/raid1/www/Hosts/bankrupt/TCRAP_Public/020301.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

            Friday, March 1, 2002, Vol. 5, No. 43

                         Headlines

A U S T R A L I A

BRISBANE BRONCOS: BB Sports Increases Substantial Holding
BRISBANE BRONCOS: Posted BB Sport's Notice to ASX
CAPRAL ALUMINIUM: Posts Final Director`s Interest Notice
CENTRAL PACIFIC: Court Approves Scheme of Arrangement
EARTH SANCTUARIES: Final Bidding Date Extended

GOODMAN FIELDER: Issues Share Cancellation Notice
HIH INSURANCE: Commission Posts Hearing Date Schedule
MAXIS CORPORATION: ASX Grants Listing Rule 14.7 Waiver


C H I N A   &   H O N G  K O N G

DIGITAL TECHNOLOGY: Winding Up Petition Hearing Set
JINRO (H.K.): Winding Up Sought by Goldman Sachs
LAND HOLDINGS: New Rules Hammer Earnings
POWER STARS: Winding Up Petition Pending
STAR EAST: Proposes Capital Reorganization

VISION CENTURY: Incurs HK$301,734 Operations Loss
WING LEE: Exceptional Price Movement Inexplicable


I N D O N E S I A

BANK CENTRAL: IBRA Names Bidders for Evaluation Stage II
BARITO PACIFIC: Court Rejects Bankruptcy Petition
TIMAH TERBUKA: Rescue Program Proposals Underway
DAIEI INC: UFJ Bank Gives Financial Assistance
HITACHI LTD: Expects Y400B Q102 Loss

IZUMI INDUSTRIES: Files for Court Protection From Creditors
GAP JAPAN: Moody's Lowers Unsecured Long-Term Debt Rating
NEC CORPORATION: Develops Serial ATA Macro
SEIBU DEPARTMENT: To Book Y80B Loss
SNOW BRAND: Spinning Off Pharmaceutical Division

TOKYU DEPARTMENT: Sees Y10.8B Net Loss

* R&I Reviews Ratings On Non-Life Insurance Firms


K O R E A

HYUNDAI HEAVY: Splits Off From Parent After FTC Approval
KOOKMIN BANK: Disposing Of Korea Finance Shares
SHINHAN BANK: FSS Investigates Branches Over Losses


M A L A Y S I A

ABRAR CORPORATION: Issues Additional Financial Assistance Info
ARTWRIGHT HOLDINGS: ICULS Conversion Price Fixed
BINA DARULAMAN: Unit Undergoes Voluntary Winding Up Procedure
BRIDGECON HOLDINGS: Applies For Further RA Time Extension
CSM CORPORATION: KLSE's RA Extension Approval Pending

LAND & GENERAL: Replies To KLSE's Debt Plan Query
LINGUI DEVELOPMENTS: SFB's USD Facility Regularized
MYCOM BERHAD: Sets Up Nomination, Remuneration Committees
PAN MALAYSIA: Share Equity Interest Transfer Completed
PAN MALAYSIA: Seeks Proposed Shareholders' Mandate Approval

SOUTHERN PLASTIC: Signs Acquisition MOU With PHSB, JT


P H I L I P P I N E S

BENPRES HOLDINGS: Unit Gets 6-Month Debt Payment Extension
INTERNATIONAL CONTAINER: Stockholders' Meeting Set for April 18
PHILIPPINE LONG: Triples 2001 Net Income to P3.4B
PILIPINO TELEPHONE: Incurs P6.6B 2001 Net Loss


S I N G A P O R E

C. K. TANG: Discloses Abridged Prospectus Re Rights Issue
FHTK HOLDINGS: Posts Shareholder's Interest Notice
L & M GROUP: Enters Placement Agreement with KES


T H A I L A N D

BANGNA MACHINARY: Files Petition for Business Reorganization
COUNTRY (THAILAND): Requests F/S 2001 Submission Postponement
L.P.N. DEVELOPMENT: Gains Bt128.27M Debt Restructuring Profit
THAI TELEPHONE: Company Name Change Effective March 4
THAI WAH: Posts Reorganization Implementation Status Report

     -  -  -  -  -  -  -  -

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


BRISBANE BRONCOS: BB Sports Increases Substantial Holding
---------------------------------------------------------
BB Sports Pty Limited increased its relevant interest in
Brisbane Broncos Limited on 27/February/2002, from 45,056,252
fully paid ordinary shares (45.96 percent) to 46,258,282 fully
paid ordinary shares (47.18 percent).

According to Wrights Investors' Service, at the end of 2000, the
Company had negative working capital, as current liabilities
were A$6.19 million while total current assets were only A$4.44
million. The Company has paid no dividends during the last 12
months.


BRISBANE BRONCOS: Posted BB Sport's Notice to ASX
-------------------------------------------------
Brisbane Broncos Limited posted BB Sports Pty Limited's notice
issued to Australia Stock Exchange (ASX) regarding the status of
condition under S630(3)of the Corps Law:

TO:         Brisbane Broncos Limited (Broncos)

AND TO:     The Manager
            Company Announcements Office
            Australian Stock Exchange Limited

BB Sports Pty Limited (ACN 009 659 107) (BB Sports) gives notice
in relation to the offers dated 6 February 2002 for 50% of the
ordinary shares in Brisbane Broncos Limited (each an Offer)
included in its Bidder's Statement dated 22 January 2002 (the
Bidder's Statement) that

   (a)  the Offers have become free of the conditions in Section
2.6  of the Bidders Statement;

   (b)  to the knowledge of BB Sports, none of the conditions in
Section 2.6 of the Bidders Statement have been fulfilled at the
time this notice is given (although the Offers were declared
free of conditions an 11 February 2002), and

   (c)  BB Sports' voting power in Broncos, as at the date of
this  notice, is 46.79%.


CAPRAL ALUMINIUM: Posts Final Director`s Interest Notice
--------------------------------------------------------
Capral Aluminium Limited posted this notice:

FINAL DIRECTOR'S INTEREST NOTICE

   Name of Company          Capral Aluminium Limited

   ABN                      78 004 213 692

We (the entity) give the ASX the following information under
listing rule 3.19A.3 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         Bernard H Lochtenberg

   Date of last notice      08/01/2002

   Date that director
   ceased to be director    19/02/2002

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

Bernard H Lochtenberg
Superannuation Fund                  6,462 ordinary shares


CENTRAL PACIFIC: Court Approves Scheme of Arrangement
-----------------------------------------------------
Central Pacific Minerals NL gave notice that the Federal Court
of Australia approved on Wednesday the scheme of arrangement
between Central Pacific Minerals NL and its members and
convertible noteholders pursuant to sections 411(4) and (6) of
the Corporations Act 2001 for the merger of Central Pacific
Minerals NL and Southern Pacific Petroleum NL.

The principal activities of the Group are the development of the
Stuart project and exploration for and evaluation of oil shale
and other mineral deposits predominantly in Australia. The
Company has paid no dividends during the last 12 months. It also
reported losses during the previous 12 months.


EARTH SANCTUARIES: Final Bidding Date Extended
----------------------------------------------
The Directors of Earth Sanctuaries Ltd advised that the date for
final bids for some or all of the Company's assets has been
extended by one week. The date for final bids is now Thursday
7th March 2002.

Interest in Earth Sanctuaries' assets remains strong. The
extension of the deadline by one week will assist some parties
with completing their due diligence inquiries and getting their
finance in place.

For further information contact:

Greg Follent
Challenger Corporate Finance
Telephone: 61 2 9994 7530
Mobile:    0417 224 072


GOODMAN FIELDER: Issues Share Cancellation Notice
-------------------------------------------------
Goodman Fielder Limited issued this notice:

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
FORM 284
NOTIFICATION OF SHARE CANCELLATION

Company Name Goodman Fielder Limited
      ACN    000 003 958

TYPE OF SHARE BUY-BACK       

Tick the appropriate box     

  S.254J         Redeemable Preference Shares
                 Redeemed out of Profits
                 Redeemed out of fresh issue of shares
  
  S.256A-S.256F  Capital Reduction

X S.257H(3)      Shares Company has bought back

  S.258D         Forfeited Shares  

  ss.1024E(7)    Shares returned to a Company

  Other                                   


DETAILS OF SHARES CANCELLED

Number of Shares          Class of Shares             
Consideration
                                                        (Total)
                                                           $
2,223,602                Ordinary fully paid        3,454,516
   
Period of Cancellation from 22/12/2001 TO 22/02/2002


HIH INSURANCE: Commission Posts Hearing Date Schedule
-----------------------------------------------------
The Royal HIH Commission will not sit on Friday, March 1, 2002.

During March, the Commission proposes to sit from Monday to
Friday in the weeks beginning 4, 11 and 18 March. A decision
will be announced shortly whether the Commission will sit in the
week beginning March 25.

