/raid1/www/Hosts/bankrupt/TCRAP_Public/020402.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

            Tuesday, April 02, 2002, Vol. 5, No. 64

                         Headlines

A U S T R A L I A

CTI COMMUNICATIONS: Offering Goal to Raise $1.875M
ENERGY WORLD: CBA Defers Debt Payment to April 30
GAMES 'R' US: Changes Registered Office Address
WESTRALIA AIRPORTS: Off CreditWatch; Outlook Negative
YARRAHAPPINNI ABORIGINAL: Posts Case Profile  


C H I N A   &   H O N G  K O N G

ASIA RESOURCES: Turnover Movement Unexplainable
CASIL TELECOMMUNICATIONS: Doubles Losses
CENTUR ASSETS: Winding Up Petition Set for Hearing
FAIREARN INVESTMENT: Winding Up Petition to be Heard
HAINAN INTERNATIONAL: Creditors Likely to Suffer Losses

NORTHEAST ELECTRICAL: Resolutions Passed at Board Meeting
PERKINS DEVELOPMENTS: Faces Winding Up Petition


I N D O N E S I A

ASTRA INT'L: DebtTraders Assigns Series II Bond SAFETY Rating
BANK CENTRAL: Farallon Pays US$320M for Initial 30% Stake
DUTA PERTIWI: PEFINDO Downgrades Bonds Rating to `idBB-'


J A P A N

HITACHI LTD: HEEC Becomes Wholly Owned, Issuing New Shares
KINKI NIPPON: R&I Assigns L-T A- Rating
MYCAL CORP: Unit's Rehab Plan Submitted to Court
NIPPON TELEGRAPH: Incurs FY01 Y2T Group Loss
NISSAN CONSTRUCTION: Seeks Court Protection

ORIENT CORP: Four Units Scheduled for Liquidation
SATO KOGYO: Expects Court to Approve Rehab Proceedings
TAIHEIYO CEMENT: Moody's Reviews Rating for Possible Downgrade
TDK CORP: Discloses Liquidation of Units, Production Stoppage
TOTO LTD: Losses Will Likely End 2,000 Workers' Jobs


K O R E A

CHOHUNG BANK: Subordinated Debt Offering a Hit
DAEWOO MOTOR: Talks With GM Near Completion, Says MoFE
HYUNDAI MERCHANT: Boosting High Value-Added Cargo Business
HYUNDAI OIL: Receiving US$900M Financial Aid From IPIC


M A L A Y S I A

AMSTEEL CORPORATION: BTML Sells Judgment Claim
AUTOINDUSTRIES VENTURES: No Significant Proposals Development
BRIDGECON HOLDINGS: Gets Danaharta's Nod on Workout Proposal
EXPRESSWAY LINGKARAN: CDRC Aids Debt Restructuring
JASATERA BERHAD: To Appeal SC's Decision Regarding Plan

L&M CORPORATION: Court Grants Unit's Restraining, Stay Order
MALAYSIA INT'L: PSHIP Ceases Operation, Liquidator Appointed
MENANG CORPORATION: Completes Restructuring Scheme Requirement
PANTAI HOLDINGS: Proposes Internal Restructuring
PICA (M) CORPORATION: Preparing Capital Restructuring Plan

RAHMAN HYDRAULIC: Changes Audit Committee Members Composition
RNC CORPORATION: Voluntarily Liquidates Subsidiary
SEAL INCORPORATED: March Defaulted Payment Reaches RM55.4M
SELOGA HOLDINGS: Hopes for Regularization Plan Extension
TRANSWATER CORPORATION: Answers KLSE's Debt Settlement Query


P H I L I P P I N E S

PHILIPPINE AIRLINES: Registers P213M Net Profit in Dec-Jan


S I N G A P O R E

ALLIANCE TECH: Judicial Management Petition Hearings Pending
KEPPEL TELECOM: Shareholders Reject Scheme of Arrangement
OVERSEA-CHINESE: Voluntarily Winding Up Subsidiary
MENTOR MEDIA: Discloses Substantial Stake Liquidation
PRESSCRETE HOLDINGS: Prepares Bedeschi, Neo MOU Documentation

THAKRAL CORP: Completes Financial Restructuring Scheme


T H A I L A N D

DELTA ENGINEERING: Files Business Reorganization Petition  
EMC PUBLIC: Submits Regulations Amendment to Bankruptcy Court
L.P.N. DEVELOPMENT: April 30 Shareholders' Meeting Scheduled
RAIMON LAND: Posts Major Shareholder Information
THAI MILITARY: TRIS Affirms Issue Ratings at "BBB" and "BBB-"

     -  -  -  -  -  -  -  -      

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

   
CTI COMMUNICATIONS: Offering Goal to Raise $1.875M
--------------------------------------------------
CTI Communications Limited's prospectus is for the offer of up
to 7.5 million Parcels at 25 cents each to raise up to 1,875,000
(Offer). Each Parcel is comprised of 2 Shares, at a subscription
price of 10 cents each, and 1 Option, at a subscription price of
5 cents each. The Offer will be made first to those Shareholders
holding less than 10,000 Shares at the Record Date to round-up
their Shareholdings to 10,000 Shares (Round-Up). Up to 2 million
Parcels will be offered pursuant to the Round-Up, with the
directors reserving the right, in their discretion, to accept or
reject any application for the Round-Up in excess of the 2
million Parcels. Up to 5.5 Million Parcels and all Parcels not
subscribed for under the Round-Up will be placed at the
discretion of the directors (Placement).

No securities will be issued pursuant to the Offer until the
minimum subscription of 5 million Parcels is reached. If the
minimum subscription is not reached within four months of the
date of this prospectus, no securities will be issued under this
prospectus. Over-subscriptions will not be accepted.

SUMMARY OF THE OFFER

Offer price                                 25 cents per Parcel
Number of Parcels offered                           7,500,000
Capital raised                                      $1,875,000
Total Shares on issue at completion of the Offer    21,498,193

No securities will be issued pursuant to the Offer until the
minimum subscription of 5 million Parcels (raising $1.25
million) is reached

USE OF PROCEEDS

The funds raised from the Offer will be applied as follows:

DESCRIPTION                     MINIMUM              FULLY
                                SUBSCRIPTION         SUBSCRIBED

Stage 1 - Marketability and
          Development Assessment       50,000        50,000
Stage 2 - ShareCall Production        100,000        100,000
Stage 3 - Primary RMG Development     300,000        300,000
Stage 4 - RMG Technical Assessment     50,000        50,000
Stage 5 - Secondary RMG Development   250,000        250,000
Expenses of the Offer                  80,000        93,000
Working capital                       420,000        1,032,000
Total                              $1,250,000        $1,875,000

The action of, and allocation of funding to, each successive
stage is contingent upon the success of the strategic
initiatives Under taken in each or all of the previous stages.
Working capital will be applied to corporate overheads and
capital expenditure as well as in any other manner consistent
with achieving the Company's corporate objectives.

Should the directors accept applications for Parcels over the
minimum subscription of 5 million Parcels, and issue the
securities pursuant to those applications, the additional funds
raised will be applied to working capital.

INDICATIVE TIMETABLES

PLACEMENT

Placement opening date                           2 April 2002
Placement closing date (5:00pm WST)               21 May 2002

ROUND-UP

Record Date                                      5 April 2002
Round-Up opening date                            8 April 2002
Round-Up closing date (5:00pm WST)              29 April 2002

The above dates are indicative only and may change without
notice or as required by ASX.

On October 2001, TCR-AP reported that the Company had appointed
John Sheahan and Ian Lock, of Sheahan Coope Lock, an insolvency
practice, (telephone 02 9253 9975), as Joint and Several
Administrators in a Voluntary Administration with a view to
restructuring the company operations.


ENERGY WORLD: CBA Defers Debt Payment to April 30
-------------------------------------------------
The Directors of Energy World Corporation Limited advised that,
following constructive discussions with the Commonwealth Bank of
Australia (CBA), the Company has submitted a plan to fully repay
all outstanding obligations to the CBA. The CBA has appointed an
independent expert to assist them in the evaluation of the plan
and in the meantime have agreed to defer the next repayment due
to the CBA from 31st March 2002 until 30th April 2002.

The plan involves the disposal of selected assets and additional
fund raising from third party sources. As part of these
discussions with the CBA, the Company is seeking to ensure that
reasonable time is available to the Company to achieve fair
value from the disposal of selected assets.

The Directors continue to explore appropriate avenues available
to the Company for achieving additional value to the
Shareholders and raising new funds. In this regard the plan also
embraces the prospect for a separate listing of the Australian
gas assets.

Further details in respect to these arrangements will be
released to Shareholders when matters have been satisfactorily
finalized between the Company and the CBA and a mutually agreed
and revised repayment programmed has been established between
the Company and the CBA.

The Directors remain confident that appropriate agreements can
be negotiated with the CBA.

For further enquiries, please contact Mr Stewart Elliott, EWC's
Managing Director or Mr Brian Allen on 61 2 9247-6888.


GAMES 'R' US: Changes Registered Office Address
-----------------------------------------------
The Directors of Games 'R' Us Australia Limited (GRU) advised
that its registered office has been moved to:

Games 'R' Us Australia Limited
C/o Deloitte Touche Tohmatsu
Central Park Level 16
152-158 St Georges Terrace
Perth WA 6000

Phone: (08) 9365 7000
Fax:   (08) 9365 7003

All mail and correspondence are to be directed to:

Games 'R' Us Australia Limited
C/o Deloitte Touche Tohmatsu
GPO Box A46
Perth WA 6837
                      

WESTRALIA AIRPORTS: Off CreditWatch; Outlook Negative
-----------------------------------------------------
Standard & Poor's has affirmed on March its `BB+/B' ratings on
Westralia Airports Corp Pty. Ltd. (WAC), the operator of Perth
airport in Western Australia. At the same time, the ratings were
removed from CreditWatch with negative implications, where they
were placed on Feb. 19, 2002. The ratings outlook is negative,
reflecting the downside risk to the ratings should the expected
increase in aeronautical charges after June 2002 or a steady
recovery in traffic not eventuate.

Weak industry fundamentals and constraints posed by WAC's
aggressive financial profile have placed pressure on its cash
flow from operations and on its financial flexibility in recent
months. WAC is in equity lock-up and lenders have the ability to
exercise their right to a quarterly mandatory debt repayment of
free cash flow until June 2003. Without a strong rebound in
traffic levels and higher aeronautical charges, WAC's weak debt
protection measures will be adversely affected even further.
While Standard & Poor's does not expect a quick rebound in
traffic numbers, it does expect a favorable regulatory framework
on aeronautical charges after June 2002 when the current regime
ends.

"Clearly, if the increase in aeronautical charges is below
Standard & Poor's expectations or the company does not take
adequate steps to reduce its debt levels, the ratings may be
lowered," said Parvathy Iyer, associate director, Corporate &
Infrastructure Ratings. "It will not be surprising if
shareholder support is being contemplated to alleviate strain on
the financial flexibility."

