TCRAP_Public/020227.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

         Wednesday, February 27, 2002, Vol. 5, No. 41

                         Headlines

A U S T R A L I A

AUSTAR UNITED: Reaches "in Principle" Bank Financing Agreement
BRISBANE BRONCOS: Posts Takeover Bid Participation Circular
PMP LIMITED: Appoints New CFO, HR General Manager
RENEWABLE INVESTMENTS: Sells West Swan Winery to Repay Debts
SPOOL MEDIA: Placed In Voluntary Administration

TRANSURBAN GROUP: Issues Half-Year Ended 31/12/01 Results
WESTERN METALS: Releases Initial Director`s Interest Notice


C H I N A   &   H O N G  K O N G

DAILYWIN GROUP: Court Grants Winding Up Petition Dismissal
GS SUPERHIGHWAY: US$600M Notes Placed on CreditWatch Positive
HUNG YUE: Winding Up Sought By Powell
NATIONAL FINE: Faces Winding Up Petition
WAH TAK: Clarifies Various Media Reports

WIRELESS INTERNETWORKS: Posts Results Announcement Summary


I N D O N E S I A

ASIA PULP: Conference Call Adjourned to March 12
BANK CENTRAL: IBRA Denies Giving StanChart SPA Revision Approval


J A P A N

ASAHI BANK: Selling Y16B Bad Debt to RCC
CASIO COMPUTER: Sees Y25B Group Net Loss
ENRON JAPAN: Creditors May Be Left Empty-Handed
HITACHI LTD: Invests in GHz Wireles Chipset Developer
KOTOBUKIYA CO: Aeon to Acquire 50 Outlets for Y1.5B

MARUBENI CORP: Moody's Lowers Rating to B2; Outlook Negative
NEC CORP: Introduces New IP PBX Systems
NIPPON COLUMBIA: Union Leaving Wage Negotiations
NISSAN FIRE: Sues U.S. Reinsurer Fortress for Embezzlement
SNOW BRAND: Government Helps Employees to Find Jobs


K O R E A

HANSHIN CONSTRUCTION: Court Approves Reorganization Plan
HYNIX SEMICONDUCTOR: Minority Shareholders Oppose Sale
HYUNDAI ENGINEERING: Issues W250B in ABS Next Month
HYUNDAI MOTOR: Selects U.S. Manufacturing Plant Site
KOOKMIN BANK: Additional Auto Loan Case Report Info Issued


M A L A Y S I A

AMSTEEL CORP.: Revises Proposed Disposal Proceeds Utilization
EPE POWER: Defaults on Principal, Interest Payments
OMEGA SECURITIES: Files Suit Against Mesra Properties
PAN MALAYSIA: Proposes Share Issuance to Scheme Creditors
PAN PACIFIC: Court Grants Winding Up Petition Orders

RAHMAN HYDRAULIC: Writ of Summon Hearing Adjourned to March 8
RASHID HUSSAIN: Warrants 2001/2002 Meeting Set for March 20
TALAM CORPORATION: Strikes Off Dormant Subsidiary
TECHNOLOGY RESOURCES: KLSE Acts to Ensure Investor Protection
TECHNOLOGY RESOURCES: RI Not Conditional to Restructuring


P H I L I P P I N E S

METRO PACIFIC: Unit In Talks Over Merger Proposals
METRO PACIFIC: Forecasts 2001 P24B Net Loss


S I N G A P O R E

CAPITALAND LIMITED: Premas Enters Acquisition Agreement
CK TANG: Books Q301 S$3.1M Loss
MEDIARING.COM: Posts Notice Of Shareholder's Interest
UNITED OVERSEAS: Voluntarily Winds Up Subsidiaries


T H A I L A N D

GENERAL FINANCE: Declared Bankrupt
THAI TELEPHONE: Narrows 2001 Loss to Bt424M
THAI VINITEC: Business Reorganization Petition Filed
THANA ONE: Under Absolute Receivership
TPI POLENE: Enters Subscription Agreement With SCCC

     -  -  -  -  -  -  -  -

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

    
AUSTAR UNITED: Reaches "in Principle" Bank Financing Agreement
--------------------------------------------------------------
Austar United Communications Limited announced that it had
reached an "in principle" agreement with its banking syndicate
to restructure its $400 million bank facility. The Agreement is
conditional on finalization of necessary documentation.

The terms of the facility include a repayment date of 2006 and a
payment schedule, which matches Austar's business plan. An
additional element of the financing is the provision of a $30
million contingency account to be provided by UnitedGlobalCom,
Austar's majority shareholder. As a result the company confirms
that it will not require extra funds to execute its business
plan.

"We are delighted to be able to announce the conclusion of this
agreement," said John Porter, Chief Executive Officer of Austar.

"We are encouraged by the support being given to our business by
15 major international and domestic banks. The willingness of
UGC to demonstrate its continuing commitment is also of vital
importance.

"With this issue close to finalization Austar can focus squarely
on executing its key operational priorities, managing growth,
while closely controlling costs," Mr Porter concluded.


BRISBANE BRONCOS: Posts Takeover Bid Participation Circular
-----------------------------------------------------------
Participating Organizations are advised of these trading and
settlement issues in connection with the proportional
unconditional takeover bid made by BB Sports Pty Ltd (BB Sports)
for 50% of the ordinary shares of Brisbane Broncos Limited (the
Company) and the full conditional takeover bid for any or all of
a holder's ordinary shares by Magic Millions League Pty Ltd
(Magic Millions).

CORPORATIONS ACT

Due to the proportional nature of the BB Sports offer, the
trading arrangements set out below are necessary during the
offer period in order to comply with the Corporations Act.

Section 653B(1) of the Corporations Act operates to ensure that
a transferee of shares in respect of which a takeover bid has
been made has the same rights to accept the offer in respect of
those shares as the original holder of those shares to whom an
offer has been made in accordance with section 633. The
consequences of section 653B in the context of a proportional
takeover bid are:

1. If the original offeree has sold all of their shares in the
target company before accepting the offer made to them as the
holder shown on the company's register of members, a
corresponding offer is deemed to have been made to the
transferee.

2. Once the original offeree has accepted the offer, none of
their remaining holding can be sold on a cum offer basis. A
transferee of the remaining holding of a person who has accepted
a proportional bid is not eligible to accept the offer under the
proportional bid in respect of those transferred shares.

3. Where the original offeree sells part of their shareholding
before accepting an offer, then a new offer is deemed to be made
to them in relation to their remaining shares, and a
corresponding offer is deemed to be made to the transferee in
relation to the transferred shares.

Hence, the section operates as if the offer travels with the
shares initially held by the original offeree, until the offer
is accepted in relation to those shares by the person who is the
holder of them, or is entitled to be registered in relation to
them.

TRADING AND SETTLEMENT ARRANGEMENTS

1. Offerees who wish to accept the BB Sports proportional offer
only (CHESS Bulletin P2002/044)

DEFERRED SETTLEMENT EX OFFER MARKET

A deferred settlement "Ex Offer" market will be established in
the Company's ordinary shares (ASX Code: BBLE). This market
should only be used by offerees who do not wish to lodge an
acceptance for both the BB Sports and Magic Millions offers.

Acceptances under the BB Sports offer must be for 50% of an
offeree's holding. If, after accepting BB Sports' proportional
offer, an offeree wishes to trade the remainder of his holding
on market, the offeree can only do so in the Ex Offer market,
which trades on a deferred settlement basis, as the buyer of the
remaining 50% cannot accept the BB Sports offer in respect of
that 50%.

The Ex Offer market will continue for the duration of BB Sports'
proportional offer and settlement of trades conducted in the Ex
Offer market will be deferred until after the completion of BB
Sports' proportional offer. BB Sports' proportional offer has an
expiry date of 7 March 2002, but this is subject to extension by
BB Sports.

The following market quotations and protection procedures will
apply in respect of BB Sports' proportional offer:

   a) As from the commencement of trading on Tuesday 26 February
2002, the Company's shares will be quoted as follows:

Cum Offer (ASX Code:BBL) in respect of fully paid ordinary
shares capable of acceptance of the BB Sports offer. The Cum
Offer market trades on a normal T + 3 settlement basis.

Deferred Ex Offer (ASX Code: BBLE) in respect of fully paid
ordinary shares not capable of acceptance of the BB Sports
offer. The Ex Offer market trades on a deferred settlement
basis.

The following timetable will apply in relation to these
quotations:
                                    
Tuesday 26 February 2002   Shares quoted on both Cum Offer and
                           Ex Offer bases

                                     
Thursday 7 March 2002      BB Sports' proportional takeover
                           offer closes

                                     
Thursday 14 March 2002     'Dispatch date'. Processing of
                            acceptances of BB Sports'
                            proportional takeover bid
                            expected to be finalized. Final
                            day of deferred settlement trading
                            in the Ex Offer market.

Wednesday 20 March 2002     Settlement of trades conducted in
                            the Ex Offer market

NB: The closing date of BB Sports' proportional takeover offer
is subject to extension by BB Sports. No trades conducted in the
Ex Offer market can be settled until after the conclusion of BB
Sports' proportional takeover offer. If the proportional
takeover offer is extended, then the settlement date for trades
conducted in the Ex Offer market will also be extended. Persons
who trade in the Ex Offer market should be aware that the
settlement date is subject to the possibility of extension in
this manner.

   b)  Where a Participating Organization receives a selling
order for shares in Broncos on a Cum Offer basis during the BB
Sports proportional offer period, it is the responsibility of
that Participating Organization to ensure that the shares are
shares in respect of which the BB Sports proportional bid can be
accepted. If it should be subsequently proved that the shares
were Ex Offer shares, the Participating Organization will be
required to make good delivery by supplying Cum Offer shares.

2.  Offerees who wish to accept the conditional Magic Millions
offer only (CHESS Bulletin P2002/045)

Acceptances under the Magic Millions offer can be for any or all
of an offeree's holding. If an offeree does not accept Magic
Millions offer for their entire holding and wishes to trade the
balance of the holding on market, they may continue to trade
their holding on a T + 3 basis in the cum offer market (ASX
Code: BBL).
                  
3. Offerees who wish to accept BOTH the BB Sports offer and the
Magic Millions offer

Offerees who wish to accept both offers must ensure that their
entire holding appears an the Issuer Sponsored sub register
prior to any acceptance being lodged for either offer, as
acceptances must be made via a 'paper-based' acceptance form.

Participating Organizations are referred to CHESS Bulletins
P2002/044 and P20O2/045 for important information on how
acceptances of the BB Sports proportional takeover offer will be
processed in CHESS. The method by which acceptances of the BB
Sports proportional takeover offer will be processed in CHESS
has implications for persons holding shares in the Company on
the CHESS sub register who wish to accept both the BB Sports
proportional takeover bid and the Magic Millions League Pty
Limited takeover bid in respect of their remaining shares.

4. OFFEREES WHO DO NOT WISH TO ACCEPT EITHER OFFER

Offerees who do not wish to accept either offer may continue to
trade their holding on a T + 3 basis, in the Cum Offer market
(ASX Code: BBL). This will enable the buyer to accept either or
both of the bids.

ASX Contact          Steven Ball / Melissa Grundy
Business Unit        Settlement Operations / Brisbane Companies
Ext. No:             7820/4005
Date:                25 February 2002


PMP LIMITED: Appoints New CFO, HR General Manager
-------------------------------------------------
PMP Limited (ASX:PMP) announced Monday two senior management
appointments.

Richard Allely has been named as Chief Financial Officer,
effective April 2002.

Michelle Hamilton is the new General Manager-Human Resources,
effective May 2002.

Mr Allely, currently Group General Manager Finance with John
Fairfax Holdings Limited, has substantial finance and commercial
experience from his current role with Fairfax and formerly in
senior finance roles with James Hardie, Boral and Tenix.

