/raid1/www/Hosts/bankrupt/TCRAP_Public/020612.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, June 12, 2002, Vol. 5, No. 115

                         Headlines

A U S T R A L I A

ASHANTI GOLDFIELDS: Restructuring Proposal Review Continues
BELLS SECURITIES: Solicitors Mortgage Scheme to be Liquidated
CHIQUITA BRANDS: Angas Park Divestment to Proceed
CTI COMMUNICATIONS: Appoints Ernst & Young as Auditor
CTI COMMUNICATIONS: Posts Directors Review of Operations  


C H I N A   &   H O N G  K O N G

ELEGANT FUTURE: Petition to Wind Up Pending
FOOK DOR: Faces Winding Up Petition
HYCOMM WIRELESS: Terminates Acquisition Agreement
MANSION HOLDINGS: Price, Turnover Movements Inexplicable
MING KEE: Winding Up Petition Slated for Hearing

PO CHI: Hearing of Winding Up Petition Set
QUALITY HEALTHCARE: New Share Incentive Plan Adopted
WIRELESS INTERNETWORKS: Exceptional Price Movement
XINGHUA PROFITEC: Winding Up Petition Set for Hearing


I N D O N E S I A

BANK NIAGA: Delay in Sale Won't Affect Rupiah, Says BI
BARITO PACIFIC: Court Refuses Niaga's Bid for Ruling Review


J A P A N

ALL NIPPON: Cutting Online Domestic Fares by 29%
DAIO PAPER: R&I Cuts LT Debt Rating to BBB-
MIZUHO HOLDINGS: Rejects Pay Cuts Report
NEC CORPORATION: To Standardize PC Parts to Cut Costs
SOFTBANK CORP: Aims for 1M Yahoo!BB Users by Sept


K O R E A

HYNIX SEMICON: Pursuing Independent Survival Until Year-end
KUMHO GROUP: Tire Ops Sale Completion Expected by End-September
SAMICK MUSICAL: Creditors Finalize Sale of Piano-maker


M A L A Y S I A

AMSTEEL CORP.: Ambang Maju Faces Writ of Summons Filed by AHIP
ANSON PERDANA: SC Grants Proposed Debt Restructuring Approval
COUNTRY HEIGHTS: Implements Proposed Divestment Through PPO
DENKO INDUSTRIAL: Undertakes Proposed Corp, Debt Workout Scheme
GLOBAL CARRIERS: Proposes Articles of Association Amendments

GULA PERAK: RAM Assigns BB3(s) Rating to Proposed RCSN
HAI MING: Gets SC's Nod on Proposed Acquisitions
HVD HOLDINGS: Discharged From CDRC's Purview
LAND & GENERAL: Updates Proposed Composite Debt Scheme Status
LAND & GENERAL: Issues Agenda for June 27, 39th AGM

MANCON BERHAD: Definitive Agreement Signing Adjourned to July
NCK CORPORATION: Revises Proposed Restructuring Scheme
SOUTHERN PLASTIC: Winding Up Petition Hearing Set for July 12
TIME ENGINEERING: USD Bondholders Meeting Deferred to June 18
WEMBLEY INDUSTRIES: Finalizing Proposed Debt Scheme Details


P H I L I P P I N E S

BAYAN TELECOM: Names Credit Lyonnais as Financial Adviser
INNODATA PHILIPPINES: Closes Shop to Avert Further Loss
METRO PACIFIC: Asia United Bank Bids for First E-bank
NATIONAL POWER: Faces Class Suit From Ex-senator Enrile
PHILIPPINE AIRLINES: Guarantors Will Likely Honor Put Option

PHILIPPINE LONG: Gokongwei to Create New Firm for Takeover
PHILIPPINE LONG: Pangilinan Not Quitting Post

* PLDT Flat, Metro Pacific Lower Ahead of AGMs


S I N G A P O R E

L & M GROUP: Requests Lifting of Trading Suspension
NATSTEEL LTD: Salomon Announces Conditional Take-over Offer
NATSTEEL LTD: Schedules EGM for June 24th
PENTON INTERNATIONAL: Completes Deal to Secure US$12M Credit


T H A I L A N D

BANGKOK FARM: Files Reorganization Petition
EASTERN PRINTING: SET Grants Securities Listing
L.P.N. DEVELOPMENT: Reports Share Offering Results

     -  -  -  -  -  -  -  -         

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

   
ASHANTI GOLDFIELDS: Restructuring Proposal Review Continues
-----------------------------------------------------------
The Board of Ashanti Goldfields Company Limited, as stated in
the announcement of 16 May 2002 and in the documentation
dispatched by Ashanti to its Securityholders, including holders
of the 5(1/2)% Exchangeable Notes due 2003 (Existing Notes), in
connection with the proposed restructuring of the Existing Notes
(Proposed Restructuring), will continue to review any other bona
fide proposals which it considers to be in the interests of
Ashanti.

Among the proposals being considered is one in which all of the
Existing Notes are redeemed at par. This would be funded through
a larger revolving credit facility, the early exercise of some
outstanding warrants and the issue of new equity to certain
existing shareholders. The proposal, if capable of being
implemented, would result in a simplified capital structure and
less dilution for existing shareholders. It would be the
intention of Ashanti to extend to all other existing
shareholders, as soon as practicable thereafter, the right to
participate in the equity fundraising on comparable terms. This
proposal is in the early stages of development and there is no
certainty that it is capable of being implemented.

In considering any alternative proposals, Ashanti's Board will
take into account the requirement to repay in full when due
Ashanti's existing revolving credit facility and the Existing
Notes and the deliverability of any such proposal. Consequently,
Ashanti would only seek to implement an alternative transaction
if it obtained all the appropriate approvals to any such
proposal, including that of the relevant majority of hedge
counter-parties in order to allow it to maintain continued
margin-free trading in respect of its hedging activities.

The Court Meeting at which approval of the Noteholders will be
sought for the Proposed Restructuring is to be held on 17 June
2002. The Extraordinary General Meeting at which Shareholder
approval will be sought for the Proposed Restructuring will be
held on 28 June 2002. Ashanti confirms that the Proposed
Restructuring continues to be recommended by its Board. In the
absence of any alternative proposal being recommended by
Ashanti's Board, the Directors of Ashanti urge Securityholders
to vote in favor of the Proposed Restructuring.

Ashanti's Chief Executive, Sam Jonah said: "In accordance with
the Board's fiduciary duties, we are evaluating an alternative
restructuring proposal that at the current gold prices would
offer less dilution to shareholders. We are working with our
stakeholders in this regard in considering any alternative
proposal, Ashanti will only do so in a way that does not
jeopardize the important strides made towards a restructured
Ashanti."

GENERAL:

It should be noted that there can be no assurance that the
Proposed Restructuring will be implemented. Securityholders
should, given the uncertainties surrounding the Restructuring
Proposals, exercise caution in relation to dealings in Ashanti's
securities at the present time.


BELLS SECURITIES: Solicitors Mortgage Scheme to be Liquidated
-------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
successfully applied to the Queensland Supreme Court to have
liquidators appointed to wind up a solicitors mortgage scheme
(the scheme) operated by Bells Securities Pty Ltd (Bells).

Bells is a trustee company used by the partners of Bells
Solicitors in Benowa, a company that later became the law firm
Steindl Bells.

Bells had applied to the Court to have itself appointed to wind
up the scheme under the supervision of Hall Chadwick and with
the assistance of Steindl Bell.

ASIC intervened and opposed the application, and sought the
appointment of independent liquidators Gregory Maloney and Peter
Geroff, of Ferrier Hodgson.

ASIC had a number of concerns including:

   * the potential for a conflict of interest to arise if Bells
was appointed;

   * the conduct of the scheme to date, including the delay in
winding up, the possible shortfall in funds owing to investors,
and the amount and period of defaulting loans, and

   * the information disclosed by Bells to the investors in the
scheme when seeking their support to have Bells appointed to
wind up the scheme.

Justice Wilson said that there was a real possibility of the
investors having recourse against Bells and this gave rise to a
potential for conflict between Bell's duty to the investors and
its own interests.

The Judge noted that Bells' application had the support of a
majority of the investors, but said there is a significant
public interest in ensuring the transparency of the winding up
process and the safeguarding of the rights of the investors.

Justice Wilson said there was good reason to be concerned that
the investors may not be fully apprised of all the circumstances
surrounding the making and management of the four remaining
loans and that if Bells' application was approved, these
investors might never appreciate the full extent of their
rights.

Solicitors mortgage schemes were required to have been wound up
or otherwise brought into compliance with the Managed
Investments Act before 28 February 2002.


CHIQUITA BRANDS: Angas Park Divestment to Proceed
-------------------------------------------------
Chiquita Brands South Pacific Limited (CBSP) signed on 7 June a
Heads of Agreement for the sale of Angas Park Fruit Company Pty
Ltd to the existing management team.

"The Heads of Agreement gives the existing management team a
period of exclusivity in which to complete the transaction,"
said Mr Mano Babiolakis, managing director and CEO of CBSP.

The Heads of Agreement is a confidential, non-binding agreement
setting out the requirements for the successful sale of the
business.

It was negotiated between Mr Babiolakis and Mr Peter Barnes, the
current general manager of Angas Park, and it follows a decision
by the CBSP board to pursue all avenues for the divestment.

Angles Park is a well-known Australian brand that manufactures
and sells dried fruit into the grocery trade and as an
ingredient into the food processing industry. It was acquired by
CBSP in July 2000.

"With the benefit of hindsight, we now realize that Angas Park
was not a good fit for our business," Mr Bablolakis explained.
"It has a high requirement for working capital and the planned
synergies with other CBSP businesses have failed to
materialize."

Both parties are working quickly towards a final purchase
contract and settlement of the transaction. However, If
agreement cannot be reached, sale of the business will be
explored with other interested parties.


CTI COMMUNICATIONS: Appoints Ernst & Young as Auditor
-----------------------------------------------------
CTI Communications Limited advised that the Company's Annual
General Meeting was re-convened on 7 June 2002 and that Ernst &
Young have been appointed the Company's Auditor pursuant to
Resolution 5.

Should you have any queries in relation to the above matter,
please contact Company Secretary Damien Kelly on (08) 9226 2393.


CTI COMMUNICATIONS: Posts Directors Review of Operations  
--------------------------------------------------------
CTI Communications Limited continued with its primary business
of selling and maintaining call center and telephony
products until 8 October 2001 where CTI was placed into
voluntary administration (Administration).

On 20 December 2001, CTI entered into a deed of company
arrangement (DOCA) with the goal of being removed from
administration and then being re-structured, re-capitalized and
re-quoted on ASX (Re-organization), resulting in the following
events occurring on or before settlement of the DOCA
(being 1 March 2002):

   * Planwall Ply Limited and a significant proportion of the
Company's property plant and equipment were sold to Bryan
Curtifin (former Chairman of CTI) and Mathew Barnier (a director
of Planwall Pty Limited at balance date) for a total
consideration of $900,000;

   * other property plant and equipment and CTI;s share of its
call Center business were sold for $1 2,798;

   * CTI was provided with a $450,900 debt facility to satisfy
the claims of creditors and remove CTI from Administration

   * the incumbent Board of Directors resigned and were replaced
by Mr Paul Hardie, Mr Jon O'Callaghan and Mr Mark Sumich; and

   * the Company was released from Administration.

Subsequent to settlement of the DOCA, the following events have
also occurred (as approved by shareholders on 22 February
20152):

   * on 4 March 2002, the issued capital of the Company was
consolidated on a 1 for I5 basis reducing the total number of
shares on issue (at that time) to 1,998,193 shares.

   * on 15 March 2OD2, the Company issued the following
securities in consideration for the co-ordination and
refinancing of the Re-organization:

     * 4,500,000 ordinary shares;

     * 4,500,000 convertible notes;

     * 5,500,000 options expiring on June 30, 2006 exercisable
at 5 cents on or before June 30 2004 or 10 cents if exercised
after 30 June 2004; and

     * 3,000,000 preference shares

   * on 15 March 2002, the Company issued 100,000 shares
expiring on 30 June 2006 (exercisable at 5 cents on or before
June 30 2004 or 10 cents if exercised after 30 June 2004) to
each of Mr Paul Hardie and Mr Mark Sumich.

On 22 May 2002 the Company issued 8,497,292 shares at 10c each
and 4,242,646 at 5c each (raising a gross total of $1,062,162)
pursuant to a prospectus.

As a supplementary prospectus was lodged at Australian
Securities and Investments Commission on 17 May 2002, investors
have been given until 21 May 2002 to withdraw their application.

As a result of the Administration and the Company being forced
to realize its assets and liabilities at recoverable amount, the
Statement of Financial Position has been prepared on a
realizable value basis. The assets of the Company have been
stated at values that they were subsequently realized and
liabilities have been adjusted to values in which they were
settled for.

