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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Friday, June 7, 2002, Vol. 5, No. 112

                         Headlines

A U S T R A L I A

ARC ENERGY: Hardman Resources Cuts Shares to 6.11%
BALLARAT GOLDFIELDS: Issues GM Results, Corporate Report
OPEN TELECOMMUNICATIONS: Requests Continued Suspension
ROEHAMPTON RESOURCES: Director Stands Trial for Insider Trading
TENNYSON NETWORKS: GM Scheduled for July 8

TENNYSON NETWORKS: Releases Chairman's Letter to Shareholders
TRANSURBAN GROUP: Posts May Average Traffic Transaction Volumes


C H I N A   &   H O N G  K O N G

401 HOLDINGS: Enters Sale, Purchase Agreement for HK$15,000,000
401 HOLDINGS: Hires Mr Fook Sun as Executive Director
ATLANTIC IMPORT: Hearing of Winding Up Petition Set
GATEWOOD LIMITED: Petition to Wind Up Pending
KANFOON INTERNATIONAL: Sets Winding Up Petition for July

ORIENTAL METALS: Provisions Against Receivables Triggers Losses
REXCAPITAL INTERNATIONAL: Executive Director Resigns
SEAPOWER RESOURCES: Enters Restructuring Proposal With Investor


I N D O N E S I A

MEDCO ENERGI: Change Of Currency Delays Financial Report


J A P A N

AOKI CORP.: Gets Court Approval for Rehabilitation Plan
DAIEI INC: March-May Sales Unchanged
DAIEI INC: Seeks Aid From Small Lenders
FUJIKI KOMUTEN: Collapse Creates Trouble for UFJ Banks
NEC CORPORATION: Selling Thomson Multimedia to Reduce Assets

NKK CORP.: Will Talk With Kawasaki Steel on Pre-Merger Bonds
SEIYU LTD: Shares Drop 3.5% on Wal-Mart's Bypass Move
SNOW BRAND: Creating Milk Venture With Several Partners
SNOW BRAND: Prosecutors Get Former Staff Files
SNOW BRAND: Recalling Products With Banned Flavorings


K O R E A

CHOHUNG BANK: Government Postpones Bank Privatization
HYNIX SEMICON: Lenders to Suffer Losses Due to Holdings
HYNIX SEMICON: Replacing Directors in July


M A L A Y S I A

ANGKASA MARKETING: Proposed GWRS Underway
ASSOCIATED KAOLIN: SA Modifies Workout Proposal
CSM CORPORATION: Awaits Shareholders' Nod on Proposal
DAMANSARA REALTY: Releases Defaulted Facilities Status Update
LONG HUAT: Seeks Monitoring Accountant Appointment Deferment

LONG HUAT: Updates Defaulted Credit Facilities Status
MALAYSIAN GENERAL: In the Midst of Proposal Finalization
MBF HOLDINGS: Unit Enters Compromise, Settlement Agreement
PAN MALAYSIA: June 26 EGM, 39th AGM Scheduled
PAN PACIFIC: Commencing Debt Restructuring Talks With Bankers

PENAS CORPORATION: Vigorously Hunts for Potential White Knight
RAHMAN HYDRAULIC: 87th AGM to be Held on June 26
RNC CORPORATION: Finalizes Approved PRS Circular for Dispatch
SASHIP HOLDINGS: Scheme Petition Hearing Date Yet to Determine
TECHNO ASIA: Sets 33rd AGM on June 26


P H I L I P P I N E S

METRO PACIFIC: Shares Jump on Gokongwei Bid Announcement
METRO PACIFIC: SM May Drop Fort Boni Talks on Gokongwei Entry
PHILIPPINE LONG: Gokongwei Deal Will Aid Debt Management
PHILIPPINE LONG: Gokongwei Entry Violates Bylaws
UNITRUST DEVELOPMENT: Ex-Chief Pushes for Rehab Approval

* Gokongweis Buy First Pacific's RP Units for $925M


S I N G A P O R E

INTRACO LIMITED: Answers Queries on Share Price, Trading Volume
L & M GROUP: Posts Full Year Loss of S$72.1M
SEATOWN CORPORATION: Moves to Restrain Creditors
TELEDATA (SINGAPORE): SGX-ST Approves Listing of 160M Shares


T H A I L A N D

ITALIAN-THAI: Registered Paid-Up Capital Amendment Finalized
ITALIAN-THAI: SET Grants Listed Securities
MAZTEX COMPANY: Files Business Reorganization Petition
SINO-THAI: Clarifies SBIA Project June 2001 Revenues, Status

     -  -  -  -  -  -  -  -

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


ARC ENERGY: Hardman Resources Cuts Shares to 6.11%
--------------------------------------------------
Hardman Resources Ltd sold part of its holding of ARC Energy NL
shares, realizing a profit of $2,267,997, with total proceeds
being $3,370,514. Hardman retains a holding of 9,325,000 shares
being 6.11% of the issued capital of ARC.

Hardman acquired the majority of its shares in ARC in April 2002
via the conversion of a loan to ARC in September 2001. The terms
of the loan gave Hardman the right to convert to ARC shares at a
price of 16 cents per share.

Below is a Notice of Change of Interests of Substantial Holder:

Hardman Resources Ltd decreased its relevant interest in Arc
Energy NL on 30 June 2002, from 15,825,000 ordinary shares
(10.37 percent) to 9,325,000 ordinary shares (6.11 percent).


BALLARAT GOLDFIELDS: Issues GM Results, Corporate Report
--------------------------------------------------------
Two general meetings of fully paid ordinary shareholders of
Ballarat Goldfields NL held at Ballarat on 4 and 5 June 2002
have concluded. The meetings are referred to here for
convenience as 'meeting 1' and 'meeting 2'.

Following a summary of the voting results for each meeting
below, a statement of corporate intent is provided (see
Corporate Report).

MEETING 1

The results of the resolutions put at meeting 1 are as follows:

COMPANY RESOLUTION 1    TO APPROVE SALE OF GOLD ASSETS TO
REXADIS PTY LTD

FOR                            16,876,453 or 34.11 %
AGAINST                        32,593,756 or 65.89%
TOTAL VOTES COUNTED            49,470,209 or 100%
RESULT of Ordinary Resolution  The resolution was defeated

COMPANY RESOLUTION 2   TO APPROVE CHANGE OF COMPANY NAME TO
     AKTUELL NL

The Special resolution was not voted upon as the resolution upon
which it was dependent, Company Resolution 1, was defeated.

COMPANY RESOLUTION 3    RATIFY SHARES ISSUED TO ARROW RESOURCES
                        INVESTMENTS LTD

FOR                            22,084,242 or 43.89%
AGAINST                        28,231,576 or 56.11%
TOTAL VOTES COUNTED            50,315,818 or 100%
RESULT of Ordinary Resolution  The resolution was defeated

COMPANY RESOLUTION 4    RATIFY SHARES ISSUED TO REXADIS PTY LTD

FOR                            17,244,653 or 34.85%
AGAINST                        32,241,456 or 65.15%
TOTAL VOTES COUNTED            49,486,109 or 100%
RESULT of Ordinary Resolution  The resolution was defeated

RFC RESOLUTION 1      ELECT MR L SHIRVINGTON AS A DIRECTOR

FOR                            25,108,924 or 46.06%
AGAINST                        29,410,272 or 53.94%
TOTAL VOTES COUNTED            54,519,196 or 100%
RESULT of Ordinary Resolution  The resolution was defeated

RFC RESOLUTION 2      ELECT MR S ALLEN AS A DIRECTOR

FOR                            25,11 66,456 or 46.13%
AGAINST                        29,392,740 or 53.87%
TOTAL VOTES COUNTED            54,559,196 or 100%
RESULT of Ordinary Resolution  The resolution was defeated

RFC RESOLUTION 3      REMOVE MR J ROBERTS AS A DIRECTOR

FOR                             25,273,579 or 46.32%
AGAINST                         29,286,217 or 53.68%
TOTAL VOTES COUNTED             54,559,796 or 100%
RESULT of Ordinary Resolution   The resolution was defeated

RFC RESOLUTION 4        REMOVE MR K PENNA AS A DIRECTOR

FOR                             25,237,911 or 46.39%
AGAINST                         29,161,285 or 53.61%
TOTAL VOTES COUNTED             54,399,196 or 100%
RESULT of Ordinary Resolution   The resolution was defeated

RFC RESOLUTION 5    REMOVE ANY DIRECTOR APPOINTED AFTER 26 MARCH
  2002

The resolution was not voted upon as no person had been
appointed to the Board of Ballarat Goldfields NL since 26 March
2002.

RFC RESOLUTION 6    DELETE CLAUSE 4 OF SCHEDULE 3 OF THE
  COMPANY'S CONSTITUTION

FOR                           25,163,376 or 46.26%
AGAINST                       29,235,820 or 53.74%
TOTAL VOTES COUNTED           54,399,196 or 1 00%
RESULT of Special Resolution  The resolution was defeated

RFC RESOLUTION 7       TOP UP UNMARKETABLE PARCELS

FOR                           25,118,261 or 46.31%
AGAINST                       29,124,610 or 53.69%
TOTAL VOTES COUNTED           54,242,871 or 100%
RESULT of Ordinary Resolution The resolution was defeated

RFC RESOLUTION 8      ENGAGE RFC CORPORATE FINANCE LTD AS
            UNDERWRITER

FOR                           25,075,923 or 46.10%
AGAINST                       29,323,273 or 53.90%
TOTAL VOTES COUNTED           54,399,196 or 1 00%
RESULT of Ordinary Resolution The resolution was defeated

RFC RESOLUTION 9    ENGAGE RFC CORPORATE FINANCE LTD TO PROVIDE
                    CORPORATE ADVISORY SERVICES

FOR                           25,053,023 or 46.05%
AGAINST                       29,346,173 or 53.95%
TOTAL VOTES COUNTED           54,399,196 or 100%
RESULT of Ordinary Resolution The resolution was defeated

A query arose during meeting 1 as to the Chairman's voting of
undirected proxies in relation to the RFC resolutions. The ASX
Listing Rules require that notice of meeting documentation must
state the chairman's intentions in relation to undirected
proxies. The purpose behind this is to enable shareholders to
have a clear understanding of how the chairman intends to vote
in order that any undirected proxies are given to the chairman
in an informed manner.

