TCRAP_Public/020503.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

            Friday, May 03, 2002, Vol. 5, No. 87

                         Headlines

A U S T R A L I A

ANSETT GROUP: Administrators Sell Sydney Terminal to SACL
AUSTAR UNITED: Paid Big Bonuses While Losing $682M
HAZELTON AIRLINES: Bidders Told to Finalize Offers
HIH INSURANCE: Probe Continues on FAI Takeover
ONE.TEL LTD: Packer Gives More Evidence at Inquiry

ONE.TEL LTD: Cash Worries Concerned Kerry Packer in 2000
PASMINCO LIMITED: Administrators Prepare Future Plan
PASMINCO LIMITED: Williams Steps Down as EGM
UNITED MEDICAL: Collapse Affects Mayne Group Shares


C H I N A   &   H O N G  K O N G

CENTURY CITY: Ups 10.3% on Debt Hopes
CHEER IMAGE: Hearing of Winding Up Petition Set
GOLDEN DRAGON: Court Sets June Winding Up Hearing
LIPPO: Sinks Further on $335M Loss
MEI FA FURNITURE: Winding Up Hearing Slated for June

UNI-DUTY INVESTMENTS: Winding Up Petition Hearing Set


I N D O N E S I A

BAKRIE FINANCE: Creditors Approve Debt Deal
BANK NIAGA: Robby Djohan Bids for 51% Stake
BANK NIAGA: Sale Price Must be Higher Than Analyst Valuations
INDOCEMENT TUNGGAL: Govt Keen to Sell 5% Stake to Heidelberger


J A P A N

DAIWA SECURITIES: Considers Share Buyback
MIZUHO HOLDINGS: Settlements, Money Transfers Return to Normal
SNOW BRAND: Mulling Ice-Cream Ops Alliance With Lotte


K O R E A

DAEWOO MOTOR: Promises Firm Plans to Revive Polish Factory
DAEWOO MOTOR: Selling Vehicle Model Below Market Price
HYNIX SEMICON: Government to Sell Firm Overseas
HYNIX SEMICON: Korea Exchange Bank Pushes for Hynix Sale
HYNIX SEMICON: Micron Withdraws From Talks

HYNIX SEMICON: Seeking to Sell Non-memory Unit to Survive
HYUNDAI PETROCHEMICAL: SK Corp Reviews Takeover


* Listed Firms Manage to Cut Debt in 2001 *


M A L A Y S I A

MALAYSIAN RESOURCES: Narrows Second-Quarter Loss to MYR45.1M
SISTEM TELEVISYEN: Second-Quarter Losses Widen to RM5.43M
TENAGA NASIONAL: Malakoff Envisions Buy Finished in Q4
TRANS CAPITAL: Seeks Two Months Extension to Revise Plan


P H I L I P P I N E S

COSMOS BOTTLING: Posts P672.596M Profit
METRO PACIFIC: Mulls Merger With FBDC, Bonifacio Land
NATIONAL BANK: MoA Signing Between Tan, Govt Planned for Today
NATIONAL POWER: ADB Set to Back-Up Bond Float
PHILIPPINE AIRLINES: Govt Demands PAL to Honor P2B Put Option

PHILIPPINE LONG: Sees First-Quarter Growth as Smart Delivers
PHILIPPINE TELEGRAPH: Agrees on Debt-to-equity Swap Deal


S I N G A P O R E

SEMBCORP LOGISTICS: Posts Change in Capital Group's Holding
SEMBCORP LOGISTICS: Posts Changes in Wee Chow Hou Stakes


T H A I L A N D

A.J. PLAST: Shareholders Okay Suspension of Dividend Payment
BANGKOK STEEL: Defers 2001 Dividend
THAI FACTORY: Omits Dividend Payment in 2001 as Losses Continue

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


ANSETT GROUP: Administrators Sell Sydney Terminal to SACL
---------------------------------------------------------
The administrators of failed airline, Ansett Australia, have
sold the company's valuable Sydney Airport terminal lease to
Sydney Airports Corp Ltd (SACL) for around A$200 million ($108
million), Reuters reported.

A Sydney Airports Corp spokesman was not immediately available
for comment.

Administrators Mark Mentha and Mark Korda said they had received
15 expressions of interest for the terminal.

Qantas Airways Ltd withdrew as a bidder. Virgin Blue put in a
bid to buy four of Ansett's east coast terminals, but never
disclosed whether the Sydney terminal was one of them.

Ansett's domestic terminal at Canberra airport was sold last
week for an undisclosed sum. Ansett was placed in administration
last September by its former owner, Air New Zealand AIR.NZ, as
it struggled to ensure its own survival.


AUSTAR UNITED: Paid Big Bonuses While Losing $682M
--------------------------------------------------
Austar United paid executives performance bonuses last year
despite reporting a $682 million loss, Australian IT reported.

According to the annual report, executive remuneration grew from
$3.5 million in 2000 to $4.2 million in 2001. The amount paid to
Chief Executive John Porter increased from between $800,000 and
$856,000 to $1.1 million.

As part of that package, the report said he was paid a bonus of
$63,045 in 2001, but Company spokesman Bruce Meagher said that
related to 2000 calendar year and the Board elected not to pay
him a bonus for 2001.

In 2001 it lost $307 million, but that blew out to $682 million
after it wrote off the value of businesses it exited. The
regional pay-TV group confirmed Wednesday its cash reserves had
fallen to $59.6 million due to higher interest payments.

