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

                   A S I A   P A C I F I C

            Wednesday, June 19, 2002, Vol. 5, No. 120

                         Headlines

A U S T R A L I A

AUSDOC GROUP: Securities Trading Halted
BURNS PHILP: Notes Issue Settlement Scheduled for Friday
CTI COMMUNICATIONS: Releasing Restricted Securities on June 29
DVT HOLDINGS: Applies for Add'l Securities Quotation, Agreement
OPEN TELECOMM: OSS Business Divestment to OpenCI Concluded

PMP LIMITED: Sets New Strategic Focus on Printing, Distribution
UECOMM LIMITED: Appoints Peter Dawson as Permanent CFO
VOICENET (AUST): Rights Issue Completion Successful


C H I N A   &   H O N G  K O N G

BOLDWIN CONSTRUCTION: Winding Up Sought by Junestar
CIL HOLDINGS: Seeks to Adjourn Petition Hearing to July 29
HAWAII MASON: Winding Up Petition Hearing Set
MAINTAIN PROFITS: Petition to Wind Up Pending
MYRIAD GOLD: Winding Up Petition to be Heard

NAM FONG: In Payment Rescheduling Talks With Creditor
NEW KIN: Winding Up Petition Slated for Hearing
TSE SUI: Cuts Loss by 47% Amid Turnover Slump


I N D O N E S I A

BANK INTERNASIONAL: Rp4.815T Rights Issue Approved at EGM
INDOFOOD SUKSES: AGM OKs Rp25 Per Share Dividend Payment

* IBRA Appoints Project Director for Merger of Five Banks


J A P A N

DAI-ICHI LIFE: S&P Lowers Rating to A
FUJITSU LTD: May Cut Fanuc Stake to Raise Cash
MARUBENI CORP: High Pesticide Residue Discovered on Spinach
MATSUSHITA ELECTRIC: Closes Japanese CRT Plant
MIZUHO HOLDINGS: FSA to Issue Improvement Order

MIZUHO HOLDINGS: Sanctioning Staff After Computer Failure


K O R E A

HYUNDAI MOTOR: S&P Ups Rating to 'BB+'; Outlook Stable
KIA MOTORS: Hyundai's Operations Prompts S&P's 'BB' Rating
KOREA ELECTRIC: Bidders Argue Over Powercomm's Corporate Value
MEDISON CO: Draws Bids From GE, Siemens, Philips

* Creditors to Keep Daewoo Firms Shares Until 2003


M A L A Y S I A

ANGKASA MARKETING: Posts Consolidated Basis Account Details
GADANG HOLDINGS: Deputy Registrar Hearing Set on June 25
GADANG HOLDINGS: Disposes of Quoted Shares for Working Capital
LIEN HOE: SC Extends Proposed Acquisitions Implementation
MEASUREX CORPORATION: Winding Up Petition Filed by MBB Pending

PERDANA INDUSTRI: Proposed Restricted OFS moved to June 20
RAHMAN HYDRAULIC: Danaharta Act Moratorium Period Extended
S P SETIA: SC Grants Proposals Conditional Approval
SUNWAY HOLDINGS: Unit Proposes Property Disposal, Lease-Back
TIME ENGINEERING: Proposes Property Sale for Working Capital


P H I L I P P I N E S

BENPRES HOLDINGS: MWSS to Rule on Maynilad Rate Hike Bid
BENPRES HOLDINGS: Willing to Sell 6% of ABS-CBN
NATIONAL POWER: Board Okays 2003 Budget
NATIONAL POWER: Government Presses Rehab of Tiwi Plant
PHILIPPINE LONG: Government Wants New Investment to Succeed

PHILIPPINE LONG: Pangilinan, Cojuanco Seek Alliance With NTT


S I N G A P O R E

ASIA PULP: APP China Widens 2001 Net Loss to US$209.6M
ASIA PULP: Reports Pindo Deli, Lontar Papyrus' 2001 Results
ECON INTERNATIONAL: FY Net Loss Narrows to S$19.554M
ELLIPSIZ LTD: Gains 5.1% as CEO Buys More Shares
PENTON INTERNATIONAL: Requests Lifting of Trading Suspension

PENTON INTERNATIONAL: Secures S$1.92M Loan From Trust Firm


T H A I L A N D

MEDIA OF MEDIAS: Issues Additional Rehab Plan Amendment
P. SINSUK: Files Petition for Business Reorganization
RAIMON LAND: Posts Administrator's Letter of Invitation
THAI AIRWAYS: Domestic-Flight Business Reaches Break-Even Point

     -  -  -  -  -  -  -  -

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


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

Below is the Company's request for trading halt:

As announced to the market on 22 May 2002 AUSDOC entered into
exclusive negotiations with a party (Bidder) interested in
making a cash offer to AUSDOC shareholders for their shares in
AUSDOC.

Under the exclusivity arrangements, the Bidder may notify
AUSDOC, by noon on 18 June 2002, of its intention to make a cash
takeover offer for AUSDOC shares.

AUSDOC requests a trading halt in order that its board may have
time to consider any notification from the Bidder. Upon
consideration of any notification from the Bidder AUSDOC intends
to make an announcement to the market on June 18, 2002.

AUSDOC requests that the trading halt commence from opening of
trading on Tuesday and that the trading halt remain in place
until close of trading on Tuesday or until an announcement is
made by AUSDOC to the market, whichever is the earlier event.

AUSDOC is not aware of any reason why the trading halt should
not be granted.

AUSDOC would be pleased to provide you with any further
information.


BURNS PHILP: Notes Issue Settlement Scheduled for Friday
--------------------------------------------------------
Burns, Philp & Company Limited as announced on 5 June 2002 had
the intention to raise debt by way of a senior subordinated
notes issue (Notes Issue). On 14 June 2002 (New York time) Burns
Philp Capital Pty Limited (a wholly owned subsidiary of Burns
Philp & Company Limited), Burns Philp & Company Limited, and
certain of its subsidiaries entered into an agreement to sell US
$400 Senior Subordinated Notes due 2012 (Notes). The Notes will
be unsecured senior subordinated obligations of Burns Philp
Capital Pty Limited, and will be fully and unconditionally
guaranteed on an unsecured senior subordinated basis by Burns
Philp & Company Limited and certain of its existing and future
subsidiaries.

Settlement of the Notes Issue is scheduled for Friday 21 June
(New York time), and a further announcement will be made
following the settlement and receipt of funds.

Key terms of the proposed Notes Issue are as follows:

Issuer:                  Burns Philp Capital Pty Limited

Security Description:    US$400,000,000 Senior Subordinated
Notes due 2012

Coupon:                  9.750%, payable semi-annually in
arrears

Maturity:                July 15th, 2012

Interest Payment Dates:  January 15th and July 15th, commencing
                         January 15th 2003

The Notes will be offered only to qualified institutional buyers
in the United States, pursuant to Rule 144A of the United States
Federal Securities Act of 1933 as amended and outside the United
States pursuant to Regulation S under the Securities Act.

The Notes initially will not be registered under the Securities
Act and therefore may not be offered or sold in the United
States without registration or an applicable exemption from the
registration requirements of the Securities Act. It is
anticipated that a registration statement will be filed under
the Securities Act to permit exchange of the Notes for
registered Notes.

This announcement shall not constitute an offer to sell or the
solicitation of any offer to buy the Notes or any securities
issuable upon exchange of the Notes in the United States or any
other jurisdiction.

The information contained herein does not constitute an offer of
securities of Burns Philp Capital Pty Limited for sale in the
United States. Securities of Burns Philp Capital Pty Limited may
not be offered or sold in the United States absent registration
or an exemption from registration and any public offering of
securities of Burns Philp Capital Pty Limited in the United
States will be made by means of a prospectus that may be
obtained from Burns Philp Capital Pty Limited and that will
contain detailed information about Burns Philp Capital Pty
Limited and its management, as well as financial statements.


CTI COMMUNICATIONS: Releasing Restricted Securities on June 29
--------------------------------------------------------------
CTI Communications Limited advised that these securities, which
are currently restricted, will be released from escrow on 29
June 2002:

Ordinary fully paid shares                            466,667
Options expiring 31 May 2005 exercisable at $12.30    66,667

Following the above release of restricted securities, the
Company will have no restricted securities on issue.


DVT HOLDINGS: Applies for Add'l Securities Quotation, Agreement
---------------------------------------------------------------
DVT Holdings Limited posted this notice:

APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT

Information or documents not available now must be given to ASX
as soon as available.  Information and documents given to ASX
become ASX's property and may be made public.

Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
1/7/2000.

Name of Entity
DVT Holdings Limited

ACN or ARBN
067 682 928

We (the entity) give ASX the following information.

PART 1 - ALL ISSUES
You must complete the relevant sections (attach sheets if
there is not enough space).


1. Class of securities issued          Ordinary shares in DVT
   or to be issued                     Holdings Limited

2. Number of securities issued         Ordinary Shares
   or to be issued (if known)          Issued
   or maximum number which             1,000,000
   may be issued

3. Principal terms of the securities   Ordinary Shares
   (eg, if options, exercise price     1,000,000 shares issued
   and expiry date; if partly paid     at 3.4 cents per share
   securities, the amount
   outstanding and due dates for
   payment; if convertible securities,
   the conversion price and dates
   for conversion)

4. Do the securities rank equally      The shares will rank
   in all respects from the date       equally in all respects
   of allotment with an existing       with existing quoted
   class of quoted securities          ordinary shares

   If the additional securities
   do not rank equally, please
   state:
   * the date from which they do
   * the extent to which they
     participate for the next
     dividend, (in the case of
     a trust, distribution) or
     interest payment
   * the extent to which they do
     not rank equally, other than
     in relation to the next
     dividend, distribution or
     interest payment

5. Issue price or consideration        3.4 cents per share

6. Purpose of the issue (if            Shares issued in
   issued as consideration for         satisfaction of the final
   the acquisition of assets,          earn out provision
   clearly identify those              to vendors in the Share
   assets)                             Purchase Agreement dated
17 April 2000 for the
acquisition of the e-Data
Group by Davnet Limited

7. Dates of entering securities        3 May 2002
   into uncertified holdings
   or dispatch of certificates

                                      NUMBER  CLASS
8. Number and class of all     549,083,600  DVT Ordinary Shares
   securities quoted on          1,000,000
   ASX (including the          550,083,600
   securities in clause
   2 if applicable)

                                      NUMBER  CLASS
9. Number and class of all    105,459,399  Unlisted Options over
   securities not quoted                   Ordinary Shares
   on ASX (including the
   securities in clause 2
   if applicable)

10.Dividend policy (in the case        As per existing quoted
   of a trust, distribution            ordinary shares
   policy) on the increased
   capital (interests)

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

Items 11 to 33 are Not Applicable

PART 3 - QUOTATION OF SECURITIES
You need only complete this section if you are applying for
quotation of securities

    Items 34 to 37 are Not Applicable
34. Type of securities (tick one)

    (a) X  Securities described in Part 1

    (b)    All other securities

Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities

    Entities that have Ticked Box 34(a)

    Additional Securities Forming a New Class of Securities
    (If the additional securities do not form a new class, go to
43)

    Tick to indicate you are providing the information or
documents

35.     If the securities are equity securities, the names of
        the 20 largest holders of the additional securities,
        and the number and percentage of additional securities
        held by those holders

36.     If the securites are equity securities, a distribution
        schedule of the additional securities setting out the
        number of holders in the categories
         1 - 1,000
         1,001 - 5,000
         5,001 - 10,000
         10,001 - 100,000
         100,001 - and over

37.    A copy of any trust deed for the additional securities
(now go to 43)

    Entities that have Ticked Box 34 (b)

    Items 38 to 42 are Not Applicable

ALL ENTITIES

Fees

43. Payment method (tick one)

       Cheque attached

       Electronic payment made
       Note: Payment may be made electronically if Appendix 3B
is
             given to ASX electronically at the same time.

