TCRAP_Public/020205.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Tuesday, February 5, 2002, Vol. 5, No. 25



ANACONDA NICKEL: Releases Commitments Test Entity Report
ANSETT GROUP: Seeks Continuous Operation
BULONG OPERATIONS: Issues December Production Report
DAVNET LIMITED: DavTel Sale Completed; Changes Board
NATIONAL RAIL: S&P Lowers Bonds To BBB-; CreditWatch Negative

OMNI GROUP: Posts AGM Results
QUOIN (INT): Sells Technology Business
QUOIN (INT): Settles Granville Motel Sale

C H I N A   &   H O N G  K O N G

BOLDCHOICE INDUSTRIAL: Winding Up Petition Set For Hearing
G-PROP HOLDINGS: Signs Conditional Sale, Purchase Agreements
GUANGDONG KELON: Board President Resigns, Cong Meng Takes Post
NAM FONG: March 1 Shareholders Special General Meeting Set
PACIFIC SYSTEM: Petition To Wind Up Pending

PEARL ORIENTAL: Shareholders Approve Resolutions at SGM
PROFIT CONTAINER: Winding Up Sought By Up Swing
VEDA STRATEGISTS: Faces Winding Up Petition
WEALTHY TURN: Hearing of Winding Up Petition Set


ASIA PULP: Creditors Reject Debt Plan
INDAH KIAT: Pays 9th Coupon


DAIWA BANK: Adopts S&P/TOPIX 150 for Pension Fund
KOTOBUKIYA CO: Eyes Aeon as Rehabilitation Sponsor
NEC CORPORATION: Ships Two Million USB 2.0 Host Controllers
NICHIMEN CORP: Former President Goto Suspected of Fraud
OJI PAPER: Sees Y21B FY Net Loss

SNOW BRAND: Three Senior Officials Accused of Cover-Up
SNOW BRAND: Raids Continue at Branches Over Fraud Labeling
SPORTS SHINKO: Golf Course Firm Goes Bankrupt
TDK CORP: Cuts 400 Additional Employees
TOSHIBA CORP: FMD Acquires SAW Filter Business


DAISHIN LIFE: Catches Three Acquisition Bidders
HYUNDAI MOTOR: Domestic Sales Increase 55%
HYUNDAI PETROCHEMICAL: Creditors to Accept Bids This Month
KUMHO GROUP: Creditor Banks to Provide Loans


JASATERA BERHAD: Files Suit Against Former Directors
JASATERA BERHAD: Financial Regularization Application Pending
KEMAYAN CORPORATION: Sale, Purchase Agreement Terminated
MANCON BERHAD: Strikes Off Dormant Subsidiaries
NAUTICALINK BERHAD: Advisors Formulate New Restructuring Plan

PANGLOBAL BERHAD: Awaits KLSE's Scheme Approval
PARIT PERAK: KLSE Grants One-Month RA Extension
SEAL INCORPORATED: Defaulted Payment Stands at RM54.5M
SRI HARTAMAS: Company Secretary Resigns
TIME ENGINEERING: Posts Change in Boardroom Notice


NATIONAL POWER: Cancels US$500M Bond Issue
NATIONAL POWER: Six Companies Vying For Assets, Says Arroyo


ADROIT INNOVATIONS: Posts Shareholder's Interest Notice
BOUSTEAD SINGAPORE: Issues Director's Interest Notice
CHEW EU: Executive Director Tan Hee Wee Resigns
MEDIARING.COM: Releases Worldwide Restructuring Notice
SEMBCORP LOGISTICS: Capital Group Changes Deemed Interest


DELTA ELECTRONICS: SET Halts Securities Trading
GENERAL ENGINEERING: Signs Debt Restructuring Contract With AIG
GUN KUL: Business Reorg Petition Filed in Bankruptcy Court

     -  -  -  -  -  -  -  -


ANACONDA NICKEL: Releases Commitments Test Entity Report
Anaconda Nickel Limited posted its quarterly report for entities
on a commitments basis:

Name of entity
Anaconda Nickel Limited

ACN or ARBN                Quarter ended ("current quarter")
23 060 370 783                 December 2001


Cash flows related to                     Current   Year to date
operating activities                      Quarter   (6 months)
                                          AUD'000      AUD'000

1.1  Receipts from customers               47,915       98,041
1.2  Payments for
       (a) staff costs                     (9,793)     (18,755)
       (b) advertising & marketing                -            -
       (c) research & development                 -            -
       (d) leased assets                          -            -
       (e) other working capital           (55,122)    (116,541)
1.3  Dividends received                           -            -
1.4  Interest and other items of
     a similar nature received                  351          879
1.5  Interest and other costs of
     finance paid                           (2,012)     (36,040)
1.6  Income taxes paid                            -            -
1.7  Other (provide details if material)
      (a) payments for undesignated hedge
          close outs                              -     (23,086)

1.8  Net Operating Cash Flows              (18,661)     (95,502)

Cash flows related to investing activities
1.9  Payment for acquisition of:
       (a) businesses (item 5)                    -            -
       (b) equity investments                     -            -
       (c) intellectual property                  -            -
       (d) physical non-current assets     (11,790)     (20,057)
       (e) other non-current assets               -            -
1.10  Proceeds from disposal of:
       (a) businesses                             -            -
       (b) equity investments                 1,266        1,266
       (c) intellectual property                  -            -
       (d) physical non-current assets            -            -
       (e) other non-current assets               -        1,250
1.11 Loans to other entities                      -            -
1.12 Loans repaid by other entities               -            -
1.13 Other (provide details if material)
   (a) exploration, evaluation & development(1,139)      (3,429)
   (b) payments to term deposits            (6,905)     (46,013)
   (c) proceeds from term deposits           5,855       42,090
   (d) sales revenue capitalized prior to
        commercial production                   427          427

     Net investing cash flows              (12,286)     (24,466)

1.14 Total operating and
     investing cash flows                  (30,947)    (119,968)

Cash flows related to financing activities
1.15 Proceeds from issues of
     shares, options, etc.                        -      140,257
1.16 Proceeds from sale of
     forfeited shares                             -            -
1.17 Proceeds from borrowings                19,436       19,436
1.18 Repayment of borrowings                (3,844)    (125,906)
1.19 Dividends paid                               -            -
1.20 Other (provide details if material)
       (a) share issue costs                   (66)      (3,240)
       (b) finance lease payments           (3,079)      (3,125)

     Net financing cash flows                12,447       27,422

     Net increase (decrease) in cash held  (18,500)     (92,546)

1.21 Cash at beginning of quarter/
     year to date                            22,612       96,734

1.22 Exchange rate adjustments to item 1.20     302          226

1.23 Cash at end of quarter                   4,414        4,414

                                                 Current Quarter

1.24 Aggregate amount of payments to
     the parties included in item 1.2                     4,247

1.25 Aggregate amount of loans to the
     parties included in item 1.11                            -

1.26 Explanation necessary for an understanding
     of the transactions



2.1  Details of financing and investing transactions which have
had a material effect on consolidated assets and liabilities but
did not involve cash flows


2.2  Details of outlays made by other entities to establish or
increase their share in businesses in which the reporting entity
has an interest


Add notes as necessary for an understanding of the position.

                                            Amount       Amount
                                           available       used
                                           AUD'000      AUD'000

3.1  Loan facilities
     (a) Senior Secured Fixed and Senior
         Secured Floating Rate Notes       789,525      789,525
     (b) Glencore Loan (i)                 19,436       19,436

3.2  Credit standby arrangements
      (a) Raw Material Credit Facility      15,000        7,327
      (b) Glencore Facility (ii)            39,085       12,703

(i) On 9 January 2002, shareholders approved a number of
agreements that had been entered into with Glencore
International AG,(Glencore). These arrangements included a
US$35.8m working capital facility that provided US$25.8m to
payout all existing obligations under a forward sale arrangement
with Glencore and an additional US$10m which had been advanced
in November 2001.

(ii) Under these agreements, Glencore had agreed to enter into
further negotiations with Anaconda for an additional advance of
US$20m. The Company has concluded negotiations in respect of
US$6.5m of this facility. In addition, final negotiations are
underway in respect of the remaining US$13.5m.


Reconciliation of cash at the end           Current     Previous
of the quarter (as shown in the             quarter      quarter
consolidated statement of cash flows)       AUD'000      AUD'000
to the related items in the accounts
is as follows.

4.1  Cash on hand and at bank                 4,414       24,189
4.2  Deposits at call                             -            -
4.3  Bank overdraft                               -      (1,577)
4.4  Other (provide details)                      -            -

Total: cash at end of quarter (item 1.22)**   4,414       2,612

** Total cash and term deposits on hand as at 31/12/2001 was


                                 Acquisitions        Disposals
                                 (item 1.9(a))      (Item

5.1 Name of entity               -                 -

5.2 Place of incorporation
    or registration              -                 -

5.3 Consideration for
    acquisition or disposal      -                 -

5.4 Total net assets             -                 -

5.5 Nature of business           -                 -

ANSETT GROUP: Seeks Continuous Operation
Mark Francis Xavier Mentha and Mark Anthony Korda,
Administrators of the Ansett Group, have filed an application
(v3015/02) seeking directions to permit the Administrators to
extend the operations of the Ansett mainline business.  The
matter was mentioned at 10.30 am Friday 1 February before
Justice Goldberg of the Federal Court of Australia.

The hearing of the matter is currently scheduled for Wednesday 5
February 2002, at 2.30 pm, in the Federal Court of Australia,
305 William Street Melbourne 3000.  Go to see copy of
the application.

BULONG OPERATIONS: Issues December Production Report
Preston Resources Limited informed that Bulong Operations
completed a major scheduled maintenance shut down in November
2001. Since decommissioning, the plant has achieved good
performance resulting in record nickel production for December.
Performance improvements were manifest in plant availability (98
percent) and nickel recovery (87.6 percent). Nickel produced was
a record 677.4 tons. Operating costs were significantly less
than forecast.


A number of injuries occurred, however, none resulted in any
lost time. There were four environmental incidents reported
internally during the month. None of these required reporting to
statutory authorities.

