TCRAP_Public/020620.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Thursday, June 20, 2002, Vol. 5, No. 121

                         Headlines

* A U S T R A L I A *

ANSETT GROUP: American Home to Honor Travel Insurance Claims
ASHANTI GOLDFIELDS: Cayman Court Scheme Hearing Set on July 2
AUSDOC GROUP: ABN Amro Bids Intends to Make Takeover Bid
AUSDOC GROUP: Toll to Acquire DX Group
IWL LIMITED: Posts Daily Share Buy-Back Notice
TUART RESOURCES: Capital Raising, Debt Conversion Approved at GM

* C H I N A   &   H O N G  K O N G *

AMERICA & CHINA: Faces Winding Up Petition
ASIACONTENT.COM: Receives Nasdaq's Notice of Delisting
CHINA NETWORK: Winding Up Sought by Unique Profit
CHINADOTCOM: e-Solutions Secures Win for Oracle e-Business Suite
DAILYWIN GROUP: Unaware of Share Price Decrease
NORTHEAST ELECTRICAL: Court Revokes Winding Up Petition
PINNZ NETWORKS: Winding Up Petition Slated for Hearing
SINOCAN HOLDINGS: Requests Suspension of Trading

* I N D O N E S I A *

ASURANSI JIWA: Objects to Bankruptcy Ruling; Files Appeal
CITRA MARGA: Incurs Rp406.43B Loss
SEMEN GRESIK: Pefindo Upgrades Rp600B Bond I/2001 to 'idA+'

* J A P A N *

DAIEI INC: JCR Affirms Unit's J-3 CP Rating
FUJITSU LTD: Expands Global Alliance With Microsoft
MARUBENI CORP: Selling Osaka Headquarters for Y12.5B
MATSUSHITA ELECTRIC: Clarifies 1Q FY2003 Financial Report
MATSUSHITA ELECTRIC: To Return to Profit in April-June
MIZUHO HOLDINGS: Maeda to Take 50% Pay Cut for Computer Glitch
TOSHIBA CORP: Reorganizes Video Recording Equipment Business

* K O R E A *

DAEWOO MOTOR: Finalizing Polish Plant Bid, Says Minister Lesny
DAEWOO MOTOR: Selling Busan Bus Plant to Young An Hat
KOREA LIFE: Merrill Lynch Estimated Sale Value at W1.1-1.9T

* M A L A Y S I A *

AUTOINDUSTRIES VENTURES: Posts June Defaulted Payment Status
CHASE PERDANA: Updates Material Litigation Status
HIAP AIK: 2002 AGM, 2001 Financial Statement Submission Extended
MBF HOLDINGS: Enters Recurrent Related Party Transactions
METROPLEX BERHAD: Proposes Renewal of Shareholders' Mandate
PSC INDUSTRIES: Settles Unit's Loan Facilities
RAHMAN HYDRAULIC: Proposes Assets for Debt Settlement
RENONG BERHAD: Schedules EGM on July 3
SASHIP HOLDINGS: SC Further Extends Proposed Workout Scheme
SRI HARTAMAS: Moratorium Period Extended for a Year
TIME DOTCOM: Board OKs IPO Utilisation Proceeds Resolution

* P H I L I P P I N E S *

METRO PACIFIC: Blocks Gokongwei's Due Diligence
METRO PACIFIC: SM Set to Ink Deal on Fort Boni Project
PHILIPPINE AIRLINES: MBC Comments on Government Takeover
PHILIPPINE LONG: Board Member No Info on First Pac-NTT Talk
PHILIPPINE LONG: Gokongwei-First Pac Deal Faces Probes
PHILIPPINE LONG: NTT May Block Gokongwei Bid
PHILIPPINE LONG: S&P Sees No Ratings, Outlook Changes
PHILIPPINE LONG: Solon Wants Probe on Gokongwei Buy-in

* S I N G A P O R E *

ALLIANCE TECHNOLOGY: Discloses Resignation of Directors
ASIA PULP: Fitch Withdraws DD Ratings
ELLIPSIZ LTD: Posts Notice of Change in Shareholder's Interests
INTRACO LIMITED: Proposes Capital Restructuring
NATSTEEL LTD: Flextronics Offer Gains 25.3 Percent Acceptance

* T H A I L A N D &

BANGKOK THANEE: Business Reorganization Petition Filed
KRISDAMAHANAKORN PUBLIC: Increases Capital
THAI DURABLE: Increases Capital; Allocates New Shares

* B O N D  P R I C I N G *

DebtTraders Real-Time Bond Pricing


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


ANSETT GROUP: American Home to Honor Travel Insurance Claims
------------------------------------------------------------
Following an investigation by the Australian Securities and
Investments Commission (ASIC), American Home Assurance Company
will now honor its travel insurance policies covering the costs
of any cancelled Ansett tickets.

American Home Assurance will write to more than 4000 travel
insurance policy holders advising them of claims they may have
to cover the cost of cancelled Ansett tickets, and that American
Home Assurance will reconsider those claims.

ASIC commenced its investigation in response to concerns that:

   * American Home Assurance decided on 10 September 2001 that
the collapse of Ansett was a foreseeable event and that their
travel insurance policies issued after 10 September would not
cover the cost of any cancelled Ansett tickets. However some
customers may not have been told of this decision;

   * Ansett tickets were still being issued until 14 September.
Between 10 and 14 September 2001 American Home Assurance sold
around 4000 policies, including to Ansett customers;

   * American Home Assurance had refused claims for cancelled
Ansett tickets made under travel insurance policies issued
between 10 and 14 September 2001; and

   * American Home Assurance may have misapplied its policy
restrictions to deny claims that were made.

As a result of ASIC's intervention, American Home Assurance
became aware that some travel agents may not have been informed
of American Home Assurance's views about Ansett's collapse.
American Home Assurance has now paid the five claims relating to
the Ansett collapse that it has received to date.

ASIC will monitor American Home Assurance's treatment of claims
to ensure that they honor travel insurance policies taken out
between 10 and 14 September in accordance with their legal
obligations.


ASHANTI GOLDFIELDS: Cayman Court Scheme Hearing Set on July 2
-------------------------------------------------------------
Ashanti Goldfields Company Limited announced that at the meeting
of the registered holders (Noteholders) at the record date of
5:00 pm (New York time) on 16 May 2002 (Record Date) of the
5(1/2)% Exchangeable Notes due 2003 (Existing Notes), in
connection with the proposed restructuring of the Existing Notes
(Proposed Restructuring), held on Monday, the Resolution
approving the proposed Scheme of Arrangement between Ashanti
Capital Limited and its Noteholders (Scheme) was passed by the
requisite majority. The number of votes cast in favour of the
Scheme was US$199,853,000 representing 91.43% of the outstanding
Existing Notes. No votes were cast against the Scheme.

The Scheme is still subject to the approval of the Grand Court
of the Cayman Islands at the hearing which is due to take place
at 11:00 am (New York time) on 2 July 2002 at the Grand Court of
the Cayman Islands, George Town, Grand Cayman, Cayman Islands,
British West Indies. Noteholders and the holders of beneficial
interests in Existing Notes at the Record Date (Note Investors)
are entitled to attend the hearing.

Certain other conditions to the Scheme becoming effective have
yet to be fulfilled including but not limited to:

   * approval of the Scheme by the shareholders of Ashanti at
the Extraordinary General Meeting of Ashanti to be held on 28
June 2002;

   * the granting of a permanent restraining order under s3O4 of
the United States Bankruptcy Code enforcing the terms of the
Scheme in the United States; and

   * admission of the new securities to be issued pursuant to
the Scheme to (i) the New York Stock Exchange and (ii) the
Official List of the United Kingdom Listing Authority and to
trading on the London Stock Exchange.

Subject to all the conditions to the Scheme being satisfied or,
where appropriate, waived by Ashanti and no alternative to the
Proposed Restructuring being recommended by the board of
Ashanti, the Scheme is expected to become effective not earlier
than 11 July 2002.

All persons choosing to exercise their rights under the Mix and
Match Election opted to receive a higher amount of new Ashanti
global depositary securities (New GDSs) rather than a higher
amount of the new exchangeable notes (New Notes) being offered
under the terms of the Scheme (the New GDSs and the New Notes
referred to together as the "New Securities"). No countervailing
elections were made for New Notes and, therefore, if sanctioned,
Note Investors will receive their basic entitlement under the
Scheme.

Note Investors are reminded that, in order to receive the
consideration due under the Scheme (Scheme Consideration), they
must still submit properly endorsed and executed Voting
Instruction and Release Forms with Parts A and D completed to
The Bank of New York in accordance with the instructions on
those forms. Unless such properly endorsed and executed forms
are received by The Bank of New York by 31 December 2003, the
New Securities to be issued under the Scheme will be repurchased
by Ashanti for a total of US$1.00 and the cash will be repaid to
Ashanti. Until such time, the Scheme Consideration will be held
in escrow by Ashanti Capital Limited.

No assignment or transfer of a beneficial interest in an
Existing Note after the Record Date will be recognized for the
purposes of determining entitlements to receive any Scheme
Consideration. Accordingly, any proposed transferee or
transferor after the Record Date should read carefully all the
documentation sent out to Noteholders and Note Investors in
connection with the Scheme (Scheme Documentation) and should
ensure (i) that the account holder in DTC through whom the
relevant Existing Notes were held at the Record Date is
authorised by the original Note Investor (i.e. the beneficial
holder of the Existing Notes at the Record Date) to distribute
any consideration received under the Proposed Restructuring
directly to the transferee, and (ii) that the original Note
Investor completes and delivers the Voting Instruction and
Release Form in accordance with the instructions set out in the
Scheme Documentation.

Further to the announcement on 10 June 2002, Ashanti is
continuing to evaluate an alternative restructuring proposal.
However, Ashanti wishes to reiterate that the Proposed
Restructuring continues to be recommended by the Board and that
in the absence of any alternative proposal being recommended by
Ashanti's Board, the Directors of Ashanti urge Securityholders
to vote in favour of the Proposed Restructuring.

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


AUSDOC GROUP: ABN Amro Bids Intends to Make Takeover Bid
--------------------------------------------------------
AUSDOC Group Limited and ABN AMRO Capital (Belgium) NV announced
Tuesday that ABN AMRO Capital, through a wholly owned
subsidiary, intends to make a recommended cash offer of $2.15
per share for all of the shares of AUSDOC.