The ratings reflect WAC's aggressive financial profile, weak
debt protection measures, tight liquidity position, and
prospects for a slow growth in passenger numbers. Offsetting
these weaknesses is Perth airport's position as the gateway to
the state of Western Australia and its revenue diversity.


YARRAHAPPINNI ABORIGINAL: Posts Case Profile  
--------------------------------------------
PricewaterhouseCoopers (PwC) posted Yarrahappinni Aboriginal
Corporation's case profile:  

Territory :  Australia  
Company Name:  Yarrahappinni Aboriginal Corporation  
Lead Partner:  Ian Hall  
Case Manager:  Nicholas Carter  
Date of Appointment:  12 May 1999  
Normal Contact  :  Andrew Zaghani  
Contact Phone No  :  (07) 3257 8662  

PwC Office  

Location :  Brisbane  
PO Box :  GPO Box 150  
Street Address:  Waterfront Place, 1 Eagle Street  
City  :  BRISBANE  
State  :  QLD  
Postcode :  4001  
DX  :  DX 77 Brisbane  
Phone  :  (07) 3257 5000  
Fax  :  (07) 3257 8004  
Appointor :  Supreme Court of Queensland  
Type of Appointment :  Liquidator  
Lead Partner - Full Name:  Ian Richard Hall  
Second Partner - Full Name:  Peter James Hedge  

Case Information (Last Updated 18/03/2002 01:37:21 PM)  

First Creditors' Meeting  

Date:  8 November 2000  
Time:  10am Brisbane time  
Address:  Level 11 Waterfront Place, 1 Eagle Street
    Brisbane 4000  
Proxy return date :  7 November 2000  
Return time  :  4:00 PM  

Other Key Information  

Report as to Affairs received from directors:  None received

Dates of trading by insolvency practitioner:  Not traded  
Business sold/ceased trading:  

Background Information  

The corporation went into liquidation on 12 May 1999, with Ian
Hall and Peter Hedge being subsequently appointed liquidators on
2 September 1999. The corporation was incorporated to obtain
funding to develop infrastructure for the Aboriginal community
in the Stuarts Point area of NSW. Investigations into the
affairs of the company have been limited by the lack of records
recovered. A meeting of creditors has been called for 8 November
2000.  

Current status of assignment and actions required by creditors  

Process of realizing property and ascertaining creditors.  

Next milestone and estimated timetable  

Meeting of creditors on 8 November 2000  

Likely outcome for creditors and timetable  

It is likely there may be a dividend for creditors depending on
the extent of realizations. The administration should conclude
by March 2001.

As at December 2001, administration delayed. Negotiations in
progress with ATSIC re sale of houses to another corporation and
payment in full of receiver's costs including corporations
creditors.

06/02/02 - New South Wales Housing Corporation have applied for
properties to be transferred to them. ATSIC to approve transfer.
(www.pwcrecovery.com)


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


ASIA RESOURCES: Turnover Movement Unexplainable
-----------------------------------------------
Asia Resources Transportation Holdings Limited has noted the
recent increase in the trading volume of Company shares and
stated that the Company is not aware of any reasons for such an
increase.

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


CASIL TELECOMMUNICATIONS: Doubles Losses
----------------------------------------
Casil Telecommunications Holdings (Castel) said its net losses
more than doubled last year because of provisions.  The
equipment manufacturer reported a net loss of HK$253.7 million
for the year to December 31, compared with a HK$107.4 million  
loss the year before.

The net figure includes HK$223.7 million in exceptional charges,
compared with HK$71.9 million in the previous year. Revenue fell
11% to HK$93.7 million from HK$105.2 million.  Operating losses
narrowed to HK$49.6 million from HK$57.6 million the year
earlier. Castel does not plan to pay any dividends for the year.
Its shares ended the day four cents, or 9.5 percent down at 38
cents.


CENTUR ASSETS: Winding Up Petition Set for Hearing
--------------------------------------------------
The petition to wind up Centur Assets 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 January 31, 2002 by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road,
Central, Hong Kong.


FAIREARN INVESTMENT: Winding Up Petition to be Heard
----------------------------------------------------
The petition to wind up Fairearn Investment Limited is scheduled
for hearing before the High Court of Hong Kong on April 24, 2002
at 9:30 am.  The petition was filed with the court on January
25, 2002 by Chung Choi Cheung of Room 516, Shui Kwok House, Tin
Shui Estate, Tin Shui Wai, New Territories, Hong Kong.  


HAINAN INTERNATIONAL: Creditors Likely to Suffer Losses
--------------------------------------------------------
DebtTraders analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), say, "People's Bank of China Governor
Dai Xianlong advised that creditors of Hainan and Fujian
provincial trusts would suffer a certain level of losses. Hainan
International Trust & Investments Corporation (HITIC) and
Fujian International Trust & Investments Corporation (FITIC)
defaulted on Y14 billion (US$106 million) and Y28.5 billion
(US$216 million) of bonds, respectively, in 2001, including the
FITIC 4.1% Bond due '06 and HITIC 5% Bond due '01."

According to DebtTraders, Fujian ITIC's 4.100% bond due on 2006
(FUJI06CNN1) and Hainan ITIC's 5.000% bond due on 2001
(HITI01CNN1) are trading between 45 and 50 and 27 and 35,
respectively. For real time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=FUJI06CNN1,
http://www.debttraders.com/price.cfm?dt_sec_ticker=HITI01CNN1.


NORTHEAST ELECTRICAL: Resolutions Passed at Board Meeting
---------------------------------------------------------
Northeast Electrical Transmission & Transformation Machinery
Manufacturing Company Limited (the Company) held its ninth
meeting of the 3rd Board of Directors (the Board) at the
Conference Room of the Company at 8:30 a.m. on 27 March 2002.
There were 12 eligible directors who should have attended the
meeting. 10 actually attended. The remaining two directors
appointed proxies to vote on their behalf. The supervisors and
senior management of the Company attended the meeting.

The following resolutions were considered and unanimously passed
at the meeting:

1. Pursuant to the requirements of the Implementation of
Accounting System regarding Transfer of Provisions issued by the
Ministry of Finance, the Board of Directors of the Company
determined to make provisions for diminution in value of fixed
assets, construction in progress and intangible assets from
2001;

2. Election of Vice Chairman: According to the provisions of
the Articles of Association, Mr. Liu Jie was elected as Vice
Chairman of the Company;

3. With an aim to improve the management structure of the
Company, the resignation tendered by Mr. Shi Yanping, Chairman
of the Board, from the position of General Manager was accepted,
and the appointment of Mr. Qu Liu as General Manager and Messrs.
Su Weiguo and Luo Hong as Deputy General Manager of the Company
was approved.

Biographies of the Relevant Personnel

Mr. Qu Lin, aged 39, senior economist, joined Shenyang
Transformers Ltd. in 1980. Mr. Qu graduated from Shenyang
Broadcasting Television University specializing in corporate
management in 1986. He obtained a MBA. Mr. Qu was Deputy Head of
Multi-operations Department and Director of the Office of NET,
Party Secretary and Deputy General Manager of Shenyang
Transformers Ltd.

Mr. Su Weiguo, aged 39, senior economist. He studied at Harbin
Polytechnic University specializing in heat processing and
Dalian Navy University specializing in international economic
law and obtained a Bachelor's degree in industry and a Master's
degree in law respectively. He was Head of the Operation
Management Department of the Company, Head of the Operation
Management Department and Chief Executive of Northeast
Electrical Transmission Equipment Group Corporation.

Mr. Luo Hong, aged 39, senior engineer and a part-time
postgraduate student. He studied at Shenyang Industrial
University specializing in mechanical manufacturing technology
and Liaoning University specializing in western economics and
obtained a bachelor's degree in industry. He was Deputy Head of
the Office of Northeast Electrical Transmission Equipment Group
Corporation and Company Secretary and Head of the Office of the
Company.

PROGRESS OF REPAYMENT OF SYNDICATED LOAN

As at the date hereof, the Company has not entered into any
settlement agreement with the banking consortium in respect of
the loan in the sum of US$40,000,000. Further announcement on
the progress of the relevant matters will be made when and as
appropriate.


PERKINS DEVELOPMENTS: Faces Winding Up Petition
-----------------------------------------------
The petition to wind up Perkins Developments Limited is set for
hearing before the High Court of Hong Kong on May 15, 2002 at
9:30 am.  The petition was filed with the court on January 30,
2002 by Bank of China (Hong Kong) Limited whose registered
office is situated at 14th Floor, Bank of China Tower, 1 Garden
Road, Central, Hong Kong.


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


ASTRA INT'L: DebtTraders Assigns Series II Bond SAFETY Rating
-------------------------------------------------------------
DebtTraders analyst, Daniel Fan (852 2537-4111) said, "PT Astra
International Tbk reported a turnaround in net profit of Rp853
billion (US$85 million) in 2001 from (1) a substantial reduction
in foreign exchange loss and (2) an increase in profit
contributions from Astra Agro and Astra Otoparts, compared to a
loss of Rp294 billion (US$29 million) in 2000. Astra's EBITDA
grew 8% to approximately Rp3,495 billion (US$350 million)."

The Company has repaid early again 5 percent, or US$13.7 million
of the US$273.4 million Series II Floating Rate Bond due 2005
(the Series II Bond), in December 2001. The Company had made an
early repayment in March 2001 of the full amount of the US$81.1
million Floating Rate Bond due December 2001.

"Although we do not have a formal investment opinion on the
Series II Bond, we assign a SAFETY rating of 80% to the Series
II Bond due '05 with a yield of 20.2%. The SAFETY rating
reflects Astra's continued improvement in financial fundamentals
and a possible mismatch in operating cash flow and debt
repayment in 2003," says Mr Fan.

DebtTraders reports that Astra Overseas' 4.809% floating rate
notes due on 2005 (ASII05IDS1) are trading between 78.50 and   
80. For more real-time bond pricing information, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ASII05IDS1


BANK CENTRAL: Farallon Pays US$320M for Initial 30% Stake
---------------------------------------------------------
The Indonesia Bank Restructuring Agency (IBRA) received
approximately USZ$320 million in payment for a 30% stake of PT
Bank Central Asia Tbk (BCA) on Thursday, the IndoExchange
reported, citing IBRA's Senior Official Soebowo Musa.

"It has been (deposited) in IBRA's escrow account, around $320
million for payment of a 30% stake of BCA," Soebowo Musa said.

The purchaser was U.S. investment firm Farallon Capital
Management, which is expected to pay for the remainder of a
total 51 percent share in six months.


DUTA PERTIWI: PEFINDO Downgrades Bonds Rating to `idBB-'
--------------------------------------------------------
PEFINDO Credit Rating Indonesia downgraded its bond and
corporate credit ratings of PT Duta Pertiwi Tbk. (DUTI) to
"idBB-" from "idBBB-" due to the company's tightening liquidity
and high refinancing risk on its debt repayments in the
immediate terms. The Company's slow process in making effective
negotiation with its creditors covering proposed due date
extension of its maturing bonds has also raised concerns among
investors. The rating could be further lowered if the
negotiation on proposed term extension to 2007 offered by the
Company is not completed within the next few weeks.

