TCRAP_Public/020618.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

            Tuesday, June 18, 2002, Vol. 5, No. 119

                         Headlines

A U S T R A L I A

AUSDOC GROUP: ASIC Refers Break Fee Issue to Takeovers Panel
AUSDOC GROUP: DX Group Sale Negotiations Ongoing
BALLARAT GOLDFIELDS: Enters Agreement with RFC, Eureka
CENTRAL NORTH: Fletcher, CITIC Conclude Purchase Agreement
DVT HOLDINGS: Reveals Merger Plans with USC

OPEN TELECOMMUNICATIONS: Further Reduces Costs, Staff
OPEN TELECOMMUNICATIONS: Hires Powell as Executive Director
PASMINCO LIMITED: Appoints Company Secretaries
WESTERN METALS: Discloses Final Directors Interest Notice
WESTERN METALS: Non-Executive Director Young Resigns


C H I N A   &   H O N G  K O N G

ASIACONTENT.COM: Board Approves Winding Up, Liquidation
CAVES BOOKS: Winding Up Sought by Pearson Education
CHINADOTCOM: Unit Wins Bid to Develop England & Wales' Sites
CIL HOLDINGS: Requests Suspension of Trading
DAILYWIN GROUP: SGM to be Held on July 3

DRAGON CREATIVE: Faces Winding Up Petition
JOINTLINK HOLDINGS: Winding Up Petition to be Heard
KINGFORD INVESTMENT: Petition to Wind Up Pending


I N D O N E S I A

DUTA PERTIWI: Incurs Q102 Net Profit of Rp53.403B
HOLDIKO PERKASA: Submits Appeal on Indomobil Sale KPPU Ruling
TIRTAMAS MAJUTAMA: Holding Co to Issue Rp4.6T Bonds on June 24


J A P A N

ANDERSEN WORLDWIDE: KPMG Consulting to Buy Japanese Unit
HOKKAIDO INTERNATIONAL: Rakuten Chief Considers Air Do Rescue
MIZUHO HOLDINGS: Plans to Merge Three Computer Systems Units
NKK CORP.: Plans to Cut Sales Staff in 2005
SNOW BRAND: Seeks Voluntary Retirement of 1,000 Employees


K O R E A

HYNIX SEMICON: Creditors Sell Most Shares
KOREA LIFE: Posts KRW879.4B Profit After Three Years


M A L A Y S I A

ACTACORP HOLDINGS: MoU With Magnani Construction Lapses
ADVANCE SYNERGY: Stockholders Approve Proposals at EGM
BIMB HOLDINGS: Gets SC's Nod on Proposals
CSM CORPORATION: Posts Defaulted Payment Status Update
HIAP AIK: Chairman Bin Sulaiman Resigns From Board

KEMAYAN CORPORATION: Extends Acquisition Agreement Expiry Date
PSC INDUSTRIES: Extends Proposed Disposal Completion Date
TIMBERMASTER INDUSTRIES: Units' Workout Proposals Approved
TRANS CAPITAL: Explains Audited, Unaudited Results Variance
UNITED CHEMICAL: Amends Defaulted Payment Details


P H I L I P P I N E S

BAYAN TELECOM: Increase in Demand for Caller ID Up 24%
BENPRES HOLDINGS: In Talks to Divest 60% Stake in Maynilad
MONDRAGON PHILIPPINES: 2001 Losses Widen to PhP390.4M
NATIONAL BANK: Moody's Ups Debt Ratings to Ba1
NATIONAL POWER: Setting Mandate for $750M Borrowing

PHILIPPINE AIRLINES: DoF Still Studying Government Takeover
PHILIPPINE AIRLINES: Gokongwei Eyeing Flag Carrier
PHILIPPINE LONG: NTT Reviewing Right of First Refusal
PHILIPPINE LONG: Pangilinan, Cojuangco to Meet NTT Officials

* SEC Wants Gokongwei to Submit Info on Deal With First Pacific


S I N G A P O R E

INTRACO LIMITED: Posts Notice of Books Closure
NATSTEEL LTD: Buyout Offer Extended to July 15
NATSTEEL LTD: Shares Flat on MBO Extension
PENTON INTERNATIONAL: Suspends Shares Pending Announcement
THAKRAL CORP: Aussie Unit Sells Palm Cove Hotel for A$16M


T H A I L A N D

COGENERATION PUBLIC: Releases BOD Meeting Resolutions
K.C.CHIENGMAI: Files Petition for Business Reorganization
RAIMON LAND: Seeks Shares Relisting Under REHABCO Section
RAIMON LAND: SET Lifting `SP' Sign

     -  -  -  -  -  -  -  -

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


AUSDOC GROUP: ASIC Refers Break Fee Issue to Takeovers Panel
------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) on
Friday, 14 June 2002, made an application to the Takeovers Panel
for a declaration of "unacceptable circumstances" in relation to
the affairs of Ausdoc Group Limited (Ausdoc).

ASIC made the application as a consequence of having the matter
drawn to its attention by the Takeovers Panel executive.

Referring the matter to the Takeovers Panel will provide an
opportunity for it to apply its recently published break-fee
policy.

On 22 May 2002, Ausdoc announced that it had entered into
exclusive negotiations with an unnamed bidder, regarding a
possible takeover bid for Ausdoc.

Ausdoc announced that it had made an agreement with the bidder
which requires Ausdoc to pay a range of break fees to the bidder
if certain circumstances occur. These circumstances include
where a takeover bid is made by the bidder on agreed terms, and
that bid is unsuccessful.

The maximum break fee payable by Ausdoc is $3.5 million. This
represents almost 2 per cent of the equity value of Ausdoc under
the proposed bid and is potentially contrary to the guidance
provided by the Panel to the market on the use of break fees.

In particular, ASIC is concerned that the size of the break fee
may impede competition for the acquisition of control of Ausdoc
and operate unfairly on shareholders in the target company.

Break fees are a payment by a takeover target company to an
unsuccessful bidder in some circumstances where the takeover is
not successful or does not proceed.


AUSDOC GROUP: DX Group Sale Negotiations Ongoing
------------------------------------------------
AUSDOC Group Limited (AUSDOC) (ASX; AUD) on 3 June 2002
announced that it had entered into exclusive negotiations with a
party interested in acquiring the DX Group, comprising DX
Express, AUSDOC's Australian courier and express freight
business, Australian Document Exchange (GoFirst) and the
GoMailroom management business.

The negotiations with the party interested in acquiring the DX
Group are continuing. The identity of the interested party
remains confidential.

In addition, AUSDOC continues to work towards a takeover offer
for AUSDOC shareholders with the Bidder referred to in AUSDOC's
announcement of 22 May 2002. It should he noted that a takeover
offer may or may not eventuate as a result of these discussions.


    
BALLARAT GOLDFIELDS: Enters Agreement With RFC, Eureka
-------------------------------------------------------
Following Ballarat Goldfields NL's open invitation for
expressions of financial support, as announced on 6 June, BGF
has entered into funding arrangements that are expected to
result in the Company being fully re-financed, and to lead to
BGF's re-emergence as a significant gold explorer.

An offer developed between RFC Corporate Finance Ltd (RFC) and
Eureka Capital Partners Ltd (Eureka) was accepted on Friday by
the BGF Board. ANZ Bank has expressed its continuing support for
BGF through to end of September 2002 in light of the offer.

The transaction will effect further and immediate investment
into Ballarat Goldfields of $200,000 in additional loan funds
from Eureka plus placement funds from RFC and its clients. BGF
will issue 13,820,933 new fully paid ordinary shares at 2 cents
per share to RFC and its clients to raise $276,419.

RFC and Eureka will severally and equally underwrite a 3-for-2
Rights Issue to raise $4.3 million at an issue price of 2.3
cents per share (subject to ASX providing an exemption from ASX
Listing Rule 7.11.3 in relation to the proposed 3-for-2 non-
renounceable rights issue).

The underwriting proposal is subject to normal rights issue
underwriting conditions, including the underwriters'
satisfaction with due diligence, completion of sub-underwriting
and other matters.

The underwriting will also be subject to escape conditions in
relation to the gold price (US$290 per ounce) and the S&P/ASX200
Index (3,000 index points).

The Directors and Underwriters believe that the rights issue
offers the best method to recapitulate BGF as it will provide
shareholders the means to maintain their existing proportionate
interest in the Company subsequent to the placement being made
to provide immediate liquidity.

RFC has been engaged as arranger to the rights issue on
commercial terms and conditions and will assist BGF to prepare a
prospectus in relation to the proposed rights issue. It is
anticipated that the rights issue prospectus will be lodged with
ASIC by the end of July 2002. At that time BGF will apply to ASX
for removal of suspension of the Company's securities from
official quotation.

The prospectus will provide an assessment of the Company's
mineral properties and of the Company's funding. BGF has agreed
to acquire Eureka's comprehensive technical and legal due
diligence reports as that recent work enhances understanding of
the nature and potential of liberalization at Ballarat East.

The prospectus will identify new appointments to the Company's
board. BGF's directors consider that the recapitalization offers
an opportunity for the introduction of a range of new skills and
experience of benefit to BGF as a re-activated regional gold
explorer and proposed future developer of the Ballarat Gold
Project.

BGF anticipates that the rights issue will open in August and
close in September 2002. The Underwriters will become entitled
to underwriting fees equal in total to 5% (excluding GST) of the
issue proceeds. RFC will additionally, on reinstatement of BGF
to Australia Stock Exchange quotation, become entitled at no
cost to receive 5 million, 4-year options in BGF at a exercise
price of 3.45 cents per share, with the allocation of such
options being subject to shareholder approval or otherwise being
delayed for 12 months from this date.

The BGF Board welcomes the cooperative approach adopted by RFC
and Eureka and intends to recommend that shareholders give
strong support to the capital raising plan when they are in
receipt of the Prospectus. The Company also wishes to express
its appreciation to the ANZ Bank, shareholders, employees and
other stakeholders for their ongoing support.


CENTRAL NORTH: Fletcher, CITIC Conclude Purchase Agreement
----------------------------------------------------------
Fletcher Challenge Forests Limited announced yesterday that it
had reached agreement with the Receivers of the Central North
Island Forest Partnership (CNIFP) to purchase all the assets of
the CNIFP, subject to the satisfaction of various conditions
including shareholder approval. The assets of the CNIFP, which
include 163,000 planted hectares (403,000 acres) of forest and
associated processing facilities, will be acquired for
approximately US$650 million which will be paid in cash on
settlement.

The final terms and structure of the transaction are consistent
with the outline provided by Fletcher Challenge in its release
of 20 May 2002.

