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       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

            Tuesday, May 28, 2002, Vol. 5, No. 104

                         Headlines

A U S T R A L I A

ANDERSEN AUSTRALIA: Integrates With Ernst & Young
AUSDOC GROUP: Topfer, Tyndale Resign From Board of Directors
BALLARAT GOLDFIELDS: Break Fee Decisions Basis Now Available
CALTEX AUSTRALIA: GSP Becomes Substantial Holder
CHROME GLOBAL: Share Issue Fully Subscribed

CTI COMMUNICATIONS: June 7 AGM Scheduled
CTI COMMUNICATIONS: Posts Annual Report, Top 20 Shareholders
ORBITAL ENGINE: Changes Board, Undergoes Major Reorganization
WESTPAC MORTGAGE: ASIC Concludes Investigation


C H I N A   &   H O N G  K O N G

BEWIN INDUSTRIES: Hearing of Winding Up Petition Set
CONTINENTAL MARINER: Shares Sale Results in Accounting Loss
DONG FA: Winding Up Petition Hearing Set
GUANGDONG INVESTMENT: Requests Trading Suspension
KINDLIGHT PROPERTY: Petition to Wind Up Pending

LINK SMART: Winding Up Petition Slated for Hearing
PROSPER EVISION: Widens 2001 Operations Loss to HK$102,367


I N D O N E S I A

BANK INTERNASIONAL: BI Denies Giving Special Treatment


J A P A N

DAIKYO INC.: Mizuho Provides Financial Assistance
DAIWA BANK: Will Cut Director Term to One Year
SNOW BRAND: Posts Bigger Net Loss, Unveils Revival Plan
SNOW BRAND: Debt Restructuring Request Triggers 'CCpi' Rating
TAISEI CORP: R&I Assigns BBB+ Long Term Debt Rating


K O R E A

KOREA LIFE: Hanwha May Pull Out Acquisition Talks
SEOUL BANK: Attracts More Bidders, Says MoFE Yun-churl
SSANGYONG MOTORS: Peugeot-Citroen Shows Takeover Interest


M A L A Y S I A

ABRAR CORP.: No Material Change in Defaulted Payment Status
ADVANCE SYNERGY: EGM to be Held on June 12
AMSTEEL CORPORATION: Inks Proposals SPA With BTA
AUSTRAL AMALGAMATED: Seeks SC's Further Approval
COUNTRY HEIGHTS: Seeks General Mandate for Recurrent Trading

GLOBAL CARRIERS: Adjourned Creditors' Meeting Set for Today
JOHOR CORPORATION: Enters RM4,032M Debt Restructuring Agreement
MEASUREX CORPORATION: Obtains Ex Parte Order Against MBB
PICA (M) CORPORATION: Issues Add'l Material Litigation Info
SITT TATT: Changes Company Secretary

SUNWAY HOLDINGS: Unit Applies Scheme Of Arrangement, Compromise
TA ENTERPRISE: Subsidiary Inks Sale Agreement With Joyway
TIMBERMASTER INDUSTRIES: Second White Knight MoU Terminated
UNITED CHEMICAL: 38th AGM Scheduled for June 19


P H I L I P P I N E S

NATIONAL POWER: Will Hold $500M Bond Float in September


S I N G A P O R E

ACMA LTD: Clarifies Annual Report
INNO-PACIFIC: Placement Agreement Completion Underway
PENTON INTERNATIONAL: Provides Financial Restructuring Update
SEATOWN CORP.: Court Issues Unit Stay of Proceedings Order


T H A I L A N D

BANGKOK RUBBER: Seeks Further Rehab Plan Submission Extension
DATAMAT PUBLIC: Embarks on Share-Swap With Malaysian ET Comm
T.C.K. FURNITURE: Business Reorganization Petition Filed
THAI HEAT: Requests Shares Trading

     -  -  -  -  -  -  -  -

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


ANDERSEN AUSTRALIA: Integrates With Ernst & Young
-------------------------------------------------
Ernst & Young formally took over Andersen Australia yesterday,
creating the nation's second largest professional services firm,
AAP reports.

The combined firm is expected to have around 5000 staff members
and 300 partners, in which one-third of those partners are from
Andersen. Former Andersen Chief Executive Garry Hounsell will be
the Managing Partner, Markets, and Joseph Carrozzi will be the
Managing Partner, Tax and Law.

The Australian Competition and Consumer Commission, which
approved the merger earlier this month, acknowledged that the
merger was crucial to Andersen's survival.

Andersen's international operations were fragmented as a result
of its involvement with collapsed US energy trading giant Enron.


AUSDOC GROUP: Topfer, Tyndale Resign From Board of Directors
------------------------------------------------------------
AUSDOC Group Limited (AUSDOC) announced Monday that Messrs
Robert Topfer and Andrew Tyndale have resigned from the Board of
AUSDOC. Messrs Topfer and Tyndale acknowledged the efforts of
both the Board and management in relation to the sale process.

Commenting on the resignations, Mr Topfer said,

"Given our complete confidence that the sale process will
progress to an outcome which will deliver value for all AUSDOC
shareholders we no longer view our participation at Board level
as essential. Our objective has always been to achieve an
outcome which realized the company's intrinsic value for all
shareholders."

Mr Butler, the Chairman of the Board, acknowledged the
contribution of Messrs Topfer and Tyndale.

Commenting on the resignations, Mr Butler said,

"With AUSDOC currently in exclusive negotiations with one party
in relation to the sale of Freightways and another party in
relation to an offer for AUSDOC shares, we believe the current
sale process is poised to deliver value for all AUSDOC
shareholders."


BALLARAT GOLDFIELDS: Break Fee Decisions Basis Now Available
------------------------------------------------------------
The Takeover Panel advised that it has published the reasons for
its decision on 13 May 2002 to reveal the unacceptable
circumstances in relation to a break fee that Ballarat
Goldfields NL (BGF) agreed to pay to Rexadis Pty Ltd (Rexadis).
The Panel ordered that BGF not pay the break fee, and that
Rexadis not acquire the shares, which are the subject of the
break fee, nor any other benefit in substitution for the break
fee.

The Panel also postponed the meetings at which shareholders of
BGF are to vote on the competing proposals from Rexadis, RFC
Corporate Finance Ltd and Republic Gold Ltd for seven days to 4
June, 2002. The Panel considered BGF shareholders would now need
additional time to consider the three competing alternatives
without the pressure of the break fee. At the request of BGF,
the Panel made a supplementary order permitting the board of
directors to make any adjustments to the arrangements for those
meetings, which the directors think necessary or appropriate
because of the postponement.

The break fee was to be paid by issuing to Rexadis shares in BGF
equal to 14.9 percent by number of the BGF fully paid shares on
issue as at the day the break fee shares are allotted, less the
number of shares issued to Rexadis by BGF as a placement on 2
April 2002.

The Panel considered that, although the Directors of BGF may
have considered the break fee was necessary to secure the
Rexadis proposal at that time, given its size and the fact that
it was payable in scrip, the break fee was likely to have a
coercive effect on the decision of BGF shareholders when they
considered the three alternative proposals for the future of
BGF.

The sitting Panel in this matter was President Chris Photakis,
Michael Burgess and Meredith Hellicar.

The reasons are available at
http://www.takeovers.gov.au/Content/Decisions/decisions.asp.


CALTEX AUSTRALIA: GSP Becomes Substantial Holder
------------------------------------------------
Guinness Peat Group Plc became a substantial shareholder in
Caltex Australia Limited on 23 May 2002 with a relevant interest
in the issued share capital of 13,500,000 ordinary shares (5.0
percent).

Moody's Investors has withdrawn the P-3 short-term rating
assigned to Caltex Australia Ltd (CAL) at the request of the
company, and following CAL's decision to terminate its only
Short Term Note program, under which there are no outstandings.

TCR-AP reported on February 26 that Standard & Poor's lowered
the corporate credit ratings on Caltex Australia `BBB/A-3' from
`BBB+/A-2' with a negative outlook.


CHROME GLOBAL: Share Issue Fully Subscribed
-------------------------------------------
The Directors of Chrome Global Limited announced that the
prospectus dated 23 April 2002 for the issue of 29,000,000
shares at an issue price of 0.5 cents has closed fully
subscribed.

The primary purpose of the Share Offer is to obtain short term
working capital for the activities of the Company.  This funding
is required to enable the Directors the time necessary to pursue
longer term funding for Chrome.

Chrome Global, which hires Ernst & Young as administrator on
October last year, generated a loss of $549,000 for the six
months ended 31 December 2001 on total revenue of $828,000.


CTI COMMUNICATIONS: June 7 AGM Scheduled
----------------------------------------
CTI Communications Limited advised that, on 3 May 2002, the
Annual General Meeting of the Company was re-convened and then
adjourned to enable Resolution 5 to be considered after the
tabling of the annual report. The meeting will be re-convened at
10:00am on 7 June 2002 to allow the annual report to be tabled
and Resolution 5 to be considered.

Should you have any questions in relation to the above matter,
please contact Company Secretary D Kelly at (08) 9226 2393.


CTI COMMUNICATIONS: Posts Annual Report, Top 20 Shareholders
------------------------------------------------------------
CTI Communications Limited posted these tables:

DISTRIBUTION OF SHAREHOLDERS AS AT 08/05/2002
                                             
     RANGE OF HOLDINGS       NO OF        UNIT
                             ORD SHARE-   HELD
                             HOLDERS

           1 -   1,000          387      107,790             
       1,001 -   5,000           59      117,775             
       5,001 -  10,000            7       44,751             
      10,001 - 100,000           15      978,851             
     100,001  and over           19    5,249,026             

                 TOTAL          487    6,498,193             

TWENTY LARGEST ORDINARY SHAREHOLDERS AS AT 08/05/2002
                                       
NAME                                           NO OF    % HELD
                                               SHARES
Harris R, Beckett G & Gearon G                 600,000     9.23
Dunkeld J & G                                  500,000     7.69
Terpie Holdings Pty Ltd                        475,000     7.31
Keian Holdings Pty Ltd                         307,450     4.73
Barnier M J                                    283,607     4.36
Fritz A                                        283,334     4.36
Barry R & Anderson B J                         250,000     3.85
Joyce D W & D G                                250,000     3.85
Drage K & T                                    250,000     3.85
Black Planet Thoroughbred Pty Ltd              250,000     3.85
Startrend Investments Pty Ltd                  250,000     3.85
Zegna Corporation Global Limited               250,000     3.85
Cado J                                         250,000     3.85
Singh S                                        200,000     3.08
Kei Ah Wah                                     200,000     3.08
Samurai Investments Pty Ltd                    185,867     2.86
Tskara Pty Ltd                                 161,118     2.48
Willis S J & C                                 152,650     2.35
Docking KS & Peach L                           150,000     2.31
Jaybold Pty Ltd                                125,000     1.92

