TCRAP_Public/020605.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, June 5, 2002, Vol. 5, No. 110

                         Headlines

A U S T R A L I A

AUSTRALIAN MAGNESIUM: Expands Global Marketing, Support Network
BALLARAT GOLDFIELDS: Autek Buying 64M Shares
FOREST PLACE: Revises Full Year Profit Forecast
PMP LIMITED: N M Rothschild Ceases to be Substantial Holder
POWERTEL LIMITED: Releases AGM Results

UNITED ENERGY: Appoints General Manager Utility Operations
VOICENET (AUST): Rights Issue Shares Dispatch Date Amended


C H I N A   &   H O N G  K O N G

ASIA GLOBAL: Hutchison Whampoa Has Not Submitted Any Bids
ASIA GLOBAL: Receives Indications of Interest in Restructuring
ASIA GLOBAL: Reports Preliminary First Quarter Revenue
GUANGDONG INVESTMENT: Resolutions Passed at EGM
HARVEST SUMMIT: Petition to Wind Up Pending

SUN TUNG: Winding Up Petition Slated for Hearing


I N D O N E S I A

PERTAMINA TBK: IMF Refuses Participation in Karaha Case
SALIM GROUP: Holdiko Temporarily Halts Assets Sale


J A P A N

JAPAN AIRLINES: Falls Slightly on Moody's Rating
JAPAN AIRLINES: Expanding Ties With American Airlines
KOTOBUKIYA CO.: Lays Off 13,000 Workers
KOTOBUKIYA CO.: Sells Hallo Unit's 51% Stake
OMRON CORPORATION: Will Spin Off Healthcare Unit Next April

SNOW BRAND: Will Take 30% Stake in New Milk Firm
SUMIKURA INDUSTRIAL: Goes Bust With JPY1.8B in Liabilities

* Moody's Cuts JAL Rating to Ba1, Raises JAS to B1


K O R E A

DAEWOO MOTOR: Polish Court Grants Truck Unit's Bankruptcy
DAINONG HEAVY: Regains Profit With Soaring Exports
HYNIX SEMICON: Board to Meet After Creditors' Takeover
HYNIX SEMICON: Shares Fall 8% on Creditors' Takeover
SAMSUNG ELECTRONICS: Moody's Ups Ratings to Baa1

TONGGUK CORP.: Creditors Promote Debt-for-equity Swap


M A L A Y S I A

ABRAR CORPORATION: Moratorium Period Extended Until May 2003
AMSTEEL CORPORATION: Subsidiaries Face Petition From Tafco
BESCORP INDUSTRIES: Ninth AGM Fixed on June 25
BRIDGECON HOLDINGS: No Real Change in Financial Status
HAI MING: Updates Proposed Restructuring Exercise Status

JASATERA BHD: Proposed Recapitalization Exercise Appeal Pending
KEMAYAN CORPORATION: KLSE Rejects RA Time Extension Request
LIEN HOE: 32nd AGM to be Held on June 26
OMEGA HOLDINGS: Issues Monthly Update on Financial Status
PAN MALAYSIA: June 25 EGM, 20th AGM Set

PANGLOBAL BERHAD: Awaits SC's Proposed SoA Approval
SEAL INCORPORATED: May 2002 Defaulted Payment Stands RM56.4M
TAJO BHD: Posts Defaulted Payment Status Update
TRANS CAPITAL: 2001 Audited Accounts Submission Extended
UCP RESOURCES: Unit Defaults on Principal Payment of RM400,000


P H I L I P P I N E S

BENPRES HOLDINGS: Rescheduling US$596.9M Debt
METRO PACIFIC: Opposes Planned Global City Sale
PHILIPPINE LONG: Deal Will Benefit Digitel
NATIONAL BANK: Cuts Net Loss to PhP4.13B
TRANS-PHILIPPINES: SEC Junks Request for Payment Suspension

* First Pacific Decides to Proceed With Stake Sale


S I N G A P O R E

NATSTEEL LTD: Receives Buy-out Offer From Crown Central Assets
NATSTEEL LTD: Seeks Lifting of Trading Suspension
OAKWELL ENGINEERING: Lodges Capital Reduction


T H A I L A N D

SRIJULSUP COMPANY: Business Reorganization Petition Accepted
VIVATPRASERT COMPANY: Business Reorganization Petition Filed

     -  -  -  -  -  -  -  -

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


AUSTRALIAN MAGNESIUM: Expands Global Marketing, Support Network
---------------------------------------------------------------
Through the development of new magnesium automotive
applications, Australian Magnesium Corporation Limited (AMC) has
strengthened its international magnesium marketing and
automotive technical services network.

AMC has established marketing and technical services support
teams in North America, Europe and Asia Pacific and appointed
AMC resident engineers to work within several European and North
American car manufacturers.

In-house resident engineers recently placed by AMC with two
major car manufacturers are supporting work on over 35 new
components. This is in addition to the existing development work
and other alliances AMC has supported since 1998.

MARKETING NETWORK

Europe: Professor Gordon Dunlop has recently been appointed to
lead AMC's European sales and marketing activities. Prof Dunlop
is recognized as a world leader in research and development in
the light metals industry and was the Chief Executive Officer of
the Co-operative Research Center for cast metal manufacturing
(CAST).

CAST was established under Prof Dunlop's leadership in 1993 and
has worked on a number of critical technical developments for
the magnesium industry and its customers, including a new cover
gas for magnesium production and new alloys for magnesium
components.

The European team includes five other senior members with wide
ranging experience in the magnesium industry.

NORTH AMERICA:

Chris Hamm, who has worked with a number of automakers in North
America before joining AMC, leads the AMC team in North America.
He is supported by four other highly qualified team members,
these include; Al Hetke, a former senior automotive design
engineer; Dr Rod Esdaile, a highly respected metallurgist from
CSIRO who was sent to Detroit in 1994 to establish a presence in
the North American magnesium community; Rob Bailey, who has
spent most of his life working for magnesium producers,
diecasters and recyclers, and Dr Gerald Cole who recently
retired from the Ford Motor Company and is widely known in the
international magnesium industry in promoting the usage of
magnesium in the automotive sector.

ASIA PACIFIC:

AMC's regional manager in the Asia Pacific region is Greg
Fotheringham who was formerly employed by Comalco in a similar
role, and has extensive experience both in the light metals
industry and in the Asia Pacific region.

AUTOMOTIVE PROGRAMME STRATEGY

AMC intends to convert a number of the new component design
programmers into booked magnesium sales during the next three to
four years to supplement its current Ford magnesium sales
contract and existing industry support activities.

AMC has had a number of technical support and development
programmers underway since 1998, including the development of a
new magnesium alloy for a new structural component, which is
expected to be showcased later this year.

In-house resident engineers recently placed by AMC with two car
manufacturers are supporting work on over 35 new components.

These components range from interior structural applications to
powertrain components, all of which have various assessment and
development timetables.

AMC expects to appoint a third in-house engineer later this
year.

These initiatives enhance AMC's existing marketing and support
network and provide a global coverage and perspective to AMC's
automotive focus.

AMC remains committed to supporting automotive teams seeking
specialist magnesium advice on cost-effective solutions to
reduce weight, improve fuel economy and lower emissions.


BALLARAT GOLDFIELDS: Autek Buying 64M Shares
--------------------------------------------
AuTek Pty Limited has offered to purchase 64m shares of Ballarat
Goldfields NL (BGF) at an issue price of 2.34 cents per share
for a total subscription of $1.5 million. In addition, AuTek
also requests that BGF grant to AuTek, for no consideration, 48m
options to purchase BGF shares at an exercise price of 2.5 cents
exercisable at any time within the next five years.

This offer is at a significantly higher price than that
contemplated by the RFC proposal and the Republic proposal.
AuTek believes that it is also superior to the Rexadis proposal
and will be in the best interests of BGF shareholders to have an
opportunity to consider the offer. The reasons for this are:

   * The issue price is clearly superior.

   * Autek has access to an unconditional facility of $1.5m
which it intends to invest in BGF to allow it to retain the gold
mine and Oztrak assets, assisting it with its working capital
and initial mine development needs.

   * The investment is not subject to finance or due diligence
and therefore does not involve any material delays, costly
underwriting fees, corporate advisory fees or prospectus
preparation costs from BGF's perspective.

   * Autek is experienced in both the mining and technology
sides of BGF's business and can contribute guidance and
opportunities through its associated companies to the Oztrak
business.

   * Autek mining experience is through both global mine
planning technology and through the operation of our gold
CIP/Gravity plant located at Dunolly, close to the Harvest Home
and Pearl Croydon resources. Autek envisages BGF would take full
advantage of this plant enabling BGF to at last become a gold
producer!

   * Autek intends to facilitate the resumption of trading in
BGF shares on the ASX at an appropriate time to enable
shareholders to again participate in the open market.

   * This offer does not contemplate the removal of the existing
directors or providing us with Board control. Autek has
confidence in the management and the projects.

   * The availability of the gold mill 6 kms from Harvest Home
at Dunolly provides a unique opportunity to create a gold cash
flow for BGF. Ore can be hauled from Pearl Croydon, and early
mining of high grade exposed Leather Jacket ore at Ballarat
(which could be hauled to Dunolly) would also enhance the
prospects for BGF. Last year Autek purchased the key components
from the Ballarat East mill.

   * The Oztrak business dovetails with another part of our
group business, which specializes in GPS truck dispatch systems.
The skill base available has excellent depth and benefit to BGF.