Sitting dates for the period after the Easter break will be
announced as soon as possible.

Hours of Sitting

The sitting times will be 9:30AM to 11AM, 11:15AM to 12:45PM and
2:15PM to 4:30PM

Commission Location

Level 8, 'The Landmark' 345 George Street, Sydney


MAXIS CORPORATION: ASX Grants Listing Rule 14.7 Waiver
------------------------------------------------------
The Board of Maxis Corporation Limited advised that following an
application by the Company, the ASX has granted a waiver of
Listing Rule 14.7 to the extent necessary to permit the Company
to issue up to 100 million fully paid ordinary shares, approved
by shareholders at the Company's AGM on 26 November 2001, by no
later than 31st March 2002.

TCR-AP on November last year, quoted Chairman Vaz Hovanessian's
address to shareholders at the Annual General Meeting: "To date,
some $2.2 million has been spent on Administration costs,
Receivership, legal fees, additional non-statutory audits and in
defending the ASIC action to wind up your Company. Yet despite
these costs, under the Deed of Company Arrangement, the DOCA,
negotiated with the Administrators and the Receiver, secured
creditors have already received 100 cents in the dollar and
unsecured creditors are expected to get up to several fold more
than under a liquidation."


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


DIGITAL TECHNOLOGY: Winding Up Petition Hearing Set
---------------------------------------------------
The petition to wind up Hong Kong Digital Technology Company
Limited is scheduled for hearing before the High Court of Hong
Kong on April 17, 2002 at 9:30 am.  The petition was filed with
the court on January 22, 2002 by Koninklijke Philips Electronic
N.V. whose principle place of business is at Groenewoudseweg 1,
5621BA Eindhoven, The Netherlands.


JINRO (H.K.): Winding Up Sought by Goldman Sachs
------------------------------------------------
Goldman Sachs International of Peterborough Court is seeking the
winding up of Jinro (H.K.) International Limited. The petition
was filed on December 14, 2001, and will be heard before the
High Court of Hong Kong on March 6, 2002 at 9:30 am.

Goldman Sachs holds its registered office at 133 Fleet Street,
London EC4 2BB, United Kingdom and Goldman Sachs (Asia) Finance
of 68th Floor, Cheung Kong Center, 2 Queen's Road Central, Hong
Kong.


LAND HOLDINGS: New Rules Hammer Earnings
----------------------------------------
Hongkong Land Holdings slid to a net loss of US$416M last year
due to a huge property revaluation deficit arising from a change
in accounting standards.  Finance director Francis Heng said the
loss was calculated using revised International Accounting
Standards (IAS) under which investment properties were carried
at depreciated historical cost.

The group reported a net valuation deficit of US$600M for its
investment property portfolio for the year to December 31.  "We
had opposed the latest requirement since it was unfair for a
property investment company. The IAS Board has accepted and we
think the requirement will be dropped," Mr. Heng said.  The
company also took a charge of US$29M for asset impairment
provisions.

Excluding valuation deficit and provisions, Hongkong Land
reported an underlying profit of US$213M, down 7% from US$230M a
year earlier. The result was slightly below market forecasts.  
Underlying earnings per share fell 2% to 8.94 US cents compared
with 9.11 US cents previously. The company will pay a final
dividend of 5.5 US cents per share, bringing the full-year
dividend to 9 US cents, unchanged from the previous year.

Hongkong Land Chief Executive Nicholas Sallnow-Smith said
earnings fall was brought by financing charges and the
additional cost of buying back shares.

Hongkong Land, the property flagship of the Jardine Group, is
the biggest commercial landlord in Central.  Mr. Sallnow-Smith
was optimistic about the office market in Hong Kong despite
predictions by most analysts of further weakening in office
rentals.


POWER STARS: Winding Up Petition Pending
----------------------------------------
Power Stars Production Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on April 17, 2002 at 9:30 am.

The petition was filed on January 22, 2002 by Koninklijke
Philips Electronic N.V. whose principle place of business is at
Groenewoudseweg 1, 5621BA Eindhoven, The Netherlands.


STAR EAST: Proposes Capital Reorganization
------------------------------------------
The Board of Directors (the "Directors") of Star East Holdings
Limited ("Star East") announced a capital reorganization
proposal (the "Capital Reorganization") comprising:

   (i) a reduction of its issued ordinary share capital by
canceling HK$0.095 paid up on each issued ordinary share of
HK$0.10 ("Share") and crediting the amount arising from such
cancellation to the contributed surplus account of Star East;

   (ii) the cancellation of all of the authorized but unissued
share capital;

   (iii) a subsequent increase of the authorized share capital
of Star East to HK$50,000,000 by the creation of 8,248,624,845
shares of HK$0.005 each (based on the number of Shares currently
in issue as at the date of this announcement); and

   (iv) a cancellation of an amount of HK$1,850,000,000
standing to the credit of the ordinary share premium account of
Star East on the effective date of the Capital Reorganization
and crediting such cancelled amount to the contributed surplus
account of Star East.

Currently, the authorized share capital of Star East amounts to
HK$504,000,000 comprising 5,000,000,000 ordinary shares of
HK$0.10 each and 40,000,000 preference shares of HK$0.10 each.
It is expected that the amount standing to the credit of the
ordinary share premium account of Star East as at the effective
date of the Capital Reorganization will be not less than
HK$1,907,000,000 (being the approximate amount of the ordinary
share premium account as at the date of this announcement, plus
an amount of about HK$259,000,000 to be transferred from the
preference share premium account to the ordinary share premium
account as a result of the mandatory redemption of the
outstanding preference shares of Star East on 21st
March, 2002).

REASONS FOR PROPOSALS

Presently the market price of the Shares of Star East is
slightly below their par value. Star East is prevented from
issuing Shares at a price below their par value, which would
constitute an unlawful reduction of share capital under Bermuda
law. Following the Capital Reorganization the par value of
Shares in Star East will be reduced from HK$0.10 each to
HK$0.005 each. The Directors believe that the change to the par
value of Shares in Star East resulting from the Capital
Reorganization will give Star East greater flexibility in
pricing any new issue of its shares.

As at 30th September, 2001, Star East and its subsidiaries had a
consolidated accumulated deficit of about HK$2,273,000,000. The
Directors believe it is unlikely that Star East will generate
sufficient profits in the immediate future to eliminate this
deficit and that it would be inappropriate for Star East to pay
dividends while this deficit remains. Accordingly, the Directors
propose that the accumulated deficit of Star East as at 30th
September, 2001 be written off against the contributed surplus
account. The amounts arising from the reduction of issued share
capital and the cancellation of share premium as aforesaid will
be credited to the contributed surplus account of Star East. The
Star East may apply amounts transferred to the contributed
surplus account in any manner permitted by Bermuda law and the
bye-laws of Star East, including writing off of an accumulated
deficit. The amount to be credited to the contributed surplus
account of Star East under the paid-up
capital reduction is not sufficient to eliminate the accumulated
losses of Star East at 30th September, 2001. Accordingly, the
share premium cancellation, together with the existing credit in
the contributed surplus account of Star East, will allow Star
East to eliminate its accumulated losses in full.

The Directors currently have no intention to apply any such
funds for any purposes except for the writing off of the
accumulated deficit as at 30th September, 2001.

EFFECTS OF PROPOSALS

Upon the Capital Reorganization becoming unconditional and
effective, the authorized share capital of Star East will become
HK$50,000,000 divided into 10,000,000,000 shares of HK$0.005
each, of which between 1,751,375,155 (assuming redemption of
2,567,000 preference shares of HK$0.10 each and assuming that
none of the conversion rights attached to the HK$100,000,000
convertible note issued by Star East or the subscription rights
attached to options granted under the employee share option
scheme of Star East have been exercised) and 1,913,998,964
Shares of par value HK$0.005 each (assuming that all of the
convertible note and options outstanding have been exercised
in full) will be in issue and credited as fully paid up. The
Directors have determined, in accordance with the terms of the
instruments constituting the convertible note and the options,
that no adjustment to the respective conversion or subscription
prices is necessary or appropriate as a result of the
Capital Reorganization.

Other than the expenses of the Capital Reorganization, the
Capital Reorganization will have no effect upon the consolidated
net asset value of Star East. The Capital Reorganization will
not affect the amount of the shareholders' funds of Star East
and does not involve either the diminution of any liability in
respect of unpaid capital or the payment to any shareholder of
Star East of any paid up capital.  The current board lots of the
shares in Star East will remain unchanged upon the Capital
Reorganization taking effect.

