TCRAP_Public/020517.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Friday, May 17, 2002, Vol. 5, No. 97

                         Headlines

A U S T R A L I A

ANACONDA NICKEL:  Issues Final Director`s Interest Notice
AUSDOC GROUP: Investors Mutual Ups Shares to 6.51%
DVT HOLDINGS: Reaches Commercial Settlements With Cisco, KEFA
GOODMAN FIELDER: Buys Back Shares
W.G. GOETZ: Former Director Sentenced


C H I N A   &   H O N G  K O N G

ADVANCES APPAREL: Winding Up Petition Hearing Set
ASIA GLOBAL: Seeks Fresh Investment to Meet Notes Payment
KAM FONG: Winding Up Sought by Goldlok Toys
MAINSTAY (HOLDINGS): Winding Up Petition to be Heard
VIVABYTE LIMITED: Winding Up Petition Pending


I N D O N E S I A

BANK JABAR: PEFINDO Affirms `idBBB' Long-Term Debt Rating
BANK NIAGAP: IBRA Sets May 27 Deadline for Stake Bidders


J A P A N

DAI-ICHI KATEI: CCC Taking Over 32 Stores
DAIKYO INC.: Seeks JPY470B Bailout From Banks
KOBE STEEL: Begins Tie-Up Talks With Kawasaki Steel
MARUBENI CORP: Faces Losses Due to Restructuring Costs
MITSUBISHI HEAVY: Bounces Back With JPY26.4B Profit

NEC CORPORATION: Will Transfer Vehicle ECU Operations to Honda
NIPPON TELEGRAPH: Appoints Wada as New President
SNOW BRAND: Co-ops Closing Five Plants


K O R E A

DAEWOO MOTOR: Fiat Declines Taking Over Shares, Assets
HANARO TELECOM: Narrows First-Quarter Loss to KRW48.7B
HYNIX SEMICON: Mosel Vitelic in Talks to Buy Assets
HYNIX SEMICON: Creditors Hire New Sale Advisers


M A L A Y S I A

ACTACORP HOLDINGS: Gets KLSE's Nod on Two-Month RA Extension
ADVANCE SYNERGY: Seeks Proposed Stockholders' Mandate
AUTOINDUSTRIES VENTURES: Provides Defaulted Payments Update
LION CORPORATION: Unit Seeks Scheme Creditors Approval
LION LAND: Exchange of Assets Agreement Now Unconditional

MEASUREX CORPORATION: Provides Winding-Up Petition Add'l Info
PERAK CORPORATION: Proposed Disposal Still Under SC Guidelines
PROMET BERHAD: KLSE OKs Requisite Announcement Time Extension
SITT TATT: Gas Business' Proposed Transfer Aborted
SOUTH MALAYSIA: SC Extends Corp Exercises, Warrants Replacement

TECHNO ASIA: Proposing Shareholders' Mandate at EGM
TRANS CAPITAL: KLSE Grants Requisite Announcement Time Extension
UNITED CHEMICAL: Andersen Receivership Ended


P H I L I P P I N E S

NATIONAL BANK: Narrows First-Quarter Loss to PhP782.929M
NATIONAL POWER: Government Refuses to Pay PPA
NATIONAL STEEL: Government Agrees to Debt-to-Equity Swap
PHILIPPINE LONG: Posts PhP1.3B Profit in First Quarter
PHILIPPINE LONG: Secures $9M Loan From Canadian Firm

PILIPINO TELEPHONE: First-Quarter Loss Narrows to PhP868.9M
UNION CEMENT: Post PhP200M Income in First Quarter


S I N G A P O R E

DATACRAFT ASIA: Expects Second-Half Losses
SEMBCORP LOGISTICS: Posts Change in Capital Group's Holding
WEE POH: Calls for Shares Suspension


T H A I L A N D

CENTRAL PAPER: Books Q102 Bt98.64M Net Loss
DATAMAT PUBLIC: Submits Reviewed Quarterly Financial Statement
MEDIA OF MEDIAS: SET Approves Increased Capital Listing
SINO-THAI: Posts Q102 Progress Report
SOMPRASONG LAND: Files Business Reorganization Petition

THAI DURABLE: Incurs Q102 Net Loss of Bt53.46M
THAI PETROCHEMICAL: Clarifies Q102 Financial Statement
TPI POLENE: Posts Q102 Operating Results

* SET Posts `Sp' Sign Against Listed Companies

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL:  Issues Final Director`s Interest Notice
------------------------------------------------------------
Anaconda Nickel Limited issued this notice:

FINAL DIRECTOR'S INTEREST NOTICE

   Name of Company          Anaconda Nickel Limited

   ABN                      23 060 370 783

We (the entity) give the ASX the following information under
listing rule 3.19A.3 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         John Andrew Henry Forrest

   Date of last notice      05/02/2002

   Date that director
   ceased to be director    10/05/2002

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

Number & class of securities

513,359 ordinary shares

3 million "Series III" Options to subscribe for Ordinary Shares
exercisable at $2.40 per share and with an expiry date of 31
December 2002.

10 million Options to subscribe for ordinary shares exercisable
at $2.50 per share and with an expiry date of 28 November 2006.

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

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

  Nicola Forrest (Spouse)           4,000 Ordinary Shares
  Director & Shareholder
  of:
  Forrest Family                    2,032,000 Ordinary Shares
  Investments Pty Ltd
  Metal Holdings Pty Ltd            20,398,647 Ordinary Shares

Part 3 - Director's interests in contracts

Detail of contract              Nil

Nature of interest              N/A

Name of registered holder
(if issued securities)          N/A

No. and class of securities
to which interest relates       N/A


AUSDOC GROUP: Investors Mutual Ups Shares to 6.51%
--------------------------------------------------
Investors Mutual Ltd increased its relevant interest in Ausdoc
Group Limited on 08 May 2002, from 4,612,692 ordinary shares
(5.29 percent) to 5,676,753 ordinary shares (6.51 percent).

Wrights Investors Service reports that at the end of 2001,
Ausdoc Group Limited had negative working capital, as current
liabilities were A$77.50 million while total current assets were
only A$75.46 million. The Company has paid no dividends during
the last 12 months and has reported losses during the
previous 12 months.


DVT HOLDINGS: Reaches Commercial Settlements With Cisco, KEFA
-------------------------------------------------------------
DVT Holdings is pleased to announce that it has reached separate
commercial settlements in the resolution of disputes with both
Cisco Systems Capital (Australia) Pty Limited (Cisco) and Key
Equipment Finance Asia Limited (KEFA), on favorable terms and
conditions.

DVT Holdings had various leasing arrangements in place with
Cisco and KEFA in conjunction with the financing of
telecommunications equipment used in the businesses of the
Company's offshore subsidiaries. The closure of these offshore
entities crystallized various obligations and liabilities by DVT
Holdings to Cisco and KEFA, which until now represented the most
substantial legacy commitments remaining outstanding from the
prior Board and management of the Company. Initial efforts to
deal with these claims resulted in various disputes arising
between the parties as to their respective rights and
obligations under the leasing arrangements previously in
place. These disputes have now been resolved to the satisfaction
of each party, through the execution of deeds of settlement and
release and cash payments to both Cisco and KEFA made by DVT
Holdings.

DVT Holdings carried provisions against the full extent of the
claims, despite their disputed status. The payments and
agreements settle such claims, and as a result the Company will
be able to make the necessary adjustments to the provisions it
has carried. DVT Holdings will also retain title to the
equipment the subject of the leases upon completion of
settlement.

The Agreements reached between the parties is of added benefit
to each as removing future costs and doubts associated with
further litigation. DVT Holdings looks forward to continuing
with the finalization of its acquisition activities without the
distractions and uncertainties that previously surrounded these
matters.


GOODMAN FIELDER: Buys Back Shares
---------------------------------
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

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      46,244,083           5,241,444
   back or if buy-back is
   an equal access scheme,
   in relation to which
   acceptances have been
   received

                                      $                    $
4. Total consideration paid    67,477,825           8,280,957
   or payable for the shares

5. If buy-back is an on-market
   buy-back
                        Highest price paid   Highest price paid
                               $1.59                $1.58
                               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. If buy-back is an on-market      Nil
   buy-back - name of each
   director and related party
   of a director from whom the
   company bought back shares
   on the previous day, the
   number of shares which the
   company bought back from
   each named director or
   related party, and the
   consideration payable for
   those shares.