In the opinion of the Directors:

   a) subject to the effect: of limitations on disclosure
detailed in section 19.4 of the Company's Appendix 4B, the
financial statements and notes of the consolidated entity:

     * give a true and fair view of the Company and of the
consolidated entity's financial position as at 31 December 200i
; and

     * comply with accounting standards and the Corporations
Regulations 2001 where in the Company is in the position to do
so; and

   b) there are reasonable grounds to believe that the Company
will be able t o pay its debts as and when they Fall due.

To see Appendix 4B, the Company's financial statements and notes
of the consolidated entity, go to
http://www.bankrupt.com/misc/TCRAP_CTI0612.pdf


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C H I N A   &   H O N G  K O N G
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ELEGANT FUTURE: Petition to Wind Up Pending
-------------------------------------------
The petition to wind up Elegant Future Investment Limited is
scheduled to be heard before the High Court of Hong Kong on July
17, 2002 at 9:30 am. The petition was filed with the court on
April 11, 2002 by Chan Ngan Siu of Room 1326, Wu Pik House, Wu
King Estate, Tuen Mun, New Territories, Hong Kong.  


FOOK DOR: Faces Winding Up Petition
-----------------------------------
The petition to wind up Fook Dor Hot Pot Seafood Restaurant (Tai
Wo Hau Shop) Co. is set for hearing before the High Court of
Hong Kong on July 3, 2002 at 10:30 am.  

The petition was filed with the court on March 22, 2002 by Chan
Wai Chee of Room 1503, Shing Fu House, Kwai Shing East Estate,
Kwai Shing, New Territories, Hong Kong.  


HYCOMM WIRELESS: Terminates Acquisition Agreement
-------------------------------------------------
Hycomm Wireless Limited announced that the Acquisition Agreement
entered into by the Company on 5 June 2001 for the purchase of
100% of the issued share capital in Trans-Nova has been
terminated.

On 6 June 2001, the Company announced that, on 5 June 2001, it
had entered into the Acquisition Agreement for the purchase of
100% of the issued share capital in Trans-Nova from the Vendor,
which constituted a share transaction of the Company. By the
supplemental agreements dated 4 July 2001, 19 July 2001, 31
August 2001 and 29 September 2001, the Longstop Date has been
further postponed up to 30 November 2001.

The Acquisition is conditional upon, among other things, the
fulfillment of all the conditions precedent by 5:00 p.m. on the
Longstop Date. As certain conditions precedent to the
Acquisition Agreement are not yet fulfilled including, inter
alia,:

   (a) the Company having carried out and completed the legal
and financial due diligence review and being satisfied

     (i) with the business, assets, financial position and
prospects of Trans-Nova in all respects and due effectuation of
the Loan Capitalization; and

     (ii) that there has been no material adverse change in the
business, assets and financial position of Trans-Nova between
the date of the latest audited accounts of Trans-Nova, being 31
March 2000, and the date of the Acquisition Agreement; and

   (b) the Company being satisfied that all warranties given by
the Vendor and the Guarantor remain true and correct as at the
Completion Date.

The Company did not agree to the further extension of the
Longstop Date and will not proceed with the Acquisition.
Accordingly, the Acquisition Agreement has been terminated on 30
November 2001 when the Longstop Date lapsed. The Acquisition is
a share transaction only and no share has been issued for the
Acquisition up to now, therefore no announcement has been
issued. But, in order to keep the market informed of the status
of the Acquisition Agreement, this announcement is issued
accordingly.

The Directors consider that the termination of the Acquisition
Agreement does not have any material impact on the business and
financial position of the Group.


MANSION HOLDINGS: Price, Turnover Movements Inexplicable
--------------------------------------------------------
The Board of Directors of Mansion Holdings Limited have noted
the increases in the Company's share price and the trading
volume on 6th June, 2002 and stated that they are not aware of
any reason for such increases save for:

Discussions regarding interest in acquiring shares in the
Company. Kyota Yamada, Yiu Ying Fai and Hong Cheong Fye, who are
directors of the Company, collectively hold 20.16% of the issued
shares of the Company. These directors were, during the week
commencing on 3rd June, 2002 approached by various independent
third parties not connected with the directors, chief executives
or substantial shareholders of the Company or any of its
subsidiaries or their respective associates. The parties
expressed interest in acquiring certain shareholding interest in
the Company, including both existing and/or new shares of the
Company. These negotiations are in a preliminary stage and based
on the matters discussed, the transactions if materialized, will
not lead to the possibility of a general offer being made.

No terms have been agreed upon between the parties and the
Company in relation to the above discussions has entered into no
legal binding agreement. The aforesaid negotiations may or may
not proceed. If materialized, the Company will undertake to
comply with all relevant rules and regulations. The Company will
make further announcements to update shareholders of the Company
in relation to the progress of the discussions with the various
parties as and when appropriate.

Shareholders and potential investors should exercise caution
when dealing in the shares of the Company.

Save for the above discussions, the directors confirmed that
there are no negotiations or agreements relating to intended
acquisitions or realizations which are discloseable under
paragraph 3 of the Listing Agreement, neither is the Board aware
of any matter discloseable under the general obligation imposed
by paragraph 2 of the Listing Agreement, which is or may be of a
price-sensitive nature.


MING KEE: Winding Up Petition Slated for Hearing
------------------------------------------------
The petition to wind up Ming Kee Hot Pot Seafood Restaurant
Limited is scheduled for hearing before the High Court of Hong
Kong on July 10, 2002 at 9:30 am.  

The petition was filed with the court on April 4, 2002 by Lam
Wai Ming of Room 219, Ching Yat House, Yat Tung Estate, Tung
Chung, New Territories, Hong Kong.  


PO CHI: Hearing of Winding Up Petition Set
------------------------------------------
The petition to wind up Po Chi Lam Limited is set for hearing
before the High Court of Hong Kong on Augusts 7, 2002 at 9:30
am.  The petition was filed with the court on April 18, 2002 by
Lui Chun Wan of Flat 32, 4th Floor, No. 79 Waterloo Road,
Kowloon, Hong Kong.


QUALITY HEALTHCARE: New Share Incentive Plan Adopted
----------------------------------------------------
The Board of Quality HealthCare Asia Limited announced that at
the special general meeting held on 7 June 2002, the ordinary
resolutions relating to adoption of the Share Incentive Plan and
termination of the existing share option scheme of the Company
were duly approved by the shareholders of the Company.

The Directors confirm that the Share Incentive Plan complies
with Chapter 17 of the Listing Rules.

Wrights Investors Service reports that as of the end of 2001,
the company's long-term debt was HK$67.35 million and total
liabilities were HK$259.55 million. Its long-term debt to equity
ratio of the company is 1.52.


WIRELESS INTERNETWORKS: Exceptional Price Movement
--------------------------------------------------
Wireless InterNetworks Limited has noted the recent decrease in
the price of Company shares and stated that the Company is not
aware of any reasons for such decrease except for the matters
disclosed in the Company's announcement dated 6 June 2002.

The Company also confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.


XINGHUA PROFITEC: Winding Up Petition Set for Hearing
-----------------------------------------------------
The petition to wind up Xinghua Profitec Limited will be heard
before the High Court of Hong Kong on August 7, 2002 at 9:30 am.  
The petition was filed with the court on April 24, 2002 by Chan
Ka Ling of 9/F., Kwong Yick Building, 315-323 Sha Tsui Road,
Tsuen Wan, New Territories, Hong Kong.  


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I N D O N E S I A
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BANK NIAGA: Delay in Sale Won't Affect Rupiah, Says BI
------------------------------------------------------
The Indonesian government's decision to delay the divestment of
its 51 percent stake in PT Bank Niaga will not affect the
rupiah's exchange rate, Asia Pulse reports, citing Bank
Indonesia Governor Sjahril Sabirin.

"So far, any delay in the divestment of the government's stake
has had no impact on the rupiah," Sabirin said.

Meanwhile, Bank Indonesia Senior Deputy Governor Anwar Nasution
said the delay is related to technical matters to generate
higher bidding prices. "There is no need to dramatize it. The
delay does not mean cancellation," Anwar added.

The government has decided to delay the strategic sale of its
shares in Bank Niaga due to low bidding prices.


BARITO PACIFIC: Court Refuses Niaga's Bid for Ruling Review
-----------------------------------------------------------
The Supreme Court has refused Bank Niaga's petition for a
judicial review of the Jakarta Commercial Court's decision to
reject the bank's bankruptcy claim against PT Barito Pacific
Timber, AFX reports, citing Barito Pacific Investor Relations
Manager Aris Winantyo.

"We have received the Supreme Court's decision which stated that
it has refused Bank Niaga's (petition for a) judicial review
after its bankruptcy suit filed against Barito Pacific was
rejected by the Jakarta Commercial Court," Winantyo said.

Bank Niaga filed a bankruptcy suit against PT Barito Pacific
over its failure to repay Rp400 billion in bonds.

"We don't have any intention to default. We just cannot pay now
and seek to delay the payment," Winantyo said, adding that under
a restructuring agreement reached with the bondholders last
year, the maturity of the Rp400 billion bonds, which was due in
April has been extended to Jan 10, 2007.


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J A P A N
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ALL NIPPON: Cutting Online Domestic Fares by 29%
------------------------------------------------
All Nippon Airways Co Ltd (ANA) plans to offer online discounts
of up to 29 percent on selected domestic airfares in late July
and again in late August through September.

The Nihon Keizai Shimbun said, without citing sources, that ANA
is expected to extend the summer discount service past October.

The carrier has been bracing for intense competition in domestic
flights triggered by a planned merger between rivals Japan
Airlines Co Ltd (JAL) and Japan Air System Co Ltd in October.

All Nippon reported last month a net loss of 9.5 billion yen for
the year ended in March, the airline's fourth annual loss in
five years.


DAIO PAPER: R&I Cuts LT Debt Rating to BBB-
-------------------------------------------
Rating and Investment Information, Inc. (R&I), has downgraded
the following ratings:

ISSUER: Daio Paper Corp. (TSE Code: 3880)
Senior Long-term Credit Rating
R&I RATING: BBB- (Downgraded from BBB)
Long-term Bonds (1 series)
R&I RATING: BB+ (Downgraded from BBB-)

RATIONALE:

Daio Paper Corp. is the third-biggest integrated papermaking
company in Japan after Nippon Unipac and Oji Paper. The
company's unique qualities are its concentrated manufacturing
system based on the sea-front plant at Mishima (Ehime
Prefecture) and a direct sales system, and it has maintained
strong profitability at the operating profit stage.

On the other hand, interest-bearing debt is at a high level on a
consolidated base thanks to factors such as past acquisitions of
papermaking companies and other aggressive investments, and debt
exceeds the level of sales. A company purchased when it had
liabilities in excess of assets is now on the road to recovery,
and is making a contribution to profits to the point that the
ratio of consolidated to nonconsolidated operating profit is now
1.6 times. Even so, the ratio of consolidated to nonconsolidated
equity stood at just 0.53 times because of factors such as the
write-off of goodwill. Consolidated equity capital stands at
just 56 billion yen, so capital accumulation lags behind the
scale of business. The risks entailed in the comparatively high
level of debt have increased because of the changing financial
climate, and equity capital is rather weak as a risk buffer.

The bonds rated here are unsecured, so in view of the balance
between secured and unsecured debt the existing one-notch rating
differential against the Senior Long-term Credit Rating remains
in place.


MIZUHO HOLDINGS: Rejects Pay Cuts Report
----------------------------------------
Mizuho Holdings Inc spokesman Hiroshi Takahashi dismissed a
report from the Nihon Keizai Shimbun that the Company plans to
cut the salaries of Mizuho Financial Group bank employees as
part of its restructuring efforts.

The report also said that Mizuho is set to begin negotiations
with its labor union over the groupwide wage cut, and slash
compensation to about 30 group executives, including Mizuho
Holdings Inc. President Terunobu Maeda, for their mishandling of
the computer system fiasco in April.

The spokesman insisted that, "nothing has been decided yet,"
including whether or not to negotiate with its labor union.

"When we decide something, we will make an announcement," the
spokesman said.


NEC CORPORATION: To Standardize PC Parts to Cut Costs
-----------------------------------------------------
NEC Corp, Japan's second-largest chipmaker, plans to standardize
90 percent of the components used in its personal computers by
late this year in a bid to reduce the cost of new product
development and parts procurement, the Nihon Keizai Shimbun
reported.

The company will also cut back on local tailor-made machines,
increasing the percentage of generic models targeted at global
markets to about 60 percent of the total 130 or so types of
computer the company currently sells, the report said.

At present, NEC sells 37 models for consumer use and 34 for
corporate users in Japan while dealing in about 60 kinds of
machines abroad.

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).


SOFTBANK CORP: Aims for 1M Yahoo!BB Users by Sept
-------------------------------------------------
Softbank Corp will attain its goal of obtaining 1 million
subscribers to its broadband Yahoo!BB Internet access service
around September, Japan Today reports.

