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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 15, 2002, Vol. 5, No. 53

                         Headlines

A U S T R A L I A

CENTRAL PACIFIC: SPP Implements Selective Capital Reduction
CHROME GLOBAL: April 9 AGM Scheduled
DVT HOLDINGS: Releases Directors' Operations Review Results
HIH INSURANCE: Court Finds Former Directors Breached Duty
IOCOM LIMITED: Issues Meeting Results

JAMES HARDIE: Signs Agreement to Sell USA Gypsum Operations
ONKOURSE PTY: ASIC Accepts Enforceable Undertakings


C H I N A   &   H O N G  K O N G

APEX ELITE: Winding Up Petition Hearing Set
CONCEPT DEVELOPMENTS: Winding Up Petition Scheduled
GUANGDONG KELON: Clarifies Banking Facility Agreement Issues
GUANGDONG KELON: Greencool To Assume Largest Shareholder's Debt
NORTHEAST ELECTRICAL: Turnover Movement Unexplainable

SINOCAN HOLDINGS: Receives Winding Up Petition
SUNSPOWER CONSTRUCTION: Winding Up Petition Slated for Hearing


I N D O N E S I A

BANK CENTRAL: Government Delays Winning Bidder Declaration
INDAH KIAT: Shares Drop 35% After Suspension Lifted
TIMAH TBK: President to be Replaced, Says Government


J A P A N

FUJIAN INTERNATIONAL: R&I Affirms `CC' F/C L-T Credit Rating
FUJITSU LTD: Launches Streamlined New PDA
MITSUBISHI ELECTRIC: Forms Alliance Deal With Toshiba Corp
NISSAN MOTOR: Meets Union's Wage Hike Demands
NKK CORP: Discloses FY2002 Earnings Projection

SNOW BRAND: Plans Milk Business Integration With Cooperatives
SNOW BRAND: Seeking Aid From Itochu, Norinchukin


K O R E A

DAEWOO MOTOR: Talks With GM Mired in Disputes
HYNIX SEMICONDUCTOR: Hopes to Conclude Micron Talks This Week
HYUNDAI MERCHANT: Selects Asan Chairman Chung As Board Member


M A L A Y S I A

ARTWRIGHT HOLDINGS: Debt to Equity Conversion Listing Pending
JASATERA BERHAD: SC Junks Revised Recapitalization Proposal
OLYMPIA INDUSTRIES: Winding Up Hearing Scheduled for April 16
PAN MALAYSIA: Guarantees Assumption of Financial Obligations
PAN PACIFIC: Posts February 28 Defaulted Payment Status

PERNAS INTERNATIONAL: Major Shareholder Proposes Shares Disposal
REPCO HOLDINGS: KLSE Grants Regularization Plan Time Extension
SAP HOLDINGS: Court Dismisses Civil Suit Filed by EWRS
TECHNO ASIA: Subsidiary Faces Civil Case Filed by KENOL
TECHNOLOGY RESOURCES: Enters Heads of Agreement With DiGi.Com


P H I L I P P I N E S

INTERNATIONAL CONTAINER: Settles US$130M Convertible Notes
PHILIPPINE LONG: Pending Debt Payments May Spur Bond Issue    


S I N G A P O R E

ASIAMEDIC LIMITED: Posts Units' Proposed Restructuring Details
EXCEL MACHINE: Obtains Court Judgment on Legal Proceeding
FLEXTECH HOLDINGS: Unit Undergoes Restructuring Exercise
HOTEL GRAND: Unit Applies for Voluntary Liquidation
THAKRAL CORPORATION: Discloses EGM Resolutions


T H A I L A N D

DATAMAT PUBLIC: Resolutions Passed at BOD Meeting 4/2545   
H. C. CITY: Files Business Reorganization Petition
THAI CANE: Taken Into Rehabilitation Process Under TAMC

     -  -  -  -  -  -  -  -

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


CENTRAL PACIFIC: SPP Implements Selective Capital Reduction
-----------------------------------------------------------
Effective 8 March 2002, Southern Pacific Petroleum NL (SPP)
implemented the selective capital reduction approved by its
shareholders on 24 January 2002. The capital reduction is part
of the corporate restructure of SPP and Central Pacific Minerals
NL (CPM), which will result in the formation of one publicly
listed company, SPP, which will be the holding company of CPM.

The capital reduction involved the removal of cross-shareholding
of CPM in SPP by the cancellation of all shares in SPP held by
CPM, being: 107,511,690 Fully Paid Ordinary Shares, 32,500
Contributing Shares and 312,500 Equity Participation Shares.


CHROME GLOBAL: April 9 AGM Scheduled
------------------------------------
Chrome Global Limited advised that its annual general meeting of
members will be held at 10:30 am (Perth time) on 9 April 2002 at
Level 6, BGC Center, 28 The Esplanade, Perth, Western Australia.

BUSINESS

1. ACCOUNTS AND REPORTS

To consider the financial reports of the Company and the
consolidated entity and the reports of the directors and
auditors for the financial year ended 30 June 2001.

2. APPOINTMENT OF DIRECTOR

To consider and, if thought fit, pass the following, as an
ordinary resolution:

"That Mr Paul Niardone who retires in accordance with the
Company's Constitution, having been appointed by the Board as a
director of the Company to fill a casual vacancy until the next
general meeting, and being eligible offers himself for election,
is hereby elected a director of the Company."

3. APPOINTMENT OF DIRECTOR

To consider, and if thought fit, pass the following, as an
ordinary resolution:

"That Mr Auanda Kathiravelu who relies in accordance with the
Company's Constitution, having been appointed by the Board as a
director of the company to fill a casual vacancy until the next
general meeting, and being eligible offers himself for election,
is hereby elected a director of the Company."

4. APPOINTMENT OF DIRECTOR

To consider, and if thought fit, pass the following, as an
ordinary resolution:

"That Mr He Jun who retires, having been appointed by the
directors since the last general meeting, in accordance with the
Company's Constitution as a Director of the Company to fill a
casual vacancy until the next general meeting, and being
eligible offers himself for election, is hereby elected a
director of the Company."

5. ISSUE OF SHARES TO BLUEREGAL CORPORATION PTY LTD

To consider and, if thought fit, pass the following, as an
ordinary resolution:

"That, subject to the approval of Resolutions 6, 7, 8, & 9 as
set out in the Notice of Annual General Meeting, for the
purposes of, Rules 7.1 and 10.11 of the Listing Rules of
Australian Stock Exchange Limited and, Sections 208 and 611 of
the Corporations Act 2001 and for all other purposes, the
Company approves the issue, within 1 month after the date of
this meeting, of 60,000,000 fully paid ordinary share in the
Company to Blueregal Corporation Pty Ltd in consideration
for the acquisition of the assets and the business of a
professional Public Relations WA from Blueregal Corporation Pty
Ltd."

6. ISSUE 0F SHARES TO PROFESSIONAL PUBLIC RELATIONS PTY LTD

To consider and, if thought fit, pass the following, as an
ordinary resolution:

"That, subject to approval of Resolution 5 as set out in the
Notice of Annual General Meeting, for the purposes of Rule 7.1
of the listing Rules of Australian Stock Exchange Limited and
for all other purposes, the Company approves the issue, within 3
months after the date of this meeting, of 18,000,000 fully paid
ordinary shares in the Company to Professional Public Relations
Pty Ltd in consideration for the acquisition of the assets and
the business of RHK Public Relations from Professional Public
Relations Pty Ltd."

7. RATIFICATION OF PAST PLACEMENT 0F SHARES

To consider and, if thought fit, pass the following, as an
ordinary resolution:

"That, for the purposes of Rule 7.4 of the Listing Rules of
Australian Stock Exchange Limited and for all other purposes,
the Company ratifies the issue of a total of 9,564,765 ordinary
fully paid shares in the Company at an issue price of A$0.005
per share on 3 January 2002 to Tian Li Holdings Pte Ltd."

8. ISSUE OF SHARES TO TIAN LI HOLDINGS PTE LTD

To consider and, if thought fit, pass the following, as an
ordinary resolution:

"That, subject to approval of Resolutions 5, 6, 7 & 9 as set out
in the Notice of Annual General Meeting, for the purpose of
Rules 7.1 and 10.11 of the Listing Rules of Australian Stock
Exchange Limited and sections 208 and 611 of the Corporations
Act 2001 and for all other purposes, the Company approves the
issue of 84,455,446 share at $0.005 per share, within 1 month
after the date of this meeting, to Tian Li Holdings Pte Ltd."

9. ISSUE OF SHARES FOR WORKING CAPITAL

To consider and, if thought fit, pass the following, as an
ordinary resolution:

"That, for the purpose of Rules 7.1 and 10.11 of the Listing
Rules of Australian Stock Exchange Limited and sections 208 and
611 of the Corporations Act 2001 and for all other purposes, the
Company authorizes the Directors to issue, within 3 months after
the date of this meeting, up to 100,000,000 shares in the
Company at an issue price of not less than $0.01 to parties
which may include Tian Li Holdings Pte Ltd, in which case any
such shares must be issued within 1 month after the date of this
meeting) to raise funds for working capital purposes."

10. GRANTING OPTIONS TO MONTAGU CORPORATE PTY LTD

To consider and, if thought fit, pass the following, as an
ordinary resolution:

"That, for the purpose of Rule 7.1 of the Listing Rules of the
Australia Stock Exchange and for all other purposes, the Company
approves the granting of 30,000,000 options, to subscribe for
ordinary fully paid shares in the Company on the terms continued
in Annexure `A' of the Explanatory Memorandum attached to the
Notice of Meeting, to Montagu Corporate Pty Ltd or its
nominees."

11.  GRANTING OPTIONS TO TIAN LI HOLDINGS PTE LTD

To consider and, if thought fit, pass the following, as an
ordinary resolution:

"That, for the purpose of Rules 7.1 and 10.11 of the Listing
Rules of the ASX and sections 208 and 611 of the Corporations
Act 2001 and for all other purposes, the Company approves the
granting, within 1 month after the date of this meeting, of
30,000,000 options, to subscribe for ordinary fully paid shares
in the Company on the terms contained in Annexure `A' of the
Explanatory Memorandum attached to the Notice of Meeting, to
Tian Li Holdings Pte Ltd or its nominee, and the issue of up to
30,000,000 fully paid ordinary shares in the Company pursuant
to the exercise of these options."

