TCRAP_Public/020422.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 22, 2002, Vol. 5, No. 78

                         Headlines
A U S T R A L I A

COMDISCO INC: U.S. Bankruptcy Court Extends Deadline to July
HIH INSURANCE: Failed Insurer Faces Class Action Suit


C H I N A   &   H O N G  K O N G

EVER BRIGHT: Court Sets June Winding Up Hearing
EVERLARGE INDUSTRIAL: Hearing of Winding Up Petition Set
GENERAL ENGINEERING: Winding Up Hearing Slated for May
MAANSHAN IRON: Debt Restructuring Helps Cut Costs
MUTUAL RICH: Faces Winding-Up Petition

QUALITY HEALTHCARE: Widens 2001 Loss to HK$183.6M
RIGHTOP INVESTMENT: Winding Up Hearing Slated for May
SHUN YUEN: Court Sets June Winding Up Hearing


I N D O N E S I A

BANK CENTRAL: Lists 30,000 Shares From Option Conversion
BANK NIAGA: Founders, Jamsostek Join Bid for Bank Stake
BANK NIAGA: Plans to Unload More Recap Bonds This Year


J A P A N

DAIEI INC: Suffers Y332.5B Loss on Restructuring Costs
HITACHI LTD: To Buy Unisia Jecs on Oct 1
KDDI CORP.: Starting Mobile Roaming Service
MIZUHO HOLDINGS: Fiasco Leaves Firms With Collection Problem
MIZUHO HOLDINGS: May Delay Full Computer Integration

MYCAL CORP.: Court Calls Off Revival Plan
NEC CORPORATION: Will Begin LCD Joint Venture in China
NIKO NIKO: Kumamoto Court Approves Rehabilitation
NIPPON TELEGRAPH: Power Business Expansion Likely This Year
SEIYU LTD: Retailer Earns Y13.5B From Cost Cutting Measure

SNOW BRAND: Sells Hokkaido Factory to Air Water


K O R E A

HYUNDAI MOTOR: Set to Sell Engine Ops to Daimler, Mitsubishi
HYNIX SEMICON: Creditors May Ask Hanvit to Drive Sale Talks
SEOUL BANK: Bid for Ailing Bank Draws Interest


M A L A Y S I A

ACTACORP HOLDINGS: Gets Two-Month Extension From KLSE
ACTACORP HOLDINGS: Reaches Settlement Agreement With Lender
BRIDGECON HOLDINGS: Investors Invited to Participate in Tender
CHG INDUSTRIES: KLSE Grants Two-Month Extension
GENERAL LUMBER: Faces RM8.3M Claim From Affin Bank

HO WAH: SC Approves Application of Private Placement
HUME INDUSTRIES: Announces Share Proposals
KUANTAN FLOUR: Awaits Hearing Schedule
KEMAYAN CORPORATION: Extends Expiry Date of MoU
LAND & GENERAL: Withdraws Request for Interlocutory Injunction

LIEN HOE: Shareholders Approve Share Disposal
MALAYSIAN PLANTATIONS: KLSE Grants New Share Listing
MALTON BERHAD: KLSE Approves April 22 Listing, Re-Quotation
NAUTICALINK BERHAD: KLSE Grants Two-Month Extension
OLYMPIA INDUSTRIES: Awaits Restructuring Scheme Approval

PANGLOBAL BERHAD: Discloses Timber Production Figures
REKAPACIFIC BERHAD: Applies for Judicial Review Suspension
SP SETIA: Sells 2.5M Shares


P H I L I P P I N E S

PHILIPPINE LONG: Continues Smart Sale Talks
PHILIPPINE LONG: Plummets on Smart Stake Sale Delay


S I N G A P O R E

SEMBCORP LOGISTICS: Posts Change in Capital Group's Holding


T H A I L A N D

MEDIA OF MEDIAS: Decreases Registered Capital

     -  -  -  -  -  -  -

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


COMDISCO INC: U.S. Bankruptcy Court Extends Deadline to July
------------------------------------------------------------
Comdisco, Inc said Thursday that the U.S. Bankruptcy Court for
the Northern District of Illinois has approved its request for
an extension of the exclusive periods during which only Comdisco
may file a plan of reorganization and solicit acceptances for
that plan.

These periods, which had been scheduled to expire on April 18,
2002, and June 15, 2002, have now both been extended to July 31,
2002.

Comdisco requested the extension to continue recent productive
discussions with its Creditors' and Equity Committees to reach a
consensual agreement on the proposed Plan of Reorganization.

The Company is still on target to emerge from Chapter 11 in late
summer of 2002, and stated in Court that it intends to file its
Plan of Reorganization no later than the end of April.

Also, the extension does not change previously scheduled
hearings on its Disclosure Statement on May 31, 2002, and its
Confirmation Hearing on July 30, 2002, but simply provides more
time for discussion among the debtors and its statutory
committees.

Comdisco revealed that the Bankruptcy Court has approved the
sale of its healthcare leasing assets to GE Capital's Healthcare
Financial Services unit.

As previously announced on April 4, 2002, GE Capital's
Healthcare Financial Services will pay Comdisco approximately
$165 million, including assumption of approximately $45 million
in related secured debt, for the majority of its healthcare
portfolio. The sale is expected to close by May 31, 2002.

The Court also approved the sale of Comdisco's information
technology (IT) leasing assets in Australia and New Zealand to
Allco, an Australian company specializing in equipment and
infrastructure finance and leasing. As previously announced on
April 9, 2002, Allco will pay Comdisco approximately $44 million
for the assets. The sale is expected to close by June 18, 2002.

Comdisco, Inc. and 50 domestic U.S. subsidiaries filed voluntary
petitions for relief under Chapter 11 of the U.S. Bankruptcy
Code in the U.S. Bankruptcy Court for the Northern District of
Illinois on July 16, 2001. The filing allows the company to
provide for an orderly sale of some of its businesses, while
resolving short-term liquidity issues and enabling the company
to reorganize on a sound financial basis to support its
continuing businesses.

Comdisco's operations located outside of the United States were
not included in the Chapter 11 reorganization cases. All of
Comdisco's businesses, including those that filed for Chapter
11, are conducting normal operations.

