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       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 8, 2002, Vol. 5, No. 48

                         Headlines

A U S T R A L I A

BIOTA HOLDINGS: Incurs $3.2M 2001 Consolidated Loss
BRISBANE BRONCOS: Magic Millions Withdraws Offer
HIH INSURANCE: Commission Posts Sitting Days Schedule
LIFESTYLE GROUP: Director, Employee Plead Guilty to Charges
PASMINCO LIMITED: Panel to Release Decision Next Week

SEAFOOD ONLINE.COM: Liquidators Appointed
TERRAPLANET LIMITED: Exercises Non-Renounceable Rights Issue


C H I N A   &   H O N G  K O N G

CHUN AH: Winding Up Petition Slated For Hearing
DENKIE DEVELOPMENT: Winding Up Petition To Be Heard
GLOBAL FOOD: Parallel Trading to Start Monday
NORTHEAST ELECTRICAL: Requests Trading Suspension
SUNTAT MOTORS: Winding Up Petition Set For Hearing

TIME INTERNATIONAL: Faces Winding Up Petition
YUN KANG: Winding Up Petition Hearing Set


I N D O N E S I A

CHANDRA ASRI: IBRA Expects Debt Restructuring to End Shortly
CHANDRA ASRI: Marubeni Signs Rescue Deal Agreement With IBRA


J A P A N

AOKI CORP: Asks Takamatsu, Komatsu to Sponsor Rehab Plan
AOKI CORP: Takamatsu, Komatsu Agrees on Rehab Support
APLUS CO: UFJ Bank Finalizing Y120-130B Bailout Package
DAIKYO INC: Major Creditors Finalizing Rescue Package
IWATAYA DEPARTMENT: Plans to Liquidate Unit Kurume Iwataya

KOMATSU LIMITED: S&P Places Ratings on CreditWatch Negative
MISAWA HOMES: Debt Forgiveness Request Triggers 'CCpi' Rating
NIKO NIKO DO: Asks Creditor Banks to Forgive Y35B Loans
TOBISHIMA CORP: New Rehab Plan to Cut Y135B Debts by Y50B


K O R E A

CHO HUNG BANK: Government to Issue US$500M DRs, Says MOFE
DAEWOO MOTOR: GM Pres Optimistic Over Ongoing Takeover Talks
HYNIX SEMICON: Awaits Micron's Response to Latest Counter-Offer
HYNIX SEMICONDUCTOR: Denies Reports Of Scrapped Cando Talks
HYNIX SEMICONDUCTOR: Posts W110B Operating Profits

KOREA ELECTRIC: Govt Set to Split Ops Into Six Subsidiaries


M A L A Y S I A

ABRAR CORP.: Special Administrators Review Workout Proposal
AUTOWAYS HOLDINGS: Litigation Expected Loss At RM404,564.30
CHASE PERDANA: Creditors OK Proposed Restructuring Scheme
ESPRIT GROUP: Proposed Restructuring Scheme Pending
IDRIS HYDRAULIC: BNM Supports Proposed Tenaga, MNI Acquisition

MALAYSIAN PLANTATIONS: Voluntarily Winds Up Subsidiary
MGR CORPORATION: Clarifies Proposed Restructuring Scheme
PICA (M) CORPORATION: Summary Judgment Hearing Delayed
S P SETIA: Enters RM265.315 Term Loan Facility Agreement
TRANS CAPITAL: Finalizing MOU Terms, Conditions W/ White Knight

ZAITUN BERHAD: Seeks KLSE's RA Time Month Extension Approval


P H I L I P P I N E S

METRO PACIFIC: Seeking New Buyer for 69.6% BLC Stake
NATIONAL POWER: To Speed Up Transition Contract Talks
PHILIPPINE LONG: Concluding 5% Smart Stake Sale to AIG


S I N G A P O R E

SEMBCORP LOGISTICS: Director Changes Stakes in SIA Engineering


T H A I L A N D

NAKORNTHAI STRIP: March 6 Rehab Plan Consideration Hearing Set
PRASIT PATANA: Seeks Financial Statements Submission Extension
RAIMON LAND: Sale, Purchase Agreements Executed
RAJYINDEE DEVELOPMENT: Files Business Reorganization Petition
SINO-THAI RESOURCES: Reports 2001 Rehabilitation Progress

THAI ENGINE: Requests Financial Statement Submission Delay

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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BIOTA HOLDINGS: Incurs $3.2M 2001 Consolidated Loss
---------------------------------------------------
Biota Holdings Limited (ASX: BTA) lodged its results for the
half year ended December 31, 2001.

In presenting the half year report, the Chairman of Biota, Mr
John Grant said that Biota (the Company) now has a clear view of
its situation and is committed to rebuilding its position as a
leading drug discovery and development company in collaboration
with other groups.

Mr Grant noted that following the Company's strategic review
announced at the Annual General Meeting, Biota is aiming:

   * To secure partners to share the costs of the development of
its existing projects in the respiratory virus area. The goal is
to capture value and to conserve resources for entry into new
areas. This initiative has already won strong interest from
major international companies.

   * To broaden its research pipeline to include chronic viral
infections, anti-microbials and inflammation, through internal
research and additional external collaborations.

   * To capitalize on its unique approaches to drug discovery
based on its patented FLUNET(R) technology and N-Max nucleotide
rapid drug discovery program developed by its US subsidiary,
Biota Inc.

   * To conserve its cash resources by entering into
collaborative arrangements, reprioritizing internal projects,
reduction of external contract expenditures, seeking additional
grant funds and accessing US capital markets through Biota Inc.

Biota's management and new reshaped research group, assisted by
Dr Ian Gust formerly of CSL, have conducted a detailed review of
the company's portfolio. This has resulted in some significant
reprioritizations with resources being transferred to new
programs of commercial promise.

   * Biota's program to develop a second generation drug for the
prevention or treatment of influenza has resulted in a group of
compounds with markedly increased potency and prolonged duration
of action. Tests in animals suggest that it may be possible to
prevent influenza infection by weekly dosing.

   * The patented technology that underpins the prolonged action
(FLUNET) will be applied to assist new long acting versions of
existing drugs - opening up new market opportunities in our
focus areas.

   * Respiratory Syncytial Virus (RSV) is an important disease
with a large market serviced by only one remedy. Biota
scientists have identified a key target that provides a
springboard for Biota's chemists to synthesize new drugs to
combat the virus. Although at an earlier stage than the FLUNET
and rhinovirus programs, Biota's RSV program could be
accelerated through program restructure and external
funding and has already drawn the attention of international
companies.

   * To broaden its research activity in a range of chronic
infectious diseases and inflammatory conditions, Biota has
conducted a systematic search for potential collaborators in
Australia. Several possible collaborations are under evaluation.

FLUNET TECHNOLOGIES AND RHINOVIRUS (COMMON COLD) PROGRAM

The Company is actively pursuing collaborative partners to take
both these projects into development. Under the direction of Mr
Sterling Johnson, CEO of Biota Inc and Vice President, Global
Business Development of Biota Holdings Limited, Biota now has
expressions of interest from approximately 10 companies in the
United States, Europe and Japan.

BIOTA INC

The Biota Inc research team based in laboratories at Carlsbad,
California is led by Dr P Dan Cook and includes some of the
world's top experts in nucleotide analogs chemistry. With
funding in place, Biota Inc is set to exploit a critical need in
the pharmaceutical industry for better directed small molecule
chemistry drug discovery programs.

The Company's mission is to use its unique proprietary rapid
discovery platform, developed by Dr Cook, to discover drugs that
will satisfy large unfulfilled market needs. Biota Inc is
currently holding discussions with several major pharmaceutical
companies with a view to carrying out a joint development
program. Biota Inc will be seeking access to US capital markets
to broaden its funding sources.

New management appointments have strengthened the Company's
business development activities and broadened the pipeline
through external partnerships. Mr Sterling Johnson, Chief
Executive Officer of Biota Inc, has been appointed Vice
President Global Business Development. Dr Simon Tucker has been
appointed Director of Research and is responsible for the
management of Biota's laboratories and Dr Jane Ryan is Director
of Project Management and is responsible for co-ordination of
late research and early development projects. Dr John Lambert,
an internationally recognized chemist has been appointed to
Head, Chemistry Research at Biota's laboratories at Clayton.

As previously announced Dr Hugh Niall will be retiring this
year. An international search is in progress. Dr Niall will
continue in his position until his replacement is appointed.

Mr Grant said, "After expensing $1.8 million in establishment
costs in the United States, the Consolidated loss for the six
months to 31 December 2001, was $3.2 million. This compares to a
profit of $1.4 million in the previous corresponding period. In
the absence of significant levels of royalty income Biota as a
drug discovery group will continue to record losses, however we
will seek to reduce the extent of losses through innovative,
collaborative financings and maintain a tight control over cash
outlays.

"Biota is now well positioned with operational laboratories in
Melbourne, where there are eighteen scientists, and in the
United States, with fifteen scientists, to facilitate
collaborative alliances for both Australian and US programs," he
added.

Biota's major milestones for calendar 2002 are:

   * Secure a commercial collaboration for FLUNET.

   * Secure an external collaboration for the rhinovirus (common
cold) program.

   * Expand the patented FLUNET technology into applications for
chronic diseases.

   * Secure a major collaborative partner and a significant
fundraising in the US for Biota Inc

   * Appoint a new CEO to drive the new initiatives of the
company, building on achievements to date.

FINANCIALS

The key points to Biota's financial statements for the six
months to December 31, 2001 are as follows:

1. The Company incurred a consolidated loss of $3.2 million for
the six months ended December 31, 2001. This loss compares to a
profit of $1.4 million for the previous corresponding period and
includes $1.8 million of costs incurred in setting up Biota Inc.
Biota's Australian operations reported a loss of $1.6 million on
revenues of $6.1 million.

2. Revenues of $6.1 million compared to $8.8 million from the
previous corresponding period include diagnostic sales and
profit share of $5.1 million compared to $3.3 million for the
same period in 2000. As at December 31, 2001 no revenue on sales
of Relenza had been accounted for compared to $2.4 million for
the corresponding period. Interest income was $0.9 million
compared to $1.2 million for the previous corresponding period.

3. Research and development expenditure for the six months to
December 31, 2001 was $4.5 million compared to $4.7 million for
the corresponding period.

4. As at December 31, 2001, cash, cash equivalents and
investments amounted to $35.1 million compared to $40.4 million
as at June 30, 2001. Net Assets totaled $36.7 million compared
to $40.3 million (49 cents per share versus 54 cents per share).

Biota Holdings Limited is an Australian listed company (ASX:BTA)
engaged in the research and development of new human
pharmaceuticals for the management of infectious diseases and
inflammation. The Company has paid no dividends during the last
12 months. It also reported losses during the previous 12
months. It Company has not paid any dividends during the
previous 6 fiscal years.


BRISBANE BRONCOS: Magic Millions Withdraws Offer
------------------------------------------------
BB Sports has disclosed in a substantial shareholding notice
given to the ASX that the voting power of BB Sports and its
related bodies corporate is 53.46 percent.

