TCRAP_Public/020417.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, April 17, 2002, Vol. 5, No. 75

                         Headlines

A U S T R A L I A

ANSETT AUSTRALIA: Administrators Seek Sale Delay
AUTOMOTIVE PARTS: Sells Parts Unit to Automotive Components


C H I N A   &   H O N G  K O N G

ALUMINUM CORP: Post US$2B Net Loss for 2001
CHINESE ESTATES: Loss Widens to US$68.69M on Provisions
CRA CONSULTANCY: Faces Winding Up Petition
FORTUNE CHEERS: May Winding Up Petition Hearing Set
KEEN POINT: Hearing of Winding Up Petition Set

RICARDO INTERNATIONAL: Winding Up Hearing Slated for June
SING WAI TECHNOLOGY: Court Sets July Winding-Up Hearing


I N D O N E S I A

BANK NIAGA: ANZ Group Denies Bid
MERPATI NUSANTARA: Sells 90% Stake to Setdco Owner
PERTAMINA TBK: Exxon Mobil May Consider Oil Block Offer
PERTAMINA TBK: Says Gas Blowout Under Control
PERTAMINA TBK: To Drill 14 Oil/Gas Wells in Sulawesi

PERTAMINA TBK: Wins U.S. Court Ruling
SEMEN CIBINONG: Loses Up by 37% in 2001
UNITED TRACTORS: Considers Rp1 Dividend for 2001
UNITED TRACTORS: Sells 60% Stake in Berau Coal


J A P A N

DAIEI INC: Will Sell Equity Stake in Ichiken
DAINIPPON INK: JCR Downgrades EMTN of Two Units to A
DAIWA BANK: Revises FY02 Earnings Forecast
DAIWA BANK: Subsidiary Banks Change Term-End Dividend Payments
DAIWA SECURITIES: Will Disclose FY01 Results on April 26

HITACHI LTD: Releases SH-Mobile Application Processor
HITACHI LTD: Management Agrees on 5% Wage Cut Deal With Union
MIZUHO HOLDINGS: Issues Status Report on Services Disruption
MIZUHO HOLDINGS: Three Executives to Quit Advisory Posts


K O R E A

DAEWOO MOTORS: Expects GM to Sign Final Takeover Deal Next Week
JINRO LIMITED: Disposes Japan Export Unit to Reduce Debt


M A L A Y S I A

ACTACORP HOLDINGS: Reaches Agreement With Lender
AYER HITAM: Motif Harta Unit Terminates Hotel Project
KILLINGHALL: Cuts Southern Bank Stake to Ease Cash Flow
KRETAM HOLDINGS: Reports March Production Figures
MALAYSIAN RESOURCES: Announces Resolution Approval

MALAYSIAN RESOURCES: Will Sell 70% in Sepang Power to Tenaga
MALTON BERHAD: Appoints HALS & Associates as New Auditor
MTD CAPITAL: MTDE Unit Sells WCT Shares for RM7.9M
MULPHA INTERNATIONAL: Buys Back Shares at RM0.50
PANGLOBAL BERHAD: Reveals March Mining Production Figures

SCK GROUP: SC Grants Restructuring Extension to October
SISTEM TELEVISYEN: Names Ahmad Farid Ridzuan as CEO
TECHNO ASIA: Submits March Report to KLSE


P H I L I P P I N E S

BENPRES HOLDINGS: FY01 Loss Widens to P10.3B
DMCI HOLDINGS: Discloses Preferred Shares Redemption/Payment
FIL-HISPANO: Reschedules Annual Stockholders Meeting to May 17
NATIONAL BANK: Board Accepts Directors' Resignations
PHILIPPINE AIRLINES: Opposes Air Talks With UAE


S I N G A P O R E

INTRACO LIMITED: Issues Capital Restructuring Scheme

     -  -  -  -  -  -  -  -

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


ANSETT AUSTRALIA: Administrators Seek Sale Delay
------------------------------------------------
Ansett's administrators asked the Federal Court yesterday to let them delay
signing a deed of company arrangement for at least seven days or more, as
bargaining over the failed airline's assets intensifies, the Age newspaper
reports.

Administrators Mark Mentha and Mark Korda of accounting firm Andersen are
working to a deadline of mid-May, and hope to complete the transaction by
the end of May.

If approved, the delay would confuse attempts by airport owners to take
possession of the airline's vacant terminals while the administrators deal
with a surprisingly broad field of potential bidders.

Last week, Virgin Blue and its partner Patrick Corp submitted to the
administrators the skeleton of an offer to buy most of Ansett's terminal
leases and some other assets.

The potential buyers are believed to include at least one of the
short-listed parties lining up to buy Sydney Airport Corporation Ltd later
this year, some infrastructure investment funds, and some airport owners.


AUTOMOTIVE PARTS: Sells Parts Unit to Automotive Components
-----------------------------------------------------------
Automotive Parts Group Limited (APG), Australia and New Zealand's leading
automotive aftermarket parts and accessories distributor announced the
proposed sale of its wholesale business, CarParts Distribution, to
Automotive Components Limited (ACL).

The sale is conditional upon approval from the Australian Competition and
Consumer Commission, with a decision anticipated in mid-May.

Automotive Parts Group was created from the automotive parts business of
Pacific Dunlop, which was acquired on 20 September 2001 via a management
buyout backed by GS Private Equity, Gresham Private Equity and Macquarie
Direct Investment. It subsequently raised $50 million through a fixed rate
note issue, which is listed on the Australian Stock Exchange (APCHA).

The expected net proceeds of $32 million, after completion of the
transaction and restructuring costs, will initially be used to reduce the
company's current debt levels as well as fund APG's growth in the retail and
trade automotive after-market.

"We are focusing on developing our core trade and retail businesses, led by
our flagship business Repco and supported by specialist businesses, Ashdown
and Motospecs", said Peter Mummery, Managing Director of APG.

"We are the leader in the aftermarket parts and accessories market, and
believe there are substantial opportunities for us to grow our business in
this sector."

The sale of CarParts will not have a material impact on APG's earnings for
the year ending 30 June 2002, and APG continues to expect to meet its
prospectus forecasts.

Last month, APG announced interim revenues of $274.1 million, (for the
period 29 August 2001 to 31 December 2001) with its primary businesses
representing 241.2 million of revenues and CarParts representing $32.9
million of revenues.

"This clearly shows the trade and retail businesses to be our stronger
performers", continued Mr Mummery.

The Automotive Parts Group has the largest store network in Australia and
New Zealand and operates primarily under the Repco, Ashdown and Motospecs
brands. Its core operating divisions are as follows:

* Repco Australia and New Zealand - the largest reseller in the Australian
and New Zealand automotive aftermarket, supplying trade repairers and retail
customers.

* Ashdown - the major player in the specialist automotive electrical segment
in Australia.

* Motospecs - an assembler of replacement kits, which services resellers and
wholesalers in Australia.

For further information, please contact Peter Mummery, Managing Director for
Automotive Parts Group, at telephone (03) 9566 5401.


