TCRAP_Public/020530.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Thursday, May 30, 2002, Vol. 5, No. 106

                         Headlines

A U S T R A L I A

CTI COMMUNICATIONS: Releases Info on Top 50 Optionholders
GOODMAN FIELDER: Discloses Daily Share Buy-Back Notice
LEYSHON RESOURCES: Enters Carpentaria JV With MIM
PASMINCO LIMITED: Broken Hill Mine Sale to Finalize This week
PMP LIMITED: PTCL, PTAL Become Substantial Holders

REINSURANCE AUSTRALIA: Posts AGM Results
VOICENET (AUST): Amends Relisting Code


C H I N A   &   H O N G  K O N G

401 HOLDINGS: Requests Trading Suspension
ALPHA BEST: Hearing of Winding Up Petition Set
DAILYWIN GROUP: Price, Turnover Movements Inexplicable
FREMAN HOLDINGS: Winding Up Petition Set for Hearing
PANDA PREMIUMS: Winding Up Petition Slated for Hearing

STAR CRUISES: Seeks Suspension of Trading
WAH NAM: Appoints Kim Eng as Independent Financial Adviser
WAI CHUN: Winding Up Sought by Grandeur Fiber


I N D O N E S I A

CITRA MARGA: Sale of Unibank's US$28M Outstanding NCDs Likely
INDOFOOD SUKSES: Moody's Rates Unit's Guaranteed Notes `B3'


J A P A N

FUJITSU LTD: Teaming Up With IBM Japan on Corporate Software
HASEKO CORP.: In Debt Due to Latent, Unrealized Losses
JAPAN TELECOM: Posts Net Losses of $530M
JAPAN TELECOM: Selling DSL Assets to eAccess for JPY5.5B
KOBE STEEL: Will Jointly Sell Plants With Argentine Co

NEC CORPORATION: Provides ESS With Compression-chip Technology
NIPPON TELEGRAPH: Unit to Wholesale IP Phone Service This Fall
NISSAN FIRE: Hit Hard With JPY44B Loss
SEGA CORPORATION: Faces Suit for Breach of China Contract
SEIYU LTD: Ties Up With AM/PM on Online Sales Ops

TAISEI FIRE: Plans Merger With Nissan Fire, Yasuda Fire
TAKUSHOKU BANK: Court Rejects JPY1.5B Claim


K O R E A

DAEWOO MOTOR: GM Daewoo to Buy 11% Stake in Sales Arm as Agreed
DAEWOO MOTOR: Youngan May Buy Bus Ops for US$114.2M
DIGITEL CO.: Faces Kosdaq Suspension After Default
KYUNGGI CHEMICAL: Mitsubishi Consortium Offers KRW86B Take-Over


M A L A Y S I A

AYER HITAM: Unit Restructures RM22.8M Syndicated Term Loan
EPE POWER: Thirtieth AGM to be Held June 20
GLOBAL CARRIERS: SoA Approved at Creditors' Meeting
MEASUREX CORPORATION: Proposes Change of Company Name
PAN MALAYSIA: Posts EGM, 19th AGM Notices

PAN MALAYSIA: Unit Enters Recurrent Related Party Transactions
PILECON ENG'G: Accounts Submission Extension Request Rejected
TALAM CORPORATION: Sells Lebbey's Paid-Up Share Capital
TIME DOTCOM: Capital Reduction Exercise Effectuated


P H I L I P P I N E S

MAYNILAD WATER: MWSS Borrowing $100M to Pay Maynilad Debts
NATIONAL POWER: First Quarter Sales Falls on Reduced Purchase
NATIONAL POWER: Government Seeking Bids for Bonds, Loans
NATIONAL POWER: Meralco Refuses to Pay PhP5.7B Penalty
PHILIPPINE AIRLINES: Will Reopen RP-Guam Service on June 21


S I N G A P O R E

ASIA FOOD: Explains Rationale for Share Purchase Mandate
PENTON INTERNATIONAL: Secures US$12M Lifeline From U.S. Firm


T H A I L A N D

CENTRAL PAPER: Issues Exercise of Warrant Info
L. P. C.: Files Business Reorg Petition in Bankruptcy Court
RAIMON LAND: Registers Shares Split of Par Value

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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CTI COMMUNICATIONS: Releases Info on Top 50 Optionholders
---------------------------------------------------------
CTI Communications Limited posted its Distribution of
Optionholders and Top Fifty Optionholders as at 22 May 2002:

    DISTRIBUTION OF OPTIONHOLDERS AS AT 22/05/2002
       
     RANGE OF HOLDINGS       NO OF
                         OPTIONHOLDERS
           1 -   1,000            -                          
       1,001 -   5,000           15                          
       5,001 -  10,000            7                          
      10,001 - 100,000          113                          
     100,001  and over           19                          

                 TOTAL          154                          

TOP FIFTY OPTIONHOLDERS AS AT 22/05/2002
                                      
NAME                                             NO OF      %
                                                OPTIONS   HELD
Montt Fiduciary Pty Ltd                       1,000,000    10.05
Advanced Capital Management Pty Ltd             655,000     6.58
Harris Richard & Beckett Geoff & Gearon Gareth  600,000     6.03
Dunkeld John & Greg                             500,000     5.03
Terpie Pty Ltd                                  475,000     4.77
Keian Holdings Pty Ltd                          425,000     4.27
Anderson Russell & Barbara                      250,000     2.51
Joyce Dennis & Diana                            250,000     2.51
Drage Kim & Tracey                              250,000     2.51
Black Plant Thoroughbred                        250,000     2.51
Startrend Investments PL                        250,000     2.51
Zegna Corporation Global                        250,000     2.51
Caudo Joe                                       250,000     2.51
Singh Sardul                                    200,000     2.01
Kei Ah Wah                                      200,000     2.01
Docking Keith & Peach L                         150,000     1.51
Jaybold Pty Ltd                                 125,000     1.26
Jaybold Pty Ltd                                 125,000     1.26
Harris Richard & Susan                          120,000     1.21
Woolcock Les                                    100,000     1.01
Sumich Mark                                     100,000     1.01
Hardie Paul Andrew                              100,000     1.01
Hardware Support Pty Ltd                        100,000     1.01
Collins Haydn                                   100,000     1.01
Harris Susan Elizabeth                          80,000     0.80
Lehmann Shane & Sarah                           80,000     0.80
Tower Trust Limited                             60,000     0.60
Chong Kwong-Ki Kim                              60,000     0.60
Joyce Dennis & Diana                            60,000     0.60
Hersey Steve & Saunier Florence                 60,000     0.60
Finance Associates PL                           50,000     0.50
Daccsar Pty Ltd                                 47,500     0.48
Falconer David & Leanne                         40,000     0.40
Beckett John & Barbara                          40,000     0.40
Gearon Gareth & Diane                           40,000     0.40
Arpege Pty Ltd                                  40,000     0.40
Tower Trust Ltd                                 40,000     0.40
Tower Trust Ltd                                 40,000     0.40
Fogarty Kath                                    40,000     0.40
Yeldep Well Pty Ltd                             40,000     0.40
Hosking Raymond Stanley                         40,000     0.40
Bird Graham Amos                                40,000     0.40
Anderson Russell & Barbara                      40,000     0.40
Janhill Holdings Pty Ltd                        40,000     0.40
Haynes Alan & Colleen                           40,000     0.40
No Sleep Pty Ltd                                40,000     0.40
Blond Bruce Michael                             40,000     0.40
Lehmann Dalvene Kaye                            40,000     0.40
Drage Kim & Tracey                              40,000     0.40
Ewen Scott Donald                               40,000     0.40

TOTAL                                         8,042,500    80.79

TCR-AP reported October last year that the Company appointed
John Sheahan and Ian Lock, of Sheahan Coope Lock, an insolvency
practice, (telephone 02 9253 9975), as Joint and Several
Administrators in a Voluntary Administration with a view to
restructuring the operations of the company.


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

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

Name of Entity
Goodman Fielder Limited

ABN
44 000 006 958

We (the entity) give ASX the following information.

INFORMATION ABOUT BUY-BACK

1. Type of buy-back                 On Market

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

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

                                  BEFORE               PREVIOUS
                                  PREVIOUS                DAY
                                     DAY

3. Number of shares bought      55,233,728             656,142
   back or if buy-back is      
   an equal access scheme,     
   in relation to which       
   acceptances have been   
   received
                 
                                      $                    $
4. Total consideration paid    81,663,017           1,016,430
   or payable for the shares  

5. If buy-back is an on-market
   buy-back                   
                         Highest price paid   Highest price paid
                         $1.59                $1.56             
                         Date:   13/05/2002
                               
                         Lowest price paid    Lowest price paid
                         $1.30                $1.54             
                         Date:   13/12/2001
                                              Highest price
                                              allowed under rule
                                              7.33:
                                              $1.6527           

PARTICIPATION BY DIRECTORS

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

HOW MANY SHARES MAY STILL BE BOUGHT BACK.

7. If the company has disclosed     17,110,130
   an intention to buy back a                                         
   maximum number of shares - the                                     
   remaining number of shares to                                      
   be bought back                                                     

COMPLIANCE STATEMENT

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

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

Wrights Investors' Service reports that during the 12 months
ending 12 December 2001, the Company experienced losses
totaling A$0.01 per share. Its long-term debt was A$762.60
million and total liabilities were A$1.40 billion. The long term
debt to equity ratio of the company is 0.67.
    

LEYSHON RESOURCES: Enters Carpentaria JV With MIM
-------------------------------------------------
The Directors of Leyshon Resources Limited announced that they
have signed the Carpentaria joint venture agreement with Mount
Isa Mines Limited. The JV covers tenement interests of
approximately 7500 square kilometres in the highly prospective
Mount Isa region. MIM has agreed to expend up to $6,000,000 over
eight years on the properties to earn a 70% interest with the
terms of the JV requiring a minimum expenditure of $600,000
over two years before withdrawal.

