TCRAP_Public/020617.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

            Monday, June 17, 2002, Vol. 5, No. 118

                         Headlines

A U S T R A L I A

AUSDOC GROUP: Securities Trading Halted
CMG CH: May 31 NAV Stands A$0.67 Per Share
CTI COMM: Discloses Financial Position Pro-Forma Statement
CTI COMM: Issues Top 20 Holders, Distribution Schedules
ENERGY WORLD: CBA Further Defers Repayment to June 21

GENETIC TECHNOLOGIES: Hires Deloitte Touche as New Auditors
OPEN TELECOMMUNICATIONS: Proposes OSS Business Divestment

* S&P Posts July Quarterly Review Changes to S&P/ASX Indices


C H I N A   &   H O N G  K O N G

AXA GENERAL: S&P Lowers Rating to double-Bpi
BORSALINO INTERNATIONAL: Petition to Wind Up Pending
CUTE TOONS: Winding Up Sought by United Overseas
DAILYWIN GROUP: Updates Conditional Placing of Shares
LAWRENCE CHAN: Faces Winding Up Petition

SINCERE COMPANY: Narrows Operating Loss to HK$16,618
SUIT FORD: Winding Up Petition Slated for Hearing


I N D O N E S I A

ASURANSI JIWA: Declared Bankrupt Due to Unpaid Dividend
ASURANSI JIWA: Parent Declares Bankruptcy Ruling Baseless
ASURANSI JIWA: Unfounded Court Decision Appeal Underway
PERUSAAHAN LISTRIK: Class Action Suit Over Poor Service Likely
SINAR MAS: Agrees to Pay 20% of Debt by June 30


J A P A N

ALL NIPPON: May Pull Out of Unprofitable Domestic Flights
MERRILL LYNCH: May Close Six Japan Branches to Cut Costs
NIPPON STEEL: Merging Stainless Steel Unit With Sumitomo Metal
NIPPON TELEGRAPH: Books $329M Loss on PLDT Shares
SNOW BRAND: Recalling Frozen Spinach From China

TAISEI FIRE: Getting Funds From Nonlife Insurers


K O R E A

DAEWOO MOTOR: GM Denies Report Suzuki, SAIC to Join Accord
SEOUL BANK: Sale Negotiations Beginning Soon
SEROME TECHNOLOGY: Comes Under Probe for Insider Trading

* Ailing Steel, Building Firms Recovering


M A L A Y S I A

AMSTEEL CORP.: Applies Proposed GWRS Further Time Extension
BERJAYA GROUP: Enters Proposed Disposal SPA
BRIDGECON HOLDINGS: Changes Venue for 9th AGM
EMICO HOLDINGS: Majority Lenders Extend Cut-Off Date to Aug 7
INNOVEST BERHAD: Faces Writ of Summons, Statement of Claims

LAND & GENERAL: Proposals Resolutions Passed at EGM
LION CORPORATION: Seeks Sept 11 Proposed GWRS Extension
NAM FATT: Gets MITI's Nod on Proposals
NAM FATT: Unit Acquires Dormant Handal Saujana
PERNAS INTERNATIONAL: EGM Set on June 27

TALAM CORPORATION: Dormant Unit Struck Off


P H I L I P P I N E S

IONICS INC: SEC Approves Increase in Number of Directors
METRO PACIFIC: BLC Unit May Sell Land, Enter Into JV
METRO PACIFIC: e-Bank Still in Merger Talks With Several Parties
PHILIPPINE LONG: CEO Planning a Buyout to Block Takeover
PHILIPPINE LONG: Jumps 0.61% as Market Awaits Sale Development

PHILIPPINE LONG: Metrobank Not Source of Merrill Team-up Report
PHILIPPINE LONG: Pangilinan Corrects Secret Deal Report
PHILIPPINE LONG: Parent Asks Pangilinan to Bare Buyout Plans
PHILIPPINE LONG: Relaunches Phone Swap Promo in Luzon


S I N G A P O R E

WEE POH: Council Waives Requirements for Benxi Offer


T H A I L A N D

BANGKOK EXPRESSWAY: Explains 20% Operating Results Excess
BANGKOK EXPRESSWAY: Reduces Financial Costs
PREECHA GROUP: Changes Holidays, Office Hours
SURANAKORN MUANGMAI: Business Reorganization Petition Filed

     -  -  -  -  -  -  -  -

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


AUSDOC GROUP: Securities Trading Halted
---------------------------------------
The securities of AUSDOC Group Limited was placed in pre-open at
the request of the Company, pending the release of an
announcement by the Company. Unless ASX decides otherwise, the
securities will remain in pre-open until the earlier of the
commencement of normal trading on Monday 17 June 2002, or when
the announcement is released to the market.

Early this month, AUSDOC Group entered into exclusive
negotiations with a party interested in acquiring its DX
Express, Australian Document Exchange (GoFirst) and GoMailroom
management businesses (DX Group) and decided to close its GoMail
mail aggregation and sorting business.


CMG CH: May 31 NAV Stands A$0.67 Per Share
------------------------------------------
CMG CH China Investments Limited announced that the unaudited
net asset value (NAV) per ordinary share was A$0.67 as
at 31 May 2002 (A$0.70 as at 30 April 2002). The NAV calculation
values investments using current market values and exchange
rates and is also after provision for tax on both realized and
unrealized gains.


CTI COMM: Discloses Financial Position Pro-Forma Statement
----------------------------------------------------------
CTI Communications Limited disclosed below the Pro Forma,
Statement of Financial Fashion prepared subsequent to settlement
of the Deed of Company Arrangement (1 March 2002) and share
placement (22 May 2002) for release to market:

PRO-FORMA STATEMENT OF FINANCIAL POSITION

                                        31/12/2001    PRO FORMA
                              Notes        $             $

Assets
Cash                            2     253,393       1,015,519
Receivables                           1,044,110           -
Inventory                       3     20,000          20,000
Total Assets                          1,317,503       1,035,519

Liabilities
Payables                              1,092,779          -
Provisions                              464,066          -
Total Liabilities                     1,556,845          -

Net Assets / (Deficiency)             (239,342)      1,035,519

Equity
Paid up Capital                 4     15,658,563       1,035,519
Retained Profits                      (15,897,905)          -
Total equity                          (239,342)      1,035,519

The pro forma statement of financial position should be read in
conjunction with the accompanying notes.

NOTES TO THE PRO-FORMA STATEMENT OF FINANCIAL POSITION

1.  BASIS OF ACCOUNTING

The Pro-Forma Statement of Financial Position has been prepared
by adjusting the Statement of Financial Position as at 31
December 2001 for the following assumptions and events:

(a) Settlement of the Deed of Company Arrangement

On 20 December 2001, CTI entered into a deed of company
arrangement (DOCA) with the aim of being removed from
administration and then being re-structured, re-capitalized and
re-quoted on ASX.

The following transactions occurred on or prior to the
settlement of the DOCA:

   * all of the assets of the Company were realized and proceeds
were used to satisfy creditor claims (except the ShareCall
inventory which is still owned by the Company);

   * CTI was provided with a $450,000 debt facility to satisfy
the claims of creditors, meet part of the administration
expenses and remove CTl from Administration;

   * all of the liabilities of the Company were settled with the
funds received by the Administrators;

   * the incumbent board of directors resigned and were
replaced; and

   * the Company was released from Administration.

b) Completion of the share placement

On 22 May 2002 the Company issued 8,497,292 shares at 10c each
and 4,248,646 options at 5c each (raising a gross total of
$1,062,162) pursuant to a prospectus. Costs incurred in raising
these funds have been offset against paid up capital.

2. CASH

Reconciliation of cash movements since the reviewed Statement of
Financial Position as at 31 December 2001:

Opening Balance                             253,393
Debt facility - converted to equity on 15 March 2002  450,000
Net outflows to settle DOCA obligations              (684,374)
Share placement                                      1,062,162
Share placement costs                                (65,662)
Closing cash balance                                 1,015,519

3. INVENTORY

Opening balance                                      20,000
Closing balance                                      20,000

Note - the Company owns approximately 230 ShareCall units.

