TCRAP_Public/020211.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

            Monday, February 11, 2002, Vol. 5, No. 29

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Supreme Court Hears Central Exchange Appeal
BRAMBLES INDUSTRIES: Concludes Wreckair Sale
BRAMBLES INDUSTRIES: Notifies Major Shares Lodged W/ London SE
BRISBANE BRONCOS: BB Sports Proposes New Offer
GAMES 'R' US: -Reinstates to Official Quotation

GOODMAN FIELDER: Appoints Dr Barton as Chairman
LEND LEASE: Lowers Substantial Holding for GST


C H I N A   &   H O N G  K O N G

401 HOLDINGS: Winding Up Petition Hearing Adjourned to Feb 11
CHI WAH: Winding Up Petition Slated For Hearing
DOTS21 GROUP: Faces Winding Up Petition
EASTAR HOLDINGS: Winding Up Petition Set For Hearing
LEGEND HOLDING: Price, Turnover Movements Inexplicable

NORTHEAST ELECTRICAL: Clarifies Proposed Transfer Report
PACIFIC MULTI: Winding Up Petition To Be Heard
SINA.COM: Cuts Costs, Trims Fourth Quarter Loss
T-ARTS GROUP: Winding Up Petition Pending
TUTELAGE LIMITED: Winding Up Sought By Wong Ching


I N D O N E S I A

BANK CENTRAL: BI Extends Offer Submission Until Monday
MEDCO ENERGI: Repays 99% of US$97M Debt to Bahana


J A P A N

FUJITSU LTD: FTC Warns Against Unfair Bids
FUJITSU LTD: Develops Multiport Register File Technology
HITACHI LTD: RagingWire Gives HDS, Employees Tech Support
HITACHI LIMITED: Appoints Tadashi Hirose as CVC Unit President
NAGASAKIYA CO: Kurafuto Supports Rehabilitation Plan

NEC CORP: Enters Partnership With SiRF To Accelerate GPS Tech
SNOW BRAND: Shigeru Hatakeyama Aware of Scandal


K O R E A

CHOHUNG BANK: FSC Warns Bank for Failure to Meet MOU
DAEWOO MOTOR: Develops World`s First `East-West' Engine
DAEWOO MOTOR: GM Hesitant About Egypt Plant-Creditor
HYNIX SEMICONDUCTOR: Receives 128MB, 256MB DDR SDRAM Approval
HYNIX SEMICONDUCTOR: Micron, Infineon Battle for Chip Operations

PAN OCEAN: Creditor Banks to Grant Debt-Equity Swap
SAMSUNG ELECTRONICS: Wins ADSL Network Contract From CT


M A L A Y S I A

MALAYSIA BRITISH: Unit Officially Dissolved
MALAYSIAN PLANTATIONS: Voluntary Winds Up Dormant Units
MENTIGA CORPORATION: Reviews Financial Regularization Proposals
PSC INDUSTRIES: Unit Defaults Interest Payment
PSC INDUSTRIES: Unit's Injunction Hearing Adjourned to March 7

TAI WAH: SC Grants Proposed Restructuring Scheme Extension
TECHNO ASIA: Moratorium Period with PMMSB Extended
TECHNOLOGY RESOURCES: Proposed Restricted Issue Over-Subscribed
UH DOVE: Enters Proposals SSA With Lenders, MDSB
WEMBLEY INDUSTRIES: Revised Proposed Debt Restructuring Ongoing


P H I L I P P I N E S

ENRON CORP: MEH Interested in Acquiring Enron Plant
NATIONAL BANK: PSE Lifts Trading Suspension
RFM CORPORATION: Clarifies Zuellig Mill Acquisition Report


S I N G A P O R E

ADROIT INNOVATIONS: Temasek Holdings Changes Deemed Interest
CAPITALAND LIMITED: AHL Resumes Trading, Equity Placement
MEDIARING.COM: Posts Notice Of Shareholder's Interest


T H A I L A N D

INTER FAR: Feb 28 Reorganization Plan Meeting Scheduled
PROPERTY PERFECT: Capital Reduction, Increase Process Completed
RAIMON LAND: Notifies Capital Increase Allotment Schedule
RIMON TOWER: Business Reorg Petition Filed in Bankruptcy Court

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Supreme Court Hears Central Exchange Appeal
------------------------------------------------------------
The Supreme Court of Western Australia, made up of Chief Justice
Malcolm and Justices Wallwork and Steytler, on 4 February 2002
heard Central Exchange Limited (CEL) appeal of the final
judgment of Justice Parker given on 25 May 2001 regarding
Anaconda Nickel Ltd (Anaconda)'s legal action.

Justice Parker had denied CEL's application to access
information and documents from Anaconda in relation to Anacondas
compliance with their obligations to pay the CEL $18,196,293 (as
indexed 1) under a settlement deed dated 17 September 1996.

CEL's lawyers, Solomon Brothers, anticipate that the Court's
judgment is likely to be delivered within 3 months.

CEL notes that this action does not in any way affect the
CEL's ultimate entitlement to seek payment from Anaconda under
the settlement deed. The current action relates purely to its
seeking access to information and documents from Anaconda in
relation to Anacondas compliance with their obligations under
the settlement deed.

CEL will keep shareholders informed of any developments in this
matter.

Further information:

Mr Victor Ho                Ph: 08 9214 9797
Company Secretary           email: vho@centralexchange.com.au
Central Exchange Limited

(1) $16,250,000 indexed by the United States Consumer Price
Index (non-seasonally adjusted all urban consumers for all
items) from September 1996 to December 2001 as published by the
United States Bureau of Labor Statistics on
http://stats.bls.gov/

    
BRAMBLES INDUSTRIES: Concludes Wreckair Sale
--------------------------------------------
Brambles Industries Limited has concluded the sale of Wreckair,
its Australian equipment rental business, to Coates Hire
Limited.

The sale values the Wreckair business at $85 million. This
approximates net book value for Brambles.

The completion of the sale is part of Brambles successful
divestment program worth approximately $1.25 billion to date.

For further information contact:

Sydney     Ron Burke        +61 (0) 2 9256 5255
London     Sue Scholes      +44 (0) 20 7659 6012


BRAMBLES INDUSTRIES: Notifies Major Shares Lodged W/ London SE
--------------------------------------------------------------
Brambles Industries Limited posted this notice:

NOTIFICATION OF MAJOR INTERESTS IN SHARES

NAME OF COMPANY

Brambles Industries Plc

NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

Deutsche Bank AG, London

PLEASE STATE WHETHER NOTIFICATION INDICATES THAT IT IS IN
RESPECT OF HOLDING OF THE SHAREHOLDER NAMED IN 2 ABOVE OR IN
RESPECT OF A NON-BENEFICIAL INTEREST OR IN THE CASE OF AN
INDIVIDUAL HOLDER IF IT IS A HOLDING OF THAT PERSON'S SPOUSE OR
CHILDREN UNDER THE AGE OF 18

Held as Principal           11,312,913
Held in client portfolios   62,743,036

NAME OF THE REGISTERED HOLDER(S) AND, IF MORE THAN ONE HOLDER,
THE NUMBER OF SHARES HELD BY EACH OF THEM

Please see list appended

NUMBER OF SHARES/AMOUNT OF STOCK ACQUIRED

Not advised

PERCENTAGE OF ISSUED CLASS

Not advised

NUMBER OF SHARES/AMOUNT OF STOCK DISPOSED

N/A

PERCENTAGE OF ISSUED CLASS

N/A

CLASS OF SECURITY

Ordinary shares of 5p each

DATE OF TRANSACTION

N/A

DATE COMPANY INFORMED

05/02/2002

TOTAL HOLDING FOLLOWING THIS NOTIFICATION

74,056,029

TOTAL PERCENTAGE HOLDING OF ISSUED CLASS FOLLOWING THIS
NOTIFICATION

10.23 percent

CONTACT AND TELEPHONE NUMBER FOR QUERIES

Lorraine Young - 020 7659 6020

NAME OF AUTHORISED COMPANY OFFICIAL RESPONSIBLE FOR MAKING THIS
NOTIFICATION

Lorraine Young, COMPANY SECRETARY

HELD AS PRINCIPAL

Deutsche Bank AG London                    7,725,471
Morgan Grenfell & Co Limited               1,587,522
Deutsche Securities Australia Limited       2,000,000
                                          11,312,993
HELD IN CLIENT PORTFOLIOS

Morgan Nominees                           23,336,723
Morgan Nominees Account CHY                  224,251
Morgan Nominees Account CSL                   81,000
Morgan Nominees Account DGR                  209,533
Morgan Nominees Account ENF                  266,800
Morgan Nominees Account LAM                  299,978
Morgan Nominees Account MER                   57,804
Morgan Nominees Account NG                    82,294
Morgan Nominees Account SAM                   42,762
Morgan Nominees Account SL                   422,315
Bank of New York Nominees                  1,474,833
Bank of New York Nominees A/C VC              17,224
Bank of New York Nominees A/C 588251          47,180
Bank of Tokyo London                           1,200
British Overseas Bank Account 7020           132,110
BT Globenet Nominees                         650,877
Channel Nominees                             204,832
Chase Nominees                            10,706,046
Chase Nominees Account 14186                 168,698
Clydesdale Bank Custodian Nominees           321,881
Deutsche Asset Management (Japan) Ltd         80,319
Deutsche Asset Management Frankfurt        2,132,792
Deutsche Bank Alex Brown                   1,932,331
Deutsche Bank International Limited        1,247,970
Deutsche Gesellschaft fur          
Wertpapiersparen mbH                          30,000
HSC Global Custody Nominees (UK) Ltd       2,270,830
Lloyds Bank Nominees                         253,018
Lothian Regional Council                     826,050
Mirglip Nominees                              97,740
National Provincial                          117,915
Nortrust Nominees                          5,673,817
Perry Nominees                                65,143
Raiffeisen Zentralbank Nominees                8,933
RBSTB Nominees                             4,374,435
RPSTB Nominees A/C RTLDN                     150,000
State Street Nominees                      2,736,407
State Street Nominees SD12                   665,666
Sutrin Nominees                               40,320
Tokyo Trust                                  278,980
Vidacos Nominees                             806,380
To be advised                                205,649
                                          62,743,036


BRISBANE BRONCOS: BB Sports Proposes New Offer
----------------------------------------------
Brisbane Broncos Limited issued Chairman J Hartigan's letter to
shareholders regarding supplementary bidder's statement from
Sports Pty Limited:

"On behalf of BB Sports Pty Limited, a subsidiary of News
Limited, I am pleased to enclose an offer for your Brisbane
Broncos Limited shares.

