/raid1/www/Hosts/bankrupt/TCRAP_Public/020415.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

            Monday, April 15, 2002, Vol. 5, No. 73

                         Headlines

A U S T R A L I A

KINGSTREAM STEEL: Deed Administrators to Sell Tallering Peak
PACIFIC DUNLOP: Outlines Operation Full Potential Results
PACIFIC DUNLOP: Posts Chairman's Address to Shareholders
PHONEWARE LIMITED: Sells Three Subsidiaries to SIU
POWERTEL LIMITED: Downtown Utilities Departure Rumor Untrue

UECOMM LIMITED: April 24 AGM Scheduled
VOICENET (AUST): VTC's Amex Listing Will Cease Wednesday


C H I N A   &   H O N G  K O N G

ALLIED PROPERTIES: Narrows 2001 Operations Loss to HK$164,752
CHOI YIUL Hearing of Winding Up Petition Set
DAILYWIN GROUP: Proposal Submission Intended
ZHENGZHOU BAIWEN: Baiwen Again Revises Financials


I N D O N E S I A

BANK NIAGA: IBRA's Selection Criteria for Shares Divestment
SEMEN PADANG: Denies Asking Parent's Financial Aid Report


J A P A N

HITACHI LTD: Enters Agreement With NEC, Toshiba & Salesforce
IZUMIYA CO: Narrows FY02 Net Loss to Y1.32B
KOMATSU LTD: S&P Downgrades L-T Rating, Negative Outlook
KOMATSU LTD: Discussing Alliance Deal With HCM
MIZUHO HOLDINGS: Issues Status Report on Services Disruption

MIZUHO FINANCIAL: Sees FY02 Y1T Net Loss
NIKO NIKO: No Plans to Sell Major Stores
SEIYU LTD: Sumitomo, Wal-Mart May Close 30 Stores
SNOW BRAND: Considers Selling Lactic Acid Operations


K O R E A

DAEWOO MOTOR: Launching New Company With GM in July
HYNIX SEMICONDUCTOR: $500M Needed to Cover Losses


M A L A Y S I A

ABRAR CORP.: KLSE Rejects RA Time Extension Request
ADVANCE SYNERGY: HFB Share Subscription Agreement Terminated
AUTOWAYS HOLDINGS: Workout Proposal Talks With Vendors Ongoing
BRIDGECON HOLDINGS: Proposed Scheme Agreements Terminated
HIAP AIK: Monitoring Accountant Appointment Not Necessary

HUME INDUSTRIES: SC Approves Proposals, New Stock Listing
HUME INDUSTRIES: Voluntarily Winds-Up Unit
JASATERA BERHAD: Revises Recapitalization Exercise Details
KEMAYAN CORPORATION: KLSE Rejects Time Extension Application
MALAYSIAN GENERAL: Given Until Year's to Regularize Cash Flow

PLANTATION & DEVELOPMENT: In Regularization Plan Negotiations
RAHMAN HYDRAULIC: Files Time Extension Reconsideration Appeal
SITT TATT: Registrar of Companies Strikes Off Dormant Unit
TAJO BHD: KLSE Suspends Securities Trading
UH DOVE: EGM Scheduled on April 29

WING TIEK: Regularization Plan Time Extension Rejected


P H I L I P P I N E S

NATIONAL BANK: Elects Lorenzo Tan as New President
NATIONAL BANK: Inaugurates Business Recovery Center
PHILIPPINE LONG: Offers US$350M in 5-yr/10-yr Fixed Rate Notes


S I N G A P O R E

CAPITALAND LTD: PCPL Issues Redeemable Preference Shares
CHEW EU: Court Approves Capital Reduction
PANPAC MEDIA.COM: Enters MOU With Diphthongs Pte
TONG MENG: Proposes Voluntary Delisting of Shares


T H A I L A N D

COUNTRY (THAILAND): Requests Form 56-1 Submission Postponement
DATAMAT PUBLIC: Appoints New Audit Committee
EASTERN WIRE: Administrator Reveals Auditor Names
ITALIAN THAI: Court Orders Article of Association Amendment
MDX PUBLIC: Rehabilitation Planner Appointed

MITSU CHAROENSRI: Business Reorganization Petition Filed
NEP REALTY: Releases Resolutions Passed at AGM

     -  -  -  -  -  -  -  -  -

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


KINGSTREAM STEEL: Deed Administrators to Sell Tallering Peak
------------------------------------------------------------
The Deed Administrators of Kingstream Steel Limited, subject to
Deed of Company Arrangement, have entered Thursday into an
agreement with Tallering Peak Iron Pty Ltd (TPIPL), a subsidiary
of Mount Gibson Iron Limited (MGI) (ASX Code: MGX), to sell
mining leases, an exploration lease, general purpose leases and
miscellaneous licenses covering the Tallering Peak Iron Deposit,
located approximately 120km east of the port of Geraldton in
Western Australia, for $4,600,000.

Of this amount, $1,000,000 will be satisfied by the issue of a
number of MGI ordinary Shares to the Company, calculated at
MGI's average market price over five trading days before the
date of settlement. The Deed Administrators will voluntarily
escrow the Shares issued to the Company for six months.

TPIPL will also purchase the surrounding Wandina Station
pastoral lease for $50,000.

MGI has also entered into an arrangement whereby it will gain
access to the Company's extensive technical and commercial
information relating to the potential for secondary processing
of iron ore, (including iron pelletising) from Tallering Peak
and other iron deposits held by the Company in the Mid-West
region of Western Australia. MGI will pay $300,000 to the
Company for access to this information.

The Agreement is conditional on the following:

    i) MGI raising $4.0 million by way of debt or equity
funding, within 30 days;

   ii) Ministerial consent to the transfer of the leases, within
60 days; and

  iii) assignment of existing Native Title settlement
agreements, within 6O days.

Settlement will occur 10 days after satisfaction of these
conditions.

Further technical details on the Tallering Peak Iron Deposit can
be obtained from the announcement lodged by MGI with the
Australian Stock Exchange (ASX) Thursday morning.

The Deed Administrators currently have three detailed proposals
for the restructuring of the Company, which require all or some
of the significant tenement assets to be retained by the
Company. These tenement groups include:

   * Robinson Range;
   * Jack Hills;
   * New For-rest;
   * Blue Hills;
   * Koolanooka; and
   * Weld Range.

Each of the three restructuring proposals currently being
negotiated envisage some downstream processing of ore from the
above tenements.

The Deed Administrators expect a further announcement on the
restructuring proposals within the next four to eight weeks.


PACIFIC DUNLOP: Outlines Operation Full Potential Results
---------------------------------------------------------
Pacific Dunlop Limited outlined the results of its strategic
review, called Operation Full Potential, at an Extraordinary
General Meeting (EGM) held on Friday, for shareholders.

Shareholders at the EGM also approved the recommended corporate
name change from Pacific Dunlop Ltd to Ansell Ltd, reflecting
the company's future focus on its protective product divisions.

Executive Chairman of Pacific Dunlop, Dr Ed Tweddell, said the
strategic review aimed to develop Ansell into an innovative
health care product solution provider, operating in global
markets.

"Ansell will be a company based on innovative marketing
solutions, not just product manufacture, with more effective
supply chain logistics and stringent financial management," Dr
Tweddell said.

"Ansell is already the world leader in occupational synthetic
and surgical gloves, and number two globally in examination
gloves, and condoms. The initiatives of Operation Full Potential
will allow us to focus on these markets."

"Additionally, Ansell's differentiated products, and an ongoing
commitment to Research & Development, will ensure we maintain
leadership in world markets."

Dr Ed Tweddell, Executive Chairman also announced the
appointment of Mr Harry Boon as Chief Executive Officer of
Ansell Limited.

"Harry has been Managing Director of Pacific Dunlop's Ansell
division for 13 years, has an in depth knowledge of the
business, and through his work with Bain Consulting on
developing the strategic review, is a strong and natural fit to
lead Ansell through a crucial period of implementation," Dr
Tweddell said.

Eight key initiatives outlined in Operation Full Potential
include:

   * Occupational Value Proposition - providing employers with
hand protection solutions that dramatically reduce the risk and
cost of work-place injuries

   * Europe Full Potential Plan - restructuring of the European
business and a focus on high margin/growth products eg. Powder-
free surgeon's gloves

   * Overhead Cost Reductions - reorganization of Ansell's sales
force and administration to eliminate duplication and drive
efficiencies

   * US Growth Initiatives - capitalizing on new market
opportunities in Alternate Care and focusing on markets where
Ansell has clear leadership eg. surgical gloves and condoms

   * Asset Reduction Plan - Reducing our dependence on in-house
manufacturing by expanding outsourcing of low value added
production and an orderly divestment of surplus assets

   * Product Innovation - increased R&D investment to be focused
on core technology platforms, and improved communication lines
with customers

   * Distributor initiatives - develop preferred supply
partnerships with major distributors

   * Streamlining product mix - Better meeting customer needs
while reducing the number of product lines

Dr Tweddell said the second half was looking solid, with the
benefits of the previously announced restructuring starting to
flow. He also noted:

   * Ansell EBITA for FY02 will exceed FY01

   * The outlook was for double digit EBITA growth in FY03

   * The strategic initiatives will add approximately 50% to
EBITA by FY05 from FY01 results

   * FY05 Return on Investment to be 15%+

   * An ability to achieve gearing below 20% by FY05

"While the company has been through a difficult period, the
outlook for the next 18 months is encouraging, and Operation
Full Potential enables this trend to continue into the following
financial years," Dr Tweddell said.

Other business approved at Friday's EGM included;

   * Adoption of a New Constitution

   * Renewal of the existing takeover provision requiring, in
general, Shareholder approval for any partial takeover

   * Amendments to the Non Executive Directors' Share Plan to
permit Non-Executive Directors to take up to 100%, rather than
the mandatory 10% only of their fees in shares

   * Consolidation of the Company's existing share capital on
the basis of one share for every five shares currently held.


PACIFIC DUNLOP: Posts Chairman's Address to Shareholders
--------------------------------------------------------
Pacific Dunlop Limited posted Chairman, Dr. E D Tweddell's
address at an Extraordinary General Meeting (EGM) held on 12
April 2002, to shareholders:

"Ladies and Gentlemen, although this is an extraordinary General
Meeting, convened primarily to approve the change of name of the
Company, it also gives me the opportunity to present a summary
of the recently approved strategic plan.

"I will do this with the assistance of a number of slides. You
will note that the slides bear the Ansell logo. This is not to
pre-empt the change of name that will be considered later in the
meeting. Rather, it reflects the Company's new structure
focussing on the Ansell Healthcare business.

CHAIRMAN SPEAKS TO SLIDES AS APPENDED

"I would now make comment on a number of personnel matters at
both Board and senior management level.

"Firstly, I would like to pay tribute to 2 Directors who have
resigned since I wrote to shareholders on 8 March.

"Tony Daniels and Ian Webber resigned as Directors of the
Company at the conclusion of a Special Board meeting held on 20
March to consider the Ansell strategic review. Both Ian and Tony
were very supportive of the strategic review and their
involvement in the process is much appreciated.

"Ian was a long serving Director having spent 11 years on the
Pacific Dunlop Board. Tony Daniels was a Director for 5 years,
and of course, served a period during 2001 as the Acting Chief
Executive Officer, Tony was particularly involved in the asset
sell down which paved the foundation for the 'new look Ansell'.
With their resignations the Board loses experience and wisdom.

"We are actively engaged in rebuilding the Board and we would
hope to announce new appointments in the near future. During
this critical time in the Company's history we are searching
diligently for Directors who can bring particular skills and
experience that will fit with where the Company is going.

"As previously advised, your Board indicated that it would
appoint a CEO once the strategic review was completed.

"I am delighted to announce that the current CEO of Ansell
Healthcare, Mr Harry Boon, has accepted the position of CEO of
Ansell Limited and will oversee the passage of the
implementation of the strategic review under the Board co-
sponsorship of Mr Stanley Gold and myself.