TOTAL                                         5,374,026    82.71

TWENTY LARGEST OPTION HOLDERS AS AT 08/05/2002
                                     
NAME                                          NO OF       % HELD
                                              OPTIONS
Montt Fiduciary Pty Ltd                       1,000,000    17.54
Harris R, Beckett G & Gearon G                600,000    10.53
Dunkeld J & G                                 500,000     8.77
Terpie Holdings Pty Ltd                       475,000     8.33
Barry R & Anderson B J                        250,000     4.39
Joyce D W & D G                               250,000     4.39
Drage K & T                                   250,000     4.39
Black Planet Thoroughbred Pty Ltd             250,000     4.39
Startrend Investments Pty Ltd                 250,000     4.39
Zegna Corporation Global Limited              250,000     4.39
Caudo J                                       250,000     4.39
Keian Holdings Pty Ltd                        225,000     3.95
Singh S                                       200,000     3.51
Kei A W                                       200,000     3.51
Docking KS & Peach L                          150,000     2.63
Jaybold Pty Ltd                               125,000     2.19
Jaybold Pty Ltd                               125,000     2.19
Woolcock L                                    100,000     1.75
Sumich M                                      100,000     1.75
Hardie P                                      100,000     1.75

TOTAL                                        5,650,000    99.13

TWENTY LARGEST CONVERTIBLE NOTE HOLDERS AS AT 08/05/2002
                                        
NAME                                          NO OF     % HELD
                                              CONVER-
                                              TIBLE
                                              NOTES
        
Harris R, Beskett G & Gearon G                600,000    13.33
Dunkeld J & G                                 500,000    11.11
Terpie Holdings Pty Ltd                       475,000    10.56
Barry R & Anderson B J                        250,000     5.56
Joyce D W & D G                               250,000     5.56
Drage K & T                                   250,000     5.56
Black Planet Thoroughbred Pty Ltd             250,000     5.56
Startrend Investments Pty Ltd                 250,000     5.56
Zegna Corporation Global Limited              250,000     5.56
Caudo J                                       250,000     5.56
Keian Holdings Pty Ltd                        225,000     5.00
Singh S                                       200,000     4.44
Kei A W                                       200,000     4.44
Docking KS & Peach L                          150,000     3.33
Jaybold Pty Ltd                               125,000     2.78
Jaybold Pty Ltd                               125,000     2.78
Woolcock l                                    100,000     2.22
Ivychurch Limited                             25,000     0.56
Advanced Capital Management Pty Ltd           25,000     0.56
                                              
TOTAL                                       4,500,000      100

Visit http://www.bankrupt.com/misc/TCRAP_CTI0528.pdfto see a  
full copy of the Company's 2001 Annual Report.


ORBITAL ENGINE: Changes Board, Undergoes Major Reorganization
------------------------------------------------------------
Orbital Engine Corporation announced yesterday that following a
detailed review of operations by the Board and CEO, Peter Cook,
a series of Board, management and operational changes, including
a level of staff reductions, have been put in place.

These changes, which were foreshadowed last week, are part of
the Company's campaign to be cash neutral next financial year,
to be more commercially focused and to reflect the Company's
progression from a phase of research and development to one of
commercialization of its air assisted direct injection fuel
system. The reorganization will result in a company of a reduced
size and well-equipped to support its commercialization
pipeline.

The Board has determined that a complement of five members is
now a more appropriate scale for its own activities and
accordingly three long standing Board members, Kim Schlunke,
Alan Castleman and Robin Forbes, have retired with immediate
effect.  

Orbital Chairman Mr Ross Kelly paid tribute to the Board members
stating that "All have contributed significantly to the business
and it has been a great pleasure to have served with such a
committed Board. I would particularly like to thank former CEO
Kim Schlunke who has contributed much to Orbital's technical
innovation and getting the first products into market." Mr
Schlunke has also resigned from his executive position with
Orbital although will be available to complete certain projects
for the Company.

Orbital also announced it will strengthen the delivery of its
engineering resources with the appointment of Dr Rod Houston to
the newly-created position of Director of Engineering. Dr
Houston, with 14 years of international industry experience,
will focus on advancing and delivering Orbital's technology as
well as increasing professional engineering contact with
customers.

Ramon Newmann will head Orbital's Automotive division and
operate in close proximity to the major customers out of
Orbital's small UK office. After several years experience in
Europe, Mr Newmann has developed a close working relationship
with major customers and suppliers in the automotive sector.

Deana Cesari will head Orbital's Marine and Recreation
Division, filling the vacancy created by the appointment of Mark
Norman as President of Synerject, Orbital's 50:50 joint venture
with Siemens VDO Automotive. Orbital's CFO, Keith Halliwell,
will join the Synerject Board. John Beech will take up the
position of Commercial Director, Marine and Recreation and will
be based out of Orbital's US offices in Virginia, USA. The
changes reflect the closer working relationship between the
businesses in accessing the non-automotive market and point to a
more streamlined operation overall.

Thirty-five staff members, predominantly from engineering but
also from administration, finance and management, have accepted
redundancies. Orbital retains 140 staff world-wide and is now
appropriately sized to meet its forecast level of activity.

Mr Cook said "I wish to express my appreciation to all staff for
their efforts and contribution. The personal impact on the
individuals and families directly involved is distressing but an
essential part of the steps needed to meet our commitment to
shareholders and maintain our focus on, and accountability for,
profit in all business areas."

"We must ensure that Orbital has the financial and human
resources necessary to convert a number of opportunities
available to it in the automotive, marine, recreational and
motorcycle markets. The steps we have taken over the past few
days were necessary to ensure that we achieve this goal."

Orbital is a leading international developer of engine
technologies using direct in-cylinder fuel injection and lean-
burn systems for enhanced fuel economy and lower emissions. The
company serves the worldwide automotive, marine, recreational
and motorcycle markets. Headquartered in Perth, Western
Australia, Orbital stock is traded on the Australian Stock
Exchange (OEC), the New York Stock Exchange (OE) as well as the
Berlin (ORE) and Frankfurt (OREA) Exchanges.


WESTPAC MORTGAGE: ASIC Concludes Investigation
----------------------------------------------
The Australian Securities and Investments Commission (ASIC)
announced on 27 August 2001 that it had commenced a formal
investigation into the Westpac Mortgage and Income Fund (the
Fund).  

The Fund is an unlisted retail unit trust that invests in a
range of money market, mortgage and asset-backed securities, and
other debt securities. It is operated by Westpac Financial
Services, a subsidiary of Westpac Banking Corporation (Westpac).

On 22 June 2001, Westpac notified the market of the decline in
value of the Fund from $1.00 to $0.8909 cents per unit and
closed the Fund to new and additional investments.

ASIC commenced an investigation into the circumstances leading
to the Fund's closure.

When the Fund was devalued, Westpac voluntarily set up a
dedicated complaints process to handle complaints in regard to
the Fund. However, as a result of its own initiatives, and
following discussions with ASIC, Westpac implemented some
important additional review mechanisms in the complaints process
for investors.

As a consequence, Westpac:

   * refined the complaints process with the aim of capturing
all complaints by investors in regard to the Fund;

   * upgraded its response and dealt more effectively with
complaints; and

   * engaged in a review of all enquiries and complaints
received by Westpac to ensure a consistent and fair approach.
Westpac has cooperated with ASIC throughout the course of its
investigation.

ASIC has now finalized its investigation and has decided to take
no further action.

Should any investor in the Fund have any further concerns, or
wish to lodge a complaint, they should telephone Westpac
Financial Services Customer Relations Center on 13 18 17 (8:00am
to 6:00pm) or write to Westpac Financial Services Customer
Relations Center, GPO 5354, Sydney NSW 2001 or e-mail
wfs@westpac.com.au.


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


BEWIN INDUSTRIES: Hearing of Winding Up Petition Set
----------------------------------------------------
The petition to wind up Bewin Industries Limited will be heard
before the High Court of Hong Kong on July 3, 2002 at 11:00 am.  
The petition was filed with the court on March 22, 2002 by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14th Floor, No. 1 Garden Road, Central, Hong Kong.


CONTINENTAL MARINER: Shares Sale Results in Accounting Loss
------------------------------------------------------------
Continental Mariner Investment will post a loss from the sale of
its 46.5 percent stake in Poly Investments Holdings after taking
into account goodwill of more than HK$100 million, Hong Kong
Imail reported, quoting Managing Director Li Shi Liang.

"We are expecting to cash in about HK$67 million as the profit
from the sale. The loss is only an accounting loss." Liang said.

Beauforte Investors plans to buy 29.5 percent of continental
Mariner's stake at a 105 percent premium over the loss-making
chemical fibre business's market value.  Minority shareholders
oppose the move.

Wrights Investors' Service reported that at the end of 2001, the
property and shipping Company had negative working capital, as
current liabilities were HK$499.77 million while total current
assets were only HK$471.22 million.


DONG FA: Winding Up Petition Hearing Set
----------------------------------------
The petition to wind up Dong Fa Holdings (Hong Kong) Limited is
scheduled for hearing before the High Court of Hong Kong on July
3, 2002 at 9:30 am.  The petition was filed with the court on
March 8, 2002 by Bank of China (Hong Kong) Limited whose
registered office is situated at 14th Floor, No. 1 Garden Road,
Central, Hong Kong.


GUANGDONG INVESTMENT: Requests Trading Suspension
-------------------------------------------------
Guangdong Investment Limited (the Company) and Guangdong Brewery
Holdings Limited requested trading in their shares to be
suspended with effect from 9:30 a.m. Monday (27 May 2002)
pending an announcement in relation to a possible acquisition by
GDH Limited, the Company's indirect parent, of various assets of
Guangdong Investment Limited (GDI) including the shareholding of
GDI in the Company.


KINDLIGHT PROPERTY: Petition to Wind Up Pending
-----------------------------------------------
The petition to wind up Kindlight Property Limited is set for
hearing before the High Court of Hong Kong on May 22, 2002 at
9:30 a.m.  The petition was filed with the court on February 6,
2002 by Bank of China (Hong Kong) Limited whose registered
office is situated at 14th Floor, No. 1 Garden Road, Central,
Hong Kong.


LINK SMART: Winding Up Petition Slated for Hearing
--------------------------------------------------
The petition to wind up Link Smart Limited is scheduled to be
heard 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 Bank of China (Hong Kong) Limited whose registered
office is situated at 14th Floor, No. 1 Garden Road, Central,
Hong Kong.


