TCRAP_Public/020613.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Thursday, June 13, 2002, Vol. 5, No. 116

                         Headlines

A U S T R A L I A

ALLIED FINANCIAL: Not Entitled to Receive Loan Repayment
AUSTRALIAN INVESTORS: Court Winds Up Four Related Companies
BURNS PHILP: S&P Affirms BB- Rating; Revises Outlook
CHROME GLOBAL: GM to be Held on July 9
CTI COMMUNICATIONS: Sumich Resigns, Willis Takes Post

FARMER FURNITURE: Directors Found Guilty of Insolvent Trading
KISS CORPORATION: Former Director Charter Pleads Guilty


C H I N A   &   H O N G  K O N G

CHINA PACKING: Winding Up Petition to be Heard
CHUNG HOI: Winding Up Petition Slated for Hearing
DAILYWIN GROUP: Seeks Circular Dispatch Extension
GUANGDONG KELON: Sees No Reason for Share Price Increase
LOONG CHUN: Faces Winding Up Petition

SOUNDWILL HOLDINGS: Proposes Capital Reorganization
SUN YUEN: Winding Up Petition Set for Hearing
SURRENTAL LIMITED: Petition to Wind Up Pending

I N D O N E S I A

BANK NIAGA: Government to Restart Sale by June End
BARITO PACIFIC: Wins Bankruptcy Case Filed by Bank Niaga
INDOFOOD SUKSES: Increases Euro Bond Issue to US$280M


J A P A N

ALL NIPPON: Increasing Popular Routes
HASEKO CORP.: Government Executes Industrial Revival Law
MIZUHO HOLDINGS: Berated After Computer Banking Fiasco
MIZUHO HOLDINGS: Speeds Up Restructuring to Boost Profitability
NIKO NIKO DO: Ends Tie-up With Daiei

NIKO NIKO DO: Selling Outlets to Izumi
SEIYU LTD: Introducing In-house Environmental Tax in 2004


K O R E A

DAEWOO MOTOR: GMDAT to Open Offices Near Bupyeong Plant
KABUL LTD.: Creditors Seek $198M Debt-equity Swap
KOREA ELECTRIC: S&P, Fitch Likely to Raise Rating
SHINHO PAPER: Creditors to Take Over Company Next Week
WOORI FINANCE: Lehman May Buy $250M Convertible Bonds


M A L A Y S I A

BESRAYA (M): RAM Reaffirms RUF/MTN Ratings at AA3/P1
GENERAL LUMBER: Gets Winding Up Petition Discontinuance Notice
GEORGE KENT: Proposed Replacement Warrants Canceled
MALAYSIAN GENERAL: Inks Proposed Workout Scheme MoU W/ Promoters
NAUTICALINK BERHAD: Schedules Eighth AGM on June 29

SATERAS RESOURCES: Unit's Winding Up Petition Resolved
SCIENTEX INCORPORATED: Strikes Off Dormant Subsidiaries
SURIA CAPITAL: SC Approves Disposal, Proposed Injection
TECHNOLOGY RESOURCES: Proposes Shareholders' Mandate
UNITED CHEMICAL: Provides Defaulted Facilities Details


P H I L I P P I N E S

METRO PACIFIC: Analysts See More Losses This Year
METRO PACIFIC: Creditors Restructure PhP7.5B Debts
NATIONAL POWER: Has Yet to Request New Financing
NATIONAL POWER: Floating US$600M Bonds in August or September
PHILIPPINE LONG: Hires H.K. Lawyers to Block Gokongwei Bid

PHILIPPINE LONG: Shareholders Oppose Stake Sale


S I N G A P O R E

NATSTEEL LTD: Posts Notice of Change in Shareholder's Interests
WEE POH: Appoints Tay Ah Kong as Director


T H A I L A N D

COUNTRY (THAILAND): Issues Rehabilitation Plan Summary
POWER-P PUBLIC: Issues Rehabilitation Plan Key Elements
SILVER HOUSE: Files Business Reorganization Petition

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ALLIED FINANCIAL: Not Entitled to Receive Loan Repayment
--------------------------------------------------------
Justice Hansen of the Victorian Supreme Court has issued orders
preventing Allied Financial Pty Ltd, Wharton Partners Pty Ltd,
Mr Stephen Lynne Wharton and Mr John James Gillies, from
demanding the repayment of money allegedly loaned to franchisees
of the Liquid Engineering Franchise by a company called Allied
Securities Pty Ltd (Allied Securities).

These orders confirm and extend interlocutory orders made
against the parties on 6 February and 8 March 2002, and conclude
the proceedings commenced by ASIC on 5 February 2002.

Mr Gillies and Mr Wharton are officers of Allied Financial Pty
Ltd and of Allied Securities Pty Ltd (in liquidation). Wharton
Partners Pty Ltd conducts an accountancy practice that employs
Mr Gillies and Mr Wharton.

ASIC alleged during the proceedings that the defendants had no
entitlement to receive the loan repayments from the franchisees
as any amounts due under the loan arrangements should be
available to the liquidator of Allied Securities.

Allied Securities was placed into liquidation on 9 November 2001
as a result of an application by ASIC.


AUSTRALIAN INVESTORS: Court Winds Up Four Related Companies
-----------------------------------------------------------
The Supreme Court of New South Wales on Tuesday made orders by
consent to wind up four companies related to Australian
Investors Forum Pty Ltd, following an application by the
Australian Securities and Investments Commission (ASIC).

Mr Alex Macintosh of KPMG was appointed liquidator to Nominee
Securities Pty Ltd; Webfeatures Pty Ltd; Australian Equity Forum
Pty Ltd; and Tax Law Accounting Pty Ltd.

Mr Bud Shaheen, the sole director of the four companies, agreed
to the Courts orders and gave an undertaking to the Court not to
manage a corporation for two years. This means that he may not
act as a director of any company until 16 June 2004.

ASIC consented to the dismissal of proceedings against Mr
Shaheen.

The Court was also told that Finance Projects Pty Ltd, a fifth
company related to Australian Investors Forum, had been placed
into voluntary administration. Messrs Robert Whitton and David
Lombe of Deloitte Touche Tohmatsu have been appointed
administrators.

The Court also made orders for parties to file evidence, and the
matter is back in Court on 2 September 2002.

Until then, Australian Investors Forum's operations continue to
be suspended and the orders freezing the assets of Australian
Investors Forum, Mr Dennis Anthony, Mr Martin Lloyd-Cocks, Mr
Dominic Luvara, Mr Peter Topperwien, and related companies
remain in place.


BURNS PHILP: S&P Affirms BB- Rating; Revises Outlook
----------------------------------------------------
Standard & Poor's Wednesday that it has affirmed its `BB-'
corporate credit rating on Australian global yeast and spices
producer, Burns, Philp & Co. Ltd. (Burns Philp) and assigned its
`B' rating to Burns Philp Capital Pty. Ltd.'s proposed US$450
million senior subordinated note issue, guaranteed by Burns
Philp and various subsidiaries, subject to a review of final
documentation. The outlook is revised to negative from stable
due to the company's announcement of its intention to raise
US$450 million in debt, the proceeds of which will be used to
repay the outstanding 5.5% guaranteed subordinated convertible
bonds of US$98.3 million in fiscal 2003. The remaining net
proceeds will be used for working capital and possible
acquisitions.

"While Burns Philp's operational performance is stable, the
substantial note issue will weaken Burns Philp's capital
structure," said Lucie Kistler, ratings specialist, Corporate
and Infrastructure Finance ratings. "Significant debt reduction
from the proceeds of the note issue, free cash flow generation,
or the proceeds of asset sales will be required by fiscal 2004
to return key gearing and credit protection measures to more
satisfactory levels for the rating category," added Ms Kistler.

The planned acquisition of Kraft Foods Inc.'s (A/Stable/A-1)
South American yeast and industrial bakery ingredients
operations for US$110 million is likely to strengthen Burns
Philp's market position in South America, and contribute to
Burns Philp's stable cash flows, while providing greater
geographic diversification.


CHROME GLOBAL: GM to be Held on July 9
--------------------------------------
Chrome Global Limited notified that a General meeting of members
to be held at 9.30 am (Perth time) on 9 July 2002 at the offices
of Chrome Global Limited, Level 3, 256 Adelaide Terrace, Perth,
Western Australia.

BUSINESS

1. RATIFICATION OF PAST PLACEMENT OF SHARES

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

"That, for the purposes of Rule 7.4 of the Listing Rules of
Australian Stock Exchange Limited and for all other purposes,
the Company ratifies the issue of a total of 29,000,000 ordinary
fully paid shares in the Company at an issue price of A$0.005
per share on 27 May 2002  to clients of Montagu Stockbrokers Pty
Ltd.

2. ISSUE OF SHARES FOR WORKING CAPITAL

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

"That, for the purpose of Rules 7.1 of the Listing Rules of
Australian Stock Exchange Limited and for all other purposes,
the Company authorizes the Directors to issue, within 3 months
after the date of this meeting, up to 20,000,000 shares in the
Company at an issue price of not less than $0.01 to raise funds
for working capital purposes."

3. OTHER BUSINESS

To consider any other business that may be brought forward in
accordance with the constitution of the Company or the law.


CTI COMMUNICATIONS: Sumich Resigns, Willis Takes Post
-----------------------------------------------------
CTI Communications Limited advised that Sam Willis has been
appointed as a director of the Company.

