TCRAP_Public/020529.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, May 29, 2002, Vol. 5, No. 105

                         Headlines

A U S T R A L I A

AUSTRALIAN MAGNESIUM: Director William Changes Interest
CMG CH: May 17 NAV Reaches A$0.70 Per Share
CLUB CROCODILE: Settles Sale of Leasehold Business
IWL LIMITED: Signs Heads of Agreement With ASX
OPEN TELECOMMUNICATIONS: Incurs 2001 Loss of A$42.7M

OPEN TELECOMMUNICATIONS: Posts AGM Results
QUOIN (INT): Company Issues Administration Details


C H I N A   &   H O N G  K O N G

ASIA RESOURCES: In Negotiations With Potential Investor
COMPANION BUILDING: Requests Securities Trading Suspension
DE-LUXE OPTICAL: Winding Up Petition to be Heard
EATES ELECTRONIC: Winding Up Petition Hearing Set
FOOK DOR: Petition to Wind Up Pending

FOURSEAS.COM: Proposes Placement of 350,000,000 Shares
GUANGDONG INVESTMENT: Parent's Asset Acquisition Likely
KINING LIMITED: Faces Winding Up Petition
SKYNET (INTERNATIONAL): Requests Trading Suspension


I N D O N E S I A

BANK NIAGA: IBRA Announces Final Bid Winners
PERTAMINA TBK: Lack of Funds Prompts Geothermal Contract Return


J A P A N

ALL NIPPON: Flights Delayed, Canceled After Computer Glitch
CASIO COMPUTER: Forming Division to Boost New Product Growth
CASIO COMPUTER: Moody's Cuts Rating to Lowest Investment Grade
HOKKAIDO INT'L: Discussing Expanding Alliance Deals With JAL
KDDI CORP.: Teams Up With SK Telecom on Cell Phone Photo Swaps

KUMAGAI GUMI: Reports First Profit in Nine Years
MATSUSHITA ELECTRIC: Aims to Triple China Sales by '05
NEC CORPORATION: May Close, Sell U.K., Malaysia PC Plants
SNOW BRAND: Quitting Domestic Wine Business to Focus on Dairy


K O R E A

DAEWOO ELECTRONICS: Creditors Set to Adopt Division Plan
HYUNDAI OILBANK: Facing Legal Battle With Inchon Oil
KOREA LIFE: PFOC Delays Sale Until July
SSANGYONG MOTORS: Shares Surge 15% on Invest Hopes


M A L A Y S I A

CELCOM (MALAYSIA): Bonds on Rating Watch W/ Developing Outlook
GADANG HOLDINGS: Disposes Quoted Shares for Working Capital
KUMPULAN GUTHRIE: Files PTAS Appellate Memo Rebuttal
LANDMARKS BERHAD: Proposed Bonds Issue Completed
METROPLEX BERHAD: Independent, Non Executive bin Chin Resigns

PICA (M) CORPORATION: Faces Writ Over Interest Payment
UCP RESOURCES: Provides Defaulted Payment Status Update


P H I L I P P I N E S

PHILIPPINE LONG: Down 2.8% on Profit-Taking
PHILIPPINE LONG: Launches Residential Subscriber Net Service
PILIPINO TELEPHONE: Makes Gains Through New Phone Rates


S I N G A P O R E

ARTHUR ANDERSEN: Boardroom to Buy Secretarial, Accounting Ops
ASIA PULP: Resumes China Plant Construction
BIL INTERNATIONAL: Gains on News of Investor Interest in Assets
PENTON INTERNATIONAL: Down After Resuming Trade
SEATOWN CORPORATION: Answers SGX-ST Queries


T H A I L A N D

DELTA HOLDING: Files Business Reorganization Petition
M. D. X.: Files Business Reorg Petition in Bankruptcy Court
THAI WAH: Bankruptcy Court Orders September 9 Hearing

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AUSTRALIAN MAGNESIUM: Director William Changes Interest
-------------------------------------------------------
Australian Magnesium Corporation Limited posted this notice:

CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company     Australian Magnesium Corporation Limited

   ABN                 51 010 441 666

We (the entity) give the ASX the following information under
listing rule 3.19A.2 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         James Roland Williams

   Date of last notice      30/01/2002

Part 1 - Change of director's relevant interests in securities

Direct or indirect interest             Direct                   

Nature of indirect interest
(including registered holder)           N/A                      

Date of change                          23/05/2002

No. of securities held prior
to change                               200,000 DES              

Class                                   Ordinary fully paid      
                                        shares                   

Number Acquired                         13,646

Number disposed                              -

Value/consideration                     $6,400                   

No. of securities held after
change                                 13,646 ordinary fp shares
                                       200,000 DES

Nature of change                 Issue of securities under
                                 Distribution reinvestment plan

Part 2 - Change of director's relevant interests in contracts

Detail of contract                      -                        

Nature of direct interest               -                        

Name of registered holder
(if issued securities)                  -                        

Date of change                          -

No. and class of securities to which
interest related prior to change        -                        

Interest Acquired                       -                        

Interest disposed                       -                        

Value/consideration                     -                        

Interest after change                   -                        


CMG CH: May 17 NAV Reaches A$0.70 Per Share
-------------------------------------------
CMG CH China Investments Limited disclosed that the unaudited
net asset value (NAV) per ordinary share was A$0.70 as
at 17 May 2002 (A$0.70 as at 10 May 2002). The NAV calculation
values investments using current market values and exchange
rates and is also after provision for tax on both realized and
unrealized gains.

CMG CH invests primarily in the equity of companies whose assets
and businesses are located predominantly in China. Equity
investments accounted for 100% of 2001 revenues. Wrights
Investors' Service reports that the Company reported negative
earning as of December 31, 2001. It hasn't paid dividends during
the last 12 months.


CLUB CROCODILE: Settles Sale of Leasehold Business
--------------------------------------------------
Club Crocodile Holdings Limited advised that the settlement of
the sale of its leasehold business Club Crocodile Motor Inn
Rockhampton was effected on 27 May 2002.

In accordance with the group's plan announced in November 2001,
all proceeds from the sale have been applied towards reduction
of bank debt.

Wrights Investors' Service reports that at the end of 2001, Club
Crocodile Holdings Limited had negative working capital, as
current liabilities were A$5.94 million while total current
assets were only A$1.78 million. The company has paid no
dividends during the last 12 months.


IWL LIMITED: Signs Heads of Agreement With ASX
----------------------------------------------
Australian Stock Exchange Limited (ASX) and IWL Limited (IWL)
have on Monday taken an important step towards the use of IWL's
FundLink software as core technology for ASX FundConnect, the
unlisted managed funds transaction processing service ASX will
roll out in early 2003.

The Heads of Agreement provides for a Confirmation Stage under
which IWL will assist ASX to assess FundLink's fit with ASX
FundConnect's business requirements. To date, preliminary
discussions, and a high level review of IWL's FundLink software
functionality, have been encouraging. While the Confirmation
Stage is progressing, the parties intend finalizing the terms of
their commercial agreement and agreeing on an implementation
project plan for the evolution of the complete ASX FundConnect
service technology.

The agreement between ASX and IWL provides significant
advantages in three main areas. Firstly, it is expected that ASX
FundConnect will be able to offer greater functionality at the
point of initial roll-out. Secondly, the Agreement will allow
for a more cost effective development path for ASX FundConnect
compared to the alternative of building the core functionality
in its entirety.

Thirdly, IWL will facilitate connectivity to ASX FundConnect
through its existing financial planning software applications,
potentially delivering a critical mass of financial planner
distributors to the service.

