TCRAP_Public/020522.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, May 22, 2002, Vol. 5, No. 100

                         Headlines


A U S T R A L I A

ARC ENERGY: Releases Top 20 Shareholders as of May 20
DVT HOLDINGS: Meeting Over Bigshop Resolutions Likely
ENERGY WORLD: Evaluation, Negotiations With CBA Continues
ENVESTRA LIMITED: Secures A$100M Five-Yr Term Banking Facility
ENVESTRA LIMITED: S&P Assigns `BBB-' to Unit's A$25M MTNs

HORIZON ENERGY: LYP Receives Notification From Insurers
IMPERIAL ONE: Unit OzNetwork Resolves Administrator Appointment
PASMINCO LIMITED: Creditors' Committee Proposes Restructuring


C H I N A   &   H O N G  K O N G

401 HOLDINGS: Mr. Lau Replaces Mr Lee as Alternate Director
BONDWAY (ASIA): Winding Up Petition to be Heard
DAILYWIN GROUP: Proposal Resolutions Passed at Special GM
NORTHERN INTERNATIONAL: Turnover Movement Unexplainable
SINOTERM LIMITED: Hearing of Winding Up Petition Set

WAH SHUN: Winding Up Sought by Nanyang Commercial


I N D O N E S I A

BANK DANAMON: IBRA Reshuffles Board of Directors, Commissioners
BANK INTERNASIONAL: New Management Designs Rescue Strategy


J A P A N

DAIEI INC: Nakauchi Steps Down From Group Firms
FURUKAWA ELECTRIC: Likely to Sell, Close Five Fiber Plants
MITSUBISHI MOTORS: Europe Ops May Break Even Next Year
NEC CORPORATION: Will Spin Off Chip Arm as Part of Restructure
SHOKUSAN JUTAKU: Tokyo Court Approves Rehab Plan

SNOW BRAND: Itochu to Invest JPY2.5B in Diary Products Maker
SNOW BRAND: Seeks $3.9M Funding From Asahi Breweries
SNOW BRAND: Will Cut 1,300 Jobs to Stem Losses


K O R E A

DAEWOO SECURITIES: Woori in Talks to Buy Via Equity Swap
HYUNDAI MOTOR: Will Stop Atoz Production by 2005


M A L A Y S I A

ABRAR CORPORATION: Memorandum of Understanding Executed
ANGKASA MARKETING: Monitoring Accountant Not Required
EMICO HOLDINGS: KLSE Grants time Extension to Obtain Approval
GEAHIN ENGINEERING: Updates Litigation Status
KILANG PAPAN: FIC OKs Proposed Debt, Restructuring Scheme

LONG HUAT: KLSE Denies Accountant Appointment Deferment Request
MGR CORPORATION: Enters Restructuring Plan Principal Agreement
PARK MAY: Parties Mutually Agree to Two-Month HOA Extension
RENONG BERHAD: Sale Share Agreement Extended Until July 17
SIME DARBY: Voluntarily Liquidates Subsidiaries

SITT TATT: Proposed Acquisition Completed
UH DOVE: Eighth AGM Scheduled for June 14
UNIPHOENIX CORP.: Replies to Unit's Winding-Up Petition Query


P H I L I P P I N E S

BENGUET CORP: First-Quarter Loss Widens to PhP74.207M
FIRST PHILIPPINE: Plans $150M Bond Float in July
NATIONAL BANK: Board Okays Rehab Plan, Debt-to-Equity Swap
NATIONAL POWER: Willing to Resume Meralco Power Supply Deal
PHILIPPINE LONG: Up 1.1% on Bargain-Hunting

RFM CORP: Posts First-Quarter Profit After Sale of Cosmos Unit


S I N G A P O R E

DATACRAFT ASIA: Denies Selective Disclosure Reports
NATSTEEL LTD: Flextronics Offers to Buy Broadway Unit for $364M
NATSTEEL LTD: Jumps 22% on Unit Sale


T H A I L A N D

BAN CHENG: Files Business Reorg Petition in Bankruptcy Court
EASTERN PRINTING: Rehabilitation Narrows Net loss to Bt752.36M
ITALIAN-THAI: Waiving Unrealized Foreign Exchange Loss   
SRIVARA REAL: Increases Registered Capital   
THAI ENGINE: SET Securities Trading Suspension Continues

     -  -  -  -  -  -  -  -

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


ARC ENERGY: Releases Top 20 Shareholders as of May 20
-----------------------------------------------------
ARC ENERGY NL released this notice:

DISTRIBUTION OF SHAREHOLDERS AS AT  
      
   RANGE OF HOLDINGS       NO OF        NO OF        % OF TOTAL
                             HOLDERS      UNITS        ISSUE
                                                       CAPITAL
           1 -   1,000          270      132,233        0.086
       1,001 -   5,000          468    1,489,259        0.976
       5,001 -  10,000          417    3,523,446        2.309
      10,001 - 100,000          939   35,347,977       23.170
     100,001  and over          203  112,065,585       73.457

                 TOTAL        2,297  152,558,500       99.998

TOP TWENTY SHAREHOLDERS AS AT  

NAME                                             NUMBER      %

Hardman Resources Ltd                        15,825,000   10.373
Group #104                                   6,371,897    4.176
Tower Trust Ltd                              5,973,583    3.915
Aegis Exploration Pty Ltd                    5,186,668    3.399
Graham Douglas Riley & Anne Marie Riley (The
Riley Super Fund A/C)                       5,000,000    3.277
Zero Nominees Pty Ltd                        4,219,000    2.765
Group #112                                   4,059,324    2.660
Piat Corp Pty Ltd                            2,800,000    1.835
Yandal Investments Pty Ltd                   2,094,340    1.372
Group #139                                   2,000,000    1.310
Invia Custodian Pty Ltd (White A/C)          1,500,000    0.983
Group #141                                   1,434,200    0.940
Group #94                                    1,415,894    0.928
Group #99                                    1,400,000    0.917
Group #137                                   1,301,817    0.853
Austock Nominees Pty Ltd (Custodian A/C)     1,073,357    0.703
Group #185                                   1,040,002    0.681
Group #121                                   1,008,779    0.661
Point Road Pty Ltd                           1,000,000    0.655
JRS Investments Pty Ltd (The Trojan Unit A/C)1,000,000    0.655

TOTAL                                       65,703,861   43.051

   
AUSTRALIAN MAGNESIUM: Issues Stanwell Project Capital Estimate  
--------------------------------------------------------------
Five months after the commencement of tendering and engineering
for the Stanwell Magnesium Project, Australian Magnesium
Corporation Limited confirms project development is within
prospectus capital estimates, forecast operating costs are
below initial estimates, and opportunities have been identified
for an accelerated production ramp up.

CAPITAL ESTIMATES CONFIRMED:

AMC has agreed a Contract Control Price (CCP) and Project
schedule with Leighton Contractors Pty Ltd for its proposed role
as Principal Contractor for the Stanwell Magnesium Project.

The agreed CCP is A$987 million, representing around 80 percent
of forecast capital expenditure on Stanwell Magnesium Plant
facilities.

The balance of the capital estimate includes direct costs
(including lump sum turn key contracts for ancillary facilities,
plant wide control system and owners team costs) and indirect
costs (such as pre-commissioning, marketing and research
activities) of A$260 million, giving a total project cost within
the A$1.3 billion outlined in the October 2001 prospectus.
The CCP sets the target price and scope of work for the
Engineering, Procurement and Construction (EPC) contract
currently being negotiated between the parties.

The CCP is forecast to convert to a lump sum fixed price in the
June quarter 2003, prior to the scheduled date for project debt
drawdown.

These estimates have benefited from significant improvement in
definition and review by AMC, Leighton and tenders from
Leighton's specialist engineering and construction contractors.
By way of example:

   (i) Tenders/budget prices have been received for:

     * instrumentation, control values, stainless steel
fittings, motors, Centrifugal pumps, etc.

     * equipment representing around 25 per cent of the
provisional cost items.

     * the Hydrochloric Acid Plant, Chlor Alkali Plant and the
Project Wide Control system.

   (ii) The major project areas (Dehydration, Electrolysis, Site
Civil) have undergone design refinement and have been tendered
with revised quantities reflected in the forecasts.

   (iii) Contractor's estimates have been received for
engineering, bulk materials and Construction.

   (iv) Insurance has been placed and paid.

   (v) A site labor agreement has been concluded.

The updated capital cost estimate is based on significant
pre-engineering and tender prices and provides a greater level
of cost definition than is normal at this stage of a project's
development.

LOWER OPERATING COSTS:

The forecast cash operating costs for the Stanwell plant - based
on a refinement of many of the project capital items and
operating inputs - indicates an A$ cash cost of 94.8 cents a
pound, compared with the 95.2 cents a pound forecast in the
Feasibility Study.

At a current exchange rate of US 55 cents this equates to US
51.2 cents a pound.

ACCELERATED RAMP UP IDENTIFIED:

The project development schedule agreed between AMC and Leighton
reconfirms production of first magnesium metal in the December
quarter 2004.

AMC and Leighton are also discussing strategies and an incentive
regime for improving on the project construction completion date
in conjunction with a significant acceleration of the planned 24
month ramp up period to full production.

This will be a major focus for both AMC and Leighton.

AMC's next project milestone is to finalize the Leighton EPC
contract by the end of June 2002.


DVT HOLDINGS: Meeting Over Bigshop Resolutions Likely
-----------------------------------------------------
DVT Holdings Limited DVT Holdings is concerned that the
Bigshop's announcement in relation to the Requisition Notice may
be misleading insofar as it did not make clear that the Company
constitution prohibits the consideration of the resolutions
requested by Bigshop to appoint directors at a general meeting
of members. The Board is not prepared to call a meeting that it
considers would be in breach of DVT's constitution.

DVT Holdings has sought a declaration from the Supreme Court of
New South Wales and will call a general meeting to consider the
Bigshop resolutions if required to by law and if permitted under
the company constitution.