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


ALUMINUM CORP: Post US$2B Net Loss for 2001
-------------------------------------------
Aluminum Corporation of China Ltd revealed a total revenue decrease of 9.1
percent from RMB18.27 billion in 2000 to RMB16.6 billion (US$2.006 billion)
for the year ended December 31, 2001, Asia Pulse reported.

Sales of goods accounted for over 96.7 percent of total revenues for 2000
and 96.3 percent of total revenues for 2001. Sales of goods decreased 9.5
percent from RMB17.6 billion in 2000 to RMB15.98 billion (US$1931.7 million)
in 2001.

The fall was primarily due to a 35.1 percent drop in the weighted average
external sales price per tonne for its alumina, from RMB2,919.4 in 2000 to
RMB1,896.0 (US$229.1) in 2001, which was offset in part by a 14.3 per cent
increase in the external sales volume of alumina from about 2.8 million
tonnes for 2000 to about 3.2 million tonnes for 2001.

At the end of 2000, Beijing's Aluminum Corporation of China Limited had
negative working capital, as current liabilities were 12.32 billion Chinese
Renmimbi while total current assets were only 8.55 billion Chinese Renmimbi.

As of December 2000, the company's long term debt was 5.57 billion Chinese
Renmimbi and total liabilities were 17.89 billion Chinese Renmimbi. The
long-term debt to equity ratio of the company is 1.03.


CHINESE ESTATES: Loss Widens to US$68.69M on Provisions
-------------------------------------------------------
Chinese Estates Holdings posted a net loss of HK$535.79 million (US$68.69
million) for the year to December 31 on the back of losses at its
subsidiaries and impairment losses on its properties, the South China
Morning Post reported.

The Company lost HK$472.59 million the previous year.

Chinese Estates attributed the loss in part to a combined provision of
HK$589.9 million for negative valuations assigned development properties
held by the group and its associates.

One subsidiary, Chi Cheung Investment, made provisions of HK$40.6 million
for the revaluation of investment properties, for an overall net loss of
HK$46.63 million.

Neither Chinese Estate holdings nor Chi Cheung, which are chaired by Thomas
Lau Luen Hung paid a final dividend.


CRA CONSULTANCY: Faces Winding Up Petition
------------------------------------------
Chan Hin Yiu is seeking for the winding up of CRA Consultancy Limited. The
petition was filed at the Hong Kong court on February 08, 2002, and is set
for hearing on May 29, 2002
at 9:30 am.

Chan Hin Yiu holds its office at Room 1104, Tin Kin House, Tin Wan Estate,
Aberdeen, Hong Kong.


FORTUNE CHEERS: May Winding Up Petition Hearing Set
---------------------------------------------------
The petition to wind up Fortune Cheers Limited is set for hearing before the
High Court of Hong Kong on May 29, 2002 at 9:30 am.

Chan Kong, whose registered office is at Room 1813, Sheung Yee House, Sheung
Tak Estate, Tseung Kwan O, Hong Kong, filed the petition with the court on
February 15, 2001.


KEEN POINT: Hearing of Winding Up Petition Set
----------------------------------------------
The petition to wind up Keen Point International Limited is set for hearing
before the High Court of Hong Kong on July 03, 2002 at 10:00 am.

Win Hanverky Limited of 6th Floor, Phase 6, Hong Kong Spinners Industrial
Building, 481-483 Castle Peak Road, Kowloon, Hong Kong, filed the petition
with the Hong Kong court on March 16, 2002.


RICARDO INTERNATIONAL: Winding Up Hearing Slated for June
---------------------------------------------------------
The Bank of China (Hong Kong) Limited of Bank of China Tower, No. 1 Garden
Road, Hong Kong is seeking the winding up of Ricardo International
Investment Development Company Limited.

The petition was filed on March 07, 2002, and will be heard
before the High Court of Hong Kong on June 26, 2002 at 9:30 a.m.


SING WAI TECHNOLOGY: Court Sets July Winding-Up Hearing
-------------------------------------------------------
Sing Wai Technology Development Company Limited is facing a winding up
petition, which will be heard before the High Court of Hong Kong on July 03,
2002.

Bank of China (Hong Kong) Limited of Bank of China Tower, No. 1 Garden Road,
Hong Kong filed the petition on March 21, 2002.


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


BANK NIAGA: ANZ Group Denies Bid
--------------------------------
The ANZ Banking Group Ltd has denied reports that ANZ Bank Panin, its
Indonesian joint venture with local hedge fund Saratoga Investama Sedaya, is
considering making a bid for Bank Niaga, Asia Pulse reported.

"We have requested an information memorandum for Bank Niaga and that
reflects our interest in expanding in Asia, but our primary interest is
keeping a watching brief rather than focusing on acquisitions," the
spokesman said.

Earlier, reports suggested that ANZ Bank Panin was interested in looking at
the sale.


MERPATI NUSANTARA: Sells 90% Stake to Setdco Owner
--------------------------------------------------
Indonesian tycoon Setiawan Djody is ready to buy 90 percent of indebted
state-owned Merpati Nusantara Airlines for US$1 billion, Asia Pulse reports.

Setdco Group owner Djody proposed to take over Merpati through
debt-to-equity swap with Setdco repaying Merpati's debt for a 90 percent
stake and the government will keep the remaining 10 percent.

He said Setdco would also seek cooperation with aircraft makers US Boeing
Corporation and Canada's Bombardier Corp.


PERTAMINA TBK: Exxon Mobil May Consider Oil Block Offer
-------------------------------------------------------
Exxon Mobil Oil Indonesia accepted a proposal in principle by state-owned
oil company Pertamina for an increase in its share portion in the Cepu oil
block if the government extends the technical assistance contract for oil
block in Central Java, Asia Pulse reported.

The present contract held by the U.S. Company will end in 2010. The
government holds 65 percent of the shares, 25 percent for Exxon Mobil and 10
percent for Pertamina.

Pertamina wants to increase its stake to 17.5 percent from 10 percent, or
half of the remaining shares after being deducted with the government's
share of 65 percent.

The oil block will start production in 2003 with a daily output of 50,000
barrels to be increased later to 200,000 per day. The oil field is estimated
to have an exploitable reserve of 250 million barrels.


PERTAMINA TBK: Says Gas Blowout Under Control
---------------------------------------------
Pertamina said Monday it had under complete control the gas blowout at its
exploration well in Cepu, Blora regency, Central Java.

Pertamina spokesman Ridwan Nyak Baik told the Jakarta Post that the
state-owned oil and gas firm eventually managed to install a new blowout
preventer (BOP) to control the fire and gas blowout over the weekend.

It took 45 days for Pertamina to put out the gas blowout at the RBT 1
exploration well, which occurred on February 25. Heavy rains have caused for
the delay.

The Company is still calculating the total amount in losses. The rig, which
was destroyed during the accident, costs US$15 million.


PERTAMINA TBK: To Drill 14 Oil/Gas Wells in Sulawesi
----------------------------------------------------
State-owned oil company, Pertamina has announced plans to start drilling 14
oil and gas wells in the Banggai sediment basin in Central Sulawesi, known
to have potential hydrocarbon deposits.