Comdisco - www.comdisco.com - provides technology services
worldwide to help its customers maximize technology
functionality and predictability, while freeing them from the
complexity of managing their technology. The Rosemont (IL)
company offers leasing to key vertical industries, including
semiconductor manufacturing and electronic assembly, healthcare,
telecommunications, pharmaceutical, and biotechnology. Through
its Ventures division, Comdisco provides equipment leasing and
other financing and services to venture capital backed
companies.

Contact Mary Moster of Comdisco at telephone 847-518-5147 or via
e-mail at mcmoster@comdisco.com for further information.


HIH INSURANCE: Failed Insurer Faces Class Action Suit
-----------------------------------------------------
Sydney law firm Dennis & Co had on Friday filed a class action
on behalf of thousands of former shareholders and noteholders of
failed Australian insurer HIH Insurance against the group's
former directors, auditors and four global reinsurances.

The law firm may seek total damages of up to A$1 billion.

According to a Reuters report, the action alleges that eight
former directors, HIH's auditor Andersen Australia, and
reinsurers "aided and abetted the company in making misleading
and deceptive statements" before its collapse last March.

HIH was the largest corporate collapse in Australian history
with estimated deficiencies of up to A$5.3 billion.


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


EVER BRIGHT: Court Sets June Winding Up Hearing
-----------------------------------------------
The petition to wind up Ever Bright Construction & Engineering
Limited is set for hearing before the High Court of Hong Kong on
June 19, 2002 at 9:30 am.

Tsang Kwong Tong, whose registered office is at Room 3507, Shin
Nga House, Fu Shin Estate, Tai Po, New Territories, Hong
Kong, filed the petition with the court on February 27, 2002.


EVERLARGE INDUSTRIAL: Hearing of Winding Up Petition Set
--------------------------------------------------------
The petition to wind up Everlarge Industrial Limited is set for
hearing before the High Court of Hong Kong on June 19, 2002 at
9:30 am.

Bank of China (Hong Kong) Limited, whose registered office is at
14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong
Kong, filed the petition with the court on March 04, 2002.


GENERAL ENGINEERING: Winding Up Hearing Slated for May
------------------------------------------------------
The Hongkong and Shanghai Banking Corporation Limited is seeking
for the winding up of General Engineering (China) Co., Limited.
The petition was filed at the High Court of Hong Kong on
February 05, 2002, and is set for hearing on May 22, 2002 at
9:30 am.

HSBC holds its office at No. 1 Queen's Road Central, Hong Kong.


MAANSHAN IRON: Debt Restructuring Helps Reduce Cut Costs
---------------------------------------------------------
Maanshan Iron & Steel Co Ltd achieved a substantial reduction in
financial costs last year by restructuring its debts, delaying
its payments to other companies, and demanding that its own
customers pay for goods up-front, Company spokeswoman Xu Jihong
told AFX Asia.

Xu said Maanshan Iron & Steel reduced its total bank loans by
857 million yuan during the year, although the Company's total
liabilities decreased by only 23.38 million yuan.

Its debts to other firms in the form of accounts payable rose to
799.29 million yuan at the end of 2001 from 694.49 million yuan
a year earlier, while its debts in the form of due advance
payments amounted to 466.20 million yuan at end-2001, up from
113.36 million yuan in 2000.

The changes in debt structure reduced the Company's total
financial costs in 2001 to 130.94 million yuan, from 178.93
million yuan in the previous year.

This saving was a key reason for the company's ability to
maintain profit margins last year despite a slight reduction in
domestic steel prices, Xu said.

Maanshan Iron & Steel Company Limited -
http://www.magang.com.cn/- of No 8 Hong Qi Zhong Road, Maanshan  
City, Anhui Province, China manufactures and sells iron and
steel products such as wire rods, steel section, medium or thick
steel plates and train wheels and tyres. Other activities of the
Group include manufacturing and selling of pig iron, steel
billets and coking by-products.


MUTUAL RICH: Faces Winding-Up Petition
--------------------------------------
Mutual Rich International Limited is facing a winding up
petition that will be heard before the High Court of Hong Kong
on June 5, 2002 at 9:30 am.

Yang Chung Chun Jackie of Room 1614, Wah Hei House, Tung Hei
Court, 38 Yiu Hing Road, Sai Wan Ho, Hong Kong filed the
petition on February 19, 2002.


QUALITY HEALTHCARE: Widens 2001 Loss to HK$183.6M
-------------------------------------------------
Quality Healthcare Asia, which cares for the elderly, posted a
net loss of HK$183.6 million for last year, compared with a net
annual loss of HK$46.2 million in 2000.

The Company posted a turnover of HK$1.1 billion for the year
ended December 31, 2001, which was 0.4 percent lower than 2000.  
Turnover from its core business, including medical services and
care services for the elderly, jumped by 13.7 percent to HK$751
million from HK$661 million in 2000.

Its turnover from ehealthcareasia (EIA), which specializes in
medical equipment and insurance, grew by 91 percent to HK$53.4
million last year from HK$27.9 million.

The Company attributed the growth in turnover to the growing
popularity of home care services for the elderly.

Loss per share dropped to 15.3 HK cents last year from 98.2 HK
cents, and no dividend was paid to shareholders.


RIGHTOP INVESTMENT: Winding Up Hearing Slated for May
-----------------------------------------------------
The petition to wind up Rightop Investment Limited is set for
hearing before the High Court of Hong Kong on May 15, 2002 at
9:30 am.

Kolot Property Services Limited of 11th Floor, Lai Sun
Commercial Centre, 680 Cheung Sha Wan Road, Kowloon, Hong Kong,
filed the petition with the Hong Kong court on February 04,
2002.


SHUN YUEN: Court Sets June Winding Up Hearing
---------------------------------------------
Shun Yuen Trading Company Limited is facing a winding up
petition that will be heard before the High Court of Hong Kong
on June 05, 2002 at 9:30 am.

Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong filed the petition on
February 21, 2002.


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


BANK CENTRAL: Lists 30,000 Shares From Option Conversion
--------------------------------------------------------
PT Bank Central Asia Tbk was permitted to register 30,000 shares
from option conversion on the Surabaya Stock Exchange on April
19, 2002.

Earlier this month, the Indonesian Bank Restructuring Agency
(IBRA) completed the sale of Bank Central's 21 percent share to
Farallon Capital Consortium, which generated US$246.8 million.
Farallon is expected to pay for the remainder of a total 51
percent share in six months.


