TCRAP_Public/020507.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, May 07, 2002, Vol. 5, No. 89

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Lynas Completes A$5M AIL Acquisition
ANSETT GROUP: Furniture, Equipment Auction Today
AUSTRALIAN MAGNESIUM: Contractor Leighton First Project Choice   
ENERGY WORLD: CBA Defers Obligation Repayment to May 17
INTERNATIONAL MEDIA: ASIC Lifts Interim Stop Order

LIFESTYLE PROPERTY: Promoter Agrees to 3-Year Self-Ban
MAXIS CORPORATION: Heads of Agreement With NTG, PAH Executed
PASMINCO LIMITED: Takeovers Panel Proceedings Outcome Revealed
PRESTON RESOURCES: Proposes Bulong Ops Scheme of Arrangement
ROEHAMPTON RESOURCES: Ex-Director Charged With Insider Trading


C H I N A   &   H O N G  K O N G

401 HOLDINGS: Enters Convertible Bond Agreement With Topsmart
CIL HOLDINGS: Requests Trading Suspension
COMMERCIAL COLORLAB: Petition to Wind Up Pending
NAM FONG: Reaches Winding Up Petition Dismissal With Creditor
NANYANG SHIPPING: Incurs Fourth-Year Loss, Faces Delisting

PERFECT PAPER: Winding Up Sought by Fiveoceans Supply
STAR EAST: Enters Shares Subscription Agreement to Repay Debts


I N D O N E S I A

ASTRA INTERNATIONAL: Corporate Action Not Decided
PERUSAAHAN LISTRIK: Seeks Rp99T Funding to Meet Power Demand


J A P A N

FUJITSU LTD: To Trim Parts, Material-Procurement Costs
MITSUBISHI HEAVY: Wins Order for Hubless Ferris Wheel
NIPPON TELEGRAPH: Adopting Consolidated Taxation in FY02
SNOW BRAND: $157 Million Share Sale Falls Short of Plan
SNOW BRAND: Dairy Products Producer Drafts Rehab Plan

SNOW BRAND: May End Ties With Dole Next Month
SNOW BRAND: Seeks Y50B Assistance From Lenders


K O R E A

HYNIX SEMICON: Board to Accept Creditors' Split-and-Sell Option
HYNIX SEMICON: Creditors May Split Chipmaker This Week
HYNIX SEMICON: Government Mulls Chipmaker's Receivership
HYNIX SEMICON: KFB Recovers Loan, Raises Ire From Creditors
HYNIX SEMICON: Shares at Lifetime Lows

HYUNDAI MOTOR: Engine JV Formation With Daimler, Mitsubishi Set
HYUNDAI MOTOR: Will Buy Hyundai Merchant Op With WWL
SSANGYONG MOTOR: Shareholders Approve Capital Writedown


M A L A Y S I A

AOKAM PERDANA: In Loan Rescheduling Talks With Lenders
BRIDGECON HOLDINGS: Requirement Waiver Application Approved
CHASE PERDANA: Submits Proposals to Relevant Authorities
CYGAL BERHAD: Proposes New Articles of Association
DATAPREP HOLDINGS: Awaits KLSE's Securities Listing Approval

EMICO HOLDINGS: Proposals' Approval Pending
NAM FATT: Obtains FIC's Conditional Approval on Proposals
REKAPACIFIC BERHAD: Plaintiffs' Claim Struck Out
SRIWANI HOLDINGS: Arthur Andersen Issues Disclaimer of Opinion
TECHNO ASIA: Provides Auditors' Explanation Report

TECHNOLOGY RESOURCES: Telekom Control Over Reports Untrue
UCP RESOURCES: Unit Defaults BA Facilities Principal Payment


P H I L I P P I N E S

NATIONAL BANK: Government, Tan Inks Rehab Plan
NATIONAL BANK: Sees PHP800M Loss in First Quarter
NATIONAL POWER: Blamed for Transmission Line Project Delay
PHILIPPINE AIRLINES: Tan Prepared to Buy P2B Government Shares
PHILIPPINE TELEGRAPH: Anticipates Turnaround in Two Years

UNIWIDE HOLDINGS: SEC Approves Debt-for-Asset Swap


T H A I L A N D

EMC PUBLIC: Issues Ordinary Shares to Creditor   
HEMARAJ LAND: Defers Dividend Payment Due to Incurred Net Loss
MOOBAN SERI: Files Business Reorganization Petition
ROYAL CERAMIC: Posts Business Rehab Meeting Resolutions
SUPALAI PUBLIC: SET Grants Listed Securities

* SET Releases Index Calculation Excluded Stocks

    -  -  -  -  -  -  -  -   

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


ANACONDA NICKEL: Lynas Completes A$5M AIL Acquisition
-----------------------------------------------------
Lynas Corporation Ltd, further to the announcement made on 4
April 2002, advised that it has completed the acquisition of
Anaconda Industries Limited (AIL) from Anaconda Nickel Limited.

AIL is the holding company for Mt Weld Mining Pty Ltd, the
registered owner of all relevant mining tenements namely
ML38/58, ML38/59, and ML38/326. The acquisition of AIL gives
Lynas control of the entire Mt Weld Carbonatite system, other
than the phosphate owned by CSBP. The tenements acquired by
Lynas cover approximately 20 square kilometers.

The acquisition of the balance of the tenements gives Lynas 100%
of the significant Rare Earths resources available as a by-
product of any tantalum and niobium development.

The consideration for the acquisition is $5 million, inclusive
of the $1.25 million previously paid toward the acquisition of
ML38/326. In addition, Lynas will assume all of the contingent
liabilities to Ashton WA Ltd, amounting to an additional $3.75
million payable on project development and royalty payments from
future production.


ANSETT GROUP: Furniture, Equipment Auction Today
------------------------------------------------
The Ansett Administrators will auction most of Ansett's WA
furniture and equipment in a single major auction on Tuesday,
7th May 2002 at Perth Domestic Airport, Miller Road.

A total of 850 lots will go under the hammer at an auction to be
conducted by Smith Broughton & Sons for the administrators.
Inspection was conducted yesterday until 4 pm.

Items to be sold range from major engineering equipment and
tools to office fittings and furniture to stationery, spare
parts, electrical goods, computers, wheelchairs, and even a
15metre x 5metre free standing cool room with tropical roof, and
a 1950s fridge. Some of the items available include:

   * 60 Tonne Air Craft Jacks     * Isuzu 4 Cyl Diesel Engines
   * Oil Pumps        * Hydraulic Engine Lifts
   * Vices              * Fly Press
   * Strapping Machines      * Hose Reels
   * Grease Dispensers            * Mig Welder
   * Instapalc Wrapping Machine   * Pallet and Plat Form Scales
   * Pallet Lifters               * Roller and Flat Bed Conveyor
   * Hashel Nitrogen Charge Unit  * Vernier Gauges
   * 50 x Filing Cabinets         * 20 x Workstations
   * Oak Veneer                   * Office Suites
   * Printers                     * Leather Visitor Chairs
   * Amros Sweeper                * 10 Seat Board Table
   * PVC Tubs & Maxi Bins         * Large Qty Dexion Shelving
   * Lockers & Filing Cabinets    * Aluminium Stock Pickers
   * Stationery                   * Fire Extinguishers
   * Workbenches                  * Flammable Storage Cabinets
   * Pet Travel Cages             * Carpet
   * Wheel Chairs                 * Display Fridges
   * Compactus Units              * Hand Held Scanners
   * Hydraulic Engine Lifter      * Simon Hydraulic Pumps
   * Parts Wash Bay               * Servex 30 Tonne Press
   * Bench Grinders               * Pneumatic Drills & Grinders
   * 20 x Office Desks            * 20 x Filing Cabinets
   * Swivel and Visitor Chairs    * Hydrovane Compressor
   * Compare RA20A Compressor     * Micrometers
   * Jockey Wheels                * Valve Grinder
   * Jack & Stands                * Dispenser Reels
   * Battery chargers             * Trolley Jacks
   * Oxy Sets                     * New 4.0 Litre Ford Engine
   * 4 Cyl Toyota Engine          * Koracter Steam Cleaner
   * Vehicle Hoist                * 100 x Tyres
   * Large Qty Spares             * Hewlett Packard PCs
   * IBM Personal                 * Hamatu 1m Bed Lathe
   * Pneumatic Bead breaker       * White Boards
   * Fan Belts                    * Lights & Switches
   * Bearings                     * Cyclo Sand Blaster
   * Chain Blocks                 * Genie Lifters
   * Pallet Racking


AUSTRALIAN MAGNESIUM: Contractor Leighton First Project Choice   
--------------------------------------------------------------
Australian Magnesium Corporation Limited (AMC) intends to
appoint, subject to final review, Leighton Contractors Pty
Limited (Leighton) as Principal Contractor for the Stanwell
Magnesium Project at Rockhampton, Central Queensland.

Leighton's role will encompass approximately $1 billion worth of
engineering, procurement and construction (EPC) activities
covering all key areas of the Stanwell Magnesium Project.

AMC intends to finalize the Principal Contractor agreement with
Leighton this June quarter. As AMC and Leighton finalize
negotiations, Leighton will perform the key project development
functions under an exclusive Interim services agreement.

Leighton's role coordinates the management of design and
engineering work being performed by the project team in
Brisbane, Melbourne and Montreal. This team, currently numbering
over 300 personnel, includes:

* Kvaerner Worley:     Dehydration (Area 30)
* SNC Lavalln:         Electrolysis(Area 40)
* IMS:                 Cast House/Metal Handling (Area 50)
* Egis:                Site Establishment and Services (Area 80)

Fluor Australia will continue to work with AMC 86 part of an
integrated "owners team" to provide management, systems and
quality assurance support services.

The move towards appointing Leighton as Principal Contractor
follows a thorough assessment by AMC of a number of competing
tender proposals and project delivery options.

Chief Executive Officer, Mr Rod Sharp, said the combined AMC and
Leighton engineering and construction teams brought together a
wealth of experience in project management, magnesium industry
engineering development, chemical processing and civil
construction.

"Leighton has the reputation for building world-class projects,
the experience of working in Central Queensland and the
commitment to take a leading role in the development of a new
industry for Australia," Mr Sharp said.

Work at Stanwell is currently focused on preliminary site
services. Site preparation design is now well advanced and
earthworks will commence mid-June in readiness for full
construction mobilization in the September quarter, as
scheduled.