Austar does not need to begin repaying its debt until March
2005. The company defaulted on its previous debt facility last
December.

Austar United is one of the most dynamic media and
communications companies in the Australian and New Zealand
markets. It was the first company in Australasia to launch
digital interactive television. The company is majority owned by
UnitedGlobalCom.


HAZELTON AIRLINES: Bidders Told to Finalize Offers
--------------------------------------------------
Hazelton Airlines administrator Michael Humphris of Sims
Lockwood has warned potential buyers to finalize their bids or
he may have to seek creditor approval to pursue other plans, the
Age newspaper reported.

The warning came as Australiawide Airlines offered to change its
bid following talks with administrators of Hazelton and Kendell
Airlines, the South Australian-based regional carrier.

The other Hazelton bidder is a consortium of town councils
called Inland Marketing Corp of Australia.

Both bidders want to merge Hazelton and Kendell. Mr Humphris and
the Federal Government favored the proposal, but the structure
of the merger has not been decided.

The administrators are believed to be considering an alternative
plan to restructure the airlines, merge them, set up a new board
and float the business in a year or two.

Hazelton is losing about $1 million a month and is heavily
reliant on government support.


HIH INSURANCE: Probe Continues on FAI Takeover
----------------------------------------------
The investigation over the collapse of HIH Insurance continues
with the revelation of details about the group's $300-million-
takeover of FAI Insurance.

According to a report from the Age newspaper, FAI's biggest
shareholder and managing director, Rodney Adler, sold 45 million
shares to HIH Insurance at 75 cents a share on September 23,
1998, when all other sellers on the day received between 45
cents and 65 cents.

Then, apparently unhappy that the bid contained a 90 percent
acceptance condition, Mr Adler offered about half his family's
shareholding to the market so that other companies could also
bid.

HIH bought the shares within two minutes then publicly announced
the bid later that day.

HIH Insurance collapsed in March 2001 with debts totaling A$5.3
billion.


ONE.TEL LTD: Packer Gives More Evidence at Inquiry
--------------------------------------------------
One.Tel director James Packer returned to the Federal Court in
Sydney yesterday morning to continue giving evidence, under an
inquiry by liquidators into the collapse of the mobile phone
company, ABC News reported.

Mr Packer took the stand following former chief executive, Brad
Keeling's, earlier testimony that the director's statement to
the Board that he only learned in May that cash levels were
critical was not true.

Mr Packer told the court earlier that while he initially
supported the payment of performance bonuses to former company
chiefs Jodee Rich and Brad Keeling, he later demanded they pay
them back because the company had recorded a bigger-than-
expected operating loss of $290 million for the 2000 financial
year.

James Packer said he only became aware One.Tel's top executives
had received millions of dollars in bonus payments about
September 2000, a few weeks before the payments came public, the
court was told.

One.Tel folded in June 2001 with debts of more than A$600
million.


ONE.TEL LTD: Cash Worries Concerned Kerry Packer in 2000
--------------------------------------------------------
Kerry Packer voiced worries about One.Tel running out of cash in
October 2000, eight months before the mobile phone company
collapsed, Australian IT reported yesterday.

One.Tel director James Packer told a Federal Court examination
that his father in October 2000, "was expressing concerns to
ensure that One.Tel did not run out of money."

James Packer told the court that his father's concerns were one
of the reasons Publishing and Broadcasting Ltd's Chief Financial
Officer, Geoff Kleemann, was sent to review the telco that
month.

The inquiry by One.Tel liquidators Ferrier Hodgson is seeking
reasons for the collapse, and what directors did or did not do
in accordance with their duties under the Corporations Law.


PASMINCO LIMITED: Administrators Prepare Future Plan
----------------------------------------------------
Pasminco administrator John Spark from Ferrier Hodgson says he
hopes to present to a creditor's committee within the next few
weeks a firm plan for the mining company's future.

According to a report from the ABC News, the Takeover Panel's
decision to permit the company to allow creditors to hold a
controlling interest in Pasminco is expected to form a central
part of the plan.

Mr Spark says he believes reducing debt to equity would be the
most sensible way for the company to proceed.


PASMINCO LIMITED: Williams Steps Down as EGM
--------------------------------------------
Mining company Pasminco has announced that executive general
manager Ian Williams has resigned.

Mr Williams finishes with the company at the end of this week.

The Company says it plans to implement a single non-divisional
organizational structure within Pasminco to help reduce costs.


UNITED MEDICAL: Collapse Affects Mayne Group Shares
---------------------------------------------------
The collapse of United Medical Protection, Australia's largest
medical insurer, has hit the shares in Mayne Group and other
listed hospital operators as investors were worried about the
threat to surgical procedures.

The Age newspaper reported that Mayne shares fell 26 cents to
$3.64, leaving the stock at less than half its $7.50 peak of
last October.

Ramsay Healthcare fell 12 cents to $4.75, Healthscope lost 9
cents to $2.61, while newly listed Nova Health fell 1 cent to 98
cents.

"We've had reports from a few hospitals that some surgery lists
have been cancelled by some surgeons, but that's not indicative
of the group, where it's business as usual," Mayne spokesman Rob
Tassie said.

Mr Tassie said the Federal Government was dealing with the
problem. The Federal Government has offered to guarantee medical
indemnity for doctors until June 30, but some have cancelled
procedures due to concerns about the extent of that protection.

United Medical has been struggling under the weight of massive
claims payouts.