HOW MANY SHARES MAY STILL BE BOUGHT BACK.

7. If the company has disclosed     21,514,473
   an intention to buy back a
   maximum number of shares - the
   remaining number of shares to
   be bought back

Wrights Investors' Service reports that 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.


W.G. GOETZ: Former Director Sentenced
-------------------------------------
Mr Charles Victor Northam, an engineer and the former managing
director of Melbourne company W.G. Goetz & Sons Limited, has
pleaded guilty and was convicted of giving his company financial
assistance to purchase the shares in WG Goetz that enabled him
to gain control of the Company.

Mr Northam was sentenced on Wednesday by Judge Anderson in the
Melbourne County Court to six months jail, to be released
immediately on his entering into a recognizance in the sum of
$500 to be of good behavior for a period of two years.

ASIC alleged that Mr Northam used money from W.G. Goetz & Sons
to aid Tundalla Pty Ltd (Tundalla), a private Company he
controlled, to purchase approximately three-quarters of the
issued capital of W.G. Goetz & Sons.

Tundalla purchased the issued capital of W.G. Goetz & Sons via
five Esanda Finance cheques totaling $298,639 on 15 June 1998,
the date when Mr Northam also became a director of W.G. Goetz &
Sons.

W.G. Goetz in turn borrowed the funds used for this purchase and
provided security to Esanda Finance by way of a debenture charge
over the plant and equipment of W.G. Goetz & Sons.

W.G. Goetz & Sons was a successful manufacturing business that
operated in the Footscray area for over 100 years prior to Mr
Northam obtaining control. Within 15 months of Mr Northam
gaining control external administrators were appointed, and the
company was eventually placed into liquidation on 13 October
1999.

ASIC alleged Mr Northam was facing financial difficulty at the
time his private Company purchased the W.G. Goetz & Sons shares.
He was declared bankrupt on 12 November 1999.

Mr Northam admitted to the Court that he had prior convictions
for the non-payment of group tax and sales tax for companies
that he was previously a director of. Mr Northam also admitted
to being the former director of a number of failed companies.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.


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


ADVANCES APPAREL: Winding Up Petition Hearing Set
-------------------------------------------------
The petition to wind up Advances Apparel Accessories Limited is
scheduled for hearing before the High Court of Hong Kong on June
12, 2002 at 9:30 am.  The petition was filed with the court on
February 25, 2002 by Lin Kam Wing of Room 1502, Tsui Chung
House, Tsui Ping Estate, Kwun Tong, Hong Kong.


ASIA GLOBAL: Seeks Fresh Investment to Meet Notes Payment
---------------------------------------------------------
Asia Global Crossing Ltd said that given more time to seek fresh
investment, following the bankruptcy of its U.S.-based parent
company, Global Crossing Ltd, it is likely to meet a US$27.9
million interest payment, Bloomberg reported Wednesday.

The Company would pay in full the interest on its US$408 million
in 13.375 percent senior notes maturing in 2010. The creditors'
30-day grace period extended to the Company ended on Tuesday.
The Company added that the trustee, Bank of New York Co., will
pay the bondholders of record as of May 29 on June 10.

Asia Global is seeking to restructure its high-yield debt while
courting potential investors. It earned US$120 million by
selling a Hong Kong-based joint ventures to its partner
Hutchison Telecommunications Ltd. It also ended two partnerships
with Vectant in exchange for US$23 million in cash and full
control of Pacific Crossing Ltd., a trans-Pacific cable company.
As a result of these deals, Asia Global now says it has
sufficient funds to last beyond the end of this year.


KAM FONG: Winding Up Sought by Goldlok Toys
-------------------------------------------
Goldlok Toys Manufactory Co., Ltd. is seeking the winding up of
Kam Fong Toys (Hong Kong) Company Limited.  The petition was
filed on March 21, 2002, and will be heard before the High Court
of Hong Kong on July 3, 2002 at 10:30 am.

Goldlok Toys holds its registered office at Room 418-420, 4/F.,
Tower A, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui
East, Kowloon, Hong Kong.


MAINSTAY (HOLDINGS): Winding Up Petition to be Heard
----------------------------------------------------
The petition to wind up Mainstay (Holdings) Limited is set for
hearing before the High Court of Hong Kong on July 3, 2002 at
11:00 am.  The petition was filed with the court on March 25,
2002 by Hung Yik Yan and Siu Yuet Mei Daiphia both c/o Room
1410, WaiSam House, Lung Hang Estate, Shatin, New Territories,
Hong Kong.


VIVABYTE LIMITED: Winding Up Petition Pending
---------------------------------------------
Vivabyte Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on August
7, 2002 at 9:30 am.

The petition was filed on April 26, 2002 by Bank of China (Hong
Kong) whose registered address is situated at No. 1, Garden
Road, Hong Kong.


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


BANK JABAR: PEFINDO Affirms `idBBB' Long-Term Debt Rating
---------------------------------------------------------
PEFINDO affirmed its long-term debt rating of Bank Jabar (BPJB)
Bond III Year 2000 at "idBBB". The rating still reflects the
bank's favorable assets quality, stable capitalization, and
favorable profitability. However, PEFINDO is slightly concerned
about the bank's aggressive expansion which could weaken its
assets quality and furthermore the bank's profitability.

In addition, the bank's relatively concentrated operation in
West Java compared to nationwide banks and maturity mismatch in
assets and liabilities also still the mitigating factors for the
rating. The bank is 100% owned by the West Java Regional and
Municipal Government (PEMDA Tingkat I and II) and focuses on
retail banking.


BANK NIAGAP: IBRA Sets May 27 Deadline for Stake Bidders
--------------------------------------------------------
The Indonesian Bank Restructuring Agency has set May 27 as the
final bid deadline for the government's stake in publicly listed
PT Bank Niaga, AsiaPulse reports, citing IBRA Chairman
Syafruddin Tumenggung.

"The process of selling [the] Bank Niaga stake is still going on
and we have set May 27 as the final bid for it, which will later
be continued by an evaluation by an advisory board," Temenggung
said, adding that the sale should close by the end of June.

He said that after the final bids have been received, Bank
Indonesia will conduct its fit and proper test and a winner will
be announced.

"We hope the price will be close to the market value on Bank
Niaga shares in order to get optimum value," Tumenggung added.

IBRA has selected four investors to bid for the bank: consortia
led by ANZ Banking Group Ltd, Commerce Asset Holding Berhad
Group, Batavia Investment Fund II and PT Victoria International.

Recently, the government converted 40 percent of Bank Niaga's
fixed rate bonds into variable rate bonds to lure investors into
the bank.


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J A P A N
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DAI-ICHI KATEI: CCC Taking Over 32 Stores
-----------------------------------------
Culture Convenience Club Co. (CCC), a company that sells and
rents videos and CDs, is taking over 32 of the 42 directly owned
stores of Dai-Ichi Katei Denki Co., the failed Tokyo-based
consumer electronics retailer, Kyodo News reports.

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

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

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

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

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


DAIKYO INC.: Seeks JPY470B Bailout From Banks
---------------------------------------------
Daikyo Inc., Tokyo's ailing condominium builder, has announced
its new five-year restructuring plan Wednesday featuring 470
billion yen in financial bailout from four major Japanese banks,
Kyodo News reported.

Details of the requested bailout were not disclosed as of the
reporting.

The Nihon Keizai Shimbun financial newspaper said on Tuesday
that the ailing developer's four creditors, UFJ Bank, UFJ Trust
Bank, Mizuho Corporate Bank and Asahi Bank, have decided to
forgive 400 billion yen of debt, with the remaining 70 billion
yen consisting of a debt-for-equity swap.

Daikyo President Masaharu Hasegawa said the Company expects to
receive acceptance of its debt waiver plan from its four major
creditor banks within the week.

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.

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.

"Over the next five years, we will cut our workforce to less
than 1,500 employees from the current 1,700 and will cut non-
personnel expenses by more than 10 pct," he added.


KOBE STEEL: Begins Tie-Up Talks With Kawasaki Steel
---------------------------------------------------
Kobe Steel Ltd. and Kawasaki Steel Corp. have agreed to begin
talks on a joint venture in the welding business, Kyodo News
reported. Both Japanese steelmakers eye to reach a final
agreement within a year.