The Tokyo-based Internet business investor introduced the
asymmetric digital subscriber line (ADSL) network service in
September last year, and originally aimed to reach the
subscription target by the end of December.

Softbank Corp. dipped into the red in the year that ended March
31 with a consolidated net loss of 88.76 billion yen compared
with a profit of 36.63 billion yen the previous year. The
Company blamed the loss on extraordinary losses totaling 177.84
billion yen, which included 118.46 billion yen in valuation
losses on shareholdings.

It also booked a 19.98 billion yen extraordinary loss, mainly
due to a devaluation of intangible fixed assets at Key3Media
Group Inc. that resulted from changes in U.S. accounting
standards.

Softbank President Masayoshi Son said the company had 365.6
billion yen in long-term debts at the end of March, down from
Y487.5 billion at the end of last September.


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K O R E A
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HYNIX SEMICON: Pursuing Independent Survival Until Year-end
------------------------------------------------------------
Park Byung-yoon, chief policymaker of the ruling Millennium
Democratic Party, said that the government, creditors, the chip
industry and the Hynix trade union have agreed to pursue the
chipmaker's independent survival until the end of the year
before making a choice between independent survival and sale.

According to a report from the Korea Herald, Park contacted the
representatives of the four parties and helped them reach the
consensus.

Park said Samsung Electronics has agreed to make efforts to
induce Micron Technology to conclude an antidumping agreement.
Hynix management and labor agreed to jointly pursue
restructuring, with the trade union willing to declare no more
strikes.

The Ministry of Finance and Economy and the Financial
Supervisory Service agreed to stay away from the Hynix issue,
making no comment on it till the end of the year.

Park said creditor banks agreed to avoid and refrain from making
sale efforts.

The lawmaker's remark was at odds with the apparent move by
Hynix's main creditor Korea Exchange Bank to resume sale talks
with Micron Technology.

Hyundai Semiconductor's 8.250% Bond due on 2004 (HYUS04KRS1)
trades between 68 and 78. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS04KRS1


KUMHO GROUP: Tire Ops Sale Completion Expected by End-September
---------------------------------------------------------------
Kumho Group plans to complete the sale of its tire operations
and other restructuring programs by the end of September, the
Korea Economic Daily reported, citing group vice chairman Park
Sam-koo.

Kumho Industrial Co, one of South Korea's largest tire makers,
is in talks with a consortium led by JP Morgan Chase and private
equity fund Carlyle Group to sell 80 percent of its tire
operations for up to US$1.5 billion to pay off debt.

Kumho Industrial swung back to a net profit in the first quarter
on brisk sales of tires. Analysts say Kumho Industrial's 18.9
billion won ($15.49 million) net profit were not large enough to
resolve its debt problems.

Kumho Industrial posted a 23.1 billion won net loss in the first
quarter of 2001. The Company held 3.2 trillion won in
liabilities against 4.2 trillion won in assets as of last June.


SAMICK MUSICAL: Creditors Finalize Sale of Piano-maker
------------------------------------------------------
The sale of Samick Musical Instruments Co. was finalized Monday
after creditors, including the Korea Exchange Bank (KEB),
decided to sell of South Korea's largest musical-instrument
maker to a group of corporate restructuring companies at 125
billion won in total, the Digital Chosun reported.

The Incheon District Court, which has been in charge of the
management of Samick, had signed a preliminary agreement with
Golden Bridge CRC and Capital Lines to sell the firm for 125
billion won in the middle of last month, but creditors vetoed
the sale plan late in May.

KEB said that the sale would soon go through the necessary court
procedures to finalize the sale.

The new owners of Samick will invest 30 billion won, taking out
an 85 billion-won loan to purchase the instrument maker. Golden
Bridge CRC said that Speco, a Kosdaq-listed firm, will manage
Samick.

Inchon-based Samick - http://samick.co.kr/- declared bankruptcy  
in 1996 due to heavy debts. The firm has been undergoing court-
controlled restructuring procedures since October 1996.


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


AMSTEEL CORP.: Ambang Maju Faces Writ of Summons Filed by AHIP
--------------------------------------------------------------   
The Board of Directors of Amsteel Corporation Berhad (Amsteel)
informed that Ariffin Haji Ismail Plantations Sdn. Bhd. (AHIP)
has filed a Writ of Summons No. S1-22-546 of 2002 in the High
Court of Malaya at Kuala Lumpur against Ambang Maju Sdn. Bhd.
(Ambang Maju), a 70% owned subsidiary of Amsteel.

Background to the Litigation

Via a Sale and Purchase Agreement dated 21 September 1993
between AHIP and Ambang Maju (the said Agreement), AHIP agreed
to sell and Ambang Maju agreed to purchase 11 pieces of lands in
Daerah Kulim, Negeri Kedah Darul Aman (the said Lands) for a
consideration of RM12 million (the Disposal). The Disposal of
the said Lands was to facilitate a joint venture arrangement
between AHIP and Ambang Maju wherein AHIP or its nominee would
be issued with equity in Ambang Maju. Tafco Development Sdn.
Bhd. (Tafco), the nominee of AHIP, was issued with 30,000
ordinary shares of RM1.00 each in Ambang Maju (the Allotted
Shares

The Litigation

AHIP alleges that:

   i. although the consideration for the Land in the Agreement
was RM12 million, the consideration for the Land was RM18
million;

   ii. the difference of RM6 million was to be utilized by AHIP
to defray its cost of disposal of RM531,870.60 and the remaining
sum of RM5,468,129.40 was to be utilized by AHIP or its nominee
as capital contribution in Ambang Maju; and

   iii. since Tafco was issued with the Allotted Shares only, a
balance sum of RM5,438,129.40 was still due and owing to AHIP by
Ambang Maju.

AHIP claims Ambang Maju owes the sum of RM5,438,129.40, interest
at the rate of 8% per annum from 10 December 2001 until full
settlement and including litigation costs.

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


ANSON PERDANA: SC Grants Proposed Debt Restructuring Approval
-------------------------------------------------------------
Malaysian International Merchant Bankers Berhad, on behalf of
the Board of Directors of Anson Perdana Berhad, announced that
the Company has received the approval of the Securities
Commission (SC) for:

   (a) proposed rights issue of 32,998,963 new ordinary shares
of RM1.00 each in Anson with 32,998,963 free detachable warrants
on the basis of 1 new share with 1 free warrant attached for
every 3 existing shares (Proposed Rights Issue);

   (b) Proposed composite scheme of arrangement between the
scheme companies and the scheme creditors, whereby the debts
owing by the scheme companies to the scheme creditors are
proposed to be restructured as follows:

     (i) Proposed settlement of debts owing by the scheme
companies to the secured lenders by the issuance of up to a
maximum of RM59,972,999 nominal value of redeemable convertible
secured loan stock-A (RCSLS-A);

     (ii) Proposed settlement of debts by the scheme companies
to the unsecured lenders by the issuance of:

       * up to a maximum of RM184,787,000 nominal value of
redeemable convertible secured loan stock-B (RCSLS-B);

       * up to a maximum of RM144,402,000 nominal value of
irredeemable convertible unsecured loan stock-(ICULS); and
  
       * up to a maximum of 52,298,000 new shares in Anson;

     (iii) Proposed settlement of debts owing by the scheme
companies to the trade creditors by way of:

       * cash settlement of approximately RM1,135,000;

       * the issuance of up to a maximum of RM13,706,000 nominal
value of ICULS;

       * the issuance of up to a maximum of 2,419,000 new shares
in Anson; and

       * waiver of the balance amount of approximately
RM757,000;

      (iv) Proposed settlement of debts owing by the plantation
companies to the plantation lenders by way of:

       * cash settlement of approximately RM20,615,000; and

       * the issuance of up to a maximum of RM6,871,000 nominal
value of RCSLS-B.

hereinafter referred to as "Proposed Debt Restructuring"

    (c) Listing of and quotation for the new Anson shares,
warrants and ICULS as well as the new Anson shares to be issued
as a result of the exercise of the warrants and conversion of
the RCSLS-A, RCSLS-B and ICULS on the Kuala Lumpur Stock
Exchange (KLSE).

The approval of the SC is subject to, amongst others, the
following conditions:

   (i) The utilization of the proceeds to be raised from the
Proposed Rights Issue is subject to the following:

     (a) the SC's approval is required for any variation to the
original utilization if the said variation involves the
utilization of proceeds other than for the core business of
Anson;

     (b) the approval from the shareholders of Anson is required
for any variation of 25% or more than the original utilization.
If the variation is less than 25%, appropriate disclosure is to
be made to the shareholders of Anson;

     (c) any extension of time from the period fixed by Anson
for the utilization of proceeds should be approved by a final
resolution by the Board of Directors of Anson and to be fully
disclosed to the Kuala Lumpur Stock Exchange ("KLSE"); and

     (d) appropriate disclosure on the status of the utilization
of proceeds should be made in the Quarterly Reports and Annual
Report of Anson until the said proceeds are fully utilized.

   (ii) Anson is to comply with the conditions imposed by the
Foreign Investment Committee, if any;

   (iii) the issue price of the rights shares with detachable
warrants is to be fixed at a discount of not more than 20% from
the theoretical price based on the weighted average market price
of Anson for the five (5) consecutive market days before the
price fixing date (which is a date to be fixed after the SC's
approval date), or at par, whichever is the higher;

   (iv) the issue price of the shares to be issued pursuant to
the Proposed Debt Restructuring is to be fixed after the SC's
approval based on the requirements of the SC's Policies and
Guidelines on Issue/Offer of Securities (Guidelines) relating to
private placements, or at par, whichever is the higher;

   (v) the conversion price of the RCSLS-A, RCSLS-B and ICULS of
Anson to be issued pursuant to the Proposed Debt Restructuring
is to be fixed at a discount of not more than 10% from the
theoretical price based on the weighted average market price of
Anson for the five (5) consecutive market days before the price
fixing date, or at par, whichever is the higher;

   (vi) Mr. Soo Tian Chai @ Soo Kim Chey is required to give an
undertaking that he will subscribe for his entitlement and all
the rights shares not subscribed for pursuant to the Proposed
Rights Issue(Rights Shares) as well as to give a written
confirmation to the SC that he has sufficient funds to take up
the Rights Shares. In addition, MIMB is required to verify the
said written confirmation to the SC;

   (vii) In the event that Mr. Soo Tian Chai @ Soo Kim Chey
fails to give the written confirmation to the SC, (which is to
be verified by MIMB) that he has sufficient funds to subscribe
for the Rights Shares, MIMB and Anson are required to procure
underwriting for the full amount of the Rights Shares;

   (viii) the SC's approval is required for any amendments to
the terms and conditions of the RCSLS-A, RCSLS-B and ICULS to be
issued by Anson;

   (ix) Anson is required to make full disclosure in the
circular to shareholders and abridged prospectus in regards to
the risk factors associated with the Proposed Debt
Restructuring; and

   (x) MIMB and Anson are required to furnish the following
documents before the issuance of RCSLS-A, RCSLS-B and ICULS:

     (a) form FMF/JPB (Facility Maintenance File) to the SC and
Bank Negara Malaysia;

     (b) a copy of the duly signed trust deed to the SC; and

     (c) the final rating together with the rating report for
the RCSLS-A and RCSLS-B to the SC.

A circular to shareholders setting out the full details of the
Proposed Rights Issue and Proposed Debt Restructuring will be
dispatched in due course.


COUNTRY HEIGHTS: Implements Proposed Divestment Through PPO
-----------------------------------------------------------
On behalf of the Board of Directors of Country Heights Holdings
Berhad, Commerce International Merchant Bankers Berhad on 14
March 2002, amongst others, announced a proposed divestment of
up to 49% interest in Mines City Hotel Sdn Bhd (MCH), a wholly-
owned subsidiary of CHHB (Proposed Divestment). Pursuant to
that, CIMB announced that the Company proposes to implement the
Proposed Divestment by way of a proposed public offering,
involving these inter-conditional proposals:

   (i) a proposed waiver by CHHB of RM50,000,000 inter-company
loan owing by MCH (Proposed Loan Waiver);

   (ii) a proposed issuance of 50,000,000 new ordinary shares of
RM1.00 each in MCH (MCH Shares) to CHHB pursuant to a
capitalization of RM50,000,000 inter-company loan owing by MCH
(Proposed Loan Capitalization);

   (iii) a proposed gifting of up to 100 MCH Shares by CHHB to
MCH's employees (Proposed Gift to Employees);

   (iv) a proposed conversion of MCH to a public company
(Proposed Conversion); and

   (v) a proposed public issue/placement of up to 200,000,000
new MCH Shares at an indicative issue/placement price of RM1.00
per MCH Share payable in full on application (Proposed Public
Issue/Placement).

The Proposed Loan Waiver, Proposed Loan Capitalization, Proposed
Gift to Employees, Proposed Conversion and Proposed Public
Issue/Placement are collectively referred to as the "Proposed
Public Offering" (PPO).