The agreement with the Receivers is subject to Fletcher
Challenge Forests' shareholder approval, finalizing a new debt
facility, various regulatory and governmental approvals and the
satisfaction of conditions relating to the associated
arrangements involving a placement of new shares to South East
Asia Wood Industries Holdings Limited (SEAWI), a public listed
company in Hong Kong in which CITIC is a significant
shareholder, and a re-purchase of most of the current
shareholding of Rubicon Limited.

The key features of the funding arrangements for the proposed
purchase:

   * SEAWI will subscribe for equity in Fletcher Challenge
Forests to the value of US$200 million, at a price of NZ37 cents
per share. This placement will be a mix of Ordinary and
Preference shares which will, on issue, rank equally with the
existing issued Ordinary and Preference shares in the Company.

  * A new bank facility is being established by Fletcher
Challenge with a new banking syndicate led by the Bank of New
Zealand and HSBC, to finance the balance of the purchase price
and to replace Fletcher Challenge Forests current bank facility.

  * Rubicon will acquire the Company's Tahorakuri forest estate
in return for surrendering (at a valuation of NZ37 cents per
share), most of the 492 million Fletcher Challenge Forests
shares that it holds. Tahorakuri comprises approximately 11,800
hectares of forest in the Central North Island region, and has
been valued for the purposes of this buy-back at US$64 million
subject to any final due diligence valuation adjustments.

As a result of the SEAWI placement and Rubicon share re-
purchase, SEAWI will obtain a shareholding of approximately 31%
in Fletcher Challenge. Under separate arrangements agreed
between SEAWI and Rubicon, SEAWI will acquire almost all of the
Rubicon residual shareholding to increase its shareholding to
35%. The governance arrangements agreed with SEAWI provide that
it will not increase its shareholding in Fletcher Challenge
Forests beyond 35% other than through a bid to*all shareholders
under the Takeovers Code.

The associated arrangements with SEAWI and Rubicon will require
their own shareholder and regulatory approvals.

Fletcher Challenge anticipates that the conditions to the
purchase of the CNIFP assets will be satisfied by 31 August
2002, and that settlement of all the transactions, which is to
occur contemporaneously, will take place at the end of September
2002. Sir Dryden Spring, Chairman of Fletcher Challenge Forests,
said, "Although the Receivership has been a long one for all
concerned, we are delighted to now be in a position to recommend
this proposal to shareholders. It has a number of compelling
attractions:

   * it enables us to consolidate the ownership of the CNIFP
forests with the rest of the Fletcher Challenge Forests estate;

   * this both retains our current operating synergies from the
management of the combined estates and offers further cost
savings through a simplified ownership and management structure;

   * it creates a unified ownership structure for the CNIFP and
FCF forest estates which eliminates the complexity inherent in
the previous arrangements, and aligns the interests of all
equity holders;

   * it removes all the uncertainty associated with the lengthy
receivership of the CNIFP and enables the Company to focus on
enhancing the performance of its world-class asset base;

   * it stabilizes the Company's share register by facilitating
Rubicon's exit and introducing a new, long-term cornerstone
shareholder; and

   * through the corporate governance arrangements agreed with
SEAWI, it preserves the Company's independence as a New Zealand
public company."

Sir Dryden also noted that the placement price to SEAWI of NZ37
cents per share was well above the level at which Fletcher
Challenge's shares had recently been trading.

He commented further that, "CITIC's involvement brings an
endorsement of Fletcher Challenge Forests' management
capabilities and will assist market development in China. This
is our major growth market, with enormous potential for the
future as China continues to lift its living standards and
expand its use of imported wood products.

Fletcher Challenge Forests will continue to be responsible for
the management and marketing of all Fletcher Challenge 's forest
products in all countries, and there are no agreements or
arrangements involving SEAWI or CITIC in any area of the
business including log supply."

The US$200 million cash injection to Fletcher Challenge being
made by SEAWI will provide the equity required to support the
CNIFP acquisition funding of approximately US$650 million. The
parallel Tahorakuri forest purchase and share re-purchase
arrangement with Rubicon will enable Fletcher Challenge to meet
Rubicon's requirement that it exit substantially all its
shareholding on the entry of a new cornerstone shareholder, and
does so without diluting SEAWI's cash injection or the need for
SEAWI to acquire more than a 35% interest.

Sir Dryden said, "These arrangements, when viewed together,
achieve three important objectives: they provide the Company
with US$200 million of new equity; they maintain the SEAWI
shareholding within the agreed 35% limit; and they meet Rubicon
s requirement for a total exit."

Corporate governance arrangements have been agreed with SEAWI
which ensure that Fletcher Challenge Forests will continue to
operate as a fully independent entity under the direction of its
Board of Directors where SEAWI will be represented in proportion
to its shareholding. SEAWI will have two directors on the Board
which will initially comprise seven members, following the
retirement of the Rubicon directors Luke Moriarty and Michael
Andrews on settlement date. It is proposed that over time the
total number of Board members will reduce to six. Sir Dryden
Spring will continue as Fletcher Challenge's Chairman and
management will not be affected by the proposed changes
in shareholding.

Any increase by SEAWI of its shareholding above 35% would
require an offer to all shareholders under the New Zealand
Takeovers Code and SEAWI has agreed a two-year standstill period
as from the date the CNIFP purchase is closed. Under the
standstill arrangement SEAWI has agreed not to bid for
additional shares in Fletcher Challenge, except in exceptional
circumstances, without the prior approval of the Company's
independent directors or of shareholders. These circumstances
include the right to contest any third party takeover
bid for Fletcher Challenge.

Chief Executive, Terry McFadgen, said, "This is an exciting and
unique opportunity. The CNIFP estate is the largest plantation
forest in New Zealand which, when combined with our adjacent
forests, will total over 260,000 planted hectares (643,000
acres). These well established forests, situated in the Central
North Island of New Zealand, have excellent growth rates, low
harvesting costs and access to a highly developed infrastructure
of both on and off highway roads. With good access to processing
plants, rail and ports, the forests are very well situated
t*service key markets."

He noted that the combined forests, together with their
associated processing facilities and skilled workforce, would
provide the scale, low cost position and customer base to
underpin the strategic growth of the. "Our Company along with
the rest of the New Zealand forestry industry must improve
returns on capital employed through further cost efficiencies,
more sophisticated marketing offshore and further investment in
add-value processing facilities. This acquisition gives us the
required platform for those initiatives," he said.

He added that, "The recent appreciation of the New Zealand
dollar has increased the attractiveness of this proposal and
although the acquisition will mean that the Company will be
taking on a higher debt level, this will be offset by the cash
generation capability of the combined forest estate. The
forecast near-term operating cashflows are robust, and will be
assisted by a rising harvest profile from the Company's existing
estate. Our forecast net debt position as at 30 June 2002 is
approximately NZ$240 million, prior to CNIFP acquisition costs,
compared to NZ$323 million twelve months ago. This reflects the
underlying strength of our current operations and the benefits
of the restructuring initiatives undertaken since the Company's
separation from the Fletcher Challenge Group."

The proposed transactions and the new shareholding arrangements
will require the approval of Fletcher Challenge Forests
shareholders at a special meeting in mid August 2002, and it is
a condition of the CNIFP purchase agreement that the group is
able to fund any minority buy-out obligations under the
Companies Act. Full details of the proposal, together with an
independent report to assist shareholders in their assessment of
the proposal, will be made available in the documentation
accompanying the Notice
of Meeting.

Sir Dryden concluded by saying, "These arrangements will enable
us to resolve, in one bold step, all the structural issues that
have been confronting the Company and allow us to focus
decisively on the future. The independent Board members will be
recommending the proposed transaction to all shareholders."


DVT HOLDINGS: Reveals Merger Plans With USC
-------------------------------------------
The Boards of Utility Services Corporation Limited (USC) and DVT
Holdings Limited (DVT) have announced plans to merge the two
companies.

Features of the merged company would include:

   * A cohesive strategy in technology solutions for the
utilities market and e-business;

   * A strong management team;

   * Budgeted annual turnover in excess of $150 million;

   * Strong profitability;

   * Cash and convertible notes in excess of $40 million;

   * No bank debt;

   * Expected dividends of at least 4 cents per share per annum
(post reconstruction);

   * Approximately 125 million shares on issue (post
reconstruction);

   * Market capitalization of over $80 million based on current
pricing.

The boards of USC and DVT expect a re-rating of the merged
entities based on increased scale, underlying earnings per
share, asset backing and yield.

THE BUSINESSES OF DVT AND USC

Attachment A to this announcement provides a fuller
understanding of the operations of each company. Further
information can be obtained on the companies' web sites at:
www.dvtholdings.com.au and www.utlityservices.com.au

HOW THE MERGER WILL BE EFFECTED

USC shareholders will be offered 18.6 DVT shares in exchange for
each USC share. This translates to 67-72 cents for each USC
share based on recent DVT share prices.

BOARD AND MANAGEMENT

It is proposed that, following the merger, the Board of DVT will
consist of seven directors, being five members of the current
USC Board and two members of the current DVT Board. The present
Executive Chairman of USC, Mr Geoff Lord, will be appointed
executive chairman of the merged entity. Management of the new
merged entity will comprise the existing management team of both
groups.

THE BOARD'S INTENTIONS FOLLOWING THE MERGER

As soon as practicable following the merger, DVT intends to hold
a general meeting (which may be the Annual General Meeting) and
put to that meeting certain resolutions for consideration by
shareholders to:

   * Approve the reconstruction of capital to consolidate the
shares and options on a 1 for 18.6 basis;

   * Reconstruct the retained earnings to eliminate accumulated
losses;

   * Change the name of the company to USC Limited or such other
name as the Board may decide;

   * Ratify a final fully franked dividend of 2 cents per
reconstructed share.

The Board also intends to introduce a buyback or otherwise deal
with unmarketable shares, and consider a wider buyback program.
In addition, it is intended that an annual dividend policy will
be put in place on similar terms to that currently in place for
USC. This is anticipated to be at least 4 cents per annum per
share(post reconstruction).

WHAT THE MERGER PROPOSAL IS DEPENDENT UPON

   * Approval of DVT shareholders to the proposed merger;

   * 90% of USC shareholders accepting the offer;

Full conditions of the proposed share offer are set out in
Attachment B.

PROCESS AND TIMING

The merger will be implemented by way of an off-market takeover
bid as governed by Chapter 6 of the Corporations Act. DVT will
prepare a tons] Offer and a Bidder's Statement within the next
few weeks for lodgment with USC, the Australian Securities and
Investments Commission, and the Australian Stock Exchange.
Following the DVT shareholders' meeting, the Bidders Statement
will be dispatched to USC shareholders for consideration. The
USC Board will prepare a Target's Statement containing its
recommendation to USC shareholders.

USC option holders will be offered options in DVT on terms
equivalent to their USC options in replacement of these options.
These offers will be conditional upon the successful completion
of the proposed merger.