The Directors consider that this is a significant development
for Leyshon as it will allow it to rapidly progress exploration
in the Mount Isa region utilizing the expertise of a major
Australian mining house. Leyshon have already defined nine
principal target areas for consideration in the exploration
program. The JV provides Leyshon with an immediate opportunity
to increase shareholder value through exploration for iron-
oxide, copper-gold, and gold deposits in this highly prospective
region.

Leyshon recently acquired fifty-six granted tenements and
applications covering 8959 square kilometres in the Mount Isa
region. Of this tenement package nine granted Exploration
Permits (EPM's) and thirty-five Exploration Permit Applications
(EPMA'S) covering 1006 and 6532 square kilometres respectively
are included in the JV with MIM. The region is recognized as one
of the world's most significant mineralized provinces for base
metal occurrences that include stratabound lead-zinc-silver
deposits (Mount Isa, Century) and intrusion related iron oxide
copper gold (IOCG) deposits (eg, Ernest Henry). Other operating
mines in the region include Cannington, Selwyn and Osborne.

Data compilation, target ranking and program planning have
already been completed. Field exploration has commenced and
includes mapping, sampling and an extensive IP survey over the
Turf Club Shear zone on the Mount Avarice and Mount Marathon
EPMs, located thirty-five kilometres to the southwest of the
Ernest Henry Mine. The terms of the JV require a minimum
expenditure by MIM of $600,000 over two years before withdrawal,
and the option to spend an additional $2,400,000 for a total of
$3,000,000 over five years to earn 51% of the properties. MIM
can then earn a further 19% by expending $3,000,000 over three
years to advance to 70% of the properties.

Seven of the nine principal target areas defined by Leyshon are
focused on locating IOCG deposits and include the Base and
Magazine anomaly on the Mount Avarice EPM forty kilometres to
the southwest of the Ernest Henry Mine. This anomaly includes
drill intercepts of up to 0.4% copper and 0.26 g/t gold over
22m, significant magnetite, biotite and red-rock alteration and
prospective structural geological setting. Additional targets
presented by Leyshon focus on multi-element anomalism and
similarities to Mount Isa and Century type lead-zinc-silver
liberalization and Tick Hill gold liberalization.

It is anticipated that drill testing of suitable, geophysical
anomalies will commence in the September quarter. The Directors
are pleased that the Agreement was completed on terms favorable
to all parties and the progress that MIM has already made in its
assessment and testing of targets within the JV tenements.

TCR-AP reported early this May the Company's first quarter
report and noted that Rehabilitation and Mine Closure activities
for the quarter continued in line with the Mine Closure Plan and
schedule. These Rehabilitation activities occurred during the
quarter:

   * Topsoil placement and application of seed and fertilizer
application on the North West Rock Dump was completed.

   * Contaminated Sites assessment, in compliance with
legislation, was carried out on the Eastern Waste Rock Dump,
Southern and Old North Tailings Facilities.

   * Seal placement on the Northern Tailings facility is
approximately 90% complete.

   * The sealing layer on Roche Hill is complete. Topsoil
placement has commenced with 60% complete.

   * Numerous minor clean up earthworks projects are underway
around the site.

The following Mine Closure activities occurred during the
quarter:

   * On 1 March all Production and Maintenance roles were made
redundant.

   * On 31 March all remaining employees were made redundant.

   * The career transition program has concluded. A report on
the program is currently being drafted.


PASMINCO LIMITED: Broken Hill Mine Sale to Finalize This week
-------------------------------------------------------------
Pasminco Limited (Administrators Appointed) announced Tuesday
that following the statement by Perilya Limited on 23 May 2002
that its financing was in place, completion can now occur.

Pasminco and Perilya have agreed for sale completion to occur on
Friday 31 May 2002.

Perilya, on May 23, reached an agreement on the terms of a zinc
sale and purchase agreement and associated funding arrangement
with Korea Zinc Company Ltd and its associated company, Young
Poong Corporation Limited (together, "The Korea Zinc Group").
The Korea Zinc Group has agreed to fund US$15 million towards
meeting the acquisition costs related to Perilya's acquisition
of the Broken Hill mine from Pasminco.

On March 8, Pasminco has entered into an agreement with
Perilya to sell its mining operations and tenements at Broken
Hill in New South Wales for a cash consideration of A$90
million. A$35 million is payable in the first 6 months and A$55
million will be paid in the form of deferred volume and price
linked payments which commence in 6 months and are payable for
up to 7 years.


PMP LIMITED: PTCL, PTAL Become Substantial Holders
--------------------------------------------------
Permanent Trustee Company Limited (PTCL), Permanent Trustee
Australia Limited (PTAL) became a substantial shareholder in PMP
Limited on 22/April/2002 with a relevant interest in the issued
share capital of 17,707,973 ordinary fully paid shares (6.10
percent).

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


REINSURANCE AUSTRALIA: Posts AGM Results
----------------------------------------
Reinsurance Australia Corporation Limited, in accordance with
Listing Rule 3.13.2, advised that the outcome in respect of the
matters put to the Company's Annual General Meeting on Tuesday,
were:

1 To re-elect Maurice Williams Loomes as a Company director.

  The resolution was passed on a show of hands

2 To re-elect Carl Philipp Rene Thomas as a director of the
Company.

  The resolution was passed on a show of hands

3 To amend the Company's Constitution.

  The resolution was passed as a special resolution on a show of
hands

Pursuant to Section 251AA(2) of the Corporations Act, I advise
that the total number of votes in respect of which proxies were
received for the above resolutions is as follows:

RESOLUTION      FOR           AGAINST        ABSTAIN       OPEN

1           64,592,622        152,186        58,960    1,870,747
2           34,795,656        179,186        59,960   31,999,713
3           34,822,038        105,698        57,316  32,004,463


VOICENET (AUST): Amends Relisting Code
--------------------------------------
Voicenet (Aust) Limited advised the trading symbol for its 76
percent subsidiary incorporated in the US, Voicenet Inc, which
has been relisted on the over-the-counter "pink sheets", under
the requisite requirements of the National Association of
Security Dealers, has been amended to "VCNE". This is a change
from "VTC.E" which was previously advised.


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


401 HOLDINGS: Requests Trading Suspension
-----------------------------------------
401 Holdings, Limited, requested trading in its shares to be
suspended with effect from 9:30 a.m. Wednesday 29 May 2002,
pending the issue of an announcement regarding a discloseable
and share transaction entered into by the Company.

TCR-AP reported on April 1 that the Company is in the course of
discussions with remaining creditors relating to the settlement
of outstanding obligations in consideration of the issue to some
of these creditors of shares in the Company at HK$0.01 each as
part of its overall capital restructuring plan.


ALPHA BEST: Hearing of Winding Up Petition Set
----------------------------------------------
The petition to wind up Alpha Best Enterprises Limited is
scheduled for hearing before the High Court of Hong Kong on July
3, 2002 at 10:30 am.  The petition was filed with the court on
March 20, 2002 by Mok Kim Foon of Flat A, 4th Floor, Sin Ching
Building, 201-207 Castle Peak Road, Tsuen Wan, New Territories,
Hong Kong.  

  
DAILYWIN GROUP: Price, Turnover Movements Inexplicable
------------------------------------------------------
Dailywin Group Limited noted the recent increase in the trading
volume and the decrease in the prices of the shares of the
Company and stated that the Company is not aware of any reasons
for such movements.

Save as disclosed in the announcement of the Company dated 22
May 2002 relating to the proposed acquisition of an effective
interest of approximately 99.79 percent in Wai Yuen Tong
Medicine Company Limited, the Company confirmed that there are
no negotiations or agreements relating to intended acquisitions
or realizations which are discloseable under paragraph 3 of the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature.


FREMAN HOLDINGS: Winding Up Petition Set for Hearing
----------------------------------------------------
The petition to wind up Freman Holdings Limited is scheduled to
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 18,
2002 by Times-Ringier (HK) Limited whose registered office is
situated at 11-13 Dai Kwai Street, Tai Po Industrial Estate, Tai
Po, New Territories, Hong Kong.


PANDA PREMIUMS: Winding Up Petition Slated for Hearing
------------------------------------------------------
The petition to wind up Panda Premiums Limited is set for
hearing before the High Court of Hong Kong on July 3, 2002 at
11:30 am.  The petition was filed with the court on April 3,
2002 by Lam Lok Sze of Room 1102, Yee Yip House, Tsing Yi
Estate, Tsing Yi, New Territories, Hong Kong.  


STAR CRUISES: Seeks Suspension of Trading
-----------------------------------------
Star Cruises, Limited, sought suspension of shares trading with
effect from 9:30 a.m. Wednesday 29 May 2002, pending an
announcement in relation to the top up placing.

On 20 February 2002, a Refinancing Facility Agreement was
entered into between the Company as borrower and the Hongkong
and Shanghai Banking Corporation Limited as agent, relating to
the provision of a 7-year syndicated term loan of up to
US$450,000,000 to the Company to refinance the Syndicated Loan
Facility.

The Company was in breach of two of the financial covenants
under the Syndicated Loan Facility as of 31 December 2001.


WAH NAM: Appoints Kim Eng as Independent Financial Adviser
----------------------------------------------------------
John Robert Lees and Desmond Chung Seng Chiong, Joint and
Several Liquidators of Wah Nam Group Limited (In Compulsory
Liquidation), in reference to its announcement dated 10 May 2002
in relation to the Restructuring Proposal, announced that Kim
Eng Capital (Hong Kong) Limited has been appointed as the
independent financial adviser to the Wah Nam Shareholders.

Trading in the securities of the Company has been suspended
since 20 July 2000 and will remain suspended pending the
implementation of the Restructuring Proposal.