ENERGY WORLD: Evaluation, Negotiations With CBA Continues
---------------------------------------------------------
The Directors of Energy World Corporation Limited advised that
the CBA and its appointed independent expert are still
evaluating and discussing with the Company plans to permit the
outstanding obligations to the CBA to be paid in full.

Pending an outcome to these discussions the CBA have agreed to
defer the next repayment due to the CBA for a further period
until 22 May 2002.

Further details in respect of these agreements will be advised
to Shareholders when matters have been resolved between the
Company and the CBA.

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


ENVESTRA LIMITED: Secures A$100M Five-Yr Term Banking Facility
--------------------------------------------------------------
Envestra Limited said on Tuesday that it had secured a new A$100
million banking facility with ANZ Bank for a five year term
through to June 2007.

Envestra's Chief Financial Officer, Ian Little said "The new
facility is a further step in Envestra's financing strategy to
ensure our loan portfolio is appropriately balanced between bank
and capital markets facilities and has a spread of maturities
that reflect the Group's long-term investments in gas
distribution infrastructure."

Envestra also announced that agreements had been executed with
five financial institutions to provide $25 million of
subordinated debt, in the form of Medium Term Notes, to assist
with the repayment of $100 million of Convertible Notes due to
mature on 30 September 2002.

The funding was arranged by Grange Securities and follows the
recent $83 million equity raising in April, part of which is
also to be used to repay the maturing Convertible Notes.

The $25 million of Medium Term Notes has a long-term BBB-
investment grade rating by Standard & Poor's.

Mr Little said "Considerable interest had been displayed by a
range of fund managers and other financial institutions in
support of Envestra's mezzanine debt program."

The four year floating rate bonds carry an interest rate of 275
points over BBSY and will be unlisted.


ENVESTRA LIMITED: S&P Assigns `BBB-' to Unit's A$25M MTNs
---------------------------------------------------------
Standard & Poor's on Tuesday had assigned its `BBB-' rating on
the A$25 million medium-term notes (MTNs) to be issued by
Envestra Ltd.'s (Envestra, BBB/Stable/A-2) subsidiary, Envic
Holdings 2 Ltd. The MTNs are to be issued to fund the balance of
the maturing convertible notes that become due in September this
year.

"Although the debt benefits from a guarantee from Envestra, it
ranks behind all senior debt and operational creditors, and
attracts a rating that is one notch lower than Envestra's
rating," said Colin Atkin, associate director, Corporate &
Infrastructure Finance Ratings. "The company does not expect to
issue additional debt from this entity for the foreseeable
future."

The ratings on Envestra include the consolidation of Envestra
Victoria Pty. Ltd. (BBB/Stable/A-2). They reflect the
reliability and diversity of the group's earnings; Envestra's
natural monopoly position as a natural gas distribution network
operator in Victoria, South Australia, and Queensland; and the
transparent and supportive regulatory environment. Offsetting
these strengths are the company's aggressive financial policies
and structure.


HORIZON ENERGY: LYP Receives Notification From Insurers
-------------------------------------------------------
Horizon Energy Investment Management Limited wishes to
advise that Loy Yang Power has received formal notification
from insurers granting indemnity to its claim relating to the
failure of the Unit 4 generator.

Insurance maintained by LYP provides coverage for property
damage and business interruption. The indemnity granted by the
insurers is subject to the terms and conditions of LYP's
insurance policies, which incorporate deductibles typical of the
industry. LYP is still in discussion with insurers on details of
the claim, including the amount and timing of insurance
proceeds.

It is anticipated that, due to the nature of the coverage,
insurance proceeds in relation to property damage will be
relatively unambiguous. However, the claim in relation to
business interruption may be subject to more negotiation due to
the nature of the electricity market and its impact on the
calculation of loss of revenue.

The insurers have also agreed with LYP's proposal to have the
damaged stator repaired in Germany by Siemens. LYP has commenced
mobilization of transport and readying of the stator for freight
in order to meet the next shipping opportunity.

The exact financial impact of the Unit 4 outage will not be
finalized until various factors, including the amount and timing
of insurance proceeds, are confirmed. The market will be kept
informed of further developments, as they become known.


IMPERIAL ONE: Unit OzNetwork Resolves Administrator Appointment
---------------------------------------------------------------
The Board of OzNetwork Pty Limited, a subsidiary of
Imperial One Limited, on 20 May 2002 resolved to appoint an
Administrator to the Company.

Imperial One Limited is an Australian investment company with
interests in the areas of mineral sands exploration and digital
media. Imperial's three current investments are BeMaX Resources,
Catcha.com and OzNetwork.  


PASMINCO LIMITED: Creditors' Committee Proposes Restructuring
-------------------------------------------------------------
Messrs John Spark and Peter McCluskey of Ferrier Hodgson,
announced on Tuesday that the Committee of Creditors had
endorsed a proposal to restructure Pasminco and its balance
sheet involving an issue of shares in lieu of debt to the 39
financiers owed approximately $2.8 billion. These financiers'
interests will subsequently be partially sold down via a public
float, with them retaining a residual shareholding in the
company.

This proposal will go to a full Meeting of Creditors no later
than 15th July 2002.

A significant amount of restructuring has taken place in
Pasminco in terms of cost reviews, staff reconstruction,
slimming head office operations and identification of
efficiencies which can be gained in the larger assets of the
group. This process is ongoing and includes a thorough review of
all of the business activities of Pasminco.

Mr Spark said the proposal would see the conversion of a
substantial portion of the pre-administration debt into Pasminco
shares, followed by a public offering of approximately 50% of
the creditors shareholding.

"This proposal would allow the company to emerge from
administration with a very positive future and the opportunity
to expand its base metal business with a conservatively geared
balance sheet," he said.

"Presentations have been received from a number of brokers and
we expect to name the team that will manage the float process
within the next week.

"We are hopeful that a prospectus could be distributed in
September, with listing completed on the ASX and trading able to
commence before November 2002.

"The float will allow for an early return to creditors and leave
Pasminco in a position to benefit from any positive move in zinc
prices."

Mr Spark said that he was currently looking at a mechanism that
would provide priority treatment to existing shareholders in the
float.

"All of the forecasters are suggesting that the zinc market is
at the bottom of the price cycle, and most predict a strong
recovery over the next few years which will return the company
to profitability," said Mr Spark.

"The float is expected to appeal to institutional investors and
the retail market.

"In the future, the company will have an investment grade credit
rating because of its low debt which should lead to a lower cost
of funds for new projects.

"With its significantly reduced debt levels and world class
asset base, Pasminco will also be in a very strong position to
participate in any rationalization of the zinc industry," said
Mr Spark.

"Another of the major advantages of the proposal," he added, "is
that almost all of Pasminco's 3500 employees will retain their
jobs. There will be redundancies arising out of a restructure
and downsizing of the company's head office and the ongoing
drive for efficiency gains and cost reductions at the various
operating sites. Head office numbers are expected to reduce by
45 over the next six months.

"The proposal represents the best possible return to creditors
and provides a good result for customers, employees and other
stakeholders," said Mr Spark.

Administration has provided the opportunity to restructure and
improve the overall quality of the Pasminco asset base. The sale
of the Broken Hill mine in NSW is in progress, with settlement
due by June. Offers are currently under consideration for the
Clarksville smelter and mines in the USA. The Elura mine, which
is well suited to a niche operator, is also on the market
Consistent with the intent of the company to be a strong and
vibrant player in the zinc market, the company's large low cost
Century mine has been taken off the market and is to be retained
as the cornerstone of Pasminco.

Mr Spark commented, "The Century mine in North Queensland is a
world class asset that forms the nucleus of the company going
forward."

"The assets retained are those that provide scale at the lower
end of the cost curve and are substantial assets in the zinc
industry."

Mr Spark said a search was presently under way for a new
Chairman and new Board of Directors.

The existing Board members have indicated their intention to
stand down when a new Board is formed.

Recently appointed Chief Executive Officer, Mr Greig Gailey will
lead the company into this new phase.

Mr Gailey is committed to rebuilding the company as a leading
player in the zinc industry. He has embarked on a significant
management restructure to further lower costs and improve
performance.

"We have been very impressed with Mr Gailey's role in steering
the company through this difficult period and we are confident
that he has the necessary skills to successfully lead the
company into the future," said Mr Spark.

"Pasminco's operating performance has continued to improve
during the period in Administration.

"For the nine-month period ended March 2002, production remains
well ahead of the previous year and the business is currently
cash flow positive.

Pasminco CEO Mr Greig Gailey said, "with an upgraded asset base,
lower operating costs and the removal of its crippling debt
burden, Pasminco is well placed to once again be a profitable
and attractive investment in base metals. Pasminco will be
highly integrated and have global scale in both zinc and lead,"
he said.

"Pasminco is ready for a new beginning," said Mr Spark, "and
subject to creditors' support it will emerge as a strong and
attractive investment for those seeking to participate in the
expected recovery in base metal prices."


================================
C H I N A   &   H O N G  K O N G
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401 HOLDINGS: Mr. Lau Replaces Mr Lee as Alternate Director
-----------------------------------------------------------
The Board of Directors of 401 Holdings Limited has pleasure to
announce that Mr. Lau Cheuk Hung, Terence (Mr. Lau) has been
appointed as an alternate director to Mr. Law Chuen Lam, Edward
with effect from 17th May 2002 and Mr. Lee Ying Wah, Alfred
Augustine (Mr. Lee) has ceased to be an alternate director to
Mr. Law Chuen Lam, Edward with effect from 17th May 2002.

The Board welcomes Mr. Lau to join the Board and to express its
sincerest thanks to Mr. Lee for his valuable contribution to the
Company during his term of office.

Last month, TCR-AP reported that the Company is in the course of
discussions with remaining creditors relating to the settlement
of outstanding obligations in consideration of the issue to some
of these creditors of shares in the Company at HK$0.01 each as
part of its overall capital restructuring plan.


BONDWAY (ASIA): Winding Up Petition to be Heard
-----------------------------------------------
The petition to wind up Bondway (Asia) Company Limited is
scheduled for hearing before the High Court of Hong Kong on July
3, 2002 at 11:30 am.