PROSPER EVISION: Widens 2001 Operations Loss to HK$102,367
----------------------------------------------------------
Prosper eVision Limited announced on 24/May/2002:

Year end date: 31/12/2001
Currency: HKD
Auditors' Report: Neither
Review of Interim Report by: N/A
                                                  (Restated)
                                                  (Audited)
                                 (Audited)        Last
                                 Current          Corresponding
                                 Period           Period
                                 from 1/1/2001    from 1/1/2000
                                 to 31/12/2001    to 31/12/2000
                                 ('000)           ('000)
Turnover                          : 46,870           83,926
Profit/(Loss) from Operations     : (102,367)        (100,700)
Finance cost                      : (996)            (1,280)
Share of Profit/(Loss) of Associates  : (11,685)         (6,950)
Share of Profit/(Loss) of
  Jointly Controlled Entities     : (310)            (59)
Taxation                          : (82)             (225)
Profit/(Loss) after Tax & MI      : (199,588)        (82,260)
% Change over Last Period         : N/A
EPS/(LPS)-Basic                   : (22.3 cents)   (14.54 cents)
         -Diluted                        : N/A              N/A
Extraordinary (ETD) Gain/(Loss)          : Nil              Nil
Profit/(Loss) after ETD Items            : (199,588)        
(82,260)
Final Dividend per Share                 : Nil              Nil
(Specify if with other options)          : Nil              Nil
B/C Dates for Final Dividend             : N/A              
Payable Date                             : N/A
B/C Dates for (-) General Meeting        : N/A
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A              

Remarks:

1.   TAXATION                           
                                                Group
                                         2001            2000
                                         HK$'000         HK$'000
                                  
  Company and subsidiaries            
- Hong Kong profits tax                         -            172
- People's Republic of China income taxes       2             -
- Taiwan income tax                             80            53
                                             -------------------
                                                82           225
                                             ===================
                                  
No provision for Hong Kong profits tax is required since the
Group has no assessable profit for the year.  The amount
provided for the year ended 31 December 2000 was calculated at
16% based on the estimated assessable profit for the year.  
Overseas tax is calculated at tax rates applicable in countries
in which the group is assessable for tax.

2.    LOSS PER SHARE

The calculation of basic loss per share is based on the Group's
loss attributable to shareholders of HK$199,588,000 (2000:
HK$82,260,000) and on the weighted average number of 894,910,855
(2000: 565,899,940) ordinary shares in issue during the year.

The diluted loss per share for both years ended 31 December 2000
and 2001 is not shown as the ordinary shares issuable under
outstanding share options and convertible loan notes were anti-
dilutive.

3.    COMPARATIVE FIGURES

The adoption of Statements of Standard Accounting Practice
(SSAP) 29 has led to the change in the Group's amortization
policy.  In accordance with SSAP 29, the amortization commences
when the film copyright and licenses are available for use and
are amortized using the sum of years digit method over the
estimated useful lives.  The change in accounting policy has
been applied retrospectively so that the 2000 comparatives
presented have been restated to conform to the changed policy.


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


BANK INTERNASIONAL: BI Denies Giving Special Treatment
------------------------------------------------------
Bank Indonesia did not give PT Bank Internasional Indonesia
special treatment in handling with the financially troubled
bank's problems, AsiaPulse reports, citing Central Bank's
Governor, Syahril Sabirin.

Sabirin said that BII always took cues from the Indonesian Bank
Restructuring Agency (IBRA) in dealing banks that have failed to
meet the central bank's requirements.

"In case a bank cannot fulfill them, we always look at what IBRA
does with the bank concerned. So we always tackle such cases
jointly with IBRA," he said.

To rescue Bank Internasional, with its capital adequacy ratio
(CAR) plunging to minus 47 and its non-performing loan (NPL)
burden rising to 62 percent, the government and the House of
Representatives on Thursday agreed to conduct a right issue with
the government acting as a standby buyer.

The process to conduct a rights issue, which is expected to be
able to raise the bank's capital from minus Rp4.2 trillion to
Rp600 billion by the end of July and Rp938 trillion by the end
of December, would be started by the end of June and completed
in the middle of July.


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


DAIKYO INC.: Mizuho Provides Financial Assistance
-------------------------------------------------
Mizuho Holdings, Inc. has announced that its wholly-owned
subsidiary, Mizuho Corporate Bank, Ltd., agreed, at the request
of Daikyo Inc. (Daikyo), to provide Daikyo with financial
assistance under Daikyo's "Second Business Plan" which was
announced on May 15, 2002.

1. Outline of Daikyo

(1) Address 24-13, Sendagaya 4 chome, Shibuya-ku, Tokyo
(2) Representative Mr. Masaharu Hasegawa
(3) Capital Y70,093 million

2. Outline of the Financial Assistance provided by Mizuho
Corporate Bank, Ltd.

(1) Debt forgiveness  Y34,855 million
(2) Debt-for-equity swap Y5,100 million (Preferred Stock)

3. Effect of this Development on Profit/Loss of Mizuho Holdings,
Inc.

This development will have no effect on the announced
projections for this fiscal year.  


DAIWA BANK: Will Cut Director Term to One Year
----------------------------------------------
Daiwa Bank and Asahi Bank, belonging to the Resona group led by
Daiwa Bank Holdings Inc., will halve the Board members' tenure
to one year beginning this fiscal year, Dow Jones Newswires
reported, citing the Nihon Keizai Shimbun.

The shorter term is aimed at increasing the accountability of
board members for business performance and allowing for easier
transfers of executives between institutions in the group.

Daiwa Bank Holdings President Yasuhisa Katsuta, who is also the
president of Daiwa Bank, and Daiwa Bank Holdings Vice President
Yukio Yanase, also the president of Asahi Bank, are expected to
give up their dual roles to concentrate more effectively on only
one area of responsibility.

Earlier this month, Daiwa Bank Holdings said it would eliminate
more than 5,000 employees by the end of March in 2006 as part of
the Company's management improvement program.

Osaka-based Daiwa Bank Holdings as of March 2001 has total
assets of $122.8 billion. The losses were incurred from
unauthorized trades of U.S. Treasury notes by a trader at the
bank's New York branch for 11 years from 1984.


SNOW BRAND: Posts Bigger Net Loss, Unveils Revival Plan
-------------------------------------------------------
Snow Brand Milk Products Co posted Thursday a group net loss of
71.74 billion yen in the business year to March 31, 35 percent
worse than the year before, due to plunging sales in the wake of
a food mislabeling scandal at its meat packing subsidiary, Japan
Times reported.

Snow Brand's consolidated net losses were 52.93 billion yen the
previous year.

The struggling dairy product maker has unveiled a business
restructuring program under which it asked its banks, including
Norinchukin Bank, to provide 50 billion yen in a combination of
debt waivers and debt-for-equity swap arrangements.

Snow Brand also plans to reduce its capital by 98 percent, which
is from the current 27.8 billion yen to about 500 million yen by
the end of July, and issue new shares totaling 10 billion yen
through a third-party allocation by the end of March 2003 to
strengthen its capital.

The Shinjuku-ku, Tokyo-based Company will then form capital
alliances with several companies, including the National
Federation of Agricultural Cooperative Associations (Zen-Noh)
and trading house Itochu Corp.

The firm will write off 75 billion yen in special losses for the
current business year, including 4.2 billion yen to cover costs
for its retirement program and 25 billion yen to pay for
restructuring its milk business.

The new program also calls for the reduction of its workforce by
1,300, about 25 percent of its workforce of 5,000, by the end of
September through a voluntary retirement program, and a
reshuffling of its management team.

Snow Brand Milk President, Kohei Nishi, said that the
restructuring plan would return the company to profitability in
the 2003 business year.

The dairy product maker has been hit hard by a series of
scandals, including a beef-mislabeling scam by subsidiary Snow
Brand Foods, which was disbanded at the end of April as earnings
deteriorated sharply.

Facing high hurdles to maintain its group, Snow Brand Milk
decided to concentrate on milk products and spin off its other
businesses.


SNOW BRAND: Debt Restructuring Request Triggers 'CCpi' Rating
-------------------------------------------------------------
Standard & Poor's lowered on Friday its corporate credit rating
on Japanese dairy producer Snow Brand Milk Products Co. Ltd. to
double-'Cpi' from triple-'C'-minus-pi, following the company's
request for debt restructuring.

Snow Brand announced on May 23, 2002, that it had requested
forgiveness of a portion of its loans and a debt-for-equity
exchange from its major creditor banks, including Norinchukin
Bank, totaling Y50 billion Under its restructuring plan, the
company also intends to cut its number of common shares and
increase its capital by about Y10 billion through a third-party
equity allocation.

The rating on Snow Brand will be lowered to 'SD' when either an
exchange of debt for equity or debt forgiveness is effected. The
'SD' rating will indicate that Snow Brand's debt restructuring,
affecting only certain bank debt, constitutes a selective
default under Standard & Poor's criteria.

"If adopted, the total debt restructuring package extended to
Snow Brand could help the company improve its credit standing,
but it will not guarantee long-term stability," said Fusako
Nagao, a credit analyst at Standard & Poor's in Tokyo. "Standard
& Poor's will continue to monitor Snow Brand's ability to regain
consumer confidence and recover its operating performance
through business reform measures," she added.


TAISEI CORP: R&I Assigns BBB+ Long Term Debt Rating
---------------------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned the
following rating:

ISSUER: Taisei Corp. (TSE Code: 1801)
Long-term Debt
New Issue (issued under the Shelf Registration Scheme)
R&I RATING: BBB+

RATIONALE:

Taisei Corp. is one of Japan's major general contractors, with
strengths in large-scale construction projects such as urban
redevelopment projects. Earnings potential is at one of the
highest levels among the major general contractors. The
construction industry is becoming increasingly polarized between
the winners and losers, but Taisei should end up among the
winners as a result of its steady progress in management reform.
On the other hand, there has been a decline in public spending
and a drop in private-sector construction investment -- the two
key earnings sources -- so the severity of the operational
environment in the sector is escalating, and the earnings
potential of all the nation's general contractors is coming
under negative pressure.

To ensure its earnings potential, Taisei is strengthening its
operations in the urban redevelopment related field, the key
field in which it enjoys special strengths, as well as in the
environment related and engineering fields, where orders levels
are rising. To date, order levels have been steady and earnings
potential has been maintained at a relatively high level. Even
so, the other general contractors are also strengthening their
order winning potential in these key fields, so competition for
orders is likely to escalate and earnings potential could
decline.

Even though Taisei has urgently been improving its financial
composition, the interest bearing debt burden remains heavy and
its balance against cash flow needs to be improved. In addition,
it may be necessary to further dispose of development real
estate and other assets held throughout the group.