"Harry, who will be based in New Jersey, brings many years of
experience in the industry to the position, has been a key
player in the strategic review, and is uniquely placed to lead
the new Ansell at this time.

"A number of other senior positions including that of the Group
Chief Financial Officer and executives to assist in the
implementation of the strategic plan are currently being
advanced.

"I would also take this opportunity to confirm that,
notwithstanding recent speculation, there are no plans in place
to relocate the Company's Corporate Office away from Melbourne.

"We do intend however, to locate our senior operational and
executive managers wherever it is appropriate to the effective
running and growth of the businesses.

"I now wish to turn to the matter of the Company's shareholder
privilege program.

"For many years the Company has provided shareholders with
discounts on the Group's products, especially tyres and
batteries through South Pacific Tyres' Beaurepaire and Goodyear
retail outlets and Marshall Batteries, automotive parts through
the Repco stores, and clothing and footwear through Pacific
Brands' outlets.

"With all of those businesses, apart from our investment in
South Pacific Tyres, having been divested, it is no longer
possible for the Company to provide shareholders with discounts
on many of those products, Accordingly, the broader shareholder
privilege program is being discontinued.

"I am pleased to say, however, that discounts on tyres,
batteries and related automotive services will continue to be
available through Beaurepaires for Tyres and Goodyear Auto
Service Centers. Shareholders may continue to use their existing
privilege cards or other proof of shareholding.

"These discount arrangements are available also to members of
special buying groups such as RACV, RACQ, NRMA, and holders of
Seniors Cards, Frontline, Motopass and BP Cards.

"The Company believes that many shareholders belong to one or
more of those organizations and will therefore continue to
derive the benefit of these arrangements."


PHONEWARE LIMITED: Sells Three Subsidiaries to SIU
--------------------------------------------------
Messrs John Lindholm and John Spark of Ferrier Hodgson (03 9600
4922) and Mr Keith Mitchelhill (0419 566 117), the
Administrators of Phoneware Limited (PHO), have announced the
sale of Phoneware's three operating subsidiaries to Sirius
Communications Ltd (SIU). A copy of the announcement was
published on TCR-AP Friday issue.

It is anticipated that the employees of the Phoneware
Subsidiaries will maintain their positions, and that the
acquisition price, coupled with current cash reserves, will be
sufficient to meet all creditors. It is unlikely that surplus
funds will be available from the sale of the Phoneware
Subsidiaries for distribution to shareholders.

The Board will now attempt to identify opportunities to utilize
the remaining Phoneware Limited company to provide some return
to shareholders.


POWERTEL LIMITED: Downtown Utilities Departure Rumor Untrue
-----------------------------------------------------------
In 1997 Downtown Utilities entered into it's shareholding of
what is now PowerTel Ltd with a long-term plan to develop a
strategic holding in a significant fiber optic
telecommunications network.

The telecommunications market continues to evolve and Downtown
Utilities are firmly behind PowerTel Ltd, which has been
acknowledged within the industry with awards such as "Best
Emerging Telco".

Downtown Utilities believes that the service performance and
product pricing of PowerTel Ltd provides a solid foundation on
which to consolidate and increase market share.

Downtown Utilities is a substantial and committed shareholder
and looks for-ward to working closely with the management of
PowerTel Ltd as the business evolves.

There is no foundation in the article that appeared in the
Australian Financial Review Thursday, 11 April, regarding the
alleged exit of Downtown Utilities from PowerTel Ltd.


UECOMM LIMITED: April 24 AGM Scheduled
--------------------------------------
Uecomm Limited informed that the Annual General Meeting of
Shareholders in Uecomm Limited will be held at the Melbourne
Exhibition Centre, 2 Clarendon Street, Southbank, Victoria on
Wednesday, 24 April 2002, at 11.00 am.

ORDINARY BUSINESS

1. FINANCIAL REPORTS FOR YEAR ENDED 31 DECEMBER 2001

To receive and consider the Financial Reports of the Company and
the consolidated entity and the Declaration by the directors and
the Reports of the directors and auditors thereon for the year
ended 31 December 2001.

2. ELECTION OF DIRECTORS

(a) To re-elect Mr M John Craven who retires in accordance with
Rule 81 of the Constitution and, being eligible, offers himself
for re-election.

(b) To re-elect Mr Robert W Holzwarth who retires in accordance
with Rule 68 of the Constitution and, being eligible, offers
himself for re-election.

(c) To re-elect Mr Keith G Stamm who retires in accordance with
Rule 68 of the Constitution and, being eligible, offers himself
for re-election.


VOICENET (AUST): VTC's Amex Listing Will Cease Wednesday
--------------------------------------------------------
Voicenet (Aust) Ltd's subsidiary Voicenet Inc (VTC) which is
listed on the American Stock Exchange (Amex), has been advised
by the Amex that, based on a review of the financial position of
VTC, VTC's common stock no longer meets the financial
requirements for listing on the Exchange. It is anticipated that
the listing will cease on 17 April 2002. The directors do not
consider that there will be any change in the carrying value of
the investment in VTC.

To facilitate the ongoing negotiations for the sale of 50% of
Voicenet Chile to Voicenet Inc (VTC), VTC will apply for listing
of its common stock on the Over the Counter Bulletin Board.

Subject to the sale of 50% of Voicenet Chile to VTC being
complete, the Company will consider applying for a listing on
the Nasdaq National Markets.


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


ALLIED PROPERTIES: Narrows 2001 Operations Loss to HK$164,752
-------------------------------------------------------------
Allied Properties (H.K.) Limited announced on 11/4/2002:

(stock codes: Ord: 56 & War: 150)
Year end date: 31/12/2001
Currency: HKD
Auditors' Report: Neither
Review of Interim Report by: N/A
                                                 (Audited)
                                (Audited)        Last
                                Current          Corresponding
                                Period           Period
                                from 1/1/2001    from 1/1/2000
                                to 31/12/2001    to 31/12/2000
                                ('000)           ('000)
Turnover                           : 660,361          265,364
Profit/(Loss) from Operations      : (164,752)        (407,275)
Finance cost                       : (111,391)        (99,954)
Share of Profit/(Loss) of Associates: 118,661          63,658
Share of Profit/(Loss) of
  Jointly Controlled Entities       : 51,377           63,368
Profit/(Loss) after Tax & MI        : (178,931)        (396,059)
% Change over Last Period           : N/A
EPS/(LPS)-Basic                     : (4.8 cents)      (13.4
cents)
         -Diluted                   : N/A              N/A
Extraordinary (ETD) Gain/(Loss)     : -                -
Profit/(Loss) after ETD Items       : (178,931)        (396,059)
Final Dividend per Share            : NIL              NIL
(Specify if with other options)     : -                -
B/C Dates for Final Dividend        : N/A
Payable Date                        : N/A
B/C Dates for (-) General Meeting   : N/A
Other Distribution for Current Period: -
B/C Dates for Other Distribution     : N/A

Remarks:

1. LOSS FROM OPERATIONS
                                        2001            2000
                                        HK$'000         HK$'000
Included in loss from operations are :

Impairment loss provisions for :

Properties under development for sale 81,000          342,234
Non-trading securities                11,482          25,461
Properties held for sale              500             11,022
Properties under development          -               39,731
                                      -------         -------
                                       92,982          418,448
Deficits arising on revaluation of
investment properties and hotel
property                              251,036         -
                                      -------         -------
                                       344,018         418,448
                                      =======         =======

2. LOSS AFTER TAXATION AND MINORITY INTERESTS

The loss after taxation and minority interests is presented
after crediting the following:
                                        2001            2000
                                        HK$'000         HK$'000

Release of negative goodwill            36,524          -
Amortization of capital reserve         20,417          -
                                        ------          -------
                                         56,941          -
                                        ======          =======

3. LOSS PER SHARE

The calculation of the basic loss per share is based on the loss
attributable to shareholders of HK$178,931,000 (2000:
HK$396,059,000) and on the weighted average number of
3,723,315,574 (2000: weighted average number of 2,954,252,285
after adjusting for the rights issue in June 2001) shares in
issue during the year.

No diluted loss per share is presented as the warrants have no
dilutive effect for the current year.  No diluted loss per share
has been presented for 2000 because the exercise price of the
Company's warrants was higher than the average market price of
the Company's shares for that year.

4. COMPARATIVE FIGURES

In the current year, the Group's interest in Allied Kajima
Limited has been reclassified as an interest in a jointly
controlled entity instead of interest in an associate as in the
past, following a review to comply with revised accounting
standards.  Prior year amounts have been reclassified in order
to reflect a consistent presentation.


CHOI YIUL Hearing of Winding Up Petition Set
--------------------------------------------
The petition to wind up Choi Yiu Kee Iron Works 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 Ho Pak Yan of Room 624, Green Heron
House, Sha Kok Estate, Shatin, New Territories, Hong Kong.


DAILYWIN GROUP: Proposal Submission Intended
--------------------------------------------
The Board of Directors of Dailywin Group Limited intends to put
forward a proposal to shareholders of the Company (Shareholders)
to approve:

   (i) the nominal value of all the Shares of HK$0.10 each in the
capital of the Company in issue will be adjusted by reducing the
nominal value of all the issued Shares from HK$0.10 each to
HK$0.01 each by canceling HK$0.09 paid up on each of the issued
Shares (Capital Reduction);

   (ii)all of the authorized but unissued share capital of the
Company will be cancelled and subsequently increased to the
original authorized share capital of HK$80,000,000.00 by the
creation of such number of new shares of HK$0.01 each (depending
on the number of issued Shares as at the effective date of the
Capital Reduction) (Diminution and Increase of Unissued Share
Capital); and

   (iii)the entire credit arising from the Capital Reduction
will be utilized to partly eliminate the accumulated losses of
the Company as at 31 March 2001.

Under the Proposal, the paid up capital of the Shares in issue
to the extent of HK$0.09 per Share will be cancelled, resulting
in every issued Share becoming an issued share with a nominal
value of HK$0.01 (Adjusted Share). On the basis of 131,899,864
Shares in issue as at the date of this announcement (or
158,269,864 Shares in issue, taking into account the placing of
26,370,000 new Shares by the Company (Placing) as referred to in
the announcement of the Company dated 3 April 2002 which is
expected to be completed on or before 15 April 2002), a credit
of approximately HK$11,870,987 (or HK$14,244,287, taking into
account the Placing) will arise as a result of the Capital
Reduction. Such credit will be applied towards setting off part
of the accumulated losses of the Company.

The existing authorized share capital of the Company is
HK$80,000,000.00 divided into 800,000,000 Shares, of which
131,899,864 Shares have been issued and are fully paid as at the
date of this announcement. Immediately after the Proposal
becoming effective, the authorized share capital of the Company
will be HK$80,000,000.00 divided into 8,000,000,000 Adjusted
Shares, of which HK$1,318,998.64 divided into 131,899,864
Adjusted Shares (or HK$1,582,698.64 divided into 158,269,864
Adjusted Shares, taking into account the Placing) will be in
issue and credited as fully paid (assuming none of the share
options as referred to below will have been exercised prior to
the effective date of the Proposal). Therefore, the existing
amount of paid up share capital of the Company will be reduced
from HK$13,189,986.40 to HK$1,318,998.64 (or HK$1,582,698.64,
taking into account the Placing) upon the Proposal becoming
effective.

Reasons for the Proposal

The closing price of the Shares on The Stock Exchange of Hong
Kong Limited (Stock Exchange) on 11 April 2002, being the last
trading day preceding the day of this announcement, was HK$0.116
per Share. The Shares have been traded within the range of
HK$0.225 to HK$0.077 over the last six months and have at times
traded below their nominal value of HK$0.10. Under Bermuda law,
a company may not issue shares at a discount to the nominal
value of its shares. With a view to facilitating any capital
fund-raising exercise when circumstances arise in future, the
Board considers that the Proposal would provide greater
flexibility to the Company for the pricing of any issue of new
shares in future if the Board considers the circumstances so
require. However, the Board has no present intention to issue
new shares except for the issue of new Shares under the Placing.