The Directors' Notice of Meeting and proxy form issued and made
public in April 2002 clearly stated the Chairman's intentions in
this regard, namely to vote undirected proxies in favor of the
Rexadis resolution and against the RFC resolutions. The Chairman
had also stated by way of ASX announcement his intention to vote
undirected proxies against the Republic resolutions. This
intention was not queried by any party at any time before
meeting 1 was well underway, notwithstanding that this had been
a matter of public record for some time. Nonetheless, its is
clear that had the Chairman adopted a different stance, that
would have had no effect on the outcome of the ballots for the
RFC resolutions. The Open votes available for the Chairman to
vote in meeting 1 approximated only about 1.7 million. Had they
been voted the other way they would have had no impact on the
results of the RFC proposals.

MEETING 2

The results of the ten resolutions put at meeting 2 are as
follows:

RESOLUTION 1        ELECT MR G BARNES AS A DIRECTOR

FOR                              10,774,879 or 44.78%
AGAINST                          13,287,983 or 55.22%
TOTAL VOTES COUNTED              24,062,862 or 100%
RESULT of Ordinary Resolution    The resolution was defeated

RESOLUTION 2        ELECT MR J KELLY AS A DIRECTOR

FOR                              10,776,341 or 44.78%
AGAINST                          13,286,521 or 55.22%
TOTAL VOTES COUNTED              24,062,862 or 100%
RESULT of Ordinary Resolution    The resolution was defeated

RESOLUTION 3        ELECT MR T LINARDOS AS A DIRECTOR

FOR                              10,795,859 or 44.87%
AGAINST                          13,267,003 or 55.13%
TOTAL VOTES COUNTED              24,062,862 or 100%
RESULT of Ordinary Resolution    The resolution was defeated

RESOLUTION 4        ELECT MR C ROBERTS AS A DIRECTOR

FOR                              10,745,159 or 44.73%
AGAINST                          13,278,703 or 55.27%
TOTAL VOTES COUNTED              24,023,862 or 100%
RESULT of Ordinary Resolution    The resolution was defeated

RESOLUTION 5        RATIFY ISSUE TO REXADIS PTY LTD

FOR                               12,021,560 or 62.57%
AGAINST                           7,191,853 or 37.43%
TOTAL VOTES COUNTED               19,213,413 or 100%
RESULT of Ordinary Resolution     The resolution was carried
                                    (see comment below)

RESOLUTION 6          ENTER INTO UNDERWRITING AGREEMENT WITH
    REPUBLIC GOLD PTY LTD

FOR                                12,267,162 or 50.98%
AGAINST                            11,796,140 or 49.02%
TOTAL VOTES COUNTED                24,063,302 or 100%
RESULT of Ordinary Resolution      The resolution was not
                                   carried (see below)

RESOLUTION 7          ISSUE NEW SHARES TO REPUBLIC GOLD PTY LTD

FOR                                11,170,532 or 49.29%
AGAINST                            11,491,440 or 50.71%
TOTAL VOTES COUNTED                22,661,972 or 100%
RESULT of Ordinary Resolution      The resolution was defeated

RESOLUTION 8          ISSUE SHARES TO CREDITORS TO SETTLE DEBT

FOR                                12,089,483 or 50.24%
AGAINST                            11,973,619 or 49.76%
TOTAL VOTES COUNTED                24,063,102 or 100%
RESULT of Ordinary Resolution      The resolution was carried
                                       (see comment below)

RESOLUTION 9   ISSUE SHARES TO EXISTING DIRECTORS TO SETTLE DEBT

FOR                                11,930,180 or 56.39%
AGAINST                            9,225,059 or 43.61%
TOTAL VOTES COUNTED                21,155,239 or 1 00%
RESULT of Ordinary Resolution      The resolution was carried
                                      (see comment below)

RESOLUTION 10    REPLACE CLAUSES 1 - 18 OF SCHEDULE 3 OF THE
     COMPANY'S CONSTITUTION

FOR                                 12,494,330 or 51.92%
AGAINST                             11,568,972 or 48.08%
TOTAL VOTES COUNTED                 24,063,302 or 100%
RESULT of Special Resolution        The resolution was defeated

Comments in relation to selected resolutions considered within
meeting 2:

Approval of Resolution 5 (ratify issue of shares to Rexadis Pty
Ltd) is beneficial to the Company in that it refreshes the
capacity of the directors to issue that number of shares without
prior approval of shareholders within a period of twelve months
from the date of issue of the shares to Rexadis Pty Ltd.

Resolution 6 was approved on the number of votes, however it was
conditional upon approval of resolutions 1,2,3,4 and 7. As all
of those resolutions were not approved the voting approval of
Resolution 6 has no effect.

Approval of Resolution 8 (issue shares to creditors in order to
settle debt) is beneficial to the Company in that it refreshes
the capacity of the directors to issue the number of shares
issued to creditors in settlement of debt (if any) without prior
approval of shareholders within a period of twelve months from
the date of issue of those shares.

Approval of Resolution 9 (issue shares to existing directors in
order to settle debt) is beneficial to the Company in that it
refreshes the capacity of the directors to issue the number of
shares issued to existing directors in settlement of debt (if
any) without the requirement to seek the prior approval of
shareholders and refreshes the capacity of the directors to
issue the number of shares issued to directors in settlement of
debt (if any) within a period of twelve months from the date of
issue of those shares.

CORPORATE REPORT

The primary outcome of the general meetings, which concluded on
5 June 2002, is that the Company shall remain a gold exploration
entity, with its gold assets intact, and that the existing Board
remains unchanged. The clear direction from shareholders was
that the Company should retain its gold investments and should
endeavor to recover value from those investments.

The Board will now turn its attention to developing a strategy
to achieve revitalization of its gold interests and, at the same
time, to improve the Company's tight financial position. The
enhanced level of shareholder and market interest suggests that
an appetite may exist for that to be achieved.

Clearly, the Company needs a substantial injection of new
capital in order to move forward. Several possibilities present
themselves.

One such possibility is that the Company may make a limited
placement of shares. Such an alternative can be progressed
immediately within certain limitations. Directors have authority
to issue up to approximately 13 million new shares as a private
placement.

Another possibility is that the Company may proceed to make a
Rights Issue to all existing shareholders. Any such Rights Issue
could be wholly or partly underwritten. Any such Rights Issue,
which is not underwritten, could allow any shortfall shares to
be placed with interested parties.

The Company now seeks firm expressions of interest from parties
able to demonstrate their financial capacity to assist
(including, but without limitation, the parties that have
recently expressed an interest in the Company and its assets.
For example, immediately prior to the closure of meeting 2 on
June 5, Mr John Kelly, on behalf of Republic Gold Pty Ltd,
voluntarily expressed to the shareholders' meeting Republic
Gold's interest in participating in continuing discussions with
BGF in relation to the Company's fund raising efforts, as
announced by the Company towards the closure of meeting 2,
notwithstanding the earlier defeat of Republic's proposal).

Any expression of interest should be in writing, can be
non-binding, and should ideally address either or both of the
two alternative funding strategies noted above (namely a limited
placement and support under a prospectus). Other expressions of
interest of financial support will also be welcome. Any party
making an appropriate expression of interest will be permitted
immediate access to undertake due diligence.

The Board contemplates shortly issuing a letter to shareholders
providing a summary of the results of the general meetings and
the matters set out above.


OPEN TELECOMMUNICATIONS: Requests Continued Suspension
------------------------------------------------------
Open Telecommunications Limited requests a continuation of
suspension of quotation of its shares in accordance with ASX
Listing Rule 17.2.

The company has appointed an independent expert to prepare a
report in relation to the financial position of the Company. As
advised to ASX on 22 May 2002 and 30 May 2002, the report to be
provided by the independent expert will include an update on the
Company's cash position and long term funding, with a summary of
the report to be made available to the market. The financial
report is currently being prepared, but is not yet finalized.

OTT requests that the suspension of trading be extended until
the commencement of trading on 20 June 2002, or an earlier date
if the independent expert reports its findings earlier than 20
June 2002.

OTT considers that suspension of its shares from quotation is
necessary as, during the suspension period, the independent
expert will complete and document its findings. The independent
expert's report may have a material effect on the company's
share price, but cannot be disclosed until concluded. Therefore,
the trading in the company's shares during this period, if the
suspension is not granted, may not occur on a fully informed
basis from time to time.

The Company is not aware of any reason why the suspension should
not be granted.


ROEHAMPTON RESOURCES: Director Stands Trial for Insider Trading
---------------------------------------------------------------
Mr Robert Paul Martin, a Perth company director, elected on
Wednesday in the Perth Court of Petty Sessions to dispense with
a preliminary hearing, and was committed to trial on six charges
of insider trading in the shares of Roehampton Resources NL.

Mr Martin was charged on 7 December 2001, following an ASIC
investigation into the circumstances surrounding the trading of
shares in Roehampton Resources.

ASIC alleges that Mr Martin placed orders to sell Roehampton
Resources shares between 6 and 10 May 1996, the week preceding
the appointment of a Voluntary Administrator to Roehampton
Resources on 13 May 1996.

Roehampton Resources was suspended from listing on the
Australian Stock Exchange (ASX) when the Voluntary Administrator
was appointed.

Mr Martin was a director of AI Engineering Limited and
Bronzewing Gold NL. ASIC also alleges that both companies had
earlier entered into discussions with Roehampton Resources for
Bronzewing Gold to gain a backdoor listing on the ASX.

Mr Martin was bailed to reappear in the District Court of
Western Australia on 2 August 2002. The Commonwealth Director of
Public Prosecutions is prosecuting the matter.


TENNYSON NETWORKS: GM Scheduled for July 8
------------------------------------------
Tennyson Networks Limited advised that a General Meeting of
Company Shareholders will be held at E7 Lecture Theatre,
Sir Alexander Stewart Conference Center, Building 72, Monash
University, Wellington Rand, Clayton, Victoria at 10.00am on
Monday 8 July 2002.

SPECIAL BUSINESS

RESOLUTION 1: RATIFICATION OF ISSUE OF SHARES

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

"That for the purposes of Listing Rule 7.4 of the Official
Listing Rules of Australian Stock Exchange Limited, shareholders
approve the issue by the Company on 30 May 2002 of 15 million
ordinary fully paid shares in the Company at $0.04 per share to
the placement investors listed in the Explanatory Memorandum."

RESOLUTION 2: APPROVAL OF ISSUE OF OPTIONS TO PLACEMENT
INVESTORS

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

"That for the purposes of Listing Rule 7.1 of the Official
Listing Rules of Australian Stock Exchange Limited, the Company
approves the issue of a total of 7.5 million options in the
Company with an exercise price of $0.10 per option on the terms
and conditions set out in the Explanatory Memorandum, to the
placement investors listed in the Explanatory Memorandum, and
the issue of ordinary shares on the exercise of those options."