Accordingly, Magic Millions League Pty Limited announced that it
has withdrawn its offers under the 18 cent conditional off-
market takeover bid for all or any number of shares held by
Brisbane Broncos Limited shareholders announced to the market on
5 February 2002 (Offer).

As set out in the bidder's statement of Magic Millions dated 6
February 2002, the Takeovers Panel has granted Magic Millions a
modification to section 652B of the Corporations Act. That
modification permits Magic Millions to withdraw the Offer if,
before or during its offer period, the voting power of BB Sports
(or some other person other than Magic Millions and its
associates) becomes greater than 50 percent.

Magic Millions has given notice of the withdrawal of its Offer
to the Broncos. In accordance with the modification granted by
the Takeovers Panel, Magic Millions will as soon as practicable:

   * send a message that it has withdrawn its Offers pursuant to
Rule 16.8 of the SCH Business Rules, as if the Offers had lapsed
because of a defeating condition;

   * announce that it has withdrawn the Offer in advertisements
published in daily newspapers circulating in Brisbane and
throughout Australia; and

   * write to each person who has accepted an Offer under the
bid, stating that it has withdrawn its Offers and returning any
documents of title given to it in connection with the
acceptance.

Any contract resulting from the acceptance of the Offer by
Broncos shareholders will become void by virtue of section 650G
of the Corporations Act. Broncos shareholders who have accepted
the Offer will accordingly be able to accept an offer for 50% of
their shares only under BB Sports' Pty Ltd's off-market takeover
bid for the Broncos (assuming BB Sports' offers remain open at
the time of acceptance). The procedure for accepting into BB
Sports' bid is set out in the attached annexure.

It is the current intention of Ognis Pty Limited (a company
associated with Magic Millions) to accept BB Sports' bid.

SHAREHOLDERS' ABILITY TO ACCEPT INTO BB SPORTS' BID AS A RESULT
OF MAGIC MILLIONS WITHDRAWING ITS OFFER

Broncos shareholders who have accepted the Offer will be able to
accept an offer for 50% of their shares only under BB Sports'
Bid (assuming BB Sports' offers remain open at the time of
acceptance) in accordance with the procedure set out below.

SHARES HELD IN YOUR NAME ON BRONCOS' ISSUER SPONSORED
SUBREGISTER

If your shares were held on Broncos' issuer sponsored
subregister at the time of acceptance of Magic Millions' Offer,
your acceptance will be cancelled automatically and you will be
able to accept an offer under BB Sports' Bid in accordance with
the instructions set out in the BB Sports' Bidder's Statement
dated 22 January 2002.

SHARES HELD IN A CHESS HOLDING

If your shares were held in a CHESS Holding at the time of
acceptance of Magic Millions' Offer, your shares will be
returned to that CHESS Holding shortly after Magic Millions
notifies the clearing house that it is withdrawing its Offer
(which is expected to occur on 5 February 2002). Once this has
occurred, your shares will be released from the offer accepted
CHESS subposition and you will then be able to accept an offer
under BB Sports' Bid in accordance with the instructions set out
in the BB Sports' Bidder's Statement dated 22 January 2002.

PROCEDURE FOR ACCEPTING AN OFFER UNDER BB SPORTS' BID

The procedure for accepting an offer under BB Sports' Bid is set
out in section 5.4 of BB Sports' bidder's statement dated 22
January 2002. In its bidder's statement, BB Sports indicates
that shareholders who have any queries in relation to how to
accept its offer may contact Computershare Investor Services Pty
Limited on  1300 556 161.

FURTHER QUERIES ABOUT ACCEPTING AN OFFER UNDER BB SPORTS' BID

Shareholders who have further queries in relation to how they
can accept an offer under BB Sports' Bid can contact ASX
Perpetual Registrars Limited on (02) 8280 7111.


HIH INSURANCE: Commission Posts Sitting Days Schedule
-----------------------------------------------------
HIH Royal Commission advised that during March, it proposes to
sit from Monday to Friday in the weeks beginning 4, 11 and 18
March. The Commission will not sit in the week preceding Easter,
beginning 25 March.

The Commission will resume sitting on the Tuesday following
Easter, 2 April.

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


LIFESTYLE GROUP: Director, Employee Plead Guilty to Charges
-----------------------------------------------------------
Two Melbourne men associated with the Lifestyle Group of
Companies have pleaded guilty in the Melbourne County Court to
charges brought by the Australian Securities and Investments
Commission (ASIC).

Mr Jon Melville McKenney of Lower Templestowe, a former director
of the Lifestyle property group, pleaded guilty to fifteen
charges under the Corporations Act, including failure to act
honestly, making improper use of his position as a director of a
number of companies within the Lifestyle group, and making a
false or misleading statement in a document lodged with ASIC.

Mr John Lloyd Caust of Balwyn, a former employee of the
Lifestyle property group, pleaded guilty to seven Corporations
Act charges, relating to improper and dishonest use of his
position as an employee of the companies.

The charges for both men relate to their roles in obtaining and
using funds from investors for property development projects
undertaken by the Lifestyle group. The charges were brought by
ASIC following an investigation into the collapse of the
Lifestyle Group in 2000.

ASIC previously successfully applied for the appointment of a
liquidator to fifty-four companies within the Lifestyle group.

The plea was adjourned to 23 September 2002. Both men were
bailed to appear in the Melbourne County Court on that date.

This matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.


PASMINCO LIMITED: Panel to Release Decision Next Week
-----------------------------------------------------
The Takeovers Panel advised that it is considering submissions
received in relation to an application by the Administrators of
Pasminco Limited (Administrators Appointed) in relation to the
possible restructure of the Pasminco group of companies by one
or more deeds of company arrangement under Part 5.3A of the
Corporations Act. The application relates to the decision by
ASIC on 4 February 2002 to refuse the Administrators'
application for an exemption from section 606 of the
Corporations Act. The Administrators have applied to the Panel
under section 656A of the Act for a review of ASIC's decision.

The Panel advised that it is unlikely to release a decision and
reasons before mid next week in this novel matter.

Sitting Panel

The sitting Panel in this matter is constituted by Mr Denis
Byrne (sitting President), Mrs Marian Micalizzi (sitting Deputy
President) and Ms Irene Lee.

Nigel Morris
Director, Takeovers Panel
Level 47 Nauru House, 80 Collins Street, Melbourne VIC 3000
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au


SEAFOOD ONLINE.COM: Liquidators Appointed
-----------------------------------------
Seafood Online.Com Limited has been instructed by the
Administrators that circumstances existed, which under the terms
of the Deed of Company Arrangement (Deed), resulted in the
termination of the Deed and the winding up of the company on 1
March 2002 pursuant to section 446B and Regulation 5.3A.07 of
the Corporations Act 2001.

The Company advised that John Schmeirer and Dennis Offermans of
Knights Insolvency Administration are the Liquidators of the
Company.



TERRAPLANET LIMITED: Exercises Non-Renounceable Rights Issue
------------------------------------------------------------
Terraplanet Limited has announced a one for one non-renounceable
rights issue at 1.5 cents to raise $1,270,500 together with an
attached new option on a one for five basis exercisable at 10
cents on or before 31 May 2005.

The new terraplanet Board, appointed in May 2001, has taken
considerable steps to reposition the group back to its core
competency of niche magazine publishing. The new Board found
that urgent restructuring and cost cutting was necessary to
staunch on-going losses and to stabilize the Company's financial
affairs. Previous subsidiary activities such as imaging and
Internet publishing have been downsized.

Problems overshadowing the Company throughout the liquidation of
its major shareholder have all been resolved to the benefit of
the Company and the shares and options previously held by it in
terraplanet have been placed to a number of investors including
the Directors. As well as cost control, the new Board has also
pursued several new business initiatives intended to increase
magazine revenues and profits including its previously announced
relationship with BBC Worldwide to publish children's magazines
including Bob the Builder.

Lesa-Bell Furhagen, Managing Director said, "terraplanet has
strong titles, editorial and management talent and there are
signs of increased advertising sales. The recent Audit Bureau of
Circulation showed increases in the circulation of terraplanet's
audited titles - HQ magazine and Big Hit with Big Hit moving
from third to second place in its category."

The purpose of the Offer is to enable the Company to fund the
further development of its publishing business through organic
growth, strategic alliances, mergers and acquisitions.

All Directors are now shareholders in terraplanet, in aggregate
representing approximately 40% of the shares on issue, and
intend to take up their full rights entitlements.

The Board has set a strategy to return the company to
profitability, to achieve growth through cost reductions and
improved revenues and to take advantage of opportunities as they
present themselves.

Sandra Yates, Chairman of terraplanet said, "the consolidation
which is occurring in the Australian media will present good
opportunities for terraplanet now that the Company is advanced
on its cost restructure."

For more information please contact:

APG Financial Services Limited
Level 25, Royal Exchange Building
56 Pitt Street
SYDNEY NSW 2000

Telephone: (02) 9247 4444
Contract:  Greg Wood


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


CHUN AH: Winding Up Petition Slated For Hearing
-----------------------------------------------
The petition to wind up Chun Ah Caps & Bags Manufacturing
Limited is set for hearing before the High Court of Hong Kong on
June 5, 2002 at 9:30 am.

The petition was filed with the court on February 16, 2002 by
Bank of China (Hong Kong) Limited (the successor corporation to
The Kwangtung Provincial Bank pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank
of China Tower, 1 Garden Road, Central, Hong Kong.


DENKIE DEVELOPMENT: Winding Up Petition To Be Heard
---------------------------------------------------
The petition to wind up Denkie Development Limited is scheduled
for hearing before the High Court of Hong Kong on March 20, 2002
at 9:30 am.  The petition was filed with the court on December
28, 2001 by Lam Fung Fai of Room 3004, Sheung Chi House, Sheung
Tak Estate, Tseung Kwan O, New Territories, Hong Kong.


GLOBAL FOOD: Parallel Trading to Start Monday
---------------------------------------------
Global Food Culture Group Limited requested market participants
to note that the parallel trading in the ordinary shares of the
Company will commence at 10:00 a.m. on Monday, 11 March 2002
under the following particulars:

Stock Code  Stock Short Name    Board Lot    Certificate Color
----------  ----------------    ---------    -----------------
970         GLOBAL FOOD-NEW     2,000 shares   Slight Orange
2919        GLOBAL FOOD-OLD     100 shares     Green

Settlement of trading at each counter shall be in respect of the
shares traded at the respective counters.

TCR-AP reported last month that the Company announced the
special resolution for the Capital Reorganization and the
ordinary resolutions for the Share Consolidation and the grant
of General Mandates were duly passed by the Shareholders at the
special general meeting of the Company held on 22nd February,
2002.


NORTHEAST ELECTRICAL: Requests Trading Suspension
-------------------------------------------------
Northeast Electrical Transmission & Transformation Machinery
Manufacturing Company Limited (the Company) requested trading in
its H shares will be suspended with effect from 10:00 a.m.
Thursday, 7 March 2002, pending the release of an announcement
of price sensitive information on the Company.