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


KOREA LIFE: Hanwha May Pull Out Acquisition Talks
-------------------------------------------------
Hanwha Group may abandon its bid for a controlling stake in
Korea Life Insurance if the government fails to offer final
terms by the end of June and keeps changing the sale terms, AFX
reported.  

"It's true that we've sent a letter to the Korea Deposit
Insurance Corp (largest shareholder of Korea Life) to say that
we will abandon our bid for Korea Life if the government fails
to come forth with final terms by the end of June," a group
Hanwha spokesman said, adding that the price is one of the key
factors as  well.

"We want the government to offer its final terms at the
earliest possible time," he said.

Hanwha Group has in March offered to buy a 51 percent stake for
W450 billion in Korea Life, to which the government has
injected about W3.5 trillion in public funds.


SEOUL BANK: Attracts More Bidders, Says MoFE Yun-churl
------------------------------------------------------
Local banks and some private finance companies have expressed an
interest in acquiring Seoul Bank following improvements in the
bank's management, AFX reports citing Finance and Economy
Minister Jeon Yun-churl.

"There are more than one or two banks that want to merge with
Seoul Bank," Jeon told a seminar, adding that private companies
were interested as well.

Seoul Bank, 100 percent owned by Korea Deposit Insurance Corp.,
has improved its management and profitability.

Last week, TCR-AP reported that Hana Bank might decide to turn
to Seoul Bank as a new merger partner following the recent
negative remarks that a possible merger from its current merger
candidate Korea First Bank (KFB) is likely to fail.  Hana Bank
has not received official notice from KFB regarding the merger
issue.


SSANGYONG MOTORS: Peugeot-Citroen Shows Takeover Interest
---------------------------------------------------------
Peugeot-Citroen is said to be interested in taking over
Ssangyong Motors, Korea Herald reported yesterday, referring to
an unnamed creditor of the ailing motor firm.

A creditor source said the French automaker could be interested
in the Korean firm but has not yet submitted a letter of intent.

Peugeot-Citroen sent officials to Seoul on April 21 to 23 and
inspected Ssangyong's plant in Osan, Gyeonggi Province, and
Changwon, South Gyeongsang Province.

The source added that KPMG, the lead manager for the sale of the
company, dispatched introductory letters to some 40 companies
around the world, to which some responded declaring a certain
degree of interest.

Ssangyong Motor's workout period has been extended to November
2003 following the switch of W1.19 trillion of debts to equity.


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


ABRAR CORP.: No Material Change to Defaulted Payment Status
-----------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
announced that there has been no changes to the status in
payment since the Company's previous announcement made on 4
April 2002.

The Company has been placed under the administration of Special
Administrators since 27 May 2000 by Pengurusan Danaharta
Nasional Berhad (Danaharta) pursuant to Section 24 of the
Pengurusan Danaharta Nasional Berhad Act, 1998 (the Danaharta
Act).

With the appointment of the Special Administrators, there is a
moratorium on the Company and no creditors may take action
against the Company except in accordance with Section 41 of the
Danaharta Act. The moratorium expires on 26 May 2003.

On 16 May 2002, the Special Administrators of the Company, for
and on behalf of the Company, entered into a Memorandum of
Understanding (MoU) with several parties (the New White Knight)
to regulate and record the basic understanding of the key areas
of agreement pending finalization and approval of the Company's
corporate restructuring proposal (the Proposed Workout).

Thereafter, the Special Administrators will formulate a Workout
Proposal for the Company pursuant to Section 44 of the Danaharta
Act. The Workout Proposal will address the Company's default in
payments.


ADVANCE SYNERGY: EGM to be Held on June 12
------------------------------------------
Advance Synergy Berhad (ASB) or (the Company) informed that an
Extraordinary General Meeting of the Company will be held at
Dewan Berjaya, Bukit Kiara Equestrian & Country Resort, Jalan
Bukit Kiara Off Jalan Damansara, 60000 Kuala Lumpur on
Wednesday, 12 June 2002 at 10.30 a.m. in respect of the
Proposals.

The Proposals refers to:

   * Proposed disposal of 49% equity interest in ACE Synergy
Insurance Berhad comprising 49,000,000 ordinary shares of RM1.00
each to United Merchant Group Berhad for a total cash
consideration of RM71,000,000;

   * Proposed acquisition by Worldwide Matrix Sdn Bhd, a wholly-
owned subsidiary of Advance Synergy Berhad, of a 70% equity
interest in Unified Communications Sdn Bhd comprising 700,140
ordinary shares of RM1.00 each for a total cash consideration of
RM54,000,000 from Wong Tze Leng; and

   * Proposed acquisition by Worldwide Matrix Sdn Bhd, a wholly-
owned subsidiary of Advance Synergy Berhad, of a 70% equity
interest in Unified Communications Pte Ltd comprising 700,000
ordinary shares of SGD1.00 each for a total cash consideration
of RM45,000,000 from Wong Tze Leng.

Go to http://www.bankrupt.com/misc/TCRAP_Advance0528.docto see  
copy of the Notice of Extraordinary General Meeting.


AMSTEEL CORPORATION: Inks Proposals SPA With BTA
------------------------------------------------
On behalf of the Board of Directors of Amsteel Corporation
Berhad, OSK Securities Berhad announced that on 22 May 2002,
Lion Ipoh Parade Sdn. Bhd. (LIP), a wholly owned subsidiary of
Ayer Keroh Resort Sdn. Bhd. which is in turn a 70%-owned
subsidiary of Amsteel had entered into a sale and purchase
agreement with Black Tiger Aquaculture Sdn. Bhd. (BTA)
(Agreement) to:

   (a) dispose of the entire equity interest in Peridang to BTA
for a cash consideration of RM754,998 (Proposed Disposal of
Peridang);

   (b) dispose of the entire equity interest in Arus to BTA for
a cash consideration of RM2 (Proposed Disposal of Arus);

   (c) discharge Peridang from the repayment of the net inter-
company amounts outstanding due to the holding company, LIP, for
a total cash consideration of RM10,037,344 (Proposed Discharge
of Peridang); and

   (d) discharge Arus from the repayment of the net inter-
company amounts outstanding due to the holding company, LIP, for
a total cash consideration of RM1,039,809 (Proposed Discharge of
Arus).

Further details on the Proposed Disposal of Peridang, Proposed
Disposal of Arus, Proposed Discharge of Peridang and Proposed
Discharge of Arus (collectively referred to as "the Proposals")
are set out in the ensuing paragraphs.

THE PROPOSALS

Proposed Disposal of Peridang

Pursuant to the Agreement, LIP proposes to dispose to BTA, the
entire equity interest in Peridang, comprising 5,000,000
ordinary shares of RM1.00 each and 11,326,994 redeemable
preference shares of RM1.00 each (RPS), all fully issued and
paid-up, for a cash consideration of RM754,998.

The entire equity interest in Peridang, and not part only, would
be disposed to BTA free from all claims, charges, liens,
liabilities and all encumbrances of any nature whatsoever and
together with all rights and advantages now and hereafter
attaching thereto as at the completion of the Proposals.

BTA will not be assuming any liabilities of LIP arising from the
Proposed Disposal of Peridang.

The cash consideration for the Proposed Disposal of Peridang of
RM754,998 was arrived at after negotiation on a willing buyer-
willing seller basis and after taking into consideration the
adjusted net tangible assets of Peridang, based on the
management accounts as at 31 March 2002, of RM754,998.

Proposed Disposal of Arus

Pursuant to the Agreement, LIP proposes to dispose to BTA, the
entire equity interest in Arus, comprising 2 ordinary shares of
RM1.00 each and 7,097,105 RPS, all fully issued and paid-up, for
a cash consideration of RM2.

The entire equity interest in Arus, and not part only, would be
disposed to BTA free from all claims, charges, liens,
liabilities and all encumbrances of any nature whatsoever and
together with all rights and advantages now and hereafter
attaching thereto as at the completion of the Proposals.

BTA will not be assuming any liabilities of LIP arising from the
Proposed Disposal of Arus.

The cash consideration for the Proposed Disposal of Arus of RM2
was arrived at after negotiation on a willing buyer-willing
seller basis and after taking into consideration the adjusted
net tangible assets of Arus, based on the management accounts as
at 31 March 2002, of RM2.

Proposed Discharge of Peridang

Pursuant to the Agreement, LIP proposes to discharge Peridang
from the repayment of the net inter-company amounts outstanding
as at 31 March 2002 of RM10,037,344 and including whatever
amount as shall be incurred by Peridang from 31 March 2002 until
the completion of the Proposals, subject to BTA paying a cash
consideration of RM10,037,344.

The cash consideration for the Proposed Discharge of Peridang of
RM10,037,344 was arrived at after taking into consideration the
adjusted net amount due to the holding company, LIP, by Peridang
as at 31 March 2002 amounting to RM10,037,344.

Proposed Discharge of Arus

Pursuant to the Agreement, LIP proposes to discharge Arus from
the repayment of the net inter-company amounts outstanding as at
31 March 2002 of RM1,039,809 and including whatever amount as
shall be incurred by Arus from 31 March 2002 until the
completion of the Proposals, subject to BTA paying a cash
consideration of RM1,039,809.

The cash consideration for the Proposed Discharge of Arus of
RM1,039,809 was arrived at after taking into consideration the
adjusted net amount due to the holding company, LIP, by Arus as
at 31 March 2002 amounting to RM1,039,809.

Disposal Consideration for the Proposals

The total cash consideration of RM11,832,153 shall be paid by
BTA in cash in the following manner:

   (a) on the signing of the Agreement, a sum of RM1,183,215.30
being 10% of the total consideration (Deposit); and

   (b) on completion of the Proposals, the remaining
RM10,648,937.70 being 90% of the total consideration.

