TCRAP_Public/020430.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Tuesday, April 30, 2002, Vol. 5, No. 84

                         Headlines

A U S T R A L I A

ANSETT GROUP: Melbourne Airport Operator Counters Virgin Offer
PASMINCO LIMITED: Ruling Leaves Shareholders Neglected


C H I N A   &   H O N G  K O N G

ASIA GLOBAL: Splits Up Joint Ventures With Vectant
CENTURY CITY: Posts HK$1.7B Loss in 2001
COLINE COCOA: Chocolate Maker Sold for US$11.5M
DELUXE TECHNOLOGIES: Hearing of Winding Up Petition Set
JINAN QINGQI: Default on Y2.47B Debt looks Likely

LUEN YICK LTD: Court Sets June Winding Up Hearing
NORTHEAST ELECTRICAL: Agrees to Sell Shenyang Unit for Y150M


I N D O N E S I A

BANK INTERNASIONAL: Sinar Mas Founders Give Up Stake to IBRA


J A P A N

ASAHI MUTUAL: Eyes Net Profit for 2001
DAIEI INC: METI Approves Rehabilitation Plan
DAIWA SECURITIES: Posts JPY130.5B Loss in 2001
HITACHI LTD: Logs JPY117.42B Loss in 2001
IWATAYA DEPARTMENT: Lenders Agree on Y28B Debt Waiver

MATSUSHITA ELECTRIC: Buys Back 180M Shares for JPY300B
MATSUSHITA ELECTRIC: Falls Into Red With JPY431B Loss
MATSUSHITA ELECTRIC: Intends To Restructure Five Units
MITSUBISHI MATERIALS: Drops Cement Tie-Up With Ube Industries
MIZUHO HOLDINGS: Postpones Hookup With Lawson ATMs

MONEX: High Investment Costs Widen Losses
NIKKO CORDIAL: Falls Into Red With JPY36.36B Loss
NIKO NIKO DO: Likely to Get JPY10B Aid From Schroder Ventures
SNOW BRAND: Shareholders Agree to Liquidation
SOFTBANK CORP: Sees $691.5M Loss Despite Share Sale

SUMITOMO CONSTRUCTION: Begs for JPY60B Aid


K O R E A

DAEWOO MOTOR: Set to Ink Deal With GM Today
DAEWOO MOTOR: GM to Launch Sales Channel for Daewoo Cars
HYNIX SEMICON: Banks Offer Debt Write-off
HYNIX SEMICON: Micron Deal Gains Support From Top Creditors
HYNIX SEMICON: Opposition Criticizes Govt Over Micron Deal

HYNIX SEMICON: Deciding on Sale Deal Early This Week


M A L A Y S I A

AOKAM PERDANA: Defaults on Term Loans
BESCORP INDUSTRIES: Receives Letters of Demand for Waktu Cerah
PUTRA BHD: Defaults in Payment, Liquidators Appointed
RAHMAN HYDRAULIC: KLSE Rejects Request for Extension of Time
TENAGA NASIONAL: Sells GSP Stake to Mastika Lagenda for RM240M


P H I L I P P I N E S

METRO PACIFIC: FBDC Subsidiary Cuts 78 Jobs to Cut Costs
METRO PACIFIC: May Swap Stake to Pay P12.5B Debt
NATIONAL BANK: Non-performing Loans at Nearly Half in March
NATIONAL POWER: Debt in May to Reach P17B
NATIONAL POWER: Expects $750M Loan to be Released Soon

PHILIPPINE AIRLINES: Opens New Charter Flight in May
PHILIPPINE LONG: Falls P7.50 as Bond Meets Expectations


S I N G A P O R E

CAPITALAND LTD: Divests Indonesian Stakes
SEMBCORP LOGISTICS: Posts Changes in Wee Chow Hou Stakes
WEE POH: Announces Changes in Holdings


T H A I L A N D

MEDIA OF MEDIAS: Ups Paid-Up Capital
SINO-THAI: Reports Preferred Shares Conversion

     -  -  -  -  -  -  -  -

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

ANSETT GROUP: Melbourne Airport Operator Counters Virgin Offer
--------------------------------------------------------------
Melbourne Airport private operator Australian Pacific Airports
Corporation has decided to bid for Ansett's Melbourne terminal
to counter an offer from Virgin Blue, the Australian reported.

The bid means that APAC will effectively pay rent to itself,
saving the embarrassment of having to mothball its new $10
million Express Terminal.

Virgin is negotiating a package deal with Ansett administrator
Andersen to give it access to the terminals.

Two Ansett terminal leases at Melbourne airport are up for
grabs. One is for a ground lease, which effectively gives the
owner freehold ownership of one of the two gateway "fingers".

While the administrator hopes to find a buyer for the ground
lease, the terminal lease is the key to control of the overall
facility. Like its ground lease, the terminal lease, with rent
paid to the airport owner, runs to 2018.


PASMINCO LIMITED: Ruling Leaves Shareholders Neglected
------------------------------------------------------
A Takeovers Panel decision has left Pasminco shareholders in the
dark and out in the cold where 46,000 of them, who once owned
100 percent of the disgraced zinc producer, are likely to end up
owning less than 1 percent of a new bank-owned Pasminco, the Age
reported.

However, the ruling has given creditors owed $3.3 billion by
Pasminco everything they wanted.

More than two months in the making, the majority decision
removes the need for Pasminco's administrators to obtain
shareholders' approval for a proposed debt-for-equity swap that
all but wipes out their ownership status.

The contentious decision overturned an earlier decision by the
Australian Securities and Investments Commission not to grant
Pasminco's administrators relief from the important 20 percent
takeover rule in the Corporations Act.

Freed from the complications of dealing with shareholders,
administrators John Spark and Peter McCluskey of Ferrier Hodgson
can now push ahead with a proposed deed of arrangement and its
debt-for-equity swap component that will result in creditors
ending up with 95 percent or more of the shares in Pasminco.

Panel member Marian Micalizzi, a former financial advisory
services partner with PricewaterhouseCoopers and a director of
the Australian Prudential Regulation Authority, said the panel's
majority decision meant that there was a risk of harming the
public and legislative view of the panel's standing.

She said there were also risks to public investors' perception
of the fairness and equity of markets in Australia - risks that
weighed more towards refusing the relief on the 20 percent
takeover rule.


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


ASIA GLOBAL: Splits Up Joint Ventures With Vectant
--------------------------------------------------
High-speed communications network operators Asia Global Crossing
Ltd. and Vectant agreed to split up their stakes in two joint
ventures, Reuters reported.

Upon completion of the deal, Asia Global crossing will have full
ownership of Pacific Crossing Limited, a transpacific cable
system, and Vectant will take ownership of Global Access
Limited, a terrestrial network provider in Japan.

Asia Global Crossing will also receive $23 million in cash from
Vectant, a subsidiary of Japanese firm Marubeni.

Asia Global Crossing has been trying to raise additional funds
since its now-bankrupt parent, Global Crossing, refused a $400
million loan request under a credit facility last December.