Mr Willis' background includes opportunity evaluation,
investment analysis, financial modeling, capital raising and co-
ordination, broker liaison, deal co-ordinating and structuring,
seed capital projects, and corporate advisory work involving
mergers and acquisitions.

The Company looks forward to a close working relationship with
Mr Willis.

The Company also advised that Mr Mark Sumich has resigned as a
director or the Company.


FARMER FURNITURE: Directors Found Guilty of Insolvent Trading
-------------------------------------------------------------
Charles Farmer and Mark Farmer, two former directors of the
Perth-based company Farmer Furniture Pty Ltd, have pleaded
guilty in the Western Australian Supreme Court to 14 insolvent
trading charges brought by the Australian Securities and
Investments Commission (ASIC).

Both defendants pleaded guilty to defrauding 14 creditors of
Farmer Furniture between 3 June and 7 July 1997 by failing to
prevent Farmer Furniture from incurring debts at a time when
they were aware that reasonable grounds existed to suspect the
business was insolvent.

In addition, Mr C Farmer pleaded guilty to eighteen charges of
improperly using his position as a director of Farmer Furniture.

Following his guilty plea, Mr M Farmer was sentenced to a
$20,000 personal recognizance bond to be of good behavior for
five years.

Mr C Farmer was sentenced to a $20,000 personal recognizance
bond to be of good behavior for five years after pleading guilty
to the 14 insolvent trading charges; and a $20,000 personal
recognizance bond to be of good behavior for five years after
pleading guilty to the 18 charges of improperly using his
position as a director.

On 30 May 2002, Barrie-Ann Morgan pleaded guilty to 14 insolvent
trading charges and was sentenced to a $20,000 personal
recognizance bond to be of good behavior for 3 years.

Farmer Furniture traded as a family run business for 37 years.
At the time of its collapse in July 1997, it was one of the
largest family-owned and run retailers of furniture in Western
Australia with annual turnover approaching $15 million.

As at 23 July 1997, when Farmer Furniture ceased trading and
went into voluntary administration, it was liable to unsecured
trade creditors in the sum of $1,705,233.66 and unsecured retail
'creditors' (deposits paid by customers on unfilled orders) in
the sum of $434,798.82.

The Commonwealth Director of Public Prosecutions prosecuted this
matter.


KISS CORPORATION: Former Director Charter Pleads Guilty
-------------------------------------------------------
Mr Dennis Charter, of Geelong, Victoria, was remanded into
custody Tuesday after pleading guilty to one count of improperly
using his position as a director of the failed company, Kiss
Corporation Pty Ltd, in the Melbourne County Court.

The charge, brought by the Australian Securities and Investments
Commission (ASIC), related to the improper diversion of a cheque
for $402,500.

The cheque, payable to Gotham Audio, formed part of a loan that
Kiss Corporation had obtained in 1997 for $1 million from GE
Capital. The cheque for $402,500 was deposited to a newly opened
bank account at the time in the name of Cotham Audio Pty Ltd.

Prior to its collapse, Kiss Corporation operated as a multimedia
company with a recording studio facility in Chapel Street, South
Yarra in the late 1990's.

Mr Charter was remanded to appear in the County Court on 24 June
2002 for sentencing.

This matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.


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C H I N A   &   H O N G  K O N G
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CHINA PACKING: Winding Up Petition to be Heard
----------------------------------------------
The petition to wind up China Packing (Hong Kong) Development
Limited is scheduled for hearing before the High Court of Hong
Kong on July 3, 2002 at 11:00 am.

The petition was filed with the court on March 26, 2002 by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14/F., Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong.


CHUNG HOI: Winding Up Petition Slated for Hearing
-------------------------------------------------
The petition to wind up Chung Hoi International Holdings Limited
will be heard before the High Court of Hong Kong on August 7,
2002 at 10:30 am.

The petition was filed with the court on May 6, 2002 by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Hong Kong.


DAILYWIN GROUP: Seeks Circular Dispatch Extension
-------------------------------------------------
Dailywin Group Limited, under the Listing Rules and pursuant to
the Takeovers Code, is required to dispatch a circular to its
shareholders within 21 days of the date of the Announcement,
being on or before 12th June, 2002.

As additional time is required to prepare the financial
information in relation to the Company and the WYT Group,
applications have been made to the Stock Exchange and the
Executive for an extension of time for the dispatch of the
Circular.

It is expected that the Circular will be dispatched to the
shareholders of the Company on or before 17th June, 2002.


GUANGDONG KELON: Sees No Reason for Share Price Increase
--------------------------------------------------------
The Board of Directors of Guangdong Kelon Electrical Holdings
Company Limited announced that the price of the A shares of the
Company which are traded on the Shenzhen Stock Exchange
increased for three consecutive trading days and the daily
increase reached the share price increase limit set by the
Shenzhen Stock Exchange. The Board wishes to state that it is
not aware of any reasons for such increases.

In accordance with the Rules Governing the Listing of Securities
on the Shenzhen Stock Exchange, the Company has applied to the
Shenzhen Stock Exchange for the suspension of trading in the A
shares of the Company on the Shenzhen Stock Exchange for one
trading day with effect from 9:30am on 11 June 2002. Trading in
the H shares of the Company on the Stock Exchange of Hong Kong
Limited will not be affected and will continue as usual on 11
June 2002.


LOONG CHUN: Faces Winding Up Petition
-------------------------------------
The petition to wind up Loong Chun Tat Limited is set for
hearing before the High Court of Hong Kong on August 7, 2002 at
10:30 am.

The petition was filed with the court on May 6, 2002 by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Hong Kong.


SOUNDWILL HOLDINGS: Proposes Capital Reorganization
------------------------------------------------------------
The Board of Directors of Soundwill Holdings Limited proposes
to:

   (i) reduce the nominal value of all the issued shares in the
capital of the Company from HK$0.10 each to HK$0.01 each;

   (ii) reduce the share premium account of the Company by the
entire amount of HK$1,061,335,986.43; and

   (iii) diminish all of the authorized but unissued share
capital of the Company and immediately thereafter, increase its
authorized share capital by the creation of such number of New
Shares as shall be sufficient to bring its authorized share
capital back to original amount of HK$500,000,000.

Implementation of the Capital Reorganization will not, in
itself, materially alter the net asset value, underlying assets,
business operations, management or financial position of the
Company or the proportional interests of the Shareholders in the
Company, other than as a result of the payment of related
expenses. The credit arising from the Capital Reduction and the
Share Premium Reduction amounting to HK$1,341,812,180.02 will be
applied to set off part of the accumulated losses of the
Company.

The Board also proposes to terminate the existing share option
scheme, which was adopted by the Company on 25 February 1997,
and to adopt a new share option scheme.

PROPOSED CAPITAL REORGANISATION

As at the Latest Practicable Date, the authorized share capital
and the issued share capital of the Company were HK$500,000,000
and HK$311,640,215.10 respectively. The Company proposes to
effect the Capital Reorganization under which:

(i)  the nominal value of each of the issued shares in the
capital of the Company will be reduced from HK$0.10 each to
HK$0.01 each so that the issued share capital will be reduced
from HK$311,640,215.10 (on the basis of 3,116,402,151 Shares in
issue as at the Latest Practicable Date) by HK$280,476,193.59 to
HK$31,164,021.51;

(ii)  the Company's share premium account shall be reduced by
the entire amount of HK$1,061,335,986.43;

(iii)  all of the authorized but unissued share capital of
the Company shall be diminished and immediately thereafter, the
authorized share capital shall be increased from
HK$31,164,021.51 to HK$500,000,000 by the creation of additional
46,883,597,849 New Shares in the capital of the Company (on the
basis of 3,116,402,151 Shares in issue as at the Latest
Practicable Date); and

(iv)  the credit arising from the Capital Reduction and the
Share Premium Reduction amounting to HK$1,341,812,180.02 will be
applied to set off part of the accumulated losses of the
Company.

Upon the Capital Reorganization becoming effective and on the
basis of 3,116,402,151 Shares in issue as at the Latest
Practicable Date, the authorized share capital of the Company
will be HK$500,000,000 comprising 50,000,000,000 New Shares, of
which 3,116,402,151 New Shares will be issued and fully paid.

REASONS FOR CAPITAL REORGANIZATION

The Capital Reorganization will facilitate the Company in
undertaking fund raising plan(s) in future should such
opportunities arise. From 3 September 2001 to the Latest
Practicable Date, the Shares have been trading at HK$0.098 to
HK$0.043 as quoted on the Stock Exchange. Under the Companies
Act, a company may not issue shares at a discount to the nominal
value of such shares. In the circumstances, the reduction of the
nominal value of the Shares from HK$0.10 per Share to HK$0.01
per New Share will enable the Company to issue shares above its
nominal value in future. At present, the Company has no
intention to issue any New Shares.

EFFECT OF THE CAPITAL REORGANIZATION

Other than the expenses of approximately HK$300,000 incurred
relating to the implementation of the Capital Reorganization,
implementation of the Capital Reorganization will not, in
itself, materially alter the net asset value, the underlying
assets, business operations, management or financial position of
the Company or the proportional interests of the Shareholders in
the Company. The Board believes that the Capital Reorganization
will not have a material adverse effect on the financial
position of the Company.