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


CENTURY CITY: Ups 10.3% on Debt Hopes
-------------------------------------
Century City International Holdings, controlled by Lo Yuk-sui,
rises another 10.3 percent to HK4.3 cents, after a 25.8 percent
gain on Tuesday, as long-running debt problems clouding group
may soon be resolved.

Unit Paliburg's proposal to transfer to bondholders its
interests in Paliburg Plaza and Kowloon City Plaza, plus 1.9
billion shares in Paliburg's 75 percent-owned Regal Hotels,
appears acceptable to bondholders.

Century City earlier 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.


CHEER IMAGE: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up Cheer Image Development Limited is set
for hearing before the High Court of Hong Kong on July 3, 2002
at 10:30 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 19, 2002.


GOLDEN DRAGON: Court Sets June Winding Up Hearing
-------------------------------------------------
The petition to wind up Golden Dragon Gem Company Limited is set
for hearing before the High Court of Hong Kong on June 26, 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 6, 2002.


LIPPO: Sinks Further on $335M Loss
----------------------------------
Lippo, the Hong Kong-listed conglomerate controlled by the Riady
family of Indonesia, has unveiled a fourth consecutive year of
massive losses, the South China Morning Post reported.

A bottom-line loss of HK$335.46 million for the ultimate holding
company in the Lippo stable of companies for the year to
December 31 compares with a loss of HK$433.57 million in 2000.

Previously, losses of HK$251.43 million were recorded in 1999
and a huge HK$2.08 billion loss was booked in 1998 when bad-debt
provisioning in the group's banking arm and investment and
property write-downs totaling HK$1.28 billion plunged the
accounts into the red.

Further property write-downs and a big reverse in the books of
its banking subsidiary Hong Kong Chinese Bank (HKCB), sold
shortly after the year-end, were once again the major culprits
in the group's latest accounts.

However, these sustained write-downs may now raise the
intriguing question among minority shareholders in the remaining
free float who have stuck with the group, and among speculative
punters, whether performance-boosting revaluations could lie
ahead.

Such moves could dramatically reverse the tide of red ink in
both the holding company and its listed subsidiaries, as well as
their share prices. For the moment, however, the losses and
shattered investor faith have combined to depress the share
prices.


MEI FA FURNITURE: Winding Up Hearing Slated for June
----------------------------------------------------
The Bank of China (Hong Kong) Limited of Bank of China Tower,
No. 1 Garden Road, Hong Kong is seeking the winding up of Mei Fa
Furniture Centre Limited.

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


UNI-DUTY INVESTMENTS: Winding Up Petition Hearing Set
-----------------------------------------------------
The petition to wind up Uni-Duty Investments Limited is set for
hearing before the High Court of Hong Kong on July 10, 2002 at
9:30 am.

Bank of China (Hong Kong) Limited, whose registered office is
14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong
Kong, filed the petition with the court on April 8, 2002.


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


BAKRIE FINANCE: Creditors Approve Debt Deal
-------------------------------------------
Majority of Bakrie Finance Corporation (BFC)'s creditors have
approved Wednesday the restructuring of the company's debts
worth Rp1.46 trillion (about US$158 million), the Jakarta Post
reported.

Company spokesman Lalu Mara Satriawangsa said that 97.4 percent
of its creditors voted to approve the debt restructuring
proposal presented by the financial services company to the
Central Jakarta Commercial Court.

Under the debt restructuring deal, the company is to transfer
all its assets to a special purpose vehicle.

The assets include insurance firms PT Asuransi Ikrar Lloyd and
PT Asuransi Jiwa Bakrie, securities firm PT Bintang Sekuritas
Indonesia, and financial services company PT Swadinamika Bakrie
Finance.

Bakrie Finance has a debt total of Rp2.2 trillion to 45
creditors, of which Rp1.7 trillion has matured on Dec 31, 2001.

Some of the 45 creditors are Lippo Bank, Indover Asia Ltd, Sinar
Mas Multiartha, Bank of America, Hanil Leasing & Financing,
Malaysian Banking Bhd, Keppel Tat Lee Bank Ltd, Korea Leasing
Pte Ltd, Commonwealth Development Bank and Bank Danamon.


BANK NIAGA: Robby Djohan Bids for 51% Stake
-------------------------------------------
Robby Djohan, one of Indonesia's most prominent businessmen and
former banker, has emerged as a possible buyer for the 51
percent Bank Niaga stake being offered by the Indonesian Bank
Restructuring Agency (Ibra).

Sources told Business Times that Djohan is using his private
investment company Asia Fund as the vehicle to purchase Bank
Niaga.

The paper added that Djohan has teamed up with Malaysia's
Commerce Asset Holdings for the stake. The nature of the
partnership between both parties remains unclear, as another
global equity fund is also a member of the consortium.

Bank Panin, which has teamed up with Australia & New Zealand
Banking Group Ltd., PT Bank Victoria International and Batavia
Investment Fund II Ltd. are also bidding for the 51% stake in
Bank Niaga.


BANK NIAGA: Sale Price Must be Higher Than Analyst Valuations
-------------------------------------------------------------
Indonesian Bank Restructuring Agency (IBRA) Chairman, Syafruddin
Tumenggung, said the divestment price for the 51 percent stake
the government is selling in PT Bank Niaga must be higher than
analysts' valuations, AFX Asia reported.

Analysts have said that Bank Niaga's divestment may be priced at
below 50 rupiah per share, assuming that its pricing should not
be better than that of PT Bank Central Asia, which was sold at
1.2 times book value.

