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

                   A S I A   P A C I F I C

            Monday, June 24, 2002, Vol. 5, No. 123

                         Headlines

* A U S T R A L I A *

ANALYTICA LIMITED: Posts /Initial Directors Interest Notices
AUSDOC GROUP: Taviton Cuts, IML Ups Shares
BURNS, PHILP: Closes South Yarra Yeast Manufacturing Facility
CHIQUITA BRANDS: Renounceable Rights Issue Totals 32,758,545
CMG CH: Posts June 13 Net Tangible Asset Backing
COTTEE GROUP: Reaches Sale Agreement Settlement With EIF
ECAT DEVELOPMENT: PMT Becomes Substantial Holder
PRESTON RESOURCES: July 15 AGM Scheduled
PRESTON RESOURCES: Resolute Deed of Release Executed
PRESTON RESOURCES: Unit's Noteholders Meeting Convened

* C H I N A   &   H O N G  K O N G *

ACE DONE: Winding-Up Petition to Be Heard
ASIA RESOURCES: Enters S&P Agreement With Vendors
CHUEN HING: Winding-Up Petition Slated for Hearing
CIL HOLDINGS: Consolidates Shares
GREAT STYLE: Winding-Up Petition Hearing Set
PROSPER ALLIED: Winding-Up Petition Set for Hearing
SMARTECH MANUFACTURING: Faces Winding-Up Petition

* I N D O N E S I A *

PRASETIO UTOMO: Integrates Operations With Ernst & Young
SATELINDO INTERNATIONAL: To Receive Capital Injection
SWADHARMA INDOTAMA: Pefindo Reaffirms "idBBB" Bond Rating
TIRTAMAS MAJUTAMA: IBRA Finalizes Group Restructuring

* J A P A N *

DAIEI INC: Gets 630 Applicants for Early Retirement
HITACHI LTD: Splits Off Display Business
HOKKAIDO INTERNATIONAL: May Tie Up With ANA
KDDI CORP: Closing PDC Mobile Service by March Next Year
NIKKO CORDIAL: R&I Assigns A- Rating; US$ SB Due 2005
NIKKO CORDIAL: S&P Ups Japan's NKK, Affirms Kawasaki Steel
Rating

* K O R E A *

HYNIX SEMICON: Infineon Wants Europe to Investigate Chipmaker
HYNIX SEMICON: U.S. Justice Department Investigates Chipmaker
HYNIX SEMICON: KDB Asks to Repay W82.4B Bonds Maturing in July
HYNIX SEMICON: Kookmin Bank Disposes Stake in Chipmaker
KOOKMIN BANK: Swaps Debt for Equity in KP Chemical
KOREA LIFE: Government Wants Better Offer, Jeon Says
SEOUL BANK: Attracts 15 Potential Buyers, Says MoFE Jeon

* M A L A Y S I A *

ANSON PERDANA: Proposals Price Fixing Date Determined
AUTOINDUSTRIES VENTURES: Regularization Plan Extended Until Oct
AUTOWAYS HOLDINGS: Winding-Up Petitions Hearing Set on July 2
BESCORP INDUSTRIES: Provides Defaulted Payment Status Update
CHASE PERDANA: Director Bin Katingan Resigns From Boardroom
HUME INDUSTRIES: Subsidiary Placed in Voluntary Wind-Up
NAUTICALINK BERHAD: KLSE's Rejects RA Time Extension
OLYMPIA INDUSTRIES: Disposes of Unit to Streamline Operations
SEE HUP: Enters Guarantee, Indemnity Agreement With ORIX
SELOGA HOLDINGS: KLSE Approves Regularization Plan Extension
TECHNOLOGY RESOURCES: Asks TM to Commence Merger Negotiations
UNITED CHEMICAL: KLSE Gives RA Extension Until June 30

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

BENPRES HOLDINGS: PhilRatings Downgrades LTCP Rating
DMCI HOLDINGS: Discloses De-listing of Shares

* S I N G A P O R E *

CK TANG: Clarifies FY Financial Result Ending March 31, 2002
L&M GROUP: Shareholders Approve EGM Resolution on June 20
NATSTEEL LTD: CCL Proposes to Acquire Assets