SUNTAT MOTORS: Winding Up Petition Set For Hearing
--------------------------------------------------
The petition to wind up Suntat Motors Company Limited is
scheduled to be heard before the High Court of Hong Kong on
April 10, 2002 at 9:30 am.  The petition was filed with the
court on January 14, 2002 by Hui Wai Man Lawrence of Flat E,
14th Floor, Block 5, City Garden, 233 Electric Road, North
Point, Hong Kong.


TIME INTERNATIONAL: Faces Winding Up Petition
---------------------------------------------
The petition to wind up Time International Investments Limited
is set for hearing before the High Court of Hong Kong on April
3, 2002 at 9:30 am.  The petition was filed with the court on
January 9, 2002 by Hui Ka Ho of Room 3603, Shui Choi House, Tin
Shui Estate, Tin Shui Wai, New Territories, Hong Kong.


YUN KANG: Winding Up Petition Hearing Set
-----------------------------------------
The petition to wind up Yun Kang Enterprises Limited will be
heard before the High Court of Hong Kong on April 3, 2002 at
9:30 am.

The petition was filed with the court on January 14, 2002 by
Bank of China (Hong Kong) Limited (the successor corporation to
Sin Hua Bank pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong.


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


CHANDRA ASRI: IBRA Expects Debt Restructuring to End Shortly
------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) expects to
conclude PT Chandra Asri Petrochemical Co's debt restructuring
on March 20, AFX reports, after Wednesday's signing of term
sheet deal with fellow creditor, Marubeni Corp of Japan.

"The term sheet signing is close to the final stage of IBRA's
debt restructuring process... and will be implemented as the new
terms and conditions. The signing of the debt restructuring
agreement is scheduled for March 20, 2002," IBRA said.

The term sheet includes conversion of US$438 million of a total
of US$540 million in IBRA loans into common shares, along with
US$147 million of some US$780 million in Marubeni loans. The
remaining loans from both sides will be repaid over 15 years at
an annual interest rate of LIBOR plus 1.25 percent.


CHANDRA ASRI: Marubeni Signs Rescue Deal Agreement With IBRA
------------------------------------------------------------
Trading house Marubeni Corp signed an agreement, securing an
accord made last October, with the Indonesian Bank Restructuring
Agency (IBRA) over a debt-restructuring plan for their troubled
Indonesian petrochemical joint venture PT Chandra Asri
Petrochemical Center, Japan Today reported Thursday.


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


AOKI CORP: Asks Takamatsu, Komatsu to Sponsor Rehab Plan
--------------------------------------------------------
Aoki Corp, a bankrupt general contractor, decided to ask two
midsize contractors, Takamatsu Corp and Komatsu Construction Co,
to sponsor its court-led rehabilitation plan. The Company will
announce the decision Wednesday, Japan Today reported Wednesday.
Aoki filed for court protection from creditors on December 6
under the fast-track bankruptcy Civil Corporate Revival Law,
with group liabilities amounting to Y522 billion.


AOKI CORP: Takamatsu, Komatsu Agrees on Rehab Support
-----------------------------------------------------
Aoki Corp., Takamatsu and Komatsu Construction, in a joint
statement, said they agreed in principle on a rehabilitation
support, with details of the assistance to be decided in further
consultations, Japan Times reported Wednesday.

The statement said, the companies "reached an agreement in
principle on Wednesday on the rehabilitation support... after
negotiations based on requests for aid cooperation from Asahi
Bank," which serves as the main lender for all three firms.

Aoki could begin with its legal rehabilitation procedures in
June if creditors approve the two sponsors Takamatsu Corp and
Komatsu Construction Co. A final rehabilitation plan is required
to be submitted Wednesday.

Takamatsu, based in Osaka, has a strong business base in
condominium construction in the Kansai region and Tokyo-based
Komatsu Construction's operations range from marine civil
engineering to land development for individual landowners.
Takamatsu made a non-hostile takeover of Komatsu Construction, a
subsidiary of construction machinery manufacturer Komatsu Ltd.,
in 2000. Takamatsu is listed on the second section of both the
Tokyo Stock Exchange and the Osaka Securities Exchange.

Komatsu Construction is listed on the TSE first section. It has
a group net profits of Y30 million on revenues of Y64.2 billion.


APLUS CO: UFJ Bank Finalizing Y120-130B Bailout Package
-------------------------------------------------------
UFJ Bank is finalizing its Y120-130 billion bailout package for
consumer finance company APlus Co, expected to consist of a
nearly Y100 billion debt waiver, Japan Today reported Wednesday.
Osaka-based Aplus reportedly has close to Y1 trillion interest-
bearing debts.

The Company's principal activity is the provision of financial
services in retail installments, credit card insurance and
collection agency business in the Kinki region, centering on
Osaka. The Company has 73 branches.


DAIKYO INC: Major Creditors Finalizing Rescue Package
------------------------------------------------------
Major creditor banks UFJ Bank, Dai-Ichi Kangyo Bank and Asahi
Bank are in the final stage of talks for a Y400-500 billion
rescue package for Japan's largest condominium builder Daikyo
Inc, which has been saddled with over Y1 trillion in group
debts, Japan Today reported Thursday. The banks' financial
assistance package consists mainly of debt waiver and a debt-
for-equity swap.


IWATAYA DEPARTMENT: Plans to Liquidate Unit Kurume Iwataya
----------------------------------------------------------
Iwataya Department Store Co, according to its reconstruction
plan made available Wednesday, will liquidate Kurume Iwataya
Department Store Co. after integrating its business operations
into the parent company by the end of fiscal 2003, Japan Today
reported Wednesday.

Department store operator Isetan Co is helping in the
rehabilitation of Iwataya, which will withdraw or transfer to a
third party an outlet in Kumamoto City run by the subsidiary in
Kurume, Fukuoka Prefecture, by the end of the current business
year in February 2003.


KOMATSU LIMITED: S&P Places Ratings on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's said on March 5, 2002 that it had placed its
triple-'B' long-term corporate credit ratings on Japan-based
Komatsu Ltd. on CreditWatch with negative implications. The
CreditWatch listing reflects a weakening in the Company's
earnings prospects over the short to medium term, particularly
in its core construction machinery business. The 'A-2' short-
term ratings on Komatsu's subsidiary, Komatsu Finance America
Inc., were also placed on CreditWatch negative.

Komatsu recently cut its earnings forecasts for fiscal 2001
(ending March 31, 2002) for the third time, and now expects to
post an operating loss of Y15.5 billion, compared with its
projection of an operating profit of �10 billion in November
2001. The downward revision is primarily due to a worse-than-
expected fall in construction equipment demand and prices in
Japan, resulting in very low operating profitability in the
construction machinery business. In addition, the Company's
electronics business is also likely to suffer higher-than-
expected losses owing to soft demand and inefficient inventory
management.

"The rating on Komatsu could be lowered if the Company appears
unlikely to improve its earnings and cash flow generation over
the next couple of years," said Junko Miyakawa, a credit analyst
at Standard & Poor's in Tokyo.

Standard & Poor's will resolve the CreditWatch placement after
reassessing the Company's strategy for improving its earnings
amid the current difficult operating environment, and evaluating
the probable impact of the deterioration in Komatsu's earnings
on its financial profile in the near to medium term.


MISAWA HOMES: Debt Forgiveness Request Triggers 'CCpi' Rating
-------------------------------------------------------------
Standard & Poor's said Monday that it had lowered its rating on
midsize Japanese homebuilder Misawa Homes Co. Ltd. to double-
'Cpi' from single-'Bpi', following the company's announcement on
March 1, 2002 that it had officially requested forgiveness of a
portion of its loans from UFJ Bank Ltd., one of its major
creditors.

The amount of debt affected by the restructuring is expected to
be Y35 billion. At the same time, the Company asked UFJ Bank to
purchase Y35 billion of its preferred equity.

The rating on Misawa Homes will be lowered to 'SDpi' when debt
forgiveness is effected. "The 'SDpi' rating will indicate that
Misawa Homes' debt restructuring, which only affects some of the
Company's bank debt, constitutes a selective default under
Standard & Poor's criteria," said Junko Miyakawa, a Standard &
Poor's credit analyst.

Based in Tokyo, Misawa Homes is engaged in the construction of
custom-made homes and other property development operations. The
Company had Y600 billion in outstanding total debt at Sept. 30,
2001, and is projected to generate revenues of Y500 billion in
fiscal 2001 (ending March 31, 2002).


NIKO NIKO DO: Asks Creditor Banks to Forgive Y35B Loans
-------------------------------------------------------
Niko Niko Do Co, a Kumamoto-based midsize supermarket operator,
has asked the Industrial Bank of Japan, Fukuoka City Bank and
other banks to forgive Y35 billion in outstanding loans to the
Company, Japan Today reported Wednesday.

The Company is seeking approval of its draft reconstruction plan
featuring the financial assistance as well as its original
restructuring scheme, including the shutdown of about 10 outlets
and job cuts by 100 to 2,500.


TOBISHIMA CORP: New Rehab Plan to Cut Y135B Debts by Y50B
---------------------------------------------------------
Construction firm Tobishima Corp. devised a new rehabilitation
plan to cut its Y135 billion group interest-bearing debts by Y50
billion over three years through asset sales and corporate
downsizing programs as well as profits from the subsequent three
years of operations. The Company is counting on a financial help
from Fuji Bank, Japan Times reported Wednesday. Tobishima
President Yoshiharu Tomimatsu announced the Company plans to
form a business tie-up with construction firm Taisei Corp.

Along with the debt repayment plan, Tobishima will eliminate by
March 31 its Y88 billion guarantee-related obligations for debts
repayments by its group companies to 33 creditor financial
institutions.

Fuji Bank, one of the three component banks of Mizuho Holdings
Inc., in a statement, said, "We plan to continue to support
Tobishima Corp. as our bank gives high marks to the new three-
year program Tobishima has submitted." The new reconstruction
program is meant to bolster the earnings of Tobishima with the
backing of Taisei, the bank added.

Tobishima will give Fuji Y10 billion preferred shares without
voting rights in the 2002 business year starting in April,
allowing Tobishima to convert its new 11 billion yen debt into
preferred shares.


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


CHO HUNG BANK: Government to Issue US$500M DRs, Says MOFE
---------------------------------------------------------
The Ministry of Finance and Economy (MOFE) said the government
decided to issue depositary receipts (DRs) worth US$500 million
for Cho Hung Bank in international financial markets next month
to sell off all its stake in the bank, Digital Chosun reported
Wednesday.

The State bankruptcy agency, Korea Deposit Insurance Corp.
(KDIC) has nominated Credit Suisse First Boston, the Union Bank
of Switzerland, Samsung Securities, and LG Securities as lead
managers of the issuance.

The government will also sell its 51 percent in Cheju Bank to
Shinhan Financial Group this month, before the bank's annual
shareholders' meeting in late March, as part of its broader
privatization scheme for banks where the government holds the
largest stakes. A total of W53.1 billion has been injected by
the government into Cheju since the 1997 financial crisis.