"Bank Niaga's price could be very different from the last six
months due to the improvement in market performance," he said.

He said despite the ongoing concerns over valuation, IBRA will
not withdraw the divestment plan.


INDOCEMENT TUNGGAL: Govt Keen to Sell 5% Stake to Heidelberger
--------------------------------------------------------------
The government is willing to sell a further 4.8 to 5 percent of
PT Indocement Tunggal Prakarsa shares to Heidelberger Zement AG
as part of a put option expiring in December, Bisnis Indonesia
reported.

The government has a put option to sell up to 16.87 percent to
Heidelberger, which already owns 61.7 percent.

"We will only execute 30 percent of the total put option, or 4.8
to 5 percent of the total shares in Indocement by December
2002," State Enterprises Ministry privatization deputy Mahmuddin
Yasin was quoted as saying.

The remaining 12.07 percent will be sold through the stock
exchange, he said.

He did not explain why the stake is being broken up in this way.

Heidelberger took over the cement maker in April last year as
part of a US$300 million deal involving the share sale, a rights
issue, debt-to-equity conversion and a put option belonging to
the government.

Under the put option, the government has the right to sell to
Heidelberger around 144 million Indocement shares for a total of
352.7 billion rupiah, and 474 million Indocement shares for
1,200 rupiah per share in the first year or 1,400 rupiah per
share during the second year.

Indocement earlier reported a loss of Rp63 billion (US$6.3
million) for 2001, compared to Rp874 billion in losses for the
previous year. Company President Daniel Lavalle attributed the
improvement to debt restructuring, including conversion of some
of its debt into equity early last year.


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


DAIWA SECURITIES: Considers Share Buyback
-----------------------------------------
Daiwa Securities Group Inc, Japan's second-biggest brokerage
company, plans to buy back between 30 million and 50 million of
its shares, or 3 to 5 percent of all its outstanding shares as a
means to boost the value of its stock held by shareholders,
Japan Today reported.

Company President and Chief Executive Officer Yoshinari Hara
told a news conference he would make the proposal to a
shareholders' meeting, although he was unsure about specifics or
a schedule for an actual buyback.

Last week, Daiwa reported a loss of 130.5 billion yen in the
business year that ended on March 31, hit by a downturn in its
core equities business and a one-off asset evaluation loss.

The Daiwa Securities Group Inc. - http://www.ir.daiwa.co.jp/-  
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.


MIZUHO HOLDINGS: Settlements, Money Transfers Return to Normal
--------------------------------------------------------------
The Mizuho financial group's advisories of account settlements
and money transfers to corporate clients at its group banks have
returned to normal after a month of prolonged delays due to a
computer fiasco, Japan Today reported.

Operations for settlements and credit advisories at Mizuho Bank
and Mizuho Corporate Bank have been restored effective for deals
conducted Wednesday, Mizuho officials said.

The Mizuho financial group experienced serious computer problems
following the April 1 launch of its two commercial banks.

Japan's Financial Services Agency will conduct a special
inspection of Mizuho Holdings this month to look into the truth
and who is to blame for the group's massive computer glitch,
which came after Dai-Ichi Kangyo Bank, Fuji Bank and the
Industrial Bank of Japan merged under the Mizuho umbrella,
causing thousands of customers to be double-billed for utilities
charges and 7,000 ATMs to crash.


SNOW BRAND: Mulling Ice-Cream Ops Alliance With Lotte
-----------------------------------------------------
Struggling dairy product producer Snow Brand Milk Products Co.
and the local unit of Korean food giant Lotte Group are
considering setting up a joint venture to manufacture and sell
ice-cream, Wall Street Journal reports.

In a bid to restructure its group operations, Snow Brand Milk
has announced plans to form a series of alliances in different
business fields with other companies.

Snow Brand Milk was badly damaged by a mass food poisoning
incident involving its milk products less than two years ago and
by a beef-labeling scandal at its food unit earlier this year.

Snow Brand Foods Co dissolved its operations Tuesday as earnings
deteriorated sharply. The meat packer fell into a financial
difficulty due to revelations that it had passed off Australian
beef as Japanese beef to benefit from a government buyback
scheme introduced after the discovery of mad cow disease in
Japan last September.


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


DAEWOO MOTOR: Promises Firm Plans to Revive Polish Factory
----------------------------------------------------------
South Korea's bankrupt Daewoo Motor Co, fresh from selling key
assets to General Motors Corp, promised firm plans this month to
revive its Polish passenger car factory, Daewoo FSO.

Daewoo FSO is the largest of 11 overseas plants excluded from
the GM deal.

"We (the remaining Daewoo Motor) will continue to maintain our
stake in Daewoo FSO," Daewoo Motor President Lee Young-kook told
Reuters.

"We shared the view with officials from Poland that we must
revive Daewoo FSO," he said.

"We will take measures such as controlling the debt load. Firm
plans will emerge this month."

He did not give details of plans for the factory, which is
capable of producing 272,000 automobiles annually.


DAEWOO MOTOR: Selling Vehicle Model Below Market Price in Europe
----------------------------------------------------------------
Daewoo Motor Co is expected to produce and sell a model in
European markets that will be priced below similar models in
Europe, AFX Asia reported.

General Motor Corp executives said the Daewoo-produced vehicles
to be marketed in Europe would be priced below those of GM's own
models and those of the chief European automakers.