Commenting on the announcement, Mr Chris Hamilton, ASX's
Executive General Manager Clearing and Settlement, said "the
alliance with IWL offers the opportunity for fast tracking the
development of ASX FundConnect. IWL's FundLink software will
provide an important component of its service proposal, and will
help us deliver Australia Stock Exchange FundConnect to the
customers in a timely and cost effective manner".

Mr Otto Buttula, CEO of IWL added, "Following discussions by
both IWL and ASX with various parties over the past six months,
we jointly concluded that an alliance between ASX and IWL would
provide the greatest certainty in delivering this important
industry solution. We are delighted that ASX chose to move
forward with IWL's FundLink technology and are excited with the
opportunities that an alliance with ASX can provide to all our
stakeholders, in particular our financial adviser customers."

The Confirmation Stage and further negotiations will take about
two months, after which time the parties intend to conclude a
formal alliance.

Notwithstanding IWL's commitment to develop connectivity between
its front end financial planning software systems and ASX
FundConnect, both ASX and IWL recognize the necessity of
ensuring ASX FundConnect facilitates connectivity with as broad
a range of industry participants and their service providers as
possible. ASX will ensure that other prospective connectivity
providers are not disadvantaged by the IWL alliance.

Connectivity options to ASX FundConnect will be made available
to the industry at large simultaneously with their release to
IWL and where possible, will utilize established industry
and vendor protocols.

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


OPEN TELECOMMUNICATIONS: Incurs 2001 Loss of A$42.7M
----------------------------------------------------
Open Telecommunications Limited's that the full year results
included a loss of $42.7 million for the year, on sales from
ordinary activities of $63.8 million. The full year loss carries
$21.3 million of non-recurring items, including asset
writedowns, redundancy and restructuring charges and provisions
for bad and doubtful debts. Cash at bank at the end of the
period was $12.6 million.

The full year result was affected by the downturn experienced in
the telecommunications industry and the extension of sales
cycles in the 2001 year. In addition, a number of one-off costs
fell within the period.

During the year the Company delivered and supported its OSS and
Switching products to carriers worldwide. The Company licensed
and is delivering the world leading openCI product to Williams
Communications in the USA, to Embratel in Brazil and Telstra and
Optus in Australia. In Australia, the Company continues to
deliver its intelligent networking products and call agent
solution to COMindico.

During the year, the Company successfully completed the delivery
of its intelligent networking optimal roaming product to CSL HK
Tel and its wireless products to iCom in Japan and Racal in the
UK. Additionally, the Company continues to deliver its wireless
call agent to LG in Korea.

The steps taken in the second and third quarter of 2001 to
refocus the business and to reduce the company's cost base have
materially reduced the demands on working capital.

KEY PROFIT AND LOSS ITEMS

   * Revenue from ordinary activities was $63.8 million, a
decrease of 30% from $91.3 million on the prior corresponding
period. The main contracts delivering this revenue were
Williams, Embratel, Optus, Telstra, COMindico, CSL HK Tel and LG
Electronics.

   * Revenue growth slowed in the second half of the year as
telecommunications companies around the world reduced their
expenditure and deferred decision making.

   * Revenue from the OSS Division, which licenses and delivers
openCI, increased approximately 117% on the prior corresponding
period from $15.6 to $33.8 million. The OSS business, which
develops and deploys packet-aware OSS service fulfillment
software, remains profitable.

   * Investment in R&D totaled $28.1 million during the period.
All R&D has been expensed in the period in which it is incurred.

   * EBITDA was a loss of $40.0 million. The major cost items
comprise salary and contractors charges, totalling $38.4
million. Other significant cost items include depreciation and
amortization of $6.2 million, redundancy costs of $3.0 million
and rent of $2.9 million. Asset writedowns totaled $15.9
million.

   * Net loss after tax for the full year was $42.7 million. The
loss includes $21.3 million of non-recurring items comprising:

      - The full write-off of the Company's $9.0 million
investment in MagNetPoint;

      - The full write-off of the $6.9 million goodwill arising
from the acquisition of Indian Pacific Communications in April
2000;

      - All restructuring and redundancy charges of $3.0 million
have been expensed as operational items; and

      - Taking provisions for bad and doubtful debts of $2.3
million.

   * The Directors have declared no dividend.

KEY CASHFLOW ITEMS

   * Cash reserves as at 31 December 2001 were $12.6 million.

   * Cash receipts from customers totaled $83.8 million, an
increase of 59% on the prior corresponding period.

   * Net operating cashflow for the period was negative $11.5
million. Net operating cashflows in the first and second halves
of the year were negative $10.9 million and negative $655,000
respectively, indicating a significant improvement in cashflow
management in the second half of the 2001 year.

   * Capital expenditure for the year totaled $7.5 million, down
25% on capital expenditure for FY2000.

   * Cashflows from financing activities included $5.3 million
from the Convertible Note issue and associated loans in December
2001 and $936,000 from the exercise of employee options during
the year.

OUTLOOK

The Company continues to generate revenue and cash from its
existing customers in both the OSS Division and the Switching
Division. The Company's OSS Division is currently shortlisted
for a number of substantial prospects for its openCI product.
The company is targeting higher value customers for openCI and
expects to generate more of its sales from large well-funded
customers. In addition to new software license and system
integration revenues, the Company will benefit from license
upgrades, integration work, ongoing support and maintenance
revenues from its growing number of reference sites.

The Company's cost reduction initiatives have been focused more
in the Switching business, and this division now benefits from
the effective merger of three previous divisions. R&D efforts
have been appropriately reduced with most investment now being
focused on the core products being used by, or developed for,
existing customers.

However, the Switching Division remains a valuable part of the
Company, and in its restructured form will contribute positively
to the company's future. With the recent settlement with one of
the customers, the core technology of the Switching Division,
the Softwitch and Intelligent Networking products will now be
delivered throughout the customer's network. This reference site
will then form the basis of an international marketing campaign
for those products.

The Company continues to examine the best ways to exploit value
from its products and services. As announced to the market on 22
May 2002, the company is seeking external advice to prepare an
independent expert's report in relation to the current financial
position of Open Telecommunications, and the optimal way forward
for the company. The financial report is expected to be
finalized within the next few days and a summary of the report
will be made available to the market.


OPEN TELECOMMUNICATIONS: Posts AGM Results
------------------------------------------
Open Telecommunications Limited announced that, at the Annual
General Meeting held on Tuesday, the shareholders, by a show of
hands, approved all the resolutions proposed in the Notice of
Meeting:

1. DIRECTORS

In accordance with rule 6.1(f)(ii) of the constitution, Wayne
Passlow is a director retiring by rotation and is eligible for
re-election.

In accordance with rule 6.1c of the constitution, Wayne Passlow
was re-elected as a director of the Company.

2. EMPLOYEE OPTION SCHEME

As an exception to Australian Stock Exchange Limited Listing
Rule 7.1, the Company approved the issue of securities (being
both options to subscribe for ordinary shares in the Company and
the issue of ordinary shares consequential on the exercise of
such options) under the Company's Employee Option Scheme, on the
terms and in the manner set out in the Explanatory Memorandum
which accompanied the Notice of Annual General Meeting.

3. APPROVAL OF ISSUE OF SHARES TO RAISE UP TO $10,000,000

For the purposes of Australian Stock Exchange Limited Listing
Rule 7.1, the Company approved the issue of fully paid ordinary
shares to raise up to $10,000,000.

The Company sought and obtained approval of the issue of shares
to raise funds of up to $10,000,000 under a capital raising at
the Extraordinary General Meeting of the Company held on 4 March
2002.  This shareholder approval will expire on 4 June 2002.

The Company still intends to raise $10,000,000. However, the
Company may not have concluded any transaction by the expiry
date. In addition, the Company seeks the flexibility to raise
funds for a minimum price of 80% of the average market price of
the Company's shares (calculated over the last 5 days on which
sales of the Company's shares were recorded or, if there is
disclosure document relating to the issue, over the last 5 days
on which sales of the Company were recorded before the
disclosure document is signed), rather than the minimum price of
$0.05 per share as contemplated in the Explanatory Memorandum
for the Extraordinary General Meeting.