The petition was filed with the court on April 3, 2002 by Dow
Corning Corporation trading as Dow Corning Asia whose principal
place of business is situated at 19th Floor, East Point Center,
555 Hennessy Road, Causeway Bay, Hong Kong.


DAILYWIN GROUP: Proposal Resolutions Passed at Special GM
---------------------------------------------------------
The Board of Dailywin Group Limited announced that the
resolution to approve the Proposal was duly passed by the
Shareholders present and voting in person or by proxy at the
special general meeting of the Company held on 17 May 2002.

All conditions of the Proposal have been fulfilled. The Proposal
became effective on 17 May 2002.

FREE EXCHANGE OF SHARE CERTIFICATES FOR ADJUSTED SHARES

Shareholders may submit their certificates for Shares (in blue
color) to the branch share registrar of the Company in Hong
Kong, Secretaries Limited, at 5th Floor, Wing On Center, 111
Connaught Road Central, Hong Kong (the "Registrars"), in
exchange for certificates for Adjusted Shares (in orange color)
(on the basis of one Adjusted Share for one Share) free of
charge at the Registrars' office during business hours from
Tuesday, 21 May 2002 up to and including Wednesday, 19 June
2002. Thereafter, existing certificates for Shares will be
accepted for exchange only on payment of a fee of HK$2.50 (or
such higher amount as may from time to time be allowed by the
Stock Exchange) for each new certificate issued for Adjusted
Shares. New share certificates will be issued in board lots size
of 2,000 Adjusted Shares. It is expected that new certificates
for Adjusted Shares will be available for collection on 4 June
2002, if Shareholders submit the existing certificates to the
Registrars on 21 May 2002 (being the first day for free exchange
of certificates). Thereafter, it is expected that new
certificates for Adjusted Shares will be available for
collection within 10 business days from the date of submission
of existing certificates for Shares to the Registrars for
exchange.

All existing and new shares certificates in respect of the
Shares will be accepted as valid documents of title in respect
of the same number of Adjusted Shares for trading, settlement
and registration purpose after the Proposal becomes effective.

Shareholders are recommended to consult their professional
advisers if they are in any doubt as to the above procedures.


NORTHERN INTERNATIONAL: Turnover Movement Unexplainable
-------------------------------------------------------
Northern International Holdings Limited has noted the recent
increases in trading volume of the shares of the Company and
stated that the Company is not aware of any reasons for such  
increases.

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


SINOTERM LIMITED: Hearing of Winding Up Petition Set
----------------------------------------------------
The petition to wind up Sinoterm Limited is scheduled to be
heard before the High Court of Hong Kong on July 24, 2002 at
9:30 am.

The petition was filed with the court on April 17, 2002 by Bank
of China (Hong Kong) Limited (the successor corporation to The
China & South Sea Bank Limited pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank
of China Tower, 1 Garden Road, Central, Hong Kong.


WAH SHUN: Winding Up Sought by Nanyang Commercial
-------------------------------------------------
Nanyang Commercial Bank Limited is seeking the winding up of Wah
Shun Limited.  The petition was filed on April 29, 2002, and
will be heard before the High Court of Hong Kong on August 7,
2002.

Nanyang Commercial holds its registered office at 151 Des Voeux
Road Central, Hong Kong.


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


BANK DANAMON: IBRA Reshuffles Board of Directors, Commissioners
---------------------------------------------------------------    
The Indonesian Bank Restructuring Agency (IBRA) has reshuffled
its Board of Directors as well as Commissioners of PT Bank
Danamon Tbk., Bisnis Indonesia reports, citing President
Director Arwin Rasyid.

Rasyid said that, as some of directors and commissioners ended
their terms, the change of the board of directors and
commissioners had been agreed to at yearly general meeting of
shareholders.

New faces emerging at the board of directors are Riswinandi,
Prasetyo, and Anika Faisal. All three are new employees at Bank
Danamon who previously have been posted at IBRA and had long
been working with Bank Niaga.

The incumbent President, director Arwin Rasyid maintains the
position, along with Muliadi Rahardja, Krisna Suparto, and Gatot
Suwondo in the position of directors. Old directors resigning
were Arman B. Arief and Ria Sidabutar.

At the Board of Commissioners, new faces are Darmin Nasution
(Director General of the Financial Agency at Ministry of
Finance) as President Commissioner, Sri Adiningsih (Economist at
Gajah Mada University) and Nyoman Sender.

On November last year, TCR-AP reported that PT Bank Danamon
settled its obligation to pay the liquidity support extended by
the IBRA. It had also settled the interests of the government's
bailout funds worth Rp749.8 billion.


BANK INTERNASIONAL: New Management Designs Rescue Strategy
----------------------------------------------------------
Team Sigit Pramono, the newly appointed Chief of Bank
Internasional Indonesia (BII) Management Team, has designed four
steps to recover the bank's financial condition. Reviewing non-
performing loans is one facet of the plan, Bisnis Indonesia
reported Tuesday.

Pramono said in a press conference his team has designed short-
term policy, striving to make the bank financially viable. These  
are:

   * Capital raising through rights issue
   * Evaluating debtors of NPL by selecting which one is
considered as credible and which one is not. This NPL problem
will be resolved through credit restructurization or credit
securitization.
   * Improving service quality to raise customers' confidence
and support on the bank.
   * Increasing efficiency in all fields.

Meanwhile, Bank Indonesia Governor Syahril Sabirin said that
BII's customers were no longer rushing the bank to extract their
money. "A few days ago, the rush did happen but it has already
stopped now," he said.


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


DAIEI INC: Nakauchi Steps Down From Group Firms
-----------------------------------------------
Tadashi Nakauchi, owner of the professional baseball club
Fukuoka Daiei Hawks, has resigned from all his executive posts
at Daiei Inc. group firms with the exception of those at three
Fukuoka-based units, including the Hawks, Kyodo News reported.

Kobe-based Daiei earlier said it is going to request about 50
billion yen in financial assistance from Bank of Fukuoka and
other local financial institutions for two of its wholly owned
group companies affiliated with the Fukuoka Daiei Hawks baseball
team.

The capital infusion would partly be used to cover cumulative
losses of about 20 billion yen incurred by the Fukuoka Dome,
which operates the Hawks' home stadium, and Fukuoka Daiei Real
Estate, which manages the adjoining Sea Hawk Hotel and resort
complex. Daiei has run up 140 billion yen in debts from its
baseball-related operations.

In addition to the outside financial assistance, the Fukuoka
Dome and Fukuoka Daiei Real Estate will reduce their combined
capital of 35 billion yen to almost zero.

The proposed capital reduction is aimed at reducing the Daiei
group's overall interest-bearing debt from the current 1.66
trillion yen to 1.21 trillion yen by the end of next February by
removing the two companies from its list of group firms subject
to consolidated accounting.

One restructuring plan envisaged by Daiei involves turning part
of Daiei's holdings in the Fukuoka Dome and the Sea Hawk Hotel
and Resort complex into securities and selling them to local
interests.

In April, Daiei Inc. revealed a consolidated net loss of 332.51
billion yen (US$2.58 billion) for the business year that ended
in February, blaming the losses on increased restructuring
costs. Its current assets stood at US$9.8 billion against
current liabilities of US$22.4 billion.

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


FURUKAWA ELECTRIC: Likely to Sell, Close Five Fiber Plants
----------------------------------------------------------
Furukawa Electric Co. plans to close or sell five of the 10
optical fiber plants it has bought from U.S. firm Lucent
Technologies Inc. for 280 billion yen, reports Dow Jones
Newswires, citing The Nihon Keizai Shimbun.

The Company will also cut its work force in related divisions by
20 percent from the current 3,700 to slightly below 3,000 by
year-end, the paper added.

The Chiyoda-ku, Tokyo-based maker of automotive, architectural,
and communications wiring may sell or close the plants because
they caused the firm to post a fiscal 2001 group net loss of 3.4
billion. Sales also dropped 7 percent to 771.4 billion yen and
operating profit plunged 82 percent to 10.7 billion yen.

The plants under review are located in Brazil, Germany, Russia,
the U.S. and Japan.

Furukawa holds 51 percent stakes in three plants that are
jointly owned by Sumitomo Electric Industries Ltd. and Yazaki
Corp. Furukawa will soon begin talks with the two partners to
make a final decision on the matter.

As of March 2001, Furukawa Electric's long-term debt stood at
183.33 billion yen while total liabilities at 789.34 billion
yen.


MITSUBISHI MOTORS: Europe Ops May Break Even Next Year
------------------------------------------------------
Tokyo-based Mitsubishi Motors Corp., in which German-U.S. auto
giant DaimlerChrysler AG holds a 37.3 percent stake, is on track
to turn around its loss-generating European operation and break
even there as early as next year, the Wall Street Journal
reported, citing incoming chief executive Rolf Eckrodt.

Meanwhile, Mr. Eckrodt said that Mitsubishi, Japan's fourth-
largest car maker after Toyota Motor Corp., Honda Motor Co., and
Nissan Motor Co., will have a longer struggle to turn around its
domestic business because of an aging product lineup.

Mitsubishi revealed last week its first net profit of 1.13
billion yen in three years as strong profits in North America
more than offset losses in Mitsubishi's Japanese and European
operations. Much of the improvement also stemmed from faster-
than-expected progress in cutting costs under a turnaround
program led by a team dispatched by DaimlerChrysler AG.

At the end of 2001, the Company had negative working capital, as
current liabilities were 1.95 trillion yen while total current
assets were only 1.23 trillion yen.

Mitsubishi is counting on a string of 10 new models during the
next three years to revive its sales in Japan. Mr. Eckrodt also
said Mitsubishi is hoping to make a sport utility vehicle in
China.


NEC CORPORATION: Will Spin Off Chip Arm as Part of Restructure
--------------------------------------------------------------
NEC Corp, Japan's No. 2 chipmaker, will spin off its
semiconductor division and seek investors in its plasma display
panel business as part of restructuring its loss-making
operations, the Associated Press reported.