DebtTraders reports that Cho Hung Bank's 11.500% bond due in
2010 (CHOH10KRS1) trades between 114.000 and 115.000. For real-
time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_Sec_ticker=CHOH10KRS1


DAEWOO MOTOR: GM Pres Optimistic Over Ongoing Takeover Talks
------------------------------------------------------------
General Motors's President and Chief Executive Richard Wagoner
is optimistic about the outlook for the ongoing negotiations to
acquire Daewoo, ruling out the possibility of a collapse in the
takeover talks, Korea Herald reported Thursday.

Wagoner said, "We do not want takeover talks with Daewoo Motor
suspended or canceled. We wish for continuation of the talks.
Acquisition of Daewoo requires a complex dealing process, but we
are going to work as fast as we can to close the deal."

"Daewoo is a big company. Financial issues and other problems
are making its takeover a challenging assignment. Therefore, I
cannot comment on how many more months will be needed for the
final contract."

"There are still a handful of issues in talks with Daewoo. Yet
those problems will be solvable. GM is just trying to do its
best due diligence on Daewoo."

GM has reportedly set up a blueprint for developing Daewoo into
a globally competitive automaker and it is willing to use
Daewoo's subcompact platforms in implementing its world car
strategy, a top GM official said.


HYNIX SEMICON: Awaits Micron's Response to Latest Counter-Offer
---------------------------------------------------------------
Hynix Semiconductor Inc and its creditors are still waiting for
Micron Technology Inc's response to the creditors' latest terms,
PRNewsAsia reported Tuesday, which quoted a Korea Exchange Bank
(KEB) official.

The KEB official said, "The one thing that is clear at this
stage is that the ball is in Micron's court. We are waiting for
a response to our latest counter-proposal."

"We know there are lots of reports and speculation about
independent survival scenarios for Hynix. These kinds of reports
are mostly misleading. Nothing has been decided."

"Of course we may consider independent survival as one of many
options. But that does not mean that we are moving in that
direction."


HYNIX SEMICONDUCTOR: Denies Reports Of Scrapped Cando Talks
------------------------------------------------------------
Hynix Semiconductor Inc said talks with Taiwanese Cando Corp for
the sale of its TFT-LCD unit, Hyundai Display Technology Inc
(Hydis) is ongoing, countering media reports that talks bogged
down over differences on the terms, PRNewsAsia reported
Wednesday. Hynix, however, is mum over a report that Hon Hai
group and Cando Corp are making a joint bid to buy Hydis.

A Hynix spokesman said, "Reports that we scrapped the talks
with Cando are not true. Talks are still ongoing." The Company
is considering other options in preparation for the possible
failure of the talks with Cando, he said.

Meanwhile, President Park Jong-sup of Hynix Semiconductor flew
to the United States Wednesday to resume talks with Micron
Technology after being informed of Micron's intention to restart
the negotiations on the strategic alliance deal, Digital Chosun
reported Wednesday.


HYNIX SEMICONDUCTOR: Posts W110B Operating Profits
--------------------------------------------------
Strong prices of dynamic random access memory (DRAM) resulted to
Hynix Semiconductor's W110 billion operating profit W550 billion
sales for the first two months of the year, the first time since
it posted W69 billion operating profit in the first quarter last
year, Korea Times reported Wednesday. Hynix said its remarkable
business results for the first two months of the year is due to
the sales of non-performing assets and negotiable securities, a
large scale debt rescheduling by creditor banks and sales growth
of its high value-added chips, including DDR (double data rate)
chips, among others.

Hynix's total sales, however, plunged by 55 percent to W3.98
trillion last year due to a sharp fall of DRAM chip prices, with
operating loss reaching W1.29 trillion won. The Company, which
incurred net losses of W5.74 trillion last year, had net assets
of W5.24 trillion at the end of last year, with its debt ratio
standing at around 120 percent.


KOREA ELECTRIC: Govt Set to Split Ops Into Six Subsidiaries
------------------------------------------------------------
The government is set to divide the power distribution operation
of state-run Korea Electric Power Corp. (KEPCO) into six
subsidiaries within this year to move ahead with the plan to
privatize the state power monopoly. The government also plans to
sell one of the five power-generation units of KEPCO within this
year as planned, Digital Chosun reported Wednesday.

Commerce, Industry and Energy (MOCIE) minister Shin Kook-hwan
briefed President Kim Dae-jung on the privatization steps for
the state power behemoth on Wednesday. The Ministry said six
power distribution subsidiaries will be formed by siphoning off
current operations across the nation, including one covering
northern Seoul and Gyeonggi Province. Detailed procedures and
timetables for the spin-off will be finalized in due course.


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


ABRAR CORP.: Special Administrators Review Workout Proposal
-----------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed) (the
Company) announced that there have been no changes to the status
in payment since the Company's previous announcement made on 15
February 2002.

The Company has been placed under the administration of Special
Administrators since 27 May 2000 by Pengurusan Danaharta
Nasional Berhad (Danaharta) pursuant to Section 24 of the
Pengurusan Danaharta Nasional Berhad Act, 1998 (the Danaharta
Act).

With the appointment of the Special Administrators, there is a
moratorium on the Company and no creditors may take action
against the Company except in accordance with Section 41 of the
Danaharta Act. The moratorium expires on 26 May 2002.

The Special Administrators of the Company are currently
reviewing the offers/ proposals submitted to them by the
interested parties in respect of the Company's debt
restructuring exercise (the Workout Proposal). Thereafter, the
Special Administrators will formulate a Workout Proposal for the
Company pursuant to Section 44 of the Danaharta Act. The Workout
Proposal will address the Company's default in payments.


AUTOWAYS HOLDINGS: Litigation Expected Loss At RM404,564.30
-----------------------------------------------------------
Autoways Holdings Berhad, in regards to the Litigation by VSL
Engineers (M) Sdn Bhd (VSL) against Autoways Construction Sdn
Bhd (ACSB) and EZ Construction Sdn Bhd (EE), provided additional
information, as obliged by the Kuala Lumpur Stock Exchange
(KLSE):

   (1) The expected loss, if ACSB is held liable, is the VSL
claim amounting to RM404,561.30 together with interest at the
rate of 8% from 28 December, 2001 until the final settlement
date.


CHASE PERDANA: Creditors OK Proposed Restructuring Scheme
---------------------------------------------------------
On behalf of the Board of Directors of Chase Perdana Berhad (CPB
or Company), Southern Investment Bank Berhad (SIBB) announced
the Company has, on 5 March 2002, obtained the approval-in-
principle of all its financial institutions (FI) creditors to
undertake a proposed debt and corporate restructuring exercise
(Proposed Restructuring Scheme). An agreement will be signed
between the Company and its FI lenders in due course.

PROPOSED RESTRUCTURING SCHEME

Summary of the Proposed Restructuring Scheme

The Proposed Restructuring Scheme will consist of:

   * Proposed Capital Reduction and Consolidation;
   * Proposed Share Premium Reduction;
   * Proposed Debt Restructuring;
   * Proposed Rights Issue;
   * Conditional Proposed Restricted Issue;
   * Proposed Share Placement;
   * Proposed Exemption; and
   * Proposed Mandatory Assets Disposal.

The Company and the subsidiaries listed below proposes to
undertake the Proposed Restructuring Scheme via a scheme of
arrangement with their creditors and shareholders under Section
176 of the Companies Act, 1965 (Act).

Proposed Capital Reduction and Consolidation

The Proposed Capital Reduction and Consolidation encompasses a
capital reduction exercise pursuant to Section 64 of the Act to
reduce the existing issued and paid-up share capital of CPB.

It is proposed that CPB's existing issued and paid-up share
capital be reduced from RM93,605,334 to RM9,360,533 by
cancellation of RM0.90 of the par value of each existing
ordinary share of RM1.00 each and subsequent consolidation into
ordinary shares of RM1.00 each in the proportion of ten (10)
ordinary shares of RM0.10 each into one (1) ordinary share of
RM1.00 each (Shares).

The credit of RM84,244,801 arising from the capital reduction
will be utilized to reduce CPB's accumulated losses as at 31
December 2000 of RM524,949,833 to RM440,705,032.

Proposed Share Premium Reduction

Pursuant to Section 64(1) of the Act, the audited amount of
RM159,553,660 in the share premium account of CPB as at 31
December 2000 will be written off against CPB's accumulated
losses. This will result in the accumulated losses being further
reduced from RM440,705,032 to RM281,151,372

Proposed Debt Restructuring

The Proposed Debt Restructuring will involve eight (8) companies
within the CPB Group (Scheme Companies):

   * CPB;
   * Binaprimas Sdn Bhd;
   * CPB-Plastronic JV Sdn Bhd;
   * Santun Indah Sdn Bhd;
   * Chew Piau Properties Sdn Bhd;
   * LH Capital Sdn Bhd;
   * Imacentre Development Sdn Bhd; and
   * Pancar Generasi (M) Sdn Bhd.;

Fully Secured Creditors

Fully Secured Creditors are creditors who have extended credit
facilities directly to CPB which credit facilities are fully
secured by charges or mortgages over assets of CPB, its
subsidiaries or third parties.

Proposed settlement for Fully Secured Creditors

The salient terms of the proposed settlement are as follows:

   a) Waiver of all charges and interest from 1 October 2001
until 30 September 2002. In the event the debt instruments for
debt settlement are not issued to the FI creditors by 30
September 2002, an interest charge of 3.5% per annum will be
payable monthly by the Company in arrears in cash;

   b) Part settlement by way of cash totaling RM5,629,898 for
the amount outstanding as at 30 September 2001 after the waiver
of interest accrued as mentioned in (a) above; and

   c) The balance, following (b), will be settled through the
conversion of debts totaling approximately RM40,196,803 into
approximately RM39,111,694 nominal value of Redeemable
Convertible Secured Loan Stocks (RCSLS), other than an amount of
RM1,085,109 owed to Alliance Bank Malaysia Berhad (Alliance
Bank) which will be termed out. The debt to Alliance Bank, which
is secured by a third party charge, will be gradually repaid
over 5 years in the proportion of 5%, 10%, 25%, 30% and 30%
annually.. Coupon will be charged at 4.5% perannum, being 1.0%
higher than the coupon for the RCSLS.

