TCRAP_Public/020604.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

            Tuesday, June 4, 2002, Vol. 5, No. 109

                         Headlines

A U S T R A L I A

AUSDOC GROUP: Enters Exclusive Negotiations to Sell DX Group
AUSDOC GROUP: Freightways Negotiations Fail to Deliver
BEACONSFIELD GOLD: Changes Registered Office Address
CHIQUITA BRANDS: Will Place More Focus on Operations
EARTH SANCTUARIES: July 4 GM Scheduled

HIH INSURANCE: Releases Commission's Sitting Schedule
MAXIS CORPORATION: Changes Share Register Address
PRESTON RESOURCES: Posts Bulong's April Production Report


C H I N A   &   H O N G  K O N G

GS SUPERHIGHWAY: Moody's Ups Rating to Ba2; Outlook Stable
COURIER LIMITED: Winding Up Petition Hearing Set
NORTHEAST ELECTRICAL: Enters Repayment Agreement
UNION TRADING: Petition to Wind Up Pending
YIN XING: Winding Up Petition Slated for Hearing


I N D O N E S I A

TELEKOMUNIKASI SELULAR: Seeks Additional Working Capital  


J A P A N

DAIEI INC: Settles Dispute With Fast Retailing Over PAS Layout
HANAE MORI: Fashion Designer Determined to Rebuild Brand
HOKKAIDO INTERNATIONAL: Seeking Full-fledged Alliance With ANA
ISHIKAWAJIMA-HARIMA: Gets $300M Algerian Contract
NKK CORP.: Will Consolidate Output With Kawasaki Before Merger

SEIYU LTD: Sells 6.1% Stake to Wal-Mart
TAISEI FIRE: Plans Corporate Claim Payment Reduction


K O R E A

DAEWOO ELECTRONICS: Creditors to Extend W330B in Fresh Funds
DAEWOO MOTOR: GM Daewoo Auto Devises Plans to Boost Brand Image
DAEWOO MOTOR: Young An to Acquire Bus Division for US$114.2M
HYNIX SEMICON: Creditors Secure 80.65% Stake
HYUNDAI MERCHANT: Hyundai Motor, WWL to Control Transportation

KOREA ELECTRIC: Jumps 2.4% After Moody's Upgrade
KOREA ELECTRIC: Searching for 288 New Employees
SSANGYONG MOTOR: May Sales Up 42%


M A L A Y S I A

ABRAR CORPORATION: Issues Additional Financial Assistance Info
AUTOINDUSTRIES: MITI Grants Condition Proposals Approval
CSM CORPORATION: 33rd AGM Scheduled for June 26
CSM CORPORATION: Updates Legal Proceedings Status
EPE POWER: Enters Proposed Acquisitions HOA With TIME

GLOBAL CARRIERS: Proposes ARTICLES OF ASSOCIATION Amendments
GLOBAL CARRIERS: Unit's Creditors' Meeting Adjourned
HAI MING: Proposed Disposal SPA Terminated
IDRIS HYDRAULIC: Seeks Proposed Workout Exercise Time Extension
LAND & GENERAL: Hires AMBB as Proposed BAB Swap Adviser

MEASUREX CORP.: June 13 Registration Application Hearing Set
PICA (M): Issues Monthly Credit Facility Status Update
REPCO HOLDINGS: Awaits Relevant Regulatory Bodies' Approval
SENG HUP: Provides Defaulted Payment Status Update
TECHNO ASIA: Posts Q102 Provision of Financial Assistance Info


P H I L I P P I N E S

NATIONAL POWER: PSALM Tenders Out $600M Bonds
PHILIPPINE AIRLINES: Anticipates Profit This Year
PHILIPPINE LONG: Board to Block Sale of First Pac Shares
PHILIPPINE LONG: RCBC Unit Buys Shares
PHILIPPINE LONG: Secures $100M Loan to Fund Counteroffer


S I N G A P O R E

ASIA FOOD: Mulls Sale of Core Food Business in China
NATSTEEL LTD: Asks for Share Trading Suspension


T H A I L A N D

ITALIAN-THAI: Posts Revised Share Offering Results
CHRISTIANI & NIELSEN: Files Business Reorganization Petition   
SAHAVIRIYA RIVERSIDE: Business Reorganization Petition Filed

     -  -  -  -  -  -  -  -

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


AUSDOC GROUP: Enters Exclusive Negotiations to Sell DX Group
------------------------------------------------------------
AUSDOC Group Limited announced Monday that:

   * it has entered into exclusive negotiations with a party
interested in acquiring its DX Express, Australian Document
Exchange (GoFirst), and GoMailroom management businesses (DX
Group);

   * it has decided to close its GoMail mail aggregation and
sorting business; and

   * the confidential exclusive negotiations with a party
contemplating a full cash offer for all AUSDOC shares, which was
initially announced on 22 May 2002, are continuing.

Within the current AUSDOC operating structure, DX Express
operates as a separate business unit and the GoFirst/Australian
Document Exchange and GoMailroom are divisions of the GoMail
business unit. Following the closure of GoMail's mail
aggregation activities, the Australian Document Exchange network
and GoMailroom will be amalgamated with the current DX Express
operating structure to create the DX Group. it is this group of
assets that are now subject to an exclusive due diligence
agreement.

The party granted exclusivity in relation to the DX Group has
conducted due diligence in relation to the three DX Group
businesses as part of the current sale process and will have the
opportunity to conduct further due diligence, with a view to
negotiating binding sale documentation by 14 June 2002. The
identity of the interested party is confidential.

GoMail's other division operates in the mail aggregation sector
and collates business mail for bulk lodgment to Australia Post.
As has been previously disclosed by AUSDOC, GoMail's mail
aggregation business has generated losses since its was
established in late 2000.

As part of the current sale process AUSDOC has sought
expressions of interest in relation to GoMail, including the
mail aggregation business. However, as AUSDOC has been unable to
secure sufficient buyer interest in the business, and
considering the losses, which continue to be generated, AUSDOC
has decided to close the GoMail mail aggregation business
commencing this week.

AUSDOC's entry into exclusive negotiations for the sale of the
DX Group and the closure of the GoMail mail aggregation business
is consistent with any possible takeover offer by the party
currently conducting final pre-bid due diligence.

As stated in AUSDOC's announcement of 22 May 2002, AUSDOC has
entered exclusive negotiations with a party contemplating making
a cash takeover offer. The bid price has been negotiated as
being not less than $2.13 per share plus an explicit adjustment
for proceeds realized and costs incurred as a result of AUSDOC's
break-up strategy with respect to the DX Group and GoMail. That
adjustment may be positive (but not more than 12 cents per
share) or negative. Should the sale of the DX Group proceed it
will enable us to more accurately determine the amount of that
adjustment.

Proceeds from the sale of the DX Group, if the sale completes,
and costs incurred through the closure of the GoMail mail
aggregation business comprise the adjustment to the takeover
offer price, if such an offer eventuates. However, it should be
noted that there is no obligation on any party to make a
takeover offer to AUSDOC shareholders at any time. In addition
should an offer eventuate, there is no certainty as to the offer
price to AUSDOC shareholders.

Commenting on the status of the sale process, AUSDOC's Chairman,
Michael Butler, said "We are pleased to have taken another
significant step in the AUSDOC sale process. The company is
focused on progressing the sale process and the disposal of the
DX Group is an important part of that objective.

"The closure of the GoMail mail aggregation business is
unfortunate, however, it is necessary given the present
aggregation policy framework, the legislative uncertainty
surrounding further postal reform, the losses AUSDOC has
incurred through investment in this business, and the lack of
buyer interest."


AUSDOC GROUP: Freightways Negotiations Fail to Deliver
------------------------------------------------------
AUSDOC Group Limited announced last week that negotiations in
relation to the sale of Freightways Express Limited to an
interested party, have failed to create an agreement that the
AUSDOC Board believes is in the best interests of shareholders.

On 14 May 2002 AUSDOC announced that it had entered into
exclusive negotiations with the Freightways Buyer, a party
interested in acquiring Freightways, AUSDOC's New Zealand
courier and express freight business. The Freightways Buyer's
right to conduct exclusive due diligence and to negotiate
binding sale documentation with AUSDOC expired Wednesday.

AUSDOC has no obligation to reimburse any of the Freightways
Buyer's costs of participating in the sale process.

AUSDOC's Chairman, Michael Butler, said, "We are continuing
discussions with another party with whom AUSDOC entered into
exclusive negotiations in relation to a possible cash takeover
offer for AUSDOC shares, as announced on 22 May 2002.

"Naturally, we are disappointed that negotiations in respect of
the sale of Freightways have not yet reached a satisfactory
conclusion. However, our discussions in relation to a cash
takeover offer for AUSDOC shareholders are proceeding and we
continue to pursue a course which we believe will best realize
value for AUSDOC shareholders," Mr Butler said.


BEACONSFIELD GOLD: Changes Registered Office Address
----------------------------------------------------
The registered office of Beaconsfield Gold NL (Receiver and
Manager Appointed) has been changed from Level 6, 1 Collins
Street, Melbourne, Vic 3000 to 43 Rowland Street, Kew, Vic 3101.

On February 4, TCR-AP reported that in the six months from 1
July 2001 to 31 December 2001, Beaconsfield Gold's, which
appointed Receiver and Manager on June 2001, 48.49 percent
direct share of mine net cash flow before corporate and debt
servicing costs was approximately positive $2.5 million, based
on an average flat forward gold price for Beaconsfield Gold of
A$537 per ounce.


CHIQUITA BRANDS: Will Place More Focus on Operations
----------------------------------------------------
The recently expanded Board of Chiquita Brands South Pacific
Limited (CBSP) has agreed on a course of action for the company
that will put a sharper focus on operating performance and the
disposal of non-performing assets.

At the Annual General Meeting on 29 May, 2002 shareholders
approved all resolutions including the election of new
directors, Mr Frank Costa and Mr Carl Schokman, confirmation of
Mr Mano Babiolakis as Managing Director and CEO, and the issue
of shares and options to Costa Bros Annuities Pty Ltd and Zymex
Holdings Pty Ltd.

Mr Tony Hartnell, Chairman of CBSP, noted at the AGM that the
company's performance during the 2001 financial year had been
unsatisfactory due to a combination of disease outbreaks, a very
tight balance sheet and the integration of the previously
acquired businesses of Angas Park and Kangara Farms. The Angas
Park acquisition, in particular, had a higher than expected
requirement for working capital placing further strains on the
balance sheet.

Mr Hartnell praised Mr Don Taig, outgoing managing director and
CEO, for his work in guiding the Company over the last 14 months
and placing the Company on a firmer financial and strategic
footing.

At the subsequent Board meeting, the new Board agreed to a plan
proposed by Mr Babiolakis that would put more focus on the
group's operating performance by establishing key strategic
business units (SBU's), the divestment of Angas Park and the
restructure of banana and trading operations.

"The business needs a culture of strong performance," Mr
Babiolakis said. "This will be achieved by devolving more
responsibility to the SBU's in conjunction with a strict regime
of corporate governance to ensure accountability." There will be
eight SBU's established along discrete business areas:
Mushrooms, Kangara Farm, Blueberry Farms Australia, Bananas,
Harvestpac, Nibbles, Export and Angas Park.