The ABN AMRO Capital offer represents a substantial premium for
AUSDOC shareholders and the directors of AUSDOC unanimously
recommend that AUSDOC shareholders accept the offer, in the
absence of a higher offer.

"After completing an extensive sale process, the AUSDOC Board
believes that the takeover offer represents the best means of
delivering value to shareholders," AUSDOC Chairman Michael
Butler said.

AUSDOC Managing Director, Alan Freer, described the offer as "a
positive outcome for AUSDOC shareholders."

ABN AMRO Capital's representative in Australia, JP Kaumeyer,
described the transaction as "a landmark Australian public-to-
private deal and further evidence of ABN AMRO Capitals
commitment to being a leading provider of private equity in
Australia and New Zealand."

ABN AMRO Capital operates globally as a leading provider of buy-
in and buy-out capital, pre-IPO funding and expansion capital.

The takeover offer by ABN AMRO Capital follows AUSDOC's
announcement on 22 May 2002 that it had entered into an
agreement and exclusive negotiations with a party interested in
making a cash offer to AUSDOC shareholders.

Under the terms of the offer, AUSDOC shareholders will receive
$2.15 cash per share. This comprises a price of $2.13 per share
plus $0.02 per share representing the proceeds to be realized
through the sale of the DX Group and net costs associated with
the closure of the GoMail mail aggregation business.

Further, AUSDOC also announced that it has entered into binding
sale documentation to sell the DX Group business to a subsidiary
of Toll Holdings Limited and completion of that sale is
scheduled to occur on 30 June 2002. AUSDOC announced the closure
of the GoMail mail aggregation business on 3 June 2002.

The ABN AMRO Capital offer price provides a substantial premium
for AUSDOC shareholders. It represent:

   * a 32% premium to the one month volume weighted average
price of $1.63 per share for AUSDOC shares to the close of
trading on 19 December 2001, the day prior to the commencement
of the AUSDOC sale process;

   * a 41% premium to the three month volume weighted average
price of $1.53 per share for AUSDOC shares to the close of
trading on 19 December 2001; and

   * a 46% premium to the volume weighted average price of
AUSDOC shares from 1 January 2001 to 19 December 2001 of $1.47.

The directors of AUSDOC unanimously recommend that AUSDOC
shareholders accept ABN AMRO Capital's offer, in the absence of
a higher offer. All AUSDOC directors intend to accept ABN AMRO's
offer in respect of their shareholdings, in the absence of a
higher offer. The aggregate shareholding of the AUSDOC directors
is approximately 14%.

ABN AMRO Capital and AUSDOC have agreed to pursue an accelerated
timetable under which ABN AMRO's Bidder's Statement and AUSDOC's
Target's Statement will be dispatched together to AUSDOC
shareholders as soon as practical. The AUSDOC directors are
confident that the conditions relating to AUSDOC operational
matters will be satisfied during the offer period.

On 22 May 2002 AUSDOC and ABN AMRO Capital entered into an
agreement which contemplated the takeover offer which will now
be made to AUSDOC shareholders.  Under that agreement, a break
fee would be payable by AUSDOC to ABN AMRO Capital under the
following circumstances:

   * a break fee of $3.5 million less any profit made on the
sale of shares would be payable where a higher bidder becomes
entitled to 10% or more of AUSDOC shares;

   * a break fee of $3.5 million if ABN AMRO does not dispatch
its Bidder's Statement and offer document to AUSDOC shareholders
in compliance with law and the agreement entered into by AUSDOC
and ABN AMRO Capital on 22 May 2002 because a higher offer is
announced; and

   * a break fee of $2.5 million where there is no higher bid,
but ABN AMRO Capital fails to secure acceptances for 90% of
AUSDOC shares.

The Australian Securities & investments Commission (ASIC) has
made an application to the Takeovers Panel (Panel) in relation
to the break fees. AUSDOC believes that the break fees it has
agreed to are appropriate and it intends to present its
compelling case to the Panel and address the concerns raised by
ASIC.

ABN AMRO CAPITAL

ABN AMRO Capital is a wholly-owned subsidiary of ABN AMRO Bank
NV, a prominent international bank which ranks eighth in Europe
and seventeenth in the world based on tier 1 capital. It is
positioned globally as a leading provider of buy-in and buy-out
capital, pre-IP0 funding and expansion capital. ABN AMRO Capital
investments are made by 12 multinational teams totaling
approximately 120 professionals based in Europe, the US,
Australia and Asia.  It has Invested more than EUR2.2 billion in
over 350 companies. The team of professionals based in Sydney
seeks to identify and pursue investment opportunities in
Australia and New Zealand on behalf of ABN AMRO Capital.

UBS Warburg is advising AUSDOC. Hutcheson & Co and ABN AMRO
Corporate Finance are advising ABN AMRO Capital.


AUSDOC GROUP: Toll to Acquire DX Group
--------------------------------------
Toll Holdings Limited, Australia's leading provider of
integrated logistics and transportation services, announced on
Tuesday that it had reached agreement with AUSDOC Group Ltd to
acquire the DX Group business.

The acquisition involves the Australian network and fast courier
operations of AUSDOC as well as DX Mail and outsource solutions.

Toll's Managing Director, Mr Paul Little said that "the network
and courier business is an attractive addition to our Toll Ipec
operations; enabling us to build further scale in both air and
road express freight services, and adding further capability
through the comprehensive point to point courier network."

"The businesses currently have revenue of around $100M pa and
have strong brand awareness in the marketplace, which will
benefit from Toll's infrastructure, technology and customer
focus", said Mr Little.

It is expected that the transaction will be completed on 30 June
2002.

For further information contact

Mr Paul Little                       Mr Neil Chatfield
MANAGING DIRECTOR                    CHIEF FINANCIAL OFFICER
Toll Holdings                        Toll Holdings
Tel: (03) 9694 2888                  Tel: (03) 9694 2888
Mob: 0418 335 053                    Mob: 0419 566 847


IWL LIMITED: Posts Daily Share Buy-Back Notice
----------------------------------------------
IWL Limited posted this notice:

                     DAILY SHARE BUY-BACK NOTICE
                 (EXCEPT MINIMUM HOLDING BUY-BACK AND
                        SELECTIVE BUY-BACK)

Name of Entity
IWL Limited

ABN
53 078 119 212

We (the entity) give ASX the following information.

INFORMATION ABOUT BUY-BACK

1. Type of buy-back                 On market 10/12

2. Date Appendix 3C was given to    07/09/2001
   to ASX

TOTAL OF ALL SHARES BOUGHT BACK, OR IN RELATION TO WHICH
ACCEPTANCES HAVE BEEN RECEIVED, BEFORE, AND ON, PREVIOUS DAY

                                  BEFORE               PREVIOUS
                                  PREVIOUS                DAY
                                    DAY

3. Number of shares bought      28,100,901              52,823
   back or if buy-back is
   an equal access scheme,
   in relation to which
   acceptances have been
   received

                                      $                    $
4. Total consideration paid        0.2236               0.250
   or payable for the shares

5. If buy-back is an on-market
   buy-back
                        Highest price paid   Highest price paid
                        $0.270               $0.250
                        Date:   01/02/2002

                        Lowest price paid    Lowest price paid
                        $0.175               $0.250
                        Date:   07/11/2001

     Highest price allowed under rule 7.33:  $0.2646

PARTICIPATION BY DIRECTORS

6. Deleted 30/9/2001.                  Nil


HOW MANY SHARES MAY STILL BE BOUGHT BACK.

7. If the company has disclosed        484,441
   an intention to buy back a
   maximum number of shares - the
   remaining number of shares to
   be bought back

COMPLIANCE STATEMENT

1. The Company is in compliance with all Corporations Law
requirements relevant to this buy-back.

2. There is no information that the listing rules require to be
disclosed that has not already been disclosed, or is not
contained in, or attached to, this form.

IWL Limited, formerly known as Investorweb Ltd, provides
financial advisory software, financial products (cash management
account & 3rd party sharebooking), research (managed investments
& equities), online media). It has paid no dividends during the
last 12 months and reported losses during the previous 12
months.


TUART RESOURCES: Capital Raising, Debt Conversion Approved at GM
----------------------------------------------------------------
Tuart Resources Limited set out below a summary of the capital
raising and debt conversion undertaken by the Company pursuant
to the resolutions passed at the Company's general meeting of
30 April 2002.

Since the approval of 30 April 2002, the Company has been
successful in raising a total of $648,516 at 1.5 cents per share
in new equity capital for working capital purposes pursuant to
resolution 2 approved at the general meeting. Of the monies
raised part of the monies were used to repay interim funding
received between the notice to shareholders being dispatched and
the date of the meeting, with the balance available to meet
ongoing funding requirements.

The Company has also successfully converted a total of$2,113,294
of debt into shares at 1.5 cents per share pursuant to
resolution 5 passed at the general meeting. Regrettably, Union
Pacific Trading Pty Ltd were unable to procure an underwriter
for the placement component of the proposed capital raising,
although a part of the funds raised were from parties introduced
by Union Pacific, and Tuart is continuing with discussions
with other parties introduced by Union Pacific.

The Company has independently been in discussion with a number
of parties who have expressed interest in injecting further
finds pursuant to the capital raising approved at the general
meeting. Unfortunately, however, the Company's share price has
for some time been substanlial1y below the issue price approved
at the general meeting and as such the Company does not
anticipate it will be in a position to raise substantial further
funds at that share price.

Similarly, the Company does not propose at this stage to proceed
with the Prospectus the subject of resolution 3 at present as it
is not anticipated that existing shareholders will be interested
in taking up additional shares at 1.5 cents given the current
market price.

Future capital raising initiatives

The Company continues to explore a number of possible
opportunities to raise further capital including raising
additional equity capital, converting further debt into equity,
raising additional debt funding and selling assets.


TUART RESOURCES: Pata Nominees Becomes Substantial Holder
---------------------------------------------------------
Pata Nominees Pty Ltd became a substantial shareholder in Tuart
Resources Limited on 14/June/2002 with a relevant interest in
the issued share capital of 33,251,833 ordinary shares (5.55
percent).


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C H I N A   &   H O N G  K O N G
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AMERICA & CHINA: Faces Winding Up Petition
------------------------------------------
The petition to wind up America & China Business Chambers
Limited is scheduled to be heard before the High Court of Hong
Kong on July 3, 2002 at 9:30 am.  The petition was filed with
the court on March 8, 2002 by Vember Lord Limited of 22nd Floor,
Hutchison House, Harcourt Road, Hong Kong.


