TCRAP_Public/020508.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, May 08, 2002, Vol. 5, No. 90

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Murrin Murrin Fire Causes Cabling Damage
ANSETT GROUP: Australiawide Consortium Named Preferred Bidder
AUSTRALIAN PLANTATION: Details Registered Office Information
AUSTRALIAN PLANTATION: Posts Director`s Interest Notice
COLES MYER: S&P Affirms RATINGS, Revises Outlook to Negative

HIH INSURANCE: Releases Royal Commission's Hearing Schedule
KARL SULEMAN: Court Disqualifies Manager for Life
PASMINCO LIMITED: Seeks More Time to Provide Discovery Docs
SECURE FINANCE: WA Supreme Court Orders Assets Freeze
WESTERN METALS: Restructuring Document Completion Time Extended


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Court Postpones Petition Hearing to June 17
HAYWARD KNITTERS: Winding Up Petition Pending
KARTIC TRADING: Winding Up Petition Sought by Standard
STAR EAST: Price, Turnover Movements Unexplainable
TECHCAP HOLDINGS: Directors Pledge Shares to Independents


I N D O N E S I A

ASTRA INT'L: Likely to Face Criminal Charges in Suryadjaya Case
BUKAKA TEKNIK: JSX Suspends Shares Trading


J A P A N

MITSUBISHI TOKYO: Decides to Sell $3.94B in Bad Loans


K O R E A

DAEWOO MOTOR: Indian Unit to Get Supplies From Parent
DAEWOO MOTOR: Polish Workers Strike to Protest Bankruptcy
HYNIX SEMICON: Creditor Compensates Clients for Bond Losses
HYNIX SEMICON: Falls 3.6% on Write-Off Concerns
HYNIX SEMICON: May Hold Sale Talks With Other Investors

HYUNDAI MOTOR: Declines to Comment on First-Quarter Earnings
SEOULBANK: Sell-Off Scheduled for July


M A L A Y S I A

AUTOINDUSTRIES VENTURES: Posts Change of Registrar Notice
CHASE PERDANA: Chairman Deals Securities During Closed Period
CSM CORP.: Proposed Settlement, Termination Agreement Planned
HIAP AIK: Proposed Restructuring Scheme Formulation Underway
KIARA EMAS: Expects Creditor Negotiations to End Soon  

LIEN HOE: Summary Judgment Hearing Adjourned to June 18
LION LAND: Unit Proposes Debt Restructuring Scheme
NCK CORPORATION: Unit Enters SPA With Po Lam for RM5,300,000
UNITED CHEMICAL: Defaults on Term Loan Facility Payment
WEMBLEY INDUS.: Creditors OK Revised Debt Restructuring Plan


P H I L I P P I N E S

METRO PACIFIC: First e-Bank Ups 2.3% on Merger Offers
NATIONAL BANK: Fined for Failure to Submit '01 Financial Report
NATIONAL POWER: Bill Filed to Reduce Power Purchase Cost
NATIONAL POWER: PSALM to Use Plant Income to Settle Debts
NATIONAL STEEL: Malaysian Owner Okays Rehab Plan

PHILIPPINE LONG: Moody's Confirms Ba3 Senior Unsecured Ratings
PHILIPPINE LONG: Reviews Plan to Sell Smart Stake
PHILIPPINE LONG: S&P Raises Credit Rating to BB
PHILIPPINE TELEGRAPH: Ups 29% on Creditors Agreement


S I N G A P O R E

ASIA PULP: Appoints New Auditors, Commissioners for Indo Units
TEAMSPHERE LIMITED: Signs MoU to Buy Te Puna for S$70M
TELEDATA (SINGAPORE): Plans to Dispose of 2.5M Intrawave Shares


T H A I L A N D

ASIA HOTEL: Rehabilitation Plan Decision Postponed
L.P.N. DEVELOPMENT: Omits 2001 Dividend Distribution
RAMA 3 LAND: Files Business Reorg Petition in Bankruptcy Court
SAMART CORPORATION: Posts 2002 Ordinary GM Resolutions
SRIVARA REAL: Administers Memorandum of Association Amendment

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ANACONDA NICKEL: Murrin Murrin Fire Causes Cabling Damage
---------------------------------------------------------
A small fire in the early hours of Sunday morning at Anaconda's
Murrin Murrin nickel cobalt project damaged electrical cabling
in one of the two hydrogen sulphide trains.

The on-site Emergency Response Team contained and extinguished
the fire within 30 minutes. No injuries were reported.
An investigation into the cause of the fire is currently
underway and a proper assessment of the extent of the damage
will be made once a thorough inspection has been completed.

Anaconda Chief Executive Officer Peter Johnston said, "I want to
express my sincere gratitude to the Murrin Murrin emergency
response team. Their quick reactions and professionalism
prevented the fire from affecting other parts of the
plant."

A planned shutdown originally scheduled for 12 May has been
brought forward, and the plant is expected to resume production
within a few days. Loss of production is not expected to be
significant.


ANSETT GROUP: Australiawide Consortium Named Preferred Bidder
-------------------------------------------------------------
The administrators of Kendell Airlines and Hazelton Airlines
signed a heads of agreement, on May 7, with the 'Australiawide'
consortium, naming the group its preferred bidder for the dual
acquisition of the Ansett Group airline subsidiaries.

Mark Mentha, administrator of Ansett and Kendell, and Michael
Humphris for Hazelton administrator, Sims Lockwood, accepted a
$500,000 deposit from Australiawide to secure the consortium's
interests.

"The combination of both airlines provides a single investor an
airline operation covering key regional markets in four states,"
said Mark Mentha.

"Our aim regarding the sales of the Ansett regional has been to
secure the best outcome for Ansett creditors, and at the same
time, to sell the businesses to owners who will take them
forward in a sustainable manner," he said.

"These airlines are critical to country towns and major centers
in regional Australia. We restarted Kendell Airlines in
September 2001 with Government support and are now operating
regular flights to many key regional centers in four states," he
said.

Administrator Michael Humphris said discussions with
Australiawide would continue over the next 14 days before moving
to a contract of sale.

"There remain certain conditions, which must be resolved prior
to sale completion, and as administrators we will assist
Australiawide in everyway to make sure those conditions are
worked through and met," he said.

All Kendell and Hazelton Airlines services will continue as
normal while the sale process continues.


AUSTRALIAN PLANTATION: Details Registered Office Information
------------------------------------------------------------
Australian Plantation Timber Limited advised that the address,
telephone number and facsimile number for the Company's
registered office and principal administrative office is:

                    PREVIOUS DETAILS       NEW DETAILS
                                 
Address             Level 1                Ground Floor
                    1 - 5 Walker Avenue    136 Stirling Highway
                    West Perth WA 6005     Nedlands WA 6009

Telephone Number    08 9226 2622           08 9389 0200

Facsimile Number    08 9226 2633           08 9389 0250
                             
The securities of the Company remain suspended from official
quotation.


AUSTRALIAN PLANTATION: Posts Director`s Interest Notice
-------------------------------------------------------
AUSTRALIAN PLANTATION TIMBER LIMITED posted this notice:

INITIAL DIRECTOR'S INTEREST NOTICE

   Name of Company        Australian Plantation Timber Limited

   ABN                    36 054 653 057

We (the entity) give the ASX the following information under
listing rule 3.19A.1 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director       Paul Geoffrey Brazenor

   Date of Appointment    11/03/1992

Part 1 - Director's relevant interests in securities of which
the director is the registered holder

Number & class of securities

897,625 ordinary shares.
850,000 options over unissued ordinary shares.

Part 2 - Director's relevant interests in securities of which
the director is not the registered holder

   Name of holder &                  Number & class
   nature of interest                of securities

  Nil                                   Nil                      
                                                                 
Part 3 - Director's interests in contracts

Detail of contract              Nil

Nature of interest              Nil

Name of registered holder
(if issued securities)          Nil

No. and class of securities
to which interest relates       Nil


COLES MYER: S&P Affirms RATINGS, Revises Outlook to Negative
------------------------------------------------------------
Standard & Poor's has affirmed on May 6 its `BBB+/A-2' ratings
on Coles Myer Ltd. (CML) and its guaranteed issues and programs;
however, the outlook has been revised to negative from stable.
The outlook revision follows CML's updated fiscal 2002 earnings
forecast, which indicates that its full year underlying earnings
result will now be A$350 million-A$360 million, down from the
A$400 million previously expected.

Commenting on the outlook change, Paul Draffin, associate,
Corporate & Infrastructure ratings said, "Breakeven operating
performance from each of CML's nonfood businesses during the
seasonally weak second half was considered a key near-term step
to improving CML's cash flows and debt protection measures to
levels more consistent with the rating." However, with nonfood
sales levels for the third quarter below expectations,
particularly in apparel, combined with CML's more disciplined
seasonal stock clearance policies, losses are now expected at
the Myer Grace Bros. (MGB) and Kmart divisions during the second
half. "The announcement reflects the fact that new retailing and
merchandising strategies at Kmart and MGB are taking longer than
expected to translate to improved earnings and cash flow," said
Mr. Draffin. "Standard & Poor's also notes that CML's continued
high dividend payout levels limit CML's financial flexibility
and its ability to reduce its debt burden during this
challenging rebuild period," added Mr. Draffin. Importantly,
however, the performance of CML's food and liquor operation is
expected to remain strong, despite some underperformance from
the recently acquired Franklins stores, and underpin continued
adequate cash flows for the group.

Stability of the rating is dependant on CML generating steady
and sustainable improvements in earnings from in its nonfood
businesses, and making solid progress in improving its funds
from operations-to-debt ratio to at least the 17%-18% range by
fiscal 2003, and 20% or more by fiscal 2004. Failure to achieve
these financial targets could result in a lowering of the rating
by one notch.


HIH INSURANCE: Releases Royal Commission's Hearing Schedule
-----------------------------------------------------------
During May, the HIH Royal Commission will sit from each Monday
to Friday.

Hours of Sitting

The sitting times will be Monday to Thursday 9:30AM to 11AM,
11:15AM to 12:45PM and 2:15PM to 4:30PM unless there is a mid
afternoon break when the hearings will conclude at 4:45PM.
Fridays 9:15AM to 11:00AM, 11:15AM to 1:00PM.

Commission Location

Level 8, 'The Landmark' 345 George Street, Sydney

Provisional Inquiry Program

NOTE: This program is provisional and is subject to change.
Parties and other interested persons should monitor the
Commission's website to ascertain the time at which issues will
be the subject of evidence and the order in which witnesses will
be called. Parties should bear in mind that the opening
statements made by Counsel Assisting the Commission will provide
a guide to the anticipated scope and direction of each phase of
the Inquiry, but no more than that.

Also, the opening statements and evidence received in each phase
of the Inquiry are likely to be relevant to other phases of the
Inquiry. It is necessary to refer to the whole of the opening
statements and the evidence (oral and written) received by the
Commission in order to obtain a complete understanding of the
Commission's work in relation to any given subject matter.

Section 1: Investigations by External Entities and the Final
Days of HIH.

Completed

Section 2: Aspects of Reinsurance

Completed

Section 3: FAI Issues

This section commenced on 12 April 2002 and is due to be
completed by 10 May 2002. It will cover issues such as FAI's
claims provisions and related liabilities, the value of certain
FAI assets and related aspects of FAI's accounts in 1997-98,
corporate governance of FAI and the events and circumstances
within FAI leading up to the takeover by HIH in 1998-99. The
order in which classes of witnesses will be called will,
generally speaking, be as follows: FAI management, certain
external advisers, FAI directors. The Commission does not intend
to conduct hearings in the week commencing 13 May 2002 unless it
is necessary to do so in order to complete the evidence on FAI
issues.

Section 4: HIH Issues

This section is due to commence on 20 May 2002. It is
anticipated that it will conclude on 20 September 2002. The
Commission will not conduct hearings in the week commencing 1
July 2002. The issues to be covered in the HIH section include:
HIH's claims provisions and related liabilities, other key HIH
assets and liabilities, relations between HIH and its auditors
and actuaries, corporate governance, the acquisition of FAI,
HIH's international operations (particularly those in the UK and
USA), HIH's accounting practices and its financial position
particularly from about 31 December 1998. The order in which
classes of witnesses will be called will, generally speaking, be
as follows: HIH management, certain external advisers, auditors,
actuaries, HIH directors.