4. PAID UP CAPITAL

Opening Balance                                       15,658,563
Conversion of debt facility to equity                 450,000
Share placement proceeds                              1,062,162
Less: expenses incurred to raise proceeds             (65,662)
Write off paid up capital in accordance with
section 258F of the Corporations Act               (16,069,544)
Closing cash balance                                  1,035,519


CTI COMM: Issues Top 20 Holders, Distribution Schedules
-------------------------------------------------------
CTI Communications Limited issued its top 20 holders and
distribution schedules:

DISTRIBUTION OF SHAREHOLDERS AS AT 11/06/2002

     RANGE OF HOLDINGS       NO OF        NO OF
                          SHAREHOLDERS    UNITS

           1 -   1,000          376      105,451
       1,001 -   5,000           53      106,839
       5,001 -  10,000           15      124,751
      10,001 - 100,000          134    6,681,968
     100,001  and over           26   10,226,476

                 TOTAL          604   17,245,485

TOP TWENTY SHAREHOLDERS AS AT 11/06/2002

NAME                                      NUMBER      %

Montt Fiduciary Pty Ltd                   2,250,000  13.05
Advanced Capital Management Pty Ltd       1,367,450   7.93
Keian Holdings Pty Ltd                    707,450     4.10
Harris Richard & Beckett Geoff & Gearon Gareth 600,0003.48
Dunkeld John & Greg                       500,000     2.90
Terpie Pty Ltd                            475,000     2.75
Barnier Matthew James                     283,607     1.64
Fritz Anne                                283,334     1.64
Anderson Russel B & Barbara G             250,000     1.45
Joyce Dennis & Diana                      250,000     1.45
Drage Kim & Tracey                        250,000     1.45
Black Planet Thoroughbred                 250,000     1.45
Startrend Investments Pl                  250,000     1.45
Zegna Corporation Global                  250,000     1.45
Caudo Joe                                 250,000     1.45
Harris Richard & Susan                    240,000     1.39
Singh Sargul                              200,000     1.16
Hardware Support Pty Ltd                  200,000     1.16
Collins Haydn                             200,000     1.16
Kei Ah Wah                                200,000     1.16

DISTRIBUTION OF OPTIONHOLDERS AS AT 11/06/2002

     RANGE OF HOLDINGS       NO OF        NO OF
                         OPTIONHOLDERS    UNITS

           1 -   1,000            -            -
       1,001 -   5,000           15       68,366
       5,001 -  10,000            9       81,000
      10,001 - 100,000          108    3,212,780
     100,001  and over           24    8,086,500

                 TOTAL          156   11,448,646

TOP TWENTY OPTIONHOLDERS AS AT 11/06/2002


NAME                                       NUMBER      %

Montt Fiduciary Pty Ltd                    1,000,000   8.73
Advanced Capital Management Pty Ltd        915,000     7.99
Lehmann Michelley                          622,500     5.44
Harris Richard & Beckett Geoff & Gearon Gareth 600,000 5.24
Dunkeld John & Greg                        500,000     4.37
Terpie Pty Ltd                             475,000     4.15
Keian Holdings Pty Ltd                     425,000     3.71
Fry Andrew C                               339,550     2.97
Zegna Corporation Global                   258,000     2.25
Anderson Russell & Barbara                 250,000     2.18
Joyce Dennis & Diana                       250,000     2.18
Drage Kim & Tracey                         250,000     2.18
Black Planet Thoroughbred                  250,000     2.18
Startrend Investments Pl                   250,000     2.18
Caudo Joe                                  250,000     2.18
Singh Sardul                               200,000     1.75
Kei Ah Wah                                 200,000     1.75
Bates Christopher A                        181,450     1.58
Hardware Support Pty Ltd                   175,000     1.53
Collins Haydn                              175,000     1.53


ENERGY WORLD: CBA Further Defers Repayment to June 21
-----------------------------------------------------
The Directors of Energy World Corporation Limited advised that
the CBA and its appointed independent expert are continuing to
evaluate and discuss with the Company plans to permit the
outstanding obligations to the CBA to be paid in full.

Discussions with the CBA continue to be constructive and the
Directors are optimistic that a mutually agreeable outcome will
be concluded in the near future. In the meantime, the CBA have
agreed to defer the next repayment due to the CBA for a further
period until 21 June 2002.

Further details in respect of these agreements will be advised
to Shareholders when matters have been resolved between the
Company and the CBA.

For further inquiries, please contact Mr Stewart Elliott, EWC
Managing Director or Mr Brian Allen on telephone number 612-9247
6888.


GENETIC TECHNOLOGIES: Hires Deloitte Touche as New Auditors
-----------------------------------------------------------
Genetic Technologies Limited previously announced its intention
of pursuing a NASDAQ listing in the USA, using American
Depositary Receipts (ADRs).

As part of the process of the NASDAQ listing, the US Securities
and Exchange Commission (SEC) requires that the Company appoint
a Tier One firm of auditors. Accordingly the Directors of the
Company have appointed Deloitte Touche Tohmatsu as auditors of
the Company. In order to facilitate this change, the previous
auditors, Gould Ralph & Company have resigned, with the consent
of Australian Securities & Investment Commission.

Deloitte Touche Tohmatsu will audit the financial statements of
the Company for the year ending 30 June 2002.

Earlier this month, the Company announced the sale of all of its
remaining Victorian mining assets. This disposal was achieved by
GTG selling all issued shares in its wholly owned subsidiary, Mt
Alexander Goldfields NL. The sale was settled on 4 June 2002.

According to Wrights Investors' Service, GenTech reported losses
during the previous 12 months and paid no dividends during the
last 12 months.

OPEN TELECOMMUNICATIONS: Proposes OSS Business Divestment
----------------------------------------------------------
Open Telecommunications Limited announced Friday that it
proposes to divest its OSS Business by way of sale of assets.

The Company is currently in discussions with a number of
parties, who are undertaking business due diligence.

At this point, no agreement has been reached.

TCR-AP reported last week that the Company requested a
continuation of suspension of quotation of its shares in
accordance with Australia Stock Exchange Listing Rule 17.2.

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


* S&P Posts July Quarterly Review Changes to S&P/ASX Indices
------------------------------------------------------------
Standard & Poor's, the leading provider of equity indices in
Australia, announced that effective after the close of business
on June 28, 2002, the following changes will take place in the
S&P/ASX 20; S&P/ASX 50; S&P/ASX 100, S&P/ASX 200, and S&P/ASX
300 indices. These changes will be reflected in the starting
portfolio of July 1, 2002, except where otherwise stated.

Please note that the changes are split into two categories: the
official S&P/ASX index series and the provisional S&P/ASX index
series. The provisional index series is designed to reflect the
index portfolios as at Oct 1, 2002 when the S&P/ASX official
indices will shift to a free float basis.

S&P/ASX 20 - currently contains 20 securities

S&P/ASX 20 OFFICIAL INDEX:

No Changes

S&P/ASX 20 FREE FLOAT PROVISIONAL INDEX:

REMOVAL
CODE                NAME

PBL                 PUBLISHING & BROADCASTING LIMITED

ADDITION
CODE                NAME
WSF                 WESTFIELD HOLDINGS

S&P/ASX 50 - currently contains 50 securities

S&P/ASX 50 OFFICIAL INDEX:

REMOVAL
CODE                NAME
SGT                 SINGTEL LTD

ADDITION
CODE                NAME
BSL                 BHP STEEL LIMITED (expected July 15, 2002)

S&P/ASX 50 FREE FLOAT PROVISIONAL INDEX:

REMOVAL
CODE                 NAME
SGT                  SINGTEL LTD

ADDITION
CODE                 NAME
BSL                  BHP STEEL LIMITED (expected July 15, 2002)

S&P/ASX 100   - currently contains 100 securities

S&P/ASX 100 OFFICIAL INDEX:

REMOVAL
CODE                 NAME
ENE                  ENERGY DEVELOPMENTS LIMITED

ADDITION
CODE                 NAME
BSL                  BHP STEEL LIMITED (expected July 15, 2002)

S&P/ASX 100 FREE FLOAT PROVISIONAL INDEX:

REMOVALS
CODE                 NAME
SGT                  SINGTEL LTD
ENE                  ENERGY DEVELOPMENTS LIMITED
UEL                  UNITED ENERGY
CXP                  CORPORATE EXPRESS

ADDITIONS
CODE                 NAME
BSL                  BHP STEEL LIMITED (expected July 15, 2002)
APN                  APN NEWS & MEDIA, LIMITED
AWB                  AWB LIMITED
JUP                  JUPITERS LIMITED

S&P/ASX 200 - currently contains 200 securities

S&P/ASX 200 OFFICIAL INDEX:

REMOVALS
CODE                 NAME
AUY                  AUIRON ENERGY
ALU                  ALTIUM LIMITED
SWS                  SIMEON WINES LIMITED (expected removal June
                     21, 2002)
ADDITIONS
CODE                 NAME
BSL                  BHP STEEL LIMITED (expected July 15, 2002)
MAPCA                MACQUARIE AIRPORTS
SPC                  SPC LTD

S&P/ASX 200 FREE FLOAT PROVISIONAL INDEX:

REMOVALS
CODE                 NAME
AUY                  AUIRON ENERGY
ALU                  ALTIUM LIMITED
SWS                  SIMEON WINES LIMITED (expected removal June
   21, 2002)
SGT                  SINGTEL LTD
AFI                  AUSTRALIAN FOUNDATION INVESTMENT COMPANY
MYO                  MYOB LIMITED
IHG                  INTELLECT HOLDINGS LIMITED
AXN                  AXON INSTRUMENTS INC
GTP                  GREAT SOUTHERN PLANTATIONS LIMITED
IDT                  INSTITUTE OF DRUG TECHNOLOGY AUSTRALIA
   LIMITED
DJW                  DJERRIWARRH INVESTMENTS LIMITED
HTA                  HUTCHISON TELECOMMUNICATIONS

ADDITIONS
CODE                 NAME
BSL                  BHP STEEL LIMITED (expected July 15, 2002)
MAPCA                MACQUARIE AIRPORTS
SPC                  SPC LTD
SFE                  SFE CORPORATION LIMITED
NUF                  NUFARM LIMITED
ASB                  AUSTAL LIMITED
HSP                  HEALTHSCOPE LIMITED
CRS                  CROESUS MINING NL
CEY                  CENTENNIAL COAL
GUD                  GUD HOLDINGS
AHD                  AMALGAMATED HOLDINGS
DVC                  DCA GROUP LIMITED