CONDITIONS OF THE CAPITAL REORGANIZATION

The Capital Reorganization is, inter alia, conditional upon:

(i)  the passing of the special resolution by the Shareholders
at the Special General Meeting to be convened by the Company
approving the Capital Reorganization;

(ii)  the publication of a notice in an appointed newspaper in
Bermuda in respect of the Capital Reduction and the Share
Premium Reduction as required by section 46 of the Companies
Act; and

(iii)  the Listing Committee of the Stock Exchange granting
listing of, and permission to deal in, the New Shares.

Application will be made to the Listing Committee of the Stock
Exchange for the listing of, and permission to deal in, the New
Shares.

TERMINATION OF EXISTING SHARE OPTION SCHEME AND ADOPTION OF NEW
SHARE OPTION SCHEME

To be in line with the updated requirements of the Listing Rules
in relation to share option schemes and to provide the Company
with a flexible means of giving incentive to, rewarding,
remunerating, compensating and/or providing benefits to the
participants, the Board proposes to terminate the existing share
option scheme, which was adopted by the Company on 25 February
1997, and to adopt a new share option scheme incorporating the
requirements of the new Chapter 17 of the Listing Rules. A
summary of the principal terms of the new share option scheme
will be set out in the circular to be dispatched to the
Shareholders.

GENERAL

A circular setting out the details of the Capital
Reorganization, termination of the existing share option scheme
of the Company and adoption of the new share option scheme of
the Company together with a notice convening the Special General
Meeting to consider, and if thought fit, to approve the Capital
Reorganization, termination of the existing share option scheme
of the Company and adoption of the new share option scheme of
the Company will be dispatched to the Shareholders as soon as
practicable.

DEFINITIONS

Board: the Board of Directors

Capital Reduction: the proposed reduction of the capital of the
Company whereby the nominal value of all its issued Shares will
be reduced from HK$0.10 to HK$0.01 each and the issued capital
will be reduced from HK$311,640,215.10 (on the basis of
3,116,402,151 Shares in issue as at the Latest Practicable Date)
by HK$280,476,193.59 to HK$31,164,021.51

Capital Reorganization: the Capital Reduction, the Share Premium
Reduction, the diminution of all the authorized but unissued
share capital of the Company and the increase in the authorized
share capital of the Company to HK$500,000,000 by the creation
of additional New Shares in the capital of the Company

Company: Soundwill Holdings Limited, incorporated in Bermuda
with limited liability and the shares of which are listed on the
Stock Exchange

Company Act: the Companies Act 1981 of Bermuda

Directors: the directors of the Company

Latest Practicable Date: 6 June 2002, being the latest
practicable date prior to the printing of this announcement for
ascertaining information contained herein

Listing Rules: Rules Governing the Listing of Securities on the
Stock Exchange

New Shares: new ordinary shares of HK$0.01 each of the Company
immediately after the Capital Reorganization

Shares: ordinary shares of HK$0.10 each in the share capital of
the Company

Shareholders: holders of Shares

Share Premium Reduction: the reduction in the Company's share
premium account of the entire amount of HK$1,061,335,986.43

Special General Meeting: the special general meeting of the
Company to be convened to consider, and if thought fit, to
approve the Capital Reorganization, termination of the existing
share option scheme of the Company and adoption of the new share
option scheme of the Company

Stock Exchange: The Stock Exchange of Hong Kong Limited

HK$: Hong Kong Dollars, the lawful currency of Hong Kong


SUN YUEN: Winding Up Petition Set for Hearing
---------------------------------------------
The petition to wind up Sun Yuen Cheong Caf, (C) Limited is
scheduled to be heard before the High Court of Hong Kong on July
3, 2002 at 10:30 am.

The petition was filed with the court on March 22, 2002 by Lam
Wai King of Flat A6, 9/F., Phase 3, Kwan Yick Building, 273 Des
Voeux Road West, Hong Kong.


SURRENTAL LIMITED: Petition to Wind Up Pending
----------------------------------------------
The petition to wind up Surrental 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 Kwok Fung Yee of Flat D, 5/F., Lee Fung Building, 315 Queen's
Road Central, Hong Kong.


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I N D O N E S I A
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BANK NIAGA: Government to Restart Sale by June End
--------------------------------------------------
The government will re-launch the sale for 51 percent stake in
PT Bank Niaga by the end of this month and expects to complete
the sale of up to 71 pct in total by September 15, AFX reports,
referring to a letter sent to International Monetary Fund
Managing Director Horst Kohler.

According to the letter, "Under the new strategy, the government
will sell up to 20 pct shares of the bank directly into the
market and will re-launch the sale of a majority stake in the
bank by end-June 2002, with a view to completing the sale by
mid-September."

The letter, which was signed by Coordinating Minister for the
Economy Dorodjatun Kuntjoro-Jakti, Finance Minister Budiono and
Bank Indonesia Governor Sjahril Sabirin, said the government
remains committed to its original targets for 2002, despite
postponing the deadline for the sale of Bank Niaga as well as a
30 pct stake in state-owned PT Bank Mandiri.

"To allow for a strengthening of (Bank Mandiri's) business plan,
the sale of 30 pct share will be launched in the third quarter,
a little later than had been envisaged under the 2002 program,"
it said.


BARITO PACIFIC: Wins Bankruptcy Case Filed by Bank Niaga
--------------------------------------------------------
PT Barito Pacific Timber Tbk won the bankruptcy case filed
against it by Bank Niaga over a debt dispute, Asia Pulse
reports.

The Supreme Court announced its decision on Tuesday rejecting
demand from Bank Niaga to review a previous court decision
freeing the company from bankruptcy demand.

Barito Pacific workers were relieved that the company was
allowed to operate normally as bankruptcy will mean they will
lose their job.

Bank Niaga represents holders of bonds issued by the timber
company.


INDOFOOD SUKSES: Increases Euro Bond Issue to US$280M
-----------------------------------------------------
PT Indofood Sukses Makmur has increased the size of its euro
bond issue to US$280 million from the originally planned US$200
million, following stronger than expected demand during a
roadshow to Asia and Europe, AFX reports, quoting President
Director Eva Riyanti Hutapea.

"The enthusiasm for this issue has resulted in our raising the
initial amount from 200 million to 280 million, representing the
largest dollar bond issue to emerge from Indonesia since the
economic crisis has begun to recede," Hutapea said.

Hutapea added that the proceeds of the issue will be used to
refinance existing debt, of which some US$200 million matures
this month.

The 5-year notes, which will be issued by its 100 percent
subsidiary Indofood International Finance, carry a coupon rate
of 10.375 percent payable every six months. It is guaranteed by
Indofood and its subsidiaries PT Bogasari Sentra Flour Mills, PT
Indobahtera Era Sejahtera, PT Inti Abadi Kemasindo, and PT
Intisari Flour Mills.

Hutapea said the Company has halved its total debt form around
US$1 billion at the end of 1997. It had principal-only swap
contracts amounting to US$310 million as of March 31 this year.


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J A P A N
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ALL NIPPON: Increasing Popular Routes
-------------------------------------
Tokyo's All Nippon Airways Co. will increase the number of flights on
popular routes as it seeks to hold its own against the planned alliance
between rival carriers Japan Airlines Co. and Japan Air System Co.

ANA President and Chief Executive Officer, Yoji Ohashi, told The Asahi
Shimbun
that the Company will beef up flights from Tokyo International Airport at
Haneda on lucrative routes to such destinations as Sapporo and Fukuoka.

At least three or four flights will be added on both routes, he added.

Flights to less popular destinations will be cut back. "One option is to
hand over such routes to (ANA group carrier) Air Nippon Co.," Mr. Ohashi
said.

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.


HASEKO CORP.: Government Executes Industrial Revival Law
--------------------------------------------------------
The Ministry of Land, Infrastructure and Transport has invoked
the industrial revival law to help struggling construction
company Haseko Corp rehabilitate itself, Japan Today reported.

Ministry officials said that the application of the law opens
the way for Haseko, the first construction company to which the
law has been applied, to receive a range of preferential
treatments, including a tax break on proceeds from the sale of
real estate assets.

Last month, Haseko revealed a net loss of 122.63 billion yen in
the 2001 business year, compared with a turnaround from a profit
of 95.31 billion yen the year before. The Company attributed the
net losses chiefly to a 90.29 billion yen latent loss on its
real-estate holdings for sale and a 50.94 billion yen unrealized
loss on its fixed real-estate assets.

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


MIZUHO HOLDINGS: Berated After Computer Banking Fiasco
------------------------------------------------------
Mizuho President Terunobu Maeda said the Company was criticized
by the Financial Services Agency when they met Tuesday,
following the regulator's investigation into the computer
glitches that caused serious problems at the embattled Mizuho
Holdings Inc.

"We received harsh criticism," Maeda said, but declined to
comment further.

The FSA said last week it had completed its inspection into
Mizuho and would soon announce action that it said may include
an order for Mizuho to improve its business operations. Japan's
top financial watchdog declined to comment on the outcome of the
inspection.

Earlier this week, Mizuho said it was ready to complete its
restructuring measures two years earlier than initially planned
and would give details once the FSA action is known.

Media reports have said the bank now plans to cut its workforce
by 5,000, pare the salaries of employees and consolidate more
than 100 branches by the end of March 2004.