Accordingly, the shareholders approved this proposed to issue
securities, so that the Company has the flexibility to undertake
the capital raising after 4 June 2002 on the terms and in the
manner set out in the Explanatory Memorandum which accompanied
the Notice of Annual General Meeting.

SCHEDULE - PROXY INFORMATION

                                   NUMBER OF SHARES
               NUMBER
               OF VALID
RESOLUTION     PROXIES        FOR       AGAINST       UNDIRECTED
               LODGED

1.            347,972,188  345,614,593    558,125      1,799,470

2.              9,449,527    6,140,498  2,210,565      1,098,464

3.            347,336,737  345,243,668  1,019,605      1,073,464


QUOIN (INT): Company Issues Administration Details
--------------------------------------------------
Quoin (Int) Limited updated its current administration details:

Registered Office: C/- Sinton Spence Chartered Accountants,
       2nd Floor, Brian Bell Plaza,
          PO Box 6861,
                   Boroko, Port Moresby,
                   Papua New Guinea

Current Directors: M Gordon, I Herzog, M Peni

Administration Office: 203 Ingles St
                       Port Melbourne
                       Victoria 3207

Telephone /Facsimile: 03 9645 4788

Contact name:  George McMaster

TCR-AP reported on February 14 that Quoin Technology Pty Ltd, a
wholly owned subsidiary of Quoin (Int) Limited, appointed Joseph
Loebenstein of Green & Sternfeld of 201 Balaclava Road Caulfield
Vic as the voluntary administrator to Quoin Technology Pty Ltd
on 5 February 2002.


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


ASIA RESOURCES: In Negotiations With Potential Investor
-------------------------------------------------------
The directors of Asia Resources Transportation Holdings Limited
noted the increases in the trading volume and share price of the
shares in the Company on 27th May, 2002.  Pursuant to paragraph
2 of the Listing Agreement, the board of directors of the
Company would like to inform the shareholders of the Company
that the Company is under negotiations with an independent third
party in relation to a potential investment in a manufacturing
operation in China.  Negotiations relating to the potential
investment are at a preliminary stage and no agreement has been
reached as at the date of this announcement.  The shareholders
of the Company should be aware that such potential investment
may or may not proceed.  Further announcements will be made as
and when appropriate.

Apart from the negotiations, and the exclusivity agreement
entered into between the Company and Fairyoung Holdings Limited
in relation to the proposed acquisition of a property project in
Shanghai on 4th May, 2002 as disclosed in an announcement dated
6th May, 2002, the Board confirms that there are no negotiations
or agreements relating to the intended acquisition or
realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature.


COMPANION BUILDING: Requests Securities Trading Suspension
----------------------------------------------------------
Companion Building Material International Holdings Limited
requested trading in its securities to be suspended, effective
11:47 a.m. Tuesday 28 May 2002, pending the issue of an
announcement in respect of possible fund raising of the Company.

Investment holding company, Companion Building Material Holdings
Limited, a ceramic tiles manufacturer and distributor, has paid
no dividends during the last 12 months. It last paid a dividend
during fiscal year 1998, when it paid dividends of 0.00 per
share.


DE-LUXE OPTICAL: Winding Up Petition to be Heard
------------------------------------------------
The petition to wind up De-Luxe Optical Limited is scheduled to
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 26,
2002 by Sam Vaziri Vance Inc. whose registered office is
situated at 8460 Santa Monica Blvd., Los Angeles, CA 90069,
U.S.A.


EATES ELECTRONIC: Winding Up Petition Hearing Set
-------------------------------------------------
The petition to wind up Eates Electronic Enterprises Limited is
scheduled for hearing before the High Court of Hong Kong on
August 7, 2002 at 11:00 am.   

The petition was filed with the court on May 13, 2002 by Bank of
China (Hong Kong) Limited (the successor corporation to The Yien
Yieh Commercial Bank pursuant to Bank of China (Hong Kong)
Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of
China Tower, 1 Garden Road, Central, Hong Kong.


FOOK DOR: Petition to Wind Up Pending
-------------------------------------
The petition to wind up Fook Dor Hot Pot Seafood Restaurant Co.
Limited will be heard before the High Court of Hong Kong on July
3, 2002 at 10:00 am.  

The petition was filed with the court on March 19, 2002 by
Cheung Mei Yuk of Room C, Block A, 3/F., Ever Rich Mansion, 48
Pei Ho Street, Shamshuipo, Kowloon, Hong Kong.  


FOURSEAS.COM: Proposes Placement of 350,000,000 Shares
------------------------------------------------------
The Board of Fourseas.com Limited announced that the Company  
entered into a conditional Placing Agreement on 24th May, 2002
to place 350,000,000 new Shares at the Placing Price of HK$0.32
per Placing Share on a best effort basis. The Placing Shares
represent approximately 8.79 percent of the Company's existing
issued share capital and approximately 8.08 percent of the
issued share capital of the Company as enlarged by the Placing.

Shenyin Wanguo Capital (H.K.) Limited has been appointed as the
placing agent.

The net proceeds from the Placing is approximately HK$110
million are intended to be used as approximately HK$20 million
for working capital and approximately HK$90 million for funding
potential investment projects as and when suitable opportunities
arise. No specific investment project has been identified yet as
at the date of this announcement.

Shares trading was suspended on the Stock Exchange from 2:30
p.m. on 24th May, 2002 pending the release of this announcement.
An application has been made to the Stock Exchange for the
resumption of shares trading with effect from 9:30 a.m. on 27th
May, 2002.


GUANGDONG INVESTMENT: Parent's Asset Acquisition Likely
-------------------------------------------------------
The Board of Directors of Guangdong Investment Limited has been
approached by GDH Limited, which owns approximately 57.88
percent of the Company's shares, regarding a possible
acquisition of various assets including the Company's
shareholdings in its subsidiaries, Guangdong Brewery Holdings
Limited Brewery, of which the Company owns 72 percent, and
Guangdong Tannery Limited, of which the Company owns 71.56
percent. No formal discussions have taken place and such
approach may or may not result in any transaction.

Should this approach result in an acquisition of the Company's
shares in Brewery and Tannery, the Board understands that GDH
may apply to the Securities and Futures Commission for a waiver
under Note 6 to Rule 26.1 of the Code on Takeovers and Mergers
from any obligation to make a general offer for the shares of
Brewery and Tannery under Rule 26.1. The Board further
understands that such acquisition would constitute a connected
transaction, and may constitute a discloseable transaction, for
the Company.

Following the closing of its debt restructuring in December 2000
and in the light of its stated business strategy and commitments
made to its financial creditors, the Company has been actively
pursuing a policy of disposal of its non-core activities. If
formal discussions commence with GDH, any offer from GDH will
also be considered in a manner consistent with this existing
policy.

At the Company's request, trading in Company shares on the Stock
Exchange was suspended with effect from 9:30 a.m. on 27 May 2002
pending the release of this announcement. Application has been
made for trading to resume at 9:30 a.m. on 28 May 2002.


KINING LIMITED: Faces Winding Up Petition
-----------------------------------------
The petition to wind up Kining Limited is set for hearing before
the High Court of Hong Kong on June 26, 2002 at 9:30 am.  The
petition was filed with the court on March 5, 2002 by Tang Yun
Hing of Room 1206, Tsz Sum House, Tin Tsz Estate, Tin Shui Wai,
New Territories, Hong Kong.  


