TCRAP_Public/020320.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Wednesday, March 20, 2002, Vol. 5, No. 56

                         Headlines

A U S T R A L I A

ANDERSEN AUSTRALIA: Unaffected by Enron-Related Investigations
ANSETT GROUP: Administrators Release Summary of Second Report
ASHANTI GOLDFIELDS: Provides Proposed Notes Update
IOCOM LIMITED: Narrows 2001 Overall Loss to $1.419M
SMARTWORLD CORPORATION: Discloses AGM Results


C H I N A   &   H O N G  K O N G

CELESTIAL ASIA: Proposes Share Consolidation,Capital Reduction
CREATIVE WORTH: Petition to Wind Up Pending
GUANGDONG WATER: Winding Up Petition Set for Hearing
HINET HOLDINGS: Vendors Sell 21.79% Sale Shares
MOUNT OCEAN: Winding Up Petition Pending

NEVILLIE ENTERPRISES: Faces Winding Up Petition
WAI KEE: ICAC Grants Employees Unconditional Release
WO YICK: Winding Up Sought by Asia Stone


I N D O N E S I A

DHARMALA GROUP: Files Suit Against Former Insurance Partners
MEDCO ENERGI: Unit Issues US$100M Unsecured Notes


J A P A N

DAIEI INC: Requesting Industrial Rehabilitation Law Invocation
FURUKAWA ELECTRIC: R&I Places LT Debt, CP Rating on Monitor
KDDI CORP: Launches 3G Data Using Motorola's Wireless Network
MARUBENI CORP: Farm Ministry Raids Unit
MARUBENI CORPORATION: NPI Acquiring Australian Unit Stake

MITSUBISHI ELECTRIC: Cutting Employees Basic Salary by 2.9%
SEIYU LTD: R&I Places BB- LT Bond Rating on Monitor Scheme
SNOW BRAND: Considering Headquarters Relocation


K O R E A

DAEWOO MOTOR: Creditors Say April Sale Contract Signing Likely
DAEWOO MOTOR: GM, Union Meet as Sale Progresses
HYNIX SEMICON: Creditors Likely to Sign Micron MoU
HYUNDAI MOTOR: Indian Unit Plans IPO Next FY
KOOKMIN BANK: Senior Management Changed Due to Restructuring


M A L A Y S I A

DEWINA BERHAD: Posts Change of Address Notice
ESPRIT GROUP: Updates Subsidiary's Winding Up Petition Status
PSC INDUSTRIES: March 14 Court Hearing Adjourned to April 22
RHB CAPITAL: KLSE Grants Trading Suspension Request
SAP HOLDINGS: Unit Serves Notice Filed by Judgment Creditors

TECHNO ASIA: Changes Registered Address
TECHNO ASIA: Hearing on Ex-Parte Order Set for March 18


P H I L I P P I N E S

NATIONAL POWER: Cuts Off Aklan Power Supply
NATIONAL POWER: Privatization Faces Delay
PHILIPPINE LONG: Studies Financing Options
PHILIPPINE LONG: Says Nothing is Final on Bond Issue


S I N G A P O R E

ASIA PULP: Bondholders Demand Transparency in Finances
NI-JAYA: Jaya Winds Up Associate
QARIRA PACKAGING: Pacific Best Sells Packaging Firm Stake


T H A I L A N D

CHONNITI COMPANY: Business Reorganization Petition Filed
SIKARIN PUBLIC: Discloses Rehabilitation Plan Progress Report
SINO-THAI RESOURCES: Posts BOD Meeting No. 1/2002 Resolutions
SUPALAI PUBLIC: Omits Dividend Payment, April 23 AGM Set
TUNTEX (THAILAND): Explains Operation Result Changes

     -  -  -  -  -  -  -  -

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


ANDERSEN AUSTRALIA: Unaffected by Enron-Related Investigations
--------------------------------------------------------------
Arthur Andersen LLP, the US member of the Andersen global
network, was indicted last Thursday, by the US Justice
Department. Andersen Australia is a separate entity.

The indictment, which is connected to its role to the $US63.5
billion collapse of Enron, represents charges against Arthur
Andersen LLP.  The following points are Arthur Andersen LLP's
response to the charges:

   * The indictment represents an exercise of prosecutorial
discretion, and believed to be a gross abuse of governmental
power.

   * The prosecution would be strange for several reasons. In
particular, the Justice Department has refused to meet with
principals of the firm to discuss plans to take legal action and
to allow the firm to tell the story to the grand jury in
violation of the Department's own policy.

   * The government is pushing through with an indictment even
though there are alternative ways to achieve every valid
government objective.

   * Although several Arthur Andersen LLP partners and employees
exercised poor judgment, there is absolutely no support for the
allegation that the firm acted "corruptly."

Andersen Australia said that the Australian business is not
affected by Enron or Enron-related investigations in the US. "It
is a separate partnership and the membership of the Andersen
global network does not rely on any direct relationship with the
US firm."

Mr Garry Hounsell, Managing Partner of Andersen Australia
confirmed that discussions were continuing between Andersen and
several parties about a global merger. "The merger discussions
underway around the world are providing options for the global
network to resolve the current difficulties facing the US firm."


ANSETT GROUP: Administrators Release Summary of Second Report
-------------------------------------------------------------
Ansett Group Of Companies (Administrators Appointed) released
the Administrators' Summary of Second Report. It is an update on
matters since the First Report dated 16 January 2002 and
provides recommendations to creditors for them to consider
before Part 2 of their Second Meetings.

Part 2 of the Second Meetings of the creditors of the Ansett
Group will be held on 27 March 2002 at 11.00am at the Melbourne
Exhibition and Convention Center, 2 Clarendon Street, Southbank,
Melbourne, 3006.

Second Report to Creditors & Statement of the Administrators'
Opinions about the Ansett Group's business, property affairs &
financial circumstances pursuant to Section 439A of the
Corporations Act can be found at
http://www.bankrupt.com/misc/TCRAP_Ansett0320.pdf


ASHANTI GOLDFIELDS: Provides Proposed Notes Update
---------------------------------------------------
Ashanti Goldfields Company Limited provided an update on the
Proposed Restructuring of the 5(1/2)% Exchangeable
Guaranteed Notes Due March 15, 2003. The key highlights are:

   * Conditional margin free arrangements agreed in relation to
Ashanti's hedging activities

   * A syndicate of four banks have agreed to provide an
underwritten US$100 million revolving credit facility
conditional, inter alia, on the Proposed Restructuring being
implemented

   * Exchange Price for the New Exchangeable Notes determined at
US$5.75, a 55% premium to the closing share price on the day
prior to the announcement of the Proposed Restructuring on 25
January 2002

   * 73 per cent in value of Noteholders have at this stage
expressed their support

Commenting on the Proposed Restructuring, Chief Executive, Sam
Jonah, said: "Ashanti has satisfied on schedule two key
milestones for the proposed restructuring. It has secured
approval from those of the hedge counterparties whose support is
required to implement the proposed restructuring to continuing
margin free arrangements after completion of the restructuring.
A syndicate of four banks has agreed to provide an underwritten
US$100 million revolving credit facility to replace the existing
revolving credit facility on completion of the restructuring. We
are also pleased that the conversion price for the new notes has
now been set at a higher level. We believe the proposed
restructuring is on track."

INTRODUCTION

On 25 January 2002, the Board of Ashanti Goldfields Company
Limited (Ashanti or the Company) announced (Announcement) that
it had agreed terms with an Ad Hoc Committee (Ad Hoc Committee)
of the holders of the outstanding 5(1/2)% Exchangeable
Guaranteed Notes due 15 March 2003 (Existing Notes) representing
approximately 62% of the outstanding principal amount of such
notes to a proposed restructuring (Proposed Restructuring) of
the Existing Notes. US$218,571,000 of the Existing Notes are in
issue. Each member of the Ad Hoc Committee had entered into
written undertakings with Ashanti dated 25 January 2002 pursuant
to which each such holder of Existing Notes agreed, inter alia,
to vote in favor of the Proposed Restructuring when solicited by
Ashanti.

MARGIN FREE ARRANGEMENTS

Under the existing margin free trading letter with its hedge
counterparties dated October 2000 (Existing MFTL) Ashanti
benefits from margin free trading with its hedge counterparties
until 31 December 2002 and from increased margin thresholds
until 31 December 2004, subject to compliance with covenants and
no event of default being declared. However, in order to
implement the Proposed Restructuring, Ashanti needed to enter
into appropriate continuing margin free arrangements in respect
of its hedging activities for the period after 31 December 2002.

Following considerable discussions with its hedge
counterparties, Ashanti proposed a two stage process. The first
stage was to enter into interim margin free arrangements
pursuant to which the entitlements of the hedge counterparties
to call for margin under their hedging arrangements with Ashanti
would be suspended (subject to compliance by Ashanti with
covenants and no events of default being declared) unless and
until any hedge counterparty actually calls for margin or
collateral, or Ashanti provides any form of margin or
collateral, in respect of its hedging arrangements (Interim
Margin Free Agreements). The second stage was that once
the Interim Margin Free Agreements have become effective and
have been signed by all the active hedge counterparties,
including Credit Suisse First Boston International (CSFB), the
Interim Margin Free Agreements will terminate and the Existing
MFTL will be amended and restated to provide for margin free
trading on an ongoing basis, subject only to certain limited
termination rights.

Interim Margin Free Agreements have now been signed by all of
Ashanti's active hedge counterparties other than CSFB (the
"Relevant Hedge Counterparties"). However one of the Interim
Margin Free Agreements (signed by a Relevant Hedge Counterparty,
which has agreed to novate half of its hedge book to Standard
Bank London Limited conditionally only upon the Interim Margin
Free Arrangements becoming effective prior to 15 March 2003), is
being held by Ashanti's lawyers subject to an escrow agreement.
This Interim Margin Free Agreement will be released from escrow
to Ashanti on Ashanti certifying, prior to 15 March 2003, that
it believes (acting in good faith) that should the relevant
Interim Margin Free Agreement be released from escrow,
all the conditions to the Interim Margin Free Agreements will
become effective unless, prior to that date, Ashanti has been
notified that there has been an event of default resulting in an
early termination event under the ISDA Master Agreement between
such counterparty and Standard Bank London Limited.

All of the Interim Margin Free Agreements are now conditional
upon satisfaction of the following conditions (Conditions) prior
to 15 March 2003:

   * the Proposed Restructuring (or such other restructuring as
is approved by an appropriate majority of hedge counterparties)
being completed;

   * release from escrow to Ashanti of the Interim Margin Free
Agreement currently held in escrow; and

   * Ashanti having available to it loan facilities in an amount
of not less than US$25 million available for drawing for working
capital purposes for a period of not less than 15 months from
the date of posting of the documentation to shareholders in
relation to the Proposed Restructuring.