The Project remains on track to produce first metal in the
December quarter 2004.


ENERGY WORLD: CBA Defers Obligation Repayment to May 17
-------------------------------------------------------
The Directors of Energy World Corporation Limited, further to
the Announcement made on 28th March 2002, advised that the CBA
and its appointed independent expert are still evaluating and
discussing with the Company plans to permit the outstanding
obligations to the CBA to be paid in full.

Pending an outcome to these discussions the, CBA have agreed to
defer the next repayment due to the CBA from 30th April 2002
until 17th May 2002.

Further details in respect of these arrangements will be advised
to Shareholders when matters have been satisfactorily finalized
and agreed between the Company and the CBA.

For further enquiries, please contact Mr Stewart Elliott, EWC
Managing Director or Mr Brian Allen on telephone number
612- 9247 6888.


INTERNATIONAL MEDIA: ASIC Lifts Interim Stop Order
--------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
revoked an interim stop order on the prospectus of International
Media Management Limited, dated 1 March 2002, following the
lodgment of a supplementary prospectus by International Media
Management.

International Media Management is a listed but suspended public
company that has received subscriptions for $6.5 million under
the prospectus to acquire the business of WorldAudio
Communications Pty Limited (WorldAudio). WorldAudio is a
commercial radio broadcaster that currently runs a single
commercial radio station, 1611AM Radio 2, located in Western
Sydney.

The interim stop order was placed on the prospectus after ASIC
received several complaints indicating that there were disputes
about the ownership and lease of the license under which
WorldAudio operated its radio station.

International Media Management has since lodged a supplementary
prospectus disclosing further information about these disputes,
which addresses ASIC's concerns.

International Media Management's supplementary prospectus allows
investors to withdraw their applications if they choose.


LIFESTYLE PROPERTY: Promoter Agrees to 3-Year Self-Ban
------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
accepted an enforceable undertaking from Mr Adam David Reeves of
Caulfield South, Melbourne, the sole director of Reeves Taxation
and Business Services Pty Ltd.

Mr Reeves has given an undertaking that for three years from 5
April 2002, he will not act as a representative of a securities
dealer or investment adviser, hold a proper authority from a
dealer or investment adviser, or apply for a dealers license,
investment advisers license, or the equivalent AFS license under
the Financial Services Review Act.

The enforceable undertaking follows an ASIC investigation into
Mr Reeves and his company's part in promoting investments in the
Melbourne-based Lifestyle Property Group, a failed property
development and marketing company.

The Lifestyle Property Group obtained money from investors to
buy sites in Melbourne for residential developments.

Following an ASIC application in the Federal Court, 54 companies
within the group were wound up in August 2000.

ASIC found that Mr Reeves or Reeves Taxation and Business
Services breached the Corporations Act by giving investment
advice to clients without being appropriately licensed, by
making securities recommendations without a reasonable basis,
and by failing to disclose to clients the commissions or fees
that Reeves Taxation and Business Services would receive as a
result of their clients investing in Lifestyle Group Property
Development Partnerships.

"ASIC will take action to protect investors from advisers who
fail in their legal duties and obligations", ASIC's Director
Enforcement, Jamie Orchard said.


MAXIS CORPORATION: Heads of Agreement With NTG, PAH Executed
------------------------------------------------------------
The Directors of Maxis Corporation Ltd announced on Friday the
execution of a Heads of Agreement with National Telecoms Group
(ASX code: NTG) and Pahth Telecommunications Limited (ASX code:
PAH).

The agreement contemplates the following main points:

   * Subject to Maxis shareholder approval, the acquisition of
shares in Maxis by Pahth and others, from the principal
shareholder with approximately 52% of the stock in Maxis.

   * Subject to Maxis shareholder approval, the re-
capitalization of Maxis with the placement of 100 million
shares, which is intended to be underwritten, at 2.0 cents each,
to raise $2.0 Million in working capital.

   * National Telecoms Group entering into a Facilities
Management Agreement with Maxis for its existing and future SME
customer premise equipment and IT infrastructure.

   * Maxis entering an agreement with National Telecoms Group
for developing a corporate Network Services (Voice and Data)
product.

   * Subject to all of the above, Maxis withdrawing claims it
has against its principle shareholder and removing its trading
restrictions on those shares so that they may be transferred.

The Directors of Maxis anticipate calling a General Meeting of
shareholders within a few weeks following the preparation and
dispatch to shareholders of an Independent Expert's Report and
Explanatory Memorandum in respect to the contemplated
transaction. They are of the opinion that the transaction will
establish a relationship with a major telecoms group, create
opportunities for substantial new business and provide Maxis
with sufficient funds for expansion.

Maxis Directors expect to make an application for the immediate
re-quotation of Maxis securities following the General Meeting
of shareholders.


PASMINCO LIMITED: Takeovers Panel Proceedings Outcome Revealed
--------------------------------------------------------------
As has previously been advised, the creditors of the Pasminco
group will most likely be returned only a small number of cents
for each dollar they are owed by the Pasminco group.

The Administrators of Pasminco have been formulating for the
creditors various proposals for a restructure of the group
designed to hopefully increase the amount creditors may recover.

One of the various proposals involves the major financier
creditors of the group possibly swapping under a deed of company
arrangement a portion of the debt owed to them by the group for
almost all of the share capital of Pasminco.

If this restructure proposal were adopted and effected,
Shareholders could be expected to be diluted down to between 1
and 5%. That is, the major financier creditors would probably
hold between 95 and 99% of the share capital after the debt for
equity swap.

The Administrators are considering this restructure alternative
because it is possible that there may be some advantage to
creditors in maintaining Pasminco as an entity listed on the
Australian Stock Exchange. ASX requires entities listed on it to
have a large shareholder base. On that basis, creditors would
leave existing Pasminco Shareholders with a small residual
holding in Pasminco to satisfy ASX's shareholder base
requirements.

This would be a windfall gain to Shareholders under
circumstances where any other restructure proposal would see
their investments in the company rendered worthless.

NEED FOR TAKEOVERS PANEL RELIEF

Because Pasminco remains listed on ASX (although its shares are
suspended from trading) and has more than 50 shareholders,
The takeovers provisions in the Corporations Act govern
acquisitions of its shares. Those provisions restrict the
ability of the creditors collectively to take more than 20% of
the shares in the company under a debt for equity swap.

Notwithstanding this, the debt for equity swap could be effected
under a scheme of arrangement as an acquisition of shares under
a scheme would be exempt from the takeovers provisions.

However, there are certain complexities associated with a scheme
of arrangement, which could be avoided if the restructure were
effected under a deed of company arrangement. There is no
exception under the takeovers provisions for an acquisition of
shares under a deed of company arrangement.

Consequently, the Administrators applied to the Australian
Securities and Investments Commission ('ASIC') for an exemption
from the takeovers provisions to allow the major financier
creditors to acquire the relevant shares in Pasminco under a
deed of company arrangement.

ASIC refused to grant the exemption.

The Administrators then brought proceedings before the Takeovers
Panel for review of ASIC's decision.

TAKEOVERS PANEL'S DECISION

On Friday 26 April 2002, the Panel granted the relief sought on
a conditional basis. The relief allows the major financier
creditors to acquire the relevant shares in Pasminco under a
debt for equity swap under a deed of company arrangement.

The creditors have not decided whether or not they wish to adopt
this proposal involving the retention of Pasminco as a listed
entity and a debt for equity swap.

However, if creditors do decide to adopt this proposal, the
relief the Panel has granted will allow the major financier
creditors to acquire almost all of the share capital (probably
between 95 and 99%) of Pasminco in exchange for a portion of
their debt under a deed of company arrangement.

Shareholders will have no say in relation to the restructure.
However, although Shareholders' holdings would be diluted, their
shares would not be cancelled under the restructure.

CONDITIONS OF PANEL'S DECISION

The Panel's decision is conditional on the Administrators
publishing:

   1. a notice to this effect to ASX and on Pasminco's website
in a form suitable for downloading;

   2. advertisements in at least one national newspaper and in
one major State based newspaper per State stating that a notice
to this effect has been announced to ASX and posted on
Pasminco's website in a form suitable for downloading and
advising how persons may request (at no charge) a copy of the
notice; and

   3. when the Administrators have a firm proposal to be put to
creditors, an adequate description of the proposal, including:

     (a) a brief summary of the details of the proposal,
directed to the direct effect of the proposal on the
shareholders;

     (b) information on the future of Pasminco, to assist
shareholders to realize any capital losses on their investments,
in particular for taxation purposes;

     (c) a description of the proposal explaining that
Pasminco's assets will be operated and realized in the first
instance in the interests of creditors;

     (d) a discussion of any potential value the Administrators
see in the shares for shareholders;

     (e) an explanation that whilst existing shareholders'
shares are being heavily diluted, they are not being cancelled;
and

     (f) details of any arrangements between the creditors
regarding the disposal of (or restrictions upon the disposal of)
the shares in Pasminco issued under the restructure.

TIMING GOING FORWARD

The Administration of the Pasminco group is subject to time
restrictions under the Corporations Act. Following extension of
certain time lines which have been granted by the court, unless
there is a further extension, it is expected that the meeting of
creditors to adopt a restructure proposal (or decide that the
group be liquidated) will be held within 5 business days of 8
July 2002 or earlier.

COPIES OF THIS NOTICE

Any Pasminco shareholder who would like a copy of this notice
may call Ms Anne Fields on 03 9604 5129 to request a copy. A
copy will be provided free of charge.

FURTHER NOTICE

A further notice about the proposal to be put to the second
meeting of creditors will be published and advertised in the
same manner as this notice as soon as practicable after the
proposal has been finalized.


PRESTON RESOURCES: Proposes Bulong Ops Scheme of Arrangement
------------------------------------------------------------
Preston Resources Limited announced that Schemes of Arrangement
have been proposed for Bulong Operations Pty Ltd (BOP) and
Bulong Nickel Pty Ltd (BNP), the owners and operators of the
Bulong Nickel Project near Kalgoorlie in WA. As part of the
Schemes, the terms of the existing secured debt of BOP will be
restructured and Barclays Bank PLC and certain other secured
creditors of BOP will together hold 95 percent of the issued
capital of BOP.

Documentation to enable requisite court approval of the Schemes
was lodged on 21 April and the first court hearing convened on
26 April.