RESOLUTION 3: APPROVAL OF ISSUE OF CONVERTIBLE NOTES TO MR
ROBERT PITTORINO

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

"That for the purposes of Listing Rule 7.1 of the Official
Listing Rules of Australian Stock Exchange Limited, approval is
given to the issue to Mr Robert Pittorino of:

   (a) convertible notes in the Company; and

   (b) on conversion of the convertible notes referred to in
paragraph (a) shares in the Company, on the terms and conditions
more particularly described in the Explanatory Memorandum."

RESOLUTION 4: APPROVAL OF ISSUE OF OPTIONS TO MR ROBERT
PITTORINO

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

"That for the purposes of Listing Rule 7.1 of the Official
Listing Rules of Australian Stock Exchange Limited, the Company
approves the issue of a total of 7.5 million options in the
Company with an exercise price of $0.10 per option on the terms
and conditions set out in the Explanatory Memorandum to Mr
Robert Pittorino, and the issue of ordinary shares on the
exercise of those options."

RESOLUTION 5: APPROVAL OF ISSUE OF CONVERTIBLE NOTES TO ALL-
STATES SECRETARIAT PTY LTD

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

"That for the purposes of Listing Rule 7.1 of the Official
Listing Rules of Australian Stock Exchange Limited, approval is
given to the issue to All-States Secretariat Pty Ltd (ACN 004
637 245) of:

   (a) convertible notes in the Company; and

   (b) on conversion of the convertible notes referred to in
paragraph (a), shares in the Company, on the terms and
conditions more particularly described in the Explanatory
Memorandum."

RESOLUTION 6: APPROVAL OF ISSUE OF OPTIONS TO ALL-STATES
SECRETARIAT PTY LTD

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

"That for the purposes of Listing Rule 7.1 of the Official
Listing Rules of Australian Stock Exchange Limited, the Company
approves the issue of a total of 2.5 million options in the
Company with an exercise price of $0.10 per option on the terms
and conditions set out in the Explanatory Memorandum to All-
States Secretariat Pty Ltd (ACN 004 637 245), and the issue of
ordinary shares on the exercise of those options."


TENNYSON NETWORKS: Releases Chairman's Letter to Shareholders
-------------------------------------------------------------
Tennyson Networks Limited released Chairman H Parker's letter to
shareholders:

"I am writing to update you on Tennyson's activities over the
past several months and the reason for the recently announced $1
million capital raising.

"Until this year Tennyson's main route to market was
distribution of SOX through a network of Australia-wide
resellers - Tennyson Channel Partners (TCP's). Although
providing consistent sales, the size and access to market of
these TCPs would not be sufficient to satisfy Tennyson's growth
plans for SOX. By expanding our sales and distribution
capability through direct sales and alliance partners we are now
starting to see more promising results.

"Tennyson has formed new relationships that will assist in
expanding our sales and distribution capability with the
following organizations:

   * Commsoft Group Ltd - a developer of communication software
products which Tennyson distributes as part of its product
offering, and which provides access to its customer base.

   * VSA Group - a Sydney-based business consultancy/brokerage
organization with sales agents operating on the east coast. VSA
facilitates services provision to business in the areas of
telecommunications, finance, insurance and information
technology and is offering the SOX solution to its client base.

   * IT Wholesale - a division of the listed Cellnet
Telecommunications Group, a leading distributor of
telecommunications and IT products.

ITW will be establishing a sales channel for SOX within its
existing IT customer base.

   * Easy IT - a division of the listed Powerlan group, which
provides outsourced IT managed services and products to the SME
market.

EasyIT will be marketing SOX as "EasyVoice" to Powerlan's
existing customer base and its own sales channel.

   * AWA Technology Services - AWA will provide coverage in all
Australian cities and regional areas for nation-wide
installation and support for Tennyson's products.

With the introduction of new software applications, Tennyson's
award-winning SOX business communications solution is no longer
a single product. Instead it has become a platform for a diverse
range of voice and data convergence solutions that address wider
market niches and create new revenue opportunities.
Additionally, earlier this year Tennyson launched PowerSOX, a
customer contact center solution based on the SOX platform
offering a range of sophisticated call center functions at an
affordable cost to SME call center operators.

Tennyson's SOX and PowerSOX products have achieved recognition
with two major international corporations:

MICROSOFT ACCREDITATION

In February 2002 Tennyson's SOX Virtual Phone become the first
desktop telephone system for small-to-medium enterprises (SME's)
to be accredited by Microsoft for integration with Microsoft
Outlook and Microsoft Exchange 2000 Server.

SOX Virtual Phone is now the only standalone computer integrated
telephone system under 100 extensions included in the Microsoft
Windows catalogue on the company's global website
www.microsoft.com.

SOX has succeeded in becoming the first product of its type
anywhere in the world to gain such approval.

ROCKWELL FIRSTPOINT CONTACT

Rockwell FirstPoint Contact, a business of the US multinational
Rockwell Automation, has been a leading innovator in the call
center industry since its inception. The first to develop
technology to help automate customer call centers, Rockwell
FirstPoint Contact has a 30-year global reputation for
reliability, dependability, on-time, on-budget delivery and
superior customer service. It is a leading international
supplier of customer interaction technologies and has equipped
more than 1,500 call center sites worldwide, processing over
60 million customer interactions a day.

Tennyson recently announced an agreement with Rockwell
FirstPoint Contact for the distribution of each company's
customer contact center products. The relationship will see
Tennyson distribute FirstPoint Business Edition and FirstPoint
Enterprise 2002 customer contact solutions. Additionally,
Rockwell will distribute Tennyson's PowerSOX product through its
channel partners, initially in Australia and New Zealand, and
progressively to selected Asia Pacific markets.

Tennyson's PowerSOX product is also currently undergoing trials
with two large organizations and Tennyson hopes to shortly
announce successful conclusions of these trials and accepted
sales orders.

In order to progress and develop these new relationships and
further improve the sales and distribution channels Tennyson
sought to raise $1 million to provide the necessary working
capital. $600,000 has been raised via a private share placement
on 30 May 2002 and the remaining $400,000 will be raised from
the issue of secured convertible notes to two private investors.

The accompanying Notice of General Meeting and Explanatory
Memorandum contains a number of resolutions to be put to
shareholders in order to complete this capital raising.


TRANSURBAN GROUP: Posts May Average Traffic Transaction Volumes
---------------------------------------------------------------
Transurban Group has recorded its highest average all days
transaction volumes in May, 3 percent above the previous peak
recorded in November 2001.

Year on year transaction growth for weekdays and all days was
7.5 percent after adjustment for motor cycle transactions. Toll
and fee revenue for the month was $21.1 million ($19.2 million
net of GST), which was 11 per cent higher than in May 2001. The
average revenue per transaction was $1.22.

The Exhibition Street extension (Toll Zone 5) established a new
record for average week day usage over the month.

Peak daily transaction volumes were recorded as follows:

Western Link        3 May 2002       278,503
Southern Link       3 May 2002       388,549
Combined Link       3 May 2002       667,052

Average daily transaction volumes for the month of May 2002 are
set out in the following table.

The descriptions of the toll zones used in the table are
consistent with those used in the Transurban prospectus.

TOLL ZONE                               ALL DAYS        WEEKDAYS

Tullamarine Freeway, Moreland Road
to Brunswick Road (Zone 1)             104,421         113,373

Racecourse Road to Dynon Road
(Zone 2)                               68,866          75,053

Bolte Bridge (Zone 3)                   61,329          66,707

Domain and Burnley Tunnels (1)
(Zones 4 & 8)                          76,365          83,814

Batman Avenue, Swan Street to
Flinders Street (Zone 5)               13,967          15,638

Batman Avenue, Punt Road to
Swan Street (Zone 6)                   18,029          20,191

Burnley Tunnel plus Monash Freeway,
between Burnley Street and Punt Road
(2) (Zones 7 & 8)                      108,007         118,656

Monash Freeway, between Toorak Road
and Burnley Street (Zone 9)            108,594         119,118

TOTAL ALL ZONES                         559,578         612,550

NOTES:

(1) This zone is referred to as "Zone 4 / Domain Section" in the
Transurban prospectus.

(2) This zone is referred to as "Zone 5 / SE Arterial (Punt Rd
to Burnley St)" in the Transurban prospectus.

MONTHLY TRANSACTION DATA BY TOLL ZONE WESTERN LINK

DAILY AVERAGE TRANSACTIONS FOR WEEKDAYS

MONTH        TOLL ZONE 1  TOLL ZONE 2  TOLL ZONE 3  TOTAL ALL
ZONES

April 2002     112,965      74,569        66,369        253,903
MC Adj             265         172           153            591
Adj Total      112,700      74,397        66,216        253,312

May 2002       113,373      75,053        66,707        255,133

* MC Adj = Motor Cycle Adjustment

As advised in the April 2002 Traffic release, the recording of
motor cycle passages as transactions was discontinued in April
2002. To allow valid year-on-year comparisons, transaction
volumes from April 2001 have been adjusted to remove motor cycle
passages recorded as transactions.

MONTHLY TRANSACTION DATA BY TOLL ZONE

POST OPENING OF BURNLEY TUNNEL
DAILY AVERAGE TRANSACTIONS FOR WEEKDAYS

                TOLL     TOLL    TOLL       TOLL      TOLL
TOTAL
MONTH      ZONES 4 & 8  ZONE 5  ZONE 6  ZONES 7 & 8  ZONE 9  ALL
ZONES

Apr 2002   82,492   14,832  20,064    117,375   118,070  352,833
MC Adj        192       35      49        279       285      841
Adj Total  82,300   14,797  20,015    117,096   117,785  351,992
May 2002   83,814   15,638  20,191    118,656   119,118  357,417


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


401 HOLDINGS: Enters Sale, Purchase Agreement for HK$15,000,000
---------------------------------------------------------------
The Directors of 401 Holdings Limited announced that on 28th
May, 2002, a conditional Sale and Purchase Agreement was entered
into between Onelink Investment Limited, a wholly owned Company
subsidiary, the Company and SIIC Finance Company Limited,
whereby the Vendor has agreed to sell and the Purchaser has
agreed to purchase the Property for the Consideration.