MIZUHO HOLDINGS: Speeds Up Restructuring to Boost Profitability
---------------------------------------------------------------
Mizuho Holdings Inc plans to carry out its restructuring program
two years earlier than planned, as part of the bank's efforts to
boost profitability and gain credibility it lost following the
computer problems in April, the Yomiuri Shimbun newspaper
reported.

As originally planned, Mizuho will close 130 of the group's 618
branches and cut jobs from 30,000 to 25,000 by March 2006. The
Company now considers completing the reform by the end of March
2004, the paper said.

Mizuho will also make a drastic review of its 123-member board
of directors with a plan to reduce their numbers by 33 percent
as early as July.

Mizuho Holdings spokesman Hiroshi Takahashi rejected the report
and considered it a lie.


NIKO NIKO DO: Ends Tie-up With Daiei
------------------------------------
Niko Niko Do Co Ltd, which recently filed for court protection
under the Civil Rehabilitation Law, has terminated its tie-up
with Daiei Inc as of Tuesday, AFX Asia reported.

In April, the Kumamoto District Court gave Niko Niko Do the
green light to start rehabilitation measures. The Company said
it would submit a restructuring plan to the court by September
10.

Shareholders of supermarket operator Daiei approved in May a
three-year restructuring program featuring a 99 percent capital
cut and 520 billion yen in financial support from its three main
creditor banks.

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


NIKO NIKO DO: Selling Outlets to Izumi
--------------------------------------
Failed supermarket operator Niko Niko Do Co. will map out a
rehabilitation plan under a tie-up with Hiroshima-based
supermarket operator Izumi Co., Kyodo News reports.

Kumamoto-base Niko Niko Do filed for court protection on April 9
after it failed to win financial support from its creditor
banks, including Industrial Bank of Japan and Fukuoka City Bank.

The Company has liabilities of 97.5 billion yen under the fast-
track Civil Corporate Rehabilitation Law.


SEIYU LTD: Introducing In-house Environmental Tax in 2004
----------------------------------------------------------
Supermarket chain operator Seiyu Ltd. will introduce in fiscal
2004 an in-house environmental taxation system to collect money
from its outlets in accordance with the amount of carbon dioxide
(CO2) emissions at the stores, Kyodo News reports.

Tokyo's Seiyu has been selling assets and closing money-losing
stores to help it halve its debt to 600 billion yen.


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


DAEWOO MOTOR: GMDAT to Open Offices Near Bupyeong Plant
-------------------------------------------------------
The entire management staff of GM-Daewoo Auto & Technology
(GMDAT), the new joint venture between the General Motors of the
U.S. and South Korea's Daewoo Motor, will move into new offices
at the headquarters of Daewoo Motor Sales Corp. within this
week, the Korea Herald reports.

"All the management, including the President of the joint
venture Nick Reilly, will move into the new office this week,
and general preparations for the new company, slated to be
launched September 1, will be worked out there," a GMDAT
official said.

The offices are near Daewoo Motor's Bupyeong plant, raising the
possibility that the U.S. auto giant will eventually take over
the outmoded plant.

GMDAT's management has not yet been appointed, except for
president-designate Reilly and Kim Jeong-su who will be in
charge of overseas promotion and cooperation.


KABUL LTD.: Creditors Seek $198M Debt-equity Swap
-------------------------------------------------
Creditors of fabric manufacturer Kabul Ltd. are seeking to swap
188.7 billion won of secured debt and 54.7 billion won of
unsecured debt into equity as part of measures to keep the
company afloat, the Korea Herald reports.

Creditor banks have already converted 1 trillion won of Kabul's
debt into equity.

Audit results showed Kabul's liquidation value is 60 billion won
higher than its value as a going concern at the moment, but the
company's value is estimated to increase to 227.6 billion won in
2006.


KOREA ELECTRIC: S&P, Fitch Likely to Raise Rating
-------------------------------------------------
Lehman Brothers said Tuesday S&P and Fitch Ratings are likely to
raise their credit ratings for Korea Electric Power Corp.
(KEPCO), South Korea's only fully integrated power utility,
following a rating upgrade by Moody's Investors Service.

Based on the high expectations of a rating upgrade, the foreign
brokerage firm raised its target price to 37,500 won from 34,000
won on KEPCO shares. It said a rating upgrade would cut
financing costs of the electric power generator.

Moody's Investors Service in May raised its credit rating for
KEPCO a notch to Baa2 from Baa3. The upgrade reflects Kepco's
improved stability in its operating performance and financial
position, supported by the continuing growth in the Korean
economy and sustainability of domestic electric demand.


SHINHO PAPER: Creditors to Take Over Company Next Week
------------------------------------------------------
Shinho Paper Manufacturing Co. creditors will swap 631.5 billion
won ($515 million) of debt and convertible bonds into stock on
June 20, raising their stake in the company to 86 percent, Maeil
Business Newspaper reported, without identifying its source.

Creditors now own 22 percent of the Company.

The move will help Shinho avoid removal of its stock from the
Korea Stock Exchange.

The report did not say how much total debt the company has.


WOORI FINANCE: Lehman May Buy $250M Convertible Bonds
-----------------------------------------------------
U.S.-based investment bank Lehman Brothers Holdings Inc. may buy
$250 million of bonds convertible into shares of around 5
percent in South Korea's Woori Finance Holdings Co. and invest
as much as 1 trillion won in a venture to clear bad loans from
Woori's balance sheet, the Maeil Business Newspaper reported.

Woori Finance said in April it reached a preliminary pact to
sell bad loans and shares in itself and a unit to Lehman
Brothers for about $1 billion.

Lehman agreed to buy a 49 percent stake in Woori Finance's Woori
Asset Management, and will likely buy bad loans managed by the
unit. The stake and bad loan purchases will be worth about 1
trillion won.

The South Korean government created Woori Finance in April 2001
as a holding parent company that would consolidate and run
several financially struggling local banks. State-run Korea
Deposit Insurance Corp. wholly owns Woori Finance.

The government has made it clear that it wants to privatize
Woori Finance through stake sales, an initial public offering
and a listing on the New York Stock Exchange.


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


BESRAYA (M): RAM Reaffirms RUF/MTN Ratings at AA3/P1
----------------------------------------------------
Rating Agency Berhad (RAM) has reaffirmed the ratings of Besraya
(M) Sdn Bhd's (Besraya) RM180 million Revolving Underwritten
Facility/Medium Term Notes Facility (RUF/MTN) at AA3/P1. During
the review period, traffic volume continued to grow in line with
expectations. From an average of 1.3 million vehicles per month
in FYE 30 June 1999 (FY 1999), traffic volume has now grown to
an average of 2.5 million vehicles per month. Based on the first
8 months' traffic figures (July 2001 - Feb 2002), traffic growth
for FY 2002 is expected to be in the region of 7.5%.

While traffic volume has grown steadily, Besraya's cash balance
was not as high as expected in FY 2001 due to the pre-payment of
its Government Support Loan. As a result, the strong debt
service buffer previously anticipated by RAM in the initial
rating exercise has been compromised to a certain extent. To
mitigate our concerns, Besraya's parent company, Road Builder
(M) Holdings Berhad (RBH), has agreed to inject RM30 million
into Besraya at least 6 months prior to the first MTN principal
repayment date of 2 September 2003. RBH's undertaking to inject
such funds into Besraya is backed by a bank guarantee from
United Overseas Bank Berhad (which carries a general bank rating
of AA1/P1 by RAM).

In view of the impending injection of an additional RM30 million
into its coffers by September 2003, Besraya's ability to service
its debt obligations remains intact. Our sensitivity analysis on
Besraya's cash flow shows that the Company's minimum debt
service coverage ratio over the tenure of its RUF/MTN is
comfortably above the minimum requirement of 1.50 times (first 6
years of the facility) and 1.2 times (final year) under the
financing documents.


GENERAL LUMBER: Gets Winding Up Petition Discontinuance Notice
--------------------------------------------------------------
The Board of Directors of General Lumber Fabricators & Builders
Bhd announced that the Petitioner, Malinta has filed a Notice of
Discontinuance of the Winding up proceedings against the Company
at the High Court Malaya Kuala Lumpur on 6 June 2002. The
Company has received a copy of the Notice of Discontinuance on
even date.

Both Malinta and the Company have executed a Settlement
Agreement on 17 May 2002. The salient points:

   1. that the Agreed Settlement Sum (Agreed Sum) is Ringgit
Malaysia One Million Five Hundred Ninety Two Thousand Nine
Hundred Twelve and Sen Twenty Eight (RM1,592,912.28) only
together with interest thereon at 8% per annum from the date of
this Agreement until the date of full satisfaction and costs of
RM350.00.

   2. that the Agreed Sum shall be paid by the Company to
Malinta in the manner and within the time stipulated below:

     (a) the Company shall pay to Malinta the sum of Ringgit
Malaysia Two Hundred Thousand (RM200,000.00) only by four (4)
equal monthly installments of Ringgit Malaysia Fifty Thousand
(RM50,000.00) only each, commencing simultaneously with the
execution of this Agreement.