CONDITIONS OF PROPOSALS

The Capital Reorganization is conditional upon, among other
things:

   * the passing by the shareholders of Star East of resolutions
approving the paid-up capital reduction, cancellation of
authorized but unissued shares, increase of authorized share
capital and cancellation of the share premium comprised in the
Capital Reorganization;

   * the publication of a notice of capital reduction and share
premium cancellation in accordance with section 46 of the
Companies Act 1981 of Bermuda ; and

   * the Listing Committee of the Stock Exchange granting
listing of and permission to deal in the shares in Star East
resulting from the Capital Reorganization.

OTHERS

Application will be made to the Listing Committee of the Stock
Exchange for listing of and permission to deal in the shares in
Star East resulting from the Capital Reorganization. Further,
arrangements will be made to enable the shares in Star East
resulting from the Capital Reorganization to be admitted to
CCASS.

A circular to shareholders of Star East containing, among other
things, the information on the Capital Reorganization and a
notice convening a special general meeting at which resolutions
will be proposed to approve the Capital Reorganization will be
dispatched to shareholders of Star East as soon as practicable.
Details of the arrangements for free exchange of share
certificates following the Capital Reorganization, including
arrangements for parallel trading, will be included in the
circular.


VISION CENTURY: Incurs HK$301,734 Operations Loss
-------------------------------------------------
Vision Century Corporation Limited announced on 27/2/2002:
(stock code: 535)
Year end date: 31/12/2001
Currency: HKD                                     (Audited)
                                  (Audited)        Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/1/2001    from 1/1/2000
                                  to 31/12/2001    to 31/12/2000
                                  ('000)           ('000)
Turnover                            : 383,048          565,025
Profit/(Loss) from Operations       : (301,734)        (76,291)
Finance cost                        : (41,613)         (24,027)
Share of Profit/(Loss) of Associates: (41,833)         (28,158)
Share of Profit/(Loss) of
  Jointly Controlled Entities       : (456)            708
Profit/(Loss) after Tax & MI        : (396,653)        (355,811)
% Change over Last Period           : N/A
EPS/(LPS)-Basic                     : (23.8 cents)     (22.6
cents)
         -Diluted                   : N/A              N/A
Extraordinary (ETD) Gain/(Loss)     : N/A              N/A
Profit/(Loss) after ETD Items       : (396,653)        (355,811)
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) LOSS FROM OPERATIONS
                                         2001            2000
                                        HK$'000         HK$'000
                                          
Gross (loss)/ profit                    (20,367)        24,586
Other revenues (Remark 2)               17,537          11,802
Provisions made for
  operations (Remark 3)                 (243,393)       (80,515)
Administrative expenses                 (55,511)        (32,164)
                                        ------------------------
Total operating loss                    (301,734)       (76,291)
                                        ========================        

(2) OTHER REVENUES
                                          2001            2000
                                        HK$'000         HK$'000
                                          
Net realized and unrealized holding
  loss on trading securities            -               (2,820)
Realized gain on sales of non-trading
  securities                            12,059          11,167
Interest Income                         2,456           2,414
Dividend Income from listed investments 1,059           616
Others                                  1,963           425
                                        -----------------------
                                        17,537          11,802
                                        =======================

(3) PROVISIONS MADE FOR OPERATIONS
                                          2001            2000
                                        HK$'000         HK$'000
Provisions made in relation to:                                 
   Property projects                    235,682         73,160
   Long-term investment in equity
      securities                        7,475           7,355
   Trade debtors                        236             -
                                        ----------------------
                                        243,393         80,515
                                        ======================

(4) NON-OPERATING PROVISIONS MADE
                                        2001            2000
                                        HK$'000         HK$'000
Provisions made for impairment in values of:                            
          
   Non-trading securities               -               114,399
   Intangible assets                    -               63,979
   Goodwill arising on acquisition of a
     subsidiary                         -               13,098
   Goodwill arising on acquisition of
     an associated company              -               63,904
   Interest in a jointly controlled
     entity                             17,245          -
                                        ------------------------
                                        17,245          255,380
                                        ========================

(5) TAXATION
                                        2001            2000
                                        HK$'000         HK$'000
                                        
Hong Kong profits tax                   13              905
Overseas taxation                       833             -
                                        -----------------------
                                        846             905
                                        =======================
Hong Kong profits tax is calculated at the rate of 16% (2000:
16%) based on the estimated assessable profit for the year.  
Taxation on overseas profits has been calculated on the
estimated assessable profit for the year at the rates of
taxation prevailing in the countries in which the Group
operates.

(6) BASIC LOSS PER SHARE

The calculation of basic loss per share is based on the Group's
loss attributable to shareholders of HK$396,653,000 (2000:
HK$355,811,000) and the weighted average of 1,667,935,487
(2000:1,576,992,134) ordinary shares in issue during the year.  
Diluted loss per share is not shown as the potential ordinary
shares are anti-dilutive.


WING LEE: Exceptional Price Movement Inexplicable
-------------------------------------------------
Wing Lee Holdings, Limited, noted the recent increase in the
price of the shares of the Company and stated that the Company
is not aware of any reasons for such increase.

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


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


BANK CENTRAL: IBRA Names Bidders for Evaluation Stage II
--------------------------------------------------------
Further to the Bank Central Asia (BCA) shares divestment process
by the Indonesian Bank Restructuring Agency (IBRA), on Monday
evening of 25 February 2002, IBRA received the results of the
fit & proper test conducted by Bank Indonesia (BI) on the four
potential investors for BCA.

Based on the results of evaluation on the fulfillment of 4
(four) drop dead test criteria (evaluation stage I), one of
which is the fit &proper test by the central bank on the BCA
bidders, IBRA has determined that the Farallon and Standard
Chartered Bank consortiums have passed the test.

The following are the four drop dead test criteria to be
fulfilled by prospective investors for BCA in the evaluation
stage I:

   * Letter of Statement from the potential investor that it has
neither direct nor indirect relations to the Salim group just as
the reference to the FSPC Decree No. Kep.03/K.KKSK/11/2000 dated
10 November 2000;

   * If the prospective investor is a consortium, the consortium
must be led by a bank or financial institution holding a voting
rights majority;

   * The prospective investor must have submitted an irrevocable
standby letter of credit (LC) or another form of guarantee
letter of equal level in the value of US$ 50 million for a 60
days' period. The L/C is issued by a bank with investment grade
rating;

   * The prospective investor passes the fit & proper test by
Bank Indonesia.

It is noteworthy that in the evaluation process IBRA upholds the
principle of equal opportunity to the four final bidders who
take part in the first stage of evaluation.

The two final bidders who have passed the first stage of
evaluation process will be administered into the second stage of
evaluation process in which IBRA conduct the evaluation based on
the following criteria:

   Criteria    Score
Quantitative Criteria : Bidding Price   maximum 50 points

  * Structure of Consortium (scoring on the
  consortium leader and members)  maximum 20 points
  * Terms and conditions in the sale &
       purchase agreement    maximum 25 points
  * Business plan for future development
       of BCA      maximum 5 points

T o t a l      100 points

It will take about 2 (two) weeks for IBRA to carry out the
evaluation based on the aforementioned criteria. Subsequently,
IBRA will announce the name of the BCA shares divestment tender.

The evaluation conducted by IBRA on the final bidders is aimed
at drawing in the investor with capability of improving BCA's
performance so as to boost up the banking sector development in
general, as well as accelerating the national economic recovery.


BARITO PACIFIC: Court Rejects Bankruptcy Petition
-------------------------------------------------
Jakarta Commercial Court said it rejected a bankruptcy petition
filed by PT Bank Niaga against PT Barito Pacific Timber due to
insufficient evidence and jurisdiction issues, AFX reports,
quoting Judge Erwin Mangasmalau.

"The bankruptcy petition against Barito Pacific over Rp462
billion unpaid debt must be rejected because the case needs
further verification and it just cannot be done by a commercial
court," Judge Mangasmalau said, adding that verification is the
job of the state court and the proper recourse is a civil case,
not a bankruptcy case.

Achmad Muiz, lawyer of Bank Niaga, said his client is taking
into consideration an appeal to the Supreme Court.

Wrights Investors Service reported that the Company has paid no
dividends during the last 12 months. The company also reported
losses during the previous 12 months. It has last paid a
dividend during fiscal year 1996, when it paid dividends of
55.00 per share.


TIMAH TERBUKA: Rescue Program Proposals Underway
------------------------------------------------
PT Timah Terbuka will soon release its 2001 operations results
while the company's rescue program is still being finalized, AFX
reports citing the company's spokesperson.

"Certain proposals may be released along with the results," the
spokesperson said.

Timah reviews its operations in a bid to avoid bankruptcy after
recording a 92 percent fall in earnings for the nine months to
Sept 2001 due to illegal mining.

The Company originally said it expected to complete its rescue
program by mid-February.

The Group conducts a two-pronged program of exploration,
offshore and inland exploration. Mining, trading and services
accounted for 76% of 2000 revenues; engineering services, 20%;
exploration, 4% and shipping dockyard, nominal.


