TCRAP_Public/020516.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

            Thursday, May 16, 2002, Vol. 5, No. 96

                         Headlines

A U S T R A L I A

DVT HOLDINGS: Bigshop, Zero Nominees Requisition Notice Invalid
DVT HOLDINGS: Posts Bigshops' Comment on Requisition Assertions
GOODMAN FIELDER: Posts Daily Share Buy-Back Notice
HOTHAM WINES: Calneggia Lowers Substantial Holding
PMP LIMITED: N M Rothschild Cuts Shares to 6.06%

OPEN TELECOMMUNICATIONS: Managing Director, CFO Resign
POWERTEL LIMITED: May 31 AGM Notice Scheduled
WESTERN METALS: Issues Restructuring Arrangements Update


C H I N A   &   H O N G  K O N G

AKAI HOLDINGS: Enters Workout Proposal Supplemental Agreement
CHINADOTCOM: Sees Loss Narrow 71%
GREYSTONE INDUSTRIES: Petition to Wind Up Pending
MEDIANATION INCORPORATED: Advertiser Spills Red Ink
SANKO AIR: Winding Up Petition Slated for Hearing

TOPEARN INDUSTRIAL: Winding Up Petition Scheduled


I N D O N E S I A

BANK INTERNASIONAL: Future Depends on House Approval
SINAR MAS: Arthur Andersen Raises Doubts
SINAR MAS: Unit's Auditor Disagrees With Management's Views


J A P A N

DAIKYO INC.: Chief Hasegawa Plans Resignation
HOKKAIDO INTERNATIONAL: Ansett Gives 30% Leasing Fee Discount
ISUZU MOTORS: Widens FY2001 Net Loss Estimate to JPY43B
MARUBENI CORP: Joins in Marketing Israeli Endoscope in Japan
MITSUBISHI CHEMICAL: Restructuring Costs Increase Debt Load

MITSUBISHI RAYON: Benefit Pay-Off Eats Profits
NIPPON TELEGRAPH: Posts Record Loss on Restructuring Charges
SOFTBANK CORP.: Mulls Super High-speed Net Access Service


K O R E A

DAEWOO MOTOR: U.S. Sales Chief Resigns
HYNIX SEMICON: Warns of Fake DRAM Chips in China
HYUNDAI PETROCHEMICAL: Lenders Naming Goldman Sachs as Advisor


M A L A Y S I A

AMSTEEL CORPORATION: SC Approves Proposed Disposal
INNOVEST BERHAD: Serves Writ of Summons Over US$10.5M Claim
MEASUREX CORPORATION: Faces Statutory Demand Filed by MBB
NCK CORPORATION: Updates Unit's Proposed Restructuring
PILECON ENGINEERING: Trading Resumes

SASHIP HOLDINGS: Unit Gets Bintulu Construction Contract
SENG HUP: Negligence Causes Management Agreement Termination
SUNTECH GROUP: Undertakes Proposed Corp Restructuring Exercise
TALAM CORPORATION: Voluntarily Winds Up HK Unit
TECHNOLOGY RESOURCES: Celcom, Digi Agree to Dissolve Agreements

UNITED CHEMICAL: Arthur Andersen Appointed as Receiver, Manager


P H I L I P P I N E S

BELLE CORP: Posts P259M Net Loss on Financing Charges
MAYNILAD WATER: Faces Senate Probe
NATIONAL POWER: Expects $750M Loan by End-May
NATIONAL POWER: Seeks ERC Nod on Early PPA Cut
PHILIPPINE LONG: Smart Adding Makati Govt. Building Cell Sites


S I N G A P O R E

ASIA FOOD: 2001 Loss Widens to S$317.119M After Audit
ASIA FOOD: Reschedules Additional S$60M Debt
JURONG ENGINEERING: Schedules AGM for May 31st
WEE POH: Still in Talks to Secure Additional Funding


T H A I L A N D

PROPERTY PERFECT: Clarifies Operations Result
TELECOMASIA CORP: Incurs Bt6.25B Loss on Affiliate Write-off
THAI HEAT: Rehab Process Causes Change in Q102 Operations
THAI WAH: BOD Meeting OKs March 2002 Audited Balance Sheet


* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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DVT HOLDINGS: Bigshop, Zero Nominees Requisition Notice Invalid
---------------------------------------------------------------
The Board of DVT Holdings Limited considers that the second
requisition notice received from Bigshop.com.au Limited and Zero
Nominees Pty Ltd is invalid, on the grounds that it fails to
comply with certain fundamental provisions of the Corporations
Act 2001, as well as the Company's constitution.

DVT Holdings announced that it has received correspondence from
lawyers acting for Bigshop. This correspondence attempts to
refute the defects communicated to Bigshop by DVT Holdings, and
rejects DVT Holdings' assertions that the Requisition Notice is
invalidated by such defects. The correspondence also threatens
DVT Holdings and its Directors with further actions that Bigshop
reserves the right to take, should DVT Holdings and its Board
fail to act on the requisition.

In view of this situation, DVT Holdings has instituted
proceedings in the Supreme Court of New South Wales, seeking a
declaration on the invalidity or otherwise of the requisition.


DVT HOLDINGS: Posts Bigshops' Comment on Requisition Assertions
---------------------------------------------------------------
Bigshop.com.au Limited noted the Market Announcement made
by DVT Holdings Limited in regards to the requisition notice
dated 22 March 2002 made by Bigshop and another party seeking to
remove a majority of the Directors of DVT.

The Company has communicated to DVT that it rejects DVT's
assertions that the requisition notice is invalid.

Bigshop considers that it has complied with all relevant
procedural requirements. If DVT fails to convene such meeting,
Bigshop reserves the right to call the meeting in accordance
with the provisions of section 249E of the Corporations Act 2001
(which provision relates to a shareholder calling a meeting
where the directors of a company fail to do so within 21 days
after a request for the calling of the meeting is given to the
company).

Under such circumstances the Company must pay the reasonable
expenses incurred by the shareholders because the
directors failed to call and arrange to hold the meeting. In
turn, the company may recover the amount of the expenses from
the directors of the company that have failed to call such
meeting.

Bigshop is very concerned that the Board of DVT is opposing the
calling of the meeting requisitioned by Bigshop and another
shareholder, being a meeting that relates to the removal of the
majority of the members of that very Board.

The Company believes this matter can be simply disposed of by
the Board of DVT agreeing to convene the meeting, thereby
obviating the necessity for all parties to undertake a time
consuming and expensive exercise to resolve this issue in the
courts.

Bigshop's position is that the directors of DVT should
immediately convene the meeting and let the wishes of
shareholders be expressed in the open forum of a general
meeting, rather than expend shareholders' funds on litigation.


GOODMAN FIELDER: Posts Daily Share Buy-Back Notice
--------------------------------------------------
Goodman Fielder Limited posted this notice:

                     DAILY SHARE BUY-BACK NOTICE
                 (EXCEPT MINIMUM HOLDING BUY-BACK AND
                        SELECTIVE BUY-BACK)

Name of Entity
Goodman Fielder Limited

ACN or ARBN
44 000 006 958

We (the entity) give ASX the following information.

INFORMATION ABOUT BUY-BACK

1. Type of buy-back                 On market

2. Date Appendix 3C was given to    13/11/2001
   to ASX                           Tuesday

TOTAL OF ALL SHARES BOUGHT BACK, OR IN RELATION TO WHICH
ACCEPTANCES HAVE BEEN RECEIVED, BEFORE, AND ON, PREVIOUS DAY

                                   BEFORE               PREVIOUS
                                   PREVIOUS                DAY
                                     DAY

3. Number of shares bought      46,044,083             200,000
   back or if buy-back is
   an equal access scheme,
   in relation to which
   acceptances have been
   received

                                      $                    $
4. Total consideration paid    67,163,825             314,000
   or payable for the shares

5. If buy-back is an on-market
   buy-back
                         Highest price paid   Highest price paid
                               $1.59                $1.57
                               Date:   08/05/2002

                         Lowest price paid    Lowest price paid
                               $1.30                $1.57
                               Date:   13/12/2001
                                              Highest price
                                              allowed under rule
                                                    7.33:
                                                    1.6779
PARTICIPATION BY DIRECTORS

6. Deleted 30/09/2001        Nil

HOW MANY SHARES MAY STILL BE BOUGHT BACK.

7. If the company has disclosed     26,755,917
   an intention to buy back a
   maximum number of shares - the
   remaining number of shares to
   be bought back

COMPLIANCE STATEMENT

1. The Company is in compliance with all Corporations Law
requirements relevant to this buy-back.

2. There is no information that the listing rules require to be
disclosed that has not already been disclosed, or is not
contained in, or attached to, this form.

During the 12 months ending 12/December/2001, the company has
experienced losses totaling A$0.01 per share. Its long term debt
was A$762.60 million and total liabilities were A$1.40 billion.
The long term debt to equity ratio of the company is 0.67.


HOTHAM WINES: Calneggia Lowers Substantial Holding
--------------------------------------------------
Michael James Calneggia & Sally-Ann Calneggia changed their
relevant interest in Hotham Wines Limited on 03/May5/2002, from
13,333,333 ordinary shares (15.5 percent) to 20,193,508 ordinary
shares (9.percent).

Eerly this month, TCR-AP reported that the restructuring of
Australia Wine Holdings Limited, the new name the Company
adopted, was progressing successfully with key milestones having
been achieved including:

   * Completion of a $5.64 million capital raising program;
   * Restructure of operations and senior management;
   * Disposal of excess wine stocks;
   * Completion of the 2002 vintage;
   * Development of the "Alexandra Bridge" label.

The Board maintains its view that through these recent
restructuring and capital raising initiatives, Australia Wine
Holdings Limited will be well positioned to capitalize on these
industry opportunities.


PMP LIMITED: N M Rothschild Cuts Shares to 6.06%
------------------------------------------------
N M Rothschild Australia Holdings Pty Limited decreased its
relevant interest in PMP Limited on 23/April/2002, from
18,227,238 ordinary shares (7.19 percent) to 17,646,901 ordinary
shares (6.06 percent).

On March 7, TCR-AP reported that the Company's Moorabbin plant
will close in June 2002 and will be offered for sale in the
second half of 2002. Proceeds from the sale would be used to
further pay down debt.

PMP Limited, during the half to 31 December 2001, reduced its
net debt from $542 million to $432 million, a reduction of $110
million. Net debt is down from a peak of around $600 million at
December 2000.


OPEN TELECOMMUNICATIONS: Managing Director, CFO Resign
------------------------------------------------------
In fulfillment of its obligations under ASX Listing Rule 3.1,
Open Telecommunications Limited notifies that Mr Colin Chandler
has resigned from his roles as Managing Director and Chief
Executive Officer of OTT and its subsidiaries, effective from
this morning.

The Company's Chief Financial Officer Shane Hodson has also
resigned from his position with Open Telecommunications Limited.

The Company advises that until further notice, the Chairman of
Open Telecommunications Mr Wayne Passlow will fulfill the roles
of Managing Director and Chief Financial Officer of the Company.

The Company sought and has obtained an order from ASX suspending
its shares from trading until Monday 20 May 2002.


POWERTEL LIMITED: May 31 AGM Notice Scheduled
---------------------------------------------
PowerTel Limited advised that in addition to the routine
reappointment of directors, the Annual General Meeting will
consider a resolution to approve the conversion from debt to
equity of a $16 million loan, which has been advanced to
PowerTel by one of its major shareholders, Williams
Communications.

Below is a copy of the Notice of Meeting for the 2002 Annual
General Meeting:

  NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS GIVEN that the Annual General Meeting of the Members
of PowerTel Limited will be held on Tuesday, 31 May 2002 at the
Museum of Sydney, AGL Theatre Level 2, 37 Phillip Street,
(corner of Phillip and Bridge Street) Sydney NSW, commencing at
2.00pm.

ORDINARY BUSINESS

TO RECEIVE AND CONSIDER FINANCIAL STATEMENTS

1. To receive and consider the Financial Statements for the 12
months ended 31 December 2001, and the related reports of the
directors and auditors.

TO RE-ELECT DIRECTORS:

2. Mr Miller Williams, retires by rotation in accordance with
the Constitution and, being eligible, offers himself for re-
election.

3. Mr John Bumgarner, Jr retires by rotation in accordance with
the Constitution and, being eligible, offers himself for re-
election.

The election of directors will be by way of ordinary resolution.
Information on the qualifications and experience of the above
candidates is set out in the accompanying Explanatory Statement.

SPECIAL BUSINESS

RESOLUTION TO APPROVE CONVERSION OF LOAN BY WILLIAMS
COMMUNICATIONS, LLC

4. To consider and, if thought fit, to pass as an ordinary
resolution:

THAT for all purposes, including Australian Stock Exchange
Listing Rule 10.11 and Corporations Act section 611 item 7, the
right to convert and issue of up to 137,773,374 fully paid
ordinary shares to Williams Communications, LLC and the
acquisition of voting power in those shares by DownTown
Utilities Pty Ltd and other parties, in each case as described
in the accompanying Explanatory Statement, is approved.


WESTERN METALS: Issues Debt Restructuring Arrangements Update
-------------------------------------------------------------
Western Metals Limited announced that its debt restructure
arrangements with its major financiers continues to progress,
and that an extension from 14 May 2002 to 19 June 2002 has been
agreed by all parties for completion and execution of formal
documentation arising from the Common Terms Sheet signed on 15
March 2002.