The principal features of the RCSLS are set out in Table 1 at
http://www.bankrupt.com/misc/TCRAP_Chase0308.html

Partially Secured Creditors

Partially secured creditors are creditors who have extended
credit facilities directly to the Scheme Companies, which credit
facilities, are partially secured by charges or mortgages over
assets of CPB, its subsidiaries or third parties.
Proposed settlement for Partially Secured Creditors

The salient terms of the proposed settlement are:

   a) Waiver of all charges and interest from 1 October 2001
until 30 September 2002 (Interest Waiver). In the event the debt
instruments for debt settlement are not issued to the FI
creditors by 30 September 2002, an interest charge of 3.5% per
annum will be payable monthly by the Company in arrears in cash;

   b) The unsecured portion, after the Interest Waiver, will be
subject to a waiver of approximately 52.6% of the unsecured
portion outstanding as at 30 September 2001 (Debt Waiver);

   c) Part settlement by way of cash totaling RM6,382,232 for
the amount outstanding as at 30 September 2001 after the
Interest Waiver and Debt Waiver;

   d) The balance, after (b) and (c), totaling approximately
RM45,568,374 will be settled through the conversion of debts
totaling approximately RM36,109,925 into approximately
RM36,109,925 nominal value of RCSLS, approximately RM3,972,708
nominal value of Redeemable Convertible Unsecured Loan Stocks
(RCULS) and approximately RM3,972,708 nominal value of
Redeemable Convertible Preference Shares (RCPS) in the
proportion of 50:50 respectively, other than Bank Islam Malaysia
Bhd (Bank Islam) and Lembaga Tabung Haji (LTH) which would
receive approximately 1,513,034 new CPB Shares as Islamic
banking principles do not allow them to hold debt instruments.

The principal features of the RCULS and RCPS are set out in
Tables 2 and 3, respectively at
http://www.bankrupt.com/misc/TCRAP_Chase0308.html

Unsecured FI, Trade and Other Creditors including Corporate
Guarantee Obligations

These creditors refer to all the remaining creditors of the
Scheme Companies. These creditors consist of:

   (i) creditors who have extended credit facilities directly to
CPB where the creditors do not hold any security i.e. the credit
facilities are not secured by any charges, debentures or
mortgages over assets of CPB or third parties; and

   (ii) creditors who have extended credit facilities to the
Scheme Companies who hold, inter alia, as security, corporate
guarantees and/or undertakings issued by CPB in respect of the
credit facilities.

Proposed settlement for Unsecured FI, Trade and Other Creditors

The salient terms of the proposed settlement are as follows:

   a) Waiver of all charges and interest from 1 October 2001
until 30 September 2002 (Interest Waiver). In the event the debt
instruments for debt settlement are not issued to the creditors
by 30 September 2002, an interest charge of 3.5% per annum will
be payable monthly by the Company in arrears in cash;

   b) A waiver of approximately 52.6% of the amount outstanding
as at 30 September 2001 (Debt Waiver);

   c) Part settlement by way of cash totaling RM15,987,869 for
the amount outstanding as at 30 September 2001 after the
Interest Waiver and Debt Waiver; and

   d) The balance, after (b) and (c), totaling approximately
RM199,535,974 will be settled through the conversion of debts
totaling approximately RM199,192,574 into RM 99,596,282 nominal
value of RCULS and RM99,596,282 nominal value of RCPS in the
proportion of 50:50 respectively, other than Bank Islam which
would receive approximately 343,410 new CPB Shares as Islamic
banking principles do not allow Bank Islam to hold debt
instruments.

Proposed Rights Issue

Upon completion of the Proposed Debt Restructuring, CPB shall
implement the Proposed Rights Issue as set out below:

(i) Terms of the Proposed Rights Issue

CPB proposes to undertake a renounceable rights issue of
28,081,500 new CPB Shares to be issued at par (Rights Shares) on
the basis of three (3) new Rights Shares for every one (1) CPB
Share held after the Proposed Capital Reduction and Share
Consolidation.

The holders of the Rights Shares shall be entitled to 42,122,250
free detachable CPB Warrants on the basis of three (3) Warrants
for every two (2) Rights Shares subscribed.
Tan Sri Datuk Dr. Mohan Swami (TSDDM) will undertake to
subscribe for any un-subscribed Rights Shares.

(ii) Ranking of the Rights Shares

The Rights Shares shall upon allotment and issue rank pari passu
in all respects with the then existing CPB Shares after the
Proposed Capital Reduction and Consolidation except that they
shall not be entitled to participate in any rights, allotments,
dividends and/or other distributions, the entitlement date of
which is prior to the date of allotment of the Rights Shares.

(iii) Proposed terms of the Warrants

The proposed terms of the Warrants are set out in Table 4 at
http://www.bankrupt.com/misc/TCRAP_Chase0308.html

(iv) Ranking of the new CPB Shares to be issued pursuant to the
exercise of the warrants

The new CPB Shares to be issued pursuant to the exercise of the
Warrants shall, upon allotment and issue rank pari passu in all
respects with the then existing CPB Shares after the Proposed
Capital Reduction and Consolidation except that they shall not
be entitled to participate in any rights, allotments, dividends
and/or other distributions, the entitlement date of which is
prior to the date of allotment of the Rights Shares.

(v) Proposed Utilization of Proceeds

The utilization of the rights issue proceeds of RM28,081,500 is
set out in Table 5 at
http://www.bankrupt.com/misc/TCRAP_Chase0308.html

The proceeds from the exercise of the Warrants cannot yet be
determined.

Conditional Proposed Restricted Issue

In conjunction with the Proposed Rights Issue , there will also
be a Conditional Proposed Restricted Issue to TSDDM of up to
28,081,500 new CPB Shares to be issued at par. The new CPB
Shares to be issued pursuant to the Conditional Proposed
Restricted Issue will also be entitled to 42,112,250 free
detachable Warrants on the basis of three (3) Warrants for every
two (2) CPB Shares subscribed.

The Proposed Restricted Issue will be implemented under the
following scenarios:

   (a) in the event that any portion of the Rights Shares are
subscribed by any of the existing shareholders of CPB, apart
from the subscription by TSDDM pursuant to his undertaking to
subscribe for the unsubscribed portion under the Proposed Rights
Issue , subject always to TSDDM injecting a maximum amount of
RM28,081,500 under the Proposed Rights Issue and the Conditional
Proposed Restricted Issue collectively. Under this scenario,
there will be a restricted issue of new CPB Shares to TSDDM for
an amount equivalent to the portion of the Rights Shares
subscribed by any of the existing shareholders of CPB, apart
from TSDDM's subscription pursuant to his undertaking to
subscribe for the unsubscribed portion under the Proposed Rights
Issue ; or

   (b) in the event that the resultant share capital of CPB is
less than RM40 million after the Proposed Capital Reduction and
Consolidation, Proposed Share Premium Reduction, Proposed Debt
Restructuring and Proposed Rights Issue. Under this scenario,
there will be a restricted issue of new CPB Shares to TSDDM such
that it will result in the resultant share capital of CPB being
not less than RM40 million in order to meet the minimum share
capital criteria for a second board listed company.

Proposed Share Placement

Upon completion of the Rights Issue and Proposed Conditional
Restricted Issue, TSSDM will have to undertake, if necessary, a
share placement of CPB Shares to the public to meet the 25%
public shareholding requirement.

Proposed Exemption

Upon completion of the Proposed Restructuring Scheme, TSDDM will
own more than 33% of the enlarged issued and paid-up share
capital of CPB. As such, pursuant to paragraph 6(1)(a) of Part
II of the Malaysian Code on Take-Overs and Mergers 1998 (Code),
TSDDM is obliged to extend a mandatory offer to acquire the
remaining CPB Shares not owned by him. TSDDM proposes to seek an
exemption from the mandatory offer obligation under Practice
Note 2.9.3 of the Code.

Mandatory Assets Disposal Programmed

There will be a mandatory assets disposal programmed for all the
properties in the Scheme Companies to be disposed within a
period of two (2) years from the date of the execution of the
in-principle agreement.

Proposed ESOS

CPB proposes to establish an employees' share option scheme for
the benefit of the eligible employees and executive Directors of
the Company and its subsidiaries (CPB Group).

The principal features of the Proposed ESOS are as follows:

   (i) the number of new CPB Shares to be offered under the
Proposed ESOS shall be subject to a maximum of ten percent (10%)
of the issued and paid-up share capital of CPB at any time
during the existence of the Proposed ESOS;

   (ii) any employee (including Executive Directors) shall be
eligible to participate in the Proposed ESOS if the following
conditions are satisfied:

     a) the employee or Executive Director must be a full time
and confirmed employee of the Company or of an eligible
subsidiary;

     b) in the case of employee or Executive Director who has
been in permanent full-time employment of CPB or of its eligible
subsidiaries, six (6) continuous months including any deemed
period of service and service during the probation period and
his employment has been confirmed in writing;

     c) in the case of employee or Executive Director who is
serving under a fixed term contract of employment, he has to
serve CPB and/or its eligible subsidiaries for at least six (6)
continuous months and the contract (including any period of
employment which that person has already served) must be for a
duration of at least two (2) years;

     d) the employee or Executive Director must have attained
the age of eighteen (18) years;

     e) the Executive Director is not an Executive Director who
represents the Government or a Government institution/agency;
and

     f) is not a Government employee serving in the public
service scheme as defined under Article 132 of the Federal
Constitution.

   (iii) the Proposed ESOS shall be in force for a period of
five (5) years commencing from the date of the confirmation
letter submitted by the Adviser stating that:

     a) the Company has fulfilled the SC's conditions of
approval for the ESOS;

     b) the Bye-Laws do not contravene the guidelines on ESOS as
stipulated under the SC's Policies and Guidelines on Issue/Offer
of Securities; and

     c) the Company has obtained other relevant approvals for
the ESOS and has fulfilled any conditions imposed therein;

and may be extended for a further period of up to five (5) years
from the day after the date of expiration of the original five
(5) year period;

   (iv) the price payable upon the exercise of the options under
the Proposed ESOS shall be the weighted average market price of
the CPB Shares for the five (5) market days immediately
preceding the date on which the options are offered with a
discount of not more than ten percent (10%) or at par value of
the CPB Shares, whichever is higher; and

   (v) the new CPB Shares to be issued pursuant to Proposed
ESOS, will upon allotment and issue, rank pari passu in all
respects with the existing CPB Shares except that they will not
be entitled to any dividends, rights, allotments and/or other
distributions, the entitlement date of which is prior to the
date of allotment of the aforesaid shares.

RATIONALE FOR THE PROPOSALS

The Proposed Restructuring Scheme offers a comprehensive plan
for the restructuring of CPB Group. It would generally enable
the scheme creditors to recover a higher return on the debts
owing to them compared to the returns, if any, to be received
under the liquidation of CPB. As the Proposed Restructuring
Scheme would enable CPB Group to remain as a going concern,
shareholders' investment in CPB would be preserved from total
losses, which would be the case if CPB is wound up.

Within the Proposed Restructuring Scheme, recapitalization
measures including capital reduction and consolidation is
proposed to reduce a substantial amount of the accumulated
losses to a more manageable level to better reflect the present
value of the Group.

The Proposed Restructuring Scheme is also proposed to reduce the
Group's borrowings, thus lowering its interest burden, through
issuance of low-coupon redeemable convertible instruments to
settle borrowings. The coupon and dividend rates for the
redeemable instruments are fixed up-front to reduce the exposure
of the Group to the fluctuation of interest rates in the future.

The Proposed Rights Issue and the Conditional Proposed
Restricted Issue would provide the much-needed funds for the
working capital for CPB Group's current operations. It will also
offer an opportunity for the shareholders of the Company to
participate in the potential long term growth of the Group after
the Proposed Restructuring Scheme.