Pertamina upstream directorate manager Haposan Napitupulu told Asia Pulse
that the drilling of each of the wells would cost around US$4 million.

Pertamina has carried out explorations and discovered oil in five wells in
Tiaka, Minahaki, Matindok, Senoro and Donggi in cooperation with foreign
companies.

Currently, five foreign companies, including Philippine National Oil
Company, Marathon, Rentech and Elpeso from the United States, and Mitsui
from Japan, have offered cooperation to develop the wells.


PERTAMINA TBK: Wins U.S. Court Ruling
-------------------------------------
State-owned oil and gas company, Pertamina won a United States court ruling
to release assets frozen by two U.S. banks there in its latest legal battle
against independent power producer, Karaha Bodas Co. LLC.

Pertamina spokesman Ridwan Nyak Baik told the Jakarta Post that the company,
along with the Indonesian government, had proven to the U.S. court that the
government mainly owned the assets.

Bank of America and Bank of New York recently froze assets worth US$200
million assumed to belong to Pertamina at Karaha's request.

Two U.S firms, Florida Power and Caithness, control Karaha.

Pertamina and Karaha have been involved in a serious legal dispute in
Indonesia and in the U.S. following the government's decision to suspend the
Karaha geothermal power project in West Java in 1998.


SEMEN CIBINONG: Loses Up by 37% in 2001
---------------------------------------
Cement producer PT Semen Cibinong revealed a 37 percent increase in
operating losses to Rp 157 billion (US$16.5 million) in 2001 from Rp 115
billion the previous year due to rising production costs, the Jakarta Post
reported.

Production costs, including amortization costs and depreciation, rose 24
percent to Rp 1.77 trillion, while costs of sales, including administrative
costs, increased 7 percent to Rp 190 billion.

The Company said its earnings before interest, taxes, depreciation and
amortization (EBITDA) dropped to Rp 191 billion last year, from Rp 225
billion in the previous year.

Semen Cibinong is the Country's third largest cement producer. It has a
total production capacity of 9.4 million tons per year and 3,645 workers.


UNITED TRACTORS: Considers Rp1 Dividend for 2001
------------------------------------------------
PT United Tractors is considering proposing a 2001 dividend of 1.0 rupiah
after declaring no dividend for the previous three years, Bisnis Indonesia
reported.

According to General Manager, Tjandrawati Waas, the last dividend the
Company has distributed was in 1997, which was paid in 1998.

Waas said the Company does not want to declare a dividend as it still has
hefty debt repayment obligations under a restructuring deal with creditors
that runs until 2005.

United Tractors must pay debts of US$1.75 million and Rp925 million falling
due in June this year, and a further US$2.7 million and Rp925 million in
December.


UNITED TRACTORS: Sells 60% Stake in Berau Coal
----------------------------------------------
PT United Tractors (UNTR) has drawn several new investors for its 60 percent
stake in PT Berau Coal, Asia Pulse reported, citing company sources.

Based on the results of the due diligence by one of the investors, UNTR's 60
percent stake is valued at US$80 million.

The entry of the new prospective buyers has caused a delay in the divestment
process, the sources said.

BHP Billiton, Glencore Coal Australia Pty. Ltd, Straits Resources Ltd and PT
Tambang Batubara Bukit Asam completed due diligence in February but Straits
Resources later withdrew from the proceedings.

UNTR will need at least US$100 million to repay a debt maturing this year.


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


DAIEI INC: Will Sell Equity Stake in Ichiken
--------------------------------------------
Troubled retailer Daiei Inc will sell a 15 percent portion of the group's
29.51 percent equity stake in contractor affiliate Ichiken Co to
construction firm Toyo Techno Corp for about Y400 million, Kyodo News
reported Monday.

The move is part of the Company's three-year rehabilitation scheme, under
which Daiei is trying to sell its non-core business operations.

Meanwhile, Nikkei News said Ichiken President Masahide Asano will step down
and be replaced by the head of Toyo Techno.


DAINIPPON INK: JCR Downgrades EMTN of Two Units to A
----------------------------------------------------
Japan Credit Rating Agency Ltd. (JCR) on April 12 has downgraded the rating
on the following issuers euro medium term note program from A+ to A.

Issuer:

Dainippon Ink and Chemicals, Incorporated (securities code no. 4631)
Reichhold Finance U.S.A., Inc.
Reichhold Finance Europe B.V.

Program: Euro Medium Term Note Program

Date of Establishment: August 6, 1996

Maximum: equivalent of US$1 billion

Maturities: 30 days to 30 years

Status: ranking pari passu with all other unsecured and unsubordinated
indebtedness of the issuers.

Credit Enhancement: Keep Well Agreements between Dainippon Inc & Chemicals,
the parent, and Reichhold Finance U.S.A., Inc. and Reichhold Finance Europe
B.V.

Covenants: No

Rationale:

This program was established jointly by Dainippon Ink & Chemicals,
Incorporated (DIC), Reichhold Finance U.S.A., Inc. and Reichhold Finance
Europe B.V.

Both Reichhold Finance U.S.A., Inc. and Reichhold Finance Europe B.V. are
indirectly wholly owned finance subsidiaries of DIC. DIC checks in various
forms in issuing the euro notes under the medium term note program,
substantially controlling them.

JCR announced Tuesday the downgrade of the long-term rating on DIC from A+
to A. Each of the two subsidiaries entered into an effective Keep Well
Agreement with the parent. Therefore, the creditworthiness of DIC is
reflected in the debt service capability concerning the notes to be issued
under this program.

According to Wright Investor's Service, at the end of 2001, Dainippon Ink &
Chemicals Inc had negative working capital, as current liabilities were
Y520.95 billion while total current assets were only Y488.90 billion.


DAIWA BANK: Revises FY02 Earnings Forecast
------------------------------------------
Daiwa Bank Holdings, Inc. revised its consolidated earnings forecast for the
fiscal year ended March 31, 2002, which was previously announced on December
10, 2001:

Banking subsidiaries of Daiwa Bank HD drastically will dispose problem loans
and unrealized losses on their stock portfolios in the fiscal year ended
March 31, 2002, in order to minimize potential credit and market risks that
may cause further losses in the future and ensure the recoveries of earnings
in the current fiscal year and onward. Due to the disposal, subsidiary banks
post significant losses for the fiscal year ended March 31, 2002.

The previous consolidated earnings forecast included the accounts of Daiwa
Bank, Kinki Osaka Bank and Nara Bank. The revised forecast also includes the
accounts of Asahi Bank and Daiwa Trust & Banking Company since the two banks
became subsidiaries of Daiwa Bank HD subsequently.

Consolidated Earnings Forecast of Daiwa Bank Holdings (Billions of Yen)

                Operating Income Ordinary Profit Net Income
                                      (Loss)      (Loss)


Previous Forecast       610.0        (240.0)       (113.0)
Revised Forecast      1,350.0      (1,160.0)       (910.0)
Increase / (Decrease)   740.0        (920.0)       (797.0)

Previous forecast was announced on December 10, 2001.