The takeover documentation will contain all necessary
information to allow USC shareholders to consider the merits of
the Offer, and will be made available publicly within the next
few weeks.

The formal offer process affects USC shareholders and,
accordingly, the Offer and associated documentation will be sent
to USC shareholders, but will not be dispatched to DVT
shareholders. DVT shareholders need not take any action in
regard to the formal offer process. In view of the DVT
shareholder approval condition, a notice of meeting
incorporating the required resolutions will be forwarded to DVT
shareholders shortly, and it is anticipated the DVT shareholder
meeting will be held on or about 19 July. The meeting date will
be after the Bidders Statement is lodged with USC, the
Australian Securities and Investments Commission, and the
Australian Stock Exchange, and before the takeover offer period
commences.

Should the necessary DVT Shareholders' approval with respect to
the transaction not be forthcoming, the transaction will not
proceed. In such an event, the parties have agreed that DVT will
meet USC's costs in the matter to a maximum of $300,000.
Similarly, should offer condition (b) attached, not be satisfied
or waived by DVT the parties have agreed that USC will meet
DVT's costs in the matter to a maximum of $300,000.

In the meantime shareholders are advised to DO NOTHING with
their shares in relation to the proposed merger and await
documentation as contemplated in this announcement.

ABOUT UTILITY SERVICES CORPORATION

Utility Services Corporation (USC) is listed on the Australian
Stock Exchange with market capitalization in excess of $60
million and cash reserves and convertible notes of $30 million.

USC operates through three business groups:

1. Utility Group comprising construction, inspection and
maintenance of utility power distribution assets, meter
installation, meter reading, data management and related
services.

2. e-Business comprising e-business consulting, solutions and
applications, telecommunications consulting and voice and data
network solutions and services.

3. Intellectual Property Ventures which holds venture capital-
style interests in strategic technology businesses.

USC currently has budgeted turnover of approximately $10 million
per month from its existing businesses (including associated
entities).

Attachment B

DVT OFFER CONDITIONS

The Offer is subject to these conditions:

   (a) During, or at the end of, the Offer period DVT becomes
entitled to proceed to compulsory acquisition of all USC's
issued shares;

   (b) No person having, or being entitled to have as a result
of any change in control event in respect of any USC Group
company, any right to:

     (i) Terminate or alter any contractual relations between
any person and any USC Group company; or

     (ii) Require the sale of any shares in a USC Group company;

or such right is unconditionally waived in favor of the relevant
USC Group company and DVT.
  
   (c) DVT shareholders at general meeting approving the merger.

   (d) No announcement of another superior bid or similar
transaction (or intention to do so) between the date of this
announcement and the expiration of the Offer period. This
includes:

     i) no off market takeover offer or on-market takeover for
USC's shares

     ii) no transaction to acquire or merge with USC (whether by
way of joint venture, dual listed structure or otherwise);

   (e) None of the events set out in subsections 652C(l) or (2)
of the Corporations Act 2001 occurs in relation to USC during
the period commencing at the date of this announcement and
ending at the expiration of the Offer period;

   (f) Without the prior written consent of DVT during the
period commencing at the date of this announcement and ending at
the expiration of the Offer period, USC does not other than in
the ordinary course of business;

     i) acquire or agree to acquire a substantial business,
asset, or undertaking, or is subjected to a substantial new
liability;

     ii) dispose of or agree to dispose of a substantial
business, asset or undertaking;

     iii) enter into any substantial contract in relation to the
operation or maintenance of its assets;

   (g) After the date of this announcement, USC or a subsidiary
of USC does not declare, pay or distribute any dividend, bonus
or other share of its profits or assets other than a dividend,
bonus or other distribution previously publicly announced;

   (h) After the date of this announcement, no material adverse
change occurs to, or is threatened or announced in relation to
the structure, business, financial or trading position or
condition, assets or liabilities, profitability, or prospects of
USC or any of its subsidiaries;

   (i) No government or governmental, semi-government or
judicial entity or authority or regulatory authority takes any
action which restrains or prohibits the Offer or the acquisition
of shares by DVT commences or threatens to commence proceedings
to do so or seeks to require the divestiture by DVT of shares or
assets of USC or any of its subsidiaries.

A USC Group company means USC, a subsidiary of USC, and any
associated company of USC.


OPEN TELECOMMUNICATIONS: Further Reduces Costs, Staff
-----------------------------------------------------
Open Telecommunications Limited announced on Friday that
it has taken a number of further initiatives intended to
diligently manage the Company's cost base and improve its
financial position.

These initiatives have the objective of aligning the Company's
business and cost structure with its expected revenue and
cashflow generating activities.

The Company is reducing its staff numbers by approximately 45
to 230 total staff. These staff reductions are all focused in
its OSS Business in Australia, Brazil and the United States.

Importantly, OTT retains all of the necessary resources to
develop, sell, deliver and support its key technologies to the
international telecommunications market place.

The Company will take a one-off charge of approximately $700,000
for the cost of these staff reductions.


OPEN TELECOMMUNICATIONS: Hires Powell as Executive Director
-----------------------------------------------------------
Open Telecommunications Limited (OTT) announced the appointment
of Stuart Powell as Executive Director of the Company's Board of
Directors with effect from Friday, 14 June 2002.

Stuart Powell joined the Company in 1994 and has played a major
role in the development of OT's Intelligent Network products and
services and the extension of this technology into Call Agents
for Voice over IP. Stuart is currently the General Manager of
the Company's Switching Group. He has 18 years experience in
telecommunications, including 12 years in the development of
real-time software for telecom switching systems and holds a
Bachelor of Science and Bachelor of Engineering (Hons) of
University of Sydney.


PASMINCO LIMITED: Appoints Company Secretaries
----------------------------------------------
Pasminco Limited advised advises that Mr David Lambert has
resigned as company secretary.

The Administrators have appointed Mr Laurence Mandie and Mr
Trevor Shard as company secretaries. Mr Shard will also act as
Public Officer.


WESTERN METALS: Discloses Final Directors Interest Notice
---------------------------------------------------------
Western Metals Limited disclosed this notice:

FINAL DIRECTOR'S INTEREST NOTICE

   Name of Company          Western Metals Limited

   ABN                      69 009 150 618

We (the entity) give the ASX the following information under
listing rule 3.19A.3 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         John Grahame Young

   Date of last notice      04/01/2002

   Date that director
   ceased to be director    10/06/2002

Part 1 - Director's relevant interests in securities of which
the director is the registered holder

Number & class of securities

Nil

Part 2 - Director's relevant interests in securities of which
the director is not the registered holder

   Name of holder &                  Number & class
   nature of interest                of securities

  Danae Pty Ltd                     843,742 ordinary shares    
  a company associated with                                      
  Mr Young                                                       
                                                                 
  Part 3 - Director's interests in contracts

Detail of contract              Nil

Nature of interest              -

Name of registered holder
(if issued securities)          -

No. and class of securities
to which interest relates       -


WESTERN METALS: Non-Executive Director Young Resigns
----------------------------------------------------
Western Metals Limited announced that Grahame Young has resigned
as a non-executive Director, effective from 13 June 2002, due to
increased work commitments resulting from his recent move back
to full-time lawyering at the Bar.

The Board of Western Metals Limited would like to thank Mr Young
for his contribution as a Director over the past 8 years and
wish him all the best for the future.


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


ASIACONTENT.COM: Board Approves Winding Up, Liquidation
-------------------------------------------------------
Asiacontent.com, Ltd. (Nasdaq: IASIA) announced on Friday that
its Board of Directors has unanimously voted to wind up and
liquidate the Company, subject to the approval of the holders of
a majority of its outstanding shares.  Based upon current
information, the Company anticipates that cash available for
distribution to the members will exceed the current market value
of the Company's common stock.  However, at this time, the
Company cannot calculate the exact amount that members will
receive in one or more distributions because of uncertainties of
the net value of the Company's assets and the ultimate amount of
its liabilities.

The Board has called a special meeting of members to be held on
July 10, 2002 at the Company's headquarters in Hong Kong, at
which time the members will vote to approve the voluntary wind
up and dissolution of the Company. A proxy statement describing
the wind up and dissolution was mailed on Friday to those
members who held the Company's common stock as of June 7, 2002.

In reaching its decision that the wind up and dissolution is in
the best interests of the Company and its members, the Board of
Directors considered a number of factors.  The proxy statement
describes these factors, including the Company's recent
performance, its previous unsuccessful efforts to sell
the Company or identify a strategic alliance partner and its
October 2001 spin off of the Internet Solutions operations.  The
Board and the Company's management determined that it would not
be advisable to continue the operations of the Company, which
are currently reducing the Company's liquidity on a monthly
basis.  Additionally, the Company's stock has recently traded
below the anticipated cash liquidation value of the shares.

Based on this information, the Board's business judgment of the
risks associated with continuing the business, the remote
possibility of the Company acquiring additional financing on
acceptable terms, if at all, or identifying a buyer or strategic
partner, the Board of Directors has concluded that distributing
the Company's net liquid assets to its members would return the
greatest value to the members.

Upon approval of the wind up and dissolution, the Company's
activities will be limited to winding up its affairs,
distributing its assets and operating the joint ventures until
agreements have been reached with respect to the termination of
such arrangements.  In connection with the Company's orderly
wind up, it will work closely with its joint venture partners in
an effort to accomplish a smooth transition as Asiacontent exits
these businesses.  If the members approve the wind up and
dissolution, a liquidator will be appointed to administer and
complete the wind up process, which is expected to take 24
months.  The liquidator would attempt to convert the Company's
remaining assets to cash and settle its liabilities as
expeditiously as possible.

Under British Virgin Islands law, the jurisdiction of the
Company's incorporation, the Company would file Articles of
Dissolution with the Registrar of Companies of the British
Virgin Islands following approval by the members.  The
dissolution would become effective upon the liquidator's
filing of a notice that it has completed the winding up, at
which point, a Certificate of Dissolution would be issued to the
Company.

The Company expects that its shares will be delisted from the
Nasdaq National Market in connection with the dissolution, but
the shares may be eligible for trading on the NASD's electronic
bulletin board.

In light of the Board's recommendation to wind up and dissolve
and the pending special meeting, the Board also announced that
the Company has entered into a termination and consulting
agreement with George Chan, the acting Chief Executive Officer.  
Under the terms of the agreement, Mr. Chan's employment will
terminate on the earlier of September 14, 2002 (three
months from the date of the agreement) or the date that a
liquidator assumes control of the Company in connection with the
wind-up and dissolution.  Mr. Chan will receive his base salary
through September 14, 2002, even in the event that he is
terminated sooner.  As severance, on his termination, Mr.
Chan will receive a cash payment equal to two months' base
salary.  Mr. Chan will also receive a bonus payment based on
certain performance targets established by the Company's
compensation committee.  Mr. Chan has agreed to act as a
consultant to the Company following his termination in
connection with liquidation- related matters.