GM on Tuesday agreed to take over Daewoo's core assets and some
operating liabilities. The U.S. automaker giant now holds a 67
percent stake in the new firm, named GM-Daewoo Auto and
Technology.


HYNIX SEMICON: Government to Sell Firm Overseas
-----------------------------------------------
The government decided Wednesday to launch new steps to sell off
the struggling Hynix Semiconductor overseas after it replaces
the chipmaker's board members, Digital Chosun reported.

Deputy Prime Minister Jeon Yun-churl told reporters that he
believed there is no other solution to Hynix's problems than to
sell it off and that the firm's Board should have been able to
reach a sales deal with Micron Technology Inc, with whom it had
been involved in negotiations for about five months.

A Financial Supervisory Commission official said that the
creditors are expected to soon take steps to replace the members
on the Board, who vetoed the sales proposal on Tuesday.

He said the Board members' replacement is a feasible move, as
the creditors will own more than a 60 percent stake in Hynix.


HYNIX SEMICON: Korea Exchange Bank Pushes for Hynix Sale
--------------------------------------------------------
Hynix Semiconductor Inc. creditor, Korea Exchange Bank,
continues to push for the sale of the computer memory chipmaker,
Bloomberg reports.

"Creditors have not changed their original position that Hynix
should be sold," said Lee Kang Won, who took over two days ago
as the bank's president. "I hope that a channel of further talks
with Micron has not been severed."

Korean banks are trying to recoup almost $5 billion of loans
from Hynix.

Early this week, Hynix creditors rejected an accord to sell the
company's main computer memory chip business to U.S. rival
Micron Technology Inc. for about $3 billion.

Many investors disagreed with the Board's decision.


HYNIX SEMICON: Micron Withdraws From Talks
------------------------------------------
Hynix Semiconductor Inc received a final blow yesterday
following the withdrawal of Micron Technology Inc. from the $3.1
billion deal to buy the South Korean chipmaker's core assets,
Reuters reported.

"Despite considerable efforts, the parties could not reach a
preliminary agreement. After careful evaluation, we are unable
to discern a process that would allow the numerous parties
involved to reach agreement in a timely manner," Micron Chairman
Steve Appleton said in a brief statement.

"As a result, we are withdrawing from the Hynix negotiations,"
he said.


HYNIX SEMICON: Seeking to Sell Non-memory Unit to Survive
---------------------------------------------------------
Hynix Semiconductor Inc. is considering selling off its non-
memory unit next year in an effort to secure fresh funds for its
independent survival strategy, the Korea Herald said, citing
local media reports.

"The sell-off of the non-memory unit is designed to focus on the
company's core business of memory chip production," Yonhap News
Agency quoted a high-ranking Hynix official as saying.

He said there is already one potential buyer interested in the
non-memory unit, which has assets valued at 1.7 trillion won and
300 billion won worth of debt.

Hynix staved off bankruptcy last year with two multibillion-
dollar bailouts.


HYUNDAI PETROCHEMICAL: SK Corp Reviews Takeover
-----------------------------------------------
Following Honam Petrochemical and LG Chemical, SK Corp. on
Wednesday declared its intention to acquire debt-ridden Hyundai
Petrochemical Co, the Korea Herald reported.

"We are reviewing the takeover of Hyundai Petrochemical on the
SK Group level. If the terms are acceptable, we will take
control of it," an SK Corp. official said.

Analysts say it is still unclear whether SK Corp. intends to buy
the whole of Hyundai Petrochemical or parts of it.

Creditors, who now fully own Hyundai Petrochemical following a
debt bailout, plan to sell all shares in the company by year-
end.

Hanvit Bank, a Hyundai Petrochemical creditor, is leading the
company's restructuring on behalf of other creditors.

The petrochemical company had a debt totaling KRW2.6 trillion as
of June 2001.


* Listed Firms Manage to Cut Debt in 2001 *
-------------------------------------------
Listed companies managed to reduce their borrowings last year,
resulting in stable and better capital structures.

A report from the Korea Stock Exchange shows that the combined
borrowing of 462 listed firms that closed their books last
December, stood at 150.77 trillion won as of end-2001, down
13.69 percent from a year earlier.

Short-term debts and long-term debts fell sharply by 25.36
percent, while the combined amount of long-term debt and
corporate debt issues fell just by 2.92 percent.

The report added that total debt at the surveyed companies stood
at 260.21 trillion won, down 12.36 percent or 36.71 trillion won
from a year earlier.

Their ability to repay short-term debts also improved. For one,
the surveyed companies' quick ratio, a measure of a company's
liquidity used to evaluate creditworthiness by dividing quick
assets by current liabilities, came in at 91.08 percent, rising
9.58 percentage points from a year ago.

Korea Electric Power Corp. was founded to have cut borrowing by
48.8 percent or 12.47 trillion won to 13.08 trillion won, with
Hynix Semiconductor Inc. reducing borrowing by 3.38 trillion won
and LGCI by 1.71 trillion won.


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


MALAYSIAN RESOURCES: Narrows Second-Quarter Loss to MYR45.1M
------------------------------------------------------------
Malaysian Resources Corporation Berhad revealed its financial
figures for the second quarter ending February 28:

                               2002                2001
Revenue                 MYR146,075,000      MYR147,869,000
Pretax Profit              (38,141,000)        (49,714,000)
Net Profit                 (45,075,000)        (55,640,000)
Earnings Per Share           (4.62 Sen)          (5.70 Sen)
Dividend                       Omitted             Omitted
  6 months:
Revenue                    273,021,000         209,421,000
Pretax Profit              (64,223,000)         74,083,000
Net Profit                 (73,598,000)         62,182,000
Earnings Per Share           (7.54 Sen)           6.37 Sen
Dividend                       Omitted             Omitted

Figures in parentheses are losses.