S&P/ASX 300 - currently contains 291 securities

S&P/ASX 300 OFFICIAL INDEX:

REMOVALS
CODE                  NAME
SWS                   SIMEON WINES LIMITED (expected removal
    June 21, 2002)
CPB                   CAMPBELL BROTHERS
TIF                   TECHNOLOGY INVESTMENT FUND
TMT                   TYNDALL MERIDIAN
IWI                   INTERNATIONAL WINE INVESTMENT FUND
RMG                   RMG LIMITED
GRO                   GROPEP LTD
BTA                   BIOTA HOLDINGS
MXO                   MATRIX OIL NL
VLS                   VITA LIFE SCIENCES LIMITED
SKD                   STOCKFORD LIMITED
VWD                   VILLA WORLD LTD

ADDITIONS
CODE                 NAME
BSL                  BHP STEEL LIMITED (expected July 15, 2002)
MAPCA                MACQUARIE AIRPORTS
SPC                  SPC LTD

S&P/ASX 300 FREE FLOAT PROVISIONAL INDEX:

REMOVALS
CODE               NAME:
SWS                SIMEON WINES LIMITED (expected removal June
       21, 2002)
SGT                SINGTEL LTD
AFT                AUSTRALIAN FOUNDATION INVESTMENT COMPANY
CPB                CAMPBELL BROTHERS
TIF                TECHNOLOGY INVESTMENT FUND
TMT                TYNDALL MERIDIAN
IWI                INTERNATIONAL WINE INVESTMENT FUND
RMG                RMG LIMITED
GRO                GROPEP LTD
BTA                BIOTA HOLDINGS
MXO                MATRIX OIL NL
VLS                VITA LIFE SCIENCES LIMITED
SKD                STOCKFORD LIMITED
VWD                VILLA WORLD LTD
ANM                AUSTRALIAN MAGNESIUM
UEC                UECOMM LIMITED
ETW                EVANS & TATE LIMITED
OIL                OPTISCAN IMAGING LIMITED
AUN                AUSTAR UNITED
MST                METAL STORM LIMITED
PWT                POWERTEL LIMITED
ECP                ECORP LIMITED

ADDITIONS
CODE               NAME
BSL                BHP STEEL LIMITED (expected July 15, 2002)
MAPCA              MACQUARIE AIRPORTS
SPC                SPC LTD
SFE                SFE CORPORATION LIMITED
RCD                RECORD INVESTMENTS LIMITED

Company additions to and deletions from a Standard & Poor's
index do not in any way reflect an opinion on the investment
merits of the company.


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


AXA GENERAL: S&P Lowers Rating to double-Bpi
--------------------------------------------
Standard & Poor's has lowered its rating on AXA General
Insurance Hong Kong to double-Bpi from triple-Bpi.

"The rating on AXA General Insurance Hong Kong reflects the
company's continued unfavorable operating performance and its
reduced capitalization.  These factors are offset by the
company's good market position," said S&P analyst Connie Wong.

S&P said although AXA General's underwriting results improved in
2000, they deteriorated again last year due to an increase in
outstanding claims to HK$91M and a provision of HK$120M for
unexpired risks.

The company's solvency ratio, shareholders' funds divided by net
premium income, fell to 83% last year from 101% in 2000.  But
the agency said the level was still adequate


BORSALINO INTERNATIONAL: Petition to Wind Up Pending
----------------------------------------------------
The petition to wind up Borsalino International (H.K.) Limited
will be heard 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 Chu
Siu Ching Kitty of Flat E, 27th Floor, Block 3, Bauhinia Garden,
Tseung Kwan O, Kowloon Hong Kong.


CUTE TOONS: Winding Up Sought by United Overseas
------------------------------------------------
United Overseas Bank Limited is seeking the winding up of Cute
Toons Limited. The petition was filed on April 9, 2002, and will
be heard before the High Court of Hong Kong on July 17, 2002 at
9:30 am.

United Overseas holds its registered office at Suite 2504-6,
25th Floor, Gloucester Tower, The Landmark, 11 Pedder Street,
Central, Hong Kong.


DAILYWIN GROUP: Updates Conditional Placing of Shares
-----------------------------------------------------
Dailywin Group Limited was advised by Wang On Group Limited and
Town Health International Holdings Company that both have
separately entered into the Placing Agreements with the Placing
Agent on 13th June, 2002. Pursuant to the Placing Agreements,
the Placing Agent conditionally agrees to, on or before the
fifth Business Day following the completion of the Acquisition
(or the Wang On Disposal assuming the Town Health Disposal does
not proceed) or at such other date as may be agreed between the
parties, place down, on a fully underwritten basis by the
Placing Agent, various Shares then owned by Wang On and Town
Health (if applicable) as follows:

   1. upon completion of both the Wang On Disposal and the Town
Health Disposal, the Placing Agent undertakes to place an
aggregate of 4,500,000,000 Shares and 1,500,000,000 Shares
beneficially owned by Wang On and Town Health respectively, at a
price of HK$0.01 per Share to the Independent Placees; or

   2. upon completion of the Wang On Disposal (but assuming the
Town Health Disposal does not proceed), the Placing Agent
undertakes to place an aggregate of 6,000,000,000 Shares
beneficially owned by Wang On, at a price of HK$0.01 per Share,
to the Independent Placees.

Assuming both the Wang On Disposal and the Town Health Disposal
are completed, upon completion of the Placing Agreements, the
shareholding interest of Wang On and Town Health in the Company
will be reduced (from approximately 75.04 and 23.86%) to
approximately 42.40% and 12.99% respectively and the remaining
balance of approximately 44.61% will be held by the public.

If only the Wang On Disposal is completed, upon completion of
the Wang On Placing Agreement, the shareholding interest of Wang
On in the Company will be reduced (from approximately 98.56%) to
approximately 41.41% and the remaining balance of approximately
58.59% will be held by the public.


LAWRENCE CHAN: Faces Winding Up Petition
----------------------------------------
The petition to wind up Lawrence Chan Holding Company Limited is
scheduled for hearing before the High Court of Hong Kong on July
24, 2002 at 9:30 am.

The petition was filed with the court on April 17, 2002 by Lok
Mei Mei of D2 Devon Court, 16 Cornwall Street, Kowloon, Hong
Kong.


SINCERE COMPANY: Narrows Operating Loss to HK$16,618
----------------------------------------------------
The Sincere Company Limited announced on 13 June 2002:

(stock code: 244)
Year end date: 28/2/2002
Currency: HK$
Auditors' Report: Neither
Review of Interim Report by: N/A
                                                   (Audited)
                                  (Audited)        Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/3/2001    from 1/3/2000
                                  to 28/2/2002     to 28/2/2001
                                  ('000)           ('000)
Turnover                        : 369,977          377,116
Profit/(Loss) from Operations   : (16,618)         (176,790)
Finance cost                    : (29,669)         (61,757)
Share of Profit/(Loss) of Associates: (11,316)         (35,973)
Share of Profit/(Loss) of
  Jointly Controlled Entities   : NIL              NIL
Profit/(Loss) after Tax & MI    : (58,054)         (268,810)
% Change over Last Period       : N/A
EPS/(LPS)-Basic                 : (10.1 cents)     (46.8 cents)
         -Diluted               : N/A              N/A
Extraordinary (ETD) Gain/(Loss) : NIL              NIL
Profit/(Loss) after ETD Items   : (58,054)         (268,810)
Final Dividend per Share        : NIL              NIL
(Specify if with other options) : N/A              N/A
B/C Dates for Final Dividend    : N/A
Payable Date                    : N/A
B/C Dates for (-) General Meeting        : N/A
Other Distribution for Current Period    : NIL
B/C Dates for Other Distribution         : N/A


SUIT FORD: Winding Up Petition Slated for Hearing
-------------------------------------------------
The petition to wind up Suit Ford Limited is set for hearing
before the High Court of Hong Kong on July 17, 2002 at 9:30.
The petition was filed with the court on April 12, 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.


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


ASURANSI JIWA: Declared Bankrupt Due to Unpaid Dividend
-------------------------------------------------------
The Jakarta Commercial Court has declared PT Asuransi Jiwa
Manulife bankrupt. It failed to pay former shareholder PT
Dharmala Sakti Sejahtera a dividend, AFX-Asia reports, citing
Judge Hasan Basri.

"The court decided that Manulife must pay the dividend as it was
already approved by a shareholders meeting in the 2000 AGM,"
Judge Hasan Basri said.

Asuransi Jiwa Manulife's bankruptcy petition was filed by Paul
Sukran, appointed receiver in Dharmala Sakti's liquidation,
after Manulife failed to pay dividend to Dharmala in the amount
of Rp22.3 billion for the financial year 1999.

Manulife Lawyer Sheila Salomo said Asuransi did not distribute
the dividend because it needed cash for working capital.


ASURANSI JIWA: Parent Declares Bankruptcy Ruling Baseless
---------------------------------------------------------
Manulife Financial Corp. said the bankruptcy ruling against its
unit, PT Asuransi Jiwa Manulife Indonesia, for non-payment of
1999 dividends has no legal basis, Canada Newswire reported.