    X  Periodic payment as agreed with the home branch has been
       arranged
       Note: Arrangements can be made for employee incentive
             schemes that involve frequent issues of securities.

QUOTATION AGREEMENT

1.  Quotation of our additional securities is in ASX's absolute
discretion. ASX may quote the securities on any conditions it
decides.

2.  We warrant the following to ASX.

    *   The issue of the securities to be quoted complies with
the complies with the law and is not for an illegal purpose.

    *   There is no reason why those securities should not be
granted quotation.

    *   An offer of the securities for sale within 12 months
after  their issue will not require disclosure under section
707(3) or section 1012C(6) of the Corporations Act.

    *   Section 724 or section 1016E of the Corporations Act
does not apply to any applications received by us in relation to
any securities to be quoted and that no-one has any right to
return any securities to be quoted under sections 737, 38 or
1016F of the Corporations Act at the time that we request that
the securities be quoted.

    *   We warrant that if confirmation is required under
section 1017F of the Corporations Act in relation to the
securities to be quoted, it has been provided at the time that
we request that the securities be quoted.

    *   If we are a trust, we warrant that no person has the
right to return the securities to be quoted under section 1019B
of the Corporations Act at the time that we request that the
securities be quoted.

3.  We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.

4.  We give ASX the information and documents required by this
form. If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.


OPEN TELECOMM: OSS Business Divestment to OpenCI Concluded
----------------------------------------------------------
Open Telecommunications Limited announced Monday that it has
concluded an agreement to sell its OSS Business to OpenCI
International Pty Limited (formerly Macquarie Infrastructure No
4 Pty Limited) (Buyer), a wholly-owned subsidiary of Macquarie
Bank Limited, for a purchase price of up to $3.1 million (with a
minimum purchase price of $2.4 million).

Included in the sale are all assets required to conduct the OSS
Business including to exclusively manufacture, market,
distribute, license, support, enhance, modify and further
develop the openCI Software Products for the existing customer
base and prospects.

The agreement is conditional upon the satisfaction of certain
conditions including final due diligence by the Buyer, third
party consents to assignment of OTT's existing OSS contracts.
OTT shareholder approval [and receipt of any necessary
governmental or ASX approvals and consents].

It is the intention of both parties that completion occurs by 30
June 2002.


PMP LIMITED: Sets New Strategic Focus on Printing, Distribution
---------------------------------------------------------------
PMP Limited, following the 12th June 2002 announcement to exit
its magazine publishing businesses, announced on Tuesday details
of its new strategic focus on printing and print distribution.
The impact of this new focus and the benefits of the proposed
domestic debt facility should significantly improve earnings in
the 2003 year. PMP also reaffirmed its commitment to delivering
on its previously stated forecast for the 2002 year of $90
million EBIT.

After divesting its publishing businesses, PMP will have a
single focus on leveraging its position as the largest print
group in Australia and New Zealand, with the only national
printing and distribution network. Expected benefits include a
more robust balance sheet, reduced management complexity,
reduced overhead costs and competitive advantages for PMP's
magazine distribution business, Gordon and Gotch.

According to PMP's Chief Executive, Mr Robert Muscat, the
company is unique in its ability to offer a fully integrated,
national solution from consumer data through to graphic arts,
prepress, print and distribution.

"PMP Limited integrates Australia's largest graphic arts
business, ShowAds, and largest commercial printing company, PMP
Print. Add to that a leading data-based marketing business,
Pacific Micromarketing, a distribution company covering 97% of
Australia's household letterboxes, PMP Distribution, and the
country's only independent magazine distributor, Gordon and
Gotch, and you have a national force that can deliver right
across the print and distribution value chain."

Mr Muscat was confident of PMP's ability to deliver sustainable,
long-term profitability: "Our remaining businesses have the
potential for strong cash flow generation and high operational
leverage, while requiring relatively low capital expenditure,"
he said.

"Our new refinanced debt facility will alleviate the high cost
of our current funding and with the economics of scale of our
new, leaner structure, we anticipate a more rapid return to an
investment-grade credit rating."

PRINT DIVISION INCREASING OPERATIONAL PRODUCTIVITY

The driving force behind the streamlined PMP will be its
restructured print division, PMP Print. Now operating with a
single company structure across Australia and New Zealand, the
business is succeeding in driving operational productivity
gains. Under the leadership of Group Managing Director, Mr John
Leevers, the print group is leveraging its technology
investments and integrated capabilities to deliver better
solutions for customers.

"Our focus is on driving business efficiency, rather than short-
term growth. This involves a number of specific initiatives,
including site rationalization, technology integration,
equipment standardization and improved logistics that will give
us significant long-term competitive advantages," said Mr
Leevers.

COMPETITIVE ADVANTAGE FOR GORDON AND GOTCH

The move to divest PMP's 50% stake in Pacific Publications is
expected to strengthen the position of Gordon and Gotch -
leaving the company as Australia's only independent magazine
distributor. Managing Director, Mr Paul Holt, said the
separation from Pacific Publications is likely to improve the
loyalty of existing clients, increase the likelihood of contract
renewal and extend the company's prospect base.

"I have already received a very positive response from our
existing clients and anticipate being able to tender for a wider
number of contracts on the basis of our future independence," he
said.


UECOMM LIMITED: Appoints Peter Dawson as Permanent CFO
------------------------------------------------------
The Chief Executive Officer of Uecomm Limited, Peter McGrath,
has announced the permanent appointment of Peter Dawson to the
position of Chief Financial Officer.

Peter had been seconded from United Energy to Uecomm since
October 2001.

At United Energy, Peter held the position of General Manager,
Risk and Business Performance, and was a member of the United
Energy Leadership Team. Peter has 25 years accounting and audit
experience, and prior to joining United Energy, spent 12 years
with Coopers and Lybrand in Australia and the United States, and
six years with Transfield. He holds a Bachelor of Business
degree in Accounting and is a Fellow of the Institute of
Chartered Accountants in Australia.

Chief Executive Officer, Peter McGrath stated "I am delighted to
announce the appointment of Peter Dawson as CFO in a permanent
capacity. Peter has made his presence felt since arriving at
Uecomm last October and has assembled a first rate finance
team."


VOICENET (AUST): Rights Issue Completion Successful
---------------------------------------------------
Voicenet (Aust) Limited announced that its rights issue has been
successfully completed and has raised $1,974,750. This exceeds
the minimum subscription level of $1,800,000 per the rights
issue prospectus.

The shares have been allotted and dispatched and application has
been made to the Australian Stock Exchange for quotation of the
new shares.

The successful completion of the rights issue enables the
Company to continue its commercialization of the Voicenet Speech
Platform and to make future strategic investments.


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


BOLDWIN CONSTRUCTION: Winding Up Sought by Junestar
---------------------------------------------------
Junestar Investment Corporation is seeking the winding up of
Boldwin Construction Company Limited. The petition was filed on
April 2, 2002, and will be heard before the High Court of Hong
Kong on July 3, 2002 at 11:00 am.

Junestar holds its registered office at Salduba Building, Top
Floor, 53 East Street, Urbanizacion Obarrio, Panama 5, Republic
of Panama.


CIL HOLDINGS: Seeks to Adjourn Petition Hearing to July 29
----------------------------------------------------------
CIL Holdings Limited, in reference to the winding-up petition
(Petition) served against the Company by Star Dragon Securities
Limited as the substituted petitioner, announced that during the
hearing of the Petition held on 17th June 2002, the Company has
made an application to the High Court of Hong Kong for an
adjournment of the Petition until July 29, 2002, a period of
approximately 6 weeks.

The extension is to allow the Company to finalize the required
documents for the schemes of arrangement to the admitted
creditors of the Company and apply to the High Court of Hong
Kong and the Supreme Court of Bermuda to sanction the schemes
under section 166 of the Companies Ordinance and section 99 of
the Companies Act 1981 of Bermuda respectively.

The High Court of Hong Kong made an order to adjourn the
Petition to 29th July 2002. In this connection, further
announcement will be made as and when necessary.

Trading in the shares was suspended from 9:30 a.m. on 17th June
2002 at the request of the Company pending release of this
announcement and application has been made to the Stock Exchange
for the resumption of trading of the shares from 9:30 a.m. on
18th June 2002.


HAWAII MASON: Winding Up Petition Hearing Set
---------------------------------------------
The petition to wind up Hawaii Mason & Decoration Limited will
be heard before the High Court of Hong Kong on August 7, 2002 by
10:00 am.

The petition was filed with the court on May 2, 2002 by Lai Tak
Wing of Room 5, 19th Floor, Hing Wo House, Po Nga Court, Tai Po,
New Territories, Hong Kong; Cheung Ngan Lungof Room 1418, Yiu
Chung House, Yiu On Estate, Ma On Shan, Shatin, New Territories,
Hong Kong; Man Kim Ping of Room 1221 Hang Wo House, Tai Po
Estate,Tai Po, New Territories, Hong Kong; Ng Wai Fung of Room
8, 8th Floor, Bik Shui House, Hiu Tsui Court, o. 7 Hiu Tsui
Road, Siu Sai Wan, Hong Kong; and Tsang Chi Hung of Room 933,
Man Wo House, Wo Che Estate, Shatin, New Territories, Hong Kong.


MAINTAIN PROFITS: Petition to Wind Up Pending
---------------------------------------------
The petition to wind up Maintain Profits Limited is scheduled
for hearing before the High Court of Hong Kong on July 3, 2002
at 11:00 am.

The petition was filed with the court on April 2, 2002 by Law
Wai Duen, Nina of 2503B, Golden Centre, 188 Des Voeux Road
Central, Hong Kong.


MYRIAD GOLD: Winding Up Petition to be Heard
--------------------------------------------
The petition to wind up Myriad Gold Corporation is scheduled to
be heard before the High Court of Hong Kong on July 3, 2002 at
11:00 am.  The petition was filed with the court on April 2,
2002 by Law Wai Duen, Nina of 2503B, Golden Centre, 188 Des
Voeux Road Central, Hong Kong.