Section 5: Issues Relating to Government and Regulatory Agencies

Three weeks have been set aside for this section. It is due to
commence on 23 September and to conclude on 11 October 2002. The
issues to be covered in the Government agencies section include:
the regulatory oversight of the activities, financial condition
and solvency of HIH (including FAI) after 1995 until its
collapse. The order in which classes of witnesses will be called
will, generally speaking, be as follows: APRA witnesses, ASIC
witnesses, ASX witnesses and State Regulatory witnesses if
required.

Section 6: Future Policy Directions

Consideration of future policy directions has already commenced
and will continue throughout the life of the inquiry. In the
four week period between 14 October 2002 and 8 November 2002 the
Commission will focus on these issues including consultations,
receipt of materials and hearings as and when necessary. The
subject matter of this section is to be found within term of
reference (e) together with corporate governance issues
generally as they arise from matters canvassed during the
hearings.

Section 7: Closing Addresses - Counsel Assisting

Counsel assisting will present closing submissions in the week
commencing 11 November 2002. There will be no sittings for the
two weeks commencing 18 November and 25 November 2002. This will
enable parties who wish to present a closing submission to
prepare addresses.

Section 8: Closing Addresses - the Parties

The parties will present closing addresses in the three weeks
between Monday 2 December and Friday 20 December 2002. Parties
will be expected to reduce their closing submissions to writing.
Each party who wishes to do so will be afforded some time to
speak to the submissions. The length of time allocated to each
party will depend on the number of parties who wish to make an
oral presentation and other relevant issues that will be
addressed closer to the time.

The Report Finalization and Presentation will be presented to
His Excellency the Governor-General no later than 28 February
2003.


KARL SULEMAN: Court Disqualifies Manager for Life
-------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained consent orders in the New South Wales Supreme Court in
relation to an investment scheme operated by Karl Suleman and
Karl Suleman Enterprizes Pty Ltd.

On May 6, the Supreme Court, on the application of ASIC,
disqualified Karl Suleman from managing a corporation for life.

The Supreme Court also declared that Karl Suleman and Karl
Suleman Enterprizes Pty Ltd:

   * operated a managed investment scheme that should have been
registered;

   * carried on a securities business without holding a dealers
license; and

   * carried on an investment advice business without holding an
investment advisers license.

The Supreme Court also made permanent injunctions restraining
Karl Suleman and Karl Suleman Enterprizes Pty Ltd from operating
the unregistered managed investment scheme or a substantially
similar scheme and carrying on a securities or investment advice
business.

The court continued the orders restraining Karl and Vivian
Suleman from dealing in any of their assets.

The remainder of ASIC's application in relation to Vivian
Suleman and the damages claimed against Karl and Vivian Suleman
has been adjourned to 22 July 2002.

ASIC has established a hotline on 02 9911 2408 for queries from
any affected investors.

ASIC's investigation is continuing.


PASMINCO LIMITED: Seeks More Time to Provide Discovery Docs
-----------------------------------------------------------
Pasminco Limited (Administrators Appointed) and MIM Holdings
Limited on March 22 were ordered by the Supreme Court of Western
Australia to provide Aquila Resources Limited (Aquila) by 29
April 2002, verified discovery of documents covering the period
23 February 2001 to 31 March 2001 relating to an extension of
the period for MIM to exercise its rights of pre-emption in
respect of Pasminco's interest in the Ernest Henry Mine. Aquila
had entered into an agreement with Pasminco to acquire that
interest on 13 January 2001.

MIM and Pasminco both cite as reasons for wanting more time to
comply with the Court's order:

   *  Being interstate resulting in the process taking slightly
longer;

   *  Thursday, 25 April being a public holiday.

Pasminco has stated that it has retrieved a "large number" of
email documents from its computer system, which will need to be
reviewed for the purposes of discovery.

Whilst Aquila believes MIM and Pasminco have had ample time to
comply with the Court's order, it has nevertheless granted them
an extension until Friday, 3 May 2002.

Aquila maintains that it may have a claim against MIM and
Pasminco in relation to the circumstances by which Aquila's
consent to an extension of the pre-emption period was procured.


SECURE FINANCE: WA Supreme Court Orders Assets Freeze
-----------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained injunctions in the Supreme Court of Western Australia
freezing the assets of Secure Finance & Investment Services
(Australia) Pty Ltd.

ASIC records show Mr Phillip Crane to be the Company's sole
director and secretary.

ASIC alleges that the Company promoted schemes to invest in
offshore funds. At least $5,826,290 has been raised from
approximately 200 investors, over a two-year period.

In the promotional material provided to investors, Secure
Finance represented that the schemes, "on average, returned 40%
to 120% per annum depending on fund type'. ASIC alleged that
these estimates were misleading as there was no proper basis for
them.

ASIC believes the schemes are illegal as they contravened the
managed investment provisions of the Corporations Act by not
having disclosure documents lodged with ASIC, as required under
the law.

Additionally, ASIC alleged a number of other contraventions by
the Company and the promoters of the schemes, including carrying
on a securities business without being licensed and carrying on
an investment advice business without being licensed.

ASIC has lodged an application with the Supreme Court for a
receiver and manager to be appointed over the Company's assets
in order to protect investors' funds.


WESTERN METALS: Restructuring Document Completion Time Extended
---------------------------------------------------------------
Western Metals Limited announced that its debt restructuring
arrangements with its major financiers continues to progress,
and that an extension from 1 May 2002 to 14 May 2002 has now
been agreed by all parties for completion and execution of
formal documentation arising from the Common Terms Sheet signed
on 15 March 2002.


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


CIL HOLDINGS: Court Postpones Petition Hearing to June 17
---------------------------------------------------------
The Company has made an application to the High Court of Hong
Kong during the hearing of the winding-up petition served by
Star Dragon Securities Limited held on 6th May 2002 for an
adjournment of the Petition for a period of approximately 6
weeks to allow the Company to prepare the required documents for
the schemes of arrangement to the creditors of the Company and
apply to the High Court of Hong Kong and the Supreme Court of
Bermuda to sanction the schemes under section 166 of the
Companies Ordinance and section 99 of the Companies Act 1981 of
Bermuda respectively.

The High Court of Hong Kong made an order to adjourn the
Petition to 17th June 2002. In this connection, further
announcement will be made as and when necessary.


HAYWARD KNITTERS: Winding Up Petition Pending
---------------------------------------------
Hayward Knitters Limited is facing a winding up petition, which
is slated to be heard before the High Court of Hong Kong on May
22, 2002.

The petition was filed on February 5, 2002 Standard Chartered
Bank, being a corporation duly incorporated in the United
Kingdom and with a place of business registered in Hong Kong
pursuant to Part XI of the Companies Ordinance (Cap. 32) at
Standard Chartered Bank Building, whose office is situated at 4-
4A Des Voeux Road Central, Hong Kong.


KARTIC TRADING: Winding Up Petition Sought by Standard Chartered
----------------------------------------------------------------
Standard Chartered Bank, being a corporation duly incorporated
in the United Kingdom and with a place of business registered in
Hong Kong pursuant to Part XI of the Companies Ordinance (Cap.
32) at Standard Chartered Bank Building, has filed a winding up
petition against Kartic Trading Limited on February 5, 2002.

The petition is set to be heard before the High Court of Hong
Kong on May 22, 2002 at 9:30 am. Standard Chartered Bank's
office is located at 4-4A Des Voeux Road Central, Hong Kong.


STAR EAST: Price, Turnover Movements Unexplainable
--------------------------------------------------
The Board of Directors of Star East Holdings Limited has noted
the recent substantial increase in price and trading volume of
the shares of the Company and wish to state that, save for the
proposed placing of 276,200,000 existing shares and subscription
for 350,000,000 new shares and second placing of 350,000,000 new
shares as stated in the Company's announcement dated 3rd May,
2002, the Board is not aware of any reason for such increase.

The Board also confirms that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.


TECHCAP HOLDINGS: Directors Pledge Shares to Independents
---------------------------------------------------------
TechCap Holdings Limited's executive directors, Dr. Li and Mr.
Wong, have informed the Company on 30th April, 2002 that another
part of the Shares beneficially owned by them were pledged to
independent third parties for their own short-term financing on
30th April, 2002.

On 30th April, 2002, 187,000,000 Shares and 140,000,000 Shares
beneficially owned by Dr. Li and Mr. Wong respectively were
pledged to three independent third parties. The pledged shares
aggregate approximately 2.9% of the total issued share capital
of the Company as at 30th April, 2002.

Currently, Pacific Annex pledged an aggregate of 1,166,000,000
shares (out of its holding of 2,729,400,000 shares),
representing 10.24% of the total issued share capital of the
Company, Dr. Li pledged an aggregate of 382,000,000 shares (out
of its holding of 927,000,000 shares), representing 3.36% of the
total issued share capital of the Company. Mr. Wong pledged
325,000,000 shares (out of its holding of 339,000,000 shares,
representing 2.86% of the total issued share capital of the
Company.

Dr. Li and Mr. Wong have acknowledged the requirement to notify
the Company if they receive indications, either verbal or
written, from the pledgee/chargee that any of the
pledged/charged securities will be disposed of. The Company will
then make further announcement pursuant to Rule 10.07(2).

Wrights Investors' Service reported that at the end of 2001,
Techcap Holdings Limited had negative working capital, as
current liabilities were HK$337.06 million while total current
assets were only HK$74.33 million. The fact that the Company has
negative working capital could indicate that it will have
problems expanding.


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


ASTRA INT'L: Likely to Face Criminal Charges in Suryadjaya Case
---------------------------------------------------------------
The Capital Market Supervisory Agency (Bapepam) said that the
management of PT Astra International could face criminal charges
for allegedly hiding documents concerning the repayment of a
US$4 million debt by its former owner, the Suryadjaya family,
AFX reports, quoting Bapepam Legal Affairs Division Head
Robinson Simbolon.

"According to existing regulations, the Astra management could
be jailed for three years and fined Rp5 billion," Simbolon said.

Astra's conflict with the Suryadjaya family, which first arose
in May 2001 following the release of Astra's 2000 financial
report, was closed after Astra paid US$15 million to NV De
Indonesische Overzeese Bank (Indover Bank) and Edwin Suryadjaya
in cash.

Edwin Suryadjaya is currently on Astra's board of commissioners.

Edwin Suryadjaya claims that payment has been made to Astra
International to settle the debt and he is disappointed the
company is not admitting to have received the payment.


BUKAKA TEKNIK: JSX Suspends Shares Trading
------------------------------------------
The Jakarta Stock Exchange (JSX) has suspended trading of shares
in PT Bukaka Teknik Utama after a disclaimer was given on its
financial report for two successive years, 2000 and 2001, Asia
Pulse reports, citing JSX Executive Eddy Nurcahyo.

Mr Nurcahyo added that the JSX has asked the Company to make
public the reasons for the disclaimer opinion, and to reveal the
company's real condition. The Company was also asked to announce
its future plans, and steps to be taken to prevent a disclaimer
opinion being given again.

The Company's suspension has started on Monday.

TCR-AP reported October last year that the company has domestic
debt amounting to Rp70.9 billion, which is unlikely to be paid
in cash considering the Company's current sluggish condition.

Negotiation with Indonesian Bank Restructuring Agency (IBRA)
over debt restructuring still goes on until now but it will
surely take quite some time to complete the process.


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


MITSUBISHI TOKYO: Decides to Sell $3.94B in Bad Loans
-----------------------------------------------------
The Mitsubishi Tokyo Financial Group plans to dispose around
$3.94 billion in bad loans in the year ending March 31, 2003.The
Company intends to sell them to the Resolution and Collection
Corp., a government-backed debt collection agency, the
Associated Press reported Monday.

Saddled with unprofitable investments and loans, the bank is
also considering auctioning some to investors, the paper said.

Mitsubishi Tokyo Financial Group - http://www.mtfg.co.jp- was  
created in April last year by the merger of Bank of Tokyo-
Mitsubishi Ltd., Mitsubishi Trust and Banking Corp. and Nippon
Trust Bank Ltd.

The Japanese megabank has said it expects to report a net loss
of 145 billion yen, or US$1.14 billion, for last year.

The Company added it purged from its books a total of 685
billion yen, US$5.39 billion, in bad loans last year, up from an
expected 480 billion yen, US$3.78 billion, in write-offs.