The Company believes that negotiations should be concluded
within this time frame.


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


AKAI HOLDINGS: Enters Workout Proposal Supplemental Agreement
-------------------------------------------------------------
The Liquidators and the Investors of Akai Holdings Limited (in
Compulsory Liquidation) announced that the Restructuring
Agreement regarding the Restructuring Proposal for the Company
was signed on 16 April 2002 and a supplemental agreement was
entered into on 10 May 2002.

The Restructuring Proposal, if successfully implemented, will,
amongst other things, result in:

   (a) NewCo, or a subsidiary of NewCo, acquiring the entire
issued share capital of Hang Ten International Holdings Limited
and the Investors holding a controlling interest in the issued
share capital of NewCo;

   (b) Shareholders receiving a pro rata entitlement to
300,000,000 NewCo Shares credited as fully paid so that the
Shareholders become minority shareholders of NewCo;

   (c) the Liquidators (for the benefit of the Creditors)
receiving HK$12 million cash and 2,100,000,000 NewCo Shares
credited as fully paid for the benefit of the Creditors;

   (d) the listing of the Shares on the Stock Exchange being
withdrawn and NewCo Shares listed on the Stock Exchange by way
of introduction; and

   (e) all the delisted Shares being transferred to the
Liquidators (or their nominee) to be held on trust for the
Creditors for a total consideration of HK$1.00.

ILC was a subsidiary of YGM Trading Limited and became a
subsidiary of Hang Ten International Holdings Limited
in December 2001 after YGM disposed its 63.77% shareholding in
ILC to Hang Ten, further details of which were announced by YGM
on 13 November 2001. At the date of this announcement, YGM is
interested in 25% of the issued share capital of Hang Ten. Under
the Restructuring Proposal, YGM will dispose its interest in
Hang Ten to NewCo and in return acquire NewCo Shares which will
be listed on the Stock Exchange by way of introduction.
Accordingly, the Restructuring Proposal will involve the
Proposed Spin-off and YGM is expected to submit to the Stock
Exchange for its review a proposal in this regard in accordance
with practice note 15 of the Listing Rules as soon as
practicable.

The Proposed Spin-off constitutes a discloseable transaction for
YGM under Chapter 14 of the Listing Rules and separate
announcement on the Proposed Spin-Off will be published by YGM
as soon as practicable. The approval from the Stock Exchange for
the Proposed Spin-off, being one of the conditions precedent,
may or may not be granted. Under paragraph 19 of Part A of
Appendix 7 to the Listing Rules, Hang Ten is an associate of
YGM.

The release of this announcement does not necessarily indicate
that the Restructuring Proposal will be successfully implemented
and completed as the conditions precedent to the Restructuring
Proposal may not be fulfilled or otherwise waived. The approval
from the Stock Exchange for the Proposed Spin-off and new
listing application under the Restructuring Proposal, being one
of the conditions precedent, may or may not be granted. If the
Restructuring Proposal is not so completed, the Shares of the
Company will be de-listed in accordance with practice note 17 of
the Listing Rules.

Trading in the securities of the Company has been suspended
since 23 August 2000 and will remain suspended pending the
implementation of the Restructuring Proposal.


CHINADOTCOM: Sees Loss Narrow 71%
---------------------------------
Chinadotcom said Tuesday its first-quarter net loss had narrowed
71% to US$8 million as it had reaped the benefits of cost cuts
in a harsh operating environment. "We feel as though we've
weathered the storm and are now seeing manageable results and a
stabilization in our operating performance," Chief Financial
Officer Daniel Widdicombe said.

The Company, which last year shed revenue streams along with
costs, reported turnover for the quarter of US$16.42 million,
compared with US$29 million a year earlier on a proforma basis.
Its year-earlier net loss was US$27.9 million.  The results were
roughly in line with guidance the company gave in February, when
it said its first-quarter loss would narrow from its fourth-
quarter loss US$10.2 million.  The fourth-quarter loss was
restated yesterday as US$12.97 million, to reflect additional
impairment of goodwill and intangible assets.

However, the firm had also warned that the quarter ended in
March would be its weakest of the year, as it included the Lunar
new Year holidays as well as a tough economic environment,
chinadotcom's quarter-on-quarter revenue slide resumed, and
sales fell 8% from the fourth quarter.


GREYSTONE INDUSTRIES: Petition to Wind Up Pending
-------------------------------------------------
The petition to wind up Greystone Industries Limited is
scheduled to be heard before the High Court of Hong Kong on June
19, 2002 at 9:30 am.  The petition was filed with the court on
February 28, 2002 by Wong Yuk Man whose registered address is
situated at Flat 8, 7th Floor, Siu Lung Court, 33 Tin King Road,
Tuen Mun, New Territories, Hong Kong.


MEDIANATION INCORPORATED: Advertiser Spills Red Ink
---------------------------------------------------
MediaNation Incorporated, outdoor media advertising services
provider, saw its net loss balloon to HK$38.8 million in the
first quarter this year from HK$7.7 million last year.  Turnover
declined 14 percent to HK$79.5 million.

According to Wrights Investors' Service, at the end of 2001,
Medianation Incorporated had negative working capital, as
current liabilities were HK$386.07 million while total current
assets were only HK$230.83 million. 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 two fiscal years.


SANKO AIR: Winding Up Petition Slated for Hearing
-------------------------------------------------
The petition to wind up Sanko Air-Conditioning Engineering
Limited is set for hearing before the High Court of Hong Kong on
June 26, 2002 at 9:30 am.  The petition was filed with the court
on March 7, 2002 by Tam Cheuk Lik of Room 1515, Hiu Fung House,
Fung Wah Estate, Chai Wan, Hong Kong.


TOPEARN INDUSTRIAL: Winding Up Petition Scheduled
-------------------------------------------------
Topearn Industrial Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on July 24, 2002 at 9:30 am.

The petition was filed on April 17, 2002 by Sin Hua Bank Limited
to which the successor banking corporation being Bank of China
(Hong Kong) Limited pursuant to Ordinance (Cap. 1167) and whose
registered address is situated at 1 Garden Road,, Hong Kong.


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


BANK INTERNASIONAL: Future Depends on House Approval
----------------------------------------------------
The issue on whether or not the government should again use
taxpayers' money to bail out Bank Internasional Indonesia has
become a controversy just as the Indonesian Bank Restructuring
Agency has prepared a rights issue plan for the ailing bank,
Jakarta Post reports.

Banking analysts, Drajat Wibowo and Anthony Budiawan, shared the
same opinion that any rescue plan should not put an additional
burden on the state budget.

The Financial Sector Policy Committee (FSPC) is to release a
decision on Monday whether to approve the BII rights issue plan.

IBRA will meet legislators of the House of Representatives at
the end of this month to seek approval for the proposal. If they
reject the proposal, the government might have to close the
bank.

Under the rights issue plan, the publicly listed bank would
offer new shares to raise some Rp4.33 trillion to boost its
capital adequacy ratio to between 8 percent and 12 percent from
minus 47 percent at the end of last year.


SINAR MAS: Arthur Andersen Raises Doubts
----------------------------------------
The auditor of Golden Agri-Resources, a 55 percent-owned palm
oil unit of Asia Food and Properties, which in turn is a unit of
Indonesia's troubled Sinar Mas conglomerate, has disagreed with
the Company management's views of its accounts, IndoExchange
reports.

Arthur Andersen, the Company's auditor, has released a
disclaimer on Golden Agri's financial statements for the year
ended Dec 31, casting doubt on their ability to function as
going concerns.

The uncertainties affecting Golden Agri's operations include
the concentration of its assets and operations in Indonesia, and
the fact that some of its subsidiaries have also defaulted on
loan payments, Arthur Andersen noted.

"The conditions that caused the auditors to express a disclaimer
opinion on the company's full-year 2000 financial statements
continue to exist in 2001," Andersen said.


SINAR MAS: Unit's Auditor Disagrees With Management's Views
-----------------------------------------------------------
Deloitte & Touche, the auditor of debt-ridden Asia Food and
Properties (AFP), disagreed with management's views of the
company's accounts, IndoExchange reports.

Deloitte & Touche has issued a disclaimer on the AFP's financial
statements for the year ended Dec 31, casting doubt on its
ability to function as going concerns.

Deloitte said it was not able to form an opinion as to whether
the going concern basis of presentation of the accompanying
financial statements is appropriate', referring to the group's
huge outstanding debts and the uncertain economic conditions in
Indonesia.

AFP is a unit of Indonesia's troubled Sinar Mas conglomerate,
which in turn owns Asia Pulp & Paper.


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


DAIKYO INC.: Chief Hasegawa Plans Resignation
---------------------------------------------
President Masaharu Hasegawa of Tokyo's ailing condominium
developer, Daikyo Inc., is considering resigning in a year to
take responsibility for the Company's need to request a 470
billion yen bailout package from creditor banks, Kyodo News
reports.

Daikyo's major creditor banks UFJ Bank, Mizuho Corporate Bank,
Asahi Bank and UFJ Trust Bank have basically agreed to the
financial assistance, consisting of about 410 billion yen in
debt waivers and 60 billion yen in debt-for-equity swap deals.

Through the financial aid, Daikyo will try to reduce its more
than 1 trillion yen group interest-bearing debt to about half,
as well as speed up its rebuilding effort.

Meanwhile, Daikyo will apply for a rehabilitation designation
under a law intended to facilitate corporate restructuring and
industry revival. If approved, the condo developer will be able
to take advantage of preferential measures, such as a lower tax
burden for the debt-for-equity swap.

Daikyo plans to reduce its parent capitalization of about 70
billion yen by half in order to deal with nonperforming assets.
In addition, it plans to spin off ailing operations such as
leased buildings, golf courses and hotels, to focus on its
mainline condo development business.

The Tokyo Stock Exchange (TSE) halted trading in Daikyo shares
in the morning of March 11 due to media reports that the firm
asked its main lenders for a debt waiver of about 430 billion
yen and a debt-for-equity swap of about 40 billion yen to help
the Company.

As of March 2001, the Company has total current assets of
US$4.69 billion against total current liabilities of US$10
billion. The Company owes main lender UFJ Bank Ltd 500 billion
yen, while the three other unnamed lenders hold lesser amounts
of debt at more than 100 billion yen each.


HOKKAIDO INTERNATIONAL: Ansett Gives 30% Leasing Fee Discount
-------------------------------------------------------------
Financially strapped Hokkaido International Airlines Co., LTD
and Australian aircraft leasing firm Ansett Worldwide on Tuesday
signed a leasing agreement that will cut leasing fees for two
aircraft by 30 percent, Japan Times reported.

According to Hokkaido International officials, the discount will
cut the expenses of the airline, also known as Air Do, by more
than 1 billion yen in fiscal 2002, which ends March 31, 2003.

Meanwhile, Air Do still cannot pay 1.05 billion yen in airport
usage charges that have been in arrears since August.

The Hokkaido government, Air Do's largest creditor, has
suggested that Air Do conclude a code-sharing arrangement with a
major airline to stabilize its revenue. Other local government
officials are calling for the airline to accept capital from
another airline, but Air Do does not want to do so since a
capital tieup could force it to raise fares.

Air Do has already received a total of 4.7 billion yen from
Hokkaido municipalities and the local business community since
its financial trouble surfaced in late 2000.


ISUZU MOTORS: Widens FY2001 Net Loss Estimate to JPY43B
-------------------------------------------------------
Ailing truck maker Isuzu Motors Ltd., in which General Motors
Corp. (GM) holds a 49 percent stake, has expanded its group net
loss forecast for the year to March 31, 2002 to 43 billion yen
from the previous projection of 25 billion yen, Kyodo News
reported.

Tokyo's Isuzu Motors as of March 2001 reported total current
assets of US$6.4 billion against total current liabilities of
US$9.3 billion.

Earlier this week, Isuzu denied reports that it plans to spin
off its diesel engine production unit to form a new alliance
with U.S. carmaker giant, GM.

"There is no truth to the report that we are considering
spinning off operations. We are proceeding with the V-Plan
(restructuring program) as announced earlier," an Isuzu
spokesman said.


MARUBENI CORP: Joins in Marketing Israeli Endoscope in Japan
------------------------------------------------------------
Tokyo trading house Marubeni Corp. will market a capsule
endoscope developed by Israel's Given Imaging in Japan in a
joint venture that includes Japanese pharmaceutical distributor
Suzuken Corp., Dow Jones Newswires reported.

The joint venture, Given Imaging KK, will submit a request for
regulatory and insurance reimbursement coverage in Japan for
Given's M2A capsule, a diagnostic tool containing a miniature
camera that films the small bowel after being ingested by the
patient.

Marubeni and Suzuken will invest a total of $4.2 million in the
joint venture for a 49 percent equity stake. Given Imaging will
retain control. Others terms of the joint venture were not
disclosed.

Marubeni Corp earlier said it would partner with Canada's Jumbo
Parts in the auto parts after-sales business in North America.
The two have already secured parts supply from some 18 parts
makers, including Japanese auto parts makers operating in North
America.

In April, ratings agency Standard & Poor's downgraded the short-
term rating of Marubeni to C from B based on concerns that the
trading company will face higher borrowing costs and fewer
funding options following a huge loss in fiscal 2001, owing to
its highly leveraged balance sheet.