This offer is:

   * conditional on the three sets of resolutions relating to
Rexadis Pty Ltd, RFC Corporate Finance Ltd and Republic Gold Pty
Ltd, presently scheduled for consideration on 4th June 2002,
each failing to pass; and

   * subject to some straightforward conditions, namely that the
BGF gold assets and the Oztrak business remain intact and in
BGF, that BGF remains solvent, that Autek obtains a seat on
BGF's board, that  there is no material change in BGF's
circumstances disclosed of which Autek is currently aware, that
acceptance of this  offer by BGF would be lawful and compliant
with all regulatory requirements and a contract with BGF is
entered into. Autek is currently drafting the necessary
contract. The injected funds will  be applied in an agreed
manner.

Autek considers that our offer is superior to existing proposals
and that acceptance of its offer by BGF will be in the best
interests of BGF shareholders. BGF shareholders should be given
a reasonable opportunity to consider our offer before being
asked to vote on the three proposals scheduled for consideration
on 4th June 2002.

Autek therefore urge the Board to postpone the scheduled meeting
for a reasonable period to allow such consideration. Autek
recommends the BGF Board subject to BGF shareholder approval,
which Autek believes could be sought as early as July, agree to
its offer. Autek requests that this offer be released
immediately to the ASX, shareholders and the public.

Finally, Autek must emphasize that AuTek's acquisition proposal
is not unfriendly towards BGF or its employees, but is motivated
by a genuine desire to run a proper, cash-generating business,
which ultimately will benefit all concerned.


FOREST PLACE: Revises Full Year Profit Forecast
-----------------------------------------------
The Directors of Forest Place Group Limited advised that the
full-year after tax profit forecast for the 12 months ending 30
June 2002, has been reduced and is now in the range $700,000 to
$900,000.

The reduction in the forecast is primarily due to two factors:

   1. The Directors decided at their Board meeting on 31 May
2002 to reduce the value of some exit fees for the 12 months
ending 30 June 2002. This reduction was made against a
background of sales prices actually being achieved on specific
types of units in the Durack retirement village.

   2. The previous forecast was overstated by approximately
$500,000 due to a management error in the calculation of 2002
exit fee income. The calculation of exit fee income is a complex
process and the error was detected in reviewing the profit
forecast and has been confirmed on Tuesday.

The Company is continuing to work with its financiers on a more
appropriate funding structure for the group. However the
completion of these negotiations is taking longer than
previously anticipated and it is now unlikely that new
development works will commence in June 2002, as previously
advised.

Tillinghast-Towers Perrin has advised the Company that the
valuation of the retirement villages will be completed by mid
June 2002.


PMP LIMITED: N M Rothschild Ceases to be Substantial Holder
-----------------------------------------------------------
N M Rothschild Australia Holdings Pty Limited ceased to be a
substantial shareholder in PMP Limited on 01 June 2002.

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

PMP Limited, during the half to 31 December 2001, reduced its
net debt from $542 million to $432 million, a reduction of $110
million. Net debt is down from a peak of around $600 million at
December 2000.


POWERTEL LIMITED: Releases AGM Results
--------------------------------------
Powertel Limited announced that all resolutions were passed at
Annual General Meeting held on My 31, 2002.  For the purposes of
section 251AA of the Corporations Law, the following information
regarding proxy votes is disclosed:

1.  The total number of proxy votes submitted were 481,223,139

2.  In relation to Resolution 2, the appointments specified the
following voting directions:

   a) For                           351,394,124
   b) Against                           481,459
   c) Abstained/No Vote              78,832,576
   d) Discretionary                  50,514,980

3. In relation to Resolution 3, the appointments specified the
following voting directions:

   a) For                           351,268,818
   b) Against                         1,553,944
   c) Abstained/No Vote              78,833,551
   d) Discretionary                  49,566,826

4. Resolution 4 was withdrawn from the meeting:

In relation to Resolution 2 & 3, Mr Miller Williams and Mr John
Bumgarner, Jr were re-elected as Directors of PowerTel Limited
effective on May 31, 2002.


UNITED ENERGY: Appoints General Manager Utility Operations
----------------------------------------------------------
United Energy Chief Executive Officer, Bob Holzwarth, announced
last week the promotion of Hugh Gleeson, United Energy's General
Manager Distribution, to the role of General Manager Utility
Operations.

The newly-created role has been established to oversee many of
the responsibilities currently held by Chief Operating Officer,
Mike Jonagan. Mr Jonagan is being repatriated to the United
States by United Energy cornerstone shareholder, Aquila Inc,
effective late June.

Mr Gleeson will oversee the Distribution and National Power
Services operations, and the Purchasing and Regulation areas of
the business. Two other responsibilities currently overseen by
Mr Jonagan, Utili-Mode operations and Information Services, will
transition to Mr Holzwarth.

Mr Holzwarth said that he was delighted to appoint Mr Gleeson to
the role.

"Hugh has a perfect background for the position. He has
extensive knowledge of many of the key functions of the
business, particularly Regulation and Distribution. Hugh also
has broader expertise, having worked in the industry for around
two decades. This period includes the electricity privatization
process in and United Energy's establishment as an ASX-listed
entity."

Mr Holzwarth said that Mr Gleeson will work closely with Mr
Jonagan over coming weeks to ensure a smooth transition takes
place.

"I would like to sincerely thank Mike for his considerable
efforts over the past 18 months at United Energy," he said.

According to Wrights Investors' Service, at the end of 2001,
United Energy Limited had negative working capital, as current
liabilities were A$424.51 million while total current assets
were only A$157.47 million.


VOICENET (AUST): Rights Issue Shares Dispatch Date Amended
----------------------------------------------------------
Voicenet (Aust) Limited announced that the date for the
allocation of the New Shares to be issued pursuant to the rights
issue and the dispatch of holding statements has been amended to
14 June 2002.

On May 4, TCR-AP reported that Voicenet (Aust) has reached an
agreement to settle the claim against it by William Buck WA
(WBWA). The agreement includes the placement of shares in the
Company to William Buck WA at 2.5 cents each in satisfaction of
the claim for $223,955.00. The agreement is subject to
shareholder approval, which is to be sought at the company's
Annual General Meeting to be held on 31 May 2002.


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


ASIA GLOBAL: Hutchison Whampoa Has Not Submitted Any Bids
---------------------------------------------------------
Hutchison Whampoa Ltd said it has not submitted any bids either
on its own or via a consortium to participate in the debt and
equity restructuring of Asia Global Crossing, AFX Asia reported,
citing an unnamed company spokeswoman.

Asia Global Crossing has received several expressions of
interest from third parties for a debt and equity restructuring
of the company.

Earlier, Hutchison Whampoa said that it was keeping its options
open on whether to make a bid for Asia Global Crossing.

Hutchison Whampoa and Singapore Technologies Telemedia Pte Ltd
withdrew a US750 million bid for Global Crossing recently after
failing to reach an agreement with the company's creditors.


ASIA GLOBAL: Receives Indications of Interest in Restructuring
--------------------------------------------------------------
Asia Global Crossing announced on Monday that it had received
multiple indications of interest from third parties for a debt
and equity restructuring of the company.

"We are very pleased with the indications of interest we have
received," said Jack Scanlon, vice chairman and chief executive
officer, Asia Global Crossing. "We are currently evaluating the
proposals, each of which will require further discussions with
the interested parties before presentation to our Board of
Directors."

Asia Global Crossing is bound by confidentiality agreements that
preclude disclosure of specific facts concerning the parties
that have expressed interest and the terms and conditions of
each proposal.

Asia Global Crossing cautions that while indications of interest
have been received, there remains no assurance that any of the
proposals will result in a firm offer or definitive agreement.

About Asia Global Crossing

Asia Global Crossing provides city-to-city connectivity and data
communications solutions to pan-Asian and multinational
enterprises, ISPs and carriers.  Through a combination of
undersea cables and terrestrial networks, Asia Global Crossing
owns and operates the region's first truly pan-Asian
telecommunications network, which offers seamless connectivity
among the major business centers of the Asia Pacific region.  In
addition, in combination with the Global Crossing Network, Asia
Global Crossing provides access to more than 200 cities
worldwide.  Asia Global Crossing's largest shareholders include
Global Crossing, Softbank and Microsoft.


ASIA GLOBAL: Reports Preliminary First Quarter Revenue
------------------------------------------------------
Asia Global Crossing reported Monday the following preliminary
information concerning its business performance
for the quarter ended March 31, 2002.

The preliminary, unaudited financial information below should be
read in conjunction with the Note below.

Financial Overview

Revenue was $44.7 million for the first quarter, compared to
$46.7 million in revenue for the fourth quarter of 2001 and
$16.3 million for the same quarter last year.  Asia Global
Crossing's recurring services revenue, which is revenue less
amounts related to IRU amortization, was $38.3 million for
the quarter, compared to $41.6 million in the previous quarter
and $15.3 million for same period last year.  Year-on-year
growth is primarily attributable to the fact that the company's
network infrastructure and product offerings are at a
significantly more developed stage now than in the first quarter
of 2001.

"We are pleased that despite the continuing difficult
telecommunications environment and the uncertainty during the
quarter related to our majority shareholder Global Crossing and
our own on-going restructuring efforts, our revenue held
relatively steady over the past two quarters," said Jack
Scanlon, vice chairman and chief executive officer, Asia Global
Crossing.

Recurring services revenue from enterprise customers, a key
target for Asia Global Crossing's strategy, increased slightly
quarter-on-quarter, with the number of IP Transit customers
increasing 18 percent over the previous quarter.