     (b) the Company shall pay to Malinta the sum of Ringgit
Malaysia Three Hundred Thousand (RM300,000.00) only by causing
or procuring Land & General Berhad or its subsidiaries to
transfer a parcel or parcels of land free from all encumbrances
and with vacant possession to Malinta or its nominee or nominees
within three (3) months from the date of this Agreement;

     (c) the Company shall pay to Malinta the sum of Ringgit
Malaysia Five Thousand (RM5,000.00) only per month on or before
the 7th day of each and every month commencing four (4) months
from the date of this Agreement until December 2002;

     (d) the Company shall pay to Malinta the balance of the
Agreed Sum by monthly installments of Ringgit Malaysia Ten
Thousand (RM10,000.00) only each commencing from 1st January
2003 and thereafter on or before the 7th day of each and every
succeeding month until the balance of the Agreed Sum is paid in
full;

     (e) the accrued interest (to be calculated on reducing
balance method and costs shall be paid by the Company to Malinta
within one (1) month after the Agreed Sum has been paid in full.

   3. Within seven (7) days from the date of this Agreement, the
Company through its solicitors shall prepare for the execution
of Malinta's solicitors notices of discontinuance and file the
said notices at the respective Court's Registry.

The Board of Directors wish to further announce that the Company
will hereafter apply to the Exchange for uplifting of suspension
of the trading of the Company's shares in view of the above
filing of the Notice of Discontinuance of Winding-up Proceedings
by Malinta against the Company on 6 June 2002..


GEORGE KENT: Proposed Replacement Warrants Canceled
---------------------------------------------------
George Kent (Malaysia) Berhad, in reference to its announcements
made on 12 January 2001, 19 July 2001 and 12 December 2001 with
respect to the Proposals, announced that the Company does not
intend to implement the Proposed Issuance of up to 16,844,417
Replacement Warrants to Replace up to 16,844,417 Existing
Warrants of the Company (Proposed Replacement Warrants).

The Company also informed that it would apply to the Securities
Commission for a further extension of time to implement the
Proposed Establishment of New Employee Share Option Scheme
concurrently with the proposed debt restructuring which was
announced on 22 March 2002.


MALAYSIAN GENERAL: Inks Proposed Workout Scheme MoU W/ Promoters
----------------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Malaysian
General Investment Corporation Berhad, announced on 11 April
2002 that the Company's application for a further extension of
time of three (3) months from 28 February 2002 until 31 May 2002
to make an announcement on its revised regularization plan was
rejected by the Kuala Lumpur Stock Exchange.

Nevertheless, as advised by the KLSE, the Company has until 31
December 2002 to regularize its financial condition in
accordance with the requirements of paragraph 8.14 of the KLSE
Listing Requirements and Practice Note No. 4/2001 on the
criteria and obligations pursuant to paragraph 8.14, failing
which the Company may be delisted from the Official List of the
KLSE pursuant to paragraph 16.09 of the KLSE Listing
Requirements.

It was also announced that notwithstanding the decision of the
KLSE, the Company is still actively identifying new viable
assets for the purposes of the Company's Proposed Restructuring
Scheme.

In this respect, Arab-Malaysian announced that the Company has
on 7 June 2002 entered into a MoU with the vendor of Sumatec
Corporation Sdn Bhd (Sumatec), namely Tekad Mulia Sdn Bhd, and
the vendors of Isuta International Sdn Bhd (Isuta), namely Ang
Chew Lim and Chua Kiat Eng, (collectively to be known as
Promoters) with a view to jointly structure the terms of the
Proposed Restructuring Scheme.

SALIENT TERMS OF THE MOU

The salient terms of the MOU are:

Proposed Restructuring Scheme

Both parties acknowledge and agree that the terms of the
Proposed Restructuring Scheme will have to meet the requirements
of the Company and the Promoters and the parties agree to
jointly structure the Proposed Restructuring Scheme in a manner
which shall be beneficial to both parties. The indicative
components of the Proposed Restructuring Scheme shall comprise,
inter-alia, the following:

   (a) the proposed incorporation or setting-up of a newly
incorporated company (NewCo);

   (b) the proposed scheme of arrangement with the shareholders
of MGIC in relation to the exchange of shares held by them in
the Company for new ordinary shares in NewCo on the basis of one
(1) new ordinary share of RM1.00 each in NewCo for every five
(5) existing ordinary shares of RM1.00 each held in MGIC
(Proposed Share Exchange);

   (c) the proposed scheme of arrangement between MGIC, MGICC
and MHR (Scheme Companies and their respective creditors, save
for the trade creditors (Creditors), involving the issuance of
new ordinary shares of RM1.00 each by NewCo to the Creditors as
full and final settlement of the outstanding debts due from the
Scheme Companies to the Creditors after a debt waiver (Proposed
Debt Restructuring);

   (d) the proposed acquisition of the entire issued and paid-up
share capital of Sumatec and Isuta by NewCo from the Promoters
in consideration of new ordinary shares of RM1.00 each in NewCo
(Proposed Acquisitions);

   (e) the proposed application to the Securities Commission
(SC) by the Promoters for a waiver exempting the Promoters from
the obligations of making a mandatory general offer for the
remaining shares in NewCo not already owned by the Promoters
upon completion of the Proposed Acquisitions pursuant to the
provisions of the Malaysian Code on Take-Overs & Mergers, 1998
(Proposed Waiver);

   (f) the proposed offer for sale / placement of NewCo shares
by the Promoters to the general public to meet the 25% public
shareholding spread requirement of the KLSE;

   (g) the proposed application for the admission of NewCo to
the Official List of the KLSE which shall be made by NewCo to
the KLSE and subject to the approvals from the relevant
authorities including the KLSE and SC;

   (h) the proposed listing and quotation of all the new
ordinary shares of RM1.00 each in NewCo; and

   (i) the proposed liquidation of the Company and all its
subsidiary companies.

Conditions Precedent

The components of the Proposed Restructuring Scheme are inter-
conditional on each other and are subject to the satisfaction of
the following conditions precedent:

   (a) the finalization of the Proposed Restructuring Scheme
satisfactory to the Promoters;

   (b) the conclusion to the reasonable satisfaction of the
Company of a financial and legal due diligence on Sumatec and
Isuta;

   (c) the conclusion to the reasonable satisfaction of the
Promoters of a financial and legal due diligence on the Scheme
Companies;

   (d) the approval of each class of the Creditors to the
Proposed Debt Restructuring at the meeting(s) convened by the
High Court of Malaya (High Court) pursuant to Section 176 of the
Companies Act, 1965 (Act), if necessary;

   (e) the approval of the shareholders of the Company at an
extraordinary general meeting and at the meeting convened by the
High Court pursuant to Section 176 of the Act for the Proposed
Share Exchange;

   (f) the court sanction being obtained pursuant to Section 176
of the Act for the Proposed Debt Restructuring, if necessary and
the Proposed Share Exchange;

   (g) the share sale agreement for the Proposed Acquisitions
becoming unconditional in accordance with the terms therein
contained;

   (h) the approvals of the SC, Foreign Investment Committee and
Ministry of International Trade and Industry;

   (i) the approval of the KLSE for the admission of NewCo to
the Official List of the KLSE;

   (j) the approval-in-principle of the KLSE for the listing of
and quotation for all the new ordinary shares in NewCo on the
Main Board of the KLSE;

   (k) the approval of the SC for the Proposed Waiver and the
Proposed Waiver remaining in full force and effect; and

   (l) any other approvals, consents, authorizations, permits or
waivers of any regulatory agency or authority necessary or
appropriate to permit completion of the transaction contemplated
therein and the Proposed Restructuring Scheme.

Due Diligence Review

Subject to, inter-alia, the satisfactory results of the due
diligence review, the parties reserve the right to negotiate the
detailed terms and conditions of the definitive agreements
including, inter-alia, the share sale agreement for the Proposed
Acquisitions and other agreements required to be executed for
the purpose of carrying into effect the Proposed Restructuring
Scheme (Definitive Agreements).

Validity Period

(i) The MoU is valid for a period of six (6) weeks from the date
of its execution (Validity Period). On the expiry of the MoU,
the rights and obligations of the parties shall cease and
neither party shall have any claims against the other except for
any antecedent breach.

(ii) In the event that the share sale agreement for the Proposed
Acquisitions is not signed by the parties within the Validity
Period and the time for execution is not extended by mutual
agreement, then either party may terminate the MoU by giving
written notice to the other whereupon the MoU shall be null and
void and neither party shall have any claim (except for any
antecedent breach) against the other for any matter or things
arising out of the same.

(iii) During the Validity Period, except with the written
approval of the Company, the Promoters shall not to sell,
transfer or otherwise dispose their respective interest in
Sumatec and Isuta, and also not to negotiate, initiate or take
any step with a view to negotiating with any third party for the
purpose of or in relation to the sale of their equity interest
in Sumatec and Isuta.

Deposit Sum

Upon execution of the MoU, the Promoters shall pay as security
deposit a sum of Ringgit Malaysia Five Hundred Thousand
(RM500,000) only to Messrs. Albar & Partners as stakeholders who
shall forthwith, upon notification of the Company, be authorized
to release the same or any part thereof to defray all fees,
costs and expenses referred to in clause 2.6 hereunder incurred
up to the date of the SC's approval for the Proposed
Restructuring Scheme as and when the same or any part thereof is
incurred.

Costs

(i) Each party to the MoU shall bear its own costs in relation
to the preparation and execution of the MoU.

(ii) The parties agree that all fees, costs and expenses
including the Company's legal fees incurred in connection with
or incidental to the share sale agreement, the Definitive
Agreements, the Proposed Restructuring Scheme and the
implementation of the Proposed Restructuring Scheme and anything
in relation thereto shall be borne by the Promoters SUBJECT
ALWAYS to the prior written approval of the Promoters of all
fees, costs and expenses being obtained before the same shall be
incurred by the Company, which consent shall not be unreasonably
withheld.