(Reference)

If the previous forecast reported above were adjusted to include the
previous forecast of Asahi Bank, difference between the revised forecast and
the adjusted previous forecast would be as follows:

(Billions of Yen)

     Operating Income Ordinary Profit/(Loss) Net Income/(Loss)

Adjusted Previous

Forecast             1,410.0           (900.0)    (643.0)
Increase/(Decrease)  (60.0)            (260.0)    (267.0)

Previous forecast of Asahi Bank was announced on November 26, 2001.

For more information, check the release at
http://www.asahibank.co.jp/ENGLISH/news/news020412a.pdf


DAIWA BANK: Subsidiary Banks Change Term-End Dividend Payments
--------------------------------------------------------------
Regarding the adjustment cash payments for share transfer and share
exchange, board of directors' meetings of subsidiary banks Daiwa Bank, Kinki
Osaka Bank, Nara Bank and Asahi Bank have passed resolutions on April 12 to
change the treatments as follows:

In addition, Daiwa Bank Holdings hereby gives notice regarding the payment
of the term-end dividend for the fiscal year ended March 31, 2002:

1. Adjustment Cash Payments for Share Exchange and Share Transfer

Subsidiary banks drastically dispose problem loans and unrealized losses on
their securities portfolios in the fiscal year ended March 31, 2002, in
order to ensure the recoveries of earnings in the current fiscal year and
onward. As a result, Daiwa Bank HD posts significant losses on a
consolidated basis for the fiscal year ended March 31, 2002. Although, the
business results for the current fiscal year and onward are likely to
recover, macroeconomic conditions are expected to remain severe for the time
being. Therefore, from the viewpoint of strengthening their financial
positions, the subsidiary banks regrettably decided not to pay the
adjustment cash payments for
share transfer, which were planned to be paid to the former shareholders of
Daiwa Bank, Kinki Osaka Bank and Nara Bank as of the previous day of the
share transfer (December 10, 2001), and
the adjustment cash payments for share exchange, which were planned to be
paid to the former shareholders of Asahi Bank as of the previous day of the
share exchange (February 28, 2002).

2. Term-end Dividend

Daiwa Bank HD will pay the term-end dividends for preferred stocks as
originally planned, utilizing the gains from the sale of the shares of Daiwa
Trust & Banking Company.

However, Daiwa Bank HD has regrettably decided not to pay the term-end
dividend for common stock.


DAIWA SECURITIES: Will Disclose FY01 Results on April 26
--------------------------------------------------------
Daiwa Securities Group Inc., one of Japan's leading brokerage and investment
banking groups, will announce results for the financial year ended March 31,
2002 on 26 April (Friday) at 3:00 p.m. JST.

Mr. Shigeharu Suzuki, Senior Managing Director, and Mr. Junichiro Wakimizu,
Director, Finance Department, will host a conference call from Tokyo later
in the evening on the same day to discuss the results.

Prior to the conference call, presentation materials will be posted on the
Daiwa Securities Group web site at http://www.ir.daiwa.co.jp.A Q&A session
will follow the presentation.

Conference call details and dial-in information will be announced early next
week.

For information on the conference call, please contact Keiko Tashiro of
Daiwa IR at keiko.tashiro@dsgi.daiwa.co.jp, by telephone (81-3)3243-3846, or
by fax (81-3)3242-0955.

The Daiwa Securities Group Inc. engages in Japanese domestic and
international securities related businesses including brokerage, investment
banking, asset management and research/systems development. The Group
presently employs approximately 12,000 employees in 16 countries. For
further information, please visit the Daiwa Securities Group Inc. home page
at http://www.ir.daiwa.co.jp/

Contact Toshihiko Onishi, Investor Relations Department at Daiwa Scurities
Group Inc., via email at toshihiko.onishi@daiwa.co.jp, or at telephone
81-3-3243-3847, or fax 81-3-3242-0955

On February 19, Moody's Investors Service has lowered the long-term issuer
rating of Daiwa Securities Co., Ltd. to Baa2 from Baa1, and the long-term
debt rating of Daiwa Securities Group Inc. (DSG) to Baa3 from Baa2. Also
lowered are the long-term debt ratings of overseas subsidiaries guaranteed
by DSG (Daiwa America Corp., Daiwa Securities Trust & Banking PLC, and Daiwa
Europe Finance B.V.). Rating outlook remains negative for Daiwa, DSG, and
Daiwa Securities SMBC. These actions conclude the review initiated on
October 26, 2001.

Moody's says that the negative rating outlook reflects the remaining higher
level of uncertainty as to both Daiwa and Daiwa Securities SMBC's ability to
recover their weak profitability in the current operating environment, and
the highly constrained intrinsic liquidity resources of DSG.


HITACHI LTD: Releases SH-Mobile Application Processor
-----------------------------------------------------
Hitachi, Ltd. announced Monday the SH-Mobile (SuperH Mobile Application
Processor) series that will allow high speed processing of multimedia
applications for next-generation mobile phone systems. As the first product,
SH7290 is developed. Volume production will begin from May 2002 in Japan.

This product, connecting with the baseband LSI of the mobile phone system,
is a processor that processes the multimedia applications such as audio and
moving pictures.

For the CPU core, it has SH3-DSP, with a DSP function for multimedia
portable devices, of the 32 bit RISC microcomputer Super H*1 family. In
addition, peripheral functions and interfaces are provided which are
necessary to the various multimedia applications. By using this product, it
is possible to achieve high speed processing of applications without
processing load on the baseband LSI.

In addition, since the applications can be developed independently of the
communication processing of the baseband LSI, next-generation mobile phone
systems with variegated multimedia applications installed can be easily
developed in a short time.

Further, platform as well as middleware is available for application
development, so that software development can be done efficiently and in a
short period.

Mobile phone systems of recent years go beyond simply the talk function, and
have multifunction with e-mail and Internet browser functions installed.
Next-generation mobile phone systems are witnessing even higher
multifunction with variegated applications installed starting with games and
motion picture transmission. Up to now, each application processing has been
executed on baseband LSI for the communication processing. So, the baseband
LSI had to provide the necessary performance for communication processing as
well as the performance necessary for application processing. In order to
run the sophisticated multimedia applications of the future smoothly, there
were problems such as how to ensure the great leap in improvement of the LSI
performance. Further, the baseband LSI programs would have to be able to
process both next-generation communications and applications for multimedia,
making the programs very large in content and complex. So, system
development would become complexly, and development time, including time for
program debugging, would increase causing an increase in development costs.
Also, in Japanese market mobile phones are seeing a reduction in
model-change cycle to about half-year. Thus, it can be expected that an
extension in development lead-time would lead to problems such as difficulty
in timely introduction of products in the market.

To counter this problem, Hitachi has prepared a processor dedicated to
application processing separate from the baseband LSI. Hitachi sees this as
a solution to make system development easy and to realize performance
improvement and has developed the SH-Mobile series. SH7290 as a first
product includes the SH3-DSP core, suitable for multimedia portable devices
such as digital still camera, of the SuperH family and runs at 133MHz
frequency. Its features are explained below.