The Proposed ESOS is proposed to motivate, retain and reward
eligible employees and executive Directors of the Company and
its subsidiary companies for the continued commitment and
loyalty to the Group. Under the Proposed ESOS, the eligible
employees and executive Directors will have the opportunity to
continue to participate in the equity of the Company and
thereby, would serve to motivate them to excel and strive hard
towards greater achievement within the Group and their own
improvement for the overall performance of the Group.

The Mandatory Asset Disposal Program is undertaken to dispose
non-core assets by the Group to realize cash to repay the debt
instruments issued.

EFFECTS OF THE Proposals

Share Capital

The effects of the Proposals on the share capital of CPB are set
out in Table 6 at
http://www.bankrupt.com/misc/TCRAP_Chase0308.html

Earnings

The successful completion of the Proposals is expected to
enhance the future earnings of CPB Group.

Net Tangible Assets (NTA)

For illustrative purposes only, the effect of the Proposals on
the audited NTA as at 31 December 2000 of the CPB Group is
provided in Table 7 at
http://www.bankrupt.com/misc/TCRAP_Chase0308.html

Substantial Shareholders

The effects of the Proposals on the substantial shareholders of
CPB as at 31 January 2002 on a proforma basis are shown in Table
8 at http://www.bankrupt.com/misc/TCRAP_Chase0308.html

Gearing

The effect of the Proposals on the gearing of CPB Group is set
out in Table 9 at
http://www.bankrupt.com/misc/TCRAP_Chase0308.html

APPROVALS REQUIRED

The Proposals is subject to the approval of the:

   (i) Securities Commission (SC);

   (ii) Foreign Investment Committee;

   (iii) Kuala Lumpur Stock Exchange;

   (iv) High Court of Malaya;

   (v) Shareholders of CPB in an extraordinary general meeting
(EGM) to be convened;

   (vi) Scheme creditors of CPB and Scheme Companies in separate
court meetings to be convened; and

   (vii) any other relevant authorities, if applicable.

The implementation of the Proposed Restructuring Scheme is
conditional upon the Proposed Exemption being obtained.

The Proposed ESOS is not conditional upon the Proposed
Restructuring Scheme.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

TSDDM, a director of CPB holding 575,00 CPB Shares representing
0.61% of the equity interest as at 31 January 2002, will
undertake to subscribe for any un-subscribed Rights Shares
pursuant to the Proposed Rights Issue . Additionally, there will
be a Conditional Proposed Restricted Issue to TSDDM of up to
28,081,500 new CPB Shares to be issued at par. He is therefore
deemed interested in the Proposed Rights Issue and Conditional
Proposed Restricted Issue.

Accordingly, he has abstained and will continue to abstain from
all Board of Directors deliberations in relation to the
resolutions on the Proposed Rights Issue and Conditional
Proposed Restricted Issue. He will also abstain from voting in
respect of his direct and indirect shareholdings in CPB at the
forthcoming EGM and has also undertaken to ensure persons
connected to him will abstain from voting on the relevant
resolutions pertaining to the Proposed Rights Issue and
Conditional Proposed Restricted Issue.

Due to the inter-conditionality of the Proposed Rights Issue and
Conditional Proposed Restricted Issue to the Proposed
Restructuring Scheme, he is also deemed interested in the
Proposed Restructuring Scheme. Accordingly, he has abstained and
will continue to abstain from all Board of Directors
deliberations in relation to the resolutions on the Proposed
Restructuring Scheme. He will also abstain from voting in
respect of his direct and indirect shareholdings in CPB at the
forthcoming EGM and has also undertaken to ensure persons
connected to him will abstain from voting on the relevant
resolutions pertaining to the Proposed Restructuring Scheme.
TSDDM, being the Executive Chairman of CPB, is entitled to
participate in the Proposed ESOS and is therefore deemed
interested in his entitlement under the Proposed ESOS.

Encik Tajuddin Atan, Ms Usha Nathan and Datuk Masidi bin Manjun,
being full-time Executive Directors of CPB, are entitled to
participate in the Proposed ESOS and is therefore deemed
interested in their respective entitlement under the Proposed
ESOS.

The interests of TSDDM, Encik Tajuddin, Ms Usha Nathan and Datuk
Masidi bin Manjun in CPB as at 31 January 2002 are set out in
Table 10 at http://www.bankrupt.com/misc/TCRAP_Chase0308.html

Accordingly, they have abstained and will continue to abstain
from all Board of Directors deliberations on the Proposed ESOS
in relation to the resolution pertaining to their respective
allocation pursuant to the Proposed ESOS. TSDDM and Datuk Masidi
bin Manjun will abstain from voting in respect of his/her direct
and indirect shareholdings in CPB on the relevant resolution
pertaining to their respective allocation under the Proposed
ESOS at the forthcoming EGM. TSDDM, Encik Tajuddin, Ms Usha
Nathan and Datuk Masidi bin Manjun have also undertaken to
ensure that persons connected with them will abstain from voting
on the relevant resolution pertaining to their respective
allocation under the Proposed ESOS at the forthcoming EGM.

Save as disclosed above, none of the Directors, substantial
shareholders or persons connected to the Directors and/or
substantial shareholders of CPB has any interest, direct or
indirect, in the Proposals other than their entitlements under
the Proposed Rights Issue.

DIRECTORS' RECOMMENDATION

The Directors of CPB, after having considered all aspects of the
Proposals, are of the opinion that the Proposals is fair and
reasonable and is in the best interest of the Company and its
shareholders in view of the financial predicament currently
faced by the Company.

APPLICATION TO THE AUTHORITIES

It is the intention of CPB to make the necessary application to
the authorities within two (2) months from the date of this
announcement.

EXPECTED COMPLETION DATE

The Proposals is expected to be completed by end of 2002.

DEPARTURE FROM THE SC'S GUIDELINES

As CPB is currently under distress and require compromise from
both shareholders and creditors, the Proposed Restructuring
Scheme would be presented as a "Rescue" case to the SC for their
consideration. As such, certain exemptions of Chapter 12 and
Chapter 22 of SC's Policies and Guidelines on Issue/Offer of
Securities would be sought from the SC:

   i) CPB Shares have been trading below par value since October
2000. It is proposed that the issue price for the new CPB Shares
for the Proposed Rights Issue be fixed at RM1.00. The SC's
guidelines state that the issue price of the rights should be
based on the five (5)-day weighted average market price prior to
price fixing date;

   ii) The conversion price for CPB's RCSLS, RCULS, RCPS and the
exercise price of the CPB Warrants are proposed to be fixed at
RM1.00. The SC's guidelines state that the exercise price of
warrants or conversion price of debt securities could be set at
a discount of not more than 10% over the five (5)-day weighted
average market price of the underlying shares at a price fixing
date to be determined after the approval of the SC for the
issuance of the warrants or convertible securities; and

   iii) CPB proposes to issue free Warrants to be attached with
the new CPB Shares to be issued pursuant to the Proposed Rights
Issue and Conditional Proposed Restricted Issue. This will
result in the aggregate number of all warrants, including the
existing outstanding warrants, exceeding 50% of CPB's issued
share capital prior to the exercise of warrants. The present
SC's guidelines state that the limit for the issuance of all
warrants, aggregate with the existing outstanding warrants,
shall not exceed 50% of the company's issued share capital prior
to the exercise of warrants.

ADVISER

SIBB has been appointed as adviser to CPB for the Proposals.


ESPRIT GROUP: Proposed Restructuring Scheme Pending
---------------------------------------------------
The Board of Directors of Esprit Group Berhad (EGB), in
reference to the announcement dated 28th February 2002 and the
query from the Kuala Lumpur Stock Exchange dated 1st March 2002
regarding the Winding-Up Petition No: Mt5-28-260-2001, in which
Southern Investment Bank Berhad is the Petitioner and EGB the
Respondent, furnished this additional information for public
release:

1. EGB has ceased operations and is a non-going concern pending
its proposed restructuring scheme. Based on the audited accounts
as at 30th June 2001, EGB has an outstanding amount of
RM350,848,812.00 due to creditors. Therefore the amount of
RM11,359,679.88 arising from the petition does not have any
significant financial impact including profitability or losses
at Esprit group level.

2. Based on the petition, there is no further interest charged
from the amount claimed against EGB.


IDRIS HYDRAULIC: BNM Supports Proposed Tenaga, MNI Acquisition
--------------------------------------------------------------
Commerce International Merchant Bankers Berhad (CIMB), on behalf
of Idris Hydraulic (Malaysia) Berhad (IHMB or the Company),
announced that Bank Negara Malaysia (BNM) via letters dated 5
March 2002 stated that BNM has no objections to:

1. The transfer of the general insurance business of Tenaga
Insurance Berhad (Tenaga) and Malaysia & Nippon Insurans Berhad
(MNI) to Talasco Insurance Berhad (Talasco) through the scheme
for the transfer of insurance business which has been submitted
to BNM in accordance with Part XI of the Insurance Act, 1996
(Act);

2. The publication of the notice on Tenaga and MNI intention to
apply to the High Court of Malaya for the confirmation of the
scheme of transfer of the general insurance business from Tenaga
and MNI to Talasco in The New Straits Times and Berita Harian,
in compliance with Section 131(1) of the Act; and

3. Tenaga and MNI are exempted under Section 131(3) of the Act
to send a copy of the notice in relation to the proposed
transfer of its business and a summary of the scheme to each
policyholder provided that a copy of the said scheme is
available for inspection at every branch of Tenaga and MNI for a
period of thirty (30) days for the inspection of its
policyholders and the general public.

The above approvals are subject to the following conditions:

1. Talasco, Tenaga and MNI must obtain in advance the approvals
from other authorities and shareholders of each respective
companies before submitting the scheme of transfer of the
general insurance business of Tenaga and MNI for the
verifications of the High Court; and

2. Idaman Unggul Sdn Bhd must inject subordinated loan of RM100
million in Talasco and this amount must be injected before the
transfer of the general insurance business of Tenaga and MNI to
Talasco.


MALAYSIAN PLANTATIONS: Voluntarily Winds Up Subsidiary
------------------------------------------------------
Malaysian Plantations Berhad (MPlant) announced that at the
Extraordinary General Meeting of Cosmoplex Sdn Bhd (Cosmoplex)
on 6 March 2002, MPlant being the sole shareholder of Cosmoplex,
has resolved that Cosmoplex be wound up by way of a Members'
Voluntary Winding-up and Mr Lim Tian Huat of Arthur Andersen &
Co. be appointed Liquidator of Cosmoplex.

DETAILS OF COSMOPLEX SDN BHD

Cosmoplex was incorporated in Malaysia under the Companies Act,
1965 on 17 April 1995 and is a wholly-owned subsidiary of
MPlant.

The authorized capital of Cosmoplex is RM100,000,000 divided
into 50,000,000 ordinary shares of RM1.00 each and 50,000,000
Class 'A' 1% Redeemable Cumulative Preference Shares of RM1.00
each (Preference Shares). Its issued and paid-up capital is
RM17,509.00 comprising 2 ordinary shares of RM1.00 each and
17,507 Preference Shares of RM1.00 each fully paid.