On Completion, the Consideration of HK$15,000,000 will be
satisfied by the Company partly by way of cash in the sum of
HK$4,000,000, partly by issuing the Bond in an aggregate
principal amount of HK$5,000,000 and the balance by issuing the
Consideration Shares to the Vendor. Based on a value of HK$0.01
per Consideration Share, 600,000,000 Consideration Shares will
be issued which represent approximately 3.71% of the existing
issued ordinary share capital of the Company as at the date of
this announcement and approximately 3.58% of the issued ordinary
share capital of the Company, as enlarged by the issue of the
Consideration Shares. Assuming conversion of the Bond in full
and based on a conversion price of HK$0.01 per Share,
500,000,000 Conversion Shares will be issued which represent
approximately 3.09% of the existing issued ordinary share
capital of the Company and approximately 2.90% of the issued
ordinary share capital of the Company, as enlarged by the issue
of 600,000,000 Consideration Shares and the issue of 500,000,000
Conversion Shares (assuming that up to the date of issue of the
Conversion Shares, there will be no change in the issued
ordinary share capital of the Company).

The Vendor and its beneficial owners are independent third
parties not connected to the directors, chief executive or
substantial shareholders of the Purchaser or the Company, or
their respective subsidiaries or Associates.

The Agreement constitutes a discloseable transaction for the
Company under the Listing Rules. The Agreement also constitutes
a connected transaction of the Company as the legal owner of the
Property, Pacific System, to secure a loan advanced to an
Associate of Mr. Leung Tze Hang, David, a Director, created a
mortgage. Accordingly, a special general meeting of the Company
will be convened, at which resolution(s) will be proposed to
approve, amongst other things, the Agreement, the issue of the
Consideration Shares and the Bond, and the issue of Conversion
Shares upon conversion of the Bond. A circular of the Company
containing, amongst other things, a notice convening the SGM,
further details of the Agreement, a letter from the independent
non-executive Director and a letter from the independent
financial adviser will be dispatched to the Shareholders as soon
as practicable.

The Directors would also like to advise that since 3rd May,
2002, the date of the latest one of the Announcements, three new
proceedings for claims with a total sum of approximately
HK$375,000 were commenced against the subsidiaries of the
Company. Save as above, the Directors confirm that the status of
the outstanding litigation as set out in the Announcements
remain unchanged and the Directors are continuing their
discussions with the holders of convertible bonds issued by the
Company and lenders of secured loans to obtain their consents to
waive their right to claim in relation to late payment of
interest by the Company and to agree upon terms for possible
issue of convertible bonds. Further announcements will be made
to update shareholders regarding these matters as and when
necessary.


401 HOLDINGS: Hires Mr Fook Sun as Executive Director
-----------------------------------------------------
The Board of Directors of 401 Holdings Limited announced that
Mr. Koo Fook Sun, Louis has been appointed as an executive
director of the Company with effect from 4th June, 2002.

At the Company's request, trading in the Shares on the Stock
Exchange was suspended with effect from 9:30 am, Wednesday, 29th
May, 2002 pending the release of this announcement. Application
has been made to the Stock Exchange for the resumption of
trading in the Shares from 9:30 am on 5th June, 2002.


ATLANTIC IMPORT: Hearing of Winding Up Petition Set
---------------------------------------------------
The petition to wind up Atlantic Import And Export Limited is
set for hearing before the High Court of Hong Kong on August 7,
2002 at 11:30 am.

The petition was filed with the court on May 15, 2002 by
International Bank of Asia Limited whose registered office is
situated at 38 Des Voeux Road Central, Hong Kong.


GATEWOOD LIMITED: Petition to Wind Up Pending
---------------------------------------------
The petition to wind up Gatewood Limited is scheduled to be
heard before the High Court of Hong Kong on July 3, 2002 at
11:30 am.

The petition was filed with the court on April 4, 2002 by Asia
Commercial Bank Limited whose registered office is situated at
120 Des Voeux Road Central, Hong Kong.


KANFOON INTERNATIONAL: Sets Winding Up Petition for July
--------------------------------------------------------
The petition to wind up Kanfoon International Limited will be
heard before the High Court of Hong Kong on July 3, 2002 at
10:30 am.

The petition was filed with the court on March 19, 2002 by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong
Kong.


ORIENTAL METALS: Provisions Against Receivables Triggers Losses
---------------------------------------------------------------
Metal trader Oriental Metals (Holdings) expects to post a
further loss of HK$471M for last year due to provisions against
receivables, the Standard reports, adding that audited final
results would be expected by June 30.

In late April, the Company posted an unaudited net loss of
HK$373.6M for the year ended December 31.

Oriental Metals and its sister company, Onfem Holdings have been
under scrutiny in recent months as its parent, China Nonferrous
Metals Group (Hong Kong), undergoes liquidation proceedings.
Oriental Metals shares closed down 1.85% at HK$0.265.


REXCAPITAL INTERNATIONAL: Executive Director Resigns
----------------------------------------------------
The Board of Directors of REXCAPITAL International Holdings
Limited, formerly known as HiNet Holdings Limited, announced
that Mr. Ho Chun Wai has resigned as Executive Director of the
Company with effect from 5th June, 2002.

The Board thanked Mr. Ho for his valuable contribution to the
Company during the tenure of his service.

Company shares and warrants trading on the Stock Exchange of
Hong Kong Limited under the new name, REXCAPITAL International
Holdings Limited, will take effect on 11th June, 2002.


SEAPOWER RESOURCES: Enters Restructuring Proposal With Investor
---------------------------------------------------------------
The Directors and Provisional Liquidators of Seapower Resources
International Limited announced that the Provisional Liquidators
and Leader Glory Holdings Limited (Potential Investor) entered
into an exclusivity agreement dated May 27, 2002 pursuant to
which the Potential Investor has been granted an exclusive right
for 21 days commencing from May 27 to negotiate and execute a
legal binding agreement relating to a possible financial
restructuring of the Company (Possible Restructuring Proposal).

The Potential Investor has paid a total deposit of HK$1,750,000
to the Provisional Liquidators. The balance of the deposit will
be applied towards the costs of the Possible Restructuring
Proposal. Any portion of the balance of the costs deposit unused
at the end of the exclusivity period is also refundable without
interest.

The Possible Restructuring Proposal, if successfully
implemented, will result in the Potential Investor holding a
controlling interest in the restructured Company and the
Company's indebtedness due to its creditors will be settled by
way of a scheme of arrangement. Should the Possible
Restructuring Proposal proceed, the subscription by the
Potential Investor for new shares of the Company will rise to a
general offer obligation on the part of the Potential Investor.

Negotiations in relation to the Possible Restructuring Proposal
are at preliminary stage. Detailed terms and conditions have not
been finalized between the Provisional Liquidators and the
Potential Investor at the moment. The Possible Restructuring
Proposal may or may not materialize. The Company will keep its
shareholders and investors informed of any major developments.

Trading in the Company's securities has been suspended since
2:30 pm on December 28 and will remain suspended until further
notice.


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


MEDCO ENERGI: Change Of Currency Delays Financial Report
--------------------------------------------------------
PT Medco Energi Internasional has postponed publication of its
financial report for the first quarter of this year because it
is changing the currency used in its bookkeeping, Asia Pulse
reports, citing Corporate Secretary Sugiharto's report to
Jakarta Stock Exchange.

According to the report, the Company has already secured
approval from the finance ministry to publish a financial report
using U.S. dollars.

"We want the change to produce a more accurate report, as all
income and costs of the company are in U.S. dollars," Sugiharto
said, promising to finish preparing the report as soon as
possible.

On February 11, TCR-AP reported that PT Medco Energi has repaid
99 percent of the principal of its total debt of US$97 million
to PT Bahana Pembina Usaha Indonesia (BPUI). It must still repay
interest of US$13 million in the fourth quarter of 2002. It also
has a US$46 million debt to Indonesia Bank Restructuring Agency.


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


AOKI CORP.: Gets Court Approval for Rehabilitation Plan
-------------------------------------------------------
The Tokyo District Court has approved the rehabilitation plan of
failed midsize construction firm Aoki Corp., Kyodo News
reported.

The approval followed Mizuho Corporate Bank, Ltd's decision to
release Aoki from its debt of 97.63 billion yen in response to
the rehabilitation plan that was approved in the creditors'
meeting on Wednesday.

The Kita-ku, Osaka-based Company submitted the rehabilitation
plan to the Court on March 6.

Aoki filed for court protection from creditors with the Tokyo
District Court on December 6 under the fast-track bankruptcy
Civil Corporate Revival Law, with group liabilities amounting to
522 billion yen.


DAIEI INC: March-May Sales Unchanged
------------------------------------
Struggling supermarket chain operator Daiei Inc said Monday its
same-store sales in the March-May quarter came to almost the
same level as those in the corresponding period last year.

According to a report from Japan Today, Daiei's sales in both
March and April fell about 1.3 percent from a year earlier, but
those in May increased some 2 percent from a year before.

Shareholders of Kobe-based Daiei Inc approved in May 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.


DAIEI INC: Seeks Aid From Small Lenders
---------------------------------------
Ailing supermarket operator Daiei Inc. and its three main
creditors, UFJ Bank, Mizuho Corporate Bank and Sumitomo Mitsui
Banking Corp., are asking the retailer's second-tier lenders,
including city, trust and regional banks, to lower interest
rates by 1 percent to short-term prime rate levels at an annual
rate of around 1.375 percent for debts estimated at 200 to 300
billion yen, the Asahi Shimbun reports.

Shareholders of Kobe-based Daiei Inc have earlier 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.


FUJIKI KOMUTEN: Collapse Creates Trouble for UFJ Banks
------------------------------------------------------
Two of UFJ Holdings Inc.'s subsidiary banks may fail to recover
or face a delay in recovering funds loaned to collapsed
construction company, Fujiki Komuten Co, the Kyodo News reports.

The concern has risen since Osaka-based Fujiki Komuten filed for
court protection from creditors with the Osaka District Court on
Tuesday. This left UFJ Bank with claims worth 13.13 billion yen
and UFJ Trust Bank with claims of 69 million yen.

At the end of May, Fujiki's three main banks, UFJ Bank, Sumitomo
Mitsui Banking Corp. and Chugoku Bank turned down the Company's
business restructuring plan, including a debt waiver worth 7.5
billion yen and 530 million yen in debt-for-equity swaps.


