/raid1/www/Hosts/bankrupt/TCRAP_Public/020621.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

            Friday, June 21, 2002, Vol. 5, No. 122

                         Headlines

* A U S T R A L I A *

ANALYTICA: Lodges Replacement Prospectus for 1:1 Rights Issue
ANALYTICA LIMITED: Posts Chairman's Letter to Shareholders
AQUARIUS PLATINUM: DME Grants SA Unit EMP Approval
BIOTA HOLDINGS: Hires U.S.-Based Australian CEO
NORMANDY MINING: Panel Publishes Reasons for Decision
PRESTON RESOURCES: Discloses May 2002 Production Report
WESTERN METALS: Standstill Arrangements Extended Until June 27

* C H I N A   &   H O N G  K O N G *

GRANVEST COMPANY: Winding-Up Petition to Be Heard
GUANGDONG KELON: Resolutions Passed at 2001 AGM
KOREAN VILLA: Petition to Wind Up
ORIENTAL METALS: Widens 2001 Operations Loss To HK$777,378        
RICH CHAMP: Hearing of Winding-Up Petition Set
SINOCAN HOLDINGS: Winding-Up Petition Adjourned to June 24
SUN TO: Winding-Up Petition Hearing Set
WAI CHUN: Winding-Up Petition Slated for Hearing

* I N D O N E S I A *

ASTRA INTERNATIONAL: Sees 50% Increase in Units' FY Income
HOLDIKO PERKASA: LSM Clarifies Petition Towards KPPU'S Decision
HOLDIKO PERKASA: LSM Clarifies Petition on KPPU'S Decision
PERTAMINA TBK: U.S. Court of Appeals Upholds Freeze of Assets

* J A P A N *

FUJITSU LTD: Enters Alliance With Toshiba
HITACHI LTD: Forms Sourcing Alliance With E2open
MATSUSHITA ELECTRIC: Enters Agreement With Minebea Co
MIZUHO HOLDINGS: Investors Should Take Profits Now, Says ING
MIZUHO HOLDINGS: Vows to Enhance Crisis Management to FSA
NIPPON TELEGRAPH: Mizuho Fiasco Cost Units Y100M
SANYO SINPAN: Fitch Revises 'BBB+' Rating Outlook to Negative
*S&P Ups JAS, Affirms JAL, ANA Ratings

* K O R E A *

HYUNDAI HEAVY: Sets Up Merger With Chinese Firm
MEDISON CO: Siemens Eyeing Ultrasound Scanner Maker
SEOUL BANK: Six Parties Shows Interest in Acquisition

* M A L A Y S I A *

AOKAM PERDANA: KLSE Approves Statement Submission Extension
COUNTRY HEIGHTS: Resolutions Passed at Eighteenth AGM, EGM
ESPRIT GROUP: Proposed Restructuring Scheme Submission Extended
KIARA EMAS: Seeks More Time to Finalize Scheme Negotiations
L&M CORPORATION: Posts Resolutions Passed at Seventh AGM
MBF CAPITAL: Gets KLSE's Nod of Proposed Scheme Extension
PAN MALAYSIA: Commences Operations of Unit
PANGLOBAL BERHAD: SC Grants Proposals Approval
QUALITY CONCRETE: Proposes Renewal Of Shareholders' Mandate
INNOVEST BERHAD: Incorporates Unit With US$800,000 Share Capital
SRIWANI HOLDINGS: KLSE OKs Regularization Plan Time Extension
TAT SANG: Posts Defaulted Payment Status Update

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

BENPRES HOLDINGS: Unable to Pay Coupon Due on June 17, 19
BENPRES HOLDINGS: May Sell Maynilad Stake to Suez Lyonnaise
METRO PACIFIC: Clarifies Business World Article
PHILIPPINE LONG: Ties Up With eSSI on Public Internet Center
PHILIPPINE LONG: Gokongwei Confident of Deal With Salim

* S I N G A P O R E *

ALLIANCE TECHNOLOGY: Selling Loss-Making Country Club
ASIA PULP: Plans Sustainable Wood Supply Assessment
DATACRAFT ASIA: Gets Telecom Asia Readers' Choice Award
PRESSCRETE HOLDINGS: Approves Capital Reduction

* T H A I L A N D *

MODERN HOME: Books 1001 Profit of Bt100.14M
MODERN HOME: Announces New Address   
SINO-THAI ENGINEERING: Board OKs Shares Par Value Amendment
STAR BLOCK: Filed Petition for Business Reorganization
THAI AIRWAYS: Appointments Thanong Bidaya as Chairman


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


ANALYTICA: Lodges Replacement Prospectus for 1:1 Rights Issue
-------------------------------------------------------------
Analytica Ltd (subject to Deed of Company Arrangement) has
lodged a replacement prospectus for its 1 for 1 renounceable
rights issue after amending the document initially lodged on 4
June, 2002.

The company said it had amended information in the prospectus
concerning a round-up facility to be provided to small
shareholders and details concerning the trading of the
renounceable rights.

The round-up facility will now operate separately to the rights
issue. Shareholders can apply to round-up their existing
shareholding to 25,000 shares but only their original parcel of
shares will be eligible to participate in the 1 for 1 rights
issue. Shares acquired under the terms of the round-up will not
participate in the rights issue.

Additionally, the company will not be able to facilitate the
trading of rights as the company's shares are not yet trading on
the ASX. Instead, the company will utilize the services of a
licensed securities dealer, Falkiners Stockbroking Limited, to
provide this service.

The amendments follow a review of the prospectus by the ASIC.
The replacement prospectus can now be viewed and follows this
announcement.

Go to http://www.bankrupt.com/misc/TCRAP_Analytica0621.pdfto  
see a copy of the amended document.


ANALYTICA LIMITED: Posts Chairman's Letter to Shareholders
----------------------------------------------------------
Analytica Limited posted the letter of Chairman S Jones to
shareholders:

Following the involvement of new Board and Management and the
introduction of a new major shareholder, Analytica Ltd now
stands as a biotechnology company which enjoys the dual benefits
of cash flows from its newly acquired medical diagnostics
business plus the development potential of its existing
Intellectual Property (IP) portfolio.

This rights issue will raise approximately $1,330,000 to fund
the company's expansion following its completed restructure. The
offer is a renounceable pro rata rights issue made on the basis
of one New Share for every one share held. The issue is fully
underwritten by Australian Technology Innovation Fund Limited.

The funds raised will:

   * Provide capital to allow the Company to pursue high growth
through new diagnostic project development, which at the time of
writing, will double the Company's product range within 6
months;

   * Provide investment monies to grow the Company's proven cash
flow positive diagnostics business by acquisitions, three of
which are currently being pursued;

   * Provide working capital to fund the growth requirements of
the Company's diagnostics business;

   * Provide investment monies to allow participation in
development opportunities arising from the Company's existing
Intellectual Property (IP) portfolio principally in the sPLA2
project, which is planned to be co-developed with Psiron Ltd;

   * To retire debt under the "come and go" facility with
Psiron;

   * Provide monies to fund a possible early retirement of the
Deed of Company Arrangement.

The Company plans to grow by acquisition of similar businesses,
and organically through internally funded research and
development and through projects funded jointly with third
parties.

Analytica Ltd has recently acquired a cash flow positive
diagnostics business, which it will develop into a significant
operating business through the development and licensing in of
new products and through acquisition.

The longer-term aim of the Company for this part of the business
will be to have a market presence in new technologies and in in-
patient care developments in the diagnostics arena.

The Company also intends to develop its sPLA2 Intellectual
Property. The Company will seek to maximize its return from this
IP through either the sale of the technology, a co-funding or
licensing arrangement. The Company is presently examining an
expression of interest from Psiron Ltd in acquiring the sPLA2
technology. As a result the Company is commissioning an
Independent Experts Report for the valuation of the IP. If this
transaction were to proceed a shareholders meeting would be held
to approve the transaction.

It is the Company's objective to be requoted on the ASX in the
week commencing 5 August 2002, which will return liquidity to
shareholders. The rights issue will allow the Company to take
advantage of the opportunities presented by its new diagnostics
business as well as its existing proprietary interests. To
provide a stable financial platform, financial restructure is
required. In this regard the restructure of debt in the
Company's Balance Sheet is desirable and will allow the Company
to grow and finance the growth of its businesses in a prudent
manner.

Analytica will be well positioned to grow both its operations
and investments in a manner, which should add to shareholder
wealth in the nearer term. I commend Analytica to you as a solid
biotechnology investment with a superior outlook and ask you to
support your Company by taking up your rights entitlement
offered in this prospectus.


AQUARIUS PLATINUM: DME Grants SA Unit EMP Approval
--------------------------------------------------
Aquarius Platinum Limited (AQP) announced that Aquarius
Platinum (South Africa) (Pty) Limited (AQPSA) has been notified
by the Department of Minerals and Energy (DME) that its
Environmental Management Programme (EMP) for operations at
Marikana has been approved in full.

The approval, granted in terms of section 39(1) of the Minerals
Act 1991, allows mining activities to commence. Construction to
date has been conducted and or a temporary permit for
construction. Marikana has previously obtained a Mining
Authorization from the DME in October 2001.

AQPSA Projects Director Gordon Ramsay said, "The approval of our
EMP for Marikana is the last regulatory permission for the
project, paving the way for mining. We're making good progress
with construction and strip mining, having commenced one month
ahead of schedule on 1 June. The mine will now build up a
stockpile for commissioning of the concentrator on schedule in
December 2002."

The Marikana project is a mid-sized operation, only 8km from
Aquarius' flagship operation Kroondal. The orebody will
initially be mined as an open pit up to a depth of some 100
metres. At full production in 2004, Marikana will produce
135,000 oz PGMs per annum employing 500 people.

EVEREST SOUTH

In line with permissions from the DME the approval to sink the
trial shaft at Everest South has been granted. The shaft is now
down at 25m, with completion due in July to a depth of 60m. The
bulk sample will be mined and delivered to Mintek in August this
year. This is on schedule in terms of a completed feasibility
study in December 2002.

Wrights Investors' Service reports that at the end of 2001,
Aquarius Platinum Limited had negative working capital, as
current liabilities were A$201.14 million while total current
assets were only A$127.19 million.


BIOTA HOLDINGS: Hires U.S.-Based Australian CEO
----------------------------------------------
The Board of Biota Holdings Limited announced Thursday the
appointment of Mr Peter Molloy as Chief Executive Officer and
Managing Director of Biota Holdings, effective 15 July 2002.
Based in the USA, he will also be Chairman of Biota's US
subsidiary, Biota Inc.

Mr Molloy has more than 20 years experience in the international
pharmaceutical and biotechnology arena in Australia, Asia and
the USA, including senior roles with Pharmacia and Faulding
Healthcare and has led three emerging biotechnology companies.

"Recruiting an outstanding CEO to succeed Dr Hugh Niall who is
retiring, was one of the major milestones for Biota this year,"
said Mr John Grant, Chairman of Biota Holdings. "Peter has a
strong background in management, strategy and excellent
communication skills. He has a strong commercial focus and a
track record in re-invigorating companies."

"Biota's other 2002 milestones are to secure a substantial
partnering agreement, access US capital markets and aggressively
develop its drug pipeline including Biota's second generation
influenza treatment (FLUNET(R))," said Mr Grant.

Biota, through its Melbourne based research laboratories, is
developing a pipeline of antiviral drugs targeting influenza and
other acute respiratory tract infections. Through its US
subsidiary Biota Inc, which is based near San Diego, one of the
world's premier biotechnology centers, Biota is developing drugs
for chronic viral infections such as Hepatitis B, HIV and Herpes
Simplex.

On March 8, TCR-AP reported that the Company incurred a
consolidated loss of $3.2 million for the six months ended
December 31, 2001. This loss compares to a profit of $1.4
million for the previous corresponding period and includes $1.8
million of costs incurred in setting up Biota Inc. Biota's
Australian operations reported a loss of $1.6 million on
revenues of $6.1 million


NORMANDY MINING: Panel Publishes Reasons for Decision
-----------------------------------------------------
The Takeover Panel advised that it has published its reasons for
decision in relation to the Normandy 06 matter. The Panel's
reasons are available on its website at
www.takeovers.gov.au/Content/Decisions

The application was made by AngloGold Ltd for review of the
Normandy 04 Panel's decision. In its application AngloGold was
seeking a declaration that the Plan of Arrangement between
Newmont Mining Limited and Franco-Nevada would have given
Franco-Nevada and its shareholders benefits, which were not
offered to all other Normandy shareholders.

The review Panel considered the application and found that the
financial analysis provided to support AngloGold's view was not
sufficient to set aside the original decision reached in
Normandy 04.

As a result the Panel declined to make a declaration of
unacceptable circumstances.

The review Panel was constituted by Dr Annabelle Bennett SC
(Sitting President), Mr Trevor Rowe and Mr Michael Tilley.


PRESTON RESOURCES: Discloses May 2002 Production Report
-------------------------------------------------------
Preston Resources Limited announced that Bulong Operations P/L's  
plant performance was adversely affected by poor availability
prior to a scheduled major shutdown. The shutdown exceeded the
planned schedule and decommissioning difficulties also affected
plant availability. Nickel and cobalt production for the month
of May was 272.5 tonnes and 20 tonnes respectively.