SKYNET (INTERNATIONAL): Requests Trading Suspension
---------------------------------------------------
Skynet (International Group) Holdings, Limited requested trading
in its shares to be suspended with effect from 11:19 a.m.
Tuesday 28 May 2002 pending the issue of an announcement in
respect to possible Company fund-raising.

Skynet (International Group) Holdings Limited, formerly known as
Companion Marble (Holdings) Limited Companion Dynamic (Holdings)
limited, trades marble and granite products and provides marble
fitting sub constructing work. This Company paid no dividends
during the last 12 months. It also reported losses during the
previous 12 months.


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


BANK NIAGA: IBRA Announces Final Bid Winners
--------------------------------------------
Indonesia Bank Restructuring Agency declared two consortia,
Commerce Asset Berhad and ANZ-Panin Bank, as winners in the
final bid of 51 percent government stake purchase at Bank Niaga,
Bisnis Indonesia reports, quoting Chairman Syafruddin
Temenggung.

"Three bidders, namely Batavia Investment Limited, consortium
ANZ-Panin, and consortium Commerce Asset Holding Berhad, had
submitted offer for Bank Niaga stake," he said adding Batavia
Investment Management Limited did not meet the qualification
because it did not enclose fit and proper test documents as well
as bond bid documents.

IBRA will submit the two would-be investors to the Minister for
State-owned Enterprise, Laksamana Sukardi, for the qualification
process.

Syafruddin refused to mention the offering price from both
bidders.

Bank Niaga share price closed lower Rp5 to Rp80 on Monday with
the transaction volume of 22.63 million shares. Some brokers


PERTAMINA TBK: Lack of Funds Prompts Geothermal Contract Return
---------------------------------------------------------------
State-owned oil and gas company, Pertamina Tbk, returned on
Monday its exploration rights concerning 18 geothermal fields in
Java, Sumatra and East Nusa Tenggara (NTT) to the government as
it lacked the necessary funds for developing the areas, Jakarta
Post reports, citing Minister of Energy and Mineral Resources
Purnomo Yusgiantoro.

"With the handover, other firms can have an equal chance of
developing the geothermal areas," he said, adding that the
transfer would allow Pertamina to be more focused in its efforts
to boost efficiency in its operations.

Pertamina entered into contracts with Karaha to develop the
Karaha Bodas Geothermal Power Project. Due to the Indonesian
government's suspension of the geothermal power project and its
inability to continue its realization, Karaha filed a lawsuit in
a Swiss arbitration court pursuant to the Arbitral Rules of the
United Nations Commission on International Trade Regulations.
After prolonged hearings, the independent arbitrators ruled
against Pertamina, awarding Karaha approximately $261 million in
damages.


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


ALL NIPPON: Flights Delayed, Canceled After Computer Glitch
-----------------------------------------------------------
All Nippon Airways Co's 130 flights were delayed and six others
were canceled on Monday following a computer glitch at the
boarding and reservation computer system of the airline,
affecting 20,000 people, Business Times reported.

According to All Nippon spokeswoman, Akiko Kanemaki, the
problems started at 3.42pm Japan time, and technicians had the
system back in order at 5.05pm. The airline still does not know
the cause of the problem or how many flights were affected.

The computer glitch is a further blow to Japan's largest
domestic carrier after Moody's Investors Service said early this
month that it was considering cutting the Baa3 senior unsecured
long term rating of ANA to junk-bond status because of growing
competition in Japan.

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


CASIO COMPUTER: Forming Division to Boost New Product Growth
------------------------------------------------------------
Casio Computer Co. is setting up a division to bolster the
development of new consumer electronics, Bloomberg reported.

According to Company spokesman Akira Watanabe, the division will
coordinate the development of watches and other consumer
electronics such as digital cameras and hand-held computers,
which would otherwise be developed separately.

Watanabe said the Tokyo-based leading manufacturer of consumer
electronics product targets boosting watch sales by 10 billion
yen ($80 million), digital cameras by 10 billion yen and mobile
phones by 8 billion yen this fiscal year.

Casio, which had its first annual loss in three years, of 24.9
billion yen on sales of 382 billion yen in the year ended March
31, plans to return to profit this fiscal year. The Company
estimated on May 15 it would post group net income of 6 billion
yen on sales that will grow 4.7 percent to 400 billion yen for
the year ending March 31, 2003.


CASIO COMPUTER: Moody's Cuts Rating to Lowest Investment Grade
--------------------------------------------------------------
Moody's Investors Service Inc said Friday it has downgraded the
senior unsecured debt rating of Casio Computer Co Ltd to Baa3
from Baa2 with a stable outlook.

The U.S. credit-rating agency said the downgrade reflects
Casio's weakening profitability as a result of the decline in
the consumer electronics market, as well as the Company's lack
of attractive new products.

In the past, Casio successfully produced popular products such
as electric calculators, electric music instruments and G-Shock
wristwatches in a niche area of the consumer electronics market,
thus avoiding direct competition with larger peers.

However, since its G-Shock wristwatches hit the world market in
the early 1990's, Casio has been less successful to launch any
further attractive products with consumer appeal.

The stable outlook reflects the rating agency's expectation that
Casio will recover its profitability to some extent as a result
of the restructuring measures taken during fiscal year March
2002.


HOKKAIDO INT'L: Discussing Expanding Alliance Deals With JAL
------------------------------------------------------------
Hokkaido International Airlines Co. may begin talks this week
with Japan Airlines Co. on expanding alliances to include fuel
procurement and use of airport counter space, Dow Jones
Newswires reported, citing the Tuesday edition of The Nihon
Keizai Shimbun.

The struggling domestic airline known as Air Do believes that
expanding such ties can help increase the efficiency of its
operations and speed up its recovery through some financial
assistance. The two carriers already have ties in aircraft
maintenance.

The Hokkaido prefectural government, which has given 3.8 billion
yen in aid to the airline, is pushing for a rebuilding effort
entailing All Nippon Airways Co. stepping in and buying a stake
in Air Do.

Air Do is in arrears to the central government for airport
landing/take-off fees and other taxes for about 900 million yen.

Air Do is likely to admit that its liabilities for the year
ended in March exceeded its assets when it announces its
financial results in June. The airline has already received a
total of 4.7 billion yen from Hokkaido municipalities and the
local business community since its financial trouble surfaced in
late 2000.


KDDI CORP.: Teams Up With SK Telecom on Cell Phone Photo Swaps
--------------------------------------------------------------
Japan's KDDI Corp. and South Korea's SK Telecom Co. will start
enabling their cell phone users to exchange still photos in
conjunction with the upcoming start of the World Cup soccer
finals, Japan Today reported yesterday.

The two companies are launching the first cross-border service
of its kind in the world as the month-long soccer event is
expected to activate telecommunications between the two
countries, the paper said.

Based on a new medium-term plan set up in March, the Tokyo-based
telecom company is aiming to cut interest-bearing debt to 1
trillion yen by the end of the March 2005 term from about 1.8
trillion yen at the end of the March 2002.

This will be achieved through the withdrawal from the
unprofitable PDC business and specializing in CDMA services,
cutting costs by realizing the synergy effects of the three-
company merger that created KDDI, and stabilizing the financial
base, especially by raising operating cash flow and cutting
plant and facilities investment, as well as the securitization
and sale of real estate.

Rating and Investment Information, Inc. (R&I) has earlier
downgraded KDDI's Senior Long-term Credit Rating by one notch to
BBB+.


KUMAGAI GUMI: Reports First Profit in Nine Years
------------------------------------------------
For the first time in nine years, Kumagai Gumi Co. Ltd revealed
Monday a net profit of 2.55 billion yen for the 2001 business
year, Japan Times reported. The construction company posted a
net loss of 2.65 billion yen the previous year attributed the
result to lower costs and improved efficiencies.