BANK NIAGA: Founders, Jamsostek Join Bid for Bank Stake
-------------------------------------------------------
State-run pension fund PT Jamsostek and PT Bank Niaga founders,
the Tahija family, are believed to be part of the four short-
listed bidders interested in acquiring a 51 percent stake in
mid-sized Bank Niaga.

According to a report from Bisnis Indonesia, the Tahija family
is involved in the Batavia Investment Fund II consortium, while
Jamsostek may join with either the Australia & New Zealand (ANZ)
Banking Group consortium or the Bank Victoria International
consortium.

Julius Tahija was the founder and the controlling shareholder of
Bank Niaga until the Tahija family sold their stake to
businessman Hashim Djoyohadikoesoemo before the financial crisis
in 1997.

The Indonesian Bank Restructuring Agency (IBRA) last Tuesday
shortlisted ANZ Banking Group Ltd., Malaysian financial group
Commerce Asset-Holdings Berhad, Bank Victoria International and
Batavia Investment Fund for the Bank Niaga stake.

PT Trimegah Securities, Kartini Mulyadi and Partners are acting
as the respective financial and legal advisors in the Bank Niaga
sale.


BANK NIAGA: Plans to Unload More Recap Bonds This Year
------------------------------------------------------
Bank Niaga plans to unload some Rp1 trillion (around US$110
million) worth of recapitalization bonds this year either
through the secondary bond market or by exchanging them with
restructured loans held by the Indonesian Bank Restructuring
Agency (IBRA).

Bank Niaga President, Peter B. Stok, told the Jakarta Post that
the move was necessary to enable the bank to expand its loan
assets.

The government injected the bonds in the late 1990s to
recapitalize the bank.

The bank currently holds more than Rp9 trillion-worth of bonds,
which represents some 40 percent of its assets that totaled
Rp22.9 trillion as of December 2001.

Peter said that Bank Niaga wanted to expand its loan assets to
up to Rp10 trillion this year from Rp7.9 trillion in 2001.

The bank also reported last year it sold off around Rp700
billion worth of bonds in the secondary market.


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


DAIEI INC: Suffers Y332.5B Loss on Restructuring Costs
------------------------------------------------------
Ailing supermarket operator Daiei Inc. revealed Friday a
consolidated net loss of 332.51 billion yen for the business
year that ended in February, the Japan Times reported.

On a parent-only basis, Daiei suffered a net loss of 458.21
billion yen, larger than the 192.18 billion yen loss it suffered
the previous year.

During its latest business year, the Daiei group wrote off 284.7
billion yen in special losses to cover restructuring costs,
including expenses incurred in the closure of 13 stores and
allowances for 1,400 employees who took advantage of the firm's
early retirement program.

According to Daiei President, Kunio Takagi, the removal of
convenience store chain Lawson Inc. from the group was a major
factor that caused the mixed results. The sale of its shares in
Lawson affected its operating profit and sales on a consolidated
basis.

Daiei, which blames the losses on increased restructuring costs,
said it plans to return to profitability in the current business
year with the help of financial support from its creditors, UFJ
Bank, Sumitomo Mitsui Banking Corp. and Mizuho Corporate Bank.

It expects to reduce its interest-bearing group debts from the
current 1.66 trillion yen to 1.21 trillion yen by the end of
next February.

Daiei announced in February a new three-year restructuring
program that features 520 billion yen in financial support from
its three main banks.

The bailout is expected to enable it to close 60 unprofitable
stores by the end of February 2003, liquidate unprofitable
businesses and cut 1,400 jobs.

Troubled Company Reporter Asia Pacific said last week that Daiei
would 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. The move is part
of the company's three-year rehabilitation scheme.


HITACHI LTD: To Buy Unisia Jecs on Oct 1
----------------------------------------
Hitachi Ltd. plans to make affiliated automobile parts maker
Unisia Jecs Corp. a wholly owned subsidiary beginning October 1
to strengthen its auto equipment business, reports the Japan
Times.

The electronic and electrical equipment maker said it would
convert Unisia Jecs into a subsidiary through a stock swap in
which 0.197 share of Hitachi will be allocated for each Unisia
Jecs share.

Nissan Motor Co. is the largest shareholder in Unisia Jecs with
an equity stake of 25.3 percent. Hitachi has a 16.7 percent
stake.

Unisia Jecs will be delisted from the first section of the Tokyo
Stock Exchange on September 25 and will change its name to
Hitachi-Unisia Automotive Ltd. for the conversion.

Hitachi will use Unisia Jecs' technology to promote its
operations in intelligent transport systems and other
automobile-related equipment.


KDDI CORP.: Starting Mobile Roaming Service
-------------------------------------------
Telecom firm KDDI Corp, together with Okinawa Cellular Telephone
Co, will start offering on April 24 an international mobile
roaming service linking Japan and the Chinese cities of Shanghai
and Beijing on the basis of their "au" brand mobile phones.

According to a report from Japan Today, the new service will be
provided in conjunction with China Unicom Ltd, China's second-
largest telecom carrier that is also offering mobile services to
Chinese subscribers.

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


MIZUHO HOLDINGS: Fiasco Leaves Firms With Collection Problem
------------------------------------------------------------
Seven of Japan's major utility firms, including Tokyo Electric
Power Co. and Tokyo Gas Co., have not received a total of 25.6
billion yen in payments from customers due to the computer
fiasco involving banks under Mizuho Holdings Inc., according to
calculations made by Kyodo News on Thursday.

Names of other utility firms were not disclosed.

Mizuho's computer troubles began March 30 on the eve of the
launch of Mizuho Bank and Mizuho Corporate Bank. They were
created when Dai-Ichi Kangyo Bank, Fuji Bank and the Industrial
Bank of Japan brought three incompatible computer systems to
their merger under Mizuho Holdings Inc.

Thousands of the banks' customers were double-billed for
utilities charges, 7,000 automated teller machines crashed and
utility companies are still experiencing delays in receiving
customer payments due to the malfunctions.


MIZUHO HOLDINGS: May Delay Full Computer Integration
----------------------------------------------------
Japan's Mizuho Holdings had not yet decided whether to delay the
full integration of computer systems at its member banks.