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


DAEWOO MOTOR: Indian Unit to Get Supplies From Parent
-----------------------------------------------------
Troubled carmaker Daewoo Motors India Ltd will continue to get
vehicle kits, parts and necessary technical assistance from its
parent company in South Korea, Asia Pulse reports.

"The customers in India will continue to get spares and service
for the Daewoo products - Matiz, Cielo and Nexia. As of May 7,
2002, DMIL has enough quantities of spare parts and it will
continue to replenish them," DMIL Deputy Managing Director D W
Kim said.

DMIL was left out in a takeover deal signed on April 30 between
US auto giant General Motors, bankrupt Daewoo Motor and its
creditors in South Korea. This had led to uncertainty about its
capacity to supply spares and meet servicing needs of its
customers.

Meanwhile, Daewoo Motors India said it was confident it would
reach an agreement with domestic financial institutions and
creditors on its huge debt portfolio amounting to about Rs10
billion, $US204,499.

Mr Kim did not relate the measures details.


DAEWOO MOTOR: Polish Workers Strike to Protest Bankruptcy
---------------------------------------------------------
About 800 workers in Daewoo Motor Polska's light-truck factory
went on strike Monday to demand overdue salary payments due
since January, and action from the Board and the government to
save the plant from bankruptcy, the Wall Street Journal
reported.

The factory in the southwestern city of Nysa filed for
bankruptcy in April, citing debt and lack of support from its
South Korean parent company, Daewoo Motor Co., which filed for
bankruptcy last November after amassing $17 billion in debt.

Another Polish Daewoo factory in the eastern city of Lublin was
declared bankrupt in January. Daewoo's automobile plant in
Warsaw has also suffered losses and laid-off workers, but so far
has avoided insolvency.


HYNIX SEMICON: Creditor Compensates Clients for Bond Losses
-----------------------------------------------------------
Hynix Semiconductor Inc creditor, Korea Exchange Bank, has
offered its customers high interest-rate deposits to compensate
for the losses incurred from their investment in the bank's
products that had invested in the ailing chipmaker's bonds.

According to a Dow Jones Newswires report, Korea Exchange Bank
offered its customers KRW50 billion worth of bank deposits that
carry an annual interest rate of 9.2 percent to compensate for
the losses. The offer was sharply higher than the average
deposit rate of 5.2 percent, an official at the bank's trust
operation division said.

The bank's customers have invested in about KRW800 billion worth
of trust fund products that had invested in Hynix bonds.
Customers lost about a total of KRW20 billion due to a sharp
fall in Hynix bond prices amid the chipmaker's financial
troubles.


HYNIX SEMICON: Falls 3.6% on Write-Off Concerns
-----------------------------------------------
DRAM maker Hynix Semiconductor Inc. fell 3.6 percent to a record
low of 680 won on concern creditors will push to write off
existing Company shares to improve its finances, Bloomberg
reported.

Korea Exchange Bank and 11 other creditors of cash-strapped
Hynix are expected to push for a new restructuring plan this
week that will split the company into memory-chip, nonmemory-
chip, and LCD operations in an effort to recover as much loss as
possible. The move came after a deal to sell Hynix's memory chip
operations to U.S.-based Micron Technology Inc. failed.

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.


HYNIX SEMICON: May Hold Sale Talks With Other Investors
-------------------------------------------------------
South Korean Minister of Finance and Economy Jeon Yun-churl said
Monday chipmaker Hynix Semiconductor Inc. might hold discussions
with investors other than Micron Technology Inc. after the
Company's 10 Board members unanimously rejected last Tuesday a
planned $3 billion sale of the core memory-chip assets to its
U.S. rival, the Wall Street Journal reported.

Korea Exchange Bank and 11 other creditors of the financially
troubled Hynix met last Friday to study a plan to divide the
company into memory-chip, nonmemory-chip, and LCD operations in
order to facilitate the sale of its assets.

The creditors are owed $5 billion by Hynix and said they are
preparing to convert three trillion won ($2.3 billion) of the
company's bonds into a 75% equity stake by June 1. The
conversion would give the creditors' management control of
Hynix, from which they could place the company under court
receivership if Hynix's directors do not agree to split the
company to facilitate a sale.

Hynix is one of the world's largest manufacturers of dynamic
random access memory, which are widely used in consumer
electronics and computers.


HYUNDAI MOTOR: Declines to Comment on First-Quarter Earnings
------------------------------------------------------------
South Korea automaker Hyundai Motor Co. refused to confirm or
deny a local newspaper report that its first-quarter profit rose
30 percent, Bloomberg reported.

Seoul Economic Daily said that Hyundai Motor's first-quarter
profit may have risen to 360 billion won ($281 million), helped
by tax cuts that bolstered demand.

The Company may post an operating profit of 513.7 billion won in
the period, little changed from last year's 513.8 billion won,
with sales rising 13 percent to 5.7 trillion won, it said.

According to Hyundai Motor spokesman Park Sang Woo, the report
was "written on speculation."

Hyundai Motor will announce the first-quarter earnings before
the May 15 deadline.

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


SEOULBANK: Sell-Off Scheduled for July
--------------------------------------
The government, the largest shareholder of Seoulbank, plans to
wrap up the proposed sales of the ailing South Korean bank by
the end of July, the Digital Chosun reports.

Deputy Prime Minister Jeon Yun-churl said Monday the government
has been involved in negotiations with domestic and foreign
companies over the proposed sales of Seoulbank. He said that the
government is likely to make some headway in the sales
negotiations before July.

The TCR-Asia Pacific earlier said Seoulbank would select a
manager to help lead the sale of the bank's major stake this
month.

The government took charge of Seoulbank after the 1997-98
financial crisis, when it injected more than W5 trillion of
public funds into the bank to keep it from collapsing. It also
pledged to sell the bank as part of an International Monetary
Fund-led bailout package in late 1997.


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


AUTOINDUSTRIES VENTURES: Posts Change of Registrar Notice
---------------------------------------------------------
Autoindustries Ventures Berhad posted this notice:

Old registrar  : M & C Services Sdn Bhd (Company No.:3775-X)
New registrar  : Tenaga Koperat Sdn Bhd (Company No.:118401-V)
Address     : 20th Floor, Plaza Permata (Formerly known as
        IGB Plaza), Jalan Kampar, Off Jalan Tun Razak,
         50400 Kuala Lumpur
Telephone No   : 03-4041 6522
Facsimile No   : 03-4042 6352
Effective date : 03/06/2002  

Autoindustries Ventures had defaulted payments in the month of
March, 2002:

Name of Creditor     Principal  Interest   Total
   (RM)   (RM)    (RM)

i) Pacven Walden Ventures 2,730,955.03 1,108,445.97 3,839,401.00
   Kedua III L.P

ii) BI Walden Ventures    1,069,577.00   434,120.00 1,503,697.00
    Kedua Sdn Bhd

iii) Financial Institutions 3,845,653.70 347,400.61 4,193,054.31
                          -------------- ---------- ------------
TOTAL                     7,646,185.73 1,889,966.58 9,536,152.31
                          ============ ============ ============


CHASE PERDANA: Chairman Deals Securities During Closed Period
-------------------------------------------------------------
Chase Perdana Berhad said that it has received notification from
Tan Sri Datuk Dr. Mohan a/l Swami, the Executive Chairman and
Director of the Company, of his intention to deal in the
securities of the Company during the closed period, as defined
in the Listing Requirements of the Kuala Lumpur Stock Exchange:

Tan Sri Datuk Dr. Mohan a/l Swami's existing interests in the
securities of the Company are:

Direct interest:

   a) 575,000 ordinary shares
   b) 2,337,000 warrants

The Company's debt restructuring scheme (submitted to the SC on
12 July 2000) has been withdrawn and the Tripartite agreement
(signed between the Company, Sitt Tatt Bhd and Malaysian
Resources Corporation Bhd on 16 January 2001) has been
terminated. The Company is now in the process of formulating a
revised debt and corporate restructuring exercise.

On 25 June 2001, the Company appointed Messrs Arthur Andersen
Corporate Advisory Sdn Bhd to act as Independent Financial
Adviser to review and advise its lenders on a fresh scheme to be
presented by the Company before 11 July 2001.

CSM CORP.: Proposed Settlement, Termination Agreement Planned
-------------------------------------------------------------
On behalf of the Board of Directors of CSM Corporation Berhad,
Arab-Malaysian Merchant Bank Berhad announced that the Company
is proposing to undertake Proposed Settlement and Termination of
Agreements Between the CSM Group of Companies and Saujana
Pertiwi Sdn Bhd (Proposal) in order to address the Company's
position as an affected listed issuer.

DETAILS OF THE PROPOSAL

On 3 May 2002, the Company and its subsidiaries namely, CSM
Development Sdn Bhd (CSMD), CSM Properties Sdn Bhd (CSMP) and
CSM Capital Sdn Bhd (CSMC) had entered into a conditional
settlement and termination agreement (Settlement and Termination
Agreement) with Saujana Pertiwi Sdn Bhd (SPSB) for the proposed
settlement and termination of:

   a) joint venture agreement and the supplemental agreement
dated 27 August 1998 and 16 September 1999 respectively between
SPSB, as landowner and CSM, as developer (collectively known as
the "Joint Venture Agreement") to develop the parcels of land
measuring approximately 12.67 acres and held under leasehold
titles no. HS(D) 112948 PT No. 12 (Parcel 1), HS(D) 112947 PT
No. 11 (Parcel 2) and HS(D) 112950 PT No. 15 (Parcel 3), all in
the town of Petaling Jaya Tambahan II, District of Petaling,
Selangor Darul Ehsan (collectively to be known as the
"Property"); and

   b) letter of award and contract, both dated 1 July 1998
between SPSB and CSMD (Construction Agreement) whereby SPSB
appointed CSMD to undertake the design, construction and
completion of the comprehensive development on the Property for
a maximum sum of RM699,838,000;

   c) sale and purchase agreement dated 27 August 1998 for the
purchase of a twelve (12) storey office block (Block E) to be
erected on part of Parcel 2 by CSMP from SPSB for the purchase
consideration of RM16,000,000 (Block E SPA).

In the same Settlement and Termination Agreement, CSM undertakes
to cause and procure CSMC to irrevocably assign all its rights,
title, benefits and interest in a twelve (12) storey office
block (Block D) to be erected on part of Parcel 2 to SPSB (Block
D Assignment).

In consideration for the Proposal, SPSB shall pay in full the
principal and outstanding interest (Redemption Sum) on the
overdraft facility of RM45,000,000 granted by Bank Utama
(Malaysia) Berhad to CSM and secured by the Property (BU
Facility). As at 15 April 2002, the amount outstanding on the BU
Facility is approximately RM52,535,000.

Subject to full performance of the above consideration by SPSB,
the Company undertakes to pay:

   a) CSMP the sum of RM1,600,000 (being the amount paid by CSMP
as deposit for entering into the Block E SPA), as consideration
for the consent of CSMP to the termination of the Block E SPA;
and

   b) CSMC the sum of RM10,500,000 as consideration for the
Block D Assignment.

DETAILS OF THE JOINT VENTURE AGREEMENT

SPSB is the registered owner of the Property with 94 years of
its lease tenure remaining and will expire on 14 July 2096. The
Property is located along the Lebuhraya Damansara Puchong.
Under the Joint Venture Agreement, SPSB will provide the
Property and the Company will undertake the development in
accordance with the approved development plans, subject to the
terms and conditions of the Joint Venture Agreement (Project).
In return for SPSB contributing the land for development, SPSB
will receive five (5) blocks of developed properties. The
Company had renewed and obtained the amended planning approval
from Majlis Perbandaran Petaling Jaya (MPPJ) vide MPPJ's letter
dated 3 June 1999 for commercial and residential development on
the Property. It was intended that the Project consists of
commercial and office blocks, a shopping complex, a hotel and
high-rise condominiums. The Company had also obtained the
amended layout approval for Parcel 1 from MPPJ vide MPPJ's
letter dated 10 May 2000 and building plan approval for Parcel 3
to construct high rise condominiums vide MPPJ's letter dated 3
November 1999.

The highrise condominiums were launched in December 1999 and
deposits were collected from some buyers. Construction works had
commenced on the condominiums in April 2000 and 60% of the
earthworks on Parcel 3 had already been completed. The bored
piling works for the proposed condominiums is fully completed
and 60% of the pile caps had been attached before the Project
was suspended in November 2000 due to the financial constraints
faced by the Company to continue financing the construction
works.