MITSUBISHI CHEMICAL: Restructuring Costs Increase Debt Load
-----------------------------------------------------------
Tokyo's Mitsubishi Chemical Corp experienced losses to March 31,
due to hefty restructuring-related charges and appraisal losses
on securities holdings, Kyodo News reported.

Japan's biggest chemical maker posted a consolidated net loss of
45.25 billion yen, in a turnaround from a group net profit of
3.18 billion yen the previous year. The Company was forced to
skip a dividend payment for fiscal 2001.

Earlier this week, Mitsubishi Chemical said it would lay off
more than 2,000 of its 14,000 employees this fiscal year by
sending some permanently to its group firms and soliciting
volunteers for early retirement. The measure is designed to help
the chemical company restore profitability as early as this
fiscal year.


MITSUBISHI RAYON: Benefit Pay-Off Eats Profits
----------------------------------------------
Mitsubishi Rayon Co's group faced losses in the year to March 31
as it set aside large parts of profit to cover a shortfall in
reserves used to pay retirement benefits as in the previous
year, Japan Today reported.

The Tokyo-based maker of acrylic fiber, resin and optical fiber
posted a group net loss of 964 million yen, compared with a loss
of 141 million yen the previous year.

Mitsubishi Rayon in the year has total assets of 348.1 billion
yen, and debt of 91 billion yen. Refer to the full copy of the
company's financial report at
http://www.bankrupt.com/misc/TCRAP_Mitsubishi0516.pdf


NIPPON TELEGRAPH: Posts Record Loss on Restructuring Charges
------------------------------------------------------------
Japanese telecommunications giant Nippon Telegraph and Telephone
Corp. posted Tuesday its biggest yearly loss ever of 812.17
billion yen ($6.3 billion) in the financial year that ended on
March 31, due to a 2.08 trillion yen extraordinary loss on
appraisal losses on overseas investments and restructuring
charges for a jobs overhaul, Reuters reported.

The reported loss was NTT's worst fiscal year result since going
public in 1985. A year ago, the Company posted a net profit of
464.07 billion yen.

Troubled Company Reporter Asia Pacific earlier said that NTT
plans to buy back this year up to 100 billion yen (US$788
million) worth of its shares to correct a supply-demand
imbalance created by repeated sales of its shares by the
government.

NTT acts a holding company for four main units; wholly owned NTT
East Corp, NTT West Corp, NTT Communications Corp and 64 percent
owned NTT DoCoMo Inc.


SOFTBANK CORP.: Mulls Super High-speed Net Access Service
---------------------------------------------------------
Tokyo's Softbank Corp has laid out plans to set up a super high-
speed optical fiber communications network for corporate and
group clients by using the infrastructure of the "Yahoo BB"
high-speed Internet access service, Japan Today reported.

According to Softbank Corp President, Masayoshi Son, a number of
big companies have already expressed interest to use an optical
fiber network to handle their communications requirements. Names
of the interested parties were not disclosed.


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



DAEWOO MOTOR: U.S. Sales Chief Resigns
--------------------------------------
Daewoo Motor Co.'s U.S. sales unit, Daewoo Motor America (DMA),
said president and chief executive officer D.J. Lee stepped down
and returned to South Korea ahead of the company's bankruptcy
filing.

The announcement comes as Daewoo Motor America, which was
excluded from assets General Motors Corp. is buying from
Incheon, Korea-based Daewoo Motor Co., prepares to seek
protection from a U.S. Bankruptcy Court. General manager Mike
Mahoney of Daewoo's U.S. field operations said a filing is
expected sometime this week.

According to a Bloomberg report, Lee will take a new position
with the Korean automaker and has been succeeded by Woo Sang
Yoo, who will guide DMA and its dealers through the process of
winding down the company.

General Motors and its unnamed partners earlier agreed to buy
some Daewoo Motor Co.'s assets for $1.17 billion in cash and
assumed debt.

Daewoo Motor Co.'s total liabilities stood at 24 trillion won
versus 7.9 trillion won in assets as of the end of 2001.


HYNIX SEMICON: Warns of Fake DRAM Chips in China
------------------------------------------------
Computer memory chip manufacturer, Hynix Semiconductor Inc.,
said as much as 70 percent of the 128-megabit dynamic random-
access memory chips sold on the China spot market under its
brand are counterfeit.

According to a Bloomberg report, the chips and modules being
sold in China are packaged in Taiwan with counterfeit Hynix
labels and are also being sold in Taiwan and Europe.

The chips are substandard versions made by other manufactures
and are being repackaged with fake Hynix labels.

Creditors, including Korea Exchange Bank, had been hoping to
sell Hynix's core computer memory chip operations to larger U.S.
rival Micron Technology Inc. Last week, five months of talks
failed when Hynix's board overruled creditors' approval for
Micron's $3 billion offer.

The Ichon, Kyonggi-based computer memory chipmaker is under
pressure to divide and sell operations, as lenders are owed more
than $5 billion.


HYUNDAI PETROCHEMICAL: Lenders Naming Goldman Sachs as Advisor
---------------------------------------------------------------
The sale of Hyundai Petrochemical Co. is expected to speed up as
creditors are set to name Goldman Sachs as the ailing firm's
financial advisor, the Korea Herald reported.

After signing a contract with Goldman Sachs, the creditors will
conduct a due diligence on Hyundai's assets for one or two
months and, based on the findings, will look for potential
buyers.

Industry watchers said Hyundai Petrochemical is likely to draw
several interested companies, including Honam Petrochemical, LG
Chemical, SK Corp. and Dow Chemical

Troubled Company Reporter Asia Pacific said yesterday SK Corp.
has planned to form a venture with an unidentified foreign
partner to acquire either the whole or parts of Hyundai
Petrochemical, which had a debt of 2.6 trillion won as
of June 2001.

Last year, Hanvit and 64 other creditors approved a 2 trillion
won rescue for Hyundai Petrochemical, resulting to a first-
quarter profit of 35 billion won from a 77.6 billion won loss at
the end of last year.

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


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


AMSTEEL CORPORATION: SC Approves Proposed Disposal
--------------------------------------------------
Amsteel Corporation Berhad announced that the Securities
Commission (SC) has approved the Proposed Disposal of LGP 10 May
2002. With the receipt of the SC's approval, the Conditional
Exchange of Assets Agreement dated 13 February 2001 signed by
Amsteel, AMSB, AKR and JCorp for the Proposed Acquisition of
Antara, Proposed Disposal of LGP and Proposed Settlement of
Inter-Co Debts is now unconditional. Steps will be taken by the
Board of Directors of Amsteel and LLB to complete their
respective portion of these transactions by 30 June 2002.

Reference is made to:

a) Proposed acquisition by Amsteel Mills Sdn Bhd (AMSB), a 99%
owned subsidiary of Lion Land Berhad (LLB), of 100% equity
interest in Antara Steel Mills Sdn Bhd (Antara) from Johor
Corporation (JCorp) for a consideration of RM108.23 million
(Proposed Acquisition of Antara); and

b) Proposed settlement of RM108.23 million inter-company
indebtedness out of the RM940.15 million owing by Amsteel to
AMSB involving the following (Proposed Settlement of Inter-Co
Debts):

   (i) proposed disposal by Amsteel of its 100% equity interest
in Lion Gateway Parade Sdn Bhd (LGP) to JCorp and assignment to
JCorp of all sums owed by LGP to Amsteel for a consideration of
RM90.98 million, in settlement of RM90.98 million of the
RM108.23 million inter-company indebtedness owing by Amsteel to
AMSB (Proposed Disposal of LGP); and

   (ii) proposed payment by Ayer Keroh Resort Sdn Bhd (AKR), a
70% owned subsidiary of Amsteel, of a cash sum of RM17.25
million to JCorp in settlement of the balance RM17.25 million of
the RM108.23 million inter-company indebtedness owing by Amsteel
to AMSB (Proposed Cash Payment).


INNOVEST BERHAD: Serves Writ of Summons Over US$10.5M Claim
-----------------------------------------------------------
Innovest Berhad announced that a Writ of Summons and Statement
of Claims, filed at the Kuala Lumpur High Court on 16 November
2001 against the Company was served on 10 May 2002 for a claim
of US$10,526,680, including interest at 8% per annum from the
date of the breach until judgment. Thereafter, statutory
interest at 8% per annum from the date of judgment until full
payment.

1) The details of default or circumstances leading to the filing
of the Writ of Summons and Statement of Claim on the Company

IB signed an Agreement-in-Principle with the Government of
Republic of Congo on 2 October 1996 in respect of the
acquisition of the timber concession rights in the Republic of
Congo. Consequent to the signing of the said Agreement, IB had
appointed Afro-Congo Management Corporation (Afro-Congo) as the
Advisor and Consultant in acquiring the said timber concession
rights for IB. Afro Congo had filed the abovesaid Writ of
Summons and Statement of Claim, alleging that IB is liable to
pay the consultancy fees, logging royalties and a sum in lieu of
3% equity in the timber concession holding company amounting to
USD10,526,680 together with interests all of which are disputed
by the Company.

2) The financial and operational impact on the Group

There is no financial and operational impact to the Group.

3) The expected losses

Apart from the legal fees to be incurred, the Company is not
expected to suffer any losses.

4) The steps taken and proposed to be taken by IB in respect of
the Writ of Summons and Statement of Claim

The Company has instructed its solicitors to resist Afro-Congo's
claim on the ground , among other things, that they have failed
to fulfill their obligations as the Advisor and Consultant. The
Company will keep all relevant parties informed on the
development in due course.


MEASUREX CORPORATION: Faces Statutory Demand Filed by MBB
---------------------------------------------------------
Malayan Banking Berhad (MBB), pursuant to Section 218(2) (a) of
the Companies Act 1965, served Measurex Corporation Berhad on 9
May 2002 with a demand.

MBB claims payment of:

   (a) US$3,294,393.66; and
   (b) S$2,000,159.10

said to be owing based on a judgment of the High Court of
Singapore dated 19 April 2002.

The Company was sued as a guarantor in the Singapore suit and
had at all times challenged the jurisdiction of the Singapore
court to adjudicate on the claim. The Company is advised by its
solicitors that:

   (a) a judgment obtained in Singapore is not enforceable in
Malaysia without it registered in Malaysia first;

   (b) MBB ought to proceed by way of a civil suit in Malaysia
to claim for the disputed debt.

   (c) the Company has a meritorious defense to the claim under
the laws of Malaysia.

The Company is further advised that in the above circumstances,
the issuance of the notice is wholly inappropriate. The Company
has instructed its solicitors to call upon MBB to retract the
demand.


NCK CORPORATION: Updates Unit's Proposed Restructuring
------------------------------------------------------
On behalf of NCK Corporation Berhad (Special Administrators
Appointed), Alliance Merchant Bank Berhad announced that NCK
Metal Sdn Bhd (NCK Metal), a 75% owned subsidiary of NCK, had on
13 May 2002 entered into a subscription agreement (Agreement)
for the issuance of 15,000 ordinary shares of RM1.00 each in NCK
Metal (NCK Metal Shares) at an issue price of RM1.00 to Oriental
Castle Sdn Bhd (Oriental Castle).

THE PROPOSED RESTRUCTURING OF NCK METAL

On 13 May 2002, NCK Metal entered into the Agreement to issue
15,000 new NCK Metal Shares at an issue price of RM1.00
(Subscription Shares) to Oriental Castle.

The Subscription Shares shall upon issue rank for dividends and
in all other respects pari passu with the existing NCK Metal
Shares.

The Agreement is as a result of a proposal submitted by Oriental
Castle to the SA of NCK Metal on 12 March 2002 for the proposed
acquisition of NCK Metal (Investor's Proposal). The SA of NCK
Metal has accepted the Investor's Proposal, with certain
variations, which have been mutually agreed upon, and is
currently preparing a Workout Proposal for NCK Metal.

The proposals in the draft Workout Proposal are:

(i) Proposed Corporate Restructuring

The Proposed Corporate Restructuring entails the following:

    Proposed allotment and issuance of the Subscription Shares
to Oriental Castle;

    Proposed capital repayment on the basis of RM0.005 for
every one (1) existing NCK Metal Share held to the existing
shareholders of NCK Metal (Proposed Capital Repayment);

    Proposed capital cancellation of the entire issued and
paid-up capital of NCK Metal amounting to 3,000,000 NCK Metal
Shares pursuant to Section 64(1) of the Companies Act, 1965
(Proposed Capital Cancellation). Pursuant to the Proposed
Capital Cancellation, RM3,000,000 will be available to be
utilized to reduce the accumulated losses of NCK Metal which
amount to RM45.289 million as at 30 June 2001; and

    Proposed cash advance from Oriental Castle of RM249,266 to
NCK Metal to be placed with Messrs A. Zahari Kanapathy Thulasi,
the solicitors of NCK Metal, acting as stakeholders (Proposed
Cash Advance). The Proposed Cash Advance shall be a debt due
from NCK Metal to Oriental Castle and is for the settlement of
the creditors of NCK Metal; and

    Proposed assumption of certain liabilities of NCK Metal
amounting to approximately RM979,463 by Oriental Castle.

Upon completion of the Proposed Corporate Restructuring,
Oriental Castle will become the sole shareholder of NCK Metal.