(iii) The parties further agree that the Promoters shall remit
further payments within thirty (30) days from the date of any
written notice by MGIC requesting the same for the purpose
referred to in clause 2.6(ii) above and MGIC shall upon receipt
of the SC's approval for the Proposed Restructuring Scheme
refund any balance of the said security deposit after deducting
the aforesaid fees, costs and expenses.

INFORMATION ON THE COMPANIES TO BE ACQUIRED PURSUANT TO THE
PROPOSED ACQUISITIONS

Background Information On Sumatec

Sumatec was incorporated in Malaysia under the Companies Act,
1965 (Act) on 4 September 1985. The authorized share capital of
Sumatec is RM10,000,000 comprising 10,000,000 ordinary shares of
RM1.00 each, all of which are issued and fully paid-up.

Sumatec group of companies (Sumatec Group) is principally
involved in the field of specialist engineering works in the
oil, gas and petrochemical industries, especially in the
provision of professional project management service for the
complete, civil, building, heavy structural steel, storage tank
and piping fabrication and installation, electrical and
instrumentation work. Sumatec is licensed by Petroliam Nasional
Berhad to undertake a spectrum of work including maintenance
services, mechanical and electrical engineering, onshore
construction, fabrication, design, supply, erection and
commissioning of small and large tanks, building, civil
engineering and maintenance, and offshore construction, namely
hook-up and commissioning.

Sumatec is also a registered Grade 7 contractor with the
Construction Industry Development Board of Malaysia in the areas
of building, civil, mechanical and electrical engineering. It is
also a registered Class A contractor with Pusat Khidmat
Kontraktor, Kementerian Pembangunan Usahawan which basically
permits Sumatec to tender for government projects all over the
country.

Sumatec also has a class D licence granted by the Ministry of
Housing and Local Government to build and construct sewerage
system. Its procurement, construction, testing and commissioning
of petrochemical facilities and industrial plants activities are
accredited with ISO9002 certification.

Background Information On Isuta

Isuta was incorporated in Malaysia under the Act on 7 June 2000.
The authorized share capital of Isuta is RM5,000,000 comprising
3,000,000 ordinary shares of RM1.00 each, all of which are
issued and fully paid-up.

Isuta group of companies (Isuta Group) is principally involved
in the manufacturing and distribution of critical environment
products and related merchandise, and manufacturing of packaging
materials for medical, food, pharmaceutical industries and all
other kinds of industrial packaging products.

Some of Isuta's existing subsidiaries were previously held by
Isuta Holdings Berhad (presently known as Tanah Emas Corporation
Berhad) ("IHB") which was listed on the KLSE in 1996. However,
pursuant to a restructuring exercise undertaken by IHB in late
2001, these subsidiaries were subsequently acquired by Isuta.

The services offered by the Isuta Group include, amongst others,
the manufacturing and distribution of cleanroom consumables
products, manufacturing and distribution of protective
industrial packaging products, micro contamination control of
cleanroom garments and other consumable products, and
manufacturing and distribution of flexible medical packaging
products. Meanwhile the range of products include, amongst
others, cleanroom products such as apparels, gloves, wipers,
stationary, labels, cleanroom fixtures such racks, receptacles,
cabinets, trolleys, safety products such as shoes, masks,
glasses, protective packaging solutions, inspection and
measurement equipment, ESD products such as mats, wrist straps,
shielding bags, laboratory products such particle counters,
medical packaging products such as pouches, inner wrappers, roll
stocks, cleanroom housekeeping and janitorial products, and
industrial products.

Some of the Isuta Group's operations are accredited with ISO9002
certification.

Pursuant to the Proposed Acquisitions, the principal activities
of the Sumatec Group will be the core business of the NewCo
group of companies going forward.

EFFECTS OF THE MOU

The effects of the MoU will be announced upon finalization of
the terms of the Proposed Restructuring Scheme.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

At present, to the best of the knowledge and belief of the Board
of Directors of MGIC, none of the Directors, substantial
shareholders or persons connected with them has any interest,
direct or indirect, in the Proposed Acquisitions.

INSPECTION OF DOCUMENT

The MoU will be available for inspection at the Company's
registered office during normal business hours for a period of
two (2) weeks from the date of this announcement.

ANNOUNCEMENT UPON EXECUTION OF AGREEMENT

A detailed announcement will be made upon finalization of the
terms of the Proposed Restructuring Scheme which will also
entail the execution of the conditional share sale agreement in
respect of the Proposed Acquisitions.


NAUTICALINK BERHAD: Schedules Eighth AGM on June 29
---------------------------------------------------
Nauticalink Berhad informed that the Company's Eighth Annual
General Meeting will be held on Saturday, 29th June 2002 at 9.00
a.m. The venue would be in Boardroom 1 & 2, Business Center,
Level 4 Dynasty Hotel, 218 Jalan Ipoh, Kuala Lumpur.

To see a copy of the Notice of AGM, go to
http://www.bankrupt.com/misc/TCRAP_NLB0613.doc


SATERAS RESOURCES: Unit's Winding Up Petition Resolved
------------------------------------------------------
Sateras Resources (Malaysia) Berhad, further to its announcement
on 28 February 2002, informed that the Winding Up Petition
served against New Decade Holdings Sdn Bhd, a wholly-owned sub-
subsidiary of the Company had been resolved pursuant to the
Notice of Discontinuance dated 10 May 2002 filed by the
solicitors for the petitioner.

A terminated contractor, Sri Lanjutan (M) Sdn Bhd (SLSB) filed
the petition against NDH. SLSB was appointed as the contractor
for a development project known as "Proposed Housing
Development on Lots 71,72,78-80, 5603 and 5604, Mukim of Senai,
Kulai, Daerah Johor Bahru, Negeri Johor Darul Takzim."

SLSB alleged that a sum of RM1,375,610.03 is owing by NDH of
which NDH denies is due and owing and genuinely disputes the
claim.


SCIENTEX INCORPORATED: Strikes Off Dormant Subsidiaries
-------------------------------------------------------
Scientex Incorporated Berhad informed that the following
subsidiary companies of the Company had on 5th June 2002
submitted their applications to the Companies Commission of
Malaysia to strike off from the Register under Section 308 of
the Companies Act, 1965:

   1) Scientex Manufacturing Sdn Bhd;
   2) Scientex Import-Export Sdn Bhd; and
   3) Scientex Bricks Sdn Bhd.

Scientex Manufacturing Sdn Bhd and Scientex Import-Export Sdn
Bhd are dormant wholly-owned subsidiaries of SIB, whereas
Scientex Bricks Sdn Bhd is a dormant wholly-owned subsidiary of
Scientex Quatari Sdn Bhd, which in turn is a subsidiary of SIB.
The aforesaid companies had already ceased operations and they
do not intend to do any business in the near future.

The above exercise is not expected to have any material impact
on the net tangible assets per share and earnings per share of
SIB for the financial year ending 31 July 2002.


SURIA CAPITAL: SC Approves Disposal, Proposed Injection
-------------------------------------------------------
Aseambankers Malaysia Berhad, on behalf of the Board of
Directors of Suria Capital Holdings Berhad, further to its
announcements dated 1 June 2001 in relation to the Disposal and
25 September 2001 in relation to the Proposed Injection,
announced that the Securities Commission had vide its letter
dated 5 June 2002 (received on 6 June 2002), approved:

   i) the proposed extension for another twelve (12) months to
10 June 2003 for the implementation of the Disposal of
178,492,232 ordinary Shares of RM1.00 Each, representing 100% of
the issued and paid-up share capital of Sabah Bank Berhad by
Suria (Disposal) (i.e. to allow for the payment of the Final
Balance in respect of the Disposal); and

   ii) the proposed extension to 31 December 2002 for the
finalization of the Proposed Injection of Sabah Ports Authority
(Proposed Injection) and to seek the Securities Commission's
approval on the utilization of proceeds of the Disposal for the
financing of the Proposed Injection.


TECHNOLOGY RESOURCES: Proposes Shareholders' Mandate
----------------------------------------------------
The Board of Directors of Technology Resources Industries Berhad
announced that the Company proposes to seek its shareholders'
mandate for recurrent related party transactions of a revenue or
trading nature which are necessary for the day-to-day operations
of the Company and its subsidiaries (TRI Group) entered or to be
entered into by the TRI Group with related parties (Recurrent
Transactions).

The Company also proposes to seek ratification from its
shareholders for the Recurrent Transactions entered into by the
TRI Group for the period from 1 June 2001 to the date of the
forthcoming Extraordinary General Meeting ("EGM") of the
Company.

DETAILS OF THE PROPOSED SHAREHOLDERS' MANDATE

The TRI Group has prior to the effective date of Paragraph 10.09
of the KLSE Listing Requirements on 1 June 2001, entered into
Recurrent Transactions with persons deemed as related parties
under the KLSE Listing Requirements ("Related Parties"). These
companies are likely to continue to enter into such transactions
on a recurrent basis. The Recurrent Transactions were carried
out or are to be carried out on an arm's length basis and on
commercial terms which are not more favorable to the related
parties than those generally available to the public and which
are not detrimental to the minority shareholders of the Company.