Manulife says that as only the shareholders and not the Company
have the right to declare or withhold dividends, and at the
annual shareholders meeting in 2002 they decided not to declare
dividends for 1999, Asuransi Jiwa Manulife does not have any
legal authority or basis to declare a dividend payment.

Manulife believes that Judge Hasan Basri received significant
financial enticement to make the ruling. Paul Sukran, PT
Dharmala Sakti Sejahtera appointed receiver, is closely
associated with the Gondokusumo family, the previous owners of
Dharmala Sakti.

"Manulife will protest the ruling to the highest levels
available and will fight what is clearly an outrageous decision
with all the tools at our disposal," said Vic Apps, Asia
Executive Vice President and General Manager.


ASURANSI JIWA: Unfounded Court Decision Appeal Underway
-------------------------------------------------------
PT Asuransi Jiwa Manulife Indonesia's President, Philip Hampden
Smith, reconfirmed on Friday the Company's commitment to
Indonesia and its policyholders and stated that the verdict
"was a clear cry to the top levels of the Indonesian government
for help to prevent a business meltdown."

He issued his statements less than 24 hours after Presiding
Judge Hasan Basri of the Jakarta Commercial Court declared
Manulife Indonesia bankrupt for the non-payment of 1999
dividends.

Mr. Smith continued, "This ruling is outrageous. Financially,
Manulife Indonesia is one of the most solvent companies in
Indonesia with a level of risk-based capital well above the
required 120 per cent. Legally, this is a case that has
absolutely no merit. From a business perspective, Manulife
Indonesia is far from bankrupt, with more than 320,000 loyal
policyholders, a staff of more than 4,000, and the strongest
balance sheet in the insurance industry with Rp3.1 trillion in
assets."

"This verdict is clearly not in line with the Indonesian
government's recent commitment to legal reform. It was widely
reported in the local media that on Tuesday, June 11 that the
Coordinating Minister of the Economy, Dorodjatun Kuntjoro Jakti,
signed a supplement letter to the Letter of Intent VI with the
International Monetary Fund, stating Indonesia's solid
commitment to improving the legal system. Thursday's ruling
against PT AJMI is a clear indicator of the urgency of this
reform."

"Despite this unbelievable ruling, I would like to assure all
policyholders that their policies remain protected by Manulife
Indonesia, and that we are fully dedicated to doing everything
we can to ensure our employees and customers are not negatively
impacted by these criminal acts," added Hampden Smith. "We have
not intention of leaving Indonesia, now or in the future."

PT AJMI lawyers are already in the process of appealing the
decision to the Supreme Court of Indonesia.

"This absurd and ridiculous court decision was based on the
latest attack launched by a group of individuals who are
exploiting the weak court system to try to extort money from PT
AJMI," added Mr. Hampden-Smith. "This group, we call them the
Lucas-Dharmala gang, need to understand that we will not be the
victim of embezzlement and that we will pursue this case until
we prevail. The time must come in Indonesia where law abiding
companies will see the court system as a protector of their
rights and not as a threat to their continuity."

The shocking Commercial court decision is a particular blow to
the Indonesian economy, as already shaky investors further
withhold much needed capital investment, thinking twice about
investing in a country with such legal uncertainty.

Mitch New, Legal Counsel for ManulifeAsia, said: "It is time
for the top levels of the Indonesian government to step in and
demonstrate to the local and international communities that they
are in control. Though technically these proceedings have gone
through the Indonesian court system, this utterly illogical and
unjustifiable verdict reflects the absence of law and justice in
this country."

"This verdict has placed the Indonesian government at the point
of no return. Something must be done immediately," added Mr.
New.

About Manulife Indonesia

PT Asuransi Jiwa Manulife Indonesia was ranked the number one
insurance company in Indonesia by Info Bank magazine in
September 2001. The company offers the most comprehensive
products and services in the life insurance industry and is the
largest foreign joint venture insurance company and fourth
largest life insurer in the country, with a 10 per cent market
share. Headquartered in Jakarta, Manulife Financial's Indonesian
subsidiaries operate through a network of 73 branches in 33
cities throughout Indonesia with the support of almost 4,000
staff and full-time agents, who serve more than 400,000
customers.

About Manulife Financial

Manulife Financial is a leading Canadian-based financial
services group operating in 15 countries and territories
worldwide. Through its extensive network of employees, agents
and distribution partners, Manulife Financial offers clients a
diverse ranges if financial protection products and wealth
management services. Funds under management by Manulife
financial were CAD $146.7 billion as at March 31, 2002.

Manulife Financial Corporation trades as `MFC' on the TSX, NYSE
and PSE, and under `0945' on the SEHK.  Manulife Financial can
be found on the Internet at www.manulife.com

For further information, please contact:
Edwin Pieroelie/Debbie Wibowo
Indo Pacific on behalf of Manulife Financial
Ph: 62-816-1810-872


PERUSAAHAN LISTRIK: Class Action Suit Over Poor Service Likely
--------------------------------------------------------------
A coalition of non-governmental organizations (NGOs), concerned
about the poor service provided by the state electricity
company, Perusaahan Listrik Negara (PLN), set up complaint posts
to monitor consumer response to regular PLN-imposed electricity
blackouts, Jakarta Post reported Friday, citing Aryanto, an
activist with the Center for the Study of Government Strategy
and Policy (Pussbik).

"The operation of these posts at several places here is part of
our preliminary action before we file a class action suit
against PLN. We can no longer wait for the Indonesian Consumers'
Foundation (YLKI) to follow up on the consumers' complaints,"
Aryanto said.

Aryanto said the center had received many complaints that
electric irons, television sets, air conditioners, rice cookers
and computers had been damaged due to fluctuating voltage and
the irregular electricity supply from PLN.

Since January 26 this year, blackouts have been taking place
once every three days, causing damage to the Way Besai Hydro
Power Plant, which supplies electricity to the province.

PLN has been sued before for its poor service. A class action
suit was filed by the Jakarta-based YLKI with the Central
Jakarta District Court following a one-day blackout across the
national capital in 1997.


SINAR MAS: Agrees to Pay 20% of Debt by June 30
-----------------------------------------------
Sinar Mas has agreed to the decision of Oversight Committee on
Financial Sector (OCFS) to speed up the payment of 20 percent of
its total US$.25 billion debt on June 30 to the Indonesian Bank
Restructuring Agency (IBRA), Bisnis Indonesia reports, quoting
Spokesman Yan Partawijaya.

"Sinar Mas will make consolidation to implement the decision.
However we are still confused by the decision. We want to
clarify on some matters, among other cash flow of 39 SMG
companies at IBRA," Yan Partawijaya said.

IBRA has threatened to freeze Sinar Mas collateral assets should
it fail to meet the request.

Sinar Mas last year surrendered to IBRA assets equal to 145
percent of its debt owed to PT Bank Internasional Indonesia, in
return for IBRA acting as guarantor over its debts to the bank.


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


ALL NIPPON: May Pull Out of Unprofitable Domestic Flights
---------------------------------------------------------
All Nippon Airways Co (ANA) may withdraw from domestic flight
routes with low profitability to battle the new airline to be
created in October through the merger of rival carriers Japan
Airlines Co. (JAL) and Japan Air System Co (JAS).

"Our efforts alone cannot attain sufficient demand for some
local routes," ANA President and Chief Executive Officer, Yoji
Ohashi, said.

Earlier, the Tokyo-based airline said it would increase the
number of flights on popular destinations such as Sapporo and
Fukuoka.

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.


MERRILL LYNCH: May Close Six Japan Branches to Cut Costs
--------------------------------------------------------
Merrill Lynch & Co., the world's biggest securities firm, may
close as many as six of its remaining eight retail brokerage
branches in Japan as part of it's plan to slash costs and exit
unprofitable businesses, Merrill President Stanley O'Neal said.

By the end of the year, Merrill Lynch Japan Securities Co. could
only retain branches in Tokyo and Osaka, which account for about
80 percent of its business from individual investors, said the
Merrill official.

The branches Merrill is considering closing are in Sapporo,
Sendai, Nagoya, Takamatsu, Fukuoka and Kumamoto, scattered on
Japan's four main islands. Merrill Lynch spokesman Takayuki
Inoue denied the firm will rush to shutter more branches.

"We've already done a drastic restructuring, so there is no such
move to make a further cutback," Inoue said.

In Sendai, in northern Japan, Merrill moved to a smaller office
in Aoba-Dori Plaza Building on April 30 to reduce costs. Two
other branches in Takamatsu and Sapporo also moved to smaller,
less prominent locations in April.

Merrill's Japan retail brokerage posted a net loss of 8.4
billion yen in the year ended March 2001. It had losses of 7.4
billion yen a year earlier and 8.8 billion yen the year before
that.


NIPPON STEEL: Merging Stainless Steel Unit With Sumitomo Metal
--------------------------------------------------------------
Nippon Steel Corp. has agreed with Sumitomo Metal Industries
Ltd. to merge their stainless steel businesses to strengthen
competitiveness, the Associated Press reported.

Under the basic agreement signed by the Japanese steel makers,
they will integrate operations by the end of September.

Nippon Steel spokeswoman Yoshiko Shin said many details have yet
to be worked out, including whether a new company would be
formed and what stakes the parent firms may take in a new
entity.