During 2001, Asia Global Crossing entered into a number of
transactions in which it provided capacity, services or
facilities to other telecommunications carriers and, at
approximately the same time, purchased or leased capacity,
services or facilities from these same telecommunications
carriers.  The company refers such transactions as
"reciprocal transactions."

While Asia Global Crossing did not enter into any new reciprocal
transactions during the first quarter, its revenue for the first
quarter included $9.2 million recognized from previous
reciprocal transactions, compared to $8.4 million for the fourth
quarter of 2001 and zero for the same quarter last year.  A
significant number of the company's transactions during 2001
were completed with telecommunications carriers from whom Global
Crossing purchased capacity, services or facilities at
approximately the same time as these carriers purchased
capacity, services or facilities from Asia Global Crossing.
Revenue recognized from such transactions was $3.0
million for the first quarter of this year, compared to $2.7
million for the fourth quarter of 2001 and zero for the first
quarter a year ago.

Liquidity Update

Asia Global Crossing had approximately $294 million in cash at
the end of the first quarter, excluding $56.2 million held by
Pacific Crossing Ltd. During the quarter, Asia Global Crossing
made approximately $95 million in payments to its two major
vendors as part of a financial restructuring plan that defers
amounts that would otherwise have been payable to these vendors
in 2002 into the years 2003 through 2005.  These first quarter
payments reflect the majority of payments to these vendors for
the year.

Asia Global Crossing currently has approximately $317 million in
cash on hand, excluding approximately $57 million held by
Pacific Crossing Ltd.  The change from the balance at the end of
the first quarter reflects the interest payment made on May 15th
to holders of its Senior Notes due 2010 and proceeds from Asia
Global Crossing's recent restructuring of some of its joint
ventures.

Note

The above first quarter 2002 financial information is
preliminary and unaudited, and has not been reviewed by the
company's independent public accountants, Arthur Andersen LLP.
Final audited results may differ, and are dependent upon
completion of an investigation into certain allegations
regarding accounting and reporting and determinations regarding
asset impairments, both of which were discussed in the company's
fourth quarter and full-year 2001 results of operations release
on February 26, 2002.  As earnings will depend materially upon
the final determination of asset impairments and could be
affected by the conclusions of the investigations, no results of
operations beyond revenue for the quarter are presented.


GUANGDONG INVESTMENT: Resolutions Passed at EGM
-----------------------------------------------
The Board of Directors of Guangdong Investment Limited announced
that at the extraordinary general meeting of the Company held on
31 May 2002, ordinary resolutions were approved. The resolutions
relate to:

   (a) the termination of the existing share option scheme of
the Company dated 2 February 1994 as amended on 29 December 1997
and the adoption of a new share option scheme of the Company, in
accordance with the terms of ordinary resolution no. 1 (as more
particularly set out in the Circular),

   (b) the termination of the existing share option scheme of
GDB dated 22 July 1997 and the adoption of a new share option
scheme of GDB, in accordance with the terms of ordinary
resolution no. 2 (as more particularly set out in the Circular),
and

   (c) the termination of the existing share option scheme of
GDT dated 26 November 1996 and the adoption of a new share
option scheme of GDT, in accordance with the terms of ordinary
resolution no. 3 (as more particularly set out in the Circular),
were duly passed.


HARVEST SUMMIT: Petition to Wind Up Pending
-------------------------------------------
The petition to wind up Harvest Summit Limited is scheduled to
be heard before the High Court of Hong Kong on July 3, 2002 at
10:00 am.  The petition was filed with the court on March 18,
2002 by Wong Wing Kong of Flat C, 9th Floor, Hai Tan Mansion,
Hai Tan Street, Shamshuipo, Kowloon, Hong Kong.


SUN TUNG: Winding Up Petition Slated for Hearing
------------------------------------------------
The petition to wind up Sun Tung Lok Sharks Fin Restaurant
Limited is scheduled for hearing before the High Court of Hong
Kong on July 3, 2002 at 11:30 am.

The petition was filed with the court on April 3, 2002 by Yiu
Kam Kwan of 4/F., 8 Yin On Street, To Kwa Wan, Kowloon, Hong
Kong.


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I N D O N E S I A
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PERTAMINA TBK: IMF Refuses Participation in Karaha Case
-------------------------------------------------------
Pertamina Tbk accused the International Monetary Fund (IMF) of
washing its hands of its legal dispute with Karaha Bodas Co.
LLC, despite IMF's suggestion to suspend the Karaha's project in
late 1990s, Jakarta Post reported Tuesday.

Pertamina's President Baihaki Hakim said that Pertamina had
asked the agency to testify on the project's suspension at the
New York court but the IMF turned down the request.

"The IMF's rejection is unfair because it, under the letter of
intent, supported the government in its suspension of many IPP
projects. Therefore, the IMF should explain the project
suspension was its own suggestion for coping with the economic
crisis, Baihaki Hakim said."

Karaha entered into contracts with Pertamina and another
Indonesian entities to develop the Karaha Bodas Geothermal Power
Project. Due to the Indonesian government's suspension of the
geothermal power project and its inability to continue its
realization, Karaha filed a lawsuit to an arbitration court
in Switzerland pursuant to the Arbitral Rules of the United
Nations Commission on International Trade Regulations.

After prolonged hearings, the independent arbitrators ruled
against Pertamina, awarding Karaha approximately $261 million in
damages. Pertamina refused to pay and as a consequence, Karaha
had begun seizing the Indonesian oil company's assets around the
world in order to collect the damages.

Pertamina has appealed, saying the funds belonged to the
government from the sale of liquefied natural gas. Pertamina won
a U.S. court order to release 95 percent of the funds, but
Karaha also appealed against the release order. Neither the
government nor Karaha can withdraw the disputed funds at
present.

Baihaki said that that in contrast with the IMF, the U.S.
Secretary of State welcomed Pertamina's request for it to offer
an explanation to the U.S. court.


SALIM GROUP: Holdiko Temporarily Halts Assets Sale
--------------------------------------------------
PT Holdiko Perkasa will halt temporarily its plan to sell the
remaining assets of Salim Group following the rulings of the
Business Competition Oversight Committee (BCOC) to sanction Rp5
billion at Indomobil stake sale scandal, Bisnis Indonesia
reports citing President Director Scott Coffey.

Coffey said the temporary halt of assets sale, which includes PT
Metropolitan Kantjana' sale, was in compliance with the
recommendation by the law advisor of Holdiko, Todung Mulya Lubis
from Lubis, Santosa and Maulana office.

"That was in compliance with asset sale procedures implemented
by Holdiko/the Indonesian Bank Restructuring Agency, even since
the sale of publicly listed PT Astra International in the year
2000," he said.

It was reported that PT Holdiko Perkasa would finalize the sale
of remaining 32 companies belonged to Salim Group on November of
this year with revenue target of Rp2.64 trillion.


=========
J A P A N
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JAPAN AIRLINES: Falls Slightly on Moody's Rating
------------------------------------------------
Japan Airlines dropped 1.8 percent to 376 yen after Moody's
Investors Service cut the long-term debt rating of Asia's
largest airline to less than investment grade, Bloomberg
reported.

The ratings downgrade, Moody's said, was because of the weak
Japanese economy and heightened competition.


JAPAN AIRLINES: Expanding Ties With American Airlines
-----------------------------------------------------
Japan Airlines Inc has agreed with American Airlines Inc to
boost their partnership through an increase in code-share
flights, especially on Narita-China routes, Asia Pulse reported.

American Airlines Chief Executive Officer Donald Carty said
collaboration on a China route is particularly attractive on
anticipated growth in demand.

American Airlines and JAL now operate 1,385 code-share flights a
week. Other areas of cooperation include frequent-flyer programs
and reservation systems.


KOTOBUKIYA CO.: Lays Off 13,000 Workers
---------------------------------------
Kotobukiya laid off 13,000 employees in early May and has begun
its search for buyers in an effort to reorganize and reopen the
retail business, NamNews reported.

The supermarket group, which declared bankruptcy on December 19,
had planned to rehire employees while it looked for a buyer, but
ultimately decided to postpone that step until it was on firmer
ground financially.

In April, the Troubled Company Reporter Asia Pacific said that
Kotobukiya had plans to submit a rehabilitation plan to the
Kumamoto District Court by July 16.

Kotobukiya told its creditors it aims to reinvent itself as a
real estate management business and asked them to refrain from
disposing of its real estate held by the financial institutions
as collateral.


KOTOBUKIYA CO.: Sells Hallo Unit's 51% Stake
-------------------------------------------
Japanese retail giant Aeon Co. has purchased a 51 percent stake
in supermarket operator Hallo from failed Kotobukiya Co., the
largest supermarket group on the southern Kyushu island, Dow
Jones Newswires reported.

Financial details were not disclosed.

Aeon will provide support, including product supply, to Hallo,
which operates 48 supermarkets in western Japan and generated
39.6 billion yen in sales for the business year ended February.


OMRON CORPORATION: Will Spin Off Healthcare Unit Next April
-----------------------------------------------------------
Omron Corp, a global leader in the field of automation, will
spin off its unit that makes and sells thermometers and
sphygmomanometers into a new company next April. Omron plans to
list the new company as early as 2005, AFX Asia reported, citing
the Nihon Keizai Shimbun.

It is also likely to integrate a machinery developer subsidiary
in Kyoto and a machinery manufacturing subsidiary in Matsuzaka,
Mie Prefecture, the report said.

Omron Corp., which launched a restructuring program in November
2001, will step up streamlining efforts in a bid to move into
the black on a net basis in the fiscal year through March 2003.