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


DAIEI INC: UFJ Bank Gives Financial Assistance
----------------------------------------------
UFJ Bank Limited, a wholly owned subsidiary of UFJ Holdings,
Inc., agreed on Wednesday to give financial assistance to Daiei,
Inc. after it examined the details of Daiei's "new three-year
restructuring program."

UFJ will continue to support Daiei's restructuring. The Company
is confident that Daiei's suppliers, other creditor banks, and
shareholders will understand and support it as well.

1. 10-for-1 reverse stock split of preferred shares of 120
billion yen and capital decrease

2. Debt-for-equity swap deal totaling 230 billion yen

3. Debt forgiveness totaling 170 billion yen

4. Adequate provision of funds in order for Daiei to execute its
new three-year restructuring program

Impact on earnings of UFJ Holdings

Expected losses caused by this financial assistance to Daiei
will be absorbed through provision of reserves and other means
for this period ending March 31, 2002.

UFJ Holdings does not change the current forecast of its
consolidated financial results for the fiscal year ending March
31, 2002.

Fuji Bank, Limited was established in 1880 and is one of Japan's
leading city banks. It offers a wide range of banking services
through 284 branches, 34 sub-branches.

About UFJ Holdings, Inc.

Established April 2, 2001, as holding company for Sanwa Bank,
Tokai Bank and Toyo Trust and Banking. Focusing on comprehensive
financial services for individuals and middle market businesses.
Strong in the Osaka and Nagoya regions and actively prompting
bad-loan disposals.


HITACHI LTD: Expects Y400B Q102 Loss
------------------------------------
Electronics maker Hitachi Ltd sees losses worth Y400 billion yen
for the year to March 31, much higher than the Y230 billion loss
forecast in October, the Yomiuri Shimbun and Reuters said on
Thursday. The report said the Hitachi revision reflects a
continuing high-tech slump.

The Company refused to comment on the report.

Meanwhile, Hitachi Ltd will reduce the salaries of its Chairman
Tsutomo Kanai and President Etsuhiko Shoyama to 30 percent in
March, as a result of their responsibility for an employee's
involvement in auction rigging, AFX reports. Two senior board
members will also face a 20 percent wage cut next month. The
Company has set up an inter-company special headquarters and an
advisory board comprising outside members to improve legal
compliance.


IZUMI INDUSTRIES: Files for Court Protection From Creditors
-----------------------------------------------------------
Automobile parts maker, Izumi Industries, Ltd, has filed for
court protection from creditors under the fast-track corporate
rehabilitation law, Kyodo News reported on Thursday. The Tokyo
District Court issued an order for preservation of the firm's
assets.

According to Wright Investor's Service, at the end of 2001,
Izumi Industries, Ltd. had negative working capital, as current
liabilities were Y18.80 billion while total current assets were
only Y8.81 billion.

The Company is engaged in the manufacture and sale of pistons
such as aluminum pistons and cast-iron pistons for automobile
diesel engines and other internal combustion engines and
cylinder liners. It has ten consolidated subsidiaries, nine in
Japan and one in the United States.


GAP JAPAN: Moody's Lowers Unsecured Long-Term Debt Rating
---------------------------------------------------------
Moody's Investors Service on Wednesday assigned a Ba3 rating to
the new senior unsecured convertible notes to be issued by Gap,
Inc. under Rule 144A. Moody's also confirmed the company's Ba2
senior implied rating and lowered the ratings on the company's
existing senior unsecured long term debt, reflecting the
expectation that material assets will secure a new bank
agreement that could close as early as next week. (Moody's press
release of February 14, 2002 had warned that the senior
unsecured long-term debt rating was likely to be lowered a notch
given the collateral to support Gap's new bank facility.) The
rating outlook is changed to stable from negative, reflecting
the anticipation that comparable store sales, profit margins and
cash flow generation will not deteriorate further.

Rating assigned:

Gap, Inc.

Senior unsecured convertible notes, to be issued under Rule
144A, at Ba3.

Ratings lowered:

Gap Inc.

Senior unsecured intermediate term Notes issued under Rule 144A
to Ba3 from Ba2.

Senior unsecured notes to Ba3 from Ba2.

Gap International B.V.

Eurobonds, guaranteed by Gap Inc., to Ba3 from Ba2.

Gap (Japan) K.K.

Senior Notes, guaranteed by Gap Inc., to Ba3 from Ba2.

Ratings confirmed:

Gap, Inc.

Senior implied at Ba2.

Commercial paper and extendible commercial notes at Not Prime.

The $1 billion senior unsecured convertible notes will be
offered and sold privately without registration under the
Securities Act of 1933 (the Act), under circumstances reasonably
designed to preclude a distribution thereof in violation of the
Act. Moody's understands that the notes have been structured to
permit resale under Rule 144A. Moody's notes that holders will
have the right to require Gap to repurchase the notes before
2009 upon the occurance of a designated event, defined as a
change of control or a termination of trading of Gap's common
stock. This new debt offering, a condition to the execution of
the new $1.3 billion bank agreement, will further enhance Gap
Inc.'s liquidity (that includes cash of about $1 billion) and
will provide working capital financing, if needed, as the
company works over the next 12 months to turn around the
operating and financial performance of Gap domestic and Old
Navy.

Headquartered in San Francisco, Gap Inc. operates about 4171
stores in the U.S., Canada, the U.K., France, Germany and Japan
and an Internet business.

DebtTraders reports that Gap Inc's 5.625% bond due in 2003
(GPS1) trades between 94.5 and 96. For real-time bond pricing,
go to http://www.debttraders.com/price.cfm?dt_sec_ticker=GPS1


NEC CORPORATION: Develops Serial ATA Macro
------------------------------------------
NEC Corporation (NASDAQ: NIPNY) (FTSE: 6701q.l) (TSE: 6701) and
NEC Electronics Inc., NEC's wholly owned subsidiary in the
United States, announced on February 26 the development of its
Serial Advanced Technology Attachment (ATA) Macro, an
intellectual property (IP) core that implements a physical
layer, link layer, and transport layer storage interface and is
an evolutionary replacement for the Parallel ATA physical
storage interface. As the next-level solution for storage
interfaces, NEC's Serial ATA Macro enables the building of
smaller and lower-voltage large-scale integrated (LSI) systems
sought by the industry.

The evolution of the Internet and wireless mobile systems has
introduced a wide range of storage applications, including
enterprise systems and mobile computing devices that require
high-capacity, high-performance storage. Serial ATA technology
will provide the performance, simplicity, and cost advantages
needed for these applications.

"NEC's Serial ATA Macro will show that the new era of storage
interface technology has arrived," said Takatoshi Koga,
assistant general manager, 3rd System LSI Division, NEC
Corporation. "With our Serial ATA Macro, customers now have the
opportunity to create high-performing, distinctive products for
the next generation of systems. The Serial ATA Macro
dramatically expands the storage interface both in size and
speed; customers using the Serial ATA Macro will benefit from a
proven, robust design and the extensive manufacturing capability
of a world leader in this advanced technology."

Product Highlights

With this development, NEC has achieved an evolutionary
replacement for the Parallel ATA physical storage interface. The
Serial ATA Macro development was based on NEC's latest mass
production process, UX4, a CMOS process that has a 0.13-micron
(m) gate width, enabling smaller and lower-voltage LSI systems.

NEC has a variety of libraries associated with its CB-12 cell
base, which uses the UX4 technology. Serial ATA technology can
be highly leveraged by integrating with these libraries. In
addition, NEC's Serial ATA technology adopts spread spectrum
clocking (SSC) to both the transmitter and receiver sides to
minimize disturbance in the system and to offer optimal features
for the configuration of external systems.

Pricing and Availability

The Serial ATA Macro is now available in test chips with
confirmed multi-channel functionality and in an evaluation board
with PCI buses, a bridge function, and the Serial ATA Macro. The
first products incorporating the Serial ATA Macro are expected
in summer 2002. Products implementing second-generation Serial
ATA Macro and delivering 3.0 gigabits per second (Gbps) are
expected to be in production in the fourth quarter of 2002.

About Serial ATA

The Serial ATA is the interface that connects the hard disk
drive (HDD) and the enterprise or mobile computing device. A
Serial ATA interface can transfer data up to 1.5 Gbps and will
enable better cost, performance, connectivity, and reliability
in PC, server, and storage applications.

About NEC Corporation

NEC Corporation (NASDAQ: NIPNY) (FTSE: 6701q.1) is a leading
provider of Internet solutions, dedicated to meeting the
specialized needs of its customers in the key computer, network
and electron device fields through its three market-focused in-
house companies: NEC Solutions, NEC Networks and NEC Electron
Devices. NEC Corporation, with its in-house companies, employs
approximately 150,000 people worldwide and saw net sales of
5,409 billion Yen (approx. US$43 billion) in fiscal year 2000-
2001. For further information, visit the NEC home page at
http://www.nec.com.