Production statistics for the month of December are shown in the
table below:

PRODUCTION               This       This        YTD         YTD
                         Month      Month      Actual     Target
High Level KPA's

Leach Feed dt       44,302       48,606      220,341     260,426
Leach Feed %Ni       1.75         1.76        1.79         1.78
Leach Feed %Co       0.114        0.126       0.128        0.121
Ni metal Output t   602.91       763.1       3,062.0     3,939.7
Co metal Output t    34.8         51.4        178.3       2,52.6
Ni Inventory change t74.5         0.000      159.44       0.000
Co lnventory change t-3.1         0.000      -1.94        0.000
Plant Recovery %Ni   87.6         89.0        81.7         85.0
Plant Recovery %Co   62.9         84.0        62.6         80.3
Ni output Quality     0.0          75.0         0.0         75.0
%above specification
Co output Quality %   0.0          75.0        19.4         75.0
above specification
Key:   t - tonnes, dt - dry tonnes

Nickel and cobalt production improved significantly this month,
with both the leach plant and refinery performing well,
particularly towards the end of the month. Overall nickel
production (metal output plus inventory increase) was a record
677.4t. Cobalt metallurgical recovery improved significantly
resulting in production of 31.6t cobalt.

Processing plant availability was 98 percent for the month of
December and nickel recovery was 87.6 percent. Both recovery and
availability set new record performance levels.

Process plant nickel inventories continued to rise, with most
accumulating as starter sheet stocks required for the production
of commercial nickel cathode. Starter sheet stocks are now at a
healthy level and the rate of production of starters will be
reduced to ease the impact on metal inventories. This will be
accomplished by converting some of the starter cells back to
commercial production cells.


Mine production activities were carried out in the Albion-2,
Foundry, Criterion and Gala pits. A total of 219,545 bank cubic
meters (BCM) was mined from the pits.

Clearing and topsoil removal was completed within a provisional
pit limit for the commencement of the Boulder Block pit
development. The topsoil was hauled to the Albion waste dump to
facilitate rehabilitation. Topsoil and brush spreading was part
completed for the Federal waste dump.

Grade Control activities comprised treching in the Foundry and
Gala pits, and close spaced (10m x 10m) drilling in the Foundry


A total of 44,302 dry tons at a grade of 1.75 percent nickel was
fed to the ore leach at an average throughput of 60.8 tons per
hour. The lower throughput rate was associated with repairing
heater pumps, logwasher shutdowns and reduced throughput
required while stabilizing partial neutralization (PN).

The leach plant availability was 98.0 percent. The only
significant down time was associated with lack of feed due to
the ore preparation product screen failure.

The autoclave nickel extraction improved to 93.2 percent. The
acid pumps performed well running for 99.0 percent of the
autoclave feed pump operating time.

The ore preparation circuit had an availability of 84.4 percent.
Most downtime was associated with scheduled shutdowns to repair
logwasher paddles, and failure of the final product screen.

The ore preparation circuit achieved an average throughput of
91.9 tomes per hour and scats reject rate of 23 percent. The ore
preparation feed grade was 1.53 percent nickel which equated to
an upgrade of 14 percent (achieved through the rejection of low-
grade scats).

Counter current decantation wash recovery increased
significantly to 95.4 percent due to better control achieved by
steady-state operations.

Pregnant liquor storage (PLS) quality was improved with an
average of 2.7mg/l iron and 105 mg/l solids.


The refinery nickel recovery increased from 96.0 percent to 97.8
percent. Nickel treated through the refinery was a record 677.4
tonnes. 602.9t of commercial nickel cathode was produced and
inventory increased by 74.5 tons as nickel in electrolyte,
cathode and starter sheets.

The refinery cobalt recovery was vastly improved at 71.9
percent, and should improve further, after modifications in late
December were completed and further deliveries of cyanex are
received. Cobalt sales were 17t below plan as a result of the
continued low Co SX recovery and lower than planned cobalt
refinery recovery despite a large improvement from the previous

Overall refinery availability was good at 98.5 percent, due to
the ability to run for extended periods brought about by
replacement of the contaminated nickel extractant during the
scheduled shut down in October/November.

Cobalt solvent extraction averaged 89.2 percent cobalt recovery
at 99.5 percent viability. The main issue is the cobalt
extractant concentration in the circuit.

Nickel solvent extraction averaged 97.8 percent nickel recovery
at 98.5 percent availability.

Total cobalt production for December was 34.8 tons of cobalt
contained in sulphide because it was unsuitable for further
processing to cathode due to impurity levels. Soluble and solid
cobalt losses have vastly improved compared with the previous

The availability of Ni EW was 99.0 percent. The tankhouse
achieved a current efficiency of 71 percent during December.
Additional cells were brought on line as anodes and cathode bags
became available.

Starter sheet availability negated the requirement to use steel
starters to grow commercial nickel cathode. This reduced the
levels of iron in product shipped to an acceptable level however
cobalt in commercial nickel cathode remained higher than target
product specifications.


                                    THIS   THIS   YTD       YTD
High Level KPAs                 MONTH  MONTH  OR 12MMA  OR 12MMA
                                 ACTUAL TARGET ACTUAL    TARGET

$ Total Labour Cost per t Base metal  2536   2271   4179    2954
# Full Time Equivalent (FTE)          223.6  225    -        225
% Turnover rate (12 MMA)              -      -      34.4    20.0
Manning levels - %Contractors         21.9   20.0   -         -

Manning levels rose be six (6) over the month, however, total
full time employees remain below target.

Transfer of long term contractors to staff continues with five
(5) personnel joining BNO. The percentage of contractors making
up the workforce increased from 16.6 percent last month to 21.9
percent this month.


                                   THIS     THIS     YTD     YTD
High Level KPAs                    MONTH    MONTH
                                ACTUAL   TARGET   ACTUAL  TARGET

Operating Cost $ M              6.774    7.285    45.830  45.889
Capital Cost $ M                0.175    0.838    N/A(?)  4.922
$ Cost / tonne base metal       10624    8944     14144   10946
$ Cost / tonne (leach) ore
treated         152.91   149.88   207.99  176.21

Operating costs were significantly below budget (by $511,000), a
reflection of the steady plant operation and cost reduction
efforts over many months.

Year to date costs are on budget. Major cost impacts include:

* Contract mining costs higher due to change in mine schedule.

* Grade control costs higher with an increase in activity due to
Foundry pit.

* Leach costs were just under budget, with steady state plant
performance and high availability.

* Refinery costs were significantly below budget due to lower
reagent consumption

* Maintenance costs are significantly below budget due to the
amount of work completed during the major shutdown.


Contract mining costs were above budget due to changes in the
mining schedule to provide higher plant feed grades as reflected
in recent mine production and plant feed schedules.

Increased material movement for ore to ROM, ore to mints, and
waste mining were the main contributors to increased contract
mining costs.

Increased grade control costs were due to increased activity
including the completion of drilling in the base of the Federal
pit and the start of the Foundry pit drilling program. These
activities increased the costs for assays and consumables.
Trenching in the Gala pit also contributed to the increased

Monthly unit rates are low compared to budget and year to date
expectations due to the above budget production volumes and the
high tonnage of ore mined with the change in the mine schedule
and pit extraction sequence.


Total costs were 4 percent below budget at $2,362,781 or
$53.33/t of ore leached (budget $54.15/t).

Acid consumption was on budget at 462 kg/t of ore leached.

Peroxide unit consumption was 41 percent higher then budget at
2.0l/t. The increased consumption was associated with increase
usage for control of iron and the alternative dosing point (PN
thickener overflow) not achieving the expected reduction.

Limestone consumption averaged 129kg/t of ore leached, 3 percent
above budget. A saving in quicklime considerably offset this
increased cost. Quicklime consumption was down to 13kg/t of ore
leached, 25 percent below budget.


Refinery costs were 12.3 percent under budget for the month. The
major cost variances were:

* Ammonia was $86,000 under budget as a result of slightly lower
than planned output and improved utilization in Ni SX.

* Cobalt extractant was $160,000 under budget as none was added
to the circuit in December.

* Nickel extractant was $35,000 over budget as a result of high
losses (a plant modification has been subsequently implemented
to reduce the losses).

* Anodes were $80,000 over budget as a result of the increased
numbers purchased in December to bring the additional cells on-

* Cathode bags were $76,000 over budget as a result of bringing
the additional cells on-line and the poor cell conditions at the
beginning of the month.


Maintenance cost for the month was $575,352 (19 percent below
budget). Major areas which were over budget were ore preparation
(100 percent over), CCD/PN (60 percent over), and cobalt
purification (25 percent over). A significant proportion of the
cost incurred in ore preparation was due to the increase in
logwasher maintenance. CCD/PN cost increase was mainly due to
pump rebuilds.

Leaching costs were only slightly over budget with the majority
of the costs being mechanical parts incurred while rebuilding
the majority of the heater pumps and doing significant repairs
to the autoclave feed pumps.

Year to date costs, are almost $750,000 over budget. $170,000 of
operational shutdown costs, in relation to dam dredging and
autoclave descaling, and $75,000 of engineering costs are
included in the year to date maintenance costs.


Costs for the month were just under budget ($25,000). Year to
date costs are under budget by $194,000.

Mine Services costs were over budget by $10,000 due to
environmental rehabilitation costs being charged out this month.
This was related to topsoil spreading at the Federal waste dump

Metallurgical Services costs were below budget by $20,000 due to
lower Research and Development expenditure. This reflects the
lower activity experienced over the Christmas period.

Engineering Services, including Project and Planning, was on
budget, with no major variances to report.


Commercial costs were significantly below budget, primarily due
to a stock adjustment in the Supply department (- $152,000).

Human Resources costs were low, with relocation, agency fees,
and travel and accommodation costs being low as a result of the
Christmas period.

Insurance costs remain higher than budget ($36,000), a
reflection of the increased premiums that are now being applied
across the industry.


The tables below summaries the breakdown of costs for the month
of December.