NEC CORPORATION: Selling Thomson Multimedia to Reduce Assets
------------------------------------------------------------
NEC Corp., Japan's second-largest chipmaker, is selling to
several institutional investors 3.9 percent, or 10.9 million
shares, of Thomson Multimedia SA as part of an effort to reduce
assets over the next two years. The stake was worth about $279
million at Wednesday's closing price, Bloomberg reported.

In a release on the Tokyo Stock Exchange, NEC said the sale
would be completed by the end of September. Tokyo-based NEC will
own 1.07 percent of Thomson Multimedia after the sale.

NEC is shutting plants, cutting jobs and is planning to sell
shares in its semiconductor business to recover from last year's
record loss of 312 billion yen ($2.5 billion). The Company
forecasts net income of 10 billion yen this year.

In March 2001, NEC sold stock in Thomson Multimedia for 119
million euros ($111 million), partly to finance an alliance in
plasma screens. The companies agreed to combine their plasma
screen units by the end of the year.


NKK CORP.: Will Talk With Kawasaki Steel on Pre-Merger Bonds
------------------------------------------------------------
NKK Corp. plans a meeting with Kawasaki Steel Corp. by the end
of June to provide details on how they plan to deal with bonds
issued separately before they integrate their operations in
September, Dow Jones Newswires reports, citing the Nihon Keizai
Shimbun.

The meeting follows queries from investors with officials of
financial institutions that have handled sales of the two firms'
bonds.

The merger of the two major steel makers will be completed in
two stages. The first step will come in September with the
establishment of JFE Holdings Inc. to encompass the firms. The
second step, to be taken as early as April 2003, will involve
the reorganization of JFE group companies according to business
areas such as steelmaking and engineering.

Responsibility for straight bonds due to mature in or after
April 2003 will be entirely taken over by the new company set up
for steelmaking operations. The outstanding balance of straight
bonds that come due in or after April 2003 stands at 220 billion
yen for Kawasaki Steel, and 271 billion yen for NKK.

NKK Corp.'s earnings reportedly fell deeply in late May 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: Shares Drop 3.5% on Wal-Mart's Bypass Move
-----------------------------------------------------
Shares of Seiyu Ltd. tumbled 3.5 percent at 545 yen in Tokyo
trading Wednesday after a local report that business partner
Wal-Mart Stores Inc. of the United States is mulling an
alternative route into the Japanese retail market.

Japan's daily paper, The Yomiuri Shimbun, reported Wednesday
Wal-Mart and Sumitomo Corp. are considering setting up a working
group by the end of this year to jointly study Wal-Mart's
advance into the Japanese market.

Wal-Mart has not revealed any further details on its plans for
opening Japanese outlets.

Last Friday, Seiyu said it issued 23.165 million shares to Wal-
Mart's Swiss subsidiary, Wyoming GmbH, for 6 billion yen, giving
Wyoming a 6.1 percent stake in Seiyu. The private placement of
new shares is part of a deal allowing Wal-Mart to take a
controlling stake in Seiyu.

Trading house Sumitomo Corp., one of Seiyu's top shareholders,
acquired 19.305 million shares, bringing its stake in Seiyu to
15.6 percent from 11.8 percent.

Analysts say Wal-Mart's capital injection can help boost the
Kita-ku, Tokyo-based Seiyu, which has been selling assets and
closing money-losing stores to help it halve its debt to 600
billion yen.


SNOW BRAND: Creating Milk Venture With Several Partners
-------------------------------------------------------
Snow Brand Milk Products Co. based in Shinjuku-ku, Tokyo, will
set up a 15 billion yen ($120.9 million) milk joint venture with
several partners, including agricultural associations.

According to a Dow Jones Newswires report, the National
Federation of Agricultural Cooperative Associations (Zen-noh)
will acquire a 40 percent stake in the venture, while Snow Brand
Milk will take 30 percent.

Another cooperative of dairy farmers, the National Federation of
Dairy Cooperative Associations (Zenrakuren) will hold a 20
percent stake, with the remainder to be owned by Snow Brand Milk
creditor Norinchukin Bank, Dow Jones adds.

Milk plants and workers at Snow Brand Milk, the Zen-noh group
and the Zenrakuren group will be transferred to the venture.


SNOW BRAND: Prosecutors Get Former Staff Files
----------------------------------------------
Police gave prosecutors files on 12 former employees of Snow
Brand Foods Co. suspected of falsely labeling beef at the
company's meat centers, Kyodo News reported.

The 12 employees allegedly swindled an industry body out of some
200 million yen under a government-run beef buyback scheme
devised after the mad cow scare last year.

At the end of May, prosecutors have indicted five former
officials of the defunct scandal-tainted Company for fraud. The
five include Shigeru Hatakeyama, former head of the company's
meat sales and procurement division, Tetsuaki Sugawara, former
head of the company's Kansai Meat Center in Itami, Hyogo
Prefecture, and Masao Hirose, who headed the firm's processed
meat section.

The two others are Shizuo Sugiyama, former section chief at
Hatakeyama's division, and Yusuke Tazaki, former head of the
Company's Kanto Meat Center in Kasukabe, Saitama Prefecture,
north of Tokyo.

The Chuo-ku, Tokyo-based Snow Brand Foods, a subsidiary of Snow
Brand Milk Products Co., disbanded April 30 as earnings
deteriorated sharply.


SNOW BRAND: Recalling Products With Banned Flavorings
-----------------------------------------------------
Ailing dairy product maker Snow Brand Milk Products Co. will
recall its whipped cream and ice cream products as they may
contain banned flavoring agents produced by Kyowa Perfumery &
Chemical Company Ltd., Dow Jones Newswires reported.

The banned ingredients are acetaldehyde, propionaldehyde and
castor oil.

Other food makers, such as Ezaki Glico Co., are recalling
similar products for the same reason.


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


CHOHUNG BANK: Government Postpones Bank Privatization
-----------------------------------------------------
The Korean government has decided to postpone its plan to sell
off its 15 percent stake in Chohung Bank to foreign investors
later this year, the Digital Chosun reported.

The Ministry of Finance and Economy said that the decision was
made due to a deteriorating situation in global financial
markets and the rising value of the local currency over the U.S.
dollar.

The government had earlier planned to issue US$500 million
depository receipts overseas within this month. It has injected
a total of 2.7 trillion won in public funds, equivalent to an 80
percent stake, into the ailing Chohung Bank.

The state-run Korea Deposit Insurance Corp. (KDIC) now owns 80
percent of Chohung Bank as the government injected 2.71 trillion
won into the bank to normalize its operation amid the 1997-98
financial crisis.


HYNIX SEMICON: Lenders to Suffer Losses Due to Holdings
-------------------------------------------------------
Hynix Semiconductor Inc.'s six creditor banks, including Korea
Exchange Bank, Woori Bank (formerly Hanvit Bank) and Kookmin
Bank, are expected to suffer losses from holding the chipmaker's
shares, the Korea Herald reports.

The banks' contingent losses were tallied at 26 billion won
($20.2 million) as of Tuesday.

Hynix's share price currently hovers around 500 won, well below
the 708 won at which the creditors recently converted their 3
trillion won ($2.3 billion) of debt into equity.

Most of the banks had set loss reserve ratios ranging from 19
percent to 20 percent against their Hynix bond holdings. The
reserve ratio of Kookmin and Shinhan banks is only 19 percent,
and their contingent losses will be 10.5 billion won and 7.6
billion won, respectively, if their CBs are sold at Hynix's
closing price for Tuesday.

KorAm Bank set aside reserves equivalent to 19.9 percent of the
acquisition costs of the CBs, and its possible loss will be
about 2.8 billion won.

Hana Bank applied a 30 percent loss ratio to Hynix bonds and
consequently will not suffer any unexpected losses unless
Hynix's share price dips below 500 won.

Kookmin Bank is suffering 43.84 billion won in losses based on
Tuesday's closing price of Hynix shares, with Shinhan and Seoul
banks each suffering 31.5 billion won and 17.85 billion won in
losses.


HYNIX SEMICON: Replacing Directors in July
------------------------------------------
The Board of Directors of Hynix Semiconductor Inc. is
considering a major reshuffle, replacing about four to five
directors, the Korea Herald reported.

Industry sources say the shake up, which will take effect at the
next special shareholders meeting scheduled for July 24, will
include former President Park Jong-sup and Vice President Jun
In-baik, who resigned following the collapse of sale
negotiations with U.S. rival Micron Technology.

The paper adds that there is a possibility of the board being
reduced to a group of seven. Hynix creditor banks, which
recently acquired a controlling 80.65 percent stake in the
financially distressed chipmaker, have been claiming that the
current 10 directors are hindering speedy decision-making
processes.


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


ANGKASA MARKETING: Proposed GWRS Underway
-----------------------------------------
The Directors of Angkasa Marketing Berhad, in accordance with
Paragraph 4.1(b) of Practice Note 4/2001 and Paragraph 8.14 of
the Listing Requirements of the KLSE, hereby announced that as
at 3 June, 2002:

1) the proposed group wide restructuring scheme announced on 5
July 2000, 8 October 2001 and 26 March 2002 (Proposed GWRS) is
still in progress;

2) as announced on 9 May 2002, the Foreign Investment Committee
and Ministry of International Trade and Industry have approved
the relevant proposals within the Proposed GWRS requiring their
approvals. The relevant proposals within the Proposed GWRS that
require the approval of the Controller of Foreign Exchange, Bank
Negara Malaysia have also been approved; and

3) the Company has obtained the relevant orders from the High
Court of Malaya to convene the following meetings to approve the
Proposed GWRS pursuant to Section 176(1) of the Companies Act,
1965:

   a) Financial institution creditors'/members' meetings before
1 October 2002; and

   b) Non-financial institution creditors' meetings before 2
November 2002.


ASSOCIATED KAOLIN: SA Modifies Workout Proposal
-----------------------------------------------
Associated Kaolin Industries Berhad, pursuant to Practice Note
No. 4/2001 in relation to paragraph 8.14 of the Revamped Listing
Requirements, announced the following:

The Special Administrators (SA) of AKI had made a modification
to the SA Workout Proposal pursuant to Section 48 of the
Danaharta Act 1998. The modification involves incorporating the
Proposed Termination of Outstanding Warrants in the SA Workout
Proposal (SA Modified Workout Proposal).

The proposed termination of outstanding warrants including the
manner the termination is to be implemented had been reflected
in AKI's Proposed Corporate and Debt Restructuring Scheme of
which approval from the Foreign Investment Committee (FIC) and
the Ministry of International Trade and Industry (MITI) had been
obtained on 21 January 2002 and 20 February 2002 respectively.
Currently, the approval from the Securities Commission (SC) is
pending.