As previously announced, CBSP is planning to divest the Angas
Park SBU because it is no longer considered a core business and
because of its high working capital requirements. Mr Babiolakis
said there were a number of interested parties and he hoped that
a successful sale will be announced shortly.

Mr Babiolakis also said that a restructure of bananas and
trading operations will be undertaken to reduce costs and create
a more streamlined business. He noted that these businesses have
previously suffered from a look of investment and adequate
management attention. Further details of these restructures will
be announced shortly.


EARTH SANCTUARIES: July 4 GM Scheduled
--------------------------------------
The Directors of Earth Sanctuaries Ltd announced that a
general meeting of ESL shareholders has been scheduled for
5.30pm on 4 July at Warrawong Earth Sanctuary. The General
Meeting will allow ESL to vote on three resolutions.

The Resolution 1 relates to the recently announced potential
sale of the Scotia, Yookamurra, Buckaringa and Dakalanta
Sanctuaries to the Australian Wildlife Conservancy. The
Resolution 2 relates to the recently announced potential sale
the Blue Mountains Sanctuary to a company associated with former
ESL Chairman, Dr Don Stammer. The Resolution 3 relates to one or
more potential buybacks of up to 4,000,000 ESL ordinary
shares within the next 12 months if considered appropriate by
the Directors to do so.

Full details of the all the resolutions are outlined in the
Notice of Meeting attached below:

NOTICE OF GENERAL MEETING OF ESL

Notice is given that a General meeting of ESL will be held at
5.30pm (Adelaide time) on 4 July 2002 at Warrawong Earth
Sanctuary, Stock Road, Mylor South Australia. The Resolutions
should be read in conjunction with the Explanatory Memorandum.
Certain terms used below are defined in the Definitions:

BUSINESS

The business of the meeting will consist of:

RESOLUTION 1 - SALE OF SCOTIA, YOOKAMURRA, BUCKARINGA AND
DAKALANTA SANCTUARIES

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

"That the proposed sale of Scotia Sanctuary, Yookamurra
Sanctuary, Buckaringa and Dakalanta Sanctuary to Australian
Wildlife Conservancy and the change to the name and scale of
ESL's activities following that sale, as outlined in the
Explanatory Memorandum, is authorized and approved for the
purposes of ASX Listing Rule 11.1 and 11.2"

RESOLUTION 2 - SALE OF THE BLUE MOUNTAINS SANCTUARY

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

"That the proposed sale of Blue Mountains Sanctuary to Stammer
Pty Limited and the change to the nature and scale of ESL's
activities following that sale, as outlined in the Explanatory
Memorandum, is authorized and approved for the purpose of ASX
Listing Rules 10.1, 11.1 and 11.2."
                               
RESOLUTION 3 - AUTHORIZATION TO UNDERTAKE SHARE BUY-BACKS

To consider and, if thought fit, to pass the following
resolution as an ordinary resolution:

"That subject to the passing of Resolutions 1 and 2, ESL is
approved and authorized to undertake share buy-backs of its
ordinary shares using either or both on-market buy-backs, and
off-market buybacks, in each case on terms described in the
Explanatory Memorandum, provided that the number of shares the
subject of one or more such buy-backs will not exceed
$400,000,000 shares in aggregate in the period of 12 months
commencing on the date of the passing of this Resolution."


HIH INSURANCE: Releases Commission's Sitting Schedule
-----------------------------------------------------
The HIH Royal Commission will sit each Monday to Friday in June.

Hours of Sitting

The sitting times will be Monday to Thursday 9:30AM to 11AM,
11:15AM to 12:45PM and 2:15PM to 4:30PM unless there is a mid
afternoon break when the hearings will conclude at 4:45PM.
Fridays 9:15AM to 11:00AM, 11:15AM to 1:00PM.

Commission Location

Level 8, 'The Landmark' 345 George Street, Sydney

    
MAXIS CORPORATION: Changes Share Register Address
-------------------------------------------------
Maxis Corporation Limited announced that the share registry of
the company will be moving from:

Computershare Investor Services Pty Limited
Level 4, 60 Carrington St,
SYDNEY NSW 2000

To:

Computershare Investor Services Pty Limited
Level 5, 115 Grenfell St,
ADELAIDE SA 5000

Early May, TCR-AP reported that Maxis Corporation executed Heads
of Agreement with National Telecoms Group and Pahth
Telecommunications Limited. The agreement contemplates the
acquisition of shares in Maxis by Pahth and others, from the
principal shareholder with approximately 52% of the stock in
Maxis and the re-capitalization of Maxis with the placement of
100 million shares, which is intended to be underwritten, at 2.0
cents each, to raise $2.0 Million in working capital.

    
PRESTON RESOURCES: Posts Bulong's April Production Report
---------------------------------------------------------
Preston Resources Limited, in respect to its unit Bulong
Operations Pty Ltd's Production Report for, announced that plant
output during April was 512tonnes of nickel and 41tonnes of
cobalt. Total expenditure was less than forecast.

SAFETY AND ENVIRONMENT

Safety performance continued to improve.

A management initiative implemented in February 2002 to improve
hazard reporting is contributing to improvements in safety
performance.

There were no environmental incidents reported during the month.

PRODUCTION

Production statistics for the month of April are shown in the
table below:

PRODUCTION
                        THIS         THIS       YTD       YTD
HIGH LEVEL KPAS         MONTH        MONTH      ACTUAL    TARGET
                        ACTUAL       TARGET

Leach Feed dt      38,552       47,038     374,337   446,241
Leach Feed % Ni    1.777        1.544      1.783     1.718
Leach Feed % Co    0.146        0.116      0.129     0.123
Ni metal Output t  512.406      653.423    5406.999  6665.775
Co metal Output t  40.651       46.179     334.172   449.850
Ni Inventory
change t          24.658       0.000      78.664    0.000
Co Inventory
change t          2.332        0.000      -1.421    0.000
Plant Recovery% Ni 78.4         90.0       82.2      87.0
Plant Recovery% Co 76.5         85.0       68.7      82.3
Ni output Quality
% above specification  0.0          75.0       0.0       75.0
Co 0utput Quality
% above specification  0.0          75.0       12.5      75.0

Key: t - tonnes, dt - dry tonnes  

Output was below plan for both nickel (-22%) and cobalt (-12%).

Leach feed grades were above forecast however leach throughput,
availability and plant recovery were all below plan.

The main reasons for under performance were:

   * Availability: increased levels of unscheduled maintenance
occurred as a precursor to the planned major shutdown in May -
completion of this shutdown will significantly improve plant
availability.

   * Throughput: Restriction in the partial neutralization and
ore preparation circuits. Plans to ameliorate these restrictions
are in place.

   * Recovery: was low as a direct result of unsteady plant
conditions resulting from availability and throughput issues.

MINING

A total of 287,698 bank cubic meters (BCM) was mined including
230,963 BCM of waste from development of the Boulder Block and
Foundry pits.

Grade Control activities comprised trenching in the Foundry and
Boulder Block pits, and close spaced (10m x 10m) drilling in the
Boulder Block pits.

LEACH PLANT

The ore preparation circuit had an availability of 73.1%. The
majority of the downtime was associated with repairs to the
logwasher and mineral sizer, and pressure leach downtime.

Ore preparation throughput averaged 90.8 tonnes per hour (tph)
and seats reject rate of 23%. The calculated ore preparation
feed grade was 1.62% nickel and an upgrade ratio of 1.10 was
achieved.

A total of 38,552 dry tonnes at a grade of 1.78% nickel was fed
to the pressure leach at an average throughput of 60.6 tph. The
lower throughput rate was associated with limited instability of
the pressure leach section.

Pressure leach availability was below plan at 88.3%. The major
downtime was associated with an autoclave feed pump maintenance,
two crossover line failures, a flow meter failure and a choke
valve failure.

The autoclave nickel extraction improved to 91.1% at an average
autoclave discharge free acid of 40g/l. The acid pumps ran for
98.0% of the autoclave feed pump operating time. The
deteriorating extraction was a result of leach plant
instability, lower feed grades and lower free acid levels.

Counter current decantation wash recovery decreased to 92.5% as
a result of unsteady leach operations and resultant low solvent
extraction (SX) flows.

REFINERY

Nickel treated was 17.6% below plan at 567t. Nickel output was
22% below plan at 512t. PLS feed was well below target and
recoveries were below plan because of unsteady operation.

Cobalt treated was 4.5% below plan at 48t. Cobalt output was 12%
below plan at 41t, mainly as a result of the continued low
cobalt solvent extraction (Co SX) recovery.

The refinery nickel recovery decreased to 94.5%, as a result of
a lower nickel solvent extraction (Ni SX) recovery. The refinery
cobalt recovery increased to 92.4% as a result of the improved
(but below plan) Co SX recovery.

The overall refinery utilization was down at 84.9%, reflecting
the lack of feed through the month.

The Co SX circuit achieved extraction of 93.9% at 91.7%
availability.

Ni SX extraction decreased to 94.6% at 84.9% availability. Feed
tenor variability, an organic restriction and several
stop/starts impacted on recovery.

Total cobalt production for March was 40.7 tonnes of cobalt
contained in sulphide. The cobalt refinery recovery has remained
satisfactory at 98.4%.

The availability of nickel electrowinning (Ni EW) was 97.7%. A
current efficiency of 78.1% was achieved during the month.

Nickel quality improved during the month because of the improved
performance of Co SX.

PERSONNEL

PEOPLE
        THIS MONTH       THIS MONTH        YTD OR         YTD OR
HIGH    ACTUAL           TARGET            12MMA          12MMA
LEVEL                                      ACTUAL         TARGET
KPAS    

$ Total
Labour
Cost per t
Base metal      2,964            2,674         3,688       2,835

# Full Time
Equivalent
(FTE)           216.1            225.0             -       225

Manning levels
- % Contractors  14.8               20             -       -

A total of ten full-time personnel joined the organization in
April and eleven full-time equivalent personnel left the
organization in March.

The level of contractors as a percentage of the site workforce
fell slightly to 14.8%.

OPERATING COSTS

All costs are expressed in Australian dollars unless otherwise
stated.

COSTS

            THIS MONTH    THIS MONTH   YTD ACTUAL   YTD TARGET
HIGH LEVEL KPA'S  ACTUAL        TARGET       ACTUAL

Operating Cost $ M       6.942     7.302       75.165    75.109
Capital Cost $ M         0.165     0.569        2.902    7.736
$ Cost/tonne                       
base metal              12,553    10,437       13,092    10,555
$ Cost/tonne
(leach) are treated     180.08    155.23       200.80    168.31

Total site costs were under plan.

Capital expenditure remains below budget by a very significant
amount (62%). The reduced capital expenditure has impacted on
site production and cost targets.

Unit costs were adversely higher than plan due to physical
inputs and outputs not being achieved.

MINING

Total mining costs were above budget by 8% ($57,021) with a
reported total mining cost of $754,297 against a budgeted
$697,275.