The Minato-ku, Tokyo-based company is now seeking to recover
profits through group restructuring after posting a net loss of
312 billion yen in the year ended March 31 largely due to the
downturn in the semiconductor and IT markets.

As part of the restructuring plan, NEC said it would separate
its loss-making semiconductor division and take it public as
soon as possible.

The plasma display panel business will be separated as a
subsidiary in October. NEC has already said it would establish a
joint venture with SVA Group for its TFT liquid crystal display
business.

The spin-off will leave NEC to focus on solutions businesses
that integrate IT and networking. NEC had previously focused on
three core areas of solutions, networks and electronic devices.

"Our plan is within two years to raise 500 billion yen in such a
way," president Koji Nishigaki said. The number of domestic
employees will come down from 100,000 to 70,000 to 80,000 within
5 years and most of these will be software and hardware
engineers, rather than blue collar workers.


SHOKUSAN JUTAKU: Tokyo Court Approves Rehab Plan
------------------------------------------------
The Tokyo District Court has approved the rehabilitation plan
submitted by Shokusan Jutaku Sogo Co, a failed builder of
custom-made houses, Japan Times reported.

Shokusan Jutaku will start repaying its debts in line with the
plan when the Court approval is finalized in about a month, the
report said.

The Company, based in Shibuya-Ku, Tokyo, filed for court
protection from creditors on January 13 with unconsolidated
liabilities of 13.5 billion yen.

Under the rehabilitation, Shokusan Jutaku will withdraw from
building new homes. It will sell its Homest brand of custom-made
homes to Painthouse Co., a house-painting and renovation firm in
Kanagawa Prefecture.

Shokusan Jutaku has also been delisted from the first section of
the Tokyo Stock Exchange.

The Company will reduce its capital to zero and issue new shares
for allotment mainly to Misawa Homes Co., a major builder of
prefabricated wooden houses.

Shokusan Jutaku will use the proceeds from the new share issue
to focus operations on renovation, maintenance and repaying its
debt.


SNOW BRAND: Itochu to Invest JPY2.5B in Diary Products Maker
------------------------------------------------------------
Major Japanese trading house, Itochu Corp, will invest 2.5 to 3
billion yen in the struggling Snow Brand Milk Products Co Ltd,
AFX Asia reported, citing the Nihon Keizai Shimbun.

Itochu is considering forming a joint business with Snow Brand
Milk subsidiary, Yukijirushi Access, Inc., and has already
agreed to take a stake in the parent, the report said.

In a bid to offset restructuring-related losses, Shinjuku-ku,
Tokyo's dairy products maker in early May asked Norinchukin
Bank, UFJ Bank, and 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.

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.

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 meatpacking subsidiary Snow
Brand Foods Co., which disbanded in April as earnings
deteriorated sharply.


SNOW BRAND: Seeks $3.9M Funding From Asahi Breweries
----------------------------------------------------
Snow Brand Milk Products Co. has asked Asahi Breweries Ltd. for
about 500 million yen ($3.9 million) as part of the Company's
plans to raise up to 12 billion yen from new shares in the
coming months, Reuters reported, citing the Nihon Keizai
Shimbun.

Snow Brand is asking Japan's largest domestic beer maker,
Yamazaki Baking and three other manufacturers to buy shares
worth a combined 3 billion yen, the paper said.

The paper also said that the National Federation of Agricultural
Cooperative Associations, or Zenno, is set to take the largest
stake at 30 percent, with up to 6 billion yen in funding.


SNOW BRAND: Will Cut 1,300 Jobs to Stem Losses
----------------------------------------------
Snow Brand Milk Products Co. decided Monday to reduce staff by
1,300, or 25 percent of its workforce, as the ailing dairy maker
attempts to staunch heavy losses following recent scandals, the
Yomiuri Shimbun reports.

Beginning with voluntary retirements, the Company will attempt
to overcome an already shaky earnings situation aggravated by a
beef mislabeling scandal at its now-defunct subsidiary.

From its current total of 4,500 employees, the Shinjuku-ku,
Tokyo-based Company is expected to trim around 700 of 2,200 jobs
from its unprofitable milk unit. The remaining jobs will come
from butter and cheese operations.


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


DAEWOO SECURITIES: Woori in Talks to Buy Via Equity Swap
--------------------------------------------------------
South Korea's Woori Finance Holding Co is in talks to buy Daewoo
Securities Co Ltd through equity swaps in a bid to add a large
investment bank to its business portfolio, Reuters reported.

"We are in talks to take over Daewoo Securities via an equity
swap but there is some problem (in cutting the deal) as Daewoo's
largest shareholder Korea Development Bank wants cash payment,"
Woori chairman Yoon Byung-chul said.

Daewoo Securities has been up for sale since 1999 when the
Daewoo Group collapsed.

Earlier, Daewoo Securities sold its entire 99.99 percent stake
in its affiliate Daewoo Bank (Romania) to CONEF SA, a Romanian
unit of Marco International of the US, for US$16.77 million.

The sale came as part of the broker's restructuring of its
overseas operations. Seoul-based Daewoo Securities plans to use
the proceeds to improve its finances. The broker is also
planning to sell its affiliate banks in Hungary and Uzbekistan.

TCR-AP reported in January that Daewoo Securities Co expected
proceeds of US$14.3 million due to the restructuring of some of
its overseas operations.


HYUNDAI MOTOR: Will Stop Atoz Production by 2005
------------------------------------------------
Hyundai Motor Co., South Korea's largest automaker, will halt
and transfer production of its Atoz compact car in 2005 to
affiliate Kia Motors Corp., Bloomberg reported, citing the
Chosun Ilbo newspaper.

Kia Motors will be responsible for the research and development
of compact cars, while it teams up with a local auto parts maker
to produce 300,000 compact cars annually, it said.

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


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


ABRAR CORPORATION: Memorandum of Understanding Executed
-------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
announced that ACB had on 16 May 2002, entered into a new MoU
with Ng Huat Tian, Azaruddin Bin Ahmad, Ahmad bin Jamaluddin,
Ang Choon Hug, Lee Quat Min, Hang Chin Juan and Pey Chee Hian
(the OLE Vendors), Ng Huat Tian and Pua Yow Liang (the
Ascentland Vendors), Oil - Line Engineering And Associates Sdn
Bhd (OLE) and Ascentland Sdn Bhd (Ascentland) to regulate and
record basic understanding of the key areas of agreement pending
finalization and approval of the Proposed Workout for ACB.

Details of the Proposed Workout

In principal, the Workout Proposal shall consist of, but is not
limited to the following:

   i) A Newco shall be incorporated to acquire the OLE Assets
and the Ascentland Assets;

   ii) The OLE Vendors and the Ascentland Vendors shall sell and
transfer their entire shareholdings in OLE and Ascentland
respectively free from all liens, charges, pledges, equities,
mortgages and encumbrances to Newco with separate Share Sale
Agreements;

   iii) The proposed exchange of the existing shares in ACB for
new ordinary shares in Newco at a ratio;

   iv) A proposed debt restructuring involving the settlement of
all known debts, secured, unsecured and any other creditors of
ACB; and

   v) Newco will assume the listing status of ACB.

Conditions Precedent

The key areas of agreement expressed in the MoU are subject to
and conditional upon the following:

   i) Due diligence conducted by the SAs to their satisfaction
on all aspects of the Proposed Workout;

   ii) All requisite approvals, consents or waivers being
obtained from the relevant authorities or under the Danaharta
Act; and

   iii) All relevant corporate approvals.

Further details of the Proposed Workout for ACB will be
announced in due course.

Background

On 27 May 2000, pursuant to the powers set out under Section 24
of the Pengurusan Danaharta Nasional Berhad Act, 1998 ("the
Danaharta Act"), Pengurusan Danaharta Nasional Berhad
("Danaharta") appointed Mr. Lim San Peen and Mr. Gong Wee Ning
of PricewaterhouseCoopers as Special Administrators ("SAs") of
the Company. Mr. Gong Wee Ning ceased to act as Special
Administrator on 8 October 2001 and in his place as Special
Administrator of the Company, Ms Yap Wai Fun was appointed by
Danaharta pursuant to Section 24 of the Danaharta Act on 10
October 2001.

The primary objectives of the SAs are to preserve the assets of
ACB under special administration and to formulate a corporate
restructuring proposal ("the Proposed Workout") that takes into
consideration the interest of all stakeholders.

On 18 September 2000, the SAs of ACB, on behalf of the Company,
entered into a Memorandum of Understanding ("MoU") with a White
Knight and subsequently, on 22 December 2000, Danaharta approved
the workout proposal for the Company as prepared by the SAs.
However, on 21 February 2001, this White Knight decided not to
proceed with the execution of definitive agreements, which
resulted in the termination of the transactions as contemplated
in the MoU dated 18 September 2000.

On 27 June 2001, the SAs of ACB, on behalf of the Company,
entered into another MoU with a different White Knight. However,
on 27 November 2001, the Company announced that the
restructuring exercise of ACB involving the White Knight and its
wholly-owned subsidiaries will not proceed as the Definitive
Agreements (as defined in the MoU) were not executed by the
relevant parties within the time stipulated in the MoU.

On 10 January 2002, the SAs of the Company held a briefing for
interested parties to submit offers to acquire the businesses
and / or assets of the Company. Interested parties were required
to submit their proposals on 23 January 2002.

On 6 March 2002, the SAs of the Company conducted a restricted
re-tender exercise for the top two (2) bidders who were required
to submit their revised offers by 13 March 2002.

On 15 April 2002, the SAs of the Company selected a White Knight
to participate in the corporate debt restructuring exercise of
the Company.


ANGKASA MARKETING: Monitoring Accountant Not Required
-----------------------------------------------------
Angkasa Marketing Berhad an affected listed issuer as the
consolidated adjusted shareholders' equity of Angkasa calculated
based on the unaudited consolidated balance sheet of Angkasa as
at 31 March 2002 shows a deficit of RM18.8 million. Pursuant to
the PN4, Angkasa is:

   1) given a time frame of between 6 to 12 months to implement
its plan to regularize its financial conditions;

   2) to announce the status of its plan to regularize its
financial condition on a monthly basis until further notice from
the KLSE;

   3) to submit monthly reports to the KLSE within 10 market
days from the end of each month reported;

   4) to announce its compliance, or failure to comply, with any
particular obligation imposed on Angkasa by the KLSE pursuant to
PN4 as and when such obligation becomes due; and

   5) to appoint a monitoring accountant if Angkasa falls within
the criteria set out in paragraph 6.1 of PN4.