                      ($)         ($)                    (%)

Supply                -8,214      127,483   135,697      106%
Human Resources       18,515       39,281    20,766       53%
Site Administration  384,032      413,233    29,201        7%
TOTAL                394,333      579,997   185,664       32%

                      ($)         ($)                    (%)

Supply                617,667      764,898   147,231      19%
Human Resources       104,050      231,686   127,636      55%
Site Administration 2,702,639    2,487,841  -214,798      -9%
TOTAL               3,424,356    3,484,425    60,069       2%


UNIT               ACTUAL      PLAN       VARIANCE     VARIANCE
                      ($)         ($)                     (%)

Mining                818,464      563,541   -254,923      -45%
Leaching            2,362,781    2,452,836     90,055        4%
Refining            2,388,510    2,722,738    334,228       12%
Occ Health & Safety    62,442       88,519     26,077       29%
Maintenance           575,352      684,739    109,387       16%
TOTAL               6,207,549    6,512,373    304,824        5%

UNIT               ACTUAL      PLAN       VARIANCE     VARIANCE
                      ($)         ($)                     (%)

Mining              4,469,121    4,134,249   -334,872       -8%
Leaching           13,748,482   14,102,726    354,244        3%
Refining           15,610,432   16,127,562    517,130        3%
Occ Health & Safety   517,509      535,114     17,605        3%
Maintenance         6,827,651    6,078,037   -749,614      -12%
TOTAL              41,173,195   40,977,688   -195,507        0%


                      ($)         ($)                     (%)

Mining                 42,119     32,554      -9,565       -29%
Technical Services     20,188     40,226      20,038        50
Process Control         6,406     25,395      18,989        75%
Engineering           103,769     94,528      -9,241       -10%
TOTAL                 172,482    192,703      20,221        10%

                      ($)         ($)                     (%)

Mining                161,700     195,324     33,624        17%
Technical Services    326,745     241,356    -85,389       -35%
Process Control        45,223     152,370    107,147        70%
Engineering           698,341     837,374    139,033        17%
TOTAL               1,232,009   1,426,424    194,415        14%


UNIT                ACTUAL      BUDGET     VARIANCE     VARIANCE
                      ($)         ($)                     (%)

Commercial            394,333      579,997    185,664       32%
Operations          6,207,549    6,512,373    304,824        5%
Production Services   172,482      192,703     20,221       10%
TOTAL               6,774,364    7,285,073    510,709        7%

                      ($)         ($)                     (%)

Commercial          3,424,356    3,484,425     60,069        2%
Operations         41,173,195   40,977,688   -195,507        0%
Production Services 1,232,009    1,426,424    194,415       14%
TOTAL              45,829,560   45,888,537     58,977        0%


UNIT                ACTUAL      PLAN       VARIANCE     VARIANCE
                      COST/T      COST/T                  (%)
                      BASE        BASE
                      METAL       METAL

Commercial             618.40      712.06        93.66      13%
Operations           9,734.86    7,995.24    -1,739.62     -22%
Production Services    270.49      236.58       -33.91     -14%
TOTAL               10,623.75    8,943.89    -1,679.87     -19%

UNIT               ACTUAL      PLAN       VARIANCE     VARIANCE
                      COST/T      COST/T                  (%)
                      BASE        BASE
                      METAL       METAL

Commercial            1,056.82     831.16      -225.66     -27%
Operations           12,706.85   9,774.63    -2,932.22     -30%
Production Services     380.22     340.25       -39.97     -12%
TOTAL                14,143.90  10,946.05    -3,197.85     -29%

UNIT                ACTUAL      PLAN       VARIANCE     VARIANCE
                      COST/T      COST/T                  (%)
                      ORE         ORE
                      TREATED     TREATED

Commercial              8.90        11.93      3.03         25%
Operations            140.12       133.98     -6.14         -5%
Production Services     3.89         3.96      0.07          2%
TOTAL                 152.91       149.88     -3.03         -2%

UNIT               ACTUAL      PLAN       VARIANCE     VARIANCE
                      COST/T      COST/T                  (%)
                      ORE         ORE
                      TREATED     TREATED

Commercial             15.54        13.38     -2.16        -16%
Operations            186.86       157.35    -29.51        -19%
Production Services     5.59         5.48     -0.11         -2%
TOTAL                 207.99       176.20    -31.79        -18%

                    DEC 2001

Nickel Sales        6,165,335
Cobalt Sales          213,581


Estimates of quarterly metal output, through to September 2002
are shown in the table following.

                              (in tonnes)

31/03/2002             1,825              136
30/06/2002             1,834              138
20/09/2002             2,343              179


Improved plant performance has continued into January. A
concerted effort is being maintained to continue operations in a
steady state to minimize process irregularities and maintain
constant throughput. Performance in February will be lower then
prior periods due to the short month and a planned maintenance
shut down scheduled for three days.

DAVNET LIMITED: DavTel Sale Completed; Changes Board
Davnet Limited announced that Friday, 31 January, 2002, it
completed the sale of its 51% interest in Davnet
Telecommunications Pty Limited (DavTel) to NTT Australia Pty Ltd
for $16 million.  Proceeds from the repayment of various loan
balances from DavTel and its subsidiaries have contributed a
further $4.3 million.

The $2.9 million of borrowings and accrued interest owed by
Davnet Limited to Denford, a subsidiary of the Investment
Company of China (ICC), have been repaid in full on Friday, and
the charge over the Company's assets has been released.

As a result of the debt repayment, and as previously announced,
ICC's representatives on the Board, Mr Bill Kocass and Mr Alex
Adamovich, resigned Friday as Directors of the Company. ICC have
previously announced their intention to maintain their
substantial shareholding in Davnet Limited for at least the near
term, and will therefore continue to have a relationship with
the Company in this capacity.

The Davnet Board thanked Mr Kocass and Mr Adamovich for their
service and efforts, noting that they have been instrumental in
successfully guiding Davnet through its financial difficulties.

The Board appointed Mr Jean-Marie Simart, a current non-
executive director of Davnet Limited, as Chairman to fill the
vacancy created by Mr Kocass' resignation. Mr Simart has been
leading Davnet's efforts in identifying and evaluating
investment opportunities for the Company. The Company continues
to pursue acquisition and merger opportunities in the
Information Technology and Telecommunications sectors.

The Directors have also appointed Mr Mark Hubbard, currently
Davnet's chief financial officer and company secretary, to the
Board. Mr Hubbard is a proven executive with over 21 years of
professional and commercial experience, holding senior financial
and operational positions in the Finance and Telecommunications
industries over the last 16 of those years. He has pursued a
successful career by specializing in the establishment,
implementation and management of financial controls, operational
procedures, funding solutions, profit development, and financial
& strategic planning initiatives in young, high-growth

The change of name by the Company to DVT Holdings Limited, as
approved by shareholders at a general meeting on 23 January
2002, will become effective on Friday 1 February 2002 when the
Australian Securities and Investments Commission have altered
the Company's registration accordingly.

NATIONAL RAIL: S&P Lowers Bonds To BBB-; CreditWatch Negative
Standard & Poor's lowered on Friday its long-term rating on
National Rail Corp. Ltd.'s (NRC) US$220 million debentures to
`BBB-' from `A-' following the announcement Thursday to sell NRC
to an unrated entity, National Rail Consortium Pty. Ltd. The
debenture rating is now the same as NRC's corporate credit
rating. The ratings remain on CreditWatch with negative
implications, where they were placed on Dec. 20, 2001, in view
of the planned sale.

NRC's debentureholders have a put option, that is, the right to
request the company to buy back the debentures, upon change of
NRC's ownership. The sale process is expected to be completed in
a period of three weeks; until that time NRC will remain
government-owned. Standard & Poor's expects most of the
debentureholders to exercise their put option when the sale is
completed because of the weaker credit profile of the new owner.
The new owner, National Rail Consortium Pty. Ltd., is a joint
venture between two unrated entities, Toll Holdings Ltd. and
Land Corp. Ltd. The operating interests of the joint venture
partners-which are in diversified but competitive business
segments, including rail freight operations-suggest that they
will have a subinvestment-grade credit profile.

"The change in the debenture rating signals waning government
support to NRC and imminent exposure of the debentureholders to
a significantly weaker owner," said Parvathy Iyer, associate
director, Corporate & Infrastructure Ratings.

"Standard & Poor's expects the debentures will be redeemed by
the new owners," said Ms. Iyer. "Although this has not been
announced, the sale proposal would have taken into account the
ability of the new owners to meet the put option."

Resolution of the CreditWatch and the maintenance of the ratings
depend on Standard & Poor's being able to meet with the new
owners to assess their business and financial strategies for the
new business. The ratings could be withdrawn if adequate
information is not available. NRC's rating currently benefits
from the strength of its joint ownership by the federal,
Victorian, and New South Wales governments.

OMNI GROUP: Posts AGM Results
The Chairman of Omni Group limited announced to the meeting that
18 valid proxies have been received by the company, representing
2,693,456 shares.  For the resolution: 6 proxies numbering
1,224,026 shares. Against: 1 proxy numbering 8,000 shares and to
vote at the proxy holders discretion; 11 proxies representing
1,461,430 shares. The Chairman indicated he would vote 9 proxies
numbering 948,414 shares in favor of the resolution.  Proxies
were the same for all resolutions.

Resolution 1 -"That Graeme Green be elected as a director of

The resolution was carried unanimously on a show of hands.

Resolution 2 - "That Jim Green be elected as a director of OMNI"

The resolution was carried unanimously on a show of hands.

Resolution 3 - "That Mal Weston be elected as a director of

The resolution was carried unanimously an a show of hands.

Resolution 4 - "That John Sharpe be elected as a director of

The resolution was carried unanimously on a show of hands.

Resolution 5 - "That Ross Homard be elected as a director of

The resolution was carried unanimously on a show of hands.

All directors were re elected.

The meeting closed at 10:1Oam on January 31, 2002.

QUOIN (INT): Sells Technology Business
The Board of Directors of Quoin (Int) Limited announce that they
have entered into a contract of sale for the business of Quoin
Technology Pty Ltd and intend to seek shareholders approval of
the sale at a forthcoming general meeting of shareholders in
accordance with listing rule 10.1.

