company from capital
increase/allotment of capital increase shares.

The Company can continue its business operations under the
Business Rehabilitation Plan.

7.      Benefits received by the Shareholders from capital
increase/allotment of capital increase shares.

The Company can continue its business operations under the
Business Rehabilitation Plan without being sued in bankruptcy
case.

8.      Other details necessary for the shareholders in support
of their decision in approval of capital increase/allotment of
capital increase shares. -None-

9.      Schedule of period of action (per attachment)

        The Company certifies that the information contained in
this Capital Increase Report Form is accurate and complete in
all respects.

SUBJECT                                                 DATE
Date of notification of the Plan
Administration's order to the SET         28 January 2002

Date of registration of reduction of the
registered capital                    14 February 2002

Date of registration of increase of the
registered capital                    15 February 2002

Date of notification of registration of capital
reduction to Shareholders         18 February 2002

Date of publication of registration of capital
reduction in daily newspaper         18 February 2002

Date of allotment and subscription for capital
increase shares            To be fixed by
    Plan Administrator

Date of registration of change of paid-up capital
After allotment of capital increase shares


SG STAR: Business Reorg Petition Filed in Bankruptcy Court
----------------------------------------------------------
The Petition for Business Reorganization of SG Star Property
Company Limited (DEBTOR), engaged in development of unmovable
property, was filed in the Central Bankruptcy Court:

   Black Case Number 185/2544

   Red Case Number 278/2544

Petitioner: SG STAR PROPERTY COMPANY LIMITED

Planner: SERI PREMIER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,212,563,835.25

Date of Court Acceptance of the Petition: March 14, 2001

Date of Examining the Petition: April 9, 2001 at 9.00 AM

Court postponed the date of the hearing: April 11, 2001 at 13.30
PM

Court Order for Business Reorganization and Appointment of
Planner: April 11, 2001

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

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: May 29, 2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: August 29, 2001

Appointment Date for the Meeting of Creditors to consider the
Reorganization Plan: September 27, 2001 at 9.30 am. Convention
Room no. 1105, Bangkok Insurance Building, South Sathorn Road,

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

Contact: Miss Umaporn Tel, 6792525 ext 142


* DebtTraders Real-Time Bond Pricing
------------------------------------

Issuer             Coupon   Maturity   Bid - Ask   Weekly change
------             ------   --------   ---------   -------------

Asia Pulp & Paper     FRN     due 2001     8 - 10     -0.5
Asia Pulp & Paper     11.75%  due 2005    28 - 30        0
APP China             14.0%   due 2010    21 - 24       +1
Asia Global Crossing  13.375% due 2006    34 - 37       -1
Bayan Telecom         13.5%   due 2006    19 - 21       +1
Daya Guna Sumudera    10.0%   due 2007   1.5 - 5.5       0
Hyundai Semiconductor 8.625%  due 2007    56 - 59       -2
Indah Kiat            11.875% due 2002  29.5 - 32.5     +0.5
Indah Kiat            10.0%   due 2007    24 - 26       +1
Paiton Energy         9.34%   due 2014    53 - 56        0
Tjiwi Kimia           10.0%   due 2004    20 - 22       +2
Zhuahi Highway        11.5%   due 2008    23 - 28        0

Bond pricing, appearing in each Thursday's edition of the
TCR-AP, is provided by DebtTraders in New York. DebtTraders is a
specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
information on institutional services, contact Scott Johnson at
1-212-247-5300. To view our research and find out about private
client accounts, contact Peter Fitzpatrick at 1-212-247-3800.
Real-time pricing available at http://www.debttraders.com/


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

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

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

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

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

                 *** End of Transmission ***