12. OTHER BUSINESS

To consider any other business that may be brought forward in
accordance with the constitution of the Company or the law.


DVT HOLDINGS: Releases Directors' Operations Review Results
-----------------------------------------------------------
Dvt Holdings Limited advised that the six months ended 31
December 2001 have proven to be extremely difficult, and have
nearly cost the Company its existence.

On 13 July 2001, shareholders approved the issuance of income
secured converting notes pursuant to a facility underwritten by
BNP Paribas Equities (Australia) Limited (BNP) to raise up to
$38,000,000. In conjunction with this capital raising, BNP
entered into a separate agreement with the Company to provide an
equity linked working capital facility to raise up to
$15,000,000.

On 3 August 2001, BNP formally terminated its commitment to the
underwriting of the issue of the income secured converting notes
and indicated that, failing a change in circumstances favorable
to the Company, the equity linked working capital facility would
be terminated on the basis that an adverse change had occurred
in the business and the financial condition of the Company,
which was likely to materially affect the Company's ability to
meet its obligations under the facility. The equity linked
working capital facility was formally terminated on 14 August
2001 and the proposed fund raisings never proceeded.

As a consequence, the directors conducted a review of the
operations and the solvency of the Company and it was determined
that the Company required cash to continue to finance its
operations. At this time, it was continuing to experience a cash
burn rate of roughly $5,000,000 per month, and it had consumed
nearly $118,000,000 in cash in the previous 18 months under the
direction of the Board and management then in office.

In addition, at the conclusion of the review, it was resolved
that no further funding would be made available to the Company's
offshore subsidiaries. The directors of Davnet Canada Inc,
Davnet Digitel Hong Kong Limited and Davnet Singapore Pte
Limited were notified of this decision on 2 August 2001, and
directors of Davnet Inc were notified on 21 August 2001. All
four offshore entities then immediately ceased trading, and
liquidators were appointed to the Asian companies. The
North American companies are expected to have liquidators
appointed in March 2002.

The determination by the directors that the Company required
cash to continue to finance its operations resulted in the
initiation of a search for an emergency funding solution for the
Company. On the 13th of August 2001, the Company announced a
$5,000,000 loan facility from Denford Enterprises, a subsidiary
of The Investment Company of China (ICC). This was followed by
the announcement of a proposed convertible note and option issue
to ICC and rights issue to be underwritten by ICC. This rescue
package was designed to allow the Company to restructure
financially and to provide the working capital necessary to
bring its Australian operations to profitability. Concurrent
with the implementation of this rescue package, the board of
directors and management of the Company were overhauled,
resulting in the situation that by October of 2001, only one
director and no management remained in office that had been
involved with the Company prior to August 2001.

However, during November 2001 ICC obtained confirmation that
significant representations and warranties, relating to tax
liabilities and lease commitment guarantees, provided by the
Company in its loan agreement with the Denford were incorrect.
This had several implications for the Company, as follows:

   * The Company was in breach of its loan covenants, and this
event of default entitled Denford to demand immediate repayment
of its loan.

   * As the true financial situation of the Company became
known, it also became apparent that the Company needed funding
significantly beyond ICC's agreed limits and that which was
previously thought to be required.

   * Therefore, the proposed convertible note issue to ICC and
the proposed rights issue could not proceed.

   * The Board then had to consider all alternatives available
to the Company in order for it to meet its funding commitment to
its 51 percent owned subsidiary Davnet Telecommunications
(DavTel) and to stay solvent. Options considered included a
merger of the Company and DavTel, a partial sale and associated
refinancing of the Company's interest in DavTel, and alternative
fund raisings for the Company itself.

This culminated in the Company entering into an agreement for
the sale of its 51 percent shareholding in DavTel to NTT
Australia for cash consideration of $16,000,000, as announced on
26 November 2001.

The sale was approved by shareholders at a general meeting on 23
January 2002, and the transaction was completed on 31 January
2002. All intercompany borrowings owing from the DavTel group,
totaling $4,304,000, were also received on the same date. The
Denford loan and accrued interest thereon, amounting to
$2,890,000, was repaid from the proceeds of the sale, also on 31
January 2002, and the charge over the assets of the Company was
released.

The closure of the offshore subsidiaries has resulted in
expenses of $7,297,000 being recorded in the period under review
in relation to the recognition of termination payments for
leases over premises, equipment, and services entered into by
these companies. In total, including the continued operating
losses experienced by these companies in the period up to their
closure, the offshore subsidiaries contributed gross losses of
$11,857,000 to the consolidated results for the six months ended
31 December 2001, on revenues of $705,000. The appointment of a
liquidator to the Asian companies has resulted in income of
$2,905,000 being recognized in the period under review, as the
liabilities of those companies are no longer consolidated in the
group. The net loss attributable to the offshore subsidiaries is
therefore $8,952,000 for the reporting period. The net liability
position of the North American entities is A$11,100,000 at 31
December 2001 - in the second half of the 2002 financial year,
it is anticipated that the consolidated entity will take up a
gain of similar magnitude in relation to the deconsolidation of
these companies upon the appointment of a liquidator.

In the course of taking steps to wind up Davnet Inc, the current
board has discovered evidence of unusual transactions involving
assets of Davnet Inc during August 2001. The company is
concerned that the transactions in question have been
fraudulent, to the detriment of the Company and Davnet Inc and
its creditors (of which the Company is the largest). The Company
is currently taking legal advice in relation to the transactions
with a view to recovery of assets, and has referred the matter
to the Australian Securities and Investments Commission (ASIC).

In addition, the Company has referred a number of other past
transactions to ASIC with a view to having those matters
reviewed by the regulator to determine whether there have been
any breaches of the Corporations Act. The Company will, if
required, assist and work closely with ASIC to determine whether
any proceedings can be brought against the relevant parties to
recover funds.

The discontinuing operations of the Company, being the DavTel
and QAI groups, contributed to the results and balances in the
half-year reporting period as follows:

   * Revenues were $23,956,000;
   * Cost of Sales and Expenses were $30,772,000;
   * Net Loss was $6,816,000, or $3,476,000 after losses
     attributable to outside equity interests;
   * Total Assets were $31,106,000
   * Total Liabilities were $18,803,000

In the second half of the 2002 financial year, the Company will
record a substantial gain on the sale of the DavTel group. The
magnitude of this gain is dependent upon finalization of the 31
January 2002 DavTel completion accounts.

The continuing operations of the Company, being the e-Data
Group, have performed well during the period, in what has been a
difficult trading environment. E-Data has recorded a modest
profit for the period, and has forecast continuing profits
through year-end. The E-Data Group is cash flow positive, and
has repaid a portion of its parent company borrowings. The
Company is currently pursuing an acquisition strategy that will
allow e-Data to increase its size and value, and offer an
increased range of services to its customers.

The directors continue to identify and evaluate other investment
opportunities that will bring value to the Company. The
directors have considered over a dozen potential mergers and
acquisitions, and there are currently three potential
transactions that are being pursued as a priority. It should be
noted that while discussions have advanced beyond a preliminary
stage, they are all still incomplete proposals and no agreements
have been reached. The Board is confident that it can
successfully negotiate a transaction and report to shareholders
before the end of the financial year.

Queries can be directed to Mark Hubbard, Executive Director, on
(02)9262-9600.


HIH INSURANCE: Court Finds Former Directors Breached Duty
---------------------------------------------------------
Mr David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), welcomed the decision handed down
on Thursday by Mr Justice Santow of the NSW Supreme Court in
ASIC's civil penalty action against former HIH Insurance Limited
(HIH) director Mr Rodney Adler, former HIH Chief Executive
Officer Mr Ray Williams and former HIH Chief Financial Officer
Mr Dominic Fodera.

The Court found that the three former directors had breached
their duties as directors in relation to a payment of $10
million by an HIH subsidiary (HIH Casualty and General Insurance
Ltd) to Pacific Eagle Equities Pty Ltd, a company of which Mr
Adler was a director.

The Court found that Mr Adler breached his director's duties
under the Corporations Act, under section 180 (duty to exercise
care and diligence), s.181 (duty to exercise good faith), s.182
(duty not to improperly use position), and s.183 (duty not to
improperly use information). Mr Williams was found to have
breached s.180 and s.182 and Mr Fodera of breaching s.180.

"Today's ruling is an important outcome for every investor in
the stock market," Mr Knott said.

"It reinforces the expectation that directors will observe
proper standards of conduct, and will not place personal
interests ahead of those of the company.

"Today's is a decision that should be widely welcomed by
shareholders and also by the vast majority of directors who work
hard to meet their responsibilities under the law," he said.

ASIC has claimed banning orders, compensation and penalties
against the defendants. Justice Santow will hear submissions
from the defendants on these matters. The matter is next listed
for mention on Thursday 21 March 2002.


IOCOM LIMITED: Issues Meeting Results
-------------------------------------
Iocom Limited announced that the adjourned shareholders
meeting held at 10:00am on Thursday has approved all the
remaining resolutions put to shareholders. Resolution 2
(Ratification of the placement of Shares issued in December
2001) was approved on 19 February 2002.

A summary of the proxies received:

RESOLUTION 1   ACQUISITION OF OPTIMA COMPUTER TECHNOLOGY PTY LTD

            FOR          AGAINST          OPEN          ABSTAIN
            13,997,775   75,000           136,635       14,896

RESOLUTION 3   SHAREHOLDER TOP UP SCHEME

            FOR          AGAINST          OPEN          ABSTAIN
            10,083,545   75,550           16,100        37,896

RESOLUTION 4   CONSOLIDATION OF SHARE CAPITAL

            FOR          AGAINST          OPEN          ABSTAIN
            13,922,474   93,050           169,381       39,401

RESOLUTION 5   CHANGE OF NAME

            FOR          AGAINST          OPEN          ABSTAIN
            13,996,725   76,050           136,635       14,896

This allows the Company to proceed towards completion of the
acquisition of Optima Computer Technology Pty Limited.

The Board believes that this is fortuitous news for all
shareholders, and is seen by the Board as a very positive step
forward.

The un-audited half-year result for Optima is $1.68 million
profit before tax from revenue of $46.5 million. Iocom Limited
will be profitable immediately following the completion of the
transaction. Upon completion, Mr Cornel Ung and Mr Edmond Chan
will join the Board. Mr Ung has agreed to take on the role of
Chief Executive Officer for the group.