If the Conditions are satisfied at a stage when CSFB has not
signed the Interim Margin Free Agreement then, subject to
Ashanti complying with certain covenants and no events of
default being declared, Ashanti will benefit in the period after
31 December 2002 from ongoing margin free trading arrangements
unless CSFB is entitled to, and actually does, call for margin.
Based on CSFB's current hedgebook with Ashanti and current
market conditions, Ashanti believes that CSFB would only be
entitled to call for margin after 31 December 2002 as a result
of breaching the enhanced margin limits if the gold price
exceeded approximately US$370 per ounce. It should be noted
however that the threshold for a triggering of the margin limits
in respect of CSFB will also vary as a result of changes in US
interest rates, gold lease rates and gold price volatility.

Ashanti will continue to explore ways in which it can satisfy
CSFB that it is appropriate for it to sign the Interim Margin
Free Agreement so that, once those agreements become effective,
Ashanti will be able to benefit from ongoing margin free trading
with all of its hedge counterparties. Whilst there can be no
assurance that this can be achieved, it should be noted that
neither the Proposed Restructuring nor the written undertakings
are conditional on this being achieved.

One of the Interim Margin Free Agreements is still held in
escrow and Ashanti has agreed, with the Ad Hoe Committee, an
extension of the date for obtaining the signatures of all of the
Relevant Hedge Counterparties to the Interim Margin Free
Agreements to 2 April 2002.

Ashanti is currently discussing with the Ad Hoe Committee the
removal of this condition from their written undertakings.

NEW REVOLVING CREDIT FACILITY

Ashanti has mandated four financial institutions, comprising
Barclays Capital (the investment banking division of Barclays
Bank PLC), Bayerische Hypo-und Vereinsbank AG, N M Rothschild &
Sons Limited and Standard Bank London Limited to arrange a new
US$100 million 5 year revolving credit facility (New RCF) for
the Ashanti Group. Those financial institutions or their
affiliates have also agreed to underwrite the New RCF. The
underwriting and the facility are conditional inter alia on (i)
the Interim Margin Free Agreements being signed by all the
Relevant Hedge Counterparties; (ii) execution of a facility
agreement by no later than 15 June 2002; (iii) on the
non-occurrence of certain material adverse changes; (vi) the
Proposed Restructuring being completed and (v) appropriate
regulatory approvals. The facility amount will be reduced by
US$10 million every six months with effect from the first
anniversary of drawdown.

The condition to the Interim Margin Free Agreements, which
relates to working capital facilities will be satisfied on the
New RCF becoming available for drawdown.

EXCHANGE PRICE OF NEW EXCHANGEABLE NOTES

As detailed in the Announcement, the Proposed Restructuring
comprises:

   * an equalization of US$54,642,750 of the Existing Notes
(representing 25% of the Existing Notes) by the issue of
ordinary shares in Ashanti (Ashanti Shares) at US$3.70 per
Ashanti Share; and

   * an exchange of US$163,928,250 of the Existing Notes
(representing 75% of the Existing Notes) for US$163,928,250 of
7.95% Exchangeable Guaranteed Notes due 30 June 2008 (New
Exchangeable Notes).

The New Exchangeable Notes will be exchangeable by the holders
into Ashanti Shares at any time at an initial exchange price
which was to be calculated as being the higher of US$5.03 (which
represented 130% of the volume-weighted average closing price of
Ashanti's GDSs over a period of 30 trading days on the New York
Stock Exchange (NYSE) immediately prior to the Announcement) and
125% of the volume-weighted average closing price of Ashanti's
GDSs over a period of 30 trading days on the NYSE from the
Announcement. This has resulted in the exchange price for the
New Exchangeable Notes being set at US$5.75, representing a 55%
premium to the Ashanti's share price on 24 January 2002, the day
prior to the Announcement.

ADDITIONAL SUPPORT FOR THE PROPOSED RESTRUCTURING

Support has now been secured for the Proposed Restructuring from
approximately 73% of the holders of the Existing Notes as
Ashanti has received additional irrevocable undertakings from
holders representing approximately 6.3% of the Existing Notes
and letters indicating an intention to vote in favor of the
Proposed Restructuring representing 4.7% of the Existing Notes.

REFINANCE PLAN

The Refinance Plan, which Ashanti submitted to its hedge
counterparties and its lending banks under the terms of its
existing revolving credit and hedge facilities has not been
objected to by either the hedge counterparties or the lending
banks within the period permitted for objections.

GENERAL

Ashanti currently expects that such public documentation will be
posted to Ashanti security holders and holders of the Existing
Notes in late April 2002 or early May 2002. It should be noted,
however, that there can be no assurance that the Proposed
Restructuring will be implemented. Security holders should,
given the uncertainties surrounding the Proposed Restructuring,
exercise caution in relation to dealings in Ashanti's securities
at the present time.


IOCOM LIMITED: Narrows 2001 Overall Loss to $1.419M
---------------------------------------------------
Iocom Limited informed that since completing its restructure
last October that began early last year, Iocom has strived to
improve its financial situation.  In the face of a difficult
year and significant change in the technology industry, the
Board of Iocom restructured the business to suit future needs of
industry. This change for the future has come at some cost.

The half-yearly results show an overall loss of $1.419 million.
Although substantial, this is a significant improvement from the
$7.545 million loss for the same period the year prior.

The Board strongly believes in the resilience of the Company and
the ongoing viability and future profitability of the contracted
technical services outsourcing business.

Iocom is entering into a relationship with Optima Computer
Technology after the shareholders meeting. The Board views the
Optima acquisition as a positive step forward, and it is one
that the Board believes offers considerable upside potential for
our shareholders.

Optima's own (unaudited) half-year results are $1.68 million
profit before tax from revenue of $46.5 million. This is 1.24
times the profit of the same period in the prior year. Optima
has experienced a trend of continued growth over the past three
years.

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

CONSOLIDATED PROFIT AND LOSS ACCOUNT

                                         CURRENT     PREVIOUS
                                         PERIOD   CORRESPONDING
                                                     PERIOD
                                         AUD000       AUD000

1.1  Revenues from ordinary activities     2,207        5,499

1.2  Expenses from ordinary activities
     (see items 1.24 + 12.5 + 12.6)        3,653       13,044

1.3  Borrowing costs                       30            -

1.4  Share of net profit (loss) of
     associates and joint venture
     entities (see item 16.7)              -            -

1.5  Profit (loss) from ordinary
     activities before tax                 (1,476)      (7,545)

1.6  Income tax on ordinary
     activities (see note 4)               (57)            -

1.7  Profit (loss) from ordinary
     activities after tax                  (1,419)      (7,545)

1.8  Profit (loss) from extraordinary
     items after tax (see item 2.5)        -            -

1.9  Net profit (loss)                     (1,419)      (7,545)

1.10 Net profit (loss) attributable to
     outside equity interests              -            -  
                           
1.11 Net profit (loss) for the period
     attributable to members               (1,419)      (7,545)

CONSOLIDATED RETAINED PROFITS

1.12 Retained profits (accumulated losses)
     at the beginning of the financial
     period                                (11,810)        1,136

1.13 Net profit (loss) attributable to
     members (item 1.11)                   (1,419)      (7,545)

1.14 Net transfers (to) and from reserves    -      (6,409)

1.15 Net effect of changes in accounting
     policies                                -            -

1.16 Dividends and other equity distributions
     paid or payable                         -          198

1.17 Retained profits (accumulated losses)
     at end of financial period            (13,229)      (6,607)

PROFIT RESTATED TO EXCLUDE AMORTISATION OF GOODWILL                    

1.18 Profit (loss) from ordinary activities
     after tax before outside equity
     interests (items 1.7) and amortization
     of goodwill                            (1,359)      (7,506)

1.19 Less (plus) outside equity interests   -            -

1.20 Profit (loss) from ordinary activities
     after tax (before amortization of
     goodwill) attributable to members      (1,359)      (7,506)

PROFIT (LOSS) FROM ORDINARY ACTIVITIES ATTRIBUTABLE TO MEMBERS

1.21 Profit (loss) from ordinary activities
     after tax (item 1.7)                   (1,419)      (7,545)

1.22 Less (plus) outside equity interests   -            -

1.23 Profit (loss) from ordinary activities
     after tax, attributable to members     (1,419)      (7,545)

REVENUE AND EXPENSES FROM ORDINARY ACTIVITIES

AASB 1004 requires disclosure of specific categories of revenue
and AASB 1018 requires disclosure of expenses from ordinary
activities according to either their nature of function.  
Entities must report details of revenue and expenses from
ordinary activities using the layout employed in their accounts.  
See also items 12.1 to 12.6

                                     Current      Previous
                                     Period   Corresponding
                                                  Period
                                     AUD000       AUD000

1.24 Details of revenue and expenses

Cost Sales                                  1,089        3,013
Distribution/Marketing/Direct Labor          655        1,738
Occupancy Expenses                            134          176
Administrative Expenses                       854        2,741
Other Expenses from Ordinary Activity         812        2,335
- Rationalization/Restructure costs             -        3,038

INTANGIBLE AND EXTRAORDINARY ITEMS

                             Consolidated  -  current period

                        Before   Related   Related     Amount
                          tax      tax     outside     (after
                                           equity       tax)
                                         interests  attributable
                                                    to members

                       AUD000    AUD000    AUD000      AUD000

2.1 Amortization of
    goodwill                 60         -         -        109

2.2 Amortization of
    other intangibles         7         -         -          7

2.3 Total amortization
    of intangibles           67         -         -        116

2.4 Extraordinary items       -         -         -          -
              (details)

2.5 Total extraordinary
    items                     -         -         -          -   


COMPARISON OF HALF YEAR PROFITS            Current     Previous
(Preliminary final report only)            year        year
                                           AUD000       AUD000
3.1  Consolidated profit (loss) from
     ordinary activities after tax
     attributable to members reported
     for the 1st half year (item 1.23
     in the half yearly report)                 -            -
    
3.2  Consolidated profit (loss)
     from ordinary activities after tax
     attributable to members for the 2nd
     half year                                  -            -


CONSOLIDATED BALANCE SHEET

                             At end of  As in last    As in last
                              current     annual     half yearly
                              period      report      report
                              AUD000       AUD000       AUD000
      CURRENT ASSETS                                                 
4.1   Cash                      213          846        1,504
4.2   Receivables               822          919        1,468
4.3   Investments               -            -          450
4.4   Inventories               265        1,197        1,475
4.5   Other (provide details
      if material)              64           22            -

4.6   Total current assets      1,364        2,983        4,897

      NON-CURRENT ASSETS
4.7   Receivables               -           47           35
4.8   Investments (equity
      accounted)                -            -            -
4.9   Other investments         140          125          100
4.10  Inventories               -            -            -
4.11  Exploration and evaluation
      expenditure capitalized
      (see para.71 of AASB 1022) -            -            -
4.12  Development properties
      (mining entities)         -            -            -
4.13  Other property, plant and   
      equipment (net)           343          600        1,155
4.14  Intangibles (net)         753          500        2,999

4.15  Other (provide details if
      material)                 -          321          121

4.16  Total non-current assets  1,236        1,593        4,410

4.17  Total assets              2,600        4,576        9,307

      CURRENT LIABILITIES
4.18  Payables                  1,629        2,215        1,968
4.19  Interest bearing
      liabilities               31          130          275
4.20  Provisions                294          292          623
4.21  Other (provide details if
      material)                 169          363            -