CENTURY CITY: Posts HK$1.7B Loss in 2001
----------------------------------------
Century City International Holdings, controlled by Lo Yuk-sui,
reported a net loss of HK$1.7 billion for last year compared
with its previous net annual loss of HK$278.1 million for the
fiscal year ended December 31, 2000.

The group's property arm, Paliburg Holdings, reported a net loss
of HK$1.1 billion and its hotel arm Regal Hotels International
Holdings a HK$514.2 million loss.


COLINE COCOA: Chocolate Maker Sold for US$11.5M
-----------------------------------------------
Shanghai-based chocolate maker, Coline Cocoa Food Co. Ltd, with
a book value of 342 million yuan (about US$41.4 million), was
sold at an auction on Friday to domestic grain-producer Fengyuan
Group for 95 million yuan (about US$11.5 million), Xinhuanet
reported.

Coline Cocoa's assets include Asia's largest chocolate
production facility with a 100-million-ton annual capacity.

Four domestic companies joined the auction of Coline with bids
starting at 92 million yuan (about US$11.1 million). Fengyuan
won at the second bidding.

The event organizer, Shanghai Auction Corporation, tried to
auction Coline as recently as March 7, but failed.

At that time, Cadbury, a worldwide chocolate producing giant and
Guanshengyuan Food Co.Ltd, a traditional Chinese snack company,
took part in the auction in which bidding started at 116 million
yuan (about US$14.0 million).

Shanghai Coline was set up in 1993 as a joint venture with
investment from Malaysia and a company in the local Jinshan
District. Hong Kong-based Eureca Corp. acquired it three years
later.

The company produces and markets chocolate products under two
brands, Coline and Cemoi, until it went bankrupt in October last
year with debts of 400 million yuan (US$48 million).


DELUXE TECHNOLOGIES: Hearing of Winding Up Petition Set
-------------------------------------------------------
The petition to wind up Deluxe Technologies Limited is set for
hearing before the High Court of Hong Kong on July 3, 2002 at
11:00 am.

Smartech Display Limited, whose registered office is at Units
A1-B, 7th Floor, Valiant Industrial Centre, Nos. 2-21 Au Pui Wan
Street, Fotan, Shatin, New Territories, Hong Kong, filed the
petition with the court on March 26, 2002.


JINAN QINGQI: Default on Y2.47B Debt looks Likely
-------------------------------------------------
Motorcycles producer Jinan Qingqi Group is expected to default
its Y2.47 billion in debts to listed subsidiary Jinan Qingqi
Motorcycle Co Ltd.

The spokesman for the firm told AFX-ASIA that a further Y343.27
million in debts owed to Jinan Qingqi by the group's
subsidiaries are also likely to remain unrecovered unless the
group can achieve a dramatic improvement in its financial
position.

In its 2001 annual report, Jinan Qingqi said its auditor,
Shandong Zhenyuan Hexing Accounting Co, has expressed doubts
about the Company's ability to recover the combined Y2.81
billion in accounts receivable owed by the group and its
subsidiaries.

Jinan Qingqi's cash float at the end of 2001 was at negative
Y87.64 million, making it difficult for the auditor to judge
whether the firm would be able to continue operating. Jinan
Qingqi reported a net loss of Y699.78 million in 2001, from a
net loss of Y272.43 million. Debt stood at Y1.66 billion.
The spokesman added that Jinan Qingqi's financial problems arose
from an inadequate separation from the parent firm in 1998.


LUEN YICK LTD: Court Sets June Winding Up Hearing
-------------------------------------------------
The petition to wind up Luen Yick Water & Drainage Works Limited
is set for hearing before the High Court of Hong Kong on June
12, 2002 at 9:30 am.

Bun Kee (International) Limited, whose registered office is at
12th Floor, Phase 1, Austin Tower, 22-26 Austin Avenue, Kowloon,
Hong Kong, filed the petition with the court on February 22,
2002.


NAM FONG HOLDINGS: Widens FY Net Loss to HK$472.940M
----------------------------------------------------
Hong Kong property investor Nam Fong International Holdings Ltd
reported a net loss of HK$472.940 million in 2001, compared with
a loss of HK$87.236 million in the previous year.

The result, according to an AFX Asia report, is against the
company's sales of HK$ 83.728 million last year from HK$138.697
million in 2000.

Operating loss was at HK$444.157 million versus loss of
HK$73.838 million.


NORTHEAST ELECTRICAL: Agrees to Sell Shenyang Unit for Y150M
------------------------------------------------------------
Northeast Electrical Transmission and Transformation Machinery
Manufacturing Co Ltd has agreed to sell its entire interest in
its unit Shenyang Transformers Ltd to Northeast Construction for
Y150.0 million cash.

According to an AFX Asia report, Y10 million of the proceeds
will be used as working capital for its unit Shenyan High
Voltage Ltd, Y6 million will be used to support the development
of Jinzhou Power Capacitors Ltd, while Y10 million is for
research and development of new products.

The remaining Y122 million will be used to partially repay its
US$40 million syndicated loan.

The Company's shares remain suspended pending a review of its
listing status.

Northeast Electrical first got into serious trouble when it
failed to repay US$43.1 million in debts when they fell due in
last May. The creditor consortium, led by CICC Finance, has
filed bankruptcy suits against the H share in Hong Kong and on
the mainland.

The hearings are yet to take place as the creditors are said to
be considering the latest debt-settlement proposal put up to
them by Northeast Electrical. For more than three years,
Northeast Electrical has seen its financial position
progressively deteriorating. Up to the end of last year, it had
a combined loss of Y1.31 billion.

The Company has blamed falling product prices and fierce
competition for the poor performance.


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


BANK INTERNASIONAL: Sinar Mas Founders Give Up Stake to IBRA
------------------------------------------------------------
Sinar Mas Group founder, the Eka Tjipta Widjaja family, has
surrendered its remaining stake in PT Bank Internasional
Indonesia to the Indonesian Bank Restructuring Agency (IBRA),
AFX Asia reported.

The surrender of the Eka Tjipta family ownership in BII follows
the Financial Sector Policy Committee (FSPC) decision concerning
BII's restructuring program. The main point of the FSPC decision
was that the Eka Tjipta Widjaja family and the Sinar Mas Group
of companies must agree to surrender their remaining ownership
in BII to IBRA prior to the planned BII rights issue.

According to an earlier report by the Troubled Company Reporter
Asia Pacific, IBRA's ownership in BII increases from 57 percent
to 75 percent with the shares transfer while the Eka Tjipta
Widjaya family and Sinar Mas Group ownership decreases from 18
percent to 0 percent. The public holds the remainder of BII's
shares.

IBRA is planning a Rp3.9 trillion rights issue to recapitalize
BII.


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


ASAHI MUTUAL: Eyes Net Profit for 2001
--------------------------------------
Asahi Mutual Life Insurance Co. may secure the equivalent of a
stock company net profit in the year to March 31 despite its
plan to write off some 400 billion yen in latent stockholding
losses, the Japan Times reported Sunday, citing Company sources.