The Company had audited accumulated losses of approximately
HK$116,037,000 as at 31 March 2001. Under the bye-laws of the
Company and the Companies Act 1981 of Bermuda ("Companies Act"),
the credit arising from the Capital Reduction may be used to
partly eliminate the accumulated losses and as a result, the
Company may declare dividends to Shareholders at an earlier
opportunity than by generating profits to offset such losses. At
present, the Board has no intention to declare any dividend to
Shareholders. The Board also considers that a company with the
ability to declare dividends to Shareholders will be in a better
position in capital fund-raising exercises as aforesaid.

Effect of the Proposal

Other than the expenses incurred relating to the Proposal,
implementation of the Proposal will not, of itself, alter the
underlying assets, business operations, management or financial
position of the Company or the interests of the Shareholders.
The Board believes that the Proposal will not have a material
adverse effect on the financial position of the Company and its
subsidiaries and is in the interests of the Company and the
Shareholders. The Board will therefore recommend the Proposal
for the Shareholders' approval at the special general meeting
mentioned below.

Conditions of the Proposal

The Proposal is conditional upon, inter alia:

   (i) the passing of the relevant resolution(s) by Shareholders
to approve the Proposal at a special general meeting to be
convened by the Company (the "SGM");

   (ii) the Listing Committee of the Stock Exchange granting
approval of the listing of, and permission to deal in, the
Adjusted Shares;

   (iii) the publication of a notice of the reduction of the
nominal value of all the issued Shares in an appointed newspaper
in Bermuda in accordance with the Companies Act; and

   (iv) a confirmation being provided by or on behalf of the
Board on the effective date of the Capital Reduction that there
are no reasonable grounds for believing that the Company is, and
after the Capital Reduction would be, unable to pay its
liabilities as they become due.

Assuming the above conditions are fulfilled, it is expected that
the Proposal will become effective on the date of the SGM. A
further announcement will be made when the Proposal has become
effective.

Adjustment in relation to share options

Adjustment will be made to the nominal amount of shares
comprised in the share options granted to the employees of the
Company under its share option scheme adopted by the Company on
16 October 1997. The Company will seek its auditors' advice as
to whether the subscription price and the number of shares
comprised in the share options will remain unchanged. Further
details will be disclosed in the circular mentioned below.

General

An application will be made to the Listing Committee of the
Stock Exchange for the listing of, and permission to deal in,
the Adjusted Shares.

A circular of the Company containing details of the Proposal and
a notice convening the SGM to approve the Proposal will be
posted to the Shareholders (and the grantees of the said share
options for information only) as soon as practicable.

All existing share certificates in respect of the existing
Shares will be accepted as valid documents of title in respect
of the same number of Adjusted Shares for trading, settlement
and registration purpose after the Proposal becoming effective.
New share certificates will be issued in respect of Adjusted
Shares allotted and issued or transferred after the effective
date of the Proposal. Details of the trading arrangement and
arrangement for free exchange of share certificates following
the effective date of the Proposal will be included in the
circular mentioned above. The Adjusted Shares will continue to
be traded in the existing board lots size of 2,000 and there
will not be any arrangement for parallel trading.


ZHENGZHOU BAIWEN: Baiwen Again Revises Financials
-------------------------------------------------
Chinese retailer Zhengzhou Baiwen has revised last year's profit
to a loss, again raising the possibility that regulators may
kick the debt-ridden company off the mainland stock market,
Shanghai Securities News reports.

The Company's A shares were suspended from trading more than a
year ago after it was fined for fabricating several years of
profits after its 1996 listing. After last week reporting a
modest profit of 3.82 million yuan for last year, the company
asked for its shares to be allowed to resume trading.  But the
firm announced Friday that it had revised the profit to a net
loss of about 34.27 million yuan. Baiwen said the "relevant"
government bodies had told the company it could not book an
exceptional gain of 38.09 million yuan derived from selling
assets to its parent.

Baiwen has posted four straight years of losses. Under China's
securities rules, companies that post 3-1/2 years of losses can
be delisted. But the company had requested a nine-month grace
period to carry out restructuring, the announcement said.
Analysts have criticized regulators for considering allowing the
company's shares to resume trade, saying it flew in the face of
a push to improve the quality of listed firms.


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


BANK NIAGA: IBRA's Selection Criteria for Shares Divestment
-----------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) is about to
enter the Preliminary Bid period from prospective investors for
the shares divestment of PT Bank Niaga Tbk. IBRA has decided
Friday 12 April at 5pm is the deadline for bid submission from
prospective investors.

First Stage Evaluation

Subsequent to acceptance of the preliminary bid, IBRA along with
the appointed consultants will carry on the first stage
evaluation for the bidders short-listing bidders who will be
entitled to proceed into the next process as follows:

   * Due diligence by short listed bidders
   * Submission of final bid documents (including document
package for the central bank's fit and proper test)
   * IBRA hands over the fit and proper test document to the
central bank (Bank Indonesia)
   * Fit & Proper by Bank Indonesia
   * Evaluation on final bid documents
   * Winner selection
   * Winner Announcement
   * Transaction closing

Meanwhile, the selection criteria to be implemented in
determining the shoplifted bidders (first stage evaluation) is
as follows:

No.   Criteria    Maximum Score
1  Financial Institution Experience   40
2  Merger and Acquisition Experience   5
3  Financial Condition     15
4  Compliance to Tender Procedure   5
5  Commitment to Indonesia    5
6  Ability to Close Transactions    5
7  Non-binding bid price     20
8  Purchase terms and conditions    5
Total Score      100

It's noteworthy that in the preliminary bid stage, the submitted
bidding price and the purchase terms and conditions from
prospective investors are non-binding since the focus of the
first stage evaluation is put on the quality of prospective
investors.

Second Stage Evaluation

In the second stage evaluation, which is aimed at evaluating the
final bid documents, the following criteria will be applied:

  1. Drop dead criteria

    1. Bid Bond Submission
    2. Fit and proper test pass from Bank Indonesia
    3. Bank or financial institutions, or should the prospective
investors are grouped into a consortium, the consortium be led
by a bank a financial institution holding majority voting
rights;
    4. Statement from the prospective investors that the
investor is neither direct nor indirectly related to the
controlling share holders of Bank Niaga within 1 year prior to
the bank's hand over to Bank Indonesia to IBRA, with due
reference to the decision of the Financial Sector Policy
Committee (FSPC) No. Kep.03/K.KKSK/11/2000 dated 10 November
2000

Only prospective investors meeting the whole drop-dead criteria
will be illegible for the next evaluation process.

  2. Comparative criteria for Final Bidders who pass the drop
dead test is as follows:

No.   Criteria    Maximum Score

1  Quality of Bidder     30
2  Bid Price      45
3  Terms and Conditions set forth in the
sale purchase agreement Conditions   20
4  Business Plan       5
  Total Score           100


SEMEN PADANG: Denies Asking Parent's Financial Aid Report
---------------------------------------------------------
PT Semen Padang, a 100-percent subsidiary of the publicly listed
PT Semen Gresik, has to turn to its parent company for help in
order to pay the salaries of its employees, Jakarta Post
reports, referring to President Ikhdan Nizar's request letter.

The request was due to financial troubles though details were
not specified in the letter. A copy of an employee's pay slip
was attached, along with the copy of the letter.

"We have been trying to make an effort to plug the company's
cash flow problems, including a 10 percent cut in employee
wages, but that failed to resolve the problem," the letter said.

Semen Padang opposed in the government's plan to sell its 51
percent stake in Semen Gresik to Mexico-based cement giant,
Cemex de SA.  The Company's management and employees, backed by
local legislators protested, and the government decided to back
down from the plan.

Meanwhile, President Ikhdan denied that he ever sent a letter to
Semen Gresik, "No, (there's) no letter signed by me that has
been sent to Semen Gresik asking for help for our employees'
monthly wages."

He added that his company did not need to do so, as there were
no such financial or cash flow difficulties.


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


HITACHI LTD: Enters Agreement With NEC, Toshiba & Salesforce
------------------------------------------------------------
Salesforce.com, the market leader in online customer
relationship management, announced on April 11 that it has
signed distribution agreements with top Japanese resellers,
including NEC Corporation (Nasdaq:NIPNY), Hitachi Ltd.
(NYSE:HIT), Toshiba Corporation, and Canon Sales. The Company
continues its momentum in the international sphere with these
leading business partners signed up to resell the salesforce.com
product. In addition, over 200 customers in the Asian market
have standardized on salesforce.com, including top electronics,
food distributors and financial clients.

In the Japanese marketplace, having business partnerships is
essential for success. Prominent companies in Japan, such as NEC
Corporation, Japan's largest computer Company, Hitachi Ltd.,
Toshiba Corporation, and Canon Sales, have all signed on to add
salesforce.com to their corporate product line. Through these
agreements, salesforce.com will have access to the broader
customer base of these companies. Other top resellers include,
Ricoh Company, Ltd., a leading supplier of office automation
equipment, Fujitsu Business Systems, the largest systems
solutions provider in the Fujitsu Group, and Uchida Yoko Co.,
Ltd., global provider of office equipment.

"We are thrilled to make this partnership with salesforce.com
and expand our CRM market in Japan," said Masahiro Annaka,
general manager, Packages Solutions Promotion Division of NEC.
"We believe that salesforce.com is the best solution for
Japanese customers, since they can implement the CRM system at
very low cost and risk. We are very happy to be a channel for
them to accomplish this."

"In Japan, business partners are critical to success. By making
our service available to the partners' customer bases as well as
our own, we are gaining traction with top Japanese and global
corporations," said Marc Benioff, Chairman, and CEO of
salesforce.com. "With the endorsements of these leading
corporations and the distribution agreements we have formed, we
can continue our aggressive push into the international CRM
marketplace."

Salesforce.com provides companies of all sizes with an
enterprise-class CRM solution at a fraction of the cost,
fraction of the time, and fraction of the risk of traditional
software systems. Salesforce.com delivers its CRM solution as an
online information utility via a Web Services infrastructure. In
the past year, salesforce.com has added more customers than have
Siebel, PeopleSoft, Oracle, and SAP combined. Salesforce.com's
4100-plus customers include Adobe Systems (Nasdaq:ADBE),
Autodesk (Nasdaq:ADSK) Fujitsu (OTC:FJTSY), Siemens PT&D
(NYSE:SI), USA Today (NYSE:GCI) and Wachovia (NYSE:WB).

About salesforce.com

Salesforce.com builds and delivers enterprise applications as
scalable online services. The salesforce.com product suite --
Professional Edition, Enterprise Edition, and Offline Edition --
gives companies a complete 360-degree view of the customer. The
Company's award-winning CRM solutions provide integrated online
sales force automation, customer service and support management,
and marketing automation applications to help companies meet the
complex challenges of global customer communication.
Salesforce.com has received considerable recognition in the
industry, including a Five-Star rating from PC Magazine, the
Deploy Award from InfoWorld, Top 10 CRM Implementation from
Aberdeen Group, and InfoWorld's 2001 CRM Technology of the Year.
Founded in 1999, salesforce.com is headquartered in San
Francisco, with offices in Europe and Asia.

TCR-AP reported last week that around 9,000 Hitachi Ltd
employees have applied for an early retirement. The Company
plans to cut 4,000 workers through the retirement program. With
the applicants retiring at the end of June, retirement
allowances are predicted to reach Y100 billion.


IZUMIYA CO: Narrows FY02 Net Loss to Y1.32B
-------------------------------------------
Supermarket chain operator Izumiya Co posted a group net loss of
Y1.32 billion in 2001 through February 28, compared to Y13.91
billion in the previous year, Kyodo News reported Thursday.

The retailer attributed the net-balance improvement to
successful efforts to cut expenses and a Y5.47 billion
extraordinary profit from the sale of its fixed properties.

According to Wright Investor's Service, at the end of 2001,
Izumiya Co Ltd had negative working capital, as current
liabilities were Y123.51 billion while total current assets were
only Y57.57 billion.