Based on the audited financial statements of CSM as at 31
December 2001, the Company and Group's total development
expenditure incurred on the Project amounted to RM113.1 million
and RM200.5 million respectively. As a result of the financial
constraints faced by the Company to continue financing the
construction works and continuing weak property market
conditions, a full write down of the development expenditure was
made in the financial year ended 31 December 2000. The Company
had also instituted legal proceedings against certain former
director of the Company and CSMD for breach of fiduciary duty in
respect of payment of RM143,351,000 of design fees included in
the development expenditure.

Todate, no progress billings have been raised and accordingly,
no profits have been recognized in relation to the Project.

SALIENT TERMS OF THE SETTLEMENT AND TERMINATION AGREEMENT

The salient terms of the Settlement and Termination Agreement
are as follows:

   a) CSM, CSMD, CSMP and CSMC shall pay RM10 each to SPSB as
consideration for the mutual obligations contained in the
Settlement and Termination Agreement;

   b) Subject to SPSB having paid the Redemption Sum in full
within sixty (60) days of the unconditional date, being the date
the last of the conditions precedent pursuant to the Settlement
and Termination Agreement is fulfilled, SPSB and:

     (i) CSMD irrevocably agree to terminate the Construction
Agreement and CSMD agrees not to exercise the option to purchase
the car park space of the retail block to be constructed on part
of Parcel 2;

     (ii) CSM irrevocably agree to terminate the Joint Venture
Agreement;

     (iii) CSMP irrevocably agree to terminate the Block E SPA;
and

     (iv) CSMC agrees to execute a deed of assignment to cause
the assignment of Block D by CSMC to SPSB.

RATIONALE FOR THE PROPOSAL

The Proposal will result in the settlement of the BU Facility
hence reducing CSM's borrowings and the repayment of the
borrowings will also result in interest savings of approximately
RM3.8 million per annum for the Company.

Consequently, based on the audited consolidated accounts of the
Company as at 31 December 2001, the Proposal upon completion
will improve the financial position of the Company from a net
tangible liability (NTL) position of RM23.1 million or RM0.28
per share (after taking into account the proposed disposal of a
piece of leasehold land measuring 239,877 square feet held under
leasehold title no. PN 3948, Lot No. 32, Section 36 situated in
the Town of Petaling Jaya, District of Kuala Lumpur as approved
by the Company's shareholders on 11 April 2002) to a net
tangible asset (NTA) position of RM28.9 million or RM0.35 per
share, thereby addressing CSM's position as an affected listed
issuer.

EFFECTS OF THE PROPOSALS

Share Capital

The Proposal will not have any effect on the issued and paid-up
share capital of CSM.

Earnings

The Proposal, when completed is expected to have a positive
impact on the earnings of the CSM group for the financial year
ending 31 December 2002. The Proposal will result in interest
savings of approximately RM3.8 million per annum for the
Company.

NTA

Based on the audited consolidated financial statements of CSM as
at 31 December 2001, the proforma effects of the Proposal on the
CSM Group's NTA are set out in Table 1 found at
http://www.bankrupt.com/misc/TCRAP_CSM0508.gif.

Substantial Shareholders' Shareholdings

The Proposal will not have any effect on the substantial
shareholders' shareholdings of CSM.

CONDITIONS OF THE PROPOSAL

The Proposal is subject to approvals being obtained from the
following parties:

   a) the Board of Directors and shareholders of CSMD, CSMP,
CSMC and SPSB; and
   
   b) the Board of Directors and shareholders of CSM at an
extraordinary general meeting (EGM) to be convened.

DIRECTORS' AND/OR SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the Directors, and/or substantial shareholders of CSM or
persons connected with them have any interest, direct or
indirect, in the Proposal.

DIRECTORS' RECOMMENDATION

The Board, after careful deliberation on the Proposal, is of the
opinion that the Proposal is in the best interest of the
Company.

ADVISER

Arab-Malaysian Merchant Bank Berhad has been appointed as
Adviser to CSM with respect to the Proposal.

ESTIMATED TIME FOR COMPLETION

Barring any unforeseen circumstances, the Proposal is expected
to be completed by the fourth quarter of 2002.

DOCUMENTS FOR INSPECTION

A copy of the Settlement and Termination Agreement is available
for inspection at the registered office of the Company at 10th
Floor, Menara CSM, Jalan Semangat, 46100 Petaling Jaya, Selangor
Darul Ehsan from Mondays to Fridays (except Public Holidays)
during normal business hours from the date of this announcement
until the date of the EGM to approve the Proposal.

CIRCULAR TO SHAREHOLDERS

An EGM for the Proposed Disposal will be convened in due course
and the Circular to Shareholders in relation to the Proposal
will be dispatched to the shareholders accordingly.


HIAP AIK: Proposed Restructuring Scheme Formulation Underway
------------------------------------------------------------
Hiap Aik Construction Berhad is currently in the midst of
formulating a restructuring scheme to regularize its financial
condition (Proposed Restructuring Scheme). The details of the
Proposed Restructuring Scheme will be announced once it is
finalized.

In accordance with the Practice Note 4/2001 (PN 4/2001), HACB
has six (6) months from 9 April 2002 (the Effective Date of PN
4/2001) to make announcement of a plan to regularize its
financial condition.


KIARA EMAS: Expects Creditor Negotiations to End Soon  
-----------------------------------------------------
Kiara Emas Asia Industries Berhad, further to the General
Announcement dated 23 April 2002 released by Arab-Malaysian
Merchant Bank Berhad, as Adviser to the Company, announced that
the Company expects to finalize its negotiations with the
remaining bank creditors prior to submission of the applications
for approvals to the relevant authorities shortly.

Pursuant to KLSE's revamped regulations on listed companies'
financial condition, the Company is presently exploring a few
options on a restructuring scheme in order to revitalize its
operations and financial position.


LIEN HOE: Summary Judgment Hearing Adjourned to June 18
-------------------------------------------------------
Lien Hoe Corporation Berhad, in reference to the Kuala Lumpur
High Court Suit No. D2-22-2231-2001 and Johor Bahru High Court
Originating Summons No. 24-236-2002 Universal Trustee (Malaysia)
Berhad vs. Lien Hoe Corporation Berhad, informed that the
application for summary judgment pertaining to Kuala Lumpur High
Court Suit No. D2-22-2231-2001 scheduled for hearing on 30 April
2002 was adjourned to 18 June 2002, while the date of hearing
for the originating summons pertaining to Johor Bahru High Court
Originating Summons No. 24-236-2002 is fixed on 23 August 2002.


LION LAND: Unit Proposes Debt Restructuring Scheme
--------------------------------------------------
Lion Land Berhad announced that Amsteel Mills Sdn. Bhd., a 99%
owned subsidiary of the Company, had on 3 May 2002 filed an
application pursuant to Section 176 subsection (1) of the
Companies Act, 1965 with the High Court to seek a Court order to
convene meetings of creditors for the purpose of approving the
scheme of compromise and arrangement proposed to be made between
AMSB and its financial institution (FI) creditors and non-FI
creditors (collectively "Scheme Creditors") to facilitate the
settlement of the debts owing to the Scheme Creditors (Proposed
Scheme).

The Proposed Scheme is envisaged to facilitate AMSB to fully
meet its financial obligations to the Scheme Creditors over a
period of time.

AMSB did not apply to the Court for an order to restrain legal
proceedings against AMSB under Section 176 subsection (10) of
the Act.


NCK CORPORATION: Unit Enters SPA With Po Lam for RM5,300,000
------------------------------------------------------------
On behalf of NCK Corporation Berhad (Special Administrators
Appointed), Alliance Merchant Bank Berhad announced that NCK
Aluminium Extrusion Sdn Bhd (Special Administrators Appointed),
a wholly owned subsidiary of NCK, had on 3 May 2002 entered into
a sale and purchase agreement (SPA) for the proposed disposal of
these properties to Yee Po Lam (Purchaser):

   * Land held under HS(D) 18031, No Lot 26, Seksyen 92A, Bandar
and Daerah Kuala Lumpur, Negeri Wilayah Persekutuan, Kuala
Lumpur (Land);

   * Plant and machinery, motor vehicle, furniture and fittings,
office equipment (Plant and Machinery)

   * Raw material and finished products (Stocks);
(the Land, Plant and Machinery and Stocks are collectively known
as the Assets)

THE PROPOSED DISPOSALS

On 3 May 2002, NCK Aluminium had entered into the SPA to dispose
of the Assets free from encumbrances, for a total cash
consideration of RM5,300,000 to the Purchaser as:

RM  
Land        1,850,000
Plant and Machinery     2,450,000
Stock       1,000,000
      5,300,000

The Proposed Disposals do not depart from the SC's Policies and
Guidelines on the Issue/Offer of Securities.

The Proposed Disposals are expected to be completed by August
2002.

Salient terms of the SPA

The salient terms of the SPA are:

   (a) The total sale consideration is payable as follows:
  
     * 10% of the purchase price upon execution of the SPA;
     *  90% of the purchase price within fourteen (14) days from
the fulfillment of the conditions precedent;

   (b) The Assets shall be disposed of on an "as is where is"
basis, the Land with vacant possession but subject to the lease
on the land and all express conditions and restrictions in the
title thereto, the Plant and Machinery, and the Stock and all to
be free from all encumbrances, charges, liens and claims upon
the terms and subject to the conditions contained in the SPA;
and

   (c) The conditions precedent stipulated in the agreements are
to be fulfilled within sixty (60) business days from the date of
the SPA or such other date extended by NCK Aluminium at its sole
discretion.

Basis of determining the sale consideration

The sale consideration was derived from proposals submitted by
the Purchaser to the Special Administrators (SA) of NCK on 15
November 2001 and 22 February 2002. The proposals were in
response to an invitation by Danaharta for interested parties to
submit proposals to acquire any assets or business of NCK
Aluminium.

The net book value of the Assets based on the audited financial
statements of NCK Aluminium for the financial year ended 30 June
2001 is RM17,268,867.

Original cost of investment

NCK Aluminium acquired the Assets between July 1998 until todate
for a total consideration of RM25,490,833.

Based on the audited consolidated accounts of NCK as at 30 June
2001, the Proposed Disposals will result in a loss on disposal
of RM11,968,867 to the NCK Group.

Liabilities to be assumed by the Purchaser

The Purchaser will not assume any liabilities pursuant to the
Proposed Disposals.

BACKGROUND INFORMATION ON NCK ALUMINIUM

NCK Aluminium was incorporated in Malaysia on 2 October 1985.
The present authorized share capital of NCK Aluminium is
RM2,000,000 comprising 2,000,000 ordinary shares of RM1.00, each
which have been issued and fully paid-up. The principal activity
of NCK Aluminium is the manufacturing of aluminium products.

RATIONALE FOR THE PROPOSED DISPOSALS

On 16 April 2001, Danaharta appointed Dato' Nordin bin
Baharuddin, Mr Adam Primus Varghese bin Abdullah and Ms Wong Lai
Wah all of Messrs Ernst & Young as SA for NCK pursuant to the
Pengurusan Danaharta Nasional Berhad Act, 1998. On 11 October
2001, Danaharta further appointed the abovenamed Dato' Nordin
bin Baharuddin, Mr Adam Primus Varghese bin Abdullah and Ms Wong
Lai Wah as SA for NCK Aluminium. The SA is currently preparing a
workout proposal for NCK Aluminium. The Proposed Disposals will
raise proceeds to meet the financial obligations of the NCK
Group.

UTILISATION OF PROCEEDS

NCK Aluminium will receive proceeds totaling RM5,300,000 from
the Proposed Disposals. The proceeds will be utilized for the
settlement of the creditors of NCK Aluminium in accordance to
the workout proposal to be finalized by the SA.

FINANCIAL EFFECTS

Share capital

The Proposed Disposals will not have any effect on the issued
and paid-up share capital of NCK.

Earnings

The Proposed Disposals will result in a loss on disposal to the
NCK Group of RM11,968,867 or RM0.32 per share.

Net tangible liabilities

The proforma effect of the Proposed Disposals on the net
tangible liabilities of the NCK Group is set out in Table 1
found at http://www.bankrupt.com/misc/TCRAP_NCK0508.doc.