CSM CORPORATION: Awaits Shareholders' Nod on Proposal
-----------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of the Board of
Directors of CSM Corporation Berhad, announced that the Boards
of CSM, CSM Development Sdn Bhd (CSMD), CSM Properties Sdn Bhd
(CSMP), CSM Capital Sdn Bhd (CSMC) and Saujana Pertiwi Sdn Bhd
(SPSB), being parties to the agreement dated 3 May 2002 in
relation to the proposal stated in the Requisite Announcement
(Proposal), and the shareholders of SPSB, had already given
their approvals to the Proposal on 3 May 2002. Subsequently,
approvals from the shareholders of CSMD, CSMP and CSMC for the
Proposal were obtained on 20 May 2002.

The Proposal is subject to approval from CSM shareholders. The
Company is in the process of preparing the Proposal circular.


DAMANSARA REALTY: Releases Defaulted Facilities Status Update
-------------------------------------------------------------
Damansara Realty Berhad reported the current status of the
default in principal and/or interest payment by:

a) Johor City Development Sdn Bhd (JCD) in relation to RM400
million Bank Guarantee Facility (BG Facility)

Pursuant to Johor Corporation (JCorp)'s debt restructuring
exercise, which is under the purview of the Corporate Debt
Restructuring Committee, JCorp and certain of its subsidiaries,
on 24 May 2002, signed a conditional Debt Restructuring
Agreement (DRA) with their respective creditors.

Via the same DRA, JCD and JCorp had also entered into a proposed
full and final settlement with the guarantor banks of the BG
Facility.

The total amount due by JCD to the guarantor banks of
approximately RM414 million under the BG Facility is part of the
total amount of debt of JCorp and its subsidiaries totaling to
RM4.032 billion, which is currently being restructured under the
said debt workout.

Upon completion of the DRA, the guarantor banks are expected to
release JCD and DBHD from any obligations whatsoever under the
BG Facility and this shall include the release and discharge of
the various assets of JCD and DBHD currently pledged to the
guarantor banks.

b) DBHD in relation to RM13.7 million Revolving Credit
Facilities (RC Facilities); and

There is no material development on the default of the RC
Facilities. DBHD is still in the process of negotiating with the
Lenders for the purpose of restructuring the said Facilities.

c) Damansara Realty (Pahang) Sdn Bhd (DRP) in relation to RM57.9
million Syndicated Term Loan Facility (Term Loan Facility)

There is no material development on the default of the Term Loan
Facility. DRP is still in the process of negotiating with the
Lenders for the purpose of restructuring the said Facility.


LONG HUAT: Seeks Monitoring Accountant Appointment Deferment
------------------------------------------------------------
Long Huat Group Berhad, announced that the Kuala Lumpur Stock
Exchange had approved an extension of two (2) months from 1 May
2002 to 30 June 2002 to enable L.Huat to announce its Requisite
Announcement to the Exchange in relation to PN4/2001.

In respect of the appointment of the monitoring accountant
pursuant to paragraph 6.1 of PN4, the Exchange, via its letter
dated 16 May 2002 has rejected L.Huat's application for a
deferment to appoint monitoring accountant until end of July
2002. Accordingly, L.Huat was required to appoint a monitoring
accountant within two (2) weeks from the date of the aforesaid
letter to perform the functions as set out in paragraph 6.2 of
PN4.

L.Huat has officially written to several accounting firms
inviting them to act as the monitoring accountant. However, due
to the present financial difficulties of L.Huat, the appointment
of the monitoring accountant cannot be effected as the Company
does not have the means to pay the monitoring accountant's fees.
In this respect, L.Huat had written to the Exchange seeking
approval that the appointment of the monitoring accountant be
deferred until mid July 2002.


LONG HUAT: Updates Defaulted Credit Facilities Status
-----------------------------------------------------
Long Huat Group Berhad updated its default standing in respect
to the credit facilities granted to the Company and its
subsidiaries:

HSBC Bank (Malaysia) Berhad (HSBC) versus L.Huat

Its solicitor has advised the Company that the hearing on 20 May
2002 of the above said matter has been adjourned to 20 August
2002.

Bumiputra Commerce Bank Berhad (BCB) versus Long Huat
Development Sdn Bhd

The auction for the securities lands under the facilities has
been fixed for 9 July 2002 at reserve price of RM1.41 million.

Affin Bank Berhad (Affin) versus L.Huat

This case has been fixed for mention on 25 June 2002 at the Shah
Alam High Court. The matter is being consolidated with another
pending High Court hearing (Kuala Lumpur High Court suit No. D7-
22-119-99) which was instituted by Affin against a wholly owned
subsidiary of L.Huat, Ikman Industries Sdn Bhd.


MALAYSIAN GENERAL: In the Midst of Proposal Finalization
--------------------------------------------------------
Malaysian General Investment Corporation Berhad, further to the
Company's announcement dated 2 May 2002, in line with the
requirements of PN4 which requires an announcement on the status
of an affected listed issuer's plan to regularize its financial
condition, announced that the Company is in the midst of
finalizing the assets for the purposes of the Company's new
restructuring proposal which will enable the Company to
regularize its financial condition by 31 December 2002.

The Company will keep shareholders informed of further
developments as and when events are finalized.

The difficult operating conditions following the economic crisis
in 1997, led to accumulation of losses in the Group, largely
from extensive debts suffered by MGI Securities Sdn Bhd (MGIS).
On 5 June 1998, MGIC and its two subsidiaries, MGIS and MGIC
Construction Sdn Bhd, obtained a Restraining Order from the High
Court pursuant to Section 176 of the Companies Act, 1965,
restraining their creditors from taking legal proceedings
against them, in order for them to work out a Restructuring
Scheme to revive and turn around the Group.

MGIS was placed under Special Administrators appointed by
Danaharta on 30 April 1999. As part of the Scheme, MGIS was
disposed of to Avenue Assets Bhd on 22 November 2000. The
present MGIC Scheme, which had been revised in August 2000 has
obtained approval of Scheme Creditors on 25 November 2000. The
Scheme is presently pending the approvals of the relevant
authorities and shareholders of MGIC.


MBF HOLDINGS: Unit Enters Compromise, Settlement Agreement
----------------------------------------------------------
The Board of MBf Holdings Berhad announced that MBf Asia Capital
Corporation Holdings Limited (MACCH) had entered into a
Compromise & Settlement Agreement with Online Credit Limited
(OCL), Heng Fung Holdings Limited, formerly known as Online
Credit International Limited (HFHL) and Online Credit Card
Limited, formerly known as MBf Card International Limited
(OCCL), to compromise and settle their disputes under the
earlier agreements pertaining to the sale of the entire equity
interests in OCCL and MBf Discount Card (HK) Limited (MBfDC) by
MACCH to OCL.

Background Information of the Settlement

In our earlier announcement to the Exchange, the original total
consideration of HKD81.1 million (RM39.6 million) was for the
sale of credit card receivables together with the entire equity
interests of both OCCL and MBfDC to eBanker USA.com, Inc
(eBanker) and OCL respectively. MACCH had received HKD53.6
million (RM26.26 million) of the sale consideration and the
balance of HKD27.0 million (RM13.23 million) has been the
subject of the dispute. The parties have now agreed that the
sale consideration be revised to HKD78.6 million (RM38.51
million) based on the terms of the agreements. As such, the
balance of the purchase consideration has also been revised to
HKD25.0 million (RM12.25 million). In addition, the parties
further agreed that the intercompany balances due by OCCL and
MBfDC to MACCH be revised to HKD3.1 million (RM1.52 million)
instead of HKD3.4 million (RM1.67 million).

Arising there from, the balance of the purchase consideration
and intercompany balances due to MACCH amounted to HKD28.1
million (RM13.77 million) and shall be settled in the following
manner:

  * cash payment to MACCH for HKD7.1 million from the date of
the Compromise & Settlement Agreement (CSA);

   * 6 months from CSA, cash payment to MACCH for HKD700,000;
12 months from CSA, cash payment to MACCH for HKD700,000;

   * transfer to MACCH 2,160,000 ordinary shares and 249,592
redeemable preference shares for a consideration of HKD14.6
million (Acquisition) in the capital of OCCL each credited as
fully-paid and free from encumbrances and with all rights
attaching as at the date of transfer and together amounting to
18% of the issued and paid-up capital of OCCL.

MACCH shall utilize a sum of HKD5.0 million from the settlement
sum to discharge its obligations under the Deed of Indemnity
dated 28 April 2000.

eBanker is an associate company of OCL, which is the holding
company of OCL. MACCH is a wholly-owned subsidiary of MBfH.

Information on OCCL

OCCL was incorporated on 26 May 1992 and is engaged in the
provision of credit card services in Hong Kong. The share
capital structure is as follows:

Authorised No. of shares Amount (HKD)

Ordinary shares of HKD10 each 50,000,000 500,000,000
Preference shares of HKD10 each 5,000,000 50,000,000

Issued and fully paid

Ordinary shares of HKD10 each 12,000,000 120,000,000
Preference shares of HKD10 each 1,386,623 13,866,230

Rationale for the Settlement

The directors view that the Settlement is in the best interest
of the Group as this will resolve the disputes, which involve
cost and time in legal proceedings. In addition, the Acquisition
is recommended as OCCL has turnaround and it is hoped that this
investment would contribute positively to the Group.

Financial Effect of the Settlement

The Settlement, which involves the Acquisition, is not expected
to have any material financial effect to the Group.

Approvals Required

The Settlement, which involves the Acquisition is not subject to
the approvals of any relevant authorities.

Substantial Shareholders and Directors' Interest

None of the directors, substantial shareholders and persons
connected to the directors and substantial shareholders of MBfH
have any interest, direct or indirect in the above transaction.

Directors' Recommendation

The directors of MBfH, having considered all aspects of the
Settlement, are of the opinion that the Settlement is in the
best interest of the Group and the terms and conditions are fair
and reasonable.

Document for Inspection

The Compromise & Settlement Agreement may be inspected at the
registered office of MBfH at Block B1, Level 9, Pusat Dagang
Setia Jaya (Leisure Commerce Square), No. 9 Jalan PJS 8/9, 46150
Petaling Jaya, Selangor Darul Ehsan, Malaysia, within fourteen
(14) days from the date of this announcement.