SAFETY AND ENVIRONMENT

There were eight Significant Injuries reported.

There were no environmental incidents, which required external
reporting.

PRODUCTION

Production statistics for the month of May are shown in the
table below:

PRODUCTION                   MONTH    MOUTH     YTD       YTD
HIGH LEVEL KPAS              ACTUAL   TARGET    ACTUAL    TARGET

Leach Feed dt            22,310   36,196    396,647   482,437
Leach Feed % Ni          1.64     1.70      1.78      1.72
Leech Feed % Co          0.13     0.14      0.13      0.12
Ni metal Output t        272.5    554.1     5679.5    7219.9
Co metal Output t        20.0     42.0      354.2     491.9
Ni Inventory change t    -29.1    0.000     49.6      0.000
Co inventory change t    -2.5     0.000     -4.0      0.000
Plant Recovery % Ni      66.4     90.0      81.4      87.2
Plant Recovery % Co      59.4     85.0      68.2      82.5
Ni output Quality %
above specification      0.0      75.0      0.0       75.0
Co output Quality %
above specification      0.0      75.0      9.0       75.0

Key t = tonnes, dt = dry tonnes

Output was below plan for both nickel (-51%) and cobalt (-52%).

Leach feed grades (-4%), throughput (-38%), availability(-31%)
and plant recovery (-26% nickel, -30% cobalt) were all under
plan.

The main reasons for under performance were:

   * Availability was poor at 48% (plan 70%; a variance of -31%)
because of a planned 8 day shut, which exceeded the scheduled
period, and poor maintenance performance leading up to the
shutdown.

   * Breakdowns in the Pressure Leach section occurred ahead of
the planned major shutdown in May (boiler, leach piping, acid
and acid feed pump failures)

   * The major shutdown over-ran by 65 hours (23%). The planned
duration was 216 hours versus actual duration of 281 hours.

   * Additional breakdowns in the start up phase after the
shutdown (acid pump, flange gasket leaks, steam line problems)
caused the plant not to be running in steady state for an
additional 3 days. A failure of pressure release valves due to
incorrect setting by an external vendor contributed to 32 hours
of this additional delay.

   * Throughput was down largely as a consequence of plant
availability. Restrictions in Partial Neutralization (PN)
impacted on throughput.

   * Recovery was low as a direct result of unsteady plant
conditions resulting from availability and throughput issues.
Acid pump breakdowns led to poor autoclave extractions.

The nickel solvent extraction (Ni SX) anti-scalent trial
commenced immediately after the shutdown. This was implemented
to mitigate the effects of gypsum scaling, which has, in the
past, been responsible for poor performance in the Ni SX
circuit. Initial indications are very positive, with no adverse
effects on solvent extraction (SX) or electrowinning (EW)
performance noted and a marked decrease in scale formation. The
trial will continue throughout June and work on the next stages
of the trial (addition to Co SX) will occur in June.

MINING

Mine production activities were carried out in the Foundry, Gala
and Boulder Block pits.

A total of 340,012 Bank Cubic Meters (BCM) was mined from the
pits against a budgeted 168,215 BCM.

Total movement included 276,402 BCM of bulk waste from
development of the Boulder Block and Foundry pits.

A total of 17,734 tonnes of high-grade ore at 1.88% nickel and
0.19% cobalt was mined from the Foundry and Gala pits. Low grade
mined totaled 41,627 tonnes at 1.1% nickel and 0.10% cobalt.

Estimated feed grades from grade control were 1.64% nickel and
0.13% cobalt compared to a calculated plant feed grade or 1.39%
nickel and 0.11% cobalt.

LEACH PLANT

The ore preparation circuit had a low availability of 42.9%. The
majority of the downtime was associated with the major shut. The
ore preparation circuit averaged a feed rate or 104.3 dry tonnes
per hour (dtph) and scats reject rate of 24%. The ore
preparation feed grade was 1.39% nickel and an upgrade ratio of
1.18 was achieved.

A total of 22,310 dry tonnes at a grade of l.64% nickel was fed
to the pressure leach at an average throughput of 63.0 tonnes
per hour (tph). The low throughput rate was associated with
leach mechanical failures and the reduced throughput rates
leading up to and immediately after the shut down.

The pressure leach availability was extremely poor at 47.6%. The
major downtime was associated with the major shut, boiler
failure, autoclave feed pump problems, acid pump failures and
start-up failures.

The autoclave nickel extraction was extremely poor at 81.5%.
This was aggravated by poor utilization of the acid feed pumps
which only ran for 89.7% of the autoclave slurry feed pump
operating time.

Counter Current Decantation (CCD) / PN recovery decreased to
91.8% as a result of unsteady leach operations and resultant low
SX flows, and the shut down. The wash recovery was 86.0%.

Pregnant Liquor Solution (PLS) quality was variable with
fluctuations of iron and pH. This resulted from problems
experienced with limestone addition in the PN circuit.

The shutdown commenced on 14th May. Cleaning of the major
vessels took longer than planned and additional maintenance /
cleaning work resulted in the shut over running to 12 days
(compared with a planned duration of eight days). The plant ran
in unsteady state for 2-3 days after the end of the shutdown,
adversely impacting on production.

REFINERY

Nickel treated was 43.9% below plan at 327.4t. Nickel output was
50.8% below plan at 272.5t. This is a result of leach problems
and the major shut.

Cobalt treated was 45.5% below plan at 24.9t. Cobalt output was
52.4% below plan at 20.0t. This is a result of leach problems,
the major shut and the continued low cobalt solvent extraction
(Co SX) recovery.

The refinery nickel recovery increased to 97.1%, as a result of
an improved Ni SX recovery.

The refinery cobalt recovery decreased to 88.8% as a result of
the deterioration in Co SX recovery.

The overall refinery availability was down at 46.3%, reflecting
the leach problems and the major shut.

Cobalt solvent extraction decreased to 90.2% cobalt recovery at
50.5% availability. Cobalt extractant concentration remains too
low for optimum operation.

Nickel solvent extraction increased to 97.1% nickel recovery at
46.3% availability. Stop / starts continue to impact on the Ni
SX recovery. The antiscalent trial began at the end of the month
and results are encouraging.

Total cobalt production for May was 20.0 tonnes of cobalt
contained in sulphide. The cobalt refinery recovery was 98.4%.

The availability of Ni EW was 54.7%. An improved current
efficiency of 87.0% was achieved during the month.

All cobalt was produced as an intermediate cobalt sulphide
product as a result of low prices for refined metal not
justifying the additional refining cost.

Nickel quality improved and cobalt sulphide quality has remained
good.

MAINTENANCE

The scheduled maintenance shutdown of the plant commenced at
1400 hours on 14 May 2002 and was completed at 0700 hours on 26
May 2002. The actual duration of the shutdown (acid off to acid
on) was 281 hours against scheduled shutdown duration of 216
hours. This resulted in a shutdown over run of 65 hours.

Mechanical completion was achieved at 1700 hours on 24 May 2002,
which was an overrun of 51 hours. The shutdown start up was
scheduled for duration of 24 hours from mechanical completion,
but required 38 hours to achieve.

A number of maintenance issues during commissioning and leading
up to acid on impacted on start up. Acid was introduced at 0700
hours on Sunday 26 May 2002 but production was affected by
pressure relief valve failures. This impacted an production with
the plant not being returned to effective production until 1500
hours on Monday 27 May 2002 (a further delay of 32 hours).

All statutory inspections required as parts of this shutdown
were performed and all signed off as meeting the requirements of
all regulatory and statutory standards.

PERSONNEL

PEOPLE                                         YTD or    YTD or
                           MONTH    MONTH      12MMA     12MMA
HIGH LEVEL KPAs            ACTUAL   TARGET     ACTUAL    TARGET

$ Total Labor Cost per t Base 13,427   4,431  4,160     2,959
metal
# Full Time Equivalent (FTE)   224.5    225.0  -         225
% Turnover rate (12 MMA)       -        -      38.7      20.0
Manning levels - % Contractors 16.5     20     -         -

OPERATING COSTS

All costs are expressed in Australian dollars unless otherwise
stated.

COSTS
                    MOUTH ACTUAL   MONTH TARGET   YTD     YTD
HIGH LEVEL KPA'S                                  ACTUAL  TARGET

Operating Cost $M        9.797     8.097          84.963  83.206
Capital Cost $ M         0.058     0.381          2.960   8.117
$ Cost /tonne base metal 33,493    13,583         14,081  10,789
$ Cost /tonne (leach)
ore treated              439.16    223.69         214.20  172.47

Total site costs over plan by A$1.701M (21%), bringing YTD costs
to 2% over plan.

Capital expenditure remains underspent by a very significant
amount (64%). This underspend continues to impact on the
achievement of site production and cost targets.

Unit costs performance was poor as a direct consequence of the
impact of lower than plan physical inputs and outputs and over
plan site costs. The major contributor to this was the effect of
the major shutdown on output and costs.

MINING

Total Mining costs were above budget by 65% ($319,467) with a
reported total mining cost of $874,714 against a budgeted
$531,691.

The main contributor to above budget costs was Contract Mining
where costs continue to be above budget due to changes in the
mining schedule to provide higher plant feed grades. Waste and
total ore production was above budget resulting in increased
costs in these areas.

Increased waste material movement for the development of the
Boulder Block and Foundry pits was the main contributor to
increased contract mining costs. Waste mining costs were
$504,811 compared to a budget $272,619.

Increased material movement had a positive effect on unit rates
with an actual $2.57 per BCM compared to a budgeted $3.16 per
BCM.

The cost per tonne of high grade ore mined was well above budget
due to the small tonnage mined, however, the year to date rate
compares favorably to budget with an actual $16.83 compared to a
budget of $17.74.

Grade control drilling in Boulder Block was the main contributor
to unbudgeted costs for Grade Control during the month. This
also resulted in increased fuel and consumable costs.

LEACH

Total costs were 2.2% below budget at $2,017,146 or $90.41/tn of
leach feed (budget $56.95/t), reflecting the lower than planned
throughput and abnormally high costs for a shut month. This is
mainly a result of re-allocated maintenance costs and the acid
penalty.

Labor was 16.5% below budget.

Reagents were 11.9% under budget. The major variances were:

   * $57,000 savings in sulphuric acid because of the lower than
planned acid addition rate (36lKg/t of ore versus a target of
46OKg/t of ore) and the lower than planned throughput. This is
despite a $132,000 acid penalty.

   * Limestone was $55,000 under-spent. This is a consequence of
the lower autoclave terminal acids and the lower throughput.

REFINERY

The refinery was 18.3% under-budget as a result of nickel
production being under plan by 50.8% and no cobalt extractant
being added to the circuit.

Labor was 13.0% under-budget.

Reagents were 37.7% under-budget reflecting the lower than plan
output for the month. The major variances were:

   * Ammonia was $215,000 under-budget as a result of the
improved utilization in SX (1.64Kg/t metal) and lower than
planned throughput.

   * No cobalt extractant was added to the circuit generating a
$118,000 saving.

Winning power was 35.9% under-budget because of the lower than
planned EW production.

MAINTENANCE

The total maintenance costs for the month amounted to $4.084
million, an overrun of $1.906 million on the budget of $2.178
million.

The actual shutdown costs were $3,613,600 compared to the
estimate of $1,779,000.

Year to date costs amount to $15.378 million, over spent by
$3.86 million.

PRODUCTION SERVICES

Process Control was significantly under budget by $16,456. This
cost center is still significantly under budget ($152,000)
recognizing lower activity as a result of current cash flow
constraints.

Engineering was under budget by $239,540. This reflects the
lower resources and activity associated with the capital
expenditure programmed.

COMMERCIAL

Monthly costs of S659,000 were over budget by $73,000. The main
variance was due to site insurance costs, which have increased
significantly this year.


WESTERN METALS: Standstill Arrangements Extended Until June 27
--------------------------------------------------------------
Western Metals Limited advised as follows with respect to its
ongoing negotiations with it principal financiers.

1. The present standstill arrangements, which were to expire on
Thursday, have been extended until 27 June 2002 to enable
resolution of several final outstanding substantive issues with
the Company's Noteholders.

2. The primary outstanding substantive issue concerns the
expectation of continuing low zinc prices for the financial year
2002/03 and the need for there to be a conversion of interest
due to be paid in to the Noteholders during 2002/03, into equity
in the Company. This will address the cashflow impact on the
Company of this circumstance and will allow the Company to
optimize its cash reserves in the ongoing best interests of the
Company. It also recognizes the Noteholders preparedness to
support Western Metals Limited for the longer term.

Having regard to the interest to be paid during 2002/03 and the
recent market capitalization of the Company, the amount of
equity expected to be issued will require approval of
shareholders.

3. It is expected that a decision in principle on these issues
will be able to be resolved by 27 June 2002, and subject to
positive outcome, a further extension of the standstill
arrangements to early July is contemplated in order to finalize
documentation.