NAM FONG: In Payment Rescheduling Talks With Creditor
-----------------------------------------------------
Nam Fong International Holdings Limited, in reference to a
Winding Up Petition filed against the Company by China Insurance
Group Finance Company Limited for a claim of HK$5 million,
announced that the hearing is scheduled on September 11, 2002.
The Company in negotiation with the creditor to re-schedule
payments due on end of June 2002.

The repayment is proposed to be made by the rental income and,
as an alternative, proceeds from sales of non-core property
assets and cash and available banking facilities.

The Company will make further announcements as and when
appropriate. If a settlement cannot be negotiated and agreed
before the hearing, the Company will request for the suspension
of trading of its shares on September 11, 20002 pending the
outcome of the Winding Up Petition.


NEW KIN: Winding Up Petition Slated for Hearing
-----------------------------------------------
The petition to wind up New Kin Yip Development Company Limited
is set for hearing before the High Court of Hong Kong on July 3,
2002 by 11:30 am.  The petition was filed with the court on
April 3, 2002 by WongWing Yee of Room 204, Fu Wai House, Sun Tin
Wai Estate, Shatin, New Territories, Hong Kong.


TSE SUI: Cuts Loss by 47% Amid Turnover Slump
---------------------------------------------
Tse Sui Luen Jewellery International reduced its net loss by 47
percent to HK$36.3 million for the year ended February, the
Standard reports Tuesday, citing Chairman and Chief Executive
Officer Tommy Tse.

Tse attributed the fall in turnover to "the weakening retail
market and consumer demand". "Excluding the provisions made for
accounts receivable, property items and inventories, profit
should be about HK$8M on the operating level," he said.

Turnover fell 16 percent to HK$983.5 million for the same
period.  The company also announced The China Retail Fund would
take a 24 percent stake in TSL's mainland subsidiaries in return
for canceling its preference shares.

As at February 28, the Company's cash on hand was about HK$50
million.  No final dividend was proposed.  Net loss per share
was HK$0.12, versus HK$0.2 in 2000.

The company had entered into a conditional agreement with The
China Retail Fund to redeem and cancel the preference shares in
TSL for a 24 percent stake in TSL's China business.

"If the conditional agreement is approved at the meeting to be
held in the near future, our debt-to-equity gearing ratio will
reduce from 3.7 to 2.7," he said, adding that the Company's
main
goal is to spin off its China business in the stock market."

TSL has a 56 percent stake in its business on the mainland,
which includes subsidiaries Infinite Assets and TSL Investment
(China).


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


BANK INTERNASIONAL: Rp4.815T Rights Issue Approved at EGM
---------------------------------------------------------
PT Bank Internasional Indonesia said its shareholders approved
at the Extraordinary General Meeting plans for a 15-for-4 rights
issue at Rp125 per share to raise Rp4.813 trillion, AFX reports,
referring to Chairman Sigit Pramono, adding that the rights
issue will boost the bank's capital adequacy ratio to 25 percent
from negative 48 percent currently.

The government, through the Indonesian Bank Restructuring Agency
(IBRA), has a 73.3 percent stake in BII and will buy any rights
shares not subscribed by existing shareholders.


INDOFOOD SUKSES: AGM OKs Rp25 Per Share Dividend Payment
--------------------------------------------------------
The shareholders of PT Indofood Sukses Makmur approved at an
Annual General Meeting held on Tuesday a Rp25 per share dividend
for the year 2001, a 30 percent payout ratio compared to 25
percent the previous year, AFX reports, quoting Chief Executive
Eva Riyanti Hutapea.

Hutapea added that Indofood will distribute a total of Rp223.179
billion to shareholders from last year's Rp746.329 billion net
profit.

Shareholders also approved the appointment of two extra
independent commissioners, namely Wahyudi Prakarsa and Felice
Roberto Villa.

Meanwhile, Joint Chief Operating Officer Iwan Arsianto has
retired from the Board of Directors, leaving Gaotama Setiawan
with sole responsibility for that role.


* IBRA Appoints Project Director for Merger of Five Banks
------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has appointed
Mr. Chandra Purnama, a former Deputy Chairman of IBRA, as the
Project Director for coordination the merger process between
Bank Prima Express, Bank Bali, Bank Artamedia, Bank Universal
and Bank Patriot.

In a step toward the merger process, the Project Director will
commission an Integrity Team and prepare the post-merger banking
concepts. Meanwhile, the banking operations of each bank run as
normal under respective management.

The merger process of five banks is a policy adopted by the
government to shape up banks with a strong capital structure,
financial soundness, and high competitiveness to improve their
intermediary function.

During the merger process, the banks are doing business as
usual. The five banks will keep providing their customers and
the public with excellent services. The government appeals all
customers, depositors, debtors and people involved in the
operational aspects of the banks to carry on banking activities
as usual. The government guarantee scheme for all illegible
third party savings, remains effective in accordance with the
Presidential Decree No. 26 year 1998 regarding the government
guarantee scheme on commercial bank liabilities.


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


DAI-ICHI LIFE: S&P Lowers Rating to A
-------------------------------------
Standard & Poor's Corp said Monday it has lowered its financial
strength and long-term counterparty credit ratings on Tokyo's
Dai-ichi Mutual Life Insurance Co to A from A-plus.

The U.S. credit-rating agency attributed the downgrade to the
insurer's weakened capital base due to its high sensitivity to
the domestic equity market, particularly its exposure to
Japanese banks, as well as continued pressure on the firm's
earnings and negative growth in the industry.

In March, credit rating agency Moody's Investors Service
downgraded to Baa2 from A3 Dai-ichi Mutual Life's insurance
financial strength ratings, with negative outlook. The downgrade
reflects worse-than-expected weakening of the financial
conditions of the life insurer, the grim outlook for a quick
recovery in the industry operating environment, the limited
benefit of capital contributions planned, and the uncertain
prospects for additional external support.


FUJITSU LTD: May Cut Fanuc Stake to Raise Cash
----------------------------------------------
Computer manufacturing giant Fujitsu Ltd. may sell part of its
39 percent stake in industrial-robotics specialist Fanuc Ltd. to
secure cash injection while advancing a wave of restructuring in
Japan's battered technology sector, the Wall Street Journal
reports.

Fujitsu, the paper adds, is planning to make the sale by March
in a transaction that could be valued at up to 100 billion yen
($805.1 million).

In April, Tokyo-based Fujitsu projected it would break even on a
group net basis this business year after hefty restructuring
costs and the information technology slump pushed it into its
worst loss ever last year.

The Company reported a group net loss of 382.54 billion yen for
the year ending March 31 on 410 billion yen restructuring costs
and money-losing semiconductor and telecommunications-related
operations.


MARUBENI CORP: High Pesticide Residue Discovered on Spinach
------------------------------------------------------------
The Fukuoka city government said Friday that the frozen spinach
products of Tokyo trading house Marubeni Corp., which were
imported from China, contain illegal quantities of pesticide
residue.

This is a further blow to Marubeni, which last month fell into
the red in the year to March 31, 2002 due chiefly to a hefty
restructuring-related loss of some 239 billion yen.

Marubeni has suffered a series of ratings downgrades and seen
its stock price battered by concerns over its high debt level.
The Company was considering boosting its capital by around 100
billion yen by March 2006 to shore up its finances.

It said it plans to trim its debt to 2 trillion yen by March
2006.


MATSUSHITA ELECTRIC: Closes Japanese CRT Plant
----------------------------------------------
Matsushita Electric Industrial Co., known for its National and
Panasonic brands, has stopped making small cathode ray tubes
(CRTs) at its Utsinomiya plant in Tochigi prefecture, 100
kilometers north of Tokyo, as demand for small-sized CRTs is
declining in the country.

"I think our production base of small-sized CRTs will be
Malaysia," the company spokesman said.

The major consumer electronics firm said it would continue
producing large-sized CRTs for television sets in Japan.


MIZUHO HOLDINGS: FSA to Issue Improvement Order
-----------------------------------------------
Financial Services Minister Hakuo Yanagisawa said Tuesday the
Financial Services Agency (FSA) will issue as early as today a
business improvement order to the Mizuho financial group over
its computer fiasco, Kyodo newswire reported.

The decision will come after the FSA examines Mizuho's report,
which is expected to address the causes of the trouble, measures
to prevent a recurrence and management's responsibility.

The massive computer system failure occurred in April following
the launch of Mizuho Bank and Mizuho Corporate Bank under Mizuho
Holdings, wherein customers were double-billed for utilities
charges and most of the 7,000 automated teller machines at the
banks malfunctioned.


MIZUHO HOLDINGS: Sanctioning Staff After Computer Failure
---------------------------------------------------------
The Mizuho Financial Group has decided to punish more than 100
employees responsible for the computer system glitch that caused
havoc in its banking operations in April, the Nihon Keizai
newspaper reported.

Some of the employees, including directors and other managerial
workers at Mizuho Holdings Inc, Mizuho Bank and other group
companies, will be forced to step down from their posts and
others will receive pay cuts.

Last week, Mizuho Holdings President Terunobu Maeda said the
bank has to wait for the results of an internal review before it
decides which staff, if any, are removed.

Maeda also said his bank will suspend retirement payments for
former board members, including its three former co-chief
executives and six vice presidents, as it sorts out
responsibility for the glitches.

The three former chief executives, all of whom resigned on March
31 to become advisers, are Yoshiro Yamamoto, Masao Nishimura and
Katsuyuki Sugita. The ex-vice presidents include Kuniya Sakai,
Yozo Okumoto, Toshiyuki Ogura and Toshikuni Nishinohara.


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


HYUNDAI MOTOR: S&P Ups Rating to 'BB+'; Outlook Stable
------------------------------------------------------
Standard & Poor's had raised on Monday its long-term rating on
Korean automaker Hyundai Motor Co. to double-'B'-plus from
double-'B' based on the improved market position and cost
competitiveness of the Hyundai Motor Group. This improvement has
enabled Hyundai Motor to strengthen its financial profile, a
trend that is expected to continue. The outlook on the rating is
stable.

Enhanced product offerings have enabled Hyundai Motor to further
strengthen its position in its home market of Korea. In 2001,
the company's combined market share, including that of Kia
Motors Corp., in which it holds a roughly 35% stake, grew to 75%
compared with 64% in 1998. Although Hyundai Motor's market share
could come under pressure following the planned entry of General
Motors Corp. and the gradual growth of imports in Korea, the
company is likely to maintain its dominant position over the
next few years. Hyundai Motor has also successfully expanded its
market share in the U.S., backed by its competitive prices,
enhanced product lineup, and improved brand image.

Over the next few years, increasing competitive pressure in
Korea and the U.S. should be largely offset by further cost
reductions through synergies with Kia and by improvements in
Hyundai Motor's product mix. As a result, the company's
operating margin before depreciation is expected to remain at
around 11%. Cash flow is expected to remain satisfactory over
the next few years, with funds from operations to total debt
(adjusted for captive finance borrowings) in the range of 35%-
45%. Hyundai Motor's cash flows should also exceed its
relatively high capital investment requirements, including the
planned construction of an assembly plant in the U.S., which
will eventually help reduce exchange rate risks.