* T H A I L A N D *

HEMARAJ LAND: Paid-Up Capital Reaches Bt3,547,423,850
ITALIAN-THAI: Discounted Debt Repurchase Program Submitted
THAI PETROCHEMICAL: EPL Press Briefing Convened on Friday
RAIMON LAND: Releases Presentation Summary
SURANAKORN MUANGMAI: Business Reorganization Petition Filed


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


ANALYTICA LIMITED: Posts /Initial Directors Interest Notices
------------------------------------------------------------
Analytica Limited posted these notices:

INITIAL DIRECTOR'S INTEREST NOTICE

   Name of Company        Analytica Limited

   ABN                    12 006 464 866

We (the entity) give the ASX the following information under
listing rule 3.19A.1 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director       Ronald van der Pluijm

   Date of Appointment    19/06/2002

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

Number & class of securities     Nil

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

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

  Nil

Part 3 - Director's interests in contracts

Detail of contract              N/A

Nature of interest

Name of registered holder
(if issued securities)

No. and class of securities
to which interest relates


INITIAL DIRECTOR'S INTEREST NOTICE

   Name of Company        Analytica Limited

   ABN                    12 006 464 866

We (the entity) give the ASX the following information under
listing rule 3.19A.1 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director       Bryan Dulhunty

   Date of Appointment    19/06/2002


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

Number & class of securities     Nil

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

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

  Nil

Part 3 - Director's interests in contracts

Detail of contract              N/A

Nature of interest

Name of registered holder
(if issued securities)

No. and class of securities
to which interest relates


AUSDOC GROUP: Taviton Cuts, IML Ups Shares
------------------------------------------
Taviton Group ceased to be a substantial shareholder in AUSDOC
Group Limited on 19/June/2002.

Meanwhile, Investors Mutual Ltd (IML) increased its relevant
interest in Ausdoc Group Limited on the same day, from 5,676,753
ordinary shares (6.51 percent) to 6,702,376 ordinary shares
(7.68 percent).

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


BURNS, PHILP: Closes South Yarra Yeast Manufacturing Facility
-------------------------------------------------------------
Burns, Philp & Company Limited, as part of its ongoing review of
yeast production requirements, the Company has decided to
rationalize its manufacturing operations in Australia by ceasing
production at our South Yarra facility in Victoria. The closure
is expected to be completed by the end of July.

The closure of the South Yarra plant and shift of production
will allow greater business efficiencies and more effective
utilization of spare capacity within the Asia Pacific region.

The Company will supply its Australian customers from its yeast
manufacturing facilities in Camellia, New South Wales and
Toowoomba, Queensland.


CHIQUITA BRANDS: Renounceable Rights Issue Totals 32,758,545
------------------------------------------------------------
Applications for Chiquita Brands South Pacific Ltd's (CBSP)
fully-underwritten 1 for 2 renounceable rights issue closed on
13th June 2002.

The Board of Chiquita Brands South Pacific Limited announced
that the number of rights taken-up by shareholders totalled
32,758,545. The shortfall of 3.7 percent will be taken-up by the
underwriters to the issue.

It is anticipated that the Company will issue shares attached to
the rights on Friday 28 June 2002 for quotation on the ASX from
1 July 2002. Issuer sponsored statements will be dispatched 10
shareholders by 4 July 2002.

For further information:

Mr Mano Babiolakis, MANAGING DIRECTOR and CEO
Chiquita Brands South Pacific Limited
Telephone: (03) 8481 1500
Mobile: 0403 586 363


CMG CH: Posts June 13 Net Tangible Asset Backing
------------------------------------------------
CMG Ch China Investments Limited announced that its unaudited
net asset value (NAV) per ordinary share was A$0.68 as at 13
June 2002 (A$0.67 as at 31 May 2002). The NAV calculation
values investments using current market values and exchange
rates and are also after provision for tax on both realized and
unrealized gains.

CMG Ch invests primarily in the equity of companies whose assets
and businesses are located predominantly in China. Wrights
Investors' Service reports that the Company reported negative
earning as of December 31, 2001. It hasn't paid dividends during
the last 12 months.


COTTEE GROUP: Reaches Sale Agreement Settlement With EIF
--------------------------------------------------------
The Directors of Eiffel Technologies Limited (EIF) advised
Friday that a re-negotiated settlement has been executed with
the Cottee group of Companies relating to the sale to them of
Pharmaction Manufacturing Pty Ltd and Pharmaction Technical
Services Pty Ltd. The Cottee group has successfully restructured
their finances and has secured over $5.0m in debt and
equity/convertible notes. Funds in the order of $2.0m to $2.7m
should flow to EIF upon completion of the sale of the
Property depending on the sale price.