Tokyo's life insurance company plans to report the latent losses
either as pretax losses or extraordinary losses, the sources
said.

In either case, they will be fully covered by sales of real
estate that will result in profits of 90 billion yen, and by
using some of the insurer's internal reserves.

Asahi Mutual, according to The Japan Times adds, will transform
itself into a stock company and come under the wing of Millea
Holdings Inc. by 2004. Tokio Marine & Fire Insurance Co. and
Nichido Fire & Marine Insurance Co launched the holding firm
April 2.


DAIEI INC: METI Approves Rehabilitation Plan
--------------------------------------------
The Ministry of Economy, Trade and Industry (METI) has approved
a rehabilitation plan filed by troubled supermarket operator
Daiei Inc under the industrial revival law, Japan Today
reported.

METI will grant Daiei tax breaks on capital increases and real-
estate sales, while the major retailer is also eligible for
lower interest rate loans from the government-affiliated
Development Bank of Japan.

It is the first time METI has approved a plan filed by a company
that will receive debt waivers from its creditor banks.

Daiei Inc. revealed two weeks ago a consolidated net loss of
Y332.51 billion for the business year that ended in February,
blaming the losses on increased restructuring costs.

The Company 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 Y1.66 trillion to Y1.21 trillion by the end of next
February.


DAIWA SECURITIES: Posts JPY130.5B Loss in 2001
----------------------------------------------
Daiwa Securities Group Inc. posted a loss of 130.5 billion yen
for the year to March 31 as it wrote off 127 billion yen on
property sales in the fiscal second quarter, Bloomberg reported.

Daiwa has not been able to win sufficient share underwriting
business to offset the decline in brokerage fees. The Company
did not get hired by the Japanese government this month to
handle sales of shares in two state-owned railway companies
valued at about $4.6 billion.

The Daiwa Securities Group Inc., one of Japan's leading
brokerage and investment banking groups, 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/


HITACHI LTD: Logs JPY117.42B Loss in 2001
-----------------------------------------
Electronics equipment and semiconductor manufacturer Hitachi
Ltd. posted consolidated losses of JPY117.42 billion in fiscal
2001, Japan Times reported.

The Company attributed its result to a sharp decline in global
demand for semiconductors and information technology-related
products such as mobile phones.

Hitachi's consolidated pretax losses came to JPY586.07 billion,
having posted consolidated pretax profits of JPY323.66 billion
the previous year.

The firm also reported consolidated net losses of JPY483.84
billion, in stark contrast to the previous year's consolidated
net profits of JPY104.38 billion.

Hitachi expects to return to profitability in fiscal 2001.


IWATAYA DEPARTMENT: Lenders Agree on Y28B Debt Waiver
-----------------------------------------------------
The creditor banks of troubled Fukuoka retailer Iwataya
Department Store Co has agreed to waive 28 billion yen of the
company's debts, Japan Today reported.

At a meeting held by Iwataya to explain its restructuring plan
to the creditors, the banks agreed to the debt waiver and to cut
interest rates on other loans, paving the way for Iwataya to
pursue its restructuring measures.

Iwataya, which has a total debt of 28 billion yen, decided to
close in December an outlet in Kumamoto.


MATSUSHITA ELECTRIC: Buys Back 180M Shares for JPY300B
------------------------------------------------------
Matsushita Electric Industrial Co Ltd, best known for its
Panasonic and National brand products, will buy back up to 180
million shares for JPY300 billion, AFX Asia reported.

The move follows the Company's announcement a week ago that it
purchased 5.586 million shares from April 1 to 19 for JPY9.4
billion, in conformity with provisions of Clause 4 of Article 3
of supplementary rules to the amended Japanese Commercial Code.

Matsushita Electric Industrial Co., Ltd. -
http://www.panasonic.co.jp/global/- is one of the world's  
leading producers of electronic and electric products for
consumer, business and industrial use, which it markets around
the world under the "Panasonic," "National," "Technics" and
"Quasar" brand names. Matsushita's shares are listed on the
Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, Amsterdam, Dusseldorf,
Frankfurt, New York, Pacific and Paris stock exchanges.


MATSUSHITA ELECTRIC: Falls Into Red With JPY431B Loss
-----------------------------------------------------
Consumer-electronics maker Matsushita Electric Industrial Co.
posted a group loss of JPY431 billion (US$3.4 billion) in the
year ended March 31, versus net income of 41.5 billion yen a
year earlier, Bloomberg reported.

Sales dropped 10 percent to 6.88 trillion yen from 7.68 trillion
yen.

Osaka-based Matsushita said the results were due to slower sales
at its mobile-phone unit and costs to cut jobs.

The group has cut 13,000 jobs and is undergoing reorganization
in view of the slumping sales of electronics, Bloomberg added.


MATSUSHITA ELECTRIC: Intends To Restructure Five Units
------------------------------------------------------
Loss-making Matsushita Electric Industrial Co. plans to
restructure five major subsidiaries to streamline its outdated
corporate structure.

"The Matsushita group is considering a restructuring of
operations aimed at speeding up its growth strategies, but
nothing has been decided," a company spokesman said.

According to a Reuters' report, Matsushita Communication
Industrial Co will be restructured to focus on specific
operations after they are fully absorbed into the parent company
in October.

The absorption of subsidiaries Matsushita Communication
Industrial Co, Matsushita-Kotobuki Electronics Industries Ltd,
Kyushu Matsushita Electric Co Ltd, Matsushita Seiko Co Ltd, and
unlisted Matsushita Graphic Communications Systems Inc was
lauded as a key step in that direction.

Restructuring has taken on increasing urgency at Matsushita,
maker of Panasonic and National brand goods, as it forecasts a
massive JPY438 billion ($3.4 billion) consolidated net loss for
2001/02 and an 11.5 percent drop in revenues to JPY6.8 trillion.


MITSUBISHI MATERIALS: Drops Cement Tie-Up With Ube Industries
-------------------------------------------------------------
Mitsubishi Materials Corp and Ube Industries Ltd have given up a
plan to fully integrate their cement production businesses due
to disagreement over management policy, Kyodo News reported.

The companies, however, said they would continue their current
tie-up in the field of sales, distribution, and research and
development of cement products.

Mitsubishi Materials Corporation, headquartered in Tokyo, Japan,
is Japan's leading producer of various inorganic materials,
cement, and certain fabricated metal products. The company has
been implementing a medium-term business plan, originally laid
out in January 2001, to improve its overall profitability by
reducing its cost base and restructuring its business portfolio.


MIZUHO HOLDINGS: Postpones Hookup With Lawson ATMs
--------------------------------------------------
Mizuho group banks has postponed a plan to directly link
automated teller machines (ATMs) at outlets of Japan's second-
largest convenience-store operator Lawson Inc. to its groups'
ATM network, Japan Today reported.

According to company officials, they are postponing the
introduction of the service until they are assured of the
stability of their ATM system, which has been plagued with
problems since its launch April 1.

Lawson was also considering delaying the plan due to concerns
over the banks' lingering computer troubles.