"While Hyundai Motor is expected to face increasing competitive
pressures in the U.S. and Korea, the company should be able to
maintain its current level of credit quality, supported by its
improved market position and cost structure, and its good
ability to raise capital in the domestic market," said Chizuko
Satsukawa, a credit analyst at Standard & Poor's in Tokyo.

Compared with the major global automakers, Hyundai Motor's size
and diversification are still limited. The company generates
about 80% of its consolidated revenue and 90% of its
consolidated operating income in Korea, leaving it vulnerable to
domestic economic downturns. Kia, a core Hyundai Motor Group
member, has more narrowly focused operations and is financially
weaker than Hyundai Motor. Potential support for weaker group
companies remains a contingent liability for Hyundai Motor,
albeit a diminished one, given the improved financial health of
the broader group.


KIA MOTORS: Hyundai's Operations Prompts S&P's 'BB' Rating
----------------------------------------------------------
Standard & Poor's said on Monday had raised its rating on Korea-
based Kia Motors Corp. to double-'B' from double-'B'-minus, in
conjunction with the upgrade of Hyundai Motor Co. to double-'B'-
plus from double-'B'. The rating action reflects the continued
strong operating and financial performance of the Hyundai Motor
Group and Kia's strong linkage to the group. These factors are
tempered by Kia's narrower product range, weaker financial
profile, and the complexity of the Hyundai Motor Group's
structure.

Because of its relatively narrow product range, limited presence
in the global vehicle market, and small scale, Kia's operating
efficiency is relatively low and its debt protection measures
are modest. However, a key strength for the company is its
leading position in the Korean recreational vehicle market.
Moreover, Kia's credit quality is bolstered by its membership in
the Hyundai Motor group, led by Hyundai Motor Co. (BB+/Stable/--
). This group, including Kia, controls about three-quarters of
the Korean vehicle market, and also exports to the U.S. and
other overseas markets.

"Kia's credit quality will continue to be supported by its
strong affiliation with Hyundai Motor," said Chizuko Satsukawa,
a credit analyst at Standard & Poor's in Tokyo. "Hyundai Motor
is expected to maintain its current credit quality, backed by
its improved market position and cost structure, and its good
ability to raise capital in the domestic market," she added.

Kia is linked to Hyundai Motor through their common chairman and
CEO, as well as their integrated research and product
development activities. In addition, a network of shareholdings
links Kia, Hyundai Motor Co., and a number of smaller, mostly
automotive oriented, companies into the Hyundai Motor group.
Standard & Poor's believes that Kia will continue to enjoy
access to Hyundai Motor's technology, cost savings, and other
potential benefits in view of its strategic importance to
Hyundai Motor. The ratings on Kia and Hyundai Motor could
converge over the long term if their operational integration
increases and the intercompany ownership structure becomes less
complicated.

With a 27% market share, Kia is the second-largest auto
manufacturer in Korea after Hyundai Motor. Kia has also been
able to rapidly expand its sales in the U.S. over the past three
years, largely owing to its competitive product prices. However,
the company is still predominantly a domestic automaker with a
limited market presence overseas, even compared with Hyundai
Motor. Although Kia has demonstrated a rapid recovery after its
bankruptcy in 1997, the company's profitability and interest
coverage are mediocre, with an operating margin before
depreciation of about 7% and pretax interest coverage of 2.4
times.


KOREA ELECTRIC: Bidders Argue Over Powercomm's Corporate Value
--------------------------------------------------------------
Major bidders are trying to come up with optimal prices for
communication-network operator Powercomm as there is a wide gap
among participants over the Company's corporate value.

State-run utility giant Korea Electric Power Corp. (KEPCO) plans
to privatize its Powercomm unit by selling off a 30 percent
stake in an auction on June 21.

KEPCO, which holds an 89.5 percent stake in Powercomm, failed to
implement the stake auction in February, as bidders have
different valuations for Powercomm.

Bidders include fixed-line telecom operator Dacom, which placed
a joint bid in a consortium with Canadian pension fund CDP, and
Softbank Asia Infrastructure Fund, a joint venture of Cisco
Systems Inc. and Japan's Softbank Corp.

Hanaro Telecom Inc. is pushing for its own consortium, which
reportedly includes EMP and AIG. Korea Thrunet Co. and Onse
Telecom are also racing to win the auction for Powercomm.

Bidders said KEPCO's decision to maintain OPGW (optical ground
wire) has lowered the value of Powercomm and its network
facilities.

KEPCO charges too high a usage rate for electric poles designed
to offer telecommunications services, compared with other
electric poles for cable television transmissions, the bidders
add.


MEDISON CO: Draws Bids From GE, Siemens, Philips
------------------------------------------------
General Electric, Siemens and Philips Electronics are competing
to take over South Korea's largest medical equipment supplier,
Medison Co, Reuters reports.

Medison has been under a court protection since March 8 after it
failed to pay its debts in late January.

Lee Nam-yong, an official from Hana Bank, currently in charge of
the insolvent firm, said there were 13 would-be investors that
had expected to bid for Medison but only five including the
three big names submitted letters of intent.

Medison spokeswoman Shin Hye-sun said a top negotiating partner
would be named by July 26.

Creditors appointed Youngwha Accounting and Hannuri Accounting
to handle the sale.

As part of its restructuring plan, Medison sold a 65.4 percent
stake in its Austrian unit Kretztechnik AG to General Electric
for 100 million euros in July 2001.

Medison posted last year a net loss of 101.4 billion won ($82.44
million) on sales of 207.1 billion won, while its current debt
stands at around 250 billion won. The Company's shares were
delisted from the Korea Stock Exchange in April.


* Creditors to Keep Daewoo Firms Shares Until 2003
--------------------------------------------------
Creditors of Daewoo Construction and Daewoo International will
not be allowed to sell their stakes in the two ailing firms by
the end of next year.

A creditor group official said that the group is reviewing a
plan to prevent creditor financial institutions from selling
their holdings in these firms by the end of 2003 since the two
firms currently under debt workout programs are recording
better-than-expected business results.

The official pointed out that the creditors resolved to hold on
to the shares until the end of next year when they would have
converted their debts into equity at the end of last year.

Creditors hold 144.12 million shares, or 84 percent, of Daewoo
Construction's outstanding shares and 22.7 million shares, or 63
percent, of Daewoo International's total shares.


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


ANGKASA MARKETING: Posts Consolidated Basis Account Details
------------------------------------------------------------
The Directors of Angkasa Marketing Berhad, in accordance with
the requirements of Practice Note No. 10/2001 issued pursuant to
paragraph 8.16 of the KLSE's Listing Requirements (PN10),
announced that Angkasa is an affected listed issuer as the
revenue of Angkasa on a consolidated basis based on the latest
annual audited accounts for the financial year ended 30 June
2001 has reduced by more than 70% as a result of the following:

   i) cessation of one of Angkasa's business activity of
distribution and marketing of steel products with effect from 1
October 2001;

   ii) completion of the disposal of 51% equity interest in a
wholly-owned subsidiary Lion Suzuki Marketing Sdn Bhd ("LSM") on
16 May 2002; and

   iii) completion of the disposal of 51% equity interest in a
wholly owned subsidiary Suzuki Assemblers Malaysia Sdn Bhd (SAM)
on 16 May 2002.

Details on the decrease in the revenue for the Angkasa Group
based on the last audited consolidated financial statements as
at 30 June 2001 pursuant to PN10 in relation to Angkasa's
inadequate level of operations are set out in Table 1 at
http://www.bankrupt.com/misc/TCRAP_Angkasa0619.doc

Pursuant to the PN10, Angkasa is:

   i) required to comply with the following obligations within
the time frames stipulated hereunder:

     a) within 9 months from the date of this announcement
(Initial Announcement) make an announcement to the Exchange of a
detailed proposal, the implementation of which will enable
Angkasa to ensure a level of operations that is adequate to
warrant continued trading and/or listing on the Official List of
the KLSE (Requisite Announcement);

     b) within 2 months from the date of the Requisite
Announcement or the date of the Initial Announcement submit the
proposals mentioned in (a) to the relevant authorities; and

     c) within 4 months from the date of submission of the
proposals mentioned in (b) above obtain all approvals necessary
for the implementation of such detailed proposals.

   ii) to announce the status of its proposals to ensure a level
of operations simultaneous with its quarterly report pursuant to
paragraph 9.22 of the Listing Requirements and in any event not
later than 2 months after the end of each quarter of a financial
year until further notice from the Exchange; and

   iii) to announce its compliance, or failure to comply, with
any particular obligation imposed on Angkasa by the KLSE
pursuant to PN10 as and when such obligation becomes due.

As Angkasa is also an affected issuer under Practice Note 4/2001
issued by the KLSE (PN4), the requirements and obligations set
out in PN4 shall prevail. Pursuant to the PN4, Angkasa is:

   i) given a time frame of between 6 to 12 months to implement
its plan to regularize its financial conditions;

   ii) to announce the status of its plan to regularize its
financial condition on a monthly basis until further notice from
the KLSE;

   iii) to submit monthly reports to the KLSE within 10 market
days from the end of each month reported;

   iv) to announce its compliance, or failure to comply, with
any particular obligation imposed on Angkasa by the KLSE
pursuant to PN4 as and when such obligation becomes due; and

   v) to appoint a monitoring accountant if Angkasa falls within
the criteria set out in paragraph 6.1 of PN4.

Failure to comply with any of the aforesaid obligations imposed
by PN4 and/or PN10 may lead to the suspension or de-listing of
Angkasa shares from the KLSE.

In relation to the proposals and plan to ensure a level of
operations that is adequate to warrant continued trading and/or
listing on the Official List of the KLSE and to regularize the
financial condition of Angkasa, shareholders and potential
investors should refer to the announcements made jointly by
Angkasa with Amsteel Corporation Berhad, Lion Corporation Berhad
and Lion Land Berhad (collectively the "Lion Group") on 5 July
2000 which sets out an overall corporate and debt restructuring
scheme for the Lion Group as a whole ("Proposed GWRS") and
subsequent announcements on 19 October 2000, 26 February 2001,
30 March 2001, 2 May 2001, 8 October 2001, 26 March 2002 and 9
May 2002 on the revisions to and the progress of the Proposed
GWRS.

The Proposed GWRS is intended to regularize the financial
position of the Lion Group (including the Angkasa Group) and
provide the Lion Group with the financial ability to meet its
financial commitments to its creditors and in the long term, to
regain a position of profitability. The Proposed GWRS would also
address the aforesaid inadequate level of operations (pursuant
to PN10) and the deficit in the consolidated adjusted
shareholders' equity of Angkasa (pursuant to PN4).

The Proposed GWRS involves inter alia, the acquisition of 100%
equity interest in Silverstone Berhad (Silverstone) by Angkasa.
Silverstone is a company involved in the manufacturing and sale
of tyres, rubber compound and other related rubber products. It
is envisaged that the operations of Silverstone will complement
the Angkasa Group's existing operations.

Table II at http://www.bankrupt.com/misc/TCRAP_Angkasa0619.doc
shows the approvals of the relevant authorities/parties for the
Proposed GWRS, which are, still pending or obtained.