4.22  Total current liabilities 2,123        3,000        2,866

      NON-CURRENT LIABILITIES
4.23  Payables                  75           75            -
4.24  Interest bearing
      liabilities               80           53           75
4.25  Provisions                -           11          130
4.26  Other (provide details if
      material)                 -            -            -

4.27  Total non-current
      liabilities               155          139          205

4.28  TOTAL LIABILITIES         2,279        3,139        3,071

4.29  NET ASSETS                321        1,437        6,236

      EQUITY
4.30  Capital/contributed equity 13,200     12,979       12,479
4.31  Reserves                  350          350          174
4.32  Retained profits            
      (accumulated losses)     (13,229)   (11,810)      (6,607)
4.33  Equity attributable to
      members of the parent
      entity                    321        1,519        6,046
4.34  Outside equity interests in
      controlled entities       -           82          190

4.35  Total equity              321        1,437        6,236

4.36  Preference capital included
      as part of 4.33           -            -            -

EXPLORATION AND EVALUATION EXPENDITURE CAPITALISED
To be completed only by entities with mining interests if
amounts are material. Include all expenditure incurred
regardless of whether written off directly against profit.
                                        Current     Previous
                                       period  corresponding
                                                    period
                                       AUD000       AUD000

5.1  Opening balance                       -            -

5.2  Expenditure incurred                            
     during current period                 -            -

5.3  Expenditure written off
     during current period                 -            -

5.4  Acquisitions, disposals,
     revaluation increments, etc.          -            -

5.5  Expenditure transferred to
     Development Properties                -            -
    
5.6  Closing balance as shown in
     the consolidated balance sheet
     (item 4.11)                           -            -


DEVELOPMENT PROPERTIES
(To be completed only by entities with mining interests if
amounts are material)
                                         Current     Previous
                                        period  corresponding
                                                     period
                                        AUD000       AUD000

6.1  Opening balance                      -            -

6.2  Expenditure incurred
     during current period                -            -

6.3  Expenditure transferred from
     exploration and evaluation           -            -

6.4  Expenditure written off
     during current period                -            -

6.5  Acquisitions, disposals,
     revaluation increments, etc.         -            -

6.6  Expenditure transferred to
     mine properties                      -            -
    
6.7  Closing balance as shown in
     the consolidated balance sheet
     (item 4.12)                          -            -


CONSOLIDATED STATEMENT OF CASH FLOWS

                                          Current     Previous
                                          period  corresponding
                                                      period
                                          AUD000       AUD000
CASH FLOWS RELATED TO OPERATING ACTIVITIES

7.1   Receipts from customers             2,132       6,620

7.2   Payments to suppliers and
      employees                           (2,878)    (11,667)

7.3   Dividends received from
      associates                          -           -

7.4   Other dividends received            -           -

7.5   Interest and other items
      of similar nature received          4          50

7.6   Interest and other costs of
      finance paid                        (30)         (2)

7.7   Income taxes paid                   (109)        (18)

7.8   Other (provide details if material) -           -
                                               
7.9   Net operating cash flows            (881)     (5,017)

CASH FLOWS RELATED TO INVESTING ACTIVITIES

7.10  Payment for purchases of property,
      plant and equipment                 -         695

7.11  Proceeds from sale of property, plant
      and equipment                       52           -

7.12  Payment for purchases of equity
      investments                         -       (767)

7.13  Proceeds from sale of equity
      investments                         -          72

7.14  Loans to other entities             -       (665)

7.15  Loans repaid by other entities      47         910

7.16  Other (provide details if material) -       (517)

7.17  Net investing cash flows            99     (1,662)

CASH FLOWS RELATED TO FINANCING ACTIVITIES

7.18  Proceeds from issues of securities
      (shares, options, etc.)             221       5,572

7.19  Proceeds from borrowings            -          88

7.20  Repayment of borrowings             (72)        (13)

7.21  Dividends paid                      -       (199)

7.22  Other (provide details if material) -           -

7.23  Net Financing Cash Flows            149       5,448

7.24  NET INCREASE (DECREASE) IN CASH HELD (633)     (1,231)

7.25  Cash at beginning of period         846       2,766
      (see Reconciliation of cash)

7.26  Exchange rate adjustments to item
      7.25                                -           -

7.27  Cash at end of period             
      (see Reconciliation of cash)       213       1,535
                
NON-CASH FINANCING AND INVESTING ACTIVITIES
Details of financing and investing transactions which have had a
material effect on consolidated assets and liabilities but did
not involve cash flows are as follows. If an amount is
quantified, show comparative amount.            -

RECONCILIATION OF CASH

Reconciliation of cash at the end of       Current     Previous
the period (as shown in the consolidated  period   corresponding
statement of cash flows) to the related               period
items in the accounts is as follows.      AUD000     AUD000

8.1  Cash on hand and at bank            213      1,535

8.2  Deposits at call                    -          -

8.3  Bank overdraft                      -          -

8.4  Other (provide details)             -          -

8.5  Total cash at end of
     period (item 7.27)                  213      1,535


RATIOS                                   Current     Previous
                                         period   corresponding
                                                     period
     PROFIT BEFORE TAX / REVENUE
9.1  Consolidated profit (loss) from
     ordinary activities before tax
     (item 1.5) as a percentage of
     revenue (item 1.1)                   (67) %    (137) %

     PROFIT AFTER TAX / EQUITY INTERESTS
9.2  Consolidated net profit (loss) from
     ordinary activities after tax
     attributable to members (item 1.9)
     as a percentage of equity (similarly
     attributable) at the end of the
     period (item 4.33)                   (442) %     (125) %


EARNINGS PER SECURITY (EPS)               Current     Previous
                                          period   corresponding
                                                      period
10.1 Calculation of the following
     in accordance with AASB 1027:
     Earnings per Share

    (a)  Basic EPS                        (0.04)      (0.31)

    (b)  Diluted EPS (if materially       -           -
         different from (a))

    (c)  Weighted average number of
         ordinary shares outstanding
         during the period used in
         the calculation of the
         Basic EPS                      36,536,644   23,782,714


SMARTWORLD CORPORATION: Discloses AGM Results
---------------------------------------------
Smartworld Corporation Limited's Joint Deed Administrator, D
Nilant, advised that the Resolutions contained in the Notice of
Annual General Meeting were approved at the meeting of
Shareholders held on Thursday, 14 March 2002, by a show of
hands.

Resolution 1 was withdrawn.

Proxy votes exercisable by all proxies validly appointed were as
follows:
                              FOR   AGAINST ABSTAIN    PROXY
                                                            
DISCRETION
RESOLUTION 2           
Consolidation of Capital   17,402,778   304,291  10,000  442,957
RESOLUTION 3           
Allotment and Issue of Shares    
       17,382,778   334,291       -  442,957
RESOLUTION 4           
Allotment and Issue of Shares     
    17,382,778   334,291       -  442,957
RESOLUTION 5           
Allotment and Issue of Shares for Working Capital
   17,392,778   324,291       -  442,957
Disposal of Non-Mining Related Assets            
   17,369,590   337,479  10,000  442,957
RESOLUTION 7           
Removal of Directors       17,365,590   351,479       -  442,957
RESOLUTION 8           
Election of David Steinepreis         
   17,345,590   311,379  60,000  442,957
RESOLUTION 9           
Election of Gary Steinepreis          
   17,345,590   311,479  60,000  442,957
RESOLUTION 10          
Election of Hugh Warner    17,345,590   311,479  60,000  442,957
RESOLUTION 11         
Adoption of New Constitution 17,345,590   371,479     -  442,957
RESOLUTION 12          
Change of Name             17,382,778   324,291  10,000  442,957
RESOLUTION 13          
Further Issue and Allotment of Shares for Working Capital   
   17,384,653   327,416   5,000  442,957      

The Administrator also advised that Robert Rohrlach and David
Demetrius have resigned as directors, and Paul Benetti has
resigned as director and Secretary. David Steinepreis and Hugh
Warner have been appointed as directors, and Gary Steinepreis
has been appointed as director and secretary.


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


CELESTIAL ASIA: Proposes Share Consolidation,Capital Reduction
--------------------------------------------------------------
The Board of Directors of Celestial Asia Securities Holdings
Limited (the Company) proposes to effect, simultaneously:

   * the Share Consolidation to consolidate 20 Existing Shares
of HK$0.10 each into 1 Consolidated Share of HK$2.00 each; and

   * the Capital Reduction to reduce the share capital of a
Consolidated Share of HK$2.00 each to a Reduced Share of HK$0.10
each.

The reasons of the proposals are:

   * to reduce the number of board lots of the shares in the
Company, which will reduce the handling costs of both the
Company and the Shareholders dealing in the shares in the
Company; and

   * to allow the Company a greater flexibility in pricing its
shares in issuance of new shares, as the Existing Shares are
presently traded below their par value.

Upon the Share Consolidation and the Capital Reduction taking
effect,:

   * the consolidated net assets of the Group will generally
remain unchanged;

   * the subscription price of the Warrants is expected to be
revised from $0.65 per Existing Share to $13.00 per Reduced
Share; and

   * the subscription price of and the number of Reduced Shares
entitled under each share option of the employees of the Company
will be revised according to the share option scheme.

The Share Consolidation and the Capital Reduction are
conditional upon, among other things, the Shareholders' approval
in the Shareholders General Meeting (SGM).  The Circular
inscribed with further information of the Share Consolidation
and the Capital Reduction together with the notice of the SGM
will be dispatched to the Shareholders and, for information
only, the Warrantholders.


CREATIVE WORTH: Petition to Wind Up Pending
-------------------------------------------
The petition to wind up Creative Worth Development Limited is
set 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
February 16, 2002 by Bank of China (Hong Kong) Limited (the
successor corporation to The National Commercial Bank Limited
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap. 1167) of 14th Floor, Bank of China Tower, 1 Garden Road,
Central, Hong Kong.


GUANGDONG WATER: Winding Up Petition Set for Hearing
----------------------------------------------------
The petition to wind up Guangdong Water Conservancy & Hydro-
Power Engineering Development Company Limited is scheduled for
hearing before the High Court of Hong Kong on March 27, 2002 at
10:00 am.  

The petition was filed with the court on December 3, 2001 by Top
Treasure Engineering Limited whose registered office is situated
at Room A, 15th Floor, Wah Hen Commercial Centre, 381-383
Hennessy Road, Wanchai, Hong Kong.


HINET HOLDINGS: Vendors Sell 21.79% Sale Shares
-----------------------------------------------
The Board of Directors (Board) of HiNet Holdings Limited
(Company) announced that it has been informed by Shine United
International Inc. and Uprising Enterprise Inc. (Vendors),
substantial shareholders of the Company and companies wholly
owned by Mr. Patrick K. C.Wong, a director and the Company
Chairman, that:

   (1)  the Vendors have on 14 March 2002 sold 2,710,520,000
shares (Sales Shares) of HK$0.01 each in the capital of the
Company (Shares), representing approximately 21.79% of its
issued share capital, to Mega Market Assets Limited (Purchaser);
and

   (2)  each of the Purchaser and its beneficial owner, Mr.
Chan How Chung, Victor (Mr. Chan), is an independent third party
not connected with the directors, chief executive or substantial
shareholders of the Company or its subsidiaries or their
respective associates (as defined in the Rules Governing the
Listing of Securities (Listing Rules) on The Stock Exchange of
Hong Kong (Stock Exchange)).