"BB Sports Pty Limited is offering 17 cents cash per share for
50 percent of your shares in Brisbane Broncos Limited. The offer
is conditional on acquiring majority control, and the normal
prescribed occurrences.

"The Offer is made with the objective of enabling Brisbane
Broncos Limited's stable management to continue into the future.
The News Limited group already has a significant investment in
Broncos, holding 45 percent of its shares. If it acquires a
controlling interest in the company as a result of the Offer,
the News Limited group will be better placed to support the
Broncos board in its strategy to improve shareholder value.

"Included in this booklet is the bidder's statement of BB Sports
which contains the offer terms, and a supplementary bidder's
statement (which includes reference to a proposed competing
offer from Magic Millions League Pty Limited). You should read
both these documents.

"Magic Millions League Pty Limited has also announced an offer
to acquire up to all of your Broncos shares at 18 cents per
share. That offer will be conditional on prescribed occurrences,
on Magic Millions acquiring more than 45 percent of Broncos
shares (and having a greater relevant interest in Broncos Shares
than the News Limited group), and on modifications to the
Corporations Act granted by the Takeovers Panel remaining in
force. News does not presently intend to accept that offer. As
stated above, News already holds 45 percent of Broncos.

"Accordingly, if you are considering accepting Magic Millions'
offer, you should consider how likely it is that Magic Millions'
minimum acceptance condition will be satisfied or waived.
The BB Sports' Offer is scheduled to close on 7 March 2002.
Should you have questions about the Offer, please consult your
financial or other professional adviser."

A copy of the Supplementary Bidder's Statement (Supplementary
Statement) was lodged with ASIC on 6 February 2002. No other
supplementary bidder's statement has been lodged with ASIC in
relation to this takeover bid. The Supplementary Statement will
prevail to the extent of any inconsistency with the Bidder's
Statement.

The Bidder's Statement is supplemented by amending section 4.10
as follows.

(a) Second paragraph - delete "can achieve following its offer"
and replace with "could have achieved following that offer."

(b) Delete the last paragraph and replace with:

"On 5 February 2002, the Takeovers Panel announced that Magic
Millions had undertaken to make offers to Broncos shareholders
for all of their shares at $0.18 per share, and that the bid
would be conditional on Magic Millions acquiring more than 45
percent of Broncos Shares (and having a greater relevant
interest in Broncos shares than News Corporation and its
associates), together with prescribed occurrences. Magic
Millions announced its intention to make a new bid the same day.
Copies of the media releases from the Takeovers Panel and Magic
Millions are attached. As the Magic Millions Offer announced on
29 November 2001 will now no longer proceed, the opportunity
previously open to News to accept into that offer is no longer
available. News does not presently intend to accept the new
offer from Magic Millions".


GAMES 'R' US: -Reinstates to Official Quotation
-----------------------------------------------
Games 'R' Us Australia Limited has been reinstated to official
quotation as from the commencement of trading on Tuesday 5
February 2002, following completion of fund raising and the
termination of Deed of Company Arrangement.

Quoted securities: 47,569,653 ordinary fully paid shares

ASX Code: GRU

Time: 10.00am EDST (7am WST)

SEAT Abbreviation: GAMES R US

ISIN: AU000000GRU2

Home Branch: Perth

Industry Classification: Retail - 131(Retail)

Registered Office: 2 Cento Avenue
                   Subiaco WA 6008

Company Secretary: F Petruzzelli

Share Registry: Computershare Registry Services Pty Ltd
                Level 2, Reserve Bank Building
                45 St George's Terrace
                Perth WA 6000

Underwriters to Issue: N/A

Balance Date: 30 June

CHESS: Participating. The company will also operate an issuer
sponsored subregister

State of incorporation: Western Australia

Restricted Securities: See below

Dividend Policy: N/A

Activities: Franchise of retail game stores.

The Company also has on issue the following securities, which
will not be quoted and will be classified as restricted
securities until 4 October 2002:

1,700,645 ordinary shares fully paid
325,000 options exercisable at $3.00 each expiring on or before
4 October 2004
325,000 options exercisable at $4.00 each expiring on or before
4 October 2004


GOODMAN FIELDER: Appoints Dr Barton as Chairman
-----------------------------------------------
One of Australia's most respected business leaders, Dr Keith
Barton, has been appointed Chairman of Goodman Fielder Limited.
Dr Barton was formerly Managing Director of James Hardie
Industries Limited and Chairman and Chief Executive Officer of
CSR America Inc. He is now a Director of several listed
Australian companies.

Sir Dryden Spring, who has been acting Chairman following the
retirement of former Chairman Jon Peterson last October, said
Goodman Fielder was delighted to have attracted one of
Australia's most experienced businessmen as Chairman.

"Dr Barton has more than 30 years business experience in
Australia and overseas in executive and company Director roles
and will make a valuable contribution to the future development
of Goodman Fielder," Sir Dryden Spring said.

"The appointment of Keith Barton as Chairman continues the
process of Board renewal, with Janet Holmes a Court, Catherine
Livingstone and Sir Ross Buckland also having joined the Board
as non-Executive Directors in the last few years.

"Keith, and the other members of the Board, will work with the
management team led by our new Chief Executive, Tom Park, to
implement the company's strategic action plan and drive improved
shareholder returns."

Sir Dryden Spring will continue as Deputy Chairman of Goodman
Fielder and Chairman of the company's New Zealand operations.

For further information:

Robert Hadler                      Lina Melero
CORPORATE AFFAIRS DIRECTOR         CORPORATE AFFAIRS MANAGER
02-8874 6095 work                  02-8874 6064 work
0401 700 000 mobile                0401 700 151 mobile

Further details about Goodman Fielder and the Board of Directors
can be obtained from the company web site:
www.goodmanfielder.com.au


LEND LEASE: Lowers Substantial Holding for GST
----------------------------------------------
Lend Lease Corporation Limited decreased its relevant interest
in GPT Split Trust (GST) on 05/February/2002, from 33,129,774
ordinary shares (57.78 percent) to 5,337,537 ordinary shares
(18.37 percent).

TCR-AP reported last January that it sold its Larry Smith
property management operation in Italy for a small profit to
European Commercial Properties NV (ECP). The sale forms part of
Lend Lease's reorganization of its operations in Italy.


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


401 HOLDINGS: Winding Up Petition Hearing Adjourned to Feb 11
-------------------------------------------------------------
The Board of Directors of 401 Holdings Limited (the Board), in
reference to the announcement of the Company dated 11th
December, 2001 regarding the Petition filed by Gold Metro
against the Company (the December Announcement) and the
announcement of the Company dated 11th January, 2002 (the
January Announcement), announced that the court hearing date of
the petition for winding-up the Company has been adjourned to
11th February, 2002.

The Company also confirmed that since the January Announcement,
there are no changes in the status of obtaining consent from the
Remaining Bond Holders or the litigation status of the Group and
that there is no material change in the cashflow position of the
Group.

Further announcement will be made by the Company on updating the
above issues to its shareholders as and when appropriate.  
Investors are advised to exercise caution when dealing in the
shares of the Company.


CHI WAH: Winding Up Petition Slated For Hearing
-----------------------------------------------
The petition to wind up Chi Wah Printing And Dyeing Factory
Limited is scheduled to be heard before the High Court of Hong
Kong on February 20, 2002 at 9:30 am. The petition was filed
with the court on December 10, 2001 by Cheung Tak Chi of Room
2613, Hin Yeung House, Hin Keng Estate, Shatin, New Territories,
Hong Kong.  


DOTS21 GROUP: Faces Winding Up Petition
---------------------------------------
The petition to wind up Dots21 Group Limited is set for hearing
before the High Court of Hong Kong on February 20, 2002 AT 9:30
am.   The petition was filed with the court on December 7, 2001
by Ho Yuen Man of Flat B, 16th Floor, Cheong Fat Building, 21
Kwong Fai Circuit, Kwai Chung, New Territories, Hong Kong.  


EASTAR HOLDINGS: Winding Up Petition Set For Hearing
----------------------------------------------------
The petition to wind up Eastar Holdings Limited will be heard
before the High Court of Hong Kong on March 13, 2002 at 9:30 am.  
The petition was filed with the court on December 21, 2001 by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road,
Central, Hong Kong.


LEGEND HOLDING: Price, Turnover Movements Inexplicable
------------------------------------------------------
Legend Holdings Limited has noted the decrease in the price and
increase in the trading volume of the shares of the Company and
are not aware of any reasons for such decrease/increase.

Apart from the 2001/02 third quarter results announcement dated
4 February 2002, the Company confirmed that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price
sensitive nature.


NORTHEAST ELECTRICAL: Clarifies Proposed Transfer Report
--------------------------------------------------------
Northeast Electrical Transmission & Transformation Machinery
Manufacturing Company Limited (the Company), in reference to the
Hong Kong media report in relation to the proposed transfer of
the equity interest of Northeast Electrical Transmission and
Transformation Equipment Group Corporation Limited (NET) in
Shenyang Furukawa Cable Company Limited (Cable Company) to the
Company (the Proposed Transfer) being opposed by Furukawa
Electric Co., Ltd. (FEC), the Japanese Shareholder of the Cable
Company and the negotiation with the banking consortium on the
partial repayment of the syndicated loan, announced that if NET
proceeds with the Proposed Transfer, it will require approval by
all domestic and foreign shareholders according to the relevant
requirements of Joint Venture Law and Certain Regulations on the
Change of Foreign Equity.