ASIACONTENT.COM: Receives Nasdaq's Notice of Delisting
------------------------------------------------------
Asiacontent.com, Ltd. (Nasdaq: IASIA) received on Monday a
notice from Nasdaq's Listing Qualifications Department that the
Company's securities will be de-listed from the Nasdaq National
Market effective upon the opening of the market on June
17, 2002.  Beginning Monday, the Company's securities will trade
on Nasdaq's over-the-counter bulletin board.

Last month, the Company requested a hearing from Nasdaq to
appeal the Staff Determination Letter dated May 16, 2002 which
notified the Company that its securities were subject to
delisting as a result of the Company's failure to maintain a
minimum market value of publicly held shares of $5,000,000 and a
minimum bid price per share of $1.00 as required by Marketplace
Rules 4450(a)(2) and 4450(a)(5).  In light of the Company's
announcement on June 14th that the Board had unanimously
approved the wind up and liquidation of the Company, subject to
the approval of the holders of a majority of its outstanding
shares of common stock, it is highly unlikely that the Company
would be successful in its appeal or able to satisfy the
maintenance requirements for continued listing on the Nasdaq
National Market in the future.  Therefore, it withdrew its
request for a hearing.

Asiacontent.com delivers targeted online advertising solutions
through its DoubleClick Media Asia advertising network in Korea,
China, Hong Kong, Taiwan and Singapore.  In partnership with MTV
Networks, Asiacontent.com produces local-language music news,
information and promotions targeting high-value youth in Korea,
China, Taiwan, Southeast Asia and India.


CHINA NETWORK: Winding Up Sought by Unique Profit
-------------------------------------------------
Unique Profit Limited is seeking the winding up of China Network
Solutions Limited. The petition was filed on May 28, 2002, and
will be heard before the High Court of Hong Kong on Augusts 21,
2002.

Unique Profit holds its registered office at Room 301, Far East
Consortium Building, No. 121 Des Voeux Road Central, Hong Kong.


CHINADOTCOM: e-Solutions Secures Win for Oracle e-Business Suite
----------------------------------------------------------------
Chinadotcom Corporation announced Tuesday that the company has
signed an agreement with Cytech Technology Ltd (Cytech) in which
chinadotcom e-solutions will help Cytech to integrate its
backend business processes through the implementation of
Oracle's e-Business Suite Solution.

Cytech, based in Hong Kong, is one of the largest distributors
of integrated circuit and semiconductor components and products
with sales offices located in major cities throughout China such
as Beijing, Shanghai, Nanjing, Guangzhou, Shenzhen, Chengdu,
Chongqing, Wuhan and Xian.

"It is critical for us to develop a unified integrated platform
that allows our sales offices to share and retrieve relevant
information and purchase orders," said Johnny Chan, President of
Cytech Technology Ltd. "We were impressed by chinadotcom's
technical capabilities and their understanding of our needs.
The Oracle e-Business Suite to be implemented by e2e will help
us improve our operating efficiency and increase our
competitiveness in the marketplace."

Daniel Widdicombe, Chief Financial Officer of Chinadotcom
Corporation, said, "Enterprises recognize the need to constantly
improve their business processes to optimize their profit
potential and remain competitive. Chinadotcom e-solutions is
well positioned to play a significant role in helping these
enterprises, particularly growing enterprises in Mainland China,
to tackle the challenges brought forth by China's entry into the
WTO."

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


DAILYWIN GROUP: Unaware of Share Price Decrease
-----------------------------------------------
Dailywin Group Limited noted the recent decreases in the
Company's share price and stated that the Company is not
aware of any reasons for the decrease.

Save as disclosed in the joint announcement of the Company dated
22 May  2002 relating to the proposed acquisition of an
effective interest of approximately 99.79% in Wai Yuen Tong
Medicine Company Limited, the Company confirmed that there are
no negotiations or agreements relating to intended acquisitions
or realizations which are discloseable under paragraph 3 of  the
Listing Agreement, neither is the Board aware of any matter
discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-
sensitive nature.


NORTHEAST ELECTRICAL: Court Revokes Winding Up Petition
-------------------------------------------------------
Northeast Electrical Transmission & Transformation Machinery
Manufacturing Company Limited announced that in the winding-up
hearing in the High Court of Hong Kong on 10th June, 2002, the
judge approved the application by the syndicate to revoke the
winding-up petition against the Company.

The litigation initiated by the syndicate in the PRC has been
actively proceeding with in the People's High Court of Liaoning.
It is believed that the syndicate will dismiss the litigation
shortly.

Recent operations

The disposal of Shenyang Transformers Ltd. has been smoothly
completed. The Company has received RMB150,000,000 for payment
of transfers of interest and completed the transfer of interest,
and thereby a source of loss can be segregated from the Company
and maintain the operation achievement by the Company in the
first half of the year. This payment will be used in full to
settle the syndicated loan.

The development of Recovering loans from the related party

On 31st December, 2001, the Company received a repayment
amounting to RMB237 million from Northeast Electrical
Transmission & Transformation Equipment Group Corporation
Limited (NET). After provision of bad debts, accounts receivable
amounted to RMB136 million. By way of legal action, the Company
has frozen 42.5% of the equity interest, which is held by NET,
in Guhe Cable and assets beneficially held by a subsidiary of
NET and have been actively proceeding through the court to have
specific performance with respect thereto. The acquisition of
equity interest of Guhe Cable has been proceeding smoothly. The
sum involved in the litigation is more than RMB60 million.

Improvements made on the matters mentioned in the AUDITORS'
opinion as contained in 2001 Annual Report

1. Following the signing of the repayment agreement and the
revocation of the legal proceedings initiated by the overseas
syndicate, the litigation of overseas syndicated loan, which had
a lingering impact on the Company, as well as the deposit placed
with Liaoning Trust and Investment Company were in principle
settled. Pursuant to the repayment agreement, the Company will
repay 65% of the syndicated loan in the sum of US$40,000,000
amounting to US$26,000,000, which will be repaid from the total
consideration received as a result of the disposal of assets of
Shenyang Transformers Ltd.. The balance of debt will be settled
with the deposit placed with Liaoning Trust and Investment
Company. The Company is actively co-operating with the auditing
committee of Liaoning Trust and Investment Company to negotiate
the retrieval of this deposit.

2. With regard to the receivable loans amounting to RMB93
million from the third party, accounts receivable amounted to
RMB30 million after provision of bad debts. The Company is
proceeding through the court to have specific performance of the
same. The Company currently attached assets held by the third
party pending auction in accordance with laws.

The Company will announce the development of the above matters
as and when appropriate.

Trading in the H shares of the Company will remain suspended
pending further announcement as to whether the Company complies
with the requirements for listing under paragraph 38 of the
Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited.


PINNZ NETWORKS: Winding Up Petition Slated for Hearing
------------------------------------------------------
The petition to wind up Pinnz Networks (HK) Limited is set for
hearing before the High Court of Hong Kong on July 3, 2002 at
11:00 am.  The petition was filed with the court on March 26,
2002 by Pinnz Networks Pte Limited of 31 Kaki Bukit Road, 3,
#05-08 Techlink, Singapore 417818.


SAI KUNG: Petition to Wind Up
-----------------------------
The petition to wind up Sai Kung P.L.B. (Maxicab) (No. 1&2)
Company Limited is scheduled for hearing before the High Court
of Hong Kong on August 21, 2002 at 9:30 am.

The petition was filed with the court on May 28, 2002 by Shing
So Yuk and Shing So Kwai both of 2nd Floor, No. 25 Man Kung Uk
Chuen, Clearwater Bay, Sai Kung, New Territories, Hong Kong.


SINOCAN HOLDINGS: Requests Suspension of Trading
------------------------------------------------
Sinocan Holdings Limited requested trading in its shares to be
suspended with effect from 9:30 a.m. Wednesday (19/June/2002)
pending the release of an announcement relating to a winding-up
petition hearing of the Company.


WHOLE SUCCESS: July 10 Winding Up Petition Hearing Set
------------------------------------------------------
The petition to wind up Whole Success Mport & Export Limited
will be heard before the High Court of Hong Kong on July 10,
2002 at 9:30 am.

The petition was filed with the court on April 8, 2002 by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.


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


ASURANSI JIWA: Objects to Bankruptcy Ruling; Files Appeal
---------------------------------------------------------
The legal advisers of PT Asuransi  Jiwa Manulife Indonesia (PT.
AJMI), in reference to the bankruptcy announcement against the
Company in Jawa  Post, Media Indonesia, Jakarta Post and Bisnis
Indonesia dated June 17, 2002, conveyed the following important
objections to the public:

   1. The legal advisers request the Indonesian community
(especially those who have relations with PT. AJMI to remain
calm with regards to the bankruptcy announcement, as it is not a
final and binding decision. The case is currently being appealed
to the Indonesian Supreme Court. In addition. PT. AJMI
GUARANTEES EVERY RIGHT OF OUR POLICYHOLDERS OR OTHER PARTIES WHO
HAVE INTERESTS WITH THE COMPANY.

   2. It is important to know, that in addition to the appeal to
the Indonesian Supreme Court, at this stage, the legal advisers
have studied several facts in relations to the decision, which
according to our observation, has violated the law:

     2.1. Kalisutan, S.H.,  the curator - according to Clause
7 of the Decree issued by the Minister of Justice of Republik
Indonesia No. M.08-HT.05.10 Year 1998 with regards to the
Regulations and Requirement of Curators and Receivers, does not
have the authority to act as a curator, as Kalisutan is no
longer a member of the Indonesian Curators and Receivers
Association (AKPI);  and

     2.2. The content of the announcement made by the curator'
violates Clause 13 Article (4) UU No. 4 Year 1998 with regards
to bankruptcy and has ruined, as well as has disadvantaged PT
AJMI's  reputation.

   3. Therefore, the legal advisers will soon file legal
complaints to the Indonesian Police, the Indonesian Supreme
Court and other parties related with the decision and the
bankruptcy announcement that has created concerns and has
violated the law.

The legal advisers, namely Hotma Sitompoel, SH, Ruhut Sitompoel,
SH, Tommy Sihotang, SH, LL.M. and Sheila A. Salomo SH, which are
currently filing an appeal against the decision, at domiciled at
Jalan  Martapura No. 3 Central Jakarta.

Go to http://www.bankrupt.com/misc/TCRAP_BankruptcyNotice.pdfto
see a copy of the bankruptcy announcement.

