TCRAP_Public/020513.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Monday, May 13, 2002, Vol. 5, No. 93

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Murrin Murrin Plant Resumes Production
AUSTAR UNITED: Discloses Director's Letter to Shareholders
AUSTAR UNITED: May 30 AGM Scheduled
AUSTRALIAN GAS: Corporate Conversion Bill Awaits Governor's Nod
AP TRUCKING: Former Director Pleads Guilty, Receives Fine

IWL LIMITED: Cancels Options Under Executive Option Plan
LEYSHON RESOURCES: Releases Third Quarter Report
TERRAPLANET LIMITED: Capital Raising, Acquisition Successful
UECOMM LIMITED: Terminates Service Agreement With Lucent


C H I N A   &   H O N G  K O N G

CHINA UNITED: Requests Trading Suspension
NEW WORLD: MOODY'S Places `Ba3' on Review for Further Downgrade
PHOENIX SATELLITE: Blames Net Losses on Global Slowdown
ROYAL CLEANING: Winding Up Petition Hearing Set
SUNNY LEATHER: Faces Winding Up Petition


I N D O N E S I A

ASTRA OTOPARTS: Incurs US$210M 2001 Net Sales
TELEKOMUNIKASI INDONESIA: Likely to Release Units' Ownership


J A P A N

ALL NIPPON: Plans Flight Schedule Improvement
ALL NIPPON: Will Operate 8 Tokyo-Seoul Charter Flights in June
ASAHI BREWERIES: Narrows Q102 Loss to Y28M
DAIEI INC: Considers Limiting Director Term to One Year
DAI-ICHI KATEI: In Shop Acquisition Talks With CCC

KDDI CORP.: Regains No. 2 Spot in Mobile Phone Market
MITSUBISHI MOTORS: Posts First Profit in Three Years
NISSAN MOTOR: S&P Upgrades Rating on Successful Restructuring
NIPPON STEEL: Agrees to Advance Ties With AK Steel
SHISEIDO CO: Product Recalls Play into Heavy Losses


K O R E A

DAEWOO MOTOR: GM's Gliwice Plant Likely to Make Kalos Car
DAEWOO MOTOR: Iveco Drops Plan to Buy Lublin Factory
DAEWOO MOTOR: U.S. Dealers File Complaint Against GM
HYNIX SEMICON: Board Agrees to Split Assets
HYNIX SEMICON: Regulator Says Break-up "Best Choice"

SSANGYONG MOTOR: New RV, Diesel Engine in Works
SEOULBANK: Government Intends Merger for Ailing Bank


M A L A Y S I A

AUTOWAYS HOLDINGS: High Court Renders Winding Up Order
BERJAYA LAND: Reviews Proposed Corporate Exercise
DRB-HICOM: SC Grants Proposal Conditional Approval
GEAHIN ENGINEERING: Faces Suit Filed by MOX Over Unpaid Goods
KELANAMAS INDUSTRIES: Submits Extension Application to KLSE

MALAYSIAN GENERAL: Replies to KLSE's Financial Report Query
RENONG BERHAD: Clarifies Change of Ownership Report
SAP HOLDINGS: Unit Gets Notice of Demand Fr Judgment Creditor
SENG HUP: Terminates Management Agreement With Tri Harvest


P H I L I P P I N E S

MAYNILAD WATER: Plans Water Rate Increase by July
METRO PACIFIC: First E-Bank In Merger Talks With Bancommerce
NATIONAL POWER: $100M Loan to Cover Suspended PPA Cost Likely
PHILIPPINE LONG: Sees P1.3B Profit in First Quarter


S I N G A P O R E

INTRACO LIMITED: Requests Trading Suspension
KEPPEL TELECOM: Secures S$180M Loan From KCL
KLW HOLDINGS: Gain $45M Wooden Doors Contract


T H A I L A N D

EASTERN PRINTING: Capital Increase Approval Completed
KHOO KHANG: Files Business Reorg Petition to Bankruptcy Court
MEDIA OF MEDIAS: Increases Capital
THAI ENGINE: Posts Share Offering Results

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ANACONDA NICKEL: Murrin Murrin Plant Resumes Production
-------------------------------------------------------
Anaconda Nickel Limited informed that Murrin Murrin nickel
cobalt plant restarted on Friday morning following repair to
parts of the plant damaged by the small fire last Sunday. The
opportunity was taken to carry out other routine maintenance
works that had been scheduled for later in the month.

Full production is expected to be attained by the end of Friday.


AUSTAR UNITED: Discloses Director's Letter to Shareholders
----------------------------------------------------------
Austar United Communications Limited discloses Director J
Gardener's letter to the shareholders:

"On 25 March 2002, your Company announced that it had finalized
and executed all documents relating to the refinancing of Austar
Entertainment Pty Limited's $400,000,000 bank facility (Austar
Entertainment). The satisfactory conclusion of the refinancing
means that the Company will have adequate funding to meet its
long range plan.

"As part of the refinancing arrangements, United AUN, Inc,
(United) agreed to deposit $30,000,000 into a contingent cash
account where it would be available for use by the Company in
meeting its funding requirements in certain limited
circumstances. In connection with United's deposit, your Company
has agreed to put a number of aspects of the refinancing
arrangements to shareholders for approval, including:

   * attachment of conversion rights to notes issued by the
Company to United under a Support Agreement;

   * United's acquisition of shares in the Company on exercise
of these conversion rights;

   * the granting of security interests to secure the Company's
obligations to United under the notes and Support Agreement; and

   * the granting of security interests to secure the Company's
obligations to United Austar, Inc and United Australia Holdings,
Inc. under an Indemnity Agreement (these will be referred to as
the conversion and security rights in this letter).

"The directors have taken the opportunity presented by the
Company's annual general meeting to seek approval from
shareholders for the conversion and security rights.

"In deciding how to vote on the resolution you should weigh the
advantages and disadvantages of approving the conversion and
security rights. In particular, you should weigh the potential
dilution of your shareholdings should United exercise the
conversion rights against the higher interest rates that will
apply if the conversion and security rights are not approved.

"The independent expert appointed by the independent directors,
Grant Samuel & Associates Pty Limited (Grant Samuel), has
concluded that, overall, the potential increase in United's (and
its associates') interest in the Company as a result of
conversion of the notes, and the Company's grant of security
interests for the notes, the Support Agreement and the Indemnity
Agreement, are fair and reasonable having regard to the
interests of the non-associated shareholders.

"Grant Samuel analyses a number of business scenarios for the
Company and their impact on non-associated shareholders in
section 5.3 of their report. The report concludes that in some
scenarios non-associated shareholders will be worse off if the
conversion and security rights are approved; however, on
balance, the report finds that the non-associated shareholders
are more likely to be better off if the conversion and security
rights are approved. We strongly recommend that you pay
particular attention to that section of the report and form your
own view as to the likelihood of the different scenarios
eventuating.

"Overall, your directors believe that approving the conversion
and security rights is in the best interests of the Company. The
directors who are not associated with United recommend that you
vote in favor of the resolution."


AUSTAR UNITED: May 30 AGM Scheduled
-----------------------------------
Austar United Communications Limited notified that the Annual
General Meeting will be held at 11:00 am Thursday, 30 May 2002
at the National Customer Operations Center, 35 Robina Town
Center Drive, Robina, Queensland.

ORDINARY BUSINESS

1 ANNUAL FINANCIAL, DIRECTORS' AND AUDITOR'S REPORTS

To receive and consider the annual financial report, directors'
report and auditor's report for the year ended 31 December 2001.

2 RE-APPOINTMENT OF MR JUSTIN HERBERT GARDENER AS A DIRECTOR

To consider and, if thought fit, pass the following resolution:

"That Mr Justin Herbert Gardener, who retires by rotation in
accordance with the Company's constitution, be re-appointed as a
director of the Company."

3 RE-APPOINTMENT OF MR JOHN CLINTON PORTER AS A DIRECTOR

To consider and, if thought fit, pass the following resolution:

"That Mr John Clinton Porter, who retires by rotation in
accordance with the Company's constitution, be re-appointed as a
director of the Company."

4 RE-APPOINTMENT OF MR JOHN W DICK AS A DIRECTOR

To consider and, if thought fit, pass the following resolution:

"That Mr John W Dick, who retires in accordance with the
Company's constitution, be re-appointed as a director of the
Company."

5 RE-APPOINTMENT OF MR MARK L SCHNEIDER AS A DIRECTOR

To consider and, if thought fit, pass the following resolution:

"That Mr Mark L Schneider, who retires in accordance with the
Company's constitution, be re-appointed as a director of the
Company."

SPECIAL BUSINESS

6 RE-APPOINTMENT OF MR GENE WALTER SCHNEIDER AS A DIRECTOR

To consider and, if thought fit, pass the following resolution
as a special resolution:

"That Mr Gene Walter Schneider, who has turned 75 years of age,
be re-appointed as a director of the Company to hold office
until the conclusion of the next annual general meeting of the
Company."

7 VARIATION OF EXECUTIVE SHARE OPTION PLAN

7.1 To consider and, if thought fit, to pass the following
resolution:

"That, in rule 5.4 of the Rules of the Austar United
Communications Executive Share Option Plan, the expression 'six
per cent' be deleted and replaced with the expression 'eight per
cent'."