The Court and the associated approve once the Schemes
conditions precedent to implementation met, Barclays Bank PLC
and the other Secured Creditors have agreed to appoint Peter
Rowe as Chief Executive Officer and Managing Director of BOP.

It is currently anticipated that the Schemes will be finalized
in July 2002.

Prior to this, it is planned that Mr Rowe will be engaged as a
consultant to Barclays and the secured creditors to enable him
to familiarize himself with the current activities at Bulong and
to provide associated advisory services, ahead of taking over
the CEO role.

Mr Rowe is currently the General Manager of the Boddington Gold
Mine, a position he accepted in May 2001. Prior to that he was
responsible for leading the Boddington Expansion project.
Although, the joint venture owners endorsed the feasibility
study in 2001, ownership and management issues have subsequently
delayed project implementation.

Before his move to Boddington, Mr Rowe spent 4 years with
Kalgoorlie Consolidated Gold Mines during the key period of the
rationalization of the company's multiple processing facilities
in and around Kalgoorlie region.

Prior to this Peter spent 20 years in senior processing and
management roles with Anglo American and De Beers in South
Africa.


ROEHAMPTON RESOURCES: Ex-Director Charged With Insider Trading
--------------------------------------------------------------
Perth company director, Mr Michael John MacDermott, was
arraigned on May 3 in the Perth District Court on eight counts
of insider trading in shares of Roehampton Resources NL.

The arraignment follows his committal by the Perth Court of
Petty Sessions on 15 February 2002 to stand trial.

Mr MacDermott entered pleas of not guilty and the matter was
adjourned to 23 September 2002. He was charged following an ASIC
investigation into the circumstances surrounding the trading of
shares in Roehampton Resources.

Mr. MacDermott became a director of Roehampton Resources on 17
January 1996 and was its managing director from that time until
the appointment of the Voluntary Administrator, at which time
Roehampton Resources was suspended from listing on the
Australian Stock Exchange.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.


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C H I N A   &   H O N G  K O N G
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401 HOLDINGS: Enters Convertible Bond Agreement With Topsmart
-------------------------------------------------------------
The Directors of 401 Holdings Limited announced that on 30th
April, 2002, an Agreement was entered into between the Company
and Topsmart Investment Limited (the Subscriber) whereby the
Company has agreed to issue and the Subscriber has agreed to
subscribe to the Bond.

The Consideration of HK$4,000,000 is to be satisfied by the
Subscriber

   (i) by paying the balance of HK$4,000,000 less the Deposit
and the total principal amount and the total accrued interest
owing by the Company as at Completion under the Existing Bond;
and

   (ii) by the surrender of the Existing Bond and the release of
all payment obligations of the Company thereunder. Assuming
conversion of the Bond in full, the Conversion Shares, based on
a conversion price of HK$0.01, represent approximately 2.47% of
the existing issued ordinary share capital of the Company, and
approximately 2.41% of the issued ordinary share capital of the
Company, as enlarged by the issue of the Conversion Shares
(assuming that up to the date of issue of the Conversion Shares,
there has been no change in the issued share capital of the
Company).

As at the date of this announcement, the Subscriber holds the
Existing Bond and does not hold any Shares in the Company. The
Subscriber and its beneficial owners are Independent Third
Parties.

The Directors also confirm that the status of the outstanding
litigation as set out in the Announcements remain unchanged
(save and except for two claims against the Company which the
Company has agreed to settle for a total of approximately
HK$510,000) and the Directors are continuing their discussions
with the holders of convertible bonds issued by the Company and
lenders of secured loans to obtain their consents to waive their
right to claim in relation to late payment of interest by the
Company and to agree upon terms for possible issue of
convertible bonds. Further announcements will be made to update
shareholders regarding these matters as and when necessary.

Trading in the Company's shares were suspended with effect from
9:30 am, Thursday, 2nd May, 2002, and application has been made
to the Stock Exchange for resumption of trading in the Shares
with effect from 9:30 am on 6th May, 2002.


CIL HOLDINGS: Requests Trading Suspension
-----------------------------------------
CIL Holdings Limited requested trading in its shares to be has
suspended with effect from 9:30 a.m. Monday (6/May/2002) pending
the release of an announcement of the Company in relation to the
result of a winding up petition.


COMMERCIAL COLORLAB: Petition to Wind Up Pending
------------------------------------------------
The petition to wind up Commercial Colorlab Limited is scheduled
to be heard before the High Court of Hong Kong on June 12, 2002
at 9:30 am.  

The petition was filed with the court on February 22, 2002 by
Kwong Kai Yuen of Room 226, Ming Lai House, Choi Wan Estate,
Kowloon, Hong Kong.  


NAM FONG: Reaches Winding Up Petition Dismissal With Creditor
-------------------------------------------------------------
Nam Fong International Holdings Limited, in regards to a
winding-up petition against the Company by a creditor for a
claim of approximately HK$16 million plus relevant legal
expenses, has reached a mutual consensus with the creditor to
dismiss the winding up petition and both agreed to accept a new
repayment schedule in which the Company agrees to settle the
whole sum and the relevant legal expenses by two installments.
The first installed by mid-May 2002 and that last one by end of
June 2002.

As the group is steadily generating income from its rental
income, the repayment can be made from this source. There are
also alternative sources for repayment, such as proceeds from
possible sales of non-core property assets located outside
Guangzhou, cash and available banking facilities.

The dismissal of winding up petition is subject to the approval
of the Court in the adjourned hearing to be held on May 6, 2002.  
Further announcements will be made by the Company to inform its
shareholders of the material change on the above proceeding.


NANYANG SHIPPING: Incurs Fourth-Year Loss, Faces Delisting
----------------------------------------------------------
Nanyang Shipping has posted a fourth straight year of losses and
is preparing to be delisted under China's tighter new securities
regulations.

The shipping agency will be the first firm to be kicked off
domestic exchanges under delisting rules that took effect this
year.  Under the new rules, companies that post three straight
years of losses are immediately suspended from trade and
delisted if they fail to return to profit in six months.

Nanyang Shipping reported a net loss of 43.29 million yuan for
last year, against a loss of 41.81 million yuan for 2000. The
firm was also deep in the red in 1998 and 1999.


PERFECT PAPER: Winding Up Sought by Fiveoceans Supply
-----------------------------------------------------
Fiveoceans Supply Services Limited is seeking the winding up of
Perfect Paper Merchants Limited. The petition was filed on
January 16, 2002, and will be heard before the High Court of
Hong Kong on May 22, 2002.

Fiveoceans Supply holds its registered office at Unit B, 17th
Floor, No. 1 Chatham Road South, Tsimshatsui, Kowloon, Hong
Kong.


STAR EAST: Enters Shares Subscription Agreement to Repay Debts
--------------------------------------------------------------
A placing and subscription agreement was entered into on 3 May
2002 between ITC Corporation Limited, Star East Holdings Limited
(the Company), and Peace Town Securities Limited (the "Placing
Agent") pursuant to which:

   (i) ITC will place through the Placing Agent a total of
276,200,000 ordinary shares of HK$0.005 each in the Company to
independent professional investor(s) at a price of HK$0.08 per
Placing Share; and

   (ii) the Company has agreed to allot and issue to ITC and ITC
has agreed to subscribe  an aggregate of 350,000,000 Shares in
the capital of the Company at a price of HK$0.08 per New Share,
subject to The Stock Exchange of Hong Kong Limited granting the
listing of, and permission to deal in, the New Shares.

A second placing agreement was entered into on 3 May 2002
between the Company and the Placing Agent pursuant to which the
Company has agreed conditionally to allot and issue through the
Placing Agent a total of 350,000,000 Shares to independent
professional investor(s) at a price of HK$0.08 per Second
Tranche New Share, subject to obtaining approval from the
Company's shareholders of the issue of the Second Tranche New
Shares and the Stock Exchange granting the listing of, and
permission to deal in, the Second Tranche New Shares.

The net proceeds receivable by the Company under each of the
Subscription and the Second Placing are estimated to be
approximately HK$54.5 million. It is presently intended that
such net proceeds will be used as to HK$20 million for repayment
of borrowings and the balance for general working capital.


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


ASTRA INTERNATIONAL: Corporate Action Not Decided
-------------------------------------------------
Carmaker Astra International is yet to decide on how to secure
debt repayment, DebtTraders reported.  Asset disposal,
rescheduling or restructuring, and rights issue are among the
various options the Company is currently considering.

"We believe the corporate action will be a result of a long-term
planning, which may take some time," DebtTraders said.

Astra Overseas' 0.000% Bond Due on 2006 (ASII06IDS1) trades
between 48.25 and 50. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ASII06IDS1

Earlier, Astra International reported its 2001 net profit of
Rp845 billion ($91 million) on stronger rupiah and a recovery in
sales. Sales rose 10% to 5,656 billion ($595 million).
Separately, Astra made a $15 million payment to end a dispute
with the Soeryadjaya family after the founding family filed a
police complaint against Astra International and its president
this year.


PERUSAAHAN LISTRIK: Seeks Rp99T Funding to Meet Power Demand
------------------------------------------------------------
Perusaahan Listrik Negara (PLN) said on Monday that unless it
obtains Rp99 trillion in new investments over the next four
years, it will be unable to meet electricity demand, AFX
reported citing President Director Eddy Widiono.

"This refusal on new demand is PLN's limited scenario and now,
PLN is in talks with the finance department to seek ways to
increase electricity investment," Widiono said, adding that PLN
needs new investment of Rp99 trillion in the period to 2005, or
around Rp20 trillion per year, for infrastructure to cope with
Indonesia's rising power demand.

PLN was reportedly planning to issue bonds to raise cash for
development, but the plan was cancelled as the government
disallowed PLN to add to its already hefty debt burden.

"There is an understanding that we have to reform, that PLN is
not allowed to get new loans until its financial position has
recovered," Widiono said. "Without additional investment,
Indonesia will enter a 'limited' scenario in 2005 which will
curtail new customer growth."


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


FUJITSU LTD: To Trim Parts, Material-Procurement Costs
------------------------------------------------------
Electrical machinery maker Fujitsu Ltd. will reduce this fiscal
year the cost of procuring semiconductors and other
parts/materials to speed its recovery, the Nihon Keizai Shimbun
reported Sunday.