The Nihon Keizai Shimbun daily said Mizuho might postpone by
more than a year the full linkage of two computer systems for
individual accounts as hasty integration could trigger another
wave of faulty transactions.

Mizuho believed problems in a system that linked two host
computers of Fuji Bank and DKB caused the glitches. Analysts say
power struggles among the three constituent banks are behind the
computer fiasco.

The bank is expected to submit a report to government officials
on May 1.


MYCAL CORP.: Court Calls Off Revival Plan
-----------------------------------------
The Tokyo District Court has informed Mycal Kyushu, a unit of
failed retailer Mycal Corp., of its decision to call off
proceedings for the Company under the Civil Corporate Revival
Law, sources close to the case told Kyodo News.

Mycal Corp last week requested the Court to order its Mycal
Kyushu unit to change its rehabilitation plan based on the Civil
Corporate Revival Law.

Mycal Kyushu owes Y31.8 billion to its parent, Mycal, which owns
99 percent of Mycal Kyushu.

On September 14, 2001, debt-saddled retailer Mycal Corp filed
for court protection from creditors under the Civil
Rehabilitation Law. Six of its group firms, such as DacVivre
Co., based in Sendai (Miyagi Prefecture), and Mycal Kyushu Co.,
based in Fukuoka, also filed for bankruptcy protection under the
same law.


NEC CORPORATION: Will Begin LCD Joint Venture in China
------------------------------------------------------
Electronics giant NEC Corp. will start a new venture in Shanghai
producing displays for computers and televisions as it seeks to
cut costs and shift production overseas, the Associated Press
reports.
   
The Y50 billion (US$385 million) venture will be funded 25
percent by NEC and 75 percent by Shanghai General Electronics
Co., and is expected to begin operations by the end of 2002, NEC
said in a statement.

NEC said the venture would focus on manufacturing thin-film
transistor color liquid crystal display (LCD) panels for
personal computers and TVs.

The Shanghai assembly plant is expected to run by spring 2003,
employing about 1,200 people.

NEC's Japan-based LCD operations, which posted losses in the
fiscal year ended March 31, will be devoted to developing new
manufacturing technologies.

In February, NEC slashed its earnings forecasts for the fiscal
year through March, predicting its first-ever group operating
loss of Y57 billion.


NIKO NIKO: Kumamoto Court Approves Rehabilitation
-------------------------------------------------
The Kumamoto District Court has given failed supermarket
operator Niko Niko Do Co the green light to start rehabilitation
measures under the Civil Corporate Rehabilitation Law, the Japan
Today reported.

The Kumamoto-based company said it would submit a restructuring
plan to the court by September 10.

Earlier, Fukuoka City Bank said it would aid Niko Niko Do's
rehabilitation efforts if certain conditions are met. Bank
President Tsukasa Shishima said financial support would be
difficult to offer but Fukuoka will cooperate in whatever it can
do to help, such as by investing in a corporate rehabilitation
fund.

Niko Niko Do Co. filed for court protection on April 9 after it
failed to win financial support from its creditor banks,
including Industrial Bank of Japan and Fukuoka City Bank.

The Company has liabilities of 97.5 billion yen under the fast-
track Civil Corporate Rehabilitation Law.


NIPPON TELEGRAPH: Power Business Expansion Likely This Year
-----------------------------------------------------------
Nippon Telegraph and Telephone Corp., taking advantage of
greater liberalization of the electricity market, expects to
expand its power generation and retailing operations, the Asahi
Shimbun reports.

It plans to begin doing so through subsidiary NTT Facilities
Inc. and affiliate Ennet Corp. from the current fiscal year.

Details of NTT's plan will be announced shortly.

NTT Facilities, a wholly owned subsidiary that supplies energy
and provides consulting services, has so far depended on firms
within the NTT group for nearly 70 percent of sales. However, it
plans to do more business with outside firms in areas like co-
generation, in which steam is used to generate both power and
heating.

Ennet Corp., which NTT Facilities set up with Tokyo Gas Co. and
Osaka Gas Co., also plans to expand in auto-generation
businesses.


SEIYU LTD: Retailer Earns Y13.5B From Cost Cutting Measure
----------------------------------------------------------
Supermarket chain operator Seiyu Ltd. revealed a group pretax
profit of 13.53 billion yen in the year ender February 28, a
67.9 percent jump from the previous year, due to cost-cutting
measures and strong earnings at a newly acquired subsidiary.

According to a report from Kyodo News, group-operating profit
rose 28 percent to 20.09 billion yen on a 3.5 percent rise in
operating revenues to 1,108.80 billion yen.

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.


SNOW BRAND: Sells Hokkaido Factory to Air Water
-----------------------------------------------
Industrial gas producer Air Water Inc has agreed to buy Snow
Brand Foods Co's ham and sausage factory in Hokkaido, Japan
Today reported.

Snow Brand Foods said it would decide on the sale price for its
Hokkaido production facility at the end of this month.

According to Air Water Vice Chairman, Masahiro Toyoda, his
Company will arrange for the factory to resume production
possibly in June with the factory's workforce of some 90.

Snow Brand Foods Co, a subsidiary of Snow Brand Milk Products,
was criticized after revelations that it mislabeled food and
swindled the government out of money in a state-run buyback
scheme to deal with mad cow disease.

Snow Brand Food will be liquidated on April 30.


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


HYUNDAI MOTOR: Set to Sell Engine Ops to Daimler, Mitsubishi
------------------------------------------------------------
Korean automaker Hyundai Motor is ready to sell its engine
technology for mid-sized passenger cars to auto giants such as
DaimlerChrysler and Mitsubishi, the Digital Chosun reports.

Hyundai Motor President Kim Dong-jin said that his firm has
agreed to sell the technology to the two auto companies on
royalty payments.

The sales will be in the form of a transfer of the technology by
Hyundai to a joint venture for producing passenger car engines
that will be set up between Hyundai and the two firms in Korea.

At the end of 2000, Hyundai Motor Company Limited had negative
working capital, as current liabilities were W14.58 trillion
while total current assets were only W9.60 trillion.


HYNIX SEMICON: Creditors May Ask Hanvit to Drive Sale Talks
-----------------------------------------------------------
In a bid to help speed up the drawn-out sale talks with Micron
Technology Inc., the 12 creditors of Hynix Semiconductor plan to
empower Hanvit Bank President, Lee Duk-hoon, to lead the sale
deal, the Korea Herald reports.