7.2 To consider and, if though fit, to pass the following
resolution:

"That the definition of 'Group' in rule 2.1 of the Rules of the
Austar United Communications Executive Share Option Plan be
deleted and replaced with the following:

   'Group means the Company, UGC Holdings, Inc, UnitedGlobalCom,
Inc and all subsidiaries of each of them;'"

8 GRANT OF OPTIONS UNDER THE EXECUTIVE SHARE OPTION PLAN

8.1 To consider and, if thought fit, to pass the following
resolution:

"That the Company approves the grant of 10,000,000 options to Mr
John Clinton Porter under the Executive Share Option Plan of the
Company."

8.2 To consider and, if thought fit, to pass the following
resolution:

"That the Company approves the grant of 100,000 options to Mr
John W Dick under the Executive Share Option Plan of the
Company."

8.3 To consider and, if thought fit, to pass the following
resolution:

"That the Company approves the grant of 100,000 options to Mr
Timothy David Downing under the Executive Share Option Plan of
the Company."

8.4 To consider and, if thought fit, to pass the following
resolution:

"That the Company approves the grant of 100,000 options to Mr
Justin Herbert Gardener under the Executive Share Option Plan of
the Company."

9 RESOLUTION - APPROVAL OF CONVERSION AND SECURITY RIGHTS

To consider and, if thought fit, pass the following resolution
as an ordinary resolution:

"That:

   * for the purpose of Australian Stock Exchange Listing Rule
10.11, and for all other purposes, approval is given to the
Company issuing notes (Notes) to United AUN, Inc, (United) under
a Support Agreement between the Company and United dated 22
March 2002 (Support Agreement) on the basis that all Notes
issued on or before 31 December 2006 will be convertible, at the
holder's option, into ordinary shares in the Company in
accordance with the terms of those Notes.

   * for the purpose of Australian Stock Exchange Listing Rule
10.1, and for all other purposes, approval is given to the
Company granting security, pursuant to the Debenture Stock Trust
Deed between, among others, AUSTAR Entertainment Pty Limited and
JP Morgan Australia Limited dated 2 April 1997, as amended by
the Debenture Stock Trust Deed Accession and Amendment Deed
dated 19 March 2002 over all of its assets and the assets of its
subsidiaries to United to secure the Company's obligations in
respect of:

     - the Notes and the Support Agreement; and

     - the Indemnity Agreement between the Company, United
Austar, Inc and United Australia Holdings, Inc dated 22 March
2002 (Indemnity Agreement).

   * for the purpose of section 611 item 7 of the Corporations
Act 2001, and for all other purposes, approval is given to the
acquisition by United and its associates on exercise by United
of a conversion right in respect of the Notes of a relevant
interest in up to 320,810,000 voting shares in the Company, as
such number may be adjusted from time to time in accordance with
the terms of the Notes on the Company making distributions to
shareholders, or reorganizing or otherwise changing its share
capital (except to the extent that the adjustment increases the
voting power of United and its associates to more than 87.08%,
being the maximum voting power set out in the explanatory
memorandum accompanying the notice of this meeting).

   * for the purpose of section 208(2) of the Corporations Act
2001, and for all other purposes, approval is given to:

     - the Support Agreement and the issue of Notes and giving
of financial benefits under that agreement; and

     - the Indemnity Agreement and the giving of financial
benefits under that agreement."


AUSTRALIAN GAS: Corporate Conversion Bill Awaits Governor's Nod
---------------------------------------------------------------
Australian Gas Light Company (The) announced that the AGL
Corporate Conversion Bill was passed by the New South Wales
Legislative Council on Thursday 9 May 2002, having been passed
by the Legislative Assembly earlier in the week.

The Bill, which has yet to receive the assent of the Governor,
is the essential first step towards establishing a modern
constitution for AGL and putting it on a common footing with
other Australian public companies. A number of other steps are
necessary, which will take place after the General Meeting of
AGL Proprietors has approved the corporate conversion and the
adoption of the new constitution.

Notices calling a General Meeting will be issued as soon as some
related matters are finalized. This is expected within a few
weeks.

On issue of a Conversion Order by the Minister of Energy and
Utilities, which can only take place after a General Meeting of
Proprietors approving the corporate conversion, AGL will become
a modern body corporate registered under the Corporations Act,
2001. At that time the 5% shareholding restriction will cease to
apply.

Wrights Investors' Service reports that at the end of 2001, the
Company had negative working capital, as current liabilities
were A$1.88 billion while total current assets were only A$1.05
billion. During the 12 months ending 12/December/2001, the
Company reported losses of 0.04 per share.


AP TRUCKING: Former Director Pleads Guilty, Receives Fine
---------------------------------------------------------
Mr Peter John Hewat, formerly of Roxburgh Park, has appeared in
the Melbourne Magistrates Court in relation to three charges
brought by the Australian Securities and Investments Commission
(ASIC).

The charges follow an investigation into AP Trucking Pty Ltd, a
failed transport company. Mr Hewat, 42, was a former director of
AP Trucking.

Mr Hewat pleaded guilty to failing to provide a Report as to
Affairs of a company, failing to disclose to a liquidator all
the property of a company, and failing to provide the books and
records to a liquidator.

ASIC commenced its investigation into AP Trucking after court
appointed Liquidator, Mr Paul Pattison of Pattison Consulting,
complained that Mr Hewat had failed to provide a Report As To
Affairs and surrender all property of the company, including the
books and records as required under the Corporations Act 2001.

Mr Hewat was convicted on the three charges and fined a total of
$4,500.


IWL LIMITED: Cancels Options Under Executive Option Plan
--------------------------------------------------------
IWL Limited advised that options were cancelled pursuant to the
Company's Executive and Employee Share Option Plan. Details are:

   1. Date of cancellation 10 May 2002
   2. Number of options cancelled 400,000
   3. Exercise price $0.20

IWL Limited formerly known as Investorweb Ltd provides financial
advisory software, financial products (cash management account &
3rd party sharebooking), research (managed investments &
equities), online media). It has paid no dividends during the
last 12 months and reported losses during the previous 12
months.


LEYSHON RESOURCES: Releases Third Quarter Report
-------------------------------------------------
Leyshon Resources Limited provided this report on its
activities for the March 2002 quarter.

PRODUCTION

Gold production of 15,026 ounces (25,619 ounces) was below the
previous quarter due to cessation of treatment operations.
13,573 ounces were recovered from the treatment of the remnant
low grade stockpile material and 2,186 ounces were recovered
from Gold in Circuit stocks.

Gold recovery at 78.5% (77.6%) was higher than the previous
quarter as a consequence of improved metallurgical conditions,
driven by the optimized leach conditions and more metallurgical
favorable low grade being treated. The average grade was 0.69g/t
(0.82g/t), which was due to the treatment of the remnant low-
grade stockpile material during the quarter.

Mill throughput at 785,845 tonnes (1,282,878 tonnes) was below
with the previous quarter due to crushing circuit downtime and
downtime associated with a partial re-line of one of the ball
mills. The final pour was on the 5 March 2002, which signaled
the end of 17 years of continuous operations, with 32m tonnes of
ore and 250 Million tonnes of waste being mined and 3.2m ounces
of gold being recovered.

When Operations safety records ceased on 13 March 2002 the site
had achieved 2 years and 8 months (995days) without a Loss Time
Injury.

Rehabilitation and Mine Closure activities for the quarter
continued in line with the Mine Closure Plan and schedule.

The following Rehabilitation activities occurred during the
quarter:

   * Topsoil placement and application of seed and fertilizer
application on the North West Rock Dump was completed.

   * Contaminated Sites assessment, in compliance with
legislation, was carried out on the Eastern Waste Rock Dump,
Southern and Old North Tailings Facilities.

   * Seal placement on the Northern Tailings facility is
approximately 90% complete.

   * The sealing layer on Roche Hill is complete. Topsoil
placement has commenced with 60% complete.

   * Numerous minor clean up earthworks projects are underway
around the site.

The following Mine Closure activities occurred during the
quarter:

   * On 1 March all Production and Maintenance roles were made
redundant.

   * On 31 March all remaining employees were made redundant.

   * The career transition program has concluded. A report on
the program is currently being drafted.

The management of the site and all statutory duties and
accountability for the decommissioning of the site was handed
over to the Newmont Projects Group (formerly Normandy Mining
Projects Group) in mid March.

POST CLOSURE AUCTION

Gray Eisdell Martin of Brisbane were appointed as agents for the
sale of all plant and equipment from the site. During the period
to March 2002 private treaty contracts were negotiated for the
sale of several larger items of plant infrastructure.

FINANCE

Gold sales were 14,875 ounces (25,588ozs) at a net average
realized price after hedge fees of $557 per ounce ($537/oz),
compared with the average spot price of $560 per ounce.

HEDGING - MARCH QUARTER

There are no outstanding hedge positions as at 31 March 2002.

Any future gold production arising from mine cleanup operations
will be delivered at spot market.

EXPLORATION

Assessment of the company's exploration projects continued
during the March 2002 quarter.

It is expected that the company will make a number of
announcements to the market during the June 2002 quarter in
respect to the company's exploration projects.