The business performance and profitability expectations of Quoin
Technology Pty Ltd have not been realized due to a variety of
causes including, but not limited to, a change of emphasis from
its historical core business to several new research and
development projects which have not resulted in any appreciable
revenue but rather have contributed substantially to QIL's

Details of the sale to Electronic Business Lawyers Pty Ltd, a
company associated with Christopher Clifford a former of Quoin
(Int) Limited are as follows:

The assets being sold include plant, equipment, all computers,
computer systems and the contents thereof, stock, Seller's
receivables, the rights of the Seller under existing client
Contracts, all Intellectual Property, the goodwill of the
Business, all client files, all documents and records relating
to the operation of the business, all specified business names
together with the name Quoin Technology and copies of all
financial records which relate in any way to the existing client
Contracts but excluding the financial records and other
documents required by the Seller to comply with its statutory

Consideration for the sale of the assets is:

I.  The purchaser will sell to Quoin (Int) Ltd 21,157,155 Quoin
(Int) Ltd shares for $21,157.00

II. The purchaser shall take over Quoin Technology Pty Ltd
creditors to the vale of $285,000

III. The purchaser shall assume all leave entitlements of Quoin
Technology Pty Ltd to its staff to a maximum of $75,000

IV. The purchaser shall pay out $700,000 owing by Quoin
Technology Pty Ltd to Australian Tax Office

V.  Three related creditors shall forgive Quoin Technology Pty
Ltd of debts of $790,000

VI. The purchaser shall issue 10% of the issued shares in the
Purchasing entity Electronic Business Lawyers Pty Ltd as
security for the repayment of $530,000 to Quoin (Int) Ltd by
the purchaser.

The completion date pursuant to the contract of sale is on or
before 19th February 2002 or subject to shareholders approval
whichever is later.

In the interim, shareholders will be kept apprised of any other
relevant developments.

QUOIN (INT): Settles Granville Motel Sale
Further to the Director's ASX Release dated 25 September 2001
advising that the Granville Motel was sold, the Bank of South
Pacific appointed a Receiver to Quoin (Int) Limited pending
settlement of the aforesaid sale.

The Motel was sold for K4,500,000 (approximately AUD2,785,687)
and the proceeds of sale at settlement were applied to discharge
in part the debt owing to Bank of South Pacific.

The Chairman of the Board of Directors, Mr Moishe Gordon has
negotiated a re-financing package with the Bank of Melbourne for
the purpose of discharging the balance of Quoin (Int) Limited
debt owing to the Bank of South Pacific being approximately
K2,503,870 (approximately AUD1,550,000), thereby and
facilitating removal of the Receiver of Quoin (Int) Limited
which is anticipated to be concluded by 31 January 2002.

It is to be noted that Mr Moishe Gordon has agreed to personally
loan to Quoin (Int) Limited the funds required to discharge the
debt, at commercial rates of interest of 12 percent per annum
being substantially less than 23 percent per annum being
currently charged by the Bank of South Pacific, subject to
shareholder approval and an independent expert report in
accordance with listing rule 10.1.

The Bank of Melbourne has requested that the borrowings be
additionally secured by mortgages in favor of the Bank of
Melbourne over properties held by IHL Australia Pty Ltd a fully
owned subsidiary of Quoin (Int) Limited, previously secured by
the Bank of South Pacific.

C H I N A   &   H O N G  K O N G

BOLDCHOICE INDUSTRIAL: Winding Up Petition Set For Hearing
The petition to wind up Boldchoice Industrial 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 5, 2001 by Bank of China (Hong Kong) Limited
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.

G-PROP HOLDINGS: Signs Conditional Sale, Purchase Agreements
G-Prop Holdings Limited on 28th January 2002, entered into
conditional sale and purchase agreements with each of the
Vendors, pursuant to which the Company agreed to acquire:

  *  the entire issued share capital of I-Space.Com together
with the rights, interests and benefit of the amount due to
Great Empire by I-Space.Com and Boria respectively as at the
Completion Date; and

  *  the entire issued share capital of Regal Leader together
with the rights, interests and benefit of the amount due to Paul
Y. by Regal Leader as at the Completion Date.

The principal assets of I-Space.Com mainly comprise the Godown
Property. The principal assets of Regal Leader mainly comprise
the Golden Hall Property I and the Golden Hall Property II. The
estimated aggregate consideration of the Proposed Acquisitions
amounts to approximately HK$153.2 million which was determined
after arm's length negotiation between the Company and the
Vendors with reference to the valuation of the Properties as at
31st December, 2001 by the Valuer and will be satisfied by way
of the issue of the Convertible Bonds.

The Company also entered into the Placing Agreement with the
Placing Agent on 28th January, 2002 in relation to the placing
of the Additional Bonds on a best endeavor basis. The principal
amount of the Additional Bonds is up to an aggregate of
HK$100,000,000. The net proceeds from the placing of the
Additional Bonds will be used to expand the energy saving
machine business of the Group, invest in an associated company
of the Company and apply as general working capital of the

The Proposed Acquisitions constitute a major transaction for the
Company under the Listing Rules. Pursuant to Rule 14.23(1)(b) of
the Listing Rules, the Proposed Acquisitions also constitute a
connected transaction for the Company. Accordingly, the Proposed
Acquisitions are subject to, among other things, the approval of
the independent shareholders of the Company. A special general
meeting of the Company will be convened as soon as practicable
at which resolutions will be proposed to approve, among other
things, the Proposed Acquisitions and the related matters, and
the placing of the Additional Bonds.

A circular containing, inter alia, details of the Proposed
Acquisitions and the Placing Agreement, the advice of the
independent committee of the board of Directors, the letter of
advice from the independent financial adviser to the independent
committee of the board of Directors, the independent valuation
report on the Properties by the Valuer together with a notice
convening a special general meeting, will be dispatched to the
shareholders of the Company as soon as practicable.

Trading in the securities of the Company on the Stock Exchange
was suspended at the request of the Company with effect from
10:00 a.m. on 29th January, 2002 pending release of this
announcement. Application has been made by the Company for the
resumption of trading in the securities of the Company with
effect from 10:00 a.m. on 1st February, 2002.

GUANGDONG KELON: Board President Resigns, Cong Meng Takes Post
The Board of Directors (the Board) of Guangdong Kelon Electrical
Holdings Company Limited (the Company) announced that Mr Xu
Tiefeng has resigned as President of the Company with effect
from 30 January 2002.

Mr Xu has resigned as an executive director of the Company,
effective 23 December 2001. Mr Liu Cong Meng, who was appointed
as an executive director of the Company on 23 December 2001 and
who is the current Vice President of the Company, will take over
Mr Xu's position as President of the Company. The Board of the
Company hereby expresses its gratitude to Mr Xu for his
contribution to the Company.

NAM FONG: March 1 Shareholders Special General Meeting Set
Nam Fong International Holdings Limited (the Company) advised
that a Special General Meeting of Shareholders of the Company
will be held at Monaco Room, Basement 1, Regal Hongkong Hotel,
88 Yee Wo Street, Causeway Bay, Hong Kong on March 1, 2002 at
10:00 a.m. for the purpose of considering, and if thought fit,
passing this resolution which will be proposed as an Ordinary


"THAT RSM Nelson Wheeler, Certified Public Accountants, be and
are hereby, appointed as Auditors of the Company with immediate
effect, to hold office until the conclusion of the forthcoming
Annual General Meeting at a remuneration to be agreed by the


1.  Any Shareholder entitled to attend and vote at the Meeting
is entitled to appoint one or more than one to attend and vote
instead of him. A proxy need not be a Shareholder of the

2.  To be valid, a form of proxy in the prescribed form together
with the power of attorney or other authority (if any) under
which it is signed or a notarially certified copy thereof, must
be deposited at the Company's principal office in Hong Kong at
16th Floor, Dah Sing Financial Centre, 108 Gloucester Road,
Wanchai, Hong Kong not less than 48 hours before the time fixed
for holding the Meeting.

3.  With respect to the matter set out in the ordinary
resolution, approval is being sought from Shareholders to
appoint new auditors of the Company to replace KPMG who resigned
from the office of the Company's auditors on January 15, 2002.

PACIFIC SYSTEM: Petition To Wind Up Pending
The petition to wind up Pacific System Development Limited is
set for hearing before the High Court of Hong Kong on April 3,
2002 at 9:30 am.

The petition was filed with the court on January 10, 2002 by
Guardian Property Management Limited whose registered office is
situated at 7th Floor, Cityplaza One, 1111 King's Road, Taikoo
Shing, Hong Kong.

PEARL ORIENTAL: Shareholders Approve Resolutions at SGM
The directors of Pearl Oriental Holdings Limited (the Company)
announced that at the special general meeting (SGM) of the
Company held on 1 February 2002, the ordinary resolution
relating to the Asset Disposal Agreement (as amended by the
Supplemental Agreement) and the related connected transaction of
the Company as contained in the circular of the Company dated 16
January 2002 (the "Circular") was duly approved by the
independent shareholders of the Company.

The Asset Disposal Agreement (as amended by the Supplemental
Agreement) is expected to be completed on Tuesday, 5 February
2002 as disclosed in the Circular.

PROFIT CONTAINER: Winding Up Sought By Up Swing
Up Swing Agency Limited is seeking the winding up of Profit
Container Line Limited. The petition was filed on December 8,
2001, and will be heard before the High Court of Hong Kong on
February 20, 2002 at 9:30 am.  Up Swing holds its registered
office at 10th Floor, Kowloon Building, 555 Nathan Road,
Yaumatei, Kowloon, Hong Kong.

VEDA STRATEGISTS: Faces Winding Up Petition
The petition to wind up Veda Strategists 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 6, 2001 by
HSBC Trustee (Hong Kong) Limited whose registered office is
situated at No. 1 Queen's Road Central, Hong Kong.

WEALTHY TURN: Hearing of Winding Up Petition Set
The petition to wind up Wealthy Turn Limited was heard before
the High Court of Hong Kong on January 30, 2002 at 10:00 am.
The petition was filed with the court on September 6, 2001 by
Sin Hua Bank Limited to which the successor banking corporation
being Bank of China (Hong Kong) Limited pursuant to Bank of
China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167) and
whose registered office is situated at 1 Garden Road, Hong Kong.


ASIA PULP: Creditors Reject Debt Plan
The creditors' steering committee of Asia Pulp & Paper rejected
the proposed debt plan to pay its US$12.7 billion in 13 years,
DebtTraders reported.

KPMG, the committee's financial advisor,  was failed to complete
its financial review of the APP group due to insufficient
information from the group.  The committee also felt the
proposed plan should have included shareholders' contributions,
business plans, and a cash sweeping mechanism.