The Hynix creditors have been in talks with Micron since October
last year, but failed to reach an agreement on specific terms of
sale.

The creditors, lead by Korea Exchange Bank, are trying to recoup
6.5 trillion won ($4.9 billion) of loans they made to Hynix
after two multi-billion dollar bailouts last year.


SEOUL BANK: Bid for Ailing Bank Draws Interest
----------------------------------------------
More than five bidders, including consortiums and financial
institutions, are likely to participate in a takeover bid for
ailing Seoul Bank.

According to a report from the Korea Times, three provisional
investors, a European investment group HPI, as well as Dongwon
Group and Dongbu Group-led consortium, have submitted letters of
intent (LOIs) to the government.

The state-run Korea Deposit Insurance Corp. (KDIC), which has
injected public funds into Seoul Bank, plans to put in an
international bid after selecting a few potential buyers for the
bank next month.

KDIC has no plan to put additional public funds into Seoul Bank
at the moment and no taxpayer money will be injected in the
course of its sale to a prospective buyer, a company official
said.

More than 5 trillion won has been injected into the bank since
late 1997 in order to keep the bank from collapsing due to a
large number of bad loans.


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


ACTACORP HOLDINGS: Gets Two-Month Extension From KLSE
-----------------------------------------------------
Actacorp Holdings Berhad said Thursday that the Kuala Lumpur
Stock Exchange (KLSE) has approved an extension of two months
from 28th February 2002 to 30 April 2002 to enable the Company
to announce its Requisite Announcement to the Exchange for
public release.

Actacorp Holdings is a holding company involved in civil
engineering, building and turnkey contract works, building
maintenance and construction services. Other activities include
retailing of chemical related products, rental and management of
machinery, acquiring and managing patents, distribution and
installation of piles and piling systems, property development
and management, precision engineering of moulds, dies, jigs and
fixtures and fabrication and installation of steel structure
systems.


ACTACORP HOLDINGS: Reaches Settlement Agreement With Lender
-----------------------------------------------------------
Actacorp Holdings Berhad said Thursday it has reached a
settlement agreement with one of its lenders for banking
facility of its wholly owned subsidiary, Actacorp Sdn Bhd.

Name of the lender was not disclosed.

The Company announced on 15 April 2002 another settlement
agreement with one of its secured lenders, which included a
waiver of more than 50 percent on the total outstanding balance
of its banking facility.

The opportunity arises from the Company's continued negotiation
with its individual lenders for the restructuring of its group
banking facilities as part of its debt restructuring exercise.


BRIDGECON HOLDINGS: Investors Invited to Participate in Tender
--------------------------------------------------------------
Bridgecon Holdings Bhd's Special Administrators (SA) are
inviting potential investors with strong asset backing and
financial resources to participate in the Company's debt
restructuring scheme via a proposed tender exercise.

According to a Bernaman report, the SA will be holding a
briefing on the tender exercise for potential investors on April
26 at 3 p.m. at Pengurusan Danaharta Nasional Bhd's office at
Level 12, Bangunan Setia 1, 15 Lorong Dungun, Bukit Damansara,
Kuala Lumpur.

Potential investors are invited to tender for the listed vehicle
or the assets held by Bridgecon.

An Information Memorandum containing particulars of asset and
liabilities of the Company and detailing terms and conditions of
participation in the tender exercise can be obtained from the SA
during or after the briefing.

Bridgecon is principally involved in civil engineering, building
construction, turnkey project management, property development
and investment holding.

For further details interested investors can contact Pauline
Teh, Lam Che Shome or Vincent Chew at telephone number 03-2164
4323 or fax 03-2164 4373.


CHG INDUSTRIES: KLSE Grants Two-Month Extension
-----------------------------------------------
CHG Industries Berhad said Friday that the Kuala Lumpur Stock
Exchange has approved an extension of two months from 6 March
2002 to 5 May 2002 to enable the Company to announce its
Requisite Announcement to the Exchange for public release.

CHG Industries earlier said that it has proposed for the
reduction of the issues and paid-up share capital of the company
from RM47,850,002 comprising 47,850,002 ordinary shares of
RM1.00 each in CHG to RM 23,925,001 comprising 47,850,002
ordinary shares of RM0.50 each, by canceling RM0.50 from every
existing share in CHG and the consolidation of two resultant
shares of RM0.50 each into one new shares.

The Company also announced the proposed issue of up to RM84
million nominal value of six-year 3.5 percent redeemable
unsecured loan stock at an issue price of approximately 83.33
percent of its nominal value as settlement for up to RM70
million bank borrowings of CHG and its subsidiaries.

Furthermore, CHG revealed the proposed issue of up to RM80
million nominal value irredeemable convertible unsecured loan
stock at an issue price of 100% of its nominal value, as
settlement for up to RM80 million bank borrowings of the CHG
Group.

CHG's proposed renounceable two-call rights issue, of up to
47,850,002 new shares, together with 23,925,001 rights warrants
at an issue price of RM1.00 per rights share, on the basis of
two rights shares together with one rights warrant for every to
existing shares held prior to the proposed capital reduction,
will occur on a date to be determined and announced later.

The Company also revealed the proposed establishment of an
employees' share option scheme, the proposed increase in the
authorized share capital of CHG from RM100 million comprising
500 million shares, and the proposed amendments to the
memorandum and articles of association of CHG to facilitate the
proposed capital increase.


GENERAL LUMBER: Faces RM8.3M Claim From Affin Bank
--------------------------------------------------
The Board of Directors of General Lumber Fabricators & Builders
Bhd (GLFB) said Friday that the Company was served with a Notice
of Demand on 19 April 2002 from Affin Bank Berhad (ABB),
pursuant to Section 218 of the Companies Act, 1965.

The total amount claimed by ABB is RM8,320,566.65, entails the
payment of overdraft, term loan and revolving credit facilities,
together with interest accrued thereon and RM210.00.

As announced on 4 March 2002, GLFB is currently formulating a
debt and corporate restructuring proposal to address its
financial condition and an appropriate announcement will be made
once the proposal is finalized.

The TCR-AP reported in March that Malinta Corporation Sdn Bhd on
18 February 2002 presented to the High Court of Malaya at Kuala
Lumpur a winding up petition against GLFB.