The companies will consider joint research and development into
welding materials for steel pipes and plates, and commissioning
production of such parts to each other, the report added.

In April, four shareholders of Shinagawa-ku, Tokyo's Kobe Steel
agreed to settle a suit with the steelmaker on the condition six
former executives and a corporate racketeer pay a total of 310
million yen to the Company in compensation for damages caused
from a payoff scandal in the 1990s.

The shareholders filed the damages suit against seven former
executives of Kobe Steel and the racketeer at the Kobe District
Court, demanding that about 390 million yen be reimbursed to the
company.

The six former executives accepted the settlement and are
expected to compensate the Company, along with former Kobe Steel
Chairman, Sokichi Kametaka.

The Osaka District Court has sentenced the racketeer to a six-
month prison term, given the senior managing director a
suspended term and ordered two other executives to pay fines.

As of March 2001, Kobe Steel had total current assets of US$6.3
billion against total current liabilities of US$6.8 billion.


MARUBENI CORP: Faces Losses Due to Restructuring Costs
------------------------------------------------------
Tokyo trading house Marubeni Corp. fell into the red in the year
to March 31, 2002 due chiefly to a hefty restructuring-related
loss of some 239 billion yen, Kyodo News reported.

Group net sales fell 4.9 percent to 8.97 trillion yen in
2001/02. The Company also managed to cut its massive interest-
bearing debts to 2.71 trillion yen at the end of March from 3
trillion yen at the end of 2001.

Marubeni, which has suffered a series of ratings downgrades and
seen its stock price battered by concerns over its high debt
level, said it was considering boosting its capital by around
100 billion yen by March 2006 to shore up its finances.

It said it plans to trim its debt to 2 trillion yen by March
2006.

In April, the Fair Trade Commission (FTC) has ordered Marubeni
Chikusan Corp., a unit of Marubeni Corp. to cease production due
to its intentional false labeling of some 1,700 tons of chicken
sold since 1999. The FTC said the mislabeling was conducted at
the Company's nine offices, including Sendai and Osaka.

The mislabeling case was revealed in March, when the FTC's
Tohoku office discovered that the Sendai office had been
mislabeling chicken products between 1999 and 2001.


MITSUBISHI HEAVY: Bounces Back With JPY26.4B Profit
---------------------------------------------------
Tokyo's Mitsubishi Heavy Industries Ltd revealed a group net
profit of 26.45 billion yen for the fiscal 2001, in a turnaround
from the previous fiscal year's loss of 20.35 billion yen, on
materials cost cuts and a weaker yen.

According to a Kyodo News report, the major power-generation
system and aerospace vehicle maker's consolidated pretax profit
increased 7.5 percent to 67.99 billion yen on sales of 2,863.98
billion yen, down 5.9 percent.

Due to aggressive cost-cutting measures, debt-strapped
Mitsubishi Heavy in November reduced its group net losses to
8.26 billion yen in the first half of fiscal year 2001, compared
to the 23.47 billion yen in losses during the same period a year
earlier.


NEC CORPORATION: Will Transfer Vehicle ECU Operations to Honda
--------------------------------------------------------------
NEC Corp., Japan's major electronic group, has agreed to
transfer its vehicle electronic control unit (ECU) operations to
giant automaker Honda Motor Co., Kyodo News reported.

According to an agreement signed by the two firms, Honda is to
strengthen its ECU operations while NEC will be able to further
concentrate its efforts on its core technologies.

In order to assimilate NEC's vehicle ECU operations, Honda will
increase its investment in its affiliate Nestec Co. to make it a
Honda subsidiary.

NEC is considering a plan to put up a one-third share of the
newly organized company to facilitate the smooth functioning of
operations, Kyodo said.


NIPPON TELEGRAPH: Appoints Wada as New President
------------------------------------------------
Tokyo's Nippon Telegraph and Telephone Corp. (NTT) said Tuesday
that Senior Executive Vice President Norio Wada would succeed
Junichiro Miyazu as president in late June.

Wada, who is in charge of corporate strategy, is credited with
helping Miyazu put together a plan to cut costs by shifting half
of NTT's 200,000-plus work force into lower-paying jobs and
implementing an early retirement scheme.

Miyazu says he will resign from his presidency to become an
adviser, pending the approval of shareholders at a meeting in
June.


SNOW BRAND: Co-ops Closing Five Plants
--------------------------------------
Snow Brand Milk Products Co. and agricultural partners National
Federation of Agricultural Cooperative Associations (Zen-noh)
and the National Federation of Dairy Cooperative Associations
(Zenrakuren) are planning to close about five plants and
eliminate 1,000 jobs, Dow Jones Newswires reported, citing the
Nihon Keizai Shimbun.

The three partners are in the process of setting up a new
company. Under the plan, the new company will integrate
facilities in overlapping regions, mostly in the greater Tokyo
and Osaka areas. Likely candidates include a Snow Brand Milk
plant in Kanagawa Prefecture and Japan Milk's factory in Kobe.
Snow Brand Milk is also considering closing some of its milk
production subsidiaries.

The closings will reduce the combined number of employees in
their milk operations to some 2,300. There are about 2,200
employees in Snow Brand Milk's milk unit, while Zen-Noh
Wholesale and Japan Milk each has about 550 workers.

Earlier, the Troubled Company Reporter Asia Pacific said that
Zen-noh is set to take a stake in Snow Brand Milk Products Co.,
thereby giving it 30 to 40 percent of the voting rights. Zen-
noh, which will become the largest shareholder, is expected
to underwrite a total of 5 billion yen in shares.

Snow Brand Milk's rehabilitation plan calls for an initial
reduction in its capitalization from 27.8 billion yen to 500
million yen, followed by a capital increase of about 10 billion
yen.

In a bid to offset restructuring-related losses, Shinjuku-ku,
Tokyo's struggling dairy products maker has in early May asked
Norinchukin Bank, UFJ Holdings Inc.'s UFJ Bank, and Mizuho
Holdings Inc.'s Mizuho Corporate Bank for a total of 50 billion
yen ($393.9 million) in financial assistance consisting of 30
billion yen in debt waivers and 20 billion yen in debt-for-
equity swaps, of which 15 billion yen will not have voting
rights.

The newly issued stock that will grant voting rights is expected
to total about 15 billion yen, including 10 billion yen of stock
that will be privately placed. Zen-noh's 5 billion yen in stock
is likely to give it a stake exceeding 30 percent. Depending on
the extent of capital provided by others besides Zen-noh, the
actual stake figures will fluctuate.

Without the aid and its rehabilitation program, Snow Brand Milk
anticipated a negative net worth of up to 50 billion yen for the
current fiscal year through March 2003 due to losses from its
milk business, the liquidation in April of subsidiary Snow Brand
Foods Co. and operational restructuring.

The Yomiuri Shimbun estimates Snow Brand's special losses from
restructuring will total 80 billion yen for this fiscal year.

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


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


DAEWOO MOTOR: Fiat Declines Taking Over Shares, Assets
------------------------------------------------------
A Fiat executive has said the Italian automaker is not
interested in taking over any of Daewoo Motor's shares or
assets, despite the final agreement of General Motors to buy the
bankrupt Korean automaker, the Korea Herald reported.

GM said at the beginning of this month that it would pay $400
million in cash to take a 67 percent stake in Daewoo, along with
its global strategic partners.

GM will emerge with a 42.1 percent stake in the auto venture,
while its unnamed partner or partners will hold 24.9 percent.
There have been speculations that Fiat, one-fifth owned by GM,
would be the frontrunner partner in the automaker's talks on the
Daewoo Motor purchase.

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


HANARO TELECOM: Narrows First-Quarter Loss to KRW48.7B
------------------------------------------------------
Debt-laden Hanaro Telecom Inc. of South Korea has narrowed its
first quarter net loss to KRW48.7 billion, from KRW62 billion a
year ago, as the demand for broadband Internet service continues
to rise.

According to a Dow Jones Newswires report, Hanaro's revenue
increased 53 percent on year to KRW271 billion as the number of
broadband service subscribers nearly doubled to 2.43 million at
end-March from 1.28 million a year ago.

Meanwhile, the Company's interest-bearing debt increased to
KRW1.74 trillion at end-March from KRW1.63 trillion three months
earlier as it issued more new bonds during the period to pay off
maturing debt.