Messrs Ernst & Young has been appointed as the Independent
Adviser to advise the minority shareholders of Angkasa on the
fairness and reasonableness of the terms of the proposed
transactions within the Proposed GWRS which relate to the
Angkasa Group.

Angkasa will be announcing the status of the Proposed GWRS on a
monthly basis.


GADANG HOLDINGS: Deputy Registrar Hearing Set on June 25
--------------------------------------------------------
Gadang Holdings Berhad, further to its announcements made on 8
March 2002 and 4 April 2002 relating to the Kuala Lumpur High
Court Suit No. S2-22-135-2002: Gadang Engineering (M) Sdn Bhd
(GESB) (Plaintiff) vs Pembinaan Era Dinamik Sdn Bhd, formerly
known as Seni Kembara Construction Sdn Bhd), (Defendant),
informed the Exchange that at the Court hearing on 12 June 2002
for GESB's application for summary judgment, the respective
parties had proceeded to make their respective submissions
before the Deputy Registrar and the matter is now fixed for
decision on 25 June 2002.

Early this year, TCR-AP reported that Gadang Holdings' wholly-
owned subsidiary, Gadang Engineering (M) Sdn Bhd (GESB), had on
14 January entered into another Conditional Settlement
Agreement with Heavy Industries Valley Sdn Bhd (Heavy
Industries) to accept payment, in lieu of cash, and by way of
contra account in the form of additional five (5) plots of land
located in Mukim of Rawang for a total consideration of
RM5,710,280.00 as part settlement for the various construction
projects undertaken by GESB for Heavy Industries and Rawang Land
Development Sdn Bhd (the Proposed Debt Settlement).


GADANG HOLDINGS: Disposes Quoted Shares for Working Capital
------------------------------------------------------------
Gadang Holdings Berhad announced that Gadang has, on 13 June
2002, disposed of 1,635,000 ordinary shares of RM1.00 each in
Berjaya Land Berhad in the open market, for a total
consideration of RM2,182,730.75 or an average price of RM1.34
per share. The cash proceeds will be utilized as working
capital.

The disposal will not have any material effect on the net
tangible assets, earnings and share capital of Gadang for the
financial year ending 31 May 2003.

None of the directors or substantial shareholders of the Company
has any interest, direct or indirect, in the above disposal.

The disposal is not subject to the approval of the shareholders
or any relevant authorities.


LIEN HOE: SC Extends Proposed Acquisitions Implementation
---------------------------------------------------------
On behalf of the Board of Directors of Lien Hoe Corporation
Berhad pertaining to the Proposed Acquisitions on 29 March 2002,
Southern Investment Bank Berhad (SIBB) announced that the
Securities Commission (SC) has on 12 June 2002, approved Lien
Hoe's appeal for a further extension of time until 31 July 2002
for the implementation of the Proposed Acquisitions, subject to
the condition that an appropriate announcement to be made on the
Kuala Lumpur Stock Exchange.

In granting the appeal, the SC has stated that the SC will not
consider any application for further extension of time on the
Proposed Acquisitions.

The Proposed Acquisitions refers to:

   * Proposed acquisition of the entire equity interest in
Billiontex Industries Sdn Bhd (BISB) (Proposed BISB Acquisition)

   * Proposed acquisition of the entire equity interest in
Rusella Teguh Sdn Bhd (RTSB) (Proposed RTSB Acquisition)
(Proposed Acquisitions)


MEASUREX CORPORATION: Winding Up Petition Filed by MBB Pending
--------------------------------------------------------------
Measurex Corporation Berhad, further to the Company's
announcement dated 31 May 2002 regarding KL High Court Suit No
D1-22-766-2002: the Company vs. Malayan Banking Berhad,
announced that the Company's inter-partes application for inter
alia an injunction to restrain MBB from presenting a winding up
petition came up for hearing on 10 June 2002 and the learned
Judge recorded a consent judgment for:

   (a) a declaration that MBB is not entitled to commence and/or
continue with winding up proceedings against the Company based
on the judgment of the High Court of the Republic of Singapore,
Suit No. 412/2000/V dated 19 April 2002 until it has been
registered in the High Court of Malaya in accordance with the
Reciprocal Enforcement of Judgments Act, 1958 and so long as it
is competent for the Company to make an application to have the
registration of the Judgment set aside, or, where such an
application is made, until after the application has been
finally determined;

   (b) an injunction to restrain MBB whether by itself or by its
servants or agents of otherwise howsoever from filing a winding
up petition against the Company and/or taking any step towards
the winding up of the Company until the judgment in the High
Court of the Republic of Singapore, Suit No. 412/2000/V dated 19
April 2002 has been registered in the High Court of Malaya in
accordance with the Reciprocal Enforcement of Judgments Act,
1958 and so long as it is competent for the Company to make an
application to have the registration of the Judgment set aside,
or, where such an application is made, until after the
application has been finally determined;

and the learned Judge furthered ordered costs to be taxed and
paid by MBB to the Company.


PERDANA INDUSTRI: Proposed Restricted OFS moved to June 20
----------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Perdana
Industri Holdings Berhad, announced that the Company has been
informed by Wah Seong Corporation Berhad (WSC) that the closing
date for WSC's proposed restricted offer for sale of shares and
irredeemable convertible unsecured loan stocks (Proposed
Restricted OFS) has been extended from 13 June 2002 to 20 June
2002 at 5:00 pm.

PIHB was further informed by WSC that the said closing date has
been extended upon request from certain shareholders of PIHB who
are entitled to participate in the Proposed Restricted OFS.

WSC had on 31 May 2002 dispatched a copy of the WSC Prospectus
together with the provisional letter of offer to all
shareholders of PIHB (Participating Shareholders) whose names
appeared in the Company's register of depositors at 5:00 p.m. on
23 May 2002. Under the Proposed Restricted OFS, the
Participating Shareholders are each offered for subscription
2,000 ordinary shares of RM0.50 each at par value. The
Participating Shareholders are also entitled to apply for excess
WSC shares.


RAHMAN HYDRAULIC: Danaharta Act Moratorium Period Extended
----------------------------------------------------------
Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
announced that the moratorium under section 41 of the Danaharta
Act, which took effect from 16 June 2000, i.e. the date of the
appointment of the Special Administrators to the Company, has
been further extended to 15 June 2003.

The extension is pursuant to section 41(3) of the Danaharta Act.
During the period of the moratorium, no creditor may take any
action against the Company, except in accordance with section 41
of the Danaharta Act. All dealings and enquiries may be directed
to the Special Administrators.


S P SETIA: SC Grants Proposals Conditional Approval
---------------------------------------------------
On behalf of S P Setia Berhad, Alliance Merchant Bank Berhad
announced that the Securities Commission had, vide their letter
dated 4 June 2002 approved the following proposals as proposed:

   (i) Proposed special Bumiputra issue of up to 10% of the
issued and paid-up share capital of S P Setia after the proposed
private placement of up to 10% of the issued and paid-up share
capital of S P Setia (Private Placement), to two (2) Bumiputra
directors of S P Setia, namely Datuk Abdul Rashid bin Abdul
Manaf (Datuk Rashid Manaf) and Tan Sri Dato' Zaki bin Tun Azmi
(Tan Sri Zaki) (Proposed Special Bumi Issue);

   (ii) Proposed bonus issue of up to 73,812,053 new shares of
RM 1.00 each (Shares) in S P Setia (Bonus Shares) on the basis
of one (1) Bonus Share for every six (6) Shares held after the
Private Placement but before the Proposed Special Bumi Issue and
the Proposed Rights Issue (as defined herein under) (Proposed
Bonus Issue); and

   (iii) Proposed rights issue of up to 147,624,106 new Shares
(Rights Shares) on the basis of one (1) Rights Share for every
three (3) Shares held after the Private Placement but before the
Proposed Special Bumi Issue and the Proposed Bonus Issue
(Proposed Rights Issue); and

(collectively referred to as "Proposals")

   (iv) Proposed issuance of new Shares and proposed listing of
and quotation for the new Shares pursuant to the Proposals on
the Main Board of the Kuala Lumpur Stock Exchange (KLSE).

CONDITIONS OF THE SC'S APPROVAL

The approval of the SC mentioned above is conditional upon the
following:

   (i) the issued price of the new Shares pursuant to the
Proposed Special Bumi Issue (Special Bumi Shares) to the
Chairman who is a major shareholder of S P Setia, namely Datuk
Rashid Manaf, is required to be determined at the theoretical
ex-all price based on the five (5)-day weighted average market
price (5-WAMP) preceding the price fixing date without any
discount attached. The issue price of the Special Bumi Shares to
the non-executive director of S P Setia, namely Tan Sri Zaki,
can be determined at a discount of up to 10% from the
theoretical ex-all price after the Proposed Bonus Issue and the
Proposed Rights Issue. Should the Proposed Special Bumi Issue to
Tan Sri Zaki exceed 20% of the total Special Bumi Shares and the
issue price of the Special Bumi Shares attached a discount of up
to 10% from the theoretical ex-all price after the Proposed
Bonus Issue and the Proposed Rights Issue, an undertaking not to
sell the Special Bumi Shares of up to six (6) months after the
listing of the Special Bumi Shares, is required to be given to
the Securities Commission (SC);

   (ii) Should the discount attached to the new Shares to be
issued pursuant to the Proposed Rights Issue (Rights Shares)
exceed 30% on the theoretical ex-all price based on the 5-WAMP,
the directors and promoters of S P Setia are required to provide
an undertaking to the SC not to dispose of the Rights Shares
from the ex-date of the Rights Shares until ten (10) market days
after the listing of the Rights Shares. Alliance is required to
inform the SC of the final issue price for the Special Bumi
Shares and the Rights Shares and the actual total proceeds
raised;

   (iii) S P Setia and Alliance are required to make arrangement
for the underwriting of the Proposed Rights Issue and Alliance
is required to be one of the underwriters;

   (iv) S P Setia is required to comply with the conditions of
the relevant authorities for the Proposals; and

   (v) Compliance with the Policies and Guidelines on
Issue/Offer of Securities of the SC.

In addition, the SC has imposed the following conditions for the
utilization of proceeds of the Proposed Special Bumi Issue and
the Proposed Rights Issue as follows:

   (i) the SC's approval is required for any revision to the
original utilization of proceeds for non-core business of S P
Setia;

   (ii) the approval of the shareholders of S P Setia's is
required for the utilization of proceeds as shown in Table 1
found at http://www.bankrupt.com/misc/TCRAP_SPSetia0619.docand
any deviation of 25% or more from the original utilization of
proceeds. Should the deviation be less than 25%, an appropriate
disclosure to the shareholders of S P Setia should be made;

   (iii) Any extension of time from that which is determined by
S P Setia for the utilization of proceeds is required to be
approved by Board of Directors of S P Setia and announced to the
KLSE; and

   (iv) An appropriate disclosure on the status of the
utilization of proceeds is required to be made in the Quarterly
Reporting and Annual Reports of S P Setia until the proceeds
have been fully utilized.