The Company also posted transcripts of its First and Second
Meeting at ShangriLa Hotel - Singapore held on November 14, 2002
and November 15, 2002, respectively. To see a copy of it, go to
http://www.bankrupt.com/misc/TCRAP_MLifeMeetings.pdf


CITRA MARGA: Incurs Rp406.43B Loss
----------------------------------
PT Citra Marga Nusaphla Persada booked a net loss of Rp406.43
billion due to deferred currency difference loss of 1998-2000
period, Bisnis Indonesia, referring to the Company's financial
report.

The financial report disclosed the net loss of Rp406.43 billion
was higher than previous year loss of Rp14.392 billion. CMNP
management reported net loss of Rp203.22 per share was higher
than that of previous year.

"The management presently had to impose the deferred loss to
2001 book year. But all these past burden were not present
management fault," President Director of CMNP Daddy Hariadi
Daddy said, adding that the company should book the currency
difference because Bapepam regulation stipulated that currency
difference occurring after May 21, 2000 could not be deferred
and was directly deemed as the current year loss.

Following the financial report, two independent shareholders
sent letter to CMNP board of directors, with copy to Bapepam
asking for an added agenda in special general meeting of
shareholders (RULBPS) scheduled to take place on June 27.

In the letter, Ievan Daniar Sumampow (102,672,000 shares) and
Remington Gold Limited (104,548,600 shares) admitted to receive
these two independent shareholders letter. "We will further
process in compliance with the procedures."

According to DebtTraders, Citra Marga's 7.250% bonds due on 2002
(CMNP02IDN1) are trading between 67.5 and 71.5. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CMNP02IDN1
for real-time bond pricing information.


SEMEN GRESIK: Pefindo Upgrades Rp600B Bond I/2001 to 'idA+'
-----------------------------------------------------------
PEFINDO upgraded the rating of PT Semen Gresik (Persero) Tbk.
and its subsidiaries (SMGR) to "idA+" from "idA".  The same
rating is assigned to its Bond I/2001 amounting to Rp600 billion
due in 2006.  The upgrade reflects the unlikelihood of PT Semen
Padang's (SMPD) and PT Semen Tonasa's (SMTN) spin-offs, as the
government did not exercise its put option to Cemex Asia
Holdings Ltd. (Cemex).

Up to this time, the company's shareholder meeting to get
minority shareholders' approval for the spin-offs has never been
materialized.  The rating is also supported by SMGR's strong
market position as the largest cement company in Indonesia.  In
addition, the company controls the most diversified operating
facilities in East Java, West Sumatra, and South Sulawesi.  This
favorable business position has been reflected in its favorable
financial performances as compared to its peers.  However,
unclear government policy for the company, to some extent,
mitigates the rating.


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


DAIEI INC: JCR Affirms Unit's J-3 CP Rating
-------------------------------------------
Japan Credit Rating Agency on Thursday has affirmed the J-3
rating on the following CP program of Daiei OMC Inc.

Daiei OMC is a consolidated subsidiary of Daiei group, which has
a 54 percent stake in it. It ranks second and seventh in amount
of transactions in the card companies affiliated with retailers
and credit card industry, respectively. The Company has been
raising weight of businesses outside the Daiei group. The card
subscription solicitation, card shopping, overall transaction
amount, operating revenue via Daiei's channel were reduced to 60
percent, 40 percent, 20 percent and 5 percent. It plans to
change the Company name to OMC Card in September this year,
given the fact that the businesses outside the group are
expanding. It aims to make strategic alliances to expand the
business volume with outside parties.

The composition of operating revenue is well balanced with the
shopping and loans including cash service representing 20
percent and 60 percent, respectively. The earnings from cash
service have been increasing recently, reflecting the increased
number of members. The card use rate reaches approximately 70
percent, ranking among the top classes in the industry.

The Company plans to maintain the asset quality, treating the
financial instruments according to the accounting for financial
instruments. Given an increase in personal bankruptcies, credit
exposure management should be carefully observed continually.
The Company is pushing for sophistication of the computer system
for the credit exposure management.

Majority of the Company's earnings are derived from the cash
service. The impact of performance of Daiei on the performance
of the Company is small in the short run. Given the capital
relationship and Daiei OMC's reliance on Daiei for the
solicitation of card subscriptions, the restructuring of Daiei
group should be carefully observed.

TCR-AP reported earlier this year that Daiei Inc aims to slash
its group interest-bearing debts by Y750 billion by February
2005. The Company is in talks with its main creditor banks,
Sanwa Bank, Fuji Bank, Tokai Bank and Sumitomo Mitsui Banking
Corp on the debt-reduction scheme and is expected to reach a
conclusion on the plan within the next week.

Daiei Inc intends to sell part of its stake in Daiei OMC Inc.
Company sources stressed that the plan would help the Company
push ahead on its ambitious debt reduction scheme.


FUJITSU LTD: Expands Global Alliance With Microsoft
---------------------------------------------------
Fujitsu Limited and Microsoft Corp. announced Tuesday a major
expansion of their global alliance in Windows platform
enterprise infrastructure and application solutions focusing on
the Microsoft .NET Framework and .NET Enterprise Servers.
Utilizing their deep experience and comprehensive expertise in
business-critical enterprise systems and solutions, the
companies will build on their previous collaborative efforts in
Japan and other regions by launching new global-scale joint
initiatives focused on XML Web services, business-critical
computing and mobility. In addition, through the expanded
alliance with Microsoft, Fujitsu's principal IT platform,
consulting and services units and affiliates - including Fujitsu
Technology Solutions Inc., Fujitsu Siemens Computers, Fujitsu
Consulting and Fujitsu Services - will be combined into a
unified corporate alliance structure. This consolidation will
help position the Fujitsu Group as a leading one-stop source of
end-to-end .NET enterprise solutions worldwide.

"Microsoft is very excited about this expanded relationship with
Fujitsu," said Steve Ballmer, CEO of Microsoft. "The initiatives
we're focused on together - particularly XML Web services and
mobility - are critical to delivering a new level of agility and
value to businesses worldwide. The combined expertise and
experience of Microsoft and Fujitsu in enterprise computing will
help customers reap the benefits of the new generation of
computing while protecting investments in their existing
technologies."

"Fujitsu is committed to building long-term relationships with
enterprise customers by offering end-to-end infrastructure and
application solutions that add value to their businesses now and
position them for success in the evolving broadband Internet
era," said Naoyuki Akikusa, President and CEO of Fujitsu Limited
"Through this expanded groupwide alliance with Microsoft, we
look forward to bringing the benefits of Fujitsu's high-
performance and high-reliability computing platforms and deep IT
services and consulting expertise to a broader base of
enterprise customers worldwide."

Key Alliance Initiatives

The expanded alliance will feature the following key
initiatives:

XML Web services infrastructure for Microsoft .NET. Fujitsu will
develop a Microsoft .NET version of its Interstage middleware,
taking advantage of its distinguished consulting and integration
expertise to offer comprehensive.NET-based services and
solutions that utilize Microsoft's enterprise software,
including the .NET Framework, Visual Studio .NET and .NET
Enterprise Servers, worldwide. Fujitsu's field-proven Interstage
middleware has been deployed in more than 30,000 servers in
large-scale mission-critical business environments around the
world. Fujitsu also will provide a vertical XML Web service
offering for the insurance industry, called iFIRST, on .NET.

Business-critical computing solutions. By expanding marketing
and sales collaboration, as well as product-level technical
cooperation, and design and application efforts, the companies
will offer business-critical computing solutions that provide
corporate customers with secure and reliable computing
environments that comprise Fujitsu's hardware and middleware and
Microsoft's .NET enterprise products. Offerings will include
Disaster Tolerant Messaging on Exchange for Fujitsu's high-
performance PRIMERGY family of Intel-based servers and high-
speed Microsoft SQL ServerTM nonstop backup solutions for its
ETERNUSTM GR storage systems. Fujitsu's global reach and deep
expertise in business-critical consulting and integration
services for Microsoft's enterprise products, including legacy
migration services, are key advantages in developing these
solutions.

Mobility. Reflecting the increasing importance of seamless
integration between mobile technologies and corporate computing
environments, the alliance will focus on developing mobile
communications solutions and applications that run on Microsoft
Exchange and Mobile Information Servers and support Fujitsu's
mobility services and products, such as the recently announced
Pocket LOOXTM and its market-leading pen tablet PCs. In
addition, Fujitsu intends to offer Mobility for mySAP.comTM
running on SQL Server and various Windows-based mobile devices.
Fujitsu will deploy these comprehensive solutions to meet the
growing demand for multichannel, multisecurity and
multigeneration services worldwide.

"This alliance will allow our Windows customers to enjoy
comprehensive and productive development tools, such as
Microsoft's Visual Studio .NET and Fujitsu's NetCOBOLTM for
.NET, as well as mission-critical Web services processing," said
Junji Maeyama, Senior Vice President in charge of strategy for
the Platforms Business Group at Fujitsu Limited. "Empowering our
customers with this kind of business-critical Web services
infrastructure, including consulting and solutions offerings, is
what will set Fujitsu apart from our competitors."

".NET is about connecting systems and information in the
enterprise to enable customers to derive real value from
existing technology investments and create a more agile
enterprise," said Sanjay Parthasarathy, corporate Vice President
for .NET Platform Strategy at Microsoft. "Relationships such as
the one we've announced today between industry leaders Fujitsu
and Microsoft are critical to successfully providing enterprises
with a means to efficiently and quickly harness the power of XML
Web services."

For more information visit the Microsoft Web page at
http://www.microsoft.com/presspass/on Microsoft's corporate
information pages.

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, TCR-AP reported Wednesday.

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: Selling Osaka Headquarters for Y12.5B
----------------------------------------------------
Trading house Marubeni Corp has agreed to sell its Osaka
headquarters to an investment fund run by Nihon Sogo Fund Co.
for 12.5 billion yen, Kyodo News said Tuesday. The cash deal
will be signed next month.

The Company fell into the red in the year to March 31, 2002 due
chiefly to a hefty restructuring-related loss of some 239
billion yen, TCR-AP reported last month.

Group net sales fell 4.9 percent to 8.97 trillion yen in
2001/02. The Company also managed to cut its massive interest-
bearing debts to 2.71 trillion yen at the end of March from 3
trillion yen at the end of 2001. The firm plans to trim its debt
to 2 trillion yen by March 2006.