"We believe the results have been expected," DebtTraders
analysts, Daniel Fan (852-2537-4111) and Blythe Berselli (1-212-
247-5300) said.

DebtTraders reports that Asia Pulp's 11.75 percent bonds due on
2005 (APP7) are trading between 28.5 and 30.5. Go to
real-time bond pricing.

INDAH KIAT: Pays 9th Coupon
PT Indah Kiat Pulp & Paper (INKP) has paid the ninth coupon of
its bonds that matured on January 14, 2002 through PT Bank
Internasional Indonesia Tbk, as the payment agent, IndoExchange
reported Friday, citing INKP Vice President Director Hendra J.
Kosasih in its statement to the Jakarta Stock Exchange (JSX).

"The company is still preparing the final draft of its proposal
for restructuring its debts," Kosasih said, adding that the
draft of debt restructuring proposal could be submitted to the
creditors in a near future.


DAIWA BANK: Adopts S&P/TOPIX 150 for Pension Fund
Standard & Poor's, the world's leading provider of investable
equity indices, announced on January 30, 2002 that it has
licensed Daiwa Bank to create a portfolio for a corporate
pension fund based on the S&P/TOPIX 150 equity index, marking
the first usage of the index as a benchmark portfolio in Japan.

Daiwa Bank recently created the fund at the request of one of
its corporate pension plan clients. The fund will track the
total return of the S&P/TOPIX 150. Total return refers to the
return of the index combining both the price movement and the
returns from dividends of the stocks in the index. Based on
total return, S&P/TOPIX 150 has outperformed other benchmarks
tracking the Japanese market.

David Collins, Vice President of Standard & Poor's Index
Services in Tokyo said: "Being selected as the benchmark for
Daiwa Bank's new pension fund validates the superiority of the
S&P/TOPIX 150. The total return of the index is a very strong
selling point, and as pension plan sponsors increasingly take
care in choosing their benchmarks, we are confident they will
choose the S&P/TOPIX 150."

The Daiwa Bank, Ltd., The Kinki Osaka Bank, Ltd., and The Nara
Bank, Ltd. jointly established Daiwa Bank Holdings, Inc. on
December 12, 2001 through a transfer of shares. Upon completion
of these transactions, the three banks became wholly owned
subsidiaries of the holding company, which is capitalized at
Y380 billion. Asahi Bank and Daiwa Trust & Banking are also
expected to become subsidiaries of the holding company in fiscal
2001. Daiwa Bank Holdings was established with a view to create
a new management framework best suited for a "super-regional
bank" and to further improve the quality of its services for

Indices & Standard & Poor's

The S&P 500 Index is widely regarded as the standard for
measuring large cap U.S. Stock Market performance. Its
counterpart in Japan, the S&P/TOPIX 150 index, consists of the
actively traded, liquid shares of 150 large-cap companies
representing all 10 economic sectors within the S&P/MSCI Global
Industry Classification Standard (GICS). The 150 constituent
companies are chosen from a universe of publicly traded Japanese
companies, covering approximately 70% of the free-float adjusted
market capitalization of the TOPIX index universe. It also
represents the Japan portion of the S&P Global 1200, which is
made up of six regional indices, including the S&P 500 in the
United States and the S&P Europe 350 in Europe. S&P indices have
traded products on four continents. Futures and options on the

S&P/TOPIX 150 are traded on the Tokyo Stock Exchange (TSE) and
exchange traded funds (ETFs) based on the S&P/TOPIX 150 trade on
the TSE and the American Stock Exchange (AMEX).

Standard & Poor's, division of The McGraw-Hill Companies
(MHP:NYSE), is a leading global provider of financial
information and investment analysis. Included among its product
lines are corporate financial information, analytical services,
and credit ratings on more than 220,000 securities and funds
worldwide. With more than 5,000 employees located in 18
countries, Standard & Poor's is an integral part of the world's
financial architecture.

According to TCR-AP the Osaka High Court announced last month
that Daiwa Bank's forty-nine former and current executives
agreed to pay the bank Y250 million to settle a lawsuit, where
the court earlier ruled and ordered 11 of them to pay a
compensation of $775 million (about Y98.27 billion yen) for
losses related to unauthorized bond deals at its New York

Additional information is available at and

KOTOBUKIYA CO: Eyes Aeon as Rehabilitation Sponsor
Failed supermarket chain operator, Kotobukiya Co, is eyeing
retailer Aeon Co to become its sponsor for its rehabilitation,
Kyodo News reported Sunday. The Kumamoto-based Kotobukiya is the
largest supermarket chain in Kyushu. Aeon will make a final
decision after negotiating conditions such as outlets and
workers Aeon would accept.

TCR-AP reported that the company revealed last month that it
plans to cut the 2,200 employees on regular payroll, planning to
re-hire those seeking jobs under different contractual terms.
The scheme also calls for closing 44 of the supermarket's 134
retail outlets. Kotobukiya filed for court protection from
creditors on December 19 with total group liabilities of Y295.9

NEC CORPORATION: Ships Two Million USB 2.0 Host Controllers
NEC Corporation (Nasdaq: NIPNY) and its wholly owned subsidiary
in the United States, NEC Electronics Inc., announced it has
shipped more than two million units of its Universal Serial Bus
(USB) 2.0 host controller (uPD720100A). This milestone was
achieved just 10 months after the availability of production-
qualified devices, and to date, more than 100 companies
worldwide have incorporated NEC's USB 2.0 solution into their
designs. NEC attributes the rapid industry adoption of its USB
2.0 host controller, the first solution of its kind in the
marketplace, to the need for a high-speed solution to connect
personal computers (PCs) with high-performance peripherals and
broadband Internet services. NEC anticipates the USB 2.0 market
potential will continue to grow in 2002 with estimated shipments
of 20 million NEC USB 2.0 products.

"Strong customer acceptance of NEC's USB 2.0 host controller
continues to validate the strength of the solution and our
ability to provide the best value to our customers," said
Hiroshi Yakabe, senior marketing manager for the Computing I/O
Technology Group at NEC Electronics Inc. "Going forward, NEC
will maintain its commitment to provide high-quality USB 2.0
solutions with enhancements to the host controllers, hub
controllers, IDE bridges and device controllers in our product
line-up as well as the introduction of new USB 2.0 solutions."

With increasing frequency, NEC's USB 2.0 host controller is
being designed into applications such as desktop and notebook
PCs. NEC received orders for an additional two million host-
controller units from major motherboard manufacturers primarily
for desktop PCs in the first quarter of 2002 alone. Furthermore,
the adoption of USB 2.0 host controllers for notebook PCs is
also accelerating, and NEC expects demand for this product to
reach 10 million units in 2002 from this market alone,
approximately half of NEC's anticipated total USB 2.0 product
shipments for the year.

About NEC USB 2.0 Products

NEC introduced the industry's first USB 2.0-compliant host
controller, hub controller and physical layer (PHY) device, and
is a leading semiconductor manufacturer to provide a total USB
2.0 solution. As a result of NEC's position as a leading
innovator of semiconductor solutions for the USB 2.0 standard,
many third-party vendors have produced USB 2.0 drivers and
reference designs based on NEC's devices. NEC plans to deliver
additional products based on USB 2.0, a standard that promotes
an operating speed of 480 megabits per second (Mbps), a forty-
fold increase in bandwidth compared to the USB 1.1 standard. NEC
is a core member of the USB Implementers' Forum (USB-IF), a key
organization promoting the widespread acceptance of USB
throughout the industry.

About NEC Corporation

NEC Corporation is a leading provider of Internet solutions,
dedicated to meeting the specialized needs of its customers in
the key computer network and electron device fields through its
three market-focused in-house companies: NEC Solutions, NEC
Networks and NEC Electron Devices. NEC Corporation, with its in-
house companies, employs more than 150,000 people worldwide and
saw net sales of approximately $43 billion in fiscal year 2000-
2001. For further information, please visit the NEC home page

About NEC Electronics Inc.

NEC Electronics Inc., headquartered in Santa Clara, Calif., is
one of the leading developers, manufacturers and suppliers of
semiconductor products in the United States. Committed to
meeting customers' cost, performance and time-to-market
requirements, the company offers solutions ranging from standard
products, including electron components, to system-on-a-chip
(SoC) solutions, as well as customized products for next-
generation designs. NEC Electronics also offers customers the
benefit of a local manufacturing facility in Roseville, Calif.,
and the global manufacturing capabilities of its parent company,
NEC Corporation. For more information about products offered by
NEC Electronics Inc., please visit the NEC Electronics web site


United States: Denise Viereck Garibaldi of NEC Electronics Inc.,
+1-408-588-6620, or; or Japan:
DanielMathieson of NEC Corporation, +81-3-3798-6511, or d-

NICHIMEN CORP: Former President Goto Suspected of Fraud
Tangonosuke Goto, former president of civil engineering firm
Nichimen Corporation, was arrested Saturday, on suspicions that
he fabricated an order from a major machinery maker in Tokyo.
Also he is accused of having Nichimen issue promissory notes for
some Y330 million for the subcontracted construction work in
October 1996 and September 1997, Japan Times reported Sunday,
citing police officers.

Goto was indicted Friday on similar charges of deceiving
Nichimen out of Y280 million in June 1997. Goto denies the
allegations, the report said.

According to TCR-AP last month in fiscal 2000 (ended March
2001), Nichimen posted an extraordinary loss of Y121 billion.
This loss incorporated a write-down of investment securities,
and losses from the disposal of investments in and advances to
subsidiaries and affiliates.

OJI PAPER: Sees Y21B FY Net Loss
Oji Paper Co Ltd suffered a net loss of Y21 billion for the year
to March 2002, having previously forecast a net profit of Y6.5
billion for the year, AFX News reported on January 25. The
downgrade of its net earnings forecast reflects an extraordinary
loss of Y30 billion yen during the year, due to the fall in the
value of stocks held by the firm.

The Company said one-off gains of Y10 billion factored into its
previous net profit forecast have been removed from the new
projection as certain asset sales have been postponed.