KOMATSU LTD: S&P Downgrades L-T Rating, Negative Outlook
--------------------------------------------------------
Standard & Poor's Corp (S&P) has downgraded its long-term rating
on major construction machinery maker Komatsu Ltd to BBB-minus
from BBB, with a negative outlook, Kyodo News said Thursday.

The downgrade was due to the deterioration in the Company's
credit profile as a result of its weakened profit-generating
ability.

The Company manufactures and markets various types of
construction and mining equipment and electronics, including
semiconductor products. It operates on a worldwide basis with
three operating segments: construction & mining equipment,
electronics & other. The products of the construction & mining
equipment segment include excavating equipment, grading &
roadbed preparation equipment, tunneling machines, engines &
components & other related equipment. The products of the
electronics segment include communications & control equipment,
temperature control equipment & electronic materials. The
products classified as other include metal forgings and stamping
presses, defense systems, industrial vehicles and logistics and
sheet-metal machines and machine tools. The Company's
international operations are in the USA, Europe, Brazil, China
and Taiwan.

According to Wright Investor's Service, as of March 2001,
Komatsu Ltd's long-term debt was Y238.35 billion and total
liabilities were Y859.44 billion.


KOMATSU LTD: Discussing Alliance Deal With HCM
----------------------------------------------
Komatsu Ltd. and Hitachi Construction Machinery Co., Ltd. on
April 5 have agreed to discuss a cooperative relationship in
production and procurement that is intended to further enhance
the cost competitiveness of their products. More specifically,
the Parties will study a wide range of business arrangements to
reduce production costs mainly by cross-supply and joint
procurement of components for construction and mining equipment.

The two companies will focus on the subject areas specified
below. As they continue their discussions, they plan to agree on
collaborative relations beneficial to both Parties, and to
implement them in a timely manner in the second half of this
fiscal year.

1. Collaboration in production and procurement of components

1) Cross supply of components, which each Party produces at its
own plants.
2) Joint procurement of third party components.

2. Collaboration overseas

1) Mutual referencing of their suppliers, joint search for
suppliers and procurement.
2) Cross supply of parts and components between their respective
overseas manufacturing subsidiaries.

3. Complementary relationship in attachments and new areas

1) Cross supply and joint development of attachments.
2) OEM supply of niche or specific-application products.

The agreement covers production and procurement only and
excludes the areas of sales and services. Accordingly, it will
not affect the sales networks, brands or product identities of
the Parties. The two companies have no plans for mutual capital
participations.


MIZUHO HOLDINGS: Issues Status Report on Services Disruption
------------------------------------------------------------
Mizuho Holdings, Inc. reiterated on April 11 their deepest
apology to all their customers for the inconvenience that they
have experienced as a result of the disruption in their services
in connection with the Group's reorganization.

This release serves to report their findings at this point in
time.

(Status of eradication of disruptions in domestic services)

*Delays in automatic debt transactions

   A majority of those transactions that were to be processed
Friday (April 11) will be completed on schedule. A total of
approximately 400,000 transactions remain to be processed up to
now. These are transactions that were among those received
during the initial stage of the disruption in services and have
been identified as transactions that still need to be processed.
The Company are making every effort to complete the processing
of those remaining transactions as quickly as possible.

(Status of Consolidation Inquiry Centers)

   Approximately 3,500 calls were received Thursday (April 10),
and about 2,000 calls were received as of 5 p.m. Friday (April
11). A total of approximately 22,600 calls have been received
through the inquiry centers so far.

(Others)

Other than those cases mentioned above, no new disruptions in
services have been identified.

The Company will continue to make every effort to bring their
domestic services back to normal as swiftly as possible.

Although the system disruptions inconvenienced our domestic
account holders, they have had no effect on international
settlements and treasury systems. The Company would also like to
reiterate that no disruption has occurred in their international
operational systems.

Check the release at http://www.mizuho-
fg.co.jp/english/pdf/release/2002/20020411.pdf


MIZUHO FINANCIAL: Sees FY02 Y1T Net Loss
----------------------------------------
Mizuho Financial Group sees a net loss of Y1 trillion in the
year to March 2002, versus the previous estimate of Y720
billion, due to higher credit cost related to the disposal of
non-performing loans, the Asahi Shimbun and AFX News reported
Thursday.

The Company is likely to spend some Y2.25 trillion in credit
cost, compared with the previous forecast of Y2 trillion.

Mizuho is expected to announce the revision on April 11.


NIKO NIKO: No Plans to Sell Major Stores
----------------------------------------
Troubled supermarket operator Niko Niko Do, Co has no plans to
sell its major stores to its sponsors namely Izumi Co and Sunny
Co, as the retailer have been generating considerable profits
for the retailer, according to Kyodo News on Friday, citing
unnamed Company officials.

TCR-AP reported that the retailer has filed for court protection
in Kumamoto prefecture under Japan's Civil Rehabilitation Law,
Reuters reported Tuesday. The mid-sized supermarket operator has
liabilities worth Y97.5 billion ($741.3 million).


SEIYU LTD: Sumitomo, Wal-Mart May Close 30 Stores
-------------------------------------------------
Sumitomo Corporation and Wal-Mart Stores Inc may close 30 Seiyu
stores, mostly outside the Tokyo area, in a bid to boost
profits, Bloomberg reported Friday, citing Sumitomo Vice
President Fumio Wada.

Wal-Mart said last month that it would buy a 6.1 percent stake
in Seiyu for Y6 billion. Sumitomo Corp, which is the largest
shareholder of Seiyu Ltd, will buy an additional 5 percent stake
for Y5 billion. Wal-Mart has an option to buy as much as two-
thirds of Seiyu within five years.

Seiyu Ltd has been selling assets and closing money-losing
stores to help it halve its debt to Y600 billion. The Company
also obtained loan forgiveness for its struggling financing
subsidiary, Tokyo City Finance.

The Company employs 16,215 workers as of Feb. 28, 2001.


SNOW BRAND: Considers Selling Lactic Acid Operations
----------------------------------------------------
Snow Brand Milk Products Co Ltd will consider selling its wholly
owned subsidiary that specializes in making and marketing lactic
acid bacilli products, the Yomiuri Shimbun and AFX News reported
Thursday. The name of the unit was not disclosed in the report.

Nestle group is a strong candidate for taking up the business,
the report said.


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


DAEWOO MOTOR: Launching New Company With GM in July
---------------------------------------------------
Creditors of General Motors Corp and Daewoo Motor Co are
planning to launch a new Company tentatively named GM Daewoo
Motor, which will be set up on July 1 after completing all
acquisition procedures by the end of June, AFX News said
Wednesday, citing the Korea Development Bank.

TCR-AP reported Thursday that Governor Jung Keun-yong of Korea
Development Bank (KDB) held a press conference on Wednesday to
update the public on the details of the long-awaited conclusion
of Daewoo-GM deal.

Governor Jung said that the Korean creditors of Daewoo Motor and
General Motors have resolved all major differences on the
acquisition of the ailing Korean automaker and stand ready to
sign the final contract by the end of April.


HYNIX SEMICONDUCTOR: $500M Needed to Cover Losses
-------------------------------------------------
Hynix Semiconductor may need to provide $500 million for future
losses as requested by Micron Technology, which proposed $3.8
billion to buy the chip Company, DebtTraders Analysts Daniel Fan
(852-2537-4111) and Blythe Berselli (1-212-247-5300) reported,
citing the Korea Economic Daily newspaper.

Hyundai Semiconductor's 8.625 percent bond due in 2007
(HYUS07KRA1) trades between 75 and 80. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1


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


ABRAR CORP.: KLSE Rejects RA Time Extension Request
---------------------------------------------------
Abrar Corporation Berhad, Special Administrators Appointed,
announced that the Kuala Lumpur Stock Exchange by its letter
dated 10 April 2002 rejected the Company's application for an
extension of time until 31 December 2002 to enable the Company
to announce its plans to regularize its financial condition.

The Company, in a letter dated 7 February 2002 sought the
Exchange's approval to allow the Company to make the Requisite
Announcement by 31 December 2002.

The Exchange drew the Company's attention to the Exchange's
letter dated 27 November 2001 and reminded the Company, an
Affected Listed Issuer as defined in PN4, of its obligation to
regularize its financial condition in accordance with the
requirements of Paragraph 8.14 of the Listing Requirements and
PN4 by 31 December 2002, failing which the Company may be
delisted from the Official List of the Exchange pursuant to
Paragraph 16.09 of the Listing Requirements.

In the meantime, the Special Administrators of the Company are
pleased to announce that they are currently at the final stage
of selecting a White Knight to assist the Company in its
corporate debt restructuring exercise.

Thereafter, the Special Administrators of the Company will
formulate a Workout Proposal for the Company pursuant to Section
44 of the Pengurusan Danaharta Nasional Berhad Act, 1998. The
Workout Proposal for the Company will inter alia take into
consideration the interest of all stakeholders of the Company
that will also deal with the Company's plans to regularize its
financial condition.

In view of the above, the Special Administrators, for an on
behalf of the Company, will be appealing to the Exchange of its
refusal to grant the extension of time to the Company.


ADVANCE SYNERGY: HFB Share Subscription Agreement Terminated
------------------------------------------------------------
The Board of Directors of Advance Synergy Berhad (ASB) revealed
on 10 April 2002 that the Proposed subscription by Hotline
Furniture Berhad (HFB) of 24,000,000 new ordinary shares of
RM1.00 each in ASF for a total subscription price of
RM36,000,000.  ASB was notified by the Special Administrator of
Advance Synergy Furniture Sdn Bhd (ASF) that ASF had elected to
terminate the Share Subscription Agreement.

The termination date of the Share Subscription Agreement entered
into by ASF with HFB and Pengurusan Danaharta Nasional Berhad in
respect of the Proposed Subscription by HFB in ASF, is effective
on 9 April 2002.


AUTOWAYS HOLDINGS: Workout Proposal Talks With Vendors Ongoing
--------------------------------------------------------------
On behalf of the Board of Directors of Autoways Holdings Berhad
(AHB or the Company), Arab-Malaysian Merchant Bank Berhad (Arab-
Malaysian) announced that the KLSE has rejected the Company's
application for a further extension of time of three (3) months
from 28 February 2002 until 28 May 2002 to make an announcement
on its plan to regularize the financial condition of the
Company.

Nevertheless, as advised by the KLSE, the Company has until 31
December 2002 to regularize its financial condition in
accordance with the requirements of paragraph 8.14 of the KLSE's
Listing Requirements and PN 4/2001, failing which the Company
may be delisted from the Official List of the KLSE pursuant to
paragraph 16.09 of the KLSE Listing Requirements.

Notwithstanding of the above, the Company is still actively
negotiating and discussing with the vendors of the potential
assets identified pursuant to the Memorandum of Understanding
entered into on 1 March 2002 for the purposes of the Company's
restructuring proposal. Any further development hereon in
relation to the plan to regularize the financial condition of
AHB will be announced in due course.


BRIDGECON HOLDINGS: Proposed Scheme Agreements Terminated
---------------------------------------------------------
On behalf of Bridgecon Holdings Berhad, Special Administrators
Appointed, Alliance Merchant Bank Berhad announced that the
Special Administrators had, on 10 April 2002 and on behalf of
the Company, terminated the following agreements:

   (i) agreement with City Associates Sdn Bhd (CASB) dated 11
October 2001; and

   (ii) agreement with CASB and Bondell Corporation Sdn Bhd
(Bondell) dated 4 December 2001;

in relation to the proposed restructuring of Bridgecon. Pursuant
thereto the Special Administrators will forfeit the security
deposit of RM1 million placed earlier by CASB.

The Special Administrators will pursue other alternatives in
order to comply with the relevant requirements of the Practice
Note 4/2001 of the Listing Requirements of the Kuala Lumpur
Stock Exchange and will make the necessary announcements in due
course.