Steelmakers have been pressured to cut costs amid falling steel
prices, while the world's steel industry undergoes realignment
for more efficiency in a global market.

Last year, Nippon Steel announced an alliance with Kobe Steel
Ltd. Competitors Kawasaki Steel Corp. and NKK Corp. also plan to
merge under a holding company in October.


NIPPON TELEGRAPH: Books $329M Loss on PLDT Shares
-------------------------------------------------
Nippon Telegraph and Telephone Corp. (NTT) booked a 16.4 billion
pesos ($329 million) appraisal loss in the shares of Philippine
Long Distance Telephone Company last year, but is still reported
to be intent on holding on to its stake.

The share price of the Philippine phone company has skidded from
1,370 pesos plus in 1998-1999 when NTT first bought the shares
to an average of 420 pesos this year.

NTT Communications Corp., a long-distance unit of NTT, owns a 15
percent stake in PLDT, and is considered one of the key players
in the takeover battle for PLDT.

Filipino-Chinese businessman John Gokongwei, who is entering a
joint venture with First Pacific Co Ltd for control of the Hong
Kong firm's PLDT and Bonifacio Land Corporation assets for
US$925 million, earlier said that NTT was the only giant that
could thwart his bid.


SNOW BRAND: Recalling Frozen Spinach From China
-----------------------------------------------
Snow Brand Milk Products Co, the ailing dairy product maker
based in Shinjuku-ku, Tokyo, will recall frozen spinach products
its subsidiary produces in China and markets in Japan because
they were found to contain residual amounts of the pesticide
chlorpyrifos.

The Company said the products do not present a public health
threat, but will be recalled as a precaution.

Frozen food products company, Katokichi Co., was also ordered by
the Kagawa prefectural government to recall frozen spinach
products it imported from China after they were found to contain
levels of pesticide residue that exceed legal limits.

Earlier this month, Snow Brand Milk said it will recall its
whipped cream and ice cream products with banned flavorings.


TAISEI FIRE: Getting Funds From Nonlife Insurers
------------------------------------------------
Taisei Fire & Marine Insurance Co. can probably make payouts
after Hiroyuki Uemura, Chairman of the Marine & Fire Insurance
Association of Japan Inc., said that other non-life insurers
agreed Thursday to use industry-pooled funds to help the failed
insurer.

Sompo Japan Insurance Inc., which will take over Taisei Fire's
policies, has yet to specify how much of the funds it needs.
Taisei administrators have said they expect to request between 8
and 9 billion yen.

Taisei filed for bankruptcy protection in November, with losses
estimated at between 70 billion yen and 90 billion yen, after
its reinsurance operations faltered under massive payout
obligations following the September 11 terrorist attacks on the
United States. Splitting off its reinsurance division is aimed
at preventing the payouts from bringing down the rest of the
Company.

The Company will submit its final rehabilitation plans to the
Tokyo District Court June 28, which will include the set-up of a
reinsurer in Bermuda and the transfer the reinsurance business
to the new entity. Initial assets will total 100 billion yen.


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


DAEWOO MOTOR: GM Denies Report Suzuki, SAIC to Join Accord
----------------------------------------------------------
General Motors Corp. denied a Seoul Economic Daily report that
Japan's Suzuki Motor Corp. and China's Shanghai Automotive
Industry Corp. have agreed to join the U.S. automaker in buying
Daewoo Motor Co.'s assets.

The daily, citing unidentified officials from Daewoo Motor and
creditors, reported that Suzuki and Shanghai Auto will pay $150
million for 25 percent of a venture between General Motors and
Daewoo Motor.

General Motors spokesman Rob Leggat said his company's partners
in the acquisition of the assets of Daewoo Motor have not been
decided. "We're still in discussions," he said.

In April, General Motors said it would join partners to acquire
assets of bankrupt South Korean car maker for $1.17 billion in
cash and assumed debt.

Korea Development Bank, the major creditor of Daewoo Motor, also
denied the Seoul Economic Daily report.


SEOUL BANK: Sale Negotiations Beginning Soon
--------------------------------------------
An official from the state-run Korea Deposit Insurance Corp.
(KDIC) said Wednesday that negotiations for the sale of a 51
percent stake in Seoul Bank may begin soon as several domestic
and foreign financial institutions and companies have already
expressed interest in taking over the ailing bank.

Goldman Sachs, lead manager of the sale of Seoul Bank, plans to
send detailed data on the bank's operation and financial
statements, to several potential buyers. It will screen
potential buyers to arrange for them to conduct due diligence on
the bank.

The KDIC official declined to say how many information
memorandums will be sent out due to confidentiality.

LG Investment & Securities banking analyst Lee Jun-jae said six
potential buyers are currently contending for the takeover of
Seoul Bank. They are Hana Bank, Chohung Bank, Korea Exchange
Bank, a Dongwon Group-led consortium, a Dongbu Group-led
consortium, and HPI, a European-based investment firm.

KDIC holds a 100 percent stake in Seoul Bank, which received a
total of 5.6 trillion won in public funds. The government has
injected 610.8 billion won into the bank for its
recapitalization following the 1997-98 financial crisis.


SEROME TECHNOLOGY: Comes Under Probe for Insider Trading
--------------------------------------------------------
The Financial Supervisory Service (FSS) has launched an
investigation on Serome Technology on charges that employees and
shareholders of the Kosdaq-registered firm engaged in illegal
market transactions.

According to the Korea Herald, FSS is investigating the
controlling shareholder, managerial staff and the relatives of
founder Oh Sang-soo for raking in illegal profits by using
undisclosed information of Serome Technology.

The FSS alleges these illegal company transactions occurred on
November 15 last year, immediately before rumors that Dialpad,
Serome Technolgy's U.S. subsidiary that offers free-of-charge
Internet telephone services, was going to go bankrupt.

Relatives of founder Oh are also being investigated for
allegedly raising illegal profits by selling off 380,000 shares
last year.

Serome Technology is currently showing a dull performance based
on low earnings and equity prices, which fell another 3.6
percent as of Wednesday.


* Ailing Steel, Building Firms Recovering
-----------------------------------------
Ailing steel and construction companies that went into court
receivership or debt-workout programs are fast recovering as
institutional investors and healthy firms show interest in
making investments in such companies.

Investors are looking at mergers and acquisition (M&A) projects
or resale of companies after their restructuring.

According to a Korea Herald source, debt ratio of steel pipe and
construction material manufacturer Kum Kang Industrial dropped
sharply from 580 percent at the end of last year to the current
73 percent after it received a 10 billion won investment from
KTB Network late last year and succeeded in pulling 776 billion
won in a debt-for-equity swap.

Kia Steel is also expected to improve as the demand for its
steel products balloons and its factory- operating ratio reaches
100 percent. The company is expected to post 500 billion won in
sales and 20 billion won in operating profit this year.

Auto parts material manufacturer Shinhwa Steel recently selected
LG Securities as its agent and is looking for a new owner.

Meanwhile, Korea Industrial Development is drawing interest from
large corporations that are looking to enter the construction
market amid the current boom. The construction company reduced
its debt ratio from 538 percent at the end of last year to 133
percent as of the end of May.


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


AMSTEEL CORP.: Applies Proposed GWRS Further Time Extension
-----------------------------------------------------------
Amsteel Corporation Berhad has on 11 June 2002 submitted an
application to the KLSE for a further extension of time to 11
September 2002 to obtain all outstanding regulatory approvals
for the proposed group wide restructuring scheme (Proposed
GWRS).

As announced on 9 March 2002, the KLSE approved the Company's
application for an extension of time to 11 June 2002 for the
Company to obtain all necessary approvals from the regulatory
authorities of its Proposed GWRS pursuant to Practice Note No.
4/2001.

The Company also announced on 9 May 2002 that it obtained
approvals from the Foreign Investment Committee, Ministry of
International Trade and Industry and Bank Negara Malaysia for
the Proposed GWRS. The Proposed GWRS is still awaiting the
approval of the Securities Commission.


BERJAYA GROUP: Enters Proposed Disposal SPA
-------------------------------------------
Berjaya Group Berhad, further to its announcement dated 3 June
2002 on the Proposed Disposal of 20% Equity Interest in BHLB
Pacific Trust Management Berhad to BHL Venture Berhad (BHLV) for
a total cash consideration of RM40,000,000 (Proposed Disposal),
informed that the Company and BHLV on 11 June 2002 entered into
a sale and purchase agreement (SAP) for the Proposed Disposal.

The abovementioned agreement will be available for inspection at
the registered office of the Company at 11th Floor, Menara
Berjaya, KL Plaza, 179 Jalan Bukit Bintang, 55100 Kuala Lumpur
during the normal office hours, except public holidays, for a
period of 3 months from the date of this announcement.


BRIDGECON HOLDINGS: Changes Venue for 9th AGM
--------------------------------------------
Bridgecon Holdings Berhad (Special Administrators Appointed), in
reference to its June 5 announcement regarding its Ninth Annual
General Meeting for the year 2001, informed that the venue for
holding the AGM has been changed from Seminar Room, Kelab Darul
Ehsan, Taman Tun Abdul Razak, 68000 Ampang, Selangor to Function
Room II, Kuala Lumpur Golf & Country Club, No 10, Jalan 1/70D,
off Jalan Bukit Kiara, 60000 Kuala Lumpur.