Hanaro issued KRW132 billion in bonds with warrants in February
to repay maturing debt of KRW650 billion. It also issued KRW200
billion of bonds in March, and raised KRW200 billion through
asset-backed loans and another KRW100 billion from floating rate
notes in April.

Nasdaq-listed Hanaro closed Tuesday 8 percent down at $4.6.
Shares at Kosdaq were up 4 percent at KRW6,350.


HYNIX SEMICON: Mosel Vitelic in Talks to Buy Assets
---------------------------------------------------
Thomas Chang, vice president of Taiwan's memory-chip maker Mosel
Vitelic Inc., said his company is in talks with Hynix
Semiconductor Inc. to acquire some of the assets of the debt-
laden South Korean chipmaker.

According to a Bloomberg report, Mosel will move Hynix's
production equipment, most of which is old and inefficient, out
of South Korea in the event of an acquisition.

Hynix declined to comment.


HYNIX SEMICON: Creditors Hire New Sale Advisers
-----------------------------------------------
Hynix Semiconductor Inc. creditors have hired Deutsche Bank AG
and Morgan Stanley Dean Witter & Co. to try and sell the
computer memory-chip maker, dropping off Salomon Smith Barney
Inc. as their financial adviser, Bloomberg reported.

According to Korea Exchange Bank spokesman Lee Won Seok,
Deutsche Bank will formulate a plan to sell the company while
Morgan Stanley will seek a buyer and handle any negotiations.

Salomon worked for Hynix and then its creditors for almost two
years, arranging $1 billion of loans and a $1.25 billion share
sale to foreign investors.


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


ACTACORP HOLDINGS: Gets KLSE's Nod on Two-Month RA Extension
------------------------------------------------------------
Actacorp Holdings Berhad announced that the Kuala Lumpur Stock
Exchange (KLSE), has approved an extension of 2 months from 30th
April 2002 to 30th June 2002 to enable the Company to announce
its Requisite Announcement to the Exchange for public release.

Profile

The Actacorp Group is a construction concern. Flagship company
V-Pile Sistem Sdn Bhd undertakes construction and engineering
activities.

The Group started out as manufacturers and distributors of
agricultural chemicals and organic fertilizers. In 1991,
activities were enhanced through diversification into
engineering and construction. Participation in property
development followed in 1994.

The Group is currently in an advanced stage of negotiation for a
restructuring exercise. The proposed restructuring exercise is
intended to revitalize the Group's financial position.


ADVANCE SYNERGY: Seeks Proposed Stockholders' Mandate
-----------------------------------------------------
The Board of Directors of Advance Synergy Berhad announced that
the Company proposes to seek a general mandate from its
stockholders in relation to the recurrent related party
transactions of revenue or trading nature which are necessary
for day-to-day operations (Recurrent Transactions) of the
Company and/or its unlisted subsidiary companies pursuant to
Paragraph 10.09 of the Listing Requirements of the Kuala Lumpur
Stock Exchange (hereinafter referred to as "Proposed
Stockholders' Mandate").

The recurrent related party transactions entered into by the
Company and/or its unlisted subsidiary companies in the ordinary
course of business are on normal commercial terms not more
favorable to the related party than those generally available to
the public and are not detrimental to the minority stockholders
of the Company.

The Company is also seeking stockholders' ratification for all
Recurrent Transactions entered into by the Company and/or its
unlisted subsidiary companies from 1 June 2001 to the latest
practical date prior to the finalization of the Circular to
stockholders of the Company.


AUTOINDUSTRIES VENTURES: Provides Defaulted Payments Update
-----------------------------------------------------------
Autoindustries Ventures Berhad released information regarding
the Company's default in payments in the month of May, 2002:

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

i)Pacven Walden Ventures 2,730,955.03 1,387,105.22 4,118,060.25
III L.P

ii)BI Walden Ventures    1,069,577.00 543,256.74    1,612,833.74
Kedua Sdn Bhd

iii)Fin'l Institutions  11,228,777.63 422,711.91   11,651,489.54
      ------------- ----------   -------------
TOTAL    15,029,309.66 2,353,073.87 17,382,383.53
============ ============ ==============

a) The reason for the default in payments and the measures to be
taken by the Company are as announced on 14 December 2001.

As announced to KLSE on 14 December 2001, one of the measures
taken by the Company to address the default in payments is to
carry out a Proposed Restricted Issue of up to 13,000,000 new
ordinary shares of RM1.00 each at a proposed issue price of
RM1.00 each for cash and issue of 2,000,000 new ordinary shares
of RM1.00 each to BI Walden Ventures Kedua Sdn Bhd (BI Walden)
and Pacven Walden Ventures III L.P. (Pacven Walden) at a
proposed issue price of RM1.00 each as part settlement of the
amount due (Proposed exercise).

In the interim, the Company has received approval from FIC on
the Proposed Restricted Issue of shares via their letter dated
29 April 2002. However approvals from the other authorities are
still pending.

b) There should not be financial and legal implications in
respect of the default in payments including the extent of the
Company's liability in respect of the obligations incurred under
the agreements for the indebtedness as the Management is
currently negotiating with the leaders on the rescheduling of
payment terms through the proposed exercise.

c) The Management is of the opinion that the default in payments
should not constitute any event of default under a different
agreement for indebtedness (cross default) due to the
Management's initiative as indicated in Paragraph (b) above.


LION CORPORATION: Unit Seeks Scheme Creditors Approval
------------------------------------------------------
The Board of Directors of Lion Corporation Berhad announced that
Megasteel Sdn Bhd (Megasteel), a subsidiary of the Company, on
15 May 2002 filed an application pursuant to Section 176 (1)
of the Companies Act, 1965 with the High Court of Malaya seeking
an order to convene creditors' meetings for the purpose of
considering and approving the scheme of compromise and
arrangement proposed between Megasteel and its creditors to
facilitate the settlement of the debts owing them.

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


LION LAND: Exchange of Assets Agreement Now Unconditional
---------------------------------------------------------
Lion Land Berhad announced that the Securities Commission has
approved the Proposed Disposal of Lion Gateway Parade Sdn Bhd
(LGP), via their letters dated 8 May 2002 and 10 May 2002. With
the receipt of the SC's aforesaid 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 would be taken by the
Board of Directors of Amsteel and LLB to complete their
respective portion of the aforesaid transactions, which is
targeted to be effected by 30 June 2002.

Reference is made to:

a) Proposed acquisition by Amsteel Mills Sdn Bhd (AMSB), a 99%
owned subsidiary of 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
Corporation Berhad (Amsteel) to AMSB involving the following
(Proposed Settlement of Inter-Co Debts

   (i) proposed disposal by Amsteel of its 100% equity interest
in 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).


MEASUREX CORPORATION: Provides Winding-Up Petition Add'l Info
-------------------------------------------------------------
Measurex Corporation Berhad, in relation to the Petition by
Judicial Managers of Winding-Up by Court in Relation to Measurex
Holdings Pte Ltd (MH), Measurex Engineering Pte Ltd (ME) and
Measurex Precision Pte Ltd (MP), announced:

1. In the event the four (4) banks, namely Malayan Banking
Berhad, United Overseas Bank Limited, Overseas-Chinese Banking
Corporation Limited and Societe Generale should obtain judgments
against the Company pursuant to the Corporate Guarantees
totaling RM38.9 million and further be successful in registering
these judgments in the Malaysian Courts and in addition thereto,
negotiations with the banks through Messrs Ernst & Young,
Singapore to work out a compromise and settlement should prove
unsuccessful, then subject to the banks enforcing their
registered judgments, the Company and its subsidiaries may
encounter the following situations:

   a) If the banks were to demand that the full amounts be
settled immediately, then the said action will be expected to
have an adverse financial and operational impact on the Group.

   b) However, if the banks were to allow the Company to pay
over a period of say, 5 years, barring unforeseen circumstances,
the Group will be expected to generate enough cash outflow from
its operations to repay the said amount. Hence, there will be no
financial and operational impact on the MCB Group.

2. If an amicable solution is reached, there will be no adverse
financial and operational impact to the MCB Group as any
agreement reached with the banks would ensure the timely and
orderly settlement of the Company's admitted liabilities.