About NEC Electronics Inc.

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

For more information about products offered by NEC Electronics
Inc., visit the NEC Electronics website at www.necel.com.

Meanwhile, NEC Corp enters an alliance deal with Nippon
Telegraph and Telephone Corp (NTT), KDDI Corp and Japan Telecom
Co to create an Internet service coalition under the "Japan
Online" plan, which would give them a total of about 10.8
million subscribers, aiming to become the largest provider in
Japan, Kyodo News said Tuesday.

TCR-AP reported Monday 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. On a parent basis,
NEC's annual procurement costs total about Y2 trillion. 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.


SEIBU DEPARTMENT: To Book Y80B Loss
-----------------------------------
Seibu Department Stores Ltd will post an extraordinary loss
worth Y80 billion for 2002 to Feb 28 due to a unit liquidation
and capital losses, Kyodo News said on Wednesday. It decided to
dispose of special losses in a lump sum and prepare itself for
the planned merger with failed department store operator Sogo
Inc in 2004.

Sogo collapsed in July 2000 and is restructuring under the
guidance of Seibu.


SNOW BRAND: Spinning Off Pharmaceutical Division
------------------------------------------------
Snow Brand Milk Products Co will spin off its prescription
pharmaceutical division into a joint venture to be launched next
month with Otsuka Pharmaceutical Co to make nutritional
supplements for clinical use, Kyodo News reported on Wednesday.
The report did not disclose the name of the pharmaceutical
division. The move is part of the Company's restructuring plan
following a beef-labeling scandal that involves its unit, Snow
Brand Food Ltd.


TOKYU DEPARTMENT: Sees Y10.8B Net Loss
--------------------------------------
Tokyu Department Store Co expects to post a net loss of Y10.8
billion, due to larger-than-anticipated extraordinary losses in
relation to its group firms, Kyodo News reported on Thursday.

The Company is the flagship of the retail and distribution
division of Tokyu group. A wide restructuring has forced it to
close all overseas locations and its downtown Tokyo Nihonbashi
store. Tokyu also plans to cut nearly 20 percent of its work
force by 2004.

The Company operates the Bunkamura cultural center in Tokyo and
owns several food businesses, food product lines and
restaurants.


* R&I Reviews Ratings On Non-Life Insurance Firms
-------------------------------------------------
Rating and Investment Information, Inc. (R&I), launched a
February 25th review on into the ratings assigned to the long-
term debt and commercial paper programs of Japan's leading non-
life insurance companies, with a view to downgrading them. R&I
is stressing the increasing instability of earnings in the
sector caused by factors such as deregulation, the stagnant
growth of the market, and the continuation of Japan's
historically low interest rate regime. The pressure on solvency
caused by the fall in the stock market over recent years has
also contributed.

The insurance earnings of the nation's non-life insurers have
been slumping for some time, especially because of the
deregulation of insurance premiums in July 1998, and also
because of an increase in pay-outs due to natural disaster and
theft. To respond to this, there have been moves toward a
reorganization of the sector involving numerous major and
medium-scale companies, and the five major groups have extended
their dominance of the field. Even those medium-scale firms that
have been left out of the reorganization process are also taking
steps to strengthen management, as exemplified by the case of
The Fuji Fire & Marine Insurance Co., Ltd., which is receiving
capitalization from Orix Corp., a leading non-bank, and AIG, the
major US insurance and financial group.

Regardless of these moves, however, R&I considers that there is
still negative pressure on the creditworthiness of the non-life
insurers. Even for the majors, which find themselves in a
beneficial situation in the post-deregulation market, it will be
hard to improve earnings because of high loss ratios and
weakening fund investment yields at a time when the slump in the
market is becoming more pronounced. On the other hand, the
medium-scale firms, which lack a distinctive management stance,
face an increasingly difficult situation in terms of both
marketing and earnings.

It is also impossible to ignore the impact of the fall in the
stock market. Latent profits on equity holdings serve, along
with equity capital and disaster reserves, as the insurers' real
risk coverage, and the fall in stock prices has reduced their
insurance leeway. Of the various risks faced by non-life
insurers, the risk of movements in stock prices is coming
sharply into prominence, and this risk is also materializing,
for example in the form of massive losses on securities
evaluation recorded in the September 2001 interim term. At a
time when it is hard to boost equity capital out of flow
profits, it is now time to move away from the previous business
model in which equity holdings can serve as collateral while
winning new insurance policies, but the success of any such
change will not emerge immediately.

Furthermore, three medium-ranking insurers were hit by major
losses related to reinsurance deals overseas in November 2001,
and this has driven The Taisei Fire & Marine Insurance Co.,
Ltd., into bankruptcy. This has greatly increased concerns about
the risk management systems employed by the non-life insurers.
This development can be seen as having greatly damaged
confidence, not just in these three firms but also in the sector
as a whole. R&I will investigate the impact of these factors on
each firm, and will announce new ratings after examining their
ability to deal with them and the specific plans they adopt.

COMPANY NAME                          SENIOR L-T    CREDIT CP
                                           RATING      RATING

The Tokio Marine & Fire Insurance Co., Ltd.   (AAA) (a-1+)
The Yasuda Fire & Marine Insurance Co., Ltd.  (AA+) (a-1+)
Mitsui Sumitomo Insurance Co., Ltd.            AA+    -
Aioi Insurance Co., Ltd.                       AA-   a-1+
Nipponkoa Insurance Co., Ltd.                  AA-   a-1+
The Nichido Fire & Marine Insurance Co., Ltd. (AA)  (a-1+)
The Fuji Fire & Marine Insurance Co., Ltd.     A-    a-1
The Nissan Fire & Marine Insurance Co., Ltd.  (A+)  (a-1+)
The Nisshin Fire & Marine Insurance Co., Ltd.  A     a-1
The Taisei Fire & Marine Insurance Co., Ltd.  (CCC) (c)
The Asahi Fire & Marine Insurance Co., Ltd.    BBB    -

NOTE: The rating for The Asahi Fire & Marine Insurance Co.,
Ltd., is an insurance claims paying ability (CPA) rating.


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


HYUNDAI HEAVY: Splits Off From Parent After FTC Approval
--------------------------------------------------------
The Fair Trade Commission (FTC) has approved Hyundai Heavy
Industries Co Ltd (HHI) to separate from parent Hyundai Group
effective February 28, AFX News reported Tuesday, citing an
unnamed senior official at the Company's finance division.

TCR-AP reported last month that Hyundai Heavy Industries wanted
to complete the process of freeing itself from affiliates by the
end of 2001, but has been delayed by problems in reducing its
stake in Hyundai Asan, the Hyundai Group's vehicle for
investments in North Korea. HHI must reduce its stake in the
loss-making unit from 25 percent to 15 percent to enable it to
separate from the Hyundai Group.


KOOKMIN BANK: Disposing Of Korea Finance Shares
-----------------------------------------------
On February 27, 2002, Kookmin Bank announced the disposition of
its share in Korea Finance Security. Korea Finance, is a
security company, which provides agent services of cash and
security delivery for financial institutions.  As of December
31, 2001, the paid-in capital and total assets of the Company
are W8 billion and W10.4 billion, respectively.

On February 26, 2002, Kookmin Bank entered into a disposition
agreement with the employee stock ownership association of the
Company to sell its 54,000 shares at W216 million, reducing its
shareholding to 14.97 percent.

As it possesses 18.35 percent of the Korea Finance because of
the merger between former Kookmin Bank (which possessed 11
percent of the Company) and H&CB (which possessed 7.35 percent
of the Company), Kookmin Bank has decided to lower its stake in
order to avoid possessing it as a subsidiary.

Upon completion of the disposition, Kookmin Bank shall have
thirteen subsidiaries with assets totaling 13,429 billion Won on
their preliminary operating results.

The release is located at http://www.kookmin.co.kr

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


SHINHAN BANK: FSS Investigates Branches Over Losses
---------------------------------------------------
The Financial Supervisory Service (FSS) will investigate Shinhan
Bank branches in Tokyo and Osaka until March 21 because of
losses worth W30 billion due to loans it extended to former
Chairman Lee Hee-gun, Korea Herald reported on Thursday. The
agency will focus its inspection on the size and impact the
losses would have on branch operations.

Shinhan Bank is the flagship unit of Shinhan Financial Group.
The bank is restructuring itself as a financial holding company
to manage its banking, insurance, investment, and securities
units. To strengthen its position in South Korea's financial
services market, it may buy another bank.