Over the past two months the Iocom team have worked closely with
the senior management team at Optima (including proposed new
directors Mr Cornel Ung and Mr Edmond Chan). The Board has been
very impressed by the team led by Mr Ung.

The Board of Iocom is excited about the planned growth for the
combined entity and future profitability of the group.


JAMES HARDIE: Signs Agreement to Sell USA Gypsum Operations
-----------------------------------------------------------
James Hardie Industries N.V. announced Wednesday that it has
signed agreements to sell its US-based gypsum operations to BPB
Plc for US$345 million in cash. The price represents a 30
percent premium on the book value of the assets.

The sale is subject to US regulatory clearances and other
conditions. If these are satisfied, the transaction is expected
to be completed by May, 2002.

Wednesday's agreement means that James Hardie should receive
almost US$400 million from the divestment of its gypsum
operations, following the sale last year of the company's Las
Vegas gypsum mine for US$50 million, subject to the fulfillment
of certain conditions.

The sale of its gypsum operations will enable James Hardie to
concentrate solely on the development of high growth, fiber
cement businesses in the world's major building and construction
markets.

"The sale will create significant value for shareholders,
strengthen our balance sheet and allow us to focus entirely on
optimizing the high growth potential of our proprietary, fiber
cement technology," said James Hardie's Chief Executive Officer,
Mr Peter Macdonald.

"Our gypsum assets have been sold for prices well in excess of
their book value and we expect that shareholders will welcome
this transaction.

"The cash flows from gypsum have been attractive over the
business cycle and have more than repaid our investment in the
business. At the same time, these cash flows have also helped us
fund the expansion of our fiber cement businesses.

"However, earnings from the gypsum industry are also cyclical
and volatile and this has created uncertainty for both
management and shareholders. The sale resolves this and will
allow the company to concentrate on the significant growth
prospects available to our fiber cement business," said Mr
Macdonald.

"Over the past few years we have developed significant
intellectual property in our proprietary, fiber cement
technology. We believe this technology, in both products and
processes, has substantial economic value and significant
commercial potential," he said.

"Our ability to develop markets for our fiber cement technology
is highly dependent on research and development. Over the coming
year, we plan to increase our investment in R&D by about 50
percent to almost US$21 million.

"This investment will allow us to significantly increase the
market potential for James Hardie's fiber cement, both in our
existing markets and in countries where we don't yet compete,"
Mr Macdonald said.

"In North America, the introduction of new, differentiated
products, combined with the acquisition of Cemplank last
December, should ensure that strong growth continues.

"Furthermore, if we are successful at commercializing our new
fiber cement roofing technology, James Hardie will be able to
access a large additional market in North America and
potentially expand into other markets in Asia and Europe.

"Europe is a large market in which we don't yet compete and we
have significant further potential for growth in Asia.

"In South America, our new business in Chile is growing in line
with our expectations and our plan is to use this business as
the platform from which to create a larger business in South
America over the long term," said Mr Macdonald.

Once the sale of gypsum is completed the Company plans to
reconfigure its balance sheet and establish a gearing ratio
appropriate for the company's growth objectives.

Mr Macdonald said that the acquisition of James Hardie Gypsum by
BPB was an excellent outcome for all parties.

"BPB will become the world's largest and North America's third
largest gypsum wallboard producer as a result of this
transaction. The combined businesses will create excellent
opportunities for James Hardie Gypsum employees.

"The combined businesses will have a broader product range and
expanded geographic reach in North America compared to the two
businesses on their own and this will benefit customers," Mr
Macdonald said.

James Hardie was advised on this transaction by JP Morgan & Co.

NOTES:

The sale agreements with BPB Plc include all the issued share
capital in James Hardie Gypsum Inc and Western Mining and
Minerals Inc which together comprise gypsum wallboard
manufacturing plants in Seattle, Washington; Las Vegas, Nevada;
and Nashville, Arkansas: gypsum mines in Utah, Nevada and
Arkansas with proven reserves of 3 billion tons and a joint
compound manufacturing plant in Seattle, Washington. The
Company's business employs almost 600 people.

James Hardie's gypsum wallboard business commands a 7.5 percent
share of the US market. In the Company's fiscal year to March
31, 2001, the business generated sales revenue of US$279
million, sales volume of 2.2 billion square feet, EBITDA of
US$57 million and EBIT of US$42 million. Gross assets at March
31, 2001 were US$277 million.

For the nine months to December 31, 2001, the business achieved
sales revenue of US$182 million, sales volume of 1.7 billion
square feet, EBITDA of US$9 million and an EBIT loss of US$3
million, although 3rd quarter EBIT amounted to US$5 million.
Gross assets at December 31, 2001 were US$268 million.


ONKOURSE PTY: ASIC Accepts Enforceable Undertakings
----------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
accepted two enforceable undertakings from Mr Neil Harvey John
Fairhead, a former director of Onkourse Pty Ltd (In Liquidation)
(Onkourse), a failed Adelaide-based company.

Mr Fairhead, formerly of Hallet Cove in South Australia, now
residing in Aroona Queensland, has undertaken not to be a
company officer or to participate in the management of a
corporation for ten years other than his own company, Earn &
Learn (Educational Systems) Pty Ltd.

Mr Fairhead has also undertaken that he will not, in the future,
directly or indirectly carry on or hold out that he carries on
an investment advice or securities business, give investment
advice or be involved in a securities business or sell or
promote investment in any scheme or project.

ASIC commenced an investigation following complaints that
Onkourse was conducting a financial advice business and
promoting investments schemes, which were not offered in
accordance with the Corporations Law.

Mr Fairhead as a director, was involved with Onkourse and
associated companies, including his own, which offered financial
services and investment opportunities to persons in Adelaide's
northern and southern suburbs, as well as Alice Springs. Most of
the investment opportunities failed leaving investors out of
pocket.

Mr Fairhead acknowledged ASIC's concerns, including that he was
offering investment advice and products without being licensed
to do so, and that he had not acted in the best interests of the
investors or with due care when either giving advice or selling
securities.

ASIC has previously accepted Enforceable Undertakings from the
two other former directors of Onkourse in respect their failure
to discharge their duties as company directors with the required
level of care and diligence.

"ASIC will not hesitate to take action against officers of
companies who seek to promote investment and investment schemes
that are not constituted in accordance with Corporations Act
guidelines and therefore, do not offer the protections provided
by the law," said Mr Jamie Orchard, ASIC's Director of
Enforcement.


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


APEX ELITE: Winding Up Petition Hearing Set
--------------------------------------------
The petition to wind up Apex Elite Limited is set for hearing
before the High Court of Hong Kong on May 8, 2002 at 9:30 am.  
The petition was filed with the court on January 30, 2002 by Ip
Kam Mui of Room 320, On Hoi House, Cheung On Estate, Tsing Yi,
New Territories, Hong Kong.  


CONCEPT DEVELOPMENTS: Winding Up Petition Scheduled
---------------------------------------------------
The petition to wind up Concept Developments 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 16, 2002 by Ng
Chun Fai of Room 2114, Tai Lok House, Tai Yuen Estate, Tai Po,
New Territories, Hong Kong.  


GUANGDONG KELON: Clarifies Banking Facility Agreement Issues
------------------------------------------------------------
Recently, the media in the People's Republic of China (PRC)
reported that the sales volume of Guangdong Kelon Electrical
Holdings Company Limited (the Company) for its 2001 financial
year was RMB8.4 billion and that the Company signed a banking
facility agreement.  The Company clarified, as follows:

   1. At the time of such reports, the Company's annual audit
was not completed. The Company did not release and could not
have released to the public any information regarding its
financial results.

   2. Shareholders of the Company and investors should be aware
that the financial results of the Company for its 2001 financial
year will be audited by the Company's accountants in accordance
with the requirements of the Rules Governing the Listing of
Securities on the Stock Exchange of Hong Kong Limited and the
Rules Governing the Listing of Securities on the Shenzhen Stock
Exchange, and such financial results will be announced in the
designated newspapers and websites before 30 April 2002.

   3. The Company has not recently entered into any arrangements
regarding banking facilities.


GUANGDONG KELON: Greencool To Assume Largest Shareholder's Debt
---------------------------------------------------------------
The Board of Directors of Guangdong Kelon Electrical Holdings
Company Limited announced that the Company has been informed
that, in relation to the share transfer agreement entered into
between its single largest shareholder, Guangdong Kelon
(Rongsheng) Group Company Limited (GKG) and Greencool Enterprise
Development Company Limited on 29 October 2001 in Shunde, GKG
and Greencool entered into a supplemental agreement on 5 March
2002 with these principal terms:

   1. After negotiations between both parties, the consideration
for the transfer of 204,775,755 legal person shares in the
Company by GKG to Greencool was reduced from RMB560,000,000 to
RMB348,000,000.

   2. Greencool would assume GKG's debt to the Company in an
amount of RMB348,000,000 as settlement of the consideration for
the transfer of 204,775,755 legal person shares in the Company.
Greencool already paid an amount of RMB150,000,000 to the
Company and the balance of RMB198,000,000 would be paid by
Greencool within 10 days after the transfer procedures of the
legal person shares have been completed by GKG and Greencool.


NORTHEAST ELECTRICAL: Turnover Movement Unexplainable
-----------------------------------------------------
Northeast Electrical Transmission & Transformation Machinery
Manufacturing Company Limited noted the recent increase in the
trading volume of the shares of the Company and stated that they
are not aware of any reasons for such increases save as the
announcement dated 7 March 2002.

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


SINOCAN HOLDINGS: Receives Winding Up Petition
----------------------------------------------
Investment holding firm, Sinocan Holdings, received a winding up
petition due to its failure to repay a debt of HK$567 million.
The Company stated that creditor JHY International filed the
petition at the High Court on March 1 and was expecting the case
to be heard on June 19. For the six months to June 30, Sinocan
reported an unaudited net loss of HK$3.7 million and unaudited
net liabilities of HK$165 million.  

The Company also makes steel cans and plastic bottles and
provides tinplate processing, lacquering and printing services.
Its shares closed at HK$0.05 last Thursday and were down 23
percent in the last month and almost 17 percent in the last
three months.