4. The Company believes that negotiations with its Hedge
Counter-parties on all other items have progressed to the stage
where substantive issues have been resolved subject to final
legal documentation.

The Company will keep the market informed of the outcome of the
ongoing negotiations by 27 June 2002. From discussions with all
relevant parties to date, the Board believes there to be
reasonable prospects of a positive outcome on these matters and
therefore, in the interests of the Company and its stakeholders,
considers this further extension to at least 27 June 2002 to be
appropriate.


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


GRANVEST COMPANY: Winding-Up Petition to Be Heard
-------------------------------------------------
The petition to wind up Granvest Company Limited is set for
hearing before the High Court of Hong Kong on July 3, 2002 at
11:30 am.  The petition was filed with the court on April 3,
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.


GUANGDONG KELON: Resolutions Passed at 2001 AGM
-----------------------------------------------
The board of directors of Guangdong Kelon Electrical Holdings
Company Limited announced that at the 2001 Annual General
Meeting of the Company held at 9:30 a.m. on Tuesday, 18 June
2002, at the Meeting Room, Ronggang Road, Ronggui, Shunde,
Guangdong Province, the People's Republic of China, the
following ordinary resolutions were duly passed:

   (1) The 2001 Report of the Directors was approved.

   (2) The 2001 Report of the Supervisory Committee was
approved.

   (3) The 2001 audited financial statements were approved.

   (4) The proposal for the distribution of 2001 profit was
approved.

   (5) The budget for the appropriation of 2002 profit was
approved.

   (6) The Board's proposal to change the Company's auditors was
approved and the Board was authorized to fix their remuneration;

   (7) 'The Rules and Regulations Governing Shareholders'
Meetings' was approved.

   (8) 'The Rules and Regulations Governing Directors' Meetings'
was approved.

   (9) 'The Rules and Regulations Governing Supervisory
Committee's Meetings' was approved.

   (10) 'The Detailed Rules and Regulations Governing the Work
of the Management's was approved.

   (11) 'The Regulatory System for Disclosure of Information's
was approved.

   (12) The proposal to change the Company's supervisors was
approved and the nomination of Mr Wang Kang Ping and Mr Jiang
Bao Jun to be supervisors of the Company was approved. Mr He Si
will remain as a supervisor of the Company. The term of the
above supervisors is three years from the date of the AGM.


KOREAN VILLA: Petition to Wind Up
---------------------------------
The petition to wind up Korean Villa Restaurant Company Limited
is set for hearing before the High Court of Hong Kong on July
17, 2002 at 9:30 am.  The petition was filed with the court on
April 10, 2002 by Mow Hon Keung of Room 8, 30th Floor, Cheong
Siu House, Cheong Shing Court, Fanling, New Territories, Hong
Kong.  


ORIENTAL METALS: Widens 2001 Operations Loss To HK$777,378        
----------------------------------------------------------
Oriental Metals (Holdings) Company Limited announced on
19/6/2002:

(stock code: 1208)
Year end date: 31/12/2001
Currency: HKD
Auditors' Report: Qualified
Review of Interim Report by: N/A
                                                   (Audited)
                                  Audited)         Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/1/2001    from 1/1/2000
                                  to 31/12/2001    to 31/12/2000
                                  ('000)           ('000)
Turnover                            : 1,234,277        1,442,523
Profit/(Loss) from Operations       : (777,378)        (94,582)
Finance cost                        : (58,325)         (70,901)
Share of Profit/(Loss) of Associates: (41,965)         (58,446)
Share of Profit/(Loss) of
  Jointly Controlled Entities       : -                -
Profit/(Loss) after Tax & MI        : (863,008)        (165,131)
% Change over Last Period           : N/A
EPS/(LPS)-Basic                     : (65.39 cents)    (12.51
cents)
         -Diluted                   : N/A              N/A
Extraordinary (ETD) Gain/(Loss)     : -                -
Profit/(Loss) after ETD Items       : (863,008)        (165,131)
Final Dividend per Share            : Nil              Nil
(Specify if with other options)     : -                -
B/C Dates for Final Dividend        : N/A
Payable Date                        : N/A
B/C Dates for Annual General Meeting: 24/7/2002 to 29/7/2002
bdi.
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A

Remarks:

1)      Loss per share

The calculation of basic loss per share is based on the
consolidated loss attributable to shareholders of HK$863,008,000
(2000 : HK$165,131,000), and 1,319,726,950 ordinary shares
(2000: 1,319,726,850 ordinary shares) in issue during the year.

There was no potential dilution of loss per share for 2001 and
2000.

2)      Items before taxation of exceptional size or nature

                                         2001            2000
                                         HK$'000         HK$'000
                          
Provision for bad and doubtful debts      591,919         51,735
Provision for long-term purchase contract 56,040          -
Provision for impairment in value of fixed
assets(other than land and buildings)    38,876          
107,237
Provision for outstanding litigations     16,256          13,756
Provision for impairment in value of land
and buildings                            10,413          -
Provision for impairment in value of
investments in securities                 594            25,891
Others                                     2,985           7,694
                                          --------       -------
                                          717,083        206,313
                                          ========       =======

3)     Controlling shareholder

On 10th April 2002, the High Court of the HKSAR ordered that
John Lees and Desmond Chiong, principals of Ferrier Hodgson &
Co., be appointed with immediate effect as the provisional
liquidators of China Nonferrous Metals Group (Hong Kong) Limited
(CNMG(HK)), controlling shareholder of the Company for the time
being.  As at the date of the approval of the financial
statements by the directors, the Company has not been informed
by the provisional liquidators of any material development of
CNMG(HK) which may have an impact on the Group and the Company.

4)     Going concern basis

The financial statements have been prepared on the going concern
basis. For the year ended 31st December, 2001, the Group
reported a loss attributable to shareholders of approximately
HK$863,008,000. As at 31st December, 2001, the Group had a net
working capital deficiency of approximately HK$571,111,000, and
during the year ended 31st December, 2001, the Group's
shareholders' equity was reduced substantially from
approximately HK$505,728,000 to a shareholders' deficit of
approximately HK$363,408,000. In addition, the Group has
defaulted on repayment of bank loans of HK$399 million and
interest on its bank borrowings of approximately HK$7 million
which is recorded under creditors and accrued charges as at 31st
December, 2001. The Group's bankers have taken various actions
including, but not limited to, the issuance of demand notices
and writs of summons to request for immediate repayment of a
substantial portion of the Group's total bank borrowings.

In view of the aforementioned factors the Company's directors
and management raise substantial doubt about the Group's ability
to continue as a going concern.  The directors and management's
expectation was placed on the Group's debt restructuring work.
If the Group's restructuring can be successfully implemented,
the Group's future operations can be secured.

Accordingly, the financial statements have been prepared on the
going concern basis.


RICH CHAMP: Hearing of Winding-Up Petition Set
----------------------------------------------
The petition to wind up Rich Champ Development Limited will be
heard before the High Court of Hong Kong on July 24, 2002 at
9:30 am.  The petition was filed with the court on April 17,
2002 by Lai Chak Kuen of Room 1202, Ying Tai House, Fu Tai
Estate, Tuen Mun, New Territories, Hong Kong.  


SINOCAN HOLDINGS: Winding-Up Petition Adjourned to June 24
----------------------------------------------------------
Sinocan Holdings Limited, in reference to the winding up
petition filed against the Company at the High Court of the Hong
Kong Special Administrative Region on 1 March 2002 claiming for
a principal sum of HK$429,297,400 with interest of
HK$137,786,900, totalling HK$567,084,300  as at the date of
Petition, announced the following update:

The Company was advised by its legal advisers that due to the
opposition to the Petition raised by the Company, the Master
presiding over Wednesday's hearing of the Petition has adjourned
the hearing of the Petition to Monday, 24 June 2002.

The adjourned hearing will be heard before a Companies Judge.

The Company will make further announcement pending on the
outcome of the adjourned hearing.

Shareholders of the Company and potential investors are advised
to exercise caution when dealing in the Shares.

Trading in the shares of the Company was suspended at 9:30 a.m.
on 19 June 2002 at the request of the Company and application
has been made to The Stock Exchange of Hong Kong Limited for
resumption of trading in the shares of the Company with effect
from 9:30 a.m. on 20 June 2002.


SUN TO: Winding-Up Petition Hearing Set
---------------------------------------
The petition to wind up Sun To Engineering Company Limited is
scheduled for hearing before the High Court of Hong Kong on July
31, 2002 at 9:30 am.

The petition was filed with the court on April 19, 2002 by Cheng
Kin Pingof Room 532, Oi Yung House, Yau Oi Estate, Tuen Mun, New
Territories, Hong Kong.  


WAI CHUN: Winding-Up Petition Slated for Hearing
------------------------------------------------
The petition to wind up Wai Chun Construction Co., Limited is
scheduled to be heard before the High Court of Hong Kong on July
3, 2002 at 11:30 am.

The petition was filed with the court on April 4, 2002 by Li Man
Woon c/o Legal Aid Department, 27th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong.  


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


ASTRA INTERNATIONAL: Sees 50% Increase in Units' FY Income
---------------------------------------------------------
PT Astra International expects income from its subsidiaries to
be up 50 percent this year from Rp1.5 trillion in 2001, AFX
reports, quoting Vice President Budi Setiadharma.

"This year we are hoping it will be around 50 pct higher than
last year. So about Rp2.2 trillion, that's our forecast,"
Setiadharma said, adding that the sales in its 50-50 motorcycle
joint-venture with Honda were up 57 percent year-on-year in the
first quarter.

Agricultural subsidiary PT Astra Agro Lestari's books a net
profit for the first quarter of Rp58.22 billion against a loss
of Rp22.221 billion a year earlier due to increased crude palm
oil production and prices

Astra posted a first quarter net profit of Rp1.1 trillion,
reversing the year-earlier net loss of Rp515 billion. As of
March 31, Astra's outstanding debts totaled US$726 million plus
another Rp881 billion.

Despite the improved earnings, Astra is still seriously
considering a debt rescheduling and rights issue as money raised
from asset sales are unlikely to cover the US$133 million and
Rp165 billion debts maturing in December.

According to DebtTraders, the price of the Astra III 0% bonds  
due on 2006 (ASII06IDS1), which seemed immunized, are trading  
between 46 and 51. For real-time bond pricing information, go to  
http://www.debttraders.com/price.cfm?dt_sec_ticker=ASII06IDS1.


HOLDIKO PERKASA: LSM Clarifies Petition on KPPU'S Decision
----------------------------------------------------------
The law office of Lubis, Santosa & Maulana (LSM) acting as legal
counselor of PT. Holdiko Perkasa (Holdiko), held a press
conference on Thursday, 20th June 2002, to clarify the substance
of Holdiko's petition, submitted on 17 June 2002 to the District
Court of South Jakarta, on the decision issued by Komisi
Pengawas Persaingan Usaha (KPPU), or the Commission for Business
Competition Supervision, with regards to the sale of shares and
convertible bonds of PT Indomobil Sukses International Tbk.

In principal, Holdiko supports the promulgation of Law No.5/1999
on the Anti Monopoly Practice and Unfair Business Competition to
promote a healthy and competitive business environment. However
Holdiko exercised its rights to file a petition, as stipulated
in Law No.5/1999 because of the following points:

LSM observed that in the investigation process, KPPU did not
provide Holdiko the opportunity to defend itself while
subsequently KPPU directly issued a decision and penalized
Holdiko as a guilty party. In fact, LSM had conducted a legal
due diligence on the sale process of Indomobil, reviewing all
the materials requested by KPPU as well as additional materials
provided by Holdiko/IBRA, and concluded that Holdiko has
absolutely not violated any prevailing rules and regulations.

In the process of making its decision, LSM also observed that
KPPU did not consider all the information, data and explanation
provided by Holdiko, and did not conduct a fair cross-
examination process in accordance with the due process of law,
but acted as both judge and prosecutor, which may have created a
conflict of interest in making the decision.

Many of the points of consideration that KPPU brought forward as
evidence have neglected or did not take into account various
facts and supporting data that were given to them, i.e.:

Holdiko is a Special Purpose Vehicle (SPV) or a company that was
established in regard to the implementation of the MSAA to sell
ex-Salim Group assets based on IBRA's instruction. IBRA is the
shareholder's proxy of PT Holdiko Perkasa thus signifying IBRA's
role as shareholder. As with each and every asset sale by
Holdiko, including the Indomobil transaction, every decision
made by Holdiko has obtained the consent of IBRA and in certain
cases Holdiko only acted upon decisions made by IBRA.

KPPU: Holdiko still accepted the tender documents of PT. CSDP
and PT. BAM past the deadline of 4 pm.

It was explained by Holdiko that:

   (i) the time extension was still within the working hour's
deadline, which is before 4.30 pm,

   (ii) it is within Holdiko's rights as per Holdiko/IBRA's
procedures to extend the time, and

   (iii) that this is a normal procedure that has been done in
many Holdiko/IBRA transactions and is also a standard
international practice. Nevertheless, it should be noted that
the three tender documents were opened at the same time in front
of a Notary and other related parties (Holdiko, IBRA, Deloitte
Touche FAS and Makes & Partner). Other parties that were invited
but did not attend were representatives from the Financial
Sector Policy Committee (FSPC), World Bank, IMF, and the
Oversight Committee. Moreover, the value of the late bid was in
fact IDR 75 billion more than that which was submitted at 4 pm.