PERAK CORPORATION: Proposed Disposal Still Under SC Guidelines
--------------------------------------------------------------
Perak Corporation Berhad, in reply to Query Letter by KLSE
reference ID: FM-020509-51667 regarding the Proposed Disposal of
entire interest in Anakku Holdings Sdn Bhd for a total
consideration of Rm50,000,000 comprising cash and shares to be
issued by the Purchaser (Proposed Disposal), furnished
additional information for public release:

1. Net profits and net tangible assets (NTA) of AHSB based on
the latest audited accounts

Based on the latest audited accounts for the financial year
ended 31 December 2001, the AHSB group recorded a profit after
taxation of RM6,166,897, which provided an earnings per share of
54.33 sen on the 11,352,326 shares issued.

The audited NTA of the AHSB group as at 31 December 2001 stood
at RM43,869,580 or RM3.86 per share.

2. The ranking of the 11,666,667 new ordinary shares (New
Shares) in Audrey International (M) Bhd (Audrey) to be issued
pursuant to the Proposed Disposal

The New Shares issued to the Company will, upon allotment, rank
pari passu in all respects with the existing ordinary shares of
Audrey save and except that they shall not be entitled to any
dividends, rights, allotments and/ or other distributions, the
entitlement date (namely the date as the close of business on
which the shareholders must be registered in order to be
entitled to any dividends, rights, allotments and/ or other
distributions) of which is prior to the date of allotment of
Audrey shares.

3. The basis in determining the issue price of RM1.72 per share

The issue price of approximately RM1.72 per share for the New
Shares to be issued pursuant to the Proposed Disposal was
arrived at on a willing buyer willing seller basis, after taking
into consideration of the following factors:

   (a) The salient terms contained in the Heads of Agreement
that was entered into between Audrey and the Company on 31
January 2002, wherein the number of New Shares to be issued to
settle the share portion of the purchase consideration, shall
not be less than 20% or exceed 25% of the enlarged share capital
of Audrey on the completion date;

   (b) The weighted average market price for the five (5) days
from 24 January 2002 to 30 January 2002 (being the market day
prior to signing of the Heads of Agreement) was RM1.56 per
share. The issue price of approximately RM1.72 per share
represents a premium of RM0.16 per share or 10.26% of the above
five (5) day weighted average market price;

   (c) The weighted average market price for the five (5) market
days from 15 April 2002 to 19 April 2002 (being the market day
prior to the signing of the Sale and Purchase Agreement ("SPA"))
was RM2.46 per share. The issue price of approximately RM1.72
per share represents a discount of RM0.74 per share or 30.08% to
the above five (5) day weighted average market price;

   (d) The weighted average market price for the three (3) month
period from 20 January 2002 to 19 April 2002 was RM2.23 per
share. The issue price of approximately RM1.72 per share
represents a discount of RM0.51 per share or 22.87% to the above
three (3) month weighted average market price; and

   (e) The proforma NTA of Audrey assuming completion of
Audrey's bonus issue and rights issue exercise of RM1.34 per
share. The issue price of approximately RM1.72 per share
represents a premium of RM0.38 per share or 28.36% to the
proforma NTA of Audrey.

4. A statement as to whether the New Shares are to be sold or
retained

Being any unforeseen circumstances, the New Shares are intended
to be retained by the Company so long as the holding of these
shares shall enable equity accounting of Audrey financial
results as an associate of the Company.

5. Particulars of liabilities to be assumed by Audrey, arising
from the Proposed Disposal

There are no liabilities to be assumed by Audrey from the
Proposed Disposal. However, there shall be a contingent
liability in respect of its undertaking to discharge the Company
of the corporate guarantees provided to the financial
institutions as security for the facilities granted to AHSB's
subsidiaries of approximately RM13.15 million.

6. A statement whether the Proposed Disposal has departed from
the Securities Commission's (SC) Policies and Guidelines on
Issue/ Offer of Securities (SC Guidelines) (if applicable)

Under the SC's Guidelines, the price of shares to be issued for
an acquisition should be based on the five (5) day weighted
average market price, which is set one (1) day prior to the date
of announcement of the acquisition.

The New Shares will be issued at an issue price of approximately
RM1.72 per share, which represents a discount of approximately
RM0.74 per share or 30.08% to the five (5) day weighted average
price of the Audrey shares. The issue price of the New Shares
was arrived at after taking into consideration of the factors
outlined under Section 3 above. Audrey will seek a waiver from
the SC in respect of the above departure from the SC Guidelines.

Save as disclosed above, to the best knowledge of the Board of
Directors of the Company, the Proposed Disposal has not departed
from the SC Guidelines.


PROMET BERHAD: KLSE OKs Requisite Announcement Time Extension
-------------------------------------------------------------
Promet Berhad, in reference to its announcement made on 30 April
2002 stating the Company's application to the Kuala Lumpur Stock
Exchange for an extension of time to announce the Requisite
Announcement to the Exchange for public release, informed that
the KLSE has approved an extension of 2 months from 30 April
2002 to 30 June 2002 to enable the Company to announce the
Requisite Announcement.

Profile

Originally in the business of building contractors and civil
engineers, the Company diversified into the property and hotel
industries in 1981.

In early 1990, after a period of rationalization, the Group re-
focused its business plans and concentrated on four core
activities: steel fabrication, marine engineering and
construction, civil engineering and construction, property
investment and development. Subsequently, it divested its
interests in the hotel industry in 1993.

The Group has since disposed of its Teluk Ramunia Fabrication
Yard and all the assets at this Yard including temporary
structures as well as machinery, operating equipment and cranes
to Ramunia Energy and Marine Corporation Sdn Bhd pursuant to two
agreements dated 21 May 2001.

The Company is currently working out a restructuring scheme to
inject suitable assets to regularize its financial condition.


SITT TATT: Gas Business' Proposed Transfer Aborted
--------------------------------------------------
Previously, Sitt Tatt Berhad, revealed a proposed transfer of
its wholly-owned subsidiary, Sitt Tatt Marketing Sdn Bhd (STM)'s
gas business to its associated Company, Sitt Tatt Industrial
Gases Sdn Bhd. The Proposed Transfer has lapsed and is deemed
aborted.

Last month, TCR-AP reported that Sitt Tatt Berhad received a
notification from the Registrar of Companies stating that
Enerplus Sdn Bhd, a dormant wholly owned subsidiary of the
Company, was officially struck-off from the register pursuant to
Section 308 of the CA 1965.


SOUTH MALAYSIA: SC Extends Corp Exercises, Warrants Replacement
---------------------------------------------------------------
South Malaysia Industries Berhad, further to the announcement on
7 November 2001 made by Alliance Merchant Bank Berhad on behalf
of SMI on the approval of the Securities Commission for the
Corporate Exercises and extension of time for the implementation
of the Replacement of Warrants for another period of eight (8)
months to 30 June 2002, announced that the SC, via its letter
dated 14 May 2002, has approved the extension of time for the
completion of both the Corporate Exercises and Replacement of
Warrants to 31 October 2002, as proposed.

The "Corporate Exercises" refers to:

   * Bonds Restructuring;
   * Debt Restructuring;
   * Two-Calls Rights Issue; and
   * Listing of and quotation for the RCSLS, ICULS, Warrants and
the new shares to be issued pursuant to the Proposed Two-Call
Rights Issue and the conversion/ exercise of CSLS/ICULS/Warrants
on the Kuala Lumpur Stock Exchange.


TECHNO ASIA: Proposing Shareholders' Mandate at EGM
---------------------------------------------------
The Special Administrators of Techno Asia Holdings Berhad
announced the following proposal for the approval of
shareholders at an Extraordinary General Meeting (EGM) to be
convened:

   (i) Proposed Shareholders' Mandate for Recurrent Related
Party Transactions of a revenue or trading nature (Proposed
Shareholders' Mandate)

A Circular containing details of the Proposed Shareholders'
Mandate will be dispatched to the shareholders in due course.

DETAILS OF THE PROPOSED SHAREHOLDERS' MANDATE

The Proposed Shareholders' Mandate is to ensure compliance with
the current provisions set out in Chapter 10 of the Kuala Lumpur
Stock Exchange (KLSE) Listing Requirements.

The SA of TECASIA further informed that TECASIA has also entered
into transactions with Noble Synthesis Sdn Bhd (NSSB) but has on
31 March 2002 ceased transactions with NSSB. TECASIA has no
intention of entering into any future transactions with NSSB.