MONEX: High Investment Costs Widen Losses
-----------------------------------------
Monex, Japan's second-biggest online brokerage in terms of
online accounts, says its net loss widened 68 percent to JPY1.41
billion last year, compared with a loss of JPY840 million a year
ago.

Reuters says Monex has been hit by high investment costs.


NIKKO CORDIAL: Falls Into Red With JPY36.36B Loss
-------------------------------------------------
Nikko Cordial Corp, Japan's third-largest securities firm, fell
into the red for the year ended March 31 due to a drop in
brokerage and underwriting commission fees resulting from a
slump in stock markets.

According to a Bloomberg report, the Company chalked up a group
net loss of 36.36 billion yen ($286 million) in the three months
ended March from 2.5 billion yen a year earlier.

The losses prompted Nikko to pay a dividend of 3 yen a share. It
hasn't paid a lower dividend for 36 years.

Nikko had a full-year loss of 66.4 billion yen, or 36.02 yen per
share, compared with profit of 44.3 billion yen, or 23.98 yen
per share, in the year-earlier period.

Nikko, owned 20 percent by US financial giant Citigroup, has
made losses in four of the past five quarters. The brokerage
booked a 57 billion yen charge for the full year to pay for 450
job cuts, branch closures and stock losses.

Moody's Investors Service on February 21 has lowered ratings on
Nikko Cordial to a notch above junk status. Moody's said the
long-term debt ratings of Nikko Cordial Corp was cut to Baa3
from Baa2. Nikko, reported a group net loss of more than US$220
million.


NIKO NIKO DO: Likely to Get JPY10B Aid From Schroder Ventures
-------------------------------------------------------------
Ailing supermarket operator Niko Niko Do Co may get up to 10
billion yen in financial support from equity investment firm
Schroder Ventures KK, reports Japan Today.

The independent investment firm has been negotiating with Nikko
Cordial Securities Inc, which acts as an mediator for Niko Niko
Do.

The Kumamoto District Court has this month given failed
supermarket operator Niko Niko Do Co the green light to start
rehabilitation measures under the Civil Corporate Rehabilitation
Law.

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

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.


SNOW BRAND: Shareholders Agree to Liquidation
---------------------------------------------
Shareholders of Snow Brand Foods Co has approved a management
proposal to dissolve the scandal-hit firm today and entrusted
its President and five other Board members with remaining tasks
to wind it up, the Japan Today reported.

"We have judged it is impossible to reconstruct the company as
it has become difficult to tie up with other companies," Snow
Brand Foods President, Koshiro Iwase said.

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.


SOFTBANK CORP: Sees $691.5M Loss Despite Share Sale
---------------------------------------------------
Internet investor Softbank Corporation expects a group net loss
of 89 billion yen ($691.5 million) for the latest business year
despite a cash infusion from the partial sale of a stake in Net
portal Yahoo Inc, Reuters reports.

Softbank has reported a net loss of 54.3 billion yen for the
April-September period and a net profit of 36.3 billion for
2000/01.

Tokyo's Softbank has been looking to reduce its debt and
generate cash to finance its asymmetric digital subscriber line
(ADSL) business "Yahoo BB", which it launched with its
subsidiary Yahoo Japan in September.

Last week, the Company last week sold $171 million worth of
shares in Yahoo Inc, reducing its stake in the veteran Internet
portal to 14.3 percent from 17 percent.


SUMITOMO CONSTRUCTION: Begs for JPY60B Aid
------------------------------------------
Ailing Sumitomo Construction Co. has asked for a 60 billion yen
financial aid from its creditors to finalize its merger with
Mitsui Construction Co. and Fujita Corp., due by next April, the
Asahi Shimbun reported.

The aid, likely to be in the form of debt waivers representing
about half the total amount-and debt-for-equity swaps, will be
offered by the firm's main creditors-Sumitomo Mitsui Banking
Corp. and Sumitomo Trust & Banking Co.

The assistance will arrive by March next year, the report added.

Sumitomo Construction plans to use the aid to speed up
processing of its non-performing real-estate assets and cut its
parent's interest-bearing loans from 219 billion yen by end
March to 110 billion yen the same close date in 2006.

Writing off the Company's liabilities is essential for their
merger.


=========
K O R E A
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DAEWOO MOTOR: Set to Ink Deal With GM Today
-------------------------------------------
Daewoo Motor Co creditors plan to sign a final contract today to
sell most of the bankrupt automaker's production plants to U.S.
auto giant General Motors Corp, Yonhap news agency said, citing
Korean Development Bank governor Jung Keun-yong.

The $2 billion deal should result in GM investing about $400
million in a joint venture to take over at least three factories
and overseas sales outlets.

DAEWOO MOTOR: GM to Launch Sales Channel for Daewoo Cars
--------------------------------------------------------
General Motors (GM) is set to diversify the sales network for
cars it will produce after taking over collapsed Daewoo Motor,
the Digital Chosun reports.

The new Daewoo Motor, tentatively named GM-Daewoo Motor, will
directly be supplying the cars to the Daewoo car dealers,
foregoing the existing distribution channel of Daewoo Motor
Sales.

GM and Daewoo Motor Sales recently agreed to sign a non-
exclusive general sales agreement once the American carmaker
sets up the new car firm.

Creditor officials said that GM's new unit in Korea would take
over Daewoo Motor's current 11.05 percent stake in the sales
unit.


HYNIX SEMICON: Banks Offer Debt Write-off
-----------------------------------------
Creditor banks of Hynix Semiconductor decided to write off a
total of W1.78 trillion in loans for Hynix's non-memory
operation, the Digital Chosun reported.

In compensation for the debt write-off, the creditors have begun
studying ways to reduce the ratio of Hynix shares to 13.5 to 1
once the sales deal is all wrapped up.

Korea Exchange Bank (KEB), the largest creditor of Hynix,
proposed that all the creditors write off W1.7 trillion in
loans, accounting for half of Hynix's total unsecured debts, to
keep the non-memory operation afloat.

Once the KEB proposal is passed, the total debt of the remaining
operation is to go down to the W3 trillion level.

Pointing out that, after the sales deal, the non-memory
operation will have a capital of W19.8 trillion, an absurdly
high capital for its decimated assets, KEB called for the share
ratio reduction for the operation of 13.5 shares to 1.

The share reduction will see the Korean creditors secure a 69.3
percent stake in the operation, in contrast to a 15 percent
stake Micron would hold through its injection of W200 million in
cash into the non-memory firm.


HYNIX SEMICON: Micron Deal Gains Support From Top Creditors
-----------------------------------------------------------
Hynix Semiconductor Inc.'s three biggest creditors, Korea
Exchange Bank, Hanvit Bank and Korea Development Bank, have
approved the South Korean memory chipmaker's sale to Micron
Technology Inc., Bloomberg reported.

At least 75 percent of creditors, plus boards of both companies,
must approve the sale by Tuesday night for it to take effect.

Hanvit's chief credit officer Lee Jong Hwi said that if there
are less than 50 percent who give approval, the main creditors
may call a recess to try and persuade creditors who reject the
agreement.