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


ABRAR CORPORATION: Issues Additional Financial Assistance Info
--------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed) (ACB
or the Company) announced that the relevant information in
relation to the provision of financial assistance pursuant to
Practice Note No. 11/2001 in relation to paragraph 8.23 of the
Listing Requirements of the Kuala Lumpur Stock Exchange is as
follows:

AGGREGATE AMOUNT OF FINANCIAL ASSISTANCE

The aggregate amount of advances provided to corporations to
whom the provision of advances are necessary to facilitate the
ordinary course of business of ACB Group for the 3rd quarter for
the period ended 31 December 2001 was RM112,891.95.

FINANCIAL IMPACT

The advances provided to the corporations is not expected to
have any material financial impact on ACB Group.


ARTWRIGHT HOLDINGS: ICULS Conversion Price Fixed
------------------------------------------------
On behalf of Artwright Holdings Berhad (AHB), Alliance Merchant
Bank Berhad announced that the conversion price of the
RM14,410,000 nominal value of five-year 5.5% irredeemable
convertible unsecured loan stocks (ICULS) to be issued to
unsecured creditors pursuant to the Revised Proposed Voluntary
Debt Restructuring at 100% of the nominal value has been fixed
at RM2.14 for every one (1) new ordinary share of RM1.00 each in
AHB, based on the weighted average price of AHB shares for the
five (5) market days immediately preceding the price-fixing date
on 27 February 2002 (i.e. 20 February 2002 to 26 February 2002)
of RM2.14.

The conversion price of RM2.14 per share has been arrived at in
accordance with the guidelines of the Securities Commission and
the terms of the Supplementary Debt Restructuring Agreement
dated 17 August 2001 in relation to the Revised Proposed
Voluntary Debt Restructuring.

The conversion of the ICULS shall be done solely through the
surrender of such nominal value of ICULS equivalent to the
conversion price for cancellation.


BINA DARULAMAN: Unit Undergoes Voluntary Winding Up Procedure
-------------------------------------------------------------
The Board of Directors of Bina Darulaman Berhad (BDB) informed
that BDB Communication Sdn Bhd (BCSB), a wholly-owned subsidiary
of BDB, is currently undergoing the process of 'Voluntary
Winding Up' procedure pursuant to Section 254 of the Malaysian
Companies Act, 1965 (Act).

BCSB was incorporated in Malaysia under the Act as a private
company limited by shares on 16 April 1996 whereby the Company
was principally involved in the production of dramas,
documentaries, talkshows, corporate and training videos,
animation and event management. The authorized share capital of
BCSB is RM350,002 comprising 350,002 ordinary shares of RM1.00
each, all of which have been issued and fully paid-up. With the
onset of the economic downturn in 1998, BCSB has ceased
operations on 30 June 1998 and has remained dormant thereafter.

The members of BCSB at an Extraordinary General Meeting held on
2 August 2000 passed a Special Resolution to wind up the Company
by way of Members Voluntary Winding Up as the Company has
remained dormant for some time.

The Board of Directors of BDB is of the opinion that the winding
up of BCSB will not have any material impact on the Group's
earning and net tangible asset for the year ending 30 June 2002.


BRIDGECON HOLDINGS: Applies For Further RA Time Extension
---------------------------------------------------------
Bridgecon Holdings Berhad (Special Administrators Appointed), in
regards to the KLSE' extension approval until 28th February 2002
for the Company to make the Requisite Announcement for public
release, informed that the Company had on 15th February 2002
applied to the KLSE for a further extension of time of another
two (2) months from 28th February 2002 up to 28th April 2002 to
comply with the requirements of Practice Note No. 4/2001 to make
the Requisite Announcement.

The Company will announce the KLSE's decision pertaining to the
extension in due course upon receipt of KLSE's approval.


CSM CORPORATION: KLSE's RA Extension Approval Pending
-----------------------------------------------------
The Board of Directors of CSM Corporation Berhad (CSM or the
Company), further to the KLSE's approval letter dated 29 January
2002, granting the Company a further extension of time of 2
months from 26 December 2001 to 28 February 2002 to make the
Requisite Announcement, announced that the Company is unable to
make the Requisite Announcement (RA) by 28 February 2002.

In view of the above, the Company wrote to the KLSE on 15
February 2002 and 22 February 2002 for a further extension of
time until 30 April 2002 to make the RA. In the same application
to the KLSE, the Company had requested for a waiver from its
securities being designated. Currently, the application is still
pending the KLSE's approval.


LAND & GENERAL: Replies To KLSE's Debt Plan Query
-------------------------------------------------
Land & General Berhad, further to its announcement dated 26
February 2002 in relation to the Kuala Lumpur Stock Exchange's
query on the article entitled, "Creditors approve L&G debt
plan," stated:

"Property developer Land & General Bhd has obtained the go ahead
from 75% of its creditors to proceed with its debt restructuring
plan."

The Company confirmed the statements:

i) "The agreement is expected to be signed on Feb 28."

ii "...the company's debt restructuring will involve the
disposal of some non-core assets and the conversion of some debt
to paper."


LINGUI DEVELOPMENTS: SFB's USD Facility Regularized
---------------------------------------------------
The Board of Directors of Lingui Developments Berhad's (Lingui
or Company), further to the announcements dated 28 November
2001, 2 January 2002 and 28 January 2002 in connection with the
default in payment by Lingui Developments Berhad's Associated
Company, Samling Fibre Board Sdn. Bhd.(SFB), of its United
States Dollar (USD) Banking And Credit Facilities, announced
that SFB's USD banking and credit facilities (Facility) have
been regularized.

Nevertheless, negotiations between SFB and its Japanese
shareholders and the Company with Bumiputra-Commerce Bank Berhad
to restructure and reschedule the Facility are still on-going.


MYCOM BERHAD: Sets Up Nomination, Remuneration Committees
---------------------------------------------------------
The Board of Mycom Berhad announced the formation of the
Nomination and Remuneration Committees with immediate effect.
The are composed of:

A) The Nomination Committee

1. Tan Sri Dato' Hj. Lamin bin Hj. Mohd Yunus (Independent and
Non-Executive)
2. Dato' Murad Mohamed Hashim (Non-Independent and Non-
Executive)
3. Cheong Wong Sang (Independent and Non-Executive)

B) The Remuneration Committee

1. Dato' Yap Yong Seong (Non-Independent and Executive)
2. Tan Sri Dato' Hj Lamin bin Hj Mohd Yunus (Independent and
Non-Executive)
3. Cheong Wong Sang (Independent and Non-Executive)
4. Dato' Murad Mohamed Hashim (Non-Independent and Non-
Executive)

Profile

The Company was formed as a JVC between two Japanese companies,
Tokyo Shibaura Electric Co Ltd and Mitsui & Company Ltd, and Kee
Huat Radio Company Sdn Bhd.

Mycom manufactured and sold 'Toshiba' electrical consumer
products under a technical collaboration agreement with Toshiba
Corporation of Japan from 1969 to 1987. Since then, Mycom has
transformed into a diversified investment group with substantial
holdings in Malaysia and globally. In 1994, as a result of the
rationalization of part of its investments, Mycom acquired a 57%
stake in KLSE-listed Olympia Industries Bhd. Through Olympia,
Mycom diversified its investments into the property and
financial sectors, resource-based industries, manufacturing and
automobiles. In 1995, Mycom expanded its investments into
plantations and, in property, to include hotels. It also
diversified geographically through investments in South Africa.
In 1996 and 1997, the Company increased its presence in the
natural resource-based sector through further investments in
timber and building materials in Malaysia and South Africa.

In May 2000, the Company and certain of its subsidiaries entered
into a restructuring agreement with its financial institutions
to undertake a proposed debt and corporate restructuring scheme.
Implementation of the restructuring exercise is expected within
the 2001 financial year.

As per the proposals, Mycom will focus on property development
and construction activities post-restructuring, with the
acquisition of property development and construction
subsidiaries from Olympia and joint development with Olympia of
the Kenny Heights project located at the Mont Kiara/Sri Hartamas
vicinity which it proposes to co-own with Olympia. The
acquisitions will not only contribute immediate earnings to
Mycom, but will also inject a sizeable land bank in various
parts of Malaysia into the Group, turning it into a major
property developer in the country.

Repayment of restructured borrowings will be financed by
operating cash flow as well as disposal of oil palm plantation
and other non-core investments. The Company has, in November
2000 and January 2001, received approvals from FIC and MITI
respectively. Approvals from the SC and BNM are still pending.


PAN MALAYSIA: Share Equity Interest Transfer Completed
------------------------------------------------------
Pan Malaysia Capital Berhad (the Company) informed that there
has been no change to the status of the Company's proposal that
was disclosed in the Initial Announcement and Quarterly
Announcement made by the Company on 26 July 2001 and 13 November
2001 respectively, save for:

   1) The Securities Commission (SC) vide its letter dated 4
December 2001 has approved the application by PM Securities Sdn
Bhd (PMS) to relocate the stockbroking business of Pan Malaysia
Equities Sdn Bhd (PME) (which acquisition by PMS had been
approved earlier by the SC) to Melaka instead of Klang. Klang
would therefore be an additional branch office of PMS.