MATSUSHITA ELECTRIC: Clarifies 1Q FY2003 Financial Report
---------------------------------------------------------
Forecasts for Matsushita Electric Industrial Co., Ltd.
consolidated financial results for the first quarter of the year
ending March 31, 2003 (fiscal 2003) were reported on June 18,
2002 by the Nihon Keizai Shimbun.

Specifically, the references to a 5 percent increase in net
sales from the same period a year ago to 1,760 billion yen, and
an operating profit of 10 billion yen are based on conjecture by
the media, and not on any official announcements by Matsushita.

The Company currently intends to announce consolidated first
quarter results for fiscal 2003 in late July 2002.

Contact: Panasonic Finance (America), Inc.
Akihiro Takei, 212/698-1365

In April, Matsushita Electric posted a group loss of 431 billion
yen (US$3.4 billion) in the year ended March 31, versus net
income of 41.5 billion yen a year earlier, TCR-AP reports. The
results were due to slower sales at its mobile-phone unit and
costs to cut jobs.


MATSUSHITA ELECTRIC: To Return to Profit in April-June
------------------------------------------------------
Matsushita Electric Industrial Co. is expected to move back into
the black in consolidated operating profit for the first time in
five quarters, posting an estimated 10 billion yen in profit for
April-June, from a loss of 38.7 billion yen in the same period a
year ago, the Nihon Keizai Shimbun reports, citing company
sources.

Sales are estimated to recover 5 percent on year at 1.76
trillion yen, attributed to sales of new products such as DVD
recorders and digital camcorders.

In April, Matsushita Electric posted a group loss of 431 billion
yen (US$3.4 billion) in the year ended March 31. The results
were due to slower sales at its mobile-phone unit and costs to
cut jobs.

The Osaka-based group has cut 13,000 jobs and is undergoing
reorganization in view of the slumping sales of electronics.


MIZUHO HOLDINGS: Maeda to Take 50% Pay Cut for Computer Glitch
--------------------------------------------------------------
Terunobu Maeda, president of Mizuho Holdings Inc., plans to take
a 50 percent cut in compensation for six months to take
responsibility for a massive computer failure that hit the bank
group in April, the Kyodo News reports, citing unidentified
sources close to the bank.

Mizuho's computer system glitch paralyzed some ATMs and left 2.5
million payments unsettled at one point because of the system's
inability to automatically deduct utility bills and other
payments.

Mizuho, which booked a group net loss of 976 billion yen ($7.85
billion) for the year ended March 31, needs to tackle a mountain
of bad loans, rebuild its reputation and complete its computer
integration as it faces regulatory action by the Financial
Services Agency.


TOSHIBA CORP: Reorganizes Video Recording Equipment Business
------------------------------------------------------------
Toshiba Corporation reported last week a reinforcement of its
visual imaging business that will unify its analogue and digital
imaging businesses in a single business organization. The move
will integrate Toshiba Video Products Pte., Ltd. (TVPP), which
manages Toshiba's international VCR business, in the Visual
Media Network Division of Toshiba's Digital Media Network
Company, and is expected to bring new strength and agility to
Toshiba's video recording equipment business.

TVPP was established as a Singapore-based, wholly owned
subsidiary of Toshiba in 1995. The Company is responsible for
sales and marketing of VCRs and video CD players, and for global
management of Toshiba's VCR business. In a market that is moving
quickly to a new generation of digital products and combinations
of digital and analogue products--DVD recorders, HDD recording
equipment and high definition videos--demand for standard
analogue VCRs easing.

Toshiba has consistently optimized its VCR business in response
to a changing market. The Company phased out International Video
Products Pte., Ltd, its Singapore-based VCR manufacturing joint
venture with Thomson Multimedia of France, through a progressive
shift to outsourcing production. Building on this cost-saving
measure, Toshiba integrated the business operations of Toshiba
Video Products Japan Co., Ltd., the wholly owned subsidiary of
TVPP responsible for VCR development and sales in Japan, into
Toshiba's Digital Media Network Company, to increase management
efficiency.

The integration of the VCR business into the Visual Media
Network Division will support development of integrated
strategies for analogue and digital products, avoid duplication
of marketing activities, and assure optimized deployment of
management and personnel resources in a management structure
able to quickly meet changing market needs.

TVPP, after transferring its operations to Digital Media Network
Company in the period to December 2002, will cease operation in
February 2003.

Outline of Toshiba Video Products Pte., Ltd.

Established:         February 1995
Start of Operation:  April 1995
Location:            Alexandra Technopark, Singapore
Capital:             S$47 million
Sales:               S$480 million
President:           Masakazu Shimazu
Employees:           45 (as of March 2002)

TCR-AP reported that Toshiba in the three months to December 31
had a loss of Y84.9 billion ($636 million) versus a net income
of Y11.1 billion in the year-earlier period. Consolidated sales
fell 14 percent to Y1.2 trillion from Y1.39 trillion.


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


DAEWOO MOTOR: Finalizing Polish Plant Bid, Says Minister Lesny
--------------------------------------------------------------
According to Poland Deputy Economy Minister Maciej Lesny, the
future of bankrupt Daewoo Motor Lublin is beginning to look
brighter as the bid of the Polish car producer is close to being
completed, Warsaw Business Journal said Tuesday.

The Company that wins the tender will be committed to invest in
Poland through the so-called offset program. This involves
production of spare parts, electrical and mechanical systems for
the Polish army in Poland. Lesny also assured the plant that
there is an active search going on to find the Company a new
sector investor.

"We are in very advanced talks with a Volkswagen engine
supplier, who wants to build a foundry here," said Lesny.


DAEWOO MOTOR: Selling Busan Bus Plant to Young An Hat
-----------------------------------------------------
Daewoo Motor's Busan Bus Plant is to be sold to Young An Hat for
140 billion Won (US$108.92 million), Asia in Focus reported
Tuesday.

The auto firm is now holding final negotiations with the hat
maker and is expecting to sign a MoU with the Company later in
June. The deal will include the plant's assets, debts and
Daewoo's stake in the Guilin Daewoo Bus Co., a merger with a
Chinese firm.


HYUNDAI MOTOR: Agrees Wage Hike Agreement With Union
----------------------------------------------------
Hyundai Motor's union and management on Monday have agreed to a
95,000 won wage hike, 200 percent increase in the yearly bonus
and an additional payment of 1.5 million won to its workers
after marathon negotiations, Korea Times reported Tuesday.

With the tentative deal in place, the union returned to normal
operations on June 17. The Company announced that the weeklong
limited strike had caused about 350 billion won in damages.

Debttraders reports that Hyundai Motor's 7.330% bond due in 2005
(HYNM05KRN1) trades between 100.719 and 101.040. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYNM05KRN1


KOREA LIFE: Merrill Lynch Estimated Sale Value at W1.1-1.9T
-----------------------------------------------------------
Merrill Lynch has estimated the sale value of Korea Life
Insurance at 1.1-1.9 trillion won, Maeil Business reported
Tuesday. The corporate value is possibly higher than 1.065
trillion won, which is the takeover amount proposed by the
Hanwha Group.

TCR-AP reported Tuesday that the insurer has posted 879.4
billion won profit after three years. The Company incurred a
bigger- than-expected annual profit of 879.4 billion won ($713
million) in 2001, a turnaround from a loss of 299 billion won a
year earlier. The insurer last posted a profit in March 1998.

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


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


AUTOINDUSTRIES VENTURES: Posts June Defaulted Payment Status
------------------------------------------------------------
Autoindustries Ventures Berhad, further to the announcements
made on 14 December 2001, and subsequently on every month, the
financial position of the Company in respect of its default in
payments in the month of June, 2002 is as follows:

Name of Creditor    Principal  Interest  Total
(RM)   (RM)   (RM)

i)Pacven Walden Ventures 2,730,955.03 1,387,105.22 4,118,060.25
III L.P.

ii) BI Walden Ventures   1,069,577.00   543,256.74 1,612,833.74
Kedua Sdn Bhd

iii) Financial Insts  12,786,240.77   475,927.40 13,262,168.17
------------- ------------ -------------
TOTAL    16,586,772.80 2,406,289.36 18,993,062.16
============= ============ =============

a) The reason for the default in payments and the measures to be
taken by the Company are as announced to the Kuala Lumpur Stock
Exchange (KLSE) on 14 December 2001.

As announced to KLSE on 14 December 2001, one of the measures
taken by the Company to address the default in payments is to
carry out a Proposed Restricted Issue of up to 13,000,000 new
ordinary shares of RM1.00 each at a proposed issue price of
RM1.00 each for cash and issue 2,000,000 new ordinary shares of
RM1.00 each to BI Walden Ventures Kedua Sdn Bhd (BI Walden) and
Pacven Walden Ventures III L.P. (Pacven Walden) at a proposed
issue price of RM1.00 each as part settlement of the amount due
(Proposed exercise).

In the interim, the Company has received the necessary approvals
on the proposed restricted issue of shares from the Foreign
Investment Committee on 29 April 2002 and Ministry of
International Trade and Industry on 28 May 2002. However, the
above Proposed exercise is still pending the approvals from the
following:

i) Securities Commission;

ii) the KLSE for the listing of and quotation for the new AIV
shares to be issued pursuant to the Proposals on the Second
Board of the KLSE; and

iii) the Shareholders of the Company at an Extraordinary General
Meeting to be convened.

Since the Company is required to obtain all the necessary
approvals for the implementations of the Proposals within 4
months from the date of submission of the above Proposals, i.e.
7 June 2002 under the requirement of Practice Note 4/2001 in
relation to Paragraph 8.14 of the KLSE Listing Requirements,
Commerce International Merchant Bankers Berhad on behalf of the
Company had on 20 May 2002 submitted an application to the KLSE
for an extension of 4 months to 7 October 2002 to obtain the
necessary approvals for the implementation of the Proposals. The
extension of time is presently pending the approval of the KLSE.

b) There should not be financial and legal implications in
respect of the default in payments including the extent of the
Company's liability in respect of the obligations incurred under
the agreements for the indebtedness as the Management is
currently negotiating with the lenders on the rescheduling of
payment terms through the proposed exercise.

c) The Management is of the opinion that the default in payments
should not constitute any event of default under a different
agreement for indebtedness (cross default) due to the
Management's initiative as indicated in Paragraph (b) above.