HIAP AIK: Monitoring Accountant Appointment Not Necessary
---------------------------------------------------------
Hiap Aik Construction Berhad, pursuant to the Practice Note No.
4/2001, announced:

Further to the appointment of Mr. Patrick Chew Kok Bin and Mr.
Alvin Tee Guan Pian of Anuarul Azizan Chew & Co as Special
Administrators (SA) of Hiap Aik Construction Berhad (the Company
or HACB) pursuant to Section 24 of the Pengurusan Danaharta
Nasional Berhad Act, 1998 (Danaharta Act) on 1 April 2002, the
Company is now considered as an affected listed issuer under
Paragraph 2.1(d) of Practice Note No. (PN) 4/2001. The SA were
appointed to manage the business and operations of HACB's,
assess the business viability and prepare a workout proposal.

This announcement serves as the "First Announcement" by HACB as
prescribed in PN 4/2001.

OBLIGATIONS OF THE AFFECTED LISTED ISSUER

Pursuant to Practice Note No. 4/2001, HACB has complied and will
comply with the following obligations:

   (1) Provide such information or document as prescribed in
Paragraph 4.1 which amongst others, include the following:

      (i) Make an announcement (First Announcement) within seven
(7) market days from 1 April 2002 as prescribed in Paragraph
4.1(a);

     (ii) Announce the status of its plan to regularize its
financial condition on a monthly basis;

    (iii) Submit a monthly report to the KLSE to be accompanied
by statutory declarations to be executed by its Board of
Directors or two (2) Directors duly authorized by the Special
Administrators. In view of the appointment of the Special
Administrators, the powers of the Board of Directors are
suspended accordingly;

   (2) Announce its compliance or failure to comply with the
particular obligation imposed pursuant to the PN 4/2001, as and
when such obligation due;

CONSEQUENCES OF NON-COMPLIANCE OF PN 4/2001

Any affected listed issuer which fails to comply with any of the
obligation imposed on it by the KLSE under PN 4/2001, may be
regarded as a listed issuer whose financial condition does not
warrant continued trading and/or listing.

STATUS OF PLAN TO REGULARISE FINANCIAL CONDITION

The SA have taken control and possession of HACB's assets and
records. Subject to the outcome of an assessment of HACB's
financial position, the SA shall develop a workout proposal
after taking into consideration the interests of all creditors
(whether secure or unsecured) and shareholders. The workout
proposal, which is subject to the approvals from the relevant
authorities, shall provide details on HACB's plans to regularize
its financial condition.

APPOINTMENT OF MONITORING ACCOUNTANT

HACB does not need to appoint an independent accounting firm as
Monitoring Accountant. This requirement is not applicable to
HACB as its does not fulfill the criteria set out in Paragraph
6.1 of the PN 4/2001 to warrant the appointment of such
Monitoring Accountant.


HUME INDUSTRIES: SC Approves Proposals, New Stock Listing
---------------------------------------------------------
On behalf of the Board of Directors of Hume Industries
(Malaysia) Berhad, Commerce International Merchant Bankers
Berhad (CIMB) announced that the Securities Commission (SC) has,
by its letter dated 5 April 2002, approved the Proposals and the
listing of and quotation for the new ordinary stock units in
HIMB to be issued pursuant to the Proposed Rights Issue and
Proposed Bonus Issue on the Main Board of the Kuala Lumpur Stock
Exchange (KLSE), without any variations.

The "PROPOSALS" refers to the following:

   (a) Proposed Rights Issue of up to 250,763,830 New Ordinary
Stock Units of Rm1.00 Each (Rights Stocks) on the Basis of one
(1) New Stock Unit for Every one (1) Existing Stock Unit Held on
a Date and at an Issue Price to be Determined by the Board of
Directors of HIMB (Proposed Rights Issue);

   (b) Proposed Bonus Issue of up to 501,527,660 New Ordinary
Stock Units of Rm1.00 Each on the Basis of one (1) New Stock
Unit for Every one (1) Existing Stock Unit Held After the
Proposed Rights Issue (Proposed Bonus Issue) Via Capitalization
of Revaluation Reserves of up to Rm501,527,660; and

   (c) Proposed Distribution of up to 83,587,943 Ordinary Shares
of Rm1.00 Each in O.Y.L. Industries Bhd. (OYL) Held By HIMB to
the Stockholders of HIMB by Way of Capital Distribution on the
Basis of one (1) Ordinary Share in OYL for Every Twelve (12)
Stock Units Held in HIMB After The Proposed Rights Issue and
Proposed Bonus Issue (Proposed Capital Distribution)

The approval of the SC for the Proposals is subject to the
following conditions:

   (i) The utilization of the proceeds from the Proposed Rights
Issue (Proceeds), details of which are set out in Table 1 found
at http://www.bankrupt.com/misc/TCRAP_Hume0415.doc,is to be
utilized for the core business of HIMB and is subject to the
following conditions:

     (a) the approval of the SC is required for any revision to
the utilization of Proceeds, if the said proceeds are not
utilized for the core business of HIMB;

     (b) the approval of the stockholders of HIMB is required
for the utilization of Proceeds and any revision amounting to
25% or more from the original proposed utilization. If the
revision to the utilization of Proceeds is less than 25%,
appropriate disclosures would be required to be made to the
stockholders of HIMB;

     (c) any extension of time for the completion of utilization
of Proceeds from the period determined earlier by HIMB should be
approved by the Board of Directors of HIMB by a Board resolution
and shall be disclosed fully to the KLSE; and

     (d) appropriate disclosures pertaining to the status of the
utilization of Proceeds must be made in the quarterly report and
the annual report of HIMB until such time the Proceeds are fully
utilized.

   (ii) The promoters and the Directors of HIMB are required to
give written undertakings that they would not dispose of their
stock units held from the "ex-date" of the stocks until 10
market days after the listing of the Rights Stocks, if the issue
price of the Rights Stocks is fixed at a discount of more than
30% of the theoretical ex-rights price based on the 5-day
weighted average market price of HIMB preceding the price fixing
date.

   (iii) CIMB/HIMB is required to fully comply with all the
relevant guidelines issued by the SC pursuant to the Proposals.

HIMB proposes to revalue its investment in OYL from its book
value of approximately RM7.64 per OYL shares to RM14 per OYL
share after taking into consideration the weighted average OYL
share price for the past 6 months up to 22 August 2001 (being
the latest practicable date prior to the announcement of the
Proposals on 29 August 2001), to facilitate the Proposed Capital
Distribution. In undertaking the revaluation of OYL, HIMB is
required to:

   (i) revalue all its investments in subsidiaries up to the
underlying net tangible asset values or market values (if
applicable) of the subsidiaries prevailing at the revaluation
date, prior to implementation of the Proposed Bonus Issue; and

   (ii) revalue all its investments in subsidiaries at a regular
interval of at least once in every 5 years with additional
valuations in the intervening years where the holding costs of
the revalued investments materially differ from the current
values of the subsidiaries,

in accordance with paragraphs 8.05 and 8.07 of the Policies and
Guidelines on Issue/Offer of Securities issued by the SC.

The Proposals are now conditional upon approvals being obtained
from the following:

   (i) the KLSE for the listing of and quotation for the new
stock units to be issued pursuant to the Proposed Rights Issue
and Proposed Bonus Issue and which are not to be cancelled;

   (ii) the stockholders of HIMB at an Extraordinary General
Meeting to be convened;

   (iii) the Ministry of International Trade and Industry for
the Proposed Capital Distribution;

   (iv) the sanction of the High Court of Malaya for the
Proposed Capital Distribution;

   (v) the consent of the holders of the Euro Convertible Bonds;
and

   (vi) any other relevant authorities/parties.


HUME INDUSTRIES: Voluntarily Winds-Up Unit
------------------------------------------
Hume Industries (Malaysia) Berhad (HIMB or the Company) informed
that its wholly owned subsidiary, Oplino Pte Ltd (Oplino), will
be wound-up voluntarily pursuant to Section 290(1) of the
Singapore Companies Act (Chapter 50). Mr Koji Miura of c/o 16,
Raffles Quay #22-00, Hong Leong Building, Singapore 048581 has
been appointed as Liquidator of Oplino on 10 April 2002.

Oplino ceased its distribution operation in 1996 and has
remained dormant since then. The liquidation of Oplino was
undertaken as the HIMB Group has no future need for the company.

There is no material impact on the net tangible assets and
earnings per share of the HIMB Group for the financial year
ending 30 June 2002.


JASATERA BERHAD: Revises Recapitalization Exercise Details
----------------------------------------------------------
Jasatera Berhad (Jasatera), in reference to the announcement
dated 4 April 2002 on the Revised Proposed Recapitalization
Exercise and the Kuala Lumpur Stock Exchange's (KLSE) letter
dated 10 April 2002, advised:

(1) The risk factors in relation to the Proposed Acquisition are
set out as:

   (i) Inherent Industry Risks

Perfect Eagle Holdings Sdn Bhd (PEHSB) is principally involved
in the construction and civil works. Therefore, PEHSB is subject
to business risks inherent in the construction industry. These
may include risks of building material shortages, fluctuations
in the property market, labor costs, shortage of workers
including foreign workers, slow collections, rising interest
rates, deferment of contracts and availability of funds
including bank borrowings. Any one of these factors may cause
unanticipated delays and unexpected costs, which may lead to an
adverse impact on both the financial condition and operations of
PEHSB.

Other inherent risks include changes in market trends and the
general economic and business conditions, as well as changes in
the legal and regulatory framework. The slowdown in the general
economy will also have an impact on PEHSB.

Upon completion of the Proposed Acquisition, the enlarged
Jasatera Group seeks to limit these risks through, inter-alia,
having contractual terms for projects undertaken and prudent
management policies, no assurance can be given that any change
to these factors will not have a material adverse effect on the
enlarged Jasatera Group's business.

   (ii) Political, economic and regulatory considerations

Like all business entities, changes in the political, economic
and regulatory conditions in Malaysia and elsewhere could
materially and adversely affect the financial and business
prospects of PEHSB. Amongst the political, economic and
regulatory uncertainties are the changes in political
leadership, currency exchange rules, changes in accounting
policies and taxation.

   (iii) Competition

PEHSB is registered as a Class G7 contractor with the
Construction Industry Development Board (CIDB). This
registration allows PEHSB to tender for government and private
sector projects of any size and amount. PEHSB faces competition
from various competitors in the construction industry in
securing contracts. In addition, with the impending
liberalization of the services sector, foreign construction
companies will be allowed to compete for construction projects
in the local market. This may have material adverse effects on
the Malaysian construction industry and hence, the enlarged
Jasatera Group's business.

Although PEHSB seeks to stay competitive by taking steps in its
endeavors to secure new contracts, no assurance can be given
that the enlarged Jasatera Group will be able to maintain its
existing competitive edge in the future.

   (iv) Risk of inability to secure future contracts

Notwithstanding the current track record of PEHSB in securing
new contracts, PEHSB's ability to secure future contracts will
depend on the market confidence in PEHSB and the competitiveness
of PEHSB in terms of its pricing and quality of work done
against the other industry player in the market, and therefore,
no assurance can be given that the enlarged Jasatera Group will
be able to continue securing contracts in the future.

   (v) Delay in completion of projects

PEHSB has continuously endeavored to complete projects awarded
within the time scheduled. However, since construction projects
are dependent on many external factors including, among others,
obtaining the relevant regulatory approvals, sourcing of
materials on a timely basis and at cost competitive price,
securing credit and the satisfactory performance of the various
sub-contractors, no assurance can be given that these factors
will not lead to delays in the completion of projects which may
have an impact on the enlarged Jasatera Group's future cashflow
position and profitability.

(2) Barring any unforeseen circumstances, the estimated time
frame for the completion of the Proposed Acquisition is within
four (4) months (i.e. by end of August 2002) from 4 April 2002,
being the date of the application to the Securities Commission
in respect of the Revised Proposed Recapitalization Exercise.