TERRAPLANET LIMITED: Capital Raising, Acquisition Successful
------------------------------------------------------------
The Board of Terraplanet announced two milestones in the steady
regeneration of the publishing group, a successful capital
raising and the acquisition of a new magazine title.

TPL confirmed the issue of 84,700,000 new shares at 1.5 cents
each (together with 1 for 5 attached options exercisable at 10
cents per share on or before 31 May 2005) pursuant to the Offer
Information Statement dated 1 March 2002, was successfully
completed on 6 May 2002. Existing shareholders, including the
Directors, subscribed for a total of 57,744,625 new shares in
respect of their entitlements, representing 68.2% of the Offer.
APG Financial Services Limited, as underwriter of the issue
procured subscriptions for the balance of 26,955,375 new shares.
Holding statements for the shares and options under the Offer
Information Statement will be dispatched by 10 May 2002.

Terraplanet raised gross proceeds of $1,270,5000 from the issue
and now plans to further develop its magazine titles through
organic growth, strategic alliances and mergers and
acquisitions.

The first acquisition is Underground Surf, purchased from
Universal Magazines. Underground Surf will complement
terraplanet's youth publishing range and highlights the
company's strategy of publishing high quality titles that
reflect contemporary lifestyle trends.

These two developments follow 11 months of corporate
restructuring since the appointment of a new Board in May 2001.
In that time the company has undertaken extensive cost
reductions and refocused activities on its core business of
magazine publishing.

"Results in the first half of the year were encouraging," said
terraplanet Chairman Sandra Yates. "The Board believes this
current raising will provide terraplanet with the ability to
realize a number of growth opportunities".

Managing Director Lesa-Belle Furhagen said that, "while market
conditions were tough, terraplanet was seeing growth in the
right places with publishing revenue up by more than 10 per cent
in the first half of the year".

Universal Magazines launched Underground Surf in 1992 as a
quarterly. The magazine's founding editor Ben Horvath will join
terraplanet. Lese-Belle Furhagen said terraplanet - "one of the
most innovative youth publishers in Australia" - planned to grow
Underground Surf while exploring the synergies with its other
titles such as the entertainment/lifestyle magazine JUICE.
Underground Surf has strong relations with a range of surfing
industry advertisers.

"Terraplanet has come through a difficult year of restructuring,
and it is heartening to see the group back in the publishing
mainstream, and growing with new titles," said Chairman Yates.


UECOMM LIMITED: Terminates Service Agreement With Lucent
---------------------------------------------------------
Uecomm Limited announced on Wednesday that it has reached
agreement with Lucent Technologies Australia Pty Ltd to
terminate existing arrangements between Uecomm and Lucent for
services that were being provided by Uecomm to Lucent.

Under the settlement reached between Uecomm and Lucent, Uecomm
will receive a net amount of $6.5 million. This represents $7.8
million for service revenue commitments, less $1.3 million for
payments due to Lucent for equipment purchased by Uecomm. The
transaction will be brought to account by Uecomm in the quarter
ended 30 June 2002.

Uecomm Chief Executive Officer, Mr Peter McGrath commented,
"Uecomm is pleased to have reached agreement with Lucent and we
regard this as a solid financial outcome."

The Company has paid no dividends during the last 12 months. It
also reported losses during the previous 12 months and has not
paid any dividends during the previous three fiscal years.


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C H I N A   &   H O N G  K O N G
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CHINA UNITED: Requests Trading Suspension
-----------------------------------------
China United Holdings Limited requested trading in its shares to
be suspended with effect from 2:30 p.m. Thursday, 9 May 2002
pending an announcement in relation to the proposed capital
reorganization, proposed rights issue, discloseable and
connected transactions.

The Group principal activities are investing in trading
securities, provision of brokerage and financial services,
property investing, investment holding and provision of internet
and internet related services. Investment in trading securities
accounted for 58% of 2001 revenues; brokerage and financial
services, 38% and property investment, 4%.

Wrights Investors' Service reports that at the end of December
31, 2001, the Company has negative earnings of -0.01. It has
also deferred to distribute dividend payments the past few
years.


NEW WORLD: MOODY'S Places `Ba3' on Review for Further Downgrade
---------------------------------------------------------------
Moody's Investors Service downgraded on Thursday New World
Infrastructure Limited's Ba1 rating to Ba3 and placed it on
review for further possible downgrade.

Such move shows the rating agency's concerns over the Company's
increasing investment on the technology sector and its less than
expected operating performance. The outstanding debt affected is
approximately US$173MM 1% convertible bonds due on 2003.

The Company, 54.4 percent indirectly owned by New World
Development Company Limited, is situated in Hong Kong. It has
infrastructure and technology investments in Hong Kong, China
and Macau.


PHOENIX SATELLITE: Blames Net Losses on Global Slowdown
-------------------------------------------------------
Phoenix Satellite Television Holdings has continued to report a
deterioration in earnings amid a global economic slowdown. Its
third-quarter revenue dipped by 4.4% to HK$165 million, while
revenue for the three quarters to March dropped 9.1 percent to
HK$493.63 million. Net loss quadrupled to HK$40.3 million for
the January-March quarter, against a HK$9.73 million net loss in
the previous corresponding period.

However, on a quarter on quarter basis, Phoenix TV said the loss
remained stable from a 2.9 percent drop in the December quarter.
Deputy Chief Executive, Leung Noong Kong, blamed the global
economic slowdown, sluggish demand in China's TV advertising
market and high start-up costs for new channels, InfoNews
Channel and Phoenix North American Chinese Channel, for the
unimpressive third quarter results.

The Company is expecting to see some pick-up in advertising
sales this quarter due to the World Cup effect.


ROYAL CLEANING: Winding Up Petition Hearing Set
-----------------------------------------------
The petition to wind up Royal Cleaning Management Limited is set
for hearing before the High Court of Hong Kong on June 5, 2002
at 9:30 am. The petition was filed with the court on February
20, 2002 by Cheng Sau Chun of Flat A, 11th Floor, Gordon House,
84 Hing Fat Street, Causeway, Hong Kong.


SUNNY LEATHER: Faces Winding Up Petition
----------------------------------------
The petition to wind up Sunny Leather Ware Mfy. Limited is set
to be heard before the High Court of Hong Kong on June 5, 2002
at 9:30 am.  The petition was filed with the court on February
20, 2002 by Poon Woon Kiu of Flat A, 15th Floor, Shun Fat
Building, 44 Shui Che Kwun Street, Yuen Long, New Territories,
Hong Kong.


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


ASTRA OTOPARTS: Incurs US$210M 2001 Net Sales
---------------------------------------------
Automotive component producer PT Astra Otoparts has reported a
7.9 percent rise in net sales to US$210 million in 2001 due to a
sharp rise in sales of components to motorcycle factories,
AsiaPulse reports, citing Manager Alexander Sancaya.

He added that sales of new components to motorcycle factories
increased by 36 percent to Rp553.4 billion, contributing 26.4
percent to the total net sales of the company and its
subsidiaries.

Early February, TCR-AP reported that PT Astra Otoparts prepaid
debts worth US$4.5 million to its syndicated creditors led by
Fuji Bank Ltd and LTCB Merchant Bank Singapore.

The Company has long term debt was Rp250.63 billion and total
liabilities were Rp978.20 billion. The long term debt to equity
ratio of the company is 0.33.


TELEKOMUNIKASI INDONESIA: Likely to Release Units' Ownership
------------------------------------------------------------
PT Telekomunikasi Indonesia Plc will likely release stake
ownership in Komselindo, Metrosel, and Telesera after the debt
restructuring in the three subsidiaries is completed, Bisnis
Indonesia reports, quoting Telkom Development Director
Kristiona.

"We will gradually further release stake ownership in the three
companies. As companies value rises and the market improves, we
will sell them," Kristiona said. Should performance of the three
companies gets better, however, Telkom would likely to continue
stake ownership.

Telkom owns 35% stake in PT Komunikasi Selular Indonesia
(Komselindo), 20.17% in PT Metro Selular Nusantara (Metro-sel),
and 100% in PT Telekomindo Selular Raya (telesera)-which was
67.77%.

Kristiono added that as internal restructuring goes on, the
Company would most likely release stake ownership in six
subsidiaries, as the telecommunication does not want to be
burdened by the companies' debts. PT Pasific Satelit Nusantara
(PSN) is one of the companies in which Telkom owns 22.57% of
stake.


=========
J A P A N
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ALL NIPPON: Plans Flight Schedule Improvement
---------------------------------------------
All Nippon Airways Co. will unify flight codes of its group
airlines and improve on-time flight rates in order to survive
intensifying competition with Japan Airlines Co. (JAL) and Japan
Air System Co. (JAS), which plan to integrate under a holding
company in October, Japan Times reports.

Currently, a flight is recognized as on time if it arrives or
departs within 15 minutes of its schedule. ANA will revise its
time scale to a margin of one minute in fiscal 2002 and 2003.

The new target for on-time domestic departure is 70 percent. To
achieve the goal, about 4,500 more flights a year will need to
depart on time compared to last year, the company said in a
statement.