WAI CHUN: Winding Up Sought by Grandeur Fiber
---------------------------------------------
Grandeur Fiber Company Limited is seeking the winding up of Wai
Chun Piecegood's Company Limited.  The petition was filed on May
3, 2002, and will be heard before the High Court of Hong Kong on
August 7, 2002 at 10:00 am.

Grandeur Fiber holds its registered office at 20th Floor, 65/167
Chamnan Phenjati Business Centre, Rama 9 Road, Huaykwang,
Bangkok 10320, Thailand.


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I N D O N E S I A
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CITRA MARGA: Sale of Unibank's US$28M Outstanding NCDs Likely
-------------------------------------------------------------
PT Citra Marga Nusaphala Persada plans to sell the outstanding
US$28 million worth of negotiable certificates of deposits
(NCDs) issued by the now defunct PT Unibank, AFX Asia reports.

The Company will sell the NCDs at a discount, a move that could
result in a potential loss but from a longer-term perspective,
the planned transaction will strengthen its financial structure.

The Company will hold an EGM on June 27 to seek shareholders'
approval for the transaction.

Indonesia Bank Restructuring Agency is unable to clarify the
status of the NCDs, which matured on May 9 and 10 but due to the
closure of Unibank, the obligation has been transferred to the
IBRA, pending an ongoing due diligence exercise.

According to DebtTraders, Citra Marga's 7.250% bonds due on 2002
(CMNP02IDN1) are trading between 67.5 and 71.5. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CMNP02IDN1


INDOFOOD SUKSES: Moody's Rates Unit's Guaranteed Notes `B3'
------------------------------------------------------------
Moody's Investors Service on May 28 has assigned a B3 rating to
Indofood International Finance Ltd's prospective US$200 million
senior guaranteed notes (the Notes) due on 2007. The rating
recognizes that PT Indofood Sukses Makmur Tbk (Indofood) and its
four flour subsidiaries will guarantee the Notes.

The outlook for the B3 rating is positive, which reflects the
positive outlook on Indonesia's sovereign rating. At the same
time, Moody's has assigned a B1 local currency issuer rating to
Indofood. The outlook for the local currency rating is stable.
This is the first time that Moody's has rated the debt of
Indofood, the largest processed foods company in Indonesia.

The rating agency says that the ratings reflect the risk
associated with the large scale political, economic, and social
uncertainties in Indonesia. The ratings also consider the risk
of Indofood's ability to fund ongoing capital expenditure and
working capital requirements given the limited availability of
foreign credit to Indonesian corporates, and a weak domestic
bank/bond market in the country.

In addition, near term refinancing pressures are high with
US$200 million debts to mature in the next two months. However,
in Moody's opinion, this risk is addressed through the
refinancing arrangements that have been put in place: a US$100
million 2-year bank facility, and the proposed US$200 million 5-
year Notes issuance.


=========
J A P A N
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FUJITSU LTD: Teaming Up With IBM Japan on Corporate Software
------------------------------------------------------------
Fujitsu Ltd., Japan's biggest computer manufacturing company,
will team up with IBM Japan Ltd., the Tokyo unit of
International Business Machines Corp. of the U.S., in the field
of corporate software package products in the Japanese market,
the Wall Street Journal reported.

The two companies agreed to start examining joint development
and marketing of new software products combining Fujitsu's
Enterprise Resource Planning software "GLOVIA-C" and IBM's
database management software "IBM DB2 Universal Database". An
ERP package includes modules for management of production,
sales, procurement, inventory, personnel and salary. Fujitsu's
"GLOVIA-C" holds a top market share in the domestic ERP market
for midsized companies.

In April, Tokyo-based Fujitsu projected it would break even on a
group net basis this business year after hefty restructuring
costs and the information technology slump pushed it into its
worst loss ever last year.

The Company reported a group net loss of 382.54 billion yen for
the year that ended March 31 on heavy restructuring costs and
money-losing semiconductor and telecommunications-related
operations.


HASEKO CORP.: In Debt Due to Latent, Unrealized Losses
------------------------------------------------------
Struggling condominium builder Haseko Corp. revealed Tuesday a
net loss of 122.63 billion yen in the 2001 business year,
compared with a turnaround from a profit of 95.31 billion yen
the year before, Japan Times reported.

Haseko attributed the net losses chiefly to a 90.29 billion yen
latent loss on its real-estate holdings for sale and a 50.94
billion yen unrealized loss on its fixed real-estate assets.

Haseko posted profits of 163.59 billion yen the previous year
due to debt-waivers granted by creditor banks.

The company said it would skip a dividend payment for 2001, as
it did a year ago.

This year, Haseko forecasts net profits of 4 billion yen, on
projected operating revenues of 425 billion yen.


JAPAN TELECOM: Posts Net Losses of $530M
----------------------------------------
Japan Telecom Co. Ltd, the nation's No. 3 telecommunications
firm, reported Tuesday net losses of 66 billion yen ($530
million) for the business year that ended in March.

For 2001, group sales increased 16.3 percent to 1.7 trillion
yen. Operating profits, however, fell 20.3 percent to 89.1
billion yen as price-cutting competition intensified in the
fixed-line business.

The group's pretax profits stood at 74 billion yen, a 17.3
percent fall.

In addition to the decline in profits, Japan Telecom posted 75
billion yen impairment on the carrying value of investments and
12 billion yen in special losses for debt refinancing.

As a result, the company posted its first net losses since being
listed on the Tokyo Stock Exchange in September 1994.

The Chuo-ku, Tokyo-based company is 66.7 percent owned by
British mobile phone service provider Vodafone Group PLC.


JAPAN TELECOM: Selling DSL Assets to eAccess for JPY5.5B
--------------------------------------------------------
Japan Telecom Co Ltd will sell its asymmetrical digital
subscriber line assets to local operator eAccess Ltd., a major
wholesaler of ADSL services to Internet service providers, for
around 5.5 billion yen, the Japan Times reports.

The assets' book value is expected to be Y5.3 billion.

Japan Telecom will transfer its DSL facilities at 842 offices to
eAccess and sign an exclusive wholesale contract with eAccess
for its future DSL customers, the paper said. Customer numbers
are expected to reach 215,000 at end-May.

Japan Telecom also revealed a plan to transform itself into a
holding company, to be named Japan Telecom Holdings Co., with
three new wholly owned subsidiary units to be set up in summer.


KOBE STEEL: Will Jointly Sell Plants With Argentine Co
------------------------------------------------------
Kobe Steel Ltd. will jointly market steel dust recycling plants
overseas with large Argentina steelmaker, Techint, Dow Jones
Newswires reported, citing the Nihon Keizai Shimbun.

The plants will be used to recycle dust generated from steel-
making processes, the report said.

Kobe Steel and its U.S. subsidiary Midrex Technologies Inc. have
agreed to market the plants with Techint Technologies of Italy.
Techint will be responsible for selling the plants in Europe and
South America.

Kobe Steel jointly developed the recycling plant with Midrex
Technologies. The plant recovers iron contained in the dust,
which can be used to make steel for blast and electric furnaces.
Steelmakers currently do not recycle the dust due to
technological difficulties.

Kobe Steel revealed last Thursday a group net loss of 28.52
billion yen in the fiscal year to March 31, from a profit of
6.50 billion yen the previous year. The Shinagawa-ku, Tokyo-
based steelmaker attributed the poor earnings to a hefty
extraordinary loss resulting from appraisal losses on securities
holdings amid the stock market slump and charges to cover
shortages in reserves for retirement benefits.


NEC CORPORATION: Provides ESS With Compression-chip Technology
--------------------------------------------------------------
NEC Corp recently provided U.S. chipmaker ESS Corp with
technology to make system chips that compress the audio and
visual data of DVDs, AFX Asia reported, citing the Nihon Keizai
newspaper.

ESS will combine NEC's technology that adheres to MPeg2 graphic
data standards with its own data decompression technology,
aiming to develop a single system chip that can control
recording and replaying.

NEC will be paid a technology usage fee based on ESS sales.

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.

NEC is now trying 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,
close and sell plants, and split off divisions into separate
companies as it struggles to regain profitability and restore
its balance sheet to health.


NIPPON TELEGRAPH: Unit to Wholesale IP Phone Service This Fall
--------------------------------------------------------------
NTT-ME Corp will begin wholesaling its Internet Protocol
telephone service to net access providers in September, AFX Asia
reported, citing the Nihon Keizai newspaper.

The Nippon Telegraph and Telephone Corp group unit will offer
customers a package including an IP network, a fee-charging
system and system maintenance, at prices up to 50 percent lower
than rival net phone services, the report said.

The Company will wholesale its IP phone service to customers at
a rate of 10 yen per three minutes. Customers will set their own
phone charges based on NTT-ME's wholesale fee.

The firm will also offer an IP phone service through public
lines linking both parties at 20 yen for three minutes, the same
fee offered by Fusion Communications.

NTT was badly burned when info-technology boom came to a halt,
forcing the Company to take a one-time charge of 1.4 trillion
yen in the year ended March 31.


NISSAN FIRE: Hit Hard With JPY44B Loss
---------------------------------------
Property and casualty insurer Nissan Fire & Marine Insurance Co.
plunged into the red with a consolidated net loss of 43.76
billion yen in fiscal 2001 after taking heavy losses from
reinsurance contracts linked to the September 11 terrorist
attacks.

That translates into a loss of 172.14 yen per share for the year
to March 31, a steep turnaround from the 17.10 yen per share it
made the previous year on group net profits of 4.40 billion yen.

The Tokyo-based company said it would not pay a dividend for the
reporting year.


SEGA CORPORATION: Faces Suit for Breach of China Contract
---------------------------------------------------------
Video game developer and distributor, Advent Telecommunications,
Inc., which does business as Excite Interactive Media
Development, has filed a lawsuit against SEGA Corporation for
anticipatory breach of contract and declaratory relief in the
United States District Court for the Central District of
California.