Mr. Clive Ng, Chairman of the Board, stated, "On behalf of the
Board, I would like to express my appreciation for George's
valuable contributions during the past year in the restructuring
of the Company, which resulted in a significant reduction of the
Company', Inc.'s lead Immune System Enhancing drug ZADAXIN is
approved for sale in 27 countries and has been administered
without clinically significant side effects to patients for over
10 years.  ZADAXIN is currently in phase 3 hepatitis C clinical
trials in the U.S., a phase 3 hepatitis B clinical trial in
Japan, and a phase 2-3 cancer program in Europe."

SciClone's strategic goal is to become the principal worldwide
provider of Immune System Enhancers as monotherapies and as
critical components of combination drug therapies for infectious
diseases and cancer.  Other drugs in SciClone's pipeline are
intended to protect and expand this franchise and to address the
protein-based disorder that causes cystic fibrosis.


CAVES BOOKS: Winding Up Sought by Pearson Education
---------------------------------------------------
Pearson Education North Asia Limited is seeking the winding up
of Caves Books (Hong Kong) Company Limited.  The petition was
filed on April 8, 2002, and will be heard July 10, 2002 at 9:30
am.

Pearson Education North Asia Limited, formerly known as Pearson
Education China Limited, holds its registered office at 18th
Floor, Cornwall House, Taikoo Place, 979 King's Road, Quarry
Bay, Hong Kong.


CHINADOTCOM: Unit Wins Bid to Develop England & Wales' Sites
------------------------------------------------------------
Chinadotcom corporation -- www.corp.china.com -- announced on
Thursday that its business unit, Ion Global, has been selected
as preferred supplier by the Land Registry for England and Wales
to assist with the development of its websites.

On the back of Ion Global's first UK government win in November
2001, this engagement further showcases the strength of Ion
Global's all-around capabilities.  This project will leverage
Ion Global's expertise in strategy, user experience, technology
and marketing, to develop a variety of websites to support the
launch of Land Registry's ten-year strategic plan and the
official consultation on an electronic conveyancing system.  
This will lay the foundation for the development of an online
strategy to improve and refine the services and tools available
on these websites.

The key factors in securing this appointment, which came after
winning a strongly contested bid, was Ion Global's combination
of strategy, user experience and marketing skills centered in
the UK supported by robust technical capabilities and
competitive cost structure from its Australia and China offices.  
The Land Registry is the second successive UK Government win
and another example of how Ion Global's 'Asian led footprint
with global reach' strategy works in practice.

The aim of the Land Registry's e-conveyancing program is to
develop a fully automated e-conveyancing system for England and
Wales.  It represents a historic change in a fundamental pillar
of the UK economy, land ownership.

Tim Moore, Managing Director of Ion Global UK, said, "We are
delighted the talent we have assembled is proving the right mix
to invigorate UK e-government initiatives." Moore added, "We
look forward to further leveraging our unique asset base to help
our clients build more productive relationships with their
customers."

"We are pleased to see another UK Government project win by our
Ion Global UK office," said Dr. Raymond Ch'ien, Executive
Chairman of chinadotcom corporation.  "This project further
confirms the value we are realizing from the synergies built
within the group.  Our UK office understands the needs and
local requirements of the client while our China and Australia
offices provide the technical support and back-end service in a
most cost-effective way." Dr Chi'en added, "It demonstrates our
commitment in creating long-term shareholder value by offering
the best technology solutions to a widening client base."

HM Land Registry is a UK Government Department, Executive Agency
and Trading Fund responsible to the Lord Chancellor that keeps
and maintains the Land Register of England and Wales.  On behalf
of the Crown, the Land Registry guarantees title to registered
estates and interests in land in England and Wales.  Established
in 1862, it is required by statute to be self-financing
and makes no call on public funds. The Land Registry has 24
district land registries in England and Wales, each providing
land registration services for different counties and unitary
authorities in the UK.

TCR-AP reported on May 16 that Chinadotcom's first-quarter net
loss had narrowed 71 percent to US$8 million as it had reaped
the benefits of cost cuts in a harsh operating environment.
The Company, which last year shed revenue streams along with
costs, reported turnover for the quarter of US$16.42 million,
compared with US$29 million a year earlier on a proforma basis.
Its year-earlier net loss was US$27.9 million.  

According to Wrights Investors Service, the company has paid no
dividends during the last 12 months and has not paid any
dividends during the previous 2 fiscal years.  It has also
reported losses during the previous 12 months.


CIL HOLDINGS: Requests Trading Suspension
-----------------------------------------
CIL Holdings Limited requested that its shares trading be
suspended with effect from 9:30 a.m. Monday 17 June 2002,  
pending the release of an announcement of the Company in
relation to the result of a winding up petition.


DAILYWIN GROUP: SGM to be Held on July 3
----------------------------------------
Dailywin Group Limited, in reference to the joint announcements
issued by the Company, Wang On Group Limited and Town Health
International Holdings Company Limited dated 22nd May, 2002 and
12th June, 2002, announced that a circular containing, among
other things, further details of the Acquisition Agreement and
the application for the Whitewash Waiver, a letter from the
independent non-executive Director, a letter of advice from Kim
Eng Capital (Hong Kong) Limited, the independent financial
adviser to the independent non-executive Director, valuation
report on properties and property interests of the Group and
notice of the SGM was expected to be dispatched to the
shareholders of the Company on 17th June, 2002.

Unaudited adjusted consolidated net tangible liabilities of the
Enlarged Group

The Circular contains a pro forma statement of the unaudited
adjusted consolidated net tangible liabilities of the Enlarged
Group, based on the audited consolidated financial statements of
the Group as at 31st March, 2001, the unaudited results of the
Group for the six months ended 30th September, 2001, the audited
combined balance sheet of Reliance City as at 31st March, 2002
and the audited balance sheet of Plenty Time as at 31st March,
2002 and adjusted to reflect the effect of the completion of the
Acquisition Agreement as follows:

    Scenario I     Scenario II
Assuming both the  
Wang On Disposal     Assuming only
and the Town Health  the Wang On
Disposal proceed    Disposal proceeds
   HK$'000     HK$'000
    
Audited consolidated net liabilities of the Group   
as at 31st March, 2001  (13,270)  (13,270)
    
Unaudited published consolidated loss attributable   
  to shareholders of the Group for the six months     
  ended 30th September, 2001 (15,479)  (15,479)
    
Less: Intangible assets as at
30th September, 2001  (35)   (35)
    
Unaudited consolidated net tangible     
  liabilities of Group as at
30th September, 2001 (28,784)  (28,784)
    
Net proceeds from the placing of new Shares as    
  announced by the Company on 3rd April, 2002   
(Shares were allotted on 15th April, 2002)
2,300   2,300
    
Net proceeds from the placing of new Shares as        
  announced by the Company on 29th April, 2002
(Shares were allotted on 13th May, 2002)
2,900   2,900

Less: Deficit on revaluation of the Group's properties
     (3,256)  (3,256)
        
Unaudited consolidated net tangible liabilities of     
   the Group after the placings in  April 2002    
   and May 2002   (26,840)  (26,840)
    
Issue of Consideration Shares 136,000  103,089
    
Less: Estimated goodwill for the acquisition           
of Reliance City and Plenty Time
(Note)   (189,271)  (143,750)
    
Less: Intangible assets of the WYT Group (233) (176)
    
Unaudited pro forma adjusted consolidated    
  net tangible liabilities immediately following   
  the completion of the Acquisition Agreement
(80,344)  (67,677)
    
Unaudited consolidated net tangible liabilities   
per Share immediately prior to the completion of Acquisition
Agreement, based on 189,919,864 Shares in issue as at
  the Latest Practicable Date (HK$14.1 cents) (HK$14.1 cents)
    
Unaudited pro forma adjusted consolidated
  net tangible liabilities per Share immediately following the
  completion of  Acquisition Agreement, based on 13,789,919,864
  Shares in issue for Scenario I and 10,498,808,530 Shares in    
  issue for Scenario II  (HK$0.58 cents) (HK$0.64 cents)
   
Note: Subject to adjustment on the costs incurred in the
Acquisition and the relevant pre-completion profit of the WYT
Group.

SGM

The SGM will be held on Wednesday, 3rd July, 2002 at 10:15 a.m.
at 10th Floor, Hutchison House, 10 Harcourt Road, Hong Kong.

Further announcement will be made in relation to the voting
results of the SGM.

Since the Acquisition is subject to the fulfillment of a number
of conditions, the Acquisition may or may not complete.
Shareholders of and potential investors in the Company are
advised to exercise caution when dealing in the shares of the
Company.


DRAGON CREATIVE: Faces Winding Up Petition
------------------------------------------
The petition to wind up Dragon Creative International Limited is
scheduled for hearing before the High Court of Hong Kong on July
31, 2002 at 9:30 am.  

The petition was filed with the court on April 19, 2002 by 19th
day of April, 2002 present to the Court by Ng Tak Wai of Flat B,
22nd Floor, Block 2, Hong Wah Mansion, 18 Nam Hong Street,
Shaukeiwan, Hong Kong.  


JOINTLINK HOLDINGS: Winding Up Petition to be Heard
----------------------------------------------------
The petition to wind up Jointlink Holdings Limited is scheduled
for hearing before the High Court of Hong Kong on June 19, 2002
at 9:30 am.  The petition was filed with the court on March 1,
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.


KINGFORD INVESTMENT: Petition to Wind Up Pending
------------------------------------------------
The petition to wind up Kingford Investment Company, Limited is
set for hearing before the High Court of Hong Kong on July 17,
2002 at 9:30 am.  

The petition was filed with the court on April 12, 2002 by
Unique Profit Limited whose registered office is situated at
Room 301, Far East Consortium Building, 121 Des Voeux Road
Central, Hong Kong.


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


DUTA PERTIWI: Incurs Q102 Net Profit of Rp53.403B
-------------------------------------------------
PT Duta Pertiwi posted its first quarter results this year
versus the previous year:

   Sales - Rp294.737 billion vs. Rp225.563 billion
   Gross profit - Rp151.123 billion vs. Rp148.373 billion
   Operating profit - Rp67.087 billion vs. Rp108.199 billion
   Net profit - Rp53.403 billion vs. Rp40.469 billion

The Company said it has cash and cash equivalent of Rp479.059
billion at end-March compared to Rp296.02 billion the previous
year. It also had total debt of Rp347.481 billion on the first
quarter this year against Rp579.018 billion a year earlier.

Pefindo downgraded its bond and corporate credit ratings of PT
Duta Pertiwi Tbk. (DUTI) to `idCCC' from `idBB-', the TCR - Asia
Pacific reported April 23. This action reflects the Company's
high probability of not being able to make payment of its
maturing bonds of Rp447.65 billion on April 17, 2002 and Rp345.5
billion on August 4, 2001.