To date, the Company is not aware of any negotiation between NET
and FEC in relation to the proposed transfer and has not
received any official document with consent or objection from
FEC in respect of the proposed transfer of equity interest in
Cable Company from NET to the Company.

For the repayment of the syndicated loan, as previously
disclosed, the Company has not had an official meeting with the
banking consortium to discuss on the repayment plan.


PACIFIC MULTI: Winding Up Petition To Be Heard
----------------------------------------------
The petition to wind up Pacific Multi Industrial Limited is
scheduled for hearing before the High Court of Hong Kong on
February 27, 2002 at 9:30 am. The petition was filed with the
court on December 13, 2001 by Bank of Taiwan with its branch
office in Hong Kong situated at 4th Floor, Nine Queen's Road
Central, Hong Kong.


SINA.COM: Cuts Costs, Trims Fourth Quarter Loss
-----------------------------------------------
Reduced operating expenses narrowed portal operator Sina.com's
net loss by 6.8 percent quarter to quarter to US$4.93M in the
three months to December 31.  About US$420,000 of the loss came
from 24.3 percent-held associate Sun Television Cybernetworks
(Sun TV), whose co-chairman Yang Lan swapped the stake last
September for 10 percent of Sina.

Despite a 79.1 percent jump in non-advertising revenues to
US$1.64M, prospects for advertising revenues, accounting for
75.7 percent of total revenues, remain clouded.  Chief Executive
Daniel Mao Daolin said total revenues this quarter were expected
to be flat on the December quarter, and a dip in advertising
revenues would be offset by a strong rise in non-advertising
revenues.

In the December quarter advertising revenues were US$5.13M,
almost flat on the US$5.14M in the preceding quarter.  About 70
percent to 80 percent of growth in electronic commerce revenues
in the December quarter came from the provision of mobile-phone
short-messaging services (SMS), Mr. Mao said. Non-advertising
revenues accounted for 24.3 percent of the quarter's revenues.

In November, Sina said it would jointly develop a broadband
cross-media platform with Sun TV to transform Sina.com into a
fee-charging multimedia site.


T-ARTS GROUP: Winding Up Petition Pending
-----------------------------------------
T-Arts Group Company Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on March 20, 2002 at 9:30 am.  The petition was filed on
December 22, 2001 by The Hongkong and Shanghai Banking
Corporation Limited whose head office is situated at No. 1
Queen's Road Central, Hong Kong.


TUTELAGE LIMITED: Winding Up Sought By Wong Ching
-------------------------------------------------
Wong Ching Wan is seeking the winding up of The Tutelage
Limited. The petition was filed on December 7, 2001, and will be
heard before the High Court of Hong Kong on February 20, 2002 at
9:30 am.  Wong Ching holds its registered office at of Room H,
2nd Floor, Block 3, Serene Garden, Tsing Yi, New Territories,
Hong Kong.  


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


BANK CENTRAL: BI Extends Offer Submission Until Monday
-----------------------------------------------------
Bank Indonesia (BI) will wait until Monday, February 11, 2002,  
for the four remaining bidders seeking to buy the government's
stake in PT Bank Central Asia, AsiaPulse reports, quoting BI's
Senior Deputy Governor Anwar Nasution, adding that not all of
the bidders have completed the documents such as "letter of
comfort" needed for the fit and proper test.

Nasution said that failure to complete the document until Monday
will be seen as being no longer interested in taking part in the
tender.  

Bank Mega, Standard Chartered Bank, Frallon Capital Management
and GKBI are the four consortiums that would compete to win the
tender.

Standard Chartered Bank (StanChart) wants to buy at least 26
percent of Bank Central Asia (BCA).  It said that it would stick
by its bid for Bank Central, despite employee protests
reminiscent of those that scuttled its bid for another Indonesia
bank three years ago.


MEDCO ENERGI: Repays 99% of US$97M Debt to Bahana
-------------------------------------------------
PT Medco Energi has repaid 99 percent of the principal
of its total debt of US$97 million to PT Bahana Pembina Usaha
Indonesia (BPUI), AFX reported Friday, citing Medco Group CEO
Hilmi Panigoro.

Panigoro said that the Company must still repay interest of
US$13 million in the fourth quarter of 2002, adding that
"Principal debt payment to Bahana is practically completed. We
will then concentrate on restructuring our debts to the
Indonesian Bank Restructuring Agency (IBRA)."

The Company has a US$46 million debt to IBRA.  


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


FUJITSU LTD: FTC Warns Against Unfair Bids
------------------------------------------
The Fair Trade Commission (FTC) has issued a warning to
electronics maker Fujitsu Ltd related to a series of bids it
made last year for government information systems at unfairly
low prices, Kyodo News reported on February 8. FTC suspected
Fujitsu of having violated the Antimonopoly Law by winning
central and local government bids for computer systems at prices
short of estimated costs.


FUJITSU LTD: Develops Multiport Register File Technology
--------------------------------------------------------
Fujitsu Laboratories Ltd., Fujitsu Laboratories of America, Inc.
and Fujitsu Limited announced on Thursday the development of a
multiport register file(*1) technology that can meet the high
performance, low power consumption and minimal space
requirements of system-on-chip designs. Use of this technology
will facilitate a quicker and less costly design process,
resulting in more powerful chips. The technology has already
been used in Fujitsu's FR-V(*2) series of 8-way parallel high-
performance multimedia processors.

The multiport register file, which takes up less chip space than
earlier register file technology, can achieve 1.4 ns access time
running on 220 mW of power (at 500 MHz) in performance mode, or
3.9 ns access time running on 28 mW (at 200 MHz) in energy-
saving mode. This development was announced this month at the
ISSCC2002 (the 2002 IEEE International Solid-State Circuits
Conference).

Background

Over the past few years, very long instruction word (VLIW*3) and
superscalar*4 processors have been developed to increase the
number of instructions that can be issued in a single clock
cycle. These developments have made the need for multiport
register files more pressing, as they permit more efficient use
of the calculating units on these processors by reading/writing
more data during one clock cycle. The indispensable features for
multiport register files are high performance and low power
consumption. In addition, since space requirements tend to
increase with the number of ports, it is very important to
minimize the amount of area required on the chip for the
multiport register files.

Notable Features of the Technology

Fujitsu's new multiport register file technology includes 10
read and six write ports, storing 34 words of 64 bits. The
technology, which is designed to meet high performance, low
power consumption and minimal space requirements, has three
notable features.

First, the technology supports two different power modes of
operation. With two different power sources, this technology can
run in performance mode or energy-saving mode by changing the
power source and driver voltage. A replica circuit(*5) in the
design enables it to operate across a wide range of voltages.

Second, single-rail bit lines(*6) reduce space requirements by
almost one third. A layout of bit-lines and shield-lines using
single-rail bit lines enables typical noise tolerances to be
maintained with only half the overall number of bit-lines
required. As a result, circuit area space requirements are
reduced by 31 percent.

Finally, a write-through read function makes for faster
performance and simpler circuit design. This function, which
reads data on the same cycle as data is being written,
simplifies circuit design and improves performance.

Major Specifications

This macro uses Fujitsu's leading-edge 0.11 mirons metal CMOS
process.

Technology 0.11 micron CMOS 4-layer metal Configuration 34 words
x 64 bits10 read ports6 write ports Macro size 1 mm x 0.5 mm
(31% smaller than typical) Operating clock rate 545 MHz @ 1.2 V
Vdd Power consumption 220 mW @ 500 MHz (performance mode) Access
time 1.4 ns @ 1.2 V Vdd (performance mode)

Glossary

*1) Register file

A type of low-capacity, high-speed memory. Runs at the
processor's maximum clock rate, and typically permits data to be
read and written in one clock cycle.

*2) FR-V

Fujitsu's newest series of high-performance processors using
VLIW architecture. Previous series include the four-way parallel
VLIW architecture FR500 Series released in June 2000, followed
by the two-way parallel VLIW architecture FR400 Series, with a
lower price and lower power consumption, released in March 2001.

*3) Very long instruction word (VLIW)

As the name implies, this is a processor architecture where a
single instruction is very long (normally 128 bits or more), and
each instruction in fact encapsulates multiple processes that
are executed simultaneously.

*4) Superscalar

A processor architecture where multiple instructions are
executed during a single clock cycle, where the processor can,
by itself, control the order of execution for instructions.

*5) Replica circuit

A circuit model with an architecture partly identical to a
circuit in actual use. This feature enables stable operation of
the circuit under variable power-supply voltages, process
conditions and temperatures, by accommodating fluctuations in
the timing signal that result from these variations.

*6) Single-rail bit-line

Uses only a single line for each read and write data port.

About Fujitsu Limited

Fujitsu (TSE: 6702) (US:FJTSY) 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.

About Fujitsu Laboratories Ltd.

Founded in 1968 as a wholly owned subsidiary of Fujitsu Limited,
Fujitsu Laboratories Limited is one of the premier research
centers in the world. With a global network of laboratories in
Japan, China, the United States and Europe, the organization
conducts a wide range of basic and applied research in the areas
of Multimedia, Personal Systems, Networks, Peripherals, Advanced
Materials and Electronic Devices.

TCR-AP reported earlier this month that Fujitsu Limited recorded
a consolidated operating loss of Y45.8 billion (US$347 million)
for the quarter, compared with an operating profit of Y7.6
billion in third quarter of fiscal 2000.

Contact:

Fujitsu Limited Minoru Sekiguchi, Nancy Ikehara
Tel: +81-3-3215-5236 (Tokyo) Fax: +81-3-3216-9365
E-mail: pr@fujitsu.com [Technical Contact] Fujitsu Laboratories
System LSI Development Lab
Tel: +81-44-754-2657 (Kawasaki)
E-mail: inoue.atsuki@jp.fujitsu.com


HITACHI LTD: RagingWire Gives HDS, Employees Tech Support
---------------------------------------------------------
RagingWire Telecommunications, Inc., a leading provider of
premium managed service solutions and information technology
(IT) infrastructure, on Wednesday is providing help desk support
to Hitachi Data Systems, a wholly owned subsidiary of Hitachi,
Ltd. (NYSE:HIT). RagingWire's help desk services assist more
than 1, 300 Hitachi Data Systems' employees throughout North
America, Asia Pacific, and Australia.