MINISTRY OF INTERNATIONAL TRADE AND INDUSTRY'S (MITI) APPROVAL

In addition, Alliance is pleased to announce on behalf of S P
Setia that the MITI has approved the following proposals:

   (i) proposed acquisition of approximately 3,930 acres of
freehold land held under various titles situated primarily in
Mukim Bukit Raja, District of Petaling by Bandar Setia Alam Sdn
Bhd, a wholly-owned subsidiary of S P Setia, at RM152,000 per
acre (approximately 3.49 psf) from See Hoy Chan Plantations Sdn
Bhd for a cash consideration of approximately RM597,331,378
(Proposed Acquisition);

   (ii) Private Placement;

   (iii) Proposed Special Bumi Issue;

   (iv) Proposed Bonus Issue; and

   (v) Proposed Rights Issue.

The approval of the MITI is conditional upon the following:

   (i) Approval from the SC, the approval of which had been
obtained on 4 June 2002;

   (ii) Approval from the FIC, the approval of which had been
obtained on 11 May 2002; and

   (iii) Allotment of the Special Bumi Shares is subject to a
separate approval from the MITI after obtaining the approval of
the SC.

The "Proposals" comprises of:

   I. Proposed Acquisition of Land;

   II. Proposed capital raising involving the following:

     (a) Proposed Private Placement;
     (b) Proposed Special Bumi Issue;
     (c) Proposed Bonus Issue; and
     (d) Proposed Rights Issue;

(collectively referred to as "Proposed Capital Raising")

   III. Proposed Increase in Authorized Capital


SUNWAY HOLDINGS: Unit Proposes Property Disposal, Lease-Back
------------------------------ ------------------------------
Sunway Holdings Incorporated Berhad informed that Menara Sunway
Sdn Bhd (MSSB), a 51% owned subsidiary of the Company, had on 16
May 2002 entered into a conditional sale and purchase agreement
(SPA) and on 13 June 2002 entered into a conditional lease-back
arrangement (Sub-Lease Agreement) for the disposal and leaseback
of all those parcels of leasehold land being part of the lands
held under Master Title HS(D) 11836 PT 32, Bandar Sunway, Daerah
Petaling and the buildings erected thereon. These 2 agreements
are inter-conditional with one another.

The property is a 19-story office tower annexed with a 5-story
office building and 2 ®-story basement car-park and a 7-story
office block and 3-story office building with 3-story basement
car park together with all fixtures (excluding movable assets)
located in the buildings or on the land (hereinafter referred to
as "Menara Sunway").

DETAILS ON THE PROPOSED DISPOSAL AND LEASE-BACK

Under the SPA, Menara Sunway will be disposed of to ABS Real
Estate Bhd (formerly known as Domain Hectares Sdn Bhd) (AREB)
for a total consideration of RM125 million. The sale
consideration was arrived at on a willing buyer-willing seller
basis after taking into consideration the prevailing open market
value as appraised by an independent firm of professional
valuers, C H Williams Talhar & Wong, using the
comparison/contractor's method and investment method of
valuation as stated in the report dated 22 January 2002.
Upon completion of the SPA, AREB will lease Menara Sunway to
Suncity via an operating lease arrangement for 35 years and
Suncity will in turn grant a sub-lease to MSSB under the Sub-
Lease Agreement, for an equivalent 35 years, for the continued
operation and maintenance of the building.
The Sub-Lease Agreement is conditional upon, inter alia, the
completion of the SPA, the completion of the disposal and lease-
back of the rest of the 6 properties (details provided in
paragraph 3 below), and the completion of the ABS exercise.
An Information Circular to Shareholders setting out further
details will be circulated to the shareholders of the Company in
due course.

RATIONALE FOR THE PROPOSED DISPOSAL AND LEASE-BACK

The proposed disposal and lease-back forms part of an asset-
backed securitization exercise (ABS Exercise) to be undertaken
by AREB. AREB is a special purpose vehicle set up to facilitate
the ABS Exercise. AREB will raise cash from the Malaysian debt
capital markets to part finance its purchase of Menara Sunway,
with the remaining consideration to be satisfied via the
issuance of subordinated notes (Sub-Notes). The full ABS
Exercise will involve the purchase of a total of 7 different
properties, assets and shares by AREB, of which Menara Sunway is
one of them. The 6 other properties, assets and shares to be
purchased by AREB are from the subsidiary companies of Sunway
City Berhad (Suncity). Suncity is the 49% owner of MSSB.
In addition to being a cheaper source of funding, the ABS
Exercise is also an innovative method of financing as the
transaction provides for a fair sale price for MSSB whilst
enabling MSSB to retain committed use of the property by way of
lease-back.

SALIENT TERMS OF THE SPA

(i) Upon completion of the SPA, the cash portion of the sale
consideration will be used firstly to discharge the existing
charge over Menara Sunway and any remaining balance will be paid
to MSSB within 14 days after presentation of the memoranda of
transfer or on the Completion Date (as described below). The
Sub-Notes will also be issued in favor of MSSB upon completion
of the SPA.

(ii) Menara Sunway shall be transferred to AREB free from any
encumbrance.

(iii) Subject to an extension of the completion date of the SPA,
the proposed disposal shall be completed by the expiry of 6
months from the date of the Securities Commission's (SC)
approval on the ABS Exercise or such extended period granted by
the SC for the ABS Exercise (Completion Date).

(iv) In the event the SPA is not completed or is terminated
prior to the Completion Date, either MSSB or AREB may rescind
the SPA by serving notice to the other party.

(v) In the event the SPA is terminated prior to the Completion
Date, MSSB shall refund to AREB any money paid and pay for any
damages, costs or expenses arising out of a breach of the SPA
and AREB shall return any documents of title provided by MSSB in
respect of the property.

(vi) In the event the Memoranda of Transfer in the name of AREB
(if any) cannot be registered or any representation and warranty
has been breached and is not rectified within 14 days of being
required by AREB in writing to do so, AREB may terminate the SPA
by written notice and within 7 business days from the date of
the said notice, MSSB must refund the cash portion of the sale
consideration and return the Sub-Notes issued under the SPA for
cancellation as well as compensate AREB for any damages, costs
and expenses arising out of a breach of the SPA. In addition,
AREB will redeliver the document of title in respect of the
property to MSSB.

SALIENT TERMS OF THE SUB-LEASE AGREEMENT

(i) MSSB is responsible for all costs, expenses and risks in
relation to Menara Sunway including without limitation, all
risks associated in any way with the design, servicing,
maintenance and operation of the building throughout the term of
the sub-lease. MSSB also accepts the responsibilities and
liabilities in respect of the building as it would be if it was
the owner, namely capital or structural works, repairs and
maintenance, non-compliance with laws, existence of any defects
(latent or patent) and suitability or adequacy of certain
services.

(ii) MSSB shall pay a monthly rent to the sub-lessor commencing
on a date after the commencement date of the sub-lease, for the
duration of the term of the sublease. The rent amount totals
RM7.8 million a year. After the first 5 years of the sub-lease,
parties to the Sub-Lease Agreement may mutually agree to revise
the rent amount for the remaining term of the sub-lease.
(iii) Interest is payable on any amount due but unpaid under the
sub-lease at the base lending rate of Malayan Banking Berhad or
a similar reference bank (Default Interest Rate) plus 2% per
annum. Interest will be computed on daily balances from the due
date for payment of the amount outstanding until it is settled
in full. Interest not paid when due is to be capitalized at
monthly intervals.

EFFECTS ON SHARE CAPITAL, NET TANGIBLE ASSETS, EARNINGS PER
SHARE AND SUBSTANTIAL SHAREHOLDING

The proposed disposal and lease-back will not have any effect on
the issued and paid-up share capital of the Company but MSSB is
expected to realize a net gain of approximately RM50.6 million
from the sale for the financial year ending 31 December 2002.
The gain from the disposal will in turn improve the net tangible
assets of the Company from RM366.4 million (as at 31 December
2001) to RM392.2 million.

APPROVALS REQUIRED

The proposed disposal and lease-back are subject to the
following approvals:

   (i) the SC;
   (ii) the Foreign Investment Committee; and
   (iii) any other relevant authorities/parties, if required.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

Tan Sri Dato' Seri Dr Cheah Fook Ling is a Director and Major
Shareholder of both the Company and Suncity. He has deemed
interest in MSSB via both the Company and Suncity.
Hence, Tan Sri Dato' Seri Dr Cheah Fook Ling is deemed
interested in the lease-back arrangement between Suncity and
MSSB. Accordingly, he has abstained from all Board deliberations
of the Company and voting on the resolution pertaining to the
transaction.

Save as disclosed above, none of the directors or major
shareholders of the neither Company nor persons connected with
them have any interest, direct or indirect, in the proposed
disposal and lease-back.

STATEMENT BY BOARD OF DIRECTORS

The Board of Directors of the Company (save and except for Tan
Sri Dato' Seri Dr Cheah Fook Ling who is deemed interested in
the lease-back arrangement between Suncity and MSSB) is of the
opinion that the above proposed disposal and lease-back are in
the best interest of the Group.

DOCUMENTS AVAILABLE FOR INSPECTION

Copies of the SPA dated 16 May 2002, Sub-Lease Agreement dated
13 June 2002 and the valuation report dated 22 January 2002 are
available for inspection at the registered office of the Company
at Level 16, Menara Sunway, Jalan Lagoon Timur, Bandar Sunway,
46150 Petaling Jaya, Selangor Darul Ehsan during normal office
hours from Monday to Friday (except public holidays) for a
period of 2 weeks from the date of this announcement.


TIME ENGINEERING: Proposes Property Sale for Working Capital
------------------------------------------------------------
Time Engineering Berhad announced that the Company has on 13
June 2002 entered into a sale and purchase agreement with Ideal
Port Sdn Bhd (the Purchaser) for the proposed disposal of the
piece of land held under the issue document of title HS (M)
6237, No. P.T. 4205, Mukim Kapar, Daerah Klang, Selangor
together with one unit of a office building, one unit of a
factory building and two units of guardhouses erected thereon at
a total purchase price of RM4,376,820. The Property sale
proceeds will be utilized by the Company for working capital
purposes.

DETAILS OF THE PROPOSED DISPOSAL

The Purchaser shall pay the cash consideration of RM4,376,820 in
the following manner:

   i) RM437,682 (Deposit) shall be paid to a stakeholder upon
the execution of the sale and purchase agreement; and

   ii) the balance purchase price of RM3,939,138 shall be paid
on or before the Completion Date or the Extended Completion
Date.

CONDITIONS PRECEDENT OF THE PROPOSED DISPOSAL

The Proposed Disposal is subject to and conditional upon the
Purchaser obtaining the written consent from the State Authority
and the Company obtaining the written consent from the State
Authority in respect of such sale and transfer of the Said
Property (Consent to Transfer) from TIME to the Purchaser.

DIRECTORS' RECOMMENDATION

The Board of Directors of TIME is of the opinion that the
Proposed Disposal is in the best interest of the Company.