Features

(1) It can connect to any baseband LSI through a dedicated interface and can
be applied to mobile phones with different communication method.

Through the dedicated interface this product can easily connect to various
kinds of baseband LSI. Due to this, the application-processing portion can
be separated as part of the system structure, and it becomes possible to
independently develop complicating multimedia applications.

The baseband LSI will recognize this product to be equivalent to SRAM rather
than as a processor. So, control from the baseband LSI is simple and it is
possible that the total system is developed rapidly and easily. And, since
the communication processing is executed by baseband LSI it can be used with
mobile phone systems with different telecommunications systems such as PDC
(Personal Digital Cellular) in Japan or t GSM (Global System for Mobile
Communications) in Europe and also in next-generation mobile phones such as
CDMA2000 1x*2 or W-CDMA*3

(2) Realization of high-speed application processing due to built-in large
capacity memory.

For application processing, a 128 KB large capacity RAM is in-built, which
can be accessed in 1 cycle. In addition, 32KB CPU cache memory, which is the
maximum capacity in the SuperH family, is installed. Due to installation of
these large capacity memories, it is enable high-speed execution of
applications such as Java*4 programs, moving picture processing with
MPEG-4*5 and audio processing with MP3*6 etc.

(3) Realization of low power consumption so that increase of power
consumption in system by addition of this product is deterrent.

In order to increase the standby time of the mobile phone system, a standby
mode function is installed so that power can be shut-off for each module
separately. With this function, powers of those circuits that need not be
activated are shut off while standing-by; thus low standby current can be
achieved of approximately 5 A (typ.). Due to this, addition of this product
does not lead to increase in mobile phone system power consumption.

(4) Various peripheral modules and interfaces installed. In addition, with
development platform, application programs development is also easy.

This product has various peripheral modules and interfaces incorporated that
are required for next-generation mobile phones such as the hardware motion
picture accelerator that enables to run high-speed processing of moving
pictures, interface that connects directly to camera module, and interface
with AND type and NAND type flash memory. Further, a development platform,
with keypad and small size LCD panel and also an extremely small size
camera, is available. So, it is possible to realize quick and easy
development of various multimedia application programs.

(5) Quick development of multifunction applications is possible due to
abundant multimedia middleware.

Abundant middleware has been prepared in cooperation with partner vendors in
addition to MPEG-4, JPEG and MP3 etc., which are necessary in order to run
multimedia applications. For example, ACCESS CO., LTD.'s 'Compact
NetFront'*7 for browser, Aplix Corporation's 'JBlend'*8 for embedded Java
platform, HI CORPORATION, 'Mascot Capsule Engine'*9 for 3-dimentional
display, OFFICE NOA Inc.'s 'Nancy Codec'*10for moving pictures
compression/decompression technology, NAVITIME JAPAN CO., LTD.'s high-speed
vector map drawing engine 'Mviewer'*11 for drawing maps, are supported. Due
to these, the user is able to develop sophisticated applications, depending
on the objectives, in a short time.

The packages used are small two type CSP packages that are 0.65 mm pin pitch
CSP-240 and 0.5 mm pin pitch CSP-256.

By using this product, it will be possible to develop in short time
next-generation mobile phone systems with multimedia applications, and
development costs can be reduced. Further, it can respond quickly to
application development and changes arising from diversification in future
services or changes in service contents.

In future, Hitachi will promote this product to be the de facto standard
device in mobile phone market. Hitachi will also develop and expand the
product line-up meeting the needs of the market such as multi-chip modules,
performance-improved products and function-strengthened products in line
with further increases in function of mobile phone systems.

Notes:
1. Super H is a trademark of Hitachi Ltd.
2. CDMA2000 1x: One of the telecommunication methods for 3rd generation
mobile phones using the CDMA (Code Division Multiple Access) system
3. W-CDMA (Wideband Code Division Multiple Access): One of the
telecommunication methods for 3rd generation mobile phones communication
system
4. Java and Java related trademarks and logos are trademarks of Sun
Microsystems, Inc. USA
5. MPEG-4 (Moving Picture Experts Group phase 4): One of the specifications
for compressing moving pictures.
6. MP3 (MPEG-1 Audio layer 3): One of the methods for audio data compression
7. Compact NetFront is a registered trademark or trademark of ACCESS CO.,
LTD. in Japan or other countries. It is a high-speed micro-browser for
small-sized information portable devices.
8. JBlend is a trademark or registered trademark of Aplix Corporation in
Japan or other countries. It is a product name for highly expansive embedded
Java platforms.
9. Mascot Capsule is a registered trademark of HI CORPORATION in Japan. It
is a software engine to run real-time 3-D pictures on mobile phone
equipment.
10. Nancy Codec is a CODEC developed by OFFICE NOA Inc. for compression and
expansion processing of moving pictures with light load on CPU.
11. Mviewer: Products of NAVITIME JAPAN CO., LTD. It is a light viewer that
can be available on mobile terminals with small-size memory capacity such as
a mobile phone.

Typical Applications
  -Next generation mobile phone terminals with multimedia applications
installed

Prices in Japan (For Reference)

Product Name  Operating frequency   Package        Unit Price
                                                   for 10,000
                                                  Unit Lot(Yen)

SH7290 HD6417290BP133   133MHz      CSP-240           2,500
       HD6417290BL133   133MHz      CSP-256           2,600


Specifications
Item              SH7290 specifications

Product code               HD6417290BP133           HD6417290BL133
CPU core                   SH3-DSP
Operating voltage          Internal :1.4 to 1.6 V , External: 2.7 to 3.6 V
Operating frequency        133 MHz
Processing performance     173 MIPS
On-chip RAM                128 Kilobytes
Cache memory               32 Kilobytes
For X/Y memory (DSP)       16 Kilobytes

On-chip peripheral functions  DMAC  6 channels
                              MMU
                              USB function ( USB specification v1.1
supported) x 1 channel

Interface     Dedicated interface (Connect to baseband LSI etc.)
              NAND/AND flash memory interface
              Video I/O (direct interface to camera module)
              MultiMediaCard*1 interface
              SIM card interface
              Key scan interface
              I2C interface
              Serial interface  2 channels
              Serial interface with FIFO  2 channels
              Asynchronous serial interface  2 channels

Package                    240 pin CSP             256 pin CSP
                     (13mm 13mm 0.65mm        (11mm 11mm 0.5mm
                           pin pitch)              pin pitch)

*1: MultiMediaCard is a trademark of Infineon Technologies AG, Germany, and
is licensed to MMCA (MultiMediaCard Association). Hitachi is an MMCA Board
Member - http://www.mmca.org/

Hitachi, Ltd., headquartered in Tokyo, Japan, is one of the world's leading
global electronics companies, with fiscal 2000 (ended March 31, 2001)
consolidated sales of 8,417 billion yen ($67.9 billion). The Company
manufactures and markets a wide range of products, including computers,
semiconductors, consumer products and power and industrial equipment.