The date, time and agenda of the meeting remain the same as
mentioned in the Notice of 9th AGM, which is on 28 June 2002 at
10.00 a.m.


EMICO HOLDINGS: Majority Lenders Extend Cut-Off Date to Aug 7
--------------------------------------------------------------
The Board of Directors of Emico Holdings Berhad announced that
Arthur Andersen Corporate Advisory Sdn Bhd had on behalf of the
Company obtained written consents from the Majority Lenders as
defined in the Debt Restructuring Agreement (DRA) dated 8 August
2001 being 6 (six) of the 11(eleven) lenders representing 85.12
percent of the total Principal Indebtedness for the extension of
time of the Cut-Off Date for a further two (2) months from 7
June 2002 to 7 August 2002.


INNOVEST BERHAD: Faces Writ of Summons, Statement of Claims
-----------------------------------------------------------
Innovest Berhad announced that a Writ of Summons and Statement
of Claims had been filed at the Kuala Lumpur High Court on 16
May 2002 for a claim of US$1,315,200 together with interest at
8% per annum from the date of the Writ until full payment and
costs.

1) The details of default or circumstances leading to the filing
of the Writ of Summons and Statement of Claim on the Company

IB had signed a Sale and Purchase Agreement with Man Fai Tai
Congo Holdings Ltd Sarl (MFT) on 12 January 2002 (Agreement) for
the disposal of the forestry machines and equipment located in
the Republic of Congo and Democratic Republic of Congo. The
terms and conditions of the Agreement among others, requires MFT
to pay a 10% deposit upon execution of the Agreement. However,
MFT had failed to comply with the terms of the Agreement and
thereby repudiating the Agreement. MFT had filed the abovesaid
Writ of Summons and Statement of Claim, alleging that IB had
breach the agreement for failure to deliver the forestry
machines and equipment.

2) The financial and operational impact on the Group

There is no material financial and operational impact to the
Group.

3) The expected losses

Apart from the legal fees to be incurred, the Company is not
expected to suffer any losses.

4) The steps taken and proposed to be taken by IB in respect of
the Writ of Summons and Statement of Claim

The Company's solicitors will file the defense to refute the
claims and the Company will keep all relevant parties informed
on the development in due course.


LAND & GENERAL: Proposals Resolutions Passed at EGM
---------------------------------------------------
On behalf of the Board of Directors of Land & General Berhad,
Commerce International Merchant Bankers Berhad announced that
all the resolutions as set out in the Notice of Extraordinary
General Meeting dated 28 May 2002 in relation to the Proposals
have been duly passed by the shareholders of L&G at the
Extraordinary General Meeting of the Company held on Wednesday.

The Proposals refers to:

   * Proposed Acquisitions by L&G of 300,000 Ordinary Shares of
RM1.00 each in Clarity Crest Sdn Bhd (CC), Key Century Sdn Bhd
(KC) and Lembah Beringin Sdn Bhd (LB) representing 30% Equity
Interest in CC KC and LB respectively, all of which are 70%
owned subsidiaries of L&G, and 6,600 Redeemable Preference
Shares (RPS) of RM1.00 Each Representing 30% of the issued and
Paid-Up RPS of LB, from Kl-Kepong Property Holdings Sdn Bhd
(KLKPH) for a total cash consideration of RM13,821,300;

   * Proposed Disposal by CC of 29 Pieces of Land Measuring
1,529.78 acres in total located at Mukim of Kerling and Mukim
Sungai Gumut, District of Hulu Selangor, Selangor Darul Ehsan to
KLKPH for a total cash consideration of RM45,893,400; and

   * Proposed Settlement by L&G of approximately RM207.4 million
of amount owing by the L&G Group via swapping with 29,634,164
ordinary shares of RM1.00 each of Bumi Armada Berhad (BAB),
representing 47% of the issued and paid-up share capital of BAB


LION CORPORATION: Seeks Sept 11 Proposed GWRS Extension
-------------------------------------------------------
The Kuala Lumpur Stock Exchange, as announced on 9 March 2002,
approved Lion Corporation Berhad's application for an extension
of time to 11 June 2002 for the Company to obtain all necessary
approvals from the regulatory authorities of its proposed group
wide restructuring scheme (Proposed GWRS) pursuant to Practice
Note No. 4/2001.

The Company also announced on 9 May 2002 that it obtained
approvals from the Foreign Investment Committee, Ministry of
International Trade and Industry and Bank Negara Malaysia for
the Proposed GWRS. The Proposed GWRS is still awaiting the
approval of the Securities Commission.

Accordingly, the Company has on 11 June 2002 submitted an
application to the KLSE for a further extension of time to 11
September 2002 to obtain all outstanding regulatory approvals
for the Proposed GWRS.


NAM FATT: Gets MITI's Nod on Proposals
--------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of the
Board of Directors of Nam Fatt Corporation Berhad, in reference
to its announcement dated 31 December 2001 pertaining to the
Proposals, announced that the Ministry of International Trade
and Industry (MITI) has, via its letter dated 10 June 2002,
approved these proposals:

   (a) the proposed conversion of up to RM278.265 million of the
scheme borrowings and up to RM6.735 million of the bank
guarantees, if any, into RM285,000,000 of RM1.00 nominal value
8-year 2.0% irredeemable convertible unsecured loan stocks
2002/2010; and

   (b) proposed renounceable rights issue of RM10,064,512 of
RM0.10 nominal value 8-year zero coupon irredeemable convertible
unsecured loan stocks 2002/2010 (ICULS-B) at 100% of its nominal
value on the basis of RM1.10 nominal value of ICULS-B for every
ten (10) ordinary shares of RM1.00 each.

The aforesaid approval of the MITI is however subject to the
conditions:

   (a) the approval of the Securities Commission; and

   (b) Nam Fatt increases its Bumiputera equity interest to at
least 30% by 1 June 2005.

The Proposals comprises:

   * Proposed Loans Restructuring Scheme;
   * Proposed Additional Issue;
   * Proposed Rights Issue; and
   * Proposed Increase in Authorized Share Capital


NAM FATT: Unit Acquires Dormant Handal Saujana
----------------------------------------------
The Board of Directors of Nam Fatt Corporation Berhad announced
that Swissma Building Technologies Sdn Bhd (Company No. 444319-
T), a subsidiary of the Company, has on 10 June 2002 acquired
the entire issued and paid up share capital of Handal Saujana
Sdn Bhd (Company No. 579849-X) comprising two (2) ordinary
shares of RM1.00 each for a total cash consideration of Ringgit
Malaysia Two Thousand and Three Hundred (RM2,300.00) only.
Handal Saujana Sdn Bhd was incorporated on 13 May 2002 and is
currently dormant.

The Acquisition is not expected to have any material effect on
the earnings and net tangible assets of NFCB for the financial
year ending 31 December 2002.

None of the Directors and substantial shareholders of NFCB have
any interest, direct or indirect in the abovesaid acquisition.

TCR-AP reported on May 7 that the Foreign Investment Committee
approved the Proposals subject to the condition that Nam Fatt
increases its Bumiputera equity interest to at least 30% before
30 June 2005. The Proposals are:

   * Proposed Loans Restructuring Scheme;

   * Proposed Additional Issue;

   * Proposed Rights Issue; And

   * Proposed Increase In Authorized Share Capital


PERNAS INTERNATIONAL: EGM Set on June 27
----------------------------------------
Pernas International Holdings Berhad advised that an
Extraordinary General Meeting of the Company will be held at
Mahkota Ballroom, BR Floor, Hotel Istana, 73 Jalan Raja Chulan,
50200 Kuala Lumpur on Thursday, 27 June 2002 at 11.30 a.m. or
immediately following the conclusion or adjournment (as the case
may be) of the Annual General Meeting of the Company, whichever
is later, for the purpose of considering and if thought fit, to
pass the following resolution:

ORDINARY RESOLUTION

PROPOSED SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY
TRANSACTIONS OF A REVENUE OR TRADING NATURE

"THAT subject to the Companies Act, 1965, the Memorandum and
Articles of Association of the Company and the Listing
Requirements of the Kuala Lumpur Stock Exchange, approval be and
is hereby given to the Company's subsidiaries to enter into the
Recurrent Related Party Transactions with interested Director,
interested substantial shareholder or interested person
connected with such Director or substantial shareholder as
specified in Section 4 of the Circular to Shareholders dated 12
June 2002 (Subject Circular) provided that such arrangements
and/or transactions are:

   (i) recurrent transactions of a revenue or trading nature;

   (ii) necessary for day-to-day operations;

   (iii) carried out in the ordinary course of business on
normal commercial terms which are not more favorable to the
related party than those generally available to the public and
are not detrimental to the minority shareholders; and

   (iv) disclosure is made of the aggregate value of Recurrent
Related Party Transactions conducted pursuant to the
shareholders' mandate in the Company's annual report providing a
breakdown of the aggregate value of the Recurrent Related Party
Transactions made during the financial year, amongst others,
based on:

     (a) the type of the Recurrent Related Party Transactions
made; and

     (b) the names of the related parties involved in each type
of the Recurrent Related Party Transactions made and their
relationship with the Company,

and for the avoidance of doubt, any such transactions entered
into by the Company or its subsidiaries with an interested
Director, interested substantial shareholder or interested
person connected with a Director or substantial shareholder of
the Company as set out in section 4 of this Circular to
Shareholders from 1 June 2001 up to the date of the EGM be and
are hereby approved and ratified.