(ii) Proposed Settlement of Creditors

The SA shall make arrangements to settle the amounts due to the
creditors listed in the Workout Proposal from the funds
available from the realisation of assets of NCK Metal and any
other monies that may be in the hands of the SA or such assets
at such values as determined by the SA.

The Proposed Restructuring of NCK Metal does not depart from the
SC's Policies and Guidelines on the Issue/Offer of Securities.

The Proposed Restructuring of NCK Metal is expected to be
completed by August 2002.

Salient terms of the Agreement

The salient terms of the Agreement are as follows:

   (a) Oriental Castle shall pay a cash sum of RM15,000 for the
Subscription Shares to Messrs A. Zahari Kanapathy Thulasi, the
solicitors of NCK Metal, acting as stakeholders, upon execution
of the Agreement;

   (b) The Agreement is conditional upon the conditions
precedent in the Workout Proposal being fulfilled within the
time frame and in accordance with the terms and conditions in
the Workout Proposal.

   (c) On the date on which the Workout Proposal becomes
effective which shall be determined at the sole discretion of
the SA subsequent to the fulfillment of all the conditions
precedent (Effective Date), the stakeholders shall release the
cash sum of RM15,000 for the Subscription Shares to the SA; and

   (d) On the Effective Date, NCK Metal shall allot and issue to
Oriental Castle the share certificates in respect of the
Subscription Shares in the name of Oriental Castle.

Basis of determining the sale consideration

The sale consideration was derived from proposals submitted by
Oriental Castle to the SA of NCK Metal on 15 November 2001 and
12 March 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 Metal.

The unaudited net tangible liabilities of NCK Metal, based on
the management accounts of NCK Metal for the six (6) month
period ended 31 December 2001 is RM44,100,670.

Original cost of investment

NCK acquired its 75% equity interest in NCK Metal between 6
January 1994 to 22 January 1994 for a total consideration of
RM2,262,000.

Based on the unaudited consolidated accounts of NCK as at 31
December 2001, the Proposed Restructuring of NCK Metal will
result in a loss on disposal of RM1,900,576 to the NCK Group.

Liabilities to be assumed by Oriental Castle

Oriental Castle will assume certain liabilities pursuant to the
Proposed Restructuring of NCK Metal, such as the trade
creditors, other creditors and taxation, all of which amount to
approximately RM979,463.

BACKGROUND INFORMATION

NCK Metal

NCK Metal was incorporated in Malaysia on 5 January 1985. The
present authorized share capital of NCK Metal is RM5,000,000
comprising 5,000,000 NCK Metal Shares of RM1.00 each of which
3,000,000 have been issued and fully paid-up. The principal
activity of NCK Metal is the provision of specialist materials
and soil protection works and leasing and rental scheme for
temporary construction materials.

Oriental Castle

Oriental Castle was incorporated in Malaysia on 2 July 1998. The
present authorized share capital of Oriental Castle is
RM5,000,000 comprising 5,000,000 ordinary shares of RM1.00 each
of which 1,700,000 have been issued and fully paid-up. The
principal activities of Oriental Castle are the trading of local
building materials, construction and investment holding.

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 Metal. The SA is currently preparing a
workout proposal for NCK Metal. The Proposed Restructuring of
NCK Metal will raise proceeds to meet the financial obligations
of NCK Metal.

Utilization of Proceeds

NCK Metal will receive cash proceeds totaling RM264,266 from the
Proposed Restructuring of NCK Metal in addition to the
assumption of certain liabilities amounting to approximately
RM979,463 by Oriental Castle. The proceeds will be utilized for
the Proposed Capital Repayment and the Proposed Settlement of
Creditors in accordance to the workout proposal to be finalized
by the SA.

FINANCIAL EFFECTS

Share capital

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

Earnings

The Proposed Restructuring of NCK Metal will result in a loss on
disposal to the NCK Group of RM1,900,576 or RM0.05 per share.

Shareholding structure

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

APPROVALS REQUIRED

The Proposed Restructuring of NCK Metal is 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 Metal to be prepared by the SA
in accordance with the Pengurusan Danaharta Nasional Berhad Act,
1998;
   (c) the Foreign Investment Committee;
   (d) any other relevant authorities and/or parties, 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 Restructuring of NCK Metal.

APPOINTMENT OF ADVISERS

Alliance has been appointed as the Adviser for the Proposed
Restructuring of NCK Metal.

SA'S OPINION

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

APPLICATION TO THE SC

The application to the SC for the Proposed Restructuring of NCK
Metal will be made within thirty (30) days from the date of
signing of the Agreement or such timeframe, which may be
extended by the SA of NCK Metal at their sole discretion.

DOCUMENTS FOR INSPECTION

The Agreement is 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 RESTRUCTURING OF NCK METAL TO BE INCLUDED IN THE
WORKOUT PROPOSAL OF NCK

The Proposed Restructuring of NCK Metal 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.


PILECON ENGINEERING: Trading Resumes
------------------------------------
Pilecon Engineering Berhad, further to Listing's Circular No.
L/Q 13089 of 2002, advised that trading in the above Company's
securities has resumed, effective from 9.00 a.m., Tuesday, 14
May 2002.

Profile

Since commencing operations in February 1980, the Company (PE)
has grown from a small piling firm to a construction company
offering soil and foundation engineering services as well as
undertaking major building and civil engineering projects in
Malaysia and countries such as Singapore, Brunei, Hong Kong,
Korea and Taiwan. PE has also diversified into property
development and water-related projects. Major property
development projects are in Johor, notably in Bandar Bukit Bayu
in Plentong and JB Waterfront City, a multi-billion Ringgit
infrastructural-cum-property development to be developed over 15
to 20 years. The Johor Baru Water Privatization Project awarded
on a `build, operate and transfer' (BOT) basis involves the
upgrading of existing facilities and construction of a new water
treatment plant and supply of potable water to the district of
Johor Baru. Other noteworthy undertakings of the Group include
RM27m repair project in Butterworth Deep Water Wharves, RM5m
Kuala Kedah Jetty Project, RM39m building project of Star
Publications' newsprinting factory and housing construction at
Taman Saga Ampang and Taman Saga Bentong.

Internationally, PE is in the midst of finalizing the financing
for US$120m Thu Doc BOT contract in Vietnam. The construction of
the new treatment plant and associated ancillary works is
anticipated to commence by the fourth quarter of 2001. Upon
completion, the plant is expected to produce up to 66m gallons
of potable water to the Ho Chi Minh City area. In addition, the
Group's Hong Kong (HK) operations are currently undertaking two
government contracts, namely HK$97m treatment and disposal
facilities for waterworks sludge for HK's Water Supplies
Department and HK$73m school improvement project.

Besides Johor, PE's domestic operations are located in Selangor,
Wilayah Persekutuan, Penang, Kedah, Malacca and Pahang. As at 31
December 2000, the Group's revenue amounted to approx. RM169m
from its construction contracts.

The Company underwent a corporate financial and debt
restructuring exercise in 1999 to address its financial
commitments. The capital raising exercise involved rights issue
(RI) and issue of redeemable secured floating rate notes (RSFN).
While the RI was completed in April 2000, the RSFN still remains
outstanding.


SASHIP HOLDINGS: Unit Gets Bintulu Construction Contract
--------------------------------------------------------
The Board of Directors of Saship Holdings Berhad, formerly known
as Westmont Industries Berhad, informed that SHB's subsidiary,
Sabah Shipyard Sdn Bhd (SSSB) has been awarded the contract for
the construction of three (3) units of 45 tonne shiphandling
tugs under a contract with Bintulu Port Sdn Bhd on 14 May 2002.

The scope of work for this contract will include design,
procurement, construction, testing, commissioning and delivery
of three (3) units of 45 tonne shiphandling tugs.

The total contract sum is approximately RM49,500,000.00 and the
contract will take approximately nineteen (19) months to
complete.

None of the Directors of SHB, substantial shareholders or person
connected with the Directors or substantial shareholders have
any interest in the above contract.

During the year ended 31 December 2001, the Company incurred a
gross loss of RM21,326,000 and RM1,810,000 respectively, which
gives an indication that an impairment loss of the Group's and
the Company's property, plant and equipment may have occurred.
The Company made an allowance for impairment loss of RM1,658,000
on its leasehold buildings. However, the Group and the Company
did not make a formal estimate of the recoverable amount of the
remaining property, plant and equipment. We are unable to
ascertain the reasonableness of the carrying value of the
Group's and the Company's property, plant and equipment


SENG HUP: Negligence Causes Management Agreement Termination
------------------------------------------------------------
On behalf of Seng Hup Corporation Berhad (Special Administrators
Appointed), Commerce International Merchant Bankers Berhad to
announced that the termination of the Management Agreements was
made because of the Manager's breach of Clause 6.1.3 of both of
the Management Agreements when the Manager failed, neglected
and/or refused to credit all proceeds of sale effected by the
business concerned into the account of SHCB.

Reference is made to the announcement on 9 May 2002 in relation
to the termination of the management agreements dated 30 August
2001 and 30 November 2001 respectively (Management Agreements)
in relation to the management of the operations and business of
SHCB and Crystal Palace Lighting (M) Sdn Bhd (CPL) by Hamid bin
Man (Investor) jointly and severally with his company, Tri
Harvest Holdings Sdn Bhd (Tri Harvest) (collectively, the
Manager).


SUNTECH GROUP: Undertakes Proposed Corp Restructuring Exercise
--------------------------------------------------------------
The slow recovery of the construction industry since the 1997
Asian financial crisis has severely affected the financial
position of the Suntech group of companies (Suntech Group or the
Group). In view of this, Sunway Building Technology Berhad
(Suntech) had on 13 May 2002 entered into a restructuring
agreement (Restructuring Agreement or RA) with Sunway Holdings
Incorporated Berhad (SunInc), Sunway Construction Berhad
(SunCon), Dolomite Berhad (DB) and two individuals, namely, Mr.
Lim Beng Keat (LBK) and Mr. Huang Jen Soong (HJS) (collectively,
"Parties to the RA") to effect a restructuring scheme with the
view of restoring the financial health of Suntech Group. LBK and
HJS are the principal shareholders of DB.

On behalf of the Board of Directors of Suntech (the Board),
Hwang-DBS Securities Berhad (Hwang-DBS) announced the broad
terms of Suntech's Proposed Corporate Restructuring Exercise as
stipulated in the Restructuring Agreement in the following
sections.

DETAILS OF THE PROPOSED CORPORATE RESTRUCTURING EXERCISE

Pursuant to the RA, it is envisaged that the Proposed Corporate
Restructuring Exercise will entail the following exercises:

   (a) Proposed Group Restructuring;
   (b) Proposed Divestment of Sunway Modular Construction Sdn
Bhd to SunInc;
   (c) Proposed Disposal of Suntech Assets and Liabilities
(including Debt Novation) to SunCon;
   (d) Proposed Capital Reduction and Consolidation;
   (e) Proposed Acquisition of DB; and
   (f) Proposed Change of Name.

Proposed Group Restructuring

Suntech will undergo an internal restructuring (Proposed Group
Restructuring) as summarized below:

Sun-Block PMI Sdn Bhd (formerly known as Sun-Block Sdn Bhd)
(Sun-Block PMI), a wholly-owned subsidiary of Suntech shall
transfer its entire equity interest in Sunway Machineries
Services Sdn Bhd and certain of its piling equipment and assets
(Piling Assets) to Sunway Pipe Pro Sdn Bhd, a wholly-owned
subsidiary of Suntech which is presently dormant (Proposed
Initial Transfer).

Upon completion of the Proposed Initial Transfer, Suntech shall
transfer its entire equity interest in Sun-Block PMI and Sunway
Pipeplus Technology Sdn Bhd (collectively, the "Manufacturing
Subsidiaries") to Sunway Modular Construction Sdn Bhd, a wholly-
owned subsidiary of Suntech, which is presently dormant
(Proposed Transfer-I).

Concurrently but upon completion of the Proposed Initial
Transfer, Suntech shall also transfer its entire equity interest
in several of its subsidiary companies as named below
(Construction Subsidiaries) and its entire equity interest in
Suntech Industries Sdn Bhd (SISB), a 30.0%-owned associated
company of Suntech, to Sunway Pipe Pro Sdn Bhd (Proposed
Transfer-II).

The Construction Subsidiaries comprises the following:

   (a) Sunway Precast Industries Sdn Bhd;
   (b) Sun-Block (Batang Kali) Sdn Bhd;
   (c) Sunway PMI-Pile Construction Sdn Bhd;
   (d) Sunway Top-Down Technology Sdn Bhd;
   (e) Eternal Reserves Sdn Bhd;
   (f) City Leader Sdn Bhd;
   (g) Gold Kinetic Sdn Bhd; and
   (h) Sunway Building Technology (Vietnam) Sdn Bhd

The Construction Subsidiaries are principally involved in the
construction-related sector.

The detailed terms of the Proposed Initial Transfer, Proposed
Transfer-I and Proposed Transfer-II will be finalized at a later
date. A detailed announcement pertaining to the aforesaid will
be made in due course.