For further information, please contact Yoshinobu Sato at 03-5201-5250 or
via email at sato-yoshinobu@sic.hitachi.co.jp or visit the Company's website
at http://global.hitachi.com


HITACHI LTD: Management Agrees on 5% Wage Cut Deal With Union
-------------------------------------------------------------
The management and labor union of Hitachi Ltd has agreed on a 5 percent wage
cut agreement, reducing the salaries of union members for a year from June,
the Nihon Keizai Shimbun and AFX News reported Monday.

The base wages of Hitachi's union members, who number about 47,000, averaged
289,400 yen in 2001. Members received regularly scheduled raises after the
spring labor negotiations this year, so the cuts will effectively amount to
an average reduction of 3 percent.

TCR-AP reported Tuesday that EMC Corporation has filed patent infringement
complaints with the International Trade Commission (ITC) and U.S. District
Court in Worcester, Massachusetts, against Hitachi Data Systems Corporation
(HDS) and Hitachi, Ltd. According to the complaints, HDS and Hitachi have
engaged in unlawful activities in importing into the United States products
that infringe six EMC patents.


MIZUHO HOLDINGS: Issues Status Report on Services Disruption
------------------------------------------------------------
Mizuho Holdings, Inc. on Sunday reiterated their deepest apology to all of
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 his point in time.

Approximately 1,100 calls were received on April 13, 2002, and about 200
calls were received during the morning of April 14. A total of approximately
27,400 calls have been received through the inquiry centers so far.

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 their domestic account
holders, they had no effect on international settlements and treasury
systems. The Company would also like to reiterate that no disruption had
occurred in their international operational systems.


MIZUHO HOLDINGS: Three Executives to Quit Advisory Posts
--------------------------------------------------------
Mizuho Holdings former President, Katsuyuki Sugita, and two former Chairmen
of Mizuho Holdings namely Yoshiro Yamamoto and Masao Nishimura will resign
from their current special advisor posts as early as April 16, Asahi Shimbun
and Mainichi Shimbun reported.

The three executives were also the Presidents of Dai-Ichi Kangyo Bank, Fuji
Bank and the Industrial Bank of Japan, respectively, before the banks merged
into the holding's commercial banking and corporate banking units on April
1.

Since the day of the merger, the integrated computer system has continued to
malfunction, causing millions of cases of payment delays and incomplete
settlements.

Current leaders of the Company, including President Terunobu Maeda, will
also take responsibility by accepting pay cuts.


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


DAEWOO MOTORS: Expects GM to Sign Final Takeover Deal Next Week
---------------------------------------------------------------
General Motors Corp (GM) is expected to sign a final contract next week to
acquire core assets of Daewoo Motor Co (DM), Reuters reported Tuesday,
citing Daewoo Spokesman Yang Moon-seok.

GM signed a tentative deal worth $400 million last September to buy four
plants and more than 20 overseas sales units.

The final acquisition price would be basically the same as the September
MOU, but GM was expected to dump a Daewoo plant in Egypt from its original
plan to buy four plants and to scale back its takeover of sales units.

The report said creditors would be left with 13 plants in Korea, Poland,
Uzbekistan.


JINRO LIMITED: Disposes Japan Export Unit to Reduce Debt
--------------------------------------------------------
Jinro Limited plans to sell its top-selling rice wine unit in Japan for W200
billion ($151 million) to reduce debt, DebtTraders Analysts Daniel Fan
(852-2537-4111) and Blythe Berselli (1-212-247-5300) reported, citing the
Bloomberg news.

The country's biggest liquor maker plans to disposes of property, business,
and other assets to reduce its W1.5 trillion of debt ($1.3 billion), which
was rescheduled in 1998.

The Company manufactures and sells alcoholic beverages including soju,
whisky, ginseng liquor, and plum liquor under the brand name Jinro.

According to Wright Investor's Service, at the end of 2001, Jinro Limited
had negative working capital, as current liabilities were 592.47 billion
Korean Won while total current assets were only 592.20 billion Korean Won.

Debttraders reports that Jinro Ltd's 0.250 percent convertible bond due in
2009 (JINR09KRN1). For real-time debt pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=JINR09KRN1


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


ACTACORP HOLDINGS: Reaches Agreement With Lender
------------------------------------------------
Actacorp Holdings Berhad wishes to announce that it has reached a settlement
agreement in principle with one of its secured lenders for its banking
facility, which includes more than 50 percent waiver on the total
outstanding balance to date.

Name of the secured lender was not disclosed.

Meanwhile, the Company is in continued negotiation with its other lenders
for the restructuring of its group banking facilities as part of its debt
restructuring exercise.


AYER HITAM: Motif Harta Unit Terminates Hotel Project
-----------------------------------------------------
The Board of Directors of Ayer Hitam Tin Dredging Malaysia Berhad wishes to
inform that its wholly owned subsidiary Motif Harta Sdn Bhd (MHSB) and main
contractor Mascon Sdn Bhd had mutually agreed to terminate the contract for
the proposed construction and completion of Hotel Ambassador, Lot 210,
Kawasan Bandar XXXIX, Taman Melaka Raya, Daerah Melaka Tengah, Melaka.

A formal agreement will be executed in due course.

The hotel project planned for MHSB's land in Melaka was shelved in 1997 due
to the economic slowdown.


KILLINGHALL: Cuts Southern Bank Stake to Ease Cash Flow
-------------------------------------------------------
Investment holding company Killinghall has trimmed its stake in Southern
Bank Bhd to possibly ease the company's cash flow, Business Times (Malaysia)
reported.

On March 28, the Company sold 1.16 million shares or 0.10 percent of
Southern Bank for an undisclosed price. The closing price of the stock on
that day was RM2.28. Based on that closing price, the sale would have raised
some RM2.64 million for the company.

As of December 2000, Killinghall has short-term debts of RM240 million. The
company recently said that creditors might call a default on its outstanding
loans.

Analysts who cover banking stocks say that Killinghall is in dire need to
find a buyer in resolving its debt problem.


KRETAM HOLDINGS: Reports March Production Figures
-------------------------------------------------
Kretam Holdings Berhad revealed its group's production figures for March
2002:

FFB Production 9,564 MT
CPO Production 1,807 MT
Palm Kernel Production 510 MT

Earlier this month, the Troubled Company Reporter Asia Pacific said that the
Corporate Debt Restructuring Committee (CDRC) has successfully assisted
Kretam Holdings Berhad and its subsidiary companies to finalize a debt
restructuring agreement with their lenders to restructure their outstanding
debt of about RM360 million as at end September 2001.


MALAYSIAN RESOURCES: Announces Resolution Approval
--------------------------------------------------
Malaysian Resources Corporation Berhad wishes to announce that at the
Extraordinary General Meeting of the Company held Monday, the shareholders
of the Company have approved the resolution contained in the Notice of
Meeting dated 28 March 2002.