In addition, on behalf of the Board of CHHB, CIMB wishes to
announce that the Company also proposes a waiver of Country
Heights Venture Sdn Bhd's (CHVSB) irrevocable undertaking to
exercise 6,354,146 warrants (Warrants 1996/2006) issued by CHHB
on 12 July 1996 at an exercise price of RM3.31 per Warrant
1996/2006 (Proposed Waiver of CHVSB's Warrants Undertaking).

DETAILS OF THE PROPOSALS

Proposed Public Offering

As an integral part of the Proposed Public Offering, CHHB will
be undertaking an internal restructuring exercise (Proposed
Internal Restructuring,  which involves the following:

   (i) Proposed Loan Waiver

CHHB proposes to waive approximately RM50,000,000 of the inter-
company loan owing by MCH, which will be credited to MCH's
accumulated losses account. As at 30 April 2002, the balance
standing in the inter-company account due from MCH amounts to
RM293,307,250.

   (ii) Proposed Loan Capitalization

In addition, CHHB proposes that 50,000,000 new MCH Shares be
issued to CHHB pursuant to a capitalization of RM50,000,000 of
the inter-company loan owing by MCH.

The 50,000,000 new MCH Shares to be issued pursuant to the
Proposed Loan Capitalization will, upon issue and allotment,
rank pari passu in all respects with the existing ordinary
shares of MCH save and except that they shall not be entitled to
any dividends, rights, allotments and/or other distributions,
the entitlement date of which is prior to the date of allotment
of the said new MCH Shares.

Upon completion of the Proposed Loan Waiver and Proposed Loan
Capitalization, the balance of the inter-company account due
from MCH as at 30 April 2002 will decrease from RM293,307,250 to
RM193,307,250.

   (iii) Proposed Gift to Employees

CHHB proposes to make a gift of up to 100 MCH Shares to MCH's
employees as part of a reward program for the staff of MCH.

   (iv) Proposed Conversion

Subsequent to the Proposed Loan Waiver, Proposed Loan
Capitalization and Proposed Gift to Employees, it is proposed
that MCH be converted to a public company.

Proposed Public Issue/Placement

MCH also proposes to undertake a public issue/placement of up to
200,000,000 new MCH Shares to public investors in multiples of
1,000 new MCH Shares at an indicative issue/placement price of
RM1.00 per MCH Share payable in full on application.

The minimum subscription of the Proposed Public Issue/Placement
is proposed to be RM50,000,000 ("Minimum Subscription"). It is
proposed that if the Minimum Subscription is not received within
three (3) months of the opening of the application, all
application monies received will be refunded within twenty-one
(21) days after the closing date without interest.

The 200,000,000 new MCH Shares to be issued pursuant to the
Proposed Public Issue/Placement will, upon issue and allotment,
rank pari passu in all respects with the existing ordinary
shares of MCH save and except that they shall not be entitled to
any dividends, rights, allotments and/or other distributions,
the entitlement date of which is prior to the date of allotment
of the said new MCH Shares.

The 200,000,000 new MCH Shares to be issued pursuant to the
Proposed Public Issue/Placement will not be underwritten.

Upon completion of the Proposed Public Offering, the share
capital of MCH as at 30 April 2002 will increase from
RM170,000,000 comprising of 170,000,000 MCH Shares to
RM420,000,000 comprising of 420,000,000 MCH Shares.

Proposed Waiver of CHVSB's Warrants Undertaking

In conjunction with the issue by CHHB of the RM250,000,000
nominal amount of 3% Redeemable Bonds 1996/2001 (Bonds) on 7 May
1996, CHVSB provided CHHB with an irrevocable written
undertaking to exercise 10% of its entitlement to the Warrants
1996/2006 at any time up to and not exceeding fifty four (54)
months after the issue of the Bonds on 7 May 1996 (Warrants
Undertaking). The amount raised pursuant to the exercise of the
Warrants 1996/2006 by CHVSB shall be placed in a trust account
(CHVSB Warrants Proceeds Account) which CHHB had assigned all
its rights, title and interest in and to the money in the CHVSB
Warrants Proceeds Account to the Trustee for the holders of the
Bonds (Bondholders), and would be retained for the purpose of
part redemption of the Bonds, which was originally due on 6 May
2001.

Pursuant to the completion of the Warrants 1996/2006 offering
exercise and the subsequent bonus issue exercise completed by
CHHB on 3 December 1997, the Warrants Undertaking was adjusted
to an undertaking by CHVSB to exercise 6,354,146 Warrants
1996/2006 at an exercise price of RM3.31 per Warrant, which
would yield subscription proceeds of approximately RM21.032
million.

CHHB now proposes a waiver of CHVSB's Warrants Undertaking and
that CHVSB be released and discharged from its obligation under
the Warrants Undertaking and that the Trustee for the
Bondholders' rights, title and interest in and to the money in
the CHVSB Warrants Proceeds Account as security for the
performance by the Company of its obligations under the Trust
Deed for the Bonds be discharged.

At an informal meeting with the representatives of the
Bondholders on Friday 23 November 2001, CHHB had proposed an
extension of up to five years for the redemption of the Bonds
(Extension). Subsequently, the Bondholders had, at a
Bondholders' meeting held on 27 December 2001 approved the
Extension on the following terms:

   a) The maturity date of the remaining outstanding Bonds
amounting to RM200 million (after the redemption of RM50 million
on 6 May 2001) will be extended for four (4) years to 31
December 2005;

   b) The interest rate applicable for the Bonds will be eight
(8) percent per annum, calculated on the outstanding balance,
payable semi-annually. However, for the first three (3) years,
only 6% interest shall be paid with the 2% shortfall in each of
the three (3) years capitalized and paid in the final year in
two (2) equal installments i.e. on 6 May and 6 November 2005.
Interest for the period from 6 November 2005 to 31 December 2005
shall be paid on 31 December 2005;

   c) CHHB will redeem RM50 million in each year commencing from
31 December 2002 over a period of four (4) years to 31 December
2005;

   d) The appointment of a monitoring accountant to monitor the
CHHB group's (Group) asset divestment/disposal plans as well as
to receive reports on the Group's cash flows; and

   e) The existing security for the Bonds, including the fixed
charge over the Palace of the Golden Horses Hotel (PGH) and some
other landed properties, will continue to be the security for
the Bonds.

Principally, the Bondholders' approval of the Extension was in
view of the asset divestment/disposal plans of the Group.

In view of the fact that the collaterals for the Bonds have an
estimated market value of more than twice the nominal value of
the outstanding Bonds of RM200 million and that part of the
proceeds from the Proposed Public Issue/Placement and proposed
rights issue (Proposed Rights Issue) and proposed special issue
(Proposed Special Issue) which were announced on 14 March 2002,
are proposed to be utilized to fully or partially redeem the
Bonds, the Proposed Waiver of CHVSB's Warrants Undertaking is
not expected to unduly prejudice the interests of the
Bondholders.

INFORMATION ON MCH

MCH was incorporated in Malaysia on 11 July 1992 as a private
limited company under Companies Act, 1965 under the name of
Precious Ace (M) Sdn Bhd. Subsequently, on 15 December 1994, MCH
assumed its present name. The authorized share capital of MCH is
RM500,000,000 comprising 500,000,000 MCH Shares of which
RM170,000,000 comprising 170,000,000 MCH Shares is issued and
fully paid-up.

MCH is the owner and operator of PGH. PGH is a five-star luxury
hotel and conference center situated within the Mines Resort
City. PGH was completed and has commenced operations in October
1997.

MCH does not have any subsidiary or associated company as at the
date hereof.

UTILISATION OF PROCEEDS

The proceeds to be raised from the Proposed Public
Issue/Placement would be mainly utilized by MCH to repay the
Bonds and any amounts owing in respect of interest on the Bonds,
on behalf of CHHB, as partial/full settlement of the inter-
company loan owing to CHHB in order to secure the release of the
charge on PGH. It is also proposed that the proceeds of the
Proposed Public Issue/Placement for the redemption of the Bonds
be paid directly by MCH into a specifically designated account
earmarked for redemption of the Bonds, which may be placed under
the sole control of the Trustee for the Bondholders. Any balance
of monies after full redemption of the Bonds (if any) will be
used by MCH to repay the inter-company loan owing to CHHB, the
proceeds of which will be used by CHHB for repayment of its bank
borrowings and/or for working capital purposes and estimated
expenses.

The full redemption of the Bonds will be through a combination
of the proceeds to be raised from the Proposed Public
Issue/Placement, Proposed Rights Issue and/or Proposed Special
Issue.

RATIONALE OF THE PROPOSALS

Proposed Public Offering

The Proposed Public Offering will enable the CHHB Group to raise
funds to redeem the Bonds and assist in securing the release of
the charge on PGH. The proceeds of the Bonds were earlier
utilized primarily for the construction of PGH, which is owned
by MCH.

Proposed Waiver of CHVSB's Warrants Undertaking

The original purpose of the Warrants Undertaking was principally
to provide additional security for the benefit of Bondholders.
As the Company has restructured the terms of the Bonds on the
basis of the proposed asset divestment/disposal plans of the
Group and the fact that the proceeds to be raised from the
Proposed Public Offering, Proposed Rights Issue and Proposed
Special Issue will be used to redeem the Bonds, the CHVSB
Warrants Proceeds Account no longer represents a significant
security to the Bondholders. The Proposed Waiver of CHVSB's
Warrants Undertaking would reduce the financial burden on CHVSB
and this would provide assistance for CHVSB to fully subscribe
for its entitlements under the Proposed Rights Issue amounting
to 105,717,000 ordinary shares of RM1.00 each in CHHB ("CHHB
Shares") based on its shareholding as at 30 April 2002, at an
indicative issue price of RM1.00 per CHHB Share for a
subscription amount of at least RM105,717,000. This would
enhance the likelihood of success for the Proposed Rights Issue.

EFFECTS OF THE PROPOSALS

Issued and Paid-up Share Capital

The Proposals will not have any effect on the share capital of
CHHB as it does not involve any issue of new shares by the
Company.

Substantial Shareholders' Shareholdings

The Proposals will not have any effect on the substantial
shareholders' shareholdings in the Company.

Net Tangible Assets (NTA)

The Proposed Waiver of CHVSB's Warrants Undertaking will not
have any material effect on the NTA of the Group.
Based on the audited consolidated balance sheet of CHHB as at 31
December 2001 and the assumption that the Proposed Rights Issue,
Proposed Bonus Issue I, Proposed Special Issue, Proposed Bonus
Issue II (which were collectively announced on 14 March 2002)
and Proposed Public Offering are effected as at that date, the
proforma effects of the Proposed Rights Issue, Proposed Bonus
Issue I, Proposed Special Issue, Proposed Bonus Issue II and
Proposed Public Offering on the NTA and gearing of the Group are
illustrated in Table 1 at
http://www.bankrupt.com/misc/TCRAP_Country0612.doc

Earnings

The Proposed Waiver of CHVSB's Warrants Undertaking will not
have any material effect on the earnings of the Group.
As the Proposed Public Offering is only expected to be completed
in the third quarter of the financial year ending 31 December
2003, the Proposed Public Offering is not expected to have any
material effect on the earnings per share of the Group for the
financial year ending 31 December 2002. However, the Proposed
Public Offering is expected to have a positive effect on the
future earnings of the Group arising from the interest savings
from the repayment of the Bonds and bank borrowings (if any).

CONDITIONS OF THE PROPOSALS

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

   (i) Securities Commission (SC);

   (ii) shareholders of CHHB and MCH at their respective
extraordinary general meetings to be convened for the Proposed
Public Offering;

   (iii) Ministry of International Trade and Industry for the
Proposed Public Issue/Placement;

   (v) Foreign Investment Committee for the Proposed Public
Issue/Placement;

   (vi) Bondholders at a meeting to be convened for the
Proposals; and

   (vi) any other relevant authorities or parties.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS IN THE PROPOSALS

Proposed Public Offering

As far as the Directors are aware, none of the Directors of
CHHB, or major shareholders of CHHB, and/or persons connected to
them (as defined by Section 122A of the Companies Act, 1965)
have any interest, whether directly or indirectly, in the
Proposed Public Offering.

Proposed Waiver of CHVSB's Warrants Undertaking

Y.Bhg. Tan Sri Lee Kim Tiong @ Lee Kim Yew is a Director of CHHB
and major shareholder of CHVSB, and accordingly he is deemed
interested in the Proposed Waiver of CHVSB's Warrants
Undertaking. Y.Bhg. Tan Sri Lee Kim Tiong @ Lee Kim Yew has
abstained and will continue to abstain from all board
deliberations at CHHB on the Proposed Waiver of CHVSB's Warrants
Undertaking.