PAN MALAYSIA: June 26 EGM, 39th AGM Scheduled
--------------------------------------------
Pan Malaysia Corporation Berhad informed  that the following
general meetings of PMCorp will be held at Crystal Ballroom,
Corus hotel Kuala Lumpur, Jalan Ampang, 50450 Kuala Lumpur on
Wednesday, 26 June 2002:

   i) Thirty-Ninth Annual General Meeting (AGM) at 9.00 a.m.;
and

   ii) Extraordinary General Meeting (EGM) immediately after the
conclusion or adjournment (as the case may be) of the AGM.

For the full text of the Notices of AGM and EGM, check
http://www.bankrupt.com/misc/TCRAP_PanMalaysia0607.doc.


PAN PACIFIC: Commencing Debt Restructuring Talks With Bankers
-------------------------------------------------------------
Pan Pacific Asia Bhd. announced that the debt-restructuring plan
is being finalized and the Company is ready to start negotiation
with the bankers.

With regards to the establishment of its new manufacturing
activity, PPAB is unable to proceed with the necessary
infrastructure works in the factory as the Company is still
awaiting the issuance of the Certificate of Fitness.


PENAS CORPORATION: Vigorously Hunts for Potential White Knight
--------------------------------------------------------------
Penas Corporation Berhad, revealed it had missed the KLSE-set
deadline for its Requisite Announcement (RA) finalization for
public release.

In connection to this, on 30 May 2002, the Company applied to
the KLSE for an extension of time of another (3) months to
release the RA, to allow additional time for the Company to
finalize the details of the plan to regularize its financial
position prior to its release.

The application to the KLSE is still pending KLSE's decision and
upon obtaining the outcome, an announcement shall be duly made.

The Company is currently active in pursuing the plan to
regularize its financial position with a potential white knight.
The details of the plan will be announced upon finalization.


RAHMAN HYDRAULIC: 87th AGM to be Held on June 26
-----------------------------------------------
Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
announced that the 87th Annual General Meeting of the Company
will be held at Quality Hotel Shah Alam, Plaza Perangsang,
Persiaran Perbandaran, 40000 Shah Alam, Selangor Darul Ehsan on
Wednesday, 26 June 2002 at 10.00 a.m.

Visit http://www.bankrupt.com/misc/TCRAP_Rahman0607.docfor the
full text of the AGM Notice.


RNC CORPORATION: Finalizes Approved PRS Circular for Dispatch
-------------------------------------------------------------
RNC Corporation Berhad, in reference to the Proposed Corporate
and Debt Restructuring Scheme (PRS), updated the status of PRS:

   (a) The Scheme is still pending the approval of the Kuala
Lumpur Stock Exchange (KLSE) for the listing and quotation of
the ordinary shares, Redeemable Convertible Secured Loan Stocks
(RCSLS) and Redeemable Convertible Unsecured Loan Stocks (RCULS)
on the Main Board of KLSE pursuant to the PRS; and

   (b) The Special Administrators and Affin Merchant Bank Berhad
are in the midst of finalizing an Information Circular detailing
the approved PRS, which will be sent out to shareholders in due
course after the receipt of clearance from the KLSE on the
content of the circular.

KLSE approved the application for an extension of time until
30th June 2002:

   (a) to amend the Articles of Association; and

   (b) to obtain a general mandate for recurrent related party
transactions of a revenue or trading nature.


SASHIP HOLDINGS: Scheme Petition Hearing Date Yet to Determine
--------------------------------------------------------------
The Board of Directors of Saship Holdings Berhad, further to the
announcement on the implementation of the Restructuring Scheme
under Section 176 of the Companies Act, 1965 (the Act) made on 2
May 2002, informed that the Petition to the Court for sanction
and approval of the Restructuring Scheme under the Act, 1965 has
been filed on 10 May 2002. The hearing date of the petition has
yet to be advised by the High Court.

The Board also would like to inform that SHB shall apply for an
extension of time to complete the proposals since the 18 June
2002 deadline to obtain approvals from all statutory bodies and
authorities would not be met in light of current development.


TECHNO ASIA: Sets 33rd AGM on June 26
------------------------------------
Techno Asia Holdings Bhd. (Special Administrators Appointed)
informed that its Thirty Third Annual General Meeting will be
held at the Saujana 1 Function Room, Hotel Grand Continental,
Jalan Dato' Abdullah Tahir/Jalan Tebrau, 80300 Johor Bahru on
Wednesday, 26 June, 2002 at 11.00 a.m.

Agenda

ORDINARY BUSINESS

1. To receive and adopt the Audited Financial Statements for the
year ended 31 December, 2001 together with the Directors' and
Auditors' Reports thereon. RESOLUTION 1

2. To re-elect the following Directors who retire in accordance
with Article 90 of the Company's Articles of Association and
being eligible, offer themselves for re-election:

   i. Rohaida Bte Abd Rahim     RESOLUTION 2
   ii. Khairil Ismahafiz Bin Muhadzir     RESOLUTION 3
   iii. Lee Sieng Meng         RESOLUTION 4
   iv. Yap Ah Leng     RESOLUTION 5

3. To re-elect the following Directors who retire in accordance
with Article 96 of the Company's Articles of Association and
being eligible, offer themselves for re-election:

   i. Wong Tunk Hing     RESOLUTION 6
   ii. Lim Ong Kim           RESOLUTION 7

4. To re-appoint Messrs. KPMG as Auditors of the Company and
authorize the Directors to fix their remuneration. RESOLUTION 8

5. As Special Business

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

SPECIAL RESOLUTION

Proposed Amendments to the Articles of Association

"THAT the proposed alterations, modifications, additions or
deletions to the Articles of Association of the Company in the
form contained in Appendix 1 be hereby approved." RESOLUTION 9

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


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


METRO PACIFIC: Shares Jump on Gokongwei Bid Announcement
--------------------------------------------------------
Shares of Metro Manila-based Metro Pacific Corp. rose 5.7
percent to 37 centavos after JG Summit Holdings Inc. Chairman
John Gokongwei said he agreed to take control of the developer's
150-hectare (370-acre) project in Manila, Bloomberg reported.


METRO PACIFIC: SM May Drop Fort Boni Talks on Gokongwei Entry
-------------------------------------------------------------
SM Prime Holdings, Inc. (SMPH) is likely to stay away from the
property assets of First Pacific Co. Ltd. following the entry of
its rival, the Gokongwei group, into First Pacific's assets,
SMPH Executive Vice-President, Teresita Sy, told BusinessWorld.

Earlier reports say that the mall operator is in talks with
developers of Fort Bonifacio for property assets within the
former military camp.

Hong Kong-based First Pacific owns Bonifacio Land Corp. through
subsidiary Metro Pacific Corp.

In a disclosure to the Philippine Stock Exchange, SMPH said
nothing final has been agreed upon between its retail arm SM
Group and FBDC.


PHILIPPINE LONG: Gokongwei Deal Will Aid Debt Management
--------------------------------------------------------
The Gokongwei group's entry will help the debt management
exercise of Philippine Long Distance Telephone Co, the country's
telecommunications giant.

"I think we have a lot to contribute to the liquidity management
exercise of PLDT," JG Summit Holdings Inc president Lance
Gokongwei said.

"The Gokongwei group, JG Summit and other listed arms are
(among) the few Philippine companies that continue to enjoy
access to the debt markets overseas. We have lower borrowing
costs than PLDT so certainly putting the PLDT shares into
stronger hands will only help PLDT."

The Gokongwei group, led by Lance's father John Gokongwei Jr,
signed on Wednesday a joint venture agreement with First Pacific
Co Ltd to take over 24.47 percent of PLDT, which has US$1.3
billion in debt maturing up to 2004.

Gokongwei said once their entry is completed, the First Pacific-
Gokongwei joint venture will be focused on growing traffic for
PLDT's mobile business, pushing efficiency for the fixed line
business, managing liquidity and exploring new channels for
revenue growth.


PHILIPPINE LONG: Gokongwei Entry Violates Bylaws
------------------------------------------------
The Board of Directors of Philippine Long Distance Telephone Co
(PLDT) said the joint venture between the Gokongwei group and
First Pacific Co Ltd is detrimental to PLDT's financial
interests and violates the monopolies law and the company's by-
laws.

"The proposed transaction is prejudicial and detrimental to the
financial interests of PLDT," the board said in a statement,
adding that Gokongwei and his group of companies seek to gain
control of PLDT.

The PLDT Board said they agreed to ensure that the provision in
PLDT's by-laws preventing the entry of a competitor would be
enforced.

The Gokongwei group and First Pacific earlier this week said
they have signed a joint venture agreement to take up 24.47
percent of PLDT, which has a 31.59 percent voting interest. The
Gokongwei group said they offered 1,130 pesos per PLDT share.

The Gokongweis will own two-thirds of the joint venture, with
the First Pacific group holding the balance.


UNITRUST DEVELOPMENT: Ex-Chief Pushes for Rehab Approval
--------------------------------------------------------
Francis R. Yuseco, former president of Unitrust Development
Bank, is not about to give up its bid for control of the closed
bank, saying his group is still pushing for the approval and
implementation of their proposed rehabilitation plan.

In a recent interview with BusinessWorld, Mr. Yuseco said that
aside from First Federal Bank, another group of Swiss investors
have offered to partner with their (Yuseco) group.

"A Switzerland-based investment company is also looking at
investing in Unitrust... but we will give First Federal the
right of first refusal. We are ready to implement our rehab plan
if only the regulators will let us," Mr. Yuseco said.

"We have presented our proposal to the Bangko Sentral (Central
Bank) and the Department of Finance and they seem to be more
open to it (proposal)... I really cannot understand why the PDIC
is trying to block our proposal," he added.

The PDIC had earlier rejected the rehabilitation proposal due to
its failure to submit complete documentary requirements.


* Gokongweis Buy First Pacific's RP Units for $925M
---------------------------------------------------
Filipino-Chinese businessman John Gokongwei Jr. announced
Wednesday that he had reached an agreement with Hong Kong-based
First Pacific Corp. Ltd. to acquire its 24.47 percent interest
in Philippine Long Distance Telephone Co. (PLDT) and 50.4
percent stake in Bonifacio Land Corp. (BLC) through a $925
million business deal.

Details were announced by officials of J.G. Summit Holdings Inc.
led by its Chairman James Go, President Lance Gokongwei, and
John Gokongwei's personal counsel, Perry Pe.

In a statement to the Philippine Stock Exchange, Gokongwei said
he had firmed up a binding agreement with First Pacific on
Tuesday to form a joint venture company holding First Pacific's
PLDT holdings and its BLC shares.