Mr Allely, who is 47, was CFO of Tenix prior to joining Fairfax.
Mr Allely lives in Sydney and his position will be based there.

Ms Hamilton is presently in a senior HR role with Burns Philp in
Sydney. Prior to that she held a senior HR position with Nestle
Australia.

The Chief Executive of PMP, Mr Robert Muscat said "Richard
Allely is exceptionally qualified to take on the role of CFO at
a critical time for PMP and I am looking forward to introducing
Richard to the PMP management team so we can continue apace with
the process of restoring the financial health of PMP."

"Michelle Hamilton is a professional HR executive with extensive
experience in that field that will be valuable to PMP, specially
given all of the restructuring that has occurred and is
continuing throughout PMP."

"These two appointments are a further and important step in
improving the management depth and expertise across the group,"
said Mr Muscat.

Mr Allely replaces Mr Craig Thompson, who has been CFO of PMP
since 1997. Mr Muscat said "Craig has overseen the first and
most critical stage of the restructuring of PMP's financing
arrangements and, after completing that task, is looking for a
new challenge. I personally wish him well in that regard. Craig
will be working with Richard through April to ensure a smooth
transition."


RENEWABLE INVESTMENTS: Sells West Swan Winery to Repay Debts
------------------------------------------------------------
The directors of Renewable Investments Limited (the Company)
announced that its subsidiary, West Swan Wineries Limited
(WSW), has received and accepted an offer to sell its vineyard
and winery concerns for $1.020 million. The offer includes the
sale of the freehold land, all plant and equipment and $20,000
worth of bottled stock.

The Company will use the funds generated by the above divestment
to repay its debts, and provide additional working capital for
the Company. This working capital, together with the elimination
of expenditure incurred in operating the vineyard and winery
will enable the company to actively pursue new opportunities,
particularly within the mining and exploration sector.

The sale of the Company's interests has been necessary given the
state of the wine market which has suffered from an oversupply
of fruit and wine, particularly in the Swan Valley region of
Western Australia, which is where West Swan Winery is located.
Large scale winery operators well established in the Swan Valley
have turned contract growers away this year, leaving the growers
with no outlet to which to sell this years crop.

Settlement of the offer is subject to the Company obtaining
shareholder approval for the transaction, approval of the
Director of Liquor Licensing, and the Company obtaining any
necessary regulatory approvals. The contracts provide for
settlement to occur on or before 31 May 2002.

The leasehold block adjacent to the freehold land, together with
the balance of bottled and bulk wine stocks remain with WSW. The
directors are currently in negotiations with a number of parties
in regard to the assignment of the lease and the sale of the
wine stock, and are confident this will be settled in the near
future.

A notice of general meeting of Renewable Investments Limited
will be sent to shareholders in due course.


SPOOL MEDIA: Placed Into Voluntary Administration
-------------------------------------------------
Central Kalgoorlie Goldmines Limited has been advised that Spool
Media Limited (Spool Media) has been placed into voluntary
administration by the directors of Spool Media.

Central Kalgoorlie Goldmines Limited has a 6% equity holding in
Spool Media following the restructuring of its $800,000
convertible note investment when Hitachi Data Systems assumed
its financing role of Spool Media as previously announced to the
ASX on 9 July 2001.


TRANSURBAN GROUP: Issues Half-Year Ended 31/12/01 Results
---------------------------------------------------------
The directors of Transurban Holdings Limited and the directors
of Transurban Infrastructure Management Limited, the Responsible
Entity of the Transurban Holdings Trust, announced the financial
results of the combined entity constituted by Transurban City
Link Limited (the Company) and the Transurban City Link Unit
Trust (the Trust) for the half year ended 31 December 2001.

The financial results are presented in the form of Project
Accounts for the combined entity comprised of the Company and
the Trust, notwithstanding that neither controls the other. Each
entity is involved in specific aspects of the Melbourne City
Link, and the securities issued by the Group are 'stapled' and
cannot be traded separately.

OVERVIEW OF THE HALF YEAR

The following significant events occurred during the six months
ended 31 December 2001:

* A settlement of the dispute with the Transfield Obayashi Joint
Venture (TOJV) relating to the delays to completion of the
project was negotiated, resulting in the recognition of $153.6
million as revenue and the commitment by the TOJV to pay a
further $26.5 million in cash.

* Agreement was reached between the project parties on the scope
and design of the enhancement works for the Burnley Tunnel and
works commenced.

* Customer numbers and e-TAGs in use both grew 8 per cent over
the previous six months to 517,278 and 737,089 respectively.

* Transaction volumes grew by 7.6 per cent over the previous six
months, reflecting the combined effects of corridor traffic
growth, continuing ramp up and seasonal factors.

* Customer service costs fell by 15.8 per cent compared to the
previous six months as the benefits of the programs to reduce
these costs were realized.

* A restructure of the Group to allow it to seek new toll road
and electronic tolling opportunities while quarantining the
Melbourne CityLink from these activities was approved by
security holders on 27 November 2001.

FINANCIAL RESULTS

STATEMENT OF FINANCIAL PERFORMANCE

OVERVIEW

The result for the half year was a profit before tax of $95.3
million. No tax is payable on this result.

The result includes the full amount of the settlement ($153.6
million) negotiated with the TOJV of the dispute over the delays
to project completion. Amounts received from the TOJV under the
Standstill Agreements and the Interim Settlement Agreement in
the form of provisional payments were previously treated as
liabilities and not recognized in the Statement of Financial
Performance.

Excluding the TOJV settlement amount, the result for the half
year was a loss before tax of $58.3 million. Due to the way in
which revenues and costs evolve over time for large
infrastructure projects, it was expected that the project would
report accounting losses in its early years of operation, and
this loss is in line with expectations. The loss before tax for
the previous corresponding period (i.e. the six months ended 31
December 2000) was $76.4 million. However, during that period,
the Burnley Tunnel was not open, the eastbound sections of the
Monash Freeway were not being tolled and discounted tolls were
being charged on the westbound sections of the Monash Freeway.

Because of these differences in the operational configuration of
the Link, the result for the current period has also been
compared with that for the six months ended 30 June 2001, as the
operational configuration was essentially the same for both
periods. The result for the six months ended 30 June 2001 was a
loss before tax of $38.0 million. The increase in the loss for
the current period is due to increases in non-cash charges for
depreciation and concession fees. In the following paragraphs,
which discuss revenues and costs for the current period,
comparisons are presented for the corresponding amounts for the
six months ended 30 June 2001.

REVENUE

Revenue of $336.0 million comprises $102.7 million of toll and
fee revenue (net of GST), $1.6 million of revenue from the
outdoor advertising contract with Cody Link, $77.4 million of
interest income, $153.6 million from the TOJV settlement and
$0.7 million of other revenue. Toll and fee revenue was 9.6 per
cent higher than that for the six months ended 30 June 2001.
Factors contributing to the increase were:

FACTOR                                          CONTRIBUTION
                                                PERCENTAGE
                                                  POINTS
Increased average daily transaction volume           4.1
Increased unit tolls                                 2.0
Full availability of Burnley Tunnel for 6 months
ended 31 December 2001                               1.8
184 vs 181 days in period                            1.7
Total                                                9.6

OPERATING AND ADMINISTRATION COSTS

Operating costs of $29.3 million comprise $18.6 million of
customer service costs, $7.5 million of operations and
maintenance costs and $3.2 million of information technology
costs.

Customer service costs were 15.8 per cent lower than those for
the six months ended 30 June 2001. The reductions reflect the
impact of the cost reduction activities implemented as a result
of the Customer Operations Review undertaken in mid-2001.

Administration costs for the period were $13.7 million. The
implementation costs of the Group's restructure accounted for
$1.8 million of this amount. A further $2.0 million was spent on
business development activities in anticipation of the
restructure.

BORROWING COSTS

Borrowing costs for the period were $117.4 million, compared to
$125.7 million for the six months ended 30 June 2001. The key
factors contributing to the reduced costs were:

* A reduction of $1.7 million in interest on the infrastructure
borrowings as a result of the refinancing of these borrowings
negotiated in May 2001;

* A reduction of $1.5 million in interest on the Mezzanine Note
facility as a result of reductions in benchmark interest rates;
and

* A reduction of $ 5.1 million in interest and revaluation
charges attributable to the CPI Bond facility.

DEPRECIATION AND AMORTISATION

The depreciation charge for the period is $39.0 million. This is
consistent with the annual charge of $77 million foreshadowed in
the financial results for the 2000-01 year.

CONCESSION FEES

A charge for concession fees of $41.4 million was made for the
period. This is a non-cash amount, which comprises the
discounted value of the fees for the current period and an
adjustment to the value of the Concession Notes, which have been
issued in satisfaction of the liability for concession fees. As
a result of a decrease in interest rates relative to the
previous six months of 1.12 percentage points, the discounted
value of the liability represented by the Concession Notes has
increased. The corresponding charge for the six months ended 30
June 2001 was $17.1 million.

BALANCE SHEET

At 31 December 2001, total interest bearing debt outstanding
(excluding the Infrastructure Borrowing Facilities, which are
cash collateralized, and Land Transport Notes, which are offset
against a loan to Macquarie Bank Ltd), was $1,529.3 million. The
corresponding amount at 30 June 2001 was $1,510.4 million. The
increase is the net effect of additional subordinated debt
borrowings of $25.0 million and a repayment of $6.9 million of
Tranche A of the syndicated facilities.

STATEMENT OF CASH FLOWS

The total funding requirement for the period was $14.5 million.
This comprised payments for property, plant and equipment (PP&E)
of $7.2 million and loan repayments of $7.3 million. The main
items of PP&E expenditure were: additional e-TAGs ($2.6
million), CTCS and other IT projects ($2.9 million) and road
improvements ($1.4 million).

Operating activities provided $1.6 million for the period, after
the payment of $11.5 million of mezzanine debt interest deferred
from June 2001.

The funding requirement was provided from $25.0 million of
additional subordinated debt facilities.

At 31 December 2001, cash balances (excluding prepaid tolls and
cash amounts collateralizing the Infrastructure Borrowing
Facilities) totaled $105.4 million. Of this amount, $21.3
million is available for general use. The balance of $84.1
million is required to be held on deposit in various reserve
accounts relating to the Project Debt Facility.

OTHER MATTERS

GROUP RESTRUCTURE

A restructure of the Transurban Group was approved by stapled
security holders on 27 November 2001 and ratified by the Supreme
Court of Victoria on 17 December 2001. As a result of this
restructure, on 19 December 2001, the Company became a wholly-
owned subsidiary of Transurban Holdings Limited and the Trust
became wholly-owned by Transurban Holdings Trust. However,
because of the time at which the restructure became effective,
the contribution of the activities of the Group other than the
Melbourne City Link to the results of the Group for the six
months ended 31 December 2001 was not material. In recognition
of this and of the fact that the securities of the Company and
the Trust remained listed on the Australia Stock Exchange until
31 December 2001, the ASX has approved the lodgment of Appendix
4B for the Transurban group for the six months ended 31 December
2001 on a "pre-restructure" basis.

LITIGATION RE DEDUCTIBILITY OF CONCESSION FEES

Based on advice provided by Senior Counsel, Transurban has
consistently prepared its financial statements on the basis that
Concession Fees are immediately deductible. At 30 June 2001,
deductions in respect of Concession Fees account for $509.3
million of the Company's carried forward losses of $809.2
million. However, the Australian Taxation Office (ATO) does not
agree with this treatment and as a consequence, the ATO has
disallowed the claim for deductibility and has issued an
assessment in respect of the Company's income tax return for the
year ended 30 June 1998. An objection by Transurban to this
assessment has been disallowed by the ATO and as a consequence
Transurban has lodged an appeal in the Federal Court against
this disallowance. Hearing of the appeal is set down for 24
April 2002.