By reducing sales and management costs by 17.5 percent, Kumagai
Gumi was able to post an operating profit of 17.06 billion yen.
Due to smaller interest payments, the group's pretax profit came
to 6.42 billion yen, the paper said.

The Shinjuku-ku, Tokyo-based general contractor said it would
skip dividend payments for the fifth consecutive year.

Facing massive debt after Japan's real estate market went soft,
Kumagai Gumi survived after 15 creditor banks forgave about 430
billion yen in debt. Seeking profitability, the contractor is
selling off stocks and real estate, cutting payroll, closing
subsidiaries, and exiting operations in Europe and US to focus
on Southeast Asia.

Kumagai Gumi projects a group net profit of 3 billion yen and
pretax profit of 6.5 billion yen on sales of 585 billion yen for
the current year to March 31.


MATSUSHITA ELECTRIC: Aims to Triple China Sales by '05
------------------------------------------------------
Matsushita Electric Industrial Co., known for its National and
Panasonic brands, expects to boost production and sales of
household appliances and their parts in China to 1 trillion yen
in 2005, more than three times the current level, Kyodo News
reported.

According to the report, Director Toshio Sugiura said the target
means the consumer-electronics maker is set to capture a 10
percent share of the Chinese market, up from around 3 percent at
present.

Sugiura said Matsushita expects to raise the amount to Y450
billion in 2002 by introducing low-priced products. The company
will then begin local production of twin-tank washing machines
and other products in addition to its product lineup such as
cathode-ray television sets.

In April, Matsushita Electric posted a group loss of 431 billion
yen (US$3.4 billion) in the year ended March 31, versus net
income of 41.5 billion yen a year earlier. The results were due
to slower sales at its mobile-phone unit and costs to cut jobs.

The Osaka-based group has cut 13,000 jobs and is undergoing
reorganization in view of the slumping sales of electronics. The
absorption of subsidiaries Matsushita Communication Industrial
Co, Matsushita-Kotobuki Electronics Industries Ltd, Kyushu
Matsushita Electric Co Ltd, Matsushita Seiko Co Ltd, and
unlisted Matsushita Graphic Communications Systems Inc was
lauded as a key step in that direction.


NEC CORPORATION: May Close, Sell U.K., Malaysia PC Plants
---------------------------------------------------------
NEC Corp, Japan's largest personal computer maker, may close PC
plants in Scotland and Malaysia and is in talks to sell them as
part of a restructuring drive, Bloomberg reported.

The Scottish plant employs 190 workers and produces 350,000 PCs
per year, while the Malaysian plant, which employs 230, makes
100,000 units annually.

NEC spokesman Kousuke Yamauchi said the Company is negotiating a
facilities sale, including a transfer of the employees, but
nothing concrete has been decided.

The struggling Minato-ku, Tokyo-based electronics conglomerate,
hit hard by last year's IT slump and aggressive foreign rivals,
has unveiled a string of reforms over the past year, including
plans to shift the bulk of its PC production to low-cost
operations in China.

NEC is now seeking to recover profits through group
restructuring after posting a consolidated net loss of 312
billion yen ($2.50 billion) in the year ended March 31 largely
due to the downturn in the semiconductor and IT markets.

As part of the restructuring plan, NEC said it would shed jobs,
shut and sell plants, and split off divisions into separate
companies as it struggles to regain profitability and restore
its balance sheet to health.


SNOW BRAND: Quitting Domestic Wine Business to Focus on Dairy
-------------------------------------------------------------
Snow Brand Milk Products Co. will downsize its alcoholic drink
business to raise the efficiency of its unprofitable dairy
business, the Nihon Keizai Shimbun reported.

The Shinjuku-ku, Tokyo-based Snow Brand will first sell a wholly
owned subsidiary in Yamanashi Prefecture that produces wine. The
ailing dairy product maker aims to sell the company in September
and transfer the subsidiary's roughly 15 employees to the buyer.

Snow Brand Milk will also sell around 20 percent of its 51
percent stake in Societe D'exploitation et de Participation
Viti-Vinicole, a wine importer jointly launched with French firm
Maison Joseph Drouhin SA. The French firm had been seeking to
increase its ownership of the unit. Snow Brand Milk will
determine whether to continue importing wine depending on how
the business progresses.

Snow Brand Milk's alcoholic beverage operation consists mainly
of domestic and imported wine. Last fiscal year, the business
generated group sales of about 1.2 billion yen.

The Company had been selling wine through its dairy business
operations, but saw orders decline following a beef-mislabeling
scam by subsidiary Snow Brand Foods, which was disbanded at the
end of April as earnings deteriorated sharply. Consequently, it
determined that it could not expect the wine business to grow.

Last Thursday, Snow Brand posted 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.

The Company has also 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.


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


DAEWOO ELECTRONICS: Creditors Set to Adopt Division Plan
--------------------------------------------------------
The fate of Daewoo Electronics Co., Ltd. is likely to be
determined this week as creditors are scheduled to adopt a
company division plan.

According to a report from the Korea Herald, consulting firm
Young Wha Corp has been studying options such as dividing the
company into display and home electronics units, integrating the
display and home electronics divisions and selling off non-core
units, and integrating the display and home electronics units
and concentrating on OEM (original equipment manufacturer)
production.

Of the three options, creditors are known to regard the second
option as the most viable way for the company to survive.

In April, creditors of Daewoo Electronics, including Hanvit
Bank, have approved a plan to split the financially troubled
company into several units, and then sell them off.

Consequently, Daewoo officials' attention is focused on which
operations will be chosen as non-core units and put up for sale
or liquidation.

Daewoo Electronics of Seoul in South Korea was placed under a
debt workout program when the parent conglomerate, Daewoo Group,
collapsed in 2000.


HYUNDAI OILBANK: Facing Legal Battle With Inchon Oil
----------------------------------------------------
Inchon Oil Refinery has filed a complaint against its mother
firm, Hyundai Oilbank Corporation, with the Fair Trade
Commission (FTC). Hyundai is planning to sever its sales
contract with the subsidiary, the Korea Times reported.

The refinery firm contends that Hyundai violated fair trade laws
by unilaterally severing the sales relationship.

Seoul-based Hyundai, formerly known as Hyundai Oil Refining Co.,
has sold 50 percent of Inchon's products through its gas station
network since it took over the latter in 1999. As losses
stemming from the contract grew out to 500 billion won for the
last two years, it notified Inchon that it would stop the sales
by agent from July. Inchon Oil contends that the move is clearly
aimed at hampering fair competition in the market.

To counter Inchon Oil's complaints, Hyundai said that the move
is simply designed to normalize its own business operations and
has nothing to do with the abuse of its market status.

Hyundai Oil's President, Chung Mong-hyuck, earlier resigned to
take the fall for huge losses in recent years. The Company had a
combined 500 billion won ($384 million) of net losses in the
last two years.


KOREA LIFE: PFOC Delays Sale Until July
---------------------------------------
The sale of Korea Life Insurance Co. will further be delayed to
July as the Public Fund Oversight Committee (PFOC) decided last
week to re-evaluate the appropriate value of the insurance
company based on its worth as of the end of March this year, the
Korea Herald reports.

In addition, the PFOC said it would seek to renew discussions on
the eligibility of Hanwha Group as the potential buyer for the
life insurer following the re-evaluation.

The panel's decision generated a strong reaction from Hanwha,
which in March offered to buy a 51 percent stake for W450
billion in Korea Life.

"The public fund oversight committee is allegedly pushing to
reassess the sales value of KLI. But that is unacceptable under
international bidding practices," Hanwha Group Vice Chairman
Park Jong-sok said.

If the government fails to set a clear price by the end of June,
Hanwha threatened to withdraw from the bid to take over KLI.
Hanwha complained that the PFOC had already revised the timing
for KLI valuation from end-March 2001 to end-September of the
same year and is again attempting a second revision, resulting
in considerable delays in overall negotiations.