SISTEM TELEVISYEN: Second-Quarter Losses Widen to RM5.43M
---------------------------------------------------------
Sistem Televisyen Malaysia Bhd (TV3) posted a net loss of RM5.43
million for the second quarter, more than twice that of the
RM1.73 million posted in the previous corresponding quarter, the
Edge Daily reported.

The private television station's net losses amounted to RM6.79
million for the six months to Feb 28, 2002, compared with the
sum incurred in the previous corresponding period.

TV3 also reported a lower turnover of RM117.10 million for the
six months, compared with the RM125.06 million previously. For
the latest quarter, its turnover was at RM52.21 million against
the RM59.33 million previously.

The Company, which operates commercial television broadcasting
and sells program rights, cable, video, laser rights, home
shopping goods and trading inventories, attributed the lower
revenue for the six months to the overall 10 percent decline in
television advertising expenditure.

TV3's earnings are expected to improve upon the completion of
its corporate and debt-restructuring exercises, the report
added.


TENAGA NASIONAL: Malakoff Envisions Buy Finished in Q4
------------------------------------------------------
Malaysian independent power producer Malakoff Bhd expects to
complete its proposed acquisition of a 40 percent stake in
Tenaga Nasional Bhd.'s Kapar plant in the fourth quarter.

Malakoff, according to a Dow Jones Newswires report, has agreed
with Tenaga Nasional to extend the time to fulfill certain
conditions for the Kapar deal by another six months to end-
October.

Kapar Energy Ventures Sdn. Bhd., a wholly owned unit of
Malakoff, is in the midst of buying the Kapar power plant for
4.2 billion ringgit.


TRANS CAPITAL: Seeks Two Months Extension to Revise Plan
--------------------------------------------------------
Reference is made to the announcement of Trans Capital Holding
Berhad (TCHB) to the Kuala Lumpur Stock Exchange (KLSE) dated 1
October 2001 wherein the Company had pursuant to paragraph 8.14
of the Listing Requirements of the KLSE and Practice Note 4/2001
dated 15 February 2001 issued by the KLSE (Practice Note)
announced, inter-alia, the following:

* TCHB is an affected listed issuer under the Practice Note;

* TCHB had received the approval of the KLSE for the extension
of time for two months from 1 March 2002 to 30 April 2002 in
order for TCHB to revise its regularization plan and to make a
revised Requisite Announcement to the KLSE for public release.

Pursuant to a requirement of the Practice Note for TCHB to make
monthly announcements to the KLSE, the Board of Directors of
TCHB hereby wishes to inform the KLSE that the Memorandum of
Understanding signed between TCHB and AKN Capital Sdn Bhd and
Ahmad Kabeer Nagoor on 8 February 2002 has been extended for
another 30 days before a formal agreement is signed between the
parties.

TCHB has appealed to the KLSE for an extension of time from 30
April 2002 until 30 June 2002 to revise its regularization plan
and to make a revised Requisite Announcement to the KLSE for
public release.


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


COSMOS BOTTLING: Posts P672.596M Profit
---------------------------------------
Philippine soft drink firm Cosmos Bottling Corporation reported
Thursday a net income for 2001 of P672.596 million.

The figure was lower than the earlier reported net income of
P692.745 million in the period.

San Miguel and the Coca Cola Co bought Cosmos last year in a
deal valued at P14 billion pesos. The purchase is still being
completed via a tender offer to the firm's minority
shareholders.


METRO PACIFIC: Mulls Merger With FBDC, Bonifacio Land
-----------------------------------------------------
Property developer Metro Pacific Corp (MPC) may consider merging
with affiliates Fort Bonifacio Development Co (FBDC) or
Bonifacio Land Co (BLC) to allow for the conversion of P2
billion worth of debts from creditors into equity, the
Philippine Daily Inquirer reported, citing chief financial
officer Jose Maria Lim.

The finance chief said the company was earlier considering
selling property assets to its creditors to ease the burden of
about P18 billion in consolidated debts.

Some banks were not amenable to such debt-for-property swaps due
to concerns over their rising foreclosed real estate portfolio,
he said.

"The next thing you'll do is to try them to convert into equity.
In some cases, the bank has the ability to take these into their
equity portfolio, particularly if there's a plan for them to get
out, whether that would be by merging of Fort Bonifacio
Development with MPC or Bonifacio Land with MPC," Lim said.

Bonifacio Land is a holding company 69.6% owned by MPC. It has a
majority stake in Fort Bonifacio Development, joint venture of
with the government's Bases Conversion Development Authority to
develop the 150-hectare Fort Bonifacio Global City just outside
Makati.

Of MPC's P18 billion in debts relating to its Fort Bonifacio
interests, P12 billion is owed by MPC itself and secured by
Bonifacio Land debts. The remainder represents direct borrowings
of either Fort Bonifacio Development or Bonifacio Land.

Of MPC's P12 billion in debts, P7 billion consists of local
debts. The remainder is debts to Hong Kong-based parent firm
First Pacific Co. Ltd.

MPC has about 18 creditors. Among the biggest are Metropolitan
Bank and Trust Co. and the Social Security System with exposures
of two billion pesos and 1.5 billion pesos, respectively.