Cosmoplex is a dormant company and there are no plans to
activate it.

EFFECT OF THE MEMBERS' VOLUNTARY WINDING-UP

The Members' Voluntary Winding-up is not expected to have any
material operational impact on the MPlant Group. The winding-up
expenses are estimated at RM8,000.

RATIONALE

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

DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

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


MGR CORPORATION: Clarifies Proposed Restructuring Scheme
--------------------------------------------------------
MGR Corporation Berhad (MGR or Company), further to the
announcement made on 5 March 2002, clarified an item (ii) of the
restructuring scheme proposed by Crest Builders Sdn Bhd (CBSB)
and the shareholders of CBSB, namely Yong Soon Chow (YSC), Koh
Hua Lan, Pertiwi Positif Sdn Bhd, Takrif Jaya Sdn Bhd and Capai
Hasil Sdn Bhd for MGR and its subsidiaries wherein it shall
read:

"Proposed acquisition of MGR by Newco whereby MGR's shareholders
will be offered new ordinary shares in Newco (Newco Shares) as
part of the acquisition after incorporating the effects of a
capital reduction."


PICA (M) CORPORATION: Summary Judgment Hearing Delayed
------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad (Pica or
the Company) issued an announcement for public release:

Further to the Company's announcement on the status of the
Company's Guaranteed Revolving Underwriting Facility amounting
to RM60 million (GRUF), the Company's solicitors have applied to
the court for an order to discharge themselves and the
application is now fixed for hearing on 19 March 2002.

The hearing for the Company's application to strike out the suit
and the Plaintiffs' application for summary judgment has been
re-scheduled to 21 March 2002.


S P SETIA: Enters RM265.315 Term Loan Facility Agreement
--------------------------------------------------------
The Board of Directors of S P Setia (the Company or S P Setia)
announced that Setia Bina Raya Sdn Bhd, a wholly-owned
subsidiary company of S P Setia and Abrar Discounts Berhad had
on 4 March 2002 agreed that the termination of the following
agreements entered into between Setia Bina Raya Sdn Bhd and
Abrar Discounts Berhad be effective from 1 March 2002:

    (a) Facility Agreement dated 12 June 2000 relating to RM343
million Underwritten Murabahah Notes Issuance Facility (MuNIF)
for the purpose of financing the design, upgrading and
improvement of works of the existing Federal Route 50 between
Batu Pahat-Ayer Hitam-Kluang of approximately 47 kilometers in
the state of Johor Darul Takzim; and

    (b) Agreement to Arrange and Subscribe dated 12 June 2000
relating to the proposed issue of either Al-Mudharabah Islamic
Debt Securities or Al-Bai Bithaman Ajil Islamic Debt Securities
of not less than RM343 million for the refinancing of the RM343
million MuNIF.

Further to the termination of the aforesaid agreements and the
Company's earlier announcement dated 11 September 2001, S P
Setia had on 5 March 2002 entered into a Term Loan Facility
Agreement for a term loan facility of up to the maximum
aggregate principal amount of RM265.315 million with Bank
Pembangunan dan Infrastrucktur Malaysia Berhad for the purpose
of financing the design, building and completion of the
upgrading of Federal Route 50 from Batu Pahat-Ayer Hitam-Kluang,
Johor.


TRANS CAPITAL: Finalizing MOU Terms, Conditions W/ White Knight
---------------------------------------------------------------
Trans Capital Holding Berhad (TCHB), in reference to the inquiry
letter from the Kuala Lumpur Stock Exchange (KLSE) dated 5 March
2002 (Ref. NM-020305-38637) relating to the article entitled
"Trans Capital finds white knight in Ambang Wira", responded as
follows:

"Trans Capital Holding Berhad ... has found a white knight in
Ambang Wira Sdn Bhd, a company with the rights to maintain
government buildings in the Southern states of Peninsular
Malaysia."

TCHB had on 8 February 2002, made an Announcement to the KLSE
that the company had signed a Memorandum of Understanding (MOU)
with AKN Capital Sdn Bhd and Ahmad Kabeer Nagoor who are the
substantial shareholders of Ambang Wira Group of Companies.

"Ambang Wira will be bought by a new company that will take over
Trans Capital's listing status for some RM29 million in cash and
shares..."

"Ambang Wira . is said to be profitable with some RM11 million
in earnings a year."

"...the company is also proposing that creditors take a large
haircut of more than 90 per cent..."

TCHB, AKN Capital Sdn Bhd and Ahmad Kabeer Nagoor will finalize
the terms and conditions within 60 days of the MOU and will
execute a formal agreement thereafter. To-date, the TCHB has yet
to finalize the definite terms and conditions and we will make
the necessary disclosure to the KLSE as soon as these details of
the MOU are finalized.


ZAITUN BERHAD: Seeks KLSE's RA Time Month Extension Approval
------------------------------------------------------------
Zaitun Berhad announced that the extension granted by the Kuala
Lumpur Stock Exchange (KLSE) for period of 1 month from 26
January 2002 to 28 February 2002 to enable the Company to
announce its Requisite Announcement (RA) to the KLSE for public
release, has since lapsed.

In this connection, the Company had on 27 February 2002 written
to the KLSE seeking indulgence of time to make the its RA and
approval of the KLSE for a further extension of time for an
additional three (3) months from 1 March 2002 to 30 June 2002 in
order to make the RA.

Profile

The Group's core business consists of the manufacturing and
marketing of toiletries, cosmetics and food products under its
own brand name of "Zaitun". The Group is the pioneer producer
and the market leader for toiletries and cosmetic products in
the Muslim market segment. The Group's products mainly cater to
Muslim men and women with household incomes of RM500 and above.
The products are also exported to countries such as Brunei,
Singapore, Indonesia and China.

In January 2001, the Company had announced its proposal to
undertake a comprehensive fund raising exercise, including a
rights issue, aimed at restoring the financial health of the
Group. The Company subsequently had to abort the exercise owing
to the prevailing market conditions. Nevertheless, the Board
continues in its effort to devise another workable financial
plan to strengthen the Group's financial position.


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


METRO PACIFIC: Seeking New Buyer for 69.6% BLC Stake
----------------------------------------------------
Metro Pacific is still hoping to find a buyer for BLC stake
Property firm Metro Pacific Corp. (MPC) is still in search of a
buyer for its 69.6% interest in Fort Bonifacio developer
Bonifacio Land Corp. (BLC) following the failed talks with Ayala
Land, Inc. (ALI) due to valuation issues, BusinessWorld reported
Thursday. MPC spokesperson David C. Nugent said talks are
ongoing with other interested parties.

"We're talking to groups that recognize the real and inherent
value of the investments we have poured into the Global City,"
Mr. Nugent said. Two foreign groups reportedly are interested to
buy lots on a project basis aside from Megaworld and Meridien
Development Corp.

MPC, in an Exchange disclosure said, "MPC confirms that its
discussions with Ayala Land did not progress due to this
fundamental difference in understanding the potential values of
property in the Bonifacio Global City."

MPC is still open to future negotiations with ALI, which offered
to buy BLC for PhP500 million (US$9.78 million at PhP51.142=$1),
including ALI's 15.8% stake in Metro Rail Transit Corp., but MPC
considers the cash offer too low, and the MRT shares
unattractive since MRT is not involved in rail projects. MPC set
the minimum bid price for BLC at $200 million. ALI President
Francisco H. Licuanan III said the Company may be interested in
acquiring lots in the Global City.


NATIONAL POWER: To Speed Up Transition Contract Talks
-----------------------------------------------------
National Power Corporation (NPC)'S Board of Directors has
decided to expedite its negotiations with the distribution
utilities so it can firm up transition supply contracts that
would serve as interim power supply deals during the changeover
period in the local power industry, Manila Bulletin reported
Thursday.

Energy Secretary Vincent S. Perez admitted they are behind
schedule due NPC officials' added attention to the Electric
Power Industry Reform Act. implementing rules and regulations
(IRR) deliberations. The deadline was December 26 last year,
"but we will now fasttrack our joint negotiations with the
utilities," he said.

The NPC Board has already approved the parameters for the TSCs
to be negotiated with distribution utilities, like Manila
Electric Company (Meralco) and the electric cooperatives. Its
failure to file application for TSCs promptly is a violation
against the power industry reform law.


PHILIPPINE LONG: Concluding 5% Smart Stake Sale to AIG
-------------------------------------------------------
Philippine Long Distance Telephone Co (PLDT) will conclude this
month the sale of a 5 percent stake in its unit Smart
Communications, Inc. to the American International Group,
PRNewsAsia reported Thursday, which cited the Philippine Daily
Inquirer.

Earlier, PLDT held talks with NTT Docomo, which already owns a
15 percent interest in PLDT, regarding a 10-15 percent stake in
Smart. PLDT hoped to raise US$300-400 million for the sale of a
15-20 percent in Smart to NTT.

A PLDT official said it is also in talks with other financial
institutions. "We don't really need that much (money) from the
sale as Smart's cash flow is very good. There are negotiations,
but we don't really need to get many partners."


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


SEMBCORP LOGISTICS: Director Changes Stakes in SIA Engineering
--------------------------------------------------------------
Sembcorp Logistics posted a notice of changes in Director Wee
Chow Hou's Interests in its related company, SIA Engineering
Ltd.

Date of notice to company: 06 Mar 2002
Date of change of interest: 05 Mar 2002
Name of registered holder: Wee Chow Hou
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: 10,000
% of issued share capital:  -
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$2.03
No. of shares held before change: 45,000
% of issued share capital:  -
No. of shares held after change: 35,000
% of issued share capital:  -

Holdings of Director including direct and deemed interest
                                   Deemed     Direct
No. of shares held before change:  45,000       -
% of issued share capital:         -
No. of shares held after change:   35,000       -
% of issued share capital:         -
Total shares:                      35,000       -


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

NAKORNTHAI STRIP: March 6 Rehab Plan Consideration Hearing Set
--------------------------------------------------------------
Maharaj Planner Company Limited, in its capacity as the Planner
of Nakornthai Strip Mill Public Company Limited (NSM), in
relation to NSM's Rehabilitation Plan consideration on February
28, 2002, announced that the Court has postponed the date to
conduct a hearing and consideration of the Plan to March 26,
2002, at The Central Bankruptcy Court.


PRASIT PATANA: Seeks Financial Statements Submission Extension
--------------------------------------------------------------
PricewaterhouseCoopers Corporate Restructuring Limited, the
Plan Administrator of Prasit Patana Public Company Limited (PYT
or the Company), announced that in accordance with the
Securities and Stock Exchange Act BE 2535, the registered
company is required to submit the year-end financial statements
to the office of the Securities and Exchange Commission and the
Stock Exchange of Thailand within 60 days from the last day of
the annual accounting cycle.