Early this month, Moody's Investors Service said it was
considering cutting the Baa3 senior unsecured long term rating
of All Nippon Airways Co. to junk-bond status because of growing
competition in Japan.

The review is in response to the recent announcement that the
Fair Trade Commission conditionally approved the merger between
JAL and JAS. Moody's is concerned that ANA's earnings and cash
flow may face downward pressure due to severe price competition
from the JAL and JAS group in the domestic market, as well as
the more difficult business environment facing ANA due to the
weak Japanese economy.


ALL NIPPON: Will Operate 8 Tokyo-Seoul Charter Flights in June
--------------------------------------------------------------
All Nippon Airways will operate eight daytime chartered round-
trip flights linking Tokyo and Seoul during the June 20-23
period, and again in the June 27-30 period, reports Kyodo News.

The airline's move coincides with World Cup soccer finals.

In Tuesday, Moody's Investors Service said it was considering
cutting the Baa3 senior unsecured long term rating of the Tokyo-
based airline to junk-bond status because of growing competition
in Japan.

The review is in response to the recent announcement that the
Fair Trade Commission conditionally approved the merger between
Japan Airlines Co., Ltd. (JAL) and Japan Air System Co., Ltd.
(JAS) to create the world's third largest airline in terms of
revenue.

As a result, Moody's is concerned that ANA's earnings and cash
flow may face downward pressure due to severe price competition
from the JAL and JAS group in the domestic market, as well as
the more difficult business environment facing ANA due to the
weak Japanese economy.


ASAHI BREWERIES: Narrows Q102 Loss to Y28M
------------------------------------------
Asahi Breweries, maker of Japan's best-selling beer, said its
first-quarter loss narrowed, thanks to lower costs at its money-
losing soft-drink unit and the effect of a change in employee
pension fund accounting rules. The Company said its net loss for
the three months ended March 31 narrowed to Y278 million from Y5
billion the same quarter last year. Sales fell 1.7 percent to
Y267.6 billion.

Wrights Investors Service reports that at the end of 2001, Asahi
Breweries Ltd had negative working capital, as current
liabilities were Y618.85 billion while total current assets were
only Y412.63 billion.


DAIEI INC: Considers Limiting Director Term to One Year
-------------------------------------------------------
The management of Kobe supermarket operator, Daiei Inc., will
propose amendments to its corporate charter in a regular
shareholder general meeting on May 23, including halving the
tenure of directors to one year, Dow Jones Newswires reported
citing The Nihon Keizai Shimbun.

The proposal is intended to make it easier for shareholders to
hold directors more directly accountable for corporate
performance and help the struggling firm achieve its three-year
rehabilitation plan.

In April, the Ministry of Economy, Trade and Industry (METI) has
granted Daiei tax breaks on capital increases and real-estate
sales, while the major retailer is also eligible for lower
interest rate loans from the government-affiliated Development
Bank of Japan.

Earlier that month, Daiei Inc. revealed a consolidated net loss
of Y332.51 billion (US$2.58 billion) for the business year that
ended in February, blaming the losses on increased restructuring
costs. Its current assets stood at US$9.8 billion against
current liabilities of US$22.4 billion.

The Company plans to return to profitability in the current
business year with the help of financial support from its
creditors, UFJ Bank, Sumitomo Mitsui Banking Corp. and Mizuho
Corporate Bank.

It expects to reduce its interest-bearing group debts from the
current Y1.66 trillion to Y1.21 trillion by the end of next
February.


DAI-ICHI KATEI: In Shop Acquisition Talks With CCC
---------------------------------------------------
Tokyo-based consumer electronics retailer Dai-Ichi Katei Denki
Co has started talks with Culture Convenience Club Co (CCC), a
company that sells and rents videos and CDs, on CCC's plan to
sponsor the rehabilitation efforts of Dai-Ichi, Japan Today
reported.

"We have accepted CCC's offer to take over our shops and to help
in the employment of our staff, and have started negotiations
with a view to deciding on the conditions as quickly as
possible," Dai-Ichi Katei Denki said in a statement.

In April, the Tokyo District Court approved the rehabilitation
procedures under the Civil Corporate Rehabilitation Law of Dai-
Ichi Katei Denki, which together with Dai-Ichi Credit, filed for
bankruptcy protection with the Tokyo District Court on April 17,
leaving behind debts totaling Y33.9 billion.

Dai-Ichi Katei said it would submit a restructuring plan to the
court by July 17. The operator of electrical appliance stores in
the Kanto region said two of its affiliates also received
similar court approval to start rehabilitation procedures under
the law.

The electronics retailer posted a pretax loss of Y1.99 billion
for the fourth straight year, with sales of Y27.60 billion.

The Tokyo bourse will delist the Company's shares on July 17.


KDDI CORP.: Regains No. 2 Spot in Mobile Phone Market
-----------------------------------------------------
Telecommunications company KDDI Corp. regained its No. 2 spot in
Japan's mobile phone market from J-Phone Co. in April after
losing the rank in March, the Telecommunications Carriers
Association said Thursday.

As of March 31, 2001, the Tokyo-based Company had current assets
of JPY854.4 billion against current liabilities of JPY1.1
trillion.

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


MITSUBISHI MOTORS: Posts First Profit in Three Years
----------------------------------------------------
Tokyo-based automaker Mitsubishi Motors will announce today a
return to profit for the first time in three years with a net
profit of more than 10 billion yen (US$78 million), the
Financial Times said, citing a report from Japanese wire service
Jiji Press.

The figures would mark a considerable turnaround for MMC, which
forecast in November that it expected only to break even last
year after making a loss of 278 billion yen in 2000.

Mitsubishi Motors, at the end of 2001, had negative working
capital, as current liabilities were Y1.95 trillion while total
current assets were only Y1.23 trillion.

A return to profitability and a reduction in debt are the
criteria set by DaimlerChrysler, which owns 37 percent of the
Japanese carmaker, that must be met before the German-US company
considers increasing its stake this year to more than 50
percent.


NISSAN MOTOR: S&P Upgrades Rating on Successful Restructuring
-------------------------------------------------------------
Standard & Poor's on Thursday raised its ratings on Nissan Motor
Co. Ltd. to 'BBB-/A-3' from 'BB+/B', based on the company's
progress in improving its cost structure and reducing its debt
under the strong leadership of its management. The outlook on
the long-term rating is positive.

Nissan completed its three-year restructuring plan one year
ahead of schedule in fiscal 2001 (ended March 31, 2002), far
exceeding the original goals outlined in the plan. The company's
cost reduction efforts and improved product development strategy
have strengthened its earnings structure, enabling it to
generate solid profitability despite depressed vehicle sales
worldwide.

"The positive outlook reflects the potential for further
operational improvement and debt reduction at Nissan," said
Chizuko Satsukawa, a credit analyst at Standard & Poor's in
Tokyo. "In addition, it reflects the possibility of further
integration between Nissan and Renault S.A. (BBB/Negative/A-3),
its business partner and largest shareholder, and the resulting
convergence in credit quality between these two companies," she
added.

Notwithstanding these developments, Nissan faces an increasingly
difficult operating environment. Auto demand is expected to
remain weak in Japan, reflecting the damage to consumer
confidence caused by an ongoing deflationary recession and
historically high unemployment over the past several months.

"Despite its progress in cost reduction, Nissan has yet to prove
it can sell more vehicles, and faces challenges in recapturing
market share in Japan and other key markets amid intense
competition from its global peers," said Ms. Satsukawa.

In fiscal 2001, Nissan achieved a record financial performance,
posting an operating profit of Y490 billion. Its operating
margin climbed to 7.9% and net debt held by automotive units
(excluding captive finance companies) fell to about 435
billion. In its restructuring plan, Nissan had pledged to
achieve an operating margin of 4.5% and net debt of no more than
700 billion. The company's ratio of total debt to capital is
likely to have fallen below 65% at March 2002 from 73% a year
earlier. In line with this improvement in its profitability and
capital structure, Nissan's cash flow protection is also
expected to have strengthened, with funds from operations to
total debt estimated at about 25%, up from 18% in fiscal 2000.


NIPPON STEEL: Agrees to Advance Ties With AK Steel
--------------------------------------------------
Tokyo's Nippon Steel Corporation, one of the world's leading
steel producers, has agreed to boost its technical tie-up with
America's AK Steel Holding Corp in the field of electromagnetic
sheet steel, Japan Today reported.

Nippon Steel said both firms have also agreed to explore the
possibility of joint research and development (R&D) in the
electromagnetic sheet steel field to enhance their cooperative
ties of more than 50 years.

As of March 2001, Nippon Steel had total assets of US$14 billion
against liabilities of US$25.2 billion. The Company is expected
to record a group net loss of Y30 billion in fiscal 2001,
dropping its previous forecast that it will break even.

The steel maker blamed the downward revision on a Y44 billion
extraordinary loss it will incur chiefly on the booking of Y73
billion in latent losses on its securities holdings.

Early this month, Nippon Steel said it is expanding its alliance
with Arcelor, the world's top steelmaker, and other overseas
partners in the area of raw materials procurement to reduce raw
materials shipping costs and procuring high-quality coal. The
Company is also considering cooperating with Posco of South
Korea in procurement of coal from China.