The Company this month plans to split up an in-house company
that produces and sells large systems equipment, automatic
ticket barriers and automatic teller machines. In addition,
Omron will establish two new in-house companies, one for
production and the other for software development and
maintenance services.

Omron will sell off idle real estate and other assets, in
addition to revising personnel affairs, employee training and
distribution systems.

Omron - www.omron.com - has more than 25,000 employees in over
35 countries working to provide products and services to
customers in a variety of fields including industrial
automation, electronic components industries, and healthcare.
The company is divided into five regions and head offices are in
Japan (Kyoto), Asia Pacific (Singapore), China (Hong Kong),
Europe (Amsterdam) and US (Chicago).

Omron liquidated two of its consolidated subsidiaries namely
Omron Office Automation Products, Inc. and Omron Communicative
Creation Corporation on April 5.


SNOW BRAND: Will Take 30% Stake in New Milk Firm
------------------------------------------------
Struggling Snow Brand Milk Products Co. is expected to take a 30
percent stake in a new milk company it will set up jointly with
two farm cooperative unions next January, Dow Jones Newswires
reported, citing the Nihon Keizai Shimbun.

The National Federation of Agricultural Cooperative Associations
(Zen-noh) will acquire a 40 percent stake for 6 billion yen,
becoming the largest shareholder in the milk firm, which will be
capitalized at 15 billion yen.

The National Federation of Dairy Cooperative Associations
(Zenrakuren) will own a 20 percent interest. Norinchukin Bank, a
major creditor bank of Snow Brand, will take the remaining 10
percent interest.

A detailed outline of the new milk firm will be announced today.

Two weeks ago, Snow Brand Milk of Shinjuku-ku in Tokyo posted a
group net loss of 71.74 billion yen in the business year to
March 31, 35 percent worse than the year before, due to plunging
sales in the wake of a food mislabeling scandal at its meat
packing subsidiary.


SUMIKURA INDUSTRIAL: Goes Bust With JPY1.8B in Liabilities
----------------------------------------------------------
The Tokyo District Court on Monday declared scandal-hit
metalworking machinery maker, Sumikura Industrial Co, bankrupt,
Japan Today reported.

According to private credit-research agency Teikoku Databank
Ltd, the Tokyo-based Sumikura has liabilities of around 1.8
billion yen.

Sumikura filed for bankruptcy May 10 on the grounds the Company
had lost public trust and was unable to continue operations
following the arrest of its former President Hajime Oshima on
suspicion of paying off "sokaiya" corporate racketeers.


* Moody's Cuts JAL Rating to Ba1, Raises JAS to B1
--------------------------------------------------
Moody's Investors Service Inc said Monday it has lowered the
senior debt rating of Tokyo-based Japan Airlines Co., Ltd. (JAL)
to Ba1 from Baa3, while raising the issuer rating of Japan Air
System (JAS) to B1 from B2.

The rating outlook for JAL is negative, while that for JAS is
positive, the U.S. credit-rating agency said.

Moody's said the ratings actions follow the announcement by the
Fair Trade Commission to approve the planned merger in October
of the two airlines after they had made revisions to their
original plan.

The downgrade of JAL reflects the outlook for weaker cash flows
as a result of expected severe price competition in the domestic
market and the more difficult business environment facing the
aviation industry due to the weak Japanese economy.

The rating of JAL also takes into consideration its high
leverage, which is unlikely to reduce significantly in the short
term, Moody's said.

The upgrade of JAS reflects the expected synergistic benefits of
integrating the JAL and JAS networks - either for the purpose of
acquiring more customers to fly on JAS, or eliminating a
competitor.


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


DAEWOO MOTOR: Polish Court Grants Truck Unit's Bankruptcy
---------------------------------------------------------
Daewoo Motor Polska's light-truck plant in the city of Nysa was
granted a motion for bankruptcy by a Polish court on Monday, the
Associated Press reported. The court said it was the only way to
try to meet creditors' claims.

Under the court's ruling, all or part of the plant must be sold
in an effort to satisfy creditors. A court-appointed administer
could try to restructure whatever remains.

Factory chairman, Zbigniew Szczepanski, said the factory could
be restructured into an assembly plant with 450 workers, half
the current number, or taken over by a strategic investor.

The factory filed for bankruptcy in April, citing debt and lack
of support from South Korean parent, Daewoo Motor Co., which
filed for bankruptcy last November after amassing $17 billion in
debt.

Another Polish Daewoo operation, a car factory in the eastern
city of Lublin, was declared bankrupt in January. Efforts to
find a buyer so far have failed.

Daewoo's largest Polish factory, an automobile plant in Warsaw,
also has suffered losses and laid off workers, but so far has
avoided insolvency.


DAINONG HEAVY: Regains Profit With Soaring Exports
--------------------------------------------------
Dainong Heavy Industries Inc.'s operating balance swung from a
deficit of 1.4 billion won ($1.14 million) in 2000 to a profit
of 1.2 billion won last year as exports surged from $5 million
in 1999 to $10.74 million in 2000, the Korea Herald reported.

The Company's annual turnover also expanded from 16 billion won
to 25 billion last year, the report said.

"Emerging from a long, dark tunnel of heavy debts inherited from
the bankrupt parent Dainong Group, Dainong Heavy Industries has
managed to secure sufficient viability largely thanks to the
brisk exports," said Yoo Jin, a company managing director in
charge of overseas business.

Yoo Jin added that Dainong Heavy's sustainable growth will
largely depend on how the court and creditors reschedule or
forgive the Company's outstanding debt and debt guarantees worth
200 billion won.

He then revealed that efforts for debt-for-equity swaps by
creditors and foreign takeover are likely to pick up pace once
the debt issues are settled.

Dainong Heavy Industries Inc. - www.dnhi.co.kr - has been in
court receivership for years imposed in the wake of its parent
group's bankruptcy after its unsuccessful diversification and
debt-financed expansion and was dismantled in March 1998 with
Dainong Heavy, Midopa Department Store and several other units
placed under court receivership.

A specialist in hydraulic construction equipment, Dainong Heavy
is now credited with producing the world's best-quality concrete
pump trucks, hydraulic crawler drills and low-noise hydraulic
breakers.

CONTACT:
Address: 648-4 Gojan-dong, Namdong-ku, Inchon, Korea
Telephone: +82-32-819-9333, Fax: +82-32-821-2910
E-Mail: chungju@kotis.net


HYNIX SEMICON: Board to Meet After Creditors' Takeover
------------------------------------------------------
Hynix Semiconductor Inc.'s Board will meet today to discuss with
the Company on the number of seats the creditors may take on its
Board, Bloomberg reported, citing Byun Dong Hee, officer in
charge of corporate credit review for Hynix at creditor Korea
Exchange Bank.

The meeting comes after Korea Exchange, Woori Bank and other
Hynix creditors seized control of the debt-ridden chipmaker
Monday with the conversion of about 3 trillion won ($2.3
billion) of debt into equity, giving them 81 percent of Hynix.

Creditors have talked about breaking up and selling the
chipmaker to recoup some of their $5 billion loans to Hynix.

On April 30, the Hynix Board rejected a credit-led agreement
from U.S. rival Micron Technology Inc. to purchase assets of the
chipmaker for about $3 billion. Creditors sought the sale after
financing two multibillion-dollar bailouts last year, when chip
prices slipped below the cost of production.


HYNIX SEMICON: Shares Fall 8% on Creditors' Takeover
----------------------------------------------------
Hynix Semiconductor Inc. fell 8.1 percent to a record low of 570
won on concern the South Korean chipmaker will lose most of its
business when creditors take control of the Company, Bloomberg
reported yesterday.

Hynix's creditors, including Korea Exchange Bank, want to break
up the world's third-largest maker of computer memory chips for
an eventual sale.

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


SAMSUNG ELECTRONICS: Moody's Ups Ratings to Baa1
------------------------------------------------
Moody's Investors Service said Monday it has upgraded the long-
term ratings of Seoul's Samsung Electronics Co., Ltd (SEC) to
Baa1 from Baa2.

The rating action reflects diversification of SEC's profit
source, as well as improvements in SEC's balance sheet, Moody's
said.

SEC has in the past several years tried to diversify its profit
source, reducing dependence on memory semiconductors such as
DRAM (dynamic random access memory) and SRAM (static random
access memory), while strengthening system LSIs, LCDs (liquid
crystal displays), mobile phones and consumer electronics
products. SEC's profit source has diversified as a result,
improving stability of cash flow.

SEC's financial flexibility has also been improved with its
strong operating cash flow that exceeded huge capital
expenditure requirements despite the global IT market downturn.


TONGGUK CORP.: Creditors Promote Debt-for-equity Swap
-----------------------------------------------------
Creditors of Tongguk Corp. are pushing for the conversion of
796.8 billion won worth of loans into equity, freeze repayment
of principal by 2005, cut interest rates on principal by 5
percentage points by 2003 and 4 percentage points by 2005, to
relieve the ailing manufacturer of synthetic fibers of its heavy
debt burden, the Korea Herald reported.

According to a creditor official, huge interest costs are still
keeping the company in large net losses. Creditors have thought
the company could get back on its feet if the interest burden is
lessened.

Tongguk Corp currently has 1.5 trillion won worth of liabilities
to financial institutions.

When the debt rescheduling is implemented, the official said
that Tongguk's financial burden would be reduced by some 300
billion won, helping the company to emerge from the workout
arrangement by 2005.

Tongguk Corp. was put under a debt-workout program in 1998 and
delisted from the Korea Stock Exchange for its failure to get
out of total capital erosion for two years.