HOLDIKO PERKASA: Submits Appeal on Indomobil Sale KPPU Ruling
-------------------------------------------------------------
PT Holdiko Perkasa Tbk submitted on Monday, 17 June, 2002, its
appeal to the District Court in response to the ruling made by
Komisi Pengawas Persaingan Usaha/The Committee on Control of
Business Competition (KPPU) regarding the sale of shares and
convertible bonds of PT Indomobil Sukses International Tbk.

Although Holdiko appreciates KPPU's role and initiative in
promoting a healthy and competitive business environment, it is
however concerned that KPPU's considerations for the ruling did
not fully reflect the facts. Moreover, Holdiko as the accused or
defendant were also not given the opportunity to defend itself.

Subsequent to the summoning and examination of Holdiko and other
parties related to the Indomobil transaction which began on 7
February 2002, KPPU issued a Decision on 30 May 2002,
concluding:

   * That conspiracy had occurred creating unfair business
competition;

   * That Holdiko had violated Article 22 Law No. 5/1999 by not
rejecting the participation of the three bidders despite
allegedly knowing that they were unqualified and/or violating
the procedures as set forth in the Procedures for the Submission
of Bids;

   * That Holdiko was penalized with a fine of Rp5.000.000.000,-
and a delayed payment penalty which must be paid regardless of
the fact that Holdiko will submit its objections to the District
Court.

In addition to filing the appeal on Monday, 17 June 2002, Mulya
Lubis and Lelyana Santosa from our legal counsel Lubis, Santosa
& Maulana Law Offices will issue a statement in the local media
(Bahasa Indonesia and English newspapers) to state the
following:

   * "That Holdiko has absolutely not violated any applicable
procedures."

   * "All ex-Salim Group asset sales conducted by Holdiko were
carried out through a series of talks, discussions, instructions
and even approvals from IBRA who is "notabene" (in fact) the
shareholders' proxy of PT Holdiko Perkasa. Each and every
decision made by Holdiko has obtained the consent of IBRA and in
certain cases Holdiko only acted upon decisions made by IBRA."

   * "What appears to be missing in the process of KPPU's
investigation is the right of defense by the defendants who have
now become the convicted, as well as fairness in the examination
process. It is necessary to note that in every case, criminal or
civil, the accused or plaintiff always has the right to defend
himself / herself. This is how balance and fairness is
guaranteed."

   * "KPPU not only performed the role of a judge, but also as a
prosecutor. KPPU's dual role as prosecutor and judge has caused
the due process of law to become meaningless and has created an
aspect of conflict of interest which has defeated the
credibility of KPPU's overall investigative process."

   * "KPPU, as a body that was "recently" founded, is surely not
yet equipped with sufficient legal instruments. Holdiko
understands this, but also hopes that while KPPU provides itself
with better legal instruments, let there be no parties that are
unfairly investigated and penalized. Such process will not only
create an unfair business climate, but will also negate the
meaning of justice itself."

For more information about its appeal, please refer to the press
release at http://www.holdiko.com/prdetails.php?id=77&lang=en.


TIRTAMAS MAJUTAMA: Holding Co to Issue Rp4.6T Bonds on June 24
--------------------------------------------------------------
The new Tirtamas holding company, formed as part of the
restructuring of PT Tirtamas Majutama's debt to the Indonesian
Bank Restructuring Agency (IBRA)), will issue Rp4.6 trillion in
exchangeable bonds on June 24, Bisnis Indonesia reports, citing
IBRA's Asset Management Credit (AMC) division Head Mohammad
Syahrial.

Under the restructuring scheme, Tirtamas Majutama transferred
its interest in four companies, including Tuban Petrochemical
project, to the new holding company and in return, IBRA
transferred loans owed to IBRA by the Tirtamas Group to the
holding company.

Syahrial said given that the success of the debt restructuring
will rely on the cashflow from the Tuban project, IBRA is still
awaiting a written commitment from Tuban's creditors that they
will continue with the petrochemical project.

"They (creditors) said there was a technical issue which must be
resolved. We hope that the written commitment can be submitted
to us by June 24," he said, adding that Tirtamas' original debt
was Rp5.37 trillion, of which Rp770 billion is being reviewed by
IBRA's asset management investment division.

The debt restructuring provides that the new holding company
issue 10-year bonds to IBRA, which owns a 70 percent stake in
the holding company and that the major part of the bond debt
will have to be repaid by the ninth and tenth years.


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


ANDERSEN WORLDWIDE: KPMG Consulting to Buy Japanese Unit
--------------------------------------------------------
U.S. consulting firm KPMG Consulting Inc will buy the Japanese
unit of Andersen Worldwide's consulting operation for $19.7
million for integration with its own Japanese subsidiary.

The integration of Tokyo-based Asahi Arthur Andersen Ltd and
KPMG Consulting Co will likely be done this summer.

Andersen is attempting to pare down operations and raise cash to
offset steady defections of clients and overseas affiliates and
to help resolve multibillion-dollar lawsuits over its role as
Enron Corp.'s auditor.


HOKKAIDO INTERNATIONAL: Rakuten Chief Considers Air Do Rescue
-------------------------------------------------------------
Hiroshi Mikitani, president of shopping mall web site operator
Rakuten Inc., is considering providing financial and other
support to troubled Hokkaido International Airlines Co., known
as Air Do, the Nihon Keizai Shimbun reports.

Mikitani proposes to inject funds into the airline through his
own asset management company, which manages the profits from
Rakuten's initial public offering. He also plans to sell Air Do
tickets on his company's virtual shopping mall.

Mikitani's rescue efforts, however, are not enough. Air Do still
has to drastically restructure its operations because it has
been losing money under the current structure. It posted 300
million yen in unconsolidated liabilities exceeding assets in
fiscal 2001 with its accumulated loss totaling about 7.5 billion
yen.


MIZUHO HOLDINGS: Plans to Merge Three Computer Systems Units
------------------------------------------------------------
Mizuho Financial Group intends to merge its three systems
development subsidiaries by next spring to bolster such
operations, the Nihon Keizai Shimbun reported.

The merger is aimed at preventing any recurrence of the ATM
problems that occurred in April, sources familiar with the
matter said.

Slated for the merger are the systems development division of
Fuji Research Institute Corp., DKB Information Systems Inc. and
IBJ Systems Ltd. The units used to belong to the three former
member banks of the Mizuho group - Fuji Bank, Dai-Ichi Kangyo
Bank and Industrial Bank of Japan.


NKK CORP.: Plans to Cut Sales Staff in 2005
-------------------------------------------
NKK Corp. plans to cut its sales staff by the end of fiscal 2005
to eliminate overlap when it merges with Kawasaki Steel Corp in
September, Dow Jones Newswires reports.

Both steelmakers are considering a cut of 30 percent in their
combined sales staff of about 700. They will assign sales staff
to specific customers in preparation for the merger. Excess
sales personnel will be transferred to other divisions or
affiliates.

In May, NKK Corp.'s earnings reportedly fell deeply on hefty
losses from the bankruptcy of its U.S. subsidiary National Steel
Corp. and its undervalued securities holdings. It was also
battered by the poor performance of its steel business.

The Chiyoda-ku, Tokyo-based steel maker lost 67.59 billion yen
($544 million), compared with a profit of 96.99 billion yen a
year ago. Sales declined 7.5 percent 1.654 trillion yen ($13
billion) from 1.787 trillion yen.


SNOW BRAND: Seeks Voluntary Retirement of 1,000 Employees
---------------------------------------------------------
Snow Brand Milk Products Co. will offer voluntary retirement to
1,000 workers in August as part of its rehabilitation program.

The scandal-tainted dairy product maker will accept applications
between August 8 and 16 for the September 30 retirement, with
extra retirement allowances of between one and 10 months'
salaries.

The move is in line with efforts by the Shinjuku-ku, Tokyo-based
Company to reduce the number of employees ahead of planned
reform steps, among which is a milk joint venture with National
Federation of Agricultural Cooperative Associations (Zen-noh),
National Federation of Dairy Cooperative Associations
(Zenrakuren) and Norinchukin Bank.

The early retirements will cause a special loss of 4.2 billion
yen ($33.6 million).

Snow Brand Milk is trying to get its earnings back on a recovery
track after posting huge losses of 71.74 billion yen last
business year as a result of a scandal from its food unit Snow
Brand Food Co.


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


HYNIX SEMICON: Creditors Sell Most Shares
-----------------------------------------
Hynix Semiconductor Inc.'s seven South Korean creditor banks
have sold about 89 percent of their Hynix shares in the stock
market to further reduce their exposure to the struggling
chipmaker and recoup their investment, Dow Jones Newswires
reported.

Kookmin Bank, Shinhan Bank, Hana Bank, KorAm Bank, Pusan Bank
and Industrial Bank of Korea and Seoulbank had already written
off much of their Hynix debt exposure. The banks had held a
total of 722 million Hynix shares, or a 13.8 percent collective
stake after the conversion.

Kookmin Bank sold 169.77 million Hynix shares they held for
848.88 billion won. It still owns 76.5 million shares after the
sale. Shinhan Bank sold 176.94 million shares for 883.69 billion
won. The bank held 207,181 shares after the sale.

Hana Bank sold all of its 79.95 million Hynix shares at around
399.75 billion won in the market, while KorAm Bank sold all of
its 78.28 million Hynix shares for 391.4 billion won.

Seoulbank also sold its entire 100.3 million shares for 501.49
billion won and Pusan Bank its 14.85 million shares for 74.26
billion won. Industrial Bank of Korea sold its entire 25 million
shares.

Earlier, the creditors said they have yet to resume talks to
sell the Korean chipmaker's assets to its U.S. rival, Micron
Technology Inc. The Hynix-Micron deal fell through in late April
after Hynix's Board vetoed it.


KOREA LIFE: Posts KRW879.4B Profit After Three Years
----------------------------------------------------
Korea Life Insurance Co., whose sale has been delayed by the
government, has returned to profitability for the first time in
three years in the 12 months to March 31.

According to a Bloomberg report, Korea Life posted a bigger-
than-expected annual profit of 879.4 billion won ($713 million)
in 2001, a turnaround from a loss of 299 billion won a year
earlier. The insurer last posted a profit in March 1998.

The nation's third-largest life insurer benefited from stock
investments as the benchmark Kospi index gained three-quarters
in the year and shrinking of a number of unprofitable affiliates
to two from 21 in November 1999, and the number of insurance
agents to 36,000 from 50,000.

Korea Life's performance may intensify pressure for a group of
investors that includes Hanwha Group, Japan's Orix Life
Insurance Co. and Australia's Macquarie Life Ltd. to increase
its offer price. The government delayed its decision to sell the
insurer because it wants to re-evaluate the company's finances.