If the ATO's position on deductibility of the Concession Notes
is confirmed, the after tax internal rate of return for an
investor subject to the corporate tax rate will be reduced to
approximately 85 per cent of the return which would have been
achieved if the Concession Fees were immediately deductible.

MATERIAL ADVERSE EFFECT CLAIM

Negotiations between the State and Transurban have continued,
but the matter has not yet been resolved. Consequently, the
parties have appointed Henry Jolson QC as an Expert to determine
whether the changes to the roads referred to in the claim
constitute Appendix Events and if so, whether a Material Adverse
Effect has occurred. The parties are currently in the process of
preparing submissions to the Expert. It is anticipated that
these will be completed and exchanged in late April 2002, at
which time the Expert determination will commence. If this
determination is made in favor of Transurban, a further process
will be required to determine the quantum and the method of
redress for the Material Adverse Effect.

Resolution of this matter in Transurban's favor will produce a
positive financial benefit with a net present value of up to
$35.8 million.


WESTERN METALS: Releases Initial Director`s Interest Notice
-----------------------------------------------------------
Western Metals Limited posted this notice:

INITIAL DIRECTOR'S INTEREST NOTICE

   Name of Company        Western Metals Limited

   ABN                    009 150 618

We (the entity) give the ASX the following information under
listing rule 3.19A.1 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director       Guido Staltari

   Date of Appointment    18/07/2001

Part 1 - Director's relevant interests in securities of which
the director is the registered holder

Number & class of securities

-

Part 2 - Director's relevant interests in securities of which
the director is not the registered holder

   Name of holder &                  Number & class
   nature of interest                of securities

  Renaissance Capital Ltd,              180,900,689 Ordinary
  a company which the                   Shares                   
  directors' family                                              
  interest control, has a  
  relevant interest in the                                       
  holder, the Renaissance                                        
  Consortium.                                                    
                                                            
Part 3 - Director's interests in contracts

Detail of contract                                  

Nature of interest                                  

Name of registered holder
(if issued securities)                              

No. and class of securities
to which interest relates

According to Wrights Investors' Service, the company's long term
debt was A$345.32 million and total liabilities were A$471.68
million. The long term debt to equity ratio of the company is
1.26. The company has paid no dividends during the last 12
months. It has also reported losses during the previous 12
months.


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


DAILYWIN GROUP: Court Grants Winding Up Petition Dismissal
----------------------------------------------------------
The Board of Dailywin Group Limited (the Company) announced that
pursuant to the settlement arrangements in respect to the
winding up petition and application for the appointment of
provisional liquidators against the Company under HCCW 1280 of
2001 as provided in the Heads of Agreement, Dynamission has
acquired from the Stockholders, through the arrangement of the
Trustee, GBP2,270,710 (approximately HK$25.09 million) of the
outstanding amount of the Stock. The total amount of the Stock
held by Dynamission amounts to GBP 2,700,710 (approximately
HK$29.84 million), representing approximately 97.96% of the
total outstanding amount of the Stock and the remaining balance
is held by independent third parties who are not connected with
the directors, chief executive or substantial shareholders of
the Company or its subsidiaries or their respective associates.

The Board also announced that all the terms under the Heads of
Agreement have been complied with by the relevant parties. The
Trustee, Dynamission, Rich Time and the Company have made a
joint application and the court has granted an order for, among
other things,

   (i) the dismissal of the winding up petition and the
appointment of provisional liquidators against the Company; and

   (ii) dispensation of the adjourned hearing scheduled to take
place on 25 February 2002. As far as the Company is concerned,
the claims under HCCW 1280 of 2001 have been fully settled.

Dynamission is a wholly owned subsidiary of Wang On Group
Limited (Wang On), a company incorporated in Bermuda with
limited liability and the shares of which are listed on the
Stock Exchange. Wang On, through its wholly owned subsidiary,
Rich Time, currently holds approximately 29.19% of the share
capital of the Company in issue.

Trading in the shares of the Company was suspended from 10:00
a.m. on 25 February 2002 at the request of the Company pending
the release of this announcement. An application will be made to
the Stock Exchange for resumption of trading in the shares of
the Company with effect from 10:00 a.m. on 26 February 2002.


GS SUPERHIGHWAY: US$600M Notes Placed on CreditWatch Positive
-------------------------------------------------------------
Standard and Poor's placed its double-'B'-minus rating on
Guangzhou-Shenzhen Superhighway (Holdings) Ltd.'s US$600 million
in unsecured notes on CreditWatch with positive implications.

The action reflects the expectation that the rating on the
US$200 million 9 7/8% notes due 2004 and the US$400 million 10
1/4% notes due 2007 will be significantly raised as a result of
the effecting of a covenant defeasance. Covenant defeasance, in
relation to the above mentioned notes, means the depositing with
the trustee or paying agent of money, U.S. treasury bills, or
securities issued by U.S. governmental or statutory bodies in
amounts sufficient to pay and discharge the principal and
interest payable on both notes.

For purposes of the covenant defeasance, a total sum of US$652
million has been deposited in the defeasance trust account with
the paying agent in New York. The company has notified the
trustee of its exercising of the early redemption option on the
2007 notes, effectively repaying 100% of the outstanding
principal and interest by Aug. 15, 2002.

Standard & Poor's is reviewing related defeasance documentation
and plans to publish a final rating determination upon
completion of the review.

DebtTraders reports that GS Superhighway's 10.250% bonds due on
2007 (HOPE07HKR1) are trading above par between 106 and 107.5.
For more real-time bond pricing information, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HOPE07HKR1


HUNG YUE: Winding Up Sought By Powell
-------------------------------------
Powell Multitech Inc. is seeking the winding up of Hung Yue
Holdings (Hk) Company Limited. The petition was filed on
December 18, 2001, and will be heard before the High Court of
Hong Kong on March 6, 2002.

Powell Multitech holds its registered office at No. 30, Lane
851, Chong Sang Road, Sheng Kang Hsiang, Taichung Hsien, Taiwan.


NATIONAL FINE: Faces Winding Up Petition
----------------------------------------
The petition to wind up National Fine Limited is scheduled to 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 17,
2001 by New Rich Limited whose registered office is situated at
Room 809 Fortress Tower, No. 250 King's Road, North Point, Hong
Kong.


WAH TAK: Clarifies Various Media Reports
----------------------------------------
The Board of Directors (Board) of Wah Tak Fung Holdings Limited
(Company) refers to various articles appearing in the newspapers
on 21 February 2002 in relation to:

   (i) a possible acquisition by the Company (Possible
Acquisition) of a further interest in Hong Kong Satellite
Technology Holdings Limited (Hong Kong Satellite), a company in
which the Company currently holds an approximately 1.99%
interest;

   (ii) a possible placing of shares by the Company (Possible
Placing); and

   (iii) a possible disposal of certain properties of the
Company (Possible Disposal) to Mr. Chu David Yu Lin, a director
of the Company (Mr. Chu).

The Board clarified that:

1. the Company is in preliminary discussions for the Possible
Acquisition. At this stage, no agreement has been reached in
respect of the Possible Acquisition;

2. certain investment funds have also approached the Company and
expressed an interest in taking up shares of the Company under
the Possible Placing and preliminary discussions in relation to
the Possible Placing have taken place. At this stage, no
agreement has been reached; and

3. the Board confirms that they have received an indication from
Mr. Chu of his interest to acquire certain properties held by
the Company. At this stage, no agreement has been reached.

It is uncertain when these discussions will be concluded or
whether any binding legal documentation will be executed for the
implementation of the Possible Acquisition, Possible Placing or
Possible Disposal.


WIRELESS INTERNETWORKS: Posts Results Announcement Summary
----------------------------------------------------------
Wireless InterNetworks Limited (Receivers and Managers
Appointed) announced on 22 February, 2002:

The auditors' report on the financial statements, which contain
the following result, is qualified by the Company's auditors.  

Year end date: 30/9/2000
Currency: HK$                                               
                                  (Audited)        (Audited)
                                  15-month         12-month
                                  Period           Period
                                  from 1/7/1999    from 1/7/1998
                                  to 30/9/2000     to 30/6/1999

Turnover                       : 539,577,000      364,880,000
Profit/(Loss) from Operations  : (107,876,000)    (79,713,000)
Finance cost                   : (51,109,000)     (27,621,000)
Share of Profit/(Loss) of Associates     : NIL              (50)
Share of Profit/(Loss) of
  Jointly Controlled Entities            : N/A              N/A
Profit/(Loss) after Tax & MI   : (206,132,000)    (158,815,000)
% Change over Last Period                : N/A
EPS/(LPS)-Basic                 : (11.49 cents)    (16.29 cents)
         -Diluted               : (11.49 cents)    (16.29 cents)
Extraordinary (ETD) Gain/(Loss)          : NIL              NIL
Profit/(Loss) after ETD Items            : (206,132,000)    
(158,815,000)
Final Dividend per Share                 : NIL              NIL
(Specify if with other options)          : -                -
B/C Dates for Final Dividend             : N/A              
Payable Date                             : N/A
B/C Dates for (-) General Meeting        : N/A
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A

Remarks:

1. Significant Accounting Policies

The audited consolidated financial statements of the Group have
been prepared in accordance with accounting principles generally
accepted in Hong Kong and the disclosure requirements of the
Hong Kong Companies Ordinance.  The financial statements also
comply with the Statements of Standard Accounting Practice
issued by the Hong Kong Society of Accountants and the
disclosure provisions of the Rules Governing the Listing of
Securities on The Stock Exchange of Hong Kong Limited (the
"Stock Exchange").  They have been prepared under the historical
cost convention, except for the revaluation of certain
properties.

2. Loss Per Share

The calculation of loss per share is based on the loss
attributable to shareholders for the year ended 30 September
2001 of approximately HK$44,953,000 on the weighted average
number of 6,302,769,767 shares in issue during the year.

The calculation of loss per share is based on the loss
attributable to shareholders for the fifteen-month period ended
30 September 2000 of approximately HK$206,132,000 (for the year
ended 30 June 1999: a loss attributable to shareholders of
approximately HK$158,815,000) on the weighted average number of
1,794,650,082 (for the year ended 30 June 1999: 974,809,360)
shares in issue during the period/year.

The computation of diluted loss per share for the fifteen-month
period ended 30 September 2000 has not assumed the exercise of
the convertible notes as their exercise would be anti-dilutive.
The computation of diluted loss per share for the year ended 30
June 1999 has not assumed the exercise of the share options and
convertible notes as their exercise would be anti-dilutive.

3. Adoptions of New Statements of Standard Accounting Practice
and Prior Period Adjustment

In the accounting periods, the Company has adopted, for the
first time, the following Statements of Standard Accounting
Practice (SSAP(s)) issued by the Hong Kong Society of
Accountants:

  SSAP1 (Revised) Presentation of financial statements
  SSAP2 (Revised) Net profit or loss for the period, fundamental
                  errors and Changes in accounting policies
  SSAP10 (Revised)Accounting for investments in associates
  SSAP24          Accounting for investments in securities


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


ASIA PULP: Conference Call Adjourned to March 12
------------------------------------------------
DebtTraders analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), reported that Asia Pulp and Paper
(APP) postponed its teleconference with bondholders to March 12
from February 2.

The reason for such delay was the unfinished filing of its 2000
financial results to the Securities and Exchange Commission. APP
has not published its annual report for 2000 after its auditor
Arthur Andersen resigned in November 2001.

According to DebtTraders, APP's 11.75% bonds due on 2005
(APP05IDN1) are trading between 21.5 and 24.5. Go to    
http://www.debttraders.com/price.cfm?dt_sec_ticker=APP05IDN1for  
real-time bond pricing.