In addition, Public Merchant Bank Berhad on behalf of the Board
of Directors of Jasatera announced that the KLSE has approved an
extension of 3 months from 22 March 2002 to 21 June 2002 to
enable the Company to obtain all the necessary approvals from
the regulatory authorities for the implementation of Jasatera's
plan to regularize its financial condition in accordance with
the provisions of PN4.


KEMAYAN CORPORATION: KLSE Rejects Time Extension Application
------------------------------------------------------------
Kemayan Corporation Berhad (KCB or the Company), announced that
the Kuala Lumpur Stock Exchange (KLSE) rejected the Company's
application for extension of time of three (3) months to 30 June
2002 to comply with the obligation set out in paragraph 5.1 of
PN4/2001.

The Board of Directors of KCB will submit an appeal to the KLSE
in view of the negotiation with creditors has commenced.


MALAYSIAN GENERAL: Given Until Year's to Regularize Cash Flow
-------------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Malaysian
General Investment Corporation Berhad (MGIC or Company), in
relation to the Proposed Restructuring Scheme Involving a Debt
Restructuring with the Creditors of MGIC and Two (2) of its
Subsidiaries, MGIC Construction Sdn Bhd and Magic Hill Resort
Sdn Bhd, announced that the Kuala Lumpur Stock Exchange (KLSE)
has rejected the Company's application for a further extension
of time of three (3) months from 28 February 2002 until 31 May
2002 to make an announcement on its revised regularization plan.

The Company has until 31 December 2002 to regularize its
financial condition in accordance with the requirements of
paragraph 8.14 of the KLSE's Listing Requirements (Listing
Requirements) and Practice Note No. 4/2001 on the criteria and
obligations pursuant to paragraph 8.14, failing which, the
Company may be delisted from the Official List of the KLSE
pursuant to paragraph 16.09 of the Listing Requirements.

The Company is still actively identifying viable assets for the
purposes of the Company's new restructuring proposal. The
Company will keep the shareholders informed of further
developments as and when events are finalized.


PLANTATION & DEVELOPMENT: In Regularization Plan Negotiations
-------------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Plantation &
Development (Malaysia) Berhad stated that the KLSE rejected its
application for an extension of time up to 30 June 2002 for the
Company to announce a new concrete plan to regularize its
financial condition.  In accordance with Practice Note No.
4/2001, the Company has until 31 December 2002 to regularize its
financial condition.

The Company is still negotiating with potential parties to
devise a plan to regularize its financial position.


RAHMAN HYDRAULIC: Files Time Extension Reconsideration Appeal
-------------------------------------------------------------
Rahman Hydraulic Tin Berhad, Special Administrators Appointed,
on 5 April 2002 submitted an appeal to the Kuala Lumpur Stock
Exchange asking it to re-consider RHT's application for an
extension of time from 1 March 2002 to 30 June 2002 to comply
with paragraph 5.1(a) of PN4 as the Company is currently
considering offers received for its listing status and other
assets during an exercise that it has conducted recently. The
Company, on 3 April 2002, announced that it has accepted an
offer of RM80 million cash from Perbadanan Kemajuan Negeri Kedah
for its estate land and related assets, subject to the terms and
conditions to be agreed upon by both parties.

The Company foresees that it will be able to formulate a plan to
regularize its financial condition by 30 June 2002."


SITT TATT: Registrar of Companies Strikes Off Dormant Unit
----------------------------------------------------------
Sitt Tatt Berhad in regard to the Striking-off of Enerplus Sdn
Bhd, pursuant to Section 308 of the Companies Act, 1965,
informed that the Company received a notification from the
Registrar of Companies stating that Enerplus Sdn Bhd, a dormant
wholly-owned subsidiary of the Company, was officially struck-
off from the register pursuant to Section 308 of the CA 1965.


TAJO BHD: KLSE Suspends Securities Trading
------------------------------------------
Public Merchant Bank Berhad, on behalf of Tajo Berhad wrote to
the KLSE seeking an extension of time of three (3) months from
28 February 2002 for the Company to make the Requisite
Announcement pursuant to paragraph 5.1 of Practice Note No.
4/2001 (PN4).

Tajo said that the KLSE rejected the Company's application for
the above extension and is imposing a suspension on the
securities of the Company pursuant to paragraphs 8.14 and 16.02
of the Listing Requirements. The trading of the securities of
the Company would be suspended with effect from 9.00 a.m.,
Friday 19 April 2002 until further notice.

The management will however, appeal this decision and endeavor
to normalize the trading of Tajo shares soonest possible through
its on-going plan to regularize Tajo's financial condition and
in line with the requirements of the relevant authorities.


UH DOVE: EGM Scheduled on April 29
----------------------------------
UH Dove Holdings Bhd (Company No. :305530-A) (UHD or Company)
advised that an Extraordinary General Meeting of UHD will be
held at Utara 1, 2nd Floor, Crystal Crown Hotel, No. 12 Lorong
Utara A, Off Jalan Utara, 46200 Petaling Jaya, Selangor Darul
Ehsan on Monday, 29 April 2002 at 2.30 p.m. for the purpose of
considering, and, if thought fit, passing the following
resolutions set out below, with or without modifications:

ORDINARY RESOLUTION 1
PROPOSED INCREASE IN THE AUTHORISED SHARE CAPITAL

"THAT the authorized share capital of the Company be and is
hereby increased from RM25,000,000 comprising 25,000,000
ordinary shares of RM1.00 each, to RM1,000,000,000 comprising
1,000,000,000 ordinary shares of RM1.00 each by the creation of
an additional 975,000,000 new ordinary shares of RM1.00 each and
that the Memorandum and Articles of Association of the Company
and all other documents be amended accordingly."

ORDINARY RESOLUTION 2
PROPOSED DEBT RESTRUCTURING

"THAT subject to the passing of Ordinary Resolution 1 above and
Ordinary Resolution 3 below and conditional upon the approval of
the relevant authorities being obtained, approval be and is
hereby given for the implementation of the proposed debt
restructuring under the terms and conditions of the Settlement
Agreement dated 1 December 2000 and the Supplemental Settlement
Agreement dated 6 February 2002 involving the issuance of
32,488,497 new ordinary shares of RM1.00 each in UHD at par to
the respective lenders of UH Industries Sdn Bhd and Dove
Industries Sdn Bhd as part settlement of bank borrowings and the
balance by cash (Proposed Debt Restructuring), details of which
are set out in the Circular dated 12 April 2002.

AND THAT the Directors of the Company be and are hereby
authorized to allot and issue 32,488,497 new UHD shares pursuant
to the Proposed Debt Restructuring and the shares so allotted
shall rank pari passu in all respects with the existing issued
and fully paid-up UHD shares save and except that they shall not
be entitled to the Proposed Rights Issue or to any dividend
which may be declared, made or paid in respect of the prior
financial year or any dividend, rights, allotment or any other
distributions, the entitlement date of which is prior to the
date of allotment of such new shares.

AND THAT the Directors of the Company be and are hereby
authorized to give effect to the Proposed Debt Restructuring
with full powers to assent to any conditions, modifications,
variations and/or amendments as may be imposed by the relevant
authorities and to take all such steps and decisions and to
execute, sign and deliver on behalf of the Company all such
documents and do all such acts as they may in their absolute
discretion deem necessary or expedient in order to finalize,
implement and give full effect to and complete the above
Proposed Debt Restructuring."

ORDINARY RESOLUTION 3
PROPOSED ACQUISITIONS

"THAT subject to the passing of Ordinary Resolution 1 and
Ordinary Resolution 2 above and conditional upon the approval of
the relevant authorities being obtained, approval be and is
hereby given for the implementation of the following proposed
acquisitions under the terms and conditions of the Sale and
Purchase Agreements dated 1 December 2000 and Supplemental Sale
and Purchase Agreements dated 6 February 2002:

   (i) Proposed acquisition of the entire issued and paid-up
share capital of Bertam Development Sdn Bhd (Bertam) comprising
4,991,274 ordinary shares of RM1.00 each (together with the
rights to allotment of 233,937 new ordinary shares of RM1.00
each in Bertam) for a total purchase consideration of
RM70,000,000 to be fully satisfied by the issue of 70,000,000
new ordinary shares of RM1.00 each in UHD at an issue price of
RM1.00 per share (Proposed Bertam Acquisition);

   (ii) Proposed acquisition of the entire issued and paid-up
share capital of Budaya Identiti Sdn Bhd of 5,000,000 ordinary
shares of RM1.00 each for a total purchase consideration of
RM15,659,000 to be fully satisfied by the issue of 15,659,000
new ordinary shares of RM1.00 each in UHD at an issue price of
RM1.00 per share (Proposed Budaya Acquisition);

   (iii) Proposed acquisition of the entire issued and paid-up
share capital of Syarikat Sungei Buan Sdn Bhd comprising
2,000,000 ordinary shares of RM1.00 each for a total purchase
consideration of RM14,000,000 to be fully satisfied by the issue
of 14,000,000 new ordinary shares of RM1.00 each in UHD at an
issue price of RM1.00 per share (Proposed SSB Acquisition); and

   (iv) Proposed acquisition of 8 parcels of freehold land
identified as Lot number 8111, 186, 2734, 5492, 5493, 10725,
11613 and 14129 in Mukim of Serom, District of Muar, Johor with
a total net acreage of approximately 270.5 acres for a total
purchase consideration of RM43,100,000 to be fully satisfied by
the issue of 43,100,000 new ordinary shares of RM1.00 each in
UHD at an issue price of RM1.00 per share (Proposed Muar Land
Acquisition).

AND THAT the Directors of the Company be and are hereby
authorized to allot and issue 142,759,000 ordinary shares of
RM1.00 each in UHD at an issue price of RM1.00 per share as
satisfaction of the above proposed acquisitions and that the new
shares so allotted shall rank pari passu in all respects with
the existing issued and fully paid-up UHD shares save and except
that they shall not be entitled to the Proposed Rights Issue or
to any dividend which may be declared, made or paid in respect
of the prior financial year or any dividend, rights, allotment
or any other distributions, the entitlement date of which is
prior to the date of allotment of such new shares.

AND THAT the Directors of the Company be and are hereby
authorized to give effect to the above proposed acquisitions
with full powers to assent to any conditions, modifications,
variations and/or amendments as may be imposed by the relevant
authorities and to take all such steps and decisions and to
execute, sign and deliver on behalf of the Company all such
documents and do all such acts as they may in their absolute
discretion deem necessary or expedient in order to finalize,
implement and give full effect to and complete the above
proposed acquisitions."

ORDINARY RESOLUTION 4
PROPOSED RENOUNCEABLE RIGHTS ISSUE

"THAT subject to the passing of Ordinary Resolution 1, 2 and 3
above, and conditional upon the approval of the relevant
authorities and the approval in-principle of the Kuala Lumpur
Stock Exchange being obtained for the listing of and quotation
for up to 27,000,000 rights shares, the Directors of the Company
be and are hereby authorized to allot (whether provisional or
otherwise) and issue by way of a rights issue to the registered
shareholders of the Company whose names appear in the Register
of Members or Record of Depositors (or their renouncees) at the
close of business on an entitlement date to be determined by the
Directors of the Company up to 27,000,000 rights shares at an
issue price of RM1.00 per rights share, payable in full upon
acceptance, on the basis of three (3) rights shares for every
two (2) existing UHD shares (Proposed Rights Issue).

AND THAT all such rights shares shall upon allotment and
issuance, rank pari passu in all respects with the existing
issued and fully paid-up UHD shares, save and except that they
shall not be entitled to any dividends which may be declared,
made or paid in respect of the prior financial year or any
dividend, rights, allotments or any other distributions, the
entitlement date of which is prior to the date of allotment of
the rights shares; fractional securities arising from the
proposed rights issue shall be disregarded and fractional
entitlements shall be disposed of in such manner as the
Directors may in their absolute discretion think expedient and
in the interest of the Company.

AND THAT the Directors of the Company be and are hereby
authorized to enter into any instruments as may be required
including underwriting agreement(s) for the underwriting of the
Proposed Rights Issue with such parties and upon such terms and
conditions as the Directors of the Company may decide.