According to company sources, Fujitsu will use real-time,
Internet-based purchasing system to trim the cost of procuring
such items, now estimated at Y1.9 trillion a year, by Y280
billion.

Under the new system, Fujitsu will switch to Net-based orders
for all of its about 1,650 parts/materials suppliers in Japan
and overseas by the end of this year. This will allow immediate
order issuance and thereby help cut inventories, the sources
said.

Fujitsu in April reported a group net loss of Y382.54 billion
for the year that ended March 31 on heavy restructuring costs
and money-losing semiconductor and telecommunications-related
operations.

The losses were mainly caused by the U.S. economic slowdown last
year and from restructuring measures.

Fujitsu expects to improve profitability during the current
fiscal year, which began April 1.


MITSUBISHI HEAVY: Wins Order for Hubless Ferris Wheel
-----------------------------------------------------
Tokyo's Mitsubishi Heavy Industries Ltd. has received an order
to build a Ferris wheel without a hub or spokes from Tokyo Dome
Corp., the Nihon Keizai Shimbun reports.

Sources close to the deal say that the wheel will feature a rail
loop of 60 meters in diameter, with 40 four-seater gondolas. The
800 million yen, 80m-tall Ferris wheel will be set up by next
spring in the Korakuen amusement park, in Tokyo's Bunkyo Ward.

Mitsubishi Heavy will use retractable-roof stadia technology to
build the wheel.

Due to aggressive cost-cutting measures, debt-strapped
Mitsubishi Heavy in November reduced its group net losses to
Y8.26 billion in the first half of fiscal year 2001, compared to
the Y23.47 billion in losses during the same period a year
earlier.


NIPPON TELEGRAPH: Adopting Consolidated Taxation in FY02
--------------------------------------------------------
Telecom giant Nippon Telegraph and Telephone Corp. will adopt a
consolidated taxation system starting in the current fiscal year
to save a substantial amount on taxes, given its many deficit-
ridden subsidiaries, the Nihon Keizai Shimbun reported Sunday.

Under consolidated taxation, the amount of a corporate tax is
calculated from the combined income of the group parent and its
wholly owned subsidiaries. The system mandates a 2 percent
surcharge tax in the initial two years.

Company sources said the consolidated taxation will cover NTT
West, NTT East Corp. and about 100 subsidiaries the two regional
carriers set up earlier this month as outsourcing companies.

The regional phone firms are seeing deteriorating earnings amid
the shrinking fixed-phone market, with NTT West posting a pretax
loss of Y140 billion in fiscal 2001. The 100 subsidiaries
established as part of restructuring programs are expected to
post deficits in the current fiscal year. Tokyo's NTT in
September 2001 posted current assets of US$28.25 billion against
current liabilities of US$31.97 billion.

The NTT group's two listed firms, NTT DoCoMo Inc. and NTT Data
Corp., will not be included because they are not wholly owned
NTT subsidiaries.


SNOW BRAND: $157 Million Share Sale Falls Short of Plan
-------------------------------------------------------
Snow Brand Milk Products Co. will fall short of plans to raise
money through the sale of stock, Bloomberg reported, citing the
Nihon Keizai newspaper.

Snow Brand Milk will raise 20 billion yen ($157 million), 10
billion yen less than its March goal, by selling shares to the
National Federation of Agricultural Cooperative Associations,
Itochu Corp. and five other companies, including Asahi Breweries
Ltd., according to the report. Neither of the reports said who
provided the information.

Snow Brand Milk's sales fell after it recalled milk in July 2000
that had sickened more than 13,000 people. It then liquidated a
meat-processing unit following last year's false-labeling
scandal.


SNOW BRAND: Dairy Products Producer Drafts Rehab Plan
-----------------------------------------------------
Struggling dairy product maker Snow Brand Milk Products Co has
drafted a rehabilitation program that features a 90 percent cut
in its capital and financial assistance from major creditor
banks, the Japan Times reported.

Under the plan, Snow Brand Milk hopes to receive 50 billion yen
through debt waivers and a debt-for-equity swap, the sources
close to the program said.

Snow Brand in return will take drastic cost-cutting measures,
including the resignation of its executives, blamed for the
company's current plight.

In April, Snow Brand Milk said the firm would spin off its
unprofitable milk business and set up a new entity to be run
jointly with the National Federation of Agricultural Cooperative
Associations (Zen-Noh). It plans to slash its workforce to 1,500
from the current 4,500, but Zen-Noh has asked for additional
cost-cutting measures, including the closure of some factories,
as a condition for joining the milk business.

The proposed financial assistance is meant to make up for the
net excess of debts over assets that Snow Brand Milk may suffer
this business year, the sources said.

Snow Brand will finalize the program after its negotiations next
week with such creditor banks as Norinchukin Bank, UFJ Bank and
Mizuho Corporate Bank, the report added.

The ailing dairy product maker has been hit hard by a series of
scandals, including a mass food poisoning incident involving its
milk products less than two years ago and by a beef-labeling
scandal earlier this year by its subsidiary Snow Brand Foods
Co., which disbanded in April as earnings deteriorated sharply.


SNOW BRAND: May End Ties With Dole Next Month
---------------------------------------------
Japan's scandal-tainted Snow Brand Milk Products Co and fresh
fruits and vegetables producer Dole Food Co may end their 13-
year partnership as early as June, the Nihon Keizai Shimbun
reported Saturday.

"Snow Brand and Dole haven't spoken to each other about ending
the joint venture," Snow Brand spokesman Noboru Kawaguchi said.
"At this point we are not at a stage where we can make an
announcement."

The business daily said without citing sources that Dole had
judged it unwise to continue outsourcing production and sales to
Snow Brand Milk after a beef-mislabeling scandal at the
company's food unit, Snow Brand Foods, sent sales plummeting.

The Yomiuri newspaper last month said Dole had asked Snow Brand
to end the equally owned venture. The California-based company
also wants to buy back the rights to use and market its Dole
brand juice products, which it sold to Snow Brand in 1995 for
$30 million.


SNOW BRAND: Seeks Y50B Assistance From Lenders
----------------------------------------------
Snow Brand Milk Products Co has sought about 50 billion yen in
financial assistance from major lenders, the Nihon Keizai
Shimbun reported, without citing sources.

The company needs additional aid from Norinchukin Bank, UJF Bank
and the Mizuho Financial Group because a sudden drop in sales
and other factors are expected to greatly erode capital, the
report said.

The financial aid package is expected to consist of debt
forgiveness, debt-for-equity swaps and other measures.

Nihon Keizai added that Norinchukin Bank is expected to
basically agree to its part of the deal.

The Company had decided to shoulder up to 25 billion yen in debt
for subsidiary Snow Brand Foods Co, it said.

The National Federation of Agricultural Cooperative
Associations, known as Zen-noh, and Itochu Corp are expected to
provide new capital to Snow Brand Milk under the terms of an
earlier agreement.


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


HYNIX SEMICON: Board to Accept Creditors' Split-and-Sell Option
---------------------------------------------------------------
Hynix Semiconductor's Board of Directors is likely to agree to a
proposal by Hynix creditors to split the chipmaker in order to
sell off its operations separately, the Digital Chosun reports.

A Hynix executive said Sunday that the Board would not reject
the split-and-sell proposal if the split will contribute to an
early settlement of the whole issue.

The Company's Board plans to convene a meeting this week to
decide whether it will accept the creditors' proposal to sell
the ailing company by dividing it up into viable and non-viable
units.

Last Tuesday, Hynix's 10 Board members unanimously rejected an
initial agreement worked out between creditors and US rival
Micron Technology to sell off memory assets of the firm.


HYNIX SEMICON: Creditors May Split Chipmaker This Week
------------------------------------------------------
Creditors of cash-strapped Hynix Semiconductor Inc. are expected
to push for a new restructuring plan this week that will split
the company into different units, in an effort to recover as
much loss as possible, the Korea Herald reports.

Korea Exchange Bank and 11 other creditors of Hynix met last
Friday to discuss future plans for Hynix after a deal to sell
the company's memory chip operations to U.S.-based Micron
Technology Inc. failed.

Hynix currently operates 12 factories, some of which should be
sold off or liquidated. Its operations include memory and non-
memory chips, TFT-LCD (thin film transistor liquid crystal
display) used in flat computer screens and other business lines.

Operations with little business chance will be brought together
under a bad company and will be subject to liquidation. If
Micron shows interest in some parts of the facilities on the
block, creditors said they are willing to resume talks for the
sale.

Hynix's plan to sell the non-memory chip operations is aimed to
raise cash and bolster its core memory chip business. The
company hopes to raise $200 million this year by selling a 20
percent stake in the non-memory division.

It will raise another $300 million in 2003 by selling a further
stake.

Under the plan, Hynix will sell off all non-memory and other
non-core assets to raise 1.2 trillion won by the end of 2003. It
also hopes to issue 500 billion won to 1 trillion in new shares
this year.

Separately, Hynix creditors plan to convert CB (convertible
bond) worth 2.9 trillion won into shares, taking over about 75
percent stake in the company June 1 in a bid to control the
management right.


HYNIX SEMICON: Government Mulls Chipmaker's Receivership
--------------------------------------------------------
The South Korea government is considering court receivership for
Hynix Semiconductor if the beleaguered chipmaker rejects a
proposal by lenders to split up its operations, Channel NewsAsia
reports.

"If Hynix does not accept the opinions of creditors, measures
to split up the company through court receivership will be
pursued," an unnamed South Korean government official said.

Hynix and its lenders have been in conflict since the South
Korean chipmaker's board rejected a potential US$3.4 billion
sale of its memory operations to Micron Technology on Tuesday.
The Board said Hynix could survive without an investment by the
U.S. rival.

Micron said it would not pursue further discussions after being
rejected. It had planned to pay 108.6 million shares, now worth
$2.87 billion, for Hynix's main memory chip business and $200
million for a 15 percent stake in its other business.

Hynix's top creditors said on Friday that the company's chances
of surviving without help were very slim and they would seek to
sell the ailing company by dividing it up into viable and non-
viable units.


HYNIX SEMICON: KFB Recovers Loan, Raises Ire From Creditors
-----------------------------------------------------------
Korea First Bank has stirred controversy by recovering 7.4
billion won from troubled chipmaker Hynix Semiconductor Inc., an
alleged violation of an earlier pact arranged by Hynix's
creditors, the Korea Herald reported.