HO WAH: SC Approves Application of Private Placement
----------------------------------------------------
On behalf of the Board of Directors of HWGB, Arab-Malaysian is
pleased to announce that the Securities Commission (SC) has, by
a letter dated 17 April 2002, approved HWGB's application for
the proposed private placement of up to 10% of the issued and
paid up capital of HWGB.

The SC's approval is subject to these conditions:

(a) SC's approval must be sought should there be any changes to
the utilization of proceeds if the revision involves utilization
other than HWGB's core business;

(b) Shareholders of HWGB must be informed of the proposed
utilization of proceeds and a disclosure must be made to the
shareholders of HWGB should there be any changes in the
utilization of proceeds;

(c) A board resolution must be obtained and a disclosure to the
KLSE must be made should there be any extension from the date
set by HWGB for the utilization of proceeds;

(d) An appropriate disclosure must be made in the Quarterly
Report as well as the Annual Report regarding the status of the
utilization of proceeds until the proceeds have been fully
utilized;

(e) All Private Placement shares must be placed in one tranche;

(f) The issue price of the private placement shares must be set
according to the relevant SC guidelines;

(g) The names, identities and backgrounds of the places for the
Private Placement shares must be submitted to the SC prior to
the implementation of the Private Placement;

(h) If the Private Placement shares are issued to third parties,
the investors are required to give written confirmation that
they are not connected to the directors and/or substantial
shareholders of HWGB and other persons connected with them. Each
substantial shareholder and director of HWGB is also required to
give an undertaking that they will not purchase the placement
shares and derive any benefit therefrom;

(i) Approval be obtained from the FIC for the Proposed Private
Placement prior to implementation; and

(j) The Company must comply with all the relevant requirements
pertaining to Private Placemnt as contained in the SC Policies
and Guidelines especially Chapter 15 and 25 and the press
release dated 3 September 2001.

Approval has already been obtained from FIC on 27 March 2002.
The approval of MITI is still pending and an announcement will
be made in due course upon receipt of MITI's decision.


HUME INDUSTRIES: Announces Share Proposals
------------------------------------------
On behalf of the Board of Directors of Hume Industries
(Malaysia) Berhad, Commerce International Merchant Bankers
Berhad (CIMB) wishes to announce the following proposals:

(A) Proposed rights issue of up to 250,335,630 new ordinary
stock units of RM1.00 each on the basis of one new ordinary
stock unit of RM1.00 each in HIMB for every one HIMB stock held
on a date and at an issue price to be determined by the board of
directors of HIMB;

(B) Proposed bonus issue of up to 500,671,260 new HIMB stocks on
the basis of one new HIMB stock for every one existing HIMB
stock held after the proposed rights issue; and

(C) Proposed distribution of up to 83,445,210 ordinary shares of
RM1.00 each in O.Y.L. Industries Bhd held by HIMB to the
stockholders of HIMB by way of capital distribution on the basis
of one ordinary share in OYL for every twelve HIMB stocks held
in HIMB after the proposed rights issue and proposed bonus issue
to be effected by reduction in share premium reserve account and
cancellation of approximately ten HIMB stocks for every twelve
HIMB stocks held after the proposed rights issue and proposed
bonus issue.

Further to the announcements dated 29 August 2001 and 9 April
2002 made by Commerce International Merchant Bankers Berhad
(CIMB) on behalf of the Board of Directors of HIMB pertaining to
inter-alia the details of the Proposals and the approval of the
Securities Commission for the Proposals respectively, CIMB on
behalf of the Board of Directors of HIMB is pleased to set out
below an illustration of the stockholdings of existing HIMB
stockholders or potential investors of the Rights Stocks, after
the Proposed Rights Issue, Proposed Bonus Issue and Proposed
Capital Distribution under various scenarios:

Scenario     Stockholdings   Stocks    No. of HIMB  No. of OYL
                In HIMB    Subscribed  Stocks Held  Shares Held

Existing HIMB   3,000        3,000        2,000       1,000
stockholders
subscribe for
rights stocks

Existing HIMB   3,000          -          1,000         500
stockholders do
not subscribe
for right stocks

Potential         -          3,000        1,000         500
investors
subscribe for
right stocks

CIMB on behalf of the Board of Directors of HIMB also wishes to
recapitulate a summary of the Proposals to be implemented by
HIMB, as set out below:

(i) a Proposed Rights Issue of up to 250,335,630 Rights Stocks,
on the basis of one (1) Rights Stock for every one (1) HIMB
Stock held on a date and at an issue price to be determined and
announced by the Board of Directors of HIMB;

(ii) a Proposed Bonus Issue of up to 500,671,260 Bonus Stocks
credited as fully paid-up on the basis of one (1) Bonus Stock
for every one (1) HIMB Stock held after the Proposed Rights
Issue, which will be allotted to the stockholders of the Company
whose names appear on the Record of Depositors at the close of
the Company books after the allotment of Right Stocks, to be
determined by the Directors of the Company, via capitalization
of the revaluation reserves of HIMB; and

(iii) a Proposed Capital Distribution, whereby HIMB shall
distribute up to 83,445,210 OYL shares to its stockholders on
the basis of approximately one (1) OYL share for every twelve
(12) HIMB Stocks held on the same entitlement date as the
Proposed Bonus Issue, including HIMB Stocks to be issued
pursuant to the Proposed Rights Issue and Proposed Bonus Issue.
To facilitate the Proposed Capital Distribution, HIMB proposes
to revalue its investment of up to 83,445,210 OYL shares from
its book value of approximately RM7.64 per OYL Share to RM14 per
OYL Share after taking into consideration the weighted average
OYL share price of RM14.30 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).

The Proposed Capital Distribution will be effected by reduction
in share premium reserve account of up to RM333.78 million and a
reduction of capital via a cancellation of approximately ten
(10) HIMB Stocks for every twelve (12) HIMB Stocks held after
the Proposed Rights Issue.


KUANTAN FLOUR: Awaits Hearing Schedule
--------------------------------------
The Directors of Kuantan Flour Mills Bhd wish to announce that
the hearing date for the appeal against the Summary Judgment by
Multi-Purpose Finance Berhad is not yet scheduled.

The announcement was made in relation to the 22 March 2002
statement pertaining to the default in payment in relation to
Paragraph 9.04(L) and Practice Note 1/2001.