RATIONALE

The Proposed Shareholders' Mandate will benefit the Company by
facilitating entry by members of the TECASIA into transactions
with related parties in the normal course of the Group's
business on commercial terms, in a timely fashion. This will
eliminate the need for the Company on each occasion, pursuant to
the financial limits imposed by Paragraph 10.08 of the Listing
Requirements of the KLSE, to announce and to convene separate
general meetings of the Company to seek shareholders' approval
as and when potential transactions with the specified classes of
related parties arise, thereby reducing substantially the
administrative time, inconveniences and costs associated with
the convening of such meetings without compromising the
corporate objectives and adversely affecting the business
opportunities available to TECASIA.

FINANCIAL EFFECTS

The Proposed Shareholders' Mandate does not have any financial
effect on the earnings or the net tangible assets of TECASIA and
has no effect on the issued and paid-up capital of TECASIA.

APPROVAL

The Proposed Shareholders' Mandate is subject to shareholders'
approval.

DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTEREST

To the best of the SA's knowledge, none of the other Directors,
Substantial Shareholders or persons connected to them have any
interest, direct or indirect, in the Proposed Shareholders'
Mandate, save for Tuan Haji Muhadzir bin Mohd Isa, Mr Lee Sieng
Meng and Mr Kua Kee Chong (a former director of TECASIA).

Tuan Haji Muhadzir bin Mohd Isa and Mr Lee Sieng Meng will
continue to abstain from the Board deliberation and voting in
relation to the Proposed Shareholders' Mandate at the Board
meeting and they together with Mr Kua Kee Chong (a former
director of TECASIA) will abstain from voting in respect of
their direct and / or indirect shareholdings on the resolution
relating to the Proposed Shareholders' Mandate at the EGM.


TRANS CAPITAL: KLSE Grants Requisite Announcement Time Extension
----------------------------------------------------------------
The Board of Directors of Trans Capital Holding Berhad announced
that TCHB has received the approval of the Kuala Lumpur Stock
Exchange (KLSE) for the extension of time for 2 months from 1
May 2002 to 30 June 2002 in order for TCHB to revise its
regularization plan and to make a revised Requisite Announcement
(RA) to the KLSE for public release.

Last week, TCR-AP reported that TCHB received the approval of
the Kuala Lumpur Stock Exchange (KLSE) for the extension of time
of one (1) month until 31 May 2002 for submission of the 2001
Annual Audited Accounts of TCHB. The reason TCHB was unable to
release the 2001 Annual Audited Accounts are due to the
following, which delayed the preparing and finalizing the
accounts for TCHB Group:

   1) the appointment of the Receiver and Manager of Trans
Capital Sdn. Bhd., a subsidiary company of TCHB, all the
accounting books and related documents were handed over to the
Receiver

   2) TCSB is awaiting confirmation from the bankers and
solicitors on the balance due by TCSB to them respectively.


UNITED CHEMICAL: Andersen Receivership Ended
--------------------------------------------
United Chemical Industries Berhad informed that Messrs. Arthur
Andersen & Co has ceased to act as Receiver and Manager of
United Chemical Industries Bhd with effect from 15 May 2002
under the powers contained in the debentures dated 1 November
1999 and 27 June 2000.


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


NATIONAL BANK: Narrows First-Quarter Loss to PhP782.929M
--------------------------------------------------------
Philippine National Bank (PNB) posted a net loss of 782.929
million pesos in the first quarter of this year, 61 percent
lower than the net loss of 2.01 billion ($40.5 million) in the
same period in 2001, the BusinessWorld newspaper reported.

A PNB official said that the improvement in the bank's
performance could be attributed to the cost-cutting measures
implemented by the bank's management.

The financial data submitted to the Securities and Exchange
Commission (SEC) also shows that PNB's interest expense for the
first quarter dropped to 1.88 billion pesos from 3.05 billion
pesos last year.

For 2002, PNB President Lorenzo V. Tan expects losses to fall 40
percent to 2.7 billion pesos from 4.5 billion pesos last year.

With the signing of the rehabilitation agreement, he said, PNB
can now implement a "good bank-bad bank" strategy to ensure its
financial recovery.

The "good bank" will focus on rebuilding the franchise and
developing new profitable businesses while turning PNB into a
global financial service provider. The "bad bank" will
concentrate on reducing non-performing loans and enhancing the
value of acquired assets.

Earlier this month, the country's SEC has fined PNB 100,000
pesos a day from April 30 for failing to meet the deadline on
that day for the submission of its 2001 annual report to the
regulatory body.


NATIONAL POWER: Government Refuses to Pay PPA
---------------------------------------------
The National Government will not pay for the suspended purchased
power adjustment (PPA) charges of state-owned National Power
Corporation (Napocor), BusinessWorld reported.

The PPA is an automatic cost recovery mechanism that allows
Napocor to bill power distributors for increases in the cost of
generating power, as well as increases in the cost of power it
buys from the independent power producers (IPP).

"We're not gonna spend money for that. I don't think the
government should be spending for that surcharge. It's not our
problem, it's their (Napocor's) problem," National Treasurer
Sergio G. Edeza said.

Napocor officials claim the PPA reduction may result in
financial losses for the firm. Napocor is expected to incur a
monthly deficit of 3 billion pesos (US$60.523 million) because
of the suspension of PPA collections.


NATIONAL STEEL: Government Agrees to Debt-to-Equity Swap
--------------------------------------------------------
The final agreement of National Steel Corp's rehabilitation is
coming to an end following the approval of the Malaysian and
Philippine governments to swap the bankrupt steel maker's debt
for equity, AFX Asia reports.

According to Trade Secretary Manuel Roxas II, the Malaysian
government has agreed to write off 35 billion pesos of its
investment in National Steel, while the Philippine government
agreed to write off 8 billion pesos of its 16 billion in loans
to the firm.

These amounts will be converted into equity, Roxas said.

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

Malaysia's Hottick Investments Ltd holds an 82.5 percent stake
in National Steel, while Japan's Marubeni Corp owns 5 percent.
The Philippine government owns the remaining 12.5 percent.

National Steel closed in November 1999 due to bad loans.


PHILIPPINE LONG: Posts PhP1.3B Profit in First Quarter
------------------------------------------------------
Philippine Long Distance Telephone Co., the Philippines' largest
phone company, reported an increase in first-quarter profit of
1.3 billion pesos ($26.2 million) from 629 million pesos a year
ago, Bloomberg reported.

Sales rose 6 percent to 19.1 billion pesos as its mobile units
added subscribers and serviced more calls and text messages.

Rising profit could help boost cash flow at PLDT, owned by Hong
Kong's First Pacific Co. and Japan's Nippon Telegraph &
Telephone Corp., as it seeks ways to repay $1.3 billion debt due
by 2004.

PLDT is counting on the revenues of its mobile units Smart
Communications Inc. and Pilipino Telephone Corp. to help it
repay $1.3 billion of debt due by 2004.

To ease concerns it may not be able to repay the debt, PLDT has
borrowed $149 million and sold $350 million of bonds this year.
It also expects to receive an $80 million loan from the Japan
Bank for International Cooperation.


PHILIPPINE LONG: Secures $9M Loan From Canadian Firm
----------------------------------------------------
Telecommunications giant Philippine Long Distance Telephone Co.
(PLDT) has secured a new loan facility worth US$8.8 million from
Export Development Canada, ABS-CBN News reported yesterday.

EDC is a Canadian financial institution that provides trade
finance and risk management services to Canadian exporters and
investors.

The long-term loan facility will be used to partly finance
telecommunications equipment and related services provided by
Nortel Networks for the expansion of PLDT's next generation
Domestic Fiber Optical Network (DFON).

"This network expansion is yet another step in our vision of
creating a fully digitized, internationally connected national
network capable of providing a broad range of fast, reliable and
competitive broadband, data and IP services," PLDT president and
chief executive officer Manuel Pangilinan said.

PLDT recently announced that it has signed a contract with
Nortel Network for this project which enhances the capabilities
of the DFON's existing OPTera Long Haul 1600, as well as deploys
an OPTera Connect DX optical switch to support an increase in
network capacity, service provisioning and reliability.