   2) On 8 December 2001, PMS completed its acquisition of the
entire issued and paid-up share capital of PME from the Company
for a consideration of RM117.58 million, comprising the issuance
of 100.00 million new ordinary shares of RM1.00 each at par and
a cash payment of RM17.58 million by PMS. PMS has also
successfully effected the transfer of all clients and staff of
PME to the premises of PMS branch in Seremban.

   3) On 8 December 2001, the Company also completed the
transfer of its entire equity interest in PMS to Kimara Asset
Management Sdn Bhd (Kimara Asset) (Transfer). Kimara Asset, a
wholly owned subsidiary of the Company, issued 391,000,005 new
ordinary shares of RM1.00 each at par to the Company as
consideration for the Transfer.


PAN MALAYSIA: Seeks Proposed Shareholders' Mandate Approval
-----------------------------------------------------------
The Board of Pan Malaysia Corporation Berhad (PMCorp or the
Company), pursuant to paragraphs 10.08 and 10.09 Part E of the
Listing Requirements of Kuala Lumpur Stock Exchange (KLSE) and
Practice Note 12/2001, proposed to seek shareholders' approval
for the Proposed Shareholders' Mandate which will permit PMCorp
and its subsidiaries to enter into recurrent related party
transactions of a revenue or trading nature, which are necessary
for the day-to-day operations and are carried out in the
ordinary course of business of the PMCorp Group which are not
more favorable to the related party than those generally
available to the public.

The KLSE approved an extension of time until 30 June 2002 for
the Company to procure a general mandate for recurrent related
party transactions of a revenue or trading nature.

A circular to shareholders in relation to the Proposed
Shareholders' Mandate together with Notice of an Extraordinary
General Meeting, will be dispatched to the shareholders of the
Company in due course.


SOUTHERN PLASTIC: Signs Acquisition MOU With PHSB, JT
-----------------------------------------------------
Southern Plastic Holdings Berhad (SPHB or the Company) had on 26
February 2002, signed a Memorandum of Understanding (MOU) with
the shareholders and vendors of Panbuilt Holdings Sdn Bhd (PHSB)
and Jade Tropical Sdn Bhd (JT) for the proposed acquisition of
100% equity interest in both companies.

PHSB is principally an investment holding company with business
interests in construction and building services. It has an
established track record of profits and has constructed various
recognizable buildings and housing estate in the Klang Valley.
It currently has secured approximately RM450 million in
contracts, both from the private and public sector.

JT owns an ongoing commercial complex development in Segamat,
Johor and has a secured anchor tenancy commitment.

The Vendors of shares in PHSB and JT forecast a profit after tax
of RM16 million per annum for the first three years.

The scope, terms and conditions of sale will be agreed upon and
executed between SPHB and respective vendors in the final
agreement at a subsequent date.


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


BENPRES HOLDINGS: Unit Gets 6-Month Debt Payment Extension
----------------------------------------------------------
Benpres Holdings Corp's Maynilad Water Services Inc will obtain
a six-month payment extension of US$100 million in debt, the
Philippine Daily Inquirer and AFX News reported on Thursday,
quoting Maynilad project Finance Director, Francis Gilles Puno.

According to Puno, Maynilad will be able to concentrate on
securing a US$350 million term loan, for which it is seeking
government guarantees.


INTERNATIONAL CONTAINER: Stockholders' Meeting Set for April 18
---------------------------------------------------------------
The Board of Directors of International Container Terminal
Services Inc. (ICTSI), in a meeting held on February 19, 2002,
set the 2002 annual stockholders' meeting on Thursday, April 18,
2002.

The Board also set March 8, 2002 as the record date for
stockholders entitled to notice and to vote in the stockholders'
meeting. The annual stockholders' meeting will be held at the
Rigodon Ballroom of The Peninsula Manila, Makati City at 10:00
am.

TCR-AP reported last month that ICTSI has authorized the
issuance of 5 million preferred non-voting shares at a premium
to its Cayman Island Subsidiary International Container Terminal
Holdings Inc. This will allow ICTSI to use the proceeds received
by ICTHI from the transaction with Hutchinson International Port
Holdings Limited in June last year to buy back or redeem its US$
130 million 1.75 percent convertible notes due 2004.

International Container Terminal's 1.750% convertible bond due
in 2004 (ICTS04PHA1) trades between 133.5 and 135. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ICTS04PHA1


PHILIPPINE LONG: Triples 2001 Net Income to P3.4B
-------------------------------------------------
DebtTraders analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), reported that Philippine Long
Distance Telephone Company said its 2001 net income surged more
than triple to P3.4 billion ($67 million), which was mainly
contributed by Smart. The phone operator provided P100 million
($2 million) for investment loss in Piltel. Sales rose 17
percent to 74 billion pesos ($1.5 billion).

PLDT is negotiating with JBIC for providing credit facilities
after failing to raise money from the bond market and IFC. It
needs to raise $650 million and to dispose of a stake in Smart
to meet the $1.3 billion debt maturing in the coming three
years.

Philippine Long Distance Telephone's 9.250 bond due in 2006
(TELP06PHN1) trades between 90 and 93. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP06PHN1


PILIPINO TELEPHONE: Incurs P6.6B 2001 Net Loss
----------------------------------------------
Pilipino Telephone Corporation announced on Tuesday its 2001 net
loss of 6.6 billion pesos ($129 million), mainly due to
significant marketing expenses in support of Talk N Text's
growth, its GSM brand, DebtTraders analysts, Daniel Fan (852-
2537-4111) and Blythe Berselli (1-212-247-5300), report.

Extraordinary expenses of P1,177 billion ($23 million) include
debt restructuring costs, write-down of a CDMA network and
various computer software packages and paying network assets.
The phone company ended the year with a total of 1.5 million
cellular subscribers, more than double the 0.7 million from a
year ago. Net revenues increased 1.8 percent to P3.3 billion
($65 million). The completion of Piltel's debt restructuring in
April 2001 has reduced total debt by 50 percent to P20.6 billion
($404 million).

Pilipino Telephone Corp's 4.980% floating rate note due in 2016
(PLTL15PHS1) trades between 23.5 and 26. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PLTL15PHS1


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


C. K. TANG: Discloses Abridged Prospectus Re Rights Issue
---------------------------------------------------------
The Directors of the C.K. Tang Limited announced on February 27
that the Abridged Prospectus, the Provisional Allotment Letter,
the Application Form for Rights Shares and Excess Rights Shares
and the Application Form for Rights Shares, in relation to the
Rights Issue, was dispatched on 27 February 2002 to all Members
whose registered addresses with the Company or The Central
Depository (Pte) Limited (CDP), as of 5.00 p.m. on 22 February,
2002, (Books Closure Date) are in Singapore or who had, at least
five (5) Market Days prior to the Books Closure Date, provided
to the Company or CDP, as the case may be, addresses in
Singapore for the purpose of service of notices and documents
(Entitled Members).

The aforesaid documents have not been and will not be dispatched
to Members who, as at the Books Closure Date, do not have
registered addresses with the Company or CDP, as the case may
be, in Singapore and who had not, at least five (5) Market Days
prior to the Books Closure Date, provided addresses in Singapore
for the purpose of service of notices and documents.

Entitled Members who do not receive the above documents within a
week from the date of dispatch should immediately notify the
Company's Share Registrar, Lim Associates (Pte) Ltd, or CDP, as
the case may be, in writing to their respective addresses:

Lim Associates (Pte) Ltd The Central Depository (Pte) Limited
10 Collyer Quay #19-08 20 Cecil Street #07-02/05

Ocean Building Singapore Exchange
Singapore 049315 Singapore 049705

Acceptances of provisional allotments and applications for
excess Rights Shares can only be made (in the case of Entitled
Members whose Shares are registered in their own names) on the
Provisional Allotment Letters and (in the case of Entitled
Members whose Shares are registered in the name of CDP) on the
Application Form for Rights Shares and Excess Rights Shares
issued with the Abridged Prospectus.

Entitled Members are requested to note important dates in
respect of the Rights Issue:-

Last date and time for splitting: 8 March 2002 at 4.45 p.m.

Last date and time for acceptance and payment: 13 March 2002 at
4.45 p.m. (9.30 p.m. for Electronic Applications through ATMs of
Participating Banks)

Last date and time for renunciation and payment: 13 March 2002
at 4.45 p.m.

Last date and time for application and payment of excess Rights
Shares: 13 March 2002 at 4.45 p.m. (9.30 p.m. for Electronic
Applications through ATMs of Participating Banks)

TCR-AP reported Wednesday that 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.