MALAYSIAN RESOURCES: Will Sell 70% in Sepang Power to Tenaga
------------------------------------------------------------
On behalf of Malaysian Resources Corporation Berhad, Arab-Malaysian Merchant
Bank Berhad is pleased to announce that the shareholders of MRCB has
approved the proposed disposal of 70 percent equity interest in Sepang Power
to Tenaga Nasional Berhad.

TCR-AP reported in February that MRCB entered into an agreement for the Sale
and Purchase of Shares (SPA) with Tenaga Nasional Berhad (TNB) for the
disposal of its entire 20 percent equity interest in Fibrecomm Network (M)
Sdn Bhd (FNSB). The proceeds to be derived from the proposed disposal will
be utilized for working capital, investments and repayment of borrowings.


MALTON BERHAD: Appoints HALS & Associates as New Auditor
--------------------------------------------------------
The Board of Directors of Malton Berhad, formerly known as Gadek Capital
Berhad, wishes to announce that the Company, on 12 April 2002, approved the
appointment of HALS & Associates of Suite 1602, 16th Floor, Wisma Lim Foo
Yong, No. 86, Jalan Raja Chulan, 50200 Kuala Lumpur as the Auditors of the
Company.

HALS & Associates will take over PricewaterhouseCoopers of 11th Floor, Wisma
Sime Darby, Jalan Raja Laut, P.O Box 10192, 50706 Kuala Lumpur who resigned
as Auditors of the Company, until the conclusion of the next Annual General
Meeting of the Company at a remuneration to be fixed by the Board of
Directors.


MTD CAPITAL: MTDE Unit Sells WCT Shares for RM7.9M
--------------------------------------------------
MTD Capital Bhd wishes to inform that its wholly owned subsidiary, MTD
Equity Sdn Bhd (MTDE) on April 11, 2002, disposed 1,579,000 shares of RM1.00
each in WCT Engineering Berhad at sale consideration of RM7.97 million or
RM5.05 per share via a direct deal.

With the disposal, MTDE equity stake in WCT has been reduced to 22.5
percent.

The disposal will enable MTDE to realize the value of its investments in
WCT, which has appreciated considerably.

Proceeds from the disposal is expected to be utilized to reduce borrowings
and for working capital purposes. The disposal will result in an exceptional
gain of approximately RM4.12 million for financial year ending 31 March 2003
and increase its audited net tangible assets (NTA) at 31 March 2001 from
RM2.28 to RM2.31.

Except for Dato' Dr. Nik Hussain bin Abdul Rahman and Nik Faizul bin Nik
Hussain, who are deemed substantial shareholders of WCT, none of the
directors, substantial shareholders of the Company and/ or persons connected
with them have any interests, direct or indirect in the disposal.

The disposal is not subject to the approval of shareholders or the relevant
authorities.

The Board of Directors is of the opinion that the acquisition is in the best
interest of the Company.


MULPHA INTERNATIONAL: Buys Back Shares at RM0.50
------------------------------------------------
Mulpha International Berhad announced that it has purchased 120,000 ordinary
shares in the company at RM0.50 each for a total consideration of
RM76,430.47.

The minimum price paid for each share purchased was RM0.61, while the
maximum price paid for each share purchased was RM0.64.

In March Mulpha International Berhad said that its wholly owned subsidiary,
Enacon Asia Limited (EAL), was liquidated as it was inactive.


PANGLOBAL BERHAD: Reveals March Mining Production Figures
---------------------------------------------------------
PanGlobal Berhad wishes to announce, under the listing requirements of the
Kuala Lumpur Stock Exchange, that the production volume of coal of its
wholly owned subsidiary, Global Minerals (Sarawak) Sdn Bhd for the month of
March 2002 was 40,429.60 mt.


SCK GROUP: SC Grants Restructuring Extension to October
-------------------------------------------------------
The Board of Directors of SCK Group Berhad wish to announce that the
Securities Commission (SC) has via its letter dated 11 April 2002 approved a
further extension of time until 27 October 2002 for the Company to complete
the Restructuring Scheme.

In addition, SC has also informed that they will not consider any future
application for extension of time as the Company has been granted sufficient
time to complete its Restructuring Scheme, which includes the Renounceable
Rights Issue with Free Warrants, Debt Restructuring, Put and Call Option and
Employee Share Option Scheme.

SCK Group Berhad - http://www.sckgroup.com/- provides large scale interior
design, decoration and renovation, designing and refurbishing and fit-out
installation of ceiling, flooring and partitions for office building,
shopping complexes and hotels; designs and manufactures furniture and other
wood based furniture and related products; manufacture rubber-wood furniture
and other wood based related products and provides construction and civil
engineering works.


SISTEM TELEVISYEN: Names Ahmad Farid Ridzuan as CEO
---------------------------------------------------
Sistem Televisyen Malaysia Berhad (TV3) has appointed Ahmad Farid Ridzuan as
its chief executive officer effective April 15.

Ahmad Farid Ridzuan earned his MBA in International Business from US
International University in San Diego, California, USA, and a BBA Marketing
major and BBA Managament minor from Western Michigan University.

Ridzuan was Leo Burnett Advertising's Executive Director.

Sistem Television Malaysia Berhad (TV3) operates commercial television
broadcasting and sells program rights, cable, video, laser rights, home
shopping goods and trading inventories.


TECHNO ASIA: Submits March Report to KLSE
-----------------------------------------
Pursuant to PN 4/2001 in relation to paragraph 8.14 of the Revamped Listing
Requirements of the Kuala Lumpur Stock Exchange (KLSE), Techno Asia Holdings
Berhad, being an affected listed issuer wishes to announce that in
compliance with the obligation imposed under the practice note, the monthly
report for the month of March 2002 accompanied by the statutory declaration
duly executed by the Special Administrators had been submitted to the KLSE
on 15th April, 2002.


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


BENPRES HOLDINGS: FY01 Loss Widens to P10.3B
--------------------------------------------
Benpres Holdings Corporation reported that its 2001 loss widened to P10.3
billion ($201 million) from P354 million ($7 million) a year ago,
DebtTraders Analysts Daniel Fan (852-2537-4111) and Blythe Berselli
(1-212-247-5300) reported, citing ABS-CBN Broadcasting News.

The loss was mainly attributable a 57 percent drop in sales to 1.7 billion
pesos ($33 million),

The Company reported a 78 percent drop in profit to P149.6 million ($3
million) on sales slump while First Philippine Holding Corporation's profit
tripled to P3.5 billion ($69 million). Benpres has appointed CSFB to
restructure in debt.

Benpres Holdings Corp's 7.875 percent bond due in 2002 (BENP02PHS1) trades
between 58.5 and 60.5. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BENP02PHS1


DMCI HOLDINGS: Discloses Preferred Shares Redemption/Payment
------------------------------------------------------------
At the special meeting of the preferred shareholders of DMCI Holdings, Inc.
held on April 5, 2002, there were 977,610 shares recorded present and
represented, equivalent to at least 77.16 percent of the Company's 1,267,014
outstanding preferred shares.