Costs were above budget due to changes in the mining schedule to
provide higher plant feed grades. Increased waste material
movement for the development of the Boulder Block and Foundry
pits was the main contributors to increased contract mining
costs.

Increased material movement had a positive effect on unit rates
with $2.62 per bank cubic meters compared to a budgeted $3.90
per BCM.

The cost per tonne of high grade ore mined was well above budget
due to the very small tonnage mined, however, the year to date
rate compares favorably to budget with an actual $15.63 compared
to a budget of $17.88.

LEACH

Total costs were 7.1% below budget at $2,392,922 or $57.69/t
of leach feed (budget $50.87/t) reflecting the lower than
planned throughput.

Labor: 3.1% below-budget.

Reagents: 16.8% under budget. The major variances were:

* $138,000 savings in sulphuric acid because of the lower than
planned acid addition rate (394Kg/t of ore versus a target of
460Kg/t of ore) and the lower than planned throughput.

* Limestone and quicklime were both below budget resulting in a
$59,000 saving. This is a consequence of lower autoclave
terminal acid levels and the lower throughput.

REFINERY

The refinery was 23.7% under-budget for April, as a result of
nickel production being 21.6% below forecast and low levels of
reagent
addition.

Labor: 15.5% under budget.

Reagents: 36.5% under-budget reflecting the lower than plan
output for the month. The major variances were:

   * Ammonia was $138,000 under-budget as a result of the
improved utilization in SX and lower than planned throughput.

   * No cobalt extractant was added to the circuit resulting in
a $155,000 saving.

   * Sulphuric acid was $63,000 under budget reflecting the
lower than planned throughput.

   * Sodium sulphide was $45,000 as a result of the savings by
converting to NaSH.

Winning power: 16.8% under-budget because of the lower than
planned EW production.

MAINTENANCE

Total maintenance cost for the month of April 2002 amounted to
$1,048,006, an overspend of $363,267 or 53%. The major
components of the overspend were:

* Seven wet ends and two mechanical seats were rebuilt in the
heater train circuit at a cost of $187,000;

* $60,000 for autoclave feed pump repairs and insurance spares
diaphragm housing repairs.

PRODUCTION SERVICES

Engineering was under budget by $188,093 on an accounting basis
due to pre-period adjustments. Cash costs were close to
forecast.

COMMERCIAL

Monthly costs of $869,000 were over budget by $289,000. The main
variance was a $170,000 stock adjustment debit for reagents.

Other variances included:

Human Resources:

* High recruitment costs; $40,000 over budget.

Site Admin:

* Insurance $122,000 over budget.

OUTLOOK

Low metal output will continue into May as a result of a planned
maintenance shutdown to be undertaken in that month. Performance
in June is anticipated to improve as a result of refurbishments
completed as part of the May preventative maintenance programmed
and subsequent anticipated increases in availability and
throughput.


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


GS SUPERHIGHWAY: Moody's Ups Rating to Ba2; Outlook Stable
----------------------------------------------------------
Moody's has upgraded on Monday the rating of Guangzhou-Shenzhen
Superhighway (Holdings) Ltd to Ba2 from B1. The rating upgrade
reflects the cash security arrangements put in place to defense
all future principal and interest obligations due on the
outstanding Notes (as well as the premium associated with the
early redemption of the 2007 Notes).

However, the rating also reflects the fact that certain legal
issues require clarification regarding the bankruptcy remoteness
of the cash deposit arrangements. The rating outlook is stable.
This concludes the review initiated on February 22, 2002.

Moody's understands that the company's intention is to effect a
Covenant Defeasance pursuant to Section 13.3 of the Indenture
for the outstanding notes. As a result, the required amount of
cash has been deposited on trust with Citibank NA in New York,
which is acting as the paying agent of the Notes. Moody's has
reviewed the terms, structure and procedures stipulated in the
documents in relation to the Covenant Defeasance arrangement,
including the legal opinions.

The arrangements appear to be satisfactory subject to
clarification of certain legal issues. These legal issues
primarily revolve around confirmation that third parties in any
circumstances cannot claim the trust funds. Unless such
clarification is received Moody's rating reflects only the fact
that the issuer's obligations have been secured by an equivalent
cash deposit. The rating does not reflect any potential
bankruptcy remoteness of the cash from the insolvency of the
issuer or its related companies.


COURIER LIMITED: Winding Up Petition Hearing Set
------------------------------------------------
The petition to wind up Hong Kong Courier Limited is set for
hearing before the High Court of Hong Kong on July 3, 2002 at
10:00 am.  

The petition was filed with the court on March 15, 2002 by Chong
Hung Mui of Room 1002, Block 6, Ngau Tau Kok Lower Estate,
Kowloon, Hong Kong.  


NORTHEAST ELECTRICAL: Enters Repayment Agreement
------------------------------------------------
Northeast Electrical Transmission & Transformation Machinery
Manufacturing Company Limited, in order to duly settle the
litigation in respect of the syndicated loan and to eliminate
the risk of being subject to winding-up, entered into a
repayment agreement with the syndicate represented by CCIC
Finance Limited on 29 May 2002, pursuant to which the Company
will repay 65% of the principal amount of the loan of
US$40,000,000, i.e. US$26,000,000 by 3 installments within 6
months from the date of signing of the agreement (i.e. before 29
November 2002).

The Company will repay US$6,000,000, US$10,000,000 and
US$10,000,000 within 15 working days, 3 months and 6 months
respectively from the date of signing of the agreement. Such
repayments will be firstly financed out of the consideration in
sum of RMB150,000,000 received as a result of the recent
disposal of the Company's entire interest of its wholly owned
subsidiary, Shenyang Transformers Ltd, and the balance will be
financed out of the deposit originally placed with Liaoning
Trust and Investment Company. The Company considered that the
signing of such agreement will help protect the assets of the
Company and ensure its normal operations.

As the syndicate had accepted the repayment plan proposed by the
Company, the solicitors acting for the overseas syndicate
submitted during the court proceeding on 27 May 2002 an
application for adjournment of the hearing for two weeks. The
judge had approved to adjourn the winding-up hearing until 10
June 2002 at the latest.

Trading in the H shares of the Company will remain suspended
pending further announcement as to whether the Company complies
with the requirements for listing under paragraph 38 of the
Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited.


UNION TRADING: Petition to Wind Up Pending
------------------------------------------
The petition to wind up The Union Trading Company Limited will
be heard before the High Court of Hong Kong on July 17, 2002 at
9:30 am.  The petition was filed with the court on April 10,
20021 by Lee Wai Yee of A3, 9th Floor, Po Hang Building, 2-8
Dundas Street, Kowloon, Hong Kong.  


YIN XING: Winding Up Petition Slated for Hearing
------------------------------------------------
The petition to wind up Yin Xing (China) Property Investment
Consultants Limited will be heard before the High Court of Hong
Kong on July 24, 2002 at 9:30 am.

The petition was filed with the court on April 16, 2002 by Bank
of China (Hong Kong) Limited (the successor corporation to Bank
of China, Hong Kong Branch 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.


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


TELEKOMUNIKASI SELULAR: Seeks Additional Working Capital  
--------------------------------------------------------
PT Telekomunikasi Selular Indonesia (Telkomsel), an affiliate of
PT Telkom, is looking for the chance to get export credits from
foreign partners in spite of its recent bond issuance of US$150
million, Bisnis Indonesia reports, quoting Wim Timmermans,
Management Accounting Ggeneral Manager of Telkomsel.

"We has made roadshow to Germany, Finland, Sweden, and Italy to
seek for export credit," he said, adding that fund from US$ bond
emission would be used to finance Telkomsel expansion this year.

Timmermans added that if Telkomsel got export credit, the fund
would probably be used to buy infrastructural equipments from
foreign countries.

Timmermans declined to give details on how much credit is
needed.

Meanwhile, Director of Finance of Telkomsel, Yusuf Kurnia said
the roadshow to Europe and USA made by Telkomsel recently was
not related to the plan to look for export credit.

"My presence at the roadshow was to help Telkom. Ahead of the
general meeting of shareholders (RUPS) Telkom needs to give
explanation on the buyout of KSO partners assets as well as the
change of ownership at Telkomsel. My duty was to explain all
matters relating to Telkomsel," he said.


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


DAIEI INC: Settles Dispute With Fast Retailing Over PAS Layout
--------------------------------------------------------------
Debt-swamped supermarket chain operator Daiei Inc. has reached
an out-of-court settlement with fast Retailing Co., a leading
casual-clothing retailer known for its Uniqlo brand, over a
dispute involving the layout of Daiei's PAS casual clothing
stores, Kyodo News reported.

Fast Retailing earlier dropped its request for a provisional
injunction to ban Daiei from using shop designs which Fast
Retailing says are similar to those of Uniqlo outlets.

Daiei Inc., currently in a restructuring program, has agreed
last Thursday to sell its 99 percent equity stake in subsidiary
department store Printemps Ginza S.A. to Japan's largest mass-
circulation daily, the Yomiuri Shimbun, for an estimated 4
billion yen. The transaction will take effect June 14.

Earlier, shareholders of Kobe-based Daiei Inc approved the
Company's new three-year restructuring program featuring a 99
percent capital cut and 520 billion yen in financial support
from its three main creditor banks.

The new restructuring plan is aimed at drastically improving
Daiei's earnings to 54 billion yen at the end of February 2005
from 1.52 billion yen at the end of last February. Daiei has
current assets of US$9.8 billion against current liabilities of
US$22.4 billion.


HANAE MORI: Fashion Designer Determined to Rebuild Brand
--------------------------------------------------------
Japanese queen of couture, Hanae Mori, plans to rebuild the
brand that has dressed women from empresses to actresses, now
that Hanae Mori International Co. applied Thursday in Tokyo for
court protection from creditors.

The designer, known for her butterfly motifs, plans to continue
designing refined dresses and suits for her upscale clientele,
who range from court and diplomatic circles in Japan to royal
families in the Middle East.

Max-Michel Grand, managing director for Hanae Mori Haute Couture
S.A. in Paris, said the fashion house was busy preparing for the
fall-winter collection due on July 10.

In her Tokyo and Paris boutiques, Hanae Mori will continue to
dress high profile women such as Empress Michiko and Crown
Princess Masako, and busy herself with costume designs for film
directors.

Diminishing sales of her haute couture, made-to-measure outfits,
heated competition in the 1990s and snowballing debt left her
house with liabilities of more than 10 billion yen ($80
million).

Eighty percent of the firm's debt is in the form of bank loans.
Thirty million yen in promissory notes, which the company was
not able to repay, fell due last week.


HOKKAIDO INTERNATIONAL: Seeking Full-fledged Alliance With ANA
--------------------------------------------------------------
Hokkaido International Airlines, known as Air Do, is attempting
to forge an alliance, including a capital tie-up, with All
Nippon Airways Co. Ltd. (ANA), Japan Today reports.

Company sources said ANA also seems willing to align with Air Do
by taking up to 20 percent stake in the domestic carrier as it
needs to counter intensifying competition from Japan Airlines
(JAL) and Japan Air System (JAS), which will join forces in
October.

ANA is particularly interested in Air Do's profitable Tokyo-
Sapporo route, which operates six round-trip flights a week.