PYT was unable to close the accounts for the year ended 2001 in
time. In addition, PYT and its related companies have changed
their external auditor for financial year ending 2001 from
Suttitham and Associates to SGV Na-Thalang & Company Limited, a
member of Arther Andersen Group. The newly appointed auditor has
a significant number of auditing procedures to perform. These
have resulted in PYT being unable to submit financial statements
to Securities and Exchange Commission and The Stock Exchange of
Thailand on the date required (1 March 2002).

Therefore, PYT is currently in process of requesting an
extension to the above submission with Securities and Exchange
Commission. PYT expects to submit financial statements for the
year 2001's financial statements within 31 March 2002.


RAIMON LAND: Sale, Purchase Agreements Executed
-----------------------------------------------
Raimon Land Planner Company Limited, in its capacity as the Plan
Administrator of Raimon Land Public Company Limited (the
Company), notified that the Company has entered into the
following agreement:

(1) Sale and Purchase Agreement relating to Preecha Complex
dated 4th March, 2002 with Strategic Property Company Limited
(Preecha Complex Agreement); and

(2) Sale and Purchase Agreement relating to land in Pak Chong
with Seamico Securities Public Company Limited dated 4th March,
2002 (Pak Chong Agreement).

Under the Preecha Complex Agreement, the Company will pay Baht
53,000,000 to the seller as consideration for the land and
building.  Under Pak Chong Agreement, the Company will pay Baht
14,900,000 to the seller as consideration for the vacant land.
Both agreements are subject to the fulfillment of the conditions
precedent which include:

   (1) The Company being satisfied on inspection and
investigation as to the results of its searches and due
diligence exercise regarding the property;

   (2) Successful increase of the Company's paid up capital
pursuant to the proposed rights issue of up to Bt500,000,000;
and

   (3) All squatters or persons occupying the property have
vacated the property.

Please note that the entry into the Pak Chong Agreement may be
regarded as a connected transaction because the seller will
become a major shareholder of the Company.  The Company
therefore has disclosed information pursuant to the Notification
of the Stock Exchange of Thailand re: Rules, Procedures and
Disclosure of Information Concerning the Connected Transactions
of Listed Companies for consideration.

The Company has also calculated the transaction size, in respect
of the transaction value compared with the total assets of the
Company appeared in its balance sheet as at 31st December, 2001.
As a result, it is not subject to disclosure under the
Notification of the Stock Exchange of Thailand re: Rules,
Procedures and Disclosure of Information Concerning the
Acquisition and Disposal of Assets of Listed Companies.


RAJYINDEE DEVELOPMENT: Files Business Reorganization Petition
-------------------------------------------------------------
Real estate developer Rajyindee Development Company Limited
(DEBTOR)'s Petition for Business Reorganization was filed in the
Central Bankruptcy Court:

   Black Case Number 682/2544

   Red Case Number 794/2544

Petitioner: CONCRETE CONSTRUCTIONS (THAILAND) COMPANY LIMITED

Planner: DHARMNITI AND TRUTH COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,511,154,895.67

Date of Court Acceptance of the Petition: July 20, 2001

Date of Examining the Petition: August 20, 2001 at 9.00 A.M.

Court Order for Business Reorganization: September 7, 2001 and
Appointed Mr. Sunti Jumroonkul to be an Interim Executive

Announcement of Court Order for Business Reorganization in
Matichon Public Company Limited and Siam Rath Company Limited:
September 25, 2001

Announcement of Court Order for Business Reorganization in
Government Gazette: October 16, 2001

Appointment date for the Meeting of Creditors to elect the
Planner: January 15, 2002 at 9.30 am.

The Meeting of Creditors had passed a resolution electing
DHARMNITI AND TRUTH COMPANY LIMITED to be the Planner
Court Order for Appointment of Planner: February 21, 2002

Announcement of Court Order for Appointment of the Planner in
Matichon Public Company Limited and Siam Rath Company Limited:
March 7, 2002

Announcement of Court Order for Appointment of the Planner in
Government Gazette: March 19, 2002

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: June 19, 2002

Contact: Ms. Umaporn Tel, 6792525 ext. 142


SINO-THAI RESOURCES: Reports 2001 Rehabilitation Progress
---------------------------------------------------------
Sino-Thai Resources Development Public Company Limited (STRD or
the Company) in coordination with Phillip Securities (Thailand)
Public Co., Ltd. (the Financial Advisor) reported on the actual
performance compared with the projection on the Company's
Rehabilitation Plan in compliance with the Stock Exchange of
Thailand requirements to avoid grounds for delisting as the
following:

SUMMARY THE ACTUAL PERFORMANCE OF YEAR 2001 For the financial
statement of year 2001,

The Company recorded total revenue of Bt138.64 million,
relatively lower than the projection by Bt18.01 million or
11.49%.  The variance was predominantly attributable to the
shrinkage of income from Tin Mining, primarily due to the
economic on the third quarter and the fourth quarter slowed
down, which the sale price of Tin Ore decreased. Thus the
contractors delayed to dig the Tin Ore in these period.  And the
shrinkage of income from quarry, primarily due to the real
estate sector was not recovered and the price competition which
the sale price had not been increased.  The sale turnover
decreased due to the Construction Stone, which consisted of the
dust stone for road construction project, the sale price was
very low.  The decreasing of the income from Dredge Rental
primarily due to the new management team of contractor, had
terminated the rental contract since October 1, 2001.  Whilst
the Company recorded  total cost and expenses of Bt137.01
million were also lower than the projection by Bt17.76 million
or 11.48% in accordance with the shrinkage of income.  However,
the performance of Year 2001,  the Company recorded net profit
of Bt1.63 million, slightly less than the projection
by Bt0.24 million or 12.95%.

EXPLANATION ON THE SIGNIFICANT VARIANCE OF THE ACTUAL
PERFORMANCE AND THE PROJECTION

Revenue from Tin Ore

Revenue from Tin Ore of Bt110.64 million was lower than the
projection by Bt13.78 million or 11.07% primarily resulting from
the price of Tin Ore decreased on the third quarter and the
fourth quarter and also the new management team of contractor
delayed to dig the Tin Ore on the fourth quarter.

Revenue from Construction Stone

Revenue from Construction Stone of Bt19.07 million was lower
than the projection by Bt7.47 million or 28.15%.  Resulting from
the price competition, the other competitors determined the sale
price, lower than the normal sale price.  The decreased
sales of Dust Stone and Stone size B, low-priced products,
which the revenue from Construction Stone decreased.

Revenue from Dredge Rental

Revenue from Dredge Rental of Bt3.15 million was lower than the
projection by Bt 1.25 million or 28.41%.Resulting from Dredge
Rental primarily due to the new management team of contractor,
had terminated the rental contract since October 1, 2001.

Other Income

Other income of Bt5.78 million was higher than the projection by
Bt4.49 million r 349.95% predominantly due to the dividend
income and the sale of investment of Thai Maintenance
Contracting Co., Ltd., the recovery of bad debt expenses, and
gains from sales of other equipments.

Cost of Sales and other expenses

Cost of Tin Ore production of Bt102.54 million was lower than
the projection by Bt10.80 million or 9.53%.  Cost of
Construction Stone production of Bt20.11 million
was lower than the projection by Bt5.57 million or 21.70% mainly
resulting from the volume of Tin Ore and Construction stone were
less than the sale target as the decreased sale volume.  However
the Company recorded selling and administrative expense was less
than the projection by Bt1.61 million or 12.00%.  Resulting from
the Company has efficiently managed and clearly specified.

COMPARISON OF THE ACTUAL PERFORMANCE BY QUARTER
FOR THE YEAR END OF 2001 AND 2000

Revenue from Tin Ore

                    SALE  (Baht '000)         QUANTITY  (Habs)
             2001         2000         2001          2000
Quarter 1    44,416       20,959        4,207         2,202
Quarter 2    42,469       21,181        4,128         2,231
Quarter 3    18,739       24,945        2,265         2,458
Quarter 4    5,017       32,794          454         3,029
Total        110,640       99,879       11,054         9,920

Revenue from Construction Stone

                    SALE  (Baht '000)           QUANTITY  (Tons)

              2001         2000         2001         2000
Quarter 1     3,305        4,485       43,748       59,431
Quarter 2     4,234        5,378       57,577       77,241
Quarter 3     7,299        4,296      101,762       63,323
Quarter 4     4,233        6,431       57,663       96,776
Total         19,071       20,590      260,750      296,771

Summary of the actual performance and projection for the Year
Ended 31 December 2001

                  Actual     Forecast             Variance
(Unit  :  Thousand Baht) (audited)   (reviewed)  Amount      %

Revenues from Tin Ore   110,640   124,416   (13,776)    (11.07)
Revenues from
Construction Stone      19,071     22,500   (7,473)    (28.15)
Revenues from Dredge
Rental             3,150       4,200   (1,250)    (28.41)
Other Income            5,777        1,284   4,493     349.95
Total Revenues        138,638      156,644  (18,006)    (11.49)

Cost and Expenses
Cost of Sales-Tin Ore  102,539      113,336   (10,797)    (9.53)
Cost of Sales-
Construction Stone     20,108       25,680    (5,572)   (21.70)
Selling & Administrative
Expenses       11,838       13,452   (1,614)   (12.00)
Interest Expenses      2,520        2,300       220      9.57
Total Cost and Expenses  137,005    154,768   (17,763)   (11.48)

Net Profit (Loss)     1,633       1,876      (243)   (12.95)

Earning Per Share (Baht)  0.13         0.14     (0.01)    (7.69)


THAI ENGINE: Requests Financial Statement Submission Delay
----------------------------------------------------------
Churchill Pryce Planner Co., Ltd, the Plan Administrator of Thai
Engine Manufacturing Public Company Limited (the Company),
advised that the Company implemented a new accounting software
which links information of transactions and other businesses to
all relevant accounts in an attempt to increase effectiveness of
their accounting system. However, the implementation of this
system has created some initial problems for the Company because
they had to reconcile information from the previous system. At
the beginning of the year, they have had to reconcile many
transactions occurred and the Company has not been able to close
its book as scheduled.

Moreover, the Approved Business Reorganization Plan on 20th
December 2000 specified that the company would transfer selected
assets and liabilities to Special Purpose Vehicle. This step
composed of Incorporation of AMC I and AMCII and Transfer of
Selected Secured Assets and Liabilities to AMCII.  The two AMCs
were established on 18th January 2001; and the transfer of
selected secured assets and liabilities to AMC II started
since June 2001, until the end of December, this step was not
completed because some secured financial institution creditors
were still preparing documents for transfer.

Consequently, the Company has had to adjust asset and liability
balances to reflect progress of the plan implementation. This
has further complicated the year-end closing of the Company's
books as scheduled and added to the delays in submitting their
Financial Statements to the SEC and SET.

From the reasons given above, Thai Engine Manufacturing Public
Company Limited is unable to prepare a complete list of
documents for independent auditor. This causes the company to be
unable to submit the financial statements for the year 2001 by
deadline set by the SEC.  After consulting with an independent
auditor, the Company Limited requests for the relaxation for the
submission of financial statement for the year 2001 to be
postponed to 19th April 2002.


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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