AND THAT the Directors of the Company be and are hereby
authorized to give effect to the Proposed Rights Issue with full
powers to assent to any conditions, modifications, variations
and/or amendments as may be imposed by the relevant authorities
and to take all such steps and decisions and to execute, sign
and deliver on behalf of the Company all such documents and do
all such acts as they may in their absolute discretion deem
necessary or expedient in order to finalize, implement and give
full effect to and complete the above Proposed Rights Issue."


WING TIEK: Regularization Plan Time Extension Rejected
------------------------------------------------------
The Board of Directors of Wing Tiek Holdings Berhad (WTHB or the
Company), informed that the Kuala Lumpur Stock Exchange (KLSE)
rejected the Company's application for an extension of time to
31 May 2002 to comply with the obligation set out in Paragraph
5.1 of PN4. The Company was reminded of its obligation to
regularize its financial condition in accordance with
requirement of Paragraph 8.14 of the Listing Requirements and
PN4 by 31 December 2002.

The Board will endeavor to regularize the Company's financial
condition by 31 December 2002.

Profile

The Company (WTHB) has since its incorporation dealt as traders
and stockists of a variety of steel hardware which comprises
among others, structural steel, steel beams, sheet pipes, and
steel columns.

As at 31 March 1998, WTHB and its subsidiaries had defaulted in
the payment of credit facilities due to financial institutions
amounting to approx. RM505m. This default was mainly due to the
suspension or withdrawal of credit facilities by financial
institutions and the Group's losses of RM274m for the financial
year ended 31 July 1997. On 23.March 1998, the Company and its
four subsidiaries were granted a restraining order from the High
Court under Section 176 of the Companies Act, 1965, restraining
the bankers and certain creditors from commencing proceedings or
continuing to proceed with any court action. At their respective
creditors meetings held on 15 September 1999, the scheme
creditors of WTHB and these subsidiaries approved the proposed
scheme. The scheme involves capital reduction, rights issue,
debt reconstruction and repayment and disposal of assets. The
capital reduction would reduce the Company's issued and paid-up
capital from RM68.1m to RM17m.

Subsequently, on 28 August 2000, the SC rejected the proposed
scheme, citing it is not comprehensive enough to address the
financial problems faced by WTHB. On 27 September 2000, the
Company applied for an extension to revert to the SC with an
appeal addressing the concerns raised in the rejection, which
was approved by the SC on 10 October 2000. As WTHB still could
not revert to the SC by 31 December 2000, the SC had agreed to
extend the deadline further to 30 June 2001. Currently, WTHB is
still in discussion with interested parties taking the "White
Knight" role and is in the process of reviewing the business and
assets to be injected into WTHB.


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


NATIONAL BANK: Elects Lorenzo Tan as New President
--------------------------------------------------
The Board of Directors of the Philippine National Bank elected
on April 10, 2002 Lorenzo V. Tan as its President and Chief
Executive Officer. He succeeds Feliciano L. Miranda, Jr., who
will remain in the PNB Board as one of its directors.

At 40 years old, Tan is the youngest President in the 85-year
history of PNB.

Tan brings into the Bank his youthful dynamism and a wealth of
experience in banking and property management.

He was the former President and chief operating officer of
United Coconut Planters Bank (UCPB). At UCPB, he initiated
corporate restructuring and introduced innovative products and
services. He also adopted the "good bank, bad bank" strategy
segregating the management of problem loans while rebuilding the
good bank for eventual entry of strategic investors. He and his
team were responsible for restructuring and managing the bank's
P20 billion in foreclosed assets.

Before UCPB, Tan was Group Managing Director of Guoco Holdings
(Philippines) Inc. from July 1995 to September 1998.

Prior to this, he was Director of Citibank N.A.'s Cross-Border
Real Estate Capital Markets in Asia based in Singapore. In this
capacity, he served as financial advisor to various
multinational corporations and governments. He also spent
several years at Citicorp Real Estate, Inc. in New York and Los
Angeles, USA, handling numerous real estate syndications,
restructuring and private bond placements.

His expertise will be very valuable in the management of PNB's
P23 billion in foreclosed assets.

Tan completed his undergraduate studies at De la Salle
University-Manila. He obtained his Master of Management degree
in June 1987 at Northwestern University's Kellogg Graduate
School of Management in Evanston, Illinois.

He was also the recipient of the Ten Outstanding Young Men
(TOYM) award for banking in 1999.

The choice of Tan as President ends several months of search and
short-listing by the government and eventual approval by the
Bank majority owner Lucio Tan.

Tan will face the formidable task of rehabilitating PNB by
strengthening its financial position by carrying out an
aggressive program to reduce its NPL and bring back
profitability for eventual sale to strategic investors.

Last month, the Government appointed former RCBC President
Francisco A. Dizon to PNB Chairman replacing PDIC President
Norberto C. Nazareno.


NATIONAL BANK: Inaugurates Business Recovery Center
---------------------------------------------------
The Philippine National Bank said in a press release that it
recently inaugurated its Business Recovery Center (BRC).

Now fully operational, the BRC is the only full-fledged back-up
recovery site in the country established by a bank to service
its own disaster recovery requirements. Other banks outsource
their back-up requirements.

Located at a strategic distance away from the primary data
center, the BRC will enable PNB to resume servicing client
transactions within hours in the event of a disaster. Thus, PNB
clients will not have to endure extended periods of waiting or
second-guessing when they will be able to access their funds or
complete important bank transactions when a disaster strikes the
primary data center. In fact, PNB depositors are assured of
availability of ATM services within two hours and the entire
bank itself with major services such as deposits, remittances,
loans, treasury, trade, and Internet to be operational within 10
hours of a disaster.

The completion of the BRC enabled PNB to fully comply with BSP
circular-letter of September 2001 mandating banks to come up
with a comprehensive disaster recovery and business continuity
plan to ensure minimal disruption of bank operations, minimize
losses through lost business opportunities and ensure timely
resumption of normal operations.


PHILIPPINE LONG: Offers US$350M in 5-yr/10-yr Fixed Rate Notes
--------------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) will issue US$350
million of 10-year fixed-rate notes due 2012 and five-year
fixed-rate notes due 2007, Dow Jones reported Thursday. PLDT
will use the proceeds to repay its maturing obligations of $1.3
billion over the next two years. It also plans to sell a stake
in its unit Smart Communications to reduce its debt.

PLDT gave no further details, but the Company has said it will
likely launch an international road show later in April. Credit
Suisse First Boston and Morgan Stanley Dean Witter & Co. have
been mandated as joint lead managers for the bond sale.

DebtTraders reports that Philippine Long Distance Telephone's
10.625 percent bond due in 2004 (TELP04PHN1) trades between 98
and 100. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP04PHN1


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


CAPITALAND LTD: PCPL Issues Redeemable Preference Shares
--------------------------------------------------------
The Board of Directors of CapitaLand Limited announced Thursday
that its indirect 50 percent associated Company incorporated in
Singapore, Pidemco Centre Pte Ltd (PCPL), has issued 77 million
redeemable preference shares (preference shares) of par S$0.01
each at an issue price of S$1.00 each to its sole shareholder,
Eureka Office Fund Pte Ltd (Eureka).

Eureka is the 50:50 joint venture Company between CapitaLand
(Office) Investments Pte Ltd, an indirect wholly-owned
subsidiary of the Company and Eureka GmbH.

Following the allotment of the preference shares, the capital of
PCPL comprises 85,650,000 ordinary shares of S$1.00 each and 77
million preference shares of S$0.01 each.

The Company's interest in PCPL remains unchanged at 50 percent
after the abovementioned increase.


CHEW EU: Court Approves Capital Reduction
-----------------------------------------
The Directors of Chew Eu Hock Holdings Ltd (the Company)
announced that the High Court on 10 April 2002 granted an order
confirming the reduction in the par value of each ordinary share
in the capital of the Company (the "Capital Reduction") which
was approved by Shareholders at the extraordinary general
meeting held on 8 February 2002 and of which details were set
out in the Company's circular to shareholders dated 17 January
2002.

Effective Date of Capital Reduction

The Company intends to lodge an office copy of the order of the
High Court with the Registrar of Companies and Businesses on 19
April 2002 (the Effective Date), whereupon the Capital Reduction
will take effect.

On and from the Effective Date, the par value of each ordinary
share in the capital of the Company (Shares) will be reduced
from $0.20 to $0.005 each. The listing and quotation of the
Shares with a par value of $0.005 each on the Main Board of the
Singapore Exchange Securities Trading Limited (SGX-ST) in place
of the original Shares with a par value of $0.20 each, will
commence from 9.00 a.m. on 22 April 2002.

Issue of New Share Certificates

Subject to the Capital Reduction taking effect, Shareholders who
hold physical certificates reflecting a par value of $0.20 each
(Old Share Certificates) and who wish to deposit the same with
The Central Depository (Pte) Ltd (CDP) and have their new shares
with a par value of $0.005 each credited to their securities
accounts must deposit their Old Share Certificates, together
with the duly executed instrument of transfer in favor of CDP,
no later than five (5) market days prior to the Effective Date.
After the Effective Date, CDP will only accept New Share
Certificates for deposit share certificates reflecting the new
par value of $0.005 each (New Share Certificates).

Shareholders who wish to deposit their share certificates with
CDP after the Effective Date must first deliver their Old Share
Certificates to the Company's Share Registrar, Lim Associates
(Pte) Ltd at 10 Collyer Quay #19-08 Ocean Building Singapore
049315. New Share Certificates will then be sent to such
Shareholders at their registered addresses by ordinary post at
their own risk within fifteen (15) market days from the date of
receipt of the Old Share Certificates. Depositors having Shares
standing to the credit of their securities account and
Shareholders who have deposited their Old Share Certificates
with CDP at least five (5) Market Days prior to the Effective
Date need not take any action. The Company will arrange with CDP
to facilitate the exchange of New Share Certificates pursuant to
the Capital Reduction.

Shareholders who have not deposited their Old Share Certificates
as aforesaid or who do not wish to deposit their Old Share
Certificates with CDP are advised to forward all their Old Share
Certificates to the Company's Share Registrar, Lim Associates
(Pte) Ltd, at 10 Collyer Quay, #19-08 Ocean Building, Singapore
049315, as soon as possible and preferably, not later than five
(5) market days after the Effective Date for cancellation and
exchange for New Share Certificates. The New Share Certificates
will be sent by ordinary mail to the registered addresses of the
Shareholders at their own risk, within fifteen (15) Market Days
from the Effective Date or the date of receipt of the Old Share
Certificates, whichever is the later.

Shareholders who hold physical share certificates are reminded
that their Old Share Certificates are no longer good for
settlement of trading in the Company's Shares on the SGX-ST (as
the Company is under a book-entry scripless settlement system)
but will continue to be accepted for cancellation and issue of
New Share Certificates in replacement thereof for an indefinite
period by the Share Registrar. The New Share Certificates will
not be valid for delivery pursuant to trades done on SGX-ST
although they will continue to be prima facie evidence of legal
title.

No receipts will be issued by the Share Registrar for the
receipt of physical Old Share Certificates tendered.

Shareholders should note that New Share Certificates will not be
issued to Shareholders unless their Old Share Certificates have
been tendered to the Share Registrar for cancellation. Where
ordinary shares are registered jointly in the names of several
persons, the New Share Certificates will be sent to the person
whose name stands first in the Company's Register of Members.
Shareholders who have lost their Old Share Certificates or who
wish to record any change in their registered address should
notify the Company's Share Registrar as soon as possible.

2. APPOINTMENT OF FINANCIAL ADVISER

Further to the Company's previous announcements relating to the
proposed acquisition of the entire share capital of two property
investment and three property development companies from Hiap
Hoe Holdings Pte Ltd and the allotment and issue of Shares by
the Company in consideration thereof (the Acquisition), the
Directors of the Company are pleased to announce that the
Company has appointed UOB Asia Limited as the financial adviser
to the Company in relation to the Acquisition.