Air Do is in arrears to the central government for airport
landing/take-off fees and other taxes for about 900 million yen.
The Company is likely to admit that its liabilities for the year
ended in March exceed 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.


ISHIKAWAJIMA-HARIMA: Gets $300M Algerian Contract
-------------------------------------------------
Ishikawajima-Harima Heavy Industries Co. and Itochu Corp. have
received an order worth about $300 million, or about 37 billion
yen, to build a dual-purpose plant to generate electric power
and convert sea water into fresh water in Algeria, Dow Jones
Newswires reported, citing the Nihon Keizai Shimbun.

The parties are expected to sign a contract by the end of July,
under which the two Japanese firms will be involved from the
design to manufacture, and to running trials.

The plant is due for completion in June 2004 in Arzew, a city on
the Mediterranean, and will combine a 320,000 kilowatt electric
power plant.

An independent water and power producer established with equity
participation from the African subsidiary of U.S. engineering
firm Black & Veatch LLP (X.BAV) and two Algerian public
corporations, including the Enterprise Nationale Sonatrach,
placed the order.


Earlier in May, Moody's Investors Service placed the Baa2 senior
unsecured debt ratings of Ishikawajima-Harima Heavy Industries
Co. Ltd (IHI) under review for possible downgrade. The rating
action is prompted by Moody's growing concern that the current
deteriorating economic environment may continue to pressure
IHI's earnings and financial profile over the intermediate term.

Tokyo-based IHI has been undertaking various restructuring
measures including cost reduction and a spin-off of its weak
performing shipbuilding division. However, the current
restructuring program may not enable IHI to stabilize its
earnings and cash flow, given the potential for further
deterioration in the business climate.


NKK CORP.: Will Consolidate Output With Kawasaki Before Merger
--------------------------------------------------------------
NKK Corp. will consolidate production of construction
materials/steel plate with Kawasaki Steel Corp. in its aim to
speed up efficiency improvement and cost-cutting efforts, Dow
Jones Newswires reported, citing the Nihon Keizai Shimbun.

In construction materials, the firms will consolidate output of
spiral steel pipes into a Kawasaki Steel iron works in Handa,
Aichi Prefecture, central Japan, and that of H-beams into
another Kawasaki Steel plant in Kurashiki, Okayama Prefecture,
western Japan.

They plan to consolidate output of steel sheet piles for
landslide prevention at an NKK iron works in Fukuyama, Hiroshima
Prefecture, western Japan.

In steel plate, the companies are considering consolidating
production of plate for large steel pipes to the Fukuyama plant
and that of high-quality plate for shipbuilding to Kurashiki.

In September, they will set up a holding company, JFE Holdings
Inc., under which operations will be reorganized in April 2003.

In late May, NKK Corp.'s earnings reportedly fell deeply on
hefty losses from the bankruptcy of its U.S. subsidiary National
Steel Corp. and its undervalued securities holdings. It was also
battered by the poor performance of its steel business.

The Chiyoda-ku, Tokyo-based steel maker NKK lost 67.59 billion
yen ($544 million), compared with a profit of 96.99 billion yen
a year ago. Sales declined 7.5 percent 1.654 trillion yen ($13
billion) from 1.787 trillion yen.


SEIYU LTD: Sells 6.1% Stake to Wal-Mart
---------------------------------------
Supermarket chain operator Seiyu Ltd has sold its 6.1 percent
stake to Wal-Mart Stores Inc of the United States as a result of
a third-party allotment of new shares, Japan Today reported.

Seiyu allotted a total of 42.47 million new shares to Wal-Mart's
Swiss subsidiary Wyoming Holding GmbH and trading house Sumitomo
Corp.

The private placement of new shares is part of a deal allowing
Wal-Mart to take a controlling stake in Seiyu.

In late May, Seiyu Ltd., said it is set to join forces with
convenience store chain operator am/pm Japan Co. in online
shopping sales and same-day deliveries.

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.


TAISEI FIRE: Plans Corporate Claim Payment Reduction
----------------------------------------------------
Failed non-life insurer Taisei Fire & Marine Insurance Co. is
expected to reduce insurance claim payments for corporate
clients by 20 to 30 percent, Dow Jones Newswires reported,
citing the Nihon Keizai Shimbun.

Taisei Fire will guarantee all insurance claim payments for
individuals using 8 to 9 billion yen in financial aid
contributed by nonlife insurers through the Non-Life Insurance
Policy Holder's Protection Corp.

Both individual and corporate policies will be transferred as
early as September to Sompo Japan Insurance Inc., which will be
established in July through a merger between Yasuda Fire &
Marine Insurance Co. and Nissan Fire & Marine Insurance Co.

Support from other nonlife insurers will protect 90 percent of
claim payments for individual insurance, while Sompo Japan will
cover the remaining 10 percent.

Taisei plans to transfer reinsurance contracts to a specialized
reinsurance company to be set up in Bermuda. Yasuda and others
have refused to take over reinsurance contracts due to concerns
about increased losses every time plane accidents occur in the
future.

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 its final rehabilitation plans to the
Tokyo District Court June 28, which will include 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.


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


DAEWOO ELECTRONICS: Creditors to Extend W330B in Fresh Funds
------------------------------------------------------------
Daewoo Electronics' creditors have decided to extend a new loan
facility of 330 billion won to the firm as part of their debt-
rescheduling plans for the Company. Plans include liquidation of
its non-viable operations, the Digital Chosun reported.

In April, the creditors, including Hanvit Bank, 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, South Korea was placed under a debt
workout program when the parent conglomerate, Daewoo Group,
collapsed in 2000.


DAEWOO MOTOR: GM Daewoo Auto Devises Plans to Boost Brand Image
---------------------------------------------------------------
Nick Reilly, president and chief executive of General Motors
Corp.'s recently acquired Daewoo unit said the company would
launch a new small sedan by year-end in a bid to restore the
public's faith in the bankrupt South Korean company, Wall Street
Journal reported.

"Our top priority is to restore confidence in Daewoo's brand,"
Mr. Reilly said. "After we've accomplished that, GM is very
interested in exporting vehicles where Daewoo doesn't
necessarily have a strong position, such as China and Latin
America."

Mr. Reilly expects the joint venture to generate a profit by
2005 and possibly produce sport-utility vehicles as well as
luxury sedans.

GM in April signed a final agreement to purchase key assets of
troubled Daewoo Motor Co. from its Korean creditors for $400
million. Under the terms of the deal, GM agreed to establish a
new company called GM Daewoo Auto & Technology Co. that would
include two of Daewoo's plants in Korea, Daewoo's facilities in
Vietnam and nine overseas sales units in Western Europe,
Australia and Puerto Rico.


DAEWOO MOTOR: Young An to Acquire Bus Division for US$114.2M
------------------------------------------------------------
Young An Hat Co., a South Korean hat-and-cap maker, has agreed
to buy Daewoo Motor's bus manufacturing division for W140
billion (US$114.2 million), the Digital Chosun reported.

An official of Korea Development Bank (KDB), the largest
creditor of Daewoo Motor, said a formal contract is imminent.

Daewoo Motor's bus division has production plants in Busan and
in Guilin, China, each with a production capacity of 6,000 units
a year.

The bus plant in Busan employs about 800 workers, producing
about 6,000 buses a year, which account for about 40 percent of
the domestic bus-vehicle market.

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.


HYNIX SEMICON: Creditors Secure 80.65% Stake
--------------------------------------------
Creditors of Hynix Semiconductor have secured an 80.65 percent
stake in the ailing South Korean chipmaker, taking absolute
control of the troubled company, the Korea Herald reported.

Korea Exchange Bank (KEB) and 12 other banks converted 2.994
trillion won ($2.47 billion) worth of bonds into stocks at 708
won per share, to hold 4.23 billion shares.

A creditor official said the creditors' aggregate stake could be
lowered, since seven banks can dispose of 721.97 million shares
starting next week. The seven banks, including Kookmin, are not
obliged to keep their Hynix holdings because they did not
participate in providing fresh financing to the company toward
the end of last year.

The official said if the seven banks dispose of all their
shares, creditors' aggregate stake would fall to 66.7 percent.

The creditors' conversion of their convertible bonds (CBs) into
shares followed the Seoul District Court's rejection Friday of
an application for an injunction filed by Hynix's minority
shareholders to stop creditors from converting their bonds.

The court's rejection allowed the creditors to proceed with
their conversion plan to take control of the chipmaker.

The creditors recently named Deutsche Bank AG and MorganStanley
Dean Witter & Co. as the chipmaker's new financial advisers to
lead any possible asset sale.


HYUNDAI MERCHANT: Hyundai Motor, WWL to Control Transportation
--------------------------------------------------------------
Hyundai Motor and European shipping giant, Wallenius Wilhelmsen
Lines (WWL), have agreed to set up a joint-venture automotive
shipping company after taking over the car-transportation
operations of Hyundai Merchant Marine, a shipping firm based in
Seoul.

According to a report from the Korea Herald, WWL will control
over 80 percent of the new joint-venture company, with the
remaining 20 percent or less to be owned by Hyundai and
affiliated Kia Motors.

The new shipping joint venture will hold an exclusive right for
the overseas shipments of Hyundai and Kia cars in the first five
years of its establishment. To that end, WWL, Hyundai and Kia
will hold respective board meetings in the middle of June to
approve the establishment of the new joint-venture concern.

Industry watchers say that unloading the car transportation unit
is expected to rescue Hyundai Merchant Marine (HMM), a former
Hyundai group shipping giant, from its longstanding liquidity
crisis.

Company sources say that HMM will use the proceeds from selling
the car shipping unit, estimated at 2 trillion won ($1.6
billion), to pay down its short- and long-term debt worth 2.3
trillion won, excluding ship-financing liabilities.

As of March 31, 2002, Hyundai Merchant has current assets of
$1.2 billion against current liabilities of $2.3 billion.


KOREA ELECTRIC: Jumps 2.4% After Moody's Upgrade
------------------------------------------------
Korea Electric Power Corporation, South Korea's only fully
integrated power utility, gained 2.4 percent, to 25,500 won
after Moody's raised Thursday its credit rating a notch to Baa2
from Baa3, Bloomberg reported yesterday.

As Moody's has said, the upgrade reflects Kepco's improved
stability in its operating performance and financial position,
supported by the continuing growth in the Korean economy and
sustainability of domestic electric demand.

"Kepco's stock outlook is positive as a strengthening won and
the rating upgrade will improve its finances," said Yun Hee Do,
an analyst at Dongwon Economic Research Institute.


KOREA ELECTRIC: Searching for 288 New Employees
-----------------------------------------------
Korea Electric Power Corp. (KEPCO) will recruit 288 new
employees with university degrees and will be receiving
applications from June 17 to 20 via the Internet, the Digital
Chosun reports.

The state power monopoly plans to hire 73 people for
administrative posts, 34 for communications posts and 181
positions in the electric supply department.

The application forms are available at www.ibsa.kepco.co.kr.
Applicants must be university graduates under the age of 28 or
post-graduates under 30.

KEPCO has not officially recruited employees since 1997 due to
continuous efforts at corporate restructuring.