As of September 30, 2001, total outstanding on DUTI's Bond II
and III were at Rp447.65 billion and Rp345.5 billion.  The
Bonds, which were issued in 1997, will come due on April 17 and
August 4 of 2002, respectively. However, the Company's cash
position, projected to be limited, may not be sufficient to
cover the repayments of the obligations. The Company's cash and
time deposits position as of September 30, 2001 was only at
about Rp481 billion. Given the current domestic economic
condition and unfavorable capital market, it is mostly unlikely
for the Company to issue new bonds to refinance the maturing
obligations in a relatively short period of time.

Moreover, market confidence in the group has deteriorated due to
the recent debt stand still announcement made by Sinar Mas
Group's (SMG) pulp and paper companies. DUTI is a diversified
property developer engaging in commercial mixed-used
development, landed residential, office building and hotel. DUTI
is also the property arm of SMG. DUTI was publicly listed at the
Jakarta Stock Exchange since November 1994. SMG is one of
Indonesia's largest and most diversified group of companies,
consisting of more than two hundred companies, which are
organized into four core businesses: agribusiness, pulp and
paper, financial services, and property development.

OUTLOOK

A negative outlook is assigned for the above rating. The outlook
recognizes the mounting financial burdens on the Company to meet
its huge maturing obligations. PEFINDO will closely monitor any
development of the Company's repayment plans and options on the
upcoming maturing debts.


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


HITACHI LTD: HEEC Becomes Wholly Owned, Issuing New Shares
----------------------------------------------------------
Hitachi, Ltd. and Hitachi Electronics Engineering Co., Ltd.
(HEEC) announced on Friday that in accordance with decisions
taken by their respective Boards of Directors, Hitachi
Electronics Engineering, a subsidiary of Hitachi that is listed
on the Tokyo Stock Exchange, will become a wholly owned
subsidiary of Hitachi through share exchange. It was also
decided that Hitachi Electronics Engineering would issue new
shares to Hitachi.

Officially, the share-exchange agreement will be concluded in
late May 2002, and, upon being approved at the Hitachi
Electronics Engineering's ordinary general meeting of
shareholders, which is scheduled to take place in late June, the
share exchange is expected to take place on October 1, 2002. The
issuance of new shares assumes validity in compliance with the
stipulations of the Securities Exchange Law of Japan.

Hitachi Electronics Engineering as a wholly owned subsidiary

1. Gist of agreement

The Hitachi Group aims to be a global supplier able to provide
comprehensive solutions through information system services and
social infrastructure systems equipped with "IT and knowledge",
and the key hardware, software, and high-functional materials
that underpin such services and systems. In accordance with this
policy, Hitachi is speeding up the business realignment of the
Hitachi Group and building an optimized operations system by
fusing together and utilizing the Group's knowledge, experience,
technology and other resources.

These consolidated management measures spurred the move to make
Hitachi Electronics Engineering a wholly owned subsidiary. The
move will make it possible for Hitachi Electronics Engineering
to further promote the restructuring it is currently engaged in,
and will also make it possible to realize further synergies
within the Hitachi Group by organically fusing Hitachi
Electronics Engineering's advanced technologies, which include
optical measurement technology and LCD manufacturing inspection
technology, promoting the development of the nanotechnology
business that is a major focus of the Hitachi Group.

Hitachi Electronics Engineering is engaged in the development
and marketing of manufacturing and inspection equipment for
magnetic disks, LCD's and semiconductors. In March 1998, it was
listed on the Second Section of the Tokyo Stock Exchange.
Recently, however, the Company's business has been affected by
the global IT recession. On March 1, 2002, this led the Company
to issue a downward revision of its result forecast for the year
ending March 31, 2002. This was accompanied by the announcement
of emergency management measures that are being implemented to
return Hitachi Electronics Engineering to profitability by
rebuilding the Company's business by concentrating resources on
core operations, carrying out an extensive reappraisal of its
business division system, and decreasing fixed costs by reducing
the number of employees.

The manufacturing and inspection equipment for LCD's and
semiconductors is a market sector in which technology is
becoming increasingly advanced and cost competition is likely to
intensify on a global scale. Making Hitachi Electronics
Engineering a wholly owned subsidiary will enable businesses in
which Hitachi Electronics Engineering is competitive, such as
optical measurement equipment and flat-panel display equipment,
including LCD's, to be expanded as the key hardware business of
the Hitachi Group. This will allow the management resources to
be more flexibly re-allocated for future needs.

2. Share Exchange Terms and Conditions

(1) Schedule (provisional)
March 28, 2002 Board of directors approves memorandum of
understanding for share-exchange

March 28, 2002     Signing of memorandum of understanding for
share-exchange
Late May, 2002     Board of directors to approve share-exchange
agreement

Late May, 2002     Signing of share-exchange agreement

Late June, 2002    Shareholder approval of share-exchange
agreement(ordinary general meeting of shareholders of Hitachi
Electronics Engineering)

September 25, 2002 Delisting of Hitachi Electronics Engineering
Co., Ltd. from Tokyo Stock Exchange

September 30, 2002 Deadline for the submission of Hitachi
Electronics Engineering share certificates by shareholders

October 1, 2002    Exchange of shares

In accordance with the provisions of Paragraph 1 of Article 358
of the Commercial Code of Japan, Hitachi does not plan to submit
the share-exchange agreement for approval at Hitachi's ordinary
general meeting of shareholders.

(2) Ratio of Share Exchange

Hitachi and Hitachi Electronics Engineering requested Nomura
Corporate Advisors Co., Ltd. (Nomura Corporate Advisors) to
calculate the ratio for the exchange of shares. The results of
these calculations were referred to in discussions between the
two companies, which agreed to the ratio shown below.
The following ratio may be subject to change following
discussions between the parties in the event that there should
arise any significant change in the terms and conditions used to
arrive at the ratio.

Company          Hitachi       Hitachi Electronics
                                   Engineering
Share exchange      1                  0.5 ratio

Notes:

a) Share allocation ratio:
There will be an allocation of 0.5 shares of Hitachi stock per
share of Hitachi Electronics Engineering stock. However, there
will be no allocation of shares with respect to Hitachi
Electronics Engineering stock held by Hitachi.

b) Result, method and basis of calculation by third-party
institution:

Nomura Corporate Advisors used the market price analysis and the
discounted cash flow (DCF) method to evaluate Hitachi and
Hitachi Electronics Engineering. The results were used as a
basis for calculating the share-exchange ratio.

c) Number of Hitachi shares to be issued for the exchange:
4,500,000 ordinary shares

d) Date from which the dividend on the new shares will be
calculated:
October 1, 2002

e) Hitachi may substitute its treasury stock for a portion of
Hitachi's shares to be issued for the exchanges.

3. Outline of Each Company**

Note: As of February 28, 2002, Hitachi's capital amounted to
281,763 million yen, and common stock issued amounted to
3,337,949,635 shares.

4. Change of the President of Hitachi Electronics Engineering
Mr. Katsuhiko Kato, currently President of Hitachi Electronics
Engineering, will step down and Mr. Kunio Hasegawa, currently
senior Vice President and director of Hitachi, will become
President.

(Mr. Hasegawa will assume the presidency following the approval
of the board of directors at a meeting convened following the
ordinary general meeting of the shareholders of Hitachi
Electronics Engineering in late June.)

5. Financial Results (for the most recent three years)**

6. Changes after share exchanges
(1) Trade name, business, head-office location:
No changes are planned following the exchange of shares.

(2) Capital and Capital Reserve:
It has not been decided whether there will be increase in
Hitachi's capital and capital reserve.

(3) Effect on Hitachi's Consolidated Results:
Because Hitachi Electronics Engineering is already a
consolidated Hitachi subsidiary, the share-exchange transaction
is not expected to have a material impact on Hitachi's
consolidated results.

Issuance of new shares of Hitachi Electronics Engineering to
Hitachi

1. Objective

Hitachi Electronics Engineering's area of business, which is
focused on equipment used for performing optical measurements
and LCD manufacturing and inspection, is one that is a priority
for the Hitachi Group. Hitachi Electronics Engineering is an
important subsidiary that possesses leading-edge technology.
Hitachi Electronics Engineering will use the capital generated
by issuance of new shares to Hitachi, amounting to about 3,500
million yen, to complete its current restructuring program.

2. Outline of share issue

  (1) Issuance of new shares

  1. Number of new shares being issued: 7,415,000 ordinary
shares
  2. Issue price:                       472 yen per share
  3. Total:                             3,499,880,000 yen
  4. Closing date:                      Tuesday April 16, 2002

(2) Method of determining issue price

The issue price has been set at 472 yen based on the average
closing price (490.86 yen) of Hitachi Electronics Engineering
shares on the Second Section of the Tokyo Stock Exchange over
the 14-day trading period from March 4, 2002 to March 22, 2002.

(3) Application of funds

To be used to fund Hitachi Electronics Engineering's
restructuring program.

3. Increase in Hitachi Electronics Engineering's capital
(1) Issued shares of stock
   1. Prior to capital increase:   23,000,000 shares
   2. Following capital increase:  30,415,000 shares

(2) Shares held by Hitachi, and percentage of holdings
   1. Prior to underwriting issue:  14,000,000 shares (60.87
percent)
   2. After underwriting issue:     21,415,000 shares (70.41
percent)

(3) Capital and Capital Reserve
   1. Capital prior to increase:          2,275 million yen
      Capital reserve prior to increase:  2,325 million yen
   2. Capital following increase:         4,024 million yen
      Capital reserve following increase: 4,074 million yen

For more information refer to Hitachi's web site at:
http://www.hitachi.co.jp/New/cnews-m/E/2002/0328/index.html

About Hitachi, Ltd.

Hitachi, Ltd. (TSE: 6501 / NYSE: HIT) headquartered in Tokyo,
Japan, is one of the world's leading global electronics
companies, with fiscal 2000 (ended March 31, 2001) consolidated
sales of Y8,417 billion ($67.9 billion) The Company manufactures
and markets a wide range of products, including computers,
semiconductors, consumer products and power and industrial
equipment. For further information, please visit the Hitachi,
Ltd. home page at: global.hitachi.com

About Hitachi Electronics Engineering Co., Ltd

Hitachi Electronics Engineering Co., Ltd. was established in
1965 by Hitachi, Ltd. in order to design communication and
electronic equipment. The Company became publicly held in March
1998.

Contact:
Hitachi, Ltd.
Kenichiro Mizoguchi
+ 81-3-3258-2055
kenichiro_mizoguchi@hdq.hitachi.co.jp

Hitachi Electronics Engineering Co., Ltd.
Masahiko Okiyama
+ 81-3-5467-1160
m-oki@aa.hitachi-deco.co.jp

Yoshiaki Segawa
+ 81-3-3258-2055
yoshiaki_segawa@hdq.hitachi.co.jp

Kaoru Maruyama
+ 81-3-5467-1160
k-maru@aa.hitachi-deco.co.jp


KINKI NIPPON: R&I Assigns L-T A- Rating
---------------------------------------
Rating and Investment Information, Inc. (R&I) on March 25 has
assigned Kinki Nippon Railway Co. Ltd's a Long-term debt rating
of A-.