Other Salient Terms of the Agreement

The other salient terms of the Agreement are as follows:

   (i) The Proposal is conditional upon the conditions precedent
as set out in section 9 below being satisfied within a period of
four (4) months from the date of the Agreement (Conditional
Period);

   (ii) In the event that any or all of the conditions precedent
is or are not fulfilled within the Conditional Period, the
parties agreed that the Conditional Period shall be extended for
another two (2) months or for such longer period as shall be
mutually agreed between the parties, commencing from the expiry
of the Conditional Period (Extended Conditional Period) to
enable the parties to fulfill the conditions precedent;

   (iii) In the event that any or all of the conditions
precedent is or are not fulfilled within the Extended
Conditional Period and such non-fulfilment is not either waived
by BTA in writing or the time for the fulfilment is not further
extended by the parties in writing, the Agreement shall cease to
have any force and effect whatsoever;

   (iv) Unless there is non-disclosure of material liabilities
or material information or particulars pertaining to Peridang
and Arus, which may have a significant adverse impact on BTA if
it was to proceed with the transaction herein contemplated, BTA
is not entitled to terminate or rescind the Agreement based on
findings set out in the due diligence report(s) prepared and
issued. In the event the non-disclosed matters is/are determined
by the parties to be more than two per cent (2%) of the total
consideration, BTA may terminate the Agreement;

   (v) Upon cessation or termination of the Agreement pursuant
to  paragraph (iii) and (iv) above, the parties shall be
released and discharged from their respective obligations and no
party shall have any claim or demand against the other party for
costs, damages, compensation or otherwise save and except that
LIP shall refund all the monies paid by BTA to LIP towards the
total consideration, without interest; and

   (vi) The completion of the Proposals is subject to the
simultaneous completion of the acquisition of the entire equity
interest in Makmur Tani Sdn. Bhd. from Dato Murad Mohamed Hashim
and Dato' Kamaruddin @ Abas Bin Nordin by BTA pursuant to
another sale and purchase agreement dated 22 May 2002 between
the parties as the land owned by Makmur Tani Sdn. Bhd. adjoins
the lands owned by Peridang and Arus and form part of the
overall development of the aquaculture farm.

INFORMATION ON PERIDANG

Peridang was incorporated as a private limited company under the
Companies Act, 1965 on 24 November 1984 under its present name
and its principal activity is the renting of property, plant and
machinery.

Presently, the authorized share capital of Peridang is
RM25,000,000 comprising 25,000,000 ordinary shares of RM1.00
each, of which 5,000,000 ordinary shares of RM1.00 each and
11,326,994 RPS are all issued and fully paid-up.

Peridang is the beneficial owner of several pieces of leasehold
lands located at Kampung Pianggu, Endau Rompin, Pahang, details
of which are set out in Table I at
http://www.bankrupt.com/misc/TCRAP_Amsteel0528.html.The  
leasehold lands are currently leased to BTA for prawn
cultivation and they will continue to use it for the same
purpose. The total audited net book value of the said leasehold
lands and the buildings thereon as at 30 June 2001 amounted to
RM1,876,957. No valuation has been performed on the said lands
and the buildings thereon.

The audited financial results of Peridang for the past five (5)
financial years ended 30 June 2001 are set out in Table II at
http://www.bankrupt.com/misc/TCRAP_Amsteel0528.html

Based on the audited accounts as at 30 June 2001, Peridang has
an amount due from related companies of RM15,251,902 and amounts
due to Amsteel, LIP and related companies (collectively referred
to as Related Companies), which in aggregate amounted to
RM35,905,742.

The original cost and date of investment of Peridang by LIP are
set out in Table III at
http://www.bankrupt.com/misc/TCRAP_Amsteel0528.html  

INFORMATION ON ARUS

Arus was incorporated as a private limited company under the
Companies Act, 1965 on 29 July 1986 under its present name and
its principal activity is the renting of property, plant and
machinery. Arus has a manufacturing license issued by the
Ministry of International Trade and Industry to produce
processed frozen prawns.

Presently, the authorized share capital of Arus is RM10,000,000
comprising 10,000,000 ordinary shares of RM1.00 each, of which 2
ordinary shares of RM1.00 each and 7,097,105 RPS are all issued
and fully paid-up.

Arus is the beneficial owner of a piece of leasehold land
located at Kampung Pianggu, Endau Rompin, Pahang, details of
which are set out in Table I at
http://www.bankrupt.com/misc/TCRAP_Amsteel0528.html.The  
leasehold land is currently leased to BTA for prawn cultivation
and they will continue to use it for the same purpose. The
audited net book value of the said land and the building thereon
as at 30 June 2001 amounted to RM463,730. No valuation has been
performed on the said land and the buildings thereon.

The audited financial results of Arus for the past five (5)
financial years ended 30 June 2001 are set out in Table IV at
http://www.bankrupt.com/misc/TCRAP_Amsteel0528.html.

Based on the audited accounts as at 30 June 2001, Arus has an
amount due from related companies of RM2,209,509 and amounts due
to Related Companies, which in aggregate amounted to
RM10,060,402.

The original cost and date of investment of Arus by LIP are set
out in Table V at
http://www.bankrupt.com/misc/TCRAP_Amsteel0528.html

SALIENT TERMS AND CONDITIONS OF THE RPS

The salient terms and conditions of the RPS are as follows:

   (i) The RPS shall carry the right to preference dividend
(non-cumulative), which is RM0.05 per RPS per annum in priority
to ordinary shares;

   (ii) The RPS shall rank both as regards dividend and return
of capital in priority to the ordinary shares in the company but
shall have further rights to participate in profits or assets of
the company;

   (iii) The RPS shall not confer any right of voting at any
general meeting of the company nor receipt of any notices of
meeting of the company; and

   (iv) The RPS shall:

     (a) either be redeemed at par or subject to the approval of
ordinary shareholders at a premium to be determined, at any time
at the option of the company; or

     (b) be converted into ordinary shares on the basis of one
(1) new ordinary share for every RPS held at the option of the
RPS holders.

INFORMATION ON BTA

BTA was incorporated as a private limited company under the
Companies Act, 1965 on 20 July 1999 under its present name. BTA
is principally involved as an aquaculturist, marine cultivator,
and importer, exporter, producer, breeder, distributor,
wholesaler, retailer and dealer of tropical prawns, fish
turtles, crabs and marine products of all kinds.

BTA is a wholly-owned subsidiary of Morrison International LLC,
a company incorporated in the United States of America.

Presently, the authorized share capital of BTA is RM10,000,000
comprising 10,000,000 ordinary shares of RM1.00 each, of which
4,200,004 ordinary shares of RM1.00 each are issued and fully
paid-up.

RATIONALE FOR THE PROPOSALS

The Proposals are in line with Amsteel and its subsidiaries'
(Amsteel Group or the Group) policy of divesting its non-core
businesses. Under Amsteel's proposed group wide restructuring
exercise (Proposed GWRS), the Group will upon completion of the
Proposed GWRS concentrate on property development, retail and
plantation businesses. The business activities of Peridang and
Arus are neither synergistic nor complementary to the Amsteel
Group's business activities upon completion of its restructuring
exercise.

In addition, both Peridang and Arus have been experiencing
losses in the past and as at 30 June 2001, the audited net
tangible liabilities of Peridang and Arus amounted to
RM15,970,533 and RM7,270,272, respectively. Both companies also
have significant amounts of inter-company advances from Related
Companies. Based on the audited accounts of Peridang and Arus as
at 30 June 2001, the net amounts due to Related Companies
amounted to RM20,653,840 and RM7,850,893, respectively. The
Proposals will prevent any further drain in Amsteel's financial
resources, and enable the Amsteel Group to concentrate on its
core business operations.

The Proposals will also result in a cash inflow to the Amsteel
Group of RM11.8 million, which will be utilized for the
repayment of bank borrowings and to defray the estimated
expenses of the Proposals of approximately RM250,000. Based on
the average interest rate of approximately 8% per annum, the
part repayment of bank borrowings would result in interest
savings of approximately RM0.9 million per annum.

EFFECTS OF THE PROPOSALS

The effects of the Proposals are as follows:

Share Capital and Shareholding Structure

The Proposals will not have any effect on the issued and paid-up
share capital and shareholding structure of Amsteel.

Earnings

The Proposals are not expected to have any material effect on
the financial results of the Amsteel Group for the financial
year ending 30 June 2002.

However, the Amsteel Group is expected to realize an estimated
gain from the Proposals of RM5.98 million for the financial year
ending 30 June 2003.

Net Tangible Assets (NTA)

Based on the audited consolidated balance sheet of Amsteel as at
30 June 2001, the Proposals would result in an improvement in
the NTA per share by 0.36 sen.

APPROVALS REQUIRED

The Agreement for the Proposals are subject to the following:

   (a) the approval of the Foreign Investment Committee for
BTA's acquisition of Peridang and Arus, to be obtained by BTA;

   (b) the approval of the Ministry of International Trade and
Industry for BTA's acquisition of Arus, to be obtained by BTA;

   (c) the approval of the shareholders of BTA for the
acquisition of Peridang and Arus and payment of the
consideration for the Proposed Discharge of Peridang and
Proposed Discharge of Arus, to be obtained by BTA ;

   (d) the approval of the Securities Commission (SC) for the
Proposals by Amsteel, to be obtained by Amsteel;

   (e) the approval of the Bank Negara Malaysia for the
remittance of foreign fund to settle the total consideration, if
so required, to be obtained by BTA; and

   (f) the first legal and financial due diligence to be
conducted by BTA's advisers on Peridang and Arus, to be
completed within thirty (30) days from the date of the execution
of the Agreement and the second legal and financial due
diligence to be completed within fourteen (14) days from the
date of the last of the approvals set out in (a) to (e) is
obtained.

The Proposals are inter-conditional.

COMPLIANCE WITH THE SC GUIDELINES

The Proposals are in compliance with the SC's Policies and
Guidelines on Issue/Offer of Securities.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

To the best knowledge of the Directors of Amsteel, none of the
Directors or major shareholders of Amsteel or any persons
connected with the Directors or major shareholders of Amsteel
has any interest, direct or indirect, in the Proposals.

ADVISERS

The Board has appointed OSK as the adviser for the Proposals.

STATEMENT BY THE BOARD OF DIRECTORS

The Directors, after careful deliberation, are of the opinion
that the Proposals are in the best interest of Amsteel and that
the terms of the Proposals are fair and reasonable.

APPLICATION TO THE RELEVANT AUTHORITIES

Application to the relevant authorities for the Proposals shall
be made within one (1) month from the date of this announcement.

ESTIMATED TIME FRAME FOR COMPLETION

The Proposals are estimated to complete by the first quarter of
the financial year ending 30 June 2003.