KPPU: There were similarities in the mark-up changes of the Sale
& Purchase Agreements draft of two bidders.

The similarities are in fact a consequence of using standard
documents distributed by Holdiko to all potential investors
participating in the sale process. Similarities in the changes
or mark ups in the documents were because the commercial
substances negotiated by the bidders were the same (i.e. they
both did not want any escrow account or any additional
deposits). KPPU also did not take into account the numerous
dissimilarities that were in the documents.

KPPU: There was a similarity in the reference letter number for
PT CSDP and PT. Alpha Sekuritas Indonesia in the notarial deed
of the opening of Binding Bid documents made by the Notary.

The said reference number is in fact the number used by the
Notary in quoting the cover letter in making the Notarial deed
for the minutes of the bid opening. It was already explained by
Holdiko that the reference number was the negligence of the
Notary who mistakenly quote the same reference number in making
the minutes. The Notary has written an official letter to
correct the mistake. Holdiko has also shown KPPU that the
original cover letter document from PT. CSDP and PT. Alpha
Sekuritas Indonesia definitely did not use the said reference
number.

KPPU: The cancellation of the tender was not imposed because the
government would have to return the funds the State has already
received.

As per the request of IBRA's Chairman, the proceeds from the
sale of Holdiko's shares and convertible bonds in Indomobil is
still with Holdiko and has not been transferred to IBRA. KPPU
never asked or confirmed this with Holdiko. This shows that KPPU
has failed to consider a fact, which is substantial in making
its decision. KPPU was also inconsistent since by law the tender
has to be cancelled if it is proven that there was a violation
of Law No.5/1999.

It can be concluded that in conducting its investigation,
examination and decision making, KPPU has made
(i) mistakes in the substance, such as misinterpreting Law
No.5/1999, not being consistent in implementing the
interpretation of elements in Article 22 Law No.5/1999, and
misinterpreting given facts, data and information, etc., and
(ii) mistakes in the procedures, such as using the wrong legal
procedure, prohibiting the recording of the investigation and
not providing any minutes of investigations, etc.

According to the right stipulated in Law No.5/1999, Holdiko has
submitted its petition to the District Court of South Jakarta on
17 June 2002, in accordance with the stipulated time period. It
should be noted that in the process of submitting petitions,
each party should submit its petition to the District Courts
within its domicile. This results in a number of petitions
towards one decision being filed in various District Courts.

After the petition filing, the District Court has to examine the
filed documents within 14 days. As soon as the examination of
the petition begins, the District Court has 30 days to make a
decision.

The probable consequences that may arise if this KPPU's Decision
No.03/KPPU-I/2002 becomes final will be, amongst others, an
unclear overlap of authorities of the various judicial
institutions; a legal uncertainty for all IBRA/Holdiko and
general asset sales in the past and in the future; an investment
climate that is unattractive due to the increased risk and
uncertainties for potential investors, financial advisors, etc.


PERTAMINA TBK: U.S. Court of Appeals Upholds Freeze of Assets
-------------------------------------------------------------
The United States Court of Appeals for the Second Circuit, in a
decision handed down on Wednesday, upheld a freeze on
approximately $275 million of over $520 million frozen in trust
accounts in the name of Pertamina Tbk, Indonesia's state-owned
oil and gas company.

In doing so, the Court denied a motion by the Government of
Indonesia, which had argued for the release of 95 percent of the
frozen funds. The decision represents another in a series of
legal victories for Karaha Bodas Company, L.L.C. (KBC) and
upholds the rulings of the lower court.

KBC originally restrained the funds in an effort to secure
payment on a US$261 million Arbitral Award, which was issued by
an international tribunal, operating under United Nations rules,
to resolve a contractual dispute with Pertamina. To date,
Pertamina has refused to pay the Award, despite its confirmation
by courts in the U.S., Hong Kong and Singapore. Appeals to
determine the final disposition of the contested assets will be
heard in August before the Second Circuit.

"KBC is pleased that the Court will continue to freeze assets
sufficient to satisfy the judgment," stated Christopher Dugan,
partner, Jones, Day, Reavis & Pogue, and chief litigator for
KBC. "By maintaining the freeze, the Court has provided KBC with
a clear path to secure fair and final payment."

In February 2002, KBC served Restraining Notices on The Bank of
New York and Bank of America, which serve as trustees for
Pertamina and a number of its production-sharing partners. The
banks initially restrained more than US$170 million in accounts
containing revenue created from Pertamina's sale of liquefied
natural gas.

Pertamina and the Government of Indonesia opposed the
Restraining Notices, claiming that the funds belong to the
Government of Indonesia. In April 2002, the United States
District Court for the Southern District of New York ruled that
KBC is entitled to seize what is known as Pertamina's "Retention
Fee," which may represent as much as 20 to 30 percent of the
frozen funds, while the Government of Indonesia has a property
interest in the remaining funds.

Wednesday's Court Order prevents removal of funds in the
accounts but does not impact incoming revenue payments.

Overview of Dispute

In January 1998, former Indonesian President Suharto issued a
Presidential Decree that suspended the development of numerous
geothermal projects then under development in Indonesia. Prior
to the Presidential Decree, KBC had spent more than US $100
million dollars on exploring and developing geothermal resources
in Indonesia and on construction of related infrastructure
including roads, housing, and electrical generation equipment.

Following the decrees, PLN and Pertamina breached their
contractual obligations to KBC. In the parties' contractual
agreements, KBC, PLN and Pertamina agreed to settle all disputes
before an international arbitral tribunal in Geneva,
Switzerland, operating under United Nations rules. All parties
presented their cases to the Arbitral Tribunal, which ultimately
awarded KBC US$261 million in December 2000 for proven and
uncontested expenditures, lost profits, and the costs and
expenses of arbitration. Pertamina failed in two attempts to
appeal the ruling in Switzerland. The Award was confirmed in the
U.S. District Court for the Southern District of Texas in
December 2001.

Despite the decision of the Arbitral Tribunal and subsequent
confirmation in the United States District Court, Pertamina has
continuously refused to pay its legal obligations. In an effort
to recover payment on the Award, KBC is pursuing all legal means
available to secure payment. Steps include legal filings in the
United States, Canada, Hong Kong and Singapore to obtain and
redirect Pertamina's assets to KBC until the Award is paid in
full. KBC has won favorable rulings from courts in several
jurisdictions; Pertamina is appealing those decisions.

On March 14, 2002 Pertamina initiated a lawsuit in the Central
District Court of Jakarta, Indonesia, in an attempt to nullify
the Arbitral Award and prevent other legal proceedings to
enforce the Award from moving forward. The Jakarta proceedings
violate both the spirit and the letter of Pertamina's
contractual agreements with KBC, as well as the Arbitral Rules
of the United Nations Commission on International Trade Law
(UNICTRAL Rules), the New York Convention on the Recognition and
Enforcement of Foreign Arbitral Awards, which Indonesia signed
in 1981, and a U.S. court order.

In a related proceeding, on April 26, 2002, the United States
District Court for the Southern District of Texas, which had
already found Pertamina in contempt for failing to withdraw its
request for an injunction against KBC's enforcement efforts in
the Jakarta proceedings, ordered Pertamina to take no action
against KBC in Indonesia. Pertamina, however, once again failed
to adjourn the Jakarta proceedings in direct violation of the
Texas Court's order. KBC has filed a second motion for a
contempt finding against Pertamina and a ruling on this motion
is expected shortly.

In June 2002, courts in Hong Kong and Singapore affirmed the
Swiss arbitral tribunal's award to KBC and extended Interim
Orders that freeze Pertamina assets and receivables there. The
courts have postponed finalizing the Orders due to appeals by
Pertamina based on technical matters that will not impact the
legal merits of the case. The courts have set dates for
additional hearings this summer.


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


FUJITSU LTD: Enters Alliance With Toshiba
------------------------------------------
Fujitsu Limited and Toshiba Corporation announced Tuesday that
they have agreed to explore a comprehensive collaboration
focusing on system-on-chip (SoC) solutions. The proposed
alliance between two of the leading players in the worldwide
semiconductor business would capitalize on their complementary
technological strengths to consolidate their global leadership
position in the emerging networked economy.

Aiming to provide SoC solutions at 100 nanometers and finer, the
companies will establish several joint working groups to
investigate collaboration in such areas as standardization of
design and development platforms and silicon technology, co-
development of processor cores and other intellectual property,
and joint development of advanced LSIs for communications and
other fields.

Through these individual collaborations, Fujitsu and Toshiba aim
to further strengthen their respective semiconductor businesses
and create a competitive business model that combines their
complementary strengths and capabilities.

Along with advancing digitalization, the emergence of broadband
and high-speed networks is accelerating the fusion of IT and
consumer electronics products, as well as the expansion of their
multimedia and network functionality. These rapid changes in the
market environment are creating requirements for expanded
functionality and several hundred-fold improvements in
performance for backbone server and telecommunications systems,
as well as for various mobile terminals and home electronics
equipment.

Advanced SoC solutions are essential to meeting these
requirements at the product and overall system levels. This will
also require high-performance global standard processors
employing state-of-the-art process technology, as well as high-
speed memory and peripheral devices.

Bringing together both companies' considerable development and
manufacturing resources and competitive intellectual property
and technology will enable Fujitsu and Toshiba to optimize
resource utilization and cooperate in the development of SoC
products. As collaboration progresses, the two companies may
seek ways to effectively expand the scope of their partnership,
including the possibility of integrating their operations.

Fujitsu and Toshiba already enjoy successful collaboration in
the semiconductor field, including their joint development of
FCRAMs. Now, by capitalizing on Toshiba's expertise in digital
consumer electronics and Fujitsu's strengths in computers,
telecommunications and networks, and by placing SoC at the heart
of their comprehensive collaboration, the two companies are
moving to secure global leadership in the coming broadband era.

All Company/product names mentioned may be trademarks or
registered trademarks of their respective holders and are used
for identification purpose only.

Please understand that product prices, specifications and other
details are current on the day of issue of the press release,
however, may change thereafter without notice.

Contact:
Yuri Momomoto, Robert Pomeroy
Fujitsu Limited, Public & Investor Relations
Tel: +81-3-3215-5259 (Tokyo)
E-mail: pr@fujitsu.com

Kenichi Sugiyama
Toshiba Corporation
Corporate Communications Office
Tel: +81-3-3457-2105 (Tokyo)
E-mail: press@toshiba.co.jp

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.


HITACHI LTD: Forms Sourcing Alliance With E2open
------------------------------------------------
Hitachi, Ltd., the largest electrical/electronics manufacturer
in Japan, and E2open(TM), the Global Collaboration Network for
the electronics industry, announced Tuesday that Hitachi and
E2open have agreed to jointly offer the E2open Sourcing Service
to members of the TWX-21 e-marketplace, the largest e-
marketplace in Japan. The E2open Sourcing Service gives TWX-21
members a global platform to reach new, lower-cost sources of
supply throughout Asia, North America and Europe. Suppliers can
efficiently work with TWX-21 members on the E2open platform,
which supports multiple languages, including Japanese, English,
Korean, simplified and traditional Chinese, and several European
languages. The joint service will be deployed in June 2002.

Hitachi's TWX-21 was established in 1997, and provides Business-
to- Business ( B2B) services such as EDI, Collaborative SCM and
Production Collaboration. As of June 2002, it supports 13,000
active members and is the largest e-marketplace in Japan with an
annual trading volume of more than 5 trillion yen ($40 billion
U.S.).

"The goal of the alliance with E2open is to form one of the
world's largest B2B e-commerce platforms and have it become the
sourcing standard for the high- tech electronics industry," said
Hiroshi Fukuoka, GM of EC systems of Hitachi. "There is a
natural synergy between TWX-21 and E2open -- one supporting a
large number of users in Japan and the other providing a global
network -- and Tuesday's announcement represents a continuation
of a broader alliance between our two companies. With E2open we
plan to aggressively roll out solutions that will benefit users
and expand the alliance into areas that include Network
Integration Services, Application Management, and Directory
Interoperability."

"The TWX-21 alliance demonstrates the core value of our network-
its ability to link globally dispersed business partners," said
Mark Holman, President and CEO, E2open. "It's also reflective of
our approach to e- marketplaces -- not creating marketplaces,
but delivering supporting solutions for e-marketplaces. We're
eager to build on this success and expand our relationship with
Hitachi."

TWX-21 Deploys Sourcing Service

With the Sourcing Service, members of TWX-21 can leverage the
global reach of the E2open network to more effectively work with
suppliers outside Japan, in Asia, North America, and Europe.
E2open's Sourcing Service provides buyers with a sourcing
platform and associated services that enable negotiation with
pre- qualified suppliers in private, secure quotation. These
events are cost- efficient, simple, and quick to launch and
manage. This Sourcing Service has been available since June 2001
and Hitachi Procurement Division has already started using the
service as part of its sourcing and cost reduction activities.