KEMAYAN CORPORATION: Extends Expiry Date of MoU
-----------------------------------------------
Public Merchant Bank Berhad, on behalf of Kemayan Corporation
Berhad, said Friday that the Company, Encik Ismail bin Othman,
Duta Nilai Holdings Sdn Bhd, Encik Hider bin Othaman and Encik
Mohd Razip bin Hamzah have agreed to extend the expiry date of
the MOU on 19 February 2002 to 19 July 2002.

The details of the proposed restructuring scheme are still being
finalized and accordingly, will be announced upon finalization
and execution of the formal agreement.


LAND & GENERAL: Withdraws Request for Interlocutory Injunction
--------------------------------------------------------------
Further to the announcement released by Land & General Berhad
(L&G) on 24 January 2002 in relation to the status of default in
payment of principal sum in respect of a term loan facility and
a standby letter of credit facility, the Board of Directors
wishes to inform that on 28 February 2002, L&G has executed a
Debt Restructuring Agreement (DRA) for the restructuring of the
indebtedness owing by the L&G Group to the financial institution
lenders of L&G and its subsidiaries.

Pursuant to the DRA, if any financial institution lender had
made any demand or commenced proceeding in respect of the
indebtedness owing by L&G or its subsidiaries, the DRA shall
operate as a stay of such demand or proceeding.

One such financial institution lender under the DRA is
Bayerische Landesbank Girozentrale, and they have agreed to a
stay of their demand.

Therefore, on 18 April 2002, L&G has withdrawn its application
for an interlocutory injunction against Bayerische Landesbank
Girozentrale.


LIEN HOE: Shareholders Approve Share Disposal
---------------------------------------------
Alliance Merchant Bank Berhad, for and on behalf of the Board of
Directors of Lien Hoe Corporation Berhad, is pleased to announce
that the shareholders has approved the Proposed Disposal of
75,000,000 ordinary shares of RM1.00 each at the Company's
Extraordinary General Meeting held on 19 April 2002 without
modification.

The disposed shares each represents the entire equity interest
in Holiday Plaza Sdn Bhd for a consideration of RM92.15 million.

Lien Hoe Corporation and its subsidiaries were engaged in the
manufacture and trading of building materials. In 1982 and 1983,
Peak Hua Holdings Bhd (PHH), a company involved in real estate
and securities investment, acquired the majority shareholding in
LHC. LHC then embarked upon a restructuring exercise, which
resulted in diversification into property development in June
1983. Distribution of scientific/medical supplies was added in
mid 1988 as was the manufacture of kitchen cabinets and knock
down furniture. In 1988, the Company ceased to be a subsidiary
of PHH.

Subsequent to a scheme of financial restructuring in 1990, LHC
branched into property investment and management through
acquisitions. Over the years, LHC has also ventured into timber
logging and hotel property.

Currently, the Group is in the process of implementing a
proposed restructuring scheme which comprises capital reduction
and share consolidation; acquisition of Billiontex Industries
Sdn Bhd, Rusella Teguh Sdn Bhd and Atria Properties Sdn Bhd;
restricted offer for sale; debt restructuring; and rights issue
of warrants. The SC on 30 May 2000 and shareholders of the
Company approved the scheme on 23 November 2000.


MALAYSIAN PLANTATIONS: KLSE Grants New Share Listing
----------------------------------------------------
Malaysian Plantations Berhad said Friday that the Company's
additional 58,000 new ordinary shares of RM1.00, each arising
from the MPLANT-Conversion of RM188,500 nominal value of 5
percent irredeemable convertible unsecured loan stock 1997/2002
into 58,000 new ordinary shares, will be granted listing and
quotation with effect from 9.00 a.m., Wednesday, 24 April 2002
at the Kuala Lumpur Stock Exchange.

Malaysian Plantations in early March has wound up its dormant
subsidiary Cosmoplex Sdn Bhd. Mr Lim Tian Huat of Arthur
Andersen & Co. was appointed liquidator.


MALTON BERHAD: KLSE Approves April 22 Listing, Re-Quotation
-----------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad is pleased to announce that
the Kuala Lumpur Stock Exchange (KLSE), via its letter dated 17
April 2002, approved the listing and re-quotation of Malton on
the Main Board of the KLSE with effect from 9.00 am, Monday, 22
April 2002.

To facilitate the implementation of the listing and re-
quotation, the KLSE in its letter dated 18 April 2002, approved
an extension until 5.00 p.m, Friday, 19 April 2002 for the
continued suspension of the ordinary shares of Malton on the
Main Board of the KLSE, as it is the last day of suspension
prior to the listing and re-quotation on 22 April 2002.


NAUTICALINK BERHAD: KLSE Grants Two-Month Extension
---------------------------------------------------
Reference is made to Nauticalink Berhad's application dated on
28th February 2002, to the Kuala Lumpur Stock Exchange (KLSE)
for further extension of time for NLB to make the Requisite
Announcement (RA) pursuant to Paragraph 5.1 of Practice Note No
4/2001.

The Board of Directors is pleased to announced that it has
received an approval from KLSE vide its letter dated 18th April
2002, granting the Company extension of time of two months from
1st March 2002 to 30th April 2002 to enable NLB to make its RA.

As announced on 28th February 2002, the Company has entered into
a Memorandum Of Understanding with four vendors with a view to
commence negotiations and subsequently, finalize and conclude
the terms of a proposed acquisition of viable assets for the
purpose of arriving at a new Corporate Restructuring Scheme for
NLB Group.

To date, NLB, its merchant bankers and other advisers are still
in the process of finalizing the details of the fresh
restructuring scheme revolving upon the proposed acquisition of
the new assets. The Board of Directors of NLB anticipates that
the Company would require more time for the fresh restructuring
scheme to be finalized.

As such, the Company would very likely apply for further
extension to enable it to make the RA.

The foregoing also serves as NLB's update of its monthly status
report in compliance to PN4 pursuant to Paragraph 8.14 of the
KLSE Listing Requirement.


OLYMPIA INDUSTRIES: Awaits Restructuring Scheme Approval
--------------------------------------------------------
Olympia Industries Berhad refers to the previous announcements
dated 11 January 2002 and 1 March 2002 whereby the company has
made an application to the Kuala Lumpur Stock Exchange for an
extension of time from 21 January 2002 to 20 May 2002 to obtain
approvals from all the regulatory authorities including the
Securities Commission (SC) in respect of its Proposed
Restructuring Scheme and which was still pending.