SUNSPOWER CONSTRUCTION: Winding Up Petition Slated for Hearing
--------------------------------------------------------------
The petition to wind up Sunspower Construction Limited is
scheduled for hearing before the High Court of Hong Kong on
April 10, 2002 at 9:30 am.  The petition was filed with the
court on January 15, 2002 by Lok Hung Chi of Flat F, 5th Floor,
Bock 1, Symphony Garden, 9 Hung Shun Road, Hung Shui Kiu, Yuen
Long, New Territories, Hong Kong.  


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


BANK CENTRAL: Government Delays Winning Bidder Declaration
----------------------------------------------------------
The government has already picked the winning bidder for a
controlling stake in PT Bank Central Asia (BCA) but will
announce it within a couple of days, Jakarta Post reports,
quoting State Minister of State Enterprises Laksamana Sukardi.

"We have already decided on the winner but it's unethical if we
disclose it now as we have to complete some administrative
matters first and keep our credibility in the bidding process.

"We will announce the winner this week, it could be tomorrow or
the day after tomorrow," Sukardi said on Wednesday.

Meanwhile, Bisnis Indonesia reports that Laksamana Sukardi has
consulted president Megawati Soekarnoputri on BCA tender winner
on Monday night (March 11). "But in the meeting Mega did not
make decision on who the winner is. The decision still lays in
the hands of IBRA and Laksamana."

Consortia headed by British-based Standard Chartered Bank and by
US investment firm Farallon Capital have been short-listed as
the final two bidders. Most analysts say Standard Chartered is
the favorite.


INDAH KIAT: Shares Drop 35% After Suspension Lifted
---------------------------------------------------
Shares of PT Indah Kiat Pulp & Paper Tbk (Indah or the Company)
plunged 34.92 percent, from Rp315 in 2001 to Rp205, after the
Jakarta Stock Exchange (JSX) lifted a trading suspension on
securities, IndoExchange reported Thursday. JSX suspended the
Company's trading 12 July 2001 after the failure to submit its
2000 financial reports.

"The fall is normal. The trading recommendation is a sell.
Players just want to get out because the firm's business
operation is bad and (due to) poor corporate governance," said a
local dealer.

Earlier this month, Indah Kiat, a unit of debt-laden Asia Pulp &
Paper (APP), which now restructures US$12.2 billion debts,
booked a net loss of US$166.9 million for the period of January-
September 2001.


TIMAH TBK: President to be Replaced, Says Government
----------------------------------------------------
The government has not yet officially informed PT Timah Tbk of
its plan to force the Company to pay the Rp59.85 billion second
dividend for 2000, AFX-ASIA reports, citing the Company's
spokesperson.

"We have not yet received the formal official letter from the
government.  We will still propose that we cannot pay the
dividend for 2000, or if we should pay, we can only pay Rp1 per
share," the spokesperson said.

Timah has claimed it will not able to pay the payment due to
cash flow problems.  The plan to scrap the dividend is part of a
rescue program aimed at saving Timah from bankruptcy.

Meanwhile, State Minister of State Enterprises Laksamana Sukardi
said the government also plans to replace the President of
publicly listed tin mining company PT Timah Erry Riyana
Hardjapamekas to help improve the ailing company's performance.

Laksamana said Erry would be replaced by one of the Company's
current directors, but he refused to comment on rumors that
either current director for human resources management, Ari
Fauzi, or director for corporate management, Maryat Nirwandi, is
up for the posting.  He also said the government would also
reduce the size of the Board of management, which has five
directors.


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


FUJIAN INTERNATIONAL: R&I Affirms `CC' F/C L-T Credit Rating
------------------------------------------------------------
Rating and Investment Information, Inc. (R&I) on Monday affirmed
the CC rating of Fujian International Trust and Investment
Corporation's Foreign Currency Long-term Credit Rating.

RATIONALE:

The commissioned Company for holders of the bonds issued by
Fujian International Trust and Investment Corporation (FITIC)
has, in accordance with the terms and conditions of the bonds,
declared the principal of all the bonds and the interest accrued
thereon to be due and payable immediately. R&I's current rating
for the bonds, CC, already takes into account the possibility of
default, and there is considered to be no necessity to adjust
the rating following the default announcement.

At the end of December 2001, PBOC, the Chinese central bank,
closed FITIC and ordered that it enter into the liquidation
process. In view of this, R&I downgraded the rating for FITIC's
bonds from CCC+ to CC on January 7, 2002. The rating may be
adjusted in the future depending on the degree of recovery
against the bonds.

The Company, liquidated on January 23 by People's Bank of China,
is in the process of debt registration until the end of this
month, TCR-AP reported earlier this week. FITIC holds 5.58
percent of Huaneng Power, which is worth approximately US$477
million based on market capitalization.

DebtTraders reports that Fujian ITIC's 7.375% bond due in 2007
(FUJI07CNS1) trades between 54 and 63. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=FUJI07CNS1


FUJITSU LTD: Launches Streamlined New PDA
-----------------------------------------
Fujitsu and its group affiliates announced on Wednesday the
global launch of Pocket LOOX(R), a sleek new handheld PDA
designed to serve as a powerful enabler of mobility for
demanding business users and consumers. The new handheld device
will preview at Fujitsu Siemens Computers' booth (Hall 1, Stand
5e2) during CeBIT from March 13 - 20, 2002 in Hannover, Germany.
Pocket LOOX will be available at the end of May in the Unites
States with an estimated street price of $599(1).

Pocket LOOX will run Microsoft(R) Pocket PC 2002, offering
seamless compatibility with widely used PC-based Windows(R)
applications, such as Pocket Outlook, Pocket Word and Pocket
Excel. The ultra-slim, lightweight PDA will be powered by a
high-performance Intel(R) PXA250 applications processor with
32MB ROM and 64MB RAM storage capacity. For added functionality
the handheld companion will feature a bright 64K-color
indoor/outdoor touch screen display with handwriting and
character recognition software.

Through the integration of Compact Flash (CF) Type II card slot
and Secure Digital (SD) memory slot, the Pocket LOOX will offer
a variety of expansion possibilities, including increased
storage capacity, wireless capabilities for seamless roaming,
high-speed data access and audio communications.

Weighing 5.9 ounces and measuring 5.15 inches wide by 3.2 inches
deep and 0.7 inches high, Fujitsu's Pocket LOOX will be a
powerful combination of high-end PDA and a modular connectivity
concept. With a Lithium-Polymer battery users can anticipate up
to 15 hours (2) of working time. A second battery plug-on module
is targeted to provide up to 24 hours (2) of working time.

This marks an important and flexible new platform addition to
the Fujitsu group's mobile solutions offerings aimed at
capitalizing on the infinite possibilities of the broadband era.
Product specifications will be optimized to meet the particular
market and sales channel requirements of each region.

"The Pocket LOOX will be a perfect mobile companion
incorporating high-performance services such as multi-task
environment and advanced multimedia capabilities," said Sara
Nelson, Vice President of Marketing for Fujitsu PC Corporation.
"With the professional and consumer communities focusing on
mobility and connectivity, Fujitsu's Pocket LOOX is poised to
deliver the features and functionality required to navigate the
information age."

About Fujitsu

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

Note (1): Pricing may change without notice.
Note (2): Actual battery life will vary based on screen
brightness, applications used, features selected, power
management settings, battery conditioning and other customer
preferences.

CONTACT:
Fujitsu PC Corporation, Santa Clara
Ayako Bourne, 408/764-9448
abourne@fujitsupc.com

TCR-AP reported this week that Fujitsu Ltd would undertake a
reform of its corporate governance structure, including the
streamlining of the Board, and the introduction of Corporate
Executive Officers and a new business group organization. It
will cut 4,000 jobs in 2003 in its aim to return to
profitability. According to Fujitsu Senior Executive VP Takshi
the chipmaker is planning to close some factories and offer
incentives for workers to quit their jobs. The Company expects
to post Y$2.9 billion loss for the year ending March 31.


MITSUBISHI ELECTRIC: Forms Alliance Deal With Toshiba Corp
----------------------------------------------------------
Mitsubishi Electric Corporation and Toshiba Corporation
announced on March 13 that they have reached an agreement to
collaborate in the development of third-generation (3G) mobile
phones.

The agreement concerns the joint development of a platform
capable of becoming the global standard for 3G mobile phones.
Mitsubishi Electric and Toshiba will join forces to develop the
new platform with the intention of putting their collaboration
results to use in producing actual handsets in the near future.

With Internet integration and advances in high-speed, large-
volume transmission services, the mobile phone market is
witnessing a dramatic expansion of content for mobile handsets,
including music, images, and video broadcasts. Mobile handsets,
the cornerstone of the mobile Internet environment, have
continually evolved and diversified in response to the growing
number of services available. 3G phones will need to be
compliant not only with an increasing variety of multimedia, but
also with global roaming and other services emerging as a result
of the increasingly globalized nature of society, the economy
and information exchange.

Responding to such demands, Mitsubishi Electric and Toshiba,
industry leaders in the areas of video-data compression,
wireless and digital data processing, including data encryption
and Bluetooth(TM), and with proven track records in GSM, CDMA
and PDC handsets, will begin collaborating in April this year on
the development of a platform for multimedia-enabled next-
generation dual-mode (UMTS, W-CDMA/GSM, GPRS) phones, with the
aim of rapidly bringing products to market.

Specific details regarding the joint development schedule,
division of responsibilities, structure of the development team
and other issues will be decided in forthcoming discussions
between the companies.

With a view to expanding their mobile phone businesses, Toshiba
and Mitsubishi Electric also plan to build on the achievements
of the proposed joint development of the 3G mobile phone
platform, using this collaboration as a springboard to forge
ties on an even broader front that includes complementing each
other's technologies and establishing products for Europe, China
and other overseas markets.

By integrating and strengthening their technological and product
planning capabilities in the field of mobile telephony,
Mitsubishi Electric and Toshiba will seek to firmly establish
themselves in the global market, turning out competitive,
cutting-edge products for the ever-expanding mobile phone
sector.

Terms

GSM: Global System for Mobile Communication (the dominant
European mobile phone standard)

GPRS: General Packet Radio Service (a packet transfer system
based on GSM)

UMTS: Universal Mobile Telecommunications System (next-
generation European telecommunications system)

W-CDMA: Wideband Code Division Multiple Access

About Mitsubishi Electric Corporation

With over 80 years of experience in providing reliable, high-
quality products to both corporate clients and general consumers
all over the world, Mitsubishi Electric Corporation
(FTSE:6503q.l) is a recognized world leader in the manufacture,
marketing and sales of electrical and electronic equipment used
in information processing and communications, space development
and satellite communications, consumer electronics, industrial
technology, energy, transportation and construction. The Company
has operations in 34 countries and recorded consolidated group
sales of over US$33BN in the year ended March 31, 2001.
Additional information on Mitsubishi Electric is available at
www.mitsubishielectric.com.