The shareholders' mandate given in this resolution, which is
subject to annual renewal and will take effect from the date at
which this mandate is passed and shall apply in respect of the
Recurrent Related Party Transaction entered or to be entered
into from and including 1 June 2001 and shall continue to be in
force until the earlier of:

   (i) the conclusion of the next annual general meeting ("AGM")
of the Company following the extraordinary general meeting at
which this mandate is to be passed, at which time it will lapse,
unless by a resolution passed at the AGM, the authority is
renewed;

   (ii) the expiration of the period within which the next AGM
after this date is required to be held pursuant to section
143(1) of the Act, but shall not extend to such extension as may
be allowed pursuant to section 143(2) of the Act; or

   (iii) revoked or varied by resolution passed by shareholders
of the Company in general meeting,

whichever is earlier.

AND FINALLY THAT the Directors and/or any of them be and are
hereby authorized to complete and do all such acts and things
(including executing such documents as may be required by the
relevant authorities) to give effect to the transactions
contemplated and/or authorized by this resolution AND THAT the
estimates given of the transactions specified in Section 4 of
the Subject Circular being provisional in nature, the Directors
and/or any of them be and are hereby authorized to agree to the
actual amount or amounts thereof provided always that such
amount or amounts comply with procedures set out in Section 6 of
the Subject Circular."


TALAM CORPORATION: Dormant Unit Struck Off
------------------------------------------
Talam Corporation Berhad announced that Talam Resources Sdn Bhd,
a dormant subsidiary of Talam has been struck off from the
register by the Registrar of Companies pursuant to powers
conferred by subsection 308(4) of the Companies Act, 1965 and
accordingly dissolved.


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


IONICS INC: SEC Approves Increase in Number of Directors
--------------------------------------------------------
Ionics Inc., the biggest listed Philippine electronics maker,
said that it has received the Certificate of Filing of Amended
Articles of Incorporation dated 10 June 2002, issued by the
Securities and Exchange Commission approving the amendment of
the Articles of Incorporation of the Corporation, which
increased the number of directors from 9 to 10.

In May, Ionics said it would shut down its unprofitable U.S.
subsidiary, Ionics USA Inc, due to uncertainties in the industry
and also to cut losses. The Company said it would also sell
Ionics USA in California, and its Ionics II manufacturing plant
and the land where it is located in the Philippines, as they
were no longer necessary for Ionics' operations.

For inquiries, contact Manuel Roxas, Corporate Secretary for
Ionics Inc, at telephone (632) 889 8572.


METRO PACIFIC: BLC Unit May Sell Land, Enter Into JV
----------------------------------------------------
Bonifacio Land Corp. (BLC), a unit of property developer Metro
Pacific Corp, intends to either sell land or enter into joint
ventures this year with large retail developers interested in
mixed-use projects, the Manila Bulletin reports.

Bonifacio Land has a 55 percent interest in Fort Bonifacio
Development Corp, developer of the 150-hectare Fort Bonifacio
Global City.

Hong Kong's First Pacific decided on June 4 to release its 50.4
percent stake in BLC to the Gokongwei group. First Pacific owns
BLC through subsidiary Metro Pacific Corp.


METRO PACIFIC: e-Bank Still in Merger Talks With Several Parties
----------------------------------------------------------------
Metro Pacific Corp unit First e-Bank Corp said merger and direct
investment talks with several parties are continuing.

"At present, as in the normal procedure, these proposals are
still with the regulatory agencies for evaluation," it said.

It said no definite agreements have so far been reached with any
parties.

The Troubled Company Reporter - Asia Pacific earlier reported
the bank is holding "extensive discussions" with Bank of
Commerce (Bancommerce) for a possible merger, despite
the controversial sale of First Pacific's interest in MPC to the
Gokongwei Group. The other proposal was from Asia United Bank,
which calls for the acquisition of only the branch network and
the deposit liabilities of 1st e-Bank.


PHILIPPINE LONG: CEO Planning a Buyout to Block Takeover
--------------------------------------------------------
Philippine Long Distance Telephone Co. President and Chief
Executive Officer, Manuel Pangilinan is trying to arrange for a
management buyout to block First Pacific Corp.'s plan to sell a
controlling stake in the phone company to Philippine tycoon John
Gokongwei.

According to a Senior Executive close to Mr. Pangilinan, who
declined to be named, confirmed Thursday that the businessman is
working with PLDT Chairman Antonio Cojuangco, to put together a
bid for PLDT, which carries $3.45 billion in debt.

The executive added that U.S. banking group J.P. Morgan Chase is
advising Mr. Pangilinan on the deal.

The Hong Kong-based parent decided to sell its controlling
interest after seeing the value of its PLDT stake and other
Philippine assets slip to just 35% of what First Pacific paid
for them several years ago.

Mr. Pangilinan, together with PLDT directors, opposes First
Pacific's proposed sale of a 24.4 percent stake in the phone
company to Mr. Gokongwei, as it violates PLDT's bylaws, which
prohibit a representative of a telecom competitor from holding a
seat on its Board.


PHILIPPINE LONG: Jumps 0.61% as Market Awaits Sale Development
--------------------------------------------------------------
Shares of Philippine Long Distance Telephone Co rose 2.50 pesos
or 0.61 percent to 412.50 on volume of 770 shares as the market
waited for more developments on the prospective sale of a 24.4
percent stake in the country's telecommunications giant.

Dealers said the market is waiting to see whether PLDT President
Manuel Pangilinan and Chairman Antonio Cojuangco will present a
counter-offer to the $925 million joint venture of local tycoon
John Gokongwei and Hong Kong's First Pacific.

At 0250 GMT Thursday (10:50 p.m. EDT Wednesday), PLDT shares
were down 15 pesos at 407.50 pesos on 25,500 shares traded. The
stock is outpacing the Philippine Stock Exchange's 9.06-point,
or 0.7 percent, decline to 1265.30.


PHILIPPINE LONG: Metrobank Not Source of Merrill Team-up Report
---------------------------------------------------------------
Metropolitan Bank & Trust Co., the Philippines' largest bank in
terms of assets, said Friday it is not the source of a report by
the Philippine Daily Inquirer that it is helping fund a
counteroffer to local tycoon John Gokongwei's bid to acquire a
controlling stake in Philippine Long Distance Telephone Co.

The bank issued the statement to the Philippine Stock Exchange
to clarify a Thursday report from the Philippine newspaper that
it is teaming up with Merrill Lynch & Co. to fund the
counteroffer being prepared by PLDT's management.

The Gokongwei group and Hong Kong's First Pacific Co. said
earlier this month they would form a joint venture to acquire
First Pacific's 24.4 percent PLDT stake and 50.4 percent of
Bonifacio Land Corp.


PHILIPPINE LONG: Pangilinan Corrects Secret Deal Report
-------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) President and CEO
Manuel V. Pangilinan corrected an inaccurate report that
appeared in Today's June 13 issue regarding sale-related
agreements entered into by him and the Cojuangco family.

A Today source revealed that Imelda Cojuangco and her children,
Antonio, Ramon Jr., Miguel, Trinidad and Maria Victoria, in
November 1998 entered into an agreement with Pangilinan, in
behalf of Metro Pacific Assets Holdings Inc. (Mpahi) and Larouge
BV.

The source added that Hong Kong's First Pacific, which holds
24.4 percent stake in PLDT before it partnered with John
Gokongwei, has not been formally informed of such agreement.

"In the report, it was claimed, by an unnamed source, that
certain of these agreements were not disclosed to First Pacific.
This claim is false and spurious; it is not in accord with the
facts," Pangilinan said.

"All the sale and sale-related [transactions] executed in
November 1998 were known and disclosed to First Pacific and,
more particularly its General Counsel, Mr. Ronald A. Brown.
First Pacific was also represented by reputable Philippine and
foreign law firms, and they participated in the negotiation,
preparation, and closing of all of these agreements."


PHILIPPINE LONG: Parent Asks Pangilinan to Bare Buyout Plans
------------------------------------------------------------
First Pacific Co. Ltd. (FPC) has asked its Executive Chairman,
Manuel V. Pangilinan, to immediately disclose to the Hong Kong-
based company's Board of Directors whether he is or proposes to
become involved in a management buyout of its 24.4 percent stake
in the Philippine Long Distance Telephone Co. (PLDT), the
Philippine Star reported.

There have been persistent reports that Pangilinan is teaming up
with company chairman Antonio O. Cojuangco and major stockholder
Alfonso Yuchengco, for a management buyout of First Pacific's
stake in PLDT.

There are also rumors that parties outside of PLDT, including
Metrobank and the Ayala group, may help raise the money needed
to better Gokongwei's offer.

The FPC Board has prepared a formal protocol that sets out a
summary of the concerns and guidelines to be followed in the
consideration and execution of the proposed sale of part of its
interest in PLDT to the Gokongwei group.

The protocol, reminded all interested directors, in particular
Pangilinan, that a director "must act in what he honestly and
reasonably believes to be in the best interest of First Pacific
and its shareholders as a group, and not in his other interests
or the interests of some other person or entity."