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


ABRAR CORPORATION: Moratorium Period Extended Until May 2003
------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed), in
compliance with paragraph 4.1(b) of PN 4/2001, announced the
following:

On 10 January 2002, the Special Administrators (the SAs) of the
Company held a briefing for interested parties with strong
assets backing and management expertise on the tender procedure
for the submission of offers / proposals on the restructuring
exercise of the Company. The interested parties were required to
submit the offers / proposals on 23 January 2002.

On 6 March 2002, the SAs of the Company conducted a restricted
re-tender exercise for the two (2) shortlisted bidders who were
required to submit their revised offers / proposals by 13 March
2002. On 15 April 2002, the SAs of the Company selected a White
Knight to participate in the corporate debt restructuring
exercise of the Company.

On 16 May 2002, the SAs of the Company, for and on behalf of
ACB, entered into a Memorandum of Understanding (MoU) with
several parties (the White Knight) to regulate and record the
basic understanding of the key areas of agreement pending
finalization and approval of the proposed Workout Proposal for
the Company.

The SAs are currently formulating a Workout Proposal for the
Company pursuant to Section 44 of the Pengurusan Danaharta
Nasional Berhad Act, 1998 (the Danaharta Act). The Company's
Workout Proposal will inter alia take into consideration the
interest of all stakeholders that will also deal with the
Company's plans to regularize its financial condition, its
inadequate level of operations and the minimum RM60 million
paid-up capital requirement for companies listed on the Main
Board of the Exchange.

In the meantime, on 23 May 2002, the Company announced that the
moratorium under Section 41 of the Danaharta Act, which took
effect from 27 May 2000, i.e. the date of the appointment of SAs
to the Company and which expires on 26 May 2002, has been
further extended to 26 May 2003. The extension of the moratorium
is pursuant to Section 41(3) of the Danaharta Act.


AMSTEEL CORPORATION: Subsidiaries Face Petition From Tafco
----------------------------------------------------------
The Board of Directors of Amsteel Corporation Berhad (Amsteel)
informed that its 70% owned subsidiaries namely Ambang Maju Sdn
Bhd (Ambang Maju), Akurjaya Sdn Bhd (Akurjaya) and Aquabio
Holdings Sdn Bhd (Aquabio) (collectively the "Subsidiaries")
have been served with an originating petition (KLHC No. D2-26-
20-2002) under Section 181 of the Companies Act, 1965 by Tafco
Development Sdn Bhd (Tafco). Tafco has also sued the ex-
directors of Ambang Maju. Tafco owns the balance 30% equity in
Ambang Maju.

Background to the litigation

By a third party legal charge dated 31 December 1997, Ambang
Maju created a third party charge over its lands measuring
approximately 807.9 acres (Lands) to a lender (Lender) as
security for advances granted to a related corporation. The
Lender has expressly agreed that in the event the Lender should
foreclose on the charged Lands, the Lender would only be
entitled to receive 70% of the proceeds since Ambang Maju is a
70% owned subsidiary of Amsteel. The balance 30% proceeds would
be paid over to Tafco as the owner of the balance 30% equity in
Ambang Maju.

The litigation

The litigation was filed by Tafco in relation to the above
security arrangements. In the originating petition, Tafco
alleged inter alia that (a) the affairs of Ambang Maju are
conducted and/or the powers of the directors are exercised in a
manner oppressive to Tafco or in disregard of Tafco's interest
as a shareholder of Ambang Maju; and (b) Ambang Maju did not
receive any benefit from the aforesaid security arrangements.

Tafco has applied for the following orders:

   (a) the third party charge to be cancelled and declared null
and void; and

   (b) to compel Akurjaya and Aquabio to purchase Tafco's 30%
equity in Ambang Maju at a value equal to 30% of the estimated
market value of the Lands or 30% of the estimated profit to be
derived by Ambang Maju if the Lands were developed.

The Directors of Amsteel is awaiting legal advice as to the next
course of action to be taken in this litigation.


BESCORP INDUSTRIES: Ninth AGM Fixed on June 25
----------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed)
advised that the Ninth Annual General Meeting of the Company
will be held at The Greens Room, Tropicana Golf & Country Club,
Jalan Kelab Tropicana, Off Jalan Tropicana Utama, Persiaran
Tropicana, Tropicana Golf & Country Resort, 47410 Petaling Jaya
on Tuesday, 25 June, 2002 at 10.00 a.m. to transact the
following businesses:

ORDINARY BUSINESS

1. To receive and consider the audited accounts for the year
ended 31st December 2001 together with the Directors' and
Auditors' Reports thereon. (Resolution 1)

2. To approve the payment of Directors' Fees of RM10,000 in
respect of the year ended 31st December 2001. (Resolution 2)

3. To re-elect the following Director retiring in accordance
with the Company's Articles of Association:

   i) En. M. Hafifi bin Hafidz (Resolution 3)

4. To re-appoint Messrs Arthur Andersen & Co. as Auditors of the
Company and to authorise the Directors to fix their
remuneration. (Resolution 4)

AS SPECIAL BUSINESS

5. To consider and if thought fit, to pass the following Special
Resolution:

"THAT the proposed amendments to the Memorandum and Articles of
Association of the Company submitted to this meeting, copies of
which have been circulated to the members be approved and
adopted." (Resolution 5)

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


BRIDGECON HOLDINGS: No Real Change in Financial Status
------------------------------------------------------
Bridgecon Holdings Berhad (Special Administrators Appointed)
informed that there are no significant changes on the status of
the Company's plan to regularize its financial condition
pursuant to Practice Note No. 4/2001.

The tender exercise for the proposed corporate and debt-
restructuring scheme of the Company was closed on 10 May 2002.
The Special Administrators of the Company (the SAs) had
completed their evaluation of the proposal submitted by the
potential promoters. The SAs are in the midst of discussing with
the selected white knight on the terms and conditions of the
agreement to be executed.

Further announcement will be made upon the signing of the
agreement with the selected white knight.


HAI MING: Updates Proposed Restructuring Exercise Status
--------------------------------------------------------
Hai Ming Holdings Berhad, pursuant to PN4/2001 is required to
obtain all the necessary approvals for the implementation of its
Proposed Restructuring Exercise, updates the current status of
the Company's application to the relevant authorities, as
follows:

A. The Foreign Investment Committee (FIC) had vide FIC's letter
dated 20 February 2002, received on 7 March 2002, granted its
approval for the Proposed Restructuring Exercise. An
announcement was made to the KLSE on 7 March 2002.

FIC's approval for the Proposed Restructuring Exercise is
subject to the condition that the equity structure of Hai Ming
is to be reviewed after a period of three (3) years.

B. The Securities Commission (SC) had vide:

   a. SC's letter dated 03 April 2002, for which an announcement
was made on 08 April 2002, approved the Proposed Restructuring
Exercise subject to certain conditions;

   b. SC's letter dated 09 April 2002 (in addition to the above
SC's approval letter dated 03 April 2002) approved the issuance
of the Redeemable Convertible Secured Loan Stocks and
Irredeemable Convertible Unsecured Loan Stocks, for which an
announcement was made on 12 April 2002; and

   c. SC's letter dated 11 April 2002 approved the proposed
waiver to Mr Koh Poh Seng and parties acting in concert with
him, namely Ms Chai Kim Hua and Mr Koh Cheng Tuan, from the
obligation to extend a mandatory take-over offer for the
remaining shares not already owned by them in HMHB upon the
completion of the Proposed Acquisition of Koh Poh Seng Plywood
Co. (M) Sdn Bhd pursuant to Practice Note 2.9.3 of the Malaysian
Code on Take-Overs and Mergers, 1998, for which an announcement
was made on 17 April 2002.
and

C. The Ministry of International Trade and Industry (MITI) vide
MITI's approval letter dated 15 April 2002 approved the Proposed
Restructuring Exercise, for which an announcement was made on 17
April 2002.

HMHB is to discuss with the MITI regarding the compliance of the
equity conditions of its subsidiary companies after the
implementation of the proposed restructuring exercise.

The Company has received all the necessary approvals from the
relevant authorities to implement the Proposed Restructuring
Scheme subject to the conditions imposed thereon. The Company
has accepted all the conditions imposed.

The White Knights have made the necessary arrangements to comply
with the conditions imposed on them by the SC. These
arrangements had been conveyed to the SC in early May and
approvals are now pending.


JASATERA BHD: Proposed Recapitalization Exercise Appeal Pending
---------------------------------------------------------------
Jasatera Berhad, in reference to paragraph 4.1 (b) of PN 4/2001
whereby the listed issuer is required to announce the status of
it's plan to regularize it's financial condition on a monthly
basis until further notice from the KLSE, announced that the
appeal on the Proposed Recapitalization Exercise was submitted
to the Securities Commission and the Foreign Investment
Committee.

The Company is awaiting their decision.


KEMAYAN CORPORATION: KLSE Rejects RA Time Extension Request
-----------------------------------------------------------
Kemayan Corporation Berhad, further to the announcement on 11
April 2002, announced that the Kuala Lumpur Stock Exchange had,
via its letter dated 31 May 2002, rejected the Company's appeal
for an extension of time from 31 March 2002 to 30 June 2002 to
make the Requisite Announcement pursuant to Paragraph 5.1(a) of
PN4/2001.

Nevertheless, the Company still has the obligation to regularize
its financial condition in accordance with the requirements of
Paragraph 8.14 of the Listing Requirements and PN4/2001 by 31
December 2002, failing which the Company may be de-listed from
the Official List of the KLSE pursuant to Paragraph 16.09 of the
Listing Requirements.