The lawsuit alleges that SEGA has denied the binding effect of
an agreement with Excite concerning the grant of various
exclusive and non-exclusive rights of distribution and
development of SEGA products in Greater China (China, Hong Kong
and Taiwan). SEGA's senior managing director signed this
agreement in February 2001.

Representing Excite in this case is attorney Jinshu "John" Zhang
of the Los Angeles office of Greenberg Traurig, LLP, an 830-
lawyer international law firm. John Zhang can be reached for
comment at 310-586-7750.

Sega returned to profitability for the first time in five in
years, with an operating profit of 14.2 billion yen ($112
million) last year, compared with an operating loss of 51.7
billion yen previously.

The Tokyo-based maker of video game software has been cutting
costs and strengthening its balance sheet through disposals of
assets, including offices and stock holdings.


SEIYU LTD: Ties Up With AM/PM on Online Sales Ops
-------------------------------------------------
Supermarket operator, Seiyu Ltd., and convenience store chain
operator am/pm Japan Co. are set to join forces in online
shopping sales and same-day deliveries, Dow Jones Newswires
reported, citing the Nihon Keizai Shimbun.

The two major retailers will link Web sites allowing each
other's customers to order goods.

The Companies hope the appeal of the new partnership will help
them win a combined total of 1,000 to 1,500 new online customers
by the end of July.

The new venture is a boost to Kita-ku, Tokyo-based Seiyu Ltd,
which has been selling assets and closing money-losing stores to
help it halve its debt to 600 billion yen.

Seiyu recently revealed a group pretax profit of 13.53 billion
yen in the year ender February 28, a 67.9 percent jump from the
previous year, from cost-cutting measures.


TAISEI FIRE: Plans Merger With Nissan Fire, Yasuda Fire
--------------------------------------------------------
Bankrupt non-life insurer Taisei Fire & Marine Insurance Co.
will merge with the new insurer to be set up by Nissan Fire &
Marine Insurance Co. and Yasuda Fire & Marine Insurance Co., the
Asahi Shimbun reported, citing sources close to the Company's
rehabilitation process.

Prior to the merger, Taisei's troubled reinsurance operations
will be hived off and transferred to a new company to be set up
in Bermuda.

Taisei will by this autumn become part of Sompo Japan, to be
formed in July by the merger of Nissan Fire & Marine and Yasuda
Fire & Marine.

Taisei filed for bankruptcy protection in November after its
reinsurance operations faltered under massive payout obligations
following the September 11 terrorist attacks on the United
States. Splitting off the reinsurance division is aimed at
preventing the payouts from bringing down the rest of the
Company.

The Company will submit to the Tokyo District Court on June 28
its final rehabilitation plans, which includes the set-up of a
reinsurer in Bermuda and the transfer the reinsurance business
to the new entity. Initial assets will total 100 billion yen.


TAKUSHOKU BANK: Court Rejects JPY1.5B Claim
-------------------------------------------
The Sapporo District Court on Wednesday turned down a lawsuit
demanding that collapsed Japanese commercial bank, Takushoku
Bank (Takugin), should return some 1.5 billion yen in deposits
paid by 55 members of a resort facility operated by a subsidiary
of the bank.

According to a Kyodo News report, the plaintiffs, including
companies and individuals, had bought the memberships of 35
million yen each in 1990 and 1991, of which 28 million yen was
considered a deposit to be returned at the time of cancellation.
The deposits were guaranteed by another Takugin subsidiary.

The plaintiffs claimed Takugin officials had urged them to buy
the memberships, saying the bank would guarantee the refund. The
bank claimed its officials had made no such promise.

Takugin, based in Sapporo, Hokkaido, collapsed in November 1997
under a massive load of bad loans.


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


DAEWOO MOTOR: GM Daewoo to Buy 11% Stake in Sales Arm as Agreed
---------------------------------------------------------------
GM Daewoo Automotive Technology Co., a new company formed by
General Motors Corp., is sticking with its original plan to buy
Daewoo Motor Co.'s entire 11 percent stake in the domestic
marketing arm, Daewoo Motor Sales Co.

According to a Dow Jones Newswires report, GM Daewoo
Automotive's statement counters a Yonhap News Agency report
Tuesday that said the company would not buy any of Daewoo Motor
Sales shares.

In the first-quarter, sales figure of Daewoo Motor Sales rose
10.9 percent from a year earlier to 843.7 billion won ($659.7
million), while net profit soared 273.1 percent to 25 billion
won. Daewoo attributed the impressive performance to
restructuring efforts that began last year and active support by
dealerships.


DAEWOO MOTOR: Youngan May Buy Bus Ops for US$114.2M
---------------------------------------------------
Daewoo Motor Co.'s bus manufacturing operations will likely be
sold to Youngan Hat Co. of South Korea for about 140 billion won
(US$114.2 million), Dow Jones Newswires reports.

"We are still narrowing differences, mostly in prices, but we
hope to sign a preliminary agreement next week", an official at
the automaker's key creditor Korea Development Bank.

A spokesman at Youngan said talks were moving in a "positive"
direction. He declined to elaborate how the hat company will
finance the acquisition.

According to KDB, YoungAn and creditors have been in talks about
the sale of the Company's bus plant in Busan, Seoul, and a 60
percent stake in a Chinese bus venture to the world's largest
hat maker.

Daewoo Motor of Inchon, South Korea has been trying to sell its
truck and bus businesses because they were excluded from the
assets General Motors Corp. agreed to buy.

Daewoo Motor Co.'s total liabilities stood at 24 trillion won
versus 7.9 trillion won in assets as of the end of 2001. The
Company filed for bankruptcy last November after amassing $17
billion in debt.


DIGITEL CO.: Faces Kosdaq Suspension After Default
--------------------------------------------------
Digitel Co. will remain suspended from trading until the Kosdaq
steering committee decides whether to delist the South Korean
maker of telecommunications equipment from the over-the-counter
Kosdaq market, Bloomberg reported.

Digitel on Tuesday defaulted on 2.5 billion won ($2 million) in
debt.

The stock last traded down 70 won, or 5.8 percent, to 1,140.


KYUNGGI CHEMICAL: Mitsubishi Consortium Offers KRW86B Take-Over
---------------------------------------------------------------
A consortium led by Mitsubishi Corp has proposed to take over
fertilizer maker, Kyunggi Chemical Industrial, for W86 billion,
AFX Asia reported.

A Kyunggi official said the consortium includes two local firms,
one of which is G&F CRC (Corporate Restructuring Company).

An official from Korea Development Bank, Kyunggi's main
creditor, also said creditors would talk with the consortium to
determine the final sale price and plan to sign a final contract
by the end of June.

Kyunggi Chemical has been under court receivership after it
became insolvent in March 1999.


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


AYER HITAM: Unit Restructures RM22.8M Syndicated Term Loan
----------------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad, further to its
announcement on 29 April 2002, informed that the Company's 100%
subsidiary company, Motif Harta Sdn Bhd has accepted the written
offer by its lenders to restructure the RM22.8 million
syndicated term loan. Central to the restructuring, repayment
period has now been extended to June 2004. The restructuring is
now pending only on completion of legal documentation.

The Company will make the appropriate announcement to the
Exchange as soon as the legal documentation is completed.


EPE POWER: Thirtieth AGM to be Held June 20
-------------------------------------------
The Board of Directors of EPE Power Corporation Berhad announced
that the Thirtieth Annual General Meeting of the Company will be
held on Thursday, 20 June 2002 at Ballroom 1, Park Plaza
International Kuala Lumpur, 138 Jalan Ampang, 50450 Kuala Lumpur
at 11.00 a.m.:

1. To receive and adopt the Audited Accounts for the financial
year ended 31 December 2001 and the Reports of the Directors and
Auditors thereon.

2. To approve the Directors' fees for the financial year ended
31 December 2001.

3. To re-elect Encik Abdul Latif Mahamud, the Director retiring
in accordance with Article 69 of the Company's Articles of
Association.

4. To re-elect YBhg Datuk Sulaiman Daud, the Director retiring
in accordance with Article 75 of the Company's Articles of
Association.

5. To re-elect Encik Ahmad Pardas Senin, the Director retiring
in accordance with Article 75 of the Company's Articles of
Association.

6. To re-elect Tuan Hj Ir Abdullah Yusof, the Director retiring
in accordance with Article 75 of the Company's Articles of
Association.

7. To re-elect Puan Salmah Sharif, the Director retiring in
accordance with Article 75 of the Company's Articles of
Association.

8. To re-elect Encik Muhammad Adib Ariffin, the Director
retiring in accordance with Article 75 of the Company's Articles
of Association.

9. To re-appoint Messrs Deloitte KassimChan as Auditors and to
authorize the Directors to fix their remuneration.

10. To transact any other ordinary business of the Company for
which due notice has been given.


GLOBAL CARRIERS: SoA Approved at Creditors' Meeting
---------------------------------------------------
Global Carriers Berhad, further to its announcement on 24 May
2002 on the Revised Scenario to the Proposed Composite Scheme of
Arrangement, the Proposed BSNC Leasing (M) Sdn Bhd Settlement
Scheme, and the Proposed Non-Financial Creditors Settlement
Scheme, advised that the scheme involving Global Carriers
Property Sdn Bhd and its secured creditor has been approved
during the adjourned court-convened creditors' meeting held on
Tuesday.

Only one other adjourned scheme creditors' meeting involving
Marina Shipping Sdn Bhd remains outstanding. The Company shall
make the relevant announcements once the date for the meeting
has been fixed.