BANK CENTRAL: IBRA Denies Giving StanChart SPA Revision Approval
----------------------------------------------------------------
Indonesian Bank Restructuring Agency (IBRA) denied giving
Standard Chartered (StanChart) an opportunity to revise its
Sales and Purchase Agreement (SPA) for PT Bank Central Asia
(BCA) shares, AsiaPulse reports, quoting IBRA Chairman I Putu
Gede Ary Suta.

"We have never worked like that but we work professionally
according to parameters," Ary Suta said, stressing that IBRA
favoring one of the four BCA bidders is not true.

"What is clear is that we have only made a clarification
regarding SPA problems in line with the parameters. We still
have to wait. The documents have to be studied first before
decisions can be made," he added.

IBRA is yet to study the results of the "fit-and-proper" tests
carried out by Bank Indonesia, which was expected to submit the
results of the "fit-and-proper tests" on the bidders to IBRA on
Monday.


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


ASAHI BANK: Selling Y16B Bad Debt to RCC
----------------------------------------
Asahi Bank Ltd has sold bad debts worth Y16 billion in book
value at an undisclosed market price to a state-backed debt
management firm Resolution and Collection Corp (RCC), Reuters
reported on Friday. The bank plans to sell a Y100 billion by the
end of next fiscal year through March 2003.

Asahi Bank aims to write off its bad debts totaling Y470 billion
in book value by March 31. It will join Daiwa Bank-led holding
company, Daiwa Bank Holdings Inc on March 1 to create Japan's
fifth-largest banking group.

Asahi Bank, Ltd. announced on October 26, 2001 that it would
apply for the delisting of its shares from the London Stock
Exchange (LSE) and the Swiss Stock Exchange (SSE). The Bank
disclosed that the delisting of its shares from the London Stock
Exchange and the Swiss Stock Exchange was effected February 15,
2002.


CASIO COMPUTER: Sees Y25B Group Net Loss
----------------------------------------
Office equipment and electronics maker Casio Computer Co will
expect a consolidated net loss of Y25 billion in fiscal 2001
versus its earlier forecast loss of Y3.7 billion due to a sharp
fall in its product prices and decreased sales, according to
Kyodo News on Saturday.

According to Wright Investor's Service, as of March 2001, the
company's long-term debt was Y129.26 billion and total
liabilities were Y275.07 billion. The Company's principal
activity is the manufacturing and marketing of electronic
products.


ENRON JAPAN: Creditors May Be Left Empty-Handed
-----------------------------------------------
Creditors of Enron Corporation's Japan unit could be left out in
the cold, as the firm's assets may cover little more than the
cost of liquidation, Reuters and Japan Today reported on Monday.
Creditors will meet with the administrator of Enron assets on
March 27 to discover if any money will be repaid.

Enron Japan, Enron Japan Marketing Corp, Enron Japan Funding
Corp and E Power Corp filed for bankruptcy on December 10, 2001
in Tokyo after the parent company filed for Chapter 11
bankruptcy in the United States, Reuters said.

Meanwhile, in connection with the restructuring and
reorganization of Enron Corp., the Company announced on February
20 that James V. Derrick, Jr., Executive Vice President and
General Counsel, will retire from Enron, effective March 1,
2002. Robert H. Walls, Jr., currently Deputy General Counsel,
has been named Derrick's successor.

DebtTraders reports that Enron Corp's 9.125% bond due in 2003
(ENRON2) trades between 13 and 14.5. For real-time bond pricing,
go to http://www.debtraders.com/price.cfm?dt_sec_ticker=ENRON2


HITACHI LTD: Invests in GHz Wireles Chipset Developer
-----------------------------------------------------
Magis Networks, Inc., a leader in 802.11a wireless chipsets,
announced on February 25 that Hitachi, Ltd. is the latest
strategic investor to join Magis' current round of funding.
Magis develops chipsets that enable wireless communications of
TCP/IP data, high-quality video, and audio throughout the home
and office under the Air5(TM) brand name.

"Hitachi performed significant due diligence on the various
802.11a implementations resulting in the investment in Magis and
its Air5(TM)-based products," said Seiichi Ueda, Senior Group
Executive, Semiconductor & Integrated Circuits, Hitachi, Ltd.
"We believe that 802.11a is going to be an important new market
for consumer electronics, computing, and network devices
worldwide, and Magis' Air5(TM) technology is the right
technology to unify wireless distribution of data, video, and
audio between those devices."

Under the terms of the investment, the two companies are
developing product roadmaps that will optimize market acceptance
of Magis' Air5(TM)-based products.

Magis develops chipsets for wireless unified networks that
enable the simultaneous distribution of TCP/IP data, high-
quality video, and audio throughout the home and office. The
company's products are based on its Air5( TM) technology, which
supports flexible wireless connections using the clear 5 GHz
frequency band. Magis' products support bit rates up to 54 Mbps,
throughput up to 40 Mbps, and range up to 250 feet. Air5(TM)
technology enables multiple streams of cable and satellite
digital video and audio to be distributed wirelessly while
maintaining their original quality. An Air5(TM)-based network
supports TCP/IP data throughput at ten times the performance of
802.11b.

"Hitachi's strategic investment in Magis brings to the company
both a significant advocate for our Air5(TM)-based products, and
capital resources to launch those products into the global
market," said Clarence Bruckner, president and CEO, Magis
Networks, Inc. "With Hitachi's support, Magis will move quickly
to ensure our chipsets span all elements of 5GHz wireless home
and office networks."

Hitachi's semiconductor group joins Motorola, and the venture
capital funds from Magis' Series A round, Vulcan Ventures, Bay
Partners, and Crescendo Ventures, in this current round of
funding.

About Magis' Air5(TM) Technology

The architecture of Magis' Air5(TM) technology encompasses IEEE
802.11a, HiperLAN2, and Wireless 1394 standards. Leveraging the
advantages of the 5 GHz frequency band and Magis' advanced RF
design techniques, this technology enables Magis' chipsets to
exceed the performance, coverage, and range of other 5 GHz and
802.11b products. This advanced design also achieves a high
level of integration, thereby significantly reducing build costs
to manufacturers, and enabling them to quickly bring 5GHz
wireless networking products to market.

Applications for Magis chipsets include digital cable set-top
boxes and gateways, cable modems, PCs, laptops, PDAs, satellite
receivers, and consumer electronics equipment such as
televisions, personal video recorders (PVRs), DVDs, Internet
appliances, and gaming consoles.

About Hitachi

Hitachi, Ltd., (NYSE: HIT, Tokyo Stock Exchange: 6501)
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/

About Magis Networks

Magis Networks, Inc., a leader in 802.11a wireless chipsets,
develops products that enable wireless communication of TCP/IP
data, video, and audio throughout the home and office. Products
being developed by Magis support a unified 5 GHz network capable
of delivering multiple streams of content simultaneously,
including HDTV and Internet data, at bit rates up to 54 Mbps.
The company is funded by Motorola, Hitachi, Vulcan Inc., Bay
Partners, and Crescendo Ventures. For more information about
Magis, please visit the company web site at
www.magisnetworks.com .

Air5 is a registered trademark of Magis Networks, Inc. All
rights reserved.

CONTACT:
Brigitte Engel of Magis Networks, Inc., +1-858-523-2361, bengel@
magisnetworks.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 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.


KOTOBUKIYA CO: Aeon to Acquire 50 Outlets for Y1.5B
---------------------------------------------------
Aeon Co Ltd will acquire 50 outlets of failed supermarket chain
operator Kotobukiya Co Ltd for Y1.5 billion, Nihon Keizai
Shimbun and PR News Asia reported on Tuesday. Aeon decided to
rehire Kotobukiya workers at the stores and is expected to begin
reopening its outlets by next month.

TCR-AP reported that Kotobukiya filed for court protection from
creditors in December with total debts of Y295.9 billion. The
firm is undergoing a rehabilitation process approved by the
Kumamoto District Court in January.


MARUBENI CORP: Moody's Lowers Rating to B2; Outlook Negative
------------------------------------------------------------
Moody's Investor's Service Tuesday downgraded the Ba3 senior
debt rating of Marubeni Corporation to B1. The unsecured senior
debt rating of its supported subsidiaries has also been lowered
to B2 from B1. This rating action concludes the review initiated
on November 9, 2001. The rating outlook is negative reflecting
the uncertainty associated with the de-scaling process of large
debt-ridden companies in the current operating environment.

This rating action reflects Moody's view that Marubeni's
projected restructuring efforts may not significantly reduce its
overall business risk profile, characterized by intensive use of
its balance sheet by its various business divisions represented
by Development/Construction and Plant/Ship Divisions. Rather,
the major drivers of Marubeni's asset reduction programs
continue to be a run-off of maturing debt securities
investments, a renewed emphasis on collection and securitization
of its account receivables and long-term receivables, and off-
balance sheet treatment of current associated debts in
connection with the planned integration of its steel products
related-business with Itochu Corporation.

Moody's views the major purpose of asset reduction is more
geared to meet forthcoming re-financing requirements for its
existing large bonds issues rather than to achieve significant
reduction in its current risk profiles in a timely manner.
Consequently, while recognizing the benefits of its recent
efforts to realistically adjust the true value of its assets,
the basic risk profile of Marubeni as a large debt financed
trading company with a weak level of debt creditor protection
remains unchanged.

These ratings were downgraded:

Marubeni Corporation--the senior debt rating to B1 from Ba3

Marubeni Finance Holland B.V.--the senior debt rating to B2 from
B1

Marubeni International Finance Plc--the senior debt rating to B2
from B1

Marubeni Europe Plc--the senior debt rating to B2 from B1


NEC CORP: Introduces New IP PBX Systems
---------------------------------------
Distributed Model (DM) Systems Add Flexibility to IP Telephony
Design and Implementation NEC America, Inc.(NEC) introduced on
February 25, 2002 the NEAX(R) IPX(DM) and NEAX IPS(DM)
Distributed Model versions of both the NEAX 2400 IPX and NEAX
2000 IPS. These new IP PBX systems allow enterprises to place
their telephony solutions adjacent to the enterprise networking
infrastructure, reducing the physical footprint and increasing
efficiency.

"Our goal in introducing these two new Distributed Models is to
provide our customer with choices in adopting IP Telephony,"
said Jay Krauser, assistant general manager, Product Management
of NEC America's Corporate Networks Group. "Both the NEAX
IPX(DM) and NEAX IPS(DM) support full peer-to-peer IP Telephony
connectivity in the LAN and the WAN, while at the same time
enabling the enterprise to maximize flexibility in deploying
IP."

The NEAX IPX(DM) and NEAX IPS(DM) are designed to work in an
open IP environment, operating with NEC's Dterm(R) IP family of
phone sets. "Many of our customers and resellers have turned to
NEC to provide a more complete end-to-end IP converged
solution," said Mr. Krauser. "With these new Distributed
Models, we are able to offer them the full functionality of our
finest traditional PBXs - over 750 features - in a pure IP
environment," he adds.

The NEAX IPX(DM) and NEAX IPS(DM) are NEC's latest offerings as
part of its NEON philosophy, delivering value-added capabilities
and quality of service while protecting the technology
investment - all without compromising the user experience.

For additional information on NEC America, Inc., Corporate
Networks Group and its products, please consult the World Wide
Web at http://www.cng.nec.com.

About NEC America Inc.

NEC America, Inc., an affiliate of NEC Corporation
(NASDAQ:NIPNY), develops, manufactures, and markets a complete
line of advanced communications products and software for public
and private networks, including digital key telephone and PBX
systems; IP telephony solutions; wireless communications; IP
routing and switching products; ATM switching systems; facsimile
equipment; fiber optic transmission systems; digital microwave
radio, satellite communications and network management systems.
NEC Corporation, with its affiliates worldwide, is a $43 billion
global leader whose 150,000 employees are dedicated to providing
leading-edge computer, communications and semiconductor products
and services. For more information about NEC America, visit
www.necamerica.com.