Of the total preferred shares issued, the outstanding number of shares is
the remaining balance after taking into account:

2,400,000 total number of preferred shares issued by Company
(596,895) held in treasury (145,391) acquired by D.M. Consunji, Inc., a 100
percent subsidiary of the Company (390,700) redemption option chosen by
shareholders, documents being finalized 1,267,014 remaining number of
outstanding preferred shares.

During the said meeting, the Company through its financial advisor (FA)
presented to the preferred shareholders the four options for the redemption
and payment of the outstanding preferred shares.

Also, the preferred shareholders were given copies of the "Terms and
Conditions for the payment of DMCIHI convertible preferred shares". None of
the shareholders made a formal declaration of his/her/its selected option
during the meeting. The FA indicated to the shareholders that the Company
would expect to receive feedback from them on their chosen option within a
month's time, so that closing and documentation could be completed before
the end of May 2002.

After the presentation there was a question and answer portion wherein a few
shareholders raised questions and made some suggestions for which management
and the FA addressed and responded to. The shareholders were encouraged to
contact the FA and/or the Company's chief finance officer should they have
further questions or to convey their desired option.

TCR-AP reported last week that DMCI Holdings Inc. has warned it will not be
able to wholly redeem or buy back the P2.4 billion (US$46.98 million)
convertible preferred shares it issued in April five years ago due to
financial constraints, citing DMCIHI chief finance officer Herbert M.
Consuji.

According to Technistock.com, as of 2001, DMCI Holdings, Inc. has total
current assets of P5.39 billion and total current liabilities were P5.64
billion.

For more details, check the press release at
http://finance.yehey.com/cn_full.asp?seccodeid=dmc&id=1050587


FIL-HISPANO: Reschedules Annual Stockholders Meeting to May 17
--------------------------------------------------------------
A Company press release revealed on Thursday that Fil-Hispano Holdings
Corporation has rescheduled its annual stockholders' meeting from May 3,
2002 to May 17, 2002 at 3:00 pm at the Metropolitan Club, Estrella cor.
Amapola Sts., Makati.

TCR-AP reported in January that Fil-Hispano Holdings Corporation, formerly
known as Fil-Hispano Ceramics Inc., asked its creditor banks to restructure
its current liabilities of P85.4 million, following its suspension of debt
payments on September last year due to difficult economic environment.

The Company's management has been finalizing new business ventures and would
seek the approval of the creditor-banks in line with the proposed
restructuring, according to its disclosure to the Philippine Stock Exchange.


NATIONAL BANK: Board Accepts Directors' Resignations
----------------------------------------------------
The Philippine Stock Exchange announced last week that the Philippine
National Bank (PNB) has accepted the resignation of Mr. Enrique G. Filamor
as Director and Feliciano L. Miranda, Jr. as President and CEO of PNB. Mr.
Feliciano L. Miranda, Jr. will remain as member of the Board of Directors of
PNB while Mr. Enrique G. Filamor was appointed as a member of the Board of
Advisors.

TCR-AP reported Monday that PNB newly elected President and CEO Mr. Lorenzo
V. 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.


PHILIPPINE AIRLINES: Opposes Air Talks With UAE
-----------------------------------------------
Philippine Airlines Inc (PAL) has resisted air talks between the government
and the United Arab Emirates because of potential revenue losses if more
flights are allowed on the Manila-UAE route following the talks, the
Philippine Daily Inquirer and AFX News reported Monday.

PAL flies three times weekly to Dubai through a code-sharing agreement with
Emirates Airlines.


PHILIPPINE LONG: S&P Assigns BB- Rating to Proposed $350M Bonds
---------------------------------------------------------------
Standard & Poor's on Monday assigned its double-'B'-minus debt rating to
Philippine Long Distance Telephone Co.'s (PLDT) proposed US$350 million
bonds, due in two tranches in May 2007 and May 2012.

The rating reflects the Company's high leverage, low cash flow protection,
and foreign currency exchange risks.

The Company has total consolidated debt of about US$3.3 billion. Positive
credit factors include: high cellular subscriber growth of 81 percent in
2001; strong operating performance, with earnings growth of 208 percent in
2001; and dominant market shares of fixed-line and wireless business of 68
percent and 57 percent, respectively.

"Since the Company is still conducting the necessary liability management
initiatives, the developing outlook remains on PLDT's ratings. But the
Company has demonstrated a commitment to improve its overall
creditworthiness by taking a step-by-step approach to refinancing, using a
variety of sources," said Yasmin Wirjawan, credit analyst at Standard &
Poor's.

A number of credit facilities have been put in place following PLDT's
liability management program. The combination of these new facilities and
the Company's internal cash flows will address the 2002 refinancing risk. If
the proposed bond sale is placed successfully, the proceeds will greatly
improve PLDT's liquidity and mitigate the refinancing risk facing the
Company, as maturities will be extended and upcoming repayments will become
manageable. Although the outlook remains developing, Standard & Poor's
expects that a successful bond issuance of US$350 million, expected to close
by early-May, will result in a one-notch upgrade in the Company's rating to
double-'B'. A downgrade occurred in November 2001 reflecting the substantial
refinancing risk, a situation exacerbated by the events of Sept. 11, 2001.

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
=================


INTRACO LIMITED: Issues Capital Restructuring Scheme
----------------------------------------------------
The Board of Directors of Intraco Limited on Monday has proposed a capital
distribution and capital restructuring of the Company to their shareholders
dated 12 April 2002, including the proxy form for the extraordinary general
meeting of Intraco's shareholders to be held at 230 Victoria Street, #12-00
Bugis Junction Towers, Singapore 188024, on 10 May 2002 at 9.15 a.m. (or
immediately following the conclusion or adjournment of the Annual General
Meeting of the Company to be held at 9.00 a.m. on the same day and at the
same place).

Shareholders who have not received the Circular within a week from the date
hereof may obtain a copy from the following address:

Kon Choon Kooi Pte Ltd
47 Hill Street, #06-02
Chinese Chamber of Commerce & Industry Building
Singapore 179365

Shareholders are requested to note the following important dates and times
in respect of the EGM:

Last Date and Time for Lodgment of Proxy Form: 8 May 2002 at 9.15 a.m.

Date and Time of the EGM: 10 May 2002 at 9.15 a.m. (or immediately following
the conclusion or adjournment of the Annual General Meeting of the Company
to be held at 9.00 a.m. on the same day and at the same place)

Place of the EGM : 230 Victoria Street
#12-00 Bugis Junction Towers
Singapore 188024

TCR-AP reported in March that in the unaudited results for the financial
year ended 31 December 2001 announced by Intraco Limited on 4 March 2002,
the Company had accumulated losses amounting to S$12.6 million reflected in
the un-audited balance sheet of Intraco (at Company level) as at 31 December
2001. These accumulated losses resulted principally from losses incurred by
Intraco and the provisions made for the diminution in the value of its
subsidiaries during the financial year ended 31 December 2001.



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

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

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

This material is copyrighted and any commercial use, resale or publication
in any form (including e-mail forwarding, electronic re-mailing and
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to be reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via
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ription information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***