TCR-AP reported that Chew Eu Hock Holdings Ltd posted a net loss
S$35.325 million in the six months to January against a loss
S$1.129 million a year earlier.


PANPAC MEDIA.COM: Enters MOU With Diphthongs Pte
------------------------------------------------
The Board of Directors of Panpac Media.com Limited announced on
April 11 that the Company has entered into a non-binding
Memorandum of Understanding (MOU) with Singapore-based
Diphthongs Pte Ltd to form a new joint venture Company (JVCo) in
Shanghai, the People's Republic of China (PRC) to undertake and
conduct businesses in PRC, including businesses relating to
publishing, event management and education.

Under the terms of the MOU, Diphthongs will inject its existing
education business into the JVCo in exchange for a 48.6 percent
stake in the JVCo to be formed. The Company will own the
remaining 51.4 percent stake.

Diphthongs currently operate a 3-year old private college called
PCEC-CS College in Shanghai in collaboration with the Pudong
Continuing Education Centre for Shanghai Higher Education.

PCEC-CS College offers external diploma and degree programs in
partnership with overseas universities. It currently has a
student population of about 150 students. By offering a wider
range of education programs through more strategic tie-ups with
overseas institutions of higher learning, PCEC-CS expects to
double its student population to about 300 students by year-end.

Under the terms of the MOU, the Company shall, inter alia,
license its publishing products to the JVCo and manage the
publishing business of the JVCo.

The proposed investment in JVCo, and the concurrent acquisition
of PCEC-CS College are in line with the Company's planned
expansion into the PRC market. The tie-up with Diphthongs will
allow the Company to tap into the business network that
Diphthongs has established in the PRC over the years.

The subject matter of this announcement is not expected to have
a material effect on the earnings per share or the net tangible
assets per share of the Company for the financial year ending 31
December 2002.

No director or substantial shareholder of the Company has any
interest, direct or indirect, in the subject matter of this
announcement.

TCR-AP reported that Panpac Media.com Limited announced on March
3 that Mr. Jack Lin resigned as a Director of the Company with
effect from February 21, 2002. On February 8 the Company made an
announcement relating to the proposed voluntary winding up of
its wholly owned subsidiary, ZingAsia Pte Ltd (ZingAsia).


TONG MENG: Proposes Voluntary Delisting of Shares
-------------------------------------------------
The Board of Directors of Tong Meng Industries Limited (Tong
Meng or the Company), in connection with the voluntary delisting
of the Company pursuant to Clause 208 of the Singapore Exchange
Securities Trading Limited (SGX-ST) Listing Manual, is reminding
shareholders of Tong Meng of the following important dates:

Last day for acceptance of the delisting exit offer made by Tong
Meng Holdings Pte Ltd (the Offeror): 19 April 2002

Expected date for delisting of Tong Meng shares from the SGX-ST
: 25 April 2002

Date for payment of cash consideration: Not later than 10 market
days after the last day for acceptance of the delisting exit
offer

Shareholders should note, inter alia, the following:

1. The Development Bank of Singapore Ltd has announced on 10
April 2002 for and on behalf of the Offeror that, as at 5.00
p.m. on 10 April 2002, the Offeror has received, pursuant to the
delisting exit offer, valid acceptances in respect of more than
90 per cent. of the issued and paid-up share capital of Tong
Meng.

2. Under Clause 1101(6)(a) of the SGX-ST Listing Manual, where
an offer is made for the shares of a listed issuer, upon the
announcement by the offeror that acceptances have been received
that bring the holdings owned by it and parties acting in
concert with it above 90 per cent. of the shares in issue, the
SGX-ST will suspend the listing of the shares until such time
when it is satisfied that at least 10 per cent. of the shares in
issue are held by at least 1,000 shareholders who are members of
the public (as defined and construed in the SGX-ST Listing
Manual). Following any such suspension of Tong Meng shares by
the SGX-ST, shareholders of Tong Meng should note that they
would no longer be able to trade in Tong Meng shares on the SGX-
ST, since the Company would be delisted from the Official List
of the SGX-ST pursuant to the delisting exercise.


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T H A I L A N D
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COUNTRY (THAILAND): Requests Form 56-1 Submission Postponement
--------------------------------------------------------------
Neo World Consultant Co., Ltd,, the Planner of Country
(Thailand) Public Company Limited, requests that submission of
the Information Declaration Form for 2001 (Form 56-1 ) be
postponed until the company receives the auditor's report for
2001.

The Company was earlier required to submit Information
Declaration Form for 2001 (Form 56-1) by April 1, 2002 to Stock
Exchange of Thailand. With the reasons mentioned in the above
letter and the fact that the form 56-1 requires supporting
information from the financial statements, the company does not
see the possibility of meeting the deadline.


DATAMAT PUBLIC: Appoints New Audit Committee
--------------------------------------------
Datamat Public Company Limited informed the resolutions of the
Board of Directors' Meeting No. 5/2545:

1. Approval was given locating the Annual General Meeting No. 34
at  JW Marriott Hotel,  No.4  Sukhumvit.2, Sukhumvit Road,
Bangkok,

2. Approval was given to appoint the following Audit Committee
with their authorities and details:

   Members of Audit
   Committee:     Mr. Pisit Jirapinyo.
                  Mr. Miguel Angel Aerni and.
                  Mr. Thavisak Na Takuathung.

   Scope of duties and responsibilities:

     1. To review financial statements.
     2. To review systems of internal control and internal
audit.
     3. To review the company to observe lay, by-law and
regulation concerning to SET and the Company's
transactions.
     4. To consider selection and recommendation to appoint
external auditors with their remunerations.
     5. To consider information and connected transaction or any
  conflict of Interest to be disclosed adequately and
correctly.
     6. To report on their performance in annual report to be
signed by the Chairman.
     7. To operate any mission authorized by the Board of
Directors.

   Terms in office:   2  years

Remark:

  * The Audit Committee shall report directly to the Board of
Directors.

  * The Audit Committee shall elect their chairman and
secretary.


EASTERN WIRE: Administrator Reveals Auditor Names
-------------------------------------------------
Phiraphan Phalasuk, Plan Administrator of Eastern Wire Public
Company Limited, released the names of the Company's and its
subsidiary's auditors for the year end 2002:

   1.  Mr. Sevi Viwatpanachati, Certified Public Accountant
   (Thailand) No. 2219, of Pitisevi & Company

   2.  Mr. Chamras Pingkarasai, Certified Public Accountant
  (Thailand) No. 1470, of Chamras CPA


ITALIAN THAI: Court Orders Article of Association Amendment
-----------------------------------------------------------
ITD Planner Company Limited (the Plan Administrator), pursuant
to the Central Bankruptcy Court's order approving the Business
Reorganization Plan of Italian Thai Development Public Company
Limited (the Company) on April 4, 2002, and according to such
Business Reorganization Plan, is required to file a registration
to decrease and to increase the registered capital of the
Company.  On April 10, 2002,  the Central Bankruptcy Court
issued an order approving the Company to decrease the registered
capital, to increase the registered capital, and to amend the
Articles of Association of the Company in compliance with the
Business Reorganization Plan as follows;

1. To decrease the registered capital by reducing the unissued7
shares in the amount of Bt1,805,000,000 from the registered
capital of the Company, which equals Bt4,305,000,000.  The
remaining registered capital will be equal to the issued and
paid-up capital of the Company or Bt2,500,000,000.  Clause 4 of
the Memorandum of Association shall be amended to reflect the
decreased registered capital.

2. To increase the registered capital of the Company in the
amount of Bt1,730,000,000 by issuing the ordinary shares in the
amount of 173,000,000 at the price of Bt10 per share.  The
registered capital will be Bt4,230,000,000 divided into
423,000,000 ordinary shares with a par value of Bt10. Clause 4
of the Memorandum of Association shall be amended to reflect the
increased registered capital.

3. To add Clause 46 in Chapter 7 of the Articles of Association
of the Company to "Clause 46. In the event that the Company or
subsidiaries enter into a connected transaction or a transaction
which is relevant to the acquisition or disposition of the
assets of the Company or subsidiaries pursuant to the
regulations of the Stock Exchange of Thailand, (as the case may
be) the Company shall comply with the regulations and procedures
of such relevant regulations."


MDX PUBLIC: Rehabilitation Planner Appointed
--------------------------------------------
MDX Public Company Limited informed that pursuant to
the submission of the petition for rehabilitation with the
Bankruptcy Court and the first hearing on 11 March 2002, the
Court issued an order to rehabilitate the business of MDX Public
Company Limited and appointed Wittayu Planner Company Limited as
the planner on 10 April 2002.

In compliance with the aforementioned matter, the Company has to
cancel the Annual Ordinary General Meeting of the Shareholders
No. 1/2002 of MDX Public Company Limited to be held on 29 April
2002.


MITSU CHAROENSRI: Business Reorganization Petition Filed
--------------------------------------------------------
The Petition for Business Reorganization of Mitsu Charoensri
Company Limited (DEBTOR), engaged in car selling business,
was filed to the Central Bankruptcy Court:

   Black Case Number 1433/2544

   Red Case Number 1141/2544

Petitioner: MITSU CHAROENSRI COMPANY LIMITED

Planner: CHAROENSRI PLANNER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt246,264,944.70

Date of Court Acceptance of the Petition: October 31, 2001

Date of Examining the Petition: November 26, 2001 at 9.00 A.M.

Court Order for Business Reorganization: November 26, 2001 and
Appointed Mr. Komin Teekatananont, or Mr. Komunt Teekatananont,
or Mr. Kittikorn Teekatananont to be an Interim Executive

Announcement of Court Order for Business Reorganization in
Matichon Public Company Limited and Siam Rath Company Limited:
December 11, 2001

Announcement of Court Order for Business Reorganization in
Government Gazette: December 25, 2001

Appointment date for the Meeting of Creditors to elect the
Planner: January 7, 2002 at 13.30 pm. Convention Room 1103, 11th
Floor, Bangkok Insurance Building, South Sathorn Road

The Meeting of Creditors had passed a resolution electing
CHAROENSRI PLANNER COMPANY LIMITED to be the Planner

Court Order for Appointment of Planner: January 31, 2002

Announcement of Court Order for Appointment of the Planner in
Matichon Public Company Limited and Siam Rath Company Limited:
February 15, 2002

Announcement of Court Order for Appointment of the Planner in
Government Gazette: February 26, 2002

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: May 26, 2002

Contact: Ms. Piyanant Tel, 6792525 ext. 114


NEP REALTY: Releases Resolutions Passed at AGM
----------------------------------------------
The 2001 Annual General Meeting of NEP Realty and Industry PLC
on April 11, 2002 passed these resolutions:

   1.  To approve the minutes of the Extraordinary General
Meeting No. 1/2002 on February 11, 2002.

   2.  To acknowledge the results of the company's operation in
   2001.

3.  To approve the Audited balance sheet s and profit and
    loss statement for the year ended December 31, 2001.

   4.  To omit the dividend for 2001''s operation results.

5. To appoint an auditor for 2002 from Ernst & Young Co.,
Ltd and follows:

   Name Auditor     License Number

Mr. Sophon Poemsiriwanlop      3182or
Miss Rungnapha Lertsuwannakul 3516or
Miss Sumali Rivorabandit  3970

   6.  To re-elect retired directors and to appoint Gen. Visit
Achkhumwong director, bringing the total number of
company directors to 13.

   7.  To approve remuneration for directors:

     1) Annual remuneration, meeting allowance and annual reward
  within the budget of 2 million. The Board was assigned
  to consider allocation of the remuneration, as it deems
  suitable. Such fund is net income after each director's
  income tax has been deducted.

     2) Annual bonus not exceeding 7 percent of net profits
  before corporate income tax (if any). The Board
  was assigned to consider allocating the fund among the
  directors as it deems appropriate. The annual bonus is
  the net rate after each director's income tax has been
  deducted.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

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