The 24 x 7 help desk provides Hitachi Data Systems' employees
with a streamlined, single point of contact for all internal
service outages and requests. Services include assisting callers
with account creation, password resetting, and real-time remote
troubleshooting of email, Local Area Network ( LAN), and
software application issues.

"RagingWire provides Hitachi Data Systems' employees with
continuous technical assistance and updates on the health and
performance of our mission-critical IT systems," said Mike
Stevens, senior director of Infrastructure Services for Hitachi
Data Systems. "With the help desk services, RagingWire's staff
becomes an extension of our IT department."

RagingWire's highly trained team of IT professionals has
extensive experience in various operating systems, software
applications, email clients, and Internet protocols. In addition
to the help desk services, RagingWire manages Hitachi Data
Systems' internal Web site, which provides hourly system status
updates that inform employees of current outages and expected
time of resolution. Employees can also contact the help desk via
the Web and email.

"RagingWire's call center services allow companies such as
Hitachi Data Systems to gain more control and access to their IT
systems, operate more efficiently, and reduce their costs,"
said Yatish Mishra, President and Chief Technology Officer of
RagingWire. "These services are essential for any large, data-
intensive company that requires around-the-clock support of
their mission- critical IT systems and applications."

About RagingWire

RagingWire Telecommunications, Inc. provides world-class managed
services and IT infrastructure solutions that accommodate the
business needs of FORTUNE 1000 enterprise companies. RagingWire
enables its clients to reduce their operating costs, speed time
to market, and focus on their core competencies. RagingWire
operates a reliable and secure Enterprise Data Center(SM)
facility that offers " five nines" (99.999%) availability and
highly scalable power and cooling solutions that manage and
maintain FORTUNE 1000 companies' mission-critical IT systems and
applications. For more information about RagingWire
Telecommunications, access http://www.ragingwire.com.

About Hitachi Data Systems

For further information on Hitachi Data Systems, access
http://www.hds.com.

CONTACT: RagingWire Telecommunications, Inc.
         Douglas Adams, 916/286-3056
         Cell: 916/548-4952
         dadams@ragingwire.com
         www.ragingwire.com


HITACHI LIMITED: Appoints Tadashi Hirose as CVC Unit President
--------------------------------------------------------------
Hitachi, Ltd., (NYSE:HIT) revealed on Wednesday that it has
appointed Tadashi Hirose as President of Corporate Venture's
Catalyst North America Operations (CVCNA) unit of Hitachi
America, Ltd. Mr. Hirose succeeds Dr. Kenji Takeda, who has been
named Executive Assistant to Yoshiro Kuwata, Executive Vice
President and Director of Hitachi, Ltd. Tokyo, Japan. In
addition, Toshinori Kakuta has been named Vice President and
Chief Information Officer, a new position. The appointments are
effective Feb. 21.

Hirose, 51, most recently served as Vice President of the CVC
unit since June 2001. Before that, he was Senior Vice President
of the Strategic Corporate Planning Office of Hitachi Computer
Products (America), Inc. from Oct. 2000. He previously was
department manager of the Business Strategy Department of the
Information Systems and Telecommunications Group of Hitachi,
Ltd., Tokyo, Japan since April 1999. From 1994 to 1999, he was
department manager of the New Business Planning Department of
the Information Systems Group of Hitachi, Ltd. From 1989 to 1994
he served in several management capacities in the Hitachi, Ltd.
Research and Development Division. He joined Hitachi, Ltd. in
April 1975 in the Hitachi, Ltd. Systems Development Laboratory
working in operating systems development.

Hirose has a B.A. degree from Keio University from the Division
of Engineering and an M.S, from Keio University Graduate School
for system engineering and mathematical programming. He is a
member of the IEEE Computer Society, Information Processing
Society of Japan and Japanese Society for Artificial
Intelligence.

Takeda, 54, has served as President of the CVC since July 2000.
Before that he was head of the Hitachi America, Ltd. R&D
Division from June 1998 until January 2001. He joined Hitachi
America in June 1998 from Hitachi, Ltd., where he served as
executive staff of the Business Development Office of Hitachi,
Ltd. since August of 1995. From 1993 to 1995, he was department
manager of the Technology Management Center of the Information
System Business Group of Hitachi, Ltd. From 1989 to 1993, Dr.
Takeda was department Manager of the Computer Packaging
Technology Center of the Production Engineering Research
Laboratory. He joined Hitachi in 1971 as a researcher in the
Production Engineering Research Laboratory.

Takeda has a Doctorate and a Master's in Engineering from the
University of Tokyo and a Master of Science degree from the
Massachusetts Institute of Technology.

Mr. Kakuta, 53, most recently served as General Manager,
Semiconductor & IC Group, Information Systems Division, Sales
Information Systems Department. From August 1997 to July 1998 he
was senior IT advisor at Hitachi Europe Ltd., Information
Technology Group. Before that he was Senior Manager,
Semiconductor & IC Division, Sales Information Systems
Department, Overseas Sales Systems Group, from August 1991 to
August 1997. He joined Hitachi in 1971.

Kakuta has an economics degree from Fukushima University.

Hitachi America, Ltd. markets and manufactures a broad range of
electronics, computer systems and products, consumer electronics
and semiconductors, and provides industrial equipment and
services throughout North America. For more information on
Hitachi America, visit www.hitachi.com.

Hitachi, Ltd., headquartered in Tokyo, Japan, is one of the
world's leading global electronics companies, with fiscal 2000
(ended March 31, 2001) consolidated sales of 8,417 billion yen
($67.9 billion*). The company manufactures and markets a wide
range of products, including computers, semiconductors, consumer
products and power and industrial equipment. For more
information on Hitachi, Ltd., please visit Hitachi's Web site at
http://global.hitachi.com.

Hitachi Ltd will cut 4,000 more employees in the group companies
by the end of June with the introduction of a new early
retirement program next month, TCR-AP reported last month. The
restructuring scheme disclosed last year that it aims to cut
16,350 jobs at home and abroad. The firm will cut a total of
20,350 jobs with the introduction of the new retirement system.

    CONTACT: Hitachi America, Ltd., Corp. Communications Group
             Gerard F. Corbett, 650/244-7900
             gerard.corbett@hal.hitachi.com
             Matt Takahashi, 650/244-7902
             masahiro.takahashi@hal.hitachi.com


NAGASAKIYA CO: Kurafuto Supports Rehabilitation Plan
----------------------------------------------------
Struggling retailer Nagasakiya Co has agreed to enter
negotiations with Kurafuto Co (KC) for the latter to support the
company's court-mandated rehabilitation plan, Kyodo News
reported Friday. Kurafuto Co plans to invest around Y4 billion
in Nagasakiya. KC is the largest shareholder in printed-circuit
board maker Kyoden Co.

In February of last year Nagasakiya filed for protection from
creditors on February with the Tokyo District Court under the
Corporate Rehabilitation Law, TCR-AP reported. The retailer has
shut down a total of 15 failing stores since its bankruptcy. The
present move to shut down more stores is intended to rid the
company of operating losses.


NEC CORP: Enters Partnership With SiRF To Accelerate GPS Tech
-------------------------------------------------------------
SiRF Technology and NEC Electronics (Europe) on February 6, 2002
announced a licensing agreement to integrate SiRF's GPS
technology into NEC's integrated circuits (ICs) optimized for
the automotive marketplace. The partnership will yield high-
performance ICs with the level of integration required by next
generation multimedia navigation systems. This degree of
integration will drive down the cost and footprint of GPS,
enabling automobile navigation to become standard equipment in
all cars, not just in luxury automobiles.

NEC will integrate SiRF's high-performance SiRFstar II(R) GPS
baseband core to location-enable its next generation of
Application Specific Standard Products ( ASSP) initially
targeted at the automotive marketplace, the largest market for
GPS.

"The choice of GPS technology vendor was an easy one because
SiRF's architecture is the architecture of choice for major
automobile electronics manufacturers. Furthermore, its IP core
is highly portable into our designs. SiRFstar II architecture's
high performance for satellite signal acquisition and location
accuracy and its proven track record are very important for
automobile customers," according to Thomas Hase, manager
product marketing at NEC Electronics Europe.

"Our IP licensing agreement with NEC is in line with our
strategy to partner with major semiconductor companies with
inroads into our target markets, such as automotive and
wireless," said Kanwar Chadha, founder and vice president of
SiRF Technology, Inc. "NEC is a leader in semiconductor
products for the automotive market, with a history of quality
and innovation. Together, we feel this partnership will help
development of more cost effective navigation systems thus
bringing benefits of location technology to mainstream
consumers."

NEC's navigation companion chip

NEC's first application for the technology will be a low cost
navigation companion chip, incorporating an ARM7TDMI core with
on-chip GPS navigation satellite reception and signal
preprocessing capability for a host CPU. Samples of the chip
will be available from Q3 with volume production likely by the
end of the year. NEC will also be developing other (non-
automotive) applications, based on the SiRFstar GPS technology,
in the near future.

SiRFstar II architecture and IP Core

The SiRFstar II architecture provides complete GPS functionality
with the high performance necessary for applications such as
automobile navigation, in which fast start-up, high fix density
and accuracy in obscured sky environments is crucial. With its
unique set of features such as SnapStart(TM) for quick start-
up, SnapLock(TM) for fast acquisition and FoliageLock(TM) for
high sensitivity, the SiRFstar II architecture provides enhanced
GPS-based location information in urban canyons and dense
foliage -- where traditional GPS architectures fall short. The
SiRFstar II baseband IP core provides a library of modular and
portable building blocks, along with a complete set of tools, to
enable easy integration into customer designs. SiRF is also
developing technology implementations to facilitate and optimize
GPS integration into specific platforms, such as automobiles,
cell phones and personal digital assistants.