About Toshiba Corporation

Toshiba Corporation is a leader in information and
communications systems, electronic components, consumer products
and power systems. Next-generation MPEG-4 and wireless
communications technologies assure Toshiba's pioneering position
in W-CDMA in Japan, where it is the technology development
partner of NTT DoCoMo, the country's largest mobile service
provider. Toshiba has 188,000 employees worldwide and annual
sales of over US$47 billion. Visit Toshiba's website at
http://www.toshiba.co.jp/index.htm

CONTACT:
Toshiba Corporation
Midori Suzuki, 03-3457-2105 (Japan)
press@toshiba.co.jp
or
Mitsubishi Electric Corporation  
Matthew Nicholson, 03-3218-2346 (Japan)
Matthew.Nicholson@hq.melco.co.jp

TCR-AP reported earlier this month that Mitsubishi Electric Corp
would expect to post a consolidated net loss of Y70 billion in
fiscal 2001 through March, due to weak performance of the
electronic device and information equipment division. The firm,
which employs a total 11,000 full-time staff and contract
workers on a consolidated basis in Japan, has total liabilities
of US$27.3 billion as of March 2001 compared to total assets of
US$33.1 billion.


NISSAN MOTOR: Meets Union's Wage Hike Demands
----------------------------------------------
Nissan Motor Co agreed Wednesday to accept wage hike demands
from its labor union, including monthly pay scale increases of
1,000 yen, for the first time in 20 years, Kyodo News reports.
The Company initially planned to give no pay-scale hikes, but
President Carlos Ghosn decided to fully meet union demands
Wednesday morning after returning to Japan on Tuesday from a
business trip.

TCR-AP reported last month that Nissan Motor Company disclosed a
Y60 billion warrant bond offering corresponding to approximately
60 million shares. The six-year bonds will be used for the
implementation of the Company's performance based employee
compensation system, which includes warrant bonds options.
Thirty-five million warrants will be tied to fiscal year 2002
personal and corporate results, and grantees will be able to
exercise them after two years. Twenty-five million warrants will
be exercisable after three years, and will be tied to personal
and corporate performance under Nissan 180, the Company's three-
year plan commencing in April, 2002.


NKK CORP: Discloses FY2002 Earnings Projection
----------------------------------------------
NKK Corporation announced on March 7 its projections for
consolidated and non-consolidated earnings in the Company's
148th reporting term (fiscal 2002 ending March 31, 2002).

During the reporting period, the Japanese economy continued to
deteriorate as consumer spending remained weak and private
sector capital spending declined. The economies of the United
States, Asia and other parts of the world also slowed down.

In the steel industry, increasingly rigorous production cuts
lowered inventories, but falling demand led to weaker prices in
both the domestic and international markets. The sales
environment was extremely difficult.

In the engineering field, the business environment also remained
harsh as competition for public and private sector orders
intensified.

The engineering division of NKK continued to adapt to such
conditions by moving ahead as planned with cost reductions, and
the division expects to achieve its targets as previously
forecast. The steel division also implemented cost reductions as
scheduled, but the division forecasts a decline in ordinary
income due to worsening results at National Steel Corp. and
unexpectedly slow recovery in both the domestic and export
markets.

The Company will post special charges for losses on write downs
of its investment securities due to falling stock prices and for
losses related to National Steel Corp., which filed the petition
for reorganization under Chapter 11 of U.S. Bankruptcy Code on
March 6. National Steel's losses will be reflected in NKK's
consolidated income statement through the end of this fiscal
year, but its year-end assets and liabilities will be removed
from NKK's consolidated balance sheet.

On the consolidated level, NKK is projecting an ordinary loss of
approximately Y45 billion and a net loss of approximately Y74
billion.

In consideration of the circumstances, the Board of Directors in
its meeting Wednesday regretfully decided that a dividend would
be foregone this fiscal year.

NKK is proceeding with consolidation with Kawasaki Steel as
scheduled. The Company endeavors a strong effort to solidify the
group's earnings and financial structure, while also working to
realize the synergy effects earlier than scheduled. We would
sincerely appreciate the continued support and understanding of
our shareholders.

For further information, please contact:
Mr. Kenichiro Imai
Public Relations Dept., NKK
Tel: +81-3-3217-2123

For more information check the release at
http://www.nkk.co.jp/en/release/0203/020307.html


SNOW BRAND: Plans Milk Business Integration With Cooperatives
-------------------------------------------------------------
Snow Brand Milk Products Co has agreed to integrate their milk
businesses with two nationwide agricultural cooperatives namely
National Federation of Agricultural Cooperatives Associations
(Zen-noh) and the National Federation of Dairy Cooperative
Associations, Nihon Keizai Shimbun and AFX News reported on
Wednesday.

The three firms will combine the milk businesses of Snow Brand
Milk, Zen-noh subsidiary Zen-noh Chokuhan Co and Japan Milk Net
Co, a wholly owned unit of the Dairy Cooperative Federation.
They are expected to take equal stakes in the new Company.

Snow Brand Milk's dairy business suffered a huge blow after an
outbreak of food-poisoning incidents in the summer of 2000. The
firm believes that spinning off its core milk operations, which
comprise 40 percent of total sales, is vital in boosting revenue
and improving its finances so that it can attract outside
capital.


SNOW BRAND: Seeking Aid From Itochu, Norinchukin
------------------------------------------------
Snow Brand Milk Products (SBM) will ask assistance from trading
Company Itochu Corp. to boost its capital and Norinchukin Bank
Ltd to forgive its debt, the Asahi newspaper and Bloomberg
reported on Thursday.

The Company said last month that it would close down Snow Brand
Foods Co., the unit that mislabeled beef to obtain government
subsidies and deceive customers. SBM, which is still trying to
recuperate from its July 2000 recall of milk that sickened more
than 13,000 people, had its brand name further stained by the
scandal.


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


DAEWOO MOTOR: Talks With GM Mired in Disputes
---------------------------------------------
General Motors and Daewoo Motor creditors are still in dispute
over a number of issues, dimming the outlook for an early
finalization of a takeover agreement, Korea Herald reported
Thursday, citing creditor officials.

Main creditor Korea Development Bank Director, Lee Song-geun,
said that GM and Daewoo creditors have yet to determine the
exact number of overseas operations to be included in the final
acquisition deal.

"GM has stubbornly demanded that the number of Daewoo's
overseas operations to be bought by the U.S. auto giant be
reduced to nine, whereas Daewoo creditors are asking for more to
be included," said Lee.

"Only after the exact number of acquisition targets is fixed,
will both sides be able to tackle pricing differences," he
said, denying recent news reports that GM has asked for a sharp
price cut.

Last week, GM President and CEO Rick Wagoner said in Geneva that
GM remained enthusiastic about incorporating Daewoo Motor into
its global family, ruling out the possibility of a collapse of
takeover talks with the ailing Korean automaker.


HYNIX SEMICONDUCTOR: Hopes to Conclude Micron Talks This Week
-------------------------------------------------------------
Creditors of Hynix Semiconductor Inc are aiming to conclude
negotiations with Micron Technology Inc over the sale of its
memory operations within this week, AFX News reported Wednesday,
citing an unnamed restructuring committee official.

The official said it is still difficult to predict whether they
will be able to sign a memorandum of understanding (MOU). He
stressed that ongoing talks will be the last and final round of
talks.

Senior officials from Korea Exchange Bank and other creditor
banks of Hynix Semiconductor Inc left for the US on Sunday to
join Hynix Chief Executive Officer Park Chong-Sup there for
talks with Micron.


HYUNDAI MERCHANT: Selects Asan Chairman Chung As Board Member
-------------------------------------------------------------
The Board of Directors of Hyundai Merchant Marine Co (HMM) has
nominated Hyundai Asan Corp Chairman Chung Mong-hun as a new
Board Member, AFX News said Wednesday. The Company will
officially name Chung as Board Member after securing shareholder
approval at an AGM on March 28.

Chung Mong-hun, younger son of the late Hyundai Group founder
Chung Ju-yung, holds a 4.9 percent stake in Hyundai Merchant.
His return to Hyundai Merchant management follows his
resignation as Hyundai Group Chairman in May 2000, in the wake
of debt problems at some Hyundai subsidiaries.

At the end of 2000, Hyundai Merchant Marine Co., Ltd. had
negative working capital, as current liabilities were W3.25
trillion while total current assets were only W1.88 trillion,
according to Wright Investor's Service.


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


ARTWRIGHT HOLDINGS: Debt to Equity Conversion Listing Pending
-------------------------------------------------------------
Artwright Holdings Berhad, in reference to ARTWRT-(I) issuance
of 1,908,994 new ordinary shares of Rm1.00 each in Artwrt
(Artwrt Shares) at an issue price of Rm1.89 per share as part
settlement of interest in arrears to the secured creditors and
the unsecured creditors of Artwrt and its subsidiary companies
(Debt to Equity Conversion); and issuance of Rm14,410,000
nominal value of 5-year 5.5 percent irredeemable convertible
unsecured loan stocks (ICULS) as part settlement of the
unsecured debts amounting to Rm28,929,910 to the unsecured
creditors on the basis of Rm1.00 nominal value of ICULS for
every Rm1.00 owed to the unsecured creditors (ICULS Issue),
advised that the:

   (i) listing and quotation of ARTWRT's additional 1,908,994
new ordinary shares of RM1.00 each arising from the aforesaid
Debt To Equity Conversion; and

   (ii) ARTWRT's RM14,410,000 nominal value of 5-year 5.5
percent ICULS arising from the aforesaid ICULS Issue will be
admitted to the Official List of the Exchange and the listing of
and quotation for these ICULS on the Second Board under the
"Loans" sector, on a Ready basis pursuant to the Rules of the
Exchange

will be granted with effect from 9.00 a.m., Monday, 18 March
2002.

The ICULS are convertible into new ordinary shares in ARTWRT at
the conversion price from the date of issue of the ICULS on 6
March 2002 to 5.00 p.m., on the maturity date which falls on 5
March 2007. Any outstanding ICULS on the maturity date will be
converted into fully paid ordinary shares of ARTWRT at the
conversion price of RM2.14.