Korea Deposit Insurance Corp is Korea Life's largest
shareholder. The government has also injected about 3.5 trillion
won in public funds in the Company.


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


ACTACORP HOLDINGS: MoU with Magnani Construction Lapses
-------------------------------------------------------
Actacorp Holdings Berhad, further to its announcement dated 28th
February 2002 and 5th March 2002, announced that the Memorandum
of Agreement entered into between the Company and Magnani
Construction Sdn Bhd has expired.

The Company is in continued negotiations with its creditor Banks
in respect to its debt restructuring, details of which will be
announced in due course.


ADVANCE SYNERGY: Stockholders Approve Proposals at EGM
------------------------------------------------------
Southern Investment Bank Berhad, on behalf of the Board of
Directors of Advance Synergy Berhad (ASB), announced that the
stockholders of ASB have approved the Proposals during an
Extraordinary General Meeting held on Wednesday, 12 June 2002.

The Proposals are comprised of:

   * a Proposed disposal of 49% equity interest in ACE Synergy
Insurance Berhad comprising 49,000,000 ordinary shares of RM1.00
each to United Merchant Group Berhad for a total cash
consideration of RM71,000,000;

   * a Proposed acquisition by Worldwide Matrix Sdn Bhd, a
wholly-owned subsidiary of Advance Synergy Berhad, of a 70%
equity interest in Unified Communications Sdn Bhd comprising
700,140 ordinary shares of RM1.00 each for a total cash
consideration of RM54,000,000 from Wong Tze Leng; and

   * a Proposed acquisition by Worldwide Matrix Sdn Bhd, a
wholly-owned subsidiary of Advance Synergy Berhad, of a 70%
equity interest in Unified Communications Pte Ltd comprising
700,000 ordinary shares of SGD1.00 each for a total cash
consideration of RM45,000,000 from Wong Tze Leng.

Profile

Originally, the Company (ASB) was engaged in cultivating,
processing and marketing rubber and oil palm. In February 1986,
it sold its entire plantation land and plantation-related assets
and diversified into investment holding, property development
and property rental. Later it branched into sawmilling and sawn
timber trading.

In 2000, the Group left the banking and financial services
sector with the divestment of United Merchant Finance Berhad and
Perdana Merchant Bankers Berhad. Additional restructuring
involving the disposal of an interest in Gulf Petroleum Company
served to further streamline the Group.

In addition, in 2000, the Company has implemented a
restructuring exercise involving bank borrowings of the Company
and a few of its subsidiaries by issuance of loan stocks to
several financial institutions and warrants to the stockholders
of the Company.


BIMB HOLDINGS: Gets SC's Nod on Proposals
-----------------------------------------
On behalf of BIMB Holdings Berhad, Arab-Malaysian Merchant Bank
Berhad announced that the Securities Commission has approved the
Company's application on the Proposals as proposed.

The Proposals are:

   * a Proposed Revision in the Utilization of Proceeds Raised
from the Renounceable Rights Issue of 373,534,000 New Ordinary
Shares of Rm1.00 Each at an Issue Price of Rm2.60 Per Share on
the Basis of Two (2) New Ordinary Shares for Every One (1)
Existing Ordinary Share Held After the Exchange of Shares
(Rights Issue); and

   * a Proposed Extension of the Duration of the Company's
Existing Employees' Share Option Scheme (ESOS)

On May 10, Arab-Malaysian announced that the Company is
proposing to revise the utilization of the remaining proceeds
raised from the Rights Issue exercise which was implemented in
1997 amounting to approximately RM239.29 million and extend the
duration of the Company's existing ESOS which is due to expire
on 21 August 2002 for another five (5) years until 21 August
2007.

Presently, the Company is in the midst of finalizing the draft
Circular for the Proposals which is to be dispatched to the
shareholders in due course.


CSM CORPORATION: Posts Defaulted Payment Status Update
------------------------------------------------------
CSM Corporation Berhad, pursuant to the KLSE Practice Note No.
1/2001, posted an update on the status of default in interest
payments and principal loan repayments of the CSM Group bank
borrowings as at 31 May 2002. Details are found at
http://www.bankrupt.com/misc/TCRAP_CSM0618.doc

The Extraordinary General Meeting to seek shareholders' approval
on the proposed settlement & termination agreement with Saujana
Pertiwi Sdn. Bhd. (SPSB) whereby SPSB shall pay in full the
principal and outstanding interest on the overdraft facility of
RM45 million will be convened by CSM on 26 June 2002. There has
been no further changes to the status of the above.


HIAP AIK: Chairman Bin Sulaiman Resigns From Board
--------------------------------------------------
Hiap Aik Construction Berhad posted this notice:

Date of change : 11/03/2002  
Type of change : Resignation Boardroom
Designation    : Chairman
Directorate    : Executive
Name      : DATO' MOHAMED BIN SULAIMAN
Age      : 64
Nationality    : MALAYSIAN
Qualifications : AUSTRALIAN SOCIETY OF CERTIFIED PRACTICING
     ACCOUNTANTS

Working experience and occupation:

He joined Majlis Amanah Rakyat (MAR) as Senior Auditor
Accountant.

He later joined Dunlop Estates Berhad and became the Finance
Director.

He served Dunlop Estates Berhad for 14 years before leaving to
join Sime Darby Berhad as Finance Director to the Plantation
Division.

In 1985, he was appointed as Managing Director of Sime UEP.

In 1990, he was appointed as Managing Director Consolidated
Plantations Berhad.

He later retired from Sime Darby Berhad in 1993.

Directorship of public companies (if any) : Dewina Berhad
Batu Arang Bricks & Tiles Berhad
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : 7,750,376
   
On May 8, TCR-AP reported that Hiap Aik Berhad is currently in
the midst of formulating a restructuring scheme to regularize
its financial condition (Proposed Restructuring Scheme). The
details of the Proposed Restructuring Scheme will be announced
once it is finalized.


KEMAYAN CORPORATION: Extends Acquisition Agreement Expiry Date
--------------------------------------------------------------
The Board of Directors of Kemayan Corporation, in reference to
the announcement dated 26 November 2001 pertaining to the
extension of cut off date on the proposed disposal of Kayman
Integrated Sdn Bhd (KISB) to Eastern Atlas Berhad (Acquisition
Agreement), announced that the Company, Capital Galore Sdn Bhd
and Eastern Atlas Berhad had agreed to extend the Acquisition
Agreement, which expired on 21 May 2002 to 15 July 2002.


PSC INDUSTRIES: Extends Proposed Disposal Completion Date
---------------------------------------------------------
The Board of Directors of PSC Industries Berhad announced that
the Company and its wholly-owned subsidiary, Penang Shipbuilding
& Construction Sdn Bhd had on 12 June 2002 entered into a
Supplemental Agreement pursuant to the Proposed Disposal of PSC
Asset Holdings Sdn Bhd.

Under the Supplemental Agreement, all parties have agreed to
extend the completion date from 12 June 2002 until the expiry of
three (3) months from the date of the Supplemental Agreement or
fourteen (14) days from the date the Share Sale Agreement
becomes unconditional, whichever is earlier.


TIMBERMASTER INDUSTRIES: Units' Workout Proposals Approved
----------------------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed) announced that a workout proposal (the Proposal) for
each of Timbermaster (Malaysia) Sdn Bhd (Special Administrators
Appointed) and Perkayuan T.M. (Malaysia) Sdn Bhd (Special
Administrators Appointed) (the Companies), both wholly-owned
subsidiaries of Timbermaster Industries, was approved in
accordance with the Pengurusan Danaharta Nasional Berhad Act
1998 (the Act) on 5 June 2002.

Under section 46(4) of the Act, the Proposal binds the
Companies, all members and creditors of the Companies and any
other persons affected by the Proposal.


TRANS CAPITAL: Explains Audited, Unaudited Results Variance
-----------------------------------------------------------
Trans Capital Holding Berhad, in reply to the Query of the Kuala
Lumpur Stock Exchange as per the KLSE's letter dated 10 June
2002, in relation to the RM56,740,662 variance between the
Company's unaudited results after tax of RM45,025,000 announced
on 28 February 2002 and the Company's audited results after tax
of RM101,765,662 as per its Annual Audited Accounts for 2001,
explained the difference between the loss after taxation for the
announcement and the loss after taxation as per the audited
accounts are mainly as follows:

1. Intangible assets written-off by Trans Capital Sdn Bhd (TCSB)
which amounted to RM12,207,142.

2. Doubtful debts provided by TCSB and Quantum Factors (QF)
which amounted to RM21,662,060 and RM73,999 respectively.

3. Provision for diminution in value made by TCSB which amounted
to RM11,993,013.

RM
Castlewood Systems  9,591,120
Optics Storage   2,001,053
Repeater Tech   400,840
11,993,013

4. Fixed assets written-off by Trans Capital Electronics Sdn Bhd
(TCE) which amounted to RM10,143,692.

5. Surcharge and quit rent accrued by Trans Capital Sarawak Sdn
Bhd which amounted to RM449,214.


UNITED CHEMICAL: Amends Defaulted Payment Details
-------------------------------------------------
United Chemical Industries Berhad, in reference to the earlier
Default in Payment announcement, informed that United Overseas
Bank Malaysia Berhad and ACF-Affin Finance & BI Credit & Leasing
should be omitted from the list of banks which the Company had
defaulted in payment. To see a copy of the amended table, go to  
http://www.bankrupt.com/misc/TCRAP_UCI0618.xls


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


BAYAN TELECOM: Increase in Demand for Caller ID Up 24%
------------------------------------------------------
Lopez Group's Bayan Telecommunications, Inc. (BayanTel), the
first telephone company to introduce caller ID in 1997, has
reported an 18 to 24-percent increase in the sale of its caller
ID units as people have become security conscious.

According to Jed Sevilla, general manager of BayanTel in Davao
and General Santos City, there was a significant demand for the
feature in BayanTel's franchise areas in Metro Manila and
Southern Mindanao when news broke out that the Company's caller
ID led to the arrest of three suspects in the bombings in
General Santos City.

Caller ID allows subscribers to identify the number and name of
callers, and stores this information in the phone unit's memory
bank.

Earlier this month, BayanTel tapped Credit Lyonnais Securities
Europe as its new financial adviser to assist it in the
restructuring of about US$477 million in debts, of which $277
million is owed to banks and $200 million to bondholders. About
5 percent, or $26 million of the bank loans and all the bonds
are unsecured.


BENPRES HOLDINGS: In Talks to Divest 60% Stake in Maynilad
----------------------------------------------------------
Benpres Holdings Corp. is in talks with French water firm Suez
Lyonnaise des Eaux for the sale of its 60 percent stake in
Maynilad Water Services Inc., Philippine Daily Inquirer reports.