In conjunction with the abovesaid internal restructuring of
Suntech Group, Suntech had on 13 May 2002 entered into an
agreement to transfer its entire 50% equity interest in Pioneer
Sun-Mix Concrete Sdn Bhd to Pioneer International Holdings Pty
Ltd, a wholly-owned subsidiary of Hanson Plc. and terminate its
option to subscribe for (1) additional share in Pioneer Sun-Mix
Concrete Sdn Bhd (Proposed Disposal of PSMC). (A separate
announcement pertaining to the Proposed Disposal of PSMC is made
on even date).

Proposed Divestment of Sunway Modular Construction Sdn Bhd to
SunInc

Details of the Proposed Divestment of Sunway Modular
Construction Sdn Bhd to SunInc

Upon completion of the Proposed Group Restructuring, Suntech
shall divest its entire interests in the Manufacturing
Subsidiaries (grouped under Sunway Modular Construction Sdn Bhd)
to SunInc.

The indicative sale consideration of the entire 100% equity
interest in Sunway Modular Construction Sdn Bhd (including the
Manufacturing Subsidiaries) to SunInc is expected to be within
the range of RM22.7 million to RM30.0 million. The indicative
range of sale consideration was arrived at on a willing buyer-
willing seller basis after taking into account, amongst others,
the proforma audited net tangible assets (NTA) of Sunway Modular
Construction Sdn Bhd (including the Manufacturing Subsidiaries)
as at 31 December 2001 and the earnings potential of the
Manufacturing Subsidiaries.

As an integral part of the Proposed Divestment of Sunway Modular
Construction Sdn Bhd to SunInc, all corporate guarantees given
by Suntech to secure the borrowings and obligations of the
Manufacturing Subsidiaries shall be released and replaced by the
corporate guarantees of SunInc on or before completion of the
Proposed Divestment of Sunway Modular Construction Sdn Bhd to
SunInc. Save as disclosed above, there are no external
liabilities to be assumed by SunInc as a consequence of the
Proposed Divestment of Sunway Modular Construction Sdn Bhd to
SunInc.

The sale consideration shall be satisfied by set-off against
inter-company balances between Suntech and SunInc .

A definitive agreement will be executed upon finalization of the
detailed terms of the Proposed Divestment of Sunway Modular
Construction Sdn Bhd to SunInc. A detailed announcement will be
made in due course upon execution of the said definitive
agreement.

Information on SunInc

SunInc was incorporated on 26 January 1978 as a private limited
company under the Companies Act, 1965 in Malaysia under the name
of Sungei Way Holdings Sdn Bhd. It was converted into a public
limited company under the name of Sungei Way Holdings Bhd on 13
February 1983. It assumed its present name on 13 December 1999.
On 16 February 1984, SunInc was listed on the Main Board of the
KLSE classified under the "Construction" sector.

The authorized share capital of SunInc is RM1,000,000,000
comprising 1,000,000,000 ordinary shares of RM1.00 each. The
issued and paid-up share capital of SunInc is RM404,984,879
comprising 404,984,879 ordinary shares of RM1.00 each.

The principal activities of SunInc are investment holding and
provision of management services while its subsidiaries are
mainly involved in construction of building and civil works,
property development, manufacturing and sale of building
materials, general insurance, share registration and secretarial
services as well as leasing and hire purchase financing.

Proposed Disposal of Suntech Assets and Liabilities (including
Debt Novation) to SunCon

Details of the Proposed Disposal of Suntech Assets and
Liabilities (including Debt Novation) to SunCon

Upon completion of the Proposed Group Restructuring and
concurrently with the Proposed Divestment of Sunway Modular
Construction Sdn Bhd to SunInc, Suntech shall dispose of (i) its
entire interests in the Construction Subsidiaries and SISB
(grouped under Sunway Pipe Pro Sdn Bhd) and (ii) all Suntech's
remaining assets as well as shall transfer all its liabilities
as referred to below (collectively, "Suntech Assets and
Liabilities") to SunCon.

Under the terms of the Proposed Disposal of Suntech Assets and
Liabilities (including Debt Novation) to SunCon, the liabilities
and debts to be novated and transferred to SunCon would entail
the outstanding syndicated loan of RM62 million granted to
Suntech; all corporate guarantees given by Suntech to secure the
borrowings and obligations of the Construction Subsidiaries and
SISB which shall be released and replaced by the corporate
guarantees of SunCon on or before the completion of the Proposed
Disposal of Suntech Assets and Liabilities (including Debt
Novation) to SunCon; and all other debts and liabilities of
Suntech which shall be settled by or otherwise transferred to
SunCon. Save as disclosed above, there are no external
liabilities to be assumed by SunCon as a consequence of the
Proposed Disposal of Suntech Assets and Liabilities (including
Debt Novation) to SunCon.

The indicative sale consideration of the Suntech Assets and
Liabilities shall be for a nominal sum of RM1.00. This is
arrived at on a willing buyer-willing seller basis after taking
into account, amongst others, the proforma audited NTA of the
Suntech Assets and Liabilities as at 31 December 2001 and the
earnings potential of the Suntech Assets and Liabilities. Cash
shall satisfy the sale consideration.

Based on the RA, definitive agreement(s) will be executed upon
finalization of the detailed terms of the Proposed Disposal of
Suntech Assets and Liabilities (including Debt Novation) to
SunCon. A detailed announcement will be made in due course upon
execution of the said definitive agreement(s).

Information on SunCon

SunCon was incorporated on 26 April 1976 as a private limited
company under the Companies Act, 1965 in Malaysia under the name
of Sungei Way Quarry Sdn Bhd. It was converted into a public
limited company and assumed its present name on 16 March 1996.
On 12 June 1997, SunCon was listed on the Main Board of the KLSE
classified under the "Construction" sector.

The authorized share capital of SunCon is RM1,000,000,000
comprising 1,000,000,000 ordinary shares of RM1.00 each. The
issued and paid-up share capital of SunCon is RM180,199,000
comprising 180,199,000 ordinary shares of RM1.00 each as at 29
April 2002.

The principal activity of SunCon is construction of civil and
building works whilst its subsidiaries are principally involved
in construction of civil and building works, provision of
mechanical and electrical works, renting of machinery and site
equipment and property development.

Proposed Capital Reduction and Consolidation

Suntech shall undergo a capital reduction and consolidation
whereby Suntech shall reduce its issued and paid-up capital
comprising 126.516 million ordinary shares of RM1.00 each to
126.516 million ordinary shares of RM0.50 each (Reduced Shares).
Thereafter, the Reduced Shares will be consolidated into 63.258
million ordinary shares of RM1.00 each in Suntech (Consolidated
Shares or New Suntech Shares).

As a result of the aforesaid capital reduction (including the
share premium balance of Suntech amounting to RM94.865 million
as at 31 December 2001), a credit balance of RM158.123 million
shall be set off against the accumulated losses of Suntech. As
at 31 December 2001 (audited), Suntech Group's accumulated
losses was RM213.923 million.

The Proposed Capital Reduction and Consolidation is to be
effected pursuant to Sections 60 and 64 of the Companies Act,
1965 (Act). In relation to the share premium as aforesaid,
Section 60(2) of the Act provides for any reduction of share
premium to be treated as if it were a reduction of the share
capital of the company and Suntech proposes to make such
reduction pursuant to Section 64 of the Act. In relation to the
share premium and issued and paid-up share capital as aforesaid,
Section 64 of the Act provides that, subject to the sanction of
the High Court of Malaya (the Court), a company may, if so
authorized by its Articles of Association by a special
resolution, reduce its share capital by canceling any paid-up
capital which is lost or unrepresented by available assets.

The 63.258 million Consolidated Shares shall rank pari passu in
all respects with all other New Suntech Shares to be issued
pursuant to the Proposed Corporate Restructuring Exercise.

Proposed Acquisition of DB

Details of the Proposed Acquisition of DB

Upon completion of the above proposed exercises, Suntech shall
acquire DB for an indicative minimum purchase consideration of
RM170,000,000 (for its 100% equity interest), to be satisfied
fully by the issuance of 170,000,000 New Suntech Shares, at par,
credited as fully paid-up (Consideration Shares). It is a
condition precedent to completion of the Proposed Corporate
Restructuring Exercise that a definitive agreement be executed
between Suntech and the holders of a minimum of 90.0% equity
interest in DB for the sale and purchase of at least 90.0%
equity interest in DB for the purpose of the Proposed
Acquisition of DB.

The purchase consideration for the Proposed Acquisition of DB
shall be based on the adjusted audited NTA of the DB group of
companies (DB Group) as at 30 June 2001 of RM127,903,219 and
incorporating the net revaluation surplus of DB Group's landed
properties. An independent firm of professional valuer will be
engaged to ascertain the fair valuation of the landed
properties. There are no external liabilities to be assumed by
Suntech as a consequence of the Proposed Acquisition of DB.

A definitive agreement will be executed upon finalization of the
detailed terms of the Proposed Acquisition of DB (including the
purchase consideration of DB). A detailed announcement
pertaining to the aforesaid will be made in due course upon
execution of the said definitive agreement.

Where Suntech acquires less than 100% of the entire issued and
paid-up share capital of DB, it is envisaged that pursuant to
Part II of the Malaysian Code on Takeovers and Mergers, 1998
("Code") and upon the definitive agreement for the Proposed
Acquisition of DB becoming unconditional, Suntech will have to
implement an unconditional mandatory general offer for the
remaining ordinary shares of RM1.00 each in DB not already held
by Suntech, in compliance with Practice Note 2.1(2) of the Code.

Pricing of the Consideration Shares

The proposed issue price of the Consideration Shares of RM1.00
each is arrived at after taking into consideration the
following:

   (a) the 5-day weighted average market share price of
Suntech's existing ordinary shares of RM1.00 each up to 10 May
2002of RM0.47 each or RM0.94 each (after theoretically adjusting
for the effects of the Proposed Capital Reduction and
Consolidation); and

   (b) the audited consolidated NTA of the Suntech Group as at
31 December 2001 of RM0.04 per share.

As such, the Consideration Shares, which are proposed to be
issued at par will represent a premium of RM0.06 or 6.4% over
the five (5)-day weighted average market price of Suntech's
existing ordinary shares of RM1.00 each up to 10 May 2002 of
RM0.94 each (after theoretically adjusting for the effects of
the Proposed Capital Reduction and Consolidation).

Ranking of the Consideration Shares

All Consideration Shares to be issued pursuant to the Proposed
Acquisition of DB shall rank pari passu in all respects with the
New Suntech Shares (after the Proposed Capital Reduction and
Consolidation) except that they will not be entitled to any
rights, dividends, allotment and/or other distributions for
which the relevant entitlement date precedes the relevant issue
date of the New Suntech Shares.

Proposed Exemption

Upon completion of the Proposed Acquisition of DB and assuming
Suntech acquires 100.0% of the equity interest in DB for
RM170,000,000, the vendors of DB ("Vendors of DB") will
collectively hold a minimum of 170,000,000 New Suntech Shares
representing 72.88% of the resultant enlarged issued and paid-up
share capital of Suntech of 233,257,800 ordinary shares of
RM1.00 each.

In accordance with Paragraph 6(1)(a) of Part II of the Code, the
Vendors of DB are obliged to undertake an unconditional
mandatory general offer for all the remaining New Suntech Shares
not already held by them upon completion of the Proposed
Corporate Restructuring Exercise.

An application will be made to the Securities Commission (SC) to
exempt the obligations of the Vendors of DB pursuant to Practice
Note 2.9.3 of the Code (Proposed Exemption).

Deed of Warranty

As part of the Proposed Corporate Restructuring Exercise, SunInc
and DB have on 13 May 2002 executed a deed of warranty (Deed of
Warranty) which includes, amongst others, SunInc's warranty and
undertaking to DB that upon completion of the Proposed Group
Restructuring, Proposed Divestment of Sunway Modular
Construction Sdn Bhd to SunInc, Proposed Disposal of Suntech
Assets and Liabilities (including Debt Novation) to SunCon and
Proposed Capital Reduction and Consolidation (but immediately
prior to the Proposed Acquisition of DB), Suntech shall be a
zero-asset zero-liability company.

Option Agreement

Concurrent with the Restructuring Agreement, SunInc, a
substantial shareholder holding 50.87% equity interest in
Suntech had on 13 May 2002 entered into an option agreement
(Option Agreement) with four (4) principal Vendors of DB, namely
LBK, HJS, Mr. Lau Huan Yeong and Mr. Lau Huang Nam
(collectively, the "Principal Vendors of DB") whereby:

   (a) SunInc has been granted by the Principal Vendors of DB a
put option to put to and require the Principal Vendors of DB to
purchase from SunInc (upon the exercise of the put option by
SunInc) the 32,180,998 Consolidated Shares and 18,766,000
Suntech Warrants 2001/2006 (collectively, the "Option
Securities") held by SunInc for an aggregate cash consideration
of RM28,500,000. The put option is exercisable by SunInc at any
time during the period commencing from 0900 hours on the 10th
day immediately following the date of listing of and quotation
for the Consideration Shares on the KLSE and ending at 1700
hours on the thirtieth (30th) day falling after the commencement
date (both dates inclusive) (Put Option Period); and

   (b) The Principal Vendors of DB have been granted by SunInc a
call option to require SunInc to sell to the Principal Vendors
of DB (upon the exercise of the call option by the Principal
Vendors of DB) the 18,766,000 Suntech Warrants 2001/2006 held by
SunInc for an aggregate cash consideration of RM938,300. The
call option is exercisable by the Principal Vendors of DB at any
time (if the abovesaid put option has not been exercised by
SunInc during the Put Option Period) during the period
commencing from 0900 hours on the day immediately following the
last day of the Put Option Period and ending at 1700 hours on
the 180th day falling thereafter (both dates inclusive).