LAND & GENERAL: June 12 EGM Scheduled
-------------------------------------
An Extraordinary General Meeting of Land & General Berhad will
be held at Sri Damansara Club Berhad, Saga Room, Lot 23304,
Persiaran Perdana, Bandar Sri Damansara, 52200 Kuala Lumpur on
Wednesday, 12 June 2002 at 10.00 a.m., or any adjournment
thereof, for the purpose of considering and, if thought fit,
passing the following resolutions:

ORDINARY RESOLUTION 1 - PROPOSED ACQUISITIONS BY L&G OF 300,000
ORDINARY SHARES OF RM1.00 EACH IN CLARITY CREST SDN BHD (CC),
KEY CENTURY SDN BHD (KC) AND LEMBAH BERINGIN SDN BHD (LB), ALL
OF WHICH ARE 70% OWNED SUBSIDIARIES OF L&G, AND 6,600 REDEEMABLE
PREFERENCE SHARES AT RM1.00 EACH IN LB, FROM KL-KEPONG PROPERTY
HOLDINGS SDN BHD (KLKPH) (PROPOSED ACQUISITIONS)

"THAT, subject to all the relevant approvals being obtained,
approval be and is hereby given for L&G to acquire, in
accordance with the terms and conditions of the Sale and
Purchase Agreement dated 5 July 2001 entered into between L&G,
KLKPH, CC and KC, 300,000 ordinary shares of RM1.00 each in CC,
KC and LB respectively, representing 30% of the issued and paid-
up share capital of CC, KC and LB respectively, and 6,600
redeemable preference shares of RM1.00 each, representing 30% of
the issued and paid-up redeemable preference shares of LB, from
KLKPH for a total cash consideration of RM13,821,300

AND THAT the Company hereby ratifies and approves the Sale and
Purchase Agreement dated 5 July 2001 entered into between the
Company, KLKPH, CC and KC

AND FURTHER THAT the Board of Directors of the Company be and is
hereby authorized to give effect to the Proposed Acquisitions
with full power to assent to any conditions, modifications,
variations and/or amendments in any manner as may be required by
the relevant authorities and to deal with all matters relating
thereto and to enter into all such agreements, arrangements,
undertakings, indemnities, transfers, assignments and guarantees
with any party or parties and to take all steps and to do all
acts and things in any manner as they may deem necessary or
expedient to implement, finalize and give full effect to the
Proposed Acquisitions

PROVIDED ALWAYS THAT the Proposed Acquisitions shall not be
carried out in the event Ordinary Resolution 2 below is not
passed."

ORDINARY RESOLUTION 2 - PROPOSED DISPOSAL BY CC OF 29 PIECES OF
LAND TO KLKPH FOR A TOTAL CASH CONSIDERATION OF RM45,893,400
(PROPOSED DISPOSAL

"THAT, subject to passing of Ordinary Resolution 1 herein and
all the relevant approvals being obtained, approval be and is
hereby given for the disposal of, in accordance with the terms
and conditions of the Sale and Purchase Agreement dated 5 July
2001 entered into between L&G, KLKPH, CC and KC, 29 pieces of
freehold land located at Mukim of Kerling and Mukim Sungai
Gumut, District of Hulu Selangor, Selangor Darul Ehsan and
measuring 1,529.78 acres in total, to KLKPH for a total cash
consideration of RM45,893,400

AND FURTHER THAT the Board of Directors of the Company be and is
hereby authorized to give effect to the Proposed Disposal with
full power to assent to any conditions, modifications,
variations and/or amendments in any manner as may be required by
the relevant authorities and to deal with all matters relating
thereto and to enter into all such agreements, arrangements,
undertakings, indemnities, transfers, assignments and guarantees
with any party or parties and to take all steps and to do all
acts and things in any manner as they may deem necessary or
expedient to implement, finalize and give full effect to the
Proposed Disposal."

ORDINARY RESOLUTION 3 - PROPOSED SETTLEMENT BY L&G OF
APPROXIMATELY RM207.4 MILLION OF AMOUNT OWING BY L&G GROUP VIA
SWAPPING WITH 29,634,164 ORDINARY SHARES OF RM1.00 EACH OF BUMI
ARMADA BERHAD (BAB), REPRESENTING 47% OF THE ISSUED AND PAID UP
SHARE CAPITAL OF BAB (PROPOSED BAB SWAP)

"THAT, subject to the relevant approvals being obtained,
approval be and is hereby given for the Board of Directors of
L&G to make available, offer for purchase or issue an invitation
to purchase up to 29,634,164 BAB shares at a price of RM7.00 per
share owned by L&G and Bestform Limited, a wholly owned
subsidiary of L&G as settlement of approximately RM207.4 million
amount owing to the financial institution lenders of L&G and
certain financial institution lenders of Bandar Sungai Buaya Sdn
Bhd, a wholly owned subsidiary of L&G, and Islands Helicopter
Services Pty. Ltd., a 37.6% owned associated company of L&G, to
whom corporate guarantees have been provided by L&G, and
convertible bond holders of L&G via swapping with the said BAB
shares

AND FURTHER THAT the Board of Directors of the Company be and is
hereby authorized to give effect to the Proposed BAB Swap with
full power to assent to any conditions, modifications,
variations and/or amendments in any manner as may be required by
the relevant authorities and to deal with all matters relating
thereto and to enter into all such trust deed, agreements,
arrangements, undertakings, indemnities, transfers and
assignments with any party or parties and to take all steps and
to do all acts and things in any manner as they may deem
necessary or expedient to implement, finalize and give full
effect to the Proposed BAB Swap"


MEASUREX CORPORATION: Proposes Change of Company Name
-----------------------------------------------------
Measurex Corporation Berhad advised that an Extraordinary
General Meeting of the Company will be held at THB Conference
Room, THB Satu, West Wing, 2nd Floor, Jalan Damansara Endah,
Damansara Heights, 50490 Kuala Lumpur on Thursday, 20 June 2002
at 10.00 a.m. for the purpose of considering and if thought fit,
passing the following Special Resolution:

SPECIAL RESOLUTION
- PROPOSED CHANGE OF NAME OF THE COMPANY

"THAT the name of the Company be changed from MEASUREX
CORPORATION BERHAD to PAXELENT CORPORATION BERHAD with effect
from the issuance of Certificate of Incorporation on Change of
Name of Company by the Companies Commission of Malaysia AND THAT
the Board of Directors be and is hereby authorized to effect the
said change wherever the name of the Company appears including
the consequential amendments to the Company's Memorandum and
Articles of Association."


PAN MALAYSIA: Posts EGM, 19th AGM Notices
-----------------------------------------
Pan Malaysia Holdings Berhad informed that the following
meetings of the Company will be held on Tuesday, 25 June 2002 at
Crystal Ballroom, Corus hotel Kuala Lumpur, Jalan Ampang, 50450
Kuala Lumpur:

a. Nineteenth Annual General Meeting 9.00 a.m.

b. Extraordinary General Meeting immediately after the
conclusion or adjournment (as the case may be) of the Nineteenth
Annual General Meeting

Visit http://www.bankrupt.com/misc/TCRAP_PanMalaysia0530.docto  
see full text of the notice of the Nineteenth Annual General
Meeting and Extraordinary General Meeting.


PAN MALAYSIA: Unit Enters Recurrent Related Party Transactions
--------------------------------------------------------------
Reference is made to its announcements on 30 July 2001, 21
August 2001, 19 October 2001, 19 February 2002 and 28 March 2002
concerning the recurrent related party transactions of a revenue
or trading nature entered into during the period from 1 June
2001 to 25 March 2002 by Pan Malaysia Travel & Tours Sdn Bhd
(PMTT), a 80%-owned subsidiary of Pan Malaysia Holdings Berhad
(PMH or the Company), with Morning Star Travel Service Limited
(Morning Star), a related party of PMH.

Pursuant to paragraph 10.08 of the Listing Requirements of Kuala
Lumpur Stock Exchange, PMH informed that PMTT had further
entered into arm's length transactions of a revenue nature with
Morning Star, the MUI Group (comprising Malayan United
Industries Berhad (MUI), its subsidiary and associated
companies, MUI Properties Berhad (MUIP) and its subsidiary
companies, Pan Malaysia Corporation Berhad (PMC) and its
subsidiary companies, and Pan Malaysia Capital Berhad (PM
Capital) and its subsidiary companies), and MJ Group (comprising
Metrojaya Berhad (MJ) and its subsidiary companies) with value
of sales transactions amounting to RM1,016,413.15. Together with
the value of sales transactions accumulated since 1 June 2001,
the aggregate value of sales transactions by PMTT with the
aforesaid related parties amounted to RM6,879,063.09 (Recurrent
Transactions) as at 24 May 2002.

PMTT is principally engaged in travel and ticketing services.
The Recurrent Transactions entered into were in the ordinary
course of business of PMTT, made at arm's length and on normal
commercial terms.

MUI is a deemed major shareholder, and the ultimate holding
company of PMH. Tan Sri Dato' Dr Khoo Kay Peng, a deemed major
shareholder of PMH, is the Chairman and a deemed major
shareholder of MUI and MUIP. He is also a deemed major
shareholder of PMC and MJ. Mr Yong Ming Sang is a Director of
PMH, MUI and MUIP and he has an interest (direct and indirect)
in 2,531,440 shares representing 0.13% equity interest in MUI.
Dato' Choong Kok Min, a Director of PMH and PM Capital, holds
1,150,000 shares representing 0.06% equity interest in MUI,
5,000 shares representing negligible per cent equity interest in
MUIP and 3,196,500 shares representing 1.26% equity interest in
PM Capital. Dato' Seri Dr Ting Chew Peh, a Director of PMH and
PM Capital, has an indirect interest in 10,000 shares
representing negligible per cent equity interest in MUI. Dato'
Rastam Bin Abdul Hadi, a Director of PMH, has an interest
(direct and indirect) in 1,099,000 shares representing 0.14%
equity interest in PMC. He is a Group Adviser of MUI. Dato' Mohd
Ibrahim Bin Mohd Zain, Chairman of PMH, is a Deputy Chairman,
Director and major shareholder of MJ.