Nippon Steel in April announced it would form technological tie-
ups with Germany's ThyssenKrupp Steel AG in the field of
electromagnetic steel sheets to trim research and development
investment costs.


SHISEIDO CO: Product Recalls Play into Heavy Losses
----------------------------------------------------
Shiseido Co., Japan's largest cosmetics maker, remained in the
red with group losses of 22.77 billion yen for the fiscal year
ended March 31, 2001 due to appraisal losses on its
stockholdings and other extraordinary losses stemming from
product recalls, Japan Times reported.

The Tokyo-based company posted losses of 45.09 billion yen in
2000.

As of March 2001, Shiseido's current assets stood at US$2.9
billion against current liabilities of US$1.4 billion. The
Company's long-term debt was US$459.49 million.

Shiseido was forced to recall products containing cow-based
ingredients in the wake of the September outbreak of mad cow
disease. Many products of the Company needed to be relabeled
following a government-mandated requirement that cosmetics
makers list every ingredient used in a product on its label.

Shiseido Co Ltd. manufactures and sells cosmetics, toiletries,
professional beauty salon products, foodstuffs, pharmaceuticals,
fine chemicals and other goods.


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


DAEWOO MOTOR: GM's Gliwice Plant Likely to Make Kalos Car
---------------------------------------------------------
Daewoo Motor's new subcompact Kalos may be produced at Opel's
Gliwice plant in Poland, Poland A.M. reported, citing General
Motors Poland spokesman, Przemyslaw Byszewski.

The European-style compact car was Daewoo's first vehicle
launched since General Motors' takeover in April. The Company
said the new compact model would be produced at Daewoo's main
Bupyeong plant, which GM has dropped from its shopping list.

Producing Kalos would be in line with the strategy presented by
GM, that the American concern sees a future for Korean cars just
in Europe. The vast majority of Daewoo trading companies taken
over by GM are located in Europe. Kalos was once going to be
produced in the Warsaw Daewoo-FSO plant in Zeran.


DAEWOO MOTOR: Iveco Drops Plan to Buy Lublin Factory
----------------------------------------------------
Representatives of the Italian car manufacturer Iveco have
dropped plans of purchasing the bankrupt Daewoo Motor Polska
factory in Poland's Lublin province, Poland A.M. reported
Friday.

"Iveco will not take over Daewoo Lublin," said Pawel Wadolowski,
Daewoo's receiver's spokesman.

According to Iveco, the investment would be too risky and is
connected with significant financial and logistical problems.

Talks with Iveco started in October 2001 and pertained to a
project of producing a new delivery van, then referred to as LD-
100. The project was 80 percent complete, when the Italians
pulled out.

The receiver for the Lublin Daewoo plant is currently in talks
with other potential investors. Gazeta Wyborcza revealed that
Indian Hinduja is interested in the plant.


DAEWOO MOTOR: U.S. Dealers File Complaint Against GM
----------------------------------------------------
Twenty-three Daewoo dealers in Florida have filed a complaint
with state regulators on Thursday against General Motors Corp.,
asking that the American-German automaker be held liable for
obligations of the bankrupt Korean automaker.

Earlier this month, GM and its allies said they would spend $400
million for a controlling stake in a new joint venture with
Daewoo's creditors that would own some of Daewoo's assets. The
agreement did not include Daewoo's sales arm in the U.S., which
has been winding down its business.

GM said that provisions had been made to ensure the warranties
on Daewoo vehicles sold in North America would be honored, but
many of Daewoo's 525 U.S. dealers were still upset with the
terms of GM's deal.

The dealers asked Florida regulators for an order upholding the
warranties and forcing GM to honor the terms of their franchise
agreements with Daewoo. They also asked regulators to prohibit
GM from selling Daewoo vehicles under a different brand in the
state.


HYNIX SEMICON: Board Agrees to Split Assets
-------------------------------------------
Hynix Semiconductor Inc director, Park Chan-jong, announced
Thursday the Company has approved the Board's creditor proposal
to split the South Korean DRAM chipmaker into smaller companies,
Digital Chosun reported.

Hynix and its creditor group will soon choose an accounting, law
and consulting firm that will research the division bill within
this month. These three consultant bodies will carry out due
diligence for one to two months and present a report on how
Hynix can strengthen its competitiveness through the split.

Observers predict that Ichon-based Hynix will be split into the
memory, non-memory, and TFT-LCD divisions. Among these, it is
highly likely that Hynix will sell off its TFT-LCD factory and
semiconductor factories, which are not very competitive,
overseas.

Furthermore, Hynix will be looking to lure foreign capital after
its non-memory business is separated. As such, Hynix's memory
semiconductor operation, the core business of Hynix, will likely
proceed on its own for the time being.


HYNIX SEMICON: Regulator Says Break-up "Best Choice"
----------------------------------------------------
The Financial Supervisory Commission (FSC) Chairman Lee Keun-
young has called a decision by the board of directors of Hynix
Semiconductor Inc on Thursday accepting a company split-up the
"best choice" to avoid court receivership, the Korea Herald
reported.

The world's third-largest computer memory chipmaker is under
pressure to divide and sell operations, as lenders are owed more
than $5 billion.

South Korea's top regulator said changes at Hynix might include
a new board by June 24 following the debt-for-equity swap of the
creditor banks of Hynix. He did not elaborate.

As for Korea Exchange Bank's recent move of drastically
adjusting its provisions against Hynix in order to reduce the
loss of their clients, Lee confirmed that it was a clear
violation of FSC regulations.


SSANGYONG MOTOR: New RV, Diesel Engine in Works
-----------------------------------------------
Ssangyong Motor is in the midst of developing a new crossover
recreational vehicle and a common-rail diesel engine as part of
its self-rehabilitation efforts, reports the Korea Herald.

An 11-seat crossover recreational vehicle will hit the market in
February 2004, while a new 2.7-liter, 160-horsepower common-rail
diesel engine is due in October 2003.

According to Choi Hyeong-ki, a Ssangyong senior vice president
in charge of finance and planning, the ailing Kyonggi automaker
will pay more attention to managerial normalization and improve
profitability to attract buyers for the Company.

Ssangyong Motor, a former affiliate of bankrupt Daewoo Motor
Co., will push for vehicle production in China and develop new
recreational vehicle and diesel engine as part of the
normalization drive.

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

Choi said the automaker earned 41.8 billion won ($32.5 million)
in the January-March period, compared with a loss of 4.1 billion
won a year earlier. The Company was able to reduce financial
costs after the creditors approved a bailout in December that
included KRW950 billion in a debt-for-equity swap and $150
million in new loans to the carmaker.


SEOULBANK: Government Intends Merger for Ailing Bank
----------------------------------------------------
Financial Supervisory Commission (FSC) Chairman Lee Keun-young
said that the government, indicating both the FSC and the
Ministry of Finance & Economy, are continuing to pursue a merger
with a healthy bank for Seoul Bank, or otherwise sell it to a
corporate consortium.

The government, the largest shareholder of Seoulbank, plans to
complete the proposed sales of the ailing South Korean bank by
the end of July.

Deputy Prime Minister Jeon Yun-churl earlier said the government
has been involved in negotiations with domestic and foreign
companies over the proposed sales of Seoulbank.

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
===============


AUTOWAYS HOLDINGS: High Court Renders Winding Up Order
------------------------------------------------------
Autoways Holdings Berhad announced that the High Court of Kuala
Lumpur has ordered the winding-up of AUTOWAY and Autoways
Construction Sdn. Bhd., a wholly owned subsidiary of AUTOWAY.

The details are:

   1) Buildcon Concrete Sdn Bhd (BCSB) served a winding-up
petition on ACSB and AUTOWAY on 11June, 2001 through the
previous Company Secretary. AUTOWAY and ACSB subsequently
accepted the said petition on 8 August, 2001.

   2) BCSB was a trade creditor and ACSB had given consent
judgment on 22 June, 1999 to a principal amount of RM2,128,869-
00 with interest amounting to RM64,314-23 as at 15 December,
1997 and an interest rate at 1.5% per month from 16 December,
1997 on the principal sum until settlement date. AUTOWAY was
guarantor for ACSB in payment for valid claims by BCSB.

   3) The said petition was heard in the High Court of Kuala
Lumpur on 8 March, 2002. The said petition was resisted and
defended by ACSB and AUTOWAY on grounds, amongst others:

     i) It is not just and equitable to wind-up ACSB and AUTOWAY
as they have the potential to be revived especially in view of
the signed Memorandum of Understanding with a 'white-knight'.

     ii) The petition is opposed by 11 other creditors.
The High Court then fixed 8 May, 2002 for decision.

   4) The Order was given by the High Court of Kuala Lumpur to
wind-up AUTOWAY and ACSB on 8 May, 2002.

   5) AUTOWAY and ACSB will file for Stay of Execution in Kuala
Lumpur High Court and appeal against the judgment on the Appeal
Court of Malaya as soon as possible.


BERJAYA LAND: Reviews Proposed Corporate Exercise
-------------------------------------------------
In view of the improving economic fundamental, Berjaya Land
Berhad is actively reconsidering and reviewing several aspects
of the proposed corporate exercise taking into account, inter-
alia, the prospects of the various Group activities going
forward.