Information on DB

DB is an investment holding company. It was incorporated in
Malaysia under the Companies Act, 1965 on 15 August 1995 as a
private limited company under the name of Progrenno Sdn Bhd. The
company changed its name to Dolomite Sdn Bhd on 16 December 1996
and was converted into a public limited company and assumed its
present name on 23 December 1996. The authorized share capital
of DB is RM200,000,000 divided into 200,000,000 ordinary shares
of RM1.00 each of which 57,498,815 ordinary shares have been
issued and fully paid-up.

DB has twenty-nine (29) shareholders. The four (4) Principal
Vendors of DB, namely LBK, HJS, Mr. Lau Huan Yeong and Mr. Lau
Huang Nam collectively own up to 79.58% (direct and indirect)
equity interest in DB.

The audited consolidated profit after taxation of DB for the
financial year ended 30 June 2001 was RM19.90 million whilst its
audited consolidated NTA as at 30 June 2001 was RM127.90
million.

Proposed Change of Name

Upon completion of the Proposed Group Restructuring, Proposed
Divestment of Sunway Modular Construction Sdn Bhd to SunInc,
Proposed Disposal of Suntech Assets and Liabilities (including
Debt Novation) to SunCon, Proposed Capital Reduction and
Consolidation and Proposed Acquisition of DB, Suntech will
propose for a name change.

RATIONALE FOR THE CORPORATE RESTRUCTURING EXERCISE

The 1997 Asian financial crisis has caused much damage to the
Malaysian economy, in particular the construction sector.
Although the economy began to turnaround during the second half
of 1999, the recovery of the construction sector was slow. As a
result of the low demand and stiff competition for building
materials products, the revenue generated by the Suntech Group
has been insufficient to cover its fixed cost. The Suntech Group
has recorded a loss after taxation and minority interest of
RM89.05 million, RM48.06 million and RM37.29 million
respectively for the financial years ended 31 December 1999,
2000 and 2001. The audited accumulated losses for the Group as
at 31 December 2001 was RM213.92 million.

It is envisaged that the Suntech Group will not be able to
generate sufficient revenue to be profitable in its existing
structure. As such, the Proposed Corporate Restructuring
Exercise is intended to revive and rebuild the financial
strength of Suntech through the divestment of its existing
businesses and the injection of new viable income generating
businesses.

SALIENT TERMS AND CONDITIONS OF THE RESTRUCTURING AGREEMENT

The salient terms and conditions of the RA include, amongst
others the following:

Conditions Precedent

The Proposed Corporate Restructuring Exercise shall be
conditional upon the following conditions precedent being
fulfilled on or before the date falling one (1) year from the
date of the RA or by such later date as the Parties to the RA
may mutually agree in writing (Cut-off Date):

   (a) The approval of the SC, for the Proposed Corporate
Restructuring Exercise and the Proposed Exemption;

   (b) The approval of the Foreign Investment Committee (FIC)
(if so required), for the Proposed Divestment of Sunway Modular
Construction Sdn Bhd to SunInc, the Proposed Disposal of Suntech
Assets and Liabilities (including Debt Novation) to SunCon and
the Proposed Acquisition of DB;

   (c) The approval of the Ministry of International Trade and
Industries (MITI) (if so required), for the Proposed Group
Restructuring, the Proposed Divestment of Sunway Modular
Construction Sdn Bhd to SunInc and the Proposed Disposal of
Suntech Assets and Liabilities (including Debt Novation) to
SunCon;

   (d) The approval of the KLSE, for the listing of and
quotation for the shares to be issued and allotted in relation
to the Proposed Corporate Restructuring Exercise;

   (e) The shareholders of Suntech, for the Proposed Corporate
Restructuring Exercise;

   (f) The written approvals/waivers of pre-emption of each of
the minority shareholders of the subsidiaries and associated
company of Suntech (if so required) for the Proposed Group
Restructuring, the Proposed Divestment of Sunway Modular
Construction Sdn Bhd to SunInc and the Proposed Disposal of
Suntech Assets and Liabilities (including Debt Novation) to
SunCon;

   (g) The shareholders of SunCon for the Proposed Disposal of
Suntech Assets and Liabilities (including Debt Novation) to
SunCon;

   (h) The creditors and/or bankers of Suntech Group (if so
required) for the Proposed Corporate Restructuring Exercise;

   (i) The shareholders of SunInc, for (i) the Proposed
Divestment of Sunway Modular Construction Sdn Bhd to SunInc;

   (ii) the Option Agreement; and (iii) the entry into,
execution and if so required, the delivery of the Deed of
Warranty between SunInc and DB;

   (j) The sanction of the High Court of Malaya, for the
Proposed Capital Reduction and Consolidation;

   (k) The KLSE, for the crossing of the Option Securities
pursuant to the exercise of the put or call options under the
Option Agreement in accordance to the KLSE (Direct Business
Transaction) Rules;

   (l) The entry into, execution and delivery of all agreements,
documents and instruments necessary to document and give effect
to the Proposed Corporate Restructuring Exercise by the relevant
parties which amongst others, includes Suntech, SunCon, SunInc,
Vendors of DB, creditors/bankers of Suntech and the purchaser(s)
of Pioneer Sun-Mix Concrete Sdn Bhd; and

   (m) Other relevant authorities.

Suntech, SunCon, SunInc, DB and the Principal Shareholders of DB
together with the other Vendors of DB shall make and/or use
their best endeavors to assist in the making of the applications
to the relevant authorities for the Proposed Corporate
Restructuring Exercise and the Proposed Exemption by 30 June
2002 or such extended period as the Parties to the RA may
mutually agree in writing.

If the abovesaid conditions precedent have not been fulfilled
for any reason whatsoever by the Cut-off Date, the RA shall be
deemed to be terminated and shall be null and void and of no
effect.

Conduct of Due Diligence

DB Group

   (a) Upon the execution of the RA, Suntech shall be at liberty
to conduct a legal and financial due diligence on the DB Group
on the business day immediately following the date of the RA
which shall be completed within a period of 25 days from the
date on which all information and documents first requested by
Suntech's due diligence advisers have been furnished by DB to
the said advisers.

   (b) In the event that Suntech is not satisfied with the
results of the due diligence, Suntech shall be entitled to
terminate the RA by giving written notice of such intention to
the other parties not later than 10 days from the completion of
the due diligence and upon the giving of such notice, the RA
shall be deemed to be terminated and shall be null and void and
none of the parties hereto shall have any claim against the
others, save in respect of any antecedent breach.

Suntech Group

   (a) The Principal Shareholders of DB and DB shall be at
liberty to conduct a legal and financial due diligence on the
Suntech Group for the purposes of submission(s) to be made to
the authorities for approval.

   (b) The due diligence shall commence on the business day
immediately following the date of the RA and shall be completed
within a period of 25 days from the date on which all
information and documents first requested by DB's due diligence
advisers have been furnished by Suntech to the said advisers.

   (c) In the event that DB is not satisfied with the results of
the due diligence, DB shall be entitled to terminate the RA by
giving written notice of such intention to the other parties not
later than 10 days from the completion of the due diligence and
upon the giving of such notice, the RA shall be deemed to be
terminated and shall be null and void and none of the parties
hereto shall have any claim against the others, save in respect
of any antecedent breach.

Suntech Assets and Liabilities

   (a) Upon the execution of the RA, SunCon shall if it so
requires, be at liberty to conduct a legal and financial due
diligence on the Suntech Assets and Liabilities for the purposes
of the Proposed Disposal of Suntech Assets and Liabilities
(including Debt Novation) to SunCon and the submission to be
made to the authorities for approval.

   (b) The due diligence shall commence on the business day
immediately following the date of the RA and shall be completed
within a period of 25 days from the date on which all
information and documents first requested by SunCon's due
diligence advisers have been furnished by Suntech to the said
advisers.

   (c) In the event that SunCon is not satisfied with the
results of the due diligence, SunCon shall be entitled to
terminate the RA by giving written notice of such intention to
the other parties not later than 10 days from the completion of
the due diligence and upon the giving of such notice, the RA
shall be deemed to be terminated and shall be null and void and
none of the parties hereto shall have any claim against the
others, save in respect of any antecedent breach.

Manufacturing Subsidiaries

   (a) Upon the execution of the RA, SunInc shall if it so
requires, be at liberty to conduct a legal and financial due
diligence on the Manufacturing Subsidiaries for the purposes of
the Proposed Divestment of Sunway Modular Construction Sdn Bhd
to SunInc and the submission to be made to the authorities for
approval.

   (b) The due diligence shall commence on the business day
immediately following the date of the RA and shall be completed
within a period of 25 days from the date on which all
information and documents first requested by SunInc's due
diligence advisers have been furnished by Suntech to the said
advisers.

   (c) In the event that SunInc is not satisfied with the
results of the due diligence, SunInc shall be entitled to
terminate the RA by giving written notice of such intention to
the other parties not later than 10 days from the completion of
the due diligence and upon the giving of such notice, the RA
shall be deemed to be terminated and shall be null and void and
none of the parties hereto shall have any claim against the
others, save in respect of any antecedent breach.

EFFECTS OF THE PROPOSED CORPORATE RESTRUCTURING EXERCISE

NTA

The proforma effect of the Proposed Corporate Restructuring
Exercise on the NTA per share of the Suntech Group can only be
determined upon the finalization of the consideration of the
Proposed Group Restructuring, the Proposed Divestment of Sunway
Modular Construction Sdn Bhd to SunInc, the Proposed Disposal of
Suntech Assets and Liabilities (including Debt Novation) to
SunCon and the Proposed Acquisition of DB. A detailed
announcement (including the proforma effects on the Suntech
Group's NTA) will be made in due course upon execution of the
definitive agreements for the Proposed Group Restructuring, the
Proposed Divestment of Sunway Modular Construction Sdn Bhd to
SunInc, the Proposed Disposal of Suntech Assets and Liabilities
(including Debt Novation) to SunCon and the Proposed Acquisition
of DB.

Earnings

The effect of the Proposed Corporate Restructuring Exercise on
the earnings of the Suntech Group can only be determined upon
the finalization of the consideration of the Proposed Group
Restructuring, the Proposed Divestment of Sunway Modular
Construction Sdn Bhd to SunInc, the Proposed Disposal of Suntech
Assets and Liabilities (including Debt Novation) to SunCon and
the Proposed Acquisition of DB. A detailed announcement
(including the effects on the Suntech Group's earnings) will be
made in due course upon execution of the definitive agreements
for the Proposed Group Restructuring, the Proposed Divestment of
Sunway Modular Construction Sdn Bhd to SunInc, the Proposed
Disposal of Suntech Assets and Liabilities (including Debt
Novation) to SunCon and the Proposed Acquisition of DB.

Substantial Shareholders

Upon completion of the Proposed Corporate Restructuring
Exercise, the Vendors of DB will emerge as the controlling
shareholders of Suntech. Assuming the exercise of the put option
pursuant to the Option Agreement by SunInc (which is the
existing substantial shareholder of Suntech), SunInc is not
expected to have any equity interest in Suntech.

CONDITIONS OF THE PROPOSED CORPORATE RESTRUCTURING EXERCISE

The Proposed Corporate Restructuring Exercise will require
approvals from, amongst others, the following:

   (a) The SC, for the Proposed Corporate Restructuring Exercise
and the Proposed Exemption;

   (b) The FIC (if so required), for the Proposed Divestment of
Sunway Modular Construction Sdn Bhd to SunInc, the Proposed
Disposal of Suntech Assets and Liabilities (including Debt
Novation) to SunCon and the Proposed Acquisition of DB;

   (c) The MITI (if so required), for the Proposed Group
Restructuring, Proposed Divestment of Sunway Modular
Construction Sdn Bhd to SunInc and the Proposed Disposal of
Suntech Assets and Liabilities (including Debt Novation) to
SunCon;

   (d) The KLSE, for the listing of and quotation for the shares
to be issued and allotted in relation to the Proposed Corporate
Restructuring Exercise and the direct business transaction for
the Option Securities in relation to the Option Agreement;

   (e) The shareholders of Suntech, for the Proposed Corporate
Restructuring Exercise;

   (f) The written approvals/waivers of pre-emption of each of
the minority shareholders of the subsidiaries and associated
company of Suntech (if so required) for the Proposed Group
Restructuring, Proposed Divestment of Sunway Modular
Construction Sdn Bhd to SunInc and the Proposed Disposal of
Suntech Assets and Liabilities (including Debt Novation) to
SunCon (if required);

   (g) The shareholders of SunCon for the Proposed Disposal of
Suntech Assets and Liabilities (including Debt Novation) to
SunCon;

   (h) The creditors and/or bankers of Suntech Group (if so
required) for the Proposed Corporate Restructuring Exercise;

   (i) The shareholders of SunInc, for (i) the Proposed
Divestment of Sunway Modular Construction Sdn Bhd to SunInc,
(ii) the Option Agreement; and (iii) the entry into, execution
and if so required, the delivery of the Deed of Warranty between
SunInc and DB;

   (j) The sanction of the High Court of Malaya, for the
Proposed Capital Reduction and Consolidation; and

   (k) Other relevant authorities.