Under the plan, Micron would buy Hynix's main computer memory
chip business for 108.6 million shares, valued at $2.8 billion,
and pay $200 million for a 15 percent stake in the Korean
company's other businesses.


HYNIX SEMICON: Opposition Criticizes Govt Over Micron Deal
----------------------------------------------------------
The opposition Grand National Party has joined workers of Hynix
Semiconductor Inc in opposing the sale of the Company's assets
to U.S. rival Micron Technology Inc.

According to a report from AFX Asia, the opposition party
criticized the government for pressing ahead with what it called
a controversial deal with the American chipmaker.

It said, "There are mounting concerns that the government and
creditors conceded too much to Micron."

The opposition sided with Hynix's union, saying that creditors
gave in to Micron's demand for a cash injection of US$1.5
billion without collateral.


HYNIX SEMICON: Deciding on Sale Deal Early This Week
----------------------------------------------------
Creditors of Hynix Semiconductor and its Board of Directors will
finally decide early this week on whether to ratify the Hynix-
Micron memorandum of understanding, which representatives of the
Korean creditor group and the United States chipmaker
conditionally signed last week, for the sale of Hynix's memory
assets, the Digital Chosun reported.

The creditors' approval on the memorandum is a prerequisite for
the document to take effect.

A high-ranking official of the creditor group said Sunday that
creditors are likely to give the go-ahead to the preliminary
agreement as the Korean government is determined to press ahead
with the sale.

An approval of the sale requires consent by 75 percent of the
creditors.


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


AOKAM PERDANA: Defaults on Term Loans
-------------------------------------
Aokam Perdana Berhad refers to their announcement dated April 26
regarding the company's default in payment under Practice Note
1/2001 of the KLSE Listing Requirements.

In an April 26 statement, Aokam said it has defaulted in the
settlement of two term loan facilities granted by Credit Suisse
First Boston (Hong Kong) Ltd (CSFB), a substantial shareholder
of Aokam, totaling RM51.5 million due to its inability to
implement a proposed rights issue and special issue under
current market conditions.

Aokam's performance had been badly affected by the weak timber
market.

Kuala Lumpurs' investment holding group Aokam Perdana Berhad
provides management services, general trading, and manufacturing
and marketing of sawn timber, moulded timber, veneer, plywood,
doors and related products.


BESCORP INDUSTRIES: Receives Letters of Demand for Waktu Cerah
--------------------------------------------------------------
Bescorp Industries Berhad wishes to announce that the office of
the Secretary had on 23 April 2002 received a Writ of Summons
and Letters of Demand filed with the High Court of Malaya in
Alor Setar, Kedah Darul Aman, which were served on Waktu Cerah
Sdn Bhd, a subsidiary company, and Smallholders Development
Corporation Sdn. Bhd. (SHDC), a 20 percent shareholder of Waktu
Cerah for a total claim of RM2,751,302.72:

Name of     Civil Suit   Writ of     Sale &      Amount
Plaintiff        No.      Summons    Purchase     Claimed
                           Dated     Agreement     (RM)
                                        Dated

Lim Bak Oh    22-25-02  10 February  28 October  117,004.24
2002 1996

Lim Bak Hor   22-34-02  19 February  27 November 258,310.00
and Hoa Bee                 2002         1996
Hong

Lim Yu Hua    22-38-02  20 February    23 July   123,255.61
and Tan Bee                 2002         1996
Khek

Ng Peng Hock  22-21-02  10 February     3 June   274,673.72
                            2002

Song Siew Hoay 22-35-02 20 February   12 January 259,419.75
                            2002         1997

Lim Mooi Gaik  22-22-02 10 February    23 July   275,069.80
and Lim Ah                  2002         1996
Ba @ Lim Wha
Liang

Moey Weng      22-61-02    7 March      3 June   224,347.53
Tatt and Ooi                 2002        1996
Ching Ngo

Go Jyh Yong    22-23-02  10 February    5 May    247,995.01
and Go Soo                   2002        1997
Haw @ Go Su
How

Lim Teng Chin  22-36-02  20 February    25 June  381,106.00
                             2002        1996

Tai Hong Sian, 22-37-02  20 February    23 July  295,643.74
Tai Pung Kau                 2002        1996
and Chin Wa

Joseph         22-24-02  10 February 21 September 294,477.32
Fernandez                    2002        1996
A/L Robert
Fernandez

The aforementioned plaintiffs had entered into Sale and Purchase
Agreements with Waktu Cerah, the developer and SHDC, the land
owner whereupon the parties had agreed to adhere to the terms
and conditions of the agreements which provides for inte-alia
the following:

a) Waktu Cerah agreeing to develop a parcel of land owned by
SHDC held under title number H.S.(D) 576/85 P.T. No. 473, Mukim
Sungai Petani, Daerah Kuala Muda for development of shop lots
and/or office lots at the Light Industrial Estate, known as
"Taman Perindustrian Bescorp";

b) Waktu Cerah had agreed to sell and the Plaintiffs had agreed
to purchase the said shop lots/office lots to be erected on the
said land for a total puchase consideration of RM2,652,620.00;

c) In accordance with Clause 22(a), Waktu Cerah was required to
complete and deliver vacant possession of the shop lots/office
lots to the Plaintiffs within 36 months from the date of
execution of the Sale and Purchase Agreements; and

d) In accordance with Clause 22(b), in the event Waktu Cerah
failed to deliver the said shop lots/office lots within the
stipulated time, Waktu Cerah would be required to pay the
Plaintiffs compensation of 12% per annum on the purchase price
compounded on daily basis.

The Plaintiffs have demanded for:

a) A total sum of RM634,490.00 being deposits and differential
sum between balance purchase price and loan sum paid by the
Plaintiffs;

b) A total sum of RM1,415,853.96 being payment in stages
released by the banks to Waktu Cerah;

c) A total sum of RM700,958.76 being specific damages pursuant
to the Sale and Purchase Agreements;

d) Subsequent damages and/or more serious damages;

e) Subsequent and/or in the alternative damages for breach of
contract

f) Interest at the rate of 8% per annum on the judgment sum from
the date of Summons until the date of full settlement;

g) Costs; and

h) Any further orders which the Honorable Court deems reasonable
and just.

The Company is unable to disclose the next course of action at
this point in time as SHDC is currently awaiting for approvals
from the relevant parties for the implementation of Waktu
Cerah's proposed scheme. The Company will make the necessary
announcement in due course.


PUTRA BHD: Defaults in Payment, Liquidators Appointed
-----------------------------------------------------
Renong Berhad refers to its announcement dated 21 March 2002 in
relation to the receipt by Projek Usahasama Transit Ringan
Automatik Sdn Bhd of two winding-up petitions under section 218
(1)(e) of the Companies Act, 1965 filed by Commerce
International Merchant Bankers Berhad, being the Facility Agent
of PUTRA's RM2 billion Commercial Financing Facilities.

PUTRA's assets and operations are currently in the process of
being taken over by the Government of Malaysia pursuant to the
Concession Agreement between PUTRA and the Government dated 7
August 1995.