The E2open Sourcing Service will offer the following benefits to
members of TWX-21:

Efficient procurement processes
Cost reduction, including reduction of procurement price
Increased manageability, transparency, and audit capability -
enabling a fair and best-in-class sourcing process
Global supplier access and identification, via the global E2open
network and multi-lingual sourcing platform

For more information on E2open visit the Company's Web site at
www.e2open.com.

About Hitachi, Ltd.

Hitachi, Ltd. headquartered in Tokyo, Japan, is a leading global
electronics Company, with approximately 320,000 employees
worldwide. Fiscal 2001 (ended March 31, 2002) consolidated sales
totaled 7,994 billion yen ($60.1 billion). The Company offers a
wide range of systems, products and services in market sectors,
including information systems, electronic devices, power and
industrial systems, consumer products, materials and financial
services. For further information, please visit the Hitachi,
Ltd. home page at: global.hitachi.com

Contact:
Hitachi, Ltd.
Chieko Yoda
yoda-chieko@sic.hitachi.co.jp
03-5201-5250


MATSUSHITA ELECTRIC: Enters Agreement With Minebea Co
-----------------------------------------------------
Matsushita Electric Industrial Co., Ltd. and Minebea Co., Ltd.
announced on June 13, that they have agreed to begin consignment
production of fluid dynamic bearing (FDB) motors for HDDs.

Under the agreement, production of FDB motors for 2.5-inch HDDs,
designed by Matsushita's Motor Company division, will be
consigned to Minebea. Minebea will begin mass production of the
motors from the third quarter of 2002 at its Thai plant.
Minebea's advanced ultra-precision machining and mass-production
technologies, together with its large-scale production base in
Thailand, will enable Matsushita to meet its requirements to
expand its FDB motor business.

Given the increasing market demand for higher memory capacity
and lower noise generation of HDDs, both companies expect rapid
transition of HDD spindle motor technology from ball bearing
type to fluid dynamic bearing type from now onwards. In
addition, applications of HDDs, currently PC-oriented, are
expected to expand into the area of digital home appliances.

By close collaboration, the two companies, each with rich
accumulation of expertise in FDB motor technology, hope to
achieve a synergistic effect in their efforts to respond to the
rapidly growing market in a more quicker, timelier manner.

Contact:

Matsushita Electric Industrial Co., Ltd.
Yasuhiro Fukagawa, International PR, Tokyo
Tel: +81-3-3578-1237
Fax: +81-3-5472-7608

Minebea Co., Ltd.
Yasuaki Miyahara
Corporate Communications Office
Corporate Planning Department
Tel: +81-3-5434-8637
Fax:+81-3-5434-8607
e-mail: ymiyahar@minebea.co.jp

TCR-AP reported Wednesday that Matsushita Electric Industrial
Co. has stopped making small cathode ray tubes (CRTs) at its
Utsinomiya plant in Tochigi prefecture, 100 kilometers north of
Tokyo, as demand for small-sized CRTs is declining in the
country. The report said the firm would continue producing
large-sized CRTs for television sets in Japan.


MIZUHO HOLDINGS: Investors Should Take Profits Now, Says ING
------------------------------------------------------------
Investors in the shares of Mizuho Holdings should take profit
after recent sharp gains, with the possibility the bank will
continue posting losses in the current fiscal year, AFX News
said Wednesday, citing James Fiorillo at ING.

The Financial Services Agency (FSA) has ordered Mizuho to submit
a detailed scheme to improve its systems and to solve the recent
computer fiasco.

Mizuho said it would slash the wages of 120 senior executives by
between 15 and 50 percent for periods of three to six months in
the aftermath of the failures that delayed or duplicated
millions of money transfers.


MIZUHO HOLDINGS: Vows to Enhance Crisis Management to FSA
---------------------------------------------------------
Mizuho Holdings Inc. vows to the Financial Services Agency (FSA)
to improve its crisis management due to a massive computer
malfunction that interfered customer dealings at its two banks,
Kyodo News said Wednesday.

The firm reported a 50 percent pay cut for six months for Mizuho
Holdings President Terunobu Maeda and pay cuts of 15-30 percent
for more than 100 senior workers.


NIPPON TELEGRAPH: Mizuho Fiasco Cost Units Y100M
-------------------------------------------------
Nippon Telegraph and Telephone Corp's units namely NTT East Corp
and NTT West Corp posted total losses of more than 100 million
yen due to the Mizuho Financial Group's computer fiasco in
April, Kyodo News reported Wednesday.

The units are expected to ask Mizuho to reimburse them for the
losses. The losses resulted from the cost of mailing out 1.54
million belated receipts to clients in sealed envelopes, which
required extra charges after money transfers were delayed at two
banks under Mizuho Holdings Inc.


SANYO SINPAN: Fitch Revises 'BBB+' Rating Outlook to Negative
-------------------------------------------------------------
Fitch Ratings, the international rating agency, has on Wednesday
affirmed the Long-term rating of Sanyo Shinpan Finance Co. Ltd.
at 'BBB+' but changed its Outlook to Negative from Stable.
Sanyo's Short-term rating has also been affirmed, at 'F2'.

The ratings of Sanyo reflect its strong capitalization and high
level of liquidity. Although still strong by international
standards, its profitability and capitalization have
deteriorated as a result of the company's recent expansion,
which was the main reason Fitch lowered Sanyo's Long-term rating
to its current level in May 2001. Since 1999 Sanyo has been
expanding its traditional consumer finance business into the
eastern part of Japan from its home market in Kyushu and, in
2001, it acquired a majority stake in Mycal Card (subsequently
renamed Pocket Card). The motivation behind Sanyo's expansion is
intensifying competition from rivals, which operate nationwide
and which are making determined moves to further penetrate
Sanyo's home market.

Recently, like its peers, Sanyo's profitability has been dragged
down by Japan's poor economic performance as loan losses have
risen as a result of increasing unemployment and personal
bankruptcies. Although the expansion plans make sense
strategically, Sanyo's profitability and internal capital
generation will be constrained by the continuing amortization of
acquisition goodwill over the next four years, and uncertainties
about Japan's far-from-certain economic recovery.


*S&P Ups JAS, Affirms JAL, ANA Ratings
--------------------------------------
Standard & Poor's said on Wednesday that it had raised its 'pi'
rating on Japan Air System Co Ltd (JAS) to single-'B'-plus-pi
from single-'Bpi', reflecting the likely benefits from the
planned merger with the operationally and financially stronger
Japan Airlines Co Ltd (JAL) (9201).

At the same time, Standard & Poor's affirmed its double-'B'
long-term rating on JAL, based on the expectation that JAS's
weak balance sheet will not have a significant impact on the
combined group's financial profile.

The rating on JAL was removed from CreditWatch, where it was
placed on November 12, 2001. The outlook on the long-term rating
is negative.

The double-'B'-minus-pi rating on All Nippon Airways Co Ltd
(ANA) (9202) was also affirmed following Standard & Poor's
industry review.

JAL and JAS will be combined under a single holding Company in
October 2002, and then gradually reorganized into domestic
passenger, international passenger, cargo, and other business
units by early 2004.

For JAS, benefits from the merger could include improved name
recognition among individual passengers on integrated route
networks.

For ANA, however, the JAL/JAS combination will present a
challenge to its dominant position in the domestic passenger
flight segment.

Without a drastic reorganization of its flight schedule and
further restructuring of unprofitable businesses, ANA's credit
quality could worsen.

"The ratings on JAL and JAS will gradually converge as a result
of the consolidation," said Machiko Amano, a credit analyst at
Standard & Poor's in Tokyo.

"The rating actions on all three companies also take into
account a gradual recovery in international passenger revenues
and a moderate recovery in their financial profiles following
the damage caused by the September 11 terrorist attacks," she
added.

In addition to its existing strengths as the leading
international carrier in Japan, the combination of JAL and JAS
will give the entity a stronger position in the domestic airline
market against ANA.

Moreover, by gaining a larger pool of turnaround slots,
especially at Tokyo's Haneda Airport, the new entity should have
more flexibility in designing its route structure and flight
schedule, which should help maximize revenue opportunities.

Nonetheless, potential benefits are somewhat limited in the near
term as JAL and JAS will cut their regular domestic airfares by
10 percent in October 2002, and return nine turnaround slots out
of 192 at Haneda Airport to the Ministry of Land, Infrastructure
and Transportation, for use by new entrants.

These, and other measures outlined in the revised merger
proposal, are in response to the Fair Trade Commission's
concerns over potential adverse effects on competition from the
integration of these two key players.

Given the small size of JAS relative to JAL, Standard & Poor's
expects that the combined financial profile of the merged entity
will remain highly leveraged and continue to resemble that of
JAL.

Without significant debt reduction efforts, total debt to
capital at the combined entity is expected to remain over 80
percent and funds from operations to total debt at about 10
percent - 15 percent.

The specific terms and conditions of the reorganization remain
uncertain, and the credit quality of debt held at different
levels of the new combined entity could be influenced by the
organizational structure, financial strategy, and allocation of
debt at the merged entity.


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


HYUNDAI HEAVY: Sets Up Merger With Chinese Firm
-----------------------------------------------
Hyundai Heavy Industry Co. will form a joint venture with
Beijing Jingcheng Machinery and Electronics Holdings Co. anytime
this week, Xinhua News Agency reported Thursday.

The joint venture will produce 5,100 units of grabs and forklift
trucks each year, which are worth 700 million yuan (84.6 million
U.S. dollars) to one billion yuan.

Both firms will invest 27.5 million U.S. dollars in the joint
venture, which has a registered capital of 11 million U.S.
dollars. The Hyundai Company will hold 60 percent of the joint
venture's stock.

Hyundai Heavy Industries Co (HHI) posted losses of W78.1 billion
($59.4 million) in 2001 versus to W161.5 billion in 2000, TCR-AP
reports.

Hyundai suffered losses in 2001 due to poorly performing group
units namely Hynix Semiconductor Inc, cruise venture Hyundai
Asan, and Hyundai Petroleum Co. The Company revealed a loss of
W410 billion from its affiliates. Hyundai Heavy has been
battling to cut its stake in these affiliates, in its attempt to
go it alone and cut its ties with its parent Company, Hyundai
Group.


MEDISON CO: Siemens Eyeing Ultrasound Scanner Maker
----------------------------------------------------
German firm Siemens is eyeing insolvent ultrasound diagnostic
scanner maker Medison Co, Financial Times Deutschland reported
Wednesday. Other prospective bidders include Dutch-based Philips
and US-based General Electric, and, altogether, five interested
parties are reported.

Medison posted a net loss of 88.4 million euros in 2001. Its
debt burden amounts to 218 million euros.


SEOUL BANK: Six Parties Shows Interest in Acquisition
-----------------------------------------------------
Seoul Bank is negotiating with six parties who are interested in
buying the bank, while the government hopes to select a winner
by the end of July, the Financial Times and Korea Herald
reported Thursday. The names of the parties were not disclosed
in the report.

The government is seeking 1 trillion won, but buyers were
expected to refuse at paying more than the book value of 500
billion to 600 billion won because of the bank's unreliable
asset quality. The government has struggled to privatize the
bank through a trade sale of a 51-percent stake, ideally to an
international bank.


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


AOKAM PERDANA: KLSE Approves Statement Submission Extension
-----------------------------------------------------------
On behalf of Aokam Perdana Berhad, Affin Merchant Bank Berhad
announced that the Kuala Lumpur Stock Exchange (KLSE), vide its
letter dated 17 June 2002, has approved the extension of time
for two (2) months from 26 June 2002 to 31 August 2002 for the
submission of Aokam's revised plan to regularize its financial
condition to all the relevant authorities for approvals pursuant
to Paragraph 5.1 of the PN4 of the Listing Requirements.

TCR-AP posted last week an event of default in the payments  
of interest in respect of the restructured creditors of the  
Aokam as detailed in Table A at  
http://www.bankrupt.com/misc/TCRAP_Aokam0613.doc


COUNTRY HEIGHTS: Resolutions Passed at Eighteenth AGM, EGM
----------------------------------------------------------
The Board of Directors of Country Heights Holdings Berhad
announced that all the Resolutions as set out in the Notice of
Annual General Meeting dated 23 May 2002 were passed by the
members of the Company at the Eighteenth Annual General Meeting
held on 15 June 2002.

The Board further announced that the members had at an
Extraordinary General Meeting held immediately following the
conclusion of the Eighteenth Annual General Meeting, approved
the Ordinary Resolution as set out in the Notice of
Extraordinary General Meeting dated 30 May 2002.


ESPRIT GROUP: Proposed Restructuring Scheme Submission Extended
---------------------------------------------------------------
Aseambankers Malaysia Berhad, on behalf of Esprit Group Berhad,
further to the announcement dated 22 May 2002, announced that
the Kuala Lumpur Stock Exchange has, vide its letter dated 17
June 2002, approved a further extension of time from 24 May 2002
to 31 August 2002 for the submission of the Proposed
Restructuring Scheme to the relevant authorities.