CHASE PERDANA: Updates Material Litigation Status
-------------------------------------------------
The Board of Chase Perdana Bhd, in reference to the Company's
announcement made on 28 January 2002 pertaining to the material
litigation of Pekeliling Triangle Sdn Bhd against CPB vide High
Court Suit No. S6-22-483-2001, announced that on 2 April 2002,
the High Court has allowed the Plaintiff's injunction
application restraining CPB by itself, through its servants or
agents from demanding or receiving payment of the sum of RM
55,836,000 from Bumiputra Commerce Bank Berhad (BCBB) pursuant
to the Letter of Guarantee issued by BCBB in favour of the
Company on 16 March 1995.

CPB had on 30 April 2002 filed an application to the Court of
Appeal to appeal against the above decision vide Court of Appeal
Civil No. W-02-305-2002. The matter is pending a date to be
fixed by the court.

With regards to the same application, the High Court has
adjourned the Plaintiff's summary judgment application on 24
April 2002 pending disposal of the appeal.


HIAP AIK: 2002 AGM, 2001 Financial Statement Submission Extended
----------------------------------------------------------------
Hiap Aik Construction Berhad (Special Administrators Appointed)
announced that the Companies Commission of Malaysia vide its
letter dated 12 June 2002 has granted the Company:

   (i) an extension of time until 31 July 2002 for holding the
Annual General Meeting for 2002 pursuant to S.143 (2) of the
Companies Act 1965; and

   (ii) an extension of time until 31 July 2002 to present the
audited financial statements for the financial year ended 31
December 2001 pursuant to S.169 (2) of the Companies Act 1965.


MBF HOLDINGS: Enters Recurrent Related Party Transactions
---------------------------------------------------------
The Board of Directors of MBf Holdings Berhad announced that its
subsidiary companies had entered into Recurrent Related Party
Transactions of a revenue or trading nature  with certain
related parties of MBfH (Recurrent Transactions), the total
consideration of which has exceeded the Prescribed Limit as
stated in Paragraph 2.1 of the KLSE's Practice Note 12/2001.

DETAILS OF THE RECURRENT TRANSACTIONS

The principal activities of its subsidiaries which have entered
into Recurrent Transactions are in the business of issuing
credit and debit cards, acquiring merchants and other related
services, management of club facilities, distribution and
selling of motor vehicles and management services.

The Recurrent Transactions entered into between MBfH Group and
certain related parties of MBfH are in the ordinary course of
business and on terms not more favorable to the related parties
than those generally available to the public.

RATIONALE FOR THE RECURRENT TRANSACTIONS

The Recurrent Transactions entered into by MBfH Group with the
related parties are all in the ordinary course of business,
which are necessary for its day to day operations.

FINANCIAL EFFECTS OF THE RECURRENT TRANSACTIONS

The Recurrent Transactions do not have any material financial
effect to the MBfH Group.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

Dato' Loy Teik Ngan who is the Chief Executive Officer and
Managing Director of MBfH is also a shareholder of MBfH. He has
a direct and indirect shareholding of 11,418,000 shares (0.99%)
and 42,884,445 shares (3.73%) in MBfH.

Dato' Loy Teik Ngan is also a director and a substantial
shareholder of Leisure Holidays Holdings Sdn Bhd, the holding
company for Leisure Holidays Berhad and ultimate holding company
for Leisure Holidays Resorts Management Sdn Bhd, Leisure
Lifestyles Sdn Bhd, Holidays Tours & Travel Sdn Bhd and
Summerset Resort Sdn Bhd.

Saved as disclosed above, none of the directors or substantial
shareholders of MBfH or persons connected to them has any
interest, direct or indirect in the Recurrent Transactions.

STATEMENT BY THE BOARD OF DIRECTORS OF MBfH

The Board have taken into consideration all aspects of the
Recurrent Transactions, is of the opinion that the Recurrent
Transactions are in the best interest of MBfH Group.

APPROVAL REQUIRED

MBfH does not intend to seek a Mandate from its shareholders for
approval to enter into recurrent transactions of a revenue or
trading nature with related parties as the aggregate is not
expected to exceed 5% percentage ratio in any one financial
year.


METROPLEX BERHAD: Proposes Renewal of Shareholders' Mandate
-----------------------------------------------------------
The Board announced that Metroplex Berhad proposes to seek the
shareholders' approval on the Proposed Renewal of Shareholders'
Mandate (Proposed Renewal) in respect of the Recurrent Related
Party Transactions (RRPT) of a revenue or trading nature which
are in the ordinary course of business and necessary for its
day-to-day operations of the Company and its subsidiaries
pursuant to Paragraph 10.09 of the Listing Requirements of the
KLSE at the forthcoming Annual General Meeting (AGM) of the
Company.

The Company has already obtained its shareholders' mandate for
the Company to enter into certain RRPT of a revenue or trading
nature at its previous Extraordinary General Meeting held on 30
January, 2002. The authority conferred by the Shareholders'
Mandate in accordance with the Listing Requirements of the KLSE
in respect of the RRPT shall lapse at the conclusion of the
coming AGM of the Company unless a new mandate for RRPT is
obtained from the shareholders of the Company at the forthcoming
AGM.

As such, the Company proposes to seek the shareholders' approval
on the Proposed Renewal at the coming AGM.

Rationale

The Proposed Renewal will enable the Company and its
subsidiaries to enter into or carry out RRPT necessary for the
Group's day-to-day operations and are in the ordinary course of
business which are time sensitive in nature and would eliminate
the need to convene separate general meetings from time to time
to seek shareholders' approval as and when potential recurrent
transactions with a related party arise, thereby reducing
substantially administrative time and expenses in convening such
meetings without compromising the corporate objectives and
adversely affecting business opportunities available to the
Group.

Approval Required

The Proposed Renewal is subject to the approval being obtained
from the KLSE and the shareholders of the Company at the
forthcoming AGM.

Directors' Recommendation

Your Board, having considered all aspects of the Proposed
Renewal, is of the opinion that the RRPT are fair, reasonable
and in the best interest of the Company and has therefore (with
the exception of Mdm Lim Siew Kim and Mr Chan Teik Huat who have
abstained from making recommendation on the Proposed Renewal of
Shareholders' Mandate) recommend that you vote in favour of the
ordinary resolution to be tabled at the forthcoming AGM.

Submission to the Authorities

A circular containing details of the above proposal for RRPT is
being prepared for approval by KLSE seeking renewal of
shareholders' mandate will be issued in due course.


PSC INDUSTRIES: Settles Unit's Loan Facilities
----------------------------------------------
PSC Industries Berhad announced that it had fully settled the
loans of Perstim Industries Sdn Bhd (Perstim) with Affin Bank
Berhad on the 12th June 2002 through a financing arrangement
with Credit Suisse First Boston.

Perstim is a 99.86% subsidiary of Penang Shipbuilding &
Construction Sdn Bhd (PSC), which in turn is a wholly owned
subsidiary of PSCI.

With the full settlement of the loan, the Receivership
purportedly placed on Perstim since 31 January 2002 would cease
to exist.


RAHMAN HYDRAULIC: Proposes Assets for Debt Settlement
-----------------------------------------------------
The Special Administrators of Rahman Hydraulic Tin Berhad
announced that the Company had on 11 June 2002, entered into a
Sale and Purchase Agreement (SPA) with PKNK for the disposal of
a piece of freehold estate land, known as Pinang Tunggal Estate,
situated at Mukim of Pinang Tunggal, District of Kuala Muda,
State of Kedah Darul Aman (Estate Land), together with buildings
erected thereon and motor vehicles of the estate (Assets), for a
total cash consideration of RM80,000,000 (Disposal Price).

For full details of the Proposed Disposal, go to
http://www.bankrupt.com/misc/TCRAP_Rahman0620.doc


RENONG BERHAD: Schedules EGM on July 3
--------------------------------------
On behalf of Renong Berhad, Aseambankers Malaysia Berhad
announce that:

NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of
Renong will be held at Nusantara Ballroom, 2nd Floor, Sheraton
Imperial, Jalan Sultan Ismail, 50250 Kuala Lumpur on 3 July 2002
at 10.00 a.m., for the purpose of considering and, if thought
fit, passing the following resolution:

ORDINARY RESOLUTION - PROPOSED DISPOSAL OF 115.866 ACRES OF
FREEHOLD LAND HELD UNDER PTD 120575 AND PTD 120576, MUKIM OF
PULAI, DAERAH JOHOR BAHRU, JOHOR DARUL TAKZIM BY PROLINK SEAVIEW
SDN. BHD. AND PTD 3075, MUKIM OF TANJUNG KUPANG, DAERAH JOHOR
BAHRU, JOHOR DARUL TAKZIM BY PROLINK RISE SDN. BHD., BOTH WHOLLY
OWNED SUBSIDIARIES OF PROLINK DEVELOPMENT SDN. BHD., WHICH IN
TURN IS A 64%-OWNED SUBSIDIARY OF RENONG BERHAD, TO HEKTAR
KLASIK SDN. BHD. FOR A CASH CONSIDERATION OF RM32,806,299.24

"THAT approval be and is hereby given for the disposal of
115.866 acres of freehold land held under PTD 120575 and PTD
120576, Mukim of Pulai, Daerah of Johor Bahru, Johor Darul
Takzim by Prolink Seaview Sdn. Bhd. and PTD 3075, Mukim of
Tanjung Kupang, Daerah of Johor Bahru, Johor Darul Takzim by
Prolink Rise Sdn. Bhd., both wholly-owned subsidiaries of
Prolink Development Sdn. Bhd., which in turn is a 64%-owned
subsidiary of Renong Berhad, to Hektar Klasik Sdn. Bhd. for a
cash consideration of RM32,806,299.24 (Proposed Disposal)
subject to the approval of any other relevant authorities and
under the terms and subject to the conditions of the Sale and
Purchase Agreement dated 7 February 2002 (SPA) AND THAT the
Directors be and are hereby authorized to give effect to the SPA
and implement the Proposed Disposal with full powers to assent
to any conditions, modifications, variations and/or amendments
as may be imposed by the relevant regulatory authorities as the
Directors may deem fit and expedient and to do all such acts
they may consider necessary to give effect to the Proposed
Disposal pursuant to the SPA."


SASHIP HOLDINGS: SC Further Extends Proposed Workout Scheme
-----------------------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of the
Board of Directors of Saship Holdings Berhad, formerly known as
Westmont Industries Berhad, with reference to the announcement
made on 10 December 2001 and 3 June 2002 relating to the
Proposed Restructuring Scheme, announced that the Securities
Commission (SC) had, vide their letter dated 10 June 2002 (which
was received on 14 June 2002), approved the extension of time
for the completion of the Proposed Restructuring Scheme to 18
December 2002.