Korea Deposit Insurance Corp is Korea Life's largest
shareholder. The government has also injected about 3.5 trillion
won in public funds in the Company.


SSANGYONG MOTORS: Shares Surge 15% on Invest Hopes
--------------------------------------------------
Shares of Ssangyong Motor Co. rose to the 15 percent limit,
ending at 815 won on Monday after a weekend media report raised
hopes of foreign investment in the ailing South Korean carmaker,
Dow Jones Newswires reported.

The Maeil Business Newspaper said Saturday that France's PAS
Peugeot-Citroen and Ssangyong Motor's creditors are negotiating
a sale and that Peugeot officials visited Ssangyong Motor's
plant in Osan, Gyeonggi Province, and Changwon, South Gyeongsang
Province last week.

The source added that KPMG, the lead manager for the Company's
sale, dispatched introductory letters to some 40 companies
around the world. Some responded, declaring interest.

An official at Ssangyong Motor's main creditor bank, Chohung
Bank, admitted there was a visit, but said the story was
otherwise "totally groundless."

Ssangyong Motor and Peugeot could not be immediately reached for
comment.

After incurring a large amount of debt, Ssangyong Motor was
placed under a creditor-led debt workout program in August 1999.
The workout period has been extended to November 2003 following
the switch of 1.19 trillion won of debts to equity.

At end-March, Ssangyong Motor's liabilities totaled 1.813
trillion won, while its interest-bearing debt was 868.5 billion
won.

Creditors had hoped to sell the former affiliate of bankrupt
Daewoo Motor Co in a packaged deal when General Motors Corp.,
but the U.S.-based car company chose not to buy the ailing
Kyonggi automaker.


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


CELCOM (MALAYSIA): Bonds on Rating Watch W/ Developing Outlook
--------------------------------------------------------------
Ratings Agency Malaysia Berhad (RAM) has placed a Rating Watch,
with a developing outlook, on the A2s long-term rating assigned
to Celcom (Malaysia) Berhad's RM1.1 billion Al-Bai Bithaman Ajil
Bond Issuance Facility (2002/2008) and the short-term rating of
P2 assigned to its RM100 million Al-Murabahah Commercial Paper
(2002/2007).

The Rating Watch is premised on the change in substantial
shareholding of its parent company, Technology Resources
Industries Berhad (TRI), following the latest move by Telekom
Malaysia Berhad (Telekom) to secure direct representation on the
TRI Board. Telekom, now a substantial shareholder of TRI with a
31.25%-equity stake, recently requested for 4 out of the 11
Board seats at TRI, the outcome of which is yet to be announced.
Telekom also proposed that the cellular businesses of both
Telekom and Celcom be merged.

At this juncture, the impact on Celcom's business profile as a
result of merging its cellular business with that of Telekom's
remains uncertain as the success of the potential merger would
largely depend on the ability of both companies to effectively
combine or jointly operate their cellular operations. Competency
in resolving any potential merger-integration issues that may
arise, as well as in ensuring business continuity on both sides,
will therefore be crucial given the competitive operating
environment. The potential partnership with Telekom, however, is
envisaged to enhance Celcom's financial flexibility when
implementing capital expansion plans to sustain and grow its
existing cellular subscriber base, on account of Telekom's
financial strength.

RAM's Rating Watch highlights possible changes to the existing
rating for an issuer's debt. It focuses on identifiable events,
including mergers, acquisitions, regulatory changes and
operational developments, that put a rated debt under special
surveillance by RAM. In a broader sense, it covers any event
that may result in changes relating to the risk factors in
respect of the payment of interest and principal on a rated debt
instrument.

RAM's Rating Watch, however, does not mean that the existing
rating will be changed. It only means that a rating is under
evaluation by RAM and a final affirmation is expected to be
announced.


GADANG HOLDINGS: Disposes Quoted Shares for Working Capital
-----------------------------------------------------------
Gadang Holdings Berhad announced that Gadang had disposed of a
total of 3,516,000 ordinary shares of RM1.00 each in Berjaya
Land Berhad (B-Land) in the open market and via private
placement between 18 April 2002 and 24 May 2002 for a total
sales consideration of RM5,650,360, or an average price of
RM1.61 per share.

The Company realized a gain of RM22,207, net of brokerage and
fees, from the aforesaid disposal. The cash proceeds will be
utilized as working capital. The Company's interest in B-Land
after the disposal will be reduced to 1,639,500 ordinary shares.

The disposal will not have any material effect on the net
tangible assets, earnings and share capital of Gadang for the
financial years ending 31 May 2002 and 31 May 2003.

None of the Directors or substantial shareholders of the Company
has any interest, direct or indirect, in the above disposal.

The disposal is not subject to the approval of the shareholders
or any relevant authorities

Early this year, TCR-AP reported that Gadang Holdings' wholly-
owned subsidiary, Gadang Engineering (M) Sdn Bhd (GESB), had on
14 January entered into another Conditional Settlement
Agreement with Heavy Industries Valley Sdn Bhd (Heavy
Industries) to accept payment, in lieu of cash, and by way of
contra account in the form of additional five (5) plots of land
located in Mukim of Rawang for a total consideration of
RM5,710,280.00 as part settlement for the various construction
projects undertaken by GESB for Heavy Industries and Rawang Land
Development Sdn Bhd (the Proposed Debt Settlement).


KUMPULAN GUTHRIE: Files PTAS Appellate Memo Rebuttal
----------------------------------------------------
Kumpulan Guthrie Berhad, issued information further to its
announcement dated October 30, 2001, regarding the Court
dismissal of PT Adhiyasa Saranamas' (PTAS) suit against the
Company. Company counsel informed KGB that PTAS on November 8,
2001 submitted the Appellate Memorandom to the Court of Appeal
in Jakarta, disputing the suit's dismissal. In the appeal, PTAS
asks that the lower Court decision overturned on the grounds
that it wrongly applied the law in deciding that PTAS does not
have the capacity to institute a legal action, as PTAS was not
yet legally incorporated under Indonesian law.

Guthrie intends to oppose this appeal. Guthrie submitted a
Rebuttal Memorandum on May 6, 2002, to the Court of Appeal in
Jakarta through the Court. Guthrie also filed a cross appeal on
November 7, 2001, and submitted the Appellate Memorandum on May
8, 2002, against the interlocutory October 8, 2001 Court
decision which ruled that the Court had the jurisdiction to try
and hear the case. Guthrie's cross appeal is on the grounds that
since Guthrie is domiciled in Malaysia, the rightful court to
try and hear the case would be the Malaysian court.

In the defamation suit filed in Malaysia by Guthrie and Tan Sri
Dato' Abdul Khalid Ibrahim against Gilbert Wiryadinata (the
Defendant) in connection with the Indonesian suit, the Notice of
Writ of Summons to be served out of jurisdiction was
successfully served on the Defendant on February 26, 2002. The
Defendant has entered an action Appearance.


LANDMARKS BERHAD: Proposed Bonds Issue Completed
------------------------------------------------
Landmarks Berhad, further to its announcement dated 2 May 2002
in relation to the Proposed Issue Of RM 185,000,000 Nominal
Value Redeemable Secured Serial Bonds by Ikatan Perkasa Sdn Bhd,
a wholly owned subsidiary of Landmarks, announced that Ikatan
Perkasa Sdn Bhd has successfully completed the Proposed Bonds
Issue by issuing the Proposed Bonds to Malaysian International
Merchant Bankers Berhad as sole Primary Subscriber on 24 May
2002.