The Board has further been informed by the Vendors that
immediately prior to completion of the sale, the Vendors
together held a 21.79% interest in the Company.

Completion

Completion of the sale and purchase of the Sale Shares took
place on 14 March 2002.

Shareholding structure of the Company upon completion

Immediately upon completion of the sale and purchase of the Sale
Shares, the Purchaser and Mr. Chan would respectively hold
21.79% and 23.62% (by virtue of Mr. Chan's holding of 21.79% of
the interest in the Company through the Purchaser, a company
which is wholly owned by him and Mr. Chan's existing
shareholding of approximately 1.83% of the interest in the
Company) of the issued share capital of the Company. Both the
Purchaser and Mr. Chan would be considered as substantial
shareholders (as defined in the Listing Rules). According to the
Company's record, Mr. Chan would also become the single largest
shareholder of the Company immediately upon completion of the
sale and purchase of the Sale Shares. The Vendors will cease to
hold any interest in the Company upon completion of the sale and
purchase of the Sale Shares.

Information on Mr. Chan

The Purchaser is an investment holding company incorporated with
limited liability in the British Virgin Islands.

Mr. Chan is currently the Chairman of Rexcapital (Hong Kong)
Limited, TingKong - Rexcapital Securities International Limited
and TKR Finance Limited, companies which engage in the
investment advising and financial services related business.

Resignation and appointment of new director

The Board announced that Mr. Patrick K.C.Wong resigned as a
director and the Chairman of the Company with effect from 15
March 2002 and that a new director will be appointed by the
Company as soon as possible.

No intention to change the nature of business

The Company has no intention to change the nature of its
business.

Trading in the Shares was suspended from 10:00 a.m. on Friday,
15 March 2002 at the request of the Company pending the release
of this announcement. Application has been made for trading in
the Shares to resume at 10:00 a.m. on Monday, 18 March 2002.


MOUNT OCEAN: Winding Up Petition Pending
----------------------------------------
Mount Ocean Development Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on June 5, 2002.  The petition was filed on February 16, 2002 by
Bank of China (Hong Kong) Limited (the successor corporation to
Kincheng Banking Corporation pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank
of China Tower, 1 Garden Road, Central, Hong Kong.


NEVILLIE ENTERPRISES: Faces Winding Up Petition
-----------------------------------------------
The petition to wind up Nevillie Enterprises Company Limited
will be heard before the High Court of Hong Kong on May 15, 2002
at 9:30 am.  The petition was filed with the court on February
1, 2002 by Yeung Siu Keung, Michael of Flat 3, 21st Floor, Wu On
House, Yue On Court, Apleichau, Hong Kong.  


WAI KEE: ICAC Grants Employees Unconditional Release
----------------------------------------------------
Five employees of Road King Infrastructure Limited's largest
shareholder, Wai Kee Holdings Limited, have been notified of
their unconditional release from bail by the Independent
Commission Against Corruption (ICAC). No charges will be laid
against any of them.

In March last year, the ICAC arrested six persons, including the
Chairman and a Vice-Chairman of a publicly listed company, for
their alleged involvement in a housing project fee inflation
scam suspected to be facilitated by graft.


WO YICK: Winding Up Sought by Asia Stone
----------------------------------------
Asia Stone Company Limited is seeking the winding up of Wo Yick
Construction Company Limited.  The petition was filed on
February 6, 2002, and will be heard before the High Court of
Hong Kong on May 22, 2002.

Asia Stone holds its registered office at 12/F., Cheung Kong
Center, 2 Queen's Road Central, Hong Kong.


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


DHARMALA GROUP: Files Suit Against Former Insurance Partners
------------------------------------------------------------
Dharmala Group has filed a US$520 million suit against
International Finance Corp (IFC) and Manulife Financial Corp
(Manulife) over claims that they caused its unit, PT Dharmala
Sakti Sejahtera, to fail, IndoExchange reports.  Such a move may
delay repayment to the group' creditors.  

Dharmala claims that IFC and Manulife caused a cash crunch at
its unit contributing to its June 2000 bankruptcy.

IFC, Manulife and Dharmala Sakti were partners in insurance
company PT Asuransi Jiwa Manulife.

On February 19, TCR-AP reported that the Jakarta Commercial
Court has dropped the bankruptcy petition against PT Manulife
Indonesia filed by PT Dharmala Sakti Sejahtera.

"We are still negotiating with Manulife to seek payment of the
retained profit. If the negotiation fails, we will file another
bankruptcy petition," the Company's Receiver, Paul Sukran, said.


MEDCO ENERGI: Unit Issues US$100M Unsecured Notes
-------------------------------------------------
PT Medco Energi Internasional's Singapore-based subsidiary, MEI
Euro Finance Limited, has issued Senior Unsecured Notes,
AsiaPulse reported, citing the company's Corporate Secretary
Sugiharto.

The promissory notes, valued at US$100 million, will be
repayable in 5 years carrying an annual interest rate of 10
percent.

"Last month, Standard & Poor gave a B Plus rating for Medco
Enegi and the notes," Sugiharto said. The Indonesian rating
company Pefindo gave an AA rating for Medco Energi.

TCR-AP reported on February 11 that the Company has repaid 99
percent of the principal of its total debt of US$97 million to
PT Bahana Pembina Usaha Indonesia (BPUI).  CEO Hilmi Panigoro
said that the Company must still repay interest of US$13 million
in the fourth quarter of 2002.


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


DAIEI INC: Requesting Industrial Rehabilitation Law Invocation
--------------------------------------------------------------
Retailer Daiei Inc will apply with the government for invocation
of the industrial rehabilitation law, calling for tax breaks and
other preferential action to help rebuild the Company, Kyodo
News reported Tuesday.

The troubled supermarket operator will submit to the Ministry of
Economy, Trade and Industry (METI) a restructuring scheme
featuring Y520 billion in financial aid from its three main
creditor banks. METI is expected to approve the application of
the law to Daiei next month.


FURUKAWA ELECTRIC: R&I Places LT Debt, CP Rating on Monitor
-----------------------------------------------------------
Rating and Investment Information, Inc. (R&I) on March 14 has
placed Furukawa Electric Co., Ltd's Senior Long-term Credit
Rating; Long-term Bonds (9 series) on the Rating Monitor scheme,
with a view to downgrading them; CP Rating (a-1) placed on the
rating monitor scheme with a view to downgrading.

RATIONALE:

The Furukawa Electric Co., Ltd., acquired OFS, the optical fiber
cable division of the US Company Lucent Technologies, Inc., in
November 2001, at a total cost of $2.3 billion. OFS's
performance has been worse than was originally expected,
however, so there are now growing concerns that it could become
a heavy burden on the Company's consolidated operations in the
future. As a result, R&I is placing the ratings on the Rating
Monitor scheme, with a view to downgrading them.

Furukawa Electric announced a downward revision of its profit
forecast for the March 2002 term on March 13, and revealed that
during the current reporting period for OFS (running from the
date of acquisition, November 19, 2001, to December 31, 2001,
some 1.5 months) sales stood at 7.5 billion yen (compared to an
initial forecast of 20.8 billion yen), with an operating loss of
10.3 billion yen (compared to a forecast of 3.3 billion yen).

R&I downgraded the Senior Long-term Credit Rating for Furukawa
Electric from A+ to A on December 26, 2001, in recognition of
the slump in earnings following the acquisition of OFS and the
deterioration in consolidated financial structure, but the
earnings environment facing OFS has become even more severe than
what was envisioned at that time.

There are no signs of recovery in the facilities investment
plans of US telecoms firms, while there are growing
uncertainties as to when demand for optical fibers will
stabilize. New ratings will be announced after confirming the
impact of this on OFS's medium term performance prospects, as
well as Furukawa Electric's response.

According to Wright Investor's Service, as of March 2001,
Furukawa Electric's long-term debt was Y183.33 billion and total
liabilities were Y789.34 billion.


KDDI CORP: Launches 3G Data Using Motorola's Wireless Network
-------------------------------------------------------------
KDDI Corp on Monday has scheduled the nationwide commercial
launch of its third generation (3G) data and voice services for
April 1, 2002, using Motorola's wireless network infrastructure.

"This is a great moment in time for KDDI and Motorola," said
Tadashi Onodera, President of KDDI Corporation. "We are proud
that our customers will enjoy the same mobile Internet services,
such as movie clip transmission, GPS navigation and WAP 2.0,
that we have offered since December of last year, but at much
higher speeds. In turn, we believe our customers will also see
an increase in their satisfaction of our mobile offerings."

"Motorola continues to demonstrate its world leadership in
high-speed packet data wireless networks," said Simon Leung,
corporate Vice President and general manager of the Asia-Pacific
Region for Motorola's Global Telecom Solutions Sector. "We are
helping to accelerate the mobile data services market by
offering services that stimulate demand and optimize network
performance to help operators' maximize their return on current
investments."

Motorola's CDMA2000 1X architecture builds upon existing 2G or
2.5G networks by adding packet based network elements. Reusing
the 2G and 2.5G equipment within the 1X architecture can help
protect the operator's current investments and can reduce both
their capital and operating expenditures.

KDDI has been offering its customers nationwide packet data
mobile services since Jan. 7, 2000, when it launched IS-95B
high-speed packet data on Motorola's infrastructure. IS-95B
enables peak data speeds of up to 64 Kbps. Besides being
backward compatible with IS-95A and IS-95B, CDMA2000 1X
technology nearly doubles the voice capacity and is capable of
transmitting data on mobile devices at peak rates of up to 153
Kbps.

Motorola currently has CDMA2000 1X contracts with 14 network
operators worldwide.

About Motorola

Motorola, Inc. (NYSE: MOT) is a global leader in providing
integrated communications solutions and embedded electronic
solutions. Sales in 2001 were $30 billion. For more information,
visit www.motorola.com .

About KDDI

KDDI is the second largest total telecom carrier in Japan. KDDI
pursues comprehensive telecommunications business globally and
seamlessly in all areas of mobile, domestic and international
markets with an axis toward "mobile & Internet protocol (IP)."
Please visit www.kddi.com for more information.

MOTOROLA and the Stylized M Logo are registered in the US Patent
& Trademark Office. All other product or service names are
property of their respective owners.

SOURCE Motorola, Inc.

CONTACT:
Roderick Kelly of Motorola Public Relations, mobile,
+1-847-732-6730, Roderick.Kelly@Motorola.com , or Mitsuko Iijima
of Motorola Japan, +81-3-6408-5124, prinfra@Motorola.com

KDDI Corp will take a special loss of Y229 billion for this
business year to March 31 to shut down the part of its PDC
(personal digital cellular) network operated by wireless brand
"au" and waive Y20 billion in loans to another struggling unit,
TCR-AP reported Tuesday. The Company will cut its annual capital
spending to Y310 billion by March 2005.