Save for Y.Bhg. Tan Sri Lee Kim Tiong @ Lee Kim Yew, none of the
other Directors of CHHB or major shareholders of CHHB and/or
persons connected to them (as defined by Section 122A of the
Companies Act, 1965), have any interest, whether directly or
indirectly, in the Proposed Waiver of CHVSB's Warrants
Undertaking.

STATEMENT BY DIRECTORS

After considering all aspects of the Proposals, the Board of
CHHB is of the opinion that the Proposals are in the best
interest of the Group.

ADVISER

CIMB has been appointed by the Company as the Adviser for the
Proposals.

SUBMISSION TO THE SC

Baring unforeseen circumstances, the Board of CHHB expects to
submit the application to the SC for the Proposals within three
(3) months from the date of this announcement.


DENKO INDUSTRIAL: Undertakes Proposed Corp, Debt Workout Scheme
---------------------------------------------------------------
On behalf of Denko Industrial Corporation Berhad, Public
Merchant Bank Berhad announced that on 4 June 2002, the Board of
Denko propose to undertake:

   (i) Proposed capital reconstruction, which involves the
reduction of the issued share capital of Denko and the proposed
part cancellation of share premium account of Denko ("Proposed
Capital Reconstruction");

   (ii) Proposed acquisitions of income generating companies
(Acquiree Companies) for a total purchase consideration of
RM76,005,000 to be satisfied by the issuance of 76,005,000 new
ordinary shares of RM1.00 each in Denko (Denko Shares) at an
issue price of RM1.00 per share (Proposed Acquisitions);

   (iii) Proposed settlement of debts amounting up to
RM35,880,470 as at 31 December 2001 through the issuance of

up to 5,443,033 nominal amount of five (5) year 5% Redeemable
Convertible Secured Loan Stock (RCSLS) at 100% of the nominal
value together with up to 1,088,607 free detachable warrants;
up to 20,480,206 two (2) year 5% cumulative Irredeemable
Convertible Preference Shares (ICPS) of RM1.00 each in Denko at
an issue price of RM1.00 per ICPS together with up to 4,096,041
free detachable warrants;

up to RM8,777,231 nominal amount of three (3) year zero coupon
Irredeemable Convertible Unsecured Loan Stocks (ICULS) at 100%
of the nominal value together with up to 1,755,446 free
detachable warrants; and up to RM1,180,000 nominal amount of
debts will be settled through the set-off of assets.

(Collectively referred to as the "Proposed Debt Restructuring");

   (vi) Proposed renounceable two-call rights issue of up to
5,481,977 new ordinary shares of RM1.00 each at an issue price
of RM1.00 per share (Rights Share) with up to 5,481,977 free
detachable warrants (Warrant) to the existing shareholders of
Denko on the basis of one (1) Rights Share and one (1) warrant
for every two (2) existing Denko Shares held after the Proposed
Capital Reconstruction (Proposed Two-Call Rights Issue);

   (vii) Proposed liquidation of Trimate Industries Sdn Bhd  
(Trimate) and Giantmate Industries Sdn Bhd
(Giantmate) (Proposed Liquidation);

   (viii) Proposed amendments to the Memorandum and Articles of
Association of Denko (Proposed Amendments)

   (ix) Proposed increase in the authorized share capital of
Denko from RM100,000,000 comprising 100,000,000 ordinary shares
of RM1.00 each to RM200,000,000 comprising 200,000,000 ordinary
shares of RM1.00 each (Proposed Increase in Authorized Share
Capital).

The Proposed Capital Reconstruction, Proposed Acquisitions,
Proposed Debt Restructuring, Proposed Two-Call Rights Issue,
Proposed Liquidation and Proposed Increase in Authorized Share
Capital are hereafter referred collectively to as

The Proposed Corporate and Debt Restructuring Scheme (PCDRS)
refers to:

   * Proposed Capital Reconstruction;
   * Proposed Acquisitions;
   * Proposed Debt Restructuring;
   * Proposed Two-Call Rights Issue;
   * Proposed Liquidation;
   * Proposed Amendments and
   * Proposed Increase in Authorized Share Capital  

Further details on the PCDRS are found at
http://www.bankrupt.com/misc/TCRAP_Denko0612.doc


GLOBAL CARRIERS: Proposes Articles of Association Amendments
------------------------------------------------------------
Global Carriers Berhad informed that an Extraordinary General
Meeting of the Company will held at the Seasons View Room, Level
1, Grand Seasons Hotel, No. 72, Jalan Pahang, 53000 Kuala Lumpur
on Thursday, 27 June 2002 immediately upon the conclusion of the
Seventh Annual General Meeting which has been scheduled for 9.00
a.m. on the same day for the purpose of considering and if
thought fit, passing the following resolution, with or without
modifications:

SPECIAL RESOLUTION

PROPOSED AMENDMENTS TO THE ARTICLES OF ASSOCIATION

"THAT the deletions, alterations, modifications and additions to
the Articles of Association of the Company as set out in the
Circular to Shareholders dated 6 June 2002 be and are hereby
approved AND THAT the Directors be and are hereby authorized to
give effect to the said deletions, alterations, modifications
and additions to the Articles of Association of the Company."


GULA PERAK: RAM Assigns BB3(s) Rating to Proposed RCSN
------------------------------------------------------
Rating Agency Malaysia Berhad (RAM) has assigned a long-term
enhanced rating of BB3(s) to Gula Perak Berhad's (GPB) proposed
RM290.76 million Redeemable Convertible Secured Notes (RCSN).
The rating reflects GPB's relatively unexciting performance from
its core hotel business, poor response for its industrial
property ventures in Batang Berjuntai and Kampung Jawa, and its
weak balance sheet profile. In addition, RAM understands that
GPB will be proceeding with its mixed development plans in
Setapak and Cheras after the completion of its corporate
restructuring exercise. These projects are viewed to be a
potential cash drain on the Group in future as pre-development
expenditure and infrastructure cost are expected to outpace
revenue from sales, at least in the first year.

Meanwhile, the credit enhancement reflects GPB's underlying
securities pledged against the RCSN via the first legal charge
on Dynasty Hotel, Empress Sepang Hotel and some development
land. Based on the valuation report dated January 2002, the
market value of these securities stood at RM756.6 million. Based
on the terms and conditions of the proposed RCSN, GPB will not
be permitted to sell these securities below the forced sale
value (FSV) of the pledged assets.

Furthermore, 70% of the net proceeds from the sale of assets
pledged as securities will be contributed into a sinking fund,
whilst the remaining 30% will be utilized for working capital
purposes. The provision of these assets as security gives added
comfort to the noteholders with regard to repayment risk upon
maturity. These assets should allow refinancing or the
generation of proceeds through their disposal to meet repayment
obligations. Nonetheless, in RAM's opinion, repayment risk is
not completely eliminated as the FSV of the assets may not be
sufficient to meet the full redemption amount.


HAI MING: Gets SC's Nod on Proposed Acquisitions
------------------------------------------------
Public Merchant Bank Berhad, on behalf of Hai Ming Holdings Bhd,
announced that the Securities Commission has vide its letter
dated 4 June 2002, approved the Company's request to implement
the proposed acquisition of 30% interest in Yap Swee Thiam &
Sons Industries Sdn Bhd (YSTSB) and the existing investments of
KPS Plywood Sdn Bhd (KSB), and Akateak Sdn Bhd (ASB) of 60% and
10% respectively in YSTSB (collectively known as "Proposed
Acquisitions") concurrently with the other proposals under the
Proposed Restructuring Exercise, subject to the following
conditions:

  (i) The Directors of Yap Swee Thiam & Sons Industries Sdn Bhd
(YSTSB) are required to renegotiate the terms of the agreement
in relation to the usage of the Malay Reserve Land known as
GM412, Lot 46082, Mukim Batu, Daerah Gombak, to ensure that the
said agreement is deemed a rental agreement and not a lease
agreement (this is to be confirmed by the due diligence
solicitors) prior to the implementation of the Proposed
Acquisitions. In the event the above cannot be obtained, YSTSB
is required to relocate its factory operations to a non Malay
Reserve Industrial Land for which all the relevant approvals
shall have been obtained, not later than 30 September 2002. The
SC has taken cognizance of the opinion of the Kamar Penasihat
Undang-undang Negeri Selangor, where, should there be a breach
of the terms or conditions of the rental agreement of a Malay
Reserve Land, the rights of the tenant may be claimed on an
individual basis from the landlord;

   (ii) YSTSB is required to relocate all the operations on Lots
46083 and 46037, Mukim Batu, Daerah Gombak, to a non Malay
Reserve Industrial Land for which all the relevant approvals
should have been obtained, not later than 30 September 2002;

   (iii) YSTSB is to provide the appropriate amount of funds to
finance the cost of relocating the operations on Lot 46082,
Mukim Batu, Daerah Gombak, in the event YSTSB fails to
renegotiate the agreement or obtain the approvals from the
relevant authorities before 31 December 2002 (the amount to be
provided is subject to the assessment of the SC);

   (iv) The Directors of HMHB are to monitor the operations of
YSTSB and ensure that the operations do not contravene any
relevant regulations or laws; and

   (v) YSTSB is required to fulfill all the conditions imposed
by the Pejabat Setiausaha Kerajaan, Selangor Darul Ehsan, in the
latter's letter dated 3 April 2002 in relation to YSTSB's
application for its manufacturing license.

All the terms and conditions contained in the approval letters
of the SC dated 3 and 9 April 2002 and announced on 8 April 2002
and 12 April 2002 respectively, save for the above amended
conditions, will remain binding.

The Directors of HMHB and the vendors of KPS Plywood Sdn Bhd
(KSB), formerly known as KSB, formerly known as Koh Poh Seng
Plywood Co. (M) Sdn Bhd), YSTSB and ASB, have accepted all the
conditions imposed by the SC vide its letters dated 3 and 9
April 2002 and 4 June 2002 in relation to the Proposed
Restructuring Exercise.


HVD HOLDINGS: Discharged From CDRC's Purview
--------------------------------------------
CDRC announced on Monday that it has discharged HVD Holdings Sdn
Bhd (HVD) from its purview effective 6th June 2002.

HVD was admitted under CDRC's purview on 18 May 2001 and after
several endeavors and extensions of time, creditors had agreed
to a final deadline of 30 May 2002 for a viable debt
restructuring proposal to be presented. The deadline lapsed on
31 May 2002 and in the absence of any tangible prospect for a
debt restructuring scheme to be implemented, their discharge was
recommended and approved by the CDRC Main Committee.

HVD have been notified of their discharge and are aware that any
further negotiations between HVD and its creditors will take
place outside the auspices of the CDRC.

  
LAND & GENERAL: Updates Proposed Composite Debt Scheme Status
-------------------------------------------------------------
On behalf of the Board of Directors of Land & General Berhad,
Commerce International Merchant Bankers Berhad, in reference to
the announcement made on behalf of L&G dated 28 February 2002 in
relation to the Proposed Composite Debt Restructuring Scheme,
announced that 72.44% of the holders of the convertible bonds of
L&G have, at the Meeting of Bondholders held on June 6, voted in
favor of the extraordinary resolution as set out in the Notice
of Meeting of Bondholders dated 8 May 2002 in relation to the
Proposed Composite Debt Restructuring Scheme.

As the extraordinary resolution in relation to the Proposed
Composite Debt Restructuring Scheme requires a majority in favor
consisting of at least 75% of the votes cast by the convertible
bondholders of L&G, the said extraordinary resolution has
therefore not been passed.

Accordingly, the Board of Directors of L&G shall take positive
steps to facilitate the Proposed Composite Debt Restructuring
Scheme and shall make an announcement in due course.

According to DebtTraders, Land & General's 4.500% Convertible
Bonds Due on 2004 (LGH04MYN1) are trading between 48 and 58. Go
to http://www.debttraders.com/price.cfm?dt_sec_ticker=LGHfor  
real-time bond pricing.


LAND & GENERAL: Issues Agenda for June 27, 39th AGM
--------------------------------------------------
Land & General Berhad advised that its 39th Annual General
Meeting will be held at Corus Hotel, Ballroom 1, Level 1, Jalan
Ampang, 50450 Kuala Lumpur on Thursday, 27 June 2002 at 2.30
p.m. in order to:

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

2. To approve the payment of Directors' fees (Resolution 2)

3. To elect/re-elect the following directors:

   G. Krishnan     (Resolution 3)
   Rita A/P Benoy Bushon   (Resolution 4)
   Md Tarmuzi Md Salleh    (Resolution 5)
   Oh Chong Peng     (Resolution 6)
   Vice Admiral (Rtd) Dato' Seri Ahmad Ramli Hj Mohd Nor
   (Resolution 7)

4.  To re-appoint PricewaterhouseCoopers as Auditors of the
Company and to authorize the Directors to fix their remuneration
(Resolution 8)

AS SPECIAL BUSINESS

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

5. Allotment of shares pursuant to Section 132D of the Companies
Act, 1965

"THAT pursuant to Section 132D of the Companies Act, 1965, the
Directors be and are hereby authorized to issue shares in the
Company at any time until the conclusion of the next Annual
General Meeting and upon such terms and conditions and for such
purposes as the Directors may in their absolute discretion deem
fit, provided that the aggregate number of shares to be issued
does not exceed 10% of the issued share capital of the Company
for the time being, subject always to the approval of all
relevant regulatory bodies being obtained for such allotments
and issues." (Resolution 9)

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


MANCON BERHAD: Definitive Agreement Signing Adjourned to July
-------------------------------------------------------------
The Board of Mancon Berhad, further to its announcement dated 2
May 2002 in respect of the postponement of signing of the
Definitive Agreement with Iktiwira Sdn Bhd to 5 June 2002,
announced that the signing of the said Definitive Agreement will
be deferred for a period up to 15 July 2002.