AUSTRAL AMALGAMATED: Seeks SC's Further Approval
-------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Special
Administrators of Austral Amalgamated Berhad, further to the
receipt of the Securities Commission's (SC) approval for the
Proposals on 16 May 2001, had further sought the approval of the
SC of:

   (a) Proposed waiver to the condition imposed by the SC in its
approval letter dated 16 April 2001 that is in respect of the
proposed acquisition of the entire issued and paid-up share
capital of Eastern Biscuit Factory Sdn Bhd (EBF) by FBO
(Proposed Injection of EBF), the vendors of EBF are required to
assume the outstanding loans taken by EBF in relation to the
construction of the Kota Sri Mutiara Complex in Kota Bharu and
all amounts owing to related companies prior to the completion
of the Proposed Injection of EBF;

EBF had taken two bridging loans, namely:

      (i) a revolving facility and a term loan facility with
Southern Finance Berhad (SFB) (SFB Loan) which are secured by
two (2) National Land Code (NLC) charges on the land where Kota
Sri Mutiara Complex is situated, under Geran no. 26021, Lot 431,
Section 21, Bandar Kota Bharu (Kota Sri Mutiara Property) which
have also been registered with the Companies Commission of
Malaysia (CCM); and

      (ii) an Al Bai Bithaman facility from Bank Kerjasama
Rakyat Berhad (BKRB) (BKRB Loan) secured by way of a deed of
assignment. A private caveat has been lodged on the title to
Kota Sri Mutiara Property and a company charge entered with the
CCM by BKRB's agent.

Under the proposed waiver, the vendors of EBF propose to remove
the encumbrances after the completion of the Proposed Injection
of EBF by redeeming the BKRB Loan and part of the SFB Loan in
cash and refinancing the balance of the SFB Loan. The redemption
of the loans is proposed to be settled by the EBF vendors from
cash proceeds arising from the private placement of such number
of new ordinary shares of RM1.00 in FBO (FBO New Shares) to be
received by them pursuant to the Proposed Injection of EBF. The
loan refinancing will be secured against a portion of the FBO
New Shares to be received by the EBF vendors.

   (b) Following (a) above, certain vendors of EBF and Wilayah
Leasing Sdn Bhd (WL) propose to undertake a joint private
placement exercise of such number of FBO New Shares, to be
received by them pursuant to the proposed injections of EBF and
WL into FBO, to interested investors (Proposed Placement). The
Proposed Placement would also include the placement of
10,000,000 FBO New Shares under moratorium from Teong Hoe
Holdings Sdn Bhd (THSB), a vendor of EBF, to Chong Ching Siew
Holdings Sdn Bhd (CCSH) and Tong Yoong Fatt, the vendors of WL;
and

   (c) Proposed pledging of certain FBO New Shares which are
under moratorium in favor of a few financial institutions
providing the requisite funding to certain vendors of EBF for
the refinancing of the SFB Loan above and to Forad Management
Sdn Bhd (FMSB), a vendor of both EBF and WL, for its
subscription of the 45,000,000 FBO New Shares under the Proposed
Restricted Issue.

The SC, subject to the following conditions has approved:

   (a) The proposed waiver sought in 1.1 (a) above is subject to
the following conditions:

     (i) BKRB is required to discharge all its rights on Kota
Sri Mutiara Property upon receipt of the redemption sum for the
Al Bai Bithaman facility given to EBF;

     (ii) SFB is required to discharge all its rights on Kota
Sri Mutiara Property upon receipt of the redemption sum and the
FBO New Shares that would be pledged as collateral for the
refinancing arrangement; and

     (iii) The FBO New Shares to be issued pursuant to the
Proposed Injection of EBF, which are proposed to be placed out
by the vendors of EBF and WL to raise cash proceeds for the
redemption of BKRB Loan and SFB Loan as in (i) and (ii) above,
shall only be issued after the receipt of the proceeds of the
Proposed Placement by the stakeholder either in cash or in the
form of an irrevocable letter of guarantee from the financial
institutions funding the investors;

   (b) The proposed placement of 10,000,000 FBO New Shares under
moratorium by THSB to CCSH and Tong Yoong Fatt shall be subject
to the moratorium condition on the said FBO New Shares being
maintained; and

   (c) the pledging by THSB and FMSB of 42,000,000 FBO New
Shares and 30,000,000 FBO New Shares respectively, that are
under moratorium, shall be subject to the condition that SFB and
the financial institutions providing the financing facilities
furnish to the SC with their undertaking that:

     (i) the beneficial owners of the FBO New Shares under
moratorium shall remain unchanged throughout the moratorium
period; and

     (ii) the sale, transfer or assignment of the said FBO New
Shares under moratorium shall not be undertaken without the
prior approval from the SC. As such, the moratorium condition
imposed on the said shares shall continue be enforced.

In addition, SC has approved for an extension of time to
implement the Proposals until 16 November 2002.

The Proposals comprise the following:

   * Proposed Capital Reduction and Consolidation
   * Proposed Share Exchange
   * Proposed Rights Issue with Warrants
   * Proposed Injections
   * Proposed Restricted Issue
   * Proposed Creditors Scheme
   * Proposed Listing of Furqan Business Organization Berhad
(FBO
   * Proposed Placement
   * Proposed Exemption from Mandatory General Offer


COUNTRY HEIGHTS: Seeks General Mandate for Recurrent Trading
------------------------------------------------------------
On behalf of the Board of Directors of Country Heights Holdings
Berhad, Arab-Malaysian Merchant Bank Berhad announced that the
Company intends to seek its shareholders' approval for a
proposed general mandate for recurrent related party
transactions of revenue or trading nature pursuant to Paragraph
10.09 of the Kuala Lumpur Stock Exchange Listing Requirements in
the forthcoming Extraordinary General Meeting.

A Circular to shareholders containing information on the above
will be issued in due course.

Barely days ago, TCR-AP reported that Country Heights received
an approval from the SC regarding it Proposals Proposed
Extension. The Proposals involves Proposed Acquisition of 100%
Equity in Mega Palm Sdn Bhd (MPSB) (Proposed Acquisition) and
Proposed Settlement Agreement.


GLOBAL CARRIERS: Adjourned Creditors' Meeting Set for Today
-----------------------------------------------------------
Global Carriers Berhad, further to its announcement on 10 May
2002 in regards to the Proposed Composite Scheme, the Proposed
BSNC Leasing (M) Sdn Bhd Settlement Scheme and the Proposed Non-
Financial Creditors Settlement Scheme (Proposed Revised Schemes,
advised that the adjourned meeting involving Global Carriers
Property Sdn Bhd and its secured creditor has been set on
Tuesday, 28 May 2002.

The meeting will be held at the Register Office of Global
Carriers Berhad, 68-C, Damai Kompleks, Jalan Lumut, Off Jalan
Ipoh, 50400 Kuala Lumpur.


JOHOR CORPORATION: Enters RM4,032M Debt Restructuring Agreement
---------------------------------------------------------------
The Corporate Debt Restructuring Committee announced that Johor
Corporation (JCorp), its dependent subsidiaries, and their
respective creditors signed on May 24 a Debt Restructuring
Agreement to restructure RM4,032 million of debts, of which
RM3,120 million is the amount owing by JCorp and RM912 million
the amount owing by JCorp's financially dependent subsidiaries.  
A total of 54 creditors are involved in the restructuring
scheme. JCorp is the state economic development corporation of
the sate of Johor.

Date Azman Yahya, Cha'vmarl of CDRC, said, "The Johor
Corporation restructuring will reduce the level of non-
performing loans in the banking system by 0.5 percent and reduce
the outstanding amount to be restructured under CDRC by 25
percent. The workout by JCorp has been protracted due to the
size and complexity of the debts being addressed and the number
of creditors and stakeholders involved, but the successful
implementation of the restructuring scheme will be positive for
the banking system and the economy as a whole."

The restructuring scheme entails:

For Unsecured Creditors of Johor Corporation (total existing
debt: RM2,696M), an overall recovery rate of 83 percent via:

   a. Issuance of RM1,607M Guaranteed Redeemable Bond(GRB) based
on the principle of Bai Bithamrm Ajil. The salient terms of the
GRBS are:

     i.   guaranteed by the Johor State Government
     ii.  divided into three (3) tranches with maturities of
    five (5), seven (7) and ten (10) years
     iii. cash profit rate of 1 percent
     iv.  effective profit rate of 4.25 percent, 4.75 percent
          and 5.05 percent respectively, based on the
          Selling Price and Purchase Price of the underlying
          assets
   b. Conversion of a portion of the existing debt into a RM400M
Committed Revolving Credit Facility (CRCF) based on the
principle of Murabehah. The salient terms of the CRCF are:

     i.   profit rate of 0.75 percent above each financier's
    Islamic Cost of Funds
     ii.  maturity of 10 years
     iii. profit payments guaranteed by the Johor State
          Government
     iv.  secured against assets with a 1.67x security cover
   (based an the open market value of the assets)

   c. Issuance of RM230M Redeemable Secured Certificates (RSC)
based on the principle of Qardhul Hassan. The salient terms of
the RSCs are:

     i.   divided into three (3) trenches with maturities of
          five (5), seven (7) and (10) years
     ii.  no profit rate
     iii. secured against assets with a 1.OOx security cover
          based on the forced sale value of the assets)

For Unsecured Creditors of JCorp's Dependent Subsidiaries (total
debt: RM879M), an overall recovery rate of 70 percent via:

   a. Issuance of RM615m Guaranteed Redeemable Bonds (GRB) based
on the principle of Bai' Bithamam Ajil. The salient terms of the
GRBs are:

     i.   guaranteed by the Johor State Government
     ii.  divided into three (3) tranches with maturities of
          five (5), seven (7) and ten (10)Years
     iii. cash profit rate of 1
     iv.  effective profit rate of 4.25 percent, 4.75 percent
          and 5.05 percent respectively, based on the      
          Selling Price and Purchase Price of the underlying
    assets

For Secured Creditors of Jcorp and JCorp's Dependent
Subsidiaries (total debt: RM457M), an overall recovery rare of
100 percent via:

a. Issuance of RM457m Guaranteed Redeemable Bonds (GRBs)
based on the principle of Bai' Bithannnnr Aji.  The
salient terms of the GRBs are:

     i.   guaranteed by the Joiner State Government
     ii.  divided into two (2) tranches with maturities of five
          (5) and seven (7) years
     iii. cash profit rate of 1 percent
     iv.  effective profit rate of 4.25 percent and 4.75 percent      
          respectively, based on the Selling Price and Purchase   
    Price of the underlying assets.

The Debt Restructuring Agreement is conditional upon approval of
the proposed scheme by JCorp's US$ Floating Rate Note holders
amounting to US$100 million who will vote on the terms of the
restructuring during a formal meeting of note holders to be
convened shortly. It is expected that the restructuring scheme
will be fully implemented by end of June 2002.

The scheme also entails other significant elements, which
critically recognize the need for JCorp to have time to allow
for the following:

   (i)  To improve its core business activities
   (ii) A phased and properly controlled disposition of its         
assets, in particular its vast property assets from which
disposition proceeds the GRBs can be redeemed before the due
date.