The Board of Directors of B-Land estimates that an announcement
relating to the aforementioned will be made before end of June
2002.

Profile:

On 23 May 2001, BLand's holding company, Berjaya Group Bhd
(BGroup), announced a set of proposals to rationalize and
recapitulate the Group by the addition of some RM2.8b of equity
via cash, asset injection and debt conversion. Part of the
proposals involve BGroup undertaking a capital restructuring
exercise whereby a new holding company, Newco, will acquire all
existing securities of BGroup and subsequently assume the
listing status of BGroup which will be delisted. It also
involves a bonus issue of ordinary shares by BLand on the basis
of two new BLand shares for every three existing BLand shares
held.

BLand will propose a voluntary general offer (Exit Offer) to
acquire all the remaining shares of Berjaya Capital Berhad
(BCapital) and Cosway Corporation Bhd (Cosway Corp) not already
owned by BGroup which will lead to the delisting of BCapital and
Cosway Corp. Following the Exit Offer, BGroup shall cause
BCapital to transfer its entire equity interest in Berjaya
General Insurance Bhd and Inter-Pacific Capital Sdn Bhd to
BLand. In the same way, BGroup will also cause Cosway Corp to
transfer its entire equity interest in Cosway (M) Sdn Bhd to
BLand. Concurrently, BLand will transfer to Newco its entire
BCapital and Cosway Corp shares arising from the Exit Offer.
These proposals will enable BLand to participate in the business
of general insurance, stockbroking and direct selling of
consumer goods.


DRB-HICOM: SC Grants Proposal Conditional Approval
--------------------------------------------------
The Board of Directors of DRB-HICOM Berhad, further to its
announcements dated 9 January 2002 and 3 May 2002 in relation to
the Proposed Debt Restructuring Exercise of Gadek (Malaysia)
Berhad, a wholly-owned subsidiary of DRB-Hicom (Proposal),
informed that the Company has obtained the approval of the
Securities Commission via its letter dated 2 May 2002, for an
exemption from the requirement under the Guidelines on the
Offering of Private Debt Securities issued by the SC for the
redeemable secured loan stocks (RSLS), redeemable exchangeable
secured loan stocks (RESLS) and redeemable exchangeable
unsecured loan stocks (REULS) to be issued pursuant to the
Proposal, to be rated.

The approval of the SC for the said exemption is subject to,
amongst others, these conditions:

   (i) The RSLS, RESLS and REULS (collectively known as "Debt
Securities") are only allowed to be held by the lenders involved
in the Proposal and cannot be transferred or traded, except for
transfers in the following situations:

     (a) transfers by holders of the Debt Securities to DRB-
HICOM pursuant to the exercise of a put option agreement
relating to the RSLS and/or an exchange option and purchase
agreement relating to the RESLS and REULS to be entered into (as
referred to in the said announcement of DRB-HICOM dated 9
January 2002); and

     (b) transfers amongst the initial holders of the Debt
Securities.

A person is required to be appointed to monitor and ensure that
the above restriction on the transferability of the Debt
Securities is fully complied with. The SC is to be informed of
the identity of the person appointed.


GEAHIN ENGINEERING: Faces Suit Filed by MOX Over Unpaid Goods
-------------------------------------------------------------
Geahin Engineering Berhad announced that on 07 May 2002 a legal
suit dated 18 April 2002 had been served against the Company.

Malaysian Oxygen Berhad is claiming the sum of RM76,420.68 for
goods alleged to have been delivered together with interest of
8% per annum from the date of the suit until full payment and an
additional sum of RM1,285.00 for Court's and solicitors' fees
all of which are disputed by the Company.

Meanwhile, the Company has instructed its solicitors to defend
the case and the Company will keep all relevant parties informed
about its outcome in due course.


HHB HOLDINGS: Submits Proposals to Relevant Authorities
-------------------------------------------------------
Public Merchant Bank Berhad, on behalf of HHB Holdings Berhad
(formerly known as Hock Hua Bank Berhad), announced that HHB's
applications to the Securities Commission and the Foreign
Investment Committee in respect of the Proposals were made on 8
May 2002.

On 11 June 2001, Public Merchant announced that the trading of
the ordinary shares of RM1.00 each in HHB (HHB Shares) shall
remain suspended as HHB is deemed to have an inadequate level of
operations to warrant the continued listing on the Main Board of
the KLSE. It was further announced that the KLSE had allowed the
non-delisting of HHB on the condition that, inter alia, an
announcement is made to the KLSE within 9 months of the
announcement on 11 June 2001 (i.e. by 10 March 2002) on the
detailed proposal, the implementation of which will enable HHB
to ensure that HHB has a level of operations that is adequate to
warrant continued listing of HHB on the Main Board of the KLSE
(Requisite Announcement)

On 8 March 2002, PMBB made the Requisite Announcement setting
out the details of the proposals to be undertaken by HHB in
order to fulfill the requirements of Paragraph 8.15 (on
Compliance with shareholding spread requirement) and Paragraph
8.16 (on Level of operations) of the Listing Requirements of
KLSE.

As announced on 8 March 2002, 27 March 2002 and 7 May 2002 the
proposals to be undertaken comprise the following:

   (i) the proposed acquisition by HHB of 5,100,000 ordinary
shares of RM1.00 each in Kuala Lumpur Mutual Fund Berhad (KL
MUTUAL) representing 85% of the issued and paid-up share capital
of KL MUTUAL from Public Consolidated Holdings Sdn Bhd and
Business Premium Sdn Bhd for a total cash consideration of
RM217,617,000 (Proposed Acquisition);

   (ii) the proposed issuance of up to 62,700,000 new ordinary
shares of RM1.00 each in HHB (HHB Shares) at par for cash by way
of a private placement to Public Bank Berhad (PBB), the parent
company and sole shareholder of HHB (Proposed Placement); and

   (iii) the proposed restricted offer for sale by PBB of up to
47,500,000 HHB Shares to the following parties:

     (a) bumiputera investors to be identified;
     (b) agents of KL MUTUAL; and
     (c) Directors of HHB and KL MUTUAL and employees of KL
MUTUAL. (Proposed Restricted Offer for Sale)

(The Proposed Acquisition, the Proposed Placement and the
Proposed Restricted Offer for Sale are collectively referred to
as "Proposals").


KELANAMAS INDUSTRIES: Submits Extension Application to KLSE
-----------------------------------------------------------
Malaysian Merchant Bank Berhad, on behalf of Kelanamas
Industries Berhad, in regard to the Company's Proposed
Restructuring Scheme, applied to the Kuala Lumpur Stock Exchange
for an extension of time for the Company to make the necessary
submission to the authorities from 3 May 2002 to 3 August 2002.

On 28 February KIB had entered into a Restructuring Scheme
Agreement (RSA) with MP Technology Resources Berhad (MPTR),
which involves the injection of the following companies into
MPTR:

   a) Taiseng Plastic Industries Sdn Bhd (Taiseng)
   b) Eng Zan Machinery & Trading Sdn Bhd (Eng Zan)
   c) Highlight Plastic Machinery Sdn Bhd (HL)
   d) VCM Precision Sdn Bhd (VCM)
   e) Tralvest (M) Sdn Bhd (Tralvest)
   f) MP Plastic Industries Sdn Bhd (MPPI)

(Collectively referred to herein as "New Business")

The New Business is a group of companies involved in the
manufacturing of plastic related products. Pursuant to the
Proposed Restructuring, MPTR would assume the listing status of
KIB. Under the RSA, KIB and the New Business agreed to undertake
and implement a restructuring scheme, which is subject to
approval from the authorities, and consist of:

   a) Proposed acquisition of KIB.
   b) Proposed acquisition of SBM
   c) Proposed scheme of arrangement
   d) Proposed acquisition of New Business.
   e) Proposed special issue.
   f) Proposed offer for sale.
   g) Proposed acquisition of MPR.
   h) Proposed acquisition of Plastronic.
   i) Proposed transfer of listing status
   j) Proposed disposal/liquidation.
   k) Proposed General Offer Waiver (GO Waiver).

(Collectively referred to herein as "Proposed Restructuring")


MALAYSIAN GENERAL: Replies to KLSE's Financial Report Query
-----------------------------------------------------------
Malaysian General Investment Corporation Berhad, in reply to the
Query Letter by KLSE reference ID: PL-020508-43775 in regards to
the qualification stated in the Auditors' Report of Annual
Audited Accounts 2001, posted that the qualification by the
Auditors was mainly on the following grounds:

i) The Group continued to operate under difficult financial
conditions with inadequate working capital and cashflow
constraint. As as 31 December 2001, the Group had net current
liabilities of RM107.5 million and a deficit in shareholders'
fund of RM34.3 million.

ii) The continued liquidity constraint and adverse financial
position had affected the Group's ability to meet certain terms
and conditions of loan facilities with financial institutions.

iii) Due to the adverse financial position and the uncertainty
over the future business conditions of the Group, the
appropriateness of the carrying value of Group and Company's
investments and assets could not be ascertained. This had also
caused uncertainty over the recoverability of balances due from
related companies.

iv) As at the date of the Audited Accounts, the Company has yet
to successfully implement a restructuring scheme to regularize
the financial condition of the Group.