Shareholding structure

There will be no impact on the shareholding structure of NCK as
a result of the Proposed Disposals.

APPROVALS REQUIRED

The Proposed Disposals are subject to inter-alia, the approvals
of the following:

   (a) the Securities Commission (SC);

   (b) Danaharta and the secured creditors (if any) for the
workout proposal relating to NCK Aluminium to be prepared by the
SA in accordance with the Pengurusan Danaharta Nasional Berhad
Act, 1998;

   (c) any other relevant authorities, if necessary.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the existing Directors and/or substantial shareholders
of NCK and persons connected to them has any interest, direct or
indirect, in the Proposed Disposals.

APPOINTMENT OF ADVISERS

Alliance has been appointed as the Adviser for the Proposed
Disposals.

SA'S OPINION

After due consideration of all aspects of the Proposed
Disposals, the SA of NCK are of the opinion that the Proposed
Disposals are in the best interest of the stakeholders of the
Company.

APPLICATION TO THE SC

The application to the SC for the Proposed Disposals will be
made within ten (10) business days from the date of signing of
the SPA or such timeframe, which may be extended by the SA of
NCK Aluminium at their sole discretion.

DOCUMENTS FOR INSPECTION

The agreements are available for inspection at the SA's office,
Ernst & Young, (Chartered Accountant), 4th Floor, Kompleks
Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur during
normal business hours from Monday to Friday (except for public
holidays) for a period of 14 days from the date of this
announcement.

PROPOSED DISPOSALS TO BE INCLUDED IN THE WORKOUT PROPOSAL OF NCK
ALUMINIUM

The Proposed Disposals shall be included in the workout proposal
of NCK Aluminium to be prepared by the SA. The workout proposal,
once approved by Danaharta and the secured creditors (where
applicable) pursuant to Section 46 of the Pengurusan Danaharta
Nasional Berhad Act 1998, shall be binding on the Company, all
members and creditors of the Company and any parties affected by
the workout proposal, whether or not the parties had knowledge
or notice of the workout proposal.


UNITED CHEMICAL: Defaults Term Loan Facility Payment
----------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
announced that an event of default in the following payments by
UCI had occurred:

(a) payment of the principal and interest sums of the Term
Loan Facility granted by Bank Industri & TeKnologi Malaysia
Berhad ( BITMB ) of RM 1 million and Revolving Loan of RM 2
million, and

(b) payment of the principal and interest sums of the 10 years
Term Loan Facility granted by RHB Bank Berhad ( RHB ) of RM 3.9
million.

Details of the default in payments of the principal and interest
are indicated in Table A found at
http://www.bankrupt.com/misc/TCRAP_United0508.xls

1. Reasons for the default in payment

(a)   BITMB had on 1 November 1999 granted a Term Loan and a
Revolving Loan Facilities of maximum aggregate principal amount
of RM 1 million and RM 2 million respectively. The expiry date
of the Term Loan is on 31 August 2005 while the Revolving Loan
Facility  expired on 10 December 2001. The total outstanding
accounts as at 19 April 2002 were RM 951,129.07 for the Term
Loan Facility and RM 1,653,060.53 under the Revolving Loan
Facility.
          
(b)   RHB had on 14 May 2001 agreed to convert UCI's overdraft
facility, the overdue bankers acceptance facility and overdue
inward bills facility to a 10 year Term Loan Facility for the
total outstanding sums of RM 3.89 million. The monthly repayment
of RM 50,000.00 commenced from July 2001.

The Company is unable to service the loan repayments to
BITMB and RHB as the cash flow of the Company from operations
was only able to meet operational needs. The cash reserves of
the Company were severely depleted after servicing the interest
payments of the syndicated loan of RM 30 million taken to
finance the deposit payment required for the acquisition of the
entire paid up capital of Hongkew Holdings ( M ) Sdn. Bhd.

2.    Measures taken to address the default in payments

As part of UCI's restructuring plan to regularize its financial
position as required under Practice Note 4/2001 of the KLSE
Listing Requirements, UCI  has been in discussion with all the
lenders to inform them as well as to obtain their consent to
participate in its restructuring exercise.

3. The financial and legal implications in respect of the
default in payments including the extent of the listed issuer's
liability in respect of the obligations incurred under the
agreements for the indebtedness.

The legal implications from the defaults are that both lenders
have issued their letters of demand against the Company.

4. In the event of default is in respect of secured loan
stocks or bonds, the lines of action available to the guarantors
or security holders against the listed issuer.

Not applicable.
        
5. In the event the default is in respect of payments under a
debenture, to specify whether the default will empower the
debenture holder to appoint a receiver or receiver and manager.

The Term Loan and Revolving Loan Facility granted by BITMB were
secured on a debenture by way of 1st fixed charge on the
machinery & equipment of UCI financed by the bank and a
debenture by way of fixed and floating charge over the present
and future assets of the Company.

The default will empower the debenture holder to appoint a
receiver and/or manager under the debenture.

6. Whether the default in payment constitutes an event of
default under a different agreement for indebtedness ( cross
default and the details thereof, where applicable ).

The default in payment to BITMB could cause a cross default as
it could trigger an action by the syndicated loan lenders where
their loans are secured by way of a debenture of a 1st charge
over all the Company's  present and future assets of the
Company.


WEMBLEY INDUS.: Creditors OK Revised Debt Restructuring Plan
------------------------------------------------------------
Wembley Industries Holdings Berhad is an affected listed issuer
pursuant to Practice Note No. 4/2001 as the Auditors of the
Company had expressed a disclaimer opinion of the going concern
of the Company and its subsidiaries. As an affected listed
issuer, the Company has its obligations under PN4.

On 1 March 2002, Alliance Merchant Bank Berhad, on behalf of the
Company announced that the Company was not able to make the
Requisite Announcement by the deadline of 28 February 2002 laid
down by the Exchange on 25 January 2002. The Exchange approved
an application made to the Exchange on 1 March 2002 for a
further extension of time to 30 April 2002 to make the Requisite
Announcement on 18 April 2002.

An application was made to the Exchange on 26 April 2002 to
further extend the date to make the Requisite Announcement from
30 April 2002 to 30 June 2002. This extension is pending the
approval of the Exchange.

STATUS OF PROPOSED RESTRUCTURING

On 14 December 1999, AMBB, on behalf of the Board of Directors
of the Company, announced the following:

   (i) proposed debt restructuring involving the issue of
approximately RM606 million nominal value of 1% irredeemable
unsecured loan stocks (ICULS) at 100% of its nominal value as
full and final settlement of the loans and amounts owning by the
Company and its two subsidiaries namely, Plaza Rakyat Sdn. Bhd.
and Wembley I.B.A.E. Sdn. Bhd. amounting to RM606 million
(inclusive of interests on loans) (Proposed Debt Restructuring);

   (ii) proposed rights issue of 144,475,000 new ordinary shares
of RM1.00 each together with 144,475,000 detachable warrants on
the basis of one (1) new ordinary share with one (1) detachable
warrant for every one (1) ordinary share held at an issue of
RM1.00 per new rights share (Proposed Rights Issue); and

   (iii) proposed increase in the authorized share capital of
the Company from the existing RM500,000,000 comprising
500,000,000 ordinary shares of RM1.00 each to 1,500,000,000
comprising 1,500,000,000 ordinary shares of RM1.00 each.

Applications were submitted to the Securities Commission (SC)
and the Foreign Investment Committee (FIC) on 16 December 1999.
The FIC had on 26 February 2000 approved the Proposed Debt
Restructuring subject to the approval of the SC and that the
Bumiputra equity interest in the Company be increased to 30%
before 31 December 2000. The Company is expected to seek an
extension for the compliance upon receipt of the SC's approval
for the proposals.

The above proposals are pending the approvals of the SC and the
shareholders of the Company. Currently, the Company is working
on a revised proposed debt restructuring scheme (Revised
Proposed Debt Restructuring) and is in discussion with the
Group's banks/creditors. As at the date of this announcement,
the details of the proposed debts restructuring scheme have not
been finalized yet.

As at todate, five (5) financial institutions, Pengurusan
Danaharta Nasional Berhad and two (2) creditors have confirmed
that they are agreeable to the Revised Proposed Debt
Restructuring subject to, inter-alia, approvals of other
creditors. The Company has yet to receive the outstanding
approval or consent from a major creditor involved in the
Revised Proposed Debt Restructuring.

OTHER MATTERS IN RESPECT OF PRACTICE NOTE N0. 10/2001

On 7 September 2001, the Company announced to the Exchange that
the Company is deemed an affected issuer pursuant to paragraph
2.1(c) of the Practice Note No. 10/2001 (PN10). Under paragraph
2.1(c) of PN10, a listed issuer, who has an insignificant
business or operations, is deemed to have inadequate level of
operations. Insignificant business or operations means business
or operations, which generates revenue on a consolidated basis
that represents 5% or less of the issued and paid-up share
capital of the listed issuer.

As an affected listed issuer under PN10, the Company must comply
with the obligations set out in paragraph 6 of PN10. The
Exchange has informed the Company that since the Company is also
an affected issuer under PN4, the requirements and obligations
of PN4 would prevail over those of PN10. It is expected that the
Company's regularization plan would address both its financial
condition (PN4) and the level of operations (PN10) to warrant a
continuing listing on the Official List.


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


METRO PACIFIC: First e-Bank Ups 2.3% on Merger Offers
-----------------------------------------------------
The Metro Pacific-owned First e-Bank, formerly the PDCP Bank,
may rise for a third day, after the bank said it received offers
for a possible merger, Bloomberg reported yesterday. The stock
rose 4 centavos, or 2.3 percent, to 1.78 pesos.

The lender said no agreements have been reached yet.

First e-Bank, according to the Troubled Company Reporter, is
looking for a buyer and has asked help from the Bangko Sentral
ng Pilipinas (Central Bank of the Philippines) and the
Philippine Deposit Insurance Corp. (PDIC) to look for interested
investors.

An industry source say Metro Pacific Group has been trying to
sell the bank for four years now because it wants to liquidate
some of its investments.

The Metro Pacific Group acquired PDCP in 1992 when it was
converted into a development bank and became known as PDCP Bank.
It became the First e-bank in 2000 as it moved into virtual
banking and began offering an extensive line of Internet-based
services.

The First e-bank started offering the electronic collection and
remittance system (ECR or CashNet), the first and only system
that enables the bank to collect high volume bills payments over
a wide geographical area from the subscribers of its client
company, reconcile all transactions and electronically remit to
its client company within the same day.

It also offers an ATM prepaid card payment system that allows
BancNet cardholders to transact cellular phone card PINs from
specially designed First e-bank ATMs, and a mobile banking
service offered in partnership with a local telecommunications
company, Smart Communications, Inc. The system allows its
clients to avail of all ATM functions through the Smart GSM
phones.

Metro Pacific Corp has debt worth P12 billion, P7 billion of
which consists of local debts. The remainder is debts to Hong
Kong-based parent firm First Pacific Co. Ltd.

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


NATIONAL BANK: Fined for Failure to Submit '01 Financial Report
---------------------------------------------------------------
The Securities and Exchange Commission (SEC) has fined
Philippine National Bank (PNB) 100,000 pesos a day from April 30
for failing to meet the deadline on that day for the submission
of its 2001 annual report to the regulatory body, BusinessWorld
newspaper reported.

PNB President, Lorenzo Tan, has asked for a one-month extension
for the submission of the bank's annual report in a letter to
SEC director for corporate finance Justina Callangan, the
newspaper said.

Tan said the delay was due to "certain issues which have to be
resolved with the Bangko Sentral ng Pilipinas (Central Bank of
the Philippines, or BSP)" and which pertain to the bank's
rehabilitation.

He did not elaborate.

PNB majority shareholder Lucio Tan and the government signed
last Friday an agreement to swap the bank's 25 billion pesos
debt from the BSP and Philippine Deposit Insurance Corp. (PDIC)
to the state for equity, paving the way for the bank's
rehabilitation. It begins with a reverse privatization wherein
the government would reacquire management control of the bank
until such time that it becomes profitable.

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 government and Mr. Tan's group would then jointly sell at
least 67 percent of the bank to a strategic private investor at
a more opportune time in the future.