Failure to comply with any of the aforesaid obligations imposed
by PN4 may lead to the suspension or de-listing of Angkasa
shares from the KLSE.

In relation to item (1) above, shareholders and potential
investors should refer to the announcements made jointly by
Angkasa with Amsteel Corporation Berhad, Lion Corporation Berhad
and Lion Land Berhad (collectively the "Lion Group") on 5 July
2000 which sets out an overall corporate and debt restructuring
scheme for the Lion Group as a whole ("Proposed GWRS") and
subsequent announcements on 19 October 2000, 26 February 2001,
30 March 2001, 2 May 2001, 8 October 2001 and 26 March 2002 on
the revisions to and the progress of the Proposed GWRS.

The Proposed GWRS is intended to regularize the financial
position of the Lion Group (including the Angkasa Group) and
provide the Lion Group with the financial ability to meet its
financial commitments to its creditors and in the long term, to
regain a position of profitability. The Proposed GWRS would also
address the aforesaid deficit in the consolidated adjusted
shareholders' equity of Angkasa.

The Proposed GWRS is subject to the approvals of the relevant
authorities/parties.

Messrs Ernst & Young has been appointed as the Independent
Adviser to advise the minority shareholders of Angkasa on the
fairness and reasonableness of the terms of the proposals within
the Proposed GWRS which relate to the Angkasa Group.

With regard to items (2) and (3) above, Angkasa will be
announcing the status of the Proposed GWRS on a monthly basis
and submitting monthly reports to the KLSE.

In relation to item (4) above, no particular obligation has been
imposed by the KLSE. As for item (5) above, the appointment of a
monitoring accountant is not required as Angkasa does not fall
within the criteria set out in paragraph 6.1 of PN4.

      
EMICO HOLDINGS: KLSE Grants time Extension to Obtain Approval
-------------------------------------------------------------   
The Board of Directors of Emico Holdings Berhad, in relation to
the Proposals, announced that the Kuala Lumpur Stock Exchange
had vide its letter dated 14 May 2002, approved the extension of
time of two(2) months from 14 April 2002 to 13 June 2002 to
enable Emico to obtain all the necessary approvals from the
regulatory authorities.

The Proposals refers to:

   * Proposed Debt Restructuring Scheme
   * Proposed Two-Call Rights Issue
   * Proposed Employee Share Option Scheme
   * Proposed Increase in Authorized Share Capital


GEAHIN ENGINEERING: Updates Litigation Status
---------------------------------------------
Geahin Engineering provided update on the status of the
following lawsuits:

RHB Bank Berhad (RHB or "the judgment creditor") against Geahin

   Geahin announced that on 10 May 2002 its solicitors have been
informed that RHB has obtained Judgment against the Company.

   The judgment creditor is claiming for a sum of
RM10,155,030.11, continuing interests ranging from 7.20% to
8.20% per annum and costs, which have to be paid within ten (10)
days from 03.05.2002. Meanwhile, the Company's Counsel is
appealing against the Judgment and the Company will keep all
relevant parties informed about its outcome in due course.

OCBC Bank (Malaysia) Berhad (OCBC or "the judgment creditor")
against Geahin

   Geahin announced that a Judgment Order has been obtained by
OCBC and the Company is making an appeal for the same.

   The judgment creditor is claiming for a sum of
RM15,083,375.00, continuing interest ranging from 6.2% to 2.75%
above OCBC's Base Lending Rate and costs.

The Company will keep all relevant parties informed about the
outcome of this case in due course.


KILANG PAPAN: FIC OKs Proposed Debt, Restructuring Scheme
---------------------------------------------------------
Kilang Papan Seribu Daya Berhad (Special Administrators
Appointed), further to its announcement dated 2 May 2002,
announced to the Kuala Lumpur Stock Exchange that the Foreign
Investment Committee (FIC) had approved the Company's proposed
debt and equity restructuring scheme with the condition that
West Coast Forests Industries Berhad (the investment holding
company to assume the listing status of KPSD) is to increase its
bumiputra equity shareholdings to at least 30% on listing on the
KLSE.

The Company is deliberating on the condition set by the FIC. An
announcement will be made once the Company has made a decision.


LONG HUAT: KLSE Denies Accountant Appointment Deferment Request
---------------------------------------------------------------
Long Huat Group Berhad, in reference to the previous
announcement in regards to the Appointment of Monitoring
Accountant pursuant to Paragraph 6.1 of Practice Note
4/2001(PN4), announced that the Kuala Lumpur Stock Exchange,  
vide its letter dated 16 May 2002 has rejected L.Huat's
application for a deferment to appoint a monitoring accountant
pursuant to paragraph 6.1 of PN4 until end of July.

Accordingly, L.Huat is required to appoint a monitoring
accountant within two (2) weeks from the date of the aforesaid
letter to perform the functions as set out in paragraph 6.2 of
PN4.


MGR CORPORATION: Enters Restructuring Plan Principal Agreement
--------------------------------------------------------------
MGR Corporation Berhad (Special Administrators) announced that
the conditional Principal Agreement with Crest Builder Sdn. Bhd.
(CBSB) and the shareholders of CBSB, namely Yong Soon Chow
(YSC), Koh Hua Lan, Pertiwi Positif Sdn. Bhd., Takrif Jaya Sdn.
Bhd. and Capai Hasil Sdn. Bhd. for the purpose of implementing a
restructuring scheme for MGR and its subsidiaries (Proposed
Restructuring Scheme) was executed on 5 March 2002, and not 4
March 2002, as inadvertently announced earlier.

Further to the above, the Company wishes to announce that the
parties to the Principal Agreement have entered into a
supplementary agreement on 16 May 2002 to vary certain terms and
conditions of the Principal Agreement, including the terms of
the proposals within the Proposed Restructuring Scheme as
announced on 5 March 2002.

An appropriate announcement on the final terms and the financial
effects of the Proposed restructuring Scheme will be made after
the approval of Pengurusan Danaharta Nasional Berhad and secured
creditors of MGR (if applicable) on the workout proposal
prepared by the SA.


PARK MAY: Parties Mutually Agree to Two-Month HOA Extension
-----------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Park May
Berhad (PMB), announced that, in accordance with Clause 4 of the
Heads of Agreement dated 18 February 2002, the parties to the
HOA namely, PMB, Kumpulan Kenderaan Malaysia Berhad (KKMB) and
Renong Berhad (the Parties) have mutually agreed in writing via
a letter of agreement to further extend the term of the HOA for
another two (2) months commencing 18 May 2002 to 17 July 2002 or
such extended date as the Parties may mutually agree in writing
to deliberate further on the terms and conditions of the
Proposals.

The Proposals comprises of:

   * Proposed Acquisitions of Nine (9) Companies from Kumpulan
Kenderaan Malaysia Berhad (KKMB) for an Indicative Purchase
Consideration of Rm128.0 Million to be Satisfied by an Issuance
of 128.0 Million New Ordinary Shares of Rm1.00 Each in PMB at
Par (Proposed Acquisitions);

   * Proposed Application for Exemption by KKMB from the
Obligation to Make a Mandatory General Offer for the Remaining
PMB Shares Not Held by KKMB After the Proposed Acquisitions
(Proposed Exemption);

   * Proposed Restricted Offer for Sale (ROS) / Placement of
27,437,800 Ordinary Shares of Rm1.00 Each in PMB at Par by
Renong Berhad (Renong) to the Minority Shareholders of PMB and
Identified Placees (Proposed ROS / Placement); and

   * Proposed Public Issue / Private Placement of 10,000,000 New
Ordinary Shares of Rm1.00 Each in PMB at Par (Proposed Public
Issue/Private Placement).


RENONG BERHAD: Sale Share Agreement Extended Until July 17
----------------------------------------------------------
Renong Berhad, in reference to the announcement on 17 April 2002
on the Proposed Disposal of 27,437,800 Ordinary Shares of Rm1.00
each in Park May Berhad (PMB), announced that PMB, Kumpulan
Kenderaan Malaysia Berhad and Renong have mutually agreed via a
Letter of Agreement dated 17 May 2002 to further extend the
period for the signing of the Share Sale Agreement to 17 July
2002 or such other extended date as the parties may mutually
agree in writing, in accordance with Clause 4 of the Heads of
Agreement that was executed on 18 February 2002.


SIME DARBY: Voluntarily Liquidates Subsidiaries
-----------------------------------------------
Sime Darby Berhad announced that its wholly-owned subsidiaries,
Brickiln Towers Sdn. Bhd. (BT) and Sime Darby Drilling Sdn. Bhd.
(SDD) have held Extraordinary General Meetings on 20 May 2002 at
which the shareholders resolved that the companies be wound up
voluntarily.

The shareholder of BT also approved the appointment of Encik Nik
Din bin Nik Sulaiman and Encik Ahmad Kushairy bin Abdul Ghani as
the liquidators. The shareholder of SDD approved the appointment
of Encik Nik Din bin Nik Sulaiman and Mr Chew Kai Kum as the
liquidators.

BT was involved in property investment activities until the
cessation of its operations in February 1994. SDD was involved
in the ownership of a rig and rig charter until it disposed of
its drilling rig in April 1997 and has ceased operations since
then.

The voluntary liquidation of BT and SDD is not expected to have
any material effect on the earnings and net tangible assets of
the Sime Darby Group. None of the directors or substantial
shareholders of Sime Darby or persons connected to them has any
interest in the voluntary liquidation.