CONTACT: Scott Cooper Associates
Glenn Goldberg, 631/249-9700
glenn@scottcooper.com
or
NEC America, Inc.
Steve Kopel, 214/262-2411
skopel@necam.com

TCR-AP reported last week that NEC Corp. aims to limit the
number of its parts and materials suppliers from the current
6,500 to about 4,500 by the end of March to cut costs. . Last
month, NEC slashed its earnings forecasts for the fiscal year
through March, predicting its first-ever group operating loss of
Y57 billion. NEC's latest decision may further accelerate this
trend among its Japanese rivals with no strong recovery expected
in the electronics market in 2002.


NIPPON COLUMBIA: Union Leaving Wage Negotiations
------------------------------------------------
The Japanese Electrical Electronic & Information Union of the
financially troubled music entertainment firm Nippon Columbia Co
will walk out of annual wage negotiations, Kyodo News said on
Tuesday. The union is an umbrella organization for trade unions
of major electronics companies. It is the second consecutive
year that the union has left the "shunto" agreement led by the
organization, the report said.

TCR-AP reported last month that Nippon Columbia aims to slash
its work force by 25 percent and lessen its product lineup in
music and video software by 40 percent. The firm posted a
consolidated net loss of Y520 million and a pretax loss of Y458
million for the fiscal first half ended September 30, 2001.


NISSAN FIRE: Sues U.S. Reinsurer Fortress for Embezzlement
----------------------------------------------------------
Nissan Fire & Marine Insurance Co is suing U.S. reinsurance
agent Fortress Re Inc (FRI) and four executives of the firm for
fraud and embezzlement in a U.S. court, Kyodo News said on
Saturday. FRI is suspected of padding the amount of profits it
made to make Nissan Fire pay more in compensation for its
operations as an agent.

TCR-AP reported last month that Nissan Fire & Marine Insurance
projects a net loss in the fiscal year to March worth Y39.50
billion, worse than an earlier forecast of Y21.50 billion
losses. The Company also expects losses related to U.S.
reinsurer Fortress worth Y112.9 billion ($851 million).


SNOW BRAND: Government Helps Employees to Find Jobs
---------------------------------------------------
Health, Labor and Welfare Minister Chikara Sakaguchi told the
House of Representatives Budget Committee that the government is
planning help 2,000 Snow Brand Foods employees, including part-
time workers, to find new jobs, Kyodo News reported on Saturday.

TCR-AP reported that Snow Brand Foods has admitted to falsely
labeling imported pork as domestic meat and selling it at higher
prices. The firm admitted its guilt and apologized for damaging
customers' trust in the latest scandal to hit the firm.


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


HANSHIN CONSTRUCTION: Court Approves Reorganization Plan
--------------------------------------------------------
The Seoul District Court has approved the reorganization scheme
of Hanshin Construction Co, including a sell-off of its four
Hanshin Core Department Stores to a consortium formed by
Savezone for W138 billion, Korea Herald reported on Saturday.
The Company will use W85.1 billion to repay debts while
transferring W52.9 billion to a new company that will acquire
the department stores.

Creditors agrees to write off W250 billion in loans extended to
it and convert another W315.8 billion into equity, thus taking a
total of W516.3 billion of debt off its shoulders and enabling
the Company to escape capital erosion.


HYNIX SEMICONDUCTOR: Minority Shareholders Oppose Sale
------------------------------------------------------
A committee representing the minority shareholders of Hynix
Semiconductor Inc. scheduled a rally on February 23 to oppose
the sale of the troubled chipmaker and demand measures for
independence, Korea Herald said on Saturday.

Meanwhile, an unnamed official on Hynix' restructuring committee
stressed that some members of the top decision-making board of
Micron Technology Inc. voiced objections to the agreement to
acquire Hynix' memory plants. He emphasized that Micron's plan
to acquire the chipmaker will weaken the longer the deal is
drawn out.


HYUNDAI ENGINEERING: Issues W250B in ABS Next Month
---------------------------------------------------
Hyundai Engineering and Construction (HEC) will issue asset-
backed securities (ABS) worth W250 billion in March to fill the
possible shortfall of working capital during the winter season,
Korea Herald reports.

Co-lead-managers, Korea Development Bank and Good Morning
Securities will underwrite the debt issues, which will be
guaranteed by Hanvit Bank, Korea Exchange Bank and Korea
Development.

HEC's creditor Korea Exchange Bank said that the firm had repaid
convertible bonds (CBs) worth W191.7 billion that reached
maturity on December 31, TCR-AP reported last month. HEC
extended the maturity of the bonds at the end of 2001 because it
could not identify all of the bondholders, who were all
individuals and non-financial corporations.

DebtTraders reports that Hyundai Engineering & Construction's
0.125% convertible bond due in 2004 (HYUNENC) trades between
65.000 and 75.000. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNENC


HYUNDAI MOTOR: Selects U.S. Manufacturing Plant Site
----------------------------------------------------
Hyundai Motor Company (HMC) on Monday announced that beginning
negotiations is in the final phase of its process to select the
site for its first automobile assembly plant in the United
States. After two years of preliminary study and nearly one year
of detailed analysis, HMC has decided that either Montgomery,
Alabama or Glendale, Kentucky will provide it with the best
location. HMC expects to announce its final site selection this
spring.

HMC officials have been very impressed by and are very grateful
to each state and site that was initially reviewed, and HMC is
confident that it could have established a successful U.S.
facility on any of the various sites that it considered. Thus,
narrowing the field to only two sites was very difficult. Each
site offered many strengths, but HMC officials feel these two
locations offer the best opportunity.

The final decision will be based on literally hundreds of
tangible and intangible factors. Among the criteria that
distinguished Kentucky and Alabama were that these communities
offer a high-quality physical site, with good shape and
geological characteristics. They both also offer a mature yet
growing automotive industry, which will provide both suppliers
and workers with the automotive orientation and stability
important to HMC's success. Both Alabama and Kentucky have
experience with successfully assimilating multiple auto assembly
plants as well as plants owned by non-U.S. companies, and that
expertise will be valuable to HMC in its first U.S. project.

CONTACT:

For further information please contact Hyundai Motor America
Director of Communications, Chris Hosford at 714-743-8764.


KOOKMIN BANK: Additional Auto Loan Case Report Info Issued
----------------------------------------------------------
Following Kookmin Bank's spot release on the auto loan case sent
on February 20, 2002, the following additional information has
been summarized to help alleviate a possible misunderstanding.

Portion Under Legal Proceedings

As of December 10, 2001, the portion of auto loans in question
due to alleged distortion of documents such as employment
verification and personal asset proof amounted to W608 million
from 28 cases filed by the insurance companies.

As of January 30, 2002, Kookmin Bank has claimed to the
insurance companies to collect for 42 auto loans totaling W844
million.

Again, the current auto loans outstanding is 376 (not 373 which
was mis-stated on the earlier release) billion won out of which
W72 billion (19.07 percent) is over three months delinquent.  
The amounts pending an insurance payment, however, totals W45
billion, based on auto loans delinquent for more than five
months.

Please refer to this summary table.

(Units, Billion Won)

Total Loans Issued     Balance Outstanding

No.     Amount         No.    Amount
30,605   468          28,272  373
   Portion (%)

Over 3 months delinquent  Claims Made(over 5 months delinquent)

No.    Amount            No.    Amount
3,727    72                2,285   45
13.18%   19.07%            8.08%  12.06%

Provisioning

The Company provisioned for 0.5 percent for the above loans
outstanding based on our provisioning policy for the given
credit rating of Samsung Fire and Marine Insurance Company.

DebtTraders reports that Kookmin Bank Lt's 7.550% floating rate
note due in 2006 (CITN06KRS1) trades between 98 and 99. For
real-time bond pricing, go to
http://www.debtraders.com/price.cfm?dt_sec_ticker=CITN06KRS1


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


AMSTEEL CORP.: Revises Proposed Disposal Proceeds Utilization
-------------------------------------------------------------
OSK Securities Berhad (OSK), on behalf of the Board of Directors
of Amsteel Corporation Berhad (Amsteel or the Company) (Board),
in relation to the Proposed Disposal by Amsteel Securities (M)
Sdn. Bhd. (AMS), a 83.78% owned subsidiary of Amsteel, to Affin-
Uob Holdings Sdn Bhd (Affin-Uob) of its Stock Broking Business
and Certain Assets for a Total Cash Consideration of Rm42.253
Million (Proposed Disposal), announced that the Board has
subsequently proposed to revise the utilization of the proceeds
raised from the Proposed Disposal in the manner as set out
below:

Utilization of proceeds  As previously announced RM'000 Revision
    RM'000

Repayment of creditors    41,753   31,813*
Distribution to shareholders of AMS   -    9,940
Defray estimated expenses in relation
to the Proposed Disposal   500    500
Total      42,253   42,253

Note:

* In the event of any changes in the utilization of proceeds for
the payment of AMS's creditors, the difference will be adjusted
to the distribution to the shareholders of AMS.

There is no other change to the terms and conditions of the
Proposed Disposal as previously announced.

Profile

The Amsteel Group has business operations in the steel, property
and hotel, plantation and motor industries. It also operates
department stores, hypermarkets and retail and food businesses.
Its department stores operate under the Parkson name. Business
operations are located both locally and overseas.

Presently, the Group is in the midst of implementing its
restructuring scheme announced in July 2000. The objective of
the scheme is to consolidate, stabilize and restructure and
rationalize the cash flow and funding of the Group and to
reorganize and restructure the Group's business.


EPE POWER: Defaults on Principal, Interest Payments
---------------------------------------------------
Due to the tight cashflow situation of EPE Power Corporation
Berhad (EPE or the Company) and its subsidiaries (EPE Group),
EPE had on 13 October 2000 announced that it had suspended
interest payments on its revolving credit (RC) facilities (First
Announcement). This had triggered cross defaults on its RC and
other loan facilities amounting to approximately RM115 million
(all of which are unsecured). Subsequent to the First
Announcement, EPE has been making periodic announcements on a
monthly basis to update the status of the defaults and the debt
restructuring scheme.

Subsequent to the most recent monthly announcement on 30 January
2002, the Company announced that EPE has on 14 February 2002 and
18 February 2002 been served with two (2) letters of demand by
two (2) financial institutions (FIs) respectively, recalling
and/or terminating all the facilities granted by the latter and
demanding full payment of the outstanding amount of the
facilities totaling approximately RM14.0 million and RM63.4
million respectively, by 25 February 2002 and 26 February 2002
respectively.

Further to the above, the Company also announced that EPE would
not be in a position to make full payment as demanded by the FIs
and will therefore default on its payment obligations. Due to
its failure to settle the amounts stated in the letters of
demand by the specified dates, the FIs (including other lenders
of EPE) may take legal action against EPE to recover the amounts
and/or to take steps to liquidate EPE. While the operations of
the EPE Group may be adversely affected by the termination of
the facilities, the EPE Group currently has other facilities,
which are still available to it.

As previously announced, EPE had, with the assistance of its
financial adviser, Commerce International Merchant Bankers
Berhad, presented a concept paper for the debt restructuring
scheme to its lenders. EPE has revised the concept paper and is
currently finalizing the debt restructuring proposal before
presenting it to the lenders.


OMEGA SECURITIES: Files Suit Against Mesra Properties
-----------------------------------------------------
Omega Securities Sdn. Bhd. (in provisional liquidation) (Omega
Securities) has served a notice pursuant to Section 218 of the
Companies Act, 1965 on Mesra Properties Sdn. Bhd. (Mesra
Properties), a wholly owned subsidiary of Promet Berhad, on 22
February 2002.

Omega Securities is demanding payment from Mesra Properties of
RM60,407,300.39 together with interest on RM16,119,844.33 at the
rate of 13.75% per annum on a daily rest basis from 10 June 1998
to 4 February 2002 (1336 days) amounting to RM8,112,918.91 and
costs of RM225.00 pursuant to the Court judgment dated 7
February 2001.