SSANGYONG MOTOR: May Sales Up 42%
---------------------------------
South Korea's Ssangyong Motor Co. said Monday its sales jumped
42 percent on year to 15,593 units in May due mainly to brisk
local sales, Dow Jones Newswires reported.

Its local sales jumped 53 percent on year to 14,475 units in
May, while exports fell 26.5 percent on year to 1,118 units.
Month-on-month, Ssangyong Motor's sales rose 9.9%.

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.


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


ABRAR CORPORATION: Issues Additional Financial Assistance Info
--------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed)
announced that the relevant information in relation to the
provision of financial assistance pursuant to Practice Note No.
11/2001 in relation to paragraph 8.23 of the Listing
Requirements of the Kuala Lumpur Stock Exchange, are:

AGGREGATE AMOUNT OF FINANCIAL ASSISTANCE

The aggregate amount of advances provided to corporations to
whom the provision of advances are necessary to facilitate the
ordinary course of business of ACB Group for the 4th quarter for
the period ended 31 March 2002 was RM232,660.20.

FINANCIAL IMPACT

The advances provided to the corporations is not expected to
have any material financial impact on ACB Group.


AUTOINDUSTRIES: MITI Grants Condition Proposals Approval
--------------------------------------------------------
Autoindustries Ventures Berhad informed that the Company has
received approvals from the Foreign Investment Committee on 29
April 2002 and recently from the Ministry of International Trade
and Industry (MITI) on 28 May 2002, pertaining to these
Proposals:

   i) Proposed restricted issue of up to 13,000,000 new ordinary
shares of RM1.00 each in AIV at a proposed issue price of RM1.00
per share for cash (Proposed Restricted Issue); and

   ii) Proposed issue of 2,000,000 new ordinary shares of RM1.00
each in AIV to BI Walden Ventures Kedua Sdn Bhd and Pacven
Walden Ventures III L.P. at a proposed issue price of RM1.00 per
share as part settlement of amount due.

However, the above Proposals is still subject to the approval
of:

   a) Securities Commission

b) the Kuala Lumpur Stock Exchange ("KLSE") for the listing of
and quotation for the new AIV shares to be issued pursuant to
the Proposals on the Second Board of the KLSE; and

   c) the Shareholders

Pursuant to PN4, the Company is required to obtain all the
necessary approvals for the implementation of the Proposals
within 4 months from the date of submission of the above
Proposals, i.e 7 June 2002. Commerce International Merchant
Bankers Berhad on behalf of the Company had on 20 May 2002
submitted an application to the KLSE to seek the approval of the
KLSE for an extension of 4 months to 7 October 2002 to obtain
all necessary approvals for the implementation of the Proposals.
The extension of time is presently pending the approval from the
KLSE.


CSM CORPORATION: 33rd AGM Scheduled for June 26
------------------------------------------------
The Board of Directors of CSM Corporation Berhad announced that
the 33rd AGM of the Company will be held at the Dewan Tropicana,
Main Wing, Tropicana Golf & Country Resort Berhad, Jalan Kelab
Tropicana, Off Jalan Tropicana Utama, Persiaran Tropicana, 47410
Petaling Jaya, Selangor Darul Ehsan on Wednesday, 26 June 2002
at 10.00 a.m.

Go to http://www.bankrupt.com/misc/TCRAP_CSM0604.docto see copy  
of the Notice of the 33rd AGM.


CSM CORPORATION: Updates Legal Proceedings Status
-------------------------------------------------
The Board of Directors of CSM Corporation Berhad, as a
consequence of the continuing review of past transactions of CSM
by the management, as set out in the Company's announcement to
the Kuala Lumpur Stock Exchange dated 22 February 2002, wishes
to announce:

   1. that the Company has instituted the Kuala Lumpur High
Court Civil Suit No.D8-22-402-2002, which in essence relates to
transactions entered into by the Company in 1998 involving the
acquisition and disposal of 2 private limited companies, namely
Bowtec Holdings Sdn. Bhd. and Rocksfield Quarry Sdn. Bhd. (the
Transactions);

   2. the Proceedings have been instituted, principally against
former directors of the Company and other parties involved in
the Transactions; and

   3. by the Proceedings the Company claims amongst others,
declarations that the Transactions and indemnities issued
pursuant to the Transactions are null and void, RM13,386,152.00
and general damages for conspiracy and breach of fiduciary
duties.


EPE POWER: Enters Proposed Acquisitions HOA With TIME
----------------------------------------------------
Commerce International Merchant Bankers Berhad wishes to
announce, on behalf of the Board of Directors of EPE Power
Corporation Berhad, the details of its plan to regularize EPE's
financial condition. CIMB also wishes to announce that the
Company on 30 May 2002 entered into a conditional Heads of
Agreement with TIME Engineering Berhad (TIME) in respect of the
Proposed Acquisitions (HOA).

DETAILS OF THE PROPOSALS

Proposed Capital Reduction

EPE proposes that the existing issued and paid-up share capital
of the Company of RM12,000,000 comprising 12,000,000 ordinary
shares of RM1.00 each be reduced to RM6,000,000 comprising
12,000,000 ordinary shares of RM0.50 each, via the cancellation
of RM0.50 from the par value of each existing ordinary share of
RM1.00 each in issue, pursuant to Section 64 of the Companies
Act, 1965 (Proposed Capital Reduction).

The credit of RM6,000,000 arising from the Proposed Capital
Reduction, together with the audited share premium account as at
31 December 2001 of RM102,200 will be utilized to partially set-
off the audited accumulated losses of EPE, which amounted to
RM38.523 million as at 31 December 2001.

Subsequent to the Proposed Capital Reduction, the resultant
paid-up share capital of EPE of RM6,000,000 comprising
12,000,000 ordinary shares of RM0.50 each shall be consolidated
into RM6,000,000 comprising 6,000,000 ordinary shares of RM1.00
each, via the consolidation of every two (2) resultant ordinary
shares of RM0.50 each into one (1) ordinary share of RM1.00 each
(Share Consolidation).

Fractions of a share after the Share Consolidation, if any, will
be disregarded.

Proposed Rights Issue

EPE shall undertake a renounceable rights issue of 120,000,000
new ordinary shares of RM1.00 each in EPE (Rights Shares) on the
basis of twenty (20) new ordinary shares of RM1.00 each for
every one (1) consolidated ordinary share of RM1.00 each held
after the completion of the Proposed Capital Reduction, at an
issue price of RM1.00 each, to the shareholders of EPE whose
names appear in the Register of Members or Record of Depositors
at the close of books of EPE on a date to be determined by the
Board of Directors of EPE (Proposed Rights Issue). Fractions of
a share arising from the Proposed Rights Issue will be dealt
with by the Board of Directors of EPE as they may deem fit.

TIME, the controlling shareholder of EPE as at 30 April 2002,
will provide a written irrevocable undertaking to subscribe to
its entire entitlement pursuant to the Proposed Rights Issue of
65,950,000 Rights Shares. The consideration to be paid by TIME
for its participation in the Proposed Rights Issue will be
principally satisfied by way of set-off against the value of the
assets to be injected into EPE, with the balance to be paid in
cash.

EPE will seek written irrevocable undertakings from the
financial institutions which are creditors of the EPE Group
(Lenders), a company which is a beneficiary of EPE's corporate
guarantee (PCM) and two trade creditors of the EPE Group
(collectively known as "GTCs"), all of whom are collectively
hereinafter referred to as "Creditors", to subscribe to all the
Rights Shares not subscribed to by the shareholders of EPE (up
to the maximum of 54,050,000 Rights Shares), save and except for
65,950,000 Rights Shares for which TIME will provide a written
irrevocable undertaking to subscribe, on a proportionate basis
based on the Remaining Scheme Indebtedness (as defined in
Section 2.4 below). The consideration to be paid by the
Creditors for the Rights Shares not taken up by the shareholders
of EPE will not be satisfied by cash but will instead be settled
by way of set-off against the Remaining Scheme Indebtedness.

The Rights Shares will, upon issue and allotment, rank pari
passu in all respects with the consolidated ordinary shares of
EPE.

As the ordinary shares of EPE are prescribed securities, the
Rights Shares will be credited into the respective Central
Depository System accounts of the relevant shareholders and
creditors subscribing to the Proposed Rights Issue and no
physical share certificates will be issued. However, a notice of
allotment will be dispatched to each successful applicant within
fifteen (15) market days from the closing date of application.

Proposed Acquisitions

The Proposed Acquisitions form an integral part of the Proposed
Debt Restructuring of EPE. The HOA entered into between EPE and
TIME is to record the understanding and intention of both
parties on the sale and purchase of the following:

   (i) 4,000,000 ordinary shares of RM1.00 each in Powertron
Resources Sdn Bhd (PRSB), representing 40% equity interest in
PRSB (PRSB Shares);

   (ii) RM11.6 million nominal value of Convertible Unsecured
Loan Stocks (CULS) in PRSB, representing 40% of the outstanding
nominal value of CULS in PRSB (PRSB CULS); and

   (iii) 2,940,000 ordinary shares of RM1.00 each (PET Shares)
in Penjanaan EPE-TIME Sdn Bhd (PET), representing 60%
shareholding in PET (PET Shares).

Items (i) and (ii) above are collectively known as "Proposed
Acquisition of PRSB Shares and CULS" whilst item (iii) is
hereinafter defined as 'Proposed Acquisition of PET Shares").

The PRSB Shares are part of the securities currently pledged to
a lender of PRSB in respect of the financing raised for the
construction of the Open-Cycle Plant

The salient terms and conditions of the HOA are set out as:

   (i) (a) The indicative purchase consideration for the PRSB
Shares and PRSB CULS collectively is RM61.3 million, based on
the preliminary valuation of PRSB using the discounted cashflow
approach (with the assumption that PRSB's 120MW open-cycle gas-
fired power plant in Sabah (Open-Cycle Plant) will be converted
into a higher output capacity 180MW combined-cycle power plant
(Combined-Cycle Plant)). In the event that the Combined Cycle
Power Purchase Agreement is not executed by the time of the
execution of the sale and purchase agreements, the parties shall
negotiate in good faith a purchase consideration acceptable to
both parties; and

   (b) The indicative purchase consideration for the PET Shares
is RM3.35 million, based on the net tangible assets (NTA)
approach, the value of which is based on PET's audited accounts
as at 31 December 2001.

   (ii) The HOA shall be terminated on the earlier of the
following:

     (a) the date of execution of the sale and purchase
agreements in respect of the Proposed Acquisitions;

     (b) the date of the rejection in writing of the Proposed
Debt Restructuring Scheme (if applicable) by the Majority
Lenders of EPE (the 'Majority Lenders' is defined as 3 or more
lenders having an aggregate outstanding indebtedness of not less
than 75% of the total outstanding indebtedness owed by EPE to
all lenders);

     (c) the date falling 2 months from the date of the HOA.