The Company also announced that it is in the midst of
formulating a restructuring plan, which will regularize its
financial condition, to be agreed upon between the Company and
the creditors of the KCB Group i.e. Scheme Creditors. Pursuant
thereto, KCB is currently in negotiation with the Scheme
Creditors. Following this, the details of the proposed
restructuring scheme will, upon finalization, be announced
accordingly.


LIEN HOE: 32nd AGM to be Held on June 26
---------------------------------------
Lien Hoe Corporation Berhad advised that its 32nd Annual General
Meeting of the members will be held at Laksamana Ballroom, Hotel
Armada, Lorong Utara C, Section 52, 46200 Petaling Jaya,
Selangor Darul Ehsan on Wednesday, 26 June 2002 at 10 a.m. for
the purpose of transacting:

AS ORDINARY BUSINESS

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

2. To re-elect the following Directors retiring pursuant to
Article 91 of the Company's Articles of Association:

   Dato' Yap Sing Hock (Resolution 2)
   Dato' Jacob bin Mad Amin (Resolution 3)
   Khow Eng Guan (Resolution 4)
   Cheong Marn Seng (Resolution 5)
   Lim Meng Hua (Resolution 6)
   Yeoh Chong Keat (Resolution 7)

4. To re-appoint Messrs Ernst & Young as Auditors of the
Company, to hold office until the conclusion of the next Annual
General Meeting of the Company, at a remuneration to be
determined by the Directors. (Resolution 8)

AS SPECIAL BUSINESS

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

5. 'THAT subject to the provision of Section 132D of the
Companies Act, 1965 and approvals from the Kuala Lumpur Stock
Exchange and other relevant governmental/regulatory authorities
where such approvals shall be necessary, authority be and is
hereby given to the Directors of the Company to issue and allot
shares in the Company from time to time and upon such terms and
conditions and for such purposes as the Directors may deem fit
provided that the aggregate numbers of shares issued pursuant to
this resolution does not exceed 10% of the issued capital of the
Company for the time being and such authority shall continue in
force until the next Annual General Meeting of the Company."
(Resolution 9)

6. To transact any other business of the Company for which due
notice shall be given.


OMEGA HOLDINGS: Issues Monthly Update on Financial Status
---------------------------------------------------------
Omega Holdings Berhad, in reference to its First Announcement
and the subsequent announcements pursuant to Paragraph 4.1(b) of
Practice Note 4/2001, posted its Monthly Announcement on the
Status of Plans to Regularize the Company's Financial Condition,
as follows:

The Company signed a Memorandum of Understanding (MOU) on 6
December 2001 between Selayang Budi Sdn. Bhd. (SBSB), and the
shareholders of SGGI Industries Sdn. Bhd., SGG Furniture
Marketing Sdn. Bhd., Global Chairs System Marketing Sdn. Bhd.,
American Home Furnishings Sdn. Bhd. and MP Metal Furnishing &
Design Sdn. Bhd. (collectively known as 'the companies').

The MOU concerns the proposed sale by the shareholders of the
companies to SBSB of the entire paid up share capital of the
companies and a proposed scheme of arrangement and corporate
reconstruction of OHB (Proposed Scheme).

The Company had thereafter signed a restructuring agreement on
7th February 2002 with the shareholders of Selayang Budi Sdn.
Bhd., which included the following:

   * Proposed capital reduction to reduce the existing issued
and paid-up capital of 298,949,331 ordinary shares of RM1.00
each to 14,947,466 ordinary shares of RM1.00 each.

   * Proposed write off of share premium account up to RM68.35
million.

   * Proposed acquisition of proposed subsidiaries:
As an integral part of the scheme, Selayang Budi Sdn. Bhd.
(SBSB) had on 7 February 2002, entered into separate agreements
with each of the vendors of the following
proposed subsidiaries namely:

     - with the vendors of SGG Industries Sdn. Bhd. (SGGI) for
acquisition of the entire issued and paid up capital of SGGI for
a total purchase consideration of RM22.136 million to be
satisfied by the issue of 22.136 million new SBSB shares at par.

     - with the vendors of SGG Furniture Marketing Sdn. Bhd.
(SGGM) for the acquisition of the entire issued and paid up
capital of SGGM for a total purchase consideration of
RM13.376 million to be satisfied by the issue of 13.376 million
new SBSB shares at par.

     - with the vendors of Global Chairs Systems Marketing Sdn.
Bhd. (GCSM) for the acquisition of the entire issued and paid up
capital of GCSM for a total purchase consideration of RM14.192
million to be satisfied by the issue of 14.192 million new SBSB
shares at par.

     - with the vendors of American Home Furnishing Sdn. Bhd.
(AHF) for the acquisition of the entire issued and paid up
capital of AHF for a total purchase consideration of  RM15.632
million to be satisfied by the issue of 15.632 million new SBSB
shares at par.

     - with the vendors of MP-Metal Furnishing & Design Sdn.
Bhd. (MMFD) for the acquisition of the entire issued and paid up
capital of MMFD for a total purchase consideration of RM14.664
million to be satisfied by the issue of 14.664 million new SBSB
shares at par.

   * Proposed scheme of arrangement pursuant to Section 176 of
the Companies Act 1965, to exchange 14,947,466 consolidated
shares in Omega Holdings Berhad for shares in SBSB on the basis
of one (1) SBSB share for every one (1) consolidated share held
in Omega to be satisfied by the issue of 14,947,466 new shares
in SBSB.

   * Proposed settlement of RM114.05 million debt net of any
security available to the individual creditor banks should be
waived to the limit that only RM35 million shall be settled in
the following manner:

     - 25% by way of issue of SBSB shares (settlement shares);
and
     - 75% by way of SBSB ICULS.

   * Proposed issue up to 20,000,000 new SBSB share to Bumiputra
parties to be nominated at an issue price of RM1.00 per share.
Proposed restricted offer for sale of settlement shares and
ICULS by the creditor banks to the registered shareholders of
SBSB after the proposed scheme of arrangement.

   * Proposed waiver from the mandatory takeover offer
requirements.

   * Proposed listing transfer.

   * Proposed disposal of Omega Group to a Special Purpose
Vehicle (SPV) for a nominal cash consideration of RM1.00. It is
further proposed that an independent accounting firm or agent be
appointed to manage the SPV and implement an orderly disposal or
liquidation of Omega Group.

Subsequent to the signing of the Restructuring Agreement, the
Company has sent to the various creditor banks a copy of the
proposed scheme and are waiting for the reply from the
respective creditors. The Company together with the vendors,
merchant bankers and the due diligence solicitors had conducted
a due diligence planning meeting. Currently, the financial due
diligence is being conducted on the proposed subsidiaries to be
acquired and the various parties are preparing to furnish the
relevant information to the advisor.


PAN MALAYSIA: June 25 EGM, 20th AGM Set
---------------------------------------
Pan Malaysia Capital Berhad (PM Capital) informed that the
following meetings of PM Capital will be held on Tuesday, 25
June 2002 at Sri Merbau 1, Allson Klana Resort, PT 4388, Jalan
Penghulu Cantik, Taman Tasik Seremban, 70100 Seremban, Negeri
Sembilan Darul Khusus:

Type of Meeting Time

a. Twentieth Annual General Meeting 2.00 p.m.

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

Visit http://www.bankrupt.com/misc/TCRAP_PMCapital0605.docfor
the full text of the notice of the Twentieth Annual General
Meeting and Extraordinary General Meeting.


PANGLOBAL BERHAD: Awaits SC's Proposed SoA Approval
---------------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of
PanGlobal Berhad, further to the announcement on 15 May 2002
wherein it was announced that the KLSE has granted a further
extension of time until 27 July 2002 to obtain the relevant
approvals pursuant to PN4/2001, announced that, PGB is still
awaiting the approval of the Securities Commission for, inter-
alia, its Proposed Scheme of Arrangement (SoA).

The Company also announced that, on 23 May 2002, it received
from Alexander Wong Shoon Choy, Bernard Wong Shoon Tet and
Richard Wong Shoon Fook, three (3) existing directors of the
Company informing that they are now faced with a legal action
filed by Dato' Francis Ng Tian Sang claiming for a sum of
approximately RM10.0 million, pursuant to a purported agreement
dated 3 March 1999 which they have signed in their capacity as
the Directors of PGB and PanGlobal Management Services Sdn Bhd.
In view thereof, the said Directors are putting PGB on notice
that they be indemnified by PGB against all costs, charges,
losses, expenses and liabilities incurred in the execution and
discharge of their duties thereof.

PGB is in the process of obtaining solicitor's advice on the
said Notice.


SEAL INCORPORATED: May 2002 Defaulted Payment Stands RM56.4M
------------------------------------------------------------
Seal Incorporated Berhad informed that there had been no new
developments in relation to the default in payment of the
principal and/or interest of the bank borrowings of Seal
Incorporated Berhad and its subsidiaries (the "Group") since its
announcement dated 30 April 2002.

As at 31 May 2002, the Group's total default in payments to
financial institutions in respect of various credit facilities
is RM56.4 million.

Profile

Originally the Company was primarily involved in the extraction
of logs and the manufacture of plywood. Seal subsequently added
the manufacture of technical plywood to its activities. In 1996,
the Company branched into property investment, its main property
assets being Selayang Mall and Bukit Maluri Industrial Complex
in Kuala Lumpur. Seal is currently involved only in property
investment while subsidiary Great Eastern Mills Berhad has
temporary ceased manufacture of plywood. All other subsidiaries
within the Group have also ceased their timber-based operations.