In this respect, the Board of Directors of the Company wishes to
seek the shareholders' mandate to allow the TRI Group to enter
into the Recurrent Transactions in the normal course of their
businesses with the Related Parties. The mandate shall be
effective from the date of the passing of the Ordinary
Resolution proposed at the EGM until (i) the next AGM of the
Company unless by a resolution passed at the AGM, the authority
is renewed; (ii) the expiration of the period within which the
next AGM is required to be held pursuant to section 143(1) of
the Companies Act, 1943 (but shall not extend to such extension
as may be allowed pursuant to section 143(2) of the Companies
Act, 1965); or (iii) revocation or variation by resolution
passed by the shareholders in general meeting, whichever is the
earlier and shall apply in respect of the Recurrent Transactions
entered or to be entered into from 1 June 2001 to the next AGM
of the Company. Under the Proposed Shareholders' Mandate, the
Board of Directors of the Company is also seeking the
shareholders' ratification of Recurrent Transactions entered
into from 1 June 2001 up to the date of the EGM to be convened.

RATIONALE FOR THE PROPOSED SHAREHOLDERS' MANDATE

As provided under Paragraph 10.09 of the KLSE Listing
Requirements and Paragraph 3.3 of the Practice Note 12/2001
under the KLSE Listing Requirements, if the Company has obtained
a mandate in respect of the Recurrent Transactions pursuant to
the Proposed Shareholders' Mandate, during the period of
validity of the mandate, the obligation to make an immediate
disclosure for Recurrent Transactions as stated under Paragraph
2.1 of the Practice Note 12/2001 as well as the obligation to
make announcements and/or procure shareholders' approval as set
out in paragraph 10.08 of the KLSE Listing Requirements shall
not apply to the Recurrent Transactions comprised in the
Proposed Shareholders' Mandate.

Accordingly, the obtaining of the Proposed Shareholders' Mandate
and the renewal of the Proposed Shareholders' Mandate on an
annual basis would therefore eliminate the need to make
announcements to the KLSE or to convene separate general
meetings or from time to time to seek shareholders' approval as
and when potential Recurrent Transactions with the specified
class of related parties arise, thereby reducing substantially
the administrative time and expenses in convening such meetings,
without compromising the corporate objectives and adversely
affecting the business opportunities available to the TRI Group.

APPROVALS REQUIRED

The Proposed Shareholders' Mandate is conditional upon the
approval being obtained from the shareholders of the Company at
the EGM to be convened.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

The directors of the Company who are deemed interested in the
Proposed Shareholders' Mandate in respect of certain Recurrent
Transactions have accordingly abstained and will continue to
abstain from Board deliberations pertaining to the Proposed
Shareholders' Mandate. Further, such directors as well as
persons connected to them will abstain from voting in respect of
their direct and indirect shareholdings in the Company at the
EGM to be convened on the Proposed Shareholders' Mandate.

The major shareholders of the Company, as well as persons
connected to them, which are also interested in the Proposed
Shareholders' Mandate in respect of certain Recurrent
Transactions will abstain from voting in respect of their direct
and indirect shareholdings in TRI at the EGM to be convened on
the Proposed Shareholders' Mandate.

DIRECTORS' RECOMMENDATION

Having considered all aspects of the Proposed Shareholders'
Mandate, the Directors are of the opinion that the Proposed
Shareholders' Mandate is in the best interest of TRI and its
shareholders.

The Board of Directors of TRI, with the exception of the
interested directors, recommend that shareholders vote in favor
of the Ordinary Resolution in respect of the Proposed
Shareholders' Mandate to be proposed at the EGM.

A circular to shareholders setting out the details of the
Recurrent Transactions and information on the Proposed
Shareholders' Mandate shall be dispatched to the shareholders of
TRI in due course.

In relation thereto, TRI advised that an EGM will be held on
Wednesday, 26 June 2002 at Ballroom 1, Level 2, Hotel Nikko
Kuala Lumpur, 165 Jalan Ampang, 50450 Kuala Lumpur at 11.00 a.m.
or immediately after the conclusion or adjournment (as the case
may be) of the Thirty Fourth Annual General Meeting of the
Company to be held on the same day whichever is later.


UNITED CHEMICAL: Provides Defaulted Facilities Details
------------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
informed that there are no new significant developments in
relation to the various defaults in payment that were announced
on 3 May 2002.

The Board of Directors of UCI would further like to provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note 1/2001. Details are
attached at http://www.bankrupt.com/misc/TCRAP_UCI0613.xls


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


METRO PACIFIC: Analysts See More Losses This Year
-------------------------------------------------
Analysts expect debt-ridden property developer Metro Pacific
Corp., the Philippine flagship of Hong Kong's First Pacific
Corp., to incur a full-year loss this year due to high debts and
a weak property market.

Metro Pacific Chairman Manuel Pangilinan, however, said the
company is expected to return to profit in the first half of
next year.

The Company had a revised 2001 net loss of 21.1 billion pesos.
It recorded an unaudited net loss of 521.3 million pesos in the
first quarter of 2002, more than triple the loss in the same
period in 2001 due to higher interest and financing charges.

As of end-2001, Metro Pacific has 18.5 billion pesos in
consolidated interest bearing liabilities. Out of these loans,
11 billion pesos is attributed to the Company, 2.7 billion pesos
to Bonifacio Land Corp., 2.9 billion pesos to Fort Bonifacio
Development Corp., 1.1 billion pesos to Negros Navigation Co.,
and 765 billion pesos to Landco Pacific.


METRO PACIFIC: Creditors Restructure PhP7.5B Debts
--------------------------------------------------
Metro Pacific Corp. has reached an agreement with its creditors
to restructure 7.5 billion pesos worth of loans, reducing a big
chunk of the property developer's debt load that stood at over
28 billion pesos in December.

Metro Pacific spokesman David Nugent said the Company's total
debt would be reduced from 17 billion to 18 billion pesos once
restructuring talks with creditors are concluded.

At its annual shareholders meeting Tuesday, the Company
announced it had obtained approvals to retire 4.6 billion pesos
in consolidated debt and signed agreements to restructure 2.9
billion pesos into longer-term loans.

The Metro Pacific management will would disclose details of the
restructuring arrangements as soon as negotiations for the
repayment schemes are concluded.

The Company is also in talks for another 3.2 billion pesos in
liabilities.

Metro Pacific chief finance officer Jose Lim expects the
restructuring to be completed by the end of the year.


NATIONAL POWER: Has Yet to Request New Financing
------------------------------------------------
Finance Secretary Jose Isidro N. Camacho said the Department of
Finance (DoF) is not about to borrow anew for National Power
Corporation (Napocor), BusinessWorld reported.

"No. We're not considering that (new financing) yet. We don't
have a request from Napocor. That has to be initiated by Napocor
and it is trying to do some of its own financing," Mr. Camacho
said.

The government raised last Friday $300 million for the state-
owned power utility from the issuance of Philippine global
bonds, the second issue after the government offered $1 billion
in bonds last March.

Meanwhile, the Power Sector Assets Liabilities Management Corp.
(PSALM), Napocor's privatization arm, said Monday it plans to
float $600 million in bonds overseas either in August or
September to pay the debts and finance the operations of
Napocor.

To ease its financial burden, Napocor has been in talks with
multilateral firm Asian Development Bank (ADB) for a partial
guarantee on dollar-denominated bonds it plans to sell abroad
this month. A government source told BusinessWorld the guarantee
may cover $500 million of the bonds.

Napocor will use proceeds from the bond sale for operational
expenses and payment of debt, estimated at around $7 billion.


NATIONAL POWER: Floating US$600M Bonds in August or September
-------------------------------------------------------------
State-run National Power Corp (Napocor) may float US$600 million
worth of either global bonds or eurobonds in August or September
this year to cover in full its US$1.1 billion financing
requirement for 2002.

According to Power Sector Assets and Liabilities Management Corp
(PSALM) president Edgardo del Fonso, Napocor will need to raise
the said amount since the Asian Development Bank is only willing
to guarantee borrowings for the US$500 million portion of the
financing requirement.

He did not give further details.

Napocor only needed US$750 million previously but it decided to
raise more to cover revenue losses when it stopped collecting
purchased power adjustment (PPA) costs from its customers upon
the orders of Philippine President Gloria Macapagal-Arroyo.

Del Fonso said that the first $750-million financing requirement
of the state-owned utility company has not been disbursed yet,
although it is scheduled to be released this month.

The financial aid will be used to pay off Napocor's maturing
debts and operating expenses. Napocor still has some $800
million worth of maturing loans this year.


PHILIPPINE LONG: Hires H.K. Lawyers to Block Gokongwei Bid
----------------------------------------------------------
A Hong Kong law firm will be added to the list of Philippine
Long Distance Telephone Co.'s (PLDT) battery of foreign lawyers
to rally behind embattled PLDT President and chief executive
officer Manuel Panglinan in his fight with the Gokongwei family
over the planned management buyout of First Pacific Co. Ltd.
stakes in PLDT.

"There will be three groups in all. One has just arrived from
New York. The local legal team will come from ACCRA law firm and
the third one from Hong Kong," ABS-CBN News reports.

The PLDT Board and management has tapped the services of US Law
firm Sullivan and Cromwell, the same group that helped San
Miguel Corp. stop Gokongweis' bid many years ago to break into
the SMC board.