On 26 April 2002, the Kuala Lumpur High Court had made an order
for the winding up of PUTRA. On the same date, the Kuala Lumpur
High Court appointed the Petitioner's nominees, namely Mr. Gan
Ah Tee, Mr. Ooi Woon Chee and Encik Mohamed Raslan Bin Abdul
Rahman, as joint and/or several liquidators of PUTRA.

Renong Berhad wishes to inform the Exchange that, save and
except for PUTRA, details of which are set out below, none of
Renong's other subsidiaries or major associated companies is
currently under receivership.

PUTRA was incorporated in Malaysia on 15 February 1994. The
present paid up capital of PUTRA is RM300,000,000 comprising
300,000,000 ordinary shares of RM1.00 each.

The principal activities of PUTRA are to design, construct,
finance, operate and maintain the Light Rail Transit System 2
and ancillary activities comprising principally station
development along the corridor of the LRT.

PUTRA entered into the CA on 7 August 1995. Under the terms of
the CA, PUTRA is responsible to design, construct, finance,
operate and maintain the LRT in consideration for which PUTRA is
entitled at its own cost, expense and risk to collect fares from
the LRT and undertake ancillary activities comprising
principally station development along the corridor of the LRT.
The concession period is for 60 years.

PUTRA had successfully met the targeted deadline to complete the
first phase of the LRT system in September 1998, in time for the
Kuala Lumpur Commonwealth Games. The second phase was
successfully completed in June 1999. The PUTRA LRT system is the
longest fully automatic driverless system in the world. Since
its commissioning, the PUTRA LRT system has operated smoothly.
It has benefited the city and the nation and is now an important
element of the Kuala Lumpur transportation system.

However, the economic situation of the country has resulted in
certain assumptions made by PUTRA during the planning stage not
materializing. This included the lower ridership, which had
necessitated PUTRA to lower its fare level, and consequently
reduced PUTRA's revenue. As a result, PUTRA is not able to
service its debts obligations.

The Government, through Syarikat Prasarana Negara Berhad (SPNB),
a wholly owned subsidiary of the Ministry of Finance (MOF) had,
on 26 November 2001, acquired the future rights, benefits and
entitlements under the facility agreements for the RM2.0 billion
Commercial Financing Facilities from PUTRA's commercial lenders.
Further details subsequent to this are set out in section 3.0
below.

Details Of The Events Leading To The Appointment of the
Liquidators

As mentioned earlier, PUTRA is not able to service its debts and
is therefore supportive of the Government's decision to take
over the assets and operations of PUTRA. The events leading to
the liquidation and appointment of liquidators of PUTRA are as
follows:

(i) On 26 November 2001, PUTRA's commercial lenders assigned all
the present and future rights, benefits and entitlements under
the facility agreements for the RM2 billion Commercial Financing
Facilities to SPNB.

(ii) On 10 December 2001, the Facility Agent for SPNB had, via
its solicitors' letters dated 8 December 2001, declared the
occurrence of an event of default under the said facilities. The
Facility Agent had also demanded payment of all outstanding
amounts within fourteen (14) days from the date of receipt of
the letters.

(iii) On 24 December 2001, PUTRA informed the Facility Agent of
its inability to settle the outstanding amounts. PUTRA had also
informed the Government of the situation and requested the
Government to appoint a qualifying substitute or itself purchase
the assets of the railway in accordance with the terms of the
CA.

(iv) Subsequently on 27 December 2001, the Facility Agent via
its solicitors' letters dated 26 December 2001 served PUTRA with
a statutory notice of demand pursuant to Section 218 of the
Companies Act, 1965. PUTRA was given twenty-one (21) days from
27 December 2001 to settle the demanded amounts, failing which,
winding-up proceedings would be taken against PUTRA.

(v) On 17 January 2002, in response to the statutory notice of
demand, PUTRA had again notified the Government of the receipt
by PUTRA of the same and its inability to pay the demanded
amount and requested the Government to appoint a qualifying
substitute or itself purchase the assets of the railway in
accordance with the terms of the CA.

(vi) On 20 March 2002, the solicitors of the Facility Agent
served PUTRA with the winding up petitions under section 218
(1)(e) of the Companies Act, 1965.

(vii) On 3 April 2002, the MOF issued a press statement stating
that its wholly owned subsidiary, SPNB, would be taking over the
entire assets and operations of PUTRA and expects that the
takeover exercise be completed by June 2002.

(viii) On 26 April 2002, the Kuala Lumpur High Court made an
order for winding up PUTRA and appointed the Petitioner's
nominees, namely Mr. Gan Ah Tee, Mr. Ooi Woon Chee and Encik
Mohamed Raslan Bin Abdul Rahman as joint and/or several
liquidators of PUTRA.

The steps taken or proposed to be taken by Renong in respect of
the appointment of liquidators:

The takeover process of PUTRA via the liquidation route is a
process mutually agreed by Renong, PUTRA and the Government. The
takeover process is in accordance with the terms of the CA.
Accordingly, Renong and PUTRA will continue to provide full
support and will cooperate with the Liquidators for the
successful completion of the takeover process.

Financial and operational impact of the aforesaid appointment on
the group:

Financial Impact

PUTRA's inability to service debts and subsequently the takeover
by the Government had earlier been anticipated by Renong.
Accordingly, Renong had accounted its investment in PUTRA on a
break-up basis and had written down its investment in PUTRA from
RM1,609 billion in PUTRA to the estimated net residual
realizable value of RM577 million. This RM577 million is based
on, amongst others, PUTRA's estimated project costs and
liabilities as at 30 June 2002 on the assumption that the
takeover process will be completed by that date.

Whilst the final net realizable value remains subject to the
outcome of negotiations with the Government, we nevertheless do
not envisage any material variation thereon.

Operational Impact

Discussions are currently underway between the Government, SPNB,
Renong and PUTRA with the objectives of facilitating a smooth
takeover of the LRT operations. Renong and PUTRA will continue
to provide full support to the Government, SPNB and the
Liquidators to ensure a smooth takeover process to avoid any
disruption to the LRT services and without causing any
inconvenience to the public.


RAHMAN HYDRAULIC: KLSE Rejects Request for Extension of Time
------------------------------------------------------------
Rahman Hydraulic Tin Berhad wishes to announce that the Kuala
Lumpur Stock Exchange has rejected the Company's application for
an extension of time to convene an Extraordinary General Meeting
to obtain the ratification of the Company's shareholders in
relation to the Kuala Lumpur Industries Holdings Berhad
acquisition.

In this respect, a penalty of RM1,000 per market day will be
imposed on the Company beginning from 1 April 2002 until the
date of convening of the EGM for the KLIH Acquisition.