MARUBENI CORP: Farm Ministry Raids Unit
---------------------------------------
The Ministry of Agriculture, Forestry and Fisheries raided  
Marubeni Corporation's unit, Marubeni Chikusan Corp on Monday,
after the latter admitted that it passed off chicken imported
from Brazil as higher-priced domestic chicken between 1999 and
2001, Kyodo News reported Monday.

The farm Ministry will order the subsidiary to resolve its
practices if the Ministry finds illegal acts under the Japanese
Agricultural Standards (JAS) regulations after the raid and
questioning of the workers.

TCR-AP reported last month that Marubeni Corporation booked a
consolidated net loss of Y100.8 billion (US$748 million) for the
April-December 2001 period, a sharp reversal of the Y13.6
billion profit recorded the prior year. The poor showings were
the result of about Y200 billion in losses related to
restructuring, including those from liquidation of businesses as
well as securities valuation losses booked in the interim period
ending September 2001.


MARUBENI CORPORATION: NPI Acquiring Australian Unit Stake
---------------------------------------------------------
Nippon Paper Industries Co. (NPI) on Friday will acquire a 40
percent interest in an Australian reforestation firm, WAPRES,
worth Y1.4 billion and intends to increase the stake to 50
percent by 2006, the Nihon Keizai Shimbun and AFX News reported
Sunday.

WAPRES is a wholly owned unit of Marubeni Corp based in Perth,
Western Australia. The reforestation firm has planted eucalyptus
and other trees on 32,000 hectares of land. The shares will be
purchased from Marubeni. The deal will mark Nippon Paper's 13th
overseas reforestation project.


MITSUBISHI ELECTRIC: Cutting Employees Basic Salary by 2.9%
-----------------------------------------------------------
Mitsubishi Electric Corp plans to cut base salary for all
workers by an average 2.9 percent for one year, beginning next
month, Kyodo News reported Tuesday, citing unnamed Company
officials. The Company will implement the pay cut by lessening
the number of annual workdays by seven. Currently, the average
number of annual workdays is 240.

TCR-AP reported earlier this month that Mitsubishi Electric Corp  
expects 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.


SEIYU LTD: R&I Places BB- LT Bond Rating on Monitor Scheme
----------------------------------------------------------
Rating and Investment Information, Inc. (R&I) on Thursday has
placed Seiyu Ltd's Senior Long-term Credit Rating; Long-term
Bonds (1 series) (BB-) on the Rating Monitor scheme, with a view
to upgrading them; Domestic Commercial Paper Program CP Rating
(1-3) on rating monitor scheme with a view to upgrading.

ISSUE: Senior Long-term Credit Rating; Long-term Bonds (1
series); Euro Medium Term Note Program

R&I RATING: (BB-);
Placed on the Rating Monitor scheme with a view to upgrading

ISSUE: Domestic Commercial Paper program
R&I CP RATING: (a-3);
Placed on the Rating Monitor scheme with a view to upgrading

RATIONALE:

The Seiyu, Ltd., announced on March 14 that it has reached
agreement with Wal-Mart Stores, Inc., of the US, the world's
largest retailer, for a full operational and capital alliance.
At the end of May, there will be third-party capitalization of
Y6 billion from Wal-Mart and of Y5 billion from Sumitomo Corp.
The deal gives Wal-Mart an option to take control of Seiyu in
the period until the end of December 2007 by boosting its
ownership ratio to 66.7 percent.

Seiyu's equity capital has been sharply written down because of
factors such as the liquidation of losses from a consolidated
subsidiary, Tokyo City Finance Co., Ltd. (TCF), and rebuilding
the financial base has become a key task. The increased
capitalization at the end of May will not in itself achieve
this. Nevertheless, the operational alliance is likely to boost
the competitiveness of Seiyu's stores.

If earnings increase, Wal-Mart is likely to exercise its option
to increase it's holding, and this can be expected to greatly
improve the financial base. R&I will announce new ratings after
confirming the content of the operational alliance and the
impact it will have on the firm's performance, as well as
Seiyu's relationship with Wal-Mart and Sumitomo.


SNOW BRAND: Considering Headquarters Relocation
-----------------------------------------------
Dairy firm Snow Brand Milk Products Co. is considering
relocating its headquarters from Shinjuku Ward, Tokyo, to its
original base in Sapporo, seeking to reshape its public image
because of a beef labeling scandal involving its unit, Snow
Brand Foods, Yomiuri Shimbun said Monday. The move may help the
Company regain profits as Snow Brand products still sell well in
Hokkaido.

The Company is determined to carry out corporate restructuring
to help persuade agricultural cooperatives to provide support
measures with the beleaguered firm. With its unit Snow Brand
Foods Co. expected to be dissolved, it will have to shoulder up
to Y25 billion in losses.

Snow Brand Milk Products Co Ltd's operations are carried out
through the following sectors: Foods: ice cream, oil, milk
products; Other: feedstuff, wrapping materials, seeds. Milk
Dairy Products, Oils/Fats & Other Food accounted for 91 percent
for fiscal 2001 revenues and Feed Stuffs, Packaging Materials &
Other, 9 percent.


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


DAEWOO MOTOR: Creditors Say April Sale Contract Signing Likely
--------------------------------------------------------------
Creditors of Daewoo Motor Co (DM) will sign an agreement to sell
the firm's assets to General Motors Corp (GM) by the end of next
month, though they have yet to narrow the differences on the
labor union's collective bargaining agreement and the scope of
overseas plants and units that GM will take over, AFX News said
Monday, citing an unnamed Korea Development Bank (KDB)
spokesman.

The creditor bank spokesman said the sale price of Daewoo
Motor's assets would not differ sharply from the US$1.2 billion
agreed upon in the memorandum of understanding (MOU) signed in
September.


DAEWOO MOTOR: GM, Union Meet as Sale Progresses
-----------------------------------------------
General Motors Corp (GM) met with Daewoo Motor's (DM) union on
Monday to clear a key obstacle to a $400 million takeover deal
of the bankrupt Korean firm, according to Reuters on Tuesday.
Unions demanded job security, restoration of more than 1,000
workers laid off in 2001 and a clear plan of how GM intends to
use Daewoo's main production plant in Pupyong, West of Seoul,
Union spokesman, Choi Jong-hak, said.

The meeting, presided over by GM's General Manager for Asia
Pacific operations, Larry Zahner, and Daewoo Motor President Lee
Young-kook, ended without a decision on further talks, Choi
said. GM spokesman Rob Leggat refused to confirm the labor
talks, but said the Company expected to quickly wrap up a final
deal to buy Daewoo. KDB spokesman Shim Sang said there had been
significant progress in the deal talks.

U.S. automaker GM agreed to a memorandum of understanding (MOU)
in September to buy four plants and other Daewoo assets, but
needs the cooperation of Daewoo's militant union to clinch the
deal. Under the MOU, Daewoo's lenders would invest $197 million
in the new GM-owned Company, which would issue $1.2 billion of
long-term preferred shares. The new Company will assume $830
million in obligations.


HYNIX SEMICON: Creditors Likely to Sign Micron MoU
--------------------------------------------------
Hynix Semiconductors' creditors and Micron are close to an
agreement to sell the latter all Hynix' memory chip factories
and 20 percent of other operations for at least $20 million,
according to DebtTraders Analysts, Daniel Fan (852-2537-4111)
and Blythe Berselli (1-212-247-5300), citing the New York Times
newspaper. Micron has offered $4 billion to form Korea Micron.

According to another report, Hynix Semiconductor Inc creditors
plan to sign a memorandum of understanding (MoU) to sell the
firm's core memory chip-making operations to Micron Technology
Inc by the end of March, AFX News reported citing Hanvit Bank
President Lee Duk-hoon and other creditor officials. The
official said creditors do not rule out a delay in the signing
of the MoU as several key issues have yet to be agreed upon.

The Seoul Economic Daily said Hynix's remaining non-memory
operations would have an initial capital of US$1.3 billion.

Hyundai Semiconductor's 8.625% bond due in 2007 (HYUS07KRA1)
trades between 65 and 70. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1


HYUNDAI MOTOR: Indian Unit Plans IPO Next FY
--------------------------------------------
Hyundai Motor Company Limited unit, Hyundai Motor India Ltd.,
may issue an initial public offering (IPO) of shares locally in
2003, depending on the market conditions, reported the Business
Standard and Home Trade News on Tuesday, citing Hyundai's
Director of Marketing and Sales. At the moment the Company is in
preliminary talks with five merchant bankers, Director Sabbu
said.

Hyundai, the country's second largest car maker, put its IPO
plans on the backburner in 2000 because of poor market
conditions. Subbu did not reveal the IPO's size. He emphasized
the money raised from the IPO would fund the Company's growth
plans.

Hyundai Motor India Ltd. was established in 1996, and is a
subsidiary of the giant South Korean multi national, the Hyundai
Motor Company.

According to Wright Investor's Service, at the end of 2000,
Hyundai Motor Company Limited had negative working capital, as
current liabilities were W14.58 trillion while total current
assets were only W9.60 trillion.

DebtTraders reports that Hyundai Motor's 7.600% bond due in 2007
(HYNM07KRS1) trades between 103.656 and 104.159. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYNM07KRS1


KOOKMIN BANK: Senior Management Changed Due to Restructuring
------------------------------------------------------------
On March 16, 2002, Kookmin Bank announced the change of senior
management team because of the organization restructuring after
its merger.  The previous Head of Regional Headquarters and two  
previous Team Heads were promoted to Executive Vice President
positions (the EVPs). The movement of the following EVPs shall
be effective as of March 18, 2002.

The EVP position for Financial Planning will remain vacant until
further appointment.

List of Executive Vice Presidents

Bong Hwan Cho
EVP, Head of Strategic Planning Division

Jan Op de Beeck
Director & EVP, Head of Risk Management Division

Sung Chul Kim
EVP, Head of General Administration Division  

Jae In Suh
EVP, Head of Information Technology Division

Buhm Soo Choi
EVP, Head of Kookmin Economy & Business Research Institute
Division,
Head of Education & Training Center, Head of Subsidiaries
Management Division

Bock Woan Kim
EVP, Head of Sales Business Unit

Young Il Kim
EVP, Head of Retail Banking Business Unit, Head of PB Business
Unit, Head of e-Business Unit

Ki Taek Hong
EVP, Head of Corporate Banking Business Unit  Newly appointed
as of March 18, 2002

Sung Hyun Chung
EVP, Head of International Banking Business Unit  Newly
appointed as of March 18, 2002

Ki Sup Shin
EVP, Head of Capital Market Business Unit Newly appointed as of
March 18, 2002

Seong Kyu Lee
EVP, Head of Workout Business Unit

Jong In Park
EVP, Head of Credit Card Business Unit

Byung Sang Kim
EVP, Head of Trust Business Unit

Woo Jung Lee
EVP, Head of National Housing Fund Management Business Unit


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


DEWINA BERHAD: Posts Change of Address Notice
---------------------------------------------
Dewina Berhad posted this notice:

Change description: Registrar
Old address   : 11th Floor, Wisma Damansara, Jalan Semantan,
  Damansara Heights, 50490 Kuala Lumpur
New address  : 20th Floor Plaza Permata (Formerly known as
  IGB Plaza), Jalan Kampar, Off Jalan Tun
  Razak, 50400 Kuala Lumpur
Name of Registrar : M&C Services Sdn. Bhd.
Telephone no  : 03-40412188
Facsimile no  : 03-40439233
E-mail address  : mcserve@tm.net.my
Effective date  : 16/03/2002  

Profile

Dewina is involved in the manufacturing of food products and in
the industrial catering/food services sector. It is an OEM of
sauces for Sainsburys, a UK supermarket chain. Dewina currently
provides catering services to University Putra Malaysia and five
military cook houses of the Malaysian Armed Forces. The Group
has also been awarded several food and beverage concessions at
KLIA.