The Company is currently undertaking various measures to
restructure its businesses. It proposes to undertake a corporate
exercise which includes the possibility of divesting certain
assets, negotiating with financial institutions to re-schedule
the repayment of borrowings, and raising funds to significantly
mitigate the Group's cash flow constraints.

Presently, Seal's main source of income is generated from rental
fees received from its investment properties. To complement its
property investment business, the Company plans to embark on
some property development projects.


TAJO BHD: Posts Defaulted Payment Status Update
-----------------------------------------------
Tajo Berhad (Tajo), pursuant to our announcements on 26 April
2002, 29 March 2002, 26 February 2001, 31 January 2002, 28
December 2001, 21 November 2001, 22 October 2001, 12 September
2001, 16 August 2001 and 5 July 2001 regarding Practice Note
1/2001, provided an update on the details of all the facilities
currently in default in compliance with Section 3.1 of Practice
Note 1/2001. Details are as per Table 1 found at
http://www.bankrupt.com/misc/TCRAP_Tajo0605.doc

A) REASON FOR DEFAULT IN PAYMENT

Due to the slowdown in the regional economy in general and the
construction and building industry specifically following the
financial crisis in late 1997, the cashflow generated from
operations was not sufficient to service the interest and
principal obligations to the lenders as and when they fell due.

B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS

Reference is made to our previous announcements dated 26 April
2002, 29 March 2002, 26 February 2002, 31 January 2002, 28
December 2001, 21 November 2001, 22 October 2001, 12 September
2001, 16 August 2001 and 5 July 2001.

On 10 October 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced their appointment as Tajo's Adviser
with regards to Tajo's revised plans to regularize its financial
condition pursuant to PN4. In the same announcement, it was also
announced that an application for an extension of time pursuant
to Paragraph 5.1(c) of PN4 has been made to KLSE on 10 October
2001 as the deadline granted by KLSE to enable Tajo to make a
resubmission of its regularization plans to the relevant
authorities for approval was on 10 October 2001.

On 1st November 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced that KLSE vide its letter dated 1
November 2001, has granted its approval for an extension of time
from 11 October 2001 to 28 February 2002 to enable Tajo to:

   1. Revise its regularization plan;
   2. Make a revised Requisite Announcement to KLSE; and
   3. Submit its revised plan to the regulatory authorities for
approval.

Further to the above, Tajo is also required to provide KLSE with
detailed progress reports on the development and/or latest
status of its regularization plan in accordance with the
following schedule:

   1st progress report by 15 November 2001;
   2nd progress report by 15 December 2001;
   3rd progress report by 15 January 2002; and
   4th progress report by 15 February 2002.

On 15th November 2001, Public Merchant Bank Berhad, on behalf of
Tajo, submitted the 1st progress report on the developments and
latest status of Tajo's regularization plan to KLSE. On 14th
December 2001, the 2nd progress report was submitted to KLSE and
subsequently, the 3rd progress was submitted to KLSE on 14th
January 2002. The fourth progress report was submitted on 15th
February 2002.

On 26th February 2002, Public Merchant Bank Berhad, on behalf of
Tajo had written to the KLSE seeking a further extension of time
of three (3) months from 28 February 2002 for Tajo to make its
revised Requisite Announcement. On 11 April 2002, Tajo announced
that, KLSE, on even date, did not approve Tajo's application for
a further extension and imposed a suspension on the securities
of the Company pursuant to paragraphs 8.14 and 16.02 of the
listing requirements. The suspension took effect on 19 April
2002.

The management is endeavoring to normalize the trading of Tajo
share soonest possible through its on-going plan to regularize
Tajo's financial condition and in line with the requirements of
the relevant authorities.

Announcements will be made in due course on the progress of
Tajo's regularization plan.

C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS

The estimated total outstanding as at 30 April 2002, in relation
to the payments, which are in default and are the subject matter
of the restructuring scheme is RM180,588,275.

Since Tajo is either the principal borrower or the guarantor for
these loans, Tajo is liable for the full amount and any further
interest and financial cost levied there or until the settlement
of these debts.

D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN STOCKS
OR BONDS, THE LINES OF ACTION AVAILABLE TO THE GUARANTORS OR
SECURITY HOLDERS AGAINST THE LISTED ISSUER

Tajo's bonds were unsecured.

E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER THE
DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER AND MANAGER

As a debenture holder pursuant to the secured loans made by MAA
to Tajo, MAA is empowered to appoint a receiver or receiver and
manager.

F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS
DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE

The facilities listed above represent all the borrowings of the
Tajo Group, and as a result of the Proposed Scheme of
Arrangement "have not been serviced" (interest and principal)
since December 1998. As such they are all technically in
default.

The creditors have however refrained from serious legal action
other than those, which have been disclosed in our Annual Report
and Circulars as well as Announcements, since they have voted
unanimously in favor of the Proposed Scheme of Arrangement on 15
August 2000.


TRANS CAPITAL: 2001 Audited Accounts Submission Extended
--------------------------------------------------------
Reference is made to the announcement of Trans Capital Holding
Berhad to the Kuala Lumpur Stock Exchange dated 1 October 2001
wherein the Company had pursuant to paragraph 8.14 of the
Listing Requirements of the KLSE and Practice Note 4/2001 dated
15 February 2001 issued by the KLSE announced, inter-alia, the
following:

    TCHB is an affected listed issuer under the Practice Note;

    TCHB had announced to the KLSE that the Memorandum of
Understanding signed between TCHB and AKN Capital Sdn Bhd and
Ahmad Kabeer Nagoor on 8 February 2002 has been extended for
another 30 days before a formal agreement is signed between the
parties.

    TCHB had appealed to the KLSE for the extension of time for
2 months from 30 April 2002 to 30 June 2002 in order for TCHB to
revise its regularization plan and to make a revised Requisite
Announcement to the KLSE for public release.

Pursuant to a requirement of the Practice Note for TCHB to make
monthly announcements to the KLSE, the Board of Directors of
TCHB hereby wishes to inform the KLSE that the Memorandum of
Understanding signed between TCHB and AKN Capital Sdn Bhd and
Ahmad Kabeer Nagoor has been extended for another 60 days from 8
May 2002 before a formal agreement is signed between the
parties.

TCHB has received the approval of the KLSE for the extension of
time of one month until 31 May 2002 for submission of the 2001
annual audited accounts of TCHB.

TCHB has also received the approval of the KLSE for the
extension of time for two months from 1 May 2002 until 30 June
2002 in order for TCHB to revise its regularization plan and
make a revised Requisite Announcement to the KLSE for public
release.


UCP RESOURCES: Unit Defaults on Principal Payment of RM400,000
--------------------------------------------------------------
UCP Resources Berhad, in accordance with Practice Note No.
1/2001 of the Kuala Lumpur Stock Exchange Listing Requirements
and further to the earlier announcement made, hereby provided an
update on its default in payment as follows:

   (i) UCP Manufacturing (M) Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 28 May 2002 and 30 May 2002, defaulted in
principal payments of RM400,000 each for Bankers Acceptance
facilities granted from Affin Bank Bhd; and

   (ii) UCP Geotechnics (M) Sdn Bhd, a subsidiary of UCP
Resources Bhd, as at 29 May 2002, defaulted in principal
payments of RM470,000 for Bankers Acceptance facilities granted
from Affin Bank Bhd.

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


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


BENPRES HOLDINGS: Rescheduling US$596.9M Debt
---------------------------------------------
Benpres Holdings Corporation, the listed flagship of the Lopez
Group of Companies, is rescheduling total debt of US$596.9
million (30.9 billion pesos) as part of its liability management
plan, AFX Asia reported.

According to Raymond Davis, managing director of advisors Credit
Suisse First Boston, Benpres' direct liabilities total US$189.1
million, with indirect debt at US$407.8 million. Refer to
http://www.bankrupt.com/misc/TCRAP_Benpres0605.pdffor the
company's audited financial report.

Davis said the Company plans to reduce liabilities by reducing
debt levels, increasing cash through asset sales and possibly
tapping equity markets, and cutting costs by suspending
investments.

Among the assets Benpres may sell are stakes in First Philippine
Infrastructure Development Corp, Sky Vision's Beyond Cable and
Rockwell Land.

Company Chairman Oscar Lopez earlier said Benpres is also
looking for a new investor in Maynilad Water Services Inc.

For information, contact Catherine C. Lopez-Uy, Corporate
Information Officer for Benpres Holdings, at telephone (63-2)
910-3040 ext. 2455, or via e-mail at ir_benpres@bayantel.com.ph.


METRO PACIFIC: Opposes Planned Global City Sale
-----------------------------------------------
Metro Pacific Corp, a Manila-listed property developer, is
opposed to parent First Pacific Co Ltd's plan to sell its shares
in Fort Bonifacio Global City, which it holds via Metro Pacific
unit Bonifacio Land, AFX Asia reported.

A Company source said that Metro Pacific would block the
proposal not only because it will remove a prime asset but it
will also disrupt the ongoing debt reduction process.

In May, Metro Pacific Corp., 80.6 percent-owned by First Pacific
Co., reported a net loss to 521.35 million pesos for the year
ended March 2002, up 2.2 times from 162 million pesos a year
earlier.

The Company is currently engaged in a comprehensive debt
reduction exercise, including the restructuring of certain
business operations, to further improve its prospects in the
marketplace.

Metro Pacific has debt worth 12 billion pesos, 7 billion pesos
of which consist of local debts. The remainder is debts to Hong
Kong-based parent firm.