Since the termination of the proposed acquisition of Trans MSB
Sdn. Bhd. on 14 December 2001, the Company has yet to identify
viable assets to be injected into the Group to enable a new
restructuring proposal to be formulated.

v) In view of the above, the going concern basis of preparing
the financial statements of the Group and Company may not be
appropriate. The continuation of the Group and Company as a
going concern will be dependent on the successful formulation
and implementation of a new scheme, continues financial support
from bankers, creditors and shareholders and ability to achieve
future profitable operations.

Due to the significance of the matters set out above, the
auditors were unable to form an opinion as to whether the
financial statements were properly drawn up in accordance with
the provisions of the Companies Act, 1965 and applicable
approved accounting standards so as to give a true and fair view
of the state of affairs of the Group and Company as at 31
December 2001.


RENONG BERHAD: Clarifies Change of Ownership Report
---------------------------------------------------
Renong Berhad, in reply to the Query Letter by KLSE reference
ID: KM-020507-41949 regarding Sin Chew's article entitled,
"Rumors on Change of Ownership of Faber, Renong and Time
Dotcom", informed that the Company is pursuing its strategy of
systematic and structured disposal of its non-core assets as
previously announced to the Exchange and also as highlighted in
its Annual Report. This includes the assets of Projek Usahasama
Transit Ringan Automatik Sdn Bhd (PUTRA) which are currently in
the process of being taken over by the Government of Malaysia.

With regards to the specific query, Renong clarified that it is
not in negotiation with Tan Sri Halim Saad in respect of the
Company's shareholding in Faber Group Berhad.

In reference to the article which states that Renong will
through TIME Engineering Berhad (TEB) sell Time dotCom Berhad
(TDC) shares, Renong clarified that it does not hold any shares
in TDC.


SAP HOLDINGS: Unit Gets Notice of Demand Fr Judgment Creditor
-------------------------------------------------------------
SAP Holdings Berhad informed that its subsidiary SAP Ulu Yam Sdn
Bhd (SAP-UY) was on 6th May 2002 served with a Notice of Demand
pursuant to Section 218 Companies Act 1965 by Cheah Lam Sang
being the Judgment Creditor in respect of Kuala Lumpur Sessions
Court in the case with Summons No. S6-52-3846-2000.

By the Notice the Judgment Creditor is claiming for the sum of
RM189,553.15 to be paid within 21 days of the receipt of the
said Notice failing which it would be deemed that SAP-UY is
unable to pay its debt and winding-up petition would be
commenced against SAP-UY.

SAP, through its Solicitors, is now negotiating with the
Judgment Creditor's Solicitors and a settlement scheme will be
proposed in due course. SAP does not envisage any adverse
consequences arising out of the issuance of the Section 218
Notice referred above.

The Solicitors are of the opinion that SAP-UY may successfully
challenge the prospective winding-up proceedings from being
instituted by the Judgment Creditor due to the fact that SAP-UY
being the wholly-owned subsidiary of SAP is in possession of
assets currently realizable and available to meet its current
liabilities if so proven.


SENG HUP: Terminates Management Agreement With Tri Harvest
----------------------------------------------------------
On behalf of Senghup Hup Corporation Berhad (Special
Administrators Appointed), Commerce International Merchant
Bankers Berhad announced that SHCB had on 7 May 2002 via its
solicitor issued a twenty four (24) hours written notice to the
Manager to terminate the Management Agreements. Accordingly, the
Manager shall not have any right to manage the business of SHCB
and CPL with effect from 5:00 pm on 8 May 2002.

The Special Administrators of SHCB on 30 August 2001 announced
the management agreements for the appointment of Hamid bin Man
(Investor) jointly and severally with his company, Tri Harvest
Holdings Sdn Bhd (Tri Harvest) (collectively, the "Manager") to
jointly and severally manage the operations and business of SHCB
and Crystal Palace Lighting (M) Sdn Bhd (CPL) from 1 October
2001 until terminated by notice or by default (Management
Agreements).


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


MAYNILAD WATER: Plans Water Rate Increase by July
-------------------------------------------------
Maynilad Water Services, Inc (MWSI), a subsidiary of Benpres
Holdings Corp, plans to raise its water tariff by as much as 6
pesos per cubic meter in July, BusinessWorld reports.

Maynilad currently charges consumers 11.40 pesos per cubic meter
of water.

MWSI President, Rafael M. Alunan, said that the increase would
enable the Company to recover foreign exchange losses incurred
from August 1997 to December 2000, and subsequent foreign
exchange losses for 2001.

The rate hike will also boost the firm's chances of getting new
funding through loans, particularly from the Asian Development
Bank (ADB).

MWSI is eyeing ADB as one of its creditors for a $350-million
long-term loan, which it plans to secure before the end of the
year. The loan will allow the water utility company to reduce
its non-revenue water and improve services.


METRO PACIFIC: First E-Bank In Merger Talks With Bancommerce
------------------------------------------------------------
The Metro Pacific-owned First e-Bank Corp, formerly the Private
Development Corp. of the Philippines (PDCP) Bank, has agreed to
hold "extensive discussions" with Bank of Commerce for a
possible merger, AFX Asia reported.

Bank of Commerce, an unlisted mid-sized commercial bank with P42
billion ($840 million) in assets, has been aggressively
searching for partners to help increase its size and presence in
the Philippines.

In a disclosure to the stock exchange, First E-Bank said it has
received several merger as well as direct investment proposals
into the bank, all of which are non-binding. It did not identify
the other parties.

It said the proposals have been referred to the regulatory
agencies for their evaluation.

Earlier, First e-Bank has denied it has been sold to
Bancommerce. "We specifically deny the alleged sale to and/or
acquisition by Bank of Commerce," First E-Bank said in a
disclosure to the stock exchange. "There are no done deals and
no definite agreements have been reached to date."

Metro Pacific Corporation, one of the premier real estate and
property development groups in the country, has been trying to
sell First e-Bank for four years now because it wants to
liquidate some of its investments as it struggles to finance its
exposure in its investment in Global City in Fort Bonifacio.

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.

The Metro Manila Company reported total current assets of 25
billion pesos ending December 31, 2001 against current
liabilities of 20 billion pesos.

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 POWER: $100M Loan to Cover Suspended PPA Cost Likely
-------------------------------------------------------------
Philippine state utility, National Power Corp, may have to
borrow an additional US$100 million on top of its financing
needs for the year to cover the losses arising from the
suspended collection of its power purchase costs, reports the
Manila Bulletin.

The move comes following President Gloria Arroyo's directive to
cease collecting an average 0.85 peso per kilowatthour in power
purchase costs under the power purchase adjustment (PPA)
mechanism. The PPA is passed on to power consumers.

Napocor said the funds to pay off this additional borrowing
would come from the subsequent collection of the universal
charge, which will be implemented by the Energy Regulatory
Commission.

From the current average PPA collection of 1.25 pesos per kwh,
customers in the Luzon grid will be saving 1.13 peso per kwh,
while those in the Cebu-Negros-Panay grid will save 0.67 peso
per kwh. Savings of other customers will depend on the mix of
power sourced from the Napocor and other power producers, it
said.

National Power, saddled with $7 billion of debt, forecasts a
loss of 34 billion pesos this year, three times more than last
year.


PHILIPPINE LONG: Sees P1.3B Profit in First Quarter
---------------------------------------------------
Telecommunications giant Philippine Long Distance Telephone Co.
(PLDT) is expected to make a net income of 1.3 billion pesos in
January-March 2002, double the 629 million in profit it made a
year earlier, Philippine Daily Inquirer reports.

According to stockbrokerage house DBS Vickers Securities, the
gain is mainly due to the strong showing of cellular phone
subsidiary Smart Communications Inc., which is expected to
contribute 1 billion pesos to PLDT's overall net income for the
quarter.

Manila-based PLDT is also expected to benefit from a cut in net
loss of affiliate Pilipino Telephone Corp. (Piltel), DBS Vickers
said.

PLDT's good performance and fund-raising measures would help it
address its obligations 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.


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


INTRACO LIMITED: Requests Trading Suspension
--------------------------------------------
The Board of Directors of Intraco Limited said Friday it had
requested the suspension of the trading of its shares on 9 May
2002 as certain of its substantial shareholders, namely,
NatSteel Ltd, The Development Bank of Singapore Ltd and Temasek
Holdings (Private) Limited (collectively, the Vendors), were in
discussions with certain parties (the Relevant Parties) to
purchase their entire holding of 45,533,471 ordinary shares of
$1.00 each in the capital of the Company, aggregating 44.144
percent of Intraco's existing issued share capital.

In the event an agreement had been entered into and the Relevant
Parties had completed the purchase of the shares from the
Vendors, they would have been required to make a mandatory
conditional cash offer for all the remaining issued shares not
already owned, controlled or agreed to be acquired by them.

The Vendors had been approached by the Relevant Parties and had
engaged in extensive discussions in an attempt to conclude an
agreement prior to the extraordinary general meeting of the
Company for the proposed capital distribution and capital
restructuring exercise.

However, the Vendors and the Relevant Parties were unable to
agree on certain key terms. The Vendors have therefore decided
to terminate all discussions with the Relevant Parties.