NATIONAL BANK: MoA Signing Between Tan, Govt Planned for Today
--------------------------------------------------------------
Philippine National Bank majority shareholder Lucio Tan and the
Tan group of companies will sign a memorandum of agreement with
the national government today covering the government's retaking
control of the bank, Philippine Deposit Insurance Corp
President, Norberto Nazareno, said.

PNB urgently needs the rehabilitation plan, as it incurred a net
loss of P4.5 billion last year. It plans to raise up to P10
billion in fresh capital to solve its bad-loan problem.


NATIONAL POWER: ADB Set to Back-Up Bond Float
---------------------------------------------
The Asian Development Bank (ADB) is ready to guarantee the $750-
million bonds the state-owned National Power Corporation
(Napocor) plans to sell abroad in June.

The bank has yet to negotiate with the government whether such
guarantee will cover the entire bond float or just a portion of
it, the report said.

"It may be $500 million and above, or just $250 million. Depends
on what is most advisable, based on the market's reception. We
still don't know the form (of the guarantee and the terms of the
float)," a source told BusinessWorld.

Edgardo M. del Fonso, the head of Napocor's privatization arm,
Power Sector Assets and Liabilities Management (PSALM) Corp.,
said that ADB formally agreed last week to provide guarantee for
the bond float.

Napocor will use the proceeds from the bond sale for operations
and for debt payments.

Troubled Company Reporter Asia Pacific said early this week that
Napocor is in dire need of about P17 billion to pay off maturing
debt this month. Among the big expenses 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.


PHILIPPINE AIRLINES: Govt Demands PAL to Honor P2B Put Option
-------------------------------------------------------------
The national government and the four government financial
institutions (GFIs) holding minority stakes in Philippine
Airlines are planning to issue a demand letter pressing the flag
carrier to comply with the P2 billion "put option" agreement,
the Philippine Daily Inquirer reported.

The put option agreement signed on April 1996 requires PAL
majority owner Lucio Tan to buy the government's remaining
shares in PAL within six years ending May 6, 2002, at P5.00 per
share. In exchange, the government and the GFIs waived their
pre-emptive rights to a capital call, which was aimed at raising
P3.4 billion for a re-fleeting program.

The put option covers 1.37 percent of PAL held by the Government
Service Insurance System (GSIS), 0.96 percent by the national
government, 0.69 percent by Land Bank of the Philippines, 0.31
percent by Development Bank of the Philippines, and 0.31 percent
by the Armed Forces of the Philippines' Retirement Service
Benefits System.

Finance Secretary Jose Isidro Camacho said it would be
advantageous to the government and its corporations to have
their shares in PAL sold to Tan at this time.

"It is reasonable for us to exercise the put option particularly
now that PAL's share price is less than five pesos because the
GFIs also have to protect their respective financial interests,"
he said.

PAL expects 1.6 billion to 1.8 billion pesos in losses the
fiscal year started March. The carrier's par value is down to
one peso and its book value is 33 centavos per share.


PHILIPPINE LONG: Sees First-Quarter Growth as Smart Delivers
------------------------------------------------------------
Telecommunications giant Philippine Long Distance Telephone Co.
(PLDT) will post solid year-on-year growth in the first quarter
as wireless unit Smart Communications Inc delivered "really good
first quarter" results, Business World reports.

Barclays Capital regional telecom analyst, Lloyd Ong, said that
Smart would remain the key growth driver for the company. "PLDT
will continue to see good numbers carrying on the impact from
the improvement in Smart."

PLDT reported net profit of P3.41 billion in the full year of
2001 against P1.11 billion the year earlier. Smart contributed
some 34% of revenues.

In the first three months of 2001, Smart recorded a net income
of P837.3 million, against a net loss of P966.2 million the year
earlier.

The major problem for PLDT remained its heavy debt burden, with
$1.3 billion worth falling due between now and 2004.


PHILIPPINE TELEGRAPH: Agrees on Debt-to-equity Swap Deal
--------------------------------------------------------
Philippine Telegraph and Telephone Corp. (PT&T) and its
creditors have agreed to convert the company's estimated P8.5
billion (US$168.03 million) worth of debt into equity,
BusinessWorld reported, quoting PT&T President and Chief
Executive Officer, Jose Luis Santiago.

Santiago said the creditors are now meeting for the final
documentation of the master restructuring agreement.

The restructuring agreement is already being implemented in
part, as half of the firm's outstanding debt has been converted.

Santiago added that with the restructuring of PT&T, creditors
would own 70 percent. The Company's major creditors include
Korea Telecoms, ECI Telecom, JP Morgan Chase and local banks.

He is optimistic that PT&T will experience a turnaround,
probably in two years time, following the loan restructure.


=================
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: 02 May 2002
Date of change of deemed interest: 30 Apr 2002
Name of registered holder: DBS Nominees Pte Ltd, Raffles
Nominees Pte Ltd
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of DBS Nominees Pte Ltd
No. of shares of the change: 460,000
Percentage of issued share capital: 0.05%
Amount of consideration: S$2.2199
No. of shares held before change: 55,188,400
Percentage of issued share capital: 6.48%
No. of shares held after change: 54,728,400
Percentage of issued share capital: 6.43%

Shares held in the name of Raffles Nominees Pte Ltd
No. of shares of the change: 52,000
Percentage of issued share capital: 0.01%
Amount of consideration: S$2.2199
No. of shares held before change: 26,884,800
Percentage of issued share capital: 3.16%
No. of shares held after change: 26,832,800
Percentage of issued share capital: 3.15%

Holdings of The Capital Group Companies, Inc including deemed
interest
No. of shares held before change:     82,073,200 (Deemed)
Percentage of issued share capital:   9.64
No. of shares held after change:      81,561,200
Percentage of issued share capital:   9.58
Total shares:                         81,561,200

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.