SITT TATT: Proposed Acquisition Completed
-----------------------------------------
Sitt Tatt Berhad, in reference to the earlier announcements
dated 22 February 2002 (Ref: ST-020222-89077) and 26 April 2002
(Ref: ST-020224-61738) in relation to the Sale & Purchase
Agreement between Sitt Tatt Marketing Sdn Bhd (STM) and Mr Lim
Hang Boo, informed that following the approval from the Foreign
Investment Committee on the proposed acquisition by STM of the
510,000 ordinary shares of RM1.00 each in Pyramid Labels
Industries Sdn Bhd (PLI) from Mr Lim Hang Boo which is
equivalent to 51% of the entire issued and paid up of PLI
(Proposed Acquisition), the entire cash consideration amounting
to RM3.5 million has been fully paid as at 20 May 2002.

In this respect, the Proposed Acquisition is deemed completed
and accordingly, PLI shall become a subsidiary of STM upon the
registration of the transfer of the 510,000 ordinary shares in
favor of STM.


UH DOVE: Eighth AGM Scheduled for June 14
-----------------------------------------
UH Dove Holdings Bhd (305530-A) advised that the Eighth Annual
General Meeting of the Company will be held at Crystal Crown
Hotel, Crown Hall 2, Level 1, 12, Lorong Utara A, Off Jalan
Utara, 46200 Petaling Jaya, Selangor Darul Ehsan on Friday, 14
June 2002 at 10.00 a.m., to transact the following ordinary
business:

1. To receive and consider the Audited Accounts for the
financial year ended 31 December 2001 and the Reports of
Directors and Auditors thereon. (Ordinary Resolution 1)

2. To re-elect Dato' Wan Jaafar @ Wan Mohd. Bin Abdullah who
retires as a Director of the Company pursuant to Article 91 of
the Company's Articles of Association.  (Ordinary Resolution 2)

3. To re-elect Puan Zaida Khalida Binte Shaari who retires as a
Director of the Company pursuant to Article 91 of the Company's
Articles of Association.  (Ordinary Resolution 3)

4. To approve Directors' Fees of RM48,000.00 for the year ended
31 December 2001. (Ordinary Resolution 4)

5. To re-appoint Messrs PricewaterhouseCoopers as Auditors of
the Company and to authorize the Directors to fix their
remuneration. (Ordinary Resolution 5)

6. As Special Business:

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

Special Resolution

  * Proposed Amendments To The Articles Of Association

"THAT the deletions, alterations, modifications or additions to
the Articles of Association of the Company as set out in the
document marked as Appendix I be and are hereby approved AND
THAT the Directors be and are hereby authorized to give effect
to the aforesaid Proposed Amendments to the Articles with full
powers to assent to any conditions, modifications, variations
and/or amendments in any manner as may be required by the
relevant authorities." (Special Resolution)

Explanatory Notes on Special Resolution

The Special Resolution, if passed, will amend the Company's
Articles of Association to be consistent with the revamped
Listing Requirements of the Kuala Lumpur Stock Exchange and also
the various amendments made to the Companies Act, 1965, the
Securities Industry (Central Depository) Act, 1991 and the Rules
of the Malaysian Central Depository Sdn. Bhd. in 1998.


UNIPHOENIX CORP.: Replies to Unit's Winding-Up Petition Query
-------------------------------------------------------------
Uniphoenix Corporation Berhad, in reply to a query letter by
KLSE Reference ID: FM-020517-33275 in relation to the Winding-Up
Petition filed Against Dancomair (M) Sdn Bhd (Dancomair), a
50.11% owned subsidiary of UCB by Klang Hock Plastic Industries
Sdn Bhd, announced, as follows:

   1. The date of presentation of the aforesaid winding-up
petition to the Court was on 30th April 2002.

   2. The particulars of the claims as stipulated in the
petition are as follows:

     a) Arrears in rental RM 190,800.00
     
     b) Mesne Profit @ RM84,000.00 per month from 1/3/99 -
30/11/99 (date of vacant possessions (9 months x RM84,400.00) RM
759,600.00

     c) Interest on decretal sum amounting RM950,400.00 at the
rate of 8% per annum from 19/2/2000 - 1/3/2002 (740 days) and
still continuing RM 154,147.06

     d) Interest @ 8% per annum of RM84,400.00 per month from
18/3/99 to 18/2/2000 (date of judgment) (337 days) RM 6,234.03

     e) Cost RM 1,669.00
  ----------------
  RM 1,112,450.09
  ================

   3. The non-payment of the rental of DANCOMAIR's former
factory located at Lot 1360, 4 1/2 Mile, Jalan Kapar, 41400
Klang.

   4. The total cost of investment by UCB in DANCOMAIR is
RM5,510,000.

   5. UCB does not expect to incur any further losses from the
winding-up proceedings.

   6. UCB does not intend to defend against the winding-up
proceedings.


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


BENGUET CORP: First-Quarter Loss Widened to PhP74.207M
------------------------------------------------------
Benguet Corp, the country's oldest mining concern, said its net
loss for the three months to March widened to 74.207 million
pesos from 48.865 million in the year-ago period as revenue
dropped sharply due to lower chromite sales, AFX Asia reported.

The Company also revealed operating losses of 10.922 million
pesos in the quarter versus 8.726 million pesos last year.

Benguet Corp's revenue stood at 32.662 million pesos against
56.231 million in 2001.

The Makati-based mining company did not give further details.


FIRST PHILIPPINE: Plans $150M Bond Float in July
------------------------------------------------
First Philippine Holdings Corp. (Q.FPH), a Lopez group
investment holding company whose portfolio is heavily exposed in
the power sector, plans to float $150 million worth of bonds by
July to refinance maturing debt and fund its North Luzon
extension toll project, reports the Philippine Daily Inquirer.

First Holdings chief operating officer Elpidio Ibanez told
reporters the bond could either be convertible into common
shares of the company, or exchangeable to stocks of First
Holdings' unlisted subsidiary, First Generation Holdings Inc.

Part of the proceeds will be used to refinance $87 million
dollars in redemption obligations falling due in August. Some 42
million dollars will be used for capital of the Manila North
Tollways Corp., which plans to extend the North Luzon Expressway
to the province of Tarlac.

The infusion of 42 million dollars in capital into the toll
projects was a precondition to a 261-million-dollar funding
facility signed in July last year with seven international banks
and five multilateral financial institutions led by the Asian
Development Bank. Manila North Tollways needs to have the
additional capital before it can draw on the facility.

Ibanez said First Holdings has appointed US investment bank JP
Morgan as financial adviser for the planned bond float.


NATIONAL BANK: Board Okays Rehab Plan, Debt-to-Equity Swap
----------------------------------------------------------
The Board of Directors of partly state-owned Philippine National
Bank has approved a rehabilitation plan aimed at returning the
bank to profitability in five years, AFX Asia reported.

In a disclosure to the Philippine Stock Exchange, the bank said
that the rehabilitation plan includes swapping part of its 25
billion peso-debt to the government for equity, the offsetting
of government loans, and members of bank management jointly
nominated by the government and the group of former majority
owner Lucio Tan.

The Board also approved a cut in the bank's capital by reducing
the par value of its shares to 40 pesos from 60 pesos to reflect
the decrease in its authorized capital stock to 33.33 billion
pesos from 50 billion.

PNB also said it would issue 195.175 million preferred shares to
the Philippine Deposit Insurance Corp to repay its debt of 7.8
billion pesos.

PNB officials earlier said that apart from converting the PDIC
loan to equity, another 7 billion pesos will be stretched into a
10-year loan and the remaining 10 billion will be offset against
government liabilities to the bank.

Following the debt restructuring, the government and Lucio Tan
would have an equal stake of 44.98 percent each. The management
of the bank has been transferred to the government.

Last week, 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.


NATIONAL POWER: Willing to Resume Meralco Power Supply Deal
-----------------------------------------------------------
State-owned National Power Corp. (Napocor) has agreed to resume
negotiations with the Manila Electric Co. (Meralco), its biggest
customer and the country's largest power distributor, over a
ten-year power supply pact, the ABS-CBN News reports.

"Only Napocor and Meralco can solve whatever differences in
interpretation they may have on the 10-year contract. Energy
Secretary Vince Perez is willing to help us come up with a good
compromise on issues arising from the 10-year power sales
agreement," Napocor's OIC president Roland Quilala said.

The talks will provide an appropriate forum to address the
concerns of both parties on the interpretation of their sales
agreement.

Earlier, Meralco has questioned the validity of the contract
with Napocor, which expires 2004, citing continued breaches
since 1994. According to newspaper reports, Napocor is imposing
a fine of 1.2 billion pesos on Meralco for failing to buy 3,600
megawatts of electricity in January as specified in the
contract.


PHILIPPINE LONG: Up 1.1% on Bargain-Hunting
-------------------------------------------
Shares of Philippine Long Distance Telephone Co. were up 5
pesos, or 1.1 percent, at 447.50 pesos on 134,720 shares traded,
Dow Jones Newswires reported Friday.

The share is faring better than the Philippine Stock Exchange
Index, which is down 1.42 points, or 0.1 percent, at 1354.32.

"PLDT is up on bargain-hunting after the stock was sold down on
Thursday," BPI Securities Assistant Vice-President Spencer Yap
said.

Traders said they saw no fundamental reason for PLDT's 3.8
percent decline, especially since the country's largest
telecommunications group posted a net profit of 1.302 billion
pesos. PLDT credited its robust gains to the strong performance
of its mobile phone unit, Smart Communications Inc.

PLDT, owned by Hong Kong's First Pacific Co. and Japan's Nippon
Telegraph & Telephone Corp., has some US$1.3 billion in maturing
obligations between 2002 and 2004.

PLDT has obtained a 9-year refinancing facility of US$148
million from German development bank Kreditanstalt fuer
Wiederaufbau.


RFM CORP: Posts First-Quarter Profit After Sale of Cosmos Unit
--------------------------------------------------------------
RFM Corporation, which owns Selecta ice cream, said its first-
quarter profit rose 283 times to 6.25 billion pesos ($127
million) from 22 million pesos a year ago after it sold its
soft-drink unit, Bloomberg reported.

Without a gain of 6.6 billion pesos from the sale of Cosmos
Bottling Corp., RFM would have posted a net loss of 302 million
pesos for the period.