PHILIPPINE LONG: Relaunches Phone Swap Promo in Luzon
-----------------------------------------------------
Philippine Long Distance Telephone co. (PLDT) hopes to grab its
competitors' market in Northern Luzon and in the Greater Metro
Manila area, through the relaunch of its phone swap promo,
BusinessWorld reports.

"With the favorable response we got in the first promo which
generated 10,858 new subscribers, we decided to do it again last
June 2 and were able to acquire to date some 230 subscribers,"
PLDT local services product manager Patrick S. Tang said.

PLDT initiated its Digi-Monster Phone Swap Promo to acquire the
landline subscribers of competitive telephone companies in the
provinces. It is now being offered in Malolos and Guiguinto in
Bulacan, San Fernando and Angeles City in Pampanga, Balanga in
Bataan, Gapan in Nueva Ecija, Cabanatuan, San Pablo, Dagupan,
San Fernando in La Union, Tuguegarao, Laoag and Aparri, all
within Central and Northern Luzon.

Residents of Dasmari¤as, Rizal, Kawit and Cavite City, Tagaytay,
Calamba, Sta. Rosa and San Pedro in Laguna, and Tanauan, Lipa
City and Batangas City in Batangas (all in Southern Luzon) can
also avail of the promo that offers free installation and first
month fee.


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


WEE POH: Council Waives Requirements for Benxi Offer
----------------------------------------------------
Further to the 16 May 2002 announcement regarding Benxi's
application to the Securities Industry Council for a waiver
exempting Benxi and its concert parties from having to make a
general offer pursuant to the Placement, the Board of Directors
of construction firm, Wee Poh Holdings Limited, would like to
provide an update to the shareholders on the status of this
matter.

The Council, on 12 June 2002, waived the requirement for Benxi
and its concert parties to make a general offer for the Company
pursuant to the Placement, subject to these conditions:

(i) a majority of the independent shareholders of the Company
approve, on a poll, a separate resolution (the "Whitewash
Resolution") to waive their rights to receive a general offer
from the Company and its concert parties. Such Whitewash
Resolution must be passed prior to the completion of the
Placement;

(ii) the Whitewash Resolution being separate from other
resolutions, including the resolution to issue new Company
shares;

(iii) Benxi and its concert parties and parties not independent
of it abstain from voting on the Whitewash Resolution;

(iv) the Company appoints an independent financial advisor to
advise its independent shareholders on the Whitewash Resolution;

(v) Benxi and its concert parties have not acquired and will not
acquire any of the Company's shares:

(a) during the period between the announcement of the Placement
and the date shareholders' approval is obtained for the
Whitewash Resolution;

(b) in the 6 months prior to the announcement of the Placement
but subsequent to negotiations, discussions or the reaching of
understandings or agreements with the directors of the Company
in relation to the Placement;

(vi) the Company sets out clearly in the circular to its
shareholders:-

(a) details of the issue of new Company shares to Benxi and its
concert parties pursuant to the Placement;
(b) the dilution effect to existing Company shareholders of
issuing new Company shares to Benxi and its concert parties;

(c) the total voting rights attached to the new Company shares
to be issued to Benxi and its concert parties;

(d) a clear and prominent reference to the fact that Benxi and
its concert parties, having obtained more than 49% voting rights
of the Company, will henceforth be free to acquire further
Company shares without incurring any obligation under Rule 14 of
the Singapore Code on Take-overs and Mergers to make a general
offer for the Company;

(e) a specific and prominent statement that by voting for the
Whitewash Resolution, shareholders are waiving their rights to a
general offer from Benxi and its concert parties at the highest
price paid or agreed to be paid by Benxi and its concert parties
for voting shares in the Company in the 6 months prior to the
announcement of the Placement;

(vii) that the waiver granted by Council to Benxi and its
concert parties from the requirement to make a general offer is
subject to the conditions stated at (i) to (vi) above;

(viii) the Company obtains the Council's approval in advance for
those parts of the circular that refer to the Whitewash
Resolution; and

(ix) the Placement must be completed within 3 months of
obtaining the Company's shareholders' approval of the Whitewash
Resolution.

The Company will be appointing an independent financial advisor
to advise independent shareholders on the Whitewash Resolution.

The Company is in the process of preparing a circular to the
shareholders in relation to, amongst others, the Whitewash
Resolution and all the transactions contemplated under the
Conditional Placement Agreement and the Heads of Agreement as
announced on 16 May 2002.

Upon finalization of the circular and receipt of the approval of
the circular from the Council and the Singapore Exchange
Securities Trading Limited, the circular will be issued to the
shareholders and the Company will convene and extraordinary
general meeting to approve, amongst others, the Whitewash
Resolution and the Proposed Transactions.


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


BANGKOK EXPRESSWAY: Explains 20% Operating Results Excess
---------------------------------------------------------
Bangkok Expressway Public Company Limited explained the change
of operating results, which fell in excess of 20 percent
compared to the same period the previous year. The Company and
its subsidiary, in a consolidated result, has net profit
amounting to Bt346 million, Bt180 million or 109 percent more
than net result in the first quarter of the previous year of
which net profit amounting to Bt166 million. The reasons are
summarized:

1)  Due to the growth in traffic volume of all system, toll
revenue and amortization of right to operate completed
expressway sectors, therefore, are higher than those of  the
first quarter of 2001.

2)  As a mainly result from increasing in provision for land
acquisition and expressway operation expenses, operating and
administration expenses is higher than the record of the first
quarter of prior year.

3)  Due to the Declining Minimum Lending Rate of long-term loan
and a continuously declining long term loan from  repayment ,
interest expense in  the first quarter of this year is  lower
than  the same quarter of  last year.

4)  The Company's promotional privileges from the Board of
Investment is expired in last year, corporate income tax is
calculated and accounted in this quarter.

TCR-AP reported on April 16 that Bangkok Expressway expects to
complete the refinancing of its Bt37.60 billion (US$864.25
million) debt by the end of this year. The Company has been in
talks with commercial banks Bangkok Bank PCL, Krung Thai Bank
PCL, Siam Commercial Bank PCL and Thai Military Bank PCL to be
financial advisers for the Company's debt refinancing.


BANGKOK EXPRESSWAY: Reduces Financial Costs
-------------------------------------------
Bangkok Expressway Public Company Limited and its subsidiary
entered into credit facilities agreements in the amount of
approximately Bt37,000 Million on 13 June 2002 to refinance
their existing loans.  The significant changes are:

1. Interest Rate

Loan interest rate will be reduced from a floating rate of MLR
per annum as follows:

   1.1  During the first three years, the loan will be divided
into two portions as follows:

     * The first portion is subject to a fixed interest rate of
6.00% per annum;

     * The second portion is a floating interest rate equal to
MLR - 1.00% per annum.

   1.2  During the following three years, the interest rate is a
floating rate equal to MLR - 0.50% per annum.

   1.3  For the remaining term until expiration of the
agreements, the interest rate is a floating rate equal to MLR
per annum.

2. Payment of Dividends

The requirement of maintaining reserve funds of Bt2,000 Million
prior to distribution of dividends is cancelled.  In this
respect, the Company will be able to pay dividends of up to 60%
of the net annual profit. If the dividends are to be paid in
excess of such rate, the approval of the Lenders is required.

3. Financial Impact of the Execution of the Credit Facilities
Agreements

The execution of the credit facilities agreements  has  incurred
financing  costs, which will be recorded in full by the Company
and its subsidiary as expenditure in the second quarter of the
year 2002 in accordance with generally accepted accounting
principles.

In this respect, the interest rate reduction will result in a
net reduction of the financing costs of the Company and its
subsidiary throughout the term of the credit facilities
agreements by approximately Bt1,700 Million.


PREECHA GROUP: Changes Holidays, Office Hours
---------------------------------------------
Preecha Group Public Company Limited informed that it would
change the weekend holidays and office hours:

Head Office  Working days      Monday to Friday
             Office hours      8.00 am. to 4:30 pm.
             Weekend holidays  Sat, Sun and Official holidays

Project Office  Working days      Monday  Sunday
                Office hours      09.00 a.m. to 05.00 p.m.

This will be effective on June 17, 2002 thereafter.

On May 20, TCR-AP reported that the Company and its subsidiaries
have a net loss from the operation at Bt45.147 million.  In
comparison, the Company had net loss from the operation at
Bt75.180 million at the end of the 1st quarter of last year. In
fact, the reduction of the net loss was the result of debt
restructuring in 2002.


SURANAKORN MUANGMAI: Business Reorganization Petition Filed
-----------------------------------------------------------
Suranakorn Muangmai Company Limited (DEBTOR), engaged in sale
and hire of land and immovable property, filed its Petition for
Business Reorganization to the Nakorn Ratchasima Provincial
Court:

   Black case Number L.F. 1/2541

   Red case Number L.F. 1/2541

Petitioner :Suranakorn Muangmai Company Limited

Planner: Mr. Ueychai Viravan and Ms. Kunyanon Kamonyabodt

Debts Owed to Creditors: Bt109,114,572.59

Court Order: Denied Acceptance of the Petition on May 15,1998

Reason: Failure to Show Reasonable Grounds and Methods for
Business Reorganization


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 ***