TENAGA NASIONAL: Sells GSP Stake to Mastika Lagenda for RM240M
--------------------------------------------------------------
Tenaga Nasional Berhad (TNB) is pleased to announce that on 26th
April 2002, the company had entered into a Sale and Purchase
Agreement (SPA) for the sale of TNB's 20 percent stake in
Genting Sanyen Power Sdn Bhd (GSP) to Mastika Lagenda Sdn Bhd
(MLSB), a 97.7 percent indirect subsidiary of Genting Berhad, on
a willing-buyer-willing-seller basis for a total sale
consideration of RM240 million. The SPA is subject to approvals
from all the relevant parties.

The SPA is part of a negotiation between TNB and MLSB involving
the proposed sale of TNB's 40 percent stake in Sepang Power Sdn
Bhd (SPSB) to MLSB for a proposed total sale consideration of
RM65.7 million.

The sale of TNB's 40 percent stake in SPSB is subject to the
completion of TNB's acquisition of MRCB's 70 percent stake in
SPSB under the Sale and Purchase agreement signed in November
2001 between TNB and MRCB, for RM115 million.

The understanding is embodied under the Memorandum of Agreement
(MoA) signed on 26th April 2002 between TNB and MLSB. In the
MoA, both parties also agreed that subject to the relevant
authorities' approval, SPSB's power plant will be developed as a
coal fired power plant instead of a gas fired power plant as
originally approved and that SPSB will be commissioned no
earlier than Year 2007.

The SPA and MoA are not subject to the approval of the
shareholders of TNB. The proposed sale is expected to have
insignificant effect on the net tangible assets per share of
TNB.

Tenaga Nasional chairman Jamaludin Mohd Jarjis said in March
that although the Company is not facing problems meeting its
debt obligations, it would like to reduce its burden and be
prudent in its financial management; its debt ratio has been cut
to 1:6 from 1:9 previously and Tenaga aims to reduce the debt
ratio to 1:1 in five years.


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


METRO PACIFIC: FBDC Subsidiary Cuts 78 Jobs to Cut Costs
--------------------------------------------------------
Metro Pacific Corp subsidiary Fort Bonifacio Development Corp
has laid off half of its core manpower in the last six months,
enabling it to reduce overhead expenses by 60 percent, AFX Asia
reported.

Metro Pacific's chief finance officer Jose Maria Lim said the
head office is now left with only 82 employees, from over 160,
after the lay-offs, which he said is a move that is in line with
the streamlining program undertaken by the parent.

Metro Pacific is undergoing a comprehensive corporate
restructuring to address the problem of consolidated debts of at
least P18 billion.


METRO PACIFIC: May Swap Stake to Pay P12.5B Debt
------------------------------------------------
Metro Pacific may swap up to a 13 percent stake in the company
as partial payment for P12.5 billion (US$245.903 million) worth
of debt with its local creditors, Business World reports.

MPC chief financial officer Jose Maria K. Lim said the debt-
equity swap is being proposed to cover about a third of the
firm's bank loans.

MPC, which develops property, shipping, and telecommunications,
owes 18 local banks and several financial institutions. The
P12.5 billion debt includes a P5 billion advance from Larouge
B.V.

MPC's consolidated borrowings, inclusive of debts of
subsidiaries like Bonifacio Land Corp., now total about P18
billion.

Hong Kong-based First Pacific owns 80.6 percent of MPC. The
remaining 19.4 percent is divided among several stockholders.

Mr. Lim said MPC also intend to boost land sales as part of debt
restructuring.


NATIONAL BANK: Non-performing Loans at Nearly Half in March
-----------------------------------------------------------
Philippine National Bank said its non-performing loan ratio
stood at 49 percent as of March 22, AFX Asia reported.

PNB said its total NPLs stood at P47.332 billion, against
general provisions of P347 million and specific provisions of
P15.103 billion.

The debt-saddled bank currently awaits the signing of a
memorandum of agreement between the government and Philippine
National Bank majority owner Lucio Tan, which will pave way for
the bank's rehabilitation.

The rehabilitation plan is urgently needed for PNB, which
incurred a net loss of P4.5 billion last year, to raise up to
P10 billion in fresh capital to solve its bad-loan problem.


NATIONAL POWER: Debt in May to Reach P17B
-----------------------------------------
State-run National Power Corp (Napocor) is in dire need of about
P17 billion to pay off maturing debt in May, the Philippine Star
reported, citing company sources.

Among the big expenses next month are the debt servicing
requirements worth P3.36 million ($66 million), the repayment of
P6 billion in loans from the Bureau of Treasury, and P7.65
million ($150 million) for debt payments to JP Morgan, it said.

Napocor sources explained that under the power firm's
expenditure program, it is expected to pay some $800 million
worth of debts this year.


NATIONAL POWER: Expects $750M Loan to be Released Soon
------------------------------------------------------
National Power Corp. (Napocor) is expecting the $750-million
loan it secured through the government to be released soon,
Business World reported.

The amount will enable the debt-ridden power utility to meet
funding requirements for the first half of the year.

According to Eduardo M. del Fonso, president of Napocor's
privatization arm Private Sector Assets and Liabilities
Management Corp. (PSALM), there are no more major impediments
for the release of the loan.

He declined to give a specific date when the loan will be handed
to them.

The government in January lent Napocor $250 million. Another
$500 million was lent in February.


PHILIPPINE AIRLINES: Opens New Charter Flight in May
----------------------------------------------------
Philippine Airlines, Inc. (PAL) will begin a weekly charter
operation connecting Guangzhou in China with Subic Bay and
Manila on May 3 to cater to Guangzhou's growing leisure market,
Business World reports.

The charter, operated in partnership with Subic-based Legend
International Resorts and Casinos, will run every Friday with
the routing Manila-Guangzhou-Subic-Manila. PR 338 departs Manila
at 4 p.m. and arrives at Guangzhou's Baiyun International
Airport at 6:20p.m. The return service PR 339 departs Guangzhou
at 7:20 p.m. and touches down at Subic Bay International Airport
at 9:30 p.m.

The extension flight to Manila, PR 223, leaves Subic at 10:15
p.m. and arrives 30 minutes later.

PAL will deploy a Boeing 737-300 aircraft, configured in a 148-
seater monoclass layout, for the route.

Philippine Airlines in February incurred a net loss of P358
million, lower than the airline's projection of a P593 million
loss.

PAL President Avelino Zapanta earlier said the Company has no
plans to further cut a 7,000 workforce, which has already been
lessened from 14,000 since it began its rehabilitation program.

The country's flag carrier is entering its fourth year of a 10-
year rehabilitation scheme after a labor strike crippled
operations in 1998.


PHILIPPINE LONG: Falls P7.50 as Bond Meets Expectations
-------------------------------------------------------
Philippine Long Distance Telephone Co, the country's
telecommunications giant, dropped P7.50 to 460 on volume of
23,710 shares, showing minimal losses after its US$350 million
bond rates came within expectations, AFX Asia reported.

PLDT has placed its US$100 million in 10.625 percent notes due
2007, and US$250 million in 11.375 percent notes due 2012.
Proceeds will be used to repurchase its outstanding 8.5 percent
notes due 2003 and 10.625 percent notes due 2004, and to repay
or prepay its other short and medium-term debt.

The company has US$1.3 billion in debt maturing up to 2004.