In March, TCR-AP reported that in the unaudited results for the
financial year ended 31 December 2001, Intraco Limited had
accumulated losses amounting to S$12.6 million. These
accumulated losses resulted principally from losses incurred by
Intraco and the provisions made for the diminution in the value
of its subsidiaries during the financial year.


KEPPEL TELECOM: Secures S$180M Loan From KCL
--------------------------------------------
Keppel Telecommunications & Transportation Ltd (KTT) wishes to
announce that it has accepted a loan of up to S$180,000,000 from
Keppel Corporation Limited (KCL) to facilitate the early
redemption of its US$100,000,000 2 percent convertible bonds due
December 2002 on 9 May 2002.

KCL is a substantial shareholder with a shareholding interest of
approximately 67.4 percent in KTT. The Loan therefore
constitutes an interested person transaction under Chapter 9A of
the Listing Manual of the Singapore Exchange Securities Trading
Limited (SGX-ST) (Listing Manual).

The Loan is unsecured and for an initial period of three months
which is renewable for further three month periods until such
time that KTT is able to secure external funding at a reasonable
cost, or at such time as KTT is able to otherwise repay the
Loan, whichever is earlier.

The interest payable by KTT to KCL is at the same rate, which
KCL will have to pay its bank or banks from whom it will obtain
financing for the Loan. The actual interest rate payable will
depend on the interest rates applicable on the day the Loan is
drawn down i.e., on 9 May 2002 and on each renewal date.

KTT has obtained clarification from the SGX-ST that for loans
provided by an interested person to an "entity at risk" (in this
case, KTT), the interest expense payable to that interested
person (in this case, KCL) and not the loan quantum should be
used to calculate the transaction value for the purposes of
ascertaining whether the materiality thresholds stipulated under
Chapter 9A of the Listing Manual have been exceeded.

The range of interest rates payable upon drawdown of the Loan on
9 May 2002 will likely be between 1.5 percent and 2.0 percent.
Assuming that the interest rate payable on each renewal date is
within the same range, on a per annum basis, the interest
payable would be between S$2.7 million and S$3.6 million which
would constitute between 2.7 percent and 3.6 percent of the
latest audited net tangible assets of KTT as at 31 December 2001
respectively.

As mentioned above, the Loan was accepted to facilitate the
early redemption of the Bonds on 9 May 2002. The early
redemption of the Bonds was proposed in line with the scheme of
arrangement proposed by KCL on 3 December 2001 for the
privatization of KTT. Holders of the Bonds had, on 22 March 2002
approved, among other things, the change of the date for the
redemption of the Bonds from 22 December 2002 to 9 May 2002. In
view of KTT's current gearing ratio, it is anticipated that KTT
would not have been able to borrow at an interest rate more
favourable than that which will be charged under the Loan from
KCL. The KTT Audit Committee is of the view that the terms of
the Loan are on normal commercial terms, and are not prejudicial
to the interests of KTT's shareholders.

Apart from the above mentioned transaction, there is no other
interested party transaction with KCL or any other "interested
person", the value of which is equal to or above 3 percent but
below 5 percent of the latest audited net tangible assets of
KTT, to date for the current financial year, save for interested
person transactions entered into by KTT, its subsidiaries and/or
target associated companies with persons who are within the
class of "interested persons" described in KTT's circular to
shareholders dated 5 June 1997, pursuant to the mandate obtained
from KTT's shareholders at its annual general meeting on 17 May
2001.

The immediate focus of KTT is to scale up its network
engineering business quickly and profitably, and the extension
of the Loan from KCL will free up KTT's management resources to
focus more intensely on growing this area of business.

At the end of 2001, Keppel T&T had negative working capital, as
current liabilities were S$718.96 million while total current
assets were only S$287.48 million.

The Company in April was reprimanded by the Singapore Exchange
Ltd. for failing to disclose details of a controversial
interest-free loan of US$80 million granted by Keppel Corp. to
Keppel T&T shareholders Philip and Victor Friedman.


KLW HOLDINGS: Gain $45M Wooden Doors Contract
---------------------------------------------
KLW Holdings Limited has secured a three-year contract worth $45
million to supply wooden doors to Samsung iMarketKorea, which
will in turn, be the sole distributor of KLW doors in Korea,
Business Times reported.

KLW Holdings manufactures, supplies and installs doors and wood
based flooring; retails home furnishings and lifestyle products;
and imports and distributes locksets, iron mongeries, furniture
and fittings, doors and wood related products.

The deal follows SESDAQ-listed KLW announced recently that it
would focus on the manufacture and export of doors.

KLW Executive Director Lim Kok Hui said the deal is a major
breakthrough in the Korean market, which already accounts for 30
to 35 percent of the company's exports.

The Senoko Loop-based contractor said it expects the deal with
Samsung iMarketKorea will contribute positively to earnings for
the financial year ending Dec 31, 2002.

"We hope to increase group turnover by 30 percent," Mr Lim said.

Auditors Wong-Yeo and Siew Eng have audited the accompanying
financial statements of KLW Holdings Limited and the
consolidated financial statements of the group as at December
31, 2001, where the group's total current liabilities stood at
S$24.63 million while total current assets were only S$20.17
million. The group had incurred a net loss of $7,222,253 for the
financial year.


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


EASTERN PRINTING: Capital Increase Approval Completed
-----------------------------------------------------
Eastern Printing Public Company Limited, in accordance with the
Rehabilitation Plan, will increase Capital by 377,557,651 shares
(at par value of Baht 4) which will consist of:

     - 243,191,788 shares for debt conversion to equity
(Baht 972,767,152)
     - 134,365,863 shares as provision for Warrant conversion
(Baht 537,463,452)

The registration and approval from the Ministry of Commerce has
been completed on May 08, 2002


KHOO KHANG: Files Business Reorg Petition to Bankruptcy Court
-------------------------------------------------------------
The Petition for Business Reorganization of Khoo Khang Public
Company Limited (DEBTOR), engaged in mass media business, was
filed to the Central Bankruptcy Court:

   Black Case Number 1614/2544

   Red Case Number 1319/2544

Petitioner: KHOO KHANG PUBLIC COMPANY LIMITED

Planner: Mr. Tawat Pharangtaepint

Debts Owed to the Petitioning Creditor: Bt822,037,063.34

Date of Court Acceptance of the Petition: November 26, 2001

Date of Examining the Petition: December 24, 2001 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: December 24, 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: Mr. Apirak Tel, 6792525 ext. 113


MEDIA OF MEDIAS: Increases Capital
----------------------------------
Media Of Medias Public Company Limited posted information
relation to the increasing capital per the Business
Rehabilitation Plan:

Class of shares offered and converted common shares

Number of shares sale: 30,000,000   shares
Offered to Mr. Kosit Suvinijjit, former shareholder
Price per share: 0.01 Baht(One Satang)
Subscription and payment period: April 25, 2002

Number of shares converted: 81,073,896   shares
Offered to Creditors per the Business Rehabilitation Plan
Group 1, 2,4,5,6,8,10,11 and 12
Price per share: 4.00 Baht (Four Baht)
Subscription and payment period: April 25, 2002

Details of debt-to-equity conversion per plan

Creditor     Amount of debts swap     Number of shares

Group 1       40,000,000.00           1,000,000
Group 2       16,060,000.00           4,015,000
Group 4       95,940,962.06           2,985,239
Group 5        1,531,813.16              382,953
Group 6       75,869,661.60          1,967,403
Group 8    42,735,725.67           1,683,929
Group 10      17,986,226.29             496,555
Group 11      32,533,272.40             133,317
Group 12       1,638,000.00             409,500
Total   324,295,661.18


THAI ENGINE: Posts Share Offering Results
-----------------------------------------
Churchill Pryce Planner Company Limited, the Plan Administrator
Thai Engine Manufacturing Public Company Limited reported the
results of the Share Offering:

1. Information relating to the share offering

   Type of shares offered  : Ordinary shares
   Number of shares offered: 7.125  million shares
   Offered to Creditors of Thai Engine Manufacturing Public
       Company Limited for debt-for-equity swap as an
       implementation step of the Reorganization Plan (the
       Plan), approved by the Central Bankruptcy Court on 20th
       December 2000
   Price per share : Not applicable since the increased capital
      will be allocated among creditors of Thai Engine pro rata
      to their remaining outstanding claims against the Company
      via debt-for-equity swap as stated in the Plan.
   Subscription and payment period : Not applicable since this
      is part of implementation in accordance with the Plan.

2. Results of the share sale

( X )   Totally sold
(   )   Partly sold remaining of .. shares

3. Details of the sale

                 Thai Investors     Foreign Investors
               Juristic   Natural   Juristic  Natural     Total

Number of persons   166        6          23       -        195
Number of shares   4,219,483  10,126    2,895,391  -  7,125,000
subscribed
Percentage of total 59.22%     0.14%    40.64%     -    100.00%
shares offered for sale

4. Amount of money received from the share sale

Total amount: - million Baht
Less expenses (specify): - million Baht
Net amount received:  - million Baht

The increase of capital is in accordance with debt-for-equity-
swap step in the Plan only. The Company does not sell any share
to creditors.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
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The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
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subscription or balance thereof are $25 each.  For subscription
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                 *** End of Transmission ***