The "Proposed Restructuring Scheme" refers to:

  * Proposed Scheme Of Arrangement With Shareholders

    - Proposed Capital Reduction And Share Consolidation
    - Proposed Acquisition Of EGB By Forum Master Sdn Bhd (FMSB)

  * Proposed Scheme Of Arrangement With Creditors

    -Proposed Debt Reconstruction And Settlement Scheme

  * Proposed Rights Issue By FMSB

  * Proposed Acquisition Of Kemajuan Amoy Berhad By FMSB

  * Proposed Offer For Sale On A Renounceble Basis To
Shareholders Of The Rights To Allotment Of ICULS And Shares

  * Proposed Transfer Of Listing Status


KIARA EMAS: Seeks More Time to Finalize Scheme Negotiations
-----------------------------------------------------------
On behalf of Kiara Emas Asia Industries Berhad, AmMerchant Bank
Berhad announced that Kiara Emas has not been able to meet the
deadline to submit its plans to regularise its financial
condition to the relevant authorities for approval, including
the Securities Commission (SC).

On 12 April 2002 the Kuala Lumpur Stock Exchange had, vide its
letter dated 11 April 2002, approved an extension of time of
three (3) months from 18 March 2002 to 17 June 2002 to enable
the Company to make a submission of its plans to regularise its
financial condition to the relevant authorities for approval.

In view of the foregoing, AmMerchant had, on behalf of Kiara
Emas, made an application to the KLSE on 14 June 2002 seeking
the approval of the KLSE for an extension of time to enable
Kiara Emas to submit its plans to regularise its financial
condition to the relevant authorities for approval, including
the SC, for a further period of three (3) months from 17 June
2002.

The Company is requesting for the additional time to finalize
its negotiations with its creditors towards a mutually
acceptable settlement of the outstanding indebtedness of the
Company and its subsidiaries as an integral part of the
Company's proposed restructuring scheme.


L&M CORPORATION: Posts Resolutions Passed at Seventh AGM
--------------------------------------------------------
The Board of Directors of L & M Corporation (M) Bhd announced
that the following businesses had been passed by the
shareholders at the Seventh Annual General Meeting of the
Company held on 17 June 2002:

1. The Financial Statements for the year ended 31 December 2001
together with the Directors' and Auditors' Reports thereon were
received and adopted.

2. Mr. Gan Boon Koo @ Gan Boon Kiu who retired in accordance
with Article 102 of the Company's Articles of Association was
re-elected to the Board.

3. Dato' Shahabudin Bin Shafie who retired in accordance with
Article 107 of the Company's Articles of Association was re-
elected to the Board.

4. Dato' Seri Dr. Abdul Shukor Bin Abdullah who retired in
accordance with Article 107 of the Company's Articles of
Association was re-elected to the Board.

5. Messrs Deloitte KassimChan be re-appointed as Auditors of the
Company for the ensuing year and the Directors were authorised
to fix their remuneration.

The shareholders also approved the following ordinary resolution
under Special Business:

- Authority to allot and issue shares pursuant to S132D of the
Companies Act, 1965.

That pursuant to the Section 132(D) of the Companies Act, 1965
and the approvals of the relevant governmental/regulatory
authorities, the Directors be and are hereby empowered to allot
and issue shares in the Company from time to time at such price,
upon such terms and conditions, for such purposes and to such
person or persons whomsoever as the Directors may, in their
absolute discretion, deem fit provided that the aggregate number
of shares to be issued does not exceed 10% of the issued share
capital of the Company for the time being, and that Directors be
and are also empowered to obtain the approval for the listing of
and quotation for the additional shares so issued on the Kuala
Lumpur Stock Exchange and that such authority shall continue in
force until the conclusion of the next Annual General Meeting of
the Company.


MBF CAPITAL: Gets KLSE's Nod of Proposed Scheme Extension
---------------------------------------------------------
Alliance Merchant Bank Berhad, for and on behalf of the Board of
Directors of MBf Capital Berhad, announced that the Kuala Lumpur
Stock Exchange had, on 17 June 2002, approved the extension of
time from 27 May 2002 to 26 July 2002 for the Company to submit
the proposed scheme of compromise to the relevant regulatory
authorities for their consideration.

Profile

Financial services group, MBf Capital Bhd and its Group
companies, are principally involved in finance and leasing
operations, insurance and factoring. MBf Capital had been
incorporated for the purpose of consolidating all the domestic
financial subsidiaries and associated companies of the MBf
Holdings Bhd Group pursuant to a restructuring and
rationalization exercise of MBf Holdings. Under the exercise,
the public listing status of MBf Finance Bhd was transferred to
MBf Capital. In the same exercise, MBf Finance's shares were
transferred to MBf Capital in exchange for new shares.

The injection of MBf Finance and its subsidiaries including MBf
Securities Sdn Bhd, MBf Equity Partners Sdn Bhd and MBf Unit
Trust Management Bhd, with other financial services business of
MBf Insurans Bhd, MBf Leasing Sdn Bhd and MBf Card Services Sdn
Bhd into MBf Capital, provides for a clearer delineation of the
various financial services interests and promotes collaboration
among the entities comprising the financial services group. Now
a direct subsidiary of MBf Capital, MBf Finance had been listed
on KLSE from 8 June 1983 to 14 January 1993. The Group, through
MBf Finance, divested its interest in MBf Securities in October
1995.

In February 2000, BNM announced that in line with the
consolidation of the local financial services industry, MBf
Finance was to merge with Multi-Purpose Bank Bhd. In July 2000,
MBf Northern Sdn Bhd (MNS), which had been placed under Special
Administrators, was successfully disposed of to PM Securities
Sdn Bhd for RM65m cash. In the same month, MBf Capital entered
into two SPAs for the sale of 20.07% and 11.55% in MBf Card
Services Sdn Bhd (MCS) respectively to Advent International
Corporation and Arab-Malaysian Capital Markets Group Sdn Bhd.
MCS was subsequently disposed of on 18 December 2000 to these
two parties.

Upon the completion of the sale of business and assets of MNS on
22 January 2001, MNS has been placed under creditors' winding-up
at a creditors' meeting held on 9 March 2001. Two of its
subsidiaries have also obtained a restraining order in May 2001
expiring on 22 August 2001.

The restraining order obtained in turn will assist MBf Capital
by way of preventing any winding-up as the Company formulates a
corporate and debt restructuring exercise to regularise the
Group's financial condition. For that purpose MBf Capital had on
15 February 2001 entered into a conditional Heads of Agreement
with Leisure Holidays Holdings Sdn Bhd (LHH) with a view to
acquiring assets and/or equity of certain companies in LHH via
the issue of new share and/or other instruments for a value not
less than RM150m. As of 1 June 2001, the Company is still
finalizing the terms of the acquisition.

Also on 1 June 2001, MBf Capital entered into agreements to
acquire 51% in MBf Trust Management Bhd (MTM) and 100% in Nation
Holdings Sdn Bhd. The former will increase the Company's
interest in MTM from 19% to 70% while the latter will enable the
Company to gain control of landbank for future development. In
addition MBf Capital obtained BNM's approval for its subsidiary,
MBf Insurans to start negotiation with QBE Insurance Malaysia
Bhd with an intention to merge.


PAN MALAYSIA: Commences Operations of Unit
------------------------------------------
Pan Malaysia Capital Berhad informed that the Securities
Commission has via its letter dated 11 June 2002 granted its
approval to PM Securities Sdn Bhd, a 99.99% owned subsidiary of
PM Capital, as a Universal Broker (UB), to operate as a UB. The
said approval is granted subject to the conditions set out in
the Dealer's license that was issued to PM Securities. The
approval for PM Securities to operate as a UB is also subject to
the fulfillment of the following condition within three (3)
months after obtaining the SC's approval to commence its
operations as a UB:

   * The appointment and registration with the Kuala Lumpur
Stock Exchange (KLSE) of a fit and proper person as its
Executive Director-Compliance.

In addition, PM Securities is required to satisfy the following
condition within six (6) months after obtaining the SC's
approval to commence its operations as a UB:

   * The appointment of a sufficient number of Independent
Directors to its board of directors as required under Rule
3B.3.2(c) of the Rules of KLSE. In this respect, there shall
preferably be either at least two (2) Independent Directors or
the Independent Directors shall make up at least one-third of
the Board composition, whichever is the higher.

Presently, the Company has complied with this condition.

The SC's approval for PM Securities's continued operation as a
UB is also subject to the following continuing conditions:

   * Compliance with the Government's broad policy on Bumiputera
participation at its shareholding's level within three years
upon the completion date of the acquisition of the stockbroking
business of MBf Northern Securities Sdn Bhd;

   * Submission to the SC any applications relating to any new
capital market activities that it intends to undertake in the
future;

  * Compliance with the Policy Framework for Stockbroking
Industry Consolidation issued by SC and any guidelines and
directives issued in relation thereto at all times; and

  * A review by the KLSE on the compliance by PM Securities with
the above conditions within six (6) months after obtaining the
SC's approval to commence its operations as a UB.

With this approval, PM Securities is now able to offer clients a
more comprehensive scope of services, which would include
corporate advisory services, asset management and trading in
derivatives in addition to its core broking services.

Currently, all seven branches of PM Securities located in Kuala
Lumpur, Seremban, Puchong, Johor Bharu, Penang, Melaka and Klang
are fully operational. To provide better service nationwide, PM
Securities intends to set up kiosks and sub-branches in
strategic locations to complement the coverage of its existing
branch network and to, when appropriate, participate also in the
unlisted bond market.


PANGLOBAL BERHAD: SC Grants Proposals Approval
----------------------------------------------
On behalf of Panglobal Berhad, Commerce International Merchant
Bankers Berhad, announced that the Securities Commission has
vide its letter dated 10 June 2002 which was received on 14 June
2002 approved the Proposals as detailed below, save and except
for the Proposed Private Placement, Proposed MPG Disposal and
Proposed PGP Disposal:

   (a) The restructuring of the debts of PGB, Global Minerals
(Sarawak) Sendirian Berhad (GMS), Limbang Trading (Limbang) Sdn
Bhd (LTL), PanGlobal Properties Sdn Bhd and Menara PanGlobal Sdn
Bhd totalling RM599,415,015 with their respective creditors
involving the issuance of RM351,228,500 nominal value 3.5% 5-
year redeemable convertible secured loan stocks (RCSLS) and
RM163,186,515 nominal value 3.5% 5-year redeemable convertible
unsecured loan stocks (RCULS) with the remaining balance to be
restructured to a 10-year term loan of RM85,000,000.

   (b) The Proposed Rights Issue of up to 231,215,010 new
ordinary shares of RM1.00 each at an issue price to be fixed at
a later date on the basis of three (3) new ordinary shares of
RM1.00 each for every two (2) existing ordinary shares of RM1.00
each held in PGB.

   (c) The Proposed PGI Disposal (which entails the disposal of
up to 110,904,320 ordinary shares of RM0.50 each representing
99.95% equity interest in PGI as well as 27,741,000 1% non-
cumulative non-voting redeemable preference shares of RM1.00
each and 16,777,000 10% non-cumulative non-voting redeemable
preference shares of RM1.00 each in PGI), for a total
consideration of RM225,000,000 to a purchaser to be identified.

   (d) The listing of and quotation for the new PGB ordinary
shares to be issued pursuant to the Proposals on the KLSE.
2. The SC has rejected the Proposed Private Placement, citing
the dispute in the PGB Board in connection with the Writ of
Summons (Writ) served on PGB by Limbang Trading Co Sdn Bhd,
Datuk Amar James Wong Kim Min and Richard Wong Shoon Fook
(collectively known as "the Plaintiffs") on 6 February 2001 as
the reason for the said rejection. As announced by PGB on 7
February 2001, under the Writ, the Plaintiffs are seeking a
court declaration that the Option Agreement dated 22 March 1995
entered into between the Plaintiffs and PGB is void. PGB is
currently considering whether to make an appeal to the SC on its
decision on the Proposed Private Placement.

In relation to the Proposed MPG Disposal and Proposed PGP
Disposal, the SC had informed that it would only consider both
the proposed disposals when PGB has identified the respective
buyers and the terms for each of the proposed disposals have
been finalized. An application in relation thereto would then
have to be submitted by PGB to the SC for its consideration.

The SC took note that the proceeds from the Proposed Rights
Issue (assuming the indicative issue price of RM1.00) of
RM231,215,010 (the Proceeds) will be utilized as proposed as
follows:  
RM 000
Partial redemption of RCSLS and RCULS and/or
payment of interest thereon      219,215
Working capital          4,000
Estimated expenses of the Proposals      8,000
Total         231,215

In respect of the proposed utilization of the Proceeds, the SC
has imposed the following conditions:

   (a) The approval of the SC has to be obtained for any change
to the original utilization of the Proceeds;

   (b) The approval of the shareholders of PGB must be obtained
for the utilization of the Proceeds and for any change of 25% or
more to the original utilization. In the event the change to the
original utilization is less than 25%, the appropriate
disclosures must be made to the shareholders of PGB;

   (c) Any extension of time for the utilization of the Proceeds
must be approved by a resolution of the Board of Directors of
PGB and must be disclosed in full to the KLSE; and

   (d) Appropriate disclosures on the status of the utilization
of the Proceeds must be made in the quarterly reports and annual
reports of PGB until the Proceeds are fully utilized.