RFM, the country's second-biggest food and drink company,
completed the January 3 sale of Cosmos to San Miguel Corp., the
country's largest food and beverage company, and Coca-Cola Co.
for 11.6 billion pesos to help repay some debt.

The Company also sold its electronics unit last year. Its
businesses now include a flour mill and an unprofitable poultry
business.

RFM is one of the largest publicly-listed F&B conglomerates in
the country with total assets of 24.2 billion pesos (as of end-
1999). Its major shareholders are the Concepcion family (over 40
percent holding) and WP Argosy (18.7 percent), a subsidiary of
investment counselors EM Warburg, Pincus & Co., who manage more
than US$15 billion worth of assets worldwide.

As of December 2000, RFM's long-term debt was 1.62 billion pesos
and total liabilities were 14.43 billion pesos.


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


DATACRAFT ASIA: Denies Selective Disclosure Reports
---------------------------------------------------
System integrator Datacraft Asia Ltd has denied allegations in
two reports that it disclosed information to select parties and
those local regulators have failed to query such disclosures,
Business Times reported.

Datacraft said the two articles published in The Business Times
last Friday alleged that it had 'engaged in selective disclosure
of information by disclosing price-sensitive information only to
selected parties.'

Such allegations are 'untrue', the Company said.

Datacraft also denied allegations in the reports that it had not
received any query from the Singapore Exchange regarding the
alleged selective disclosure.

Earlier, the Company, located at DBS Building Tower Two in
Singapore, warned it would continue to make losses for the six
months ending June 30 because of a provision for bad debts in
China.

Datacraft said it is likely to make additional provisions of
US$19 million to US$23 million this financial year due to
difficulties in collecting accounts receivables owing to a unit
in China. The Company 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.


NATSTEEL LTD: Flextronics Offers to Buy Broadway Unit for $364M
---------------------------------------------------------------
The Board of Directors of NatSteel Ltd announced yesterday that
it has signed a letter of undertaking in which it has given an
irrevocable undertaking to accept, in respect of the Company's
entire 51.63 percent shareholding interest in NatSteel Broadway
Ltd (NBL) held through a wholly owned subsidiary, a voluntary
conditional take-over offer to be made by Salomon Smith Barney
Singapore Pte. Ltd. (SSB), for and on behalf of Flextronics
International Limited (the Offeror), to acquire all the issued
and paid-up ordinary shares of S$0.25 each in the capital of NBL
(NBL Shares).

Terms of the Offer

In accordance with Rule 15 of The Singapore Code on Takeovers
and Mergers (as revised with effect from 1 January 2002), the
Offeror will make a voluntary conditional take-over offer for
all the NBL Shares, on the following basis:

Offer Price: S$3.23 in cash for each Offer Share

The Offer Shares are to be acquired free from all charges,
liens, pledges and other encumbrances, and together with all
rights attached thereto as at the date hereof and hereafter
(including all dividends, rights and other distributions (if
any) which may be declared, paid or made by NBL on or after the
date of this announcement).

Details of the terms of the Offer is set out in the announcement
of the Offer released by SSB for and on behalf of the Offeror
(Offer Announcement) which can be found on the Singapore
Exchange Securities Trading Limited's (SGX-ST) website at
www.sgx.com.

Conditions to the Offer

The Offer is conditional upon:

i) Minimum Acceptance Condition
The Offeror having received, by the close of the Offer, valid
acceptances in respect of such number of Offer Shares which,
when taken together with the number of NBL Shares owned,
controlled or agreed to be acquired by the Offeror or any party
acting in concert with it (either before or during the Offer and
pursuant to the Offer or otherwise), will result in the Offeror
and parties acting in concert with it holding such number of NBL
Shares carrying 90 per cent. or more of the voting rights
attributable to the issued share capital of NBL as at the close
of the Offer.

ii) NSL Shareholders' Approval
All resolutions as may be necessary or incidental to approve the
acceptance of the Offer by NSL pursuant to the irrevocable
undertaking (as described below) having been passed at an
extraordinary general meeting (EGM) of NSL to be convened (or
any adjournment thereof).

The acceptance of the Offer by NSL constitutes a major
transaction by the Company under the Listing Manual of the SGX-
ST and accordingly, is subject to the approval of the
shareholders of NSL.

Irrevocable Undertakings

i) The Offer
Each of NSL and Ockham Holdings Limited (another substantial
shareholder of NBL) has given an irrevocable undertaking to the
Offeror to accept the Offer in respect of its entire holding of
104,389,500 NBL Shares and 42,935,000 NBL Shares respectively
(in aggregate 147,324,500 NBL Shares) representing in aggregate
approximately 72.86 per cent. of the issued share capital of NBL
as at the date of this announcement.

The irrevocable undertaking given by NSL to accept the Offer is
subject to approval being obtained from Shareholders at the EGM
as mentioned above.

ii) The EGM
The substantial Shareholders of the Company, being Temasek
Holdings (Private) Limited and The Development Bank of Singapore
Ltd (DBS Bank), have each given an irrevocable undertaking to
the Offeror, to the extent permitted by law and applicable rules
and regulations (including rulings and determinations of the
SGX-ST and the Securities Industry Council), to vote its entire
holding of 29,300,000 and 43,905,915 ordinary shares of S$0.50
each in the capital of NSL respectively in favor of the Company
accepting the Offer at the EGM in respect of all the NBL Shares
held by NSL.

If, prior to the EGM, a competing bid is made for NBL at a
consideration greater than that offered pursuant to the Offer
and Shareholders' approval for NSL's acceptance of the Offer is
not obtained at the aforesaid EGM, the Offeror is entitled to a
sum of US$2 million to be paid by the Company in cash
representing reimbursement of costs and expenses incurred by the
Offeror as full and final settlement of all claims which the
Offeror may have against NSL.

The irrevocable undertaking from NSL shall lapse if for whatever
reason, other than a breach by NSL of any of its obligations
therein, the Offer is withdrawn or lapses, or fails to become or
be declared to be unconditional for any reason, or the approval
of Shareholders is not obtained at the EGM.

Each of the irrevocable undertakings from Ockham, Temasek and
DBS Bank shall lapse if for whatever reason, other than a breach
by Ockham, Temasek or DBS Bank (as the case may be) of any of
its obligations therein, the Offer is withdrawn or lapses, or
fails to become or be declared to be unconditional for any
reason.

In the event that the irrevocable undertaking from any of NSL,
Ockham, Temasek or DBS Bank shall lapse, it shall be without
prejudice to any rights which NSL, Ockham, Temasek or DBS Bank
(as the case may be) may have against the Offeror or the Offeror
may have against NSL, Ockham, Temasek or DBS Bank (as the case
may be) for claim for costs, damages, specific performance or
otherwise whatsoever.

Consideration to be received by NSL

The aggregate consideration to be received by the Company for
accepting the Offer (assuming the Offer becomes unconditional)
is approximately S$337.2 million.

The Offer Price was determined at arms-length and on a willing
buyer-willing seller basis, taking into consideration, the
control premium in the Company's majority stake in NBL. Based on
the Offer Price and NBL's audited consolidated financial
statements as at 31 December 2001, the price-earnings ratio
(PER) and price-to-net tangible assets ratio (P/NTA) for NBL
implied in the Offer Price are as follows:

- PER of approximately 19.1 times
- P/NTA of approximately 3.4 times

The Offer Price of S$3.23 for each NBL Share represents:-

(i) a premium of approximately 21 per cent. over the last
transacted price of S$2.67 per NBL Share on the SGX-ST on 15 May
2002, being the latest trading date in NBL Shares prior to the
date of this announcement;

(ii) a premium of approximately 29 per cent. over the last
transacted price of S$2.51 per NBL Share on the SGX-ST on 14 May
2002, being the latest trading date in NBL Shares prior to the
occurrence of significant fluctuations in the transacted price
of the NBL Shares on the SGX-ST;

(iii) a premium of approximately 32 per cent. over the average
of the last transacted prices of an NBL Share on the SGX-ST of
S$2.45 over the last one month prior to but including 14 May
2002, being the latest trading date in NBL Shares prior to the
occurrence of significant fluctuations in the transacted price
of the NBL Shares on the SGX-ST; and

(iv) a premium of approximately 38 per cent. over the average of
the last transacted prices of an NBL Share on the SGX-ST of
S$2.34 over the last six months prior to but including 14 May
2002, being the latest trading date in NBL Shares prior to the
occurrence of significant fluctuations in the transacted price
of the NBL Shares on the SGX-ST.

NBL was listed on the Main Board of the SGX-ST in 1996. As at 15
May 2002, it had a market capitalisation of approximately S$540
million.

NBL is the largest contract manufacturer in Southern China,
offering comprehensive vertically-integrated solutions from
mould design and fabrication, plastic injection, metal stamping,
printed circuit board assembly, box build and support services.
With its headquarters in Hong Kong, NBL has more than two
million square feet of manufacturing operations in six China
locations: Shenzhen, Dongguan, GuShu, Shajing, ZhongShan and
QingDao; with a smaller operation in S rbog rd, Hungary.

NBL serves customers in the consumer electronics,
communications, office equipment, computer peripherals and
automotive industries. Its major clients include Philips, Funai,
Siemens VDO, LGE and Haier.

Flextronics is a leading global provider of electronics
manufacturing and design services, primarily in the
telecommunications and networking, consumer electronics and
computer industries.

The Offeror was incorporated on 31 May 1990. The shares in the
capital of the Offeror are traded on NASDAQ. As at 17 May 2002,
the Offeror has an authorized share capital of S$15 million
divided into 1,500,000,000 ordinary shares of S$0.01 each and an
issued and paid-up share capital of S$5,097,888.30 divided into
509,788,830 ordinary shares of S$0.01 each. As at 17 May 2002,
the Offeror's market capitalisation was approximately S$14.35
billion (or US$8 billion based on an exchange rate of S$1.7937 =
US$1).

The directors of the Offeror are Michael J. Moritz, Patrick
Foley, Michael E. Marks, Tommie Goh Thiam Poh, Chuen Fah Alain
Ahkong and Richard L. Sharp.