TCR-AP reported December last year that Sungei Wang Plaza Sdn
Bhd (SWPSB), a wholly owned subsidiary company of Landmarks on
24 December 2001, entered into a loan agreement for a
Transferable Term Loan Facility of RM220,000,000 (the
Facility). RM210 million of the proceeds from the Facility will
be utilized to substantially redeem the RM214 million Redeemable
Secured Bonds A, which matures on 26 November 2002, issued
pursuant to Landmarks Group's debt restructuring exercise
announced on 11 June 2001 whilst RM10 million will be set aside
to finance capital expenditure to be incurred in connection with
the conversion of Sungei Wang Plaza's 6th floor car park into
commercial space.


METROPLEX BERHAD: Independent, Non Executive bin Chin Resigns
-------------------------------------------------------------
Metroplex Berhad posted this Change in Boardroom notice:

Date of change : 23/05/2002  
Type of change : Resignation Boardroom
Designation    : Chairman
Directorate    : Independent & Non Executive
Name           : Y.A.Bhg Tun Dato' Seri Mohd. Eusoff bin Chin
Age            : 66
Nationality    : Malaysian

Qualifications : Barrister-At-Law, Lincoln's Inn, London
Working experience and occupation  : Y.A.Bhg Tun Dato' Seri
Mohd. Eusoff bin Chin was formerly a High Court Judge, Supreme
Court Judge and Chief Justice Malaysia (Rtd.). In recognition of
his distinguished services and contributions to the nation, he
was bestowed with a number of awards, viz. SSM, PSM, SPCM, SSMT,
DGSM, DPMJ, DPMK, JSM, SMJ.

Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : None
Details of any interest in the securities of the listed issuer
or its subsidiaries : None

Remarks : After the change, the composition of the Board is as
follows:

Madam Lim Siew Kim (Non-Independent & Executive) - Chairman
Mr Chan Teik Huat (Non-Independent & Executive) - Managing
Director
YBhg Dato' Dr Yahya Ismail (Independent & Non-Executive)
Mr Thia Peng Heok (Independent & Non-Executive)
Mr Tjio Kay Loen (Independent & Non-Executive)

On April 24, TCR-AP reported that Metroplex Berhad, in relation
to the Proposed Debt Restructuring of the Group with the
assistance of the Corporate Debt Restructuring Committee,
informed that the negotiation between MB and its lenders to
restructure its debt under the ambit of the CDRC is still
ongoing.


PICA (M) CORPORATION: Faces Writ Over Interest Payment
------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad
made this announcement for public release:

1. That on 20 May 2002, a Writ of Summons dated 9 May 2002 was
served on the Company. The Plaintiff Jamal Arifin Bin Yusof and
Ismail Bin Lasim are claiming for specific performance for a
payment of approximately RM3.5 million plus interest at the rate
of 8% per annum, allegedly arising from a Sale and Purchase
Agreement dated 2 November 2001.

2. The Sale & Purchase Agreement involved the purchase of 100%
shares in Selasih Budi Sdn Bhd. which in turn had been granted
an alienation order for a piece of land at Mukim Jimah, district
of Port Dickson.

3. The Company appointed a lawyer to defend the case and would
approach the Plaintiff for further discussions on the matters
arising on a without prejudice basis (including the
possibilities of rescission of the alleged contract by mutual
agreement) and hopes to resolve the matters amicably.

4. The impact and expected losses (if any) would be the amount
claimed by the Plaintiff in the Writ of Summons (approximately
RM3.5 million plus interest) and cost of the proceeding.


UCP RESOURCES: Provides Defaulted Payment Status Update
-------------------------------------------------------
UCP Resources Berhad, in accordance with Practice Note No.
1/2001 of the Kuala Lumpur Stock Exchange Listing Requirements
and provides an update on its default in payment:

   (i) UCP Geotechnics (M) Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 21 May 2002 and 23 May 2002, defaulted in
principal payments of RM500,000 and RM450,000 respectively for
Bankers Acceptance facilities granted from Affin Bank Bhd; and

   (ii) UCP Manufacturing (M) Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 23 May 2002, defaulted on in principal
payments of RM425,000 for Bankers Acceptance facilities granted
from Affin Bank Bhd.

The UCP Group shall make periodic announcements on a monthly
basis to the Exchange of the current status of the default and
of the steps taken to address the default until such time when
it is remedied.



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


PHILIPPINE LONG: Down 2.8% on Profit-Taking
-------------------------------------------
Shares of Philippine Long Distance Telephone Co., the nation's
largest phone company, are down 2.8 percent, or 12.50 pesos at
435 pesos on 32,700 shares traded Tuesday on profit-taking and
on general bearish sentiment toward telecommunications stocks,
Dow Jones Newswires reported.

According to a senior local analyst, the prevailing negative
sentiment over telecom stocks stems from the heavy debt burden
and increasing dependence on the wireless business of telecom
companies," said a senior local analyst.

PLDT recently had to tap various refinancing options to meet
$1.3 billion in obligations maturing over the next three years.

The company has also become dependent on its profitable mobile
phone unit Smart Communications Inc., which was instrumental in
boosting PLDT's first quarter net profit to 1.302 billion pesos
from 629 million pesos in the same period last year.


PHILIPPINE LONG: Launches Residential Subscriber Net Service
------------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) aims to increase
usage of its fixed lines through its PLDT Vibe dial-up Internet
service for post-paid residential subscribers.

PLDT National Retail Marketing Sector head, Joaquin L. San
Agustin told BusinessWorld that the pay-per-surf Internet
service will create new revenues for the company as it takes
part in the consumer data services market.

The Company owes $1.3 billion due by 2004.

An industry source said that landline feature would help
increase usage and the average revenue per user in the market.

As of the first quarter of the year, PLDT's subscribers numbered
2.1 million representing almost a 70 percent market share. Prior
to this new feature, PLDT offered caller ID, call waiting and
TXT 135 to its subscribers to stimulate usage of the local
exchange service.


PILIPINO TELEPHONE: Makes Gains Through New Phone Rates
-------------------------------------------------------
Stock of Pilipino Telephone Corp. (PilTel) rose two centavos, or
5.1 percent, to 41 centavos, after the country's third-biggest
mobile-phone company set a flat rate for calls of 6.50 pesos (13
US cents) a minute by reducing peak rates by 19 percent and
eliminating a lower rate during off-peak hours, Bloomberg
reported.

The reduced rates were designed to attract more customers.

Earlier this month, PilTel said it has decreased its net loss
for the three months to March to 868.9 million pesos from the
year earlier loss of 1.362 billion pesos.

Piltel President, Napoleon Nazareno said the Company was able to
cut expenses with the debt restructuring deal signed last year.


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


ARTHUR ANDERSEN: Boardroom to Buy Secretarial, Accounting Ops
-------------------------------------------------------------
Singapore's Boardroom Ltd has signed a conditional agreement to
buy Arthur Andersen's secretarial business as well as its
bookkeeping and payroll operations in Singapore for up to S$6.50
million ($3.61 million).

Boardroom will pay an initial consideration of S$5.75 million
and a further consideration of up to a maximum of S$750,000 in
the event that the actual aggregate revenue derived by Boardroom
from the Andersen business in the 12-month period starting July
1, 2002 exceeds S$4.6 million.

Boardroom expects to complete the deal on June 30, 2002.

Andersen is attempting to pare down operations and raise cash to
offset steady defections of clients and overseas affiliates and
to help resolve multibillion-dollar lawsuits over its role as
Enron Corp.'s auditor.


ASIA PULP: Resumes China Plant Construction
-------------------------------------------
Asia Pulp & Paper Inc., which stopped payment on about $13
billion (S$23.5 billion) of debt, resumed construction of a pulp
plant in China after local banks arranged financing for the
project, Bloomberg reported.

According to He Xuebo, a foreign trade official in the
government of the southern provincial government of Hainan,
several hundred million U.S. dollars will be invested in the
plant. The Chinese government helped arrange the credit.