This deferment is pending the approval in principle of the
Proposed Restructuring Scheme by the Steering Committee of the
Creditors.


NCK CORPORATION: Revises Proposed Restructuring Scheme
------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), on behalf of NCK
Corporation Berhad (Special Administrators Appointed)
announced that NCK had, on 15 January 2002 entered into a
Transfer of Listing Status Agreement with Kekal Sepakat Sdn Bhd
(Newco), Era Julung Sdn Bhd (EJ), the shareholders of
Amalgamated Metal Corporation (M) Sdn Bhd (AMC), Benmarl Sdn Bhd
(Benmarl) and Prescan Sdn Bhd (Prescan) and/or their nominee to
transfer the listing status of NCK on the Main Board of the
Kuala Lumpur Stock Exchange (KLSE) to Newco. The Proposed
Transfer of Listing Status is part of a scheme that will be
undertaken by Newco as follows:

   (i) Proposed acquisition of 100% equity interest in EJ by
Newco (Proposed Acquisition of EJ)

   (ii) Proposed transfer of listing status of NCK to Newco
(Proposed Transfer of Listing Status)

   (iii) Proposed restricted issue with free non-detachable
Warrants to the shareholders of Newco pursuant to the Proposed
Transfer (Proposed Restricted Issue)
  
   (iv) Proposed special issue to bumiputera investors (Proposed
Special Issue)

(collectively referred to as the Proposed Restructuring Scheme)

Alliance, on behalf of NCK, announced that the Company had, on 6
June 2002 entered into a Supplementary Transfer of Listing
Agreement with Kekal Sepakat Berhad (Newco), Era Julung Sdn Bhd
(EJ), the shareholders of Amalgamated Metal Corporation (M) Sdn
Bhd (AMC), Benmarl Sdn Bhd (Benmarl) and Prescan Sdn Bhd
(Prescan) and/or their nominee for Newco to revise the Proposed
Restructuring Scheme as follows:

   (i) Proposed acquisition of 100% equity interest in NCK by
Newco (Proposed Acquisition of NCK);

   (ii) Proposed Acquisition of EJ;

   (iii) Proposed Transfer of Listing Status;

   (iv) Proposed transfer of NCK to a nominee/nominees of the
Special Administrators (SA) of NCK pursuant to the Proposed
Transfer of Listing Status;

   (v) Proposed Restricted Issue;

   (vi) Proposed public issue of 1,264,000 new ordinary shares
of RM1.00 each in Newco (Newco Shares); and

   (vii) Proposed Special Issue.

(collectively known as Proposed Revised Restructuring Scheme)

THE PROPOSED REVISED RESTRUCTURING SCHEME

Proposed Acquisition of NCK

Newco proposes to acquire the entire issued and paid-up capital
of NCK comprising of 37,360,005 ordinary shares of RM1.00 each
in NCK (NCK Shares) for a purchase consideration of RM3,736,000
to be satisfied by the issuance of 3,736,000 Newco Shares at par
to the existing shareholders of NCK.

The NCK Shares are to be acquired free from all charges,
mortgages, pledges and all other encumbrances attaching thereto.

There are no liabilities to be assumed by Newco pursuant to the
Proposed Acquisition of NCK.

Basis of valuation

The purchase consideration of RM3,736,000 for NCK was arrived at
based on a tender and several proposals for the listing status
of NCK submitted by AMC to the SA of NCK on 16 May 2001, 11 June
2001, 9 July 2001 and 21 December 2001, respectively.

The Proposed Acquisition of EJ

Newco proposes to acquire the entire issued and paid-up capital
of EJ. Prior to the Proposed Acquisition of EJ, EJ proposes to
undertake the following:

   (i) rights issue of 4,700,000 new ordinary shares of RM1.00
each in EJ (EJ Shares) to the shareholders of EJ at par;

   (ii) acquisition of 100% equity interest in AMC comprising
3,000,000 ordinary shares of RM1.00 each in AMC (AMC Shares) for
a purchase consideration of RM33,159,848 to be satisfied by the
issuance of 33,159,848 new EJ Shares;

   (iii) acquisition of 100% equity interest in Benmarl
comprising 400,004 ordinary shares of RM1.00 each in Benmarl
(Benmarl Shares) for a purchase consideration of RM5,444,764 to
be satisfied by the issuance of 5,444,764 EJ Shares;

   (iv) acquisition of 100% equity interest in Prescan
comprising 1,600,000 ordinary shares of RM1.00 each in Prescan
(Prescan Shares) for a purchase consideration of RM2,333,471 to
be satisfied by the issuance of 2,333,471 EJ Shares;
(collectively referred to as EJ Proposals)

Upon completion of the EJ Proposals, the issued and paid-up
capital of EJ will increase to RM45,638,085 comprising of
45,638,085 EJ Shares. Newco will then acquire 100% equity
interest in EJ comprising 45,638,085 EJ Shares from the
shareholders of EJ (Vendors) for a purchase consideration of
RM76,837,000 to be satisfied by the issuance of 51,837,000 new
Newco Shares at an issue price of RM1.00 each and the issuance
of 25,000,000 5.5% Irredeemable Convertible Preference Shares of
RM1.00 each in Newco (ICPS) at par.

Please refer to Table 1 at
http://www.bankrupt.com/misc/TCRAP_NCK0612.htmlfor the salient  
terms of the ICPS to be issued by Newco.

The proforma adjusted consolidated NTA of EJ for the financial
year ended 31 December 2001 is RM49,092,129.

The EJ Shares are to be acquired free from all charges,
mortgages, pledges and all other encumbrances attaching thereto.

There are no liabilities to be assumed by Newco pursuant to the
Proposed Acquisition of EJ.

The total original cost of investment of the Vendors in EJ is
expected to be RM45,638,085.

Basis of valuation

The total purchase consideration of RM76,837,000 for EJ was
arrived at on a willing-buyer, willing-seller basis after taking
into consideration the earnings potential of EJ and the
unaudited proforma forecast consolidated earnings of EJ of
approximately RM10,473,532 for the financial year ending 31
October 2003.

Proposed Transfer of Listing Status

Upon completion of the Proposed Acquisition of NCK and the
Proposed Acquisition of EJ, Newco will be the holding company of
NCK and EJ. It is proposed that NCK transfers its listing status
on the Main Board of the KLSE to Newco with all rights attached
thereto.

NCK will be delisted from the Official List of the Main Board of
the KLSE and Newco be admitted to the Official List of the KLSE
in place of NCK, with the listing of the entire issued and paid-
up share capital of Newco on the Main Board of the KLSE.

Proposed Transfer of NCK

Pursuant to the Proposed Transfer of Listing Status, Newco
proposes to transfer the entire equity interest of NCK,
comprising 37,360,005 NCK Shares to a nominee/nominees of the SA
for a nominal consideration of RM1.00.

Based on the audited accounts of NCK for the financial year
ended 30 June 2001, NCK has net tangible liabilities of
RM326,033,034. As part settlement of the liabilities of NCK,
Newco will issue 10,000,000 Newco Shares at par to NCK, its
assigns and/or creditors' agent appointed pursuant to the
workout proposal (Creditors' Agent) for the benefit of the
creditors of NCK.

The Proposed Transfer of NCK will result in a loss on disposal
of RM13,376,000 to Newco.

Put & Call Option

On 6 June 2002, the Vendors had entered into a Put Option
Agreement (Put Option) and a Call Option Agreement (Call Option)
with NCK, its assigns and/or Creditors' Agent.

The Put and Call Option is for 5,000,000 Newco Shares forming
part of the 10,000,000 Newco Shares to be issued to NCK, its
assigns and/or Creditors' Agent, at an option price of RM1.00
for a period of six (6) months commencing three (3) months from
the date on which the Newco Shares are listed on the Main Board
of the KLSE and expiring nine (9) months thereafter. The Vendors
undertake to execute a Memorandum of Deposit with NCK, its
assigns and/or Creditors' Agent to deposit 5,000,000 Newco
Shares as security.

Proposed Restricted Issue

Newco proposes to undertake a restricted issue of up to
3,736,000 new Newco Shares at par with 3,736,000 free non-
detachable Warrants to the existing shareholders of NCK on the
basis of one (1) new Newco Share with one (1) Warrant for each
Newco Share held pursuant to the Proposed Acquisition of NCK.
The Proposed Restricted Issue will be fully underwritten.

Please refer to Table 2 at
http://www.bankrupt.com/misc/TCRAP_NCK0612.htmlfor the salient  
terms of the Warrants.

Proposed Public Issue

Newco proposes to undertake a public issue of 1,264,000 new
Newco Shares at par.

The Proposed Public Issue is to enable Newco to meet its public
shareholding spread and to ensure that there is a minimum of
1,000 shareholders holding not less than 1,000 shares each.

The Proposed Public Issue will be fully underwritten.

Proposed Special Issue

Newco proposes to undertake a special issue of 16,600,000 new
Newco Shares at par to Bumiputera investors to be approved by
the Ministry of International Trade and Industry (MITI).

The Proposed Special Issue is to enable Newco to comply with the
requirement of the National Development Policy that at least 30%
of the issued and paid-up capital of Newco is held by Bumiputera
investors.

RANKING OF NEW NEWCO SHARES

The new Newco Shares to be issued pursuant to the Proposed
Acquisition of NCK, Proposed Acquisition of EJ, Proposed
Transfer of NCK, Proposed Restricted Issue, Proposed Public
Issue, Proposed Special Issue, conversion of ICPS and exercise
of Warrants shall, upon allotment and issue, rank pari passu in
all respects with all other Newco Shares in issue and those to
be issued pursuant to the Proposed Revised Restructuring Scheme
except that they shall not be entitled to any dividends, rights,
allotments and/or distributions, the entitlement date of which
is prior to the date of allotment of the said Newco Shares. The
new Newco Shares to be issued pursuant to the Proposed
Restricted Issue will constitute a separate class for the
purposes of trading on the Main Board of the KLSE.

CONDITIONS

The Proposed Acquisition of NCK, Proposed Acquisition of EJ,
Proposed Transfer of Listing Status, Proposed Transfer of NCK,
Proposed Restricted Issue, Proposed Public Issue and Proposed
Special Issue are inter-conditional.

DEPARTURE FROM GUIDELINES

The Proposed Revised Restructuring Scheme does not depart from
the SC Policies and Guidelines on the Issue/Offer of Securities.

BACKGROUND INFORMATION ON NCK

NCK was incorporated in Malaysia on 27 December 1984 under the
Companies Act, 1965 (Companies Act) as a private limited company
under the name of Ng Choo Kwan Corporation (Butterworth) Sdn
Bhd. On 25 July 1990, the Company changed its name to NCK
Concrete Product Sdn Bhd. It was subsequently converted to a
public company on 2 November 1991 and assumed the name of NCK
Concrete Products Berhad. On 6 February 1992, the Company
changed its name to NCK Corporation Berhad and was listed on the
Main Board of the KLSE on 10 March 1993.

NCK is principally an investment holding company whose
subsidiaries are involved in the manufacturing, trading and
distribution of building materials and hardware products,
construction, provision of specialist materials and soil
protection works, manufacturing and retailing of aluminium
products, manufacturing and marketing of wire products, supply
and installation of air-conditioners and other electrical
products, rental of machinery and site equipment and trading,
property development and the manufacturing, trading and
wholesale in pave blocks, cement and bricks.

The financial information on NCK for the past three years are
set out in Table 3 at
http://www.bankrupt.com/misc/TCRAP_NCK0612.html

RATIONALE FOR THE PROPOSED REVISED RESTRUCTURING SCHEME

On 16 April 2001, Danaharta appointed Dato' Nordin bin
Baharuddin, Mr Adam Primus Varghese bin Abdullah and Ms Wong Lai
Wah all of Messrs Ernst & Young as SA for NCK pursuant to the
Pengurusan Danaharta Nasional Berhad Act, 1998. The primary
objective of the SA is to formulate a workout proposal, as soon
as practicable, taking into consideration the interests of the
creditors and also the shareholders.