NATIONAL POWER: Bill Filed to Reduce Power Purchase Cost
--------------------------------------------------------
An interim bill was filed Monday in Congress seeking to reduce
power rates by 0.80 pesos per kilowatthour, which if passed,
will allow National Power Corp unit Power Sector Assets and
Liabilities Management Corp to refinance part of the parent
company's power purchased costs, AFX Asia reported.

This will immediately bring down the purchased power adjustment
(PPA) charges to consumers to only 0.40 pesos per KwH under the
so-called universal charge, Energy Secretary Vicente Perez said.

Perez rejected reports that the nonpayment of PPA will trigger
10-hour power outages.

The PPA said consumers should represent the cost of contractual
obligations of the government with the independent power
producers (IPPs).


NATIONAL POWER: PSALM to Use Plant Income to Settle Debts
---------------------------------------------------------
The Power Sector Assets and Liabilities Management Corp.
(PSALM), National Power Corp. (Napocor)'s privatization arm,
will use the earnings of Agus and Pulangui hydropower plants to
offset some of the liabilities that it will absorb from Napocor,
the Philippine Star reported.

The Agus plant in Iligan and Lanao and the Pulangui plant in
Maramag, Bukidnon, will not be included in the list of the
generating plants to be sold under the Electric Power Industry
Reform Act (EPRA), the paper said.

Under the new power law, the two hydro plants which has combined
capacity of 987.20 MW will remain in the hands of Napocor for
another 10 years or at least up to 2012.

As of December 2001, the hydro power accounted for 16.07 percent
of the 43,470 gigawatthours (gWh) of entire generation mix of
Napocor. Of the energy sales of 39,948 gWh for the period,
hydropower cornered 16.07 percent.

PSALM will absorb all the assets and liabilities of Napocor and
implement and formulate a program for the sale and privatization
of Napocor assets and IPP contracts and the liquidation of
Napocor debts and stranded contract costs.

Aside from using income from Agus and Pulangui, PSALM will use
four other schemes to cover its obligations. These are: use
proceeds from the privatization of Napocor assets; refinance
balance; and apply Department of Finance (DOF) debt assumption
(P200 billion).

PSALM is set to absorb some 190 billion pesos or $3.7 billion
worth of stranded eligible contracts and $2.3 billion or 118
billion pesos from non-eligible contracts from independent power
producers.

Troubled Company Reporter Asia Pacific said in April that
Napocor is in dire need of about 17 billion pesos to pay off
maturing debt this month. Among the big expenses are the debt
servicing requirements worth 3.36 million pesos ($66 million),
the repayment of 6 billion pesos in loans from the Bureau of
Treasury, and 7.65 million pesos ($150 million) for debt
payments to JP Morgan.


NATIONAL STEEL: Malaysian Owner Okays Rehab Plan
------------------------------------------------
Asset management firm Pengurusan Danaharta Nasional Berhad,
which owns 80 percent of National Steel Corp. (NSC), has agreed
in principle to the debt-to-equity swap being proposed by the
bankrupt steel maker.

Trade and Industry Secretary Manuel A. Roxas II told
BusinessWorld that the Danaharta's positive response to the
proposal paves the way for the signing of NSC's long-delayed
rehabilitation plan "in as soon as one month."

NSC's rehabilitation plan calls for its 24 creditor banks to
convert some 16 billion pesos (US$320.622 million) in soured
loans into a 75 percent stake in the firm.

Danaharta's interest will be diluted to 25 percent while the
Philippine government, which owns the remaining 20 percent of
NSC, will be left with a small number of shares enough to retain
one seat in NSC's board of directors.

The plan has been delayed for over three years over
disagreements between the firm's creditors and owners as to the
exact mode of rehabilitation, and then by the valuation involved
in the conversion scheme.

National Steel closed in November 1999 due to bad loans.


PHILIPPINE LONG: Moody's Confirms Ba3 Senior Unsecured Ratings
--------------------------------------------------------------
Moody's Investors Service has on Monday confirmed the long term
ratings of Manila-based Philippine Long Distance Telephone
Company (PLDT). The ratings confirmation follows the successful
issue of US$350 million in bonds, significantly reducing PLDT's
near term refinancing risk.

The ratings confirmed are:

Senior Unsecured - Ba3
Senior Unsecured Shelf - (P) Ba3
Preferred Stock - B2
Preferred Stock (Shelf) - (P) B2

The ratings confirmation reflects PLDT's position as the
Philippines' leading provider of telecommunication services,
with strong fixed line and cellular businesses. Its alliance
with NTT provides ongoing benefits, including technical
assistance and bilateral arrangements for carrier traffic.

Moody's added the rating considers PLDT's poor cash coverages of
debt, the underlying political and economic uncertainty in the
Philippines, and ongoing refinancing risk.

The stable outlook on PLDT reflects Moody's expectation that the
company's credit profile will now stabilize following recent
financing initiatives, and the company may soon be in a position
to reduce debt.

Moody's anticipates that current year maturities of
approximately US$365mm will be covered by a combination of
facilities either finalized or near-finalization, and
operational cash flow.

In addition, the company has debt maturities of approximately
US$570 million in 2003 and US$400 million in 2004.

Proceeds from the recent bond issue together with other
financing initiatives and internal cash flows will substantially
cover these maturities.


PHILIPPINE LONG: Reviews Plan to Sell Smart Stake
-------------------------------------------------
Philippine Long Distance Telephone Co., the country's
telecommunications giant, is reviewing its plan to sell a
minority stake in cellular unit Smart Communications Inc., Dow
Jones Newswires reported.

"The sale of Smart, given the successful liabilities management
exercise PLDT has undertaken so far, is becoming increasingly
unlikely," PLDT President and Chief Executive Manuel Pangilinan
said in an interview on CNBC Asia.

"From the debt side, it (the sale of the Smart stake) looks
like a good idea," Pangilinan told CNBC. "But on the equity
side, particularly in promoting the shareholder value of PLDT,
it might not be such a good idea especially after we resolve the
debt issue surrounding PLDT."

Pangilinan said the sale of the Smart stake still remains an
option.

Under its original debt plan, Manila-based PLDT will use
proceeds from the sale of up to a 20 percent stake in Smart,
together with new borrowings and internally-generated cash, to
retire $650 million and extend maturity on the other $650
million.

Analysts estimate PLDT could raise between $300 million to $400
million from the sale of the stake in Smart, which in the first
three months of 2001 recorded a net income of P837.3 million,
against a net loss of P966.2 million the year earlier.

The past few months, PLDT secured new loans to refinance
maturing debt and just last month issued $350 million of bonds.
The company has consolidated debt totaling $2.8 billion, most of
which is denominated in dollars. Around $1.3 billion of that
debt is scheduled to mature between this year and 2004.

According to investment bank BA Asia, PLDT owes $766.9 million
to various export credit agencies, with German development bank
Kreditanstalt fuer Wiederaufbau the largest, holding $474.9
million.


PHILIPPINE LONG: S&P Raises Credit Rating to BB
-----------------------------------------------
Standard & Poor's has raised one notch the credit rating of
Philippine Long Distance Telephone Co as the company's recent
sale of $350 million of bonds lowered short-term financing
risks.

The rating was raised to BB, two notches below investment grade,
from BB-, S&P said in a statement.

The upgrade may help PLDT sell more bonds to pay as much as $100
million more of obligations maturing through 2004, said Gina Roa
Dipaling, who covers telecom stocks for DBS Vickers Securities
in Manila.


PHILIPPINE TELEGRAPH: Ups 29% on Creditors Agreement
----------------------------------------------------
Philippine Telegraph & Telephone Corp. stock may continue to
rise for a third day on expectations the unprofitable phone
company will work out an agreement with creditors on changes of
the repayment of 8.9 billion pesos (US$178 million) of its
debts, Bloomberg reported. The stock rose 7 centavos, or 29
percent, to 31, extending Friday's 50 percent gain.

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.

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.

Earlier, 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.


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


ASIA PULP: Appoints New Auditors, Commissioners for Indo Units
--------------------------------------------------------------
Asia Pulp & Paper Co., the largest pulp and paper company in
Asia outside of Japan, has appointed new auditors and new
independent commissioners at two of its key Indonesian
subsidiaries, Wall Street Journal reported.

The Company appointed Eddy Pianto, a member firm of Grant
Thornton International, to audit PT Pabrik Kertas Tjiwi Kimia
and PT Indah Kiat Pulp & Paper.

Eddy Pianto succeeds Prasetio Utomo & Co., the Indonesian
affiliate of Andersen Worldwide, which resigned last year and
was cited as a defendant in shareholder lawsuits filed in the
U.S. against APP, its directors, auditors and investment banks.

APP also said it appointed new independent commissioners at
Tjiwi Kimia and Indah Kiat, who will also serve on the audit
committee.

The debt-ridden conglomerate has also hired outside consultants
to review its operations and recommend ways to improve
efficiency and transparency, the paper said.

APP will meet again with its creditors today in Singapore to
discuss the restructuring of $13.9 billion of debts and other
obligations.

The restructuring plan includes measures such as the conversion
of debt into equity, and a proposal for the Widjaja family,
which controls APP, to make some form of contribution to APP.

One suggestion is for the Widjaja family to inject some of their
assets into APP, such as the forestry concessions that supply
APP with timber.

Asia Pulp & Paper - http://www.asiapulppaper.com - has called a  
moratorium in March 2001 on its $13 billion debt as operations
tottered under the weight of a liquidity crunch, falling pulp
and paper prices and ratings downgrades.

The New York Stock Exchange delisted APP last July. The
Company's Indonesian subsidiaries, Indah Kiat and Tjiwa Kimia,
were suspended from the Jakarta Stock Exchange for failing to
submit their latest financial statements.


TEAMSPHERE LIMITED: Signs MoU to Buy Te Puna for S$70M
------------------------------------------------------
Loss-making electronics component company, Teamsphere Limited,  
announced that the Company, on 6 May 2002, entered into a
Memorandum of Understanding with S.C. Tarita, a company
incorporated in France which will be the legal and beneficial
owner of the entire issued and paid-up capital of S.C. Te Puna
(TPN).

The MOU is in relation to the proposed acquisition by the
Company from S.C. Tarita of the entire issued and paid-up
capital of TPN, a company incorporated in Tahiti with various
assets in, inter alia, Tahiti and Germany.

The proposed estimated purchase consideration is S$70 million to
be satisfied via the allotment and issuance of approximately
770,000,000 new ordinary shares of par value S$0.05 each in the
share capital of the Company to the Vendor at a price of
approximately S$0.09 each.

The purchase consideration may be adjusted on such terms as the
parties may agree after the completion of the due diligence
investigations by both parties.

The MOU does not have legal binding effect. The parties shall
endeavor to negotiate and execute a formal Sale and Purchase
Agreement in respect of the Proposed Acquisition within four
weeks from the date of the MOU.

Conditions Precedent

The Proposed Acquisition is subject to a number of conditions
precedent which shall be set out entirely in the S&P, but which
shall include, without limitation, the following:

   (a) the Company and S.C. Tarita being reasonably satisfied
with the results of its due diligence investigations on TPN and
its assets and on the Company and its assets respectively;

   (b) the Proposed Acquisition is approved by the relevant
regulatory authorities and other third party approvals which
will include the Singapore Exchange Securities Trading Limited
(SGX-ST) and the Company's shareholders; and

   (c) the dispensation by the Securities Industry Council (SIC)
to S.C. Tarita in respect of the requirements of Rule 14 of The
Singapore Code on Takeovers and Mergers to make a mandatory
general offer which was granted by the SIC in their letter dated
1 February 2002. This dispensation is subject to the passing of
a Whitewash Resolution by the Company's shareholders prior to
the completion of the Proposed Acquisition.

TPN is an investment holding company incorporated in Papeete,
French Polynesia, with subsidiaries involved in infrastructure
engineering and construction businesses in Tahiti and real
estate investments in Germany. TPN also owns industrial
properties in Tahiti, which are fully tenanted. The Tahitian
subsidiaries are specifically involved in public works, civil
engineering, provision of building materials, granites,
aggregates, bitumen, trading and leasing of construction
equipment and materials. Another subsidiary in Germany owns
various other fully tenanted commercial and residential real
estate investments in Germany.

Rationale for the Proposed Acquisition

The Company has been making consecutive losses for the past two
financial periods in FY2000 and FY2001 of approximately S$1.3
million and approximately S$4.3 million respectively. In the
Company's latest unaudited proforma half-year financial
statement announcement in March 2002, the Group made further
losses of approximately S$2.9 million for the 6-month period
ended 31 December 2001. The operating losses for the first half
of FY2002 was due to the significant slowdown in the technology
sector resulting in reduced demand for precision stamping
products used in hard disk drives.