Morning Star is principally engaged in travel and travel-related
services and is one of the biggest tour operators in Hong Kong
organizing outbound tours to countries in the ASEAN region,
Japan, Korea, China, Australia, Europe and USA.

PMH had on 27 February 2002 announced that its Directors propose
to seek the approval of shareholders for a mandate which will
permit the PMH Group to enter into recurrent related party
transactions of a revenue or trading nature (inclusive the
Recurrent Transactions), which are necessary for the day-to-day
operations and are in the ordinary course of business of the
Group. The Exchange had also on 31 January 2002 approved an
extension of time until 30 June 2002 for PMH to procure
shareholders' approval for the aforesaid mandate.


PILECON ENG'G: Accounts Submission Extension Request Rejected
-------------------------------------------------------------
Pilecon Engineering Berhad announced that the Kuala Lumpur Stock
Exchange has via a letter dated 24 May 2002 rejected the
Company's application for extension of time until 31 May 2002 to
comply with paragraph 9.23(b) of the Listing Requirements.

The Listing Requirements entails forwarding to the KLSE the
annual audited accounts for the year ended 31 December 2001 with
the reports of the directors and auditors thereon for public
release within a period not exceeding 4 months from the close of
the financial year due to unavailability of audited accounts of
some overseas subsidiaries resulting in our Company not being
able to consolidate our accounts.

In view of the rejection, the Company will forward the annual
audited accounts and make the necessary announcement as soon as
possible.


TALAM CORPORATION: Sells Lebbey's Paid-Up Share Capital
--------------------------------------------------------
Talam Corporation Berhad announced that its subsidiary, Master
Waves Sdn Bhd, on 24th May 2002 entered into an agreement with
Daya Ketara Sdn Bhd. DKS' registered address is 2-3-11 3rd
Floor, Menara KLH Business Centre, 2, Jalan Kasipillay, Off 2
1/2 Miles, Jalan Ipoh, 51200 Kuala Lumpur. The agreement entails
the disposal of 250,000 ordinary shares of RM1.00 each,
representing the entire issued and paid-up share capital of
Lebbey Sdn Bhd (Lebbey) for a total cash consideration of
Ringgit Malaysia One (RM1.00) only. The transaction was
completed on 24th May 2002 and Lebbey ceased to be a Talam
subsidiary.

DETAILS OF THE DISPOSAL

Master Waves Information

Master Waves is a private limited company incorporated on 7th
December 1991 and having its registered address at Level 23
Menara Maxisegar, Jalan Pandan Indah 4/2, Pandan Indah, 55100
Kuala Lumpur. The authorized share capital of Master Waves is
RM2,000,000 divided into 25,000 ordinary shares of RM1.00 each
and 1,975,000 5% Cumulative Redeemable Preference Shares of
RM1.00 each out of which RM837,106 divided into 106 Ordinary
Shares of RM1.00 each and 837,000 Cumulative Redeemable
Preference Shares of RM1.00 each has been issued and paid-up.

Lebbey Information

Lebbey is a private limited company incorporated on 9th February
1984 and having its registered address at Level 23 Menara
Maxisegar, Jalan Pandan Indah 4/2, Pandan Indah, 55100 Kuala
Lumpur. The principal activity of Lebbey is property
development. The authorized share capital of Lebbey is RM500,000
divided into 500,000 ordinary shares of RM1.00 each out of which
250,000 ordinary shares of RM1.00 each has been issued and paid-
up.

Lebbey is effectively 51%-owned subsidiary of Talam via Master
Waves which is also a subsidiary of Talam.

The original cost of investment is RM250,000.00 and the date of
such investment is on 24th August 1995.

Financial Effects

The above transaction has no effect on the Company's share
capital and no material effect on the net tangible assets and
earnings per share of the Group for the financial year ending
31st January 2003.

The expected gain at group level to Talam arising from the
transaction is RM5.2 million.

Directors' Statement

The Board of Directors states that the disposal of shares in
Lebbey is in the best interest of the Company.


TIME DOTCOM: Capital Reduction Exercise Effectuated
---------------------------------------------------
TIME dotCom Berhad announced that TIME Reach Sdn Bhd (11683-W),
a wholly owned subsidiary of TIME dotCom Berhad, had on 20 May
2002 lodged a copy of the sealed Order of the High Court
confirming the reduction of share capital with the Companies
Commission of Malaysia.

Upon the Order's filing, the resolution for reducing share
capital from RM541,710,000, comprising of 541,710,000 ordinary
shares of RM1.00 each, to RM487,539,000, comprising of
487,539,000 ordinary shares of RM1.00 each, took effect.



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


MAYNILAD WATER: MWSS Borrowing $100M to Pay Maynilad Debts
----------------------------------------------------------
The Metropolitan Waterworks and Sewerage System (MWSS) plans to
borrow over $100 million from Deutsche Bank AG to pay for unpaid
concession fees of Maynilad Water Services Inc. (MWSI), the
Philippine Daily Inquirer reports.

MWSS said in a statement that Maynilad, a Benpres Holdings Corp
unit, would be unable to meet its June deadline to resume paying
its concession fees, which had reached 2.78 billion pesos.

The MWSS plan to borrow from Deutsche Bank was approved by the
policy-making Monetary Board of the Central Bank last week, MWSS
administrator Orlando Hondrade said.

The government has agreed to act as guarantor for the loan, he
said.

Maynilad has agreed to resume paying its concession fees after
it gets a deal with a group of foreign lenders on 300 million
dollars in fresh loans.

The TCR-AP earlier reported that MWSI is eyeing creditor ADB for
a $350-million long-term loan, which it plans to secure before
the end of the year. The loan will allow the water utility
company to reduce its non-revenue water and improve services.


NATIONAL POWER: First Quarter Sales Falls on Reduced Purchase
-------------------------------------------------------------
National Power Corp., the government-owned electricity generator
and distributor, revealed Tuesday that first-quarter sales
dropped 18.6 percent from a year ago, the Philippine Daily
Inquirer reported.

The Company's business planning and development data showed that
total sales dropped to 7,325 gigawatthours (GWh) in the first
three months from 9,003 GWh in the same period last year.

Sales from Luzon dropped 24.7 percent to 5,232 WGh from 6,947
GWh largely due to a 33 percent reduction in the purchases of
its biggest customer, the Manila Electric Co. (Meralco).

Napocor Officer-in-Charge, Roland Quilala, said that their
strengthened effort to collect from delinquent customers did not
help in improving the company's sales performance.

Sales in the Visayas have slightly improved, totaling 773 GWh in
the first quarter from 767 GWh in the same period last year.
Sales in Mindanao, on the other hand, reached 1,319 GWh, up by a
modest 2.3 percent on the back of higher purchases by utility
customers.


NATIONAL POWER: Government Seeking Bids for Bonds, Loans
--------------------------------------------------------
The Department of Finance has invited offers for either bonds or
loans in denominations of $500 million or $750 million to help
fulfill National Power Corp.'s remaining financing requirement
for the year, the Manila Bulletin reported.

According to a government official, who wished to remain
anonymous, the government has contacted 15 investment banks to
request the proposal, including JP Morgan Chase, UBS Warburg,
Salomon Smith Barney, Morgan Stanley and Deutsche Bank.

The government source said the Asian Development Bank has agreed
to guarantee part of the proposed debt issue.

Napocor's targeted total financing for the year is $1.5 billion,
of which $750 million has already been raised by the national
government earlier this year.


NATIONAL POWER: Meralco Refuses to Pay PhP5.7B Penalty
------------------------------------------------------
National Power Corp (Napocor) received a further blow yesterday
after the Manila Electric Company (Meralco) said it would not
pay the 5.7 billion-peso fine imposed by the government-owned
power utility company, the Manila Bulletin reported.

Meralco is required to buy power from Napocor at the minimum
level per month under a 10-year supply contract, which it is now
seeking to nullify.

"As far as we are concerned, we have contested the penalties
imposed and we are not going to pay that," Meralco vice
president and treasurer Rafael Andrada said.

He said the payment of fines that cover January to April this
year would lead to a rise in Meralco rates by another 2.50 pesos
per kilowatthour, "and we will not allow our customers" to be
burdened by that.

Meralco earlier announced its intention to terminate its 10-year
power supply agreement with NPC, but the latter has sought for a
new round of negotiations to settle their dispute at the
negotiating table.


PHILIPPINE AIRLINES: Will Reopen RP-Guam Service on June 21
-----------------------------------------------------------
Philippine Airlines (PAL) will reopen a regular service between
Manila and the US Pacific territory of Guam on June 21, 2002,
ABS-CBN News reports.

The service, using an Airbus A320-200 aircraft, will operate
three times a week, with departures from Manila every Monday,
Wednesday and Friday at 10 p.m. Arrival at Guam's Antonio B. Won
Pat International Airport is at 4:10 a.m. the following day.

The return flight departs Guam every Tuesday, Thursday and
Saturday at 6:40 a.m., arriving in Manila at 8:50 a.m.

The new route may help boost the Company's financial figures,
after posting a net loss of 1.5 billion pesos in the fiscal year
ended March, as the September 11 terrorist attacks in the United
States dampened people's appetite for travel.

The country's flag carrier is entering its fourth year of a 10-
year rehabilitation scheme after a labor strike crippled
operations in 1998.

PAL President Avelino Zapanta said some 2.11 billion pesos in
losses in September, October and November wiped out about 600
million pesos in profits made in the first five months of the
fiscal year from April 2001.


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


ASIA FOOD: Explains Rationale for Share Purchase Mandate
--------------------------------------------------------
On 15 May 2002, Asia Food & Properties Ltd issued a Notice
convening the Annual General Meeting of the shareholders of the
Company to be held on 31 May 2002.