The Proposed Revised Restructuring Scheme forms part of the
workout proposal currently being prepared by the SA. The primary
objective of the Proposed Revised Restructuring Scheme is to
restructure via a newly incorporated company. The Proposed
Revised Restructuring Scheme will enable the existing
shareholders of NCK to participate in Newco, which will have
assets, which are income-generating and will be listed on the
Main Board of the KLSE. The Proposed Revised Restructuring
Scheme will also allow NCK to discharge part of its outstanding
liabilities in an equitable and orderly manner. The Proposed
Revised Restructuring Scheme will alleviate the current debt
burden of NCK through debt settlement in the form of Newco
Shares and/or cash.

EFFECTS OF THE PROPOSALS

Share Capital

The effects of the Proposed Revised Restructuring Scheme on the
share capital of Newco is set out in Table 4 found at
http://www.bankrupt.com/misc/TCRAP_NCK0612.html

Proforma Net Tangible Assets (NTA)

The effects of the Proposed Revised Restructuring Scheme on the
proforma NTA of Newco is set out in Table 5 at
http://www.bankrupt.com/misc/TCRAP_NCK0612.html

Earnings

The Proposed Revised Restructuring Scheme are expected to
enhance the future earnings of Newco as part of the proceeds
from the Proposed Restricted Issue, Proposed Public Issue and
Proposed Special Issue will be utilized to repay bank borrowings
resulting in lower interest expenses for Newco.

Shareholding Structure

The effect of the Proposed Revised Restructuring Scheme on the
substantial shareholders of Newco is set out in Table 6 at
http://www.bankrupt.com/misc/TCRAP_NCK0612.html

Group Structure

The effect of the Proposed Revised Restructuring Scheme on the
group structure of Newco is set out in Table 7 at
http://www.bankrupt.com/misc/TCRAP_NCK0612.html

APPROVALS REQUIRED

The Proposed Revised Restructuring Scheme are subject to inter-
alia, the approvals of the following:

   (i) Danaharta, for the Workout Proposal of NCK;

   (ii) The secured creditors of NCK for the Workout Proposal of
NCK, if required;

   (iii) the SC;

   (iv) the KLSE for the listing of and quotation for the new
Newco Shares on the Main Board of the KLSE;

   (v) the Foreign Investment Committee;

   (vi) the MITI;

   (vii) any other relevant authorities and/or parties, if
required.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the existing Directors and/or substantial shareholders
of NCK and persons connected to them has any interest, direct or
indirect, in the Proposed Revised Restructuring Scheme.

ADVISERS

Alliance has been appointed as the Adviser for the Proposed
Revised Restructuring Scheme.

SA'S RECOMMENDATION

After due consideration of all aspects of the Proposed Revised
Restructuring Scheme, the SA are of the opinion that the
Proposed Revised Restructuring Scheme is in the best interest of
the Company, its shareholders and creditors.

APPLICATION TO THE SC

Barring any unforeseen circumstances, the relevant applications
to the regulatory authorities in respect of the Proposed Revised
Restructuring Scheme will be made within one (1) month from the
date of the signing of the Supplementary Transfer of Listing
Status Agreement.

The Proposed Revised Restructuring Scheme is estimated to be
completed by February 2003.

DOCUMENTS FOR INSPECTION

The Supplementary Transfer of Listing Status Agreement is
available for inspection at the Registered Office of the SA, 4th
Floor, Kompleks Antarabangsa, Jalan Sultan Ismail, 50250 Kuala
Lumpur during normal business hours from Monday to Friday
(except for public holidays) for a period of 14 days from the
date of this announcement.


SOUTHERN PLASTIC: Winding Up Petition Hearing Set for July 12
-------------------------------------------------------------
The Board of Directors of Southern Plastic Holdings Berhad
announced that a Petition for the winding up of the Company
under section 218 of the Companies Act 1965 by Arthur Andersen
Corporate Advisory Sdn Bhd (Petitioner) was made in the form of
an advertisement in The Star dated 6 June 2002. The Petition is
set to be heard before the Court sitting at Kuala Lumpur on 12
July 2002 at 9:00 am.

The Petitioner is claiming its outstanding fees, amounting to
RM332,852.00. The Petitioner was previously the financial
consultant for the Company with respect to its turnaround
scheme.

The Company has engaged a qualified legal representative to
address the Petition and the claim by the Petitioner. The
directors are confident that the matters will be resolved
promptly and for the Petition to be set aside. The Petition is
not expected to have any major disruption on the normal
operations of the Group.


TIME ENGINEERING: USD Bondholders Meeting Deferred to June 18
-------------------------------------------------------------
Time Engineering Berhad, to accommodate certain changes to the
Updated Restructuring Offer, has issued three separate  meeting
notices regarding the US$250 Million Nominal Value Redeemable
Secured Zero-Coupon Bonds 1996/2001 Bondholders as follows:

   1. Notice of an Adjourned Meeting of the USD Bondholders in
respect of the Updated Restructuring Offer for the outstanding
amount of the USD Bonds to be held at Messrs Rashid & Lee, Level
12 Menara Milenium, No. 8 Jalan Damanlela, Pusat Bandar
Damanlela, Pusat Bandar Damansara, 50490 Kuala Lumpur on Tuesday
18 June 2002 at 3.00 pm.

   2. Notice of Meeting of the USD Bondholders to withdraw the
motion to pass the Special Resolutions as set out in the Notice
of Adjourned Meeting dated 7 June 2002 relating to the Updated
Restructuring Offer dated 30 May 2002 to be held at Messrs
Rashid & Lee, Level 12 Menara Milenium, No. 8 Jalan Damanlela,
Pusat Bandar Damanlela, Pusat Bandar Damansara, 50490 Kuala
Lumpur on Tuesday 18 June 2002 at 3.00 pm.

   3. Notice of Meeting of the USD Bondholders to be held at
Messrs Rashid & Lee, Level 12 Menara Milenium, No. 8 Jalan
Damanlela, Pusat Bandar Damanlela, Pusat Bandar Damansara, 50490
Kuala Lumpur on Tuesday 18 June 2002 at 3.30 pm for the purposes
of passing the following Special Resolutions:

     i) Special Resolution 1 - Proposed Updated Restructuring
Offer for the outstanding amount of the USD Bonds dated 30 May
2002 as amended by the Addendum dated 7 June 2002.

     ii) Special Resolution 2 - Revocation of the 11 December
2001 resolution declaring an Event of Default.

These changes are procedural in nature and do not alter the
commercial terms of the Updated Restructuring Offer.


WEMBLEY INDUSTRIES: Finalizing Proposed Debt Scheme Details
-----------------------------------------------------------
Wembley Industries Holdings Berhad on 23 February 2001 became an
affected listed issuer pursuant to Practice Note No. 4/2001
(PN4) as the Auditors of the Company had expressed a disclaimer
opinion of the going concern of the Company and its
subsidiaries. As an affected listed issuer, the Company has its
obligations under PN4.

On 1 March 2002, Alliance Merchant Bank Berhad (AMMB), on behalf
of the Company announced that the Company was not able to make
the Requisite Announcement by the deadline of 28 February 2002
laid down by the Exchange on 25 January 2002. An application
made to the Exchange on 1 March 2002 for a further extension of
time to 30 April 2002 to make the Requisite Announcement was
approved by the Exchange on 18 April 2002.

An application was made to the Exchange on 26 April 2002 to
further extend the date to make the Requisite Announcement from
30 April 2002 to 30 June 2002, which was approved by Exchange on
14 May 2002.

STATUS OF PROPOSED RESTRUCTURING

On 14 December 1999, AMBB, on behalf of the Board of Directors
of the Company, announced the following:

   (i) proposed debt restructuring involving the issue of
approximately RM606 million nominal value of 1% irredeemable
unsecured loan stocks (ICULS) at 100% of its nominal value as
full and final settlement of the loans and amounts owning by the
Company and its two subsidiaries namely, Plaza Rakyat Sdn. Bhd.
and Wembley I.B.A.E. Sdn. Bhd. amounting to RM606 million
(inclusive of interests on loans) (Proposed Debt Restructuring);

   (ii) proposed rights issue of 144,475,000 new ordinary shares
of  RM1.00 each together with 144,475,000 detachable warrants on
the basis of one (1) new ordinary share with one (1) detachable
warrant for every one (1) ordinary share held at an issue of
RM1.00 per new rights share (Proposed Rights Issue); and

   (iii) proposed increase in the authorized share capital of
the Company from the existing RM500,000,000 comprising
500,000,000 ordinary shares of RM1.00 each to 1,500,000,000
comprising 1,500,000,000 ordinary shares of RM1.00 each.

Applications were submitted to the Securities Commission (SC)
and the Foreign Investment Committee (FIC) on 16 December 1999.
The FIC had on 26 February 2000 approved the Proposed Debt
Restructuring subject to the approval of the SC and that the
Bumiputra equity interest in the Company be increased to 30%
before 31 December 2000. The Company is expected to seek an
extension for the compliance upon receipt of the SC's approval
for the proposals.

The above proposals are pending the approvals of the SC and the
shareholders of the Company. Currently, the Company is working
on a revised proposed debt restructuring scheme (Revised
Proposed Debt Restructuring).

As at 6 June 2002, the details of the proposed debts
restructuring scheme have not been finalized yet.

Meanwhile, five (5) financial institutions, Pengurusan Danaharta
Nasional Berhad and two (2) creditors have confirmed that they
are agreeable to the Revised Proposed Debt Restructuring subject
to, inter-alia, approvals of other creditors.

OTHER MATTERS IN RESPECT OF PRACTICE NOTE N0. 10/2001

On 7 September 2001, the Company announced to the Exchange that
the Company is deemed an affected issuer pursuant to paragraph
2.1(c) of the Practice Note No. 10/2001 (PN10). Under paragraph
2.1(c) of PN10, a listed issuer, who has an insignificant
business or operations, is deemed to have inadequate level of
operations. Insignificant business or operations means business
or operations, which generates revenue on a consolidated basis
that represents 5% or less of the issued and paid-up share
capital of the listed issuer.

As an affected listed issuer under PN10, the Company must comply
with the obligations set out in paragraph 6 of PN10. The
Exchange has informed the Company that since the Company is also
an affected issuer under PN4, the requirements and obligations
of PN4 would prevail over those of PN10. It is expected that the
Company's regularization plan would address both its financial
condition (PN4) and the level of operations (PN10) to warrant a
continuing listing on the Official List.


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


BAYAN TELECOM: Names Credit Lyonnais as Financial Adviser
---------------------------------------------------------
Lopez group's Bayan Telecommunications, Inc. (BayanTel) has
tapped Credit Lyonnais Securities Europe as its new financial
adviser to assist it in the restructuring of about 477 million
dollars in debts, the Philippine Daily Inquirer reported.

BayanTel Chief Financial Officer Gary Olivar said that because
of the switch from Bank of America Asia Ltd to CLSE, it would
take more time for the Company to review the proposal that its
creditor banks presented to it in March.

"We received a proposal from the bank steering committee in mid-
March," he said. "We're still studying their proposal.
Hopefully, we'll be able to meet with them again soon. It
depends on how long it takes us to study their proposal."

Bayantel in October 2001 presented a restructuring proposal to
its creditors based on a business plan that incorporated the
findings of Arthur D. Little, the independent auditor that its
creditor banks appointed. It asked that its debts be stretched
to 15 years with a five-year grace period on principal payments.
It proposed interest rates of one percentage point over the
three-month London interbank offered rate (Libor) for dollar-
denominated debts and one-percentage point over the 91-day
Treasury bill rate for peso-denominated loans.

Bayantel also asked its unsecured creditors to condone 25
percent of principal debt and to write off 18 months worth of
interest beginning January 2001.

BayanTel has $477 million in obligations, of which $277 million
is owed to banks and $200 million to bondholders. About 5
percent, or $26 million of the bank loans and all the bonds are
unsecured.


INNODATA PHILIPPINES: Closes Shop to Avert Further Loss
-------------------------------------------------------
Data processing firm Innodata Philippines, Inc. closed shop on
Friday, citing bankruptcy due to failure to lower service
demand, BusinessWorld reported.

In a letter to the Department of Labor, Socorro N. Velez, head
of Innodata's main facility in Makati City, said that closing
down the company was a difficult decision to make but it was
necessary to spare the firm from further operating at a loss.

"The company suffered with tremendous losses in the past months
and efforts to find solutions to arrest the decline proved
future, thus, it is necessary to close the company for good,"
Ms. Velez said.

Some departments will not be closed until September to take care
of winding up operations, BusinessWorld adds.

Innodata Vice-President, Jurgen Tampho, refused to refute
employees' allegations, saying he is waiting for official word
from Innodata's US parent firm, Innodata Asia Holdings, Ltd.