PILIPINO TELEPHONE: First-Quarter Loss Narrows to PhP868.9M
-----------------------------------------------------------
Pilipino Telephone Corp (PilTel) has decreased its net loss for
the three months to March to 868.9 million pesos from the year
earlier loss of 1.362 billion pesos, AFX Asia reported.

PilTel said operating expenses in the first quarter rose to
1.713 billion pesos from 1.647 billion a year earlier on
increased marketing expenses and higher rental and management
fees.

The phone Company said marketing expenses for its Talk N Text
mobile service reached 442.9 million pesos, while rental
payments rose to 94.5 million pesos from 60.7 million a year
ago.

It also paid 178.8 million pesos in management fees to affiliate
Smart Communications for various outsourcing services and parent
Philippine Long Distance Telephone Co for its management of
relevant Piltel operations.

Piltel President Napoleon Nazareno said the Company was able to
cut expenses with the debt restructuring deal signed last year.
It said EBITDA for the quarter was 136.6 million pesos, boosting
hopes Piltel will break even this year.


UNION CEMENT: Post PhP200M Income in First Quarter
--------------------------------------------------
Union Cement Corp., the nation's largest cement firm, has
recorded a net income of 200.03 million pesos in the first three
months of the year from 89.7 million pesos in the same period
last year, the Philippine Star newspaper reported.

Union Cement Senior Vice President Dr. Francis Felizardo
attributed the improved profitability of the company mainly to
the safeguard measures installed by the government as well as
the production improvements that led to cost reduction and the
firm's aggressive marketing efforts.

Partly owned by Swiss cement giant Holcim, Union Cement
submitted to the Philippine Stock Exchange that its net sales in
the first three months amount to 2.02 billion pesos.

The Company plans to settle 1.5 billion pesos in total debt this
year to bring down its total debt load to 1.7 billion pesos.

Bulk of Union Cement's debts are long-term commercial papers
worth about 600 million pesos maturing on December 20.


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


DATACRAFT ASIA: Expects Second-Half Losses
------------------------------------------
System integrator Datacraft Asia Ltd. has warned that it would
post a loss for the six months ending June 30 because it expects
to take a provision of between $19 million and $23 million for
bad debts in China, Bloomberg reported.

Datacraft suspects financial "impropriety" in the non-payment of
some of the debts related to services performed for medium-sized
business in China. It said the bad debts are from its subsidiary
Datacraft Networks Inc., which conducts business through Chinese
import-export firms that bill in local currency and remit U.S.
dollars to Datacraft.

The Company is restructuring operations in China, it said in a
statement to the Singapore Stock Exchange.

Datacraft requested a suspension in trading of its shares
yesterday to allow the market time to digest its profit warning.

In November, the Company trimmed 230 workers, or 12 percent of
staff, because of lower-than-expected orders. Chairman Derek
Althrop resigned a week ago for health reasons and was replaced
by Patrick Quarmby.

Shares of Datacraft Asia, located at DBS Building Tower Two,
plunged as much as 17 percent on Thursday morning when they
resumed trading after the Company's shocking announcement.


SEMBCORP LOGISTICS: Posts Change in Capital Group's Holding
-----------------------------------------------------------
Sembcorp Logistics posted a notice of change in the deemed
substantial shareholding of The Capital Group Companies, Inc.

Date of notice to company: 16 May 2002
Date of change of deemed interest: 15 May 2002
Name of registered holder: DBS Nominees Pte Ltd
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of DBS Nominees Pte Ltd
No. of shares of the change: 35,000
Percentage of issued share capital: 0
Amount of consideration: S$2.2829
No. of shares held before change: 53,374,400
Percentage of issued share capital: 6.27%
No. of shares held after change: 53,339,400
Percentage of issued share capital: 6.26%

Holdings of The Capital Group Companies, Inc including deemed
interest
No. of shares held before change:     80,312,200
Percentage of issued share capital:   9.43
No. of shares held after change:      80,277,200
Percentage of issued share capital:   9.43
Total shares:                         80,277,200

SembCorp Logistics Limited -- http://www.semblog.com/--
provides marine salvage, offshore supply base services,
passenger ferry services, tug services for berthing and docking
of ships, ocean towage, marine transportation and integrated
logistics services.


WEE POH: Calls for Shares Suspension
------------------------------------
Ailing construction firm Wee Poh Holdings Ltd asked for an
immediate suspension in trading of its shares on Wednesday
pending the release of an announcement on 'a breakthrough in
negotiations' in its fund-raising efforts, the Business Times
reported.

Wee Poh Holdings Ltd, faced with current liabilities of S$50.9
million at the end of 2001, earlier said it is still in
discussions with various parties to secure additional funding.

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


CENTRAL PAPER: Books Q102 Bt98.64M Net Loss
-------------------------------------------
Central Paper Industry Plc. (CPICO) indicated that its loss in
the first quarter of 2002 changed from the first quarter of 2001
because of the world economic situations was recessive after the
terrorist attack in America on September 11th, 2001. It caused
the domestic industry including the paper industry decreased in
sales volume in the first quarter of 2002 compared with the same
period a year ago.

So, the revenues in the first quarter of 2002 decreased down to
Bt13.88 million or 9.48% compared with the same period a year
ago. Moreover the interest expense increased Bt 29.56 million
due to the company record accrued interest at the defaulted rate
in the accounts and the selling and administrative expenses
increased by Bt4.14 million.  Therefore, the Company had a net
loss in the first quarter of 2002 amounted Bt98.64 million
compared to a net loss of Bt67.36 million at the same quarter
in 2001.


DATAMAT PUBLIC: Submits Reviewed Quarterly Financial Statement
--------------------------------------------------------------
Datamat Public Company Limited submitted its reviewed quarterly
financial statements as of March 31,2002.

A profit increase of Bt2 million in operation performance in the
first quarter of 2002 in comparable to the same period last year
due to:

   1. Gain on debt restructuring of approximately Bt13.5 million
in this Quarter.
   2. The interest expense in this quarter is less than last
year approximately Bt10.5 million.
   3. The write off A/P trade-foreign which over due more than
      3 years to other income approximately Bt19 million in
the first quarter last year.
   4. The profit in Associated Company increased 4.6 million
      when comparing with the last year.
   5. The net revenue is decreased approximately Bt11 million
      when comparing with the last year due to decrease in
      software development income.
   6. The selling and administrative expenses are increased
approximately one million when comparing the last year.


MEDIA OF MEDIAS: SET Approves Increased Capital Listing
-------------------------------------------------------
Media of Medias Public Company Limited (MEDIAS) on completing
its capital increase procedures, has asked the SET to list its
increased capital.

The SET has granted MEDIAS's increase capital to be listed from
May 16, 2002 onwards.

The SET posted a suspension sign (SP) against the securities of
MEDIAS on August 16, 2000 as a result of MEDIAS being placed
under rehabilitation (REHABCO), which also affected its status
as SET listed company. The SET will continue posting this SP
sign until MEDIAS has met the qualifications with respect to the
listing status requirements of a listed company.

The SET will allow the MEDIAS's increased capital and its
securities to be traded after the above conditions have been
met.

Name             : MEDIAS
Issued and Paid up Capital
  Old            : Bt104,000,000
                     -Common Stock 26,000,000 shares
  New            : Bt548,295,584
                     -Common Stock 137,073,896 shares
Allocation as per the business rehabilitation plan
     1. to Mr. Kosit Suvinijjit amounting to 30,000,000 shares
        Price per share : Bt0.01
     2. to creditors under debt to equity conversion scheme
  amounting to 81,073,896 shares
        Price per share : Bt4
Exercise/Payment Date : April 25, 2002


Meanwhile, the Company will postpone the submission of the 1st
Quarter Financial Statements - English Version, and is planning
to send these financial statements by 24 May 2002.


SINO-THAI: Posts Q102 Progress Report
-------------------------------------
Sino-Thai Resources Development Public Co., Ltd. in coordination
with Phillip Securities (Thailand) Public Company Limited
(Financial Advisor) reported on the actual performance compared
with the projection on the Company's Rehabilitation Plan in
compliance with the Stock Exchange of Thailand requirements to
refrain from the grounds of delisting.

Summary the actual performance for the 1st Quarter of year 2002

For the 1st quarter of the year 2002, the Company recorded total
revenue of Bt6.96 million, relatively lower than the projection
by Bt 33.63 million or 82.85%. The reduction of revenue was
mainly attributable to the lack of income from Tin Mining due to
the preparation of changing mined contractor from KOBCHAI
DREDGES COMPANY LIMITTED to PHUKET MINING COMPANY LIMITTED since
January 1, 2002.