Both groups will put up $925 million to form the joint venture
that will take responsibility for repaying a $105 million loan
to Metro Pacific Corp., which is secured by a pledge over BLC
shares.

According to Mr. Gokongwei, his group will end up owning two-
thirds of the company, while First Pacific will hold the
remaining two-thirds, putting the family's financial commitment
to the joint venture at $616 million.

The Gokongweis hope to close the transaction by the third
quarter of this year.


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


INTRACO LIMITED: Answers Queries on Share Price, Trading Volume
---------------------------------------------------------------
Intraco Limited refers to the Singapore Exchange Securities
Trading Limited's (SGX-ST) query on 5 June 2002 regarding the
sharp increase in price and trading volume of shares of Intraco
Limited on 5 June 2002.

The Board of Directors wishes to inform the SGX-ST that the
Company and the Directors are not aware of any possible reason
which could have contributed to the sharp increase in price and
trading volume of the shares of the Company.

During the financial year ended 31 December 2001, Intraco
Limited reported an accumulated loss of S$12.6 million. These
losses resulted principally from losses incurred by Intraco and
the provisions made for the diminution in the value of its
subsidiaries during the financial year.


L & M GROUP: Posts Full Year Loss of S$72.1M
--------------------------------------------
L&M Group Investments Limited said Wednesday it incurred a loss
after tax and exceptional items of S$72.1 million for the year
ended 31 December 2001.  Refer to
http://www.bankrupt.com/misc/TCRAP_L&M0607.pdffor the Company's
consolidated results.

The loss was mainly attributed to:

1. The operating loss of S$21.4 million for the year ended 31
December 2001 due mainly to:

   * An overall decline in turnover

   * Low gross margins on contracts from the core specialist
activities arising from difficult and competitive operating
conditions. Inspite of the Group's efforts to rationalize and
restructure, the resulting lower cost is still inadequate to
prevent a loss in the year.

   * Insufficient working capital situation that increased
procurement and operational costs, which affected the progress
of on-going projects.

2. Group's financing costs amounting to approximately S$5.8
million.

3. The exceptional loss of S$32.97 million for the Group and
S$58.75 million for the Company.

4. For the period under review, the Company has incurred a loss
of S$60.1 million compared to a loss of S$44 million for the
corresponding period as a result of exceptional items listed
above.

For the period under review, the Group's consolidated turnover
declined by 23 percent from S$203.3 million for the
corresponding period to S$155.8 million. Revenue from the core
specialist Geotechnical and Structural Systems Divisions
decreased by 13 percent and 42 percent respectively in 2001, as
a result of general slowdown in construction activity, poor
working capital position, as well as the Group's prudent
selection in securing new projects. The contribution from the
Indonesia Printing & Packaging business grew 106 percent to
S$13.6 million from the previous year's S$6.6 million.

In view of the current economic downturn and uncertainties
ahead, the local construction demand in 2002 is expected to
remain sluggish except for the public sector infrastructure
activities. Private sector demand remains to be weak,
characterized by limited new construction projects and stiff
competition. However, the Group has secured projects including
National Library, MRT Marina Line and Pioneer/Benoi/Tuas
catchments for the Geotechnic Division; as well as Bartley
Expressway, Changi Prison and Hong Kong's Ma On Shan Flyover
project for the Structural Systems Division.

The Group will continue to focus on its core business and work
on further increasing efficiency and reducing costs to stay
competitive. Despite of the difficult operating environment, the
Group has an order book of S$327 million for 2002 compared with
S$302 million in 2001 in its specialist Geotechnical and
Structural Systems Divisions.

The Group has not complied with certain terms and conditions
governing a loan facility with its principal creditor-bank. The
Group is currently in negotiation with its principal creditor-
bank and the Soeryadjaya family on a debt and equity
restructuring proposal which, if satisfactorily concluded, would
substantially improve the cash flow and financial position of
the Group.

The successful completion of the debt and equity restructuring
proposal is necessary, in the opinion of the directors, to allow
the Group to meet contingent liabilities and other liabilities
of the Group which have become enforceable or are likely to
become enforceable within the period of twelve months after the
end of the financial year and which will or may substantially
affect the ability of the Group to meet their obligations as and
when they fall due.

On 25 March 2002, the Group announced a second scheme of
arrangement under which it is proposed to issue 166,867,570
shares of S$0.10 each at par to creditors of a subsidiary, L&M
Concrete Specialist Pte Ltd. The Scheme is subject to approval
of the shareholders at the extraordinary general meeting to be
held on 20 June 2002.

If the Scheme is approved, the Company and the Group would have
been capitalized by a total additional S$34 million since 31
December 2001.

Barring any unforeseen circumstances, with the continued support
from shareholders and the issuance of new ordinary shares in the
capital of L&M as proposed under the Scheme of Arrangement
stated above, the Directors expect the Group's performance for
FY2002 to improve over that of FY2001.

L&M said it would not be declaring any dividend for the present
financial period. The Company has not declared any dividend for
the previous corresponding period.


SEATOWN CORPORATION: Moves to Restrain Creditors
------------------------------------------------
Investment holding company, Seatown Corporation, Ltd, said its
unit Seatown Construction Pte Ltd (SCPL) filed an application on
May 30, 2002, seeking to restrain creditors from continuing with
their respective proceedings against SCPL pending a meeting of
creditors on July 12.

As previously announced, some creditors have commenced legal
proceedings against the Company, despite being informed of the
stay order obtained on May 17, 2002, requesting them not to take
further steps until the meeting.

Seatown also said Seatown Foundation Engineering Pte Ltd
(SFEPL), a wholly owned subsidiary of SCPL, has, on June 4,
2002, filed an application seeking to restrain its creditors
from taking further steps in their respective proceedings. SFEPL
is similarly proposing a scheme of arrangement with its
creditors and has sought directions from the court for a meeting
of its creditors to be called.

Seatown shares will continue to be suspended.


TELEDATA (SINGAPORE): SGX-ST Approves Listing of 160M Shares
------------------------------------------------------------
The Board of Directors of Teledata (Singapore) Limited, an
established player in the IT and Telecommunications community,
refers to the announcement dated 28 March 2002 relating to (i)
the proposed reduction in the Company's issued and paid-up share
capital to reduce the accumulated losses of the Company; and
(ii) the proposed rights issue on the basis of two new ordinary
shares of S$0.05 each (being the resultant par value of the
shares following the Capital Reduction) in the capital of the
Company for every one ordinary share of S$0.05 each in the
capital of the Company held on a books closure date to be
determined at an issue price of S$0.07 for each Rights Share
payable in full upon acceptance and/or application, fractional
entitlements to be disregarded.

The Board of Directors of Teledata is pleased to announce that
the Singapore Exchange Securities Trading Limited (SGX-ST) has
given its in-principle approval for the listing and quotation of
(i) the existing 160,000,000 ordinary shares of $0.10 each in
the capital of the Company at a reduced par value of $0.05 each
pursuant to the Capital Reduction and (ii) the Rights Shares to
be issued pursuant to the Rights Issue. The SGX-ST's in-
principle approval is not an indication of the merits of the
Capital Reduction and Rights Issue.

A circular to Shareholders setting out in detail the terms and
conditions of the Capital Reduction and Rights Issue and the
Notice of the extraordinary general meeting for the purpose of
seeking the Shareholders' approval for the Capital Reduction and
Rights Issue will be dispatched to Shareholders in due course.

In May, Teledata, 50.8 percent owned by diversified group
Intraco, finalized a debt restructuring agreement with its
creditor banks and bondholders. The plan includes the
restructuring of some $45 million owed to banks and creditors.


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


ITALIAN-THAI: Registered Paid-Up Capital Amendment Finalized
------------------------------------------------------------
Italian-Thai Development Public Company Limited, pursuant to the
Bankruptcy Act, B.E. 2483, is required to submit the progress
report of the implementation of the Business Reorganization
Plan.

In addition, according to the Business Reorganization Plan
Section 5.2 (a) and 7.2(a), the Company shall issue and offer
ordinary shares in the amount of 50,000,000 shares to its
existing shareholders at the offered price of Bt10 of which
50,000,000 shares has been subscribed by the existing
shareholders.

The Company informed that the Company has finalized the filing
amendment to the registered paid-up capital from Bt2,500,000,000
to Bt3,000,000,000 with the Public Company Registrar, Ministry
of Commerce, on May 31, 2002.


ITALIAN-THAI: SET Grants Listed Securities
------------------------------------------
The Stock Exchange of Thailand (SET) allowed the securities of
Italian-Thai Development Public Company Limited (ITD) to be
traded on the SET after finishing capital increase
Procedures starting from 7 June 2002.

Name                : ITD
Issued and Paid up Capital
     Old            : Bt2,500,000,000
     New            : Bt3,000,000,000

Allocate to         : 1. Existing shareholders 39,309,957 shares
                         Ratio 5:1 Price Per Share Bt10
                      2. Strategic shareholders 10,690,043
shares Price Per Share Bt10
(unsubscribed shares as shareholders
declined to exercise their rights:
Business Reorganization)

Payment Date        : 10-16 May 2002


MAZTEX COMPANY: Files Business Reorganization Petition
------------------------------------------------------
Textile company Maztex Company Limited (DEBTOR)'s Petition for
Business Reorganization was filed at the Central Bankruptcy
Court:

   Black Case Number 615/2545

   Red Case Number- /2545

Petitioner: MAZTEX COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt692,888,620.18

Date of Court Acceptance of the Petition: April 18, 2002

Date of Examining the Petition: May 13, 2002 at 9.00 A.M.

Contact: Mr. Attawut Tel, 6792525 ext. 127


SINO-THAI: Clarifies SBIA Project June 2001 Revenues, Status
------------------------------------------------------------
Sino-Thai Engineering & Construction Public Company Limited,
referring to the articles published in www.qthai.com on 5 June
2002 specifying that President Mr. Anutin Charnvirakul has
revealed information about securing the work in the Second
Bangkok International Airport project from Italian Thai
Development Public Company Limited, clarified as follow:

The Company is still negotiating with ITO Joint Venture, not
Italian Thai Development Public Company Limited, on the
structural steel work packages for Passengers' Main Terminal
Building whereby the major issues have substantially been
concluded and details of contract are being finalized.

The total weight for the package is nearly 50,000 tonnes out of
the total of 100,000 tonnes of steel works for the whole
project. It is expected that the negotiation will be concluded
by the end of the month.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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