The SC had previously on 8 December 2001 granted its approval
for the extension of time to complete the Proposed Restructuring
Scheme by 18 June 2002.

All the terms and conditions of the SC approval for the Proposed
Restructuring Scheme vide their letter dated 19 September 2000
remain unchanged.


SRI HARTAMAS: Moratorium Period Extended for a Year
---------------------------------------------------
The Special Administrators of Sri Hartamas Berhad announced that
the moratorium under Section 41 of the Act which took effect
from 16 June 2000 and is due to expire on 15 June 2002, has been
extended to 15 June 2003.

The extension is pursuant to Section 41(3) of the Pengurusan
Danaharta Nasional Berhad Act, 1988. During the period of the
moratorium, no creditor may take action against the Company
except in accordance with Section 41 of the Act. All dealings
and enquiries may be directed to the Special Administrators.


TIME DOTCOM: Board OKs IPO Utilisation Proceeds Resolution
----------------------------------------------------------
Time Dotcom Berhad announced that at its Board Meeting on 14
June 2002, the Board has approved the resolution for the
extension of time to 30 June 2003 for the utilization of the
balance of RM357.7 million as at 31 December 2001 of the
proceeds raised from its initial public offering (IPO) to
finance its telecommunications business.

The Company has not fully utilised the IPO proceeds as at 31
December 2001 and pursuant to paragraph 4(i) of the approval
letter dated 28 June 2000 from the Securities Commission, the
Company shall determine the time frame for the utilization of
the proceeds raised from the IPO and make announcement of any
extension of time for the utilization.


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


METRO PACIFIC: Blocks Gokongwei's Due Diligence
-----------------------------------------------
Property developer Metro Pacific Co. said it would not allow any
due diligence on its books by the Gokongwei group until the
latter has finalized its joint venture deal with its Hong Kong-
based parent, First Pacific Co Ltd, the Manila Bulletin
reported.

Metro Pacific's board has previously said it would maintain
"vigilance in protecting shareholder interests" and support for
the management's debt restructuring program.

Under the memorandum of agreement between the Gokongweis and
First Pacific, the US$925 million joint venture to be formed
will take control of Philippine Long Distance Telephone Co and
Metro Pacific's Bonifacio Land Corp.


METRO PACIFIC: SM Set to Ink Deal on Fort Boni Project
------------------------------------------------------
Retail giant SM Group and property developer Fort Bonifacio
Development Corp. (FBDC) are expected within the next 40 days to
ink a joint venture agreement on the development of a retail
center in the Bonifacio Global City.

The exact size of the property being negotiated in the Global
City measures roughly six hectares.

Robinsons Land Corp., founded by John Gokongwei Jr., who is in
the midst of a twin takeover bid for FBDC parent firm Bonifacio
Land Co. and telecommunications giant Philippine Long Distance
Telephone Co. (PLDT), signed a memorandum of understanding with
FBDC in May for the development of a six-hectare mixed-use
retail, residential and hotel complex in the Bonifacio Global
City in Taguig (eastern Metro Manila).

SM is among the groups that had reportedly offered to help PLDT
and Metro Pacific President Manuel V. Pangilinan in his bid to
block a Gokongwei takeover of PLDT and Global City.

FBDC is a joint venture between Bonifacio Land Co, which in turn
is 73 percent owned by Metro Pacific Corp., and the government's
Bases Conversion Development Authority. It is the consortium in
charge of developing the Fort Bonifacio, a former military
headquarters, into a business district.


PHILIPPINE AIRLINES: MBC Comments on Government Takeover
--------------------------------------------------------
Mindanao Business Council chairperson Joji Ilagan-Bian said the
government should consider its poor track record in managing
Philippine Airlines (PAL) before considering retaking a
controlling stake in the flag carrier.

Ms. Ilagan-Bian said that PAL incurred heavy losses when it was
still under the government's control.

Philippine President Gloria Macapagal Arroyo said in May that
the takeover move would help the government liberalize the
airline industry and promote tourism.

Arroyo's plan suggests the government is willing to absorb
losses from its flag carrier in the pursuit of achieving
economic gains in tourism and other sectors.

Meanwhile, militant groups support the state's move to reacquire
PAL and other entities considered as basic public utilities,
saying the government must reorient itself in running these
entities to make them better instruments in helping the poor.

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


PHILIPPINE LONG: Board Member No Info on First Pac-NTT Talk
-----------------------------------------------------------
A Philippine Long Distance Telephone Co. (PLDT) board member,
who represents the interests of NTT Communications Corp. of
Japan in PLDT, said Tuesday he has no knowledge of any agreement
between NTT and First Pacific Co. over a controlling stake in
PLDT.

"I have no information on that," Taketo Suzuki told Dow Jones
Newswires.

NTT has a 15 percent stake in PLDT. The Japanese firm has two
representatives on the dominant carrier's board. The other is
Mitsuhiro Takase.

Debttraders reports that Philippine Long Distance Telephone's
11.375% Bond Due 2012 (TELP12PHS1) trades between 100.500 and
101.250. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP12PHS1


PHILIPPINE LONG: Gokongwei-First Pac Deal Faces Probes
------------------------------------------------------
Filipino tycoon John Gokongwei's attempt to buy a controlling
stake in the country's dominant telecommunications Company is
facing two separate probes.

Congressman Joseph Santiago filed a resolution Monday urging the
House of Representatives to look into the proposed joint venture
that will acquire First Pacific's stake in Philippine Long
Distance Telephone Co. (PLDT), warning the transaction could
create a monopoly in the country's telecom industry.

The lawmaker, former head of the National Telecommunications
Commission and a lawyer for PLDT's unit Pilipino Telephone Corp.
(Piltel), pointed out Gokongwei's ownership of Digital
Telecommunications Philippines Inc. (Digitel), the country's
second largest fixed-line operator.

Separately, the Philippines' Securities and Exchange Commission
is also asking the Gokongwei group to make a full disclosure on
the deal, failure of which will be subjected to a monetary fine
of 100,000 pesos (US$1,984) plus 10,000 pesos per day of delay.

The Gokongwei group refused to comment on the proposed
congressional probe into the transaction.


PHILIPPINE LONG: NTT May Block Gokongwei Bid
--------------------------------------------
Philippine Long Distance Telephone Co. said Tuesday it is
"moving closer" to securing the support of major shareholder,
Japan's NTT Telecommunications Corp., to foil a takeover bid by
local tycoon John Gokongwei.

PLDT President and Chief Executive Manuel Pangilinan and
Chairman Antonio Cojuangco are scheduled to fly to Tokyo this
week to seek an alliance with NTT, which owns a 15 percent stake
in PLDT.

NTT was earlier reported to have indicated to the Pangilinan
camp its opposition to the Gokongwei deal but has yet to
formally disclose its position.

PLDT's management is trying to block a plan by its controlling
shareholder First Pacific Co. Ltd of Hong Kong from selling its
24.4 percent stake in PLDT to a joint venture Company that it is
forming with the Gokongwei group.

PLDT Vice President for media and communications Butch Jimenez
said the Company's board of directors considers the joint
venture between to be difficult to conclude as it violates a
PLDT by-law on the entry of a party with competing interests.
Gokongwei's phone Company, Digital Telecommunications (Phils)
Inc (Digitel), is the country's second-largest fixed-line
operator after PLDT.


PHILIPPINE LONG: S&P Sees No Ratings, Outlook Changes
-----------------------------------------------------
Standard & Poor's said on Tuesday its BB ratings and Stable
outlook on Philippine Long Distance Telephone Co are unlikely to
be affected by a potential change in the company's ownership.

First Pacific Co has signed a memorandum of agreement with the
Gokongwei group to form a joint venture that will acquire First
Pacific's 24.4 percent equity stake in PLDT, including and a
50.4 percent stake in property developer Bonifacio Land Corp.

The Gokongwei family group will hold two-thirds of the joint
venture, with First Pacific holding the balance.

The signing of a formal joint-venture agreement is expected
towards the end of this month, and a completed deal is expected
in the third quarter of 2002.

Standard & Poor's adds it will continue to monitor PLDT's
management stability, its strategic partnership with Nippon
Telegraph & Telephone Corp through its wholly owned subsidiary
NTT Communications Capital (U.K.) Ltd, and its operating and
financial performance.


PHILIPPINE LONG: Solon Wants Probe on Gokongwei Buy-in
------------------------------------------------------
Catanduanes (Bicol Region in southern Luzon) Representative
Joseph A. Santiago is set to file a resolution asking the Lower
House's Committee on Transportation and Communications to
conduct an inquiry into a possible violation of the Gokongwei
group of the Public Telecommunications Policy Act, or Republic
Act (RA) 7925, the BusinessWorld reports.

Gokongwei's purchase of the majority stake in industry giant
Philippine Long Distance Telephone Co. (PLDT), Santiago says,
may be against the liberalization policy of RA 7925.

RA 7925, otherwise known as the law providing for the equality
of treatment in the telecommunications industry, was put in
place to ensure that there would be no monopoly in the
telecommunications industry.

Hong Kong-based parent company First Pacific Co. Ltd. has
entered a joint-venture agreement with the Gokongwei family for
the sale of its 24.4 percent stake in PLDT.


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


ALLIANCE TECHNOLOGY: Discloses Resignation of Directors
-------------------------------------------------------
The Judicial Managers of Alliance Technology and Development
Limited (In Judicial Management) announced on June 13 the
resignations of:

1. Mr Chang Ching Chuan as Non-Executive Director of the Company
with effect from 13 June 2002. He has consequently relinquished
his position as Chairman of the Company with effect from the
same date.

2. Mr Yap Kean Chong as Executive Director of the Company with
effect from 9 June 2002.

TCR-AP reported in April that the Board of Directors of Alliance
Technology and Development Limited informed shareholders that
the High Court of Singapore, on 5 April 2002, ordered that the
Company and its wholly owned subsidiary, Fort Canning Country
Club Investment Ltd (FCCC), be placed under Judicial Management.
Ho Ai Lian (Mrs Fang), Mr Ong Yew Huat and Mr Seshadri
Rajagopalan, all of Messrs Ernst & Young, have been appointed as
Judicial Managers of both the Company and FCCC.


ASIA PULP: Fitch Withdraws DD Ratings
-------------------------------------
Fitch Ratings, the international rating agency, said Tuesday it
has withdrawn the DD rating for the Senior Unsecured debt of
Asia Pulp & Paper Limited (APP).