MEASUREX CORPORATION: Obtains Ex Parte Order Against MBB
--------------------------------------------------------
Measurex Corporation Berhad has on 23 May 2002 obtained an ex
parte Order for an injunction against Malayan Banking Berhad
(MBB) from the Kuala Lumpur High Court restraining MBB whether
by itself or by its servants or agents or otherwise howsoever
from filing a winding up petition against the Company and/or
taking any step towards the winding up of the Company based on
the Statutory Demand for 21 days from the date of the Order.

The inter partes hearing is fixed for 10 June 2002. Its
solicitors advise the Company that it is wholly inappropriate
for MBB to threaten to commence winding up proceeding based on a
foreign judgment, which has not been registered in Malaysia.


PICA (M) CORPORATION: Issues Add'l Material Litigation Info
-----------------------------------------------------------
Pica (M) Corporation Berhad, in reply to the Query Letter by
KLSE reference ID: FM-020522-35329 in regards to the material
litigation that released on 21 May 2002, disclosed the
additional information as follows:

1. The date of issue of the Writ of Summons is 26 April 2002.

2. The Plaintiff is praying for specific performance of the sale
& purchase agreement dated 12 November 2002 namely the payment
of RM4.4 million.

3. The Plaintiff in the sale & purchase agreement has allegedly
agreed to sell and Pica has allegedly agreed to buy, a piece of
land measuring 2.2848 hectares in Pekan Senawang, district of
Seremban. The said land has not been alienated and state
authority consent to transfer has not been obtained

4. In the event, the Court rule in favor of the Plaintiff, the
impact and expected losses would be the amount claimed by the
Plaintiff in the Writ of Summons (approximately RM4.4 million
plus interest) and cost of the proceeding.


SITT TATT: Changes Company Secretary
-------------------------------------
Sitt Tatt Berhad posted this notice:
   
Date of change : 23/05/2002  
Type of change : Appointment
Designation    : Joint Secretary
License no.    : MAICSA 7020164
Name           : Leong Seat Fung

Last week, TCR-AP reported that the Company entered into a Share
Sale and Purchase Agreement with MSE-Com(I) Pvt Ltd wherein the
Company has agreed to sell its entire stake of 250,000 shares in
Ismeta Next Sdn Bhd to MSE.

The Company is currently in the course of rationalizing its
group of companies and is of the view that the business of
information technology (IT) and internet related business are
not synergistic with the Group's overall activities. In this
respect, the directors has approved the disposal of INSB as it
will assist to streamline the Group's activities so as to remain
focus on the existing principal business of the Group.


SUNWAY HOLDINGS: Unit Applies Scheme Of Arrangement, Compromise
---------------------------------------------------------------
Sunway Holdings Incorporated Berhad informed that the High Court
at Kuala Lumpur did on 24th May 2002 grant an Order, which
amongst others allows Sunway Juarasama Sdn Bhd (SJSB), a wholly-
owned subsidiary of the Company, to convene a meeting of its
Scheme Creditors within 2 months from the date of the Order to
consider and if thought fit to approve the Scheme of Arrangement
and Compromise proposed by SJSB with certain of its creditors as
defined in the Scheme (the Scheme Creditors) in full and final
discharge of the Scheme Creditors claims against SJSB.

Purpose of the Scheme

The Scheme is proposed to be effected by way of parallel schemes
of arrangement in both Malaysia and Singapore. The purpose of
the Scheme is to procure, in consideration of the matters set
out in the Scheme, the discharge and release of all claims
[apart from Excluded Claims (defined below) that are not
compromised under the Scheme] relating to SJSB's liabilities to
the Scheme Creditors. Pursuant to the Scheme, the amount owing
to Scheme Creditors will be determined by admission or agreement
with an appointed Scheme Manager, or an appointed Independent
Adjudicator.

Principal Features of the Scheme

Details of the Scheme have been summarized in our previous
announcement made on 15th May 2002, which are as follows:

   (a) For practical reasons, persons whose claim against SJSB
is equal to or less than S$3,000 will be paid and excluded from
the Scheme. To ensure fairness, all Scheme Creditors will also
be paid in full the first S$3,000 ("Excluded Amount") of their
respective claims against SJSB.

   (b) Payment of the sum equal to 30% of the total amount owed
by SJSB to Scheme Creditors (less the Excluded Amount).

The funds to make the proposed payments will be procured by
Suninc.

Financial and Operational Impact

The Directors are of the opinion that adequate provision has
been made in the accounts as at 31 March 2002. As such, the
Scheme is not expected to materially affect the financial and
operational functions of the Suninc Group.

Document For Inspection

A copy of the Cause Papers is available for inspection at the
Registered Office of SJSB at Level 16, Menara Sunway, Jalan
Lagoon Timur, Bandar Sunway, 46150 Petaling Jaya, Selangor Darul
Ehsan.


TA ENTERPRISE: Subsidiary Inks Sale Agreement With Joyway
---------------------------------------------------------
The Board of Directors of TA Enterprise Berhad announced that on
23 May 2002, TA First Credit Sdn Bhd (TAFC), a wholly owned
subsidiary of TAE, had entered into an agreement to sell
9,000,000 million ordinary shares of RM1.00 each in Siah
Brothers Corporation Berhad (SBCB) (SBCB Shares) to Joyway
Properties Limited (Buyer) (Sale).

The sale consideration for the SBCB Shares is RM1.51 per SBCB
Share for a total consideration of RM13.59 million (Sale
Consideration).

Cost of investments

The SBCB Shares, which represented 11.9% of the share capital of
SBCB, were purchased by TAFC on 16th April 2002 for RM1.50 per
SBCB Share or a total cash consideration of RM13.50 million.
TAFC is expected to realize a gross profit of RM90,000 from the
Sale.

Terms and conditions of the Sale

The Sale will be carried out through a direct business
transaction on the Kuala Lumpur Stock Exchange via their
respective stockbrokers within 12 trading days from the date of
the agreement. The Sale shall be subject to the Rules of the
Kuala Lumpur Stock Exchange on direct business transaction

Basis of arriving at the Sale Consideration

The Sale Consideration was arrived at based on a willing buyer,
willing seller basis after taking into consideration of the net
tangible assets per share, earnings per share, the latest market
price of the shares and the cost price of the shares to TAFC.

Rationale for the Sale

TAFC found this a good opportunity for it to dispose of the SBCB
Shares to an interested buyer at an attractive price, which is
higher than the current market price of the shares.

On March 11, TCR-AP reported that TA Enterprise Berhad announced
that the deadline to obtain all necessary approvals as provided
for in Debt Restructuring Agreement signed with Idris Hydraulic
(Malaysia) Berhad had been extended from 28 February 2002 to 30
June 2002.


TIMBERMASTER INDUSTRIES: Second White Knight MoU Terminated
-----------------------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed) announced that the White Knight was still unable to
fulfill certain the conditions precedent set out in the second
MoU within the stipulated timeframe. Accordingly, TMIB on 23 May
2002 informed the White Knight that its the Deposit Sum will be
forfeited in accordance with the terms of the second MoU.

Given the position, the Special Administrators of TMIB are now
making the necessary arrangements to carry out a third tender
exercise to regularize the financial position of TMIB. Under the
3rd tender exercise, interested parties are invited to
participate in the restructuring of TMIB.


UNITED CHEMICAL: 38th AGM Scheduled for June 19
-----------------------------------------------
United Chemical Industries Berhad advised that its the Thirty-
Eighth Annual General Meeting will be held at KUB.com Event
Hall, Ground Floor, 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur
on Wednesday, 19 June 2002 at 10.00 a.m. for the following
purposes:

AGENDA

1. To receive and adopt the Audited Financial Statements for the
year ended 31 December 2001 and the Reports of the Directors and
Auditors thereon. (Resolution 1)

2. To re-elect the following Directors retiring in accordance
with Article 111 of the Company's Articles of Association:-  

    a) Tan Sri Abdul Aziz Bin Abdul Rahman (Resolution 2)
    b) Ismail @ Mustapha Bin Ibrahim (Resolution 3)
    c) Wong Set Moi (Resolution 4)

3. To re-appoint Messrs Folks DFK & Co as Auditors of the
Company and to authorize the Directors to fix their
remuneration. (Resolution 5)

4. To transact any other business of which due notice shall have
been given.


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


NATIONAL POWER: Will Hold $500M Bond Float in September
-------------------------------------------------------
National Power Corp. (Napocor), through the Power Sector Assets
and Liabilities Management Corp. (PSALM), will conduct a $500-
million bond flotation by the third quarter of this year to
raise part of its 2002 financial requirement.

Energy Secretary Vincent S. Perez, Jr. told Business World that
PSALM, Napocor's privatization arm, would conduct the $500-
million bond float on September to meet part of the state
utility's $1.5-billion funding requirement for this year.

Perez declined to provide details on the planned issuance.

The state-run power utility firm still needs to raise $750
million to meet its financial requirement for this year. It
raised the initial $750 million earlier this year, where the
government lent $250 million in January and the $500 million in
February.

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


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


ACMA LTD: Clarifies Annual Report
---------------------------------
Acma Limited has been requested by the Singapore Stock Exchange
to clarify certain matters set out in the financial year ended
31 December 2001 (Annual Report). The Company replied as
follows:

The provision of S$73.4 million made by Acma at the Company
level, in respect to the diminution in value of investment in
subsidiaries, is comprised of:

Acma Australia Pty Ltd
Cost of investment: S$2.3 million
Amount owing to Acma: S$0.1 million

Full provision was made against the investment as based on its
latest accounts, Acma Australia had depleted its entire paid-up
share capital.

Virtually all liabilities of Acma Australia are in respect of
debts owing to related companies and theses debts do not have
any fixed repayment dates.

These advances were made to Acma Australia in prior years to
fund principally the acquisition of its investment in its
Australian listed subsidiary, Acma Engineering & Construction
Group Ltd, its advances to other related companies and its
operational expenses.

Acma Industries Pte Ltd
Cost of investment: S$10.1 million
Amount owing to Acma: Nil

In prior years, provisions amounting to S$8.5 million had
already been made in respect of Acma's investment in Acma
Industries. As Acma Industries had since depleted close to its
entire paid-up share capital and there is no significant
improvement in its financial position expected in the near term,
it was deemed appropriate for Acma to make full provision
against its investment in Acma Industries. Therefore, a further
S$1.6 million provision was made during the year.

Acma Investments Pte Ltd
Cost of investment: S$108.9 million
Amount owing to Acma: S$0.1 million

Though Acma Investments had net assets of S$109.7 million as at
31 December 2001, a provision of S$10.2 million was made for
reason of prudence against the carrying cost of Acma's
investment. This was to take into account possible diminution in
the value of certain assets of Acma Investments not yet
recognized in the accounts of Acma Investments.