ARATIONALE:

Kinki Nippon Railway Co., Ltd., operates the highest number of
track kilometers of any private-sector railway operator in
Japan, with lines linking the Kinki and Chubu Regions. The Kinki
Nippon Railway group also contains leading bus companies,
including Nara Kotsu Bus Line Co., Ltd., and Mie Kotsu Co., Ltd.
In view of factors such as these, the Company's operational base
in the transportation sector is evaluated as steady. On the
other hand, the leisure business and other peripheral operations
being developed within the group suffer from slack earnings
potential, and there is little prospect that the operational
environment will recover. The rating strongly reflects the
operational risks of these peripheral businesses. The group's
real estate business, which is mainly carried out by the
subsidiary Kintetsu Real Estate, is to be reorganized in April
2002, with operations concentrated on Kinki Nippon Railway
itself as well as the reorganized Kintetsu Real Estate.

In addition to running the largest track network of any private-
sector railway operator in Japan, with key services such as a
non-stop Osaka to Nagoya express service, Kinki Nippon Railway
also benefits from having several bus companies in the group
that each hold high shares of services in their respective
territories. Nara Kotsu Bus Line and Mie Kotsu are both among
the leading bus companies in Japan. On the other hand, passenger
numbers in the railway division continue to decline even though
there are few lines where the firm faces direct competition from
JR.

The new Keihan'na Line linking Kyoto and Osaka with Nara,
currently under construction and slated to open in fiscal 2005,
will link directly with the Osaka subway's Chuo Line. The
earnings potential of peripheral divisions being developed by
the group, including the leisure division, is poor and there is
little cause for optimism that the operational environment will
recover. Although the group has worked out plans to reorganize
its operations, R&I believes that a considerable period of time
will be needed before this generates results. The earnings of
the hotel business, being developed under the brand name "Miyako
Hotel & Resorts," are recovering temporarily thanks to the
effects of the opening of the Universal Studios Japan (USJ)
theme park, but viewed overall there are very few profitable
hotels in the group. The Shima Spanish Village project, where
the P/L situation remains severe, has seen visitor numbers fall
to just 60 percent or so of their levels of six years ago, and
this project is now being reconstructed. The asset scale of
Kintetsu Real Estate, which is in the process of being
reorganized, has risen as a result of an increase in the number
of unprofitable properties, but the fall in land prices has
slashed asset values. As a result, there are concerns that
profit levels from the real estate business will be dull into
the future even after the operation is reorganized. Kintetsu
Real Estate is an unlisted holding Company type subsidiary, but
for the purposes of the rating assessment R&I have always
treated it as if it were a consolidated subsidiary. As a result,
the reorganization process should have little impact on the
rating. At present R&I does not expect that Kinki Nippon faces
the risk of having to undertake total support for Dai Nippon
Construction, which has been a cause for concern. Even so, there
are still problem credits arising from golf course developments
and it will remain necessary to monitor future moves.

According to Wright Investor's Service, at the end of 2001,
Kinki Nippon Railway Co Ltd had negative working capital, as
current liabilities were Y794.38 billion while total current
assets were only Y434.18 billion.


MYCAL CORP: Unit's Rehab Plan Submitted to Court
------------------------------------------------
Mycal Corp unit, DacVivre Co, has submitted its rehabilitation
scheme proposal to a Tokyo Court presenting a debt-waiver and
recapitalization plans based on aid from an equity fund, Kyodo
News reported Saturday, citing unnamed DacVivre officials.

The Tokyo Court will approve the plan if DacVivre creditors  
vote to accept it at their May 22 meeting.


NIPPON TELEGRAPH: Incurs FY01 Y2T Group Loss
--------------------------------------------
Nippon Telegraph and Telephone Corp (NTT) saw an extraordinary
group loss of Y2 trillion in fiscal 2001 because of under
performing overseas investments and increased restructuring
costs, Kyodo News said Saturday.

The loss includes Y1 trillion incurred by NTT DoCoMo Inc and
Y500 billion by NTT's two regional entities namely NTT East Corp
and NTT West Corp, following payments of special retirement
benefits in their drastic employee reduction scheme.


NISSAN CONSTRUCTION: Seeks Court Protection
-------------------------------------------
General contractor Nissan Construction Co. has filed with the
Tokyo District Court for protection from creditors under the
Corporate Rehabilitation Law, Kyodo News reported Sunday.

The Company, which is affiliated with ailing retailer, Mycal Co,
had difficulty in collecting the Y12 billion it is owed by the
Mycal group for work it has completed. Nissan Construction has
also suffered a fall in orders since Mycal went under in
September 2001.


ORIENT CORP: Four Units Scheduled for Liquidation
-------------------------------------------------
Credit firm Orient Corp aims to liquidate four units and to
lessen its capital to Y23 billion from Y74.9 billion to write
off the liquidation losses and other group losses, Kyodo News
reported Saturday. The names of the subsidiaries were not
disclosed in the report.

The firm has asked Dai-Ichi Kangyo Bank to buy its preferred
shares worth Y200 billion to build up its financial standing,
expecting the bank to respond positively to its request.


SATO KOGYO: Expects Court to Approve Rehab Proceedings
------------------------------------------------------
Ailing contractor Sato Kogyo Co is expecting the Tokyo District
Court to approve the start of its court-mandated rehabilitation
proceedings, according to Kyodo News Saturday, citing unnamed
Company officials.

The Court is also expected to approve the start of similar
proceedings for eight Sato Kogyo units, which also filed for
protection from creditors with the Tokyo District Court under
the Corporate Rehabilitation Law last month.


TAIHEIYO CEMENT: Moody's Reviews Rating for Possible Downgrade
--------------------------------------------------------------
Moody's Investors Service on Friday has placed Taiheiyo Cement
Corporation's (Taiheiyo Cement) Ba2 senior unsecured long-term
debt ratings under review for possible downgrade. The rating
action reflects Moody's growing concern that Taiheiyo Cement's
earnings and cash flow may continue to face pressure in the
intermediate term. In its review, Moody's will assess whether
Taiheiyo Cement's continuous rationalization efforts in its
domestic operations will enable the Company to recover profit
margins under ongoing stressful market conditions. The rating
agency will also evaluate how the Company's efforts to
restructure its troubled Korean affiliate, Saangyong Cement
Industrial Company, could contribute to stabilize profitability
of its overseas operations.

Taiheiyo Cement Corporation, headquartered in Tokyo, is a
leading manufacturer of cement and construction materials in
Japan. Its consolidated sales were Y1,001.6 billion for the
fiscal year ending March 31, 2001.


TDK CORP: Discloses Liquidation of Units, Production Stoppage
-------------------------------------------------------------
TDK Corporation (the Company) at the meeting of the Board of
Directors held on March 26, 2002, has resolved the liquidation
of its consolidated subsidiaries, TDK Manufacturing Deutschland
GmbH and Fuji Kogyosho Corporation, and the production stop at
Tamagawa Technical Center as stated below:

Particular

TDK Manufacturing Deutschland GmbH:

1) Reason for liquidation:

To promote an efficient operation based on the worldwide
management basis in light of the global trends in demand

2) Outline of the subsidiary:

(1) Address: Rammelsbach, Kreis Kusel, Germany
(2) Date of incorporation: December 20, 1985
(3) Representative: Sunao Matsuo, Managing Director
(4) Principal business: Manufacturing of audiocassette tapes and
the manufacture and logistics of leaded coils and SMD coils
(5) Number of employees: 321 employees (actual number)
(6) Ratio of shares held: TDK Electronics Europe GmbH owns 100
percent of shares of TDK Manufacturing Deutschland GmbH.
(Note) TDK Electronics Europe GmbH is a subsidiary of the
Company.

3) Schedule:

Production will stop at the end of December 2002.
TDK Manufacturing Deutschland GmbH will be liquidated at the end
of March 2003.

Fuji Kogyosho Corporation:

1) Reason for liquidation:

Production of coils and transformers, which are main products,
have been transferred to the plants in China and Fuji Kogyosho
Corporation is recently engaged in only an acceptance inspection
for these products, and therefore it is believed to be difficult
to continue business any longer.

2) Outline of the subsidiary:

(1) Address: 167 Aza Dengakumori, Hirasawa , Nikahomachi, Yuri-
gun, Akita Prefecture, Japan
(2) Date of incorporation: November 28, 1972
(3) President: Michio Konno
(4) Principal business: Manufacturing of line filters, leaded
coils for power supplies and various transformers.
(5) Number of employees: Total 71 (to be estimated as of March
31, 2002)
(6) Ratio of shares held: Sakata TDK Corporation owns 100
percent of shares of Fuji Kogyosho Corporation.
(Note) Sakata TDK Corporation is a subsidiary of the Company.

3) Schedule:

Production will stop at the end of May 2002.
Fuji Kogyosho Corporation will be liquidated at the end of
September 2002.

Tamagawa Technical Center:

1) Reason for production stop:

While Tamagawa Technical Center has continued the business
mainly the duplication of cassette tapes, demands of the product
have been sluggish due to a shift of media to CDs recently.

2) Outline of the plant

(1) Address: 311 Ichinotsubo, Nakahara-ku, Kawasaki-shi,
Kanagawa Prefecture, Japan
(2) Principal business: Duplication and sale of cassette tapes
(3) Number of employees: Total 18 (to be estimated as of March
31,2002)

3) Schedule:

Production will stop at the end of March 2002.

Any influence to be affected by the liquidation of subsidiaries
and the production stop at the plant will be negligible.

About TDK Corporation

TDK Corporation (TSE: 6762) (NYSE: TDK) is a leading global
electronics Company based in Japan. It was established in 1935
to commercialize "ferrite," a key material in electronics and
magnetics. TDK's current product line includes ferrite
materials, electronic components and ICs, wireless computer
networking products, magnetic heads for HDD, digital recording
hardware and advanced digital recording media. Net sales in
FY2001 were Y689 billion. For more information about TDK, please
visit www.tdk.co.jp. For further information, please visit the
TDK Corporation home page at: www.tdk.co.jp

Contact:
Nobuyuki Koike
TDK Corporation
Tel: 03-5201-7102
e-mail; nkoike@mb1.tdk.co.jp
http://www.tdk.co.jp/


TOTO LTD: Losses Will Likely End 2,000 Workers' Jobs
----------------------------------------------------
Toto Ltd plans to eliminate 2,000 jobs, or 20% of its workforce,
as Japan's largest maker of toilets and faucets lowered its
forecasts for fiscal 2001, Kyodo News reports.

In the year through March 31, unconsolidated net loss will come
to Y10 billion in a turnaround from the earlier forecast of a Y2
billion profit, the company said.