The proposed resolution number 6C in the Notice of AGM relates
to the renewal of a general mandate to authorize the directors
of the Company to make purchases of fully-paid ordinary shares
of $1.00 each in the capital of the Company representing up to a
maximum of 10 percent of the issued ordinary share capital of
the Company as at the date on which the resolution authorizing
the same is passed, at a price of up to but not exceeding the
Maximum Price, as described in the Company's Circular to its
shareholders dated 4 June 1999 when the Share Purchase Mandate
was first put forward for approval by Shareholders.

Shareholders originally approved the Share Purchase Mandate on
28 June 1999 and Shareholders had approved the renewal of the
Share Purchase Mandate at the previous Extraordinary General
Meeting and Annual General Meeting of the Company held on 30
June 2000 and 31 July 2001 respectively.

The Share Purchase Mandate renewed on 31 July 2001 will expire
on the date of the forthcoming AGM to be held on 31 May 2002. If
the proposed resolution for the renewal of the Share Purchase
Mandate is approved at the AGM, the mandate shall, unless
revoked or varied by the Company in general meeting, continue in
force until the date on which the next Annual General Meeting of
the Company is or is required by law to be held, whichever is
the earlier.

The purpose of this company statement is to provide information
relating to and to explain the rationale for the proposed
renewal of the Share Purchase Mandate.

Rationale

The renewal of the Share Purchase Mandate will provide the
Company with the ability to undertake purchases of its issued
Shares, at any time and from time to time while the renewed
authority is in force, if and when circumstances permit. Such
flexibility will:

(a) allow the Directors greater flexibility over the Company's
share capital structure with a view to enhancing the earnings
and/or net asset value per Share; and

(b) provide the Company with a mechanism to facilitate the
return of surplus cash over and above its ordinary capital
requirements, in an expedient and cost-efficient manner.

Share purchases will only be effected when the Directors are of
the view that such Share purchases will benefit the Company, its
Shareholders and creditors.

Authority and Limits of Share Purchase Mandate
Purchases of Shares may be made by way of:

(a) market purchases effected on the SGX-ST through one or more
duly licensed stockbrokers appointed by the Company for the
purpose; and/or

(b) off-market purchases effected in accordance with an equal
access scheme.

The Directors may impose such terms and conditions which are not
inconsistent with the Share Purchase Mandate, The Companies Act,
Chapter 50 and the listing rules of the SGX-ST as they consider
fit in the interests of the Company in connection with or in
relation to an equal access scheme or schemes. An equal access
scheme must, however, satisfy all the following conditions:

(1) offers for the purchase or acquisition of issued Shares
shall be made to every person who holds issued Shares to
purchase or acquire the same percentage of their issued Shares;

(2) all those persons shall be given a reasonable opportunity to
accept the offers made; and

(3) the terms of all the offers are the same, except that there
shall be disregarded:

(i) differences in consideration attributable to the fact that
offers may relate to Shares with different accrued dividend
entitlements;

(ii) (if applicable) differences in consideration attributable
to the fact that offers relate to Shares with different amounts
remaining unpaid; and

(iii) differences in the offers introduced solely to ensure that
each person is left with a whole number of Shares.

The listing rules of the SGX-ST provides that in addition to
furnishing at least the information as stipulated in (cc) to
(ff) below as well as the information stated in the relevant
provisions pertaining to share buy-back in the Companies Act
when obtaining shareholders' approval, when making an Off-Market
Purchase, the Company must issue an offer document to all
Shareholders which must contain at least the following
information:

(aa) the terms and conditions of the offer;

(bb) the period and procedures for acceptances;

(cc) the reasons for the proposed share buy-back;

(dd) the consequences, if any, of share purchases by the Company
that will arise under the Singapore Code on Takeovers and
Mergers or other applicable takeover rules;

(ee) whether the share buy-back, if made, would have any effect
on the listing of the Shares on the SGX-ST; and

(ff) details of any share buy-back made by the Company in the
previous 12 months (whether Market Purchases or Off-Market
Purchases), giving the total number of Shares purchased, the
purchase price per Share or the highest and lowest prices paid
for the purchases, where relevant, and the total consideration
paid for the purchases.

Maximum purchase price

The purchase price (excluding brokerage, stamp duties,
applicable goods and services tax and other related expenses) to
be paid for the Shares will be determined by the Directors.

However, the purchase price must not exceed:

(a) in the case of a Market Purchase, 105% of the Average
Closing Price; and

(b) in the case of an Off-Market Purchase pursuant to an equal
access scheme, 120% of the Highest Last Dealt Price, in either
case, excluding related expenses of the purchase.

For the above purposes:

"Average Closing Price" means the average of the closing market
prices of a Share over the last 5 market days on which
transactions in the Shares were recorded, preceding the day of
the Market Purchase;

"Highest Last Dealt Price" means the highest price transacted
for a Share as recorded on the market day on which there were
trades in the Shares immediately preceding the day of the making
of the offer pursuant to the Off-Market Purchase; and

"day of the making of the offer" means the day on which the
Company announces its intention to make an offer for the
purchase of Shares from Shareholders, stating the purchase price
(which shall not be more than the Maximum Price calculated on
the foregoing basis) for each Share and the relevant terms of
the equal access scheme for effecting the Off-Market Purchase.

No Shares Purchased in the Previous 12 Months

The Company did not buy back any Shares between 16 May 2001 and
15 May 2002, the latter date being the latest practicable date
prior to the issue of this letter (Latest Practicable Date).

Sources of Funds and Financial Impact

In purchasing Shares, the Company may only apply funds legally
available for such purchase in accordance with its Memorandum
and Articles, and the applicable laws in Singapore. The Company
may not purchase its Shares for a consideration other than cash,
or in the case of Market Purchases, for settlement otherwise
than in accordance with the trading rules of the SGX-ST. Any
purchases by the Company may be made out of profits that are
available for distribution as dividends, but not from amounts
standing in the Company's share premium account and capital
redemption reserve.

The Company will use internal sources of funds to finance
purchases of its Shares.

Shares purchased by the Company will be cancelled. The purchase
of Shares would therefore reduce the issued share capital of the
Company by the nominal value of the Shares purchased. The
nominal amount of the Company's issued share capital, which is
diminished, on cancellation of the Shares purchased shall be
transferred to the Company's capital redemption reserve. The
purchase of Shares will also reduce the Company's retained
earnings by the aggregate sum of the purchase price.

Based on the existing issued and paid-up ordinary share capital
of the Company of 2,902,981,583 Shares as at the Latest
Practicable Date, the exercise in full of the Share Purchase
Mandate would result in the purchase of up to 290,298,158
Shares.

However, based on the audited accounts of the Group and the
Company for the financial year ended 31 December 2001, and
having regard to (a) the amount of the Company's distributable
reserves of approximately $156,847,000 as at the date and (b)
the last transacted price for a Share on the SGX-ST of $0.065 at
the Latest Practicable Date, it is unlikely, given the Company's
current financial position as well as its obligations to
creditors, that the Company would purchase, and the Company does
not currently intend to purchase, Shares representing, in
aggregate, more than 1 percent of its total issued ordinary
share capital as at the Latest Practicable Date.

In view of the foregoing, any purchases of Shares as aforesaid
is not expected to have any significant impact on the net
tangible assets and earnings per Share.

Notwithstanding the foregoing, the Directors do not propose to
exercise the proposed Share Purchase Mandate to such an extent
as would have a material adverse effect on the working capital
requirements of the Company or the gearing levels which, in the
opinion of the Directors, are from time to time appropriate for
the Company.

It is not possible for the Company to realistically calculate or
quantify the impact of purchases that may be made pursuant to
the proposed Share Purchase Mandate on the net asset value and
earnings per Share as the resultant effect would depend on
factors such as the aggregate numbers of Shares purchased, the
purchase prices paid at the relevant time, and the amount (if
any) borrowed by the Company to fund the purchases.

Purely for illustration purposes, based on the audited accounts
of the Group and the Company for the financial year ended 31
December 2001, and having regard to the amount of the Company's
distributable reserves available for dividends of approximately
$156.8 million as at that date; and the last transacted price
for a Share of $0.065 as at the Latest Practicable Date, the
total amount of funds required to purchase 29,029,816 Shares
representing 1% of its total issued ordinary share capital by
way of Market Purchases at the maximum purchase price of $0.066
for each Share (being the price equivalent to 105 percent of the
Average Closing Price preceding the Latest Practicable Date),
would be $1,915,968, and the total amount of funds required to
purchase 29,029,816 Shares representing 1 percent of its total
issued ordinary share capital by way of an Off-Market Purchase
at the maximum purchase price of $0.078 for each Share (being
the price equivalent to 120 percent of the Highest Last Dealt
Price preceding the Latest Practicable Date), would be
$2,264,326. Assuming that Share purchases are made to the extent
aforesaid and that such Share purchases are financed solely by
internal sources of funds, the impact of such purchases on the
financial positions of the Group and the Company is illustrated
below.

Listing Status on SGX-ST

The Directors will use their best endeavors to ensure that the
Company does not effect a purchase of Shares which would result
in the number of Shares remaining in the hands of the public
falling to such a level as to cause market illiquidity or
adversely affect the listing status of the Company.

The Listing Rules provide that a listed company shall ensure
that at least 10% of a class of its listed securities is at all
times held by the public. As there is a public float of
approximately 36 percent in the issued Shares, the Company is of
the view that there is, at the present, a sufficient number of
the Shares in public hands that would permit the Company to
potentially undertake purchases of its Shares through Market
Purchases up to the full 10% limit pursuant to the Share
Purchase Mandate without affecting adversely the listing status
of the Shares on the SGX-ST.