The bank, a financial source say, recovered the loan by reducing
the same amount from Hynix's overdraft account in line with the
settlement of commercial papers issued by Hynix contractors.

The creditors believe Korea First Bank violated the
restructuring pact in which they pledged not to recover Hynix's
debts.

The creditors are considering filing a suit to recover the money
from Korea First Bank, the report adds.


HYNIX SEMICON: Shares at Lifetime Lows
--------------------------------------
Shares in Hynix Semiconductor Inc were down 60 won to 745 won
after negotiations last week left management scrambling to offer
plans to keep creditors at bay, Reuters reported yesterday.

More than one billion Hynix shares were traded last week.


HYUNDAI MOTOR: Engine JV Formation With Daimler, Mitsubishi Set
---------------------------------------------------------------
Hyundai Motor Co, South Korea's largest automaker, said on
Sunday it signed on agreement with DaimlerChrysler AG and
Mitsubishi Motors Corp to launch a passenger car engine venture
in the United States this month.

Hyundai said the three companies will hold equal stakes in the
joint venture, to be called Global Engine Alliance, which is
scheduled for launch in the United States in early May.

The Hyundai joint venture will manufacture 1.8 to 2.4 liter
gasoline engines beginning in March 2004, with annual production
slated at 1.5 million units.

As of December 2001, Hyundai Motor's current assets stood at
US$3.72 billion against current liabilities of US$45.7 billion.


HYUNDAI MOTOR: Will Buy Hyundai Merchant Op With WWL
----------------------------------------------------
Hyundai Motor Co. and Wallenius Wilhelmsen Lines will form a new
company to buy the car transport division of Hyundai Merchant
Marine Co., the Seoul Economic Daily reports.

Under the agreement, Hyundai Motor will buy a 20 percent stake
in the new company that will buy the division. WWL, which is a
company that ships cars, will buy the remaining 80 percent. The
newly formed company will carry cars manufactured by Hyundai
Motor and its affiliate Kia Motors Corp. for up to five years.

Hyundai Merchant, which is shedding some assets to raise cash,
did not then provide the financial terms. It said earlier that
it hopes to sell the business for about 2 trillion won.


SSANGYONG MOTOR: Shareholders Approve Capital Writedown
-------------------------------------------------------
Shareholders of South Korea's Ssangyong Motor Co. voted Friday
to approve the company's plan to write down its share capital,
Dow Jones Newswires reported.

The writedown will reduce every 10 shares into one and have its
capital cut to 572.2 billion won from about KRW5.72 trillion on
June 4. After the writedown, the number of Ssangyong Motor
shares will fall to 114.4 million from 1.14 billion.

The capital writedown has been a condition for the struggling
carmaker to receive a bailout package approved by its creditors
in December last year.

Shares of Ssangyong Motor will be suspended from trading
starting June 3 and the newly distributed shares will resume
trading on June 27.

Ssangyong Motor, a former affiliate of bankrupt Daewoo Motor
Co., has been under a debt workout program since August 1998 due
to its heavy loans for expansion in its earlier years of
operation. The company's debt totaled about KRW2.2 trillion as
of end-November.

Creditors approved a bailout in December that included KRW950
billion in a debt-for-equity swap and $150 million in new loans
to the carmaker.

Ssangyong Motor Co. posted a net profit of W15.2 billion
(US$11.44 million) in 2001, ending ten years of losses. In the
first two months of 2002, the firm's sales surged 51 percent to
W489.5 billion, and its operating profit jumped 168 percent to
W39.2 billion, compared to the same period in 2001.


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


AOKAM PERDANA: In Loan Rescheduling Talks With Lenders
------------------------------------------------------
Aokam Perdana Berhad is in discussion with the relevant lenders
to restructure and/or reschedule the loan. This debt
restructuring effort forms an important component of the
proposed acquisition announcement by the Company on 26 April
2002.

The proposed acquisition involves the purchase of the entire
issued and paid-up share capital of SKKPJ (TM) Sdn Bhd (SKKPJ)
from the Vendors of SKKPJ for a total purchase consideration of
RM486.827 million to be satisfied by the issuance of shares and
other financial instrument (Proposed Acquisition) which is
conditional upon a proposed debt restructuring of Aokam Group
(collectively referred to as "Corporate Proposals").

The Corporate Proposals will address the issues relating to the
default announced under PN 1 of the Listing Requirements and the
other Group debts and loans.


BRIDGECON HOLDINGS: Requirement Waiver Application Approved
-----------------------------------------------------------
Bridgecon Holdings Berhad informed that the Kuala Lumpur Stock
Exchange has vide its letter dated 30 April 2002 approved the
Company's application for a waiver from complying with paragraph
15.10(1)(c) of the LR for the tenure of the Special
Administration and subject to the condition that the Special
Administrators are required to provide a written undertaking
that at least one of them (who is a member of the Malaysian
Institute of Accountants) will sit in all audit committee
meetings and shall advise or provide guidance to the audit
committee on all matters pertaining to financial management and
reporting so as to assist the audit committee in its decision
making.

However, the KLSE has rejected the Company's application for
waiver from complying with paragraphs 15.02, 15.10(1)(a) and
(b), 15.11, 15.19 and 15.20 of the LR. The KLSE has, however,
granted BHB an extension of time until 31 December 2002 to
comply with the aforesaid paragraphs of the LR subject to the
following conditions:

   (a) An announcement must be made stating that the Company
does not comply with paragraphs 15.02, 15.10(1)(a) and (b),
15.11, 15.19 and 15.20 of the LR and that an extension of time
for compliance until 31 December 2002 has been granted by the
Exchange.

   (b) Quarterly reports to the Exchange as to BHB's efforts of
progress to comply with the aforesaid requirements; and

   (c) The majority of BHB's audit committee must comprise non-
executive directors.


CHASE PERDANA: Submits Proposals to Relevant Authorities
--------------------------------------------------------
Chase Perdana Berhad, pursuant to paragraph 4.1 (c) of Practice
Note 4/2001 of the Kuala Lumpur Stock Exchange Listing
Requirements, announced that CPB had on 29 April 2002, submitted
the applications in relation to the Proposals to the relevant
authorities, i.e. the Securities Commission, the Foreign
Investment Committee and Bank Negara Malaysia.

The Proposals refers to:

  * Proposed Debt Restructuring Scheme; and
  * Proposed Employees' Share Option Scheme


CYGAL BERHAD: Proposes New Articles of Association
--------------------------------------------------
The Board of Directors of Cygal Berhad wishes to announce that
it has proposed to adopt a new set of Articles of Association
for the purpose of updating the Articles, to incorporate the new
KLSE Listing Requirements and any other requirements of the
prevailing laws, rules, regulations, guidelines by the relevant
authorities and, where relevant, to ensure consistency
throughout the Articles (Proposed Adoption).

The Proposed Adoption is subject to approval of the shareholders
of Cygal at the forthcoming 21st Annual General Meeting (under
the agenda of Special Business) to be convened.

A Circular To Shareholders enclosing the proposed new set of
Articles of Association will be dispatched to the shareholders
of the Company in due course.

Cygal Berhad submitted its Proposals to the relevant authorities
on 8 February 2002 in pursuant to the requirement imposed under
Practice Note 4/2001 of the Listing Requirements of the Kuala
Lumpur Stock Exchange PN4. The "Proposals" refers to:

  * Proposed Share Exchange;

  * Proposed Debt Restructuring Comprising:

     (i) Proposed Financial Institutions Scheme;

     (ii) Proposed Non Financial Institutions Scheme; and

     (iii) Proposed Part Settlement of Amount Owing to an
Offshore Financial Institution;

  * Proposed Rights Issue;

  * Proposed Acquisition of Property Development Companies;

  * Proposed Employees' Share Option Scheme; and

  * Proposed Transfer of Listing Status from Cygal to a New
Investment Holding Company.


DATAPREP HOLDINGS: Awaits KLSE's Securities Listing Approval
------------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of the Board of
Directors of Dataprep Holdings Berhad, further to the
announcements dated 1 April 2002 and 2 April 2002, announced
that pursuant to the Capital Reduction and Consolidation
exercise of the Company, the trading of Dataprep's shares has
been suspended on 15 April 2002 and the book closure for the
Capital Reduction and Consolidation has taken effect on 19 April
2002. As advised by the Kuala Lumpur Stock Exchange, the
requotation of the Dataprep's shares will take effect after the
book closure date for the offer for sale of rights to allotment
of up to 13,093,340 Warrants by VXL Holdings Sdn Bhd to the
shareholders of Dataprep.

In addition, the Company is awaiting the KLSE's approval for the
listing of and quotation for the new securities to be issued
pursuant to the Restructuring Scheme and the remaining proposals
within the Restructuring Scheme will be implemented after the
said approval is procured.


EMICO HOLDINGS: Proposals' Approval Pending
-------------------------------------------
Affin Merchant Bank Berhad, on behalf of the Board of Directors
of Emico Holdings Berhad, had announced the submission of the
Proposed Debts Restructuring Scheme, Proposed Two-call Rights
Issue and Proposed Employee Share Option Scheme to the
Securities Commission, Foreign Investment Committee and Ministry
of Trade and Industry for their consideration.

Further on 28 February 2002, Affin Merchant had announced a
Revised Proposed Rights Issue and Proposed Increase in
Authorized Share Capital and the revised proposal was submitted
to Securities Commission on 8 March 2002.

On 22 April 2002, Affin Merchant announced that the Securities
Commission had approved the following in relation to the
Proposed Debts Restructuring Scheme:

   (i) the waiver from the rating requirement on the Redeemable
Secured Loan Stock (RSLS) and;

   (ii) the waiver from the minimum denomination requirement for
the RSLS and Irredeemable Convertible Secured Loan Stock.

Currently, Emico has yet to receive approval from the
abovementioned relevant authorities and there has been no change
to the status of Emico's plan to regularize its financial
position as announced earlier.


NAM FATT: Obtains FIC's Conditional Approval on Proposals
---------------------------------------------------------
Commerce International Merchant Bankers, on behalf of the Board
of Directors of Nam Fatt Corporation Berhad, in reference to its
announcement dated 31 December 2001 pertaining to the Proposals,
announced that the Foreign Investment Committee approved the
Proposals subject to the condition that Nam Fatt increases its
Bumiputera equity interest to at least 30% before 30 June 2005.