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


CHOHUNG BANK: Subordinated Debt Offering a Hit
----------------------------------------------
On March 28, 2002, Chohung Bank successfully issued won-
denominated subordinated debt worth W300 billion maturing after
five years and nine months with interest being paid on a monthly
basis at 7.30 percent p.a. or on a quarterly basis at 7.35
percent p.a. The subordinated debt sold out in 30 minutes on the
day of the March 14 offering through its nationwide branch
network.

Subordinated debt is an effective means of investment for
customers, in light of lower interest rates in the domestic
financial market. With relatively higher interest rates as well
as the guaranteed separate taxation, there was a strong market
response to the issuance, enhancing the credibility of Chohung
Bank.

Check the release at http://www.chb.co.kr/eng/


DAEWOO MOTOR: Talks With GM Near Completion, Says MoFE
------------------------------------------------------
The Ministry of Finance and Economy (MoFE) said creditors of
Daewoo Motor Co (DM) will sign a final contract to sell the
ailing automaker to General Motors Corp (GM) at the earliest
possible time, with their negotiations nearing completion,
according to AFX News on Friday.

TCR-AP reported on Monday that Daewoo Motor's Korean creditor
banks are prepared to extend US$2 billion in loans to General
Motors for the United States carmaker's acquisition of the
ailing Daewoo. The Korean government and creditors have also
decided to provide a package of tax cuts on the deal, partially
agreeing to GM's demand for the five-year grace period on the
special consumption tax for the deal.


HYUNDAI MERCHANT: Boosting High Value-Added Cargo Business
-----------------------------------------------------------
Hyundai Merchant Marine (HMM) announced on March 20 that it is
strengthening its specialized container-business section,
including reefer containers for transporting cargo to be kept
fresh condition and special containers for transporting large-
scale cargo and chemical products. Through this development, HMM
expects to maximize its profits in this area.

The Company also plans to transport 120,000 TEU, an increase of
6 percent over last year and to reach W210 billion (another 6
percent increase) in sales in the reefer container sector. In
the special container area, HMM plans to reach 110,000 TEU (11
percent up on 2001) and to achieve W200 billion in sales. The
specialized container market is highly profitable, 2~3 times
higher than general container transportation - because of the
high-value-added cargoes involved.

HMM analysis has shown that reefer cargo traffic between the
U.S., Europe and Asia is increasing rapidly, and expects the
demands for reefer containers & special containers to increase
even further with a recovering world economy, and international
events such as the 2002 World Cup.

HMM decided in a January business-strategy move to concentrate
on high-freight cargoes such as fruits and vegetables from the
U.S. to China, and to promote an active marketing strategy for
these increasing special cargoes.

Reefer containers are mainly used to transport fruits,
vegetables, meat, wine and fish from the U.S. or Europe, as
these need high technology to keep temperature and humidity
constantly. Reefer container freight is actually double general
container business, and HMM plans to increase profits through
using 13,000 units of these state-of-the-art containers.

TCR-AP reported in January that Hyundai Merchant Marine (HMM)
would sell its three exclusive ports within the month for US$200
million, including one in Busan, as part of its self-rescue
effort, citing a creditor of the shipping firm. HMM will first
use the proceeds from the terminal sales to repay a bridge loan
worth W100 billion from Korea Development Bank.

For more information check the release at
http://www.hmm21.com/hmm/jsp/eng/news/view/index.jsp?news_id=185
&pg=1&search_str=&class1=0


HYUNDAI OIL: Receiving US$900M Financial Aid From IPIC
------------------------------------------------------
Hyundai Oil Refinery Co. Ltd will receive US$900 million in
financial support from its largest shareholder the International
Petroleum Investment Co (IPIC) of UAE, AFX News reported Friday.

The financial aid consists of US$400 million in deferred
payments of oil imports and US$500 million in trade-related
financing, which the Company said would be sufficient to cover
its international transactions. IPIC, which holds a 50 percent
stake in the Company, needs to receive board approval in mid-
April to execute its commitment.


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


AMSTEEL CORPORATION: BTML Sells Judgment Claim
----------------------------------------------
The Board of Directors of Amsteel Corporation Berhad announced
that Bank of Tokyo-Mitsubishi (M) Ltd (Labuan Branch) (BTML) has
on 27 March 2002 withdrawn its claim in the Kuala Lumpur High
Court Suit No. D5-22-381-1999 for interest calculated on the sum
of US$4,034,663.27 (equivalent to RM15,331,720.42) at the rate
of 2.25% per annum above BTML's cost of funds, with no liberty
to file afresh.

With regard to the claim in respect of the principal amount,
judgment was obtained by BTML against the Company on 19 October
2000 in the sum of US$4,034,663.27 (Judgment Debt). BTML has
sold the Judgment Debt to another financial institution, which
has agreed not to take any steps to enforce the Judgment Debt
any time before 31 December 2002.


AUTOINDUSTRIES VENTURES: No Significant Proposals Development
-------------------------------------------------------------
Autoindustries Ventures Berhad (AIV) informed that since the
First Announcement made on 28 February 2002, there has been no
major development on these Proposals, still under consideration
by the relevant authorities:

   i) Proposed Restricted Issue of up to 13,000,000 new ordinary
shares of RM1.00 each in AIV at a proposed issued price of
RM1.00 per share for cash (Proposed Restricted Issue); and

   ii) Proposed Issue of 2,000,000 new ordinary shares of RM1.00
each in AIV to BI Walden Ventures Kedua Sdn Bhd and Pacven
Walden Ventures III L.P. at a proposed issue price of RM1.00
share as part settlement of amount due.


BRIDGECON HOLDINGS: Gets Danaharta's Nod on Workout Proposal
------------------------------------------------------------
On behalf of the Special Administrators of Bridgecon Holdings
Berhad (Special Administrators Appointed) (the Company or BHB)
and Lean Seng Chan (Quarry) Sdn Bhd (Special Administrators
Appointed) (LSCQ), a wholly owned subsidiary of the Company,
announced that the Proposed Corporate And Debt Restructuring
Scheme (Workout Proposal), which entails the proposed
acquisition of LSCQ and the proposed debt settlement of LSCQ by
JMR was approved in accordance with the Pengurusan Danaharta
Nasional Berhad act 1998 on 29 March 2002.

The Company also announced that an application has been
submitted to the KLSE for a further extension of time up to 31
May 2002 to comply with the requirements of PN4 in relation to
the Requisite Announcement.  The Company will make the necessary
announcement in due course upon receipt of the decision of the
KLSE on the abovementioned application.


EXPRESSWAY LINGKARAN: CDRC Aids Debt Restructuring Finalization
---------------------------------------------------------------
The Corporate Debt Restructuring Committee (CDRC) on March 28
announced that it has successfully assisted Expressway Lingkaran
Tengah Sdn Bhd (ELITE) to finalize a debt restructuring
agreement with its lenders to restructure their outstanding
debts. Notes, bonds and a bridging loan facility totaling RM1.05
billion, based on the balance outstanding as at end August 2001,
will be rescheduled.

The proposed debt-restructuring scheme (Scheme) involves
implementation of:

   * Repurchase of bonds and notes for cancellation and
repayment of bridging loan (Repurchase and Repayment).

   * Proposed Settlement I - This involves a notional drawdown
of term loan granted by some of ELITE's existing lenders to
ELITE to facilitate the Repurchase and Repayment stated above,
in effect, creating a new term loan.

   * Proposed Settlement II - This involves a settlement
arrangement via scheduled payments between ELITE and another
group of existing lenders comprising discount houses, fund
managers and a trustee organization to facilitate the Repurchase
and Repayment stated above.

   * Proposed appointment of monitoring agents - This will
principally involve the appointment of a project agent to
monitor the tender process of material contracts being awarded
by ELITE. In addition, an independent engineering consultant
will also be appointed to verify ELITE's yearly budget and
review the need to incur maintenance and capital expenditure.
These advisors will be accountable to the lenders.

The adviser for the Scheme is Commerce International Merchant
Bankers Berhad. ELITE had submitted the Scheme to the relevant
authorities for approval, which was granted on 11 March 2002.
The Scheme is anticipated to alleviate ELITE's financial
predicament and restore the company to its original viability.


JASATERA BERHAD: To Appeal SC's Decision Regarding Plan
-------------------------------------------------------
Jasatera Berhad (Jasatera or the Company), further to the
announcement dated 12 March 2002 wherein the Company announced
that the Securities Commission (SC) rejected the Proposed
Recapitalization Exercise, announced that the Company is
currently in the midst of preparing the appeal to the SC.

Profile

Jasatera engages in construction of commercial and industrial
buildings and civil engineering works. Its subsidiaries are
involved in contracting for general building and civil works and
property development. The Company has participated in various
construction projects including the 88-storey Petronas Tower,
KLIA and Commonwealth Sports Center in Bukit Jalil. In September
2000, the Company proposed to undertake a debt settlement
scheme, which included a capital reduction, a rights issue and
conversion of debt to redeemable convertible preference shares.

An agreement signed pursuant to the scheme lapsed on 5 March
2001 and Jasatera is presently in the midst of formulating a
revised scheme following the SC's additional requirements with
respect to NTA backing of the Company. Concurrently, Jasatera is
seeking the approval of its financial institution lenders for an
extension of time to implement the scheme. KLSE has given its
approval for Jasatera to make the requisite announcement on the
revised scheme within the six-month period ending 26 August
2001.


L&M CORPORATION: Court Grants Unit's Restraining, Stay Order
------------------------------------------------------------
L&M Corporation (M) Bhd had on 26 March 2002 announced that the
High Court of Malaya, on 25 March 2002, granted the Company and
its wholly owned subsidiary, L&M Geotechnic Sdn Bhd a further
extension of the Restraining and Stay Order for a further period
of six (6) months commencing from 30 March 2002 and expiring on
30 September 2002.


MALAYSIA INT'L: PSHIP Ceases Operation, Liquidator Appointed
------------------------------------------------------------
Malaysia International Shipping Corporation Berhad informed that
the Members' Voluntary Winding Up proceeding of Peninsular
Shipbrokers Sdn Bhd (PSHIP), 100% owned subsidiary of the
Corporation through MISC Enterprises Holdings Sdn Bhd commenced
on 27 March 2002.

PSHIP ceased operation 31 December 1995. The Members' Voluntary
Winding Up proceeding is part and parcel of the MISC Group's
Transformation & Restructuring exercise to streamline its
operations and focus on its core business.

En Chong Chee Fern was appointed the liquidator for the winding
up of PSHIP on 27 March 2002.


MENANG CORPORATION: Completes Restructuring Scheme Requirement
--------------------------------------------------------------
Menang Corporation (M) Berhad (Menang or Company) announced that
the Company has met the public shareholding spread requirement
(pursuant to the completion of the Restructuring Scheme), of
which the SC has vide its letter dated 10 October 2001 granted
Menang the extension of time of six (6) months from the date of
listing of the ROS shares to meet the 25% public shareholding
spread requirement. The ROS shares were listed on 25 October
2001.