Additionally, the Company will consider investor interests when
maintaining a liquid market in its securities, and will ensure
that there is a sufficient float for an orderly market in its
securities when purchasing its issued Shares.

Directors' Recommendation

The Directors are of the opinion that the renewal of the Share
Purchase Mandate is in the interests of the Company and
accordingly recommend that Shareholders vote in favor of the
ordinary resolution relating to the renewal of the Share
Purchase Mandate to be proposed at the AGM as set out in the
Notice of AGM dated 15 May 2002.

Interests of Directors and Substantial Shareholders

The Directors' interests in the Shares as recorded in the
Register of Directors' Shareholdings pursuant to Section 164 of
the Companies Act, as at the Latest Practicable Date, were as
follows:

ABOUT ASIA FOOD & PROPERTIES

Listed on the Singapore Exchange Securities Trading Limited
(SGX-ST), Asia Food & Properties Limited (AFP) is involved in
three core businesses: Agri-business, Food and Property, through
its investments in Indonesia, China, Malaysia and Singapore.
Headquartered in Singapore, the AFP Group employs about 45,000
people. The Group turnover for the year 2001 was S$1.5 billion.

For further information, please contact:

CORPORATE AFFAIRS - MEE-WAH TAN
Tel: +65 6329 5707 / 6220 7720
Fax: +65 6329 5709
E-mail: corpaff@afp.com.sg


PENTON INTERNATIONAL: Secures US$12M Lifeline From U.S. Firm
------------------------------------------------------------
The Board of Directors of Penton International Ltd said Tuesday
the Company has been offered and has accepted an engagement
letter with GEM Investment Advisors Inc (GEMIA) to arrange the
US$12 million equity line from GEM Global Yield Fund (GEMGYF),
which will grant the Company the option to require GEMGYF to
subscribe, on the terms and conditions set out in the definitive
agreements to be entered into between inter alia the Company and
GEMGYF (the Definitive Agreements), up to an aggregate of
US$12,000,000 (Equity Credit Line) in value of ordinary shares
in the Company.

The principal terms and conditions of the Equity Credit Line as
set out in the engagement letter between GEMIA and the Company
envisaged that, subject to certain restrictions, the Company
will control the timing and amount of any draw down on the
Equity Credit Line over a three years period commencing from the
date of signing of the Definitive Agreements and is under no
obligation to use the full amount.

GEMGYF will honor draw down requests from the Company based by
subscribing for shares in the Company upon a per share issue
price equal to 90 percent of the average closing trade price of
15 consecutive trading days preceding a draw down notice issued
by the Company under the Equity Credit Line (Subscription
Price).

The Company will be making an additional listing application to
the Singapore Exchange Securities Trading Limited for in-
principle approval to list the shares to be issued pursuant to
draw down of such Equity Credit Line.

Under the terms of the engagement letter with GEMIA, the Company
has agreed not to enter into an equity line agreement with any
investors other than GEMIA or GEMGYF (the Investor) until the
conclusion of the Equity Credit Line, but this is expressed not
to limit the Company from raising funds from other means,
including but not limited to share placings, convertible bonds,
rights issues etc.

An equity line is defined as a sale of common stock to financial
investors structured over time with each tranche or draw down
made at the discretion of the Company similar to the principal
terms and conditions of the Equity Credit Line attached to the
engagement letter with GEMIA.

PURPOSE OF THE EQUITY CREDIT LINE

In April 2002, the Company highlighted that it expected to raise
funds to restructure the banking facilities it had obtained in
United Kingdom.

The Board considers it to be in the best interest of the Company
to refinance the banking facilities from equity capital and to
strengthen the capital base of the Company. Due to the
uncertainty of success in a major placement exercise and the
costs and expenses involved in making such an attempt, the Board
decided to explore more innovative ways to raise capital for the
Company while maintaining the flexibility to call on funds. The
funds when called are expected to be used for general working
capital.

The Board will convene an Extraordinary General Meeting to seek
shareholder's approval before setting aside shares for the
Equity Credit Line.

MECHANISM OF EQUITY LINE OF CREDIT

1. The Company is expected to arrange for existing shareholders
of the Company (Share Lenders) to lend to the Investor such
number of Shares to cover all draw downs until the Company can
complete its listing procedures for the new shares to be issued.

2. The Company may issue a draw down notice for up to 500
percent of the average daily trading volume for the 15 trading
days prior to the draw down notice. The Investor will not be
obliged to subscribe for more than 50 percent of the amount of
ordinary shares stipulated in a draw down notice.

3. The Company may indicate the lowest price at which the
Company will issue new shares under a draw down notice (the
Threshold Price).

4. The Investor will subscribe for shares pursuant to the draw
down notice at a price equal to 90 percent of the average
closing trade price of 15 consecutive trading days preceding a
draw down notice (the Purchase Price).

5. If the closing trade price on a given trading day multiplied
by 90 percent is than the Threshold Price, then the Investor's
obligation to subscribe for shares under the draw down notice
will be reduced by 1/15th and the corresponding closing trade
price will be excluded from the calculation of the Purchase
Price.

6. Unless otherwise agreed between the Company and the Investor,
the Threshold Price shall not be set below S$0.10.

ABOUT GEM GLOBAL YIELD FUND

Founded in 1993, the GEM group is a private US-based equity
group with offices in New York, London and Beijing. GEM has
completed over 120 transactions in 12 different countries. As a
private investment group GEM specializes in control, minority
and public market investments. The scope of the Group's
activities is both US domestic and international and spans a
diverse array of industries and transactional structures.

ABOUT REGIONAL CAPITAL PTE LTD

Founded in 2001, its Managing Director- Mr AKM Ismail who was
previously the Head of Restructuring and Recapitalization
Department in Citibank, Singapore runs it. It has offices in
Singapore, Jakarta and USA.


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


CENTRAL PAPER: Issues Exercise of Warrant Info
----------------------------------------------      
Central Paper Industry Public Co., Ltd (CPICO) provided
information regarding the process of exercising the CPICO-W1
warrant, details are as follows:

Submission:

Warrant holders must submit the subscription form between 8:30
am. to 3:30 pm, within 14 days prior to the exercise date (The  
exception is the final exercise that warrant transfer register
will be closed for the right to exercise, for which warrant  
holders must submit their from 21 days prior to the exercise  
date.).

For the month of June, the submission period is from June
1, 2002 to June 14, 2002.

Exercise Date:

Warrant holders can exercise their warrants on 15th date of
every 3 months, during the hours of 8:30 am - 3:30 pm. The  
first exercise period start from September 15th, 2000 and will  
end on June 15th, 2010. For this period, the exercise date is  
June 17th, 2002.

Exercise Price: Bt10 per share.
Exercise Ratio: 1 warrant  for  1  ordinary  share.

Documents to be submitted:

1) The completed subscription form.
2) Warrant certificate or temporary warrant certificate for the
last exercise amounted as the subscription form.         
3) Certified copy of identification card for individual holders
or copy of corporate certification from Department of Commerce  
for corporate holders.
4) Cheque Draft or Bank Order collectable within Bangkok            
Metropolis. Payment in account  "Central Paper Industry Public  
Co., Ltd."

Contact Person:

Mrs. Thippawan Angsumalin
Securities Registrar officer
Central Paper Industry Public Co., Ltd.
5th floor 162 Nimit Building
Silom Road soi 12, Suriwong
Bangrak, Bangkok 10500.
Tel: 237-9150-69  Ext. 4205,4206    
Fax:  237-9150-69 Ext. 4202

Conditions:

1) The subscription form is complete when all documents are
duly completed and the payment proceeds to be duly received by  
Central Paper Industry Public Co., Ltd.

2) Minimum lot sized for each exercise is 100 warrants, in case
warrant holders with fewer than 100 warrants must exercise all
at one time.


L. P. C.: Files Business Reorg Petition in Bankruptcy Court
-----------------------------------------------------------
Real estate developer L. P. C. A. Company Limited (DEBTOR)'s
Petition for Business Reorganization was filed at the Central
Bankruptcy Court:

   Black Case Number 236/2545

   Red Case Number 352/2545

Petitioner: L. P. C. A. COMPANY LIMITED

Planner: SERI PREMIER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt265,174,022.57

Date of Court Acceptance of the Petition: February 14, 2002

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

Court Order for Business Reorganization and Appointment of
Planner: March 11, 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. Umaporn Tel, 6792525 ext. 142


RAIMON LAND: Registers Shares Split of Par Value
------------------------------------------------
Raimon Land Public Company Limited notified that the Plan
Administrator has completed the registration of the split of the
par value of the ordinary shares under the Rehabilitation Plan
of the Company from the par value of Bt10 to Bt5.

The move resulted in a 100 percent increase of the number of the
ordinary shares from the existing 24,992,000 ordinary shares to
49,984,000 ordinary shares, including registration of the
amendment of Clause 4 of the Memorandum of Association and
Articles of Association in line with the split of the value of
ordinary shares.


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

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

Asia Pulp & Paper     FRN     due 2001  10.5 - 12.5      0
Asia Pulp & Paper     11.75%  due 2005    29 - 30        +1.5
APP China             14.0%   due 2010    24 - 26        0
Asia Global Crossing  13.375% due 2006  25.5 - 28.5      -2.5
Bayan Telecom         13.5%   due 2006    20 - 22        0
Daya Guna Sumudera    10.0%   due 2007   2.5 - 4.5       +1
Hyundai Semiconductor 8.625%  due 2007    60 - 70        0
Indah Kiat            11.875% due 2002    29 - 30        +1
Indah Kiat            10.0%   due 2007    25 - 27        +1
Paiton Energy         9.34%   due 2014    65 - 68        0
Tjiwi Kimia           10.0%   due 2004    23 - 25        0
Zhuahi Highway        11.5%   due 2008    28 - 33        0

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


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

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

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

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

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

                 *** End of Transmission ***