The paid up capital of Mesra Properties is RM2.00 and Mesra
Properties has remained dormant since 1998. Promet Berhad has
previously made a full provision for an amount due from Mesra
Properties of RM7.3 million in its accounts for the year ended
1998. As such, the winding up of Mesra Properties does not have
any further adverse financial and operational impact on Promet.


PAN MALAYSIA: Proposes Share Issuance to Scheme Creditors
---------------------------------------------------------
On behalf of the Board of Directors of Pan Malaysia Holdings
Berhad (PM Holdings or Company), Commerce International Merchant
Bankers Berhad, announced that the Company intends to issue up
to 5,184,238 new ordinary Shares to two (2) scheme creditors
included in the Proposed Issue of up to 5,184,238 New Ordinary
Shares of Rm1.00 each (Shares) to two (2) Scheme Creditors
Pursuant to the Scheme of Arrangement of PM Holdings and its
Subsidiaries (Scheme) (Proposed Share Issue) (Remaining
Creditors).

DETAILS OF THE PROPOSED SHARE ISSUE

On 10 September 1999, the Securities Commission (SC) had
approved, amongst others, the issue by PM Holdings of up to
219,332,076 new irredeemable convertible preference shares
(ICPS) at par to scheme creditors pursuant to the Scheme (ICPS
Issue). The parties approved the ICPS Issue:

   (i) The shareholders of PM Holdings (then known as Pengkalen
Holdings Berhad) for the ICPS Issue, at an extraordinary general
meeting of the Company on 16 September 1999; and

   (ii) The Kuala Lumpur Stock Exchange (KLSE) by a letter dated
4 November 1999, for the listing of and quotation for up to
219,332,076 new ICPS and the listing of up to 219,332,076 new
ordinary shares of RM1.00 each to be issued arising from the
conversion of the ICPS on 29 December 2001 (Conversion Date).

Pursuant to the Scheme, except for the indebtedness due to the
Remaining Creditors, the indebtedness due to the other scheme
creditors were settled by the issuance of 124,470,793 new ICPS,
which were automatically converted into new ordinary shares of
PM Holdings on 29 December 2001.

As at 29 December 2001, a total of up to 5,184,238 ICPS could
not be issued by the Company to the Remaining Creditors to
settle the indebtedness due to them pursuant to the Scheme as
the Remaining Creditors had either not provided the Company
within the relevant timeframe with the relevant Central
Depository System details required for the allotment and issue
of the ICPS or had not finalized and submitted their claim on
the amount of indebtedness.

In view of the above and as it remains the intention of the
Company to settle all indebtedness pursuant to the Scheme, PM
Holdings proposes the direct issuance of up to 5,184,238 new
ordinary shares to the Remaining Creditors (Proposed Share
Issue).

RATIONALE FOR THE PROPOSED SHARE ISSUE

The management of PM Holdings would like to settle all the
indebtedness in accordance with the terms of the Scheme and
believes that the delay by the Remaining Creditors in providing
the Company with the requisite information necessary and in
finalizing and submitting their claim on the Company for the
allotment of ICPS should not prejudice the Company.

While the Company is still in a position to effect the terms of
the Scheme by the direct issuance of a similar number of
ordinary shares to the Remaining Creditors (rather than by
issuance of ICPS and an automatic conversion thereafter), the
mandate sought from shareholders and SC did not envisage a
direct issuance of ordinary shares to the scheme creditors after
the Conversion Date. As the Company is unable to now issue new
ICPS, the management is of the opinion that an equivalent number
of new ordinary shares should be issued to the Remaining
Creditors. Alternatively, should ordinary shares not be issued,
the Company would be obliged to settle the sum owing to the
Remaining Creditors in cash. This would tantamount to preferring
the Remaining Creditors to the other scheme creditors under the
Scheme.

Issuing the new ordinary shares to the Remaining Creditors now
would have the same effect as the Company issuing new ICPS to
the Remaining Creditors prior to the Conversion Date.


EFFECTS OF THE PROPOSED SHARE ISSUE

The Proposed Share Issue will result in an increase in the
issued and paid-up share capital of the Company from the
existing 924,824,378 ordinary shares to 930,008,616 ordinary
shares. The Proposed Share Issue is not expected to have a
material effect on the consolidated net liabilities per share
and earnings per share of PM Holdings. It is also not expected
to have any effect on the substantial shareholders'
shareholdings.

CONDITIONS FOR THE PROPOSED SHARE ISSUE

The Proposed Share Issue is subject to approvals being obtained
from the following:

   (i) The SC;

   (ii) The shareholders of the Company;

   (iii) The KLSE, for the listing of and quotation for the new
ordinary shares to be issued to the Remaining Creditors; and

   (iv) Any other relevant authorities and parties.

ADVISER

CIMB has been appointed as the Adviser for the Proposed Share
Issue.


PAN PACIFIC: Court Grants Winding Up Petition Orders
----------------------------------------------------
Pan Pacific Asia Berhad (PPAB or the Company) announced that the
Company, had, on 25 February 2002, received a letter from its
solicitor that the High Court has granted an order in terms for
the Government of Malaysia's winding-up petition against its
wholly owned subsidiary, Caritimas Sdn Bhd (Caritimas). The
petitioner will serve the Orders upon extracting the same from
the High Court.

Profile

Prior to its public issue, Pan Pacific undertook a restructuring
exercise involving the acquisition of stockbroking companies. In
1995, the Company embarked on timber-related activities when it
completed a restructuring exercise which involved the
acquisition of five timber companies: Caritimas Sdn Bhd, Kawood
Sdn Bhd, Leaderade Sdn Bhd, Propagate Industry Sdn Bhd and
Wansuria Sdn Bhd. At the same time, the Company divested its
interest in stockbroking company, South Johor Securities Sdn
Bhd.

On 26 December 2000, Pan Pacific entered into a conditional
Share Sale Agreement with K & N Kenanga Bhd for the proposed
disposal of the entire issued and paid-up share capital of
Peninsula Securities Sdn Bhd (PSSB). On 24 August 2001, the
shareholders of Pan Pacific approved the proposed disposal of
PSSB to K & N Kenanga. The disposal was subsequently completed
on 30 August 2001.

Pursuant to the revamped listing requirements of Practice Note
4/2001 which requires affected listed issuers to announce plans
to regularize their financial condition, the Company has
commenced negotiations with one of its major financiers for its
debt restructuring. Pan Pacific also plans to utilize part of
the proceeds from its divestment of the stockbroking subsidiary
to establish a manufacturing facility for biodegradeable
packaging for food and beverages.


RAHMAN HYDRAULIC: Writ of Summon Hearing Adjourned to March 8
-------------------------------------------------------------
Rahman Hydraulic Tin Berhad (Special Administrators
Appointed)(RHTB or the Company), further to the Company's
announcement dated 7 February 2002 in regards to the Writ of
Summons issued by the High Court of Malaya at Kuala Lumpur, Suit
No. D4-22-988-2001, announced that the decision in respect to
the applications to strike-out Mr Leong Yew Chin's Statement of
Claim fixed on 25 February 2002 for hearing had been adjourned
to 8 March 2002.


RASHID HUSSAIN: Warrants 2001/2002 Meeting Set on March 20
----------------------------------------------------------
Rashid Hussain Berhad (RHB or the Company) announced that a
meeting of holders of RHB Warrants 2001/2002 of the Company will
be held at Ballroom A, First Floor, Renaissance Kuala Lumpur
Hotel, Corner of Jalan Sultan Ismail and Jalan Ampang, 50450
Kuala Lumpur on Wednesday, 20 March 2002 at 11.30 a.m. or
immediately after the conclusion, adjournment or postponement
(as the case may be) of the meeting of holders of RHB Warrants
1999/2002 of the Company which will be held at the same venue
and on the same day, whichever is the later.

The Notice of the meeting of holders of RHB Warrants 2001/2002
of the Company, which will be advertised in The STAR on 26
February 2002, is attached below:


RASHID HUSSAIN BERHAD
(163211-V)
(Incorporated in Malaysia)

NOTICE OF MEETING OF HOLDERS OF RHB WARRANTS 2001/2002

NOTICE IS HEREBY GIVEN that a meeting of holders of RHB Warrants
2001/2002 will be held at Ballroom A, First Floor, Renaissance
Kuala Lumpur Hotel, Corner of Jalan Sultan Ismail and Jalan
Ampang, 50450 Kuala Lumpur on Wednesday, 20 March 2002 at 11.30
a.m. or immediately after the conclusion, adjournment or
postponement (as the case may be) of the meeting of holders of
RHB Warrants 1999/2002 of the Company which will be held at the
same venue and on the same day, whichever is the later, for the
purpose of considering, and if thought fit, to pass with or
without amendments the resolution:

SPECIAL RESOLUTION  - PROPOSED EXTENSION OF RHB WARRANTS
2001/2002

"THAT conditional upon the passing of Special Resolution 2 of
the Company by the shareholders at the Extraordinary General
Meeting in respect of the Proposed Extension of RHB Warrants
2001/2002 and subject to the Companies Act, 1965 and the
approvals of the relevant authorities, the holders (the Holders)
of the warrants of the Company which are outstanding (the RHB
Warrants 2001/2002) issued on 4 April 2001 at an issue price of
RM0.10 per RHB Warrant 2001/2002 to the existing holders of RHB
Warrants 1997/2007 to replace their RHB Warrants 1997/2007
surrendered to the Company hereby approve the proposed extension
of the exercise period of the RHB Warrants 2001/2002 by a
further period of five (5) years thereby amending the exercise
period of the RHB Warrants 2001/2002 to commence from the date
of issue of the RHB Warrants 2001/2002 and end at 5.00 p.m. on
24 March 2007 and all the other terms, provisions and conditions
attaching to the RHB Warrants 2001/2002 as set out in the deed
poll dated 13 February 2001 (the Deed Poll) constituting the RHB
Warrants 2001/2002 shall, apart from the amendments necessary to
give effect to the Proposed Extension of RHB Warrants 2001/2002,
remain unchanged AND THAT the Holders hereby approve and affirm
the execution of a further deed poll (the Supplemental Deed
Poll) expressed to be supplemental to the Deed Poll to implement
and give effect to the Proposed Extension of RHB Warrants
2001/2002 AND FURTHER THAT the Holders hereby approve that the
Directors of the Company be and are hereby authorized to enter
into for and on behalf of the Company any such agreement and
arrangement and to do all acts and things that they consider
necessary and expedient in the best interests of the Company to
give effect to the Proposed Extension of RHB Warrants 2001/2002
as may be required or imposed by any relevant authorities."

BY ORDER OF THE BOARD

ROSLEY BIN AHMAD (LS005669)
AZLEENA BINTI IDRIS (LS006783)
Secretaries


TALAM CORPORATION: Strikes Off Dormant Subsidiary
-------------------------------------------------
Talam Corporation Berhad (Talam) announced that Maxisegar
Education Holdings Sdn Bhd, a dormant subsidiary of Talam, has
been struck off from the register by the Registrar of Companies
pursuant to powers conferred by subsection 308(4) of the
Companies Act, 1965 and accordingly dissolved.

TCR-AP reported last month that the dormant subsidiaries have
been struck from the register by the Registrar of Companies
pursuant to powers conferred by subsection 308(4) of the
Companies Act, 1965 and accordingly dissolved:

   * Baiduri Prestasi Sdn Bhd
   * Erat Kejora Sdn Bhd
   * Talam Hotel Management Services Sdn Bhd
   * Talam Larut Management Services Sdn Bhd


TECHNOLOGY RESOURCES: KLSE Acts to Ensure Investor Protection
-------------------------------------------------------------
Kuala Lumpur Stock Exchange (KLSE) held a media conference on
Monday detailing the non-compliance of Technology Resources
Industries Berhad (TRI) in respect of its Restricted Issue of
shares.