The Proposals are:

   * Proposed Loans Restructuring Scheme;

   * Proposed Additional Issue;

   * Proposed Rights Issue; And

   * Proposed Increase In Authorized Share Capital


REKAPACIFIC BERHAD: Plaintiffs' Claim Struck Out
------------------------------------------------
The Board of Directors of RekaPacific Berhad, as 3rd Defendant
in the High Court of Malaya at Kuala Lumpur Suit No. D1-22-1098-
2001, 1. Lt. Gen. Tan Sri (B) Mohamed Bin Ngah Said 2. Lynette
Binti Mohamed 3. Chen Then Song (collectively referred to as
Plaintiffs) vs. Linksun Avenue Sdn Bhd & Anors, refers to the
announcement released on 17 July 2001 and wish to state:

1. From the Statement of Claim served by the Plaintiffs, it
appears that the Plaintiffs sought, inter alia, a declaration
that the following agreements be declared void and
unenforceable:

   i. A Placement Agreement to subscribe to certain securities
of Berjaya Singer Berhad from various subsidiaries of Berjaya
Group (exact particulars of the Placement Agreement not stated
by the Plaintiffs); and

   ii. A Settlement Agreement dated 27 November 1997 between
Berjaya Group, the Company and the Plaintiffs wherein it was
agreed between the parties that the Plaintiffs would assume the
liability of Berjaya Group in favor of the Company thereby
settling the debts owed by Berjaya Group (through Berjaya Land
Berhad) to the Company.

2. Subsequent to the above, the Company filed an application
pursuant to Order 18 Rule 19 (1) (b), (c) or (d) of the Rules of
the High Court (Company's Application) to strike out the
Statement of Claim filed by the Plaintiffs.

3. The Company has been advised by its solicitors that at the
hearing of the Company's Application before the learned Senior
Assistant Registrar early Friday, the Company's Application was
allowed with costs.

4. As such, the Plaintiffs' claim against the Company has been
struck out.


SRIWANI HOLDINGS: Arthur Andersen Issues Disclaimer of Opinion
--------------------------------------------------------------
The Board of Directors of Sriwani Holdings Berhad announced that
Arthur Andersen & Co., the Auditors of the Company have issued a
disclaimer of opinion in respect of the financial statements for
the financial year ended 31 December 2001.

The details of the audit qualification made in the Auditors'
Report addressed to the Shareholders of the Company dated 29
April 2002 which has been attached together with the financial
statements as at 31 December 2001 was released to Kuala Lumpur
Stock Exchange on 30 April 2002.

The audit qualification made by the Auditors as at the date of
the report was mainly due to the significance of matters:

   (i) The management together with their consultants are
presently working on the proposed restructuring scheme as
elaborated in Note 35 to the financial statements, which is
conditional upon the approval of amongst others, creditors, the
regulatory authorities and shareholders. The outcome of the
proposed restructuring scheme could result in adjustments being
made to certain amounts and classification of assets and
liabilities of the Group and the Company, the final outcome of
which is uncertain as at the date of this report.

   (ii) During the year ended 31 December 2001, the Group and
the Company incurred net losses of RM92,681,440 and RM69,773,385
respectively and as at that date, the Group's and the Company's
current liabilities exceeded its current assets by RM798,084,238
and RM385,052,457 respectively. These factors along with the
matters highlighted in (i) & (v) raised substantial doubt that
the Group and the Company will be able to continue as a going
concern. The ability of the Group and the Company to continue as
a going concern is dependent on the successful outcome of the
proposed restructuring scheme elaborated in Note 35 to the
financial statements and resumption of normal operations and
return to profitability of the Group and the Company. The
financial statements of the Group and the Company do not include
any adjustments to the amounts and classification of assets and
liabilities that might be necessary should the Group and the
Company be unable to continue as a going concern.

   (iii) As at 31 December 2001, included in the carrying value
of the land held for development of the Group are several pieces
of land with carrying value of RM44,908,720 which may have been
affected by the slowdown in the property market. The valuation
report in January 2002 by a firm of independent professional
valuers indicated that there was an impairment in value of
RM18,408,720. Based on the indicative valuation by another firm
of professional valuers in April 2002, there is no indication of
impairment. Thus, no impairment losses on the carrying value of
the land held for development have been made by the directors in
the financial statements.

   (iv) As disclosed in Note 9 to the financial statements, as
at 31 December 2001, the amount due from subsidiaries for which
no further provision has been set aside was RM144,714,826. The
recovery of this amount is dependent on the successful
implementation of the proposed restructuring scheme as mentioned
in (i) above, and the success of future operations of the
respective subsidiaries.

   (v) The Company acts as guarantor for various banking and
other credit facilities granted to certain subsidiaries. A
subsidiary is also disputing certain claims on interest made by
a construction company. Provision has not been made for the
possible crystallization of such guarantees and claims as
disclosed in Note 29 to the financial statements.


TECHNO ASIA: Provides Auditors' Explanation Report
--------------------------------------------------
Techno Asia Holdings Berhad (Special Administrators Appointed)
announced:

Explanation on Deviation Between the Unaudited Accounts
Announced on 28 February, 2002 and Audited Accounts for the Year
Ended 31 December, 2001

Pursuant to Paragraph 9.19(34) of the Kuala Lumpur Stock
Exchange Listing Requirements, the Special Administrators hereby
provide a reconciliation for the deviation between the audited
loss after tax and minority interest for the financial year
ended 31 December, 2001 of RM387.2 million and the unaudited
loss after tax and minority interest of RM194.1 million for the
fourth quarter ended 31 December, 2001 as announced earlier on
28 February, 2002.

Financial Year Ended 31 December, 2001  Audited  4th Quarterly
Accounts    Report
RM'000   RM'000
Consolidated loss after taxation and
extraordinary items attributable to
members of the Company     (387,168) (194,098)

Loss per share (based on 207,297,589
ordinary shares)      (186.50) (93.50)

Net Tangible Assets per share (RM)   (1.86) (1.25)

The above results represent a deviation of RM193.1 million from
the unaudited accounts detailed in the fourth quarterly report
primarily due to the following:

   a. Impairment loss for investment property, and property,
plant and machinery of the Company and three (3) subsidiary
companies of RM25.2 million based on the workout proposals of
these companies approved by Pengurusan Danaharta Nasional Berhad
("Danaharta") and the secured creditors;

   b. Impairment loss for power barges of RM26.4 million;

   c. Impairment loss of RM116.6 million for properties under
development at Group level in relation to such properties owned
by a subsidiary;

   d. Additional provision for doubtful debts of RM69.5 million;
and

   e. Waiver of interest and penalty charges of RM38.8 million
based on the workout proposal of the Company.

Impairment losses have been provided for based on a valuation
exercise conducted for the purposes of the workout proposals of
the Companies and its subsidiary companies placed under special
administration. With regard to the provision for doubtful debts,
the same has been recorded on conservative grounds whilst the
Company continues to pursue recovery thereof. These impairment
losses and provision for doubtful debts have been effected in
the audited accounts after discussions with the external
auditor.

Apart from the above, the deviation is also attributable to
other adjustments:

   (a) Provision for diminution of value of investment of RM0.3
million;

   (b) Reversal of an overprovision of investment in prior year
of RM0.6 million;

   (c) Reduction of RM4.1 million arising from an adjustment to
the capacity rates applied by a subsidiary company for the
purpose of establishing its revenue;

   (d) Miscellaneous adjustments of RM0.9 million; and

   (e) Overprovision for tax of RM11.6 million.

Explanation to the Qualifications in the External Auditors'
Report

Pursuant to Paragraph 9.19(35) of the Kuala Lumpur Stock
Exchange Listing Requirements, the Special Administrators hereby
provide an explanation to the qualifications contained in the
Report of the Auditors forming part of the financial statements
of the Company and its subsidiary companies for the year ended
31 December, 2001:

Qualification No. 1

The losses, net current liabilities and deficit in shareholders'
fund incurred by the Group and the Company for the year ended 31
December, 2001 are primarily attributable to the following:

   * Decrease in revenue for the year;
   * Reduction in the finance costs associated with the  
borrowings of the Group and Company;
   * Impairment loss on power barges, investment property, and
property, plant and machinery;
   * Increase in provision for doubtful debts;
   * Provision for diminution in value of investments, quoted
and unquoted; and
   * Non-equity accounting of the results of an associated
company.

Danaharta and the secured creditors have approved the workout
proposals of the Company and its eight (8) subsidiaries, which
have been placed under special administration, as follows:

Name of Company     Date of Approval     Danaharta Date of
  by Approval by the   Secured Creditors

Techno Asia Holdings Bhd.            28 Jan, 2002 6 Feb, 2002
Mount Austin Properties Sdn. Bhd.    14 Dec, 2001 28 Dec, 2001
Techno Asia Venture Capital Sdn. Bhd.10 Dec, 2001 28 Dec, 2001
Prima Moulds Manufacturing Sdn. Bhd. 14 Dec, 2001 n/a
Cempaka Sepakat Sdn. Bhd.            10 Dec, 2001 28 Dec, 2001
Ganda Edible Oils Sdn. Bhd.          10 Dec, 2001 n/a
Ganda Plantations (Perak) Sdn. Bhd.  10 Dec, 2001 28 Dec, 2001
Litang Plantations Sdn. Bhd.         10 Dec, 2001 28 Dec, 2001
Wisma Dindings Sdn. Bhd.             10 Dec, 2001 6 Feb, 2002

The workout proposal of the Company involves, among others, the
following:

   * All interest and penalty charges to the secured creditors,
hire purchase creditors, preferential and essential creditors
and unsecured creditors arising after 30 June, 2001 shall be
waived; and

   * The charged assets to the secured creditors shall be set-
off and transferred at the proposed transfer value and the
balance of the debt outstanding, if any, shall remain a debt by
the Company.

The Special Administrators had on 29 March, 2002 submitted a
proposed restructuring scheme to the Securities Commission and
the Foreign Investment Committee for approval. The salient
features of the proposed restructuring scheme include, among
others, the following:

   * The proposed reduction of the existing issued and paid-up
share capital of the Company from RM 207,597,589 comprising
207,597,589 shares of RM1.00 each to RM5,189,940 comprising
5,189,940 shares of RM0.025 each through the cancellation of
RM0.975 of the par value of each existing share.