The Restructuring Scheme comprises:  

   (i) Schemes of Arrangement Pursuant to Section 176 of the
Companies Act 1965 (Schemes of Arrangement);

   (ii) Capital Reconstruction;

   (iii) Share Premium Account Reduction Pursuant to Sections
60(2) and 64 of the Companies Act 1965;

   (iv) Acquisition of Development Land;

   (v) Warrants Issue;

   (vi) Restricted Offer For Sale; And

   (vii)Exemption From Mandatory General Offer


PANTAI HOLDINGS: Proposes Internal Restructuring
-------------------------------------------------
The Board of Directors of Pantai Holdings Berhad (PHB or the
Company) announced that the Company is proposing an internal
restructuring (Proposed Restructuring) of its Group of Companies
(PHB Group).

The Proposed Restructuring would involve the transfer of six
investment holding subsidiaries directly held under PHB to a
wholly owned subsidiary, Pantai Group Resources Sdn Bhd (PGR),
which will function as an intermediate holding company. The six
subsidiaries referred to above are:

   1. Pantai Hospitals Sdn Bhd, which in turn holds equity
investment in companies which own and operate private hospitals
and provide healthcare services;

   2. Pantai Support Services Sdn Bhd, which in turn holds
equity investment in companies, which are, involved in the
provision of health support services;

   3. Pantai Investments (Cayman) Limited, which holds
investments in several public listed entities;

   4. Conso Asli Sdn Bhd, which in turn holds equity investment
in a company involved in the provision of ambulatory care
services;

   5. Cyberwide Finance Limited, which has not commenced
activities; and

   6. Pantai Management Resources Sdn Bhd, which provides
strategic support and management services to the PHB Group.

There will not be any change in the effective control of the
transferred subsidiaries upon completion of the Proposed
Restructuring nor would there be any effect on the underlying
business activities of the PHB Group. The Proposed Restructuring
will result in a more streamlined functioning of the PHB Group
which will enable it continue to focus on its core business
activities which are hospital services, healthcare service and
health support services. The Proposed Restructuring will also
provide greater flexibility and enhance the operational
efficiency of the PHB Group.

The approvals of the authorities and shareholders are not
required as the Proposed Restructuring only involves
transactions between PHB and its wholly owned subsidiary.


PICA (M) CORPORATION: Preparing Capital Restructuring Plan
----------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad (Pica or
the Company) made this announcement for public release:

1. RM60 Million Guaranteed Revolving Underwriting Facility

Further to the Company's announcement on the status of the above
matter, the Company's solicitors have withdrawn their
application to discharge themselves. In relations to the
striking out application, the Court has directed the counsels to
submit written submission and fixed 11 June 2002 for
clarification. The hearing for the Plaintiff's application for
summary judgment has been re-scheduled to an indefinite date

2. RM5 Million Revolving Credit Facility & RM7 Million Short
Term Loan

Further to the Company's announcement on 15 January 2002, the
Company wish to inform that it had appointed a lawyer to defend
the claim and a Statement of Defense had been filed into court.
The Plaintiff has applied for summary judgment. Apart from the
above, the legal proceeding is still pending in court.

3. RM50 Million Term Loan Facility

Further to the Company's announcement on 29 January 2002, the
Company informed that a lawyer was appointed to defend the case
and a Statement of Defense has been submitted to court. A copy
of the Plaintiff's summary judgment application has been served
on the Company's lawyer.  

Further to the Company's first announcement on PN note 4, the
Company informed that its first creditors meeting was held on 12
March 2002 to discuss the Company's capital restructuring scheme
with its creditors. Meanwhile the Company is in the midst of
preparing and compiling documents requested by its creditors and
shall hold a second creditors meeting in due course upon
completion of those documents.


RAHMAN HYDRAULIC: Changes Audit Committee Members Composition
-------------------------------------------------------------
Rahman Hydraulic Tin Bhd. (Special Administrators Appointed)
(the Company) announced that further to the announcement dated
27 March 2002, accordingly, the following persons are no longer
members of the Audit Committee of the Company:

   1. Tuan Haji Abdul Malek Bin Hormat
   2. Dato' Syed Hamzah Bin Syed Abu Bakar
   3. Chong Kee Ling, JP

Subsequent to the above, the Audit Committee comprises the
following members:

Name      Designation
   
Ganesan A/L Sundaraj Chairman/Independent Non-Executive Director
Gopalan A/L S. Vengadasalam  Independent Non-Executive Director
K. Ravathi A/P M. Karuppiah Independent Non-Executive Director


RNC CORPORATION: Voluntarily Liquidates Subsidiary
--------------------------------------------------
RNC Corporation Berhad, pursuant to a members' meeting and
creditors' meeting of Tenaga Ajaib Sdn Bhd (TASB) held on 24
March 2002 and 25 March 2002 respectively, a resolution was
passed to wind-up the Company by way of Creditors' Voluntary
Liquidation.

TASB is a wholly owned subsidiary of Motif Kemuncak Sdn Bhd (In
Liquidation) (MKSB), which is in turn 99.9% owned by Modern
Innovations Sdn Bhd (In Liquidation) (MISB). MISB is a 95.1%
owned subsidiary of RNC. TASB was incorporated on 26 May 1993
and has ceased operation during financial year ended 31 March
2000 and is not expected to have any financial or operational
impact on RNC. The Company has an authorized share capital of
500,000 ordinary shares of RM1.00 each and issued and paid up
capital of 500,000 ordinary shares of RM1.00 each.

Mr Tan Kim Leong, JP was appointed as Liquidator for the
abovementioned subsidiary company.


SEAL INCORPORATED: March Defaulted Payment Reaches RM55.4M
----------------------------------------------------------
Seal Incorporated Berhad informed that there had been no new
developments in relation to the default in payment of the
principal and/or interest of the bank borrowings of Seal
Incorporated Berhad and its subsidiaries (the Group) since its
announcement dated 28 February 2002.

As at 29 March 2002, the Group's total default in payments to
financial institutions in respect to various credit facilities
is RM55.4 million.


SELOGA HOLDINGS: Hopes for Regularization Plan Extension
--------------------------------------------------------
Seloga Holdings Berhad (Seloga or the Company) is required,
inter-alia, to submit plans to regularize its financial position
(Regularization Plan) to the relevant authorities, including to
the Securities Commission (SC) within 2 months from the date of
the Requisite Announcement i.e. by 4th April 2002.  In this
regard, the Board of Directors of Seloga announced that the
Company has applied to KLSE on even date for an extension of
time to submit the Regularization Plan to the relevant
authorities. for a period of 1 month, i.e. from 4th April 2002
to 4th May 2002 (Proposed Extension of Time) in view of the
preparation for the submission to authorities are still being
undertaken.


TRANSWATER CORPORATION: Answers KLSE's Debt Settlement Query
------------------------------------------------------------   
Transwater Corporation Berhad, in reference to KLSE's query
letter dated 27 March 2002, which was received on 28 March 2002,
in relation to the Debt Settlement Agreement with Idris
Hydraulic (Malaysia) Berhad, released this information:

1. The terms of the Debt Settlement Agreement were agreed on 26
March 2002.

2. The salient features of the Debt Settlement Agreement have
been disclosed in Section 2.0 of the Announcement dated 26 March
2002.

3. Transwater Corporation Berhad (Transwater) will not assume
any liabilities pursuant to the Proposed Settlement.

4. The effects of the Proposed Settlement on the net tangible
assets of the Transwater Group based on its latest audited
balance sheet as at 28 February 2001 are as follows:

Proforma after Audited as Proposed
at 28.02.01 Settlement
RM'000   RM'000

Share capital  13,000   13,000
Reserves   (26,609)   (8,523)
----------   ----------
Shareholders' fund (13,609)   4,477
Goodwill on
consolidation   (410)   (410)
----------   ----------
Net tangible (liabilities)/assets
(14,019)   4,067
======   ======

Net tangible (liabilities)/assets per Share (RM) (1.08) 0.31

5. The new Newco Shares arising from the conversion of the
irredeemable convertible unsecured loan stocks - A (ICULS)
shall, upon allotment and issue rank pari passu in all respects
with Newco Shares except that they shall not be entitled to any
rights, allotment or distributions the record date of which is
on or before the subscription date. In addition, the new Newco
Shares shall not be entitled to any dividend declared in respect
of a financial period prior to the financial period in which the
new Newco Shares are issued or any interim dividends, the
declaration of which is on or before the subscription date.

6. Where Transwater is concerned, the Proposed Settlement does
not depart from the Securities Commission's Policies and
Guidelines on Issue/Offer of Securities.

7. The estimated time frame for the completion of the Proposed
Settlement is by 30 June 2002.

8. The ICULS shall be convertible into new Newco Shares on any
business day from the issue date of the ICULS and until the
maturity date of the ICULS.

9. The conversion price of the ICULS will be determined after
the Securities Commission's approval.


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


PHILIPPINE AIRLINES: Registers P213M Net Profit in Dec-Jan
----------------------------------------------------------
Philippine Airlines (PAL) has registered a total of P213 million
net profits in December and January, according to President
Avelino Zapanta. The airline incurred a net loss of P358 million
in February, lower than the airline's projection of a P593
million loss. Zapanta said the outlook for the next fiscal year
is positive with all flights fully booked.

He said the Company has no plans to further cut a 7,000
workforce, which has already been lessened from 14,000 since PAL
began its rehabilitation program. PAL is entering its fourth
year of a 10-year rehabilitation scheme after a labor strike
crippled operations in 1998.

DebtTraders reports that Philippine Airline's 7.601% floating
rate note due in 2000 (PHPA00PHN1) trades between 3.5 and 6.5.
For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PHPA00PHN1


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


ALLIANCE TECH: Judicial Management Petition Hearings Pending
------------------------------------------------------------
Further to the announcements made on 4 March and 6 March 2002,
the Board of Directors of Alliance Technology and Development
Limited (the Company) announced that the Company's petition to
place the Company under judicial management will be heard in the
High Court of Singapore on 5 April 2002 at 10 a.m. Similarly,
the petition by Fort Canning Country Club Investment Ltd (FCCC),
the Company's wholly owned subsidiary, to place FCCC under
judicial management will be heard in the High Court of Singapore
on the same date.

Under the SGX-ST Listing Manual (the Listing Manual), the
Company is required to announce its financial results by 31
March 2002. Given the financial circumstances of the Company and
the uncertainty pending the hearing of the petition to place the
Company under judicial management, the Directors of the Company
had applied to the Singapore Exchange Securities Trading Limited
(SGX-ST) for an extension of time to comply with Clause
911(1)(b) of the Listing Manual.

The SGX-ST has approved the application for an extension of time
to comply with the Listing Manual from 31 March 2002 to 30 April
2002, subject to compliance with statutory regulations, if any.

The Directors will keep the shareholders updated on any further
development at the appropriate time.