In a statement to the media, KLSE Executive Chairman Dato' Mohd
Azlan clarified TRI's non-compliance as:

1. Approval for capital repayment not obtained

The crux of the matter falls on TRI's failure to obtain
shareholders' approval for the capital repayment, which was a
component of the internal restructuring. The rights issue and
the internal restructuring to be implemented by TRI are inter-
conditional. Failure to obtain shareholders' approval for the
capital repayment meant that the implementation of the internal
restructuring became uncertain - which in turn gave rise to
uncertainty as to whether the rights issue can and will be
implemented. As a result of this uncertainty in implementation
of the rights issue, the pricing methodology adopted by TRI in
respect of the Restricted Issue, based on the theoretical ex-
rights price had not yet fully met Securities Commission's (SC)
conditions.

2. Approvals to implement the rights issue

It is incorrect for TRI to represent in its press statement that
all necessary shareholders' approval to implement the rights
have been procured, when the approval for the capital repayment
has yet to be obtained. The capital repayment is part of the
internal restructuring. It requires a special resolution to be
passed by at least 75% of TRI shareholders, present and voting.
This special resolution is still outstanding.

TRI holds the view that shareholders have on 25 January 2002
given approval to the directors to approve any amendments or
variations to the proposals where it is in the best interest of
the company. TRI is of the view that it is therefore entitled to
carry out the proposed internal restructuring after the
implementation of the rights issue.

This view is incorrect at the very least because the proposal
approved by SC states that the rights issue and the internal
restructuring are inter-conditional. Consequently, it is not up
to the directors to vary the interconditionality without at
least the regulators' approval.

The fact that SC's approval is required for such amendment is
reinforced by the fact that TRI had earlier applied to SC on 12
December 2001, to remove the interconditionality, amongst
others, between the rights issue and internal restructuring. TRI
announced on 26 January 2002 this was rejected by SC.

3. Issue of non-compliance with approvals by SC

TRI has stated that the issue of non-compliance with approvals
given by the SC does not arise. This is an incorrect statement
as SC has confirmed that the pricing of the Restricted Issue has
not fully met the condition in relation of SC approval. Given
that it involves compliance with SC's policies and guidelines,
SC should be the authoritative party to determine whether there
is compliance or otherwise and not TRI or its legal advisers.

4. Underwriting of the rights issue

According to TRI KLSE had stated that there is no certainty that
the rights issue will be completed despite the issue being fully
underwritten. There is no argument as to the reliability of the
underwriting arrangements. The issue is clear.

TRI had issued restricted shares based on a theoretical ex-
rights price. To do that, TRI must ensure that the rights issue
will be implemented. For so long as there is uncertainty in the
implementation of the rights issue arising from its inter-
conditionality with the internal restructuring, the pricing of
the Restricted Issue on a theoretical ex-rights basis cannot be
in compliance with SC's requirements.

The non-compliance is not related to the issue of whether the
rights issue is fully underwritten. If approval of shareholders
is not obtained for the capital repayment, the rights issue
cannot be completed even if there is underwriting in place.

5. Deferment of listing not a rejection

Regulators are aware that TRI has to make payment of their bonds
and Danaharta loan by 22 April 2002 to capture a savings of
RM313.9 million. Regulators believe that TRI can still meet that
deadline because regulators have not rejected the listing of the
restricted shares. KLSE has just deferred the listing pending
compliance with the conditions of SC. KLSE believes there is
adequate time for TRI to obtain the necessary approvals and/or
to obtain variations to the SC conditions and thereafter proceed
with the implementation of the proposals.

The listing date of the Restricted Issue can only be determined
once the conditions of SC have been met by TRI.

6. Ex-date of 28 February 2002

There have been concerns raised as to whether the ex-date for
the rights issue on the existing shares will remain on 28
February 2002. KLSE do not see any reason at this point in time
to defer the ex-date for the rights issue .

Mohd Azlan said having presented the details of the matter, it
is hoped there will be greater awareness and understanding of
the matter.

"There should also be greater awareness and understanding of the
approach taken by regulators to resolve this issue without fear
or favor, whilst meeting the objectives of protecting investors,
preserving market integrity and enhancing investors confidence,"
he said.

Mohd Azlan said the approach taken has to balance the
requirement for immediate announcement, and the requirement for
complete and accurate information to be announced. KLSE, he
said, has acted accordingly in addressing both these concerns,
with immediate general announcements on 20 February 2002, and a
more comprehensive announcement on 22 February 2002.

"It has to be emphasized that regulators have to fulfill the
duty of investor protection for all shareholders and investors
of the Malaysian market, local and foreign, as well as
shareholders and investors of TRI," he said.

Mohd Azlan explained if the listing of the Restricted Shares had
proceeded despite the uncertainty of the rights issue being
implemented, and for some reason the rights issue is not
implemented - then the placees of the Restricted Issue would
have enjoyed the benefit of having obtained the Restricted
Shares at a substantial discount (i.e. at RM1.93 or RM1.75 which
is 32.5-38.85%) vis-.-vis the existing shareholders of TRI.(i.e.
weigthed average market price 22/12/01-3/1/02 = RM2.86)

There will be an anomaly in the discount factor if the rights
issue is not completed for shareholders of TRI. Due to this
anomaly, an investor who bought 1,000 of TRI shares would have
incurred some losses if for some reason the rights issue is not
to be completed.

"The adverse impact on the existing TRI shareholders, including
all other investors of TRI during the intervening period if the
rights issue is not completed would have been irreversible.

"Therefore, under such circumstances, to allow the listing of
the Restricted Shares to proceed would have been have been
detrimental to the shareholders of TRI and the investing
public," Mohd Azlan said.

Mohd Azlan added in allowing the listing of the Restricted Issue
to proceed would have significant adverse consequences, as
investors would perceive the Malaysian market as not well
regulated and one that does not protect investors.

"This is certainly not the case and the KLSE intends to preserve
the integrity and reputation of the Malaysian market.

"We believe this action by KLSE should convey to investors that
regulators are serious about protection of investor rights. This
in turn would contribute to reinforcing investor confidence," he
said.

Mohd Azlan said it is also the duty, obligation and
responsibility of issuers to ensure that true and accurate
confirmation is made to all parties, including regulators,
shareholders and investors. This would require issuers and their
advisers to undertake proper due diligence so that information
that is provided to regulators and the market is complete and
accurate. This is especially for corporates who subscribe to the
best principles of good corporate governance to observe.

Similarly, advisors, lawyers and other intermediaries have the
duty to act responsibly and with great accountability not only
on behalf of issuers, but also on behalf of the investing
public.

Issuers and their advisors, Mohd Azlan said, have to ensure
their duty is adhered to in a serious and committed manner.
Industry participants, shareholders and investors cannot be made
to expect interruptions to capital issues because issuers and
advisors have failed to fully observe the requirements in
discharging their duty responsibly and with full accountability
to shareholders and investors, he said.

"In the move towards enhanced disclosure based regulation, there
will be increasing reliance by investors and regulators on
issuers and their professional advisors to be vigilant,
responsible, accountable, true and accurate in their
representations and confirmations," he said.


TECHNOLOGY RESOURCES: RI Not Conditional to Restructuring
---------------------------------------------------------
Technology Resources Industries Berhad (TRI) announced that the
Securities Commission has approved its application to allow for
the Rights Issue (RI) to be no longer conditional to the
internal restructuring.  With this, there is then no element of
doubt that shareholders for implementation have approved the
rights issue.

The entire recapitalization exercise of RM3.5 billion is an
extremely complex process to be completed in a tight timeframe
from the Securities Commission's approval on the 28th November
2001 to 8th February 2002 where the proceeds required to redeem
the Euro-Convertible Bonds (ECB) had to be fully committed.  
This complexity was exacerbated by the need to balance the
sometimes-conflicting requirements of the various stakeholders,
new and existing shareholders and bankers amongst others.  
These, together with the need on several occasions to modify the
recapitalization structure with the dynamics of a changing and
volatile financial market, had created several interpretational
issues for both the Company and the regulators.

TRI would like to record sincere appreciation to Deputy Prime
Minister, YAB Dato' Seri Abdullah Ahmad Badawi and Special
Economic Adviser to the Prime Minister, YBhg Tan Sri Dato' Nor
Mohamed Yakcop, the Securities Commission and the KLSE for their
understanding of these complex issues and assistance in their
resolution.  The recapitalization of TRI is, believed, the
largest privately funded recapitalization in Malaysia and its
successful implementation augurs well for the nation.

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


METRO PACIFIC: Unit In Talks Over Merger Proposals
--------------------------------------------------
Metro Pacific Corp unit First E-Bank is in preliminary talks
over merger proposals from several banks, and is considering
plans for additional capital infusion from shareholders, AFX
News reported on Monday. The Metro Pacific group has been
looking at asset sales to reduce its debt burden.

First e-Bank was formerly PDCP Development Bank until it changed
its name in early 2000 to reflect the bank's focus on electronic
banking.


METRO PACIFIC: Forecasts 2001 P24B Net Loss
-------------------------------------------
Metro Pacific Corp may incur a net loss of P24 billion in 2001
and is seeking to restructure payment on its P12 billion debt,
in a bid to clean up its balance sheet, AFX News reported on
Monday. Metro Pacific will announce its financial restructuring
scheme on Friday.

Reports said bulk of last year's losses were related to asset
provisioning while about P4 billion in losses was incurred from
operations. Metro Pacific plans to sell its 69.6 percent stake
in Bonifacio Land Corp to raise finances and to repay debts.


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


CAPITALAND LIMITED: Premas Enters Acquisition Agreement
-------------------------------------------------------
The Board of Directors of CapitaLand Limited (CapitaLand)
announced on February 22 that PREMAS Asia Pte Ltd (PREMAS Asia),
a wholly-owned subsidiary of PREMAS International Limited (
PREMAS International) which is in turn a wholly-owned subsidiary
of CapitaLand, has entered into a conditional share acquisition
agreement (the Acquisition Agreement) with Cushman & Wakefield
(China) Limited (C&W China).

C&W China is a company incorporated in Hong Kong and is part of
the Cushman & Wakefield group, which is an international group
of companies specializing in real estate brokerage and
consultancy services and which has businesses in North America,
Europe and Asia.

Sale and Purchase of Equity

Pursuant to the Acquisition Agreement, PREMAS Asia will procure
the transfer of 49 per cent. of the registered share capital of
PREMAS Property Consultants (Shanghai) Co., Ltd. (PREMAS
Shanghai), which is a Shanghai subsidiary of PREMAS
International, in exchange for 49 per cent. of the registered
capital of Cushman & Wakefield (Shanghai) Co., Ltd. (C&W
Shanghais), which is a Shanghai subsidiary of C&W China, to be
transferred by C&W China to PREMAS Asia.

PREMAS Asia will hold the balance 51 per cent. of the registered
capital of PREMAS Shanghai and C&W China will hold the balance
51 per cent. of the registered capital of C&W Shanghai.

PREMAS Shanghai and C&W Shanghai

PREMAS Shanghai is a company established in Shanghai, China and
provides total asset management, which includes property and
facility management, development construction consultancy and
agency.

C&W Shanghai is a company established in Shanghai, China and is
involved in the provision of property consultancy and brokerage
services such as agency, landlord representation, tenant
representation, investment and advisory services.

Purchase Consideration

The sale and purchase under the Acquisition Agreement will be a
cashless transaction.

The purchase consideration for the 49 per cent. of the
registered capital of PREMAS Shanghai (PREMAS Equity) to be
acquired by C&W China will be satisfied by the transfer of 49
per cent. of the registered capital of C&W Shanghai to PREMAS
Asia.

The purchase consideration for the 49 per cent. of the
registered capital of C&W Shanghai (C&W Equity) will be
satisfied by the transfer of 49 percent of the registered
capital of PREMAS Shanghai to C&W China.