   (iii) The Proposed Acquisitions shall be conditional upon the
fulfillment of, inter alia, the following conditions:

     (a) The approvals of the relevant authorities for the
Proposed Acquisitions as stated in Section 9 of this
Announcement;

     (b) The approval of the Securities Commission on the waiver
of a mandatory general offer to be made by EPE for the remaining
shares in PRSB not held by EPE;

     (c) The approval of the lender of PRSB on the Proposed
Acquisition of PRSB Shares by EPE;

     (d) The results of a due diligence review of PRSB and PET
being satisfactory to EPE; and

     (e) All conditions precedent under a restructuring debt
agreement to be entered into by all lenders of EPE having been
satisfied save for any condition requiring the sale and purchase
agreements in respect of the Proposed Acquisitions to become
unconditional.

The consideration for the purchase of the PRSB Shares, PRSB CULS
and PET Shares will be set off against a substantial part of the
subscription price payable by TIME to EPE pursuant to TIME's
subscription of its entitlement under the Proposed Rights Issue
to be undertaken by EPE as part of its debt restructuring
exercise. Based on the abovesaid indicative disposal
consideration which amounts to RM64.65 million, the cash payment
that would still be required to be made by TIME in order to
fully satisfy the total subscription price of RM65.950 million
under its entitlement pursuant to the Proposed Rights Issue is
approximately RM1.3 million.

The acquisition of PRSB Shares and CULS as well as PET Shares
would increase EPE's shareholding in PRSB and PET from the
existing 30% and 40% to 70% and 100% respectively, resulting in
PWSB and PET becoming subsidiaries of EPE.

Proposed Debt Restructuring

The total amounts owing to the Creditors as at 31 December 2001
(Total Scheme Indebtedness) are: RM million
Lenders - outstanding principal on Revolving Credit (RC)
Facilities 94.636
- accrued interest on RC Facilities *10.080
104.716
PCM 2.240
GTCs 7.210
Total Scheme Indebtedness 114.166

* The actual figure is subject to confirmation from the Lenders.
The Total Scheme Indebtedness is proposed to be restructured as
follows:

   (i) waiver of all penalty interest since October 2000 until
completion of the Proposals and subsequent interest waiver from
1 January 2002 up to the date of completion of the Proposals;

   (ii) waiver of RM34.250 million or 30% of the outstanding sum
owed to the Lenders (i.e. RM31.415 million) and outstanding
debts owed to PCM and the GTCs (i.e. RM2.835 million) as at 31
December 2001 respectively; and

   (iii) settlement of the balance totaling RM79.916 million
(Remaining Scheme Indebtedness) subsequent to (i) and (ii) as
follows:

     (a) Between RM50.316 million to RM54.050 million of the
Remaining Scheme Indebtedness is to be settled by a combination
of cash proceeds raised from the Proposed Rights Issue and set-
off against the Rights Shares to be issued to the Creditors via
their undertaking commitment as described in Section 2.2 above.
The actual amount of Rights Shares to be subscribed by the
Creditors and cash payment to the Creditors will also be
dependent upon the level of subscription by the shareholders;
and

     (b) Between RM25.866 million to RM29.600 million of the
Remaining Scheme Indebtedness is to be converted into between
RM25.866 to RM29.600 million nominal value Redeemable
Convertible Unsecured Loan Stocks ("RCULS"). The actual amount
of RCULS to be issued to the Creditors will be determined only
after the closing of the Proposed Rights Issue.
The indicative terms and conditions of the RCULS are set out in
Table 1 at http://www.bankrupt.com/misc/TCRAP_EPE0604.html.
Items (i) and (ii) above are collectively referred to as
"Proposed Debt Waiver".

Proposed IASC

In conjunction with the Proposed Rights Issue and Proposed Debt
Restructuring, the Company proposes to increase its authorised
share capital from RM20,000,000 comprising 20,000,000 ordinary
shares of RM1.00 each to RM200,000,000 comprising 200,000,000
ordinary shares of RM1.00 each. The Memorandum and Articles of
Association of the Company will be duly amended to reflect the
said increase in the authorised share capital.

Inter-conditionality

The Proposed Capital Reduction, Proposed Rights Issue, Proposed
Acquisitions, Proposed Debt Restructuring and Proposed IASC are
all conditional upon each other. However, the Proposed Capital
Reduction must be completed prior to the Proposed Rights Issue,
Proposed Acquisitions and the Proposed Debt Restructuring.

RATIONALE FOR THE PROPOSALS

The main objectives of the Proposals are to improve the
financial standing of the EPE Group, to enable the EPE Group to
continue as a going concern and to enable EPE to repay and/or
restructure the debts owing to the Creditors.

The Proposed Capital Reduction and the reduction in the share
premium account are to cancel capital that is lost and not
represented by available assets.

The Proposed Rights Issue has the following objectives:

   (i) To raise funds to partially repay the Remaining Scheme
Indebtedness as part of the debt settlement plan and to defray
the expenses of the Proposals;

   (ii) To address the obligations of EPE pursuant to Practice
Note 4 of the KLSE;

   (iii) To offer an opportunity to shareholders to increase
their investment in the Company; and

   (iv) To enable the Company to comply with the minimum paid-up
capital requirement of RM40 million under the Guidelines of the
Securities Commission (SC).

The Proposed Acquisitions are an integral part of the Proposals
aimed at improving the future profitability and cashflow
position of the EPE Group as well as to enable TIME to
participate in the Proposed Rights Issue without putting a
strain on its cashflow position whilst maintaining TIME's
controlling interest in EPE. With the Proposed Acquisitions,
PRSB and PET will become subsidiaries of EPE as opposed to being
associate companies currently.

The Proposed Debt Restructuring will address the present
financial difficulties experienced by the EPE Group in meeting
its immediate debt obligations due to the current cashflow
position of the Company and strengthen its financial position.

The Proposed IASC is to accommodate the increase in the issued
and paid-up share capital of the Company arising from the
issuance of the Rights Shares and the potential conversion of
the RCULS into ordinary shares of EPE.

INFORMATION ON THE COMPANIES SUBJECT TO THE PROPOSED
ACQUISITIONS

PRSB

PRSB was incorporated in Malaysia as a private limited company
under the Companies Act, 1965 on 12 January 1995 and currently
it has an issued and fully paid-up share capital of RM10,000,000
comprising 10,000,000 ordinary shares of RM1.00 each. PRSB is
principally involved in constructing, owning and operating an
open-cycle gas-fired power plant in Sabah.
Details on the directors, substantial shareholders and
historical performance of PRSB are set out in Table 2, Table 3
and Table 4 respectively below whereas the salient terms and
conditions of the PRSB CULS are set out in Table 5 below.

PET

PET was incorporated in Malaysia as a private limited company
under the Companies Act, 1965 on 11 January 1988 and currently
it has an issued and paid-up share capital of RM4,900,000
comprising 4,900,000 ordinary shares of RM1.00 each. PET is
principally an investment holding company.

Details on the directors, substantial shareholders, historical
performance and the only subsidiary of PET are set out in Table
6, Table 7, Table 8 and Table 9 respectively set at
http://www.bankrupt.com/misc/TCRAP_EPE0604.html

INFORMATION ON TIME, THE VENDOR OF THE SHARES AND CULS SUBJECT
TO THE PROPOSED ACQUISITIONS

TIME was incorporated in Malaysia as a private limited company
under the Companies Act, 1965 on 12 October 1970 and was
converted into a public company on 24 June 1983. It was listed
on the KLSE on 12 September 1983.

The principal activity of TIME is that of investment holding in
companies principally involved in telecommunications, power,
information technology, engineering services and media.

Details on TIME's directors, substantial shareholders, cost of
investment in PRSB and cost of investment in PET are set out in
Table 10, Table 11, Table 12 and Table 13 respectively at
http://www.bankrupt.com/misc/TCRAP_EPE0604.html.

EFFECTS OF THE PROPOSALS

Issued and paid-up share capital

Upon completion of the Proposals, the issued and paid-up share
capital of EPE will increase as shown in Table 14 at
http://www.bankrupt.com/misc/TCRAP_EPE0604.html.

Earnings

The Proposals are not expected to have any effect on the
earnings of the EPE Group for the year ending 31 December 2002
as the Proposals are only expected to be completed during the
financial year ending 31 December 2003. On completion, the
Proposals are expected to contribute positively to the future
earnings of the EPE Group principally as a result of interest
savings of approximately RM6 million per annum, and the
increased share of profits from the Proposed Acquisitions.

NTA and Gearing

The proforma effects of the Proposals on the NTA and gearing of
the EPE Group, based on the audited consolidated balance sheet
of EPE for the financial year ended 31 December 2001, are
illustrated in Table 15 below at
http://www.bankrupt.com/misc/TCRAP_EPE0604.html

Substantial shareholders

The proforma effects of the Proposals on the substantial
shareholders of EPE, based on the Register of Substantial
Shareholders of EPE as at 31 December 2001, are illustrated in
Table 16 at http://www.bankrupt.com/misc/TCRAP_EPE0604.html.

CONDITIONS OF THE PROPOSALS

The Proposals are conditional upon approvals being obtained from
the following:

   (i) SC, for the Proposals, save for the Proposed IASC;

   (ii) Foreign Investment Committee, for the Proposed
Acquisitions and Proposed Debt Restructuring;

   (iii) Ministry of International Trade and Industry, for the
Proposed Acquisition of PET Shares and Proposed Debt
Restructuring;

   (iv) Kuala Lumpur Stock Exchange (KLSE), for the listing of
and quotation for the consolidated shares arising from the
Proposed Capital Reduction, Rights Shares and any shares arising
from the conversion of the RCULS, on the Second Board of KLSE;

   (v) Creditors, for the Proposed Debt Restructuring;

   (vi) High Court of Malaya, for its sanction on the Proposed
Capital Reduction;

   (vii) Shareholders of EPE, at an extraordinary general
meeting to be convened; and

   (viii) Shareholders of TIME, at an extraordinary general
meeting to be convened.

Furthermore, the Proposed Acquisitions are subject to the
signing of a conditional sale and purchase agreement between EPE
and TIME.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

Save and except for TIME (being a substantial shareholder of EPE
and the vendor of the PRSB Shares, PRSB CULS and PET Shares),
Ahmad Pardas Senin and Salmah binti Sharif (who are both the
nominees of TIME on the Board of Directors of EPE) as well as
Tuan Haji Abdullah Yusof (an independent director of TIME who
also sits on the Board of EPE), none of the other Directors or
substantial shareholders of EPE has any interest, direct or
indirect, in the Proposals, other than that derived as
shareholders pursuant to the Proposed Rights Issue. Accordingly,
TIME will abstain from voting on the relevant resolution
approving the Proposals in respect of its direct and indirect
shareholding in EPE. However, as the EPE shares held by TIME are
currently pledged as security for the USD162 million Bonds
issued by TIME, the security trustee for the USD Bondholders may
choose to exercise the voting rights on the EPE shares as
instructed by the USD Bondholders.

Ahmad Pardas Senin, Salmah binti Sharif and Tuan Haji Abdullah
Yusof have abstained and will continue to abstain from
deliberating and voting on the relevant resolution at the board
meeting(s) of EPE.

Based on the records of EPE, no person connected with the
Directors and substantial shareholders of EPE has declared to
the Company his interest, direct or indirect, in the Proposals.

DIRECTORS' RECOMMENDATION

Having considered all aspects of the Proposals, the Board of
Directors of EPE is of the opinion that the Proposals are in the
best interest of the Company.