In addition to the above, during the Extraordinary General
Meeting of the Company on 3 May 2002, the shareholders approved
a divestment and an acquisition of the Company's subsidiaries as
part of the Company's restructuring exercise. Due to this
restructuring exercise, the Company will effectively be left
with only three operating units. As such, the businesses of the
Company have been downsized since the last financial year.

The Company has previously announced that it will explore
opportunities to diversify into other industries in order to
expand its earnings base. The Proposed Acquisition presents an
opportunity for the Company to do so.

Directors' and Substantial Shareholders' Interest in the
Proposed Acquisition

None of the Directors nor substantial shareholders of the
Company has any interest, direct or indirect, in the Proposed
Acquisition.

Further Developments

The Company will make prompt disclosure as and when there are
further developments in relation to the matters set out above.


TELEDATA (SINGAPORE): Plans to Dispose of 2.5M Intrawave Shares
---------------------------------------------------------------
The Directors of Teledata (Singapore) Limited wish to announce
that the Company has on 6 May 2002 entered into a definitive
sale and purchase agreement with Intraco Limited, pursuant to
which the Company has agreed to sell to Intraco an aggregate of
2,550,000 ordinary shares of S$1.00 each in the capital of
IntraWave Pte Ltd representing 51.0 percent of the issued
share capital of IntraWave and the Company's receivables in
respect of all loans made by the Company to IntraWave on or
before 31 December 2001 of approximately S$2,329,000, for an
aggregate consideration of S$7,500,000.

As the aggregate consideration payable by Intraco represents an
amount equivalent to approximately 227.7 percent of the audited
net tangible assets (NTA) of the Company and its subsidiaries as
at 31 December 2001, the Proposed Disposal would constitute a
Major Transaction for the purposes of, and would be subject to,
the provisions of Clause 1007 of the Singapore Exchange
Securities Trading Limited (SGX-ST) Listing Manual.

In addition, as Intraco is the beneficial holder of 50.8 percent
of the Company's issued share capital, the Proposed Disposal
would constitute an Interested Person Transaction for the
purposes of, and would be subject to, the provisions of Chapter
9A of the SGX-ST Listing Manual.

In accordance with the said Clause 1007 and Chapter 9A, the
Proposed Disposal is subject to the approval of shareholders of
the Company (Shareholders) at an extraordinary general meeting
(EGM) to be convened.

IntraWave was incorporated in the Republic of Singapore on 6
February 1997. As at the date of this Announcement, IntraWave's
authorized share capital was S$10,000,000 comprising 10,000,000
ordinary shares of S$1.00 each and its issued share capital was
S$5,000,000 comprising 5,000,000 ordinary shares of S$1.00 each.
IntraWave is principally engaged in the business of providing
infrastructure services, including radio coverage, system
management and operations, to mobile telecommunications service
providers of the new North East Mass Rapid Transit line.

On 16 November 2001, IntraWave was awarded a license to provide
facilities-based operations (FBO License) valid for 15 years,
thereafter renewable for a further period in accordance with
Infocomm Development Authority of Singapore's (IDA) terms and
conditions. On 26 December 2001, IntraWave's cable system in the
North East MRT Line was designated as a critical support
infrastructure, which gave IntraWave the exclusivity to
provide all commercial mobile communications services in the
North East MRT Line such as radio coverage for mobile
communications.

The North East MRT Line is expected to commence operations in
the second half of 2002.

For the financial year ended 31 December 2000, based on the
audited financial statements of IntraWave for the financial year
ended 31 December 2000, IntraWave did not record any revenue and
was considered to be in a pre-operating phase. IntraWave
incurred net losses after tax of S$164,320. The major expenses
of IntraWave include pre-operating expenses incurred in relation
to the provision of international direct dial (IDD) services. As
at 31 December 2000, IntraWave had NTA of approximately
S$2,825,000.

For the financial year ended 31 December 2001, based on the
audited financial statements of IntraWave for the financial year
ended 31 December 2001, IntraWave recorded total revenue of
S$50,497 and net losses after tax of S$241,479. IntraWave's
revenue was derived from the provision of IDD services that were
subsequently discontinued on 31 August 2001. The major expenses
of IntraWave include depreciation, write-off of plant and
equipment and salaries. As at 31 December 2001, IntraWave had
NTA of approximately S$4,583,000.

Under the terms and conditions of the Sale and Purchase
Agreement, the Company agreed to sell to Intraco an aggregate of
2,550,000 ordinary shares of S$1.00 each in the capital of
IntraWave representing 51.0 percent of the issued share capital
of IntraWave and the Company's receivables in respect of all
loans made by the Company to IntraWave on or before 31 December
2001 of approximately S$2,329,000, for an aggregate
consideration of S$7,500,000.

The interests of IntraWave's shareholders in IntraWave as at the
date of this Announcement and after the Proposed Disposal
(assuming that the Proposed Disposal is approved) are as
follows:

             As at 6 May 2002     After the Proposed Disposal
               Shares     %          Shares          %
Teledata     5,550,000  51.00           0            0
Intraco      2,450,000  49.00       5,000,000      100.00
             5,000,000 100.00       5,000,000      100.00


CONSIDERATION

The aggregate consideration payable by Intraco for the IntraWave
Shares and the Sale Assets is S$7,500,000. The consideration was
arrived at following negotiations on a willing buyer-willing
seller basis, taking into account:

   (a) the expected stream of cashflows from the provision of
infrastructure services in the North East MRT Line;

   (b) the useful life of the infrastructure;

   (c) the reasonable possibility that the FBO License could be
renewed beyond the 15 years, given that IntraWave's cable system
in the North East MRT Line was designated as a Critical Support
Infrastructure; and

   (d) the book value of the Company's receivables in respect of
all loans made by the Company to IntraWave on or before 31
December 2001.

CONDITIONS

Under the Sale and Purchase Agreement, the Proposed Disposal is
conditional
upon:

   (a) the proposed capital reduction exercise to be carried out
pursuant to Section 73 of the Companies Act involving the
reduction of an aggregate amount of S$8,000,000 in the Company's
issued and paid-up share capital account and the reduction of
the par value of each ordinary share in the capital of the
Company from S$0.10 to S$0.05 (Capital Reduction) being
approved by the Shareholders at the EGM;

   (b) the confirmation of the Capital Reduction by the High
Court;

   (c) the proposed renounceable non-underwritten rights issue
being approved by the Shareholders at the EGM;

   (d) the approval of Oversea-Chinese Banking Corporation
Limited, which is the principal banker of IntraWave, to the
change in composition of the shareholding of IntraWave pursuant
to the Proposed Disposal;

   (e) the Proposed Disposal being approved by the Shareholders
at the EGM;

   (f) Intraco having obtained all necessary consents, approvals
and waivers for the Proposed Disposal, such consents, approvals
and waivers not having been amended or revoked and if any such
consents, approvals or waivers are subject to conditions, such
conditions being acceptable to Intraco; and

   (g) satisfactory evidence that IntraWave has not utilized its
overdraft facility.

The proposed Capital Reduction and Rights Issue was announced by
the Company on 28 March 2002.

In the event that the above conditions precedent are not
fulfilled by 30 June 2002 or such later date as the Company or
Intraco may agree in writing, either the Company or Intraco may
at any time thereafter terminate the Sale and Purchase Agreement
by giving written notice to the other party and such termination
shall take effect immediately upon the giving of such notice. In
addition, in the event that the results of a due diligence
investigation carried out by Intraco on IntraWave is not to the
satisfaction of Intraco, Intraco shall be entitled to terminate
the Sale and Purchase Agreement by giving written notice to the
Company on or before (but not after) 31 May 2002 and such
termination shall take effect immediately upon the giving of
such notice.

The Company's appointee to IntraWave's board of directors (that
is, Mr Phillip Lum Foo Hong) will resign from his appointment as
a director of IntraWave upon the completion of the Proposed
Disposal.

RATIONALE FOR THE PROPOSED DISPOSAL

IntraWave has been principally engaged in the construction of
the communications infrastructure in the North East MRT Line to-
date. Given the capital-intensive nature of its business,
substantial resources will be required to help IntraWave to
achieve a self-sustaining stage of operations. Hence, the
Company believes that Intraco's offer to purchase the Company's
entire shareholding in IntraWave would be beneficial to
IntraWave, and for the Company to realize a gain on its
investment in IntraWave. The Company has not received any other
offers from any other party for its shareholding in IntraWave.

The Proposed Disposal will strengthen the Company's financial
position, provide additional resources to grow its existing
lines of business and enable the Company to complete the
restructuring of its debts and liabilities, as announced on 15
February 2002 and on 7 March 2002.

As part of the Company's restructuring, the proceeds from
Proposed Disposal to Intraco will be used, together with some of
the proceeds from the Rights Issue, to partially repay bonds
issued by the Company that will become due on 3 June 2002. The
Company has in issue S$30,000,000 in principal amount of fixed
rate bonds maturing on 3 June 2002. One of the holders of the
Bonds is The Development Bank of Singapore, which holds
approximately S$14,700,000 of the Bonds. The balance of the
proceeds from the Rights Issue will be retained for working
capital for the Company.

FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL

As of May 6, the Company had 24,000,000 outstanding warrants
expiring on 3 June 2002 and 6,261,000 share options granted
under the Teledata share option scheme and exercisable as at the
date of this Announcement.

The financial effects of the Proposed Disposal, based on the
assumption that none of the outstanding Warrants and Vested
Share Options are exercised as at the date of this Announcement
and the alternative assumption that all of the above-mentioned
Warrants and Vested Share Options are exercised as at the date
of this Announcement are summarized below.

(a) Earnings per Share

Purely for illustration purposes only and assuming that the
Proposed Disposal had been completed on 31 December 2001, the
effect of the Proposed Disposal on the profit and loss accounts
of the Group for the financial year ended 31 December 2001,
based on the audited profit and loss accounts of the Group for
the financial year ended 31 December 2001, would have been as
follows:
                     No Vested Share        All Vested Share
                  Options and Warrants    Options and Warrants
                     are Exercised          are Exercised

                    Company     Group       Company     Group

Profit/(Loss)      (19,402)    (16,068)     (19,402)   (16,068)
attribution to
shareholders for
the financial
year ended 31
December 2001
($'000)

Gain on the          2,621       3,815        2,621      3,815
Proposed Disposal
($'000)

Proforma after the (16,781)    (12,253)     (16,781)   (12,253)
Proposed Disposal
($'000)

Number of Shares    160,000     160,000     190,261     190,261
('000)

Profit/(Loss)       (10.49)      (7.66)      (8.82)      (6.44)
per Share (cents)

The gain to the Company arising from the Proposed Disposal is
calculated based on the aggregate consideration of S$7,500,000,
the Company's cost of investment in IntraWave of S$2,550,000 and
the value of the Company's receivables in respect of all loans
made by the Company to IntraWave on or before 31 December 2001
of approximately S$2,329,000.

The gain to the Group arising from the Proposed Disposal is
calculated based on the aggregate consideration of S$7,500,000,
the Company's 51.0 percent share of IntraWave's NTA as at 31
December 2001 amounting to approximately S$2,337,000, the value
of the Company's receivables in respect of all loans made by the
Company to IntraWave on or before 31 December 2001 of
approximately S$2,329,000 and the unrealized profit to the Group
of approximately $981,000 arising from inter-company sales
previously eliminated on consolidation. IntraWave incurred net
losses after tax of S$241,479 for the financial year ended 31
December 2001.

(b) Net Tangible Assets

Purely for illustration purposes only and assuming that the
Proposed Disposal had been completed on 31 December 2001, the
effect of the Proposed Disposal on the Group's consolidated NTA
as at 31 December 2001, based on the audited balance sheet of
the Group as at 31 December 2001, would have
been as follows:

                     No Vested Share       All Vested Share
                  Options and Warrants   Options and Warrants
                     are Exercised         are Exercised

                     Company    Group      Company    Group

NTA as at 31          4,214     3,294       4,214     3,294
December 2001
('000)

Estimated proceeds      -         -         16,178    16,178
from the exercise
of all Vested Share
Option and Warrants
($'000)

Gain on the Proposed  2,621     3,815        2,621      3,815
Disposal ('000)

Less: Minority          -      (2,246)         -       (2,246)
interests in respect
of IntraWave

Proforma NTA after    6,835     4,863       23,013     21,041
the Proposed
Disposal ($'000)

Number of shares     160,000   160,000     190,261    190,261
('000)

NTA per share         4.27       3.04       12.10      11.06
(cents)

Estimated based on the exercise price for each Warrant of $0.56
and the exercise price for each Vested Share Option ranging from
$0.38 to $0.463.