In accordance with Practice Note 4/2001 of KLSE Listing
Requirements, the Company is an affected listed issuer, and is
required to undertake a restructuring. As such, on 3 April 2001,
a MOU was entered into by the Company, a Director and
substantial shareholder of the Company, Hj Ibrahim bin Hj Ahmad,
and MTD Capital Sdn Bhd (MTDC).

The proposal involves (1) the acquisition by the Company of MTD
Prime, a wholly-owned subsidiary of MTDC. MTD Prime is the
concessionaire engaged in improving and upgrading the existing
Kuala Lumpur-Karak Highway (KLK) on a privatisation basis as
well as providing all related toll, tunnel and other facilities
to operate and maintain KLK for an initial period of 27 years.
The initial concession period was further extended for five
years that shall end on 27 July 2026. (2) The proposal also
involves the disposal of all the Company's subsidiaries to Hj
Ibrahim bin Hj Ahmad.


ESPRIT GROUP: Updates Subsidiary's Winding Up Petition Status
-------------------------------------------------------------
The Board of Directors of Esprit Group Berhad, in reply to the
query letter from the Kuala Lumpur Stock Exchange dated 14 March
2002 regarding Winding-Up Petition No: D1-28-143-2002 of Esprit
Holland Dredging (M) Sdn. Bhd. (EHD), a Company subsidiary,
filed by Wingtut Enterprise Sdn. Bhd., furnished additional
information for public release:

Item 1

The default occurred due to non-payment to a supplier i.e.
Wingtut Enterprise Sdn. Bhd. in respect of rental of machinery,
labor and other services. A judgment was obtained against Esprit
Holland Dredging (M) Sdn. Bhd. (EHD), a subsidiary of the
Company, by Wingtut Enterprise Sdn. Bhd. on 24 August 2001 to
pay the amount in default of RM70,715.01

Item 2

Esprit Group Berhad's (EGB) total cost of investment in Esprit
Holland Dredging (M) Sdn. Bhd. is RM1,019,828.00

Items 3 & 4

EGB has ceased operations and the ability of the Company to
continue as a going concern is dependent upon the approval of
the proposed restructuring scheme. Based on the audited accounts
as at 30 June 2001, EGB has an outstanding amount of
RM350,848,812.00 due to creditors. Therefore the amount of
RM70,715.01 arising from the petition against its subsidiary,
EHD, does not have any significant financial impact including
profitability or losses at Esprit group level.

Item 5

On 25 October 2001, EGB had made a Requisite Announcement
whereby its proposed Debt Reconstruction and Settlement Scheme
(the proposed Scheme) will only apply with respect to
obligations or liabilities of EGB, Esprit Development (Seremban)
Sdn. Bhd., Esprit Marketing Sdn. Bhd., Esprit Overseas Sdn. Bhd.
and Esprit Properties Consultancy Sdn. Bhd.

In this context, the outcome of the petition will have no effect
on the proposed Scheme, as EHD is not part of the Scheme.
Nevertheless, EHD will instruct its lawyers to file the
necessary document to challenge the petition.


PSC INDUSTRIES: March 14 Court Hearing Adjourned to April 22
------------------------------------------------------------
PSC Industries Berhad (PSCI or the Company) informed that the
court hearing on 14 March 2002 pertaining to the application for
an interim injunction to restrain the Receivers and Managers
appointed by Affin Bank Berhad on Perstim Industries Sdn Bhd is
now fixed for mention on 22 April 2002, pending settlement.

The Company filed an application for an interim injunction to
restrain the Receiver & Manager from exercising their rights and
duties as their appointment is not proper and valid. This is due
to the fact that Perstim Industries Sdn Bhd has made the
installment payment towards the banking facilities based on the
accepted letter of offer dated 28 March 2001. The next
installment payment will be due on 31 March 2002.


RHB CAPITAL: KLSE Grants Trading Suspension Request
---------------------------------------------------
RHB Capital Berhad (Company) announced that the Kuala Lumpur
Stock Exchange has approved the Company's request for a
suspension in the trading of its securities for three (3) market
days from 19 March 2002 up to 21 March 2002 pending an
announcement which is expected to be made on 20 March 2002 on
the proposed acquisition of the entire equity interest in Bank
Utama (Malaysia) Berhad by RHB Bank Berhad and a restructuring
scheme involving Rashid Hussain Berhad and its subsidiaries.

Profile

RHB Capital (RHBC) was incorporated to facilitate the
implementation of a scheme of arrangement pursuant to Section
176 of the Companies Act, 1965 undertaken by RHB Bank Bhd
(RHBB), whereby RHBC acquired 100 percent of RHBB via a one-for-
two share exchange exercise, resulting in RHBC becoming the
holding company of RHBB. Pursuant to the scheme, RHBC also
acquired RHB Sakura Merchant Bankers Bhd (RHBSM), RHBF Sdn Bhd,
RHB Leasing Sdn Bhd, RHB Insurance Bhd (RHBI), RHB Capital
Properties Sdn Bhd and RHB International Trust (Labuan) Sdn Bhd
from RHBB for RM330m. The scheme was completed on 29 December
1994. Subsequently, in 1997, a restructuring scheme took place
pursuant to which Rashid Hussain Bhd (RHB) gained more than 55
percent control of the Company. The scheme involved the
injection into RHBC of RHB's securities and asset management
business, the properties located at Jalan Tun Razak as well as
KYB Sdn Bhd and KYF Sdn Bhd.

Effective 1 July 1997, the banking business of RHBB and KYB and
the finance company operations of RHBF and KYF were merged.
Following this, RHB and RHBC made a mandatory general offer on
behalf of RHB Bena Sdn Bhd to acquire the remaining KYB shares
not owned by RHB Bena. This was followed by the compulsory
acquisition of the remaining KYB shares not owned by RHBC which
was completed on 10 December 1997, following which KYB became a
wholly owned subsidiary of RHBC. On 1 July 1998, RHBF merged its
finance company operations with RHBB and all the assets and
liabilities of RHBF, save for KYF, were transferred into RHBB
pursuant to the High Court's vesting order on 27June 1998. Also,
in April 1999, the Company's shareholders approved RHBB's
acquisition of 90.36 percent in Sime Bank Bhd for RM770m, the
compulsory acquisition of the remaining 9.64 percent in Sime
Bank for RM82.24m and the disposal of 30 percent in RHBB to
Khazanah Nasional Bhd for RM725.4m. Upon completion of the
acquisition of Sime Bank and the disposal of 30 percent in RHBB
to Khazanah on 3 June 1999, Sime Bank's banking operations
comprising its banking assets and liabilities were merged with
RHBB effective 30 June 1999.

On 27 October 2000, RHBB completed the acquisition of 100
percent in Delta Finance Bhd (DFB) and 90 percent in
Interfinance Bhd (IB). The finance company business of IB was
merged with DFB on 1 December 2000. On 18 December 2000, RHBB
completed the compulsory acquisition of the remaining 10 percent
in IB not held by RHBB and IB became a wholly-owned subsidiary
of RHBB. DFB's finance company business was conducted under its
new name, RHB Delta Finance Bhd with effect from 8 January 2001.

On 25 September 2000, RHBC, together with RHBSM, unveiled the
group restructuring scheme which upon completion, will separate
the BNM regulated entities of the RHBC Group from the non-BNM
regulated entities under two holding companies. RHBC will be one
of these holding companies while the other holding company, RHB
Securities Holdings Bhd (RHBSH), will house the Group's
securities and related businesses. The scheme will see, among
others, the merger of RHBC's subsidiary, Rashid Hussain
Securities Sdn Bhd (RHS) with Straits Securities Sdn Bhd,
Mercury Securities Sdn Bhd and SJ Securities Sdn Bhd, in order
to be accorded the 'Universal Broker' status pursuant to the
domestic stockbroking consolidation programmed. In addition,
RHBSM will transfer its listing status to RHBSH via a share
exchange exercise. As part of the scheme, RHBC will issue shares
and warrants as consideration to the holders of 49 percent
interest in RHBSH (not held by RHBC after the share exchange)
whose shares were cancelled by RHBSH. In return, RHBSH will
issue shares to RHBC, resulting in the former becoming a
subsidiary of the latter.

As part of the rationalization, RHBC and RHBSM will also
transfer its non-BNM regulated companies and RHB Unit Trust
Management Bhd respectively to RHBSH. Further to this, RHBC will
transfer its entire 75 percent and 70 percent stake in RHB
Insurance Bhd and RHB Leasing Bhd respectively to RHBB. Upon
completion of the scheme and the de-merging of RHBSH from the
RHBC Group, the Company will hold through RHBB, the BNM
regulated entities and will cease to have any shareholding in
RHBSH. RHBC also planned to raise funds via private placement,
rights issue and bonds issue.

The restructuring scheme was subsequently revised in December
2000 with the fund raising exercise announced earlier replaced
with RM650m Serial Bonds issue and, the issue of shares and
warrants as consideration for the 49 percent of RHBSH not held
by RHBC changed to an issue of shares only. The Serial Bonds
issue was later aborted in February 2001 following the MOF's
rejection on 30 January 2001 of the Company's purchase of RM1b
irredeemable non-cumulative convertible preference shares
(INCPS) in RHBB from Danamodal Nasional Bhd.

On 8 January 2001, the Company entered into an agreement to
dispose of RHB Insurance Brokers Sdn Bhd (RHBIB) to Encik
Mohamad Abdullah, RHBI's former director and CEO. This is part
of the local insurance industry consolidation programmed that
does not allow RHBC to hold shares in more than one entity
licensed under Section 69 of the Insurance Act, 1996. The
disposal of RHBIB has been approved by BNM and FIC and was
completed on 2 March 2001. In the same month, RHB Asia Pte Ltd,
a wholly-owned subsidiary, agreed to acquire 99.99 percent in
Thai Sakura Securities Co Ltd, in Bangkok, Thailand. The
acquisition will complete the Group's stockbroking presence in
the South East Asia region.