Subsequently, on 11 March 2002, OIB had announced that the SC
via its letter dated 8 March 2002, approved the Scheme. The
Company now wishes to announce that it today received approval
from the KLSE for the extension of time from 21 January 2002 to
8 March 2002.

Kuala Lumpur's Olympia Industries Berhad is a diversified
company with operations in construction, property development,
financial services, gaming and investment holding. Other
activities include travel and tours, restaurant business,
mechanical engineering and the manufacture of specialized
industrial color applicators.


PANGLOBAL BERHAD: Discloses Timber Production Figures
-----------------------------------------------------
PanGlobal Berhad said Friday that the production volume of
timber of its wholly owned subsidiary, Limbang Trading (Limbang)
Sdn Bhd for the month of March 2002 was 30,641.14 cubic meters.

The Troubled Company Reporter Asia Pacific said in February that
PanGlobal has applied to the Kuala Lumpur Stock Exchange for a
further extension of time until 25 April 2002 to obtain the
relevant approvals pursuant to PN4/2001.


REKAPACIFIC BERHAD: Applies for Judicial Review Suspension
----------------------------------------------------------
RekaPacific Berhad said Friday that in relation to the hearing
on the de-listing of its securities from the official list of
the Kuala Lumpur Stock Exchange, the Honorable Court directed:

1. That the Company's request for an adjournment to file further
affidavits in reply be granted upon terms. In this regard, time
frames were set by the Honorable Court for the filing of further
affidavits by the respective parties;

2. That Written Submissions be filed in respect of Enclosures 11
and 18 (application for discovery, interrogatories and for leave
to cross-examine respectively) upon terms;

3. That 1 July 2002 and 2 July 2002 be fixed for oral
clarification of Enclosures 11 and 18; and

4. That the Respondents be at liberty to move the Court at the
next hearing date to discharge or vary the Order for Stay
granted on 24 December 2001 subject to the Applicant's right to
oppose the same on any and all grounds.

In January 2000, steel wire products manufacturer RekaPacific
Berhad was served a winding-up petition by Public Bank Bhd
pursuant to Section 218 of the Companies Act, 1965. The petition
was, however, withdrawn in August of the same year to allow the
company to proceed with a financial restructuring proposal.


SP SETIA: Sells 2.5M Shares
---------------------------
SP Setia Bhd has disposed 2.55 million shares or a 0.75 percent
stake in the company through Jupiter Solutions Sdn Bhd on April
11, the Edge Daily reported.

According to a Kuala Lumpur Stock Exchange filing, Jupiter
Solutions disposed the shares in an off-market deal.

After the disposal, its shareholding was reduced to 45.15
million shares or 13.43 percent.


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


PHILIPPINE LONG: Continues Smart Sale Talks
-------------------------------------------
Telecommunications giant Philippine Long Distance Telephone Co
said it is still in discussions with potential investors for the
planned sale of a minority equity interest in wholly owned
wireless subsidiary Smart Communications Inc, AFX Asia reported.

PLDT issued the statement in response to newspaper reports that
it has abandoned its plan to sell the minority stake in Smart
due to the good prospects of its US$350 million bond offer.

Company President and Chief Executive Officer, Manuel V.
Pangilinan, was earlier quoted as saying that the sale of a
stake in Smart is now the telecom firm's last option to raise
funds for its liability management exercise.

The PLDT told the stock exchange that the size, structure and
pricing of the proposed transaction have not been determined
yet.


PHILIPPINE LONG: Plummets on Smart Stake Sale Delay
---------------------------------------------------
Philippine Long Distance Telephone Co was down 12.50 pesos at
492.50 on 124,020 shares, following reports that it may not
proceed with the sale of a minority stake in unit Smart
Communications, AFX Asia reported Friday.

Dealers said investors shrugged off PLDT's announcement that it
is still in talks for the sale of a stake in Smart, which it
issued after the reports surfaced yesterday.


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


SEMBCORP LOGISTICS: Posts Change in Capital Group's Holding
-----------------------------------------------------------
Sembcorp Logistics posted a notice of change in the deemed
substantial shareholding of The Capital Group Companies, Inc.:

Date of notice to company: 19 Apr 2002
Date of change of deemed interest: 18 Apr 2002
Name of registered holder: DBS Nominees Pte Ltd
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of registered holder
No. of shares of the change: 147,000
Percentage of issued share capital: 0.02%
Amount of consideration: S$2.2311
No. of shares held before change: 55,854,400
Percentage of issued share capital: 6.56%
No. of shares held after change: 55,707,400
Percentage of issued share capital: 6.54%

Holdings of Substantial Shareholder including deemed interest
No. of shares held before change:     83,475,200 (Deemed)
Percentage of issued share capital:   9.81
No. of shares held after change:      85,615,200
Percentage of issued share capital:   9.71
Total shares:                         82,615,200

SembCorp Logistics Limited -- http://www.semblog.com/--  
provides marine salvage, offshore supply base services,
passenger ferry services, tug services for berthing and docking
of ships, ocean towage, marine transportation and integrated
logistics services.


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


MEDIA OF MEDIAS: Decreases Registered Capital
---------------------------------------------
Media of Medias Public Co., Ltd. has informed the SET that is
has completed the legal process required for decreasing of the
company's registered capital and paid-up capital by decreasing
the par value from 10 baht to 4 baht without any changes in
number of shares.

As a result, effective from April 23, 2002 onwards, the par
value of the Medias security in the trading system will be
changed from 10 baht to 4 baht.

The TCR-AP reported earlier this month that Media of Medias,
pursuant to the Business Rehabilitation Plan clause 4.9
(concerning decrease and increase in capital, capital
structuring) approved by the Bankruptcy Court on January 15,
2002, has already decreased the company's registered capital
from Bt700 million, which comprises 70 million
ordinary shares at par value of Bt10 each to Bt280 million by
decrease par value of share from Bt10 per share to Bt4 per
share. The Company's registered capital has also been increased
by then from Bt280 million to Bt580 million to reserve for debt-
equity swap and convertible debenture according to the plan.
These processes were completed on April 5, 2002.



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
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