Conditional Agreement

The transfer of the PREMAS Equity to C&W China and the transfer
of the C&W Equity to PREMAS Asia is conditional upon, inter
alia, the issuance of the relevant Chinese governmental and
regulatory approvals required for the transactions described
above on or before 31st December, 2002.

Joint Venture

PREMAS Asia and C&W China have entered into the Acquisition
Agreement with a view to entering into a joint venture agreement
(the Joint Venture Agreement) on completion of the Acquisition
Agreement which will set out the terms and conditions of the
joint venture between PREMAS Asia and C&W China to provide real
estate management, brokerage and consultancy services in China
through PREMAS Shanghai and C&W Shanghai. It is intended that
PREMAS Shanghai will undertake real estate management services
in China and C&W Shanghai will undertake real estate brokerage
and consultancy services in China. Each joint venture company
will market their services under the trade name "Cushman &
Wakefield PREMAS".

Financial Effects

The transactions contemplated under the Acquisition Agreement
and the Joint Venture Agreement are not expected to have any
significant impact on the net tangible assets or earnings per
share of CapitaLand for the financial year ending 31 December
2002.

Directors' and Substantial Shareholders' Interests

Save as disclosed herein, none of the directors or present
substantial shareholders of CapitaLand has any interest, direct
or indirect, in the transactions contemplated under the
Acquisition Agreement or the Joint Venture Agreement.


CK TANG: Books Q301 S$3.1M Loss
-------------------------------
Beleaguered retailer CK Tang incurs S$3 million loss in its
financial third quarter, totaling its total loss to S$10.5
million in the first 9 months, Channel News Asia reported on
Monday. The nine-month results are contained in the abridged
prospectus for the company's one-for-one rights issue at an
issue price of 20 cents per share. The goal of the rights issue
is to slash the firm's mountain of debt.


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: 21 February 2002
Date of change of interest: 19 & 21 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: 600,000  
% of issued share capital: 0.08
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: No. of Shares Consideration per
share

200,000 S$0.175
200,000 S$0.18
200,000 S$0.185

No. of shares held before change: 40,667,680
% of issued share capital: 5.48
No. of shares held after change: 40,067,680
% of issued share capital: 5.40

Holdings of Substantial Shareholder including direct and deemed
interest
                                        Deemed Direct
No. of shares held before change:             40,667,680
% of issued share capital:                    5.48
No. of shares held after change:              40,067,680
% of issued share capital:                    5.40
Total shares:                                 742,480,865


UNITED OVERSEAS: Voluntarily Winds Up Subsidiaries
--------------------------------------------------
United Overseas Bank Limited (UOB) announced on February 25 that
these wholly owned subsidiary companies of UOB have commenced
voluntary liquidation:

OUB Investments Pte Ltd;
OUL Sdn Bhd;
Overseas Union Management Services Sdn Bhd;
Overseas Union Developments Sdn Bhd, and
Overseas Union Holdings Sdn Bhd.

Except for OUB Investments Pte Ltd, which is incorporated in
Singapore, the rest are Malaysian subsidiaries.


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T H A I L A N D
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GENERAL FINANCE: Declared Bankrupt
-----------------------------------
The Central Bankruptcy Court on February 22, 2002 declared
General Finance and Securities Plc. bankrupt and put it under
absolute receivership upon the request filed by the Company
liquidator.

Mr. Kamol Juntima, Chairman of the Financial Sector
Restructuring Authority (FRA), said that General Finance and
Securities Plc. has repaid to their eligible creditors who filed
claims with the FRA Bt11,708.72 million. Of this amount,
Bt9,622.61 million or 82.18 percent were paid to the Financial
Institutions Development Fund (FIDF).

Mr.Kamol said that all of these creditors have yet to file
claims with the Official Receiver to receive additional payments
from the remaining outstanding debts during the specific period
to be announced by the Official Receiver.

So far, 54 of the 56 suspended companies under the supervision
of the FRA have been declared bankrupt. The two remaining
companies, CMIC Finance and Securities Plc. and Finance One
Plc., are at present making repayments to their creditors, and
will be filed for bankruptcy shortly after the repayments are
completed.

"Under the FRA's distribution procedure, creditors of the 54
bankrupt companies have been repaid a total of Bt169,254.60
million, of which Bt158,705.59 million to the FIDF," said
Mr.Kamol.

General Finance and Securities Plc. was ordered to suspend
operations by the Ministry of Finance on June 26,1997. As of
December 31, 2001 (prior to the repayment), the company had
Bt30,410.31 million in remaining assets and Bt63.788.44 million
in outstanding debts.


THAI TELEPHONE: Narrows 2001 Loss to Bt424M
-------------------------------------------
Thai Telephone & Telecommunication Public Company Limited (TT&T)
reported its operating results for the year ended December 31,
2001:

As at December 31, 2001, the Company and subsidiaries recorded
an operating profit of Bt725 million and a net loss of Bt424
million, in comparison with an operating profit of Bt779
million and a net loss of Bt4,420 million for the year 2000.  
The result is basically due to changes in both consolidated
revenues and expenses as follows.

Operating Revenues

The Company's operating revenues decreased slightly from Bt6,680
million in the year 2000 to Bt6,656 million in 2001, resulting
from the following details:  

   1. Concession revenue increased slightly from Bt6,565 million
in 2000 to Bt6,579 million in 2001.  Higher revenue stemmed from
growth in payphone revenue, drop-wire maintenance revenue and
Data Communication Network (DCN) revenue in which has been
recognized since February 2001.  The cumulative billable were
1,193,534 lines with the Average Revenue Per Unit (ARPU) of
Bt595 as at the year 2001-ended and Business ratio revealed a
small growth to 13.8 percent, compared to 1,193,991 lines and
the ARPU of Bt635 for the year 2000 with Business ratio of 12.8
percent.  

   2. Sales and services revenue, which exclusively contributed
by the Company's subsidiaries in relation to drop-wire
installation, in-house wiring and telephone sets and sale of
equipment, largely dropped from Bt115 million in the year 2000
to Bt77 million in 2001, due to lower activities related to
fixed-line business.

Operating Costs and Expenses

The Company's operating expenses slightly increased from Bt5,901
million in the year 2000 to Bt5,931 million in 2001 as a result
of changes in related expenses as following details:

   1. Costs of sales and services fairly increased from Bt435
million in 2000 to Bt483 million in 2001, resulting from the
payphone implementation cost.

   2. Operating, administrative and general expenses moderately
increased from Bt2,842 million in 2000 to Bt3,017 million in
2001 due to debt restructuring fees, payment to creditors on the
Closing Date as well as repair and maintenance cost.

   3. Depreciation & Amortization decreased from Bt2,614 million
in 2000 to a normal level at Bt2,423 million in 2001.

   4. Director's remuneration slightly decreased from Bt9.4
million in 2000 to Bt8.8 million in 2001 resulting from the
reclassification suggested by the Company's auditor to
include remuneration purely for directors.

Other Revenues and Expenses

Details of these items are described as below:

   1. Interest income remarkably increased from Bt8 million in
2000 to Bt107 million in 2001 due to receipt from the Revenue
Department pursuant to the delay payment of VAT to the Company
during rehabilitation process.

   2. Other income largely increased from Bt64 million in 2000
to Bt94 million in 2001 due to higher sales of damaged cable
sales, vehicles and other assets as well as launch of new
products, specifically T-Box and T-Net, during the forth quarter
of 2001.

   3. Interest expenses showed a certain decline from Bt2,814
million in 2000 to Bt2,515 million in 2001 in accordance with
continuing lower market interest lending rate for both MLR and
LIBOR during the past year.

   4. Income taxes showed a huge increase from Bt51 million in
2000 to Bt88 million in 2001 as a result of a favorable
Subsidiaries' operation while the Company itself still had
loss carried forward from the consecutive years.

   5. Foreign exchange gain or loss representing a net result of
unrealized foreign exchange gain or loss on revaluation of
foreign currency liabilities as well as realized gain or loss
from actual foreign currency debt repayment within the period.  
The total foreign outstanding debt has been reduced since the
Closing Date to an approximate of US$413 million.  The
Company thus recorded its net foreign exchange loss of Bt353
million for the year 2001 with the reference exchange rate of
Bt44.3597 per US dollar, which appreciated from Bt43.4396 per US
dollar at the year 2000-ended.

   6. The Extraordinary Items for the year 2001 of Bt1,605
million referred to a net gain arising from the debt
restructuring amounting Bt93 million in accordance with 35%
discount from debt settlement to small contractors as well as
from the debt settlement with TOT of Bt1,512 million in
accordance with the Business Rehabilitation Plan.


THAI VINITEC: Business Reorganization Petition Filed
----------------------------------------------------
Plastic pipe manufacturer and distributor Thai Vinitec Company
Limited (DEBTOR) filed its Petition for Business Reorganization
in the Central Bankruptcy Court:

   Black Case Number 666/2544

   Red Case Number 636/2544

Petitioner: THAI VINITEC COMPANY LIMITED

Planner: THAIMUI AND ASSOCIATE COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,411,213,172

Date of Court Acceptance of the Petition: July 18, 2001

Date of Examining the Petition: August 14, 2001 at 9.00 AM; the
objection may be filed with the Central Bankruptcy Court not
less than three days prior to the trial date

Court Order for Business Reorganization and Appointment of
Planner: August 14, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: August 29, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: September 18,
2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: December 18, 2001

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #1st: January 18, 2002

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #2nd: February 18, 2002

Contact: Mr. Nopadon Tel, 6792525 ext. 135


THANA ONE: Under Absolute Receivership
--------------------------------------
The Central Bankruptcy Court on February 22, 2002 declared Thana
One Finance and Securities Plc. bankrupt and put under absolute
receivership upon the request filed by the Company liquidator.

Thana One Finance and Securities Plc., has repaid to their
creditors Bt13,357.92 million, of which Bt12,605.99 million or
94.37 percent to the FIDF. In total, the two companies repaid
Bt25,066.64 million to their creditors, according to Chairman of
the Financial Sector Restructuring Authority (FRA), Mr.Kamol
Juntima.

Mr. Kamol said that all of these creditors have yet to file
claims with the Official Receiver to receive additional payments
from the remaining outstanding debts during the specific period
to be announced by the Official Receiver.

Thana One Finance and Securities Plc. was ordered to suspend
operations by the Ministry of Finance on June 26,1997. As of
December 31, 2001 (prior to the repayment), the company had
Bt20,861.17 million in remaining assets and Bt33,970.80 million
in outstanding debts.

For further information , please contact:

Mr. Piyamit Yodmuang
Tel : 263-2620 (Ext. 102)
Fax : 650-9615


TPI POLENE: Enters Subscription Agreement With SCCC
---------------------------------------------------      
TPI Polene Public Company Limited (the Company) notified that
the Subscription Agreement dated 25th February 2002 has been
signed by the Company and Siam City Cement Public Company
Limited (SCCC) (the Subscription Agreement).

Under the Subscription Agreement, the Company shall allot and
issue 1,707,500,000 new shares and SCCC shall make payment of
US$ 375,000,000 subject to the fulfillment of the conditions
precedent which include:

1. The Scheme Creditors having approved SCCC as a strategic
investor in the Company.

2. The Scheme Creditors having approved the New MRA and the
New Plan in accordance with the Existing MRA and the Existing
Plan and pursuant to the Bankruptcy Act.

3. The New MRA and the New Plan having been approved by the
Central Bankruptcy Court and the SCCC having executed and
entered into the New MRA with the Scheme Creditors and the Plan
Administrators of the Company and TPI Concrete Company Limited.

According to DebtTraders, TPI Polene's 2.750% convertible bond
due on 2006 (TPIP06THS1) trades between 56 and 60. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TPIP06THS1
for real-time bond pricing.


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

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

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