SAP HOLDINGS: Unit Serves Notice Filed by Judgment Creditors
------------------------------------------------------------
Sap Holding Berhad announced that one of the Company's
subsidiaries, namely SAP Air Hitam Properties Sdn Bhd
(SAPAHPSB), was served on 14th March 2002 with a Notice pursuant
to Section 218 of the Companies Act 1965, by Lee Wai Lim and Lee
Wai Jyi & Tan Lay Hoon. They are judgment creditors (Judgment
Creditors) in respect to Shah Alam Sessions Court Cases No. 1-
52-1189-2001 (Lee Wai Lim and Anor Vs Sap Air Hitam Properties
Sdn Bhd) and 1-52-1190-2001 (Lee Wai Jyi and Tan Lay Hoon Vs Sap
Air Hitam Properties Sdn Bhd), respectively.

In the notices, the Judgment Creditors are claiming the sum of
RM62,897.00 each, including interest and costs, to be paid to
each of them within 21 days of the receipt of the notices. If
SAPAHPSB fails to do so, it will be deemed that SAPAHPSB is
unable to pay its debt and a winding-up petition will be
commenced against SAPAHPSB.

SAPAHPSB through its solicitors, has resolved to settle the
claim by the Judgment Creditors and a settlement scheme will be
proposed. The solicitors do not picture any adverse consequences
arising out of the Issuance of the Section 218 Notice referred
above.


TECHNO ASIA: Changes Registered Address
---------------------------------------
Techno Asia Holdings Berhad (Special Administrators Appointed)
posted this notice:
   
Change description: Registrar
Old address   : 11th Floor, Wisma Damansara, Jalan Semantan,
  Damansara Heights, 50490 Kuala Lumpur
New address  : 20th Floor Plaza Permata (Formerly known as
  IGB Plaza), Jalan Kampar, Off Jalan Tun
  Razak, 50400 Kuala Lumpur
Name of Registrar : M&C Services Sdn. Bhd.
Telephone no  : 03-40412188
Facsimile no  : 03-40439233
E-mail address  : mcserve@tm.net.my
Effective date  : 16/03/2002  


TECHNO ASIA: Hearing on Ex-Parte Order Set for March 18
-------------------------------------------------------
The Special Administrators of Techno Asia Holdings Berhad
(Special Administrators Appointed) announced that East African
Power Management Limited (EAPML), a company incorporated in
Kenya, has obtained an ex-parte order for the appointment of
Interim Liquidators over Westmont Power (Kenya) Limited (WPKL)
under a Winding-up Cause No. 1 of 2002 in the High Court of
Kenya at Mombasa District Registry.

WPKL's solicitors have informed the Company that the ex-parte
order obtained by EAPML on 14 March, 2002 was set aside on 15
March, 2002. The inter-partes hearing of WPKL's application to
set aside the order has been fixed for 18 March, 2002.

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


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


NATIONAL POWER: Cuts Off Aklan Power Supply
-------------------------------------------
State-owned National Power Corporation (NPC) cut off the
electricity supply of the Aklan Electric Cooperative on Monday
afternoon. The latter failed last Friday to settle the initial
P25 million payment demanded in partial settlement of its P105
million obligation to the power firm, ABS CBN News and Manila
Bulletin reports.

Akelco was only able to pay P15 million.

"We are waiting for Akelco to pay the remaining P10 million
including their commitment to regularly pay their monthly power
bill averaging at P25 million," NPC Officer, Roland Quilala
said.

Akelco is NPC's first casualty in the expected series of power
supply disconnections.

NPC supplies the electricity requirements of the country's 119
electric cooperatives as well as some of the distribution
utilities nationwide, all of which owed the power Company PhP7
billion. Bulk of the P7 billion or equivalent to P6.5 billion is
receivables from electric cooperatives connected within the main
grids and the remaining P500 million are from electric
cooperatives in the small island grids.

DebtTraders reports that National Power Corporation's 9.750%
bond due in 2009 (NATP09PHN1) trades between 95.699 and 96.941.
For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=NATP09PHN1


NATIONAL POWER: Privatization Faces Delay
-----------------------------------------
The privatization of National Power Corporation (NPC) appears to
be delayed due to gaps in the country's industry reform bill,
the United Press International reported.

The Power Sector Assets and Liabilities Management Corp. (PSALM)
originally sought to start the privatization of Napocor's power
transmission assets by June. With the need to amend the current
power law, the sale will be delayed by several months and is now
unlikely to start before the end of the year, the news agency
added.

It is necessary to amend the country's Electric Power Industry
Reform bill in order to transfer NPC's franchise to would-be
operator National Transmission Company, also known as Transco,
which also needs to privatize before the transaction can take
place.

The Philippine government said that National Grid Group PLC,
MidAmerican Energy Holdings, HydroQuebec, Red Electrica de
Espana SA, InterGen and Edison Mission Energy have expressed
interest in the Napocor assets.

Meanwhile, NPC may penalize the Manila Electric Co for failing
to meet power purchase requirements under its contract with
Napocor, Today newspaper reported, citing Napocor President
Roland Quilala.

Quilala said Meralco only purchased 1,200 megawatts of its
required 3,600 MW purchase in January.  That remission carries a
penalty of 2 billion pesos, which Meralco has not paid, he said.


PHILIPPINE LONG: Studies Financing Options
------------------------------------------
Philippine Long Distance Telephone Co, the leading supplier of
domestic and international telecommunications services in the
Philippines, is continuing to evaluate its financing options as
part of the Company's liability management exercise.

According to AFX Asia, a central bank source said it is seeking
approval for a US$500 million bond offering. PLDT has US$1.3
billion in debts maturing by 2004.


PHILIPPINE LONG: Says Nothing is Final on Bond Issue
----------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) has yet to
finalize plans to raise funds through a bond offering, Dow Jones
Newswires reports.

PLDT's statement comes after the Today newspaper reported Monday
that the domestic and international communication provider will
raise $500 million in the international market and has sought
the approval from the central bank for the proposed issue.

The Company, Dow Jones adds, will make appropriate announcement
when any bond offering or other financing plans are finalized.

According to DebtTraders, Philippine Long Distance's 10.625%
bonds due on 2004 (TELP04PHN1) are trading between 98 and 100.
For more real-time bond pricing information, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP04PHN1


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


ASIA PULP: Bondholders Demand Transparency in Finances
------------------------------------------------------
Asia Pulp & Paper Co. bondholders are demanding more
transparency, audited results and a reduced role for APP's
founding family, Sinar Mas Group, Bloomberg reports.

"The best route to recovery lies in dislodging the family from
the Company and taking over the operations," said Richard
Deitz, President of New York-based VR Capital, who helps manage
$100 million in emerging market debt, including Asia Pulp's
bonds.

The dispute at Asia Pulp, which defaulted in March last year,
underlines the difficulties investors have pressing claims in
Indonesia, where more than $50 billion of corporate debt is yet
to be restructured.

Asia Pulp financial adviser, Credit Suisse First Boston Inc.,
defended the role of the controlling Widjaja family. CSFB
managing director Raymond Davis said that it is important for
the family to be seen strongly in control of the Company's
operations so as not to invite other parties to make attempts to
disrupt the operations.

A month ago, Asia Pulp restated wider losses for four Indonesian
units for 2000. Auditor Arthur Andersen LLP said it could not
verify $1.2 billion of trade debt and that it was unsure if the
debts were genuine.

Bondholders have questioned the whereabouts of cash deposits
some Indonesian units placed with an offshore bank, Bloomberg
added. Two of the units restated the name of a bank into which
they had placed cash deposits in their 2000 accounts. The 1999
accounts stated $236.8 million was placed with the Cook Islands
branch of PT Bank Internasional Indonesia.

Furthermore, bondholders demanded more transparency relating to
the group's China operations. Asia Pulp's creditors appointed
KPMG LLP last May to conduct a financial review of the Company's
operations, including those in China. Bondholders have
complained that KPMG was not given necessary access to carry out
the study in China.


NI-JAYA: Jaya Winds Up Associate
--------------------------------
Jaya Holdings announced Monday the voluntary liquidation of its
30 percent owned unit, NI-Jaya Offshore Investment Pte Ltd,
after the sale of its floating, production, storage and
offloading (FPSO) project to a third party.

Mr Tan Cher Liang and Ms Yvonne Choo of Lim Associates (Pte) Ltd
have been appointed liquidators to conduct the voluntary
liquidation of NI-Jaya.

The liquidation is not expected to have any significant impact
on the financial results or the Net Tangible Assets of the group
for the financial year ending 30 June 2002.


QARIRA PACKAGING: Pacific Best Sells Packaging Firm Stake
---------------------------------------------------------
The Board of Directors of construction firm Seatown Corporation
Ltd announced on Monday that its 70 percent owned subsidiary
Pacific Best Pte Ltd has completed the sale and disposal of all
its 50.27 percent equity stake in Qarira Packaging Sdn Bhd (QP)
to Perbadanan Usahawan Nasional Berhad (PUNB) for RM15,000.00,
in consideration of PUNB discharging PB from its guarantee of
all monies owed by QP to PUNB totaling RM13.956 million, under a
Guarantee Agreement signed between PB and PUNB on 20 October
1997.

QP is presently in receivership. The sale consideration was
arrived at on a willing buyer-willing seller basis.

No Director or substantial shareholder of the Company has any
interest, direct or indirect, in the sale, which is not expected
to have any material financial impact on the Company.


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


CHONNITI COMPANY: Business Reorganization Petition Filed
--------------------------------------------------------
Chonniti Company Limited (DEBTOR)'s Petition for Business
Reorganization was filed to the Central Bankruptcy Court:

   Black Case Number 933/2544

   Red Case Number 942/2544

Petitioner: CHONNITI COMPANY LIMITED BY MR. ADISAK POONTEEPRHAT
AS THE AUTHORITY

Planner: MR. WIWAT NITIVORANANT AND MR. SURAPON SIDTICHAI

Debts Owed to the Petitioning Creditor: Bt991,400,199.55

Date of Court Acceptance of the Petition: September 6, 2001

Date of Examining the Petition: October 1, 2001 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: October 16, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: October 24, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: November 6,
2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: February 6, 2002

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #1st: March 6, 2002

Contact: Ms. Piyanant Tel, 6792525 ext. 114


SIKARIN PUBLIC: Discloses Rehabilitation Plan Progress Report
-------------------------------------------------------------  
Sikarin Public Company Limited, in reference to the
Rehabilitation Plan submitted to the Stock Exchange of Thailand
(SET) according to the rules and regulation of SET on the
listing and de-listing (no. 7) dated January 15, 1997, posted
the progress of its rehabilitation plan:  

FINANCIAL STATEMENT AS OF DECEMBER 31, 2001
SIKARIN PUBLIC COMPANY LIMITED AND SUBSIDIARY COMPANIES

Sikarin Public Company Limited in April 2001 has entered into a
simplified agreement with a financial institution for a margin
loan amounting to Bt31.93 million and accrued interest amounting
to Bt22.76 million with certain covenants regarding
repayment terms as follows :

  * Change interest rate from 17% per annum to MLR + 1% per
annum.

  * The principal amount of Bt31.93 million and new interest
expense incurred after the simplified agreement must be paid
monthly corresponding to monthly amount regarding to term of
contract with fully repayment within March, 2004, starting from
May, 2001.

  * Reduce accrued interest amounting to Bt22.76 million to
Bt1.78 million which is to be settled by the monthly repayment
at to Bt0.08 million, with fully repayment within March, 2004,
starting from May, 2002.