According to Wright Investor's Service at the end of 2001, OJI
Paper Company Limited had negative working capital, as current
liabilities were Y748.27 billion while total current assets were
only Y569.03 billion. The company operates in the paper mills
sector. The company's principal activities are the manufacture
and distribution of a wide range of paper products.

SNOW BRAND: Three Senior Officials Accused of Cover-Up
Three former senior officials of Snow Brand Foods Co. have been
accused of covering up the firm's mislabeling of foreign beef to
obtain state subsidies under a government-run beef buyback plan,
Kyodo News reported Monday, citing police investigators on

The officials are: Shizuo Sugiyama, former chief of the meat
sales procurement section; Shigeru Hatakeyama, former business
department manager; and Tetsuaki Sugawara, former head of Kansai
Meat Center. Officials of Snow Brand Foods, a subsidiary of Snow
Brand Milk Products Co, have denied a corporate-wide cover-up

Last November Snow Brand sold off 280 packages of repackaged
beef under the government's buyback program, introduced in
October in the wake of the outbreak of the mad cow disease.

SNOW BRAND: Raids Continue at Branches Over Fraud Labeling
The police investigative team set up by Hyogo, Saitama, Tokyo
and Hokkaido Prefectural Police raided Snow Brand Foods Co's
branches in Kanto Meat Center in Kasukabe, Saitama Prefecture,
Tokyo's Chuo Ward, and Nagoya at around 10:30 am on its second
day Sunday, Kyodo News reports. The investigators will gather
evidence related to allegations that the firm deliberately
mislabeled foreign beef to obtain state subsidies under a
government-run beef buyback program.

Moody's Investors Service downgraded, on January 28, 2002 Snow
Brand Milk Products Co., Ltd's (Snow Brand) senior unsecured
long-term debt ratings to Ba3 from Baa3. The downgrade reflects
Moody's expectation that recovery of its earnings and credit
profile will remain challenged, due mainly to slower-than-
expected recovery of demand and retail price of its milk
products, and Snow Brands unit Snow Brand Food's scandal.

SPORTS SHINKO: Golf Course Firm Goes Bankrupt
The state-run Resolution and Collection Corp (RCC) has applied
to the Osaka District Court for the legal protection of Sports
Shinko Group, under the corporate rehabilitation law, Kyodo News
reported Saturday. The Company manages golf courses at 35
locations in and outside of Japan. The Osaka-based company is
expected to be the largest bankruptcy for a golf course
management in Japan. Sports Shinko has a total debt of around
Y200 billion.

TDK CORP: Cuts 400 Additional Employees
Electronic parts maker, TDK Corp, will cut an additional 400
jobs through a restructuring program to cushion the impact of a
fall in its electronic parts sales, Kyodo News reported on
February 2. The total number of job cuts by the TDK group
through March 2004 would reach 9,760, including the reduction in
October. The additional job cuts will be carried out in the
parent company, which has 7,300 employees.

According to Wrights Investor's Service as of March 2001, the
company's long-term debt was $7.95 million and total liabilities
were $1.42 billion. The principal activity of the Group is the
manufacture of recording media, electronic materials and

TOSHIBA CORP: FMD Acquires SAW Filter Business
Fujitsu Media Devices Limited (FMD) and Toshiba Corporation
announced on January 30, 2002 that they have reached a general
agreement for FMD to acquire Toshiba's Surface Acoustic Wave
(SAW) filter business. Under the terms of the agreement, FMD
will acquire the marketing rights to Toshiba's SAW filter
products along with the associated development and manufacturing
facilities of this business. Details of the agreement are being
finalized, and the companies are working toward an
implementation date of April 1, 2002.

FMD was established in October 1998 as a wholly owned subsidiary
of Fujitsu Limited to handle the development, manufacturing, and
sales of electronic components for mobile equipment. The company
has an especially strong position in the market for SAW filters
used in mobile phones, ranking number two worldwide. With a
rapid transition to 2.5G and 3G cellular technology foreseen
over the next one or two years, players in the SAW filter sector
must be able to develop more powerful and compact products that
keep pace with the technological requirements and development
speed demanded by this dynamic market. Through this acquisition,
FMD enhances its ability to quickly develop new technologies,
enabling it to maintain and improve its market position in SAW

By making effective use of Toshiba's excellent technical
competence and development resources, FMD will be able to
respond more effectively to customer needs and accelerate the
transformation of its own way of doing business to keep pace
with an evolving environment. Furthermore, the acquisition
provides FMD with a cost-effective enter into the video and
automotive electronics markets for SAW filters, areas in which
Toshiba has been particularly strong. The acquisition,
therefore, not only will enhance and expand FMD's SAW filter
business, it also promises to lower costs through greater
efficiencies of scale.

This move is also part of Fujitsu's broader plan to invigorate
the Fujitsu Group. By bolstering FMD's strength as an
independently operated company and helping its future growth
prospects, it strengthens the overall growth prospects of the
Fujitsu Group.

Fujitsu Media Devices Limited at a Glance

Established October 1, 1998
President &
Representative Director Tatsuo Shirakawa
Capitalization 2.51 billion
Locations Yokohama, Suzaka
Employees 820
Revenues 50 billion (FY2000)
Products * High-frequency devices for mobile phones (filters,
duplexers, VCOs)
* PC interface modules (wireless LANs, Bluetooth)
* Compact capacitors for electronic products (tantalum chips,
high-performance polymers)

About Fujitsu Media Devices Limited

Fujitsu Media Devices Limited excels at applying unique design
and process technologies based on superior materials to provide
industry-leading performance and development/sales of compact
SAW filters. It has established a leading industry position
founded on strong intellectual-property assets. FMD's special
strengths also include developing and selling a product line
with the world's most advanced technology for broadband and
wireless communications, including early Bluetooth
certification, and its extensive line of capacitors for use in
consumer and industrial applications.

About Fujitsu

Fujitsu is a leading provider of Internet-focused information
technology solutions for the global marketplace. Its pace-
setting technologies, best-in-class computing and
telecommunications platforms, and worldwide corps of systems and
services experts make it uniquely positioned to unleash the
infinite possibilities of the Internet to help its customers
succeed. Headquartered in Tokyo, Fujitsu Limited (TSE:6702)
reported consolidated revenues of 5.48 trillion yen for the
fiscal year ended March 31, 2001.
For more information, see:

About Toshiba

Toshiba Corporation is a leader in information and
communications systems, electronic components, consumer
products, and power systems. The company's integration of these
wide-ranging capabilities assures its position as a leading
company in semiconductors, LCDs and other electronic devices.
Toshiba has 188,000 employees worldwide and annual sales of over
US$47 billion. Visit Toshiba's website at


DAISHIN LIFE: Catches Three Acquisition Bidders
The government has revealed that three foreign and domestic
companies had submitted letters of intent (LOI) for acquiring
Daishin Life Insurance, the Korea Herald reported on Saturday.
The names of the firms were not disclosed in the report. The
government will select the one with the most potential as a
priority-negotiating partner to discuss detailed conditions on
its sale.

In July 2001, the Financial Supervisory Commission (FSC) had
stamped Daishin Life Insurance as an insolvent financial
institution and places it under FSC management due to net asset
deficiency of W241.1 billion.

Daishin Life pushed ahead with the rescheduling of the W24
billion worth of debts incurred by three of its construction
affiliates prior to the public bidding.

HYUNDAI MOTOR: Domestic Sales Increase 55%
A company press release revealed on February 4, 2002 that
Hyundai Motor Company recorded an excellent set of domestic and
exports sales figures in January to get the company off to a
flying start in 2002.

With a total of 142,791 vehicles sold or shipped in January,
Hyundai Motor Company recorded its best ever January figures
with strong demand both at home and abroad for its entire range
of passenger cars, trucks and buses.

Domestic sales soared by 55 per cent over the same month last
year with 65,367 sales compared to 42,094. January also saw a 56
per cent increase in sales over December when 41,853 vehicles
were sold.

Export increase
Export shipments reached a January record of 77,424 compared to
60,471 last January - an increase of 28 per cent. The figure was
31 per cent up on December's shipment total of 59,069.

The overall total for the month was 39 per cent up on January
last year when 102,565 vehicles were sold or shipped and up by
41 per cent over December's total of 100,922.

Bus and truck sales were also strong in the domestic market with
busses seeing a 40 per cent increase from last January's figure
of 6,376 to 8,949 and trucks were up even more, by 59 per cent
from 7,375 to 11,750.

Contact for Further Information:

Hyundai Motor Company Overseas PR Team
Stephen Kitson, Director, tel. (82) 2 3464 2545,
e-mail >
Sang-Woo Park, tel (82) 2 3464 2548,

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

DebtTraders reports that Hyundai Motor's 7.600% bond due in 2007
(HYUNMTR) trades between 103.656 and 104.159. For real-time bond
pricing, go to

HYUNDAI PETROCHEMICAL: Creditors to Accept Bids This Month
Creditors of Hyundai Petrochemical Co. will receive bids for the
struggling chemical company from prospective buyers in February,
initiating its sale process, according to Korea Herald on
Saturday, citing an unnamed creditor bank official.

The official said that after reviewing bid prices and other
acquisition terms, the creditors would pick a priority-
negotiating partner and begin full-fledged bargaining.

In December 2001, the creditors granted the firm a debt-for
equity swap of W230 billion. Last week, the Company retired 210
mid-level managers as part of its restructuring scheme. It aims
to secure W600 billion through self-rescue measures, including
W110 billion by selling losing units and W45 billion by cutting

KUMHO GROUP: Creditor Banks to Provide Loans
Creditor banks of Kumho Group will plan to provide loans to the
Carlyle Group-led consortium, which will acquire part of the
company's stake in a wholly owned tire manufacturing unit, the
Korea Herald reported on Monday. The name of the tire-
manufacturing unit was not disclosed. Kumho's creditors aim to
extend W1 trillion in loans to the Carlyle-JP Morgan consortium
with the collateralizing of the tire operations' assets.

The firm's main creditor Chohung Bank said that the loan might
be worth W900 billion to W1.2 trillion. Kumho Group had chosen a
consortium made up of the U.S. equity fund Carlyle Group and JP
Morgan as the preferred bidder for the tire operation's stake.

Kumho has sold off its building in Sorin-dong on December 2000,
central Seoul, to Global Realty Advisors (GRA) of Singapore for
W38 billion to use the proceeds to repay debt.