The Conversion Price shall be satisfied by surrendering such
number of ICULS equivalent to the conversion price of the ICULS
for cancellation by ARTWRT.

The Stock Short Name, Stock Number and ISIN Code of the ICULS
are "ARTWRT-LA", "7315LA" and "MYL7315LAH32" respectively.

Kindly be advised that the ICULS of ARTWRT are prescribed
securities. Dealings in the aforesaid ICULS should be carried
out in accordance with Securities Industry (Central
Depositories) Act, 1991 and the Rules of Malaysian Central
Depository Sdn Bhd.

Kindly also be reminded that only "free securities" can be
utilized for settlement of trades involving the aforesaid ICULS.


JASATERA BERHAD: SC Junks Revised Recapitalization Proposal
-----------------------------------------------------------
Public Merchant Bank Berhad is pleased to announce on behalf of
the Board of Directors of Jasatera Berhad (Jasatera or Company)
that the Foreign Investment Committee (FIC), via its letter
dated 22 January 2002, approved the Revised Proposed
Recapitalization Exercise.

However, the Securities Commission (SC), via its letter dated 5
March 2002, rejected the Proposed Recapitalization Exercise due
to the fact that Jasatera, a construction company, does not have
sufficient contracts in hand which are directly secured from
parties that are not related to the Company and/or the
substantial shareholders of Jasatera necessary to ensure future
profitability after the Proposed Recapitalization Exercise.

The Board of Directors of Jasatera has deliberated on the
decision of the SC on the Proposed Recapitalization Exercise and
shall be appealing against the decision.

The "Revised Proposed Recapitalization Exercise" refers to the
following:  

      i) Proposed Capital Reconstruction;
     ii) Proposed Increase in the Authorized Share Capital;
    iii) Proposed Debt Settlement;
     iv) Proposed Rights Issue;
      v) Proposed Exemption From a Mandatory General Offer;
     vi) Proposed Non-Renounceable Restricted Offer for Sale;
    vii) Proposed Special Issue; and
   viii) Proposed Private Placement


OLYMPIA INDUSTRIES: Winding Up Hearing Scheduled for April 16
-------------------------------------------------------------
Olympia Industries Berhad (the Company), in reference to its
last announcement dated 20 November 2001 in relation to the
winding up petition filed by Tanjung Teras Sdn Bhd against
Mascon Sdn Bhd, a subsidiary of the Company, informed that the
Court will hear the matter on 16 April 2002, pending settlement
negotiations.

Profile

On 30 April 1999, Pengurusan Danaharta Bhd appointed Special
Administrators (SAs) over Jupiter Securities to assume control
of the assets and affairs of the company. The SAs have prepared
a workout proposal, which was subsequently accepted by secured
creditors on 11 October 99. The workout proposal has been
approved by all relevant authorities except the SC where a
conditional approval was received on 14 August 2000. Pursuant to
the conditional approval, the SAs' appointment will be extended
until such time when the SC is satisfied with the implementation
of the plans.

The workout proposal involves a capital injection, the novation
of certain loans of Jupiter Securities to Olympia, the
settlement of the secured creditors holding pledged quoted
securities, the conversion of secured creditors with third party
charges to restructured term loans and the conversion of
unsecured creditors to redeemable convertible cumulative
preference shares.

Subsequently, on 8 May 2000, the Company and certain of its
subsidiaries, Jupiter Capital Sdn Bhd, Dairy Maid Resort &
Recreation Sdn Bhd, Olympia Plaza Sdn Bhd, Olympia Land Bhd, and
Mascon Sdn Bhd, and sub-subsidiaries LC (BVI) Ltd and Olympia
Travels and Tours Sdn Bhd, entered into a restructuring and
standstill agreement with financial institution creditors to
undertake a proposed debt and corporate restructuring entailing
a proposed capital reduction and consolidation, reduction of
share premium account, rights issue with detachable warrants,
special issue, debt novation, debt restructuring, acquisition of
property companies and land, disposal of property companies,
inter-company settlement between the Company and substantial
shareholder Mycom Bhd and an offer for sale.

The proposals are inter-conditional upon a scheme that Mycom is
undertaking. The scheme was submitted to the SC on 16 August
2000. Save for FIC, the scheme is pending approval from the SC,
MITI, KLSE, shareholders and creditors. On 26 February 2001, the
Company received a request from the SC for further input, in
order to arrive at a more comprehensive restructuring exercise
for its consideration.


PAN MALAYSIA: Guarantees Assumption of Financial Obligations
------------------------------------------------------------
Pan Malaysia Holdings Berhad (PMH), in reference to its
announcements on 20 December 2001 and 14 February 2002
concerning the Proposal, which stated that the Proposal is
conditional upon, inter alia, PMH obtaining a letter of release
and discharge from Aseambankers Malaysia Berhad and Malayan
Banking Berhad (collectively referred to as the "Financiers") to
release Lai Sun from the corporate guarantee given in respect of
facilities granted by the Financiers to PHR, informed that
consequent thereto, PMH had on 13 March 2002 executed a
corporate guarantee in favor of Aseambankers Malaysia Berhad as
agent for the Financiers which, inter alia, assumed the 10
percent financial obligation of Lai Sun amounting to
RM2,095,738.58 in respect of facilities granted by the
Financiers to PHR ("Assumption of Financial Obligations").

The "Proposal" comprises:

   (i) Acquisition by PMH of the remaining 800,000 ordinary
shares of Rm1/- each in Pengkalen Holiday Resort Sdn Bhd (PHR)
From Lai Sun Development Company Limited ("Lai Sun") for a cash
consideration of Rm1/-

  (ii) Acceptance of the assignment of debt owed by PHR to Lai
Sun for a cash consideration of Rm549,998/-

EFFECTS OF THE ASSUMPTION OF FINANCIAL OBLIGATIONS

The Assumption of Financial Obligations will not have any effect
on the share capital and substantial shareholders' shareholding
of PMH nor does it has any material effect on the net
liabilities and earnings per share of PMH Group. A contingent
liability of RM2,095,738.58 will be created in respect of the
Assumption of Financial Obligations.

RATIONALE

The Assumption of Financial Obligations is to enable PMH to
fulfill one of the conditions precedent of the Proposal, i.e. to
obtain a letter of release and discharge from the Financiers to
release Lai Sun from the corporate guarantee given in respect of
facilities granted by the Financiers to PHR.

APPROVALS REQUIRED

The Assumption of Financial Obligations is not subjected to
shareholders' approval nor approval from any regulatory bodies.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

PHR is a 90 percent-owned subsidiary of PMH. Lai Sun owns the
remaining 10 percent in PHR. Dr Paul Tong Yuk Lun, one of the
nominees of Lai Sun on the Board of PHR, is a director and
shareholder of Lai Sun. Dr Paul Tong holds 135,000 shares
representing 0.0036 percent of the issued and paid-up share
capital of Lai Sun.
Save as disclosed above, none of the directors, major
shareholders and persons connected with the directors and major
shareholders of PMH has any interest, direct or indirect, in the
Assumption of Financial Obligations.

DIRECTORS' RECOMMENDATION

The Board of Directors of PMH, after careful deliberation, is of
the opinion that the Assumption of Financial Obligations is in
the best interests of PMH. The Assumption of Financial
Obligations is fair and reasonable to PMH and is not to the
detriment of PMH and its shareholders.


PAN PACIFIC: Posts February 28 Defaulted Payment Status
-------------------------------------------------------
The Board of Directors of Pan Pacific Asia Bhd. (PPAB) posted
the Default in Payment as at 28 February 2002 of PPAB and its
subsidiaries in accordance with the Practice Note No. 1/2001 at
http://www.bankrupt.com/misc/TCRAP_PanPacific0313.xls

Profile

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

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

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


PERNAS INTERNATIONAL: Major Shareholder Proposes Shares Disposal
----------------------------------------------------------------
The Board of Directors of Pernas International Holdings Berhad
(PIHB) announced that PIHB has been notified by Perbadanan
Nasional Berhad (PNS), its single largest shareholder, that PNS
has commenced preliminary discussions with Restu Jernih Sdn Bhd
for the proposed disposal of PNS' entire shareholdings in PIHB
to Restu Jernih Sdn Bhd. No formal Agreement on the proposed
disposal, however, has been signed todate.

Last September, Rating Agency Malaysia Berhad (RAM) downgraded
the long-term ratings of the RM580 million private debt
securities issued by Pernas International Holdings Berhad
(PIHB), from A1(s) to BBB3(s). The downgrade reflects the delay
in the materialization of the Group's balance sheet
restructuring scheme, which was aimed at reducing its high debt
level with fresh funds from the capital markets and proceeds
from asset sales.


REPCO HOLDINGS: KLSE Grants Regularization Plan Time Extension
--------------------------------------------------------------
Repco Holdings Berhad (Special Administrators Appointed) (the
Company), in reference to its letter dated 20 February 2002 to
the Kuala Lumpur Stock Exchange, appealing for an extension of
time to comply with the requirements of paragraph 5.1 of
PN4/2001 in making an announcement to the Exchange on the
Company's plan to regularize its financial condition, announced
that the Exchange had, by its letter dated 7 March 2002,
approved the Company's application for an extension of two (2)
months from 23 February 2002 to 23 April 2002 to enable the
Company to make its announcement on the Company's plans to
regularize its financial condition (the Requisite Announcement).

The Special Administrators are currently formulating the
proposed corporate and debt restructuring scheme (Proposed
Workout), details of which will be announced in due course.


SAP HOLDINGS: Court Dismisses Civil Suit Filed by EWRS
------------------------------------------------------
SAP Holdings Berhad (SAP or the Company), in reference to the
Financial Result Announcement on 28th February 2002, and  
specific to the Mahkamah Tinggi Malaya Di Kuala Lumpur S/No:S6-
22-1177-01 East West Resources Sdn Bhd (EWRS) V. Sap Holdings
Berhad, Sap Air Hitam Properties Sdn. Bhd., Europlus Berhad and
Abra Development Sdn. Bhd. Suit, advised that the application
for various injunctions including mandatory injunctions in the
Kuala Lumpur High Court by East West Resources Sdn. Bhd. against
SAP, SAP Air Hitam Properties Sdn. Bhd., Europlus Berhad and
Abra Development Sdn. Bhd. as part of Civil Suit No. S6-22-1177-
01 was dismissed by the Honorable Judge with costs on 06th March
2002.