Acma Investment's liabilities comprised primarily S$4.9 million
owing to its bankers. However, as the debts are within its
established banking arrangements and it has ample assets to
service the bank debt, no debt restructuring will be required.

Acma Marketing Pte Ltd
Cost of investment: S$3.0million
Amount owing to Acma: Nil

The provision of S$0.7 million was made in order to write down
the net carrying cost of Acma's investment in Acma Marketing to
approximately that of its underlying assets.

Acma Marketing has minimal debt gearing and therefore there will
not be any need for any debt restructuring.

Acma Technologies Pte Ltd
Cost of investment: S$165.3 million
Amount owing to Acma:Nil

The provision of S$33.6 million was made in order to write down
the net carrying cost of Acma's investment in Acma Technologies
Pte Ltd to approximately that of its underlying assets.

Acma Technologies has minimal debt gearing and therefore there
will not be any need for any debt restructuring.

Radac Pte Ltd
Cost of investment: S$5.8million
Amount owing to Acma: Nil

The provision of S$1.3 million was made in order to write down
the net carrying cost of Acma's investment in Radac to
approximately that of its share of the underlying assets.

Radac's liabilities relate principally to a deferred tax
liability and it has more than sufficient assets to meet its tax
liability as and when it crystallizes.

The Company had in prior years funded the activities of various
subsidiaries in the normal course of business. In some cases,
where the subsidiaries concerned had incurred losses such as to
result in a total depletion of its share equity base, the
Company had considered it prudent to make from time to time,
provision for all or part of these advances. The provisions
noted above would have been made in prior years on the aforesaid
basis.

During the year, as part of an exercise to streamline the
operations and corporate structure of the Group, the Company re-
organized its loans to subsidiaries and in the process, the
loans to certain companies were either converted to equity or
transferred to other group companies. Subsequent to the
aforesaid exercise, a review was conducted to evaluate the
adequacy of provisions made in relation to advances made by the
Company to its subsidiaries. In this regard, loan provisions
previously made in the accounts in relation to the above
subsidiaries were considered excessive (due either to the
improved financial position of the subsidiary or a reduction in
the Company's loan exposure to the subsidiary) and were written
back.


INNO-PACIFIC: Placement Agreement Completion Underway
-----------------------------------------------------
The Board of Directors of Inno-Pacific Holdings Ltd the
Singapore Exchange Securities Trading Limited has given its in-
principle approval to the Company's application for the listing
and quotation of up to 62.5 million new ordinary shares of $0.01
each (Placement Shares) in the capital of the Company. This in-
principle approval of the SGX-ST is not an indication of the
merits of the placement. SGX-ST assumes no responsibility for
the accuracy of any statement made in relation to the Placement
Agreement.

Completion of the Placement Agreement will take place on or
before 31 May 2002 and the date of the listing and quotation of
the Placement Shares on the SGX-ST will be announced in due
course.

The Board further wishes to clarify that assuming that the full
62.5 million Placement Shares are fully placed out, the Company
intends to use the net proceeds of the placement of
approximately $3.7 million in the priority set out as follows:

   (i) approximately $1.7 million to cover 12 months' overheads;
   (ii) approximately $1.0 million to settle amounts owing to
other creditors;
   (iii) approximately $0.3 million for development of the
Group's telecommunication business; and
   (iv) approximately $0.7 million as working capital for the
Group's Shakey's business.


PENTON INTERNATIONAL: Provides Financial Restructuring Update
-------------------------------------------------------------
Penton International Ltd refers to the announcement released on
22 May 2002 (22 May Announcement). As mentioned in the 22 May
Announcement, the banking group (UK Bank) servicing the
Company's subsidiaries in the United Kingdom (UK Subsidiaries)
had indicated its intention to disengage itself as our bankers
and in connection therewith, had not increased the banking
facilities extended to the UK Subsidiaries and had further
restrained availability to the UK Subsidiaries. The Group has
been using its best endeavors to restructure/refinance the
facilities extended by the UK Bank to our UK Subsidiaries (UK
Facilities). To this end, the Company had entered into the
various agreements as set out in the 22 May Announcement.

As mentioned in the 22 May Announcement, the exercise of the
option granted to Sunningdale Holdings Pte Ltd (SHPL) was
subject to certain conditions precedents. One key condition
required to be satisfied is for SHPL or persons associated with
it or persons appointed to assist the Company in its financial
restructuring to have:

   (a) procured the repayment of the UK Facilities and/or the
refinancing thereof with other banking facilities on or before
15 June 2002; and

   (b) arranged for additional working capital financing
facilities for the Company and the UK Subsidiaries of not less
than o1 million by 16 June 2002.

Regional Capital Pte Ltd, SHPL and the Directors have been in
discussions with the UK Bank with further discussions due to
take place during the course of the week commencing 27th May
2002.

On the basis that:

   1. (a) and (b) above can be achieved;

   2. the UK Bank does not in the meantime foreclose on the UK
Facilities; and

   3. that the other major creditors involved in the
restructuring maintain their support,

the Directors are of the view that the Group has sufficient
working capital for its current needs and can continue as a
going concern.

As mentioned in the 22 May Announcement, the UK Subsidiaries
form an integral and material part of the Group's operations.
Based on the audited accounts of the Penton Group for the
financial year ended 30 April 2001, the UK Subsidiaries
contributed S$17.4 million representing 71% of the Group's
turnover and S$2.9 million representing 66% of the Group net
profits for the financial year ended 30 April 2001.

To the best knowledge of the Directors, all material information
in relation to the transactions set out in the 22 May
Announcement and the situation relating to the UK Facilities has
been announced.

Accordingly, the Directors are of the view that sufficient
information has been disseminated to the market to allow for the
orderly trading of the Company's shares. Nonetheless, as there
is no assurance that the situation regarding the UK Facilities
will be resolved satisfactorily, shareholders and investors are
advised by the Board to exercise caution in their dealings in
the securities of the Company. The Company will release further
announcements as appropriate upon the occurrence of any material
developments.

Penton International also requests for the resumption of trading
of its shares with effect from 8.30 a.m. on Tuesday, 28 May
2002.


SEATOWN CORP.: Court Issues Unit Stay of Proceedings Order
-----------------------------------------------------------
The Board of Directors of Seatown Corporation Ltd announced that
Seatown Construction Pte Ltd, its wholly-owned subsidiary, has
on 17 May 2002 obtained an Order of Court staying certain
proceedings against it under section 210(10) of the Companies
Act, Cap. 50 of the Singapore Statutes (Act). The Order of Court
was obtained in connection with proceedings commenced by various
creditors of Seatown Construction Pte Ltd for an aggregate sum
of S$6,072,610.15.

The Court has also directed that a meeting of creditors be
called on or before 12 July 2002 to consider a scheme of
arrangement under section 210 of the Act. The Company, together
with its financial advisor, Tan Corporate Advisory Pte Ltd, are
presently considering and preparing a restructuring proposal to
be sent to the creditors of Seatown Construction Pte Ltd on or
before 12 July 2002.


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


BANGKOK RUBBER: Seeks Further Rehab Plan Submission Extension
-------------------------------------------------------------
The Central Bankruptcy Court issued an order for business
reorganization of Bangkok Rubber Public Company Limited and
appointed B.R.C. Planner Company Limited as Planner on 24
December 2001. The Planner has to prepare the business
reorganization plan to submit to the Meeting of Creditors and
the Central Bankruptcy Court within three months from the date
the official receiver publishes the aforesaid order in the
Government Gazette. Upon expiration of such specified period,
the Central Bankruptcy Court granted approval for the first
extension of submission of the business reorganization plan to
22 May 2002.

The Planner has collected the information and documents relating
to assets and liabilities of the Debtor and laid down guidelines
for the restructuring of the Debtors business including
preparation of a draft of the business reorganization plan and
presentation of the plan to primary creditors.

It appears that some creditors made suggestions and requested to
make an amendment and addition therefore, it is necessary that
the Planner shall proceed with the amendment of the business
reorganization plan and addition of details to the plan so as to
be proper and consistent with all suggestions of Creditors so
that the voting of approval for the business reorganization plan
is made smoothly and creates the utmost advantage to the
Creditors and relevant parties in accordance with the intendment
of law.   

Therefore, the Planner filed an application to the Central
Bankruptcy Court for approval for the second extension of
submission of the business reorganization plan, and the Central
Bankruptcy Court issued the order for approval for extension of
submission of the business reorganization plan to 24 June 2002


DATAMAT PUBLIC: Embarks on Share-Swap With Malaysian ET Comm
------------------------------------------------------------
Datamat Public Company Limited has signed an agreement to
acquire a controlling stake in Malaysia-based ET Communications
(ET Comm) through a share swap, Knight Ridder Business News
reported, citing Datamat President Manoo Ordeedolchest.

"This is a significant step in fulfilling our commitment to
enhance Datamat by acquiring profitable companies that add depth
and expertise in one of the fastest growing sectors of our
business," Mr Manoo said.

The Company declined to disclose the value of acquisition, which
was made through a share swap deal, pending the approval of
shareholders.

Aside from ET Comm, the Company was reportedly in discussions
with several technology firms as potential partners including
DBA Corp, with an expectation of swapping 20 percent of the
total shares in the potential subsidiaries.

Barely days ago, TCR-AP reported the Company's reviewed
quarterly financial statements as of March 31, 2002 showed a
profit increase of Bt2 million in operation performance in
comparable to the same period last year due to gain on debt
restructuring of approximately Bt13.5 million. The interest
expense in this quarter is less than last year of approximately
Bt10.5 million.


T.C.K. FURNITURE: Business Reorganization Petition Filed
--------------------------------------------------------
T.C.K. Furniture Company Limited (DEBTOR), engaged in furniture
production, filed its Petition for Business Reorganization to
the Central Bankruptcy Court:

   Black Case Number 118/2545

   Red Case Number 303/2545

Petitioner: T.C.K. FURNITURE COMPANY LIMITED

Planner: ADVANCE PLANNER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,475,400,021.76

Date of Court Acceptance of the Petition: January 25, 2002

Date of Examining the Petition: February 25, 2002 at 9.00 A.M.

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

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: March 14, 2002

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: April 2, 2002

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: July 2, 2002

Contact: Mr. Attawut Tel, 6792525 ext. 127


THAI HEAT: Requests Shares Trading
----------------------------------
Thai Heat Revival Company Limited, as the reorganization planner
of Thai Heat Exchange Public Company Limited, requested the
Stock Exchange of Thailand permission to trade shares, as the
Company registered increasing capital under the rehabilitation
plan and financial statements for the 1st Quarter 2002 showed
positive retained earnings.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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information, contact Christopher Beard at 240/629-3300.

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