PHILIPPINE LONG: Shareholders Oppose Stake Sale
-----------------------------------------------
Shareholders of Philippine Long Distance Telephone Co. (PLDT)
supported management's opposition to a planned sale of a
controlling stake in the phone company to local tycoon John
Gokongwei at a shareholders meeting Tuesday.

PLDT Chief Executive and President, Manuel Pangilinan, along
with the rest of the 13-member Board opposes the plan of the
Company's Hong Kong-based parent, First Pacific Co., to form a
joint venture with Gokongwei to buy its 24.4 percent stake in
PLDT in a deal valued at $925 million.

Outside the meeting at Dusit Hotel in Makati City, at least 200
mainly PLDT employees protested the planned sale, which some
analysts regarded as an early sign of opposition by PLDT's
workforce to Gokongwei's entry, largely on fears of job losses.


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


NATSTEEL LTD: Posts Notice of Change in Shareholder's Interests
---------------------------------------------------------------
Natsteel Ltd, a trader of iron and steel, reported Monday a
notice of change in substantial shareholder Temasek Holdings
(Private) Limited's interest:

Date of notice to Company: 10 Jun 2002
Date of change of interest: 05 Jun 2002
Name of registered holder: DBS Nominees
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of registered holder
No. of shares of the change: (75,000)
Percentage of issued share capital: 0.02
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: 1.7500
No. of shares held before change: 75,977,945
Percentage of issued share capital: 20.9
No. of shares held after change: 75,902,945
Percentage of issued share capital: 20.88

Holdings of Substantial Shareholder including direct and deemed
interest
                                      Deemed       Direct
No. of shares held before change:   46,677,945   29,300,000
Percentage of issued share capital:    12.84        8.06
No. of shares held after change:    46,602,945   29,300,000
Percentage of issued share capital:    12.82        8.06
Total shares:                       46,602,945   29,300,000


WEE POH: Appoints Tay Ah Kong as Director
-----------------------------------------
The Board of Directors of ailing construction firm Wee Poh
Holdings Limited said Tuesday it has appointed Mr Tay Ah Kong to
the Board of Directors and Audit Committee of the Company with
effect from 7 June 2002.

Mr Tay Ah Kong is regarded as an independent director of the
Company for the purposes of Clause 902(4)(a) of the SGX Listing
Manual and will serve on the Board as a non-executive director
and a member of the Audit Committee.

Lam Peck Heng was also appointed as Director on June 7.

The Company has suffered annual losses of more than $7 million
for the last two years and faced with current liabilities of
S$50.9 million at the end of 2001. In February, its 51 percent
subsidiary, W&P Piling Pte Ltd, received trade creditors'
approval to pay back 40 cents for every dollar owed, on debts of
about $16 million.


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


COUNTRY (THAILAND): Issues Rehabilitation Plan Summary
------------------------------------------------------
Property Planner Company Limited, Plan Administrator for
Country (Thailand) Public Co., Ltd., in reference to the
approval by the Central Bankruptcy Court on May 20, 2002,
summarized the Company's Rehabilitation Plan as follows:

Debt Restructuring

209 creditors have asked for debt repayment, totaling around
Bt15,000 million. The plan divides all the creditors into 13
groups, comprising secured creditors (two groups) and unsecured
creditors (11 groups). Details or the plan are:

Secured creditors divide into
Class 1 : Large secured creditor - Thai Asset Management
Corporation (TAMC)
Class 2 :  Retail secured creditor - Asia Recovery Management
Company Limited

The Company will transfer its pledged assets, projects, or
undeveloped lands for instance, part of the Country Village
Suwintawong, the Country Marina City, undeveloped land in and
outside Bangkok, to creditor. For the Country Complex project,
the Company will sell it and repay the debts using the incomes
receiving after sale.

Part of  the remaining debts are to be repaid by using the
incomes from projects which will be developed in future. The
projects are composed of the Country Village Theparak, and part
of the Country Village Suwintawong. The Company will repay the
outstanding debts mentioned within six years from the date which
the Central Bankruptcy Court approved the rehabilitation
plan. The outstanding debts have an interest paid at 3.5 % per
annum.

The unsettled debts (after swapping debts to assets and debts
remained in the balance sheet) will be repaid by converting the
debts into ordinary shares at Bt10 apiece. And, the creditors
are agreed to forgive al  the accrued interest liabilities when
the Company has preceded conditions stated in the plan
completely.

Unsecured creditors comprise.

Class 3 :Unsecured financial creditors
Class 4 :Other unsecured creditors
Class 5 :Subsidiary companies of the Company
Class 6 :Trade creditors
Class 7 :Tax creditors
Class 8 :Infrastructure creditors
Class 9 :The Stock Exchange of Thailand and the Stock Exchange
Commission
Class 10 : Company 's employees
Class 11 : Condominium juristic companies
Class 12 : Customers
Class 13 : Rehabilitation expenses creditors

The debts of the unsecured creditors are to be remained varying
from 1.5% to 100% and the Company will repay the remained debts
with restructured  interest at 3.5 % per annum. All the
unsettled debts are to be converted to ordinary shares at Bt10
apiece.

The accrued interest  liabilities of all  the unsecured
creditors except Class 10 are to be forgiven when the Company
has preceded conditions stated in the plan completely.

Equity Restructuring

Capital reduction will be proceeded by reducing the registered
capital from Bt1,500 million to Bt1,121.5 million by canceling
the 28,750,000 ordinary shares that have not been sold and
reducing the paid-in shares from 121,250,000 to 121,250 shares
at Bt10 per share.

The capital raising will be proceeded after the capital
reduction, with the capital raising not exceed Bt10,000 million
for debt to equity swap.

The Property Planner Company Limited is the plan administrator
according to the approval of the Central  Bankruptcy court dated
May 20, 2002. It will administrate the Company as mentioned in
the plan. The procedures of rehabilitation are to be end in five
years after the approval of the Central Bankruptcy Court and are
able to be extended depending on the decision of the Court for
another two years.


POWER-P PUBLIC: Issues Rehabilitation Plan Key Elements
-------------------------------------------------------
Power-P Public Company Limited was notified by the Stock
Exchange of Thailand on March 5, 1999 that it was being
delisted. On June 1, 2001, PP requested rehabilitation under the
Central Bankruptcy Court and the Court has accepted the request
since July 13, 2001.

In this regard, PP informed that the Court approved its
rehabilitation plan March 29, 2002. Key elements in the
rehabilitation plan of PP are summarized below:

1. 50% Capital decrease. Existing shareholders decrease their
capital from 21 million shares (par value at Bt10) to 10.5
million shares (par value at Bt10) within 6 months after the
Court approves the Plan.

2. Debt/asset swap. Debt/asset swap to creditors in order to
reduce outstanding debts within 30 days after the Court approves
the Plan (Excluding land located at Bangna-Trad Km. 21, PP's
piling factory  and land located at Northpark which are pledged
with Siam Commercial Bank Plc. (SCB), PP has the right to buy
back the above mentioned assets from SCB at the transferred
price for a period of 1 year. Therefore, PP has to pay buy-back
option fee to SCB totaling Bt70 million within 15 days after the
Court approves the Plan.)

3. Capital increase for Debt/equity conversion of Bt210 million
at a conversion price debt/equity swap of Bt5 per share (par
value at Bt10). Hence, PP has to reserve 42 million shares for
debt/equity conversion.

4. Debt forgiveness. Accrued interest haircut of Bt730.45
million whenever PP is able to fulfill the Plan. Except for
Social Welfare Bureau, PP has to repay accrued interests.

Haircut on principal

Principal (after performing debt/asset swap and debt/equity
swap) haircut of Bt924.32 million or 86.75% will be forgiven
whenever PP is able to fulfill the Plan. Except for creditors
group 6 - 10 (government agencies, labor, and professional fee),
PP agrees to repay 100% principal. No principal haircut for
creditors group 6 - 10.

5. Loan repayment. PP agrees to repay the remaining debts (after
performing debt/asset swap, debt/equity swap, and accrued
interest and principal haircut) within 30 days after the Court
approves the Plan.


SILVER HOUSE: Files Business Reorganization Petition
-----------------------------------------------------
The Petition for Business Reorganization of Silver House Company
Limited (DEBTOR), engaged in service business, was filed to the
Central Bankruptcy Court:

   Black Case Number 770/2545

   Red Case Number- /2545

Petitioner: SILVER HOUSE COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt1,075,766,500

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

Date of Examining the Petition: June 10, 2002 at 9.00 A.M.

Contact: Ms. Umaporn Tel, 6792525 ext. 142


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

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

Asia Pulp & Paper     FRN     due 2001    11 - 13        +0.5
Asia Pulp & Paper     11.75%  due 2005  29.5 - 30.5      +0.5
APP China             14.0%   due 2010    24 - 26        0
Asia Global Crossing  13.375% due 2006    19 - 21        -7.5
Bayan Telecom         13.5%   due 2006    20 - 22        0
Daya Guna Sumudera    10.0%   due 2007   2.5 - 4.5       0
Hyundai Semiconductor 8.625%  due 2007    60 - 70        0
Indah Kiat            11.875% due 2002    29 - 30        0
Indah Kiat            10.0%   due 2007    25 - 27        0
Paiton Energy         9.34%   due 2014    65 - 68        0
Tjiwi Kimia           10.0%   due 2004    24 - 26        +1
Zhuahi Highway        11.5%   due 2008    28 - 33        0

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


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

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

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

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

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

                 *** End of Transmission ***