About NEC Electronics (Europe) GmbH

NEC Electronics (Europe) GmbH, headquartered in Dusseldorf,
Germany, is a leading developer, manufacturer and supplier of
semiconductor products in Europe. Committed to meeting
customers' cost, performance and time-to-market requirements,
the company offers solutions ranging from standard products to
system-on-a-chip (SOC) solutions, as well as customized products
for next- generation designs. NEC Electronics also offers
customers the benefit of state- of-the-art manufacturing
facilities in Ireland, and the global manufacturing capabilities
of its parent company, NEC Corporation. For more information,
please visit the NEC Electronics web site at: www.ee.nec.de.

This press release is available from EML's web site on
http://www.eml.com.

   For information about NEC Electronics contact:
   Andrea Rogers, NEC Electronics (UK) Ltd, Cygnus House,
Linford Wood Business Centre, Sunrise Parkway, Linford Wood,
Milton Keynes,

   MK14 6NP. Tel: +44-(0)1908 691133 Email:
enquiry@euk.nec.co.uk

   For editorial information about NEC Electronics contact:
   David Marsden or Andrew Shephard, EML, The Albany Boathouse,
   Lower Ham Road, Kingston-upon-Thames, Surrey, KT2 5BB.
   Tel: +44-(0)20 8408 8000 Email: davidm@eml.com

About SiRF

SiRF Technology, Inc. develops and markets semiconductor and
software products that are designed to enable location awareness
in high-volume mobile consumer devices and commercial
applications. Location awareness refers to the ability of a
device to determine and make use of the information regarding
its location. SiRF's products enable a range of devices to
utilize GPS to detect location. They have been integrated into
mobile consumer devices, such as automobile navigation systems,
cellular phones, GPS-based mobile computing peripherals and
handheld GPS navigation devices, and into commercial
applications, such as property tracking devices and fleet
management systems. SiRF markets and sells its products in four
target markets: wireless handheld, automotive, mobile computing
and embedded consumer applications. www.sirf.com

TCR-AP reported earlier this week that NEC doubled its previous
loss forecast for the full year ending in March to Y300 billion.
The company expects its first-ever group operating loss for the
full fiscal year. The company said it would lose Y57 billion
during the period, reversing its previous forecast for a profit
of Y30 billion.

CONTACT: SiRF Technology, Inc.
         Kanwar Chadha, 408/392-8307
          kanwar@sirf.com or
          Evans Partners (for SiRF Technology, Inc.)
          Cathy Wright, 650/595-1871
          cathy@evanspartners.com or
          BGC (for SiRF Technology, Inc. Europe)
          Birgit Gunther, +49-0-8152-9931-80
          BirgitG@bgc.de


SNOW BRAND: Shigeru Hatakeyama Aware of Scandal
-----------------------------------------------
Former senior official of Snow Brand Foods Co, Shigeru
Hatakeyama revealed to police that he was aware of an outside
informant's tip that the firm's meat center in Hyogo Prefecture
was engaging in fraudulently labeling beef products, Kyodo News
reported Friday citing unnamed police officers. He decided not
to take any action for fear of a scandal.

Itochu Corp is ready to cooperate in scandal-tainted Snow Brand
Milk Products Co's rehabilitation efforts, according to a
Thursday statement by a senior executive of the major trading
house.

TCR-AP reported earlier this week that Snow Brand Food will be
divided into four companies, including one specializing in the
ham and sausage business, due to a meat-labeling scandal.
Company officials stressed that the firm won't be able to
survive related to a loss of confidence by consumers toward
meat. The firm has notified 1,000 part time employees that they
will be fired by March 10.


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


CHOHUNG BANK: FSC Warns Bank for Failure to Meet MOU
----------------------------------------------------
The Financial Supervisory Commission (FSC) has issued a stern
warning to Chohung Bank (CHB) as it failed to meet the
profitability target presented in a memorandum of understanding
(MOU) it signed, according to Korea Herald on Friday.

FSC stressed that CHB signed an MOU with the FSC at the end of
September 2001, but it failed to attain the targets suggested in
the return on assets (ROA) and return on equity (ROE) ratios.


DAEWOO MOTOR: Develops World`s First `East-West' Engine
-------------------------------------------------------
Daewoo Motor has developed the world's first "east-west-
mounted" engine, paving the way for sharp cuts in engine
volume, weight, noise and vibration, Korea Herald reported
Thursday. It is technically called "inline six-transversely-
mounted engine," are installed horizontally, making a four-
wheel drive system and huge gains in power and fuel efficiency
possible.

East-west engines are available in two sizes of 2,000cc and
2,500cc, will be mounted on the mid-sized sedan Magnus during
the first half for mass production. The new development will
equip Daewoo with a whole range of automotive engines ranging
from 800cc to 2,500cc.

TCR-AP reported last month that General Motors Corp has
discovered an unspecified amount of hidden debt owed by Daewoo
Motor. Union leader Kim Il-sup said that it might emerge as a
major obstacle to a final agreement.


DAEWOO MOTOR: GM Hesitant About Egypt Plant-Creditor
----------------------------------------------------
General Motors Corp (GM) is hesitant to acquire Daewoo Motor
Co's Egyptian plant, Reuters said Thursday, citing an unnamed
Daewoo creditor official. After more than a year of talks, GM
signed a memorandum of understanding (MOU) last September to
acquire core assets of Daewoo Motor for $400 million. A final
deal has not been reached.

A creditor bank source said that GM is hesitant in acquiring
Daewoo Egyptian and Vietnam plants. The source said that GM
wanted to trim back on 22 overseas sales units named in the MOU.
He said that GM's position is only interested in nine overseas
dealerships of Daewoo.


HYNIX SEMICONDUCTOR: Receives 128MB, 256MB DDR SDRAM Approval
-------------------------------------------------------------
Hynix Semiconductor America Inc. announced on February 7, 2002
that its 128MB and 256MB DDR (Double Data Rate) SDRAM, JEDEC-
standard PC2700 modules have received full approval from VIA
Technologies, Inc., in its core logic chipset KT333. The 128MB
and 256MB unbuffered DDR DIMM SDRAM has a 333Mhz data rate with
a bandwidth of up to 2.7GB/s. This approbation further
strengthens Hynix's presence in the high-speed main memory
market and continues to demonstrate the company's commitment to
the development and production of the latest components and
modules for advanced memory product applications.

The 128MB and 256MB DDR DIMM is organized with 128Mb x 8
components and is manufactured using a 0.18-micron process
technology. However, Hynix is quickly transitioning from a 0.18
to a 0.15-micron geometry, utilizing Hynix's patented `Blue
Chip' process. This process increases the die per wafer and
enables Hynix to provide cutting-edge memory products at cost-
competitive prices, in addition to providing the customer a
better solution with faster system performance.

Farhad Tabrizi, Vice President of Worldwide Memory Marketing for
Hynix, reiterated his company's commitment to satisfying
customer needs with leading-edge product. "This clearly
demonstrates our leadership and commitment to the DRAM market.
We anticipate that higher speed DDR products will be the
differentiating point for our end customer product offerings."

The 128MB and 256MB, used primarily in desktop applications, is
produced at Hynix's Ichon, Korea fabrication facility and is
available now with volume production beginning in March.

About Hynix Semiconductor Inc.

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

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


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


HYNIX SEMICONDUCTOR: Micron, Infineon Battle for Chip Operations
----------------------------------------------------------------
Hynix Semiconductor is considering whether to sell off the
assets of its memory chip operations to Micron Technology or
Infineon Technologies, Digital Chosun said Wednesday. Hynix'
President Park Jong-seok have reached their fourth day of
discussions now with Micron Technology. Meanwhile, Infineon
dispatched a 10-man negotiation team to Korea Wednesday and the
two companies have entered into a series of talks.

A Hynix official said that Hynix and Infineon would first
discuss ways to set up the structure for their proposed
strategic alliance deal. He also said that the German company is
expected to launch due diligence on Hynix' plants if needed.


PAN OCEAN: Creditor Banks to Grant Debt-Equity Swap
---------------------------------------------------
Pan Ocean and its creditor banks has agreed to perform a debt-
equity swap of W230 billion (equivalent to around US$ 177
million) as of April 1, 2002 and have approved the
implementation of the company's 'Amended Corporate
Reorganization Plan. As a result the Company's financial
position is now considerably strengthened, enhancing both its
market presence and earnings potential while reshaping Pan Ocean
as a more aggressive and competitive company in the worldwide
breakbulk and tramper businesses.

The approval came on February 6, 2002 through the creditor
banks' meeting convened at Seoul District Court. The creditor
banks include major Korean banks such as Korea Development Bank,
Korea Exchange Bank, Hanvit Bank and Chohung Bank.

Last year, the Company sought to solidify its financial position
to expedite future long-term projects and fleet modernization
plan through a stock offering but the bidding results were below
expectation.

Pan Ocean therefore decided last September to withdraw
temporarily the stock offering and continue separately to
examine alternative long-term financing measures with its
creditor banks. The result has been that the creditor banks have
now decided to invest directly. As of 1st April 2002 the
creditor banks will be the major stockholders through a debt-
equity swap and Pan Ocean will be reborn as financially 'Sound
and Clean' company with substantially reduced level of debt.

To date, the Company has made repayment of around KRW 1 trillion
(equivalent to US$ 770 million) for its secured and unsecured
debts under the corporate reorganization plan for the last 8
years, punctually, without any default, since it was placed
under the Court receivership in Nov.1993.  

In 2001, Pan Ocean transported approximately 70 million tons of
cargo, generating revenue of approximately US$ 1.35 billion
while remaining exceptionally profitable with estimated
operating profit of US$ 84 million and earning before tax of US$
28 million (after a paper loss on foreign exchange translation
of US$ 27 million). Through its tremendous achievements Pan
Ocean has therefore built its credibility with both creditors
and customers.