The Plaintiff may appeal the decision. However, to-date the
solicitor for SAP Holdings Berhad and SAP Air Hitam Properties
Sdn. Bhd., has not received any notification regarding an
appeal.

The Solicitor is of the opinion that an appeal is unlikely to
succeed.


TECHNO ASIA: Subsidiary Faces Civil Case Filed by KENOL
-------------------------------------------------------
The Special Administrators of Techno Asia Holdings Berhad
(Special Administrators Appointed) announced that Kenya Oil
Company Limited (KENOL), a company incorporated in Kenya, has
filed a claim against Westmont Power (Kenya) Limited (WPKL) for
an alleged sum of Kshs33,360,625.40 under the Civil Case No. 106
of 2002 in the High Court of Kenya at Nairobi (Milimani
Commercial Courts). WPKL is contesting this claim.

Solicitors have been appointed by WPKL to enter appearance and
to defend KENOL's claim for and on behalf of WPKL.

WPKL, a company incorporated in Kenya, is a subsidiary company
of Westmont Offshore Sdn. Bhd., which in turn is wholly-owned by
the Company.


TECHNOLOGY RESOURCES: Enters Heads of Agreement With DiGi.Com
-------------------------------------------------------------
Technology Resources Industries Berhad (TRI) and DiGi.Com Berhad
(DiGi) (through its wholly owned subsidiary, DiGi.
Telecommunication Sdn Bhd) jointly announced that both companies
have entered into a Heads of Agreement, a Joint Bid Agreement
and a contract for the provision of roaming services. Pursuant
to the terms of these agreements, the two parties have agreed to
establish GSM National Roaming and facilitate the incorporation
of a joint venture company for the submission of a joint 3G bid.
The management teams of both companies expect the integration of
their respective networks and infrastructure will result in
significant benefits to both companies' customers and
shareholders, in line with the call by the Malaysian Government
for operators to minimize duplication of network and
infrastructure investments in the communication industry.

Whilst both companies are committed towards reaching final
agreement on the commercial terms of the proposed sharing of
network and infrastructure and incorporation of a joint venture
company for the submission of a joint 3G bid, there can be no
assurances that the two companies will achieve this objective.

Meanwhile, please be advised that TRI's securities has been
suspended with effect from 2.32 p.m., Wednesday, 13 March 2002.
Trading in its securities will resume with effect from 9.00
a.m., Thursday, 14 March 2002.  


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


INTERNATIONAL CONTAINER: Settles US$130M Convertible Notes
----------------------------------------------------------
International Container Terminal Services, Inc. (ICTSI)
announced on March 12 that it made the final payment on that
day, to redeem in full, its US$130 million 1.75 percent
convertible notes.

Over the past several months, ICTSI paid a total of US$173
million or approximately P8.9 billion representing the
principal, the fixed coupon interest of 1.75 percent, and the
premium.

The notes were issued in March 1997 and are due in 2004. Note
holders had the option to convert into ICTSI shares prior to the
due date or redeem the notes at 135.75 percent of its principal
amount from 12 January to 11 February 2002. Issued in
denominations of US$1,000, the notes were listed on the
Luxembourg Stock Exchange.

ICTSI used most of the proceeds from the sale of its
subsidiaries, ICTSI International Holdings Corp. and Ensenada
Cruiseport Village, S. A. de C. V., to redeem the notes.

The settlement of the notes puts ICTSI in a healthier financial
position. Debt-to-equity ratio has been reduced from 3.5x to
0.5x. Debt levels dropped from P11 billion in December 2000 to
approximately P2.5 billion.

DebtTraders reports that International Container's 1.750%
convertible bond due in 2004 (ICTS04PHS1) trades between 133.5
and 135. For real- time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ICTS04PHS1


PHILIPPINE LONG: Pending Debt Payments May Spur Bond Issue    
----------------------------------------------------------
Philippine Long Distance Telephone Company may issue a
convertible bond as a sweetener to attract investors,
DebtTraders analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), said. The phone Company needs to
repay its debt of $417 million this year. It has had
difficulties in attracting investors in previous attempts to
reduce debt.

Philippine Long Distance Telephone's 10.500 percent bond due in
2009 (TELP09PHN1) trades between 96.5 and 98.5. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP09PHN1


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


ASIAMEDIC LIMITED: Posts Units' Proposed Restructuring Details
--------------------------------------------------------------
Asiamedic Limited, in reference to its March 11 announcement in
relation to the proposed restructuring of interests in Mecplas
Engineering Pte Ltd (Mecplas) and Juken Technology (S) Pte Ltd
(Juken Technology Singapore), provided further information on
the following points raised in paragraph 3.1 of the announcement
"Details of the Proposed Restructuring".

(a) AsiaMedic and Kengin Enterprises will procure Mecplas to
distribute its entire shareholding in, comprising 20 percent of,
the issued and paid up capital of, Juken Technology Singapore,
by way of a dividend in specie to AsiaMedic and Kengin
Enterprises proportionately (i.e. in the ratio of 80:20) free
from encumbrances and together with all rights, benefit and
title attached thereto as at the date of Completion and based on
the book value of Mecplas' interest in Juken Technology
Singapore.

The book value of Mecplas' interest in Juken Technology
Singapore as at 31 December 2001 amounted to S$100,000 comprised
of 100,000 ordinary shares of S$1 each. AsiaMedic will,
therefore, receive S$80,000 of this interest in Juken Technology
Singapore representing 16 percent of the issued and paid up
capital of, Juken Technology Singapore, by way of a dividend in
specie.

(b) AsiaMedic and Kengin Enterprises will sell and transfer
their respective entire shareholdings in Mecplas, comprising
respectively 80 percent and 20 percent of the issued and paid up
capital of Mecplas, to Juken Technology Singapore free from
encumbrances and together with all rights, benefit and title
attached thereto as at the date of Completion, in consideration
of the allotment and issue by Juken Technology Singapore to
Asiamedic of 169,975 ordinary shares of S$1.00 each in the
capital of Juken Technology Singapore (the "Consideration
Shares") as fully paid-up and at an issue price of S$9.18 for
each Consideration Share for a total consideration of
S$1,560,370.50 and to Kengin Enterprises of 42,494 Consideration
Shares as fully paid-up and at an issue price of S$9.18 for each
Consideration Share for a total consideration of S$390,095;

In the audited accounts of AsiaMedic for the year ended 31
December 2001, the cost of the 80 percent shareholdings in
Mecplas amounted to S$1,870,684. The Company would, therefore,
recognize a loss on disposal of S$310,313.50. The Net Tangible
Assets (NTA) of Mecplas, including its investment in Juken
Technology Singapore, based on the audited accounts for the year
ended 31 December 2001 was S$2,275,639. The audited profit after
tax of Mecplas for the year ended 31 December 2001 was
S$207,539. Including the results of its associate, Juken
Technology Singapore, the audited profit after tax was
S$554,619.

Under the restructuring, the AsiaMedic Group will continue to
hold an effective 25.6 percent stake in Mecplas through Juken
Technology Singapore.

The consolidated NTA and profit after tax and minority interest
of Juken Technology Singapore based on the audited accounts for
the year ended 31 December 2001 was S$7.67 and S$2.89 per share
respectively.

The Company also clarifies that the reference in paragraph 6 in
the announcement to the SGX-ST Listing manual should be to
Clause 1004(3)(b) instead of Clause 1006(3)(b).


EXCEL MACHINE: Obtains Court Judgment on Legal Proceeding
---------------------------------------------------------
The Directors of Excel Machine Tools Ltd (the Company), further
to the announcement made by the Company on 26 June 2001 in
respect of the commencement of legal proceedings against CT
Capital Ventures Sdn Bhd (CT Capital) for failing to complete
the proposed placement of 56,000,340 new ordinary shares of
S$0.20 each in the capital of the Company, informed that it has
obtained judgment against CT Capital in the High Court of the
Republic of Singapore for the sum of S$12,320,074 plus interest
and costs. The judgment has been registered in the High Court in
Sabah and Sarawak at Kuching.

TCR-AP reported last month that the Company issued a profit
warning in its financial results for the second half of 2001,
due to the continuing weakening of the global economy, which was
further aggravated by the uncertainty brought about by the 11
September 2001 incident. The Group expects to report a
significantly lower turnover for Year 2001 as compared to the
previous year. Despite all the cost-cutting efforts, the Group
expects to report a loss for the Year 2001. The full year result
for the Year 2001 will be announced this month.


FLEXTECH HOLDINGS: Unit Undergoes Restructuring Exercise
--------------------------------------------------------
The Board of Directors of Flextech Holdings Limited (Flextech or
the Company) announced on Wednesday that its wholly-owned
subsidiary, FE Global Electronics Pte Ltd (FE Global), has
undergone a restructuring exercise on 12 December 2001, pursuant
to which the Company has transferred its entire shareholdings in
the following subsidiary companies, held directly or indirectly,
to FE Global (the Sale Shares). The consideration of S$5,100,661
for the Sale Shares was satisfied by the allotment and issue of
5,100,661 new ordinary shares of S$1.00 each in FE Global (the
Consideration Shares), credited as fully paid at par, to the
Company (the Transaction):

Company             Number of Sale Shares      Consideration
Electec Pte Ltd   
1,000,000 ordinary shares of S$1.00 each  S$2,636,630.00

FE Global Malaysia Sdn Bhd
100,000 ordinary shares of RM1.00 each  S$47,960.00

FE Investment Holding Pte Ltd
2 ordinary shares of S$1.00 each   S$2.00

Electec Australia Pty Ltd
425,000 ordinary shares of A$1.00 each  S$228,614.00
Sooner Technology Pte Ltd
125,000 ordinary shares of S$1.00 each  S$2,187,455.00

Total         S$5,100,661.00

The Consideration Shares were allotted and issued on 30 January
2002.

CONSIDERATION

The consideration for the Sale Shares, which was valued based on
the consolidated un-audited net asset value of the respective
companies as at 30 June 2001, was arrived at on a willing buyer
and willing seller basis.

RATIONALE FOR THE TRANSACTION

The rationale for the restructuring exercise is to consolidate
the Flextech Group's operations within the Industrial
Distribution Division so that the organization could be
streamlined for more efficient allocation and deployment of
resources.