FHTK HOLDINGS: Posts Shareholder's Interest Notice
--------------------------------------------------
FHTK Holdings Ltd posted a notice of changes in substantial
shareholder Oversea-Chinese Banking Corporation Ltd's interest:

Date of notice to company: 26 Feb 2002
Date of change of interest: 25 Feb 2002
Name of registered holder: Oversea-Chinese Bank Nominees Private
Limited
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of registered holder
No. of shares of the change: 50,000
% of issued share capital: 0
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$0.0950
No. of shares held before change: 368,488
% of issued share capital: 0.03
No. of shares held after change: 318,488
% of issued share capital: 0.03

Holdings of Substantial Shareholder including direct and deemed
interest
                                   Deemed  Direct
No. of shares held before change:    0     193,963,959
% of issued share capital:           0     15.76
No. of shares held after change:     0     193,913,959
% of issued share capital:           0     15.76
Total shares:                        0     193,913,959

Oversea-Chinese Banking Corporation Limited direct interest
under registered holder UOB Kay Hian Private Limited is
191,976,095 (15.60%) and under registered holder Oversea-Chinese
Bank Nomniees Private Limited is 318,488 (0.03%) and under
registered holder Keppel Bank Nominees Private Limited is
1,619,376 (0.13%). Total interest after change is 15.76%.


L & M GROUP: Enters Placement Agreement with KES
------------------------------------------------
The Board of Directors of L&M Group Investments Limited (L&M or
the Company) announced that it has on the 27 February, 2002,
entered into a placement agreement (the Placement Agreement)
with Kim Eng Securities (Pte) Ltd (KES) whereby KES has agreed
to place out up to 9,241,000 new ordinary shares of S$0.10 each
(New Shares) in the capital of the Company at a price of
S$0.1181 per New Share (the Placement) on a best endeavors
basis.

The terms of the Placement Agreement are:

   (a) the appointment and mandate granted to KES in relation to
the Placement shall be valid until 25 March 2002;

   (b) the New Shares allotted shall be issued as fully paid-up
ordinary shares in the capital of the Company ranking pari passu
to the existing ordinary shares of the Company;

   (c) the placement is subject to the in-principle approval of
the SGX-ST for the listing and quotation of the New Shares on
the SGX-ST and where such approval is subject to conditions
(which are not normally imposed by SGX-ST for a transaction of a
similar nature) such conditions being acceptable to KES and its
clients; and

   (d) KES shall be paid a broking commission of 0.5% of the
aggregate consideration of all the New Shares upon the
satisfactory and successful completion of the sale of the same.

The New Shares represent approximately four per cent. (4%) of
the issued share capital of the Company which after the
completion of the last placement of 12,950,000 ordinary shares
on 18 February 2002 stands at S$25,737,192.30 comprising
257,371,923 ordinary shares at S$0.10 per share.

The Placement Price of S$0.1181 for each New Share represents a
discount of ten per cent. (10%) from the weighted average price
for trades done on ordinary shares in the capital of the Company
on 26 February 2002 of S$0.1312 per New Share.

When completed, the Placement will increase the issued and paid
up share capital of the Company from S$25,737,192.30 comprising
257,371,923 ordinary shares of S$0.10 each to S$26,661,292.3
comprising 266,612,923 shares of S$0.10 each.

Had the Placement been effected on 1 January 2000 the first day
of the last audited balance sheet, the net tangible assets per
share of the Company and its subsidiaries would be a decrease
from approximately 26.74 cents to 24.59 cents. The loss per
share would be decreased from 15.87 cents to 13.75 cents.

The net proceeds from the Placement will amount to approximately
S$1.07 million and will be utilized for working capital.
None of the Directors or substantial shareholders of L&M has any
interest, direct or indirect, in the Placement.


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


BANGNA MACHINARY: Files Petition for Business Reorganization
------------------------------------------------------------
Iron line manufacturer Bangna Machinary Company Limited
(DEBTOR)'s Petition for Business Reorganization was filed at the
Central Bankruptcy Court:

   Black Case Number 717/2544

   Red Case Number 745/2544

Petitioner: ASIA BANK PUBLIC COMPANY LIMITED BY MR. SOMSUK
WRORAWIJAK, THE AUTHORIZED PERSON

Planner: MISS VEERAPA ROJJANAPIYAWONG

Debts Owed to the Petitioning Creditor: Bt808,934,564.57

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

Date of Examining the Petition: August 27, 2001 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: September 3, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: September 10, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: October 4,
2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: January 4, 2002

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #1st: February 4, 2002

Contact: Mrs. Bang-Orn Tel, 6792525 ext. 112


COUNTRY (THAILAND): Requests F/S 2001 Submission Postponement
-------------------------------------------------------------
Neo World Consultant Co., Ltd., as the Planner of Country
(Thailand) Public Company Limited, informed that the Company
expects it will be unable to submit its financial statements and
financial standing and operational results including electronic
media of 2001, to meet the deadline. Therefore, the Company
requested that it be allowed to postpone submission of the
financial statements until it appoints a new auditor and
receives the 2001 audit report from the new auditor.
The Company will submit the financial statement to and its
reports to the Office of the Securities & Exchange Commission as
soon as possible.

The Company is required to submit its financial statements and
reports on its financial standing and operational results as
well as electronic media of 2001 to the Office of the Securities
& Exchange Commission and the Stock Exchange of Thailand by
March 1, 2002.

At present the Company has been admitted into the business
rehabilitation process under the Bankruptcy Act of B.E. 2483 (as
amended) and has submitted a business reorganization plan with
the Central Bankruptcy Court on January 21, 2002 as already
known.

Afterwards the auditor wrote a letter dated February 5, 2002 to
inform that he was withdrawing from the 2001 audit.  As a
consequence, the Company has to look for a new auditor, which
will take some time.


L.P.N. DEVELOPMENT: Gains Bt128.27M Debt Restructuring Profit
-------------------------------------------------------------
L.P.N. Development Public Company Limited (LPN) revealed the
progress of debt restructuring with Peregrine Fixed Income
Limited (In Liquidation) (PFIL) which LPN would have to make a
payment of Bt138.27 million or US$5.72 million. The amount was
from the interest rate SWAP to decrease the fluctuation and the
risk of interest rate of the US Dollar exposure in 1996.

PFIL agreed and accepted the debt settlement of only Bt10
million, which LPN made on 31 January, 2002, resulting in the
profit from this debt restructuring amounting Bt128.27 million
and would record the above amount of profit in the 1st quarter
of 2002.


THAI TELEPHONE: Company Name Change Effective March 4
-----------------------------------------------------
Thai Telephone & Telecommunication Public Company Limited, in
reference to the Company's Extraordinary Meeting of Shareholders
No. 1/2002 held on February 20, 2002 which resolved to change
the Company's name to "TT&T Public Company Limited" for the
convenience of the public recognition and the documentation
process, has registered the Company's name change to "TT&T
Public Company Limited" with the Commercial Registration
Department, Ministry of Commerce, effective from February 22,
2002.

As to date, the SET was informed that the Company has now
completed the legal process for changing its name. As a result,
effective from March 4, 2002 onwards, the Company securities in
the trading system will be changed.  


THAI WAH: Posts Reorganization Implementation Status Report
-----------------------------------------------------------
Thai Wah Group Planner Company Limited, the Plan Administrator
of Thai Wah Public Company Limited, pursuant to the Central
Bankruptcy Court order on February 14, 2001 approving the
Company's Business Reorganization Plan, reported the progress on
the implementation of Business Reorganization Plan:

1. On December 28, 2001, the Company made only partial interest
payment due on December 28, 2001 to the creditors in the Debt
Restructuring Agreement totaling US$0.36 million and Bt5.03
million with proceeds from the disposal of a subsidiary company
as the Company could not obtain new working capital facility and
had to reserve most of its working capital for its operations to
purchase tapioca roots during the harvest season at the
beginning of 2002.

2. On November 27, 2001, a total of 6 creditors filed a petition
to the Central Bankruptcy Court seeking to remove the Plan
Administrator.  Subsequently, on December 27, 2001, the Plan
Administrator and the Company filed an appeal to object the
petition.  The Central Bankruptcy Court has ordered the
testimony to commence from March till May 2002 and at the same
time ordered the creditors' steering committee to work together
with the Plan Administrator to amend the Plan so that the
Company could proceed with Plan successfully.

Presently, the Plan Administrator and the creditors' steering
committee are working together for a compromise and have
preliminary set out to revise the current structure of the Plan
Administrator to allow the creditors' steering committee to play
a greater role in the Plan amendment so that the Plan could be
implemented successfully.

3. On December 11, 2001 and February 1, 2002, the Plan
Administrator filed the 3rd and the 4th petition respectively to
the Central Bankruptcy Court to extend the execution of the
security documents to March 31, 2002. The Central Bankruptcy
Court has already on February 1, 2002 granted an approval for
the said extension till March 31, 2002 as requested.


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

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

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

This material is copyrighted and any commercial use, resale or
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