The ratings are withdrawn because of APP's decision to
discontinue providing Fitch with adequate information to
maintain the rating, Fitch said.

On May 13, APP, which stopped payment on about $13 billion
(S$23.5 billion) of debt, said it accepted four conditions
sought by creditors: the categorization of its debt,
restrictions on new borrowing, debt monitoring and the option of
a debt buyback. Three days later, creditors said they had not
received a reply to a request for a commitment from APP
shareholders on certain fundamental principles including
contributing to the debt workout and converting some debt to
equity.

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.


ELLIPSIZ LTD: Posts Notice of Change in Shareholder's Interests
---------------------------------------------------------------
Loss-making semiconductor solutions provider, Ellipsiz Ltd,
reported Monday a notice of change in substantial shareholder
Chong Fook Choy's interest:

Date of notice to Company: 17 Jun 2002
Date of change of interest: 13 Jun 2002
Name of registered holder: Chong Fook Choy
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder
No. of shares of the change: 229,000
Percentage of issued share capital: 0.1157
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: $0.30
No. of shares held before change: 27,691,320
Percentage of issued share capital: 13.9855
No. of shares held after change: 27,920,320
Percentage of issued share capital: 14.1012

Holdings of Substantial Shareholder including direct interest
                                        Direct
No. of shares held before change:     27,691,320
Percentage of issued share capital:     13.9855
No. of shares held after change:      27,920,320
Percentage of issued share capital:     14.1012
Total shares:                         27,920,320

Ellipsiz Ltd warned earlier this month that it will be making a
$17 million to $21 million net loss before tax and after share
of associated companies' results, for the second half of its
financial year, which ends in June 2002.


INTRACO LIMITED: Proposes Capital Restructuring
-----------------------------------------------
The Board of Directors of Intraco Limited announced that the
High Court of Singapore has confirmed the Capital Reduction on
June 14, 2002.

The Capital Reduction will take effect on 2 July 2002, being the
date on which Intraco intends to lodge the office copy of the
Order of Court confirming the Capital Reduction with the
Registrar of Companies and Businesses.

Shareholders are reminded of the following important dates and
times:

Wednesday, 19 June 2002 : Last day for Shareholders holding
physical share certificates of Intraco shares to deposit share
certificates with CDP

Wednesday, 26 June 2002:Last day of trading of Intraco shares on
a "cum-distribution" basis

Monday, 1 July 2002 at 5.00 p.m. : Books Closure Date for
determining Shareholders' entitlement to the Capital
Distribution

Wednesday, 3 July 2002 : Commencement of trading of Intraco
shares of $0.50 each

Tuesday, 9 July 2002 : Expected date of dispatch of cheques to
Shareholders pursuant to the Capital Distribution

Unless otherwise defined, terms used in this Announcement shall
have the same meanings as defined in the circular to
shareholders dated 12 April 2002 relating to the Capital
Reduction.


NATSTEEL LTD: Flextronics Offer Gains 25.3 Percent Acceptance
-------------------------------------------------------------
Nasdaq-listed Flextronics International Ltd. has so far received
acceptances for its $3.23-per-share cash offer for Singapore-
listed NatSteel Broadway totaling around 25.3 percent of NBL's
share capital, Business Times reports.

The given figure includes a 21.2 percent stake held by Glorich
Ltd, which earlier gave an undertaking to accept the offer.

NBL's parent, iron and steel trader NatSteel Ltd, has also
undertaken to accept the offer in respect of the 51.6 percent
stake it owns, but it will need to obtain approval from its
shareholders first at an extraordinary general meeting on June
24.

Natsteel Ltd agreed in May to sell its electronics unit to
Flextronics International for US$364 million, saying the move
means a greater focus on its core steel making operations.

Salomon Smith Barney Singapore Pte will make the voluntary
conditional take-over offer, for and on behalf of Flextronics
International Limited.


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


BANGKOK THANEE: Business Reorganization Petition Filed
------------------------------------------------------
Bangkok Thanee Hotel Company Limited (DEBTOR)'s Petition for
Business Reorganisation was filed to the Civil Court:

   Black Case Number L.F. 2/2541

   Red Case Number L.F. 2/2541

Petitioner: Bangkok Bank Public Company Limited and 2 other
Petitioners

Proposed Planner: Kanung & Partners International Consultancy

Debts Owed to the Petitioning Creditors: Bt3,431,415,000

Date of Court Acceptance of the Petition: June 26, 1998

Date of Examining the Petition: July 23, 1998

Court postponed the date of examination of the Petition to
July 23,1998 at 1.30 P.M.

Date on which Court order will be pronounced: August 7,1998 at
1.30 P.M.

Court order for dismissal of the Petition: August 7, 1998

The petitioners appealed the court order denying acceptance of
the petition for Business Reorganisation on September 3,1998

The opposition requested to amend the appeal to the court:
October 20, 1998

The date that the court appoints to read the judgment of the
Appeal Court: July 26, 1999


KRISDAMAHANAKORN PUBLIC: Increases Capital
------------------------------------------
Krisdamahanakorn Public Company Limited reported on the
resolutions made at a  Board of Directors Meeting No. 2/2002
held on June 17, 2002 at 2nd Floor Krisdamahanakorn PLC.,
auditorium. The details of the resolutions are consider
allotment of increased common shares to other creditors. Below
are details of the Increased Capital:

Common Shares:

Shares Capital Registered: 5 36,375,000
Issued and fully paid as of June 12, 2002: 168,411,937
Increased as of June 17, 2002: 12,368,766
Share Capital Issued after increased as of June 17, 2002:
180,780,703
Principal amount: 355,594,297

Preferred Shares:

Shares Capital Registered: 700,000,000
Issued and fully paid as of June 12, 2002: 239,363,084
Increased as of June 17, 2002: -
Share Capital Issued after increased as of June 17, 2002:
239,363,084
Principal amount: 460,636,916

TOTAL:

Shares Capital Registered: 1,236,375,000
Issued and fully paid as of June 12, 2002: 407,775,021
Increased as of June 17, 2002: 12,368,766
Share Capital Issued after increased as of June 17, 2002:
420,143,787
Principal amount: 816,231,213

Note:
1. Amount of stocks
2. Share capital as of June 12,2002  Issue and fully paid


THAI DURABLE: Increases Capital; Allocates New Shares
-----------------------------------------------------
The Board of Directors' Meeting no. 4/2002 of Thai Durable
Textile Public Company Limited held on 18th June, 2002 at Thai
Durable Textile Public Company Limited, 11th Floor Ocean Tower 1
Building, 170/29,31 Rachadapisek Road (Sukhumvit 6), Bangkok,
have resolved as follows:

1. That the allocation of 100,359,000 new ordinary shares (as
approved by the Extraordinary General Meeting of Shareholders
No. 1/2001 held on 9th July, 2001) to the existing shareholders
whose names appear in the share register book on 2nd July, 2002
by way of with the following details be approved:

   (1) The subscription ratio is equivalent to 1 existing shares
to 0.59 new ordinary share. Any fraction of shares will be
disregarded.

   (2) The offering price is equivalent to Bt1 each share.

   (3) The rights offering period is the period during 15th -
19th July, 2002.

   (4) During the rights offering period, the Managing Director
shall be authorised to allocate any unsubscribed shares from the
rights offering under item no (1) to the shareholders who
subscribe for excess rights shares on pro rata basis (by
reference to the total number of excess rights shares and the
total number of shares subscribed under the excess entitlements)
at the same offering price (Bt1 per share).

The offering price of Bt1 each shares as specified above which
is lower than the par value of Bt10 each share can be made in
accordance with Section 52 of the Public Companies Act
B.E.2535.It is provided that a company that has been operating
at least one year may offer shares at the price lower than the
par value, if it has accumulated loss and it has obtained the
shareholders approval.  The Company had accumulated loss as
shown in its recent financial statements as of 31st December,
2001.

The allocation of 100,359,000 new ordinary shares above is made
in accordance with the Debt Restructuring Agreement dated 27th
December, 2000 and the amendments to the Debt Restructuring
Agreement dated 24th May, 2001 entered into between the Company
and Bangkok Bank Public Company Limited.

2.  That the allocation of 11,151,000 new ordinary shares to
Bangkok Bank Public Company Limited (Bangkok Bank) by way of
private placement (in accordance with the SEC's Notification No.
12/2000 regarding the application and permission for offer of
new shares) at the offering price of Bt1 be approved.  Provided
that Bangkok Bank must complete subscription of and make the
subscription payment for those new ordinary share, totaling of
Bt11,151,000, within 26th July, 2002.

The offering price of Bt1 each shares as specified above which
is lower than the par value of Bt10 each share can be made in
accordance with Section 52 of the Public Companies Act B.E.
2535.  It is provided that a company that has been operating at
least one year may offer shares at the price lower than the par
value, if it has accumulated loss and it has obtained the
shareholders approval.  The Company had accumulated loss as
shown in its recent financial statements as of 31st December,
2001.

The allocation of 11,151,000 new ordinary shares above is made
in accordance with the Debt Restructuring Agreement dated 27th
December, 2000 and the amendments to the Debt Restructuring
Agreement dated 24th May, 2001 entered into between the Company
and Bangkok Bank Public Company Limited including the resolution
of the Extraordinary General Meeting of Shareholders No. 1/2001
held on 9th July, 2001.

3. That the share register book be closed on 2nd July, 2002 at
12:00 noon as to determine the rights of the shareholders to
subscribe for new ordinary shares (as approved in item no. 2
above).


==============
BOND    PRICING
==============

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

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

Asia Pulp & Paper     FRN     due 2001    11 - 13        0
Asia Pulp & Paper     11.75%  due 2005    29 - 30        -1
APP China             14.0%   due 2010    24 - 26        0
Asia Global Crossing  13.375% due 2006    20 - 22        0
Bayan Telecom         13.5%   due 2006  20.5 - 22.5     +0.5
Daya Guna Sumudera    10.0%   due 2007     3 - 5        +0.5
Hyundai Semiconductor 8.625%  due 2007    62 - 70        0
Indah Kiat            11.875% due 2002    32 - 33        0
Indah Kiat            10.0%   due 2007    25 - 27        -1
Paiton Energy         9.34%   due 2014    65 - 68        0
Tjiwi Kimia           10.0%   due 2004  23.5 - 25.5      -1
Zhuahi Highway        11.5%   due 2008    28 - 33        0

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

                                **********

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

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

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

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

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

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