PLDT has announced a repurchase offer for its 2003 and 2004
notes, which will expire on May 15.

Fitch Ratings last week has assigned a BB- rating to PLDT's
US$350 million issue of unsecured notes due in 2007 and 2012.
Moody's Investors Service gave it a Ba3 rating.


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


CAPITALAND LTD: Divests Indonesian Stakes
-----------------------------------------
The Board Directors of CapitaLand Limited wishes to announce the
following transactions which are in furtherance of the Company's
strategy to divest non-core assets and streamline its operation
to focus on key gateway cities:

CapitaLand's wholly owned subsidiary, Amethyst Holdings Pte Ltd
(AHPL), a company incorporated in Singapore, has on April 26
entered into a conditional sale and purchase agreement to sell
its 95% interest in PT Amethyst Wahyu (PTAW), a company
incorporated in Indonesia, for an aggregate cash consideration
of US$25 million (approximately S$45.75 million). This interest
comprises 15,200 ordinary shares in the issued capital of PTAW
and shareholders' loans to PTAW.

PTAW owns a vacant site in Kebayoran, South Jakarta, Indonesia.
Completion of the sale is expected to take place on 18 December
2002, by which time US$20 million will have been paid. The
remaining balance of US$5 million, to be paid on 30 June 2003,
will be secured by a pledge of 50% of the ordinary shares of
PTAW in favour of AHPL.

AHPL has also today sold its 51% interest in PT Pakuwon Amethyst
(PTPA), a company incorporated in Indonesia, for an aggregate
cash consideration of US$1.8 million (approximately S$3.29
million). This interest comprises 51,000 ordinary shares in the
issued capital of PTPA and shareholders' loans to PTPA.

PTPA's only asset is "Permata Berlian", a development which
comprises two uncompleted condominium towers in Permata Hijau,
sub-district of Grogol Utara, district of Kebayoran Lama, South
Jakarta.

The completion of both of these transactions is contingent upon
approval of the sales by Indonesian authorities. Upon
completion, PTAW and PTPA will cease to be subsidiaries of AHPL.

These divestments are not expected to have a material impact on
CapitaLand's net tangible assets per share. It is, however,
anticipated that these transactions will contribute
approximately 1.6 cents to earnings per share for the financial
year ending 31 December 2002.

None of the Directors or substantial shareholders of CapitaLand
has any interest, direct or indirect, in the divestments.

Southeast Asia's largest listed property company last year took
on provisions of S$588.2 million for lower valuation of its land
assets, leading to a full-year loss of S$275 million.


SEMBCORP LOGISTICS: Posts Changes in Wee Chow Hou Stakes
--------------------------------------------------------
Sembcorp Logistics posted a notice of change in Wee Chow Hou's
interests:

Date of notice to company: 29 Apr 2002
Date of change of deemed interest: 26 Apr 2002
Name of registered holder: Wee Chow Hou
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: 5,000
Percentage of issued share capital:
Amount of consideration: S$2.19
No. of shares held before change:
Percentage of issued share capital:
No. of shares held after change:
Percentage of issued share capital:

Holdings of Substantial Shareholder including deemed interest
No. of shares held before change:     15,000 (Direct)
Percentage of issued share capital:
No. of shares held after change:      10,000 (Direct)
Percentage of issued share capital:
Total shares:                         10,000 (Direct)

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.


WEE POH: Announces Holding Changes
----------------------------------
Ailing construction firm Wee Poh Holdings Limited, faced with
current liabilities of $50.9 million at the end of 2001, posted
a notice of change in the interest of Chua Lai Seng:

Date of notice to company: 25 Apr 2002
Date of change of deemed interest: 25 Apr 2002
Name of registered holder: Chua Lai Seng
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: 420,000
Percentage of issued share capital: 0.35
Amount of consideration per Share: S$0.1064
No. of shares held before change: 7,543,500
Percentage of issued share capital: 6.292
No. of shares held after change: 7,123,500
Percentage of issued share capital: 5.942

Holdings of Substantial Shareholder including deemed interest
No. of shares held before change:     7,543,500 (Direct)
Percentage of issued share capital:   6.292
No. of shares held after change:      7,123,500 (Direct)
Percentage of issued share capital:   5.942
Total shares:                         119,914,  (Direct)

For the six months ended December, Wee Poh's net loss widened to
$13.2 million from $1.7 million previously. Turnover tumbled 40
percent to $32.2 million, as a result of continued contraction
of the industry and the Group's selectivity in obtaining new
projects. For a complete financial result, visit
http://www.bankrupt.com/misc/TCRAP_WeePoh0424.doc


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


MEDIA OF MEDIAS: Ups Paid-Up Capital
------------------------------------
Pursuant to The Business Rehabilitation Plan of Media of Medias
Public Company Limited approved by the Bankruptcy Court on
January 15,2002, clause 4.9 of the Plan (concerning decrease and
increase in capital, capital structuring), the Plan
Administrator has already proceeded to register the increasing
paid-up capital totaling 111,073,896 shares with the Ministry of
Commerce on April 25,2002.

The increasing Paid-up capital arises from debt-to-equity
conversion and allocation of shares to a Plan Administrator.

At present, the registered capital of Media of Medias Public
Company Limited is Bt580 million comprises 145 million ordinary
shares at par value of Bt4 each as follows:
                       Number of shares      Amount (Baht)
Paid-up capital           137,073,896        548,295,584.00
Unpaid capital
  Shares reserve for
  convertible debenture     5,553,765         22,215,060.00
  Shares                    2,372,339          9,489,356.00
  Total                     7,926,104         31,704,416.00
Total                     145,000,000        580,000,000.00


SINO-THAI: Reports Preferred Shares Conversion
----------------------------------------------
Sino - Thai Engineering and Construction Public Company Limited
informed that at the shareholder's extraordinary meeting
no.1/1987 a resolution passed approving the increase of the
registered capital of the Company from Bt30 million to Bt100
million by the issuance of 700,000 new preferred shares with a
par value of Bt100 each. Later on the par value was changed to
Bt10 which increased number of preferred shares to 7 million
shares.

According to the Company's Article of Association, the preferred
shares can be converted to ordinary shares at the ratio of 1 to
1.

The Company would like to report that on 29 March 2002, the
preferred shareholder exercised his right to convert preferred
shares to ordinary shares:

1.Number of holders who exercised their right: 1 person
2.Number of preferred shares converted: 3,000,000 shares
3.Number of ordinary shares from conversion: 3,000,000 shares
4.Number of preferred shares after conversion: 4,000,000 shares

On February 14, 2002 the company has a registered capital of
Bt1.02 billion with Bt850 million paid up capital by issuing:

- 95 million ordinary shares at B10 each, issued and paid-up 87
million shares
- 7 million preferred shares at Bt10 each, issued and paid-up 7
million shares

In this regard, Sino - Thai Engineering is processing the
registration of the amendment of the Company's Memorandum of
Association to the Commercial Registration Department, Ministry
of Commerce and the Stock Exchange of Thailand to approve to
registered securities onwards.



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.

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