FINANCIAL EFFECTS

The Transaction is not expected to have a material effect on the
earnings of the Flextech Group for the financial year ended 31
December 2001.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the Directors or substantial shareholders of Flextech
has declared to the Company that they have any interest, direct
or indirect, in the Transaction.


HOTEL GRAND: Unit Applies for Voluntary Liquidation
---------------------------------------------------
Hotel Grand Central Limited (the Company) announced on March 13
that Grand Central Trading Pte Ltd, a dormant subsidiary of the
Company, commenced voluntary liquidation on 12 October 2001 and
Mr. Wu Wai Hong has been appointed as its liquidator.

The liquidation, which is expected to take between six to twelve
months to finalize, will not have any effect on the financial
position of the Company for the current financial year.


THAKRAL CORPORATION: Discloses EGM Resolutions
----------------------------------------------
The Company announced on March 13 that an Extraordinary General
Meeting (EGM) held in The Pan Pacific Singapore, has passed
these resolutions:

Special Resolution

Capital Reduction

That, subject to and contingent upon the confirmation of the
High Court being obtained, the passing of the Ordinary
Resolution 2 set out in this Notice of EGM and the Singapore
Exchange Securities Trading Limited granting its in-principle
approval for the listing and quotation of the Conversion
Ordinary Shares (as defined in the Circular to Shareholders
dated 19 February 2002 (the Circular) and Subscription Shares
(as defined in the Circular):

   (a) the capital of the Company be reduced from S$200,000,000
divided into 2,000,000,000 ordinary Shares of S$0.10 each, of
which as at the Latest Practicable Date 584,996,654 ordinary
Shares of S$0.10 each have been issued and fully paid-up, or
credited as fully paid-up, to S$100,000,000 divided into
2,000,000,000 ordinary Shares of S$0.05 each of which
584,996,654 ordinary Shares of S$0.05 each have been issued and
fully paid-up, or credited as fully paid-up, and that such
reduction be effected by:

(i) canceling paid-up capital to the extent of S$0.05 on each of
the 584,996,654 ordinary Shares of S$0.10 each which have been
issued and are fully paid-up, or credited as fully paid-up which
will be used to write-off part of the accumulated losses of the
Company; and

(ii) reducing the nominal amount of all ordinary Shares, both
issued and un-issued, from S$0.10 to S$0.05 (the "Capital
Reduction");

   (b) the Memorandum of Association of the Company be and is
hereby amended in the manner described in Section 5 of the
Circular with effect from the date that the Capital Reduction
takes effect; and

   (c) approval is hereby given to the Directors to take such
steps and exercise such discretion in connection with all or any
of the above matters and the resolutions set out in the Notice
of EGM of the Circular, with full power to assent to any
condition, modification, variation and/or amendment as may be
required by the relevant authorities, as the Directors may in
their absolute discretion deem fit, advisable or necessary.

Ordinary Resolution

The Scheme

Subject to and contingent upon the passing of the Special
Resolution 1 set out in this Notice of EGM, the Scheme (as
defined in the Circular) comprising the following components be
and is hereby approved:

   (a) a cash injection of S$15,000,000 to the Company by the
Thakral Family (as defined in the Circular) in the form of the
Share Subscription (as defined in the Circular);

   (b) a cash injection of US$19,445,000 by the Company, which
includes the cash injection from (a) above, for purposes of the
Debt Buy Back (as defined in the Circular) and/or the Cash
Distribution (as defined in the Circular);

   (c) the Debt Buy Back;

   (d) the Cash Distribution to the Participating Creditors (as
defined in the Circular) on a pari passu basis towards the
partial discharge of their claims against the Company less any
debt discharged via the Debt Buy Back;

   (e) the retention by the Company of a level of debt being the
Sustainable Long-Term Debt (as defined in the Circular);

   (f) the Capital Reduction to reduce the par value of the
Shares (as defined in the Circular) in the Company from S$0.10
each to S$0.05 each, as provided for in Special Resolution 1 of
this Notice of EGM;

   (g) in relation to the Debt Conversion (as defined in the
Circular) the Directors be and are hereby authorized to allot
and issue one new Share of S$0.05 each in the capital of the
Company credited as fully paid-up for every S$0.25 claim of each
Participating Creditor that is admitted by the Scheme Manager
(as defined in the Circular) pursuant to the Scheme (as defined
in the Circular), towards the discharge of the Conversion Debt
(as defined in the Circular), provided always that a
Participating Creditor whose holding of Conversion Ordinary
Shares (as defined in the Circular) may result in a
contravention of the laws of Singapore or who does not wish to
be allotted and issued Conversion Ordinary Shares shall be
entitled to nominate another party to whom the Conversion
Ordinary Shares shall be allotted and issued;

   (h) in relation to the Share Subscription (as defined in the
Circular) by the Thakral Family the Directors be and are hereby
authorized to allot and issue the Subscription Shares (as
defined in the Circular) to Asia Indo Opportunity 1 Ltd and
Arthur Andersen Associates (S) Pte Ltd pursuant to written
instructions dated 15 November 2001 by Mr. Kartar Singh Thakral
on behalf of the Thakral Family given for purposes of the Terms
and Conditions of Share Subscription (as defined in the
Circular) in accordance with the Subscription Shares
Allotment(as defined in the Circular) credited as fully paid-up
as consideration for the cash injection of S$15,000,000 in (a)
above;

   (i) for purposes of the allotment and issue of the Conversion
Ordinary Shares and the Subscription Shares, the rights of the
existing Shareholders of the Company under Article 12(1) of the
Articles of Association of the Company is hereby waived;

   (j) the grant of the Put Option (as defined in the Circular)
by the Put Option Companies (as defined in the Circular) to the
Participating Creditors to put 88,000,000 Conversion Ordinary
Shares to the Put Option Companies and the grant of the First
Call Option (as defined in the Circular) by the Participating
Creditors to the Thakral Family to acquire 88,000,000 Conversion
Ordinary Shares;

   (k) the grant of the Second Call Option (as defined in the
Circular) by the Participating Creditors to the Thakral Family
to acquire up to 53 percent of the Balance Conversion Ordinary
Shares (as defined in the Circular); and

   (l) the Directors be and are hereby authorized to complete
and do all such acts and things including, without limitation,
to execute all such documents and to approve any amendments,
alteration; or modification to any documents as they may
consider necessary, desirable or expedient to give effect to
this Resolution.

Share Issue Approval

Pursuant to Section 161 of the Companies Act, Cap. 50, the
Directors be and are hereby authorized to issue up to
921,922,034 new ordinary Shares of S$0.05 each in the capital of
the Company under the Scheme representing approximately
60,000,000 Subscription Shares to Asia Indo and the Financial
Advisor and approximately 861,922,034 Conversion Ordinary Shares
to the Participating Creditors respectively.


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


DATAMAT PUBLIC: Resolutions Passed at BOD Meeting 4/2545   
--------------------------------------------------------
Datamat Public Company Limited disclosed the resolutions passed
at the Board of Directors' Meeting No. 4/2545:

1. Approval was given to elect Chairman and Vice-Chairman of the
Board of Directors:

        Miss. Sukanya     Prachuabmoh         Chairman
        Mr. Manoo         Ordeedolchest       Vice Chairman
        Mr. Boonlert      Sanooj              Secretary

2. Approval was given for making no dividend payment due to
remaining deficit as at 31st of December 2001.

3. Approval was given calling Annual General Meeting No.34 on
25th of April 2002 at 14.00 hours at  somewhere being approved
in the next Meeting on the following agendas:

       1. To approve the Minutes of Extra-ordinary Meeting
   No.1/2545.
       2. To consider Annual Report and the Board of Directors'
Report and financial Statement certified by Auditor
as at 31st of December 2001.
       3. To consider making no dividend payment for the result
of operation in year 2001.
       4. To consider election of directors for those directors
who retired  by rotation and additional directors
with their remuneration.
       5. To consider appointment of Auditors with their
remuneration.
       6. Other matters (if any).

4. Approval was given  for closing date of the shareholders''
registration on 5th of April 2002 from 12.00 hours until the
Meeting was over.

Please be informed and kindly disclose to investors accordingly.


H. C. CITY: Files Business Reorganization Petition
--------------------------------------------------
Real estate developer H. C. City Company Limited (DEBTOR)'s  
Petition for Business Reorganization was filed at the Central
Bankruptcy Court:

   Black Case Number 888/2544

   Red Case Number 837/2544

Petitioner: BANKTHAI PUBLIC COMPANY LIMITED #1ST, V. CAPITAL
MUTUAL FUND #2ND

Planner: VISION PLANNER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt626,419,498.32

Date of Court Acceptance of the Petition: August 30, 2001

Date of Examining the Petition: September 24, 2001 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: September 24, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: October 2, 2001

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

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: January 18, 2002

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

Appointment date for the Meeting of Creditors to consider the
Reorganization Plan: March 25, 2002 at 9.30 am. Pacific Ball
Room, 21st Floor, Pan Pacific Hotel, Rama 4 Road

Contact: Mr. Attawut Tel, 6792525 ext. 127


THAI CANE: Taken Into Rehabilitation Process Under TAMC
-------------------------------------------------------
Thai Cane Paper Pcl. (Debtor) has been subjected to the business  
rehabilitation process under the Thai Asset Management
Corporation Decree B.E. 2544 (Decree), and Deloitte Touche
Tohmatsu Corporate Restructuring Co., Ltd., have been assigned
by  the Thai Asset Management Corporation (TAMC) to act as a
Planner since March 5, 2002.

To arrange the process of the business rehabilitation of the
Debtor in compliance with the Decree, the Planner organized a
meeting with all creditors, the Debtor, TAMC and other creditors
on March 14, 2002 at 14.00 hours at Crystal Ballroom I, Crowne
Plaza Bangkok, 981 Silom Road, Bangkok.  The business agendas to
propose in the meeting are as follows:

   1. To inform about a schedule of the Debtor's business
rehabilitation

   2. To inform about the criteria of grouping creditors

   3. To consider other matters (if any)

Prior to the meeting, creditors are required to prepare an
application for debt repayment in a form  as enclosed
herewith together with evidences of debts, collateral (if any)
and other documents specified in the application form.  It is
noteworthy that the amount of your outstanding debts, which will
be stated in the application must have been incurred up to March
5, 2002 (irrespective of whether they become due or not).  All
documents will be provided to the Planner on the meeting date.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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information, contact Christopher Beard at 240/629-3300.

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