KEPPEL TELECOM: Shareholders Reject Scheme of Arrangement
---------------------------------------------------------
Keppel Telecommunications & Transportation Ltd (KTT)announced on
March 27 that the proposed scheme of arrangement to privatize
KTT (the Scheme) as announced by KTT on 3 December 2001 was not
approved by Scheme Shareholders and Shareholders at the Court
convened meeting and an extraordinary general meeting
respectively held on 27 March 2002. KTT did not obtain the
requisite majority to vote in favor of the resolutions relating
to the Scheme.

Notwithstanding the unsuccessful outcome of the Scheme, KTT will
continue to focus its efforts on building its core businesses in
network engineering and technology solutions. In addition, the
Company will continue with its plans for an orderly divestment
of its ships, logistics business and its investment in MobileOne
(Asia). Pending the realization of the proceeds from these
divestments, KTT will review all options available, including
capital raising, to meet its financing needs.

According to Wright Investor's Service, at the end of 2001,
Keppel Telecommunications and Transportation Ltd had negative
working capital, as current liabilities were S$718.96 million
while total current assets were only S$287.48 million.

DebtTraders reports that Keppel Telecom & Transportation's
2.000% convertible bond due in 2002 (KPTT02SGS1) trades between
99.250 and 99.750. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=KPTT02SGS1


OVERSEA-CHINESE: Voluntarily Winding Up Subsidiary
--------------------------------------------------
The Board of Directors of Oversea-Chinese Banking Corporation
Limited (the Company) announced that iPropertyNet Pte Ltd
(iProperty) has been placed under members' voluntary winding-up
pursuant to an Extraordinary General Meeting of iProperty held
on 27 March 2002.

The Company, through its wholly owned subsidiaries, currently
holds 57.23 percent of iProperty's issued and paid-up share
capital.

iProperty's principal activities comprise investment holdings,
the provision of internet-based application solutions to
participants in the property industry and operation of websites.

The voluntary winding-up of iProperty will not have any material
impact on the net earnings per share or net tangible assets per
share of the Group for the financial year ending 31 December
2002.

DebtTraders reports that Oversea-Chinese Banking Corp's 7.750%
bond due in 2011 (OCBC11SGS1) trades between 105.030 and
105.976. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=OCBC11SGS1


MENTOR MEDIA: Discloses Substantial Stake Liquidation
-----------------------------------------------------
Mentor Media Ltd disclosed on March 28 the voluntary liquidation
of substantial shareholder Mentor Graphics (Singapore) Pte Ltd.

Date of notice to Company: 28 Mar 2002
Date of change of interest: 27 Mar 2002
Name of registered holder: Mentor Graphics (Singapore) Pte Ltd
(In Members' Voluntary Liquidation)
Circumstance giving rise to the change: Others
Please specify details: Private placement

Shares held in the name of registered holder
No. of shares of the change: 11,111,540
% of issued share capital: 5.55
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: 0.4027
No. of shares held before change: 11,111,540
% of issued share capital: 5.55
No. of shares held after change: 0
% of issued share capital: 0

Holdings of Substantial Shareholder including direct and deemed
interest
                                     Deemed   Direct
No. of shares held before change:             11,111,540
% of issued share capital:                    5.55
No. of shares held after change:              0
% of issued share capital:                    0
Total shares:                                 0

Mentor Graphics Corporation is deemed to have an interest in the
shares held by Mentor Graphics (Singapore) Pte Ltd (In Members'
Voluntary Liquidation) by virtue of Section 7 of the Singapore
Companies Act.


PRESSCRETE HOLDINGS: Prepares Bedeschi, Neo MOU Documentation
-------------------------------------------------------------
Presscrete Holdings Ltd (the Company) announced on March 30 that
it has proceeded with the preparation of definitive
documentation for the purposes of the Bedeschi MOU and Neo MOU.

The Company has also proceeded to obtain the necessary approvals
required to complete the transactions contemplated in the Neo
MOU. To-date the Group's bankers (excluding CT's) have not
demanded repayment of the Group existing loans at short notice.
The Company will make prompt disclosure as and when there are
further developments.

TCR-AP reported last month that Presscrete Holdings Ltd signed a
memorandum of understanding with Bedeschi SpA to settle S$2.067
million in liabilities, and a separate MoU with Neo Corp Pte Ltd
to acquire certain businesses and assets from Neo. Presscrete
said Bedechi supplied certain plant and equipment to its 56.3 %
subsidiary Ceramic Technologies Pte Ltd, payment for which was
guaranteed by Presscrete.


THAKRAL CORP: Completes Financial Restructuring Scheme
------------------------------------------------------
Thakral Corporation Ltd. as part of its continued efforts to
maintain constant rapport and regular communications with their
shareholders and investors announced on March 26 the changes
that have taken place in the Company and their business.

27 March 2002, Wednesday, is the effective completion date of
the financial restructuring scheme.

On this date, the Company concluded:

(a) The Company will buy back total debts of US$61,176,267,
which the Group owes at an average discount of 71.6 % by paying
US$17,392,932. This will result in the Group booking a gain of
approximately S$80 million in its current financial year.

(b) The Company also pays to the participating creditors a total
amount of US$24,275,068 in partial settlement of the Group's
outstanding debts.

(c) Issue 61,582,651 new shares to new independent investors
against the injection of S$15.4 million in new funds into the
Company. This will result in a gain of S$8.6 million in the
current financial year (based on the closing market price of
S$0.11 per share on 25 March 2002).

(d) The issued shares of the Company will increase from
584,996,654 shares to 1,495,960,617 shares of par value S$0.05
each.

(e) Of the above shares, 849,381,312 new shares will be issued
to participating creditors against conversion of their debt of
S$212,345,328 into equity of the Company at S$0.25 per share.
Under the Scheme, a substantial majority of these shares will be
subject to a lock-up mechanism, which will ensure orderly
release of these shares into the market over a period of up to
four years.

(f) As a result of this debt to equity swap, the Group will
recognize a gain of S$118.9 million in its current financial
year (based on the closing market price of S$0.11 per share on
25 March 2002).

(g) At the end of the restructuring exercise the Group will end
up with a total restructured debt, mostly long term, of
approximately S$108 million.

What does this all mean for the Group?

It means:

The Company's balance sheet structure and hence its financial
situation will improve significantly.

The Company's total debt will be reduced from a current level of
approximately S$470 million as at 30 September 2001 to about
S$108 million at this financial year-end. Correspondingly, our
interest burden will be reduced from a level of approximately
S$26 million in the current financial year to about S$4 million
for next year, based on the current rate of bank interest.

As a result of the debt buy back, the conversion of bank debt
into equity and the injection of fresh money into the Company,
we will recognize a gain of S$207.5 million in the current
financial year.

Shareholders' funds will increase from a negative of S$156.6
million as at 30 September 2001 to a positive of approximately
S$129 million at this financial year-end.

NTA per share will also improve from a negative of 27 cents per
share as at 30 September 2001 to a positive of 8.6 cents per
share.

In a nutshell, we will emerge with a stronger and healthier
balance sheet and we will be well positioned to focus on
managing and growing our businesses.

In addition, the restructuring will change our shareholding
structure. The Thakral Family's shareholding will be reduced
from 70.7 % to 27.6 %. New shareholders will come in, primarily
financial institutions and other independent investors, whose
shareholding will be approximately 60.9 %.

Nevertheless, the Thakral Family will continue to be fully
committed to managing the business.

While the Company been busy over the last couple of years in
making sure that their financial restructuring gets completed,
it focused on managing their business and, where necessary,
restructuring the way it conducted and manage these businesses.

The Company has conducted extensive review of the business and
concluded that the following represent core businesses that it
want to continue to focus on because they are strategically
important and offer future growth potential.

The three core businesses it will continue to focus on; build
and allocate resources to are the following:

Trading and Distribution
Home Entertainment
Contract Manufacturing

Principal businesses are transacted primarily in China and Hong
Kong. China in fact accounts directly and indirectly for more
than 95 per cent of our business activity and group turnover.

We are fortunate in this respect as, notwithstanding the
challenges that businesses generally face in China, China
however offers attractive opportunities, as it remains one of
the fastest growing markets in the world with GDP growth
projected at more than 7 % in 2002.

Also, China's entry into WTO will have some positive
implications for our businesses in particular, home
entertainment and contract manufacturing.

Trading and Distribution

The trading and distribution of consumer electronic products
continues to be the principal business of the Group, which
contributes more than 90 % of their turnover and profitability.
Some of the changes that we have recently adopted to reinforce
this business are as follows:

Focus on margins rather than turnover.

Tighten working capital management by focusing on products with
quick turnaround, such as digital video cameras, audio products,
plasma TVs and notebook computers.

Leverage on their existing well-established infrastructure to
distribute new value added products with minimal additional
overhead cost.

As an example, the Company is now distributing notebook
computers through our existing distribution network (the
turnover went from zero at the beginning of the year to S$24
million during this financial year). Also most recently it
introduced new models of plasma TVs and we are now in the
process of launching digital cameras using the same network.

Implementation of various cost-reduction measures.

This led to a decline of approximately S$4 million (28 %) in
operating expenses over the last two years which now stand at
2.6 % of sales. Strengthen relationships with suppliers and
customers. The Company continues to enjoy strong relationships
with all our suppliers and, in many cases, have strengthened
this by having more models exclusively sold through us. In fact,
during this period the Company has also recently been appointed
as one of the two official distributors of plasma TVs in
Shanghai whereby we are able to sell to the whole market
exclusively (except to two major retailers).

Audio Products

The Company has a range of completely rejuvenated product line-
up that includes CD players, headphone stereos, MP3 players, DVD
Hi-Fi, among others.

The models are designed to appeal to the younger generation and
are full of features and come at a very affordable price.

The Company conducts joint marketing and promotions with
Panasonic to over 300 retailers, wholesalers and sub-
distributors in China about 3 to 4 times a year. At these
dealer's conferences, new models, sales strategy and product
plans are clearly communicated which help in getting good market
feedback and assist in inventory requirements and improving
controls.

Video Cameras

The Company has more than 40 different models that capture
approximately 55 % of market share in China.

We host dealers' conferences.

As an example: Most recently in Qingdao and Xiamen, it had a
dealer's conference jointly hosted with Panasonic, which was
attended by more than 250 existing and potential dealers, to
introduce new products that will be launched into the market. We
demonstrated some of these products and received indications of
potential orders/demand. Because we work more closely on the
ground with our customers, we have a better sense of what the
consumer wants. We in turn work with our suppliers to help them
launch the right products at the right price. This role enhances
our value in the distribution chain.

It also allows us to shorten the turnaround cycle and
rationalize working capital requirements, both in terms of the
level of inventories we keep and credit we extend. As a result,
inventory and debtors' turnover has come down from 73 days and
44 days, respectively, to 41 days and 11 days, respectively,
over the last two years and the risks associated with these are
being managed more stringently.

The Company's product line-up also includes digital video
recorder (DVR) security cards.

DVR security cards are key components, which are used in the
electronics security industry. We have adopted a different
business model here, which has proved to be quite successful.