The SC's approval as stated above is subject to, inter alia, the
following conditions:

   (i) If the issue price for the Proposed Rights Issue is at a
discount of more than 30% from the theoretical ex-rights price
based on the 5-day weighted average price preceding the price-
fixing date, the promoters and directors of PGB are required to
provide an undertaking that they shall not dispose of the PGB
shares from the 'ex-date' up to 10 market days from the listing
of the rights issue shares;

   (ii) PGB is required to arrange for the underwriting of the
rights issue shares, which are required to be underwritten
before the abridged prospectus is issued;

   (iii) PGB is required to obtain the approvals of the
Director-General of Insurance and Bank Negara Malaysia for the
Proposed PGI Disposal;

   (iv) PGB is required to provide a written undertaking that
the proposed assets disposal shall be implemented as proposed;

   (v) In connection with the Proposed Disposals, PGB is
required to make full disclosure in a circular to shareholders,
the interests of the Directors and substantial shareholders of
PGB, including the future prospects of PGB after the Proposed
Disposals;

   (vi) In relation to the installment payments for the
shortfall in profit guarantee by LTL and GMS (collectively known
as "the said Guarantors"), PGB is required to take appropriate
action in recovering such amounts owed by the said Guarantors,
including legal action. The status of recovery of such debts is
required to be disclosed in the quarterly reports of PGB;

   (vii) The latest profit and cashflow estimates, forecasts and
projections are required to be incorporated in the abridged
prospectus before it is issued to the shareholders of PGB; and

   (viii) The approval of the SC must be obtained for any
amendments to the terms and conditions of the RCSLS and RCULS to
be issued.


QUALITY CONCRETE: Proposes Renewal Of Shareholders' Mandate
------------------------------------------------------------
The Board of Directors of Quality Concrete Holdings Berhad
announced that the Company proposes to seek the approval from
the shareholders on the proposed renewal of Shareholders'
Mandate on Recurrent Related Party Transaction of a Revenue or
Trading Nature, which are necessary for the day-to-day
operations in the ordinary course of business.

The above proposal will be tabled for shareholders' approval at
the forthcoming Annual General Meeting to be convened later.

A Circular to the Shareholders, detailing the Proposal will be
sent together with the Notice of Annual General Meeting in due
course.


INNOVEST BERHAD: Incorporates Unit With US$800,000 Share Capital
----------------------------------------------------------------
The Board of Directors of Innovest Berhad announced that the
Company had on 22 May 2002 incorporated a subsidiary known as
P.T. IB Aditya Alam Rimba (Alam Rimba) in the Republic of
Indonesia.

The authorized share capital of Alam Rimba is US$800,000 divided
into 800 ordinary shares of US$1,000 each and the total paid-up
capital of Alam Rimba is US$200,000 divided into 200 ordinary
shares of US$1,000 each.

The Company wholly-owned subsidiary Innovest International
Limited has subscribed for 180 ordinary shares of US$1,000 each
representing 90 percent of the paid-up capital of Alam Rimba.

The intended activity of Alam Rimba is forestry related
activities.

Profile

The Group expanded its property and timber operations in 1996,
through participation in a multi-billion dollar land
privatization project in Bagan Datoh, Perak, and in a timber
concession covering more than 800,000 acres of forest in Congo,
Africa. However, the Group revisited the viability of the Bagan
Datoh project and in 1998 decided against going ahead. For the
African investment, the Group's operations were adversely
affected by the civil war. In view of the uncertainties, the
costs of investments and fixed assets in Africa have been
substantially written off.

In 2001, the Company has formulated a three-pronged approach to
restore the Group's financial health, namely, debt restructuring
and settlement with major creditors, divestment of Group's
assets overseas and non-core businesses, and business focus in
core timber operations.


SRIWANI HOLDINGS: KLSE OKs Regularization Plan Time Extension
-------------------------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of
Sriwani Holdings Berhad, announced that the Kuala Lumpur Stock
Exchange has on 17 June 2002 granted SHB a further extension of
time from 23 May 2002 to 31 August 2002 for the Company to
submit to the relevant authorities its plan to regularize its
financial condition.

Background

On 23 February 2001, the Company announced a proposed scheme of
arrangement involving a capital reconstruction, rights issue,
scheme between the Company and certain of its subsidiaries,
(Sriwani Trading Sdn Bhd, Cergasjaya Sdn Bhd, Sriwani Duty Free
Supplies Sdn Bhd, Kelana Megah Sdn Bhd and Syarikat Sriwani (M)
Sdn Bhd), with certain creditors and those subsidiaries and the
proposed disposal of certain assets and properties of Sriwani
and those subsidiaries which are being charged as collateral to
financial institutions. The High Court had on 18 April 2001
granted an order for the Company to convene separate meetings of
its shareholders with each class of creditors included in the
proposed scheme of arrangement to be implemented under Section
176 of the Companies Act, 1965.

On 23 April 2001, the KLSE granted Sriwani an extension of four
months, from 23 April 2001 to 22 August 2001, to submit
authorities its plan to regularize its financial condition under
Practice Note 4/2001 of KLSE's listing requirements.


TAT SANG: Posts Defaulted Payment Status Update
-----------------------------------------------
Tat Sang Holdings Berhad, further to its announcement dated 2
May 2002, provided an update on the details of banking
facilities which are currently in default as per attached Table
1 at http://www.bankrupt.com/misc/TCRAP_TSHB0621.doc

The Company informed that the hearing date of the following
legal suits are fixed as follows:

1. Standard Chartered Bank (M) Berhad - VS - Mercuries & Muar
Wooden Furniture Mfg Sdn Bhd (MMWF) at Kuala Lumpur High Court
Suit No. : D5-23-1051-2001
Hearing Date : 17 April 2002 adjourned to 21 May 2002 and fixed
for decision on 1 August 2002.

2. Malayan Banking Berhad - VS - MMWF at Muar High Court
Suite No. : 23-108-2001
Hearing Date : 11 April 2002 adjourned to 23 May 2002 and fixed
for decision on 4 July 2002

3. Bumiputra-Commerce Bank Berhad - VS - MMWF at Muar High Court
Suit No. : 23-76-2001
Hearing Date : 21 March 2002 adjourned to 20 June 2002

4. Bank Pembangunan & Infrastruktur Malaysia Bhd - VS - MMWF
Letter of Demand : MLA/H/1556/02/ZH/at
As at to date, there is no legal action commenced against MMWF


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


BENPRES HOLDINGS: Unable to Pay Coupon Due on June 17, 19
---------------------------------------------------------
Debttraders analysts Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300) reported that Benpres Holdings
Corporation was unable to pay the coupon due on June 17 and 19
on the 2 billion peso ($40 million) Long Term Commercial Papers
and the Benpres 7.875 percent Bond due 2002, citing a filing to
the Philippine SEC.

The holding Company hired CSFB to restructure its $202 million
of debt due this year. The analysts estimated Benpres Holdings'
asset coverage ratio at approximately 55 percent, based on the
market capitalization of its two listed subsidiaries, including
ABS-CBN and First Philippine Holdings. The price of the Benpres
7.875 percent Bond due 2002 is close to its asset coverage
ratio.

Benpres Holdings 7.875% Bond Due 2002 (BENP02PHS1) trades
between 53 and 59. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BENP02PHS1


BENPRES HOLDINGS: May Sell Maynilad Stake to Suez Lyonnaise
-----------------------------------------------------------
Benpres Holdings Corp is in talks to sell its 60 percent stake
in Maynilad Water Services Inc. to Suez Lyonnaise des Eaux, the
Philippine Daily Inquirer and AFX News said Monday, quoting
Benpres Chief Finance Officer Angel Ong.

Suez Lyonnaise already owns 40 percent of Maynilad.

Benpres recently selected Credit Lyonnais Securities to find for
a new investor in Maynilad and oversee the debt restructuring of
another Benpres unit, Bayan Telecommunications Inc.


METRO PACIFIC: Clarifies Business World Article
-----------------------------------------------
This is with reference to the news article entitled "Metro
Pacific seen opposed to sellout by parent firm" published in the
June 5, 2002 issue of the Business World. Metro Pacific
Corporation, in its letter dated June 6, 2002 clarified that:

"...In line with the disclosure to the PSE on May 30, 2002,
Metro Pacific Corporation management understands First Pacific
Company Limited has no intention to divest any part of its
shares in MPC. However, this morning FPC disclosed a proposed
transaction relating to FPC's 50.4 percent secured economic
interest in Bonifacio Land Corporation, an MPC subsidiary. MPC
management will study the proposed transaction and its potential
impact. In the meantime, the MPC board of directors has
reaffirmed their full support for MPC management's ongoing debt
reduction efforts, and their continuing commitment to protect
the interests of all MPC stakeholders."


PHILIPPINE LONG: Ties Up With eSSI on Public Internet Center
------------------------------------------------------------
Philippine Long Distance and Telephone Co. (PLDT), the nation's
largest phone Company, has join forces with eShelter Search Inc.
(eSSI) in putting up its first public Internet center primarily
for the use of lower-income Filipinos.

PLDT and eSSI turned over the Internet center, which is equipped
with Internet-capable computers to give access to the public, to
the residents of Barangay Malamig in Mandaluyong City (central
Metro Manila). This is the first of the centers PLDT and eSSI
will put up in certain local government units and public schools
throughout the country as part of the Internet ng Bayan Program
conceptualized by eSSI.

Wednesday's project launching includes a memorandum of
understanding signed between eSSI and the Department of Interior
and Local Government (DILG). The DILG is also working on
extending the program even to the most remote community in the
country.


PHILIPPINE LONG: Gokongwei Confident of Deal With Salim
-------------------------------------------------------
Business tycoon John Gokongwei Jr. is confident that the deal he
entered into with Indonesia's Anthony Salim to acquire First
Pacific's stakes in Philippine Long Distance Telephone Co.
(PLDT) and Bonifacio Land Corp. (BLC) through a joint venture
Company would push through before September 30 this year, the
Philippine Star reports.
  
"Whether they like it or not, Salim is going to sell, if not
now, later. And knowing him, he will see it through," Gokongwei
stressed. Gokongwei and Salim met for eight times since March 3
to hammer out the deal.

Gokongwei, the JG Summit Holdings Inc. Chairman, signed a
memorandum of agreement with Salim, the heir to the Salim
business empire started by his father Soedomo that includes
First Pacific Co. Ltd. (FPC), last June 4 to create a joint
venture that will assume FPC's 24.4 percent interest in PLDT and
50.4 percent stake in BLC. The Gokongweis will have a two-thirds
stake in the joint venture Company that will be created while
FPC will have the remaining one-thirds.  


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


ALLIANCE TECHNOLOGY: Selling Loss-Making Country Club
-----------------------------------------------------
Alliance Technology & Development, which is under judicial
management, is in talks with a buyer who is interested in buying
the firm as well as its loss-making Fort Canning Country Club,
reported the Straits Times and AFX News on Wednesday, quoting
Alliance's judicial manager Ong Yew Huat. The name of the buyer
was not disclosed in the report.

"We are talking to such a party in the club and Company. At the
same time, we are talking to another party which is interested
only in the club," Ong said.


ASIA PULP: Plans Sustainable Wood Supply Assessment
---------------------------------------------------
Asia Pulp & Paper Company Ltd (APP) on Wednesday announced plans
to procure an independent sustainability assessment and plan for
its fiber suppliers, which are part of the Sinar Mas Group
(SMG).

The assessment will be conducted by independent consultant AMEC
Forest Industry Consulting (AMEC) in association with APSE Pty
Ltd (APSE), who will be conducting studies to identify and
address the concerns of a range of stakeholders, including
environmental groups, government, local communities, customers
and international donors.

"This assessment by AMEC and APSE is an important step in our
commitment to be a leader in sustainable forest management,"
said Teguh Ganda Wijaya, Chief Executive Officer of APP. "While
a preliminary independent audit conducted last year gave our
companies high marks for environmental performance, we promised
to do more."

The preliminary audit by AMEC in November 2001 concluded that
APP and SMG used legally documented timber sources and were not
polluting local rivers.

"The project announced today (Wednesday), building on last
year's preliminary audit, will result in the completion of 12-
year Sustainable Wood Supply Plans for APP and SMG company
operations in Sumatra," said Wijaya.

Mark Werren, leader of the APP/SMG Sustainability Task Force,
elaborated on the assessment by stating that "we plan to engage
interested parties in a multi-stakeholder dialogue to develop
real solutions to issues identified in the assessment process".

"Environmental groups, local communities, government, customers
and international donors will be invited to contribute to a
positive, collaborative and scientifically-based approach to
sustainable forestry," said Werren.