APPLICATION TO THE SC

An application to the SC would be made within six (6) months
from the later of the date the debt restructuring agreement and
sale and purchase agreement for the Proposed Acquisitions are
entered into.


GLOBAL CARRIERS: Proposes ARTICLES OF ASSOCIATION Amendments
------------------------------------------------------------
The Board of Directors of GLOBAL CARRIERS Berhad informed that
the Company proposes to amend its Articles of Association to
comply with the new listing requirements of the Kuala Lumpur
Stock Exchange.

A circular setting out the details of the proposed amendments
shall be dispatched to the shareholders in early June 2002.


GLOBAL CARRIERS: Unit's Creditors' Meeting Adjourned
----------------------------------------------------
Global Carriers Berhad advised that the adjourned creditors'
meeting involving Marina Shipping Sdn Bhd, a wholly-owned
subsidiary company, with its secured creditors has been
scheduled for 3:00 pm on 3 June 2002 at the registered office of
the Company, 68C, Damai Kompleks, Jalan Lumut, Off Jalan Ipoh,
50400 Kuala Lumpur.

The Board is confident that the scheme creditors will approve
the Revised Scenario to the Proposed Composite Schemes of
Arrangement, the Proposed BSNC Leasing (M) Sdn Bhd Settlement
Scheme, and the Proposed Non-Financial Creditors Settlement
Scheme (Proposed Revised Schemes). Upon conclusion of this
meeting, the Company and its subsidiary companies would have
completed the convening of all its creditors' meetings.

Apart from the above, and the announcements made by the company
on 28 and 30 May 2002 on the outcome of the creditors' meetings
held on 28 May 2002, the Board of Directors wishes to advise
that there has been no further development on the revised
scenario to the Proposed Composite Scheme, the Proposed BSNCL
Settlement Scheme and the Proposed Non-Financial Creditors
Settlement Scheme.


HAI MING: Proposed Disposal SPA Terminated
------------------------------------------
Public Merchant Bank, on behalf of Hai Ming Holdings Bhd, in
respect of the Proposed disposal by Hai Ming Capital Sdn Bhd
(HMCSB), a wholly owned subsidiary of HMHB, of Chinese Renminbi
(RMB) 23,000,000 or 60% of the issued and paid-up share capital
in Hubei Huali Paper Mills Co Ltd for a total cash consideration
of Rmb2,000,000 (Proposed Disposal), announced that the Sale and
Purchase Agreement (SPA) for the Proposed Disposal dated 23
November 2001 was terminated due to the fact that HMCSB has not
received the balance of the disposal consideration for the
Proposed Disposal after the expiry of the extended period for
the completion of the SPA on 12 May 2002.

The non-payment for the balance of the disposal consideration
has breached Clause 3 of the SPA. Accordingly, HMCSB has
forfeited the 10% deposit and informed the solicitors of
Ensonet.Com (Beijing) Ltd, the purchaser, via its letter dated
29 May 2002 on this matter.


IDRIS HYDRAULIC: Seeks Proposed Workout Exercise Time Extension
---------------------------------------------------------------
On behalf of Idris Hydraulic (Malaysia) Bhd, Commerce
International Merchant Bankers Berhad through its letter to the
Kuala Lumpur Stock Exchange dated 22 May 2002, stated that IHMB
is currently in the process of seeking another extension of time
to 30 September 2002 from the various lenders of IHMB and
certain of its subsidiaries to fulfill all conditions precedent
to the revised Proposed Restructuring Exercise in the Debt
Restructuring Agreement .

Simultaneously, IHMB seeks the same extension of time from the
KLSE for it to obtain all necessary approvals for the
implementation of the revised Proposed Restructuring Exercise.

Other than the above, there is no change to the status of the
Proposed Restructuring Exercise as per the announcement made on
30 April 2002 pursuant to the provisions of PN4.


LAND & GENERAL: Hires AMBB as Proposed BAB Swap Adviser
-------------------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of the
Board of Directors of Land & General Berhad, announced on 21
September 2001 that the Company proposes to partially settle the
amount owing to the financial institution lenders of L&G,
certain financial institution lenders of its wholly-owned
subsidiary, Bandar Sungai Buaya Sdn Bhd and 37.6%-owned
associated company, Islands Helicopter Services Pty Ltd, to whom
corporate guarantees have been provided by L&G (FI Scheme
Creditors) and the convertible bond (ECB) holders of L&G
(collectively, the Scheme Creditors) via swapping with the
29,634,164 Bumi Armada Berhad (BAB) ordinary shares (BAB Shares)
owned by the L&G group (Proposed BAB Swap), representing 47% of
the issued and paid-up share capital of BAB.

Subsequently on 28 February 2002, CIMB, on behalf of L&G,
announced the Company entered into a Debt Restructuring
Agreement (DRA) with the FI Scheme Creditors, restructuring the
amount owed to them by the L&G Group and the L&G Group's  
overall Proposed Composite Debt Restructuring Scheme, to
ultimately settle its total indebtedness to the Scheme Creditors
of approximately RM657.931 million as at 30 June 2001.

On behalf of the Board of Directors of L&G, CIMB hereby
announces that L&G had on 28 May 2002 received a notification
from Tan Sri Azmi Wan Hamzah, a major shareholder and former
Director of L&G, that he has indirect interest in USD5,575,000
(approximately RM21,185,000 based on exchange rate of
RM3.80:USD1.00) ECB which forms part of the total indebtedness
of L&G Group to be settled via the Proposed BAB Swap and the
Proposed Composite Debt Restructuring Scheme.

In view of the notification from Tan Sri Azmi Wan Hamzah and
pursuant to Chapter 10 of the Listing Requirements of the Kuala
Lumpur Stock Exchange (KLSE), Tan Sri Azmi Wan Hamzah will be
deemed interested in the Proposals.

Pursuant to the Proposed BAB Swap, Affin Merchant Bank Berhad
(AMBB) was appointed by L&G as the independent adviser to advise
the non-interested L&G shareholders on the Proposed BAB Swap.
The independent adviser letter and the circular to shareholders
on the Proposed BAB Swap was dispatched to the shareholders of
L&G on 28 May 2002.

However, in relation to the Proposed Composite Debt
Restructuring Scheme, the Directors of L&G will be seeking a
waiver from the KLSE deeming the Proposed Composite Debt
Restructuring Scheme as a related party transaction under
Chapter 10 of the Listing Requirements of the KLSE. An
independent adviser will be appointed by L&G for the Proposed
Composite Debt Restructuring Scheme in accordance with the
Listing Requirements of the KLSE.


MEASUREX CORP.: June 13 Registration Application Hearing Set
------------------------------------------------------------
Measurex Corporation Berhad, further to the announcement dated
24 May 2002 in regard to Johor Bahru High Court O/S No: 24-1021
Of 2002(4), Malayan Banking Berhad (MBB) Vs MCB, was served with
an application by MBB to have the judgment of the High Court of
the Republic of Singapore dated 19 April 2002 to be registered
at the High Court of Malaya at Johor Bahru by originating
summons No: 24-1021-2002(4). The aforesaid application is now
fixed for hearing on 13 June 2002.

MCB has been advised by its solicitors that there are good
grounds to apply to set aside any such registration as the Court
of the Republic of Singapore did not have the jurisdiction to
determine the case, MCB intends to appeal against the said
decision and the enforcement of the said judgment in Malaysia
will be contrary to public policy in Malaysia.

MCB is further advised by its solicitors that the said judgment
is not enforceable in Malaysia if it is not registered in
Malaysia or if the registration is set aside.


PICA (M): Issues Monthly Credit Facility Status Update
------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad
made the following monthly status update for public release:

1. RM60 Million Guaranteed Revolving Underwriting Facility

Further to the Company's announcement on the status of the above
matter, the Court has fixed 11 June 2002 for clarification in
relation to the Plaintiff's striking out application. Apart from
the above, the legal proceeding is still pending in court.

2. RM5 Million Revolving Credit Facility & RM7 Million Short
Term Loan

Further to the Company's announcement, the Company wish to
inform that the Plaintiff has applied for summary judgment and
the application has been fixed for mention on 4 June 2002. Apart
from the above, the legal proceeding is still pending in court.

3. RM50 Million Term Loan Facility

Further to the Company's announcement, the Company wish to
inform that Plaintiff's summary judgment application has been
postponed to 25.7.2002. Apart from the above, the legal
proceeding is still pending in court.

4. RM4 million Revolving Credit Facility & RM7 million Overdraft
Facility

Further to the Company's announcement, the Company wish to
inform that our lawyer has filed statement of defense. Apart
from the above, the legal proceeding is still pending in court.


REPCO HOLDINGS: Awaits Relevant Regulatory Bodies' Approval
-----------------------------------------------------------
Repco Holdings Berhad (Special Administrators Appointed), in
compliance with Practice Note 4/2001 in relation to Paragraph
8.14 of the Listing Requirements of the KLSE, announced that it
is still awaiting the necessary approvals from the relevant
regulatory bodies in order to implement its plan to regularize
its financial condition.

TCR-AP reported on April 25 that the Administrators announced
the Proposed Scheme of Arrangement. The Proposed Scheme of
Arrangement, which forms an integral part of the workout
proposal prepared by the Special Administrators pursuant to
Section 44 of the Pengurusan Danaharta Nasional Berhad Act, 1998
(as amended by Pengurusan Danaharta Nasional
Berhad (Workout Proposal) encompasses:

   (i) The Proposed Acquisition of Strategic Assets;
   (ii) The Proposed Special Issue;
   (iii) The Proposed Capitalization and Assumption of Claims
and Liabilities;
   (iv) The Proposed Acquisition of RHB Subsidiaries;
   (v) The Proposed Capital Reconstruction;
   (vi) The Proposed Transfer of Listing Status;
   (vii) The Proposed Transfer to Main Board; and
   (viii) The Proposed Offer for Sale.


SENG HUP: Provides Defaulted Payment Status Update
--------------------------------------------------
Seng Hup Corporation Berhad (Special Administrators Appointed),
as required by the KLSE Practice Note 1/2001, provided an update
on its default in payment, as found at
http://www.bankrupt.com/misc/TCRAP_Seng0604.xls.

The default by SHCB as at 30th April 2002 amounted to
RM55,088,075 made up of principal sums, plus RM24,015,134 in
interest for revolving credit facilities, trade financing and
overdraft.

P.T. Krisindo Mas, a subsidiary of SHCB had as at 30th April
2002, defaulted USD2,280,000, made up of a principal sum plus
USD1,066,485 in interest, in respect of its property loan.

Dasar Jernih Sdn Bhd and Nazar Holdings Sdn Bhd both
subsidiaries of SHCB have respectively defaulted in the
principal repayment of their property loans amounting to
RM5,728,000 and RM1,180,000 together with interest of
RM2,064,017 and RM501,097 respectively as at 30th April 2002.

There are no other new developments since our previous
announcement with regard to this Practice Note.