Research, design and quality control capability for this product
have been developed in-house. However, we have out-sourced the
manufacturing. We have set up a sales and distribution network
comprising of manufacturers, system integrators and
distributors.

As a result, the Company has increased sales from Rmb12.8
million in FY2001 to a projected Rmb 59 million in the current
financial year. Barring unforeseen circumstances, we expect to
see significant growth in this business next year.

Home Entertainment Business

The Company's entertainment business includes the replication
and distribution of software in China. The distribution of home
entertainment discs under licensing agreements from the major
Hollywood studios continues to be challenged by the piracy
situation. However, the Company expects that, as a result of
China's membership in WTO, the piracy situation will be
addressed in the future and hence the prospects for this
business will improve.

Contract Manufacturing Business

The Company's manufacturing business is another area where it
expects to see a major shift in the way the Company is
conducting its business.

The Company now moved away from operating as an in-house
manufacturer of own products to a 100 % contract manufacturing
business. As this requires a certain level of skills and
capabilities, in February of this year we have brought in strong
new management with a mandate to build the business, strengthen
the organizational structure, diversify the customer base and
upgrade the physical assets. The Company expects that these
steps will have a positive impact on the future performance of
this unit.

CONCLUSION

Looking ahead, the Company wants to capitalize on the
opportunities that are available to us.

Enjoy the positive effects from the financial restructuring.
Focus on the profitability of the business.
The Company will increasingly focus on strengthening their
management team similar to what it did in the contract
manufacturing whereby it brought on board a new head.

Create new revenue streams based on our core competencies and
strong distribution network similar to what the Company has done
with the DVR security cards.

The Company will practice good corporate governance and
transparency to all stakeholders beginning with a move towards
quarterly financial reporting in the next financial year.

In conclusion, the Company expresses their gratitude to their
existing and new shareholders for their support in ensuring the
success of the restructuring.


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


DELTA ENGINEERING: Files Business Reorganization Petition  
---------------------------------------------------------
Delta Engineering Construction Public Company Limited (DEBTOR),
engaged in Building Service, filed its Petition for Business
Reorganization filed to the Central Bankruptcy Court:

   Black Case Number 1142/2544
   
   Red Case Number 1190/2544

Petitioner: DELTA ENGINEERING CONSTRUCTION PUBLIC COMPANY
LIMITED

Planner: DELTA ENGINEERING CONSTRUCTION PUBLIC COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,048,113,752.35

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

Date of Examining the Petition: October 22, 2001 at 9.00 A.M.

Court has set the Date for the Next Examining the Petition:
November 5, 2001 at 13.30 pm and November 14, 2001 at 9.00 am

Court Order for Business Reorganization: December 3, 2001 and
Appointed the Debtor's Executive to be an Interim Executive

Announcement of Court Order for Business Reorganization in
Matichon Public Company Limited and Siam Rath Company Limited:
December 20, 2001

Appointment date for the Meeting of Creditors to elect the
Planner: January 7, 2002 at 9.30 am. at Ball Room, 6th Floor,
Senix Hotel

The Meeting of Creditors had passed a resolution electing DELTA
ENGINEERING CONSTRUCTION PUBLIC COMPANY LIMITED to be the
Planner

Court Order for Appointment of Planner: January 24, 2002

Announcement of Court Order for Appointment of the Planner in
Matichon Public Company Limited and Siam Rath Company Limited:
February 1, 2002

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

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

Contact: Mr. Attawut Tel, 6792525 ext. 127


EMC PUBLIC: Submits Regulations Amendment to Bankruptcy Court
-------------------------------------------------------------
EMC Public Company Limited mentioned in its Rehabilitation Plan,
concerning the repurchases of shares that the creditors who
received shares from conversion of debt to equity have the right
to dispose of shares to any persons. The creditors have to offer
the persons, who have a prior right to repurchase first, and
within the first period of three years from the day the plan has
been approved. The persons who have a prior right might request
to repurchase of the whole shares or some shares from one
creditor or more who have received shares from conversion of
debt to equity, in the amount of Bt10 per share plus the
MLR of Bangkok Bank from the day of receiving shares from EMC or
market price as any price, which is higher.

In relation to this, the Company has submitted its petition to
the Central Bankruptcy Court in order to amend the regulations
of the Company concerning the transfer of shares.  The Company
will inform the progress to the SET onwards.


L.P.N. DEVELOPMENT: April 30 Shareholders' Meeting Scheduled
------------------------------------------------------------
L.P.N. Development Public Company Limited advised that the
Ordinary Shareholders' Meeting for year 2002 will be held on 30
April 2002 at 2pm at the Company office, to consider the
following agenda:

   1) To certify the minutes of the ordinary general meeting of           
shareholders no 1/2001.

   2) To consider and approve the Company's operations.
   3) To consider and approve the balance  sheets and profit and
loss statement.
   4) To consider and approve the distribution of dividend for
2001.
   5) To consider electing directors to replace those whose
directorship had expired and designating directors'
remunerations.
   6) To consider appointing auditors and designating their
remunerations.
   7) To off-setting retained earning (loss) by legal reserve
and premium on share of the Company.
   8) To consider and approve the decrease of registered
capital.
   9) To consider the amendment to Clause 4 of the Memorandum of
Association to be in accordance with the increase registered
capital.
   10) To consider and approve the increase of registered
capital and  the amendment to Clause 4 of the Memorandum of
Association to be in accordance with the increase  registered
capital.
   11) To consider and approve the issue of warrants
   12) To consider and approve the allocation of new ordinary
shares.
   13) To consider the amendment the Company's Articles of
Association.
   14) To consider any other business (if any)

The closure of shareholder's book is designated on 11 April 2002
at 2pm until the Meeting is over and to designate the closure of
shareholders' book for the right to purchase the increased share
capital on 10 May 2002 at 2pm.


RAIMON LAND: Posts Major Shareholder Information
------------------------------------------------
In accordance with Raimon Land Public Company Limited's  
Rehabilitation Plan, the company has increased registered
capital, sold shares to specific investors on settled debt for
equity as provided in the approved Plan.  The company has
registered with the Ministry of Commerce the change in capital.  
As a result of the capital increase the shareholding structure
of the company has changed. Accordingly, the company posted the
first 10 major shareholders as detailed below.

No.    Name                       No. of Shares            %

1  Seamico Securities Public Company Limited
          14,494,200             58.16
2  Knight Thai Strategic Investments Ltd.              
    2,000,000              8.03
3  Newer Challenge  Holdings Ltd.                      
    2,000,000              8.03
4  Quam Securities Co., Ltd.                           
    1,499,400              6.02
5  Thai Asset Management Corporation                   
    1,209,796              4.85
6  Citibank N.A.                                       
    1,054,599              4.23
7  Asset Management Corporation                          
    580,957              2.33
8  Mr. Suthin Phengphinij,                               
    196,619              0.79
9  Bank Thai Public Company Limited                      
    184,116              0.74
10 Mrs. Churairat E. Bonython                             
         180,099              0.72

Total                           23,399,786             93.90



THAI MILITARY: TRIS Affirms Issue Ratings at "BBB" and "BBB-"
-------------------------------------------------------------
Thai Rating and Information Services Co., Ltd. (TRIS) announced
that it has affirmed the ratings of Thai Military Bank PLC (TMB)
at "BBB" and TMB's Bt6,000 million subordinated debentures at
"BBB-".

The ratings reflect improving performance since the company
implemented its new marketing strategy in 2000. The ratings also
take into account the bank's persistent problem of non-
performing loans and the restructuring of troubled debt that
provide yields less than half of that of normal loans and
constrain the bank's earnings.

TRIS reported that TMB applied for the tier 1 and tier 2
financial support scheme of the Ministry of Finance (MOF) to
increase its capital fund and received Bt742 million from
issuing subordinated debt to the MOF that counted as tier 2
capital in September 1999. Later the same year TMB applied for
the tier 1 capital support scheme from the MOF. To qualify for
this assistance scheme, TMB issued Super Caps worth Bt9,960
million and issued new common stock to existing and new
strategic investors worth Bt9,960 million.  The MOF, in May
2000, matched this by granting an equivalent amount, Bt19,920
million, to TMB in the form of preferred stock as tier 1
capital. Under this scheme, the Super Caps were allowed to count
as tier 1 capital.

Consequently, TMB boosted its capital funds to 13.42% of risk
assets as of 30 June 2000. This ratio dropped slightly to 12.61%
as of September 2001 because of an expansion of risk assets.
TMB's Super Caps bear high and fixed funding costs of
approximately 11% to 12% per annum. TMB has the right to
exercise Super Caps' call option in 2004, if it wants to reduce
this high interest cost. To do so without affecting its tier 1
capital, however, TMB will have to either substantially raise
retained earnings or inject new capital. To build retained
earnings as high as Bt9,960 million over the next two years in
the sluggish economy would be very difficult for any bank. A new
capital injection may be the more feasible option for TMB.

Furthermore, TMB is scheduled to redeem in 2005 and 2007 two
subordinated debenture issues each worth Bt6,000 million that
count as tier 2 capital. TMB, therefore, may need to refinance
its subordinated debts to secure its tier 2 capital base.

TRIS said low yields from the troubled debts that have been
restructured since 1999 has impeded TMB's profitability. The
bank had total assets of Bt360,352 million for the first nine
months of 2001, with a slight net profit of Bt297 million. The
yield from restructured troubled loans has not covered the
bank's financial costs. Non-performing loans to average loans
improved from 28.79% in 1999 to 22.10% in 2000 and 22.70% at the
end of September 2001 but remain high.

The establishment of Phayathai Asset Management Company (PAMC)
in August 2000 was another catalyst for TMB to speed up the
resolution of problem loans. As of December 2001, TMB had
transferred to PAMC Bt36,201 million in doubtful loans and
foreclosed property. Of this, Bt25,151 million was transferred
to PAMC on 26 December 2001. PAMC had sold Bt2,290 million or
6.33% of its purchased problem loans as of September 2001.
Expanding new loans to creditworthy borrowers will be a major
factor enhancing TMB's profitability.

Marketing plans that TMB's current top management team put into
place have enhanced the bank's performance TRIS said.
Approximately 85% of TMB's total earning assets is loans
extended to manufacturing, commercial and personal consumption
sectors. Furthermore, TMB is providing more products and
services in its retail banking business. The number of the bank
credit cardholders increased from 30,000 accounts in 2000 to
120,000 accounts in 2001 when TMB launched a free-for-life card
membership promotional campaign. TMB's market share of credit
cardholders in 2000 increased from 1.70% of total credit cards
issued by Thai and foreign commercial banks to 5.13% as of
September 2001.

Outstanding savings accounts shifted from 23% of total deposits
in 2000 to 27% of total deposits in 2001. Adding savings
accounts helps diversify funding sources for the bank and also
lowers cost of funds. Trading activities in fixed income
instruments also delivered satisfactory returns to TMB.

Thai Military Bank PLC (TMB)
Company Rating: Affirmed at BBB
Issue Rating:  TMB#8: Bt6,000 million subordinated debentures
due 2007 Affirmed at BBB-


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