   * The proposed consolidation of forty (40) ordinary shares of
RM0.025 each in the Company into one (1) ordinary share of
RM1.00 each upon the completion of the proposed reduction of the
share capital, resulting in the issued and paid-up share capital
of the Company to be RM5,189,940 comprising 5,189,940
consolidated shares of RM1.00 each.

   * The proposed acquisition of the entire issued and paid-up
share capital of the Company by Giant Express Bhd ("GEB") for a
total purchase consideration of RM5,189,940 to be satisfied by
the issuance of 5,189,940 new GEB shares to be credited as fully
paid-up at an issue price of RM 1.00 per share to the
shareholders of the Company on the basis of one (1) new GEB
share for every one (1) consolidated share in the Company.

   * The proposed transfer of the listing status to GEB for a
consideration of RM15 million upon the completion of the
proposed reduction in share capital, proposed share
consolidation and proposed acquisition of the Company. The
Company will hence be delisted from the Official List of the
Main Board of the Kuala Lumpur Stock Exchange.

As at the date of the auditors' report, the relevant approvals
have not been obtained and the financial statements have been
prepared on a going concern basis. Adjustments to the financial
statements relating to the recoverability and classification of
recorded asset amounts or to amounts and classification of
liabilities may be required once the outcome of the proposed
restructuring scheme is known and approvals from all the
relevant authorities and parties have been obtained.

Qualification No. 2

With respect to the investment in unquoted share in an
associated company, namely Westmont Power (Bangladesh) Limited,
the Company had not received any accounts for the year ended 31
December, 2001, audited or otherwise, from the associated
company in time for the said accounts to be adopted. As such, a
determination of the carrying amount of the investment could not
be ascertained.

Qualification No. 3

The Company has not been notified of the completion of the
performance of the obligations of a former Director under the
settlement agreement and as at 31 December, 2001, no provision
was recorded as this liability had yet to crystallize.

Qualification No. 4

This qualifications refer to the tax assessment of Westmont
Power (Kenya) Ltd for the year 1998 amounting to approximately
KShs 175 million assessed by the Kenya Revenue Authority. The
subsidiary company had objected to the assessment, which had
arisen from differing interpretation of the governing tax
legislation, in particular with regard to claims for wear and
tear, and investment deduction allowances. The subsidiary
company's tax agents have submitted appeals to the Local
Committee of the Kenya Revenue Authority. The directors believe
that the outcome of the appeal to the Local Committee, if
successful, will significantly reduce the tax liabilities of the
subsidiary company. Pending the outcome of this appeal, the
penalties and interests arising from the unpaid corporate taxes
for the years 2000 and 2001 have not been accrued. However, the
estimated tax payable for the years 2000 and 2001 has been
accrued in the books of the subsidiary company.

Qualification No. 5

The audited accounts of Ganda Energy & Holdings, Inc. had not
been finalized by its auditors and provided to the Company in
time for the said accounts to be adopted.

As a result of the revaluation of the properties as contemplated
under the proposed restructuring schemes for the subsidiary
companies of Ganda Plantations Sdn. Bhd. ("GPSB") and Ganda Oil
Industries Sdn. Bhd. ("GOI"), the Board of Directors of both
GPSB and GOI did not adopt the audited accounts of these two
companies.

Qualification No. 6

On 2 February, 2001, Danaharta appointed Mr. Lim Tian Huat and
Mr. Chew Cheng Leong of Messrs. Arthur Andersen & Co. as the
Special Administrators over the Company and Prima Moulds
Manufacturing Sdn. Bhd. (PMMSB). On 30 April, 2001, Danaharta
further appointed Mr. Lim Tian Huat and Mr. Chew Cheng Leong as
Special Administrators over the following subsidiaries:

   * Mount Austin Properties Sdn. Bhd.
   * Techno Asia Venture Capital Sdn. Bhd.
   * Wisma Dindings Sdn. Bhd.
   * Cempaka Sepakat Sdn. Bhd.
   * Ganda Plantations (Perak) Sdn. Bhd.
   * Ganda Edible Oils Sdn. Bhd.
   * Litang Plantations Sdn. Bhd.

The Special Administrators of the Company and its eight other
subsidiaries as stated above, have no personal knowledge of the
events and transactions prior to their appointment affecting
Qualification Nos. 2 to 5 above. The figures reported in the
financial statements of the Group and the Company for the period
under review are subject to the carry over effects of past
events and transactions. The Special Administrators are unable
to take responsibility for the completeness or accuracy of the
accounting records in relation to those matters for which the
Special Administrators do not have personal knowledge, and such
responsibility remain with the respective directors who held
office during the material point in time.


TECHNOLOGY RESOURCES: Telekom Control Over Reports Untrue
---------------------------------------------------------
Technology Resources Industries Berhad, in reply to Query Letter
by KLSE reference ID : ZO-020502-57407 regarding the articles in
Business Times and New Straits Times, entitled "Telekom Likely
to Seek Seat on TRI Board" and "Late Transactions Trigger Mart
Uproar", respectively, advised that the Company has not received
the requisite notification from Telekom Malaysia Berhad
notifying its shareholding in TRI.

The Company also wishes to advise that upon due and diligent
enquiry with Naluri Berhad, they confirmed that they have not
disposed of all or part of their stakes in TRI as reported in
the article.


UCP RESOURCES: Unit Defaults BA Facilities Principal Payment
------------------------------------------------------------
UCP Resources Berhad, in accordance with Paragraph 2.1 (d) of
the Practice Note No. 1/2001 - Criteria and Obligation pursuant
to Paragraph 9.04 (l) of the Listing Requirements of the Kuala
Lumpur Stock Exchange, announced:

   (i) UCP Marketing (M) Sdn Bhd, a subsidiary of UCP Resources
Bhd, as at 2 May 2002, defaulted in principal payment of
RM402,000 for Bankers Acceptance facilities (BA facilities)
granted from Affin Bank Bhd; and

   (ii) UCP Manufacturing (M) Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 2 May 2002 and 3 May 2002, defaulted in
principal payments of RM203,000 and RM407,000 for BA facilities
granted from Affin Bank Bhd.

The UCP Group shall make periodic announcements on a monthly
basis to the Exchange of the current status of the default and
steps taken to address the default until such time when the
default is remedied.


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


NATIONAL BANK: Government, Tan Ink Rehab Plan
---------------------------------------------
Philippine National Bank's former majority owner, Lucio Tan, and
the government signed on Friday an agreement to swap the bank's
25 billion pesos debt from the Bangko Sentral ng Pilipinas
(Central Bank of the Philippines, or BSP) and Philippine Deposit
Insurance Corp. (PDIC) to the state for equity, paving the way
for the bank's rehabilitation, Business World reported.

Under the agreement, 7.8 billion pesos of PNB's debt to the
state will be converted into shares, another 7 billion will be
stretched into a 10-year loan, while the remaining 10 billion
will be offset against the government's liabilities to the bank.

The debt to equity swap will also give the government and the
Chinese-Filipino tycoon co-equal shares at 44.98 percent each.

Following the debt conversion, PNB's non-performing loan ratio
is expected to drop to 45 percent, from the March 22 level of 49
percent.

The government is set to negotiating anew with Tan to refine
some of the terms of the bank's financial rescue plan.


NATIONAL BANK: Sees PHP800M Loss in First Quarter
-------------------------------------------------
Philippine National Bank made an estimated net loss of around
800 million pesos in the first quarter, from a loss of 2.01
billion pesos a year earlier, Business World reported, citing
PNB president Lorenzo Tan.

Tan said losses of the bank would be reduced this year following
the government's re-entry into management.

"Our projection for this year is a 2.7 billion pesos net loss.
There will be a significant reduction in our loss this year
because of the rehabilitation agreement and the cost-cutting
program," the bank president said.

"I'm hoping that in two to three years we can turn around the
bank, if we can sell some (assets)."

He said PNB's current load of bad assets is around 24 billion
pesos, but the properties have an appraised value of 36 billion.


NATIONAL POWER: Blamed for Transmission Line Project Delay
-----------------------------------------------------------
The Manila Electric Co. (Meralco) is blaming state-owned
National Power Corp. (Napocor) for the transmission line
constraint that prevents Meralco from utilizing the full
capacity of its two independent power producers (IPPs) in Sta.
Rita and San Lorenzo in Batangas, the Philippine Star
reports.

Because of this, Meralco has warned of a higher power purchased
cost adjustment (PPA) if it remains unable to use the
electricity from these power plants.

"Napocor is tasked with the responsibility of planning for both
transmission and generation of power. It is a government
entity," Meralco treasurer Rafael Andrada.

"We do not understand why the Napocor was not able to complete
this particular (transmission line) program. But, it was clear
that it is included in the five-year development plan of
Napocor," he said.

A Napocor official said all the expenses of the power firm
should be tied up with a corresponding financing. "If a
particular project is programmed in 2004, the funding will only
come in that period," he said.

Troubled Company Reporter Asia Pacific said in April 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: Tan Prepared to Buy P2B Government Shares
--------------------------------------------------------------
Philippine Airlines Inc majority shareholder Lucio Tan said he
is prepared to put up the required 2 billion pesos for him to
buy the remaining government shares in the flag carrier, the
Philippine Daily Inquirer reported.

Tan told reporters there is "no problem" in buying the shares,
but did not say which of his companies would meet the Monday
deadline to make the payment.

The required purchase by Tan of government shares in PAL is
covered by a put option agreement between him, the government
and five government financial institutions (GFI's).

The put option agreement signed on April 1996 requires Tan to
buy the government's remaining PAL shares 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.

A source from one of the state-owned banks said the government
would give PAL a month to honor the two-billion-peso put option
agreement.

If PAL fails to settle its obligation, the Office of the
Solicitor General is expected to go after Fortune Tobacco and
Asia Brewery, which guaranteed the payment of PAL's obligation.

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 TELEGRAPH: Anticipates Turnaround in Two Years
---------------------------------------------------------
Philippine Telephone and Telegraph Co expects to post profit in
two years after securing agreement from a majority of creditors
for a debt restructuring deal, the Philippine Daily Inquirer
reported.

PT&T President and CEO, Jose Luis Santiago, said he intends to
improve the Company's earnings before interest, taxes,
depreciation and amortization (EBITDA) to 40 percent from a low
13 percent.

Mr. Santiago said to turn the Company around, PT&T has shifted
to Internet-based services and broadband technology from the
traditional telephony and telegraph services.