Last year, Pan Ocean placed 3 new-building orders, two 52,000-
dwt super handymax bulkers and one 19,999-dwt chemical tanker
with Korean and Japanese shipyards, backed by European and
Japanese financiers. Going forward, the Company aims to
implement a number of long-term projects, facilitate its
ambitious fleet modernization plan and continue to provide
resources to pave the way for fulfilling the long term objective
of being the world's leading ocean carrier in the breakbulk and
tramper businesses.

Above all, Pan Ocean stresses that it will continue to focus its
efforts on providing customers with the highest level of
shipping service while strengthening the organization's capacity
to explore and capitalize on any future expansion opportunities
that may arise.


SAMSUNG ELECTRONICS: Wins ADSL Network Contract From CT
-------------------------------------------------------
Samsung Electronics Co Ltd wins a contract from Chunghwa Telecom
(CT) to install ADSL networks to serve 1.16 million subscribers,
AFX News reported Thursday.  The contract bodes well for the
Company's telecommunication system exports in 2002 as it has
secured a favorable position to win follow-up orders for future
expansion projects.

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

DebtTraders reports Samsung Electronic's 9.750% bond due in 2003
(SAMELE6) trades between 106.450 and 106.646. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=SAMELE6


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


MALAYSIA BRITISH: Unit Officially Dissolved
-------------------------------------------
Malaysia British Assurance Berhad (MBA or the Company), in
reference to the Company's announcement on 7 February 2001 in
relation to the commencement of the members' voluntary winding-
up of MBA Insurance Limited, a wholly-owned subsidiary of the
Company incorporated in Hong Kong (the Winding-up), announced
that the liquidator for the Winding-up, Julian Chow Kai Wo, had
via a letter dated 29 January 2002 confirmed that MBA Insurance
Limited was officially dissolved on 30 November 2001.


MALAYSIAN PLANTATIONS: Voluntary Winds Up Dormant Units
-------------------------------------------------------
Malaysian Plantations Berhad (MPlant) announced that at the
Extraordinary General Meetings of these subsidiaries on 4
February 2002, the shareholder of the these subsidiaries have
resolved to wind up by way of members' voluntary winding-up
(Members' Voluntary Winding-up) and to appoint Mr Lim Tian Huat
of Arthur Andersen & Co. as the Liquidator:

  a) SBB Services Sdn Bhd;

  b) SBB Services (Tempatan) Sdn Bhd; and

  c) SBB Services (Asing) Sdn Bhd

DETAILS OF THE SUBSIDIARY COMPANIES

a) SBB Services Sdn Bhd (SSSB)

SSSB was incorporated in Malaysia under the Companies Act, 1965
on 11 April 1991 and is a wholly-owned subsidiary of Sabah
Brilliant Berhad (formerly known as Sabah Bank Berhad) (SBB)
which in turn is a wholly-owned subsidiary of Alliance Bank
Malaysia Berhad (Alliance Bank), which in turn is a 78.1 percent
subsidiary of MPlant's wholly-owned subsidiary, Syabas Sutra Sdn
Bhd (Syabas Sutra).

The authorized capital of SSSB is RM100,000 divided into 100,000
ordinary shares of RM1.00 each and its issued and paid-up
capital is RM10,002 divided into 10,002 ordinary shares of
RM1.00 each fully paid. SSSB is a dormant company and there is
no plans to activate it.

b) SBB Services (Tempatan) Sdn Bhd (SSTSB)

SSTSB was incorporated in Malaysia under the Companies Act, 1965
on 18 March 1996 and is a wholly-owned subsidiary of SBB which
in turn is a wholly-owned subsidiary of Alliance Bank, which in
turn is a 78.1 percent subsidiary of MPlant's wholly-owned
subsidiary, Syabas Sutra.

The authorized capital of SSTSB is RM100,000 divided into
100,000 ordinary shares of RM1.00 each and its issued and paid-
up capital is RM10,002 divided into 10,002 ordinary shares of
RM1.00 each fully paid. SSTSB is a dormant company and there are
no plans to activate it.

c) SBB Services (Asing) Sdn Bhd (SSASB)

SSASB was incorporated in Malaysia under the Companies Act, 1965
on 18 March 1996 and is a wholly-owned subsidiary of SBB which
in turn is a wholly-owned subsidiary of Alliance Bank, which in
turn is a 78.1 percent subsidiary of MPlant's wholly-owned
subsidiary, Syabas Sutra.

The authorized capital of SSASB is RM100,000 divided into
100,000 ordinary shares of RM1.00 each and its issued and paid-
up capital is RM10,002 divided into 10,002 ordinary shares of
RM1.00 each fully paid. SSASB is a dormant company and there are
no plans to activate it.

EFFECT OF THE MEMBERS' VOLUNTARY WINDING-UP

The Members' Voluntary Winding-up is not expected to have any
material operational impact on the MPlant Group.

The winding-up expenses are estimated at RM26,000.

RATIONALE

The Members' Voluntary Winding-up is part of MPlant Group's
continuing rationalization efforts to wind-up dormant
subsidiaries.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

None of the directors, major shareholders and persons connected
with them have any interest, direct in the Members' Voluntary
Winding-up.


MENTIGA CORPORATION: Reviews Financial Regularization Proposals
---------------------------------------------------------------
Mentiga Corporation Berhad is still in the progress of reviewing
various business proposals to regularize the Company's financial
position.

On 4 January, 2002, the Company announced that Malaysian Timber
Council (MTC) had on 3 January, 2002 obtained judgment against
the Company and subsequently served a Writ of Seizure and Sale
on the Company.

The Company was ordered by the Court to pay to MTC:

   (a) the sum of RM4,877,137.79;

   (b) interest at the rate of 8 percent calculated from
1/1/2001 or as determined by the Court;

   (c) cost of proceeding amounting to RM225;

   (d) other relief as determined by the Court.

Following the judgment and subsequent to negotiation between the
Company and MTC, the latter has agreed to allow the Company
until 14 May 2002 to repay the amount owing on the security of
the title to the land held under H.S. (D) 15693, P.T. No. 45064
PTK 3/3/16923 measuring 29.39 acres situated at Mukim Kuala
Kuantan, Daerah Kuantan, Bandar Indera Mahkota (the Land)

In the event the Company is unable to pay by 14 May 2002, MTC
will dispose of the land and obtained payment from the proceed
from the sale of the Land. The Land is estimated to be valued at
RM6 million.


PSC INDUSTRIES: Unit Defaults Interest Payment
----------------------------------------------
PSC Industries Berhad (PSCI) announced that Penang Shipbuilding
and Construction Sdn Bhd (PSC),a subsidiary of PSCI, has
defaulted in its payments of the principal and interest to a
financial institution in respect of credit facilities granted to
the said subsidiary. The details are:

Name of Borrower:  Penang Shipbuilding and Construction, a 100
percent subsidiary of PSCI

Lender:  Danaharta Urus Sdn Bhd (original loan was from
Bumiputra-Commerce Bank Berhad

Type of Facility: Term Loan

A Principal Outstanding @ 31/12/2001 (RM): RM36,191,448.00

B Interest as at 31/12/2001 (RM):  16,684,382.22

A+B Total of Principal + Interest (RM): 52,875,830.22

1. PSC had defaulted in payments on the credit facilities, which
were taken the Kamza Turn Project (the Kamza Project) in
Albania.

2. The factors leading to the loan default are:

   (a) The Kamza Project was halted in February 1997 due to the
civil unrest in Albania whereby the site and construction
materials were looted, the building and site office were
destroyed, and while the apartment structure was partially
damaged. The event caused PSC to suffer substantial damages and
losses amounting to USD6.4 Million in respect of the Kamza
Project.

   (b) PSC has claimed this amount against the Government of
Albania for the damages under the Promotion and Protection of
Investments of the Investment Guarantee Act executed between the
Government of Malaysia and Government of Albania. This claim is
still pending.

   (c) PSC experienced difficulty in proceeding with the project
due to the unstable conditions in Albania.

PSC has endured adverse cash flow position owing to the delayed
completion of the Kamza Project, which led to inability of PSC
to achieve the expected return for the repayment of the credit
facilities.

PSC is in the process of negotiating with Danaharta Urus Sdn Bhd
(Danaharta Urus) to restructure the Loan.

4. PSCI as the holding company has given a corporate guarantee
on the credit facility to the extent of the outstanding
principal and interest owing by PSC.


PSC INDUSTRIES: Unit's Injunction Hearing Adjourned to March 7
--------------------------------------------------------------
The Board of Directors of PSC Industries (PSCi or the Company)  
informed the Exchange on the outcome of the Kuala Lumpur High
Court hearing on the 7 February 2002 in respect of the
application for the interim injunction to restrain the Receivers
and Managers appointed by Affin Bank Berhad on Perstim
Industries Sdn Bhd (Perstim) as:

  * The hearing proceeded on the 7 February 2002 and the matter
is now adjourned to 7 March 2002 to allow the solicitor of Affin
Bank Berhad and the solicitor for the Receiver and Manager to
file their affidavit in reply.

Perstim is a 99.86 percent subsidiary of Penang Shipbuilding &
Construction Sdn Bhd, which in turn is a wholly owned subsidiary
of PSCI.


TAI WAH: SC Grants Proposed Restructuring Scheme Extension
----------------------------------------------------------
Southern Investment Bank Berhad (SIBB), on behalf of the Board
of Directors of Tai Wah Garments Manufacturing Berhad (TWGB or
the Company), announced that the Securities Commission has, via
its letter dated 4 February 2002, approved an extension of six
(6) months time until 2 August 2002 for the implementation of
the Proposed Rights Issue with Warrants pursuant to the Proposed
Restructuring Scheme Pursuant to Section 176 of the Companies
Act, 1965 (Proposed Restructuring Scheme) of TWGB.


TECHNO ASIA: Moratorium Period with PMMSB Extended
--------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Techno Asia
Holdings Berhad (TAHB or Company) and Prima Moulds Manufacturing
Sdn Bhd (PMMSB), announced that the moratorium period for TAHB
and PMMSB has been extended for a further period of twelve (12)
months from 2 February 2002 to 1 February 2003 pursuant to
Section 41(3) of the Danaharta Act.