Suez Lyonnaise already owns 40 percent of Maynilad.

According to Benpres Chief Finance Officer, Angel Ong, the buy-
in would be done through the Philippine Depository Receipts
(PDRs) structure.

Benpres recently engaged Credit Lyonnais Securities Asia (CLSA)
to identify and attract new investors in Maynilad, as the
company could not raise the counterpart equity needed to secure
350 million dollars in financing.

Creditors require Maynilad to raise 45 million dollars in fresh
equity before they will provide the company with fresh loans.

Earlier, the Troubled Company Reporter Asia Pacific reported  
Benpres Holdings is rescheduling total debt of US$596.9 million
(30.9 billion pesos) as part of its liability management plan.

According to Raymond Davis, managing director of advisors Credit
Suisse First Boston, Benpres plans to reduce liabilities by
reducing debt levels, increasing cash through asset sales and
possibly tapping equity markets, and cutting costs by suspending
investments.

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

Benpres' direct liabilities total US$189.1 million, with
indirect debt at US$407.8 million.

DebtTraders reports that Benpres Holdings's 7.875% bonds due on
2002 (BENP02PHS1) are trading between 58 and 62. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BENP02PHS1,
for more real-time bond pricing information.


MONDRAGON PHILIPPINES: 2001 Losses Widen to PhP390.4M
-----------------------------------------------------
Mondragon International Philippines Inc. reported a widened net
loss of 390.4 million pesos for the period ending 31 December
2001. The figure is against a net loss of 277.7 million pesos in
the same period last year.

The Makati-based cosmetics and clothing manufacturer only had
revenues of 42.04 million pesos in 2001, compared to 23.78
million pesos a year ago.

Results are based on Philippine accounting standards and are
audited.


NATIONAL BANK: Moody's Ups Debt Ratings to Ba1
----------------------------------------------
Moody's Investors Service said Friday it has upgraded the long-
term foreign currency bonds of Philippine National Bank (PNB) to
Ba1 from Ba3, the long-term foreign currency deposits to Ba2
from Ba3 and the rating for long-term domestic currency deposits
was to Baa3 from Ba3.

The upgrade of the debt and deposit ratings stems from Moody's
expectation that a greater and more predictable degree of
regulatory support is now available to PNB as a result of the
government's increased stake in the bank.

The upgrade of the domestic currency deposits also reflects the
evolving methodology that Moody's is adopting for such
obligation, which places increasing analytical emphasis on local
currency risk dynamics.

The government has recently increased its stake in PNB,
principally by means of converting liquidity support the bank
received in the year 2000 into equity.

The government now has a stake of approximately 45 percent,
which is equal to that of the previous majority shareholder.

PNB has entered into a government rehabilitation program. New
senior management is being installed with a strong reform track
record. However, PNB's stand-alone financial condition is very
weak, and the magnitude of structural change required at the
bank is large.

PNB, the country's six biggest bank, earlier said it plans to
sell about 4 billion pesos worth of acquired assets and a non-
allied subsidiary as part of its plan of operations for the
year.

The bank has 12 subsidiaries, including PNB Capital and
Investment Corp., National Service Corp., PNB International
Investments Corp., and PNB Securities Inc.

PNB earlier posted a consolidated audited net loss of 4.13
billion in 2001 against a 5.97 billion pesos loss in 2000. It
owes Philippine Deposit Insurance Companies (PDIC) and the
Bangko Sentral ng Pilipinas (BSP) a total of 23.9 billion pesos.

PNB had assets of 192 billion pesos (approximately $4 billion)
at year-end 2000.


NATIONAL POWER: Setting Mandate for $750M Borrowing
---------------------------------------------------
The Philippine government will command a planned borrowing of up
to $750 million to refinance National Power Corp.'s debts next
week.

The government has received 14 proposals regarding the Napocor
debt refinancing from financial institutions.

"We will be shortlisting their proposals and make a selection
next week," a senior finance department official said. He
declined to name the institutions involved.

The Power Sector Assets and Liabilities Management Corp.
(PSALM), Napocor's privatization arm, had previously said it
plans to float bonds in the third quarter to raise the $750
million.

Aside from paying Napocor's debts, the proceeds of the bond will
be used to finance the power firm's operations. The planned bond
issue would be partly guaranteed by the Asian Development Bank,
with the government providing a corresponding counter-guarantee.

Napocor is estimated to have a total financing requirement of
$1.1 billion for this year.


PHILIPPINE AIRLINES: DoF Still Studying Government Takeover
-----------------------------------------------------------
The Department of Finance (DoF) is now looking into other
companies' policies on government ownership of airline
companies, a result of President Gloria Macapagal-Arroyo's call
to study the possibility of a government takeover of Philippine
Airlines (PAL).

According to Finance Secretary Jose Isidro N. Camacho, he is now
gathering information on the experiences of other countries like
Malaysia and Thailand with their respective airline industries.

PAL had strongly opposed pursuing the proposed open-skies policy
since it will not be allowed to pick up passengers in a second
city like Hawaii for transit to a third US city, while US
carriers can do the same on their way to the Philippines.

PAL President and Chief Operating Officer Avelino L. Zapanta
earlier said he expects the airline to be in the black this year
with the improvement in air traffic.

Estimated losses for the flag carrier for the fiscal year ending
March stood at 1.5 billion pesos.


PHILIPPINE AIRLINES: Gokongwei Eyeing Flag Carrier
--------------------------------------------------
Philippine tycoon John Gokongwei is widely expected to train his
sights on Philippine Airlines Inc. as his next takeover target,
Philippine Daily Inquirer reports.

The Taipan, which currently owns Cebu Air Inc., the owner and
operator of the country's second flag carrier, Cebu Pacific, is
seriously studying making an offer to buy out Lucio Tan's
controlling interest in the heavily-indebted flag carrier.

The move comes after his bid to acquire First Pacific's 24.4
percent stake in Philippine Long Distance Telephone Co. and 50.4
percent in Bonifacio Land Corp. reached a stalemate.

Gokongwei's son and heir, JG Summit Holdings Inc. President,
Lance Gokongwei, brushed off the news as pure speculation.


PHILIPPINE LONG: NTT Reviewing Right of First Refusal
-----------------------------------------------------
Japan's Nippon Telegraph and Telephone Co is studying whether to
exercise its right of first refusal if First Pacific Co Ltd
sells its 24.4 percent stake in Philippine Long Distance
Telephone Co, the Malaya newspaper reported, citing unidentified
sources.

One of the sources said NTT is studying whether to support a
PLDT management buyout of First Pacific or allow Gokongwei
group's takeover of PLDT.


PHILIPPINE LONG: Pangilinan, Cojuangco to Meet NTT Officials
------------------------------------------------------------
Philippine Long Distance Telephone Co President and Chief
Executive Officer Manuel Pangilinan and Chairman Antonio
Cojuangco Jr will fly to Tokyo to seek Nippon Telegraph and
Telephone Co Ltd's assistance in blocking a potential takeover
by the Gokongwei group, the Philippine Daily Inquirer reported,
citing an unidentified PLDT source.

The report did not say when the officials will be leaving for
Tokyo.

NTT holds 15 percent of PLDT and has the right of first refusal
should First Pacific sells its 24.4 percent PLDT stake.


* SEC Wants Gokongwei to Submit Info on Deal With First Pacific
---------------------------------------------------------------
The Securities and Exchange Commission (SEC) wants tycoon John
Gokongwei, Jr. to disclose the identities of the so-called
"Gokongwei group" that will acquire First Pacific Co. Ltd.'s
24.47 percent stake in Philippine Long Distance Telephone Co
(PLDT) and 50.4 percent equity interests Bonifacio Land Co.
(BLC).

SEC corporation finance department director Justina F. Callangan
sought clarifications on Gokongwei's statement that the
"Gokongwei group" entered a memorandum of agreement (MoA) with
the First Pacific Group for the creation of a joint-venture
vehicle to acquire a stake in PLDT and BLC.

A SEC source said there could be violations if the Gokongwei
group uses one of its JG Summit companies for the acquisition.

The Gokongwei group earlier announced it would own two-thirds of
the venture after paying $616 million. The deal is expected to
be closed by the third quarter of the year.

A JG Summit spokesman declined to comment on the issue.


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


INTRACO LIMITED: Posts Notice of Books Closure
----------------------------------------------
Intraco Limited said Friday that the Transfer Books and Register
of Members of the Company will be closed from 5.00 p.m. on 1
July 2002 to 5.00 p.m. on 3 July 2002 for the purpose of
determining entitlements of Shareholders to the Capital
Distribution.

Shareholders will receive $0.50 in cash for each Share pursuant
to the Capital Distribution.

Persons holding Shares through The Central Depository (Pte)
Limited (CDP) and who have Shares standing to the credit of
their securities accounts with CDP as at the Books Closure Date
will be entitled to the Capital Distribution. Such persons need
not take any action, as arrangements will be made by the Company
with CDP for all old share certificates issued in the name of
CDP as at the Books Closure Date to be cancelled and New Share
Certificates to be issued to CDP.

Persons holding Shares in certificated form and who are
registered as holders of Shares in the Register of Members of
the Company as at the Books Closure Date will be entitled to the
Capital Distribution. Duly completed transfers received by the
Company's Registrar, Kon Choon Kooi Pte Ltd, at 47 Hill Street
#06-02, Chinese Chamber of Commerce & Industry Building,
Singapore 179365, prior to the Books Closure Date will be
registered prior to determining the entitlements of Shareholders
to the Capital Distribution. Such persons are encouraged to
return their Old Share Certificates to the Company's Registrar
for cancellation as soon as possible and preferably, not later
than eight Market Days after the Book Closure Date. The New
Share Certificates will be dispatched, by ordinary post at their
own risk, within 10 market days from the Books Closure Date or
the date of receipt of the Old Share Certificates which ever is
the later.

The Company will make the payment for the Capital Distribution
to the Company's Registrar and CDP on 8 July 2002, which will in
turn distribute the entitlements to Shareholders. Payment for
the aggregate cash amount representing each Shareholder's
entitlement to the Capital Distribution will be despatched, by
ordinary post at Shareholders' own risk, within 10 market days
from the Books Closure Date.

Unless otherwise defined, terms used in this Announcement shall
have the same meanings as defined in the Circular to
Shareholders dated 12 April 2002 relating to the Capital
Distribution and the Capital Restructuring.

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


NATSTEEL LTD: Buyout Offer Extended to July 15
----------------------------------------------
The Board of Directors of NatSteel Ltd, a trader of iron and
steel, refers to the announcement made by it on 10 June 2002
relating to the offer received from Crown Central Assets Limited
(CCL) to acquire certain of the businesses, undertakings and
assets of the Company.