The Company has launched the broadband connective SuperCom
targeted to Internet service providers and Green Dot to small
and medium scale enterprises.

PT&T has also put up 15 "Click&Call" branches that serve as the
company's one-stop shop for e-business and telecommunications
needs.

With the conclusion of the restructuring agreement, the company
hopes to recover from the 700 million peso (US$13.95 million)
loss it posted in its fiscal year ended June 2001.

The Troubled Company Reporter Asia Pacific said Friday PT&T's
creditor banks and supplier financiers have already agreed to a
debt-to-equity conversion for the restructuring of a portion of
its estimated 8.5 billion pesos (US$168.03 million) loan.

Once the restructuring is completed, PT&T will have a debt-to-
equity ratio of 1:1 and 70 percent of the Company will be owned
by the creditors. The Company's major creditors include Korea
Telecoms, ECI Telecom, JP Morgan Chase and local banks.


UNIWIDE HOLDINGS: SEC Approves Debt-for-Asset Swap
--------------------------------------------------
The Securities and Exchange Commission has approved Uniwide
Holdings' plan to swap assets for its debt to the Land Bank of
the Philippines, the Philippine Daily Inquirer reported.

The SEC said Uniwide will turn over 12 properties to the bank in
settlement of 634.9 million pesos in debt.

Last week, the SEC also approved Equitable PCI Bank Inc.'s sale
of Uniwide Holdings Inc.'s three pieces of property in Cubao in
line with a 1999 payment-in-kind deal covering 404 million pesos
worth of debts.

Also approved in the same order was the sale of Uniwide Sales
Realty and Resources Corp.'s two pieces of property in Malolos,
Bulacan, with a total value of 7.12 million pesos.

The panel, however, delayed action on the request of the Uniwide
group's receivership committee to approve a second amendment to
the group's rehabilitation plan.

The receivership committee believes Uniwide's creditors have
been given enough time to comment on its amended rehabilitation
plan that has been with the SEC since October last year. So far,
19.74 percent of Uniwide's secured creditors and 7.98 percent of
its unsecured creditors have filed their comments.

The second amended rehabilitation plan calls for payment-in-kind
arrangements to reduce the Uniwide group's debts and make its
operations sustainable even without an investor pumping in fresh
capital.

Documents filed with the SEC show that the Uniwide group has a
combined liability of 11.1 billion pesos and total assets
amounting to 19 billion pesos.

Uniwide - http://www.uni-wide.com/- filed a petition for  
suspension of payments and rehabilitation about three years ago.
It blames its massive land-banking and ill-timed venture into
real estate development for its severe financial strain and its
inability to meet its maturing debt obligations.


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


EMC PUBLIC: Issues Ordinary Shares to Creditor   
----------------------------------------------
EMC Public Co., Ltd., the Plan Administrator of EMC Power Co.,
Ltd., informed that the Company increased its registered capital
to Bt677,954,310 divided into 67,795,431 ordinary shares, which
has the par value of Bt10 per share as mentioned in the
rehabilitation plan. At present, the paid-up capital is
Bt537,512,610.

Due to EMC received the additional orders from the official
receiver and as provided in the rehabilitation plan that
EMC has to convert the debt to equity by issuing the ordinary
shares, the Plan Administrator informed that EMC will convert
the debt to equity by issuing the ordinary shares to Bank of
Asia Plc. in the amount of Bt52,765,550 divided into
5,276,555 shares.

After issuing of the ordinary shares, the paid-up capital will
be Bt590,278,160 and Bank of Asia Plc. will hold the
shares in the proportion of 8.94 of  the total shares.
EMC will convert the debt to equity and issue the ordinary
shares to Bank of Asia Plc. on  May 10, 2002.


HEMARAJ LAND: Defers Dividend Payment Due to Incurred Net Loss
--------------------------------------------------------------
The 2002 Annual General Meeting of Shareholders of Hemaraj Land
and Development Public Company Limited held at the meeting room
of the Company located at 18th Floor, UM Tower, 9 Ramkhamhaeng
Road, Kwaeng Suanluang, Khet Suanluang, Bangkok on 30th April,
2002 between 8:15 a.m. and 8.45 a.m. has resolved:

1.  That the Minutes of the Extraordinary General Meeting of
Shareholders No. 1/2001 be certified.

2.  That the report on the Company's operating results for the
year 2001 be acknowledged and approved and the Directors' Report
be approved.

3.  That the audited balance sheet and profit and loss
statements ended 31st December, 2001 be approved.

4.  That, since the Company incurred net loss in respect of the
2001 operating results, no distribution of dividends and no
appropriation of profits for the 2001 operating results be
approved.

5.  That the re-appointment of Mr. David R. Nardone, Mr.
Thongchai Srisomboonrananont, Mr. Peter John Edmonson and Mrs.
Punnee Worawuthichongsathit who would retire by rotation and the
remuneration of the directors for the year 2002 both for the
Company and for its subsidiaries in an aggregate amount of Baht
81,500,000 (being the remuneration for the Company's directors
in the amount of Bt46,000,000 and that of all subsidiaries of
the Company in the amount of Bt35,500,000), be approved,
provided that the said remuneration for the year 2002 also
included the salary as well as the bonus, director fees and
meeting fees as part of such remuneration and such remuneration
may be varied by 5 percent.

6.  That, due to unsuccessful negotiation on the remuneration of
KPMG Audit (Thailand) Co., Ltd. for the audit for the year 2002,
the change of the auditors of the Company by appointing
Professor Kasiree Narongdej, Certified Public Accountant No. 76
of A.M.T. & Associates or Mrs. Suvanee Kittipanyangam, Certified
Public Accountant No. 2899 of Banchi-Kij Co., Ltd. as the new
auditors of the Company and its subsidiaries for the year 2002
with their remuneration for the year 2002 in an aggregate amount
of Baht 2,210,875 (being the amount Bt 955,000 per annum
excluding disbursements) for the Company's auditor and that all
of subsidiaries of the Company in the amount of  Baht 1,255,875
per annum (excluding disbursements)), be approved.  KPMG Audit
(Thailand) Co., Ltd. would still prepare the reviewed financial
statement for the first Quarter.

7.   That the reduction of the registered capital by cancelling
159,782,075 unissued shares at the par value of Bt10 each,
totalling Bt1,597,820,750, from the existing registered capital
of Baht 10,000,000,000 to be the new registered capital of
Bt8,402,179,250 divided into 840,217,925 ordinary shares at the
par value of Bt10 each and the amendment to Clause 4 of the
Memorandum of Association of the Company so as to reflect the
reduction of the registered capital in accordance with the said
details, be approved.

8.   That the increase of the registered capital by another
Bt4,597,820,750 from Bt8,402,179,250 to be the registered
capital of Bt13,000,000,000 divided into 1,300,000,000 ordinary
shares by an issue of 459,782,075 new ordinary shares at the par
value of Bt10 each and the amendment to Clause 4 of the
Memorandum of Association of the Company so as to reflect the
increase of the registered capital of the Company in accordance
with the said details, be approved.


MOOBAN SERI: Business Reorganization Petition Filed
---------------------------------------------------
Real estate Developer Mooban Seri Company Limited (DEBTOR) filed
its Petition for Business Reorganization to the Central
Bankruptcy Court:

   Black Case Number 1510/2544

   Red Case Number 1214/2544

Petitioner: MOOBAN SERI COMPANY LIMITED

Planner: SERI PREMIER COMPANY LIMITED   

Debts Owed to the Petitioning Creditor: Bt2,940,561,379.41

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

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

Court had postponed the Date for Examining the Petition:
December 7, 2001

Court Order for Business Reorganization and Appointment of
Planner: December 7, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: December 19, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: January 8,
2002

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: April 8, 2002

Contact: Mr. Chat Tel, 6792525 ext. 124


ROYAL CERAMIC: Posts Business Rehab Meeting Resolutions
-------------------------------------------------------
The Executive Directors for Business Rehabilitation of Royal
Ceramic-Industry Public Company Limited reported on the meeting
held on April 29, 2002. The details of the resolutions are:

1. To re-appoint the directors whose terms have ended, and
consider directors' Compensation.

   -The directors whose terms have ended and are re-appointed:
   
     1. Mrs. Rudeerat Sangkasaba  
     2. Mrs. Pittraporn Sangkasaba
     3. Mrs. Sasinee Hoontrakool

   To appoint Maj. Gen. Nirundon Patpongpanit a new Director
instead of Mr. Arthorn Bhongsvej.

   To approve the directors' compensation:

     B45,000.- per month for Chairman of Directors and Baht
15,000.- per month for each Directors.

2. To appoint Mr. Somsit Techamontrikul Cpa. No.430 or Mr.
Prawit Wongkanit Cpa.No.4193 from United Auditing Ltd. as
auditors for the year 2002 and approval of annual remuneration
in auditing totalling Bt305,000.

   To appoint Panel Kerr Forster (Thailand) Company Limited, to
follow the petition for business rehabilitation, and approved as
auditor for quarter of the year 2002 totalling 4 quarters in
Bt220,000.  
                          

SUPALAI PUBLIC: SET Grants Listed Securities
--------------------------------------------
Beginning May 7, 2002 the Stock Exchange of Thailand (SET)
allowed the securities of Supalai Public Company Limited
(SUPALI) to be traded on the SET after finishing capital
increase procedures.
                 
Name                     : SUPALI
Issued and Paid up Capital  
     Old                 : Bt646,374,970  
     New                 : Bt649,715,970
Allocate to              : Convertible Bond holders 7,000 Shares
Conversion Ratio         : 1:47.7286
Conversion Price         : Bt20.95
Number of common         : 334,100 Shares
stock from conversion
Conversion Date          : April 24, 2002


* SET Releases Index Calculation Excluded Stocks
------------------------------------------------
The Stock Exchange of Thailand (SET) announced an adjustment of
Index calculation by the exclusion of those stocks that have
been suspended for over one year from the Index.

The SET wishes to inform that, effective May 14, 2002, the
following stocks will be excluded from the calculation of the
SET Index until such time as they are permitted to resume
trading.

  1. Thai Engine Manufacturing Public Co., Ltd. (TEM)
  2. Thai Heat Exchange Public Co., Ltd. (THECO)
  3. Preecha Group Public Co., Ltd. (PRECHA)


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***