JASATERA BERHAD: Files Suit Against Former Directors
Jasatera Berhad announced that it had filed a High Court Suit
no. D-22-144-2002 against these defendants for recovery of RM20

   1. See Chee Beaw
   2. Ho Cheng Hong
   3. Tang Chee Wai
   4. Tri-Align Holdings Sdn Bhd
   5. Lim Kuo Phau, Vincent
   6. Teoh Tek Siong

(Defendants 5 & 6 formerly practiced under the legal firm of
Messrs. Vincent Lim & Teoh)

The former directors (Defendants 2 & 3) of the Company, Mr. Tang
Chee Wai and Mr. Ho Cheng Hong had authorized a payment of RM20
million by telegraphic transfer to Messrs. Vincent Lim & Teoh's
client account at Hock Hua Bank on 22 January 1997 from the
Company's bank account.

Thereafter, Messrs Vincent Lim & Teoh caused to be issued four
(4) Hock Hua Bank cashiers orders of RM20 million to the 1st
Defendant without any reason and consideration whatsoever and
without any Board resolution of the Company authorizing the

The Company had on numerous occasions requested a satisfactory
explanation from the 1st Defendant who had failed and/or
neglected to justify the receipt of the said sum.

The Company had made demands for the return of the said sum from
the 1st Defendant but had not been successful so far.

JASATERA BERHAD: Financial Regularization Application Pending
Jasatera Berhad (Jasatera or the Company), further to the
announcement dated 2 January 2002, announced that the
application in respect to Jasatera 's plan to regularize its
financial condition had been submitted to the relevant
authorities. The application is currently still awaiting the
approval from the said authorities.

The January 2 announcement is the monthly announcement Pursuant
to Paragraph 8.14 of the Kuala Lumpur Stock Exchange (KLSE)
Listing Requirements and Practice Note (PN) 4/2001 in relation
to the status of Jasatera 's plan to regularize it's financial

KEMAYAN CORPORATION: Sale, Purchase Agreement Terminated
The Directors of Kemayan Corporation Berhad (Kemayan) announced
that the conditional disposal of Wisma Kemayan by Kemayan
Properties Sdn Bhd (K Properties), a subsidiary company of
Kemayan, to Macro System Consultancy Sdn Bhd announced on 24
August 2001 has been mutually terminated on 28 January 2002 and
both parties shall have no claim whatsoever in respect of and
arising out of the Sale and Purchase Agreement signed on 23
August 2001. The mutual termination is due to K Properties could
not meet the conditions imposed by the chargee hence no consent
could be obtained from the chargee which is a condition
precedent to the disposal of Wisma Kemayan.

The Board of Directors of Kemayan also announced that the Kuala
Lumpur Stock Exchange had, on 30 January 2002, approved an
extension of one (1) month, i.e. until 28 February 2002 for the
Company to release the Requisite Announcement.


The Company originated as a plantation concern developing oil
palm plantations in Pahang and cocoa plantations in Sabah. It
undertook corporate exercises from 1993 to 1995 focusing on
construction and property related activities via the acquisition
of companies and projects. Besides these, the Group is also
involved in other activities like timber logging and saw-
milling, food manufacturing, retailing and trading, education,
aviation, hotel and tourism.

Subsequently, the Company is now undertaking a composite scheme
of arrangement with the objective of returning the Group to
profitability. The scheme involves a proposed capital
reconstruction, rights issue and acquisition/settlements. The
Company has obtained a restraining order on 12 August 1998 from
the High Court for an initial period of nine months. This has
been extended to 30 September 2000.

MANCON BERHAD: Strikes Off Dormant Subsidiaries
Mancon Berhad, further to the announcement made on 12 October
2001, informed the Kuala Lumpur Stock Exchange that the
following dormant subsidiary companies of Mancon Berhad had been
struck off by the Registrar of Companies pursuant to Section
308(2), Companies Act, 1965:

Name of Subsidiary Company    Company No.

Mancon Marine Sdn Bhd     420028-D
Mancon (Sarawak) Sdn Bhd    438201-X
Perwik Civil Engineering Sdn Bhd   441266-D
Perwik Corporation Sdn Bhd    440739-X
Perwik Heavy Equipment Sdn Bhd   439745-A
Perwik Holdings Sdn Bhd    441167-V

Mancon Berhad also informed that there is no change to the
announcement submitted on 19 December 2001 to the Kuala Lumpur
Stock Exchange pertaining to the monthly announcement pursuant
to Practice Note 4/2001 issued in relation to criteria and
obligations pursuant to paragraph 8.14 of the listing
requirements of KLSE (PN 4/2001).

NAUTICALINK BERHAD: Advisors Formulate New Restructuring Plan
The Board of Directors of Nauticalink Berhad (NLB or the
Company) is obliged to announce that the merchant bankers and
its other advisors are still working out the details of a fresh
restructuring scheme in order to enable the Company to make the
Requisite Announcement. In any event, NLB is expected to make
the Requisite Announcement of its fresh corporate proposals once
finalized within the period up to 28th February 2002, being the
extended date as granted by the KLSE.


In March 2000, the Company unveiled a proposed debt
restructuring and schemes of arrangement. However, in view of
the continuing weak market sentiments, the Company has decided
to abort its approved scheme. The Company is now exploring
various options to address and regularize its financial
position. It is still in the midst of formulating a new
restructuring scheme and is currently in discussion with
prospective investors and financiers.

PANGLOBAL BERHAD: Awaits KLSE's Scheme Approval
PanGlobal Berhad (PGB or the Company), in reference to January
10 announcement wherein an application has been made to the
Kuala Lumpur Stock Exchange (KLSE) for a further extension of
time until 25 April 2002 to obtain the relevant approvals
pursuant to PN4/2001, is still awaiting the Kuala Lumpur Stock
Exchange's approval on the above as well as the approval of the
Securities Commission (SC) for its proposed scheme of
arrangement (the Scheme). The approval of the Controller of
Foreign Exchange (CFE) for the issuance of the redeemable
convertible secured loan stocks to an offshore bank creditor has
been obtained via the CFE's letter dated 23 January 2002.
However, PGB is in the midst of seeking clarification on the
said approval.

The Company has obtained the approval of the Foreign Investment
Committee and the conditional approval of Bank Negara Malaysia
for the Scheme.

PARIT PERAK: KLSE Grants One-Month RA Extension
The Board of Directors of Parit Perak Holdings Berhad announced
that the Kuala Lumpur Stock Exchange (KLSE), via its letter
dated 30 January 2002 had approved an extension of time for one
(1) month from 22 January 2002 to 28 February 2002 to enable the
Company to announce its Requisite Announcement (RA).


Initially the Company carried out rubber planting activities,
but its business has changed to that of an investment holding
concern. Via a restructuring scheme undertaken in 1994, the
Company divested its plantation interests and re-invested
principally into property development activities. Its main
development is the Kemayan City project in Johor Bahru, where
the Kemayan City Shopping Complex was completed in February

In February 2000, the Company sought the assistance of the CDRC
in mediating a scheme to restructure the Group's debts and
borrowings. On 8 August 2000, a restructuring scheme was
unveiled which comprises a proposed capital reduction and
consolidation, rights issue, acquisition of a shopping complex
in Seremban and a debt restructuring scheme. The proposals are
expected to be submitted to the SC within six months from 30
November 2000.

Meanwhile, the Company has been appointed the main turnkey
contractor to complete the construction of the podium block of
the largest shopping centre in Seremban, known as Kemayan Square
Shopping Mall. The shopping centre is targeted to reach
practical completion by the end of 2001. The Group also plans to
re-position itself in the property development sector by
constructing apartments on top of the Kemayan City shopping
podium in Johor Bahru instead of the present approved plans for
three office towers and a hotel.

SEAL INCORPORATED: Defaulted Payment Stands at RM54.5M
Seal Incorporated Berhad informed that that there had been no
new developments in relation to the default in payment of the
principal and/or interest of the bank borrowings of Seal
Incorporated Berhad and its subsidiaries (the Group) since the
announcement dated 31 December 2001. As at 31 January 2002, the
Group's total default in payments to financial institutions in
respect of various of credit facilities is RM54.5 million.


Originally mainly involved in the extraction of logs and the
manufacture of plywood, Seal subsequently added the manufacture
of technical plywood to its activities. In 1996, the Company
branched into property investment, its main property assets
being Selayang Mall and Bukit Maluri Industrial Complex in Kuala
Lumpur. Seal is currently involved only in property investment
while subsidiary Great Eastern Mills Berhad has temporary ceased
manufacture of plywood. All other subsidiaries within the Group
have also ceased their timber-based operations.

The Company is currently undertaking various measures to
restructure its businesses. It proposes to undertake a corporate
exercise which includes the possibility of divesting certain
assets, negotiating with financial institutions to re-schedule
the repayment of borrowings, and raising funds to significantly
mitigate the Group's cash flow constraints.

Presently, Seal's main source of income is generated from rental
received from its investment properties. To complement its
property investment business, the Company plans to embark on
some property development projects.

SRI HARTAMAS: Company Secretary Resigns
Sri Hartamas Berhad (Special Administrators Appointed) posted
this notice:

Date of change  : 31/01/2002
Type of change  : Resignation
Designation  : Joint Secretary
License no.  : MIA 10116
Name    : Pung Kok Hooi


On 16 June 2000, Pengurusan Danaharta Nasional Bhd appointed
SAs, Messrs KPMG Corporate Services Sdn Bhd, to the Company and
subsequently on 21 August 2000 and 18 October 2000 respectively
appointed these SAs to the Company's five subsidiaries.
Concurrent with this appointment, a twelve-month moratorium was
placed on SHB and these subsidiaries to allow the SAs to
preserve the Group's assets and work out proposals for the
purpose of achieving the Group's survival.

Pursuant to the workout proposal, the SAs had on 22 November
2000, invited prospective proposers to submit their plans to
restructure the Group. As at the closing date of 6 December
2000, 12 proposals were received, including two from public-
listed companies. Out of these 12, three were for the Group's
restructuring and nine for bidding of certain assets of the
subsidiaries. Upon approval of the selected proposal by
Danaharta and an independent advisor, a meeting of secured
creditors will be convened to vote on the proposal.