The gain to the Company arising from the Proposed Disposal is
calculated based on the aggregate consideration of S$7,500,000,
the Company's cost of investment in IntraWave of S$2,550,000 and
the value of the Company's receivables in respect of all loans
made by the Company to IntraWave on or before 31 December 2001
of approximately S$2,329,000.

The gain to the Group arising from the Proposed Disposal is
calculated based on the aggregate consideration of S$7,500,000,
the Company's 51.0 percent share of IntraWave's NTA as at 31
December 2001 amounting to approximately S$2,337,000, the value
of the Company's receivables in respect of all loans made by the
Company to IntraWave on or before 31 December 2001 of
approximately S$2,329,000 and the unrealized profit to the Group
of approximately $981,000 arising from inter-company sales
previously eliminated on consolidation. IntraWave incurred net
losses after tax of S$241,479 for the financial year ended 31
December 2001.

(c) Gearing

Purely for illustration purposes only and assuming that the
Proposed Disposal had been completed on 31 December 2001, the
effect of the Proposed Disposal on the gearing of the Group as
at 31 December 2001, based on the audited balance sheet of the
Group as at 31 December 2001, would have been as follows:

                     No Vested Share       All Vested Share
                  Options and Warrants   Options and Warrants
                     are Exercised         are Exercised

                     Company    Group      Company    Group

Total borrowings     40,875    63,717       40,875    63,717
as at 31 December
2001 ($'000)

Less: Intrawave        -      (22,754)        -      (22,754)
total borrowings
($'000)

Adjusted total       40,875    40,963       40,875    40,963
borrowings ($'000)

Shareholders' Funds   4,214     2,469        4,214     2,469
($'000)

Estimated proceeds      -         -         16,178    16,178
from the exercise
of all Vested Share
Options and Warrants
($'000)

Gain on the Proposed   2,621    3,815        2,621     3,815
Disposal ($'000)

Proforma shareholders'
funds after the        6,835    6,284       23,013    22,462
Proposed Disposal
($'000)

Gearing (times)         6.0      6.5          1.8       1.8

Estimated based on the exercise price for each Warrant of $0.56
and the exercise price for each Vested Share Option ranging from
$0.38 to $0.463.

The gain to the Company arising from the Proposed Disposal is
calculated based on the aggregate consideration of S$7,500,000,
the Company's cost of investment in IntraWave of S$2,550,000 and
the value of the Company's receivables in respect of all loans
made by the Company to IntraWave on or before 31 December 2001
of approximately S$2,329,000.

The gain to the Group arising from the Proposed Disposal is
calculated based on the aggregate consideration of S$7,500,000,
the Company's 51.0 percent share of IntraWave's NTA as at 31
December 2001 amounting to approximately S$2,337,000, the value
of the Company's receivables in respect of all loans made by the
Company to IntraWave on or before 31 December 2001 of
approximately S$2,329,000 and the unrealized profit to the Group
of approximately $981,000 arising from inter-company sales
previously eliminated on consolidation. IntraWave incurred net
losses after tax of S$241,479 for the financial year ended 31
December 2001.

For the purposes of the above calculations, "gearing" means the
ratio of total borrowings to shareholders' funds, while "total
borrowings" means the aggregate borrowings from banks and
financial institutions including hire purchase financing and
"shareholders' funds" means the aggregate amount of
issued share capital, foreign currency translation reserve,
capital reserve and revenue reserves.

INTERESTS OF DIRECTORS AND SUBSTANTIAL SHAREHOLDERS

As Intraco is the beneficial holder of approximately 50.8
percent of the Company's issued share capital, the Proposed
Disposal to Intraco would constitute an interested person
transaction for the purposes of, and would be subject to, the
provisions of Chapter 9A of the SGX-ST Listing Manual.
Accordingly, Intraco will abstain from voting in respect of
their shareholdings at the EGM.

Saved as disclosed, the Company is not aware that any of the
Directors or substantial shareholders of the Company has any
interest, direct or indirect in the Proposed Disposal.

APPOINTMENT OF NEW DIRECTORS

No new Directors will be appointed to the Board of Directors of
the Company in connection with the Proposed Disposal.

CIRCULAR

A circular to Shareholders setting out in detail the terms and
conditions of the Proposed Disposal and the notice of EGM will
be dispatched to Shareholders in due course.


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


ASIA HOTEL: Rehabilitation Plan Decision Postponed
--------------------------------------------------
Asia Hotel Public Company Limited, in reference to the SET's
Letter no Kor. Tor. 200/2545 dated 8 March 2002, which states
that the Company has to inform decision to prepare a
rehabilitation plan to propose to shareholders or to ask for
voluntary delisting or to try other options which will benefit
to shareholders, announced that the Company postpone to inform
the decision to SET within 60 days which shall be on 8 July 2002
due to the fact that there is on process of Board of Directors'
consideration to make decision for maximize shareholders
benefit.


L.P.N. DEVELOPMENT: Omits 2001 Dividend Distribution
----------------------------------------------------      
The Ordinary Meeting of Shareholders 2002 held on 30th April
2002 at L.P.N. Development Public Company's Meeting Room, No
1168/109, 36th Floor, Lumpini Tower Building, Rama IV Road,
Thungmahamek, Sathorn, Bangkok 10120, passed a resolution:

Agenda 1  Approved the Minutes of the Annual General  Meeting of
Shareholders No.  1/2001.

Agenda 2  Approved the directors' annual report.

Agenda 3  Approved the balance sheet and profit and loss
statements for the year ending 31st  December, 2001.

Agenda 4  Approved that no allocation of profit and no
distribution of dividend to shareholders for 2001.

Agenda 5  Approved the reappointment of 5 directors who retired
by rotation as follows; Professor Mora Bunyaphol, Professor Siri
Keiwalinsrit, Mr Thep Roongtanapirom, Mr Vudhiphol
Suriyabhivadh, Mr Anthony Kai Chiu Cheng, approved the  
appointment of Mr. Pakorn Thavisin as the Company's new
director, and their yearly remuneration of Bt3,240,000 which
included the remuneration of audit committee which the directors
would allocate themselves.

Agenda 6  Approved the appointment of the auditors and their
remuneration; Mr Pipat Pusayanonda, certified Public Accountant
No. 56, or Mrs Paneeporn Aung-atichaart, certified Public
Accountant  No. 3887, of  Pipat and Associates Office as the
Company's auditors for the accounting year 2002 and the
auditor's remuneration of Bt550,000.

Agenda 7  Approved the transfer of legal reserve of
42,019,126.54 and premium on shares of Bt519,045,384.40 to
offset the retained loss of Bt561,064,510.94.

Agenda 8  Approved the decrease of the registered capital of the
Company from Bt3,983,000,000 to Bt460,000,000 divided into
46,000,000 shares at a par value of Bt10 by canceling
352,300,000 at a par value of Bt10 totaling Bt3,523,000,000           
and the previous resolution of the Annual General Meeting of
shareholders No.1/1999 held on 4th October 1999, regarding the
share allotment related to the canceled shares  be revoked.

Agenda 9  Approved the amendment of Clause 4 of the Company's
Memorandum of Association set out herein below to be in
compliance with the decrease of the Company's registered
capital,

   "Clause 4
    The registered capital Bt460,000,000  
    divided into: 46,000,000 shares
    at a par value of Bt10
    consisting of ordinary shares: 46,000,000 shares
    preferred shares:  0 shares."

Agenda 10 Approved the increase of the registered capital of the
Company by Bt750,000,000 from Bt460,000,000 to Bt1,210,000,000
divided into 121,000,000 shares by an issue of 75,000,000 new
ordinary shares at a par value of Bt10 and the amendment to
clause 4 of the Memorandum of Association set out herein below
to be in compliance with the increase of the registered capital,
  
    "Clause 4
     The registered capital Bt1,210,000,000
     divided into: 121,000,000 shares
     at a par value of Bt10
     consisting of ordinary shares: 121,000,000 shares
     Preferred shares: 0 shares."


RAMA 3 LAND: Files Business Reorg Petition in Bankruptcy Court
--------------------------------------------------------------
The Petition for Business Reorganization of Rama 3 Land Company
Limited (DEBTOR), engaged in real estate business, was filed to
the Central Bankruptcy Court:

   Black Case Number 1516/2544

   Red Case Number 1307/2544

Petitioner: SAHAVIRIYA CITY PUBLIC COMPANY LIMITED BY CHURCHILL
PRYCE PLANNER COMPANY LIMITED, THE PLANNER BY MISS SUCHADA
SANGSAHUANG AND ASSOCIATES

Planner: ASSET PLANNER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt6,958,221,667.24

Date of Court Acceptance of the Petition: November 12, 2001

Date of Examining the Petition: December 11, 2001 at 9.00 A.M.
Court has postponed the Date for Examining the Petition to
December 21, 2001 at 10.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: December 21, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: January 4, 2002

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: January 22,
2002

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: April 22, 2002

Contact: Ms. Bang - Orn Tel, 6792525 ext. 112


SAMART CORPORATION: Posts 2002 Ordinary GM Resolutions
------------------------------------------------------      
Samart Corporation Public Company Limited's resolutions of the
2002 Ordinary General Meeting of Shareholders held on April 29,
2002 are:

        1.   The minutes of the Extraordinary General Meeting of
Shareholders No. 2/2001 was certified;

        2.   Board of Directors' annual report was approved;

        3.   The Balance Sheet and Profit & Loss Statement for
accounting period ended December 31, 2001 were approved;

        4.   The appropriation of Legal Reserve and Dividend
payment were withheld;

        5.   The shareholders resolved to re-elect the retiring
directors for another term except Mr. Julpas  Kruesopon.  The
re-elected directors comprised of Mrs. Siripen  Vilailuck, Mr.
Charoenrath  Vilailuck and Mr. Thavatchai  Vilailuck.  The
shareholders also approved a total payment of not exceed Bt5.6
million as Directors' and Audit Committee's remuneration for
fiscal year 2002.

     Meeting allowance for Board of Directors to be paid for the
Chairman of Bt30,000 and Bt15,000 will be paid to each remaining
director.  For Audit Committee, the Chairman will be paid
Bt20,000 and Bt15,000 for other members.

        6.   Mr. Ruth Chaowanagawi, an auditor with license no.
3247 or Mr. Narong  Puntawong, an auditor with license no. 3315
or Mr. Sophon  Permsirivallop, an auditor with license no. 3182
of Ernst & Young Office Limited, were appointed as the company's
auditors for the fiscal year 2002 ending December 31, 2002.  The
total auditing fee will not exceed Bt1.386 million.

        7.   Approved the amendment of the Company's authorized
directors to be read as follows:

     "Mr. Charoenrath  Vilailuck,  Mr. Thavatchai  Vilailuck,  
and Mr. Sirichai  Rasameechan, two out of three persons
mentioned above jointly sign together with the Company's seal
affixed."


SRIVARA REAL: Administers Memorandum of Association Amendment
-------------------------------------------------------------      
The Business Reorganization Plan of Srivara Real Estate Group
Public Company Limited, stipulated that the Company's registered
capital shall be increased by allocating newly issued ordinary
shares, par value at Bt10 each, to the group 1 and group 2
creditors at the price of bt3 per share. The number of share
issuance will be according to the method specified in the Plan
clause 4.2.1.

The Central Bankruptcy Court issued an order on April 1, 2002
approving Asset Recovery Company Limited, the Business
Reorganization Plan Administrator of Srivara Real, to amend
Clause 4 of the Memorandum of Association of the Company as
follows:

"Registered capital  Bt1,250,926,530  
Divided into 125,092,653 Shares
Par value per share Bt10  
Divided into
   Ordinary shares 125,092,653 Shares
   Preferred shares - Shares"

Asset Recovery Company Limited, the plan administrator, shall
process to amend the Memorandum of Association and other related
matters.


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
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