FINANCIAL EFFECTS

The Proposed Disposal will not have any effect on the share
capital of TIME nor its substantial shareholders' shareholdings.
The net gain on the disposal of the said Property is estimated
about RM2.0 million.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors and major shareholders of TIME, or any
person connected to them, has any interest, direct or indirect,
in the Proposed Disposal.


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


BENPRES HOLDINGS: MWSS to Rule on Maynilad Rate Hike Bid
--------------------------------------------------------
The Metropolitan Waterworks and Sewerage System will announce
today its decision regarding the rate hike petitions of Benpres
Holdings Corp's Maynilad Water Services Inc, BusinessWorld
newspaper reported.

According to MWSS-Regulatory Office Chief Administrator Eduardo
Santos, the decision was supposed to have been made as early as
June 15, but was slightly delayed since the regulators needed
more time to review the petitions.

The rate hike may be implemented 15 days after publication of
the MWSS decision in major newspapers.

Maynilad has proposed a 6 pesos per cubic meter rate hike.

Benpres Holdings, which is rescheduling a total debt of US$596.9
million, said earlier this week it is in talks with French water
firm Suez Lyonnaise des Eaux for the sale of its 60 percent
stake in Maynilad. The buy-in would be done through the
Philippine Depository Receipts (PDRs) structure.


BENPRES HOLDINGS: Willing to Sell 6% of ABS-CBN
-----------------------------------------------
Benpres Holdings Corp., the listed flagship of the Lopez
Group of Companies, is willing to sell only 6 percent of its
majority equity in ABS-CBN Broadcasting Corp, BusinessWorld
reports.

Benpres Chief Financial Officer Angel S. Ong said the holding
company is considering trimming its ABS-CBN stake to 51 percent
from the current 57 percent.

The move will allow Benpres Holdings to raise funds from the
equity sale but at the same time maintain control over the
country's biggest radio-television network.

ABS-CBN, the biggest in the broadcast industry, suffered a
decline in profits last year. Net income fell 34.4 percent to
1.48 billion pesos due to a big drop in advertising revenues.

At least two banking sources said ABS-CBN is in dire financial
straits and that it is expected to default on some loans due
this year. Among ABS-CBN's creditor-banks are Philippine Savings
Bank and Chinatrust Phils.


NATIONAL POWER: Board Okays 2003 Budget
---------------------------------------
The Board of state-owned National Power Corp. (Napocor) has
approved the company's proposed budget of 232 billion pesos for
2003, Manila Bulletin reports.

According to Napocor acting President Roland Quilala, there was
no change in the company's budget since Napocor's function would
just be limited to operation and maintenance after the transfer
of its assets to the government's Power Sector Assets and
Liabilities Management Corp. for privatization.

Napocor's privatization is mandated under the Electric Power
Industry Reform Act of 2001.


NATIONAL POWER: Government Presses Rehab of Tiwi Plant
------------------------------------------------------
The local government of Tiwi, Albay is urging the National Power
Corp. (Napocor) to speed up discussions on the full
rehabilitation of the Tiwi geothermal power plant.

Tiwi Mayor Patricia Gutierrez said the economy of the
municipality has been suffering due to the low performance of
the power plant.

The Tiwi plant has an installed capacity of 330 megawatts (MW),
but is currently generating a mere 38 MW.

"We need to rehabilitate it. We cannot sell this plant under its
present condition," said Rene Santiago, manager of Napocor's
Genco 6, which handles the plant.

Santiago said they are negotiating with the Japan Bank for
International Cooperation for the release of 2.3 billion pesos
in loans for the full rehabilitation of the plant, which is
expected to start next month and to be completed not later than
December 2003.


PHILIPPINE LONG: Government Wants New Investment to Succeed
-----------------------------------------------------------
Trade Secretary Mar Roxas said the Philippine government is
observing the developments at the Philippine Long Distance
Telephone Co. (PLDT) and that it wants the new investment of
over $900 million to push through, the Malaya newspaper reports.

"We are monitoring closely to ensure that it is not driven away
by matters other than purely commercial considerations," Roxas
said.

Roxas said the government would not back nor block any party
wanting to make new investments in the country's largest telco,
may it be from the Gokongweis or the Pangilinan block.

Businessman John Gokongwei is entering a joint venture with
First Pacific Co Ltd for control of the Hong Kong firm's
Philippine Long Distance Telephone Co. (PLDT) and Bonifacio Land
Corporation assets for US$925 million.

PLDT President and Chief Executive Officer, Manuel Pangilinan,
on the other hand, is trying to arrange for a management buyout
to block First Pacific Corp.'s plan to sell a controlling stake
in the phone company to Gokongwei.


PHILIPPINE LONG: Pangilinan, Cojuanco Seek Alliance With NTT
------------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) President Manuel
Pangilinan and its Chairman Antonio Cojuangco are scheduled to
leave for Tokyo, Japan on Thursday to seek an alliance with
Nippon Telegraph and Telephone Corp. (NTT) and counter John
Gokongwei's impending takeover of the country's largest phone
company, Today newspaper reported, citing unidentified people.

Nippon Telegraph, which holds 15 percent of the Manila-based
phone company, has taken the side of Pangilinan though it is
still consulting with its lawyers on what action it would take,
the paper said.

At its recent annual stockholders' meeting, PLDT board director
Teketo Suzuki, who also represents NTT, said that while the
exercise of the right of first refusal is a strategy to prevent
the Gokongwei deal, there are other options under the PLDT by-
laws to thwart the deal.

Businessman John Gokongwei and First Pacific, where Pangilinan
is chairman, have agreed to set up a venture that will own the
Hong Kong-based company's 24.4 percent stake in PLDT.

The joint venture will also own half of Bonifacio Land Corp., a
developer indirectly owned by First Pacific and which holds 55
percent of the 150-hectare (370-acre) Fort Bonifacio
development.


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


ASIA PULP: APP China Widens 2001 Net Loss to US$209.6M
------------------------------------------------------
APP China Group Limited, the Chinese subsidiary of Asia Pulp &
Paper Company Ltd (APP), revealed Monday a consolidated net loss
of approximately US$209.6 million in 2001, a 48.2 percent
increase from a consolidated net loss of approximately US$141.4
million in 2000.

Details of preliminary unaudited condensed and consolidated
financial results for the year ended December 31, 2001 is
available at
http://www.bankrupt.com/misc/TCRAP_APPChina0619.pdf.

APP also reported the production, sales volume and operating
data for Ni ngbo Zhonghua Paper Co., Ltd., Gold Huasheng Paper
(Suzhou Industrial Park) Co., Ltd, Gold East Paper (Jiangsu)
Co., Ltd and Gold Hongye Paper (Suzhou Industrial Park) Co., Ltd
for 2001.

                   PRODUCTION VOLUMES
                 (in thousands of tons)
                                         2001
                     2000  2001   1Q    2Q   3Q   4Q
Ningbo Zhonghua:
Packaging........     483   454  101   116  118  118
Gold Huasheng:
Paper............     213   237   51    60   64   62
Gold East:
Paper............     866   775  178   214  210  172
Gold Hongye:
Tissue...........     100   106   22    23   30   31

                     SALES VOLUMES
                 (in thousands of tons)
                                         2001
                     2000  2001   1Q    2Q   3Q   4Q
Ningbo Zhonghua:
Packaging........     480   481  105   117  141  119
Gold Huasheng:
Paper............     172   236   51    61   61   63
Gold East:
Paper............     698   875  174   222  266  212
Gold Hongye:
Tissue...........      59    67   15    15   17   20

              AVERAGE REALIZED SALES PRICES
                     (US$ per ton)
                                          2001
                     2000  2001   1Q    2Q    3Q   4Q
Ningbo Zhonghua:
Packaging........     678   586  616   607   554   576
Gold Huasheng:
Paper............     845   748  739   754   742   762
Gold East:
Paper............     774   650  682   654   648   620
Gold Hongye:
Tissue...........   1,260 1,214 1,264 1,290 1,153 1,169


ASIA PULP: Reports Pindo Deli, Lontar Papyrus' 2001 Results
-----------------------------------------------------------
Asia Pulp & Paper Company Ltd announced Monday details of (a)
preliminary, unaudited condensed and consolidated financial
results for the year ended December 31, 2001 and (b) preliminary
production, sales volume and average realized sales prices for
the first quarter 2002 and for April 2002, for both PT Pindo
Deli Pulp and Paper Mills and PT Lontar Papyrus Pulp and Paper
Industry.

Please go to http://www.bankrupt.com/misc/TCRAP_APP0619.pdfto
see a copy of Pindo Deli and Lontar Papyrus' Income Statement
and Balance Sheet.

APP also released Monday the preliminary production volumes,
sales volumes and average realized selling prices for Pindo Deli
and Lontar Papyrus.

                   PRODUCTION VOLUMES
                 (in thousands of tons)
                                   2001             2002
                2000  2001   1Q    2Q   3Q   4Q   1Q  April
Pindo Deli:
Paper..........  631   551  108   146  149  149  153   57
Tissue.........   45    42    7     9   13   13   11    4
Packaging......   56    47   10    12   13   12   12    3
Lontar Papyrus:
Pulp...........  572   620  153   166  139  162  160   40
Tissue.........   43    42   10    12   10   11   12    4

                      SALES VOLUMES
                 (in thousands of tons)
                                   2001             2002
                2000  2001   1Q    2Q   3Q   4Q   1Q  April
Pindo Deli:
Paper..........  615   557  119   153  149  135  159   70
Tissue.........   47    40    9     8   11   12   12    5
Packaging......   45    38    9    10   10    9    9    3
Lontar Papyrus:
Pulp...........  561   581  145   157  131  148  147   39
Tissue.........   41    41   10    11    9   11   11    3

              AVERAGE REALIZED SALES PRICES
                     (US$ per ton)
                                   2001             2002
                2000  2001   1Q    2Q   3Q   4Q   1Q  April
Pindo Deli:
Paper..........  723   712  767   706  707  677  699   703
Tissue.........  980   968 1,044  958  965  916  921   904
Packaging......  720   556  627   534  555  512  535   547
Lontar Papyrus:
Pulp...........  510   311  334   303  299  310  309   308
Tissue.........  805   777  863   786  736  721  722   728

The debt restructuring exercise relating to APP and its
subsidiaries, including Pindo Deli and Lontar Papyrus, is
complex and continues to involve analysis of a myriad of complex
transactions that span many jurisdictions and laws, and will
likely take a lengthy period of time to complete, the Company
said in a statement.

"Resolution of the issues relating to these transactions could
require Pindo Deli and Lontar Papyrus, or other companies in the
APP group, to recognize additional liabilities or penalties
which have not been recognized or reflected on their financial
statements," it said.

APP is one of the world's leading pulp and paper companies.
With current pulp capacity of 2.3 million tons and paper and
packaging capacity of 5.7 million tons, it ranks number one in
non-Japan Asia.

Headquartered in Singapore, APP currently has 16 manufacturing
facilities in Indonesia and China and markets its products in
more than 65 countries on six continents.