In addition, the company also remodeled its dredge vessels and
set up new dressing tin plant as well as explored new mine
deposit which expected to start in the second quarter. Besides
none of revenue from dredge rental was recorded because of self-
operating by hiring labor from contractor. Thus, only revenue
from industrial stone was recorded in this quarter. With the
aforementioned factor, the company's performance for the 1st
quarter of year 2002, was reported net loss of Bt8.76 million,
relatively lower than the projection by Bt9.39 million or
1,494.93%.

Explanation on the significant variance of the actual
performance and projection

Revenue from Tin Ore

The company expected revenue from tin ore to be Bt31.10 million,
but none of revenue from tin ore was recorded resulting from the
transition process of changing mined company from KOBCHAI
DREDGES COMPANY LIMITTED to PHUKET MINING COMPANY LIMITTED since
January 1, 2002. In addition, the company also remodeled its
dredge vessels and dressing tin plant as well as explored new
mined deposit, which expected to start in the second quarter.

Revenue from Industrial Stones

Revenue from industrial stones of Bt5.38 million was lower than
the projection by Bt2.53 million or 31.95 %.  The contraction of
revenue from industrial stones came from the ceasing operation
for 15 days in order to renewal its expired stone crushers. In
addition, most of the industrial stones used for road
construction were low-price stones. Consequently revenue from
industrial stones was lower than the projection.

Other Income

Other income of Bt1.58 million was favorably higher than the
projection by Baht 1.11 million or 237.55 % predominantly due to
the adjustment of the allowance of asset depreciation and gain
from investment.

Cost of Sales and other expenses

Due to the company sold only industrial stones, the company's
cost of goods sold was mainly come from cost of industrial
stones, which equal to Bt5.70 million. This cost of goods sold
was lower than the projection by Bt1.28 million or 18.31%, which
the reduction was proportional to the reduction of sales.
Selling and administrative expense was Bt8.69 million higher
than the projection by Bt5.41 million or 164.62%.  The
incremental expense came from the self-operate mining starting
from mine exploration and planning, set up new dressing tin
plant, and remodel its dredge vessels as well as contractors'
expenditure and fuel for dredge vessels which accounted for Baht
6.15 million.


SOMPRASONG LAND: Files Business Reorganization Petition
-------------------------------------------------------
Real estate developer Somprasong Land Company Limited (DEBTOR)'s
Petition for Business Reorganization was filed at the Central
Bankruptcy Court:

   Black Case Number 1738/2544

   Red Case Number 163/2545

Petitioner: VICTORY - S COMPANY LIMITED BY MISS PORNPEN
SUKSOMBOONWONG, THE AUTHORITY COMMITEE

Planner: CHURCHILL PRYCE PLANNER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt11,555,977

Date of Court Acceptance of the Petition : December 14, 2001

Date of Examining the Petition: January 14, 2002 at 9.00 A.M.
Court has postponed the Date for Examining the Petition to
January 25 and 28, 2002

Court Order for Business Reorganization and Appointment of
Planner: February 4, 2002

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: February 18, 2002

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: March 5, 2002

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: June 5, 2002

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


THAI DURABLE: Incurs Q102 Net Loss of Bt53.46M
----------------------------------------------
Thai Durable Textile Public Company Limited suffered a loss of
Bt53.46 million, a loss of Bt0.28 per share, for the first
quarter of 2002, which is close to the loss of Bt53.43 million
or a loss of Bt0.76 per share for the same period of last year.

The loss is mainly due to the sales volume of only Bt110
million.  The spinning mill, which caught fire in November 2000,
was completely shut down. Also, due to lack of working capital
to acquire sufficient raw materials and necessary spare parts,
sales volume decreased tremendously.  Furthermore, the Company
made provisions for an additional loss of Bt7 million as it was
sued by a group of former employees for termination and other
compensation.

On 14th February 2002, the Company received an insurance claim.
The Company is now in the process of increasing production to
its full capacity and increasing sales and reducing production
costs.


THAI PETROCHEMICAL: Clarifies Q102 Financial Statement
------------------------------------------------------
Effective Planners Ltd, as the Plan Administrator of Thai
Petrochemical Industry Public Company Limited, announced that
for the first quarter ended 31 March 2002, the consolidated net
loss was Bt456 million in comparison with the consolidated net
loss of the same period of prior year of Bt6,080 million, the
result was difference of Bt5,624 million.

The major part of this change can be accounted for due to:

1. Sales income

During the first quarter ended 31 March 2002, sales income was
Bt 16,263 million, this is lower than the sales for the same
period last year by Bt2,918 million when sales were Bt19,189
million. This decline reflects a decrease in product prices
across the industry experienced in the last quarter of 2001 and
the first quarter of 2002.  However, the ratio of sales to the
cost of sales remains similar when comparing each quarter.

2. Interest Expenses and Interest Expenses on Default

For the quarter ended 31 March 2002, the interest expenses and
interest expenses on default was Bt1,811 million. However, for
the same period in the three months ended 31 March 2001 these
expenses were Bt2,914 million.  The major reduction reflects
the reduction in the interest rate compared to the same period
last year.

3. Gain on Foreign Exchange

In the first quarter of 2002, the Thai Baht to foreign
currencies strengthened, and the company made a gain on foreign
exchange of Bt1,209 million. During the three months ended 31
March 2001, the Thai Baht to foreign currency exchange rate
declined and a loss arose on foreign exchange of Bt1,812
million.

4. Loss from Impairment of Assets

During the three months ended 31 March 2001, the company
incurred a loss from revaluation and impairment of assets of
Bt1,923 million. The Company completed the significant asset
revaluations during the year ended 31 December 2001, and there
were no revaluations affecting asset values in the financial
statements in the current period.

5. Rehabilitation Expenses

The rehabilitation expenses for the first quarter ended 31 March
2002 were Bt156 million which is a significant reduction of
Bt210 million compared to the rehabilitation expenses incurred
in the same period of the prior year of Bt366 million. The
reduction arose from lower Plan Administrator fees and Creditor
Steering Committee fees.


TPI POLENE: Posts Q102 Operating Results
----------------------------------------
TPI Polene Public Company Limited provides information regarding
the Company's Consolidated Financial Statement for quarter
1/2002 ended March 31, 2002, reviewed by the auditors of the
Company, as follows:

Total consolidated revenues showed Bt4,513 million in Q1/2002
compared to Bt4,610 million in Q1/2001. The slight decrease of
2.10 % was attributable to a reduction in cement and plastic
resin revenue reversing an increase in ready-mixed concrete
revenue.

In addition, the Company recognized gain on the foreign exchange
for the amount of Bt550 million compared to loss of Bt574
million in Q1/2001.

In addition, gain on share of profits from investments under the
equity method increased to Bt13 million compared to loss of
Bt202 million in Q1/2001.

The Company realized net profit of Bt26 million in Q1/2002
compared to net loss of Bt857 million in Q1/2001. The
substantial growth of 103.03% was mainly due to the reasons as
mentioned above.

The Company recorded earning per share of Bt0.05 in Q1/2002
compared to net loss of Bt1.69 in Q1/2001. Book value per share
was Bt33.63 in Q1/2002.


* SET Posts `Sp' Sign Against Listed Companies
----------------------------------------------
The following listed companies have failed to submit their
financial statements as of 31 March 2002 via the Electronic
Listed Company Information Dissemination system (ELCID)
by the deadline specified by the SET and there have been at
least three consecutive delays in filing their financial
statements. The SET Rules prescribe that conditions and
procedures for the temporary prohibition of trading of listed
securities will take effect on the next day, and remain in
effect until the company has sent the financial statements
to the SET.

   1. Rattana Real Estate Public Company Limited (RR)
   2. Bangkok Steel Industry Public Company Limited (BSI)
   3. Wongpaitoon Group Public Company Limited (WFC)

The Stock Exchange of Thailand (SET) has posted an `SP'
(Suspension) sign to temporary suspend the trading of the
companies securities due to the companies have failed to submit
their financial  statements for at least three consecutive
delays. The suspension, effective 16 May 2002, will remain in
effect until the companies submit the required financial
statements.


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
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                 *** End of Transmission ***