The SAs had also on 7 March 2001 entered, on behalf of SHB's
subsidiary Sri Hartamas Hotels, into an agreement with Sin Yik
Development Sdn Bhd to dispose off Tanjung Bungah Hotel in
Penang. The sale is subject to the completion of conditions
precedent which includes the relevant approvals for the Group's
workout proposal.

TIME ENGINEERING: Posts Change in Boardroom Notice
Time Engineering Berhad posted this notice:

Date of change  : 31/01/2002
Type of change  : Resignation Boardroom
Designation  : Vice Chairman
Directorate  : Executive
Name    : Dato' David Frederick Wilson
Age    : 56
Nationality  : British
Qualifications  : N/A
Working experience and occupation  : N/A

Directorship of public companies (if any):
Crest Petroleum Berhad

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

Details of any interest in the securities of the listed issuer
or its subsidiaries : N/A


The TIME Group's activities are classified into five strategic
business units: telecommunications, IT, power, engineering and
manufacturing, and media.  TIME has in August 2001, failed to
redeem the second tranche of the US$ Bonds of US$82.275 million
(RM312.645m) due on 5 August 2001. The Company is currently in
negotiations with the US$ Bondholders to develop a revised
proposal acceptable to them under which the Company is able to
sell quoted investments pledged to secure the US$ Bonds in a
planned and controlled manner.


NATIONAL POWER: Cancels US$500M Bond Issue
The National Power Corp (Napocor) has canceled its US$500
million, seven-year bond issue after prohibitive yields from
investors, AFX News and Philippine Daily Inquirer reported on
Sunday, citing a government source in New York, who was part of
the team selling the papers.

The source stressed that the Energy Department and issuers Bear
Stearns and JP Morgan Chase withdrew the bond flotation after
foreign investors saying they were only willing to buy the bonds
one percentage point higher than the 9.25-9.50 yield that had
been canvassed by the investment banks during the bookbuilding.

The bonds had been given an investment grade rating by Moody's,
Standard and Poor's and Fitch. An unnamed Napocor official said
that it has yet to identify the source of financing for US$800
million in maturing loans in 2002.

DebtTraders reports that National Power Corporation's 9.750%
bond due in 2009 (NATPW6) trades between 91.7and 93.6. For real-
time bond pricing, go to

NATIONAL POWER: Six Companies Vying For Assets, Says Arroyo
Philippine President Gloria Macapagal Arroyo said six foreign
companies have expressed interest in taking over the assets of
the National Power Corp, AFX News and the Philippine Star
reported on Monday. The following companies, which are looking
at the state firm's generation assets, are UK's National Grid,
Edison Energy, MidAmerican Holdings and Intergen. Canada's
Hydro-Quebec are interested in Napocor's hydropower plants.

Arroyo added that all of Napocor's assets are worth about US$5

According to TCR-AP Napocor needs at least $80.8 million for
coal needs in 2002. The company needs to pay the amount for the
contracted volume of 3.3 million metric tons. The debt-ridden
firm is in need of US$1 billion to maintain its operational


ADROIT INNOVATIONS: Posts Shareholder's Interest Notice
Adroit Innovations Limited posted a notice of changes in
substantial shareholder Apsilon Ventures Pte Ltd's interests:

Date of notice to company: 31 Jan 2002
Date of change of interest: 31 Jan 2002
Name of registered holder: Apsilon Ventures Pte Ltd
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: (915,000)
% of issued share capital: 0.36
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$0.12623
No. of shares held before change: 19,043,000
% of issued share capital: 7.5
No. of shares held after change: 18,128,000
% of issued share capital: 7.14

Holdings of Substantial Shareholder including direct and deemed
                                   Deemed   Direct
No. of shares held before change:   0       19,043,000
% of issued share capital:          0       7.5
No. of shares held after change:    0       18,128,000
% of issued share capital:          0       7.14
Total shares:                       0       18,128,000

The percentages are computed based on 254,030,178 issued shares
as of February 1, 2002.

BOUSTEAD SINGAPORE: Issues Director's Interest Notice
Boustead Singapore Limited issued a notice of subsidiary
Director Mak Kok Meng's interest in share options:

Date of notice to company: 31 Jan 2002
Date of change of interest: 31 Jan 2002
Name of registered holder: Mak Kok Meng
Circumstance giving rise to the change: Others
Please specify details: Acceptance of Share Options granted on 4
January 2002

Shares held in the name of registered holder
No. of options of the change: 150,000
% of issued share capital: 0
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$1.00 (Exercise Price :S$0.33 per share)
No. of options held before change: 0
% of issued share capital: 0
No. of options held after change: 150,000
% of issued share capital: 0

Holdings of Subsidiary Director including direct and deemed
                                   Deemed Direct
No. of options held before change:         0
% of issued share capital:                 0
No. of options held after change:          150,000
% of issued share capital:                 0
Total shares:

No. of Warrants
No. of Options : 150,000
No. of Rights
No. of Indirect Interest

CHEW EU: Executive Director Tan Hee Wee Resigns
Chew Eu Hock Holdings Ltd announced on February 1, 2002 that Mr.
Tan Hee Wee has resigned as an Executive director of the company
with effect from January 31, 2002.

TCR-AP reported that in the year 2000 the construction firm Chew
Eu Hock Holdings posted a full-year net loss of $7.9 million,
attributing it to recessionary conditions in the construction
sector as well as cost overruns.

MEDIARING.COM: Releases Worldwide Restructuring Notice
MediaRing announced on January 31, 2002 a corporate
restructuring and a 35 percent reduction in its worldwide
workforce and operations as the company moves to focus on its
higher growth telecommunications products and services. The
worldwide restructuring includes the move to centralize its
engineering and operations in Singapore.

In a further move, the Board of Directors has reconstituted the
Company's executive committee responsible for the day-to-day
management of the company. The committee will consist of Mr.
Walter Sousa, Executive Chairman, Mrs. Yvonne Kwek, CFO, and Mr.
Koh Boon Hwee. Mr. Koh who has been an independent, non-
executive director of MediaRing since 1998 will become an
executive director and chairman of the reconstituted executive
committee. Mr. Walter Sousa became an executive chairman of the
Board four months earlier. Both Mr. Sousa and Mr. Koh have been
granted share options in the company, respectively 10 million
and 16 million. Mr. Sousa had earlier been granted 3 million
options when he became the executive chairman. These options are
at the average of the 5 days market prices prior to the time of
grant, except that 6 million options to Mr. Koh was at a 62%
premium. The options shall be vested over a period of four years
of service.

Mr. Ng Ede Phang, CEO and Managing Director of MediaRing since
1999 has completed his three-year term of service. Mr. Ng is not
renewing or extending his service agreement and he will be
pursuing his personal interests. For the interim, Mr. Ng has
agreed to act as a consultant to the company through the
restructuring. "We appreciate Ede Phang's contribution and
leadership in the past three years. We're sad that Ede Phang has
decided to pursue other interests at this time but we understand
his reasons for doing so" said Walter Sousa, Executive Chairman
of MediaRing. "We are very pleased that he has agreed to
continue to offer his expertise and guidance to the company as a
consultant for the next several months."

With effect from February 1, 2002, Mr. Abdul Jabbar bin Karam
Din and Mrs. Yvonne Kwek have been appointed Joint Secretaries
of the Company, in place of Mr. Mun Tien Shoong.

SEMBCORP LOGISTICS: Capital Group Changes Deemed Interest
Sembcorp Logistics Limited posted a notice of changes in
substantial shareholder The Capital Group Companies Inc's deemed

Date of notice to company: 01 Feb 2002
Date of change of deemed interest: 31 Jan 2002
Name of registered holder: DBS Nominees Pte Ltd
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder
No. of shares of the change: 475,000
% of issued share capital: 0.06
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$1.9458
No. of shares held before change: 55,599,400
% of issued share capital: 6.53
No. of shares held after change: 56,074,400
% of issued share capital: 6.59

Holdings of Substantial Shareholder including direct and deemed
                                      Deemed       Direct
No. of shares held before change:     87,960,200
% of issued share capital:            10.33
No. of shares held after change:      88,435,200
% of issued share capital:            10.39
Total shares:                         88,435,200


DELTA ELECTRONICS: SET Halts Securities Trading
On 1st February 2002, at Delta Electronics (Thailand) Public
Company Limited (DELTA) it was discovered that the ceiling
collapsed at the DELTA 5 factory.  After that, the news reported
that DELTA's factories were closed for inspections after several
cracks were found in the walls of some factories.

Such disclosure may cause price sensitivity and the Company
still has not disclosed any information to the public.  The
Stock Exchange of Thailand (SET) has therefore posted an "H"
sign (Trading Halt) on DELTA's securities as of 4 February
2002 onwards until the company clarifies and discloses its
position to the public.

GENERAL ENGINEERING: Signs Debt Restructuring Contract With AIG
General Engineering Public Company Limited has signed
a debt restructuring agreement on February 1, 2002 with AIG
Finance (Thailand) Public Company Limited of  which the
principal amount is Bt9.4 million, debt repayment within five
years period.  The restructuring has no effect to company profit
and loss statement.

GUN KUL: Business Reorg Petition Filed in Bankruptcy Court
High power electronic industry Gun Kul Engineering Company
Limited (DEBTOR),  filed its Petition for Business
Reorganization to the Central Bankruptcy Court:

   Black Case Number 272/2544

   Red Case Number 325/2544



Debts Owed to the Petitioning Creditor: Bt548,081,258

Date of Court Acceptance of the Petition: April 12, 2001

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

Court Order for Business Reorganization and Appointment of
Planner: May 9, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: May 18, 2001

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

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

Appointment Date for the Meeting of Creditors to consider the
Reorganization Plan: November 1, 2001 at 9.30 am. Convention
Room no. 1104, Bangkok Insurance Building, South Sathorn Road,

The Meeting of Creditors had a resolution accepting the
Reorganization Plan

Court had issued the order accepting the reorganization plan :
November 15, 2001 and Appointed G.K. Assembly Company Limited to
be as a Plan Administrator

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

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Government Gazette: December 11, 2001

Contact: Mr. Tanawat Tel, 6792525 ext. 123

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

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

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

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