The Proposed Group Restructuring, Proposed Divestment of Sunway
Modular Construction Sdn Bhd to SunInc, Proposed Disposal of
Suntech Assets and Liabilities (including Debt Novation) to
SunCon, Proposed Capital Reduction and Consolidation, Proposed
Acquisition of DB, Proposed Exemption, the Deed of Warranty and
the Option Agreement will be inter-conditional upon one another.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

Save as disclosed below and their interest as shareholders, none
of the Directors and/or substantial shareholders and/or persons
connected with the Directors and substantial shareholders have
any interest, direct or indirect, in the Proposed Corporate
Restructuring Exercise.

Directors

(i) Dato' Chew Chee Kin who is a director of Suntech is also a
director of SunCon and SunInc. As at 30 April 2002, Dato' Chew
Chee Kin holds 120,000 ordinary shares of RM1.00 each
representing 0.03% equity interest in SunInc and 500,000 options
exercisable into 500,000 ordinary shares of RM1.00 each in
SunInc allotted under SunInc's Employees' Share Option Scheme
(ESOS). He also holds 10,000 ordinary shares of RM1.00 each
representing 0.006% equity interest in SunCon. He does not hold
any shares in Suntech.

(ii) Dato' Tan Kia Loke who is a director of Suntech is also a
director of SunCon and SunInc. As at 30 April 2002, Dato' Tan
Kia Loke holds 500,000 options exercisable into 500,000 ordinary
shares of RM1.00 each in SunInc allotted under SunInc's ESOS. He
also holds 10,000 ordinary shares of RM1.00 each representing
0.006% equity interest in SunCon. He does not hold any shares in
Suntech.

(iii) Mr. Yau Kok Seng who is a director of Suntech is also a
director of SunInc. As at 30 April 2002, Mr Yau Kok Seng holds
500,000 options exercisable into 500,000 ordinary shares of
RM1.00 each in SunInc allotted under SunInc's ESOS. He does not
hold any shares in Suntech.

As such, Dato' Chew Chee Kin, Dato' Tan Kia Loke and Mr. Yau Kok
Seng (Interested Directors) have declared their respective
interests in the Proposed Disposal of Suntech Assets and
Liabilities (including Debt Novation) to SunCon and the Proposed
Divestment of Sunway Modular Construction Sdn Bhd to SunInc.
Accordingly, the Interested Directors have abstained and will
continue to abstain from participating in all Board
deliberations on the Proposed Disposal of Suntech Assets and
Liabilities (including Debt Novation) to SunCon and the Proposed
Divestment of Sunway Modular Construction Sdn Bhd to SunInc. In
addition, the Interested Directors will also abstain from voting
in respect of their direct and/or indirect shareholdings in
Suntech at the Extraordinary General Meeting ("EGM") of Suntech
to be convened to approve the Proposed Disposal of Suntech
Assets and Liabilities (including Debt Novation) to SunCon and
the Proposed Divestment of Sunway Modular Construction Sdn Bhd
to SunInc. The Interested Directors shall also procure persons
connected with them to abstain from voting in respect of their
direct and/or indirect shareholdings in Suntech and in relation
to the Proposed Disposal of Suntech Assets and Liabilities
(including Debt Novation) to SunCon and the Proposed Divestment
of Sunway Modular Construction Sdn Bhd to SunInc.

Substantial Shareholders

Suntech and SunCon are related companies of which both companies
are subsidiaries of SunInc. SunInc is the common shareholder for
Suntech and SunCon as it respectively holds 50.87% equity
interest in Suntech and 62.69% equity interest in Suncon as at 9
May 2002. As such, SunInc and persons connected with it will
abstain from voting in respect of all its direct and indirect
shareholdings on the resolution pertaining to the Proposed
Divestment of Sunway Modular Construction Sdn Bhd to SunInc and
the Proposed Disposal of Suntech Assets and Liabilities
(including Debt Novation) to SunCon at the forthcoming EGM.

DIRECTORS' RECOMMENDATION

The Board, after having considered the present financial
position of the Suntech Group and all aspects of the Proposed
Corporate Restructuring Exercise, are of the opinion that the
Proposed Corporate Restructuring Exercise is fair and reasonable
and is in the best interest of Suntech.

ADVISER

Hwang-DBS has been appointed as adviser for the Proposed
Corporate Restructuring Exercise.

INDEPENDENT ADVISER

Pursuant to Paragraph 10.08 of the Listing Requirements of the
KLSE, the Board has on 26 April 2002 appointed Public Merchant
Bank Berhad as the Independent Adviser to the minority
shareholders of Suntech on matters pertaining to the Proposed
Group Restructuring, Proposed Divestment of Sunway Modular
Construction Sdn Bhd to SunInc, Proposed Disposal of Suntech
Assets and Liabilities (including Debt Novation) to SunCon and
Proposed Acquisition of DB.

OTHER MATTERS

This announcement is made solely to keep the shareholders of
Suntech as well as the authorities informed of the effort by the
Board to restore the financial health of Suntech. It is by no
means conclusive nor exhaustive. The RA merely outlines the
broad terms of the restructuring exercises to be undertaken by
Suntech and Parties to the RA. A detailed announcement in
compliance with the relevant provisions of Appendices 10A and
10C of the KLSE Listing Requirements will be made in due course
upon execution of the relevant definitive agreements by the
relevant parties to effect the Proposed Corporate Restructuring
Exercise.

Based on the RA, the applications will be made to the relevant
authorities for their kind consideration and approval by 30 June
2002 or such extended periods as the Parties to the RA may
mutually agree in writing. Barring any unforeseen circumstances,
the Proposed Corporate Restructuring Exercise is expected to be
completed within thirteen (13) months from the date of this
announcement.

DOCUMENTS FOR INSPECTION

The Restructuring Agreement is available for inspection at the
registered office of Suntech at Level 16, Menara Sunway, Jalan
Lagoon Timur, Bandar Sunway, Petaling Jaya, Selangor during
normal business hours from Mondays to Fridays (except public
holidays) for a period of two (2) weeks from the date of this
announcement.


TALAM CORPORATION: Voluntarily Winds Up HK Unit
-----------------------------------------------
Talam Corporation Berhad informed that Golden Glory Recreation
Development Limited (GGRDL), a subsidiary of Talam which was
incorporated in Hong Kong had commenced Members' Voluntary
Winding-up on 13th May 2002 pursuant to Section 230 of the Hong
Kong Companies Ordinance and that Mr Wong Poh Weng and Mr Alan
Thornton Rennie, both of 7/F Allied Kajima Building, 138
Gloucester Road, Hong Kong were appointed as Liquidators for
GGRDL on the same day.

GGRDL is a dormant company and Talam has no plans to re-activate
it.

The proposed winding-up of GGRDL have no material impact on the
net tangible assets and earnings per share of Talam Group for
the financial year ending 31st January 2003.


TECHNOLOGY RESOURCES: Celcom, Digi Agree to Dissolve Agreements
---------------------------------------------------------------
Technology Resources Industries Berhad, in reply to the Query
Letter by KLSE reference ID: ZO-020513-57374 regarding the
article appearing on The Edge Online, entitled "Digi, TRI may
call off their 3G bid", informed that the Company's wholly-owned
subsidiary, Celcom (Malaysia) Berhad (Celcom) and DiGi
Telecommunications Sdn Bhd have mutually agreed to dissolve all
agreements contained within the Heads of Agreement signed on 13
March 2002.

As such, the two companies will discontinue their cooperation to
integrate their respective networks and infrastructure as well
as dissolve an earlier agreement to submit a joint bid for
spectrum assignment for the third generation (3G) mobile
services.

Celcom will continue to explore other options including a stand
alone bid and joint bid with other parties, in pursuing one of
the 3G spectrum blocks.


UNITED CHEMICAL: Arthur Andersen Appointed as Receiver, Manager
---------------------------------------------------------------
United Chemical Industries Berhad on 14 May 2002 received a
letter from Arthur Andersen & Co notifying that they were
appointed Receiver and Manager of the Company with effect from
14 May 2002 under the terms of two debentures dated 1 November
1999 and 27 June 2000 given to Bank Industri & Teknologi
Malaysia Berhad (BITM).

BITM had on 1 November 1999 granted a Term Loan and a Revolving
Loan Facilities of maximum aggregate principal amount of RM1
million and RM2 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. The
Company is unable to service the loan repayments to BITM as the
cash flow of the Company from operations was only able to meet
operational needs.

The Term Loan and Revolving Loan Facility granted by BITM 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.

Based on the audited accounts of the Group for year ended 31
December 2001, the net book value of the Group was RM31,912,013
(negative).

The financial and operational impact as well as the expected
losses, if any, arising from the aforesaid appointment on the
Group cannot be ascertained at this point in time.

The Company has been classified as a company whose financial
condition requires regularization under Practice Note 4 of the
Exchange. The Company has on 13 May 2002, entered into Heads of
Agreement with Perbadanan Kemajuan Negeri Perak (PKNP) and KUB
Malaysia Berhad (KUB), for the purpose of entering into
negotiations for the proposed acquisition of assets/companies
owned by both PKNP and KUB. Details of the proposed acquisition
can be obtained from the Company's announcement made to the
Exchange on 13 May 2002.

Considering the Company is taking steps to regularize its
financial position, the Company will continue to negotiate with
BITM to obtain their consent to participate in its restructuring
exercise.


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


BELLE CORP: Posts P259M Net Loss on Financing Charges
-----------------------------------------------------
Property and leisure firm, Belle Corporation, suffered a 259
million pesos net loss in the first quarter of the year, 35
percent higher than the same period last year, due mainly to the
Company's share in net losses of investees and net financial
charges, the Philippine Daily Inquirer reported yesterday.

Belle Chief Financial Officer, Manuel Gana, disclosed to the
Philippine Stock Exchange that the three-month deficit mostly
came from the company's share in the losses of subsidiaries
amounting to 89.6 million pesos and net financial charges of
176.2 million pesos.

Among Belle's losing subsidiaries are APC Group Inc., which
controls Philippine Global Communications, and Sinophil Corp.

Gana said Belle made an operating income of 3.8 million pesos in
the quarter, a turnaround from a loss of 20 million pesos a year
earlier.

Belle is currently discussing a restructuring of its debts with
creditors. As of end-March, it had consolidated loans payable of
6.38 billion pesos and accounts payable of 1.66 billion pesos.
Proceeds of the sale of shares in Highlands Prime are expected
to reduce its debts by three billion pesos.

Belle is seeking to restructure half of 68.5 million dollars
worth of outstanding fixed-rate treasury notes (FRNs) falling
due this month as part of a debt reduction program.

The FRNs comprise the biggest bulk of Belle's total debts, which
also include a loan of 17 million dollars from Deutsche Bank and
a previously restructured debt of two billion pesos to local
banks.


MAYNILAD WATER: Faces Senate Probe
----------------------------------
Maynilad Water Services Inc (MWSI), a Benpres Holdings Corp
unit, may face a Senate inquiry on a revised agreement between
the Company and the Metropolitan Waterworks and Sewerage System
(MWSS), the Philippine Daily Inquirer reported.

Senator Ralph Recto, who called for the inquiry, said the
original agreement signed in 1997 was revised in October last
year to incorporate new provisions that allowed the water
utility to recover foreign exchange losses in the previous years
through a round of rate increases.

Maynilad was authorized in 2001 to increase rates by 4.21 pesos
per cubic meter to recover losses arising from the peso's
depreciation against the dollar. The Company, which currently
charges consumers 11.40 pesos per cubic meter of water, is
seeking another rate hike of 1 peso per cubic meter effective
July.

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 creditor ADB 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.


NATIONAL POWER: Expects $750M Loan by End-May
---------------------------------------------
State-owned power firm National Power Corp (Napocor) expects the
release of US$750 million loan secured by the Department of
Finance before the end of May, Manila Bulletin reported.

The Department of Finance borrowed the funds for Napocor in the
in January and March to cover part of its estimated US$1.6
billion funding requirements for the year.

The US$750 million will cover capital expenses, payments to
independent power producers and debt payments up to August,
Napocor president and chief executive officer Roland Quilala
said.

By next month, Napocor is scheduled to settle a US$150 million
loan with Morgan Guaranty Trust, a division of JP Morgan. The
other outstanding obligations falling due are the loan of 6
billion pesos from the National Treasury, and the 12.9 billion
pesos worth of separation benefits to the Company's employees.

Officials say that around $846 million has to be re-paid by NPC
this year, and all of these would have to be re-financed by
fresh loans being secured by the national government.


NATIONAL POWER: Seeks ERC Nod on Early PPA Cut
----------------------------------------------
State-owned National Power Corporation (NPC) will formally seek
the approval of the Energy Regulatory Commission (ERC) on the
immediate implementation of the reduction of its purchased power
adjustment (PPA), Manila Bulletin reported.

"We will submit a letter to the ERC this week, formally
informing them of the schedule of implementation of our reduced
PPA...in that letter, we will attach the formal order issued by
Malacanang," NPC officer-in-charge Roland S. Quilala said.

Starting this week, the power firm is also scheduled to send
letters to all of its customers informing them of the
implementation of the suspension of its 1.25 peso per kwh PPA.