The Hainan pulp plant, which was mothballed in early 1999 when
credit dried up, will complete APP's integration of its China
operations, where it already has forest concessions and mills to
process pulp into paper products.

APP officials were not immediately available to comment on the
project or the names of the Chinese banks involved.

The sprawling conglomerate, which is in turn owned by
Indonesia's powerful Widjaja family, has been hammered by
floundering pulp and paper prices, mounting interest payments on
debt accrued during a lavish spending spree in the 1990s and a
raft of ratings downgrades. It declared a moratorium on debt in
March 2001.

Asia Pulp on May 13 said it accepted four conditions sought by
creditors: the categorization of its debt, restrictions on new
borrowing, debt monitoring and the option of a debt buyback.
Three days later, creditors said they had not received a reply
to a request for a commitment from APP shareholders on certain
fundamental principles including contributing to the debt
workout and converting some debt to equity.

Credit Suisse First Boston Inc. is advising Asia Pulp.


BIL INTERNATIONAL: Gains on News of Investor Interest in Assets
---------------------------------------------------------------
Shares of investment firm BIL International were up S$0.005 at
0.54 after the Company said an investor has approached BIL and
expressed an interest in making an investment in certain BIL
assets, AFX Asia reported yesterday.

BIL also said the same investor has also approached a
substantial shareholder to buy a block of BIL shares. It said
all discussions are preliminary and no agreement has been
entered into.

BIL International has been on CreditWatch since September 2001
pending the refinancing of its US$300 million in debt due on
July 23, 2002. Standard & Poor's on March 22 has cut BIL's
rating to BB from BB+.


PENTON INTERNATIONAL: Down After Resuming Trade
-----------------------------------------------
Penton International was down 35.7 percent to 9 Singapore cents,
with 456,000 shares traded after its May 14 suspension, Dow
Jones Newswires reported.

The dealer says its holders are probably dumping stock after the
Company issued a statement saying survival depends on
Sunningdale Holdings Pte lending it working capital by June 16
to enable it to continue operation as a going concern.


SEATOWN CORPORATION: Answers SGX-ST Queries
-------------------------------------------
Seatown Corporation Ltd responded to Singapore Exchange
Securities Trading Limited queries in relation to its subsidiary
Seatown Construction Pte Ltd (SCPL):

(a) The Exchange requested the Company for further clarification
on why it was not possible for the Company to make an earlier
announcement in connection with SCPL's Section 210(10)
application and the nature of such an application.

The Company and four of its Directors (the Guarantors) were sued
by bank creditors over corporate guarantees they furnished in
connection with the banking facilities granted to SCPL. SCPL
immediately applied to Court to restrain both the proceedings
against SCPL and the Guarantors. The matter was heard on an
urgent basis on Friday 17 May 2002 at 4.15 pm. An order
restraining the bank creditors legal proceedings against SCPL
was made and no order was issued to restrain proceedings against
the Guarantors. The draft announcement was then prepared and
circulated to the Board of Directors and its advisers for
approval, who endorsed the announcement in the afternoon of 21st
May 2002 for immediate release. There are other legal
proceedings commenced against SCPL by its creditors, amounting
to about $8 million, that are not subject to the stay order and
SCPL has written to these creditors informing them of the stay
and requesting that they voluntarily take no further steps in
their respective proceedings until the meeting of creditors on
12 July 2002. In the event that any of these creditors continue
with their respective proceedings, SCPL is prepared to take out
similar S210(10) proceeding, which SCPL's lawyers are confident
of obtaining.

(b) With regard to the Company's annual report and the Section
210(1) application, the Exchange requested clarification on
whether the Company is currently a going concern and the
repercussions if SCPL's creditors do no approve the
restructuring proposal.

The Company has issued guarantees for the aggregate sum of
S$11.7 million to secure the debts of SCPL. Based on its audited
accounts for FYE 30 September 2001, the Company's net tangible
asset value is S$56.03m and based on its current management
accounts, its net tangible asset value is S$55.98m. The Company
is a going concern for so long as the creditors of the company
continue their support. A number of SCPL's substantial creditors
have already indicated their willingness to work with SCPL in
its restructuring plans and to consider a scheme of arrangement,
which would be mutually satisfactory.

As mentioned by the Company in its MASNET announcement dated 17
April 2002, the Company has appointed Mr Nicky Tan of nTan
Corporate Advisory Pte Ltd (nTan) as financial advisor to its
group of companies (the Group) and to advise and assist in the
restructuring of the Group's debts. SCPL, with nTan's
assistance, is now in the process of preparing a scheme of
arrangement for the consideration and approval of SCPL's
creditors. The Company wishes to refrain from making further
comments on the outcome of the scheme of arrangement to be
proposed.


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


DELTA HOLDING: Files Business Reorganization Petition
-----------------------------------------------------
The Petition for Business Reorganization of Delta Holding
Company Limited (DEBTOR), engaged in building management and
selling of building material, was filed at the Central
Bankruptcy Court:

   Black Case Number 165/2545

   Red Case Number 309/2545

Petitioner: DELTA HOLDING COMPANY LIMITED

Planner: DELTA HOLDING COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt549,325,570.44

Date of Court Acceptance of the Petition: February 1, 2002

Date of Examining the Petition: March 4, 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, 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: Ms. Piyanunt Tel, 6792525 ext. 114


M. D. X.: Files Business Reorg Petition in Bankruptcy Court
-----------------------------------------------------------
Real estate developer M. D. X. Public Company Limited (DEBTOR)'s  
Petition for Business Reorganization was filed to the Central
Bankruptcy Court:

   Black Case Number 207/2545

   Red Case Number- /2545

Petitioner: P. L. ESTATE COMPANY LIMITED #1ST, M. D. X. PUBLIC
COMPANY LIMITED #2ND

Debts Owed to the Petitioning Creditor: Bt12,163,140,000

Date of Court Acceptance of the Petition: February 11, 2002

Date of Examining the Petition: March 11, 2002 at 9.00 A.M.

Court has postponed the Date for Examining the Petition to April
10, 2002 at 13.30 PM

Contact: Mr. Chat Tel, 6792525 ext. 124


THAI WAH: Bankruptcy Court Orders September 9 Hearing
-----------------------------------------------------
Thai Wah Group Planner Company Limited, the Plan Administrator
of Thai Wah Public Company Limited, pursuant to the Central
Bankruptcy Court order on February 14, 2001 approving the
Business Reorganization Plan of Thai Wah, reported the progress
on the implementation of Business Reorganization Plan, as
follow:

1. The Company has procured a subsidiary company to partially
sell its land at Nakorn-nayok Province which is one of the non-
core assets at a price of Bt0.33 million above the minimum asset
price indicated in the Business Reorganization Plan.

2. The Company made only partial interest payment due on March
28, 2002 to the creditors under the Debt Restructuring Agreement
as the Company could not obtain new working capital facility and
had to reserve most of its working capital for its operations to
purchase tapioca roots during the harvest season at the
beginning of 2002.  A total of US$4,043.87 and Bt56,067.42 was
paid with proceeds from the deposit on the disposal of land of a
subsidiary company.

3. On May 7, 2002, the Central Bankruptcy Court issued an order
for an additional court hearing to be held on September 9, 2002
to hear the final testimony as part of the legal proceedings to
remove the Plan Administrator.

Presently, the Plan Administrator and the creditors' steering
committee are working together for a compromise and have
preliminary set out to revise the current structure of the Plan
Administrator to allow the creditors' steering committee to play
a greater role in the Plan amendment so that the Plan could be
implemented successfully.

4. On March 8, 2002, the Plan Administrator executed the
security documents with the creditors of the Company.


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
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USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

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