Innodata - www.innodata.com - is the world's largest dedicated
provider of digital asset services and solutions. The Company
delivers content manufacturing, content conversion, systems
engineering, and education in XML and related standards to
leading companies in fields as diverse as publishing,
telecommunications, healthcare, and defense. Innodata's seven
content manufacturing centers based in Asia provide peerless
outsourced support to companies worldwide, and its ISOGEN
division offers advanced systems engineering and education at
four U.S.-based solutions centers. In 2001, Fortune and Business
Week each rated Innodata as one of the 100 top-performing public
companies in the United States.


METRO PACIFIC: Asia United Bank Bids for First E-bank
-----------------------------------------------------
Asia United Bank made an offer for First e-Bank, which is
controlled by Hong Kong's First Pacific Co. through its Metro
Pacific Corp. unit, the Philippine Daily Inquirer said, citing
unidentified people.

Metro Pacific, one of the premier real estate and property
development groups in the country, has been trying to sell First
e-Bank for four years now because it wants to liquidate some of
its investments as it struggles to finance its exposure in its
investment in Global City in Fort Bonifacio.

First e-Bank also needs 2.3 billion ($46 million) pesos of new
capital.

Metro Pacific Corp has debt worth P12 billion, P7 billion of
which consists of local debts. The remainder is debts to Hong
Kong-based parent firm First Pacific Co. Ltd.

MPC has about 18 creditors. Among the biggest are Metropolitan
Bank and Trust Co. and the Social Security System with exposures
of two billion pesos and 1.5 billion pesos, respectively.


NATIONAL POWER: Faces Class Suit From Ex-senator Enrile
-------------------------------------------------------
State-run power utility National Power Corporation faces another
blow with a class suit filed against it led by former senator
Juan Ponce Enrile.

Manila Electric Co. is also facing a similar suit.

According to a report from Today newspaper, the suit will
challenge the constitutionality of Napocor's collection of power
purchase costs.

Petitioners are former Sen. Juan Ponce Enrile, Bishop Teodoro
Bacani, Maria Linda Olaguer-Montayre of the People's
Consultative Assembly, Sulo ng Pilipino resident Herman Tiu,
Philippine Guardians' Brotherhood Inc. spokesman Ernesto
Macahiya, People's Movement Against Poverty spokesman Arnold
Obina, and the Union of the Masses for Democracy spokesman Ver
Eustaquio.

Crispin Remulla, one of the petitioners' lawyers, said that they
are bringing the matter to the court to seek the "standard of
fairness," noting that the PPA is a big burden to the people.


PHILIPPINE AIRLINES: Guarantors Will Likely Honor Put Option
------------------------------------------------------------
Philippine Airlines Inc guarantors Fortune Tobacco Corp and Asia
Brewery Inc will honor the 2 billion peso put option agreement
struck by the airline with government financial institutions
holding shares in the flag carrier, a government source told the
Philippine Daily Inquirer.

The government has given PAL and its guarantors up to July 7 to
buy back the government-owned shares in the airline. If they do
not do so, the Office of the Solicitor General will initiate
proceedings against PAL, the report said.


PHILIPPINE LONG: Gokongwei to Create New Firm for Takeover
----------------------------------------------------------
The struggle for the acquisition of First Pacific Co. Ltd.'s
24.4 percent stake in the Philippine Long Distance Telephone Co.
(PLDT) continues, as the Gokongwei group now plans to form a new
combined holding firm to act as the new joint venture partner of
the Hong Kong-based parent of the country's telecommunications
giant, the Philippine Star reports.

The move comes as the PLDT board opposed for the sale to the
Gokongwei group, saying the entry violates Company's bylaws.

A provision in PLDT's by-laws prevents an entity with any
interest in a direct competitor from taking a Board seat in the
dominant carrier. Gokongwei owns Digital Telecommunications
Philippines Inc. (Digitel), the sixth cellular firm in the
country.

The Gokongwei group said they do not know yet which of their
companies will serve as the vehicle for the joint venture
arrangement with First Pacific. The Gokongwei Group or entities
designated by them will own two-thirds of the joint venture and
one-third by the First Pacific Group.


PHILIPPINE LONG: Pangilinan Not Quitting Post
---------------------------------------------
Manuel Pangilinan is not quitting his post as president and CEO
of Philippine Long Distance Telephone Co. even as he is putting
together a consortium that will counter the 925-million-dollar
takeover offer initiated by First Pacific Co. Ltd, a source
identified with Pangilinan's group told the Philippine Daily
Inquirer.

Pangilinan is facing increasing pressure to shape a better offer
to a deal struck by its Hong Kong-based parent, First Pacific,
with taipan John Gokongwei Jr.

First Pacific decided on June 4 to let go of its 24.47 percent
stake in PLDT and 50.4 percent stake in Bonifacio Land Corp. to
Gokongwei's group.

Pangilinan has reportedly teamed up with PLDT chair Antonio
Cojuangco Jr. for a management-aided buyout of First Pacific's
stakes in PLDT and Bonifacio Land using the right-of-first-
refusal of Japan's Nippon Telephone and Telegraph.

NTT, PLDT's second-biggest shareholder with a 15 percent stake
in the company, has 20 days to exercise this right.


* PLDT Flat, Metro Pacific Lower Ahead of AGMs
----------------------------------------------
Philippine Long Distance Telephone Co's shares remained
unchanged at 427.50 on 7,160 shares, while Metro Pacific Corp
was down 0.02 peso or 5.88 percent at 0.32 on 230,000 shares in
early trade ahead of their AGMs yesterday, AFX Asia reported.

Shareholders were expected to show their opposition to parent
First Pacific Corp's joint venture with the Gokongweis to
control PLDT and Metro Pacific's Bonifacio Land, dealers said.

AB Capital Securities analyst Jose Vistan Jr. said that whoever
gains control of PLDT will still be positive for the stock
"because either way, there's potential. It enhances the market
value of PLDT."

Eagle Equities president Joseph Roxas said there are some
concerns the Gokongwei group may face opposition from the Metro
Pacific board as well, where First Pacific executive chairman
Manuel Pangilinan sits as chairman.


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


L & M GROUP: Requests Lifting of Trading Suspension
---------------------------------------------------
Further to the request for the suspension of trading in the
shares of L & M Group Investments Ltd on 7 June 2002, the
Directors requested Monday that the suspension be lifted with
immediate effect.

The request for trading suspension came two days after the
Company revealed it incurred a loss after tax and exceptional
items of S$72.1 million for the year ended 31 December 2001.

The loss was mainly attributed to 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 and
insufficient working capital.


NATSTEEL LTD: Salomon Announces Conditional Take-over Offer
-----------------------------------------------------------
Salomon Smith Barney Singapore Pte. Ltd. wishes to announced,
for and behalf of Flextronix International Limited, that the
offer document dated 9 June 2002, which contains details of the
voluntary conditional cash offer by Flextronix for all the
issued and fully paid ordinary shares of S$0.25 each in the
capital of NatSteel Broadway Ltd announced on 21 May 2002,
together with the Form of Acceptance and Authorization (FAA)
and/or Form of Acceptance and Transfer, has been dispatched on
11 June 2002 to depositors whose securities accounts with The
Central Depository (Pte) Limited (CDP) are credited with shares
and to the holders of the shares whose names appear in the
Register of Members of NBL.

Depositors may obtain copies of the FAA from CDP upon production
of satisfactory evidence that their securities accounts with CDP
are or will be credited with the shares.

The Central Depository (Pte) Limited
20 Cecil Street #07-02/05
Singapore Exchange
Singapore 049705
Tel: (65) 6535 7511

Shareholders may obtain copies of the FAT from M&C Services
Private Limited upon production of satisfactory evidence of
title to the shares.

M&C Services Private Limited
138 Robinson Road #17-00
The Corporate Office
Singapore 068906
Tel: (65) 6227 6660

The offer will remain open for acceptance until 3:30 p.m. on 9
July 2002, or such later date(s) as may be announced from time
to time by or on behalf of Flextronix.

Any inquiries relating to the announcement or the offer should
be directed to the following:

Richard Seow
Managing Director
Salomon Smith Barney Singapore Pte Ltd
Tel: (65) 6432 1240

Chang Tou Chen
Director
Salomon Smith Barney Singapore Pte Ltd
Tel: (65) 6432 1240


NATSTEEL LTD: Schedules EGM for June 24th
-----------------------------------------
The Singapore government-linked steel manufacturer NatSteel Ltd
has scheduled an Extraordinary General Meeting of the Members at
Level 4, Conference Room, 22 Tanjong Kling Road, Singapore
628048 on 24 June 2002 at 1.30 p.m. for the purpose of
considering and, if thought fit, passing, with or without
amendment, the following resolution which will be proposed as an
Ordinary Resolution:

Ordinary Resolution

That approval be and is hereby given for the disposal by
NatSteel Equity V Pte Ltd (NEVPL), a wholly owned subsidiary of
the Company, of 104,389,500 ordinary shares of S$0.25 each in
the capital of NatSteel Broadway Ltd (NBL), for an aggregate
cash consideration of S$337,178,085 through the acceptance by
NEVPL of the voluntary conditional take-over offer for NBL made
by Salomon Smith Barney Singapore Pte. Ltd., for and on behalf
of Flextronics International Limited, the announcement of which
was made on 21 May 2002, and that the Directors and each of them
be and are hereby authorized to complete and do all such acts
and things in connection with the Proposed Disposal as they or
he may consider necessary, desirable or expedient to give effect
to this Resolution as they or he may deem fit.


PENTON INTERNATIONAL: Completes Deal to Secure US$12M Credit
------------------------------------------------------------
The Board of Directors of Penton International Ltd is pleased to
announce that further to the announcements by the Company on 28
May 2002 and 29 May 2002 relating to the US$12 million equity
line of credit to be arranged by GEM Investment Advisors Inc
(GEMIA) from GEM Global Yield Fund (GEMGYF), the Company has on
6 June 2002 entered in Definitive Agreements in the form of a
Subscription Agreement with GEMIA and GEMGYF.

The Company has also agreed under the terms of the Subscription
Agreement to issue to GEMGYF 1,250,000 warrants convertible into
one ordinary share of par value S$0.12 each in the capital of
the Company at the exercise price of S$0.12 per ordinary share.

Other than the obligation to issue the aforesaid 1,250,000
warrants, the principal terms of the Subscription Agreement are
substantially the same as the principal terms of the engagement
letters as announced on 28 May 2002.

The US$12 million Equity Line was put together by Regional
Capital Pte Ltd / Access Securities Limited who were appointed
Financial Advisers on 14 May 2002.


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


BANGKOK FARM: Files Reorganization Petition
-------------------------------------------
Bangkok Farm Company Limited (DEBTOR), engaged in merchandising
and servicing business, filed its Petition for Business
Reorganization was filed at the Central Bankruptcy Court:

   Black Case Number 769/2545

   Red Case Number- /2545

Petitioner: BANGKOK FARM COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,121,917,123

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

Date of Examining the Petition: June 10, 2002 at 9.00 A.M.
Contact: Mr. Chat Tel, 6792525 ext. 124


EASTERN PRINTING: SET Grants Securities Listing
-----------------------------------------------
Starting from June 11, 2002, the Stock Exchange of Thailand
(SET) allowed the securities of Eastern Printing Public Company
Limited (EPCO) to be  listed on the SET after finishing capital
increase procedures. However, EPCO is a listed company under
REHABCO sector and is in the rehabilitation process, therefore,
the SET has still suspended trading all securities of EPCO until
the causes of delisting are eliminated.

Anyway, the  company could request the SET to allow continued
trading under the REHABCO category after it completed the
conditions specified by the SET.

Name                       : EPCO
Issued and Paid up Capital
     Old                   : Bt36,000,000
     New                   : Bt1,008,767,152
Allocate to                : Creditors 243,191,788 common shares
Ratio                      :   -
Price Per Share            : Bt4
Exercise/Payment Date      : May 14, 2002


L.P.N. DEVELOPMENT: Reports Share Offering Results
--------------------------------------------------
L.P.N. Development Public Company Limited reported the results
of the Share Sale Offering held on 6 June 2002:

Information relating to the share offering
        
     Class of shares offered           :    new ordinary shares
     Number of shares offered          :    27,600,000 shares
     Offered to                        :    Existing             
        shareholders by way of the rights issue at the
        subscription ratio of 5 existing shares to 3 new
        ordinary share, and shareholders may subscribe for
        excess rights shares at the same offering price.
     Price per share                   :    10 per share
     Subscription and payment period   :    24th-31st May 2002  

2. Result of the share sale
        
   [ ]   totally sold
   [/]   partly sold. With 1,977,468 shares remaining , the
Company had dealt with as follows:

   * The remaining shares totaling  1,977,468  shares
   * There were shareholders who wished to subscribe for excess
right shares totaling 36,527,065   shares.
   * The Company had allocated the shares based on pro rata
basis until the completion of 27,600,000  shares.

Amount of money received from the share sale
        
      Total amount    Bt276,000,000.00
      Less: expenses  Bt25,000.00
      Net amount received Bt275,975,000.00




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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