  * Investment in Aikchol Hospital Public Co., Ltd. is still
used as collateral against loan after restructuring.

As at 30th June, 2001 the outstanding amount of loan and
interest is Bt35.87 million.

In June, 2001, the Company has entered into a conditional debt
relieving agreement with a bank which become a new creditor of
the Company through a transferring of debts from a financial
institution according to the declaration made by the Ministry of
finance in an auction settled by the Financial Sector
Restructuring Authority (FRA), the loan containing principals
and accrued interests totally amounting to Bt19.58 million,

A substance of the conditional debt relieving agreement is a
reduction of a principal amount of Bt10 million and accrued
interest amount of Bt9.58 million to be a new principal amount
of Bt11.05 million which is to be fully settled on 15th June,
2001.

In June, 2001, the Company entered into a debt restructuring
agreement with a bank for principal and accrued interest amount
to Bt5.15 million.  A substance of conditional agreement is a
reduction of a principal to be a new principal amount of Bt3.5
million which is to be repaid as followings.

Repay a part of a new principal amounting to Bt1.20 million on
26th June, 2001 and 26th July, 2001 and the remaining part
amounting to Bt1.10 million within 26th August, 2001.

The Company has recorded profit from the debt restructuring
mentioned above and totally amounting to Bt26.93 million as an
extraordinary item in the statement of earnings under the
caption of "Gain on compromise of debt".  After the repayment of
the debts in accordance with the conditional debt relieving
agreement with a bank, the guarantee made by the Company's
former directors would then be cancelled.  These profits from
debt reduction agreement were made under the condition that its
repayment of debt must be made in such amount and at such time
as stipulated in an agreement.  Failure of which the creditor
has the right to cancel the new agreement and to enforce the
Company to repay its debt balance in full amount as per previous
agreement.

During the second and third quarter of the year 2001, the
Company has already paid back the debt mentioned above in full
amount as specified in the details and conditions of debt
restructuring.

Operational aspect

During the year 2001, the Company continues to improve the
quality of our medical service to the standard.  On July 3,
2001, Sikarin Hospital has been certified the ISO 9001 (version
2000), which is the higher standard than the former ISO 9002.  
Later in October 2001, Ratarin Hospital has also been certified
the ISO 9001 (version 2000) for overall system.

In December 2001, the Company has reduced the amount of
investment in one of subsidiary companies, which is the Surgitec
Company Limited.  Because of such change in the investment, the
status of Surgitec has been changed from a subsidiary company to
a related company.

Earnings for the period

From the company equity statement, Company has earnings of
Bt92.73 million, which is much higher than the Bt19.68 million
in the projections.  The difference is Bt73.05 million.

From the consolidated statement, the Company has earnings of
Bt92.73 million, which is much higher than the Bt17.42 million
in the projections.  The difference is Bt75.30 million.

The reason for the much higher earnings is that the Company has
the earnings from the compromise of debt at the amount of
Bt26.93 million.   At the same time, the Company can improve its
quality of services so that there are much more clients than
expected.  

Meanwhile, the Company was able to control and manage the
cost and expenses effectively.  So the profit from operations is
much more than the projections, and thus makes the Shareholders'
Equity in the consolidated balance sheet shows a positive value
sooner than expected.


SINO-THAI RESOURCES: Posts BOD Meeting No. 1/2002 Resolutions
-------------------------------------------------------------
Sino-Thai Resources Development Plc. reported the resolutions
adopted at the Board of Directors Meeting No. 1/2002 on March
18, 2002, as:

1. Approval of the Board of Directors' report on the Company's
operating results for the year ending December 31, 2001 and to
propose the same to the Annual General Meeting of Shareholders
for consideration.

2. Approval of the Balance Sheet and Profit and Loss Statement
for the fiscal period ending December 31, 2001 and to propose
the same to the Annual General Meeting of Shareholders for
approval.

3. Approval of the non-issue of year end dividends for 2001 and
submitting the matter to the Annual General  Meeting of
Shareholders for approval.

4. Acknowledgment that Mr. Anutin Charnvirakul, Mr. Vitoon
Somboon, Mr. Cholapan Vongsing, Mr. Woraphant Chontong will
retire as directors by rotation at the Annual General Meeting of         
Shareholders and to propose that the shareholders consider
reappointing the persons named above as directors of the Company
for an additional term.

5. The appointment of Mr. Narong Puntawong C.P.A. License No.
3315 and/or Mr. Ruth Chaowanagawi C.P.A. License No. 3247 and/or
Mr. Sophon Permsirivallop C.P.A. License No. 3182 all of Ernst &
Young Office Limited as auditors of the Company for 2002 and the
remuneration of the auditor will be submitted to the
shareholders for consideration.  

6. Proposal that the shareholders meeting consider fixing the
remuneration of the Board of Directors and Audit Committee for
2002.

7. Convening the Annual General Meeting of Shareholders No.
24/2002 and to close the Company's share register book, as
follows:

   7.1 The Annual General Meeting of Shareholders No. 24/2002
will be convened at 14.00 hours on April 22, 2002, at the
conference room of Sino-Thai Engineering and Construction Plc.
No. 32/57 Sino-Thai Tower, 27th Floor, Sukhumvit 21 Road (Soi
Asoke), Kwaeng Klongtoey Nua, Khet Wattana, Bangkok. The matters
to be transacted at the meeting are:

(1) To approve the Minutes of the Annual General Meeting of
         Shareholders  No. 23/2001

(2) To approve the Board of Directors' report on the
    Company's Operating Results for the year ending  as of
    December 31, 2001 and the Annual Report for 2001

     (3) To consider the Balance Sheet and Profit and Loss
   Statements for the fiscal period ending December 31,
   2001

     (4) To consider the appropriation of profit and declaration
    of dividend payment

     (5) To consider the appointment of new directors in place
     of those retiring by rotation

     (6) To consider the appointment of the Company's Auditor
   for 2002 and fixing of the auditor's remuneration

     (7) To consider approval of the Remuneration of Directors
         and Audit Committee for 2002

     (8) Other business (if any).

   7.2 To determine which shareholders are eligible to attend
the shareholders meeting, the Company will close the Share
Register Book on April 2, 2002 at 12.00 hours until the
meeting is adjourned.


SUPALAI PUBLIC: Omits Dividend Payment, April 23 AGM Set
--------------------------------------------------------      
Supalai Public Co., Ltd. informed that the Board of Directors
meeting No.2/2002 on the 18th  March 2002 at 4.00 p.m. at the
meeting room 2nd floor Sport Complex Supalai Place Building 175
Sukhumvit 39, Klongtonnue Subdistrict, Wattana District,
Bangkok. 10110 has resolved:

To Accept the Minutes of meeting No.1/2002
Resolution: The Board has accepted the minutes of meeting
No.1/2002

Report of Audit Committee
Resolution: Board acknowledged the Audit Committee's report and
would propose for shareholders' acknowledgement.
        
To Consider on the 2001 financial report
Resolution: The Board has approved the company's balance sheet
and income statement and will present to the Annual General
Meeting No.1/2002 for the shareholders approval

To consider on the dividend payment and retained earning reserve
fund
Resolution: The Board has agreed not to reserve retained earning
and not to pay the dividend as the company still carried
retained loss in the book.

To consider election of Directors and the retirement of
directors due to the term with 1/3 of total number of directors
Resolution: The Board has approved the retirement of directors
due to the term as follow:

        1. Mrs. Ajchara   Tangmatitham
        2. Mr. Anant      Gatepithaya
        3. Dr. Virach     Aphimeteetamrong

and will  present to the Shareholders' meeting to re-elect the 3
directors above to resume the posts.

To consider on the directors' and Audit Committee's remuneration
and meeting allowance.
Resolution: The Board has agreed not to pay the directors
remuneration but to pay meeting allowance at 5,000 Bath (Five
Thousand Bath) per meeting for each member of the Board.  
Allowance for the Audit Committee will be paid
monthly,15,000/month for Chairman and 10,000/month for member of
Audit Committee.

To consider on the appointment of external auditor and audit fee
Resolution: The Board has approved as proposed by Audit
committee to present to the Shareholders' Meeting to appoint Mr.
Pipat Pusayanonda  license No.56 of Pipat & Associates Company
Limited to be company's auditor and approve
audit fee to be Bt80,000 each quarter for 3 quarters and
Bt260,000 for annual audit total Bt500,000.

Considering offset Retained loss with legal reserves and Premium
on share capital
Resolution: Board approved and would propose for shareholders'
approval to offset Retained loss with legal reserves amounting
to Bt57,377,081.37 and Premium on share capital amounting to
Bt1,278,361,216.20.  Consequently, there  will sill be
Bt13,293,299.18 remained loss imbalance.

To consider the date, venue and agenda to the Shareholders
annual General meeting No. 1/2002
Resolution: The Board has agreed to hold the Shareholders Annual
General Meeting No.1/2002 on 23rd April  2002 at 2.00 p.m. at
the meeting room 2nd floor Sport Complex 175 Supalai Place
Building, Sukhumvit 39, Klogntonnue  Subdistrict, Wattana
District, Bangkok 10110 Tel. 258-9494 and has set the
agenda to the meeting as follow:

Agenda 1 To accept the minutes of the Annual General
           Meeting No.1/2001
Agenda 2 To acknowledge the 2001 operating results on the
   annual reports presented by the Board of
   Directors
Agenda 3 Report of Audit Committee
Agenda 4 To approve on the Balance Sheet and Income
   statement for the year ended December 31, 2001
Agenda 5 To consider on the dividend payment and retained
   earning reserve fund
Agenda 6 To consider the election of the new Director to
   replace the retired directors due to the term
Agenda 7 To consider the directors' and Audit
         Committee's remuneration and meeting allowance
      Agenda 8 To appoint the external auditor and approve the
   audit fee for year 2001
Agenda 9 Considering offset Retained loss with legal
   reserves and Premium on share capital
Agenda 10 Others
        
To consider on the closing date of the shares registration book
Resolution: The Board has set the closing date of the shares
registration book for the right to attend the Shareholders'
Annual General Meeting No.1/2002 on 2 April  2002 at 12:00 noon
onward until the end of the Shareholder meeting.


TUNTEX (THAILAND): Explains Operation Result Changes
----------------------------------------------------
Tuntex (Thailand) Public Company Limited released the year-end
as at December 31, 2001 audited financial report. On the
consolidated income statement report, the profit and loss of
this year was represented Bt455.644 million net loss while at
the same period last year, net loss was Bt2,442.943 million thus
the profit increased to Bt1,987.299 million. Below are the
reasons for such increase:

   -Operating loss of the company          Bt634.362 million
   -Share profit from subsidiary and
related company            Bt178.718 million
              
The major reasons that caused the Company to increase profit by
Bt1,987.299 million for this year are as follows:

   -Decrease in the exchange rate loss     Bt1,105.234 million
   -Decrease in interest expenses          Bt192.189 million
   -Increase in share profit from
associated & related companies       Bt1,127.817 million
   -Decrease in operating profit           Bt92.706 million
   -Decrease in revenue on income tax      Bt345.235 million


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

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