Profile

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

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

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

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

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


TECHNOLOGY RESOURCES: Proposed Restricted Issue Over-Subscribed
---------------------------------------------------------------
The Board of Directors of Technology Resources Industries
Berhad, announced that the Company's Proposed Restricted Issue
has been over-subscribed. The Company will be issuing a total of
473,834,000 Ordinary Shares of RM1.00 each to raise gross
proceeds of RM886,836,320.

The Board also announced that the Company's wholly owned
subsidiary, Celcom (Malaysia) Berhad has accepted the commitment
from a syndicate of financial institutions led by Citibank
Berhad for RM1.85 billion financing facilities under the
Proposed Debt Refinancing.

Together with the Proposed Rights Issue and the internal
generated funds, the Company has now fully secured the RM1.91
billion required to redeem the restructured USD375 million Euro
Convertible Bonds and the restructured RM50 million credit
facilities with Danaharta Urus Sdn Bhd payable on 22 April 2002.


UH DOVE: Enters Proposals SSA With Lenders, MDSB
------------------------------------------------
Malaysian International Merchant Bankers Berhad (MIMB) announced
on behalf of UH Dove Holdings Berhad (UHD or the Company), that
the Company had on 6 February 2002, entered into a Supplementary
Settlement Agreement (SSA) with the lender banks (Lenders) and
Miramas Development Sdn Bhd (MDSB) in relation to the Proposals.

The Proposals refers to the:  

  * Proposed Rights Issue;

  * Proposed Debt Restructuring;

  * Proposed Acquisitions Of The Entire Equity Interest In
Bertam Development Sdn Bhd, Budaya Identiti Sdn Bhd And Syarikat
Sungei Buan Sdn Bhd And The Proposed Acquisition Of Land.

The salient terms of the SSA include, amongst others:

   (i) an extension of time to fulfill the conditions precedent
in the Settlement Agreement dated 1 December 2000 by a further 5
months up to 28 February 2002.

   (ii) MDSB shall no longer be obliged to acquire the
24,271,591 new UHD shares (Lenders' Shares) from the Lenders
upon issuance of the Lenders' Shares. Instead MDSB shall grant a
put option to the Lenders, whereby:

     (a) the Lenders can put to MDSB to purchase the Lenders'
Shares at the end of 24 months from the date of issuance of the
Lenders' Shares at a purchase price of RM1.10 per share;

     (b) During the 24-month period prior to the expiry of the
put option, MDSB can offer to buy in part or in whole the
Lenders' Shares comprised in the put option from any or all of
the Lenders at a price not less than RM1.10 per share. If the
Lenders choose not to accept the offer, the put option
pertaining to the part or whole of the Lenders' Shares so
offered is deemed to have lapsed; and

     (c) the put option will be secured by 4,854,000 UHD shares.

   (iii) Interest from 1 January 2001 up to 31 December 2001 at
the prevailing base lending rate of Malayan Banking Berhad plus
1 percent per annum will be waived and interest from 1 January
2002 until the date of payment of the proceeds from the Proposed
Rights Issue to the Lenders will be settled in full by cash at
the rate of 5 percent per annum.

   (iv) MDSB undertakes to procure underwriters to underwrite
RM13,500,000 of the Proposed Rights Issue. In the event that
only RM13,500,000 is raised from the Proposed Rights Issue, the
entire sum will be utilized to part repay the outstanding bank
borrowings of RM24,000,000. The balance of the bank borrowings
of up to a maximum of RM10,500,000 is proposed to be settled by
way of a deferred payment with interest based on the prevailing
base lending rate of Malayan Banking Berhad plus 1 percent per
annum over a period of 2 years in 8 equal quarterly payments of
principal and interest, the first payment to commence 3 months
from the date of payment of proceeds of the Proposed Rights
Issue.

In addition, MIMB is also pleased to announce on behalf of UHD
that UHD, Miramas Realty Sdn Bhd and Multiple Launch Sdn Bhd
have entered into separate Supplementary Sale and Purchase
Agreements (SSPA) to vary the sale and purchase agreements dated
1 December 2000 in relation to the proposed acquisition of 8
pieces of freehold land in Muar (Muar Land). The variation
includes amongst others:

   (i) the issuance of the consideration shares within 10 days
from the date of presentation of the Memorandum of Transfers of
the Muar Land in favor of UH Capital Sdn Bhd, a wholly owned
subsidiary of UHD at the relevant Land Office/registry;

   (ii) the mechanism for the presentation of transfer and
discharge of charge for the Muar Land.

Details of the Proposals as well as the above mentioned
agreements will be contained in the circular to shareholders of
UHD to be dispatched in due course.


WEMBLEY INDUSTRIES: Revised Proposed Debt Restructuring Ongoing
--------------------------------------------------------------
Wembley Industries Holdings Berhad (the Company) is currently  
working on a revised proposed debt-restructuring scheme (Revised
Proposed Debt Restructuring) and in discussion with the Group's
banks/creditors. The details of the proposed debts restructuring
scheme have not been finalized yet and the status of the
discussions with bankers and creditors are:

   (i) three financial institutions and Pengurusan Danaharta
Nasional Berhad have written that they are agreeable to the
Revised Proposed Debt Restructuring subject to, inter-alia,
approvals of other creditors whilst one major creditor has
agreed to the said plan;

   (ii) one financial institution has informed the Company that
it is not in favor of the Revised Proposed Debt Restructuring
and subsequently rejected an appeal made by AMBB on behalf of
the Company. The Company is re-appealing the decision.

   (iii) the Company is in discussion with other bankers and
creditors.
  
Background:

On 23 February 2001, the Company announced to the Exchange that
the Company is an affected listed issuer pursuant to Practice
Note No. 4/2001 (PN4) as the Auditors of the Company had
expressed a disclaimer opinion of the going concern of the
Company and its subsidiaries. As an affected listed issuer, the
Company has its obligations under PN4 as follows:

   (i) to announce the status of its plan to regularize its
financial condition on a monthly basis until further notice from
the Exchange;

   (ii) to announce its compliance or failure to comply with a
particular obligation imposed pursuant to PN4, as and when such
obligation becomes due; and

   (iii) to submit monthly reports to the Exchange in the manner
set out in paragraph 4.2 of PN4, accompanied by statutory
declarations as provided in paragraph 4.5 of PN4.

In the event, the Company fails to comply with the above
obligations, trading of its ordinary shares in the Exchange may
be suspended and/or the Company may be de-listed from the
Exchange. However, the Company would be accorded due process by
the Exchange before de-listing.

Since July 2001, the Company have submitted applications to the
Exchange pursuant to Section 5 of PN4 to extend the time period
to implement and complete the plan to regularize the financial
condition of the Company and its subsidiaries.

The Exchange's approval of the extension on 3 August 2001
required the Company to, within the extension period:

   (i) revise its regularization plan;

   (ii) make a revised requisite announcement to the Exchange;

   (iii) submit its revised plan to the regulatory authorities
for approval; and

   (iv) upon submission of the revised plan to the regulatory
authorities, make a separate application to the Exchange to seek
an additional time for the Company to obtain all the necessary
approvals from the authorities.

The approval of the Exchange received on 23 November 2001 for
the extension from 22 October 2001 to 31 December 2001 was
announced to the Exchange on 26 November 2001. On 14 December
2001, Alliance Merchant Bank Berhad (AMBB) (formerly known as
Amanah Merchant Bankers Berhad) submitted an application to the
Exchange to extend the period from 31 December 2001 to 31 March
2002. On 25 January 2002, the Exchange approved the extension of
time from 31 December 2001 to 28 February 2002.

STATUS OF PROPOSED DEBT RESTRUCTURING

On 14 December 1999, AMBB, on behalf of the Board of Directors
of the Company, announced:

   (i) proposed debt restructuring involving the issue of
approximately RM606 million nominal value of 1 percent
irredeemable unsecured loan stocks (ICULS) at 100 percent of its
nominal value as full and final settlement of the loans and
amounts owning by the Company and its two subsidiaries namely,
Plaza Rakyat Sdn. Bhd. and Wembley I.B.A.E. Sdn. Bhd. amounting
to RM606 million (inclusive of interests on loans) (Proposed
Debt Restructuring);

   (ii) proposed rights issue of 144,475,000 new ordinary shares
of RM1.00 each together with 144,475,000 detachable warrants on
the basis of one (1) new ordinary share with one (1) detachable
warrant for every one (1) ordinary share held at an issue of
RM1.00 per new rights share (Proposed Rights Issue); and

   (iii) proposed increase in the authorized share capital of
the Company from the existing RM500,000,000 comprising
500,000,000 ordinary shares of RM1.00 each to 1,500,000,000
comprising 1,500,000,000 ordinary shares of RM1.00 each.

Applications were submitted to the Securities Commission (SC)
and the Foreign Investment Committee (FIC) on 16 December 1999.
The FIC had on 26 February 2000 approved the Proposed Debt
Restructuring subject to the approval of the SC and that the
Bumiputra equity interest in the Company be increased to 30
percent before 31 December 2000. The Company is expected to seek
an extension for the compliance upon receipt of the SC's
approval for the proposals.

The above proposals are pending the approvals of the SC and the
shareholders of the Company.


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


ENRON CORP: MEH Interested in Acquiring Enron Plant
---------------------------------------------------
MidAmerican Energy Holdings Co (MEH) is interested in acquiring
the power supply contracts of Enron Corp in the Philippines, AFX
News and Manila Standard reported on Thursday, citing Energy
Secretary Vicente Perez. Enron has a contract to operate a 105-
megawatt oil-based plant in Batangas up to July 2003.

It also has a mandate to operate a 108-megawatt power plant in
Subic Bay until March 2009.