TECHNO ASIA: Posts Q102 Provision of Financial Assistance Info
--------------------------------------------------------------
Techno Asia Holdings Berhad, pursuant to Section 3.1 of Practice
Note No.: 11/2001 of the Kuala Lumpur Stock Exchange ("KLSE")
Listing Requirements, announced the provision of financial
assistance by TECASIA and its subsidiaries for the quarter ended
31 March, 2002.

The aggregate amount of financial assistance provided during the
reporting quarter to persons listed under paragraph 8.23(1)(ii)
of the KLSE Listing Requirements, excluding trade debtors, are
as follows:

(a) Advances            TECASIA      Subsidiaries
              (RM'000)        (RM'000)
Advances provided during the quarter 76    -  

(b) Guarantee, indemnity and
provision of collateral  

Guarantee, indemnity and provision of collateral provided during
the quarter     -    -

TECASIA further advises that no material financial impact on the
TECASIA Group is noted pursuant to the above.


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


NATIONAL POWER: PSALM Tenders Out $600M Bonds
---------------------------------------------
The state-run Power Sector Asset and Liabilities Management Corp
(PSALM), National Power Corporation (Napocor)'s privatization
arm, has already sent out request for proposals (RFPs) to 12
investment banks, the Manila Bulletin reported.

The investment banks are being tapped as underwriters of the
planned $600 million bond issue in the international capital
market. The tender offer is aimed to raise part of Napocor's
remaining funding needs for the year.

PSALM President Edgardo del Fonso said they would be getting
initial indications when their solicited proposals would be
given back to them next week.

Del Fonso said two options are being considered for the proposed
bond offering that may be undertaken in either August or
September this year. These are either the national government
would secure the loans and re-lent it to NPC, or PSALM or NPC
would undertake it.

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


PHILIPPINE AIRLINES: Anticipates Profit This Year
-------------------------------------------------
Flag carrier Philippine Airlines Inc. (PAL) will be profitable
again this fiscal year beginning April after posting at least
1.5 billion pesos in losses in the previous year due to the
September 11 terrorist attacks in the United States, the
Philippine Daily Inquirer reports.

"We were successfully undergoing rehabilitation when Sept. 11
struck. But we'll definitely be profitable this year," PAL
president and chief operating officer Avelino Zapanta said.

On the first year of its rehabilitation, from 1999 to 2000, PAL
posted a profit of 45.8 million pesos for the first time in
seven years. For the year 2001-2002, PAL aimed for about 1
billion pesos in profit, but this was not achieved due to the
downturn in the aviation industry.


PHILIPPINE LONG: Board to Block Sale of First Pac Shares
--------------------------------------------------------
The Board of Philippine Long Distance Telephone Co (PLDT) is
expected to block the sale of the 24.5-percent stake of First
Pacific Co. Ltd. in the country's largest telecoms firm to John
Gokongwei's JG Summit Holdings Corp. after the Hong Kong-based
conglomerate will announce a more definitive agreement with the
buyer, ABS-CBN News reported.

Among the Board members are Smart Communications Inc. President
Napoleon Nazareno, e-PLDT co-managing director Ray Espinosa, and
Helen Dee, daughter of Ambassador Alfonso Yuchengco.

A PLDT source revealed that the PLDT board would block the sale
because of stringent provisions in the bylaws of the company
such as the veto power that can be exercised by Nippon Telegraph
and Telephone Corp. (NTT) and the right of first refusal of
Antonio "Tony Boy" Cojuangco.

NTT owns 15 percent of PLDT with an equivalent of three board
seats while Cojuangco, the concurrent Chairman of the PLDT, has
two voting seats in the board.

Pangilinan met PLDT executives in a closed-door meeting on
Friday, admitting that the Salim-controlled conglomerate, which
has a 31.5-percent voting interest in PLDT, is disposing off its
shares to an independent investor. He did not reveal the
identity.


PHILIPPINE LONG: RCBC Unit Buys Shares
--------------------------------------
RCBC Securities, the brokerage arm of Rizal Commercial Banking
Corp (RCBC) has bought less than one percent of total
outstanding shares of Philippine Long Distance Telephone Co
(PLDT) for its foreign clients, Reuters reported.

The RCBC statement was made in response to newspaper reports
that the bank's stock brokerage unit had been heavily buying
PLDT shares in the market in recent days.

RCBC, which holds a significant stake in PLDT, is rumored to be
supporting PLDT chairman Antonio Cojuangco in trying to block
the sale of First Pacific's stake in PLDT.


PHILIPPINE LONG: Secures $100M Loan to Fund Counteroffer
--------------------------------------------------------
Antonio Cojuangco, chairman of Philippine Long Distance
Telephone Co., has secured a $100 million facility from JP
Morgan to finance a management counteroffer to acquire the stake
of Hong Kong's First Pacific Co. in PLDT.

According to a report from Dow Jones Newswires, Cojuangco
intends to aid PLDT President Manual Pangilinan's effort to try
to thwart the sale of First Pacific's PLDT interest to tycoon
John Gokongwei.

Pangilinan and the Salim group, the majority owner of First
Pacific, had a falling out because of the dismal performance of
the Company's Philippine investments, which were aggressively
pursued by Pangilinan.

Having lost faith in their Philippine investments, the Salim
group offered them to Gokongwei, and Pangilinan was only
informed of the deal at the last minute.


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


ASIA FOOD: Mulls Sale of Core Food Business in China
----------------------------------------------------
Singapore-listed Asia Food & Properties Ltd., part of
Indonesia's Sinar Mas Group, hopes to sell certain noncore
assets and is even considering selling its core food business in
China, Wall Street Journal reports.

"We want to divest our noncore assets," Chief Financial Officer
Willie Sia Siew Kiang told shareholders, identifying assets such
as some small rubber plantations, and a tuna-canning business.

Mr. Sia said AFP is considering various options for its core
food business due to continuing losses at the division. One
option is to look for strategic partners who can help develop
the business. Another possibility is to sell the business.

The group's food operation, known as Zhuhai Huafeng Food
Industry (Group) Co., is one of the largest manufacturers of
instant noodles in China. Last year, the food division accounted
for some 11 percent of total group turnover and made a pre-tax
loss of S$100 million.

The group, which is undergoing restructuring and rescheduling of
its debts, came under fire last year when it emerged that it had
placed substantial cash deposits with a Cook Islands bank owned
by the Widjaja family. The bank was unable to repay the cash
deposits due to liquidity problems, but has agreed to repay the
full amount over a period of five years.


NATSTEEL LTD: Asks for Share Trading Suspension
-----------------------------------------------
Natsteel Ltd requested yesterday a suspension in trading of its
shares listed on the Singapore Stock Exchange. The Singapore
government-linked steel manufacturer did not give any further
details concerning the suspension.

In May, Natsteel agreed to sell its 51.6 percent-owned
electronics unit NatSteel Broadway Ltd. to Nasdaq-listed
Flextronics International Ltd. for US$364 million, saying the
move means a greater focus on its core steel making operations.

Salomon Smith Barney Singapore Pte will make the voluntary
conditional take-over offer, for and on behalf of Flextronics
International Limited.


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


ITALIAN-THAI: Posts Revised Share Offering Results
--------------------------------------------------
ITD Planner Company Limited, the Business Reorganization Plan
Administrator of Italian-Thai Development Public Company
Limited, posted the report form of the revised results of a
share offering:

ITALIAN-THAI DEVELOPMENT PUBLIC COMPANY LIMITED
               REPORT THE RESULTS OF A SHARE OFFERING
                          May  29, 2002

1. Information relating to the share offering

             Class of shares offered    :  Common share    
             Number of shares offered   :  50,000,000 shares       
             Offered to                 :  Existing Shareholders   
             Price per share            :  Bt10
             Subscription period        :  May 10-16, 2002

2. Results of the share sale

   (  ) Totally sold
   (/ ) Partly sold, with 10,690,043 shares remaining.  The
Company has further process for those remaining shares in
compliance with  clause 5.2 (a) of the Business  Reorganization  
plan  as follows:

1. If there are any unsubscribed shares  as  other shareholders
declined to  exercise their rights, Mr. Premchai Karnasuta and
Mrs. Nijaporn Charanachitta  are entitled to either partly or
entirely subscribe  those  unsubscribed  shares.

2.the  offered  price  equal  to  Bt10  

Mr. Premchai Karnasuta and Mrs. Nijaporn  Charanachitta   have
exercised  their  rights in the subscription  of  additional
4,694,521 shares and 5,995,522 shares respectively, totaling  
amount  10,690,043 shares

3. Details of the sale

             Thai Investors    Foreign Investors      Total
              Juristic   Natural   Juristic   Natural

No. of persons    15        1,512        29        15    1,571
No. of shares 2,080,040  46,114,499 1,753,161  52,300 50,000,000
Subscribed
% of total     4.16        92.23      3.51       0.10   100.00
shares offered for
sale

Less: Expenses (specify)             -
Net proceed from subscription Bt500,000,000


CHRISTIANI & NIELSEN: Files Business Reorganization Petition   
------------------------------------------------------------
The Board of Directors Meeting No. 351 on 30th May 2002
unanimously resolved that Christiani & Nielsen (Thai) Public
Company Limited would file a petition for business
reorganization to the Central Bankruptcy Court.  Problems
arising from the subsidiary, Christiani & Nielsen Limited (CNL),
which entered into Administration in the U.K. at the end of year
2000, resulting in significant adverse effects on the Company,
such as:

   1. The Company must realize the loss in investment capital
and money lent to CNL.  This had a negative effect on retained
earnings such that, according to the law the Company is
considered technically insolvent.

   2. During 2001-2002 the Company, as the parent company and
guarantor, was asked by CNL creditors including Siam Commercial
Bank to pay for the guarantee obligations.

For the reasons above, the Company considers that the debt
claims will be much more than the profit generated from revenue
in 2001.  Even though the Company has been down-sizing the
organization, the revenue generated is barely sufficient to
cover the cost.  Therefore, the Company is not in a position to
be able to pay the above mentioned debt.  If a creditor filed
the case to the Court in Thailand, the Company would likely be
declared bankrupt, which would affect company employees,
creditors and clients with unfinished projects valued at more
than Bt2,000 million.  

However, if the Company can adjust capital and debt to align
with Company revenues by entering the business reorganization
process with the support from major creditors under the
protection of Thai Bankruptcy law, this will be in the best
interests of all parties.

The Meeting also resolved to establish CN Advisory Company
Limited with registered capital of Bt1 million to act as a
Planner for the reorganization process.


SAHAVIRIYA RIVERSIDE: Business Reorganization Petition Filed
------------------------------------------------------------
Real estate developer Sahaviriya Riverside Garden Company
Limited's Petition for Business Reorganization was filed at the
Central Bankruptcy Court:

   Black Case Number 342/2545

   Red Case Number- /2545

Petitioner: SAHAVIRIYA CITY PUBLIC COMPANY LIMITED BY CHURCHILL
PRYCE PLANNER COMPANY LIMITED, THE PLANNER BY MISS SUCHADA
SANGSAHUANG AND ASSOCIATES

Debts Owed to the Petitioning Creditor: Bt2,809,687,916.17

Date of Court Acceptance of the Petition: February 28, 2002

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

Court had set the date for the Next Examination on June 13, 2002

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


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

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