PHILIPPINE LONG: Deal Will Benefit Digitel
------------------------------------------
Telecom analysts see Digital Telecommunications Philippines Inc.
(Digitel), a small fixed line phone business, to significantly
benefit from the Philippine Long Distance Telephone Co. (PLDT)
deal if the Chinese-Filipino Gokongwei family pushes through
with the acquisition of the 24.4 percent controlling stake of
Hong-Kong based conglomerate First Pacific Co. Ltd in PLDT.

"Immediately they acquire PLDT, they could merge it with
Digitel, providing a virtual monopoly of the fixed line
business," AB Capital Securities senior analyst Jose Vistan
said.

"I would also imagine they [Digitel] could piggyback on the
technology [of PLDT] and reduce capital expenditure," he said.

PLDT sources have said the Company's board may try to block a
takeover by the Gokongweis and say PLDT president Manuel
Pangilinan may try a management buyout with the help of other
shareholders.


NATIONAL BANK: Cuts Net Loss to PhP4.13B
----------------------------------------
Philippine National Bank (PNB), the country's sixth biggest bank
in total assets, posted a consolidated audited net loss of 4.13
billion in 2001 against a 5.97 billion pesos loss in 2000.

According to a Philippine Daily Inquirer report, the drop in the
bank's net loss was largely because of an income tax benefit of
1.114 billion pesos. Provisions for probable loan and other
losses were also reduced to 2.4 billion pesos in 2001 from 4.8
billion pesos in 2000.

PNB president Lorenzo Tan said the bank further aims for a cut
in net loss to 2.7 billion pesos this year and a turnaround
after at least three years.

PNB owes Philippine Deposit Insurance Companies (PDIC) and the
Bangko Sentral ng Pilipinas (BSP) a total of 23.9 billion pesos.


TRANS-PHILIPPINES: SEC Junks Request for Payment Suspension
-----------------------------------------------------------
The Securities and Exchange Commission (SEC) has denied Trans-
Philippines Investment Corp. (TPIC)'s bid for an extension of
the payment suspension period, BusinessWorld reported.

Under the Commission's rules on corporate recovery, all
suspension orders should not exceed one year from the filing of
the petition. SEC records show that the petition of cash-
strapped TPIC has been pending with the corporate regulator for
more than two years.

TPIC sought reprieve for payment of liabilities of 450 million
pesos (US$8.93 million) from the SEC on February 8, 1999. The
firm also submitted a three-year repayment plan for all accrued
debts.

Furthermore, the SEC said the rehabilitation of TPIC is no
longer viable.

TPIC admitted in its memorandum that the Amalgated Securities
Corp. (Amsec) shares that were foreclosed by Far East Bank
constituted its substantial assets and that the sale thereof to
third parties greatly endangered its repayment plan. "While TPIC
asserted that is repayment plan is still viable despite the
foreclosure, it failed to prove the veracity of such claim when
given by the hearing panel the opportunity to do so," the SEC
said.

Earlier, Far East Bank acquired through a foreclosure sale over
two million Amsec shares, which were registered under TPIC. The
shares had been used to secure a loan of over 33 million pesos
from the bank.


* First Pacific Decides to Proceed With Stake Sale
--------------------------------------------------
Hong Kong conglomerate First Pacific Co Ltd is hiring advisers
for the possible sale of its stakes in telecoms company
Philippine Long Distance Telephone Co and property firm Metro
Pacific to cut debts, Manila Bulletin reports.

First Pacific Chairman Manuel Pangilinan confirmed that the
Company's Board has agreed to go ahead with talks on the likely
sale, but declined to identify any potential buyers.

Meanwhile, First Pacific spokeswoman, Rebecca Brown, has
rejected newspaper reports Monday that a group led by Pangilinan
was planning to make an offer for the PLDT stake.

The PLDT Board said it had received information that the buyer
"could be the JG Summit of the Gokongwei group.


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


NATSTEEL LTD: Receives Buy-out Offer From Crown Central Assets
--------------------------------------------------------------
The Board of Directors of Natsteel Ltd, a trader of iron and
steel, wishes to announce that it received an offer on Monday
from Crown Central Assets Limited, an investment holding company
established by certain senior executives of Natsteel Ltd,
including Ang Kong Hua and Gan Kim Yong. Crown Central wishes to
acquire all the businesses, undertakings and assets of the
Company, together with its investments in all the subsidiaries,
associated companies of Natsteel, other than the investments of
Natsteel in Natsteel Broadway Ltd (NBL) and Natsteel Brasil
Ltda, free from all Group bank borrowings. Crown Central wants
the sale finalized by 31 December 2001, for an aggregate
purchase cash consideration of S$294 million ($164.7 million).

The Board has not had the opportunity to evaluate the Offer and
will appoint financial and legal advisers to advise them on the
Offer and other options available to the Company. The Offer will
close on 17 June 2002 unless extended by mutual consent. In the
meantime, the Company will evaluate any other offer that may be
received.

Shareholders are advised to refrain from taking any action in
relation to their Shares, which may be prejudicial to their
interests until the Company makes a further announcement.


NATSTEEL LTD: Seeks Lifting of Trading Suspension
-------------------------------------------------
Natsteel Ltd requested the Singapore Exchange Limited to lift
the suspension in the trading of the shares in the capital of
the company with effect from 4 June 2002.

The Singapore government-linked steel manufacturer has asked the
Exchange for a suspension in trading Monday.

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.


OAKWELL ENGINEERING: Lodges Capital Reduction
---------------------------------------------
Further to the announcement by Oakwell Engineering Ltd on 30 May
2002, the Board of Directors of the Company is pleased to
announce that the Company has lodged the Office Copy of the High
Court Order sanctioning the Capital Reduction with the Registrar
of Companies and Businesses on 31 May 2002.

On the Capital Reduction taking effect, the paid-up and issued
share capital of the Company was reduced from S$12,000,000.00
(comprising 80,000,000 Ordinary Shares of S$0.15 each) to
S$4,000,000.00 (comprising 80,000,000.00 Ordinary Shares of
S$0.05 each).

The listing and quotation for the Ordinary Shares with a par
value of S$0.05 each, in place of the same number of original
Ordinary Shares with a par value of S$0.15 each, will commence
with effect from 9.00 am on 4 June 2002.

The Company also wishes to announce that the Scheme Managers are
currently finalizing the ascertainment of the Scheme Claims. The
ascertainment process will likely be completed by 7 June 2002.

Upon the completion of the ascertainment of Scheme Claims, the
Scheme Managers will proceed to propose an Effective Date for
approval of the Secured Creditors provided that such date shall
not be earlier than 7 Business Days after the date of such
approval by the Secured Creditors.

On the Effective Date, the following events, amongst others,
shall take place in the order set out below:

(a) the Assigned Debt and the Retained Debt shall be
restructured into the Investor's Restructured Loan and the
Secured Creditor's Restructured Loan in accordance with the
Terms and Conditions of the Investor's Restructured Loan and the
Terms and Conditions of the Secured Creditors' Restructured
Loan;

(b) the Conversion Debt (excluding such part of the Conversion
Debt which comprises Contingent Scheme Claims) and the
Investor's Restructured Loan shall be assigned to the Investor
in accordance with the Terms and Conditions of Assignment and
the Investor shall pay each Secured Creditor his pro rata share
of the Investment Sum in accordance with the Terms and
Conditions of Assignment;

(c) the Conversion Debt (excluding such part of the Conversion
Debt which comprises Contingent Scheme Claims) shall be
discharged by the issue and allotment of 1 ordinary share of the
Company for every S$0.06 (or such other sum as may be approved
by the Investor and a Special Resolution of the Secured
Creditors) of the Conversion Debt in accordance with the Terms
and Conditions of Discharge; and

(d) The Call Option shall be granted to the Investor in
accordance with the Terms and Conditions of Call Option.
Upon the full implementation of the Debt Restructuring Plan, all
Scheme Claims (excluding Contingent Scheme Claims) of the
Secured Creditors shall be discharged completely.

Further announcement will be made in due course with regards to
the Effective Date of the Completion of the Debt Restructuring
Plan.


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


SRIJULSUP COMPANY: Business Reorganization Petition Accepted
------------------------------------------------------------
Property leasing agency, Srijulsup Company Limited's Petition
for Business Reorganization was filed to the Central Bankruptcy
Court:

   Black Case Number 164/2544

   Red Case Number 194/2544

Petitioner: THE SIAM INDUSTRIAL CREDIT PUBLIC COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,468,610,112.28

Date of Court Acceptance of the Petition: February 21, 2002

Date of Examining the Petition: March 26, 2002 at 9.30 AM

Court had postponed the Date of Examining the Petition to April
11, 2002 at 13.30 PM and April 17, 2002 at 9.30 AM

* This case was filed March 8, 2001, but the Central Bankruptcy
Court canceled the Petition for Reorganization on March 16,
2001. The Petitioner then filed a Petition with the Supreme
Court and the Supreme Court issued an Order Canceling the lower
Court's Order, Ordering the Central Bankruptcy Court to accept
the Petition for Reorganization of the Petitioner for the
Examination.

Contact: Mr. Chat Tel, 6792525 ext. 124


VIVATPRASERT COMPANY: Business Reorganization Petition Filed
------------------------------------------------------------
Vivatprasert Company Limited (DEBTOR), engaged in basement
building construction service, filed its Petition for Business
Reorganization was filed at the Central Bankruptcy Court:

   Black Case Number 356/2545

   Red Case Number- /2545

Petitioner: VIVATPRASERT COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt154,906,273.00

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

Date of Examining the Petition: April 1, 2002 at 9.00 A.M.

Contact: Ms. Amornrhat Tel, 6792525 ext. 144


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

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

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

This material is copyrighted and any commercial use, resale or
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