SEMBCORP LOGISTICS: Posts Changes in Wee Chow Hou Stakes
--------------------------------------------------------
Sembcorp Logistics posted a notice of change in Director Wee
Chow Hou's interests in Singapore Airport Terminal Services Ltd:

Date of notice to company: 02 May 2002
Date of change of deemed interest: 30 Apr 2002
Name of registered holder: Wee Chow Hou
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder
No. of shares of the change: 10,000
Percentage of issued share capital:
Amount of consideration per share excluding brokerage, GST,
stamp duties,clearing fee: S$1.79
No. of shares held before change: 45,000
Percentage of issued share capital:
No. of shares held after change: 55,000
Percentage of issued share capital:

Holdings of Substantial Shareholder including deemed interest
No. of shares held before change:     45,000 (Direct)
Percentage of issued share capital:
No. of shares held after change:      55,000 (Direct)
Percentage of issued share capital:
Total shares:                         55,000 (Direct)


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


A.J. PLAST: Shareholders Okay Suspension of Dividend Payment
------------------------------------------------------------
A.J. Plast Public Company Limited said shareholders on April 29
approved no dividend for 2001. They also approved transfers of a
legal reserve and share premiums to offset accumulated losses.

The shareholders have further approved the issue of 6 million
warrants to shareholders, register closed April 9, at a ratio of
five existing shares to 1 warrant for free.


BANGKOK STEEL: Defers 2001 Dividend
-----------------------------------
Shareholders of Bangkok Steel Industry voted not to approve a  
2001 dividend, Bangkok Post reported.

The Company's audited financial statements for 2001 were not
sent to the SET and shareholders as two bank creditors had
appealed to the Supreme Court for business rehabilitation of the
company and the case was being considered.

The shareholders have reappointed Kris Khemadham, Chaiyong
Buapetch and Borriruk Jivaviroj as directors, while appointing
Kasin Attanont as director.


THAI FACTORY: Omits Dividend Payment in 2001 as Losses Continue
---------------------------------------------------------------
Thai Factory Development Public Company Limited would like to
report on the resolutions made at a shareholders' ordinary
meeting held on April 30, 2002.

The details of the resolutions are:

1. Certified the minutes made at an ordinary shareholders'
meeting (#1/2001) held on April 24, 2001.

2. Acknowledged the Company's operation result and directors'
report for the year 2001.

3. Approved the balance sheet and profit/loss account for year
ended December 31, 2001.

4. (/) Not to allocate net profit for legal reserves because the
Company's operation is still showing cumulative losses at the
end of year 2001

   (/) To omit the annual dividend payment for the operation
from January 1, 2001 to December 31, 2001 because the Company's
operation is still showing cumulative losses at the end of year
2001.

5. Re-appointed the directors whose tenure has ended, as
follows:

The directors whose tenure has ended are as follows:
1.  Dr. Suthorn Sathirathai
2.  Mr. Nan     Kitjalaksana
3.  Mr. Veera   Burapachaisri

The directors being re-appointed are as follows:
1.  Dr. Suthorn Sathirathai
2.  Mr. Nan     Kitjalaksana
3.  Mr. Veera   Burapachaisri

Approved the directors' remuneration at Bt 2,160,000 per annum
and authorized the Company's board of directors to allocate the
remuneration to each directors.

The Company's directors total 11 persons:

       Name                              Position
1. Dr. Suthorn Sathirathai       Chairman
2. Mr. Apichai Taechaubol        Executive Chairman
3. Mr. Sukhavichai Dhanasundara  Audit Committee Chairman
4. Mr. Thavatchai Jiaravudthi    Director and Executive Director
5. Mr. Hiroshi Ota               Director and Board's Advisor
6. Mr. Prasong Vara-ratanakul    Audit Committee Member
7. Mr. Veera Burapachaisri       Director
8. Mr. Nan Kitjalaksana          Audit Committee Member
9. Mr. Anukul Ubonnuch           Director
10. Mr. Gumpol Tiyarat           Director and Executive Director
11. Mr. Sukpoch Chotigavanich    Managing and Executive Director
        
6. Appointed and approved the following persons as auditors for
2002 period.
       Name                 CPA No.   Auditing Firm
1. Mr. Narong Puntawong      3315     Ernst & Young
2. Mr. Ruth Chaowanagawi     3247     Ernst & Young
3. Miss RungnapaLertsuwankul 3516     Ernst & Young

The auditing fees at Bt550,000 per annum.

7. Approved the amendment of the Company's articles of
association section 4, section 9, section 15, section 29,
section 32 section 40 and added section 51 details as appeared
in the invitation letter earlier submitted to the shareholders.

8. Approved transferring of reserve fund to compensate the
accumulative loss. As the company features accumulative loss of
Bt209,635,675.72 as of December 31,2001, deducted the reserve
fund of Bt10,020,870 and share premium of Bt 199,614,805.72.

Therefore, the company shall still have share premium of Bt
139,385,194.28 and, the accumulative loss won't be shown in the
accounts anymore.



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

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

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