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: Smart Adding Makati Govt. Building Cell Sites
--------------------------------------------------------------
Philippine Long Distance Telephone unit Smart Communications Inc
has signed a memorandum of agreement (MOA) with the Makati City
government to install new cell sites inside major government
facilities, the Philippine Star reported yesterday.

Smart Communications said the additional cell sites would
improve network coverage and signal quality in the country's
premier business district.

Under the MOA signed between Makati City Mayor Jejomar Binay and
Smart officials, the Makati City government allowed its
buildings and other public places to be accessible to Smart for
the installation of indoor and outdoor GSM antennae and
transmission links.

Initially, the MOA allows Smart to set up cellsites and GSM
equipment inside and outside the Makati City Hall and the Makati
City Coliseum.

"We are pleased to partner with the Makati City government in
this particular project designed to improve Smart services
within the city. This is one way for Smart to support the local
government in their information and communications technology
efforts," Smart head of project management and implementation
for network services division Rodante Medina said.

Meanwhile, PLDT is expected to report a net income of 1.3
billion pesos in January-March 2002, double the 629 million in
profit it made a year earlier.

Stockbrokerage house DBS Vickers Securities said the gain is
mainly due to the cut in Pilipino Telephone Corp.'s (piltel) net
loss contribution and the strong showing of cellular phone
subsidiary Smart Communications Inc.

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


ASIA FOOD: 2001 Loss Widens to S$317.119M After Audit
-----------------------------------------------------
Asia Food & Properties Ltd of Shenton House in Singapore said
its net loss in 2001 rose to S$317.119 million from S$309.384
million as previously reported after its auditor Deloitte &
Touche completed the audit of its 2001 accounts.

According to a report from AFX Asia, the higher losses were due
mainly to a S$10.40 million interest expense and foreign
exchange losses relating to the group's Indonesian property
division.

There were also additional expenses that were reflected in the
audited accounts, it said.

Deloitte & Touche continued to express concern over the
recoverability of the group's deposit in BII Bank Ltd and the
possibility that lenders might decide to recall outstanding
loans immediately as the group has already defaulted on payments
and breached certain loan covenants.

Asia Food & Properties, which in February 2002 has a
consolidated debt of US$1.164 billion, is currently in talks for
a possible rescheduling of its loan payments.


ASIA FOOD: Reschedules Additional S$60M Debt
--------------------------------------------
Asia Food and Properties (AFP), a unit of Indonesia's Sinar Mas
group, has rescheduled an additional S$60 million worth of
debts, Channel NewsAsia reported.

The debt outstanding for AFP and its oil palm plantation
subsidiary, Golden Agri-Resources, is still a hefty S$443
million.

Golden Agri auditor Arthur Andersen noted that the value of the
two joint venture projects, which is engaged in the development
of land in Indonesia, could reach as high as S$1.26 billion by
2020.

Andersen added that value might not be realized due to
Indonesia's prevailing economic, political and social
uncertainties.

The auditor further noted that Golden Agri's current liabilities
exceed its current assets by S$766 million.


JURONG ENGINEERING: Schedules AGM for May 31st
----------------------------------------------
Engineering and construction firm Jurong Engineering Limited
said yesterday that the 31st Annual General Meeting of the
Company will be held at the Board Room, 25 Tanjong Kling Road,
Singapore 628050, on Friday, 31 May 2002 at 11.00 a.m., for the
following purposes:

As Ordinary Business:

1. To receive and adopt the Directors' Report and Financial
Statements for the year ended 31 December 2001.

2. To approve payment of Directors' Fees of $230,500 (2000:
$303,370) for the year ended 31 December 2001.

3. To re-elect Mr Chee Keng Soon as a Director - retiring under
Article 89.

4. To re-elect Dr Chau Sik Ting @ Chao Sik Ting as a Director -
retiring under Article 89.

5. To re-appoint Mr Reiji Ishimoto as a Director - retiring
under Article 95.

6. To re-appoint Foo Kon Tan Grant Thornton as Auditors of the
Company and to authorize the Directors to fix their remuneration

As Special Business:

To consider and, if thought fit, to pass the following Ordinary
Resolutions with or without modifications:

7. That pursuant to Section 161 of the Companies Act, Cap. 50
and the listing rules of the Singapore Exchange Securities
Trading Limited, authority be and is hereby given to the
Directors of the Company to issue Shares in the Company (whether
by way of rights, bonus or otherwise) at any time and upon such
terms and conditions and for such purposes and to such persons
as the Directors may in their absolute discretion deem fit
provided that the aggregate number of Shares to be issued
pursuant to this Resolution does not exceed fifty (50) per cent
of the issued share capital of the Company for the time being,
of which the aggregate number of Shares to be issued other than
on a pro-rata basis to shareholders of the Company does not
exceed twenty (20) per cent of the issued share capital of the
Company for the time being, and, unless revoked or varied by the
Company in general meeting, such authority shall continue in
force until the conclusion of the next Annual General Meeting of
the Company or the date by which the next Annual General Meeting
of the Company is required by law to be held, whichever is the
earlier.

8. That approval be and is hereby given to the Directors to
offer and grant options in accordance with the provisions of the
2001 Jurong Engineering Limited Share Option Scheme (the "2001
Scheme") and to allot and issue such shares as may be issued
pursuant to the exercise of options under the 2001 Scheme
provided always that the aggregate number of shares to be issued
pursuant to the 2001 Scheme shall not exceed fifteen (15) per
cent of the issued share capital of the Company from time to
time.

9. That approval be and is hereby given to the Directors to
allot and issue from time to time such number of ordinary shares
in the capital of the Company as may be required to be issued
pursuant to the exercise of options under the Jurong Engineering
Limited Executives' Share Option Scheme (the 1994 Scheme).

10. That approval be and is hereby given, for the purposes of
Chapter 9A of the Listing Manual of the Singapore Exchange
Securities Trading Limited, for the renewal of the mandate
(adopted at the Extraordinary General Meeting of the Company
held on 29 December 1997) for the Company, its subsidiaries and
target associated companies or any of them to enter into
transactions falling within the types of Interested Person
Transactions as set out in the Company's Circular to
Shareholders dated 11 December 1997 with any person which is of
the class of Interested Persons described in the Circular
provided that such transactions are made at arm's length on
Group's normal commercial terms and in accordance with the
guidelines and procedures of the Company for Interested Person
Transactions as described in the Circular and that such approval
shall, unless revoked or varied by the Company in General
Meeting, continue in force until the conclusion of the next
Annual General Meeting of the Company subject to the following
amendment:

"the terms "Threshold 1" and "Threshold 2" referred to in the
Circular shall be amended to mean three (3) per cent and five
(5) per cent of the Company's latest audited net tangible assets
in substitution of the definitions therein set out, such
amendment to take effect immediately upon the passing of this
resolution."

Any Other Business:

11. To transact any other business that may be transacted at an
Annual General Meeting.

In March, Jurong Engineering reported a loss of $24.5 million
for the 2001 financial year against a profit of $1 million in FY
2000.

The Company blamed continued weakness in the global economy and
construction markets, as well as its prudent and conservative
position towards making provisions, for its 2001 loss.

Jurong Engineering Limited -- http://www.jel.com.sg/-- provides
construction, engineering, fabrication, management, liaison and
marketing services. It also provides labor to general
contractors, building contractors, mechanical and electrical
works.


WEE POH: Still in Talks to Secure Additional Funding
----------------------------------------------------
Ailing construction firm Wee Poh Holdings Ltd, faced with
current liabilities of S$50.9 million at the end of 2001, is
still in discussions with various parties to secure additional
funding, AFX Asia reports.

"But nothing has yet progressed beyond the preliminary stages,"
the Company said in a statement.

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


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


PROPERTY PERFECT: Clarifies Operations Result
---------------------------------------------
Asian International Planners Co., Ltd., planner of Property
Perfect Public Company Limited, clarifies the results of its
financial performance for the first quarter ended March 31,
2002. The Company reported net gain of Bt66 million over the net
gain reported in the corresponding period of last year for the
amount of Bt531 million. The increase in net loss was a result
of:

1.  The Company recorded more sales (from transferring) in the
amount of Bt69 million while cost of sales increased in the
amount of Bt31 million and gross margin sales increased in the
amount of Bt38 million.

2.  The Company recorded trade accounts payable per
Rehabilitation Plan as income in the amount of Bt28 million.

3.  The Company recorded share of gain from investment accounted
for under equity method in the amount of Bt5 million while
recorded loss in the amount of Bt59 million last year.

4.  Loss on exchange decreased in the amount of Bt146 million.
As per Rehabilitation Plan, loans and accrued interest in
foreign currency are translated into Baht so that no gain (loss)
presented.

5.  The Company did not record interest expenses for this year
due to the company has calculated future interest on those
liabilities which the Company has to pay until debt repayment is
complete. Such interest expenses are presented under the caption
of "Deferred gain on debt restructuring". Last year the Company
recorded interest expenses in the amount of Bt278 million.


TELECOMASIA CORP: Incurs Bt6.25B Loss on Affiliate Write-off
------------------------------------------------------------
TelecomAsia Corp. booked a loss of Bt6.25 billion ($146 million)
on the first quarter this year compared with Bt1.28 billion in
the same period last year as it wrote off investment in Flag
Telecom Holdings Ltd, its bankrupt fiber optic affiliate,
Bloomberg reports.

TelecomAsia wrote off Bt5.72 billion to reflect a loss on
Bermuda-based Flag, which filed for Chapter 11 bankruptcy
protection last month. Flag is 11 percent owned by TelecomAsia
Corp. and 19 percent owned by Verizon Communications Inc. Other
stakeholders include Tyco International Inc., owner of 11
percent of Flag's common shares, and Dallah Albaraka Holding
Co., a Saudi Arabian financial- services company, which holds
15.5 percent.

TelecomAsia still has a high level of debt and high exposure to
the fluctuation of FX. The Company is, therefore, very committed
to improving its balance sheet by setting a policy that all
investment be funded by internal cash flows.  In order to reduce
FX exposure, the Company is now in the process of negotiation
with its creditors for issuance of Baht bond, the proceeds from
which will replace all the Company's US Dollar denominated
loans.


THAI HEAT: Rehab Process Causes Change in Q102 Operations
---------------------------------------------------------
Thai Heat Revival Company Limited, as the reorganization planner
of Thai Heat Exchange Public Company Limited, has submitted the
financial statements as of 1st Quarter 2002 ended at 31 March
2002. Thai Heat explained that interest expenses of 1st Quarter
2002 has Bt1.93 million but of 1st Quarter 2001 had Bt12.81
million thus made expenses on this Quarter amount to Bt10.88
million. The 20% change in the operation in Q1/2002 is due to
the company's rehabilitation process.


THAI WAH: BOD Meeting OKs March 2002 Audited Balance Sheet
----------------------------------------------------------
Thai Wah Group Planner Company Limited, as the Plan
Administrator of Thai Wah Public Company Limited, informed that
the Board of Director's Meeting No. 2/2002 held on May 14, 2002
has unanimously approved the audited balance sheet as at March
31, 2002 and income statement as ended March 31, 2002 with the
Auditor's report thereon.


THAIBENGUN COMPANY: Files Business Reorganization Petition
----------------------------------------------------------
The Petition for Business Reorganization of Thaibengun Company
Limited (DEBTOR), engaged in manufacturing and distributing
pipe, joint of pipe/component or accessories of pipe,
was filed at the Central Bankruptcy Court:

   Black Case Number 1693/2544

   Red Case Number 4/2545

Petitioner: THAIBENGUN COMPANY LIMITED BY MISS VIRAWAN
MALERTRUTAI, THE AUTHORITY

Planner: T.B. PLANNER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt823,031,378.11

Date of Court Acceptance of the Petition: December 6, 2001

Date of Examining the Petition: January 14, 2002 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: January 14, 2002

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: January 29, 2002

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: February 12,
2002

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: May 12, 2002

Contact: Ms. Umaporn Tel, 6792525 ext. 142


* DebtTraders Real-Time Bond Pricing
------------------------------------

Issuer             Coupon   Maturity   Bid - Ask   Weekly change
------             ------   --------   ---------   -------------

Asia Pulp & Paper     FRN     due 2001  10.5 - 12.5      +0.5
Asia Pulp & Paper     11.75%  due 2005  27.5 - 28.5      +0.5
APP China             14.0%   due 2010    24 - 26        0
Asia Global Crossing  13.375% due 2006    28 - 31        +4
Bayan Telecom         13.5%   due 2006    20 - 22        0
Daya Guna Sumudera    10.0%   due 2007   1.5 - 3.5       0
Hyundai Semiconductor 8.625%  due 2007    60 - 70        -10
Indah Kiat            11.875% due 2002    28 - 29        0
Indah Kiat            10.0%   due 2007    24 - 26        +1
Paiton Energy         9.34%   due 2014    65 - 68        0
Tjiwi Kimia           10.0%   due 2004    23 - 25        +1
Zhuahi Highway        11.5%   due 2008    28 - 33        0

Bond pricing, appearing in each Thursday's edition of the
TCR-AP, is provided by DebtTraders in New York. DebtTraders is a
specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
information on institutional services, contact Scott Johnson at
1-212-247-5300. To view our research and find out about private
client accounts, contact Peter Fitzpatrick at 1-212-247-3800.
Real-time pricing available at www.debttraders.com


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

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

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

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

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

                 *** End of Transmission ***