Rationale for accepting the Offer

The proposed divestment of the Company's entire shareholding
interest in NBL represents another step towards realizing NSL's
overall restructuring objectives to:

(a) enhance shareholder value; and

(b) focus management resources on NSL's core steel and
industrial businesses.

The global electronics industry has experienced increasing
competition and undergone significant consolidation. Global
demands of multinational Original Equipment Manufacturers (OEMs)
presently favor large electronic contract manufacturing
companies that have the requisite economies of scale and the
scope of manufacturing capabilities to deliver the full range of
services demanded by such global OEMs as they increase the pace
and level of outsourcing in their production. Faced with such
challenges, the Directors recognize the need for NBL to be part
of a major global electronic contract manufacturer so that it is
better able to capitalize on the growth opportunities in the
industry, especially with China's entry into the World Trade
Organization.

By joining forces with Flextronics, one of the world's largest
electronic contract manufacturers, NBL would have access to
Flextronics' extensive global customer base as well as its
operating and financial resources to compete more effectively.
In addition, NBL would be able to draw on Flextronics'
management expertise and resources to strengthen its management
team and ensure management continuity.

Assuming the Offer becomes unconditional and based on the Offer
Price, the aggregate consideration to be received by the Company
is approximately S$337.2 million. This represents a significant
gain on disposal of approximately S$245.3 million, based on the
NSL group's (Group) audited consolidated financial statements
for the financial year ended 31 December 2001.

Taking into account the above, the Directors of the Company are
of the view that the terms of the Offer are attractive.

Use of Proceeds

The proceeds from the proposed disposal of the Company's entire
shareholding interest in NBL will, together with the proceeds to
be received by NSL on completion of the sale of NatSteel Brasil
Ltda announced in January this year, result in NSL being in a
net cash position for approximately S$263 million after
providing for repayment of bank borrowings, other commitments
and potential liabilities. NSL will review the possibility of
returning the surplus cash to Shareholders in due course, after
taking into account NSL's medium-term investment and funding
requirements. However, the cash distribution, if any, is likely
to be effected from January 2003 onwards when the one-tier
corporate taxation system takes effect.

Share Capital

The proposed divestment of NSL's shareholding interest in NBL
will not have any impact on the issued and paid-up share capital
of the Company.

DBS Bank is the financial adviser to the Company on the proposed
divestment of the Company's shareholding interest in NBL.
A circular setting out the details of the Company's proposed
acceptance of the Offer and the EGM for the purpose of seeking
Shareholders' approval for the same will be despatched to
Shareholders in due course.


NATSTEEL LTD: Jumps 22% on Unit Sale
------------------------------------
Shares of government-linked steel manufacturer, NatSteel Ltd.,
rose 22 percent at S$1.65 in early trading Tuesday after Nasdaq-
listed Flextronics International Ltd. offered to acquire
NatSteel Broadway for US$364 million, Dow Jones Newswires
reported.

In reaction to Flextronics' offer of S$3.23 a share for NatSteel
Broadway Ltd, shares of the electronics unit also jumped 19
percent to S$3.18 as investors tried to benefit from the
handsome premium.

Flextronics will attempt to delist NatSteel Broadway once its
takeover offer becomes unconditional.


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


BAN CHENG: Files Business Reorg Petition in Bankruptcy Court
------------------------------------------------------------
Real estate developer Ban Cheng Group Company Limited (DEBTOR)'s
Petition for Business Reorganization was filed to the Central
Bankruptcy Court:

   Black Case Number 1748/2544

   Red Case Number /2545

Petitioner: COMPANY LIMITED BY MR., THE AUTHORITY

Debts Owed to the Petitioning Creditor: Bt3,394,442,271.80

Date of Court Acceptance of the Petition: December 17, 2001

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

Court has postponed the Date for Examining the Petition to
February 6 and 14, 2002

Appointment date for the Court Hearing on March 1, 2002 at 10.30
A.M.

Court had issued an Order for Canceling the Petition for
Business Reorganization on March 1, 2002

Contact: Ms. Amornrhat Tel, 6792525 ext. 144


EASTERN PRINTING: Rehabilitation Narrows Net loss to Bt752.36M
--------------------------------------------------------------
Eastern Printing Public Company Limited's net loss for the first
quarter of this year has decrease to Bt752.36 million comparing
to some quarter last year due mainly to the Rehabilitation Plan.
The workout scheme resulted in a profit of Bt231.38 million
through the transferring of assets against debts, profit of
Bt347.01 million from loan principal and interest reductions,
profit of Bt76.70 million from reversal of previously-booked
Asset devaluation and decrease in interest of Bt56.32 million.

The Rehabilitation Plan is giving the Company a definite
operating Plan to proceed with business restructuring in terms
of growth and cost reduction. All these have resulted in better
performance on wards.


ITALIAN-THAI: Waiving Unrealized Foreign Exchange Loss   
------------------------------------------------------
Italian-Thai Development Public Company Limited, by ITD Planner  
Co., Ltd. in its capacity as Business Reorganization Plan  
Administrator, reported the additional information pertaining  
for unrealized foreign exchange losses of ITD caused by the
unexpected flotation of the Thai Baht of the loan agreements  
signed before July 2nd, 1997 for first quarter of 2002, which  
was reviewed by Ernst & Young Office Limited for consideration  
and approval.

Additional information relating to unrealized foreign exchange
losses

Description                             For The Company Only
                                        As of March 31,2002

Foreign Currencies Loan from Loan       US$97,121,218
Agreements signed before July 2,1997    Y5,013,971,096

Unrealized  loss on foreign exchange    Bt2,242,875,155

Realized  loss on foreign exchange      -None-
(due to under
Rehabilitation Process)
Accounting Policy

As of March 31, 2002, the Company  has outstanding  long-term
loan and short-term loans according to various loan agreements
signed before July 2nd , 1997 in the amount of US$97,121,218 and
Y5,013,971,096 which are presented in the financial statement.
Such loans have not been hedged by forward contracts or other
hedging instruments. Therefore, the Company has unrealized loss
on exchange of Bt2,242,875,155   resulting from the declining of
the Thai Baht value.

Repayment for the above-mentioned loans in  Year 2002  :  -None-  
(due to under Rehabilitation Process)


SRIVARA REAL: Increases Registered Capital   
------------------------------------------
Asset Recovery Company Limited, Business Reorganization Plan
Administrator of Srivara Real Estate Group Public Company
Limited, informed that the Company has registered the increase
of registered capital from Bt1,218,943,540 to Bt1,250,926,530.
The Company also submitted the Capital Increase Report Form
(F53-4) and Form of Report the Results of Shares Offering (F53-
5) in Thai and English version to the SET. Below is the a copy
of their Capital Increase Report Form.

Capital Increase Report Form
Srivara Real Estate Group Public Company Limited
May 20, 2002

We, Srivara Real Estate Group Public Company Limited (the
Company) hereby to report the order of the Central Bankruptcy
Court concerning increase of capital and allotment of new
shares, given April 1, 2002 as follows:

1. Capital Increase

   According the order of The Central Bankruptcy Court dated
April 1,2002, the Company already registered to amend Clause 4
of the Memorandum of Association. The registered capital have
been changed from Bt1,218,943,540 to Bt1,250,926,530 by issuing
3,198,299 new ordinary shares with par value of Bt10 each
totaling Bt31,982,990.

2. Allotment of new shares  

   Regarding the Business Reorganization Plan, which the central
bankruptcy court approved on December 28, 2000, in accordance
with capital restructuring and capital increase/decrease, the
Company shall increase registered capital after reduction of
registered capital by allotment of capital increase shares to
creditor group 1 and group 2. The number of shares will be
issued to repay debt according to the method specified in the
Plan clause 4.2.1.

   For this time, the Company will issue the ordinary shares to
repay the debt to the creditors whose debt has already been
approved  by the receiver.

   2.1 Detail of allotment

Allocate to: The Creditor group 2 under the Business Reorg Plan
Number: 3,198,299
Sale price per share:  Bt3   
Date of Payment: May 20,2002
Remarks: To repay debt by debt equity swap.

   2.2 The Company's plan in case where there is a fraction of
shares remaining  -none-
                                                       
   2.3 The number of shares remaining from allotment is - shares
at the par value of - each totaling - Baht.

3. Schedule for shareholders meeting to approve the capital
increase/allotment -none-.

4. Approval of the capital increase/share allotment by relevant
governmental agency and conditions thereto (if any) -none-
                                                    
5. Objectives of the capital increase and plans for utilizing
proceeds received from the capital increase  to repay debt to
the group 2 creditors according to the term  and conditions
as specified in the business reorganization plan.
          
6. Benefits which the Company will receive from the capital
increase/share allotment to improve financial structure and
reduce the company debt.   
   
7. Benefits which the shareholders will receive from the capital
increase/share allotment to reduce the company  debt  by  debt
equity swap, the company shall be relieved from being insolvent
and resume the position where it can operate its business.
             
8. Other details necessary for shareholders to approve the
capital increase/share allotment is  -none-
                                                                 
9. Schedule of action where the board of directors of the
Company passes a resolution approving the capital increase or
allotment of new shares -none-   

The Company hereby certified that the information contained in
this report form is true and complete in all respects.
        

THAI ENGINE: SET Securities Trading Suspension Continues
--------------------------------------------------------
Thai Engine Manufacturing Public Company Limited (TEM) has
publicly released to the SET and investors its audited financial
statement for the period ending December 31, 2001.   The Central
Bankruptcy Court  approved  its rehabilitation plan and the
Official Receiver has now finalized all of the creditors' claims
against TEM. However, the Company is still implementing its
rehabilitation plan. Therefore, the SET still posts the `SP'
sign on the Company's securities. (according to the summary of
business reorganization plan in the R-SIMS on December 28, 2001
and February 11, 2002)

The SET first posted an "SP" (Suspension) sign to temporary
suspend the trading of the Company's securities effective from 4
March 2002  because it had failed to submit that financial
statement and there has been at least three consecutive delays
in filing its financial statement.


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

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