The Board wishes to announce that CCL and the Board have agreed
that the period for acceptance for the Offer be extended to 15
July 2002 in the first instance. Such period may be further
extended by mutual consent.
Condition to the Extension

The Board and CCL have agreed that the extension is now subject
to the provision by CCL of confirmation to the Company of
adequate financial resources for the Offer by 11 July 2002
(instead of 17 June 2002, as proposed in the letter dated 3 June
2002.)

The Board is evaluating the Offer and other options available to
the Company.

In the meantime shareholders are advised to refrain from taking
any action in relation to their shareholdings in the Company,
which may be prejudicial to their interests.


NATSTEEL LTD: Shares Flat on MBO Extension
------------------------------------------
NatSteel went flat at S$1.74, with only 6,000 shares traded, Dow
Jones Newswires reported yesterday.

The dealer says there is little interest in the Company's stock
as its senior management buyout offer is extended to July 15.


PENTON INTERNATIONAL: Suspends Shares Pending Announcement
----------------------------------------------------------
Plastic injection-mould tool maker Penton International Ltd  
requested a trading suspension, with effect from 7.30am on 17
June 2002 pending an announcement of a major transaction.

The SESDAQ firm did not provide details.

Last month, Penton said it was offered US$12 million equity line
of credit by private equity firm to help restructure loans; no
final agreement was reached at that time.


THAKRAL CORP: Aussie Unit Sells Palm Cove Hotel for A$16M
---------------------------------------------------------
Thakral Holdings Group, the Australian property management unit
of Singapore-based electronic equipment retailer Thakral Corp.,
sold its Palm Cove Hotel for A$16 million ($9 million).

The Company said in a statement to the Australian Stock exchange
that Palm Cove had a book value of A$15.6 million.

Thakral Corporation Limited, which recently completed its debt
restructuring Scheme of Arrangement in March 2002, is a leading
distributor of consumer electronics products in China, Hong Kong
and Japan.

Thakral, listed on the mainboard of the Stock Exchange
Singapore, markets and distributes consumer electronics products
such as digital cameras and camcorders, plasma televisions, DVD
and MP3 players and other audio products. It also has
manufacturing facilities for contract manufacturing and a home
entertainment business unit that holds exclusive distribution
rights for movies from major Hollywood studios such as Disney,
Warner Brothers, Fox, MGM and Polygram.


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


COGENERATION PUBLIC: Releases BOD Meeting Resolutions
------------------------------------------------------
The Cogeneration Public Company Limited notified the Stock
Exchange of Thailand and the Shareholders, the resolutions
of the Board of Directors Meeting No. 5/2002 held on June 14,
2002:

1. The Board resolved that the opinion of the Independent
Financial Advisor regarding the tender offer of the Company's
ordinary shares by Tractebel S.A. be acknowledged and the
Company's opinion regarding such tender offer be approved to be
submitted to the Office of the Securities and Exchange
Commission, the Stock Exchange of Thailand and the

2. The Board resolved to call and set the Extraordinary General
Meeting Number 2/2545 on Monday July 22, 2002 at the Laurel Room
of the Evergreen Laurel Hotel, 88 North Sathorn Road, Sathorn,
Bangkok,  to consider the following agenda;

   2.1 To consider and approve the meeting minutes the AGM of
2002 and EGM No. 1/2545.

   2.2 To consider and approve the transfer of the statutory
reserve fund and the share premium reserve fund, respectively,
to compensate for the retained deficit of the Company.

   2.3 To consider other business (if any).

The Board had set the closure of the share register book to be
July 3, 2002 at noon until the meeting is adjourned.


K.C.CHIENGMAI: Files Petition for Business Reorganization
---------------------------------------------------------
K.C.Chiengmai Food Industry Company Limited (DEBTOR)'s Petition
for Business Reorganization was filed to the Chiengmai
Provincial Court:

    Black Case Number L.F. 27/2541

    Red Case Number L.F. 22/2541

Petitioner: the Siam Commercial Bank Company Limited

Planner: Mr. Prakit Pradipasen

Debts Owed to the Petitioning Creditor: Bt286,908,334.22

Date of Court Acceptance of the Petition: April 10, 1998

Date of Examining the Petition: June 12, 1998 at 1.30 P.M.

Current Status of the Case: The Petitioner withdrew its Petition
on June 12, 1998.


RAIMON LAND: Seeks Shares Relisting Under REHABCO Section
---------------------------------------------------------
Raimon Land Planner Co., Ltd., as the Plan Administration of  
Raimon Land Public Company Limited, in reference to the
Rehabilitation Plan approved by the Central Bankruptcy Court on
8th November, 2001., informed that the Company has proceeded
with and implemented certain steps in accordance with the  
plan, the details of which are set out in the summary below.   

Therefore, the Company applies for the relisting of the
Company's shares so that the shares will be tradeable on the
Stock Exchange of Thailand under REHABCO section.

Summary of Key Elements and Progress under the
Rehabilitation Plan

KEY ELEMENTS OF THE REHABILITATION PLAN

(A)     Settlement of the Creditors' Debts

        Total creditors' claim to be restructured is
approximately Bt7,726 million

   (1) B1,048 million would be repaid by transfer of the secured
assets to secured creditors

   (2) B75 million would be repaid by cash payment to financial
creditors and the debenture holders
  
   (3) Bt16 million would be repaid by cash payment to trade
creditors, customer depositors and other unsecured creditors
  
   (4) Bt20 million would be repaid by conversion of unsecured
financial debt to equity (representing 16.25% of the share
capital)
  
   (5) Bt6,567 million would be forgiven by the creditors

(B)    Subscription by New Investors and Debt/Equity Conversion

   (1) The paid-up capital would be reduced from Bt568,000,000
divided into 56,800,000 shares at the par value of Bt10 each
share to be Bt9,372,000 divided into 937,200 shares at the par
value of Bt10 each share.

   (2) After completion of the capital reduction, there would
be:
   
   (i) a private placement to new investors (New Investors) of
19,993,600 shares at the par value of Bt10 each share at the
offer price of Bt5.002 per share, totaling Bt100 million
(representing 80% of the share capital); and

   (ii) debt/equity conversion as part of the repayment under
the Rehabilitation Plan (representing 16.25% of the share
capital).

(3)     The proceeds of Bt100 million from the private placement
to the New Investors would be used for the following purposes:

   * Bt75 million for repayment to financial unsecured creditors
and the debenture holders

   * Bt16 million for repayment to trade creditors, customer
depositors and other unsecured creditors

   * Bt9 million for working capital of the Company

(C)     Shareholding Restructuring

  (1) As a result of the private placement and the debt/equity
conversion, the shareholding structure of the Company would be
as follows:

   * New Investors through private placement would hold 80%.

   * Creditors thru debt/equity conversion would hold 16.25%.

   * Existing shareholders would be diluted from 100% to 3.75%.

  (2) After successful implementation of the transactions
contemplated in (B) above, there would be a stock split by
changing the par value from Bt10 to Bt5 per share.

(D)     Rights Issue

After the stock split, the Rehabilitation Plan provides for the
fund raising of up to Bt500 million for the purpose of the
working capital of the Company.  The subscription price would be
at par or at the offer price to be agreed between the Plan
Administrator, the Creditors' Committee and the New Investors.  
Any shares not taken up by existing shareholders under the
rights issue would be placed to private placement investors,
respectively.

(E)     Warrants Issue

The Rehabilitation Plan provides for the issue of warrants by
way of a rights issue for the total exercise price of Bt500
million or more up to Bt1,500 million.  The terms and conditions
of the rights warrants would be agreed between the Plan
Administrator, the Creditors' Committee and the New Investors.

PROGRESS UNDER THE REHABILITATION PLAN

We set out below the progress under the rehabilitation plan
which have been implemented by the Company.  For ease of review,
each progress is cross-referenced with the paragraph numbering
used in the Section heading "Key Elements of the Rehabilitation
Plan" above.

(1)     Progress under (A) (1)

        Secured assets have been offset against the debts owed
to the secured creditors in the amount of Bt111,753,100 (from
the total debts of Bt1,048 million).

(2)     Progress under (B) (1)

        A capital reduction from Bt568,000,000 divided into
56,800,000 shares to be Bt9,372,000 divided into 937,200
ordinary shares at the par value of Bt10 each share was
        completed on 7th February 2002.

(3)     Progress under (A) (4) and (B) (2)

        Capital increase of another Bt239,844,050 from
Bt9,372,000 to be Bt249,920,000  divided into 24,992,000
ordinary shares at the par value of Bt10 each share.  The
allocation of 24,054,800 new ordinary shares was made as
follows:

        (i)   19,993,600 new ordinary shares to New Investors at
the offer price of Bt5.002 per share (representing 80% of the
total shares in the Company); and

        (ii)  3,990,805 new ordinary shares to the unsecured
financial creditors by way of debt/equity conversion.

        On 20th February 2002.

(4)     Progress under (A) (2) and (3)

        Cash repayment of Bt86,463,932.11 to unsecured
creditors, debenture holders, trade creditors, customer
depositors and other unsecured creditors (from the total debts
of Bt91 million) was completed on 8th may 2002.

(5)     Progress under (C) (2)

        The share split by changing the par value from Bt10 to
Bt5 per share was completed on 24th May 2002.
       

RAIMON LAND: SET Lifting `SP' Sign
----------------------------------
As the Board of Governors of the SET revised rules on allowing
securities trading of listed companies in the REHABCO sector
with the concept that the companies make certain level of
progress in solving their financial problems and fully disclose
relevant information to investors. Listed companies can submit a
petition for trading reinstatement to the SET if their debt
restructuring completed by more than 50% worth of total debts
and rehabilitation plans have either been approved by their
shareholders or the Bankruptcy Court. Applicants are also
required to disclose major elements of their debt restructuring
agreements signed by such companies and their creditors together
with major elements of the rehabilitation plans as approved by
their shareholders or the Bankruptcy Court.

Raimon Land Public Company Limited (RAIMON) has submitted the
petition for trading reinstatement to the SET because RAIMON has
completed its debt restructuring agreement by more than 50%
worth of total debts, and the rehabilitation plan has been
approved by the Bankruptcy Court on 8th November 2001. In
addition, RAIMON has already disclosed major elements of
rehabilitation plan as specified by the  SET's rules (details as
on Public SIMS).

Therefore, the SET decided it will lift "SP" sign from RAIMON on
26th June 2002 to allow the trading of such securities in
REHABCO sector. Shareholders and investors should follow the
companies' debt restructuring and their rehabilitation plans
before making investment decision.

However, since this issue may affect the stock price of the
company in the market. Therefore, according to Clause 24 (3) and
(6) of the regulation on trading, clearing and settlement for
listed securities 1999, the ceiling and floor limits on the main
board of the securities of PERFEC will be temporarily removed on
26th June 2002 to allow the market mechanism to work freely.   


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 ***