ECON INTERNATIONAL: FY Net Loss Narrows to S$19.554M
----------------------------------------------------
Econ International said its year to March net loss narrowed to
S$19.554 million from a year-earlier loss of S$50.683 million as
the company implemented cost-cutting measures and shut down
unprofitable operations.

Econ said it is confident that the ongoing consolidation in the
construction industry will ease the downward pressure on the
industry.

Econ said it expects further improvements in its operating
performance in the year to March 2003, supported by some S$700
million worth of jobs on hand.

Econ International Limited - http://www.econ.com.sg/- is an
infrastructure contractor and project manager in Asia. The Group
operates in three main business segments: Engineering and
Construction, Building Materials and Equipment, and Trading and
Investment.


ELLIPSIZ LTD: Gains 5.1% as CEO Buys More Shares
------------------------------------------------
Shares of Ellipsiz Ltd., which provides engineering services to
semiconductor companies, rose as much as 5.1 percent after Chief
Executive Xavier Chong bought more shares in the company,
Bloomberg reported yesterday.

Chong was said to have raised his stake to 14.1 percent from
13.9 percent.

Ellipsiz added 1.5 cents, or 5.1 percent, to 31 Singapore cents
in recent trading and is the second-most actively traded stock.


PENTON INTERNATIONAL: Requests Lifting of Trading Suspension
------------------------------------------------------------
Penton International Ltd said yesterday it wishes to request for
resumption of trading of its shares with effect from 8.30 a.m.
on 18th June 2002.

The plastic injection-mould toolmaker requested a trading
suspension Monday.

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.


PENTON INTERNATIONAL: Secures S$1.92M Loan From Trust Firm
----------------------------------------------------------
Penton International Ltd said Monday it has entered into a loan
agreement on 14 June 2002 with Earl and Elam Payton Revocable
Family Trust as Lender and Atech Moulds Manufacturing Pte Ltd as
guarantor, pursuant to which the Trust will grant to the Company
a loan of up to an aggregate amount of S$1.92 million to the
Company.

This loan is secured, inter alia, by:

(i) a guarantee by Atech of the obligations of the Company under
the Loan Agreement;
(ii) a charge over all the shares in Atech;
(iii) a mortgage over the property at 2 Woodlands Sector 1 #01-
03 Singapore 738068; and
(iv) a charge over certain machinery and equipment legally and
beneficially owned by Atech.

At the same time, the Trust has also entered into a Conditional
Subscription Agreement with the Company, pursuant to which the
Trust agreed to subscribe for 16,000,000 ordinary shares of par
value S$0.12 each in the capital of the Company at a
subscription price of $0.12 each. The Trust's obligation to
subscribe for the Subscription Shares and the Company's
obligation to issue and allot the Subscription Shares are
conditional upon, inter alia, the following conditions being
obtained, satisfied or waived by the Trust:

(i) the approval of the shareholders of the Company for the
Company to enter into this Agreement and for the allotment and
issuance of the Subscription Shares (if necessary);

(ii) the approval of the SGX-ST for the listing and quotation of
the Subscription Shares;

(iii) the approval of the Securities Industry Council (if
necessary), and:

(a) the ruling of the Securities Industry Council that the Trust
is not a party acting in concert (as defined in the Singapore
Code on Take-Overs and Mergers with Sunningdale Holdings Pte
Ltd, Regional Capital Pte Ltd or their concert parties; or

(b) the ruling of the Securities Industry Council that although
the Trust is a party acting in concert with Sunningdale and/or
Regional and/or their concert parties, the Trust would not be
required by virtue only of the entry into this Agreement and the
subscription of the Subscription Shares hereunder to make a
mandatory takeover offer under Rule 14 of the Code and a waiver
from the requirement of having to make a mandatory general offer
under Rule 14 of the Code (subject to the shareholders of the
Company approving a whitewash resolution in accordance with the
Code) is granted by the Securities Industry Council to the Trust
in respect of any acquisition or series of acquisitions by
Sunningdale and/or Regional and/or their concert parties (other
than the Trust) of shares of the Company which would by
themselves, or together with the Subscription Shares, trigger a
mandatory takeover offer under Rule 14 of the Code by
Sunningdale and/or Regional and/or their concert parties
(including the Trust);

(iv) the approval of the shareholders of the Company of a
whitewash resolution as contemplated in the paragraph above in
accordance with the Code (if necessary); and

(v) the market price of the shares of the Company not falling
below S$0.12 during a period of ten (10) trading days prior to
the completion date.

In consideration of the Trust granting of the loan and the
entering into the Conditional Subscription Agreement, the Board
of Directors of the Company has also invited Mr Earl Payton to
join the Board of Directors as Chairman of the Board.

In addition, the Company has confirmed to Sunningdale Holdings
Pte Ltd that the condition precedent in the Conditional Call
Option Agreement dated 22 May 2002 granted to Sunningdale on 22
May 2002 (and referred to in the Company's announcement on 22
May 2002) which relates to the procurement of the repaying or
refinancing of the UK Facilities and the arranging of additional
working capital of not less than o1 million as having been
satisfied following the entry into of the loan agreement with
the Trust, as well as the US$12 million equity line of credit
arranged by GEMIA from GEM Global Yield Fund announced by the
Company on 28 May 2002.

ABOUT EARL E PAYTON AND THE Earl and Elam Payton Revocable
Family Trust

The Trust was established on 15 September 1998 by Earl E Payton
and Elma C Payton, husband and wife, as settlors. Earl E Payton
and Elma C Payton are the trustees of the Trust. The Trust
provides under its terms that it may be revoked and amended at
any time by the settlers.

Earl E Payton, 55, is the Vice Chairman, President and Chief
Executive Officer of Trend Technologies, a U.S. based company
with one billion dollar sales in Singapore dollars. Trend is a
major global manufacturer of enclosures for the electronics
industry, makes parts and precision assemblies for the
automotive industry, and is a leading injection molder and metal
stamper. Trend has extensive international capabilities in
plastic injection mold design and manufacturing, as well as
world-class design and manufacturing capabilities in tooling and
dies required for metal stampings.

Payton has 35 years experience in global manufacturing and has a
background in tooling, lean manufacturing and finance.

Payton came to Trend by way of Cowden International, a company
he sold to Trend in November of 2000. Beginning in 1975 Payton
was President and majority stock holder of Cowden and over that
25 year span grew the company from one small factory with sales
of less than one million to a company with eight manufacturing
plants in four countries with sales approaching S$500 million.


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


MEDIA OF MEDIAS: Issues Additional Rehab Plan Amendment
-------------------------------------------------------
K.Y.S. Holding Co., Ltd., Plan Administrator of Media of Medias
(Public) Company Limited, with reference to its letter to SET
dated May 2, 2002 informing amendments of the Business
Rehabilitation Plan regarding total amount of debts and debt
settlement period, announced that the Creditors Committee
Meeting No. 2/2002 held on May 30, 2002 has approved the
additional amendments to the Plan concerning settlement period
of convertible debenture and ending date of principal repayment
of strategic important creditors as follows:

Guidelines of debt structuring clause 4.4 page 17 of the Plan

             Original                    Amend

Convertible debenture
   - redemption year: year 2011         year 201
   - first year of conversion: year 2006        year 2007

Attachment #8 of the Plan  amendment the ending date of
principal repayment

             Original                            Amend

Strategic Important Creditors (Group 4)
   October 31,2009                 October 31,2008


P. SINSUK: Files Petition for Business Reorganization
-----------------------------------------------------
Electronic equipment seller P. Sinsuk Supply Company Limited
(DEBTOR)'s Petition for Business Reorganization was filed at the
Civil Court of Southern Bangkok:

   Black Case Number L.F. 3/2541

   Red Case Number L.F. 3/2541

Petitioner: United Trading and Import Company Limited

Planner: Mr. Napapone Arunsit

Debts Owed to the Petitioning Creditor: Bt22,466,661.86

Date of Court Acceptance of the Petition: June 8, 1998

Date of Examining the Petition: July 6, 1998 at 9.00 A.M.
Court postponed the date of examination of the Case to July 14,
1998 at 1.30 P.M.

Court postponed the date of examination of the Case to July 15,
1998 at 11.00 A.M.

The Petitioner withdrew the Petition for Business Reorganization
and the Court allowed the withdrawal on July 15, 1998

Court ordered Disposal of the Case on August 4, 1998


RAIMON LAND: Posts Administrator's Letter of Invitation
-------------------------------------------------------
Raimon Land Public Company Limited, posted the invitation letter
of Director Nigel J. Cornick of Raimon Land Planner Co., Ltd,
Plan Administrator of the Company, to the investors:

17 June 2002

President
The Stock Exchange of Thailand
62 Rachadapisek Road, Klongtoey
Bangkok 10110

Dear Sir,
                      INVITATION TO INVESTOR PRESENTATION
                                  CONCERNING
                         RAIMON LAND PLC. (RAIMON)
                     WHICH IS SOON TO RECOMMENCE TRADING ON
                      THE STOCK EXCHANGE OF THAILAND (SET)

Raimon has applied to the SET to recommence trading of its
shares on the SET on 24th June 2002 after more than three years
suspension from trading.

We, Raimon Land Planner Co., Ltd., the Plan Administrator to
Raimon, are pleased to invite you to the presentation to re-
introduce the Company to you.

The meeting details are:

Date              :         At 10 a.m. on 19th June 2002.

Venue             :         The Stock Exchange of Thailand
                            Meeting Room No. 1101
                            11th Floor, SET's Building
                            62 Rachadapisek Road,
                            Klongtoey, Bangkok, 10110
                            Thailand
                            10.45  The Presentation
                            11.15  Questions and Answers

Executives conducting the presentation:

1. Mr. Nigel Cornick          Director and Managing Director
      Designate.

2. Mr. David Simister         Chief Executive Officer of CB
      Richard Ellis
                              (Thailand) Co., Ltd.

3. Ms. Nitaya Phuprasitsak    Vice President-Finance and
Administration of
                              Raimon Land Plc.

4. Ms. Lalida Rojanavasee     Senior Vice President-Seamico
Securities Plc.

Would you please confirm your participation at the presentation
by signing below and forwarding this invitation letter by fax to
Khun Nitaya Phuprasitsak, (fax number (02) 651-9614) before noon
on Tuesday, 18 June 2002.


THAI AIRWAYS: Domestic-Flight Business Reaches Break-Even Point
---------------------------------------------------------------
National carrier Thai Airways International Plc has lowered its
heavy losses on domestic services through cost-cutting measures,
more judicious fleet use, dropping some routes and raising
fares, Bangkok Post reports, citing President Kanok Abhiradee.

Mr Kanok added that the improved performance on the domestic
side was partly the result of Thai Airways abandoning some
routes to two small privately owned airlines, freeing up more of
its own planes for more profitable foreign routes.

The airline's financial performance in recent years has been
marred by annual losses of Bt1 billion to Bt2 billion on
domestic routes. It has remained profitable because of the
profits generated by its international operations.

In the first six months of the current fiscal year, starting in
October, Thai Airways posted a net profit of Bt5.77 billion. For
the whole of the previous fiscal year, the carrier suffered a
net loss of Bt935.3 million.


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

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

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