Enron Corp. (NYSE: ENE) announced on December 2, 2001 that that
the company along with certain of its subsidiaries have filed
voluntary petitions for Chapter 11 reorganization with the U.S.
Bankruptcy Court for the Southern District of New York. As part
of the reorganization process, Enron also filed suit against
Dynegy Inc. (NYSE: DYN) in the same court, alleging breach of
contract in connection with Dynegy's wrongful termination of its
proposed merger with Enron and seeking damages of at least $10
billion.


NATIONAL BANK: PSE Lifts Trading Suspension
-------------------------------------------
The Philippine Stock Exchange (PSE) has lifted the trading
suspension issued on Philippine National Bank (PNB). PSE
suspended PNB after reports the bank posted a net loss of P4.5
billion last year. PNB president Norberto Nazareno officially
announced the net loss figure on Thursday. PNB resumed trading
at 10.00 am on February 6, 2002.

TCR-AP reported Friday that President and Chairman, Norberto
Nazareno, of the Philippine National Bank (PNB) said the bank
posted a preliminary net loss of P4.5 billion in 2001, against a
loss of P5.973 billion a year earlier, due to substantial
interest payments on a P25 billion debt to the central bank and
the Philippine Deposit Insurance Corporation.


RFM CORPORATION: Clarifies Zuellig Mill Acquisition Report
------------------------------------------------------------
RFM Corporation confirmed statements in the news article
entitled "RFM, Zuellig Eye Flour Joint Venture", published in
the February 4, 2002 issue of the Philippine Daily Inquirer. The
article stated that that RFM Corp. is hatching a deal with Swiss
conglomerate Zuellig Group N.A. Inc. to buy into its flour
milling business, which will be spun off into a new joint-
venture company.

"The sources said the negotiations between RFM and Zuellig were
now on the valuation stage and moving toward a 50-50 joint
venture. In a separate interview, RFM President and CEO Jose
Concepcion III confirmed his company's talks with the Zuellig
group but stressed that the negotiations were yet to be wrapped
up....He stressed that any venture with Zuellig would not
include RFM's branded foods business..."

RFM Corporation, in its letter to the Philippine Stock Exchange,
confirmed that RFM has been in discussion with the Group for a
couple of months, to explore joint venture possibilities in the
flour milling business, not including the branded businesses. As
previously disclosed, RFM has been open to the taking in of
strategic partners to strengthen further the remaining
businesses. The talks however are ongoing and have not resulted
in any agreement, with respect to deal structure and enterprise
valuation.


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


ADROIT INNOVATIONS: Temasek Holdings Changes Deemed Interest
------------------------------------------------------------
Adroit Innovations Limited posted a notice of changes in
substantial shareholder Temasek Holdings (Private) Ltd's deemed
interest:

Date of notice to company: 05 Feb 2002
Date of change of deemed interest: 04 Feb 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: (2,000)
% of issued share capital: 0.0007
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$0.13
No. of shares held before change: 17,939,000
% of issued share capital: 7.06
No. of shares held after change: 17,937,000
% of issued share capital: 7.06

Holdings of Substantial Shareholder including direct and deemed
interest
                                   Deemed    Direct
No. of shares held before change:  17,939,000 0
% of issued share capital:         7.06       0
No. of shares held after change:   17,937,000 0
% of issued share capital:         7.06       0
Total shares:                      17,937,000 0

The percentages are computed based on 254,030,178 issued shares
as of February 7, 2002.


CAPITALAND LIMITED: AHL Resumes Trading, Equity Placement
---------------------------------------------------------
CapitaLand Limited's Australian subsidiary, Australand Holdings
Limited, on February 8, 2002 issued these announcements:

(a) Resumption of trading in Australand Holdings Limited:

The announcement is in relation to the trading in Australand
Holdings Limited and the company's share placement.

The Company refers to the suspension of shares on Thursday,
pending the placement of new capital. Such capital raising is
now complete and the company is requesting the ASX to reinstate
trading in the company's shares from the commencement of trading
on Friday.

(b) Placement of equity:

Australand Holdings Limited has announced that it has raised $60
million through the placement of 36.365 million new ordinary
shares at $1.65 per share.

The placement was substantially oversubscribed resulting in
Australand accepting oversubscriptions for $10 million.

The strong demand has resulted in a large number of new
institutional and retail investors holding the Company's shares
for the first time. The placement was also well supported by a
number of the Company's existing institutional shareholders.

To further assist in creating greater liquidity in the Company's
shares, CapitaLand Limited did not participate in the placement,
thereby reducing its shareholding from 63.2 percent to
approximately 58 percent.

The new shares are expected to be listed on the ASX on February
15, 2002. Details of the proposed Share Purchase Plan for
existing shareholders will be made available shortly.

JBWere and Commonwealth Securities jointly underwrote the
placement.


MEDIARING.COM: Posts Notice Of Shareholder's Interest
-----------------------------------------------------
Mediaring.com Ltd posted a notice of substantial shareholder
Innomedia Pte Ltd's interest:

Date of notice to company: 5 February 2002
Date of change of interest: 4 February 2002
Name of registered holder: Innomedia Pte Ltd
Circumstance giving rise to the change: Disposal of shares at
own discretion

Shares held in the name of registered holder  
No. of shares of the change: 400,000
% of issued share capital: 0.05
Amount of consideration per share excluding brokerage, GST stamp
duties, clearing fee: S$0.19
No. of shares held before change: 41,367,680
% of issued share capital: 5.58
No. of shares held after change: 40,967,680
% of issued share capital: 5.52

Holdings of Substantial Shareholder including direct and deemed
interest
                                         Deemed Direct
No. of shares held before change:              41,367,680
% of issued share capital:                     5.58
No. of shares held after change:               40,967,680
% of issued share capital:                     5.52
Total shares:                                  741,711,865


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


INTER FAR: Feb 28 Reorganization Plan Meeting Scheduled
-------------------------------------------------------
Inter Far East Engineering Public Company Limited (the Company),
in reference to the court's order for Business Reorganization of
the Company on  July 18,2001 and the appointment of Mr. Sukhato  
Poummalee and Mr. Damri  Aimmanoj  as a Plan Preparer for the
Company, submitted the Company's Business Reorganization
Plan to the Official Receiver on January 21, 2002.  Then, the  
Official Receiver has already issued the announcement for
Creditors' Meeting to discuss the Business Reorganization
Plan on February  28, 2002 at room 1104, 11th  floor,25  Bangkok  
Insurance building, South Sathorn, 09.30 a.m.


PROPERTY PERFECT: Capital Reduction, Increase Process Completed
---------------------------------------------------------------
Asian International Planners Limited, the Plan Administrator for
Property Perfect Public Company Limited (the Company), in
reference to the Central Bankruptcy Court approving the
rehabilitation plan (the Plan) for the Company on 2 October
2001, is required to under the Plan to reduce and increase
capital of the Company as:

1. To reduce the Company's registered capital which have not
been paid up in the amount of 122,174,353 share with par value
of Bt10 per share in  accordance with Clause 8.3 (a) of the Plan
within 180 days from the date of the Plan approval.

2. To increase the Company's registered capital as a reserve
against the debt to equity conversion and the issuance of
warrants in the amount of Bt11,221,743,530 which is equivalent
to 1,122,174,353 of common shares with par value of Bt10 per
share.  These shares will be reserved against the debt to equity
conversion by creditors, including Class 1, Class 2, Class 3,
Class 4, Class 5, Class 6, Class 7, Class 8, Class 10 and Class
11 and the issuance of warrants to be issued to creditors of
Class 2, Class 3, Class 4, Class 5, Class 6, Class 7, Class 8,
Class 10, and Class 11 in accordance with Clause 8.3 (b) of the
Plan.

The Plan Administrator informed the Stock Exchange of Thailand
that the Plan Administrator has completed the capital reduction
and capital increase registration process with the Department of
Commercial Registration on February 1, 2002 and February 4,
2002, respectively.  The details are as shown in the attached
copies of the Affidavit and the Memorandum of Association.


RAIMON LAND: Notifies Capital Increase Allotment Schedule
---------------------------------------------------------
Raimon Land Public Company Limited (the Company), in reference
to the Capital Increase Report Form dated 28 January 2002, which
the Company earlier notified the schedule for registration of
the reduction of the registered capital on 14 February 2002
and registration of the increase of the registered capital on 15
February 2002, announced an amendment to the Capital Increase
Report Form.

Since the Registrar of the Public Companies is capable of
consideration of the applications for the said registration
earlier than the schedule which the Company notified the Stock
Exchange of Thailand, amendment will only be made to the
schedule for allotment of the capital increase ordinary shares
as:

DATE                                       SUBJECT
28 January 2002      -  Date of notification of the Plan
Administration's proceeding to the SET.

7 February 2002      -  Date of registration of reduction of the
registered capital.

8 February 2002      -  Date of registration of increase of the
registered capital.

13-15 February 2002  -  Date of publication of registration of
capital reduction in daily newspaper.

15 February 2002     -  Date of notification of registration of
capital reduction to Shareholders.

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

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


RIMON TOWER: Business Reorg Petition Filed in Bankruptcy Court
--------------------------------------------------------------
The Petition for Business Reorganization of Rimon Tower Company
Limited (DEBTOR), engaged in development of unmovable property
for sales, was filed in the Central Bankruptcy Court:

   Black Case Number 297/2544

   Red Case Number 408/2544

Petitioner: RIMON TOWER COMPANY LIMITED

Planner: RIMON TOWER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt641,746,735.66

Date of Court Acceptance of the Petition: April 24, 2001

Date of Examining the Petition: May 21, 2001 at 9.00 AM

Court Order for Business Reorganization and Appointment of
Planner: May 30, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: June 7, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: July 17, 2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: October 17, 2001

Planner postponed the date of submitting the reorganization plan
#1st to November 17, 2001

Planner postponed the date of submitting the reorganization plan
#2nd to December 17, 2001

Appointment date for the Meeting of Creditors to consider the
Reorganization Plan January 18, 2002 at 9.30 am. Convention Room
1104, 11th Floor, Bangkok Insurance Building, South Sathorn Road

Contact: Mr. Thummalort Tel, 6792525 ext. 122


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

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

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

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

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

                 *** End of Transmission ***