The assessment will include an examination of social, economic
and environmental aspects of APP and SMG operations in the way
they inter relate with each other, particularly:

   * Forest inventory and data collection, including aerial
surveying, image mapping and modeling using QuickMap

   * Natural forest conversion, conservation of biodiversity and
the incidence of high conservation value forests

   * Harvesting and delivery systems

   * Plantation and nursery research, development and
productivity

   * Social and community impacts of operations, including land
tenure issues and joint ventures
  
   * Detailed wood supply assessment and tracking, building upon
the previous audit findings, to obtain only logs that have been
documented as legally harvested from forestry companies
belonging to SMG and third party sources.

The 12-year Sustainable Wood Supply Plans will be based on these
assessments, and will include proposals and recommendations from
AMEC, which will be implemented by the fiber suppliers of APP
and SMG. The sustainability assessment is therefore indicative
of the firm commitment of APP and SMG towards sustainable forest
management in Indonesia.

Werren concluded by saying "APP and SMG continue to take a
leadership role in further promoting and implementing
sustainable forest management in Indonesia, but we can only do
so with the constructive commitment and contribution by all
interested parties. Criticism alone is not enough."

"While Indonesia's sustainable forestry challenges are
significant, it is only by working together that we will make
progress towards resolving them. The sustainability assessment
announced today (Wednesday, 19 June 2002) by APP and SMG is a
significant step in this direction," he said.

APP reiterated that its mills continue to operate normally. The
mills have been awarded ISO 14001 certification for
Environmental Management Systems and were found to have met
stringent environmental standards in a recent audit by AMEC. The
mills are continuing to improve the efficiency and transparency
of their supply chain and anticipate further support from their
valued customers.


DATACRAFT ASIA: Gets Telecom Asia Readers' Choice Award
-------------------------------------------------------
Datacraft Asia has once again been singled out as the best
systems integrator in Asia Pacific by readers of Telecom Asia,
the region's leading telecommunications industry publication.

Datacraft has received the Telecom Asia Readers' Choice Award
for system integration every year since it was first presented
at CommunicAsia, the region's premier telecommunications
industry tradeshow, in 1998.

"We are, of course, delighted that Asia's telecommunications
industry continues to recognize Datacraft Asia's service
excellence," said Ron Cattell, chief executive officer of
Datacraft Asia. "Developing services that add real value and are
delivered at a consistently high-standard is really what we are
about and this award once again confirms that we continue to hit
the mark.

"We've done the hat trick and last year we celebrated a grand
slam of Telecom Asia Readers' Choice Awards. Five in a row has
no direct sporting equivalent but if this were the World Cup
they'd have given us the trophy for keeps long ago!"

Presentation of the Telecom Asia Readers Choice Awards is based
on the results of a readership survey carried out each year in
ten countries in Asia across the audited circulation of Telecom
Asia and its sister publications, Telecom China and Wireless
Asia. Together, these amount to more that 40,000 telecom
industry and network professionals across the region.

"The strength of the Telecom Asia Readers Choice Awards is that
they are based on peer review," said Robert Clark, group editor
of Advanstar Asia, which publishes Telecom Asia. "The people who
respond to our survey really understand the telecommunications
business and do not lightly bestow their praise.

"No other Company dominates a Telecom Asia Readers' Choice
category like Datacraft Asia. The fact that it walks away with
the award for best systems integrator, year-after-year and by a
large margin, shows that the quality of Datacraft integrated
solutions makes a strong impression with telecom professionals
across the region."

Datacraft Asia - www.datacraft-asia.com - is Asia Pacific's
leading independent network systems integrator and e-business
enabler. Listed on the main board of the Singapore Exchange,
Datacraft is in the business of building and managing Internet
infrastructure, implementing online business solutions and
delivering value-add networking services for service providers
and corporate customers across the region.

The Company offers unparalleled regional coverage and specialist
support with its extensive network of 63 offices throughout
Singapore, Malaysia, Hong Kong, China, India, Taiwan, Indonesia,
Thailand, New Zealand, Vietnam, Philippines, Japan and Korea.
Datacraft is a member of the Dimension Data Group. Listed on
London Stock Exchange, Dimension Data is a leading global
technology services Company.

Despite two profit warnings and sagging share price, Datacraft
Asia CEO Ron Cattell says customer orders increasing every month
since January could signal change in Company fortunes.


PRESSCRETE HOLDINGS: Approves Capital Reduction
-----------------------------------------------
The Directors of Presscrete Holdings Ltd announce that the High
Court has on 19 June 2002 granted an order confirming the
reduction in the par value of each ordinary share in the capital
of the Company from $0.10 to $0.06 (the Capital Reduction) which
was approved by Shareholders of the Company (the Shareholders)
at the extraordinary general meeting held on 21 May 2002 and of
which details were set out in the Company's circular to
Shareholders dated 29 April 2002.

Effective Date of Capital Reduction

The Company intends to lodge an office copy of the order of the
High Court with the Registrar of Companies and Businesses on 5
July 2002 (the Effective Date), whereupon the Capital Reduction
will take effect.

On and from the Effective Date, the par value of ordinary shares
in the capital of the Company (Shares) will be reduced from
$0.10 to $0.06 each. The listing and quotation of the Shares
with a par value of $0.06 each on the Stock Exchange of
Singapore Dealing and Automated Quotation System in place of the
original Shares with a par value of $0.10 each, is expected to
commence from 9.00 am on 8 July 2002.

Issue of New Share Certificates

Subject to the Capital Reduction taking effect, Shareholders who
hold physical certificates reflecting a par value of $0.10 each
("Old Share Certificates") and who wish to deposit the same with
The Central Depository (Pte) Ltd (CDP) and have their new Shares
with a par value of $0.06 each credited to their securities
accounts must deposit their Old Share Certificates, together
with the duly executed instrument of transfer in favour of CDP,
no later than five (5) market days prior to the Effective Date.
After the Effective Date, CDP will only accept new share
certificates for deposit share certificates reflecting the new
par value of $0.06 each (New Share Certificates).

Shareholders who wish to deposit their share certificates with
CDP after the Effective Date must first deliver their Old Share
Certificates to the Company's Share Registrar, Lim Associates
(Pte) Ltd, at 10 Collyer Quay, #19-08 Ocean Building, Singapore
049315. New Share Certificates will then be sent to such
Shareholders at their registered addresses by ordinary post at
their own risk within fifteen (15) market days from the date of
receipt of the Old Share Certificates. Depositors having Shares
standing to the credit of their securities account and
Shareholders who have deposited their Old Share Certificates
with CDP at least five (5) Market Days prior to the Effective
Date need not take any action. The Company will arrange with CDP
to facilitate the exchange of New Share Certificates pursuant to
the Capital Reduction.

Shareholders who have not deposited their Old Share Certificates
as aforesaid or who do not wish to deposit their Old Share
Certificates with CDP are advised to forward all their Old Share
Certificates to the Company's Share Registrar, Lim Associates
(Pte) Ltd, at 10 Collyer Quay, #19-08 Ocean Building, Singapore
049315, as soon as possible and preferably, not later than five
(5) market days after the Effective Date for cancellation and
exchange for New Share Certificates. The New Share Certificates
will be sent by ordinary mail to the registered addresses of the
Shareholders at their own risk, within fifteen (15) Market Days
from the Effective Date or the date of receipt of the Old Share
Certificates, whichever is the later.

Shareholders who hold physical share certificates are reminded
that their Old Share Certificates are no longer good for
settlement of trading in the Company's Shares on the SGX-ST (as
the Company is under a book-entry scripless settlement system)
but will continue to be accepted for cancellation and issue of
New Share Certificates in replacement thereof for an indefinite
period by the Share Registrar. The New Share Certificates will
not be valid for delivery pursuant to trades done on SGX-ST
although they will continue to be prima facie evidence of legal
title.

No receipts will be issued by the Share Registrar for the
receipt of physical Old Share Certificates tendered.
Shareholders should note that New Share Certificates will not be
issued to Shareholders unless their Old Share Certificates have
been tendered to the Share Registrar for cancellation. Where
Shares are registered jointly in the names of several persons,
the New Share Certificates will be sent to the person whose name
stands first in the Company's Register of Members. Shareholders
who have lost their Old Share Certificates or who wish to record
any change in their registered address should notify the
Company's Share Registrar as soon as possible.

TCR-AP reported in March that Presscrete Holdings Ltd signed a
memorandum of understanding with Bedeschi SpA to settle S$2.067
million in liabilities, and a separate MoU with Neo Corp Pte Ltd
to acquire certain businesses and assets from Neo. Presscrete
said Bedechi supplied certain plant and equipment to its 56.3
percent subsidiary Ceramic Technologies Pte Ltd, payment for
which was guaranteed by Presscrete.


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


MODERN HOME: Books 1001 Profit of Bt100.14M
-------------------------------------------
Modern Home Planner Company Limited, Plan Administrator of
Modern Home Development Public Company Limited, reported the
Company's operating results for the year 2001, which showed net
profit of Bt100.14 million compared to net loss of Bt898.37
million in year 2000.   

The net profit has significantly  been increased over than 20
percent because on September 27, 2001, The Central Bankruptcy
Court approved the Company's rehabilitation plan.  This causes
the Company must follow the plan by transferring assets to
secured creditors at entire amount of outstanding and recognizes
profit from the creditors who failed to submit the application
for repayment of debts in the amount of Bt306.48 million.

Therefore, the net profit has increased in 2001.


MODERN HOME: Announces New Address   
----------------------------------
Modern Home Planner Company Limited, the Plan Administrator of
Modern Home Development Public Company Limited, posted below the
Company's new address:

Address Modern Home Development Public Company Limited
149/5  Modern Home Tower  Floor 1,  
Nonsee Rd.,  Chongnonsee,  Yannawa
Bangkok  10120
Tel.    0-2595-0505  ext.  229 , 210
Fax.    0-2595-0514

Please be well notified accordingly.


SINO-THAI ENGINEERING: Board OKs Shares Par Value Amendment
-----------------------------------------------------------
The Board of Directors of Sino-Thai Engineering & Construction
Public Company Limited convened the Board of Directors Meeting
No.4/2002 during 10.15 hours to11.35 hours
on June 18, 2002.

Sino-Thai Engineering & Construction Public Company Limited
reported the resolutions adopted at Board of Directors Meeting
No.4/2002 during 10:00 am at June 18, 2002, as follows:

1. Approval of the amendment of the Par Value of Shares from
Bt10 to Bt1 and the amendment of Clause 4 of Memorandum of
Associations as follows:

        The Registered Capital  Bt1,020,000,000
        Divided into            1,020,000,000 Shares
        Par Value per share     Bt1
        Ordinary Share          980,000,000 Shares
        Preferred Share         40,000,000 Shares

2. Convening the Extraordinary  Meeting of Shareholders No.
2/2002 at 10:00 am, on July 23, 2002 at the conference room of
Sino-Thai Engineering & Construction Public Company Limited, No.
32/57 Sino-Thai Tower, 27th Floor, Sukhumvit 21 Road (Soi
Asoke), Kwaeng Klongtoey Nua, Khet Wattana, Bangkok Metropolis.
The matters to be transacted at the meeting are:

    (1)   The amendment of the Par Value of Share and Clause 4
of the Company's Memorandum of Association; and

    (2)   Other business (if any).

To determine which shareholders are eligible to attend the
shareholders meeting the Company will close the Share Register
Book on July 3, 2002 at 12:00 until the meeting is adjourned.  


STAR BLOCK: Filed Petition for Business Reorganization
------------------------------------------------------
Star Block Group Public Company Limited (DEBTOR), engaged in
sale of construction equipment and real estate construction,
filed its Petition for Business Reorganization to the Civil
Court of Southern Bangkok :

   Black Case Number L.F. 4/2541

   Red Case Number L.F. 4/2541

Petitioner: Star Block Group Public Company Limited

Planner: The Far East Law Office (Thailand) Co., Ltd.

Debts Owed to Creditors: Bt3,314,000,000

Date of Court Acceptance of the Petition: July 14, 1998

Date of Examining the Petition: August 14, 1998 at 9.00 A.M.

Current Status: Court postponed the date of examining the
Petition to August 20, 1998 at 8.30 A.M. and August 26, 1998 at
8.30 A.M.

Court appoints the date to issue the order on September 3, 1998
at 10.00 A.M.

Court denied Acceptance of the Petition on September 3, 1998.

The petitioners appealed the court order denying acceptance of
the petition for Business Reorganization on September 24,1998

The date that the court appoints to read the judgment of the
Appeal Court: June 16, 1999

The Appeal Court confirms the judgment of the Civil Court of
Southern Bangkok denying Acceptance of the Petition.


THAI AIRWAYS: Appointments Thanong Bidaya as Chairman
-----------------------------------------------------
Thai Airways International Public Company Limited held the Board
Meeting No. 6/2002 on Wednesday, 19 June 2002, at the Conference
Room, 22nd Floor, Head Office Building, Vibhavadi Rangsit Road,
Bangkok Metropolis.  The meeting has approved the appointment of
Mr. Thanong Bidaya, Director, to be the Chairman of Thai Airways
International Public Company Limited in order to fill the vacant
position,  effective from 19 June 2002 onwards.

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

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

                                    ***********

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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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
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                        *** End of Transmission ***