The new agreement includes the following terms:

   * The property under mortgage to EIF and occupied by
Pharmaction at Laverton has been placed with Jones Lang LaSalle
for sale. Pharmaction Manufacturing Pty Ltd has entered a long
term lease on sound commercial terms agreed by EIF for the lease
of the property. The property is to be marketed on the basis of
this long term sale and lease back.

   * Various Cottee group companies have granted charges in
favor of Eiffel, some of which are first-ranking and the others
are second-ranking. Cottee International Pty Limited has also
discharged its first ranking charge over Pharmaction Holdings
Pty Limited, Pharmaction Manufacturing Pty Limited and
Pharmaction Technical Services Pty Limited, each of whom had
previously given Eiffel second-ranking charges. These 3 charges
now become first-ranking upon the release by Cottee
International Pty Limited of the existing security granted to
it.

   * Eiffel has agreed to release from its first-ranking charge
over Pharmaction Manufacturing Pty Limited in favor of St George
Business Finance Pty Ltd certain trading debts incurred by
Pharmaction Manufacturing Pty Ltd, which are subject of a debt
factoring facility arrangement. Eiffel is subordinated to St
George in respect of specified rights and agreements associated
with those trading debts that are factored and also other debts
that are not to be factored that are incurred by Pharmaction
Manufacturing Pty Limited.

   * In the case of Cottee Health Marketing Pty Ltd and Cottee
Pharmaceuticals Pty Ltd, these companies have previously granted
first-ranking charges in favor of Exelerate Funding Pty Ltd.
Therefore Eiffel will obtain second-ranking charges from each of
these two companies.

   * Upon the discharge of the St George facility Cottee will
issue 8,908,731 ordinary shares in Cottee to Eiffel for no
consideration.

   * Eiffel agrees not to take action under its securities
before 15 August 2003 on the condition that Cottee International
Pty Limited and other Cottee group companies comply with certain
conditions. On 15 August 2003, Eiffel will receive the balance
of its debt (which is currently estimated to be approximately
$3.8 million) less the proceeds from the sale of the property.

Directors anticipate that the property should be sold and
settled prior to November 2002 and that funds in the range of
$2.0 million to $2.7 million will flow to Eiffel upon settlement
of the Sale Contract.


ECAT DEVELOPMENT: PMT Becomes Substantial Holder
------------------------------------------------
Permanent Trustee Company Ltd & Permanent Trustee Australia Ltd
became a substantial shareholder in Ecat Development Capital
Limited on 17/June/2002 with a relevant interest in the issued
share capital of 33,754,593 ordinary shares (17.41 percent).

On 19/June/2002, PMT increased its relevant interest in the
Company, from 33,754,593 ordinary shares (17.41 percent) to
37,504,593 ordinary shares (19.35 percent).


PRESTON RESOURCES: July 15 AGM Scheduled
----------------------------------------
Preston Resources Limited notified that an Annual General
Meeting of the Shareholders of the Company will be held at the
following time and place:

Time:         10:00 am
Date:         15 July 2002
Place:        Technology Park Function Center, 2 Brodie-Hall
  Drive, Bentley, Western Australia, 6102

The following resolutions to be considered at the Annual General
Meeting are explained in the attached Explanatory Memorandum.

ORDINARY BUSINESS

FINANCIAL REPORTS

To receive and consider the financial reports for the year ended
30 June 2001, and the directors' and auditor's reports.

ELECTION OF TREVOR MATTHEWS AS A DIRECTOR OF THE COMPANY

Resolution 1 - To consider, and if thought fit, pass the
following resolution as an ordinary resolution:

That Trevor John Matthews, being a director of the Company, who
retires automatically pursuant to regulation 13.6 of the
Company's constitution, and being eligible, is re-elected as a
director of the Company.

SPECIAL BUSINESS

APPOINTMENT OF NEW AUDITOR

Resolution 2 - To consider and, if thought fit, pass the
following resolution as a special resolution:

That the Company, having received a consent to act as auditor of
the Company from Ernst & Young in accordance with section 327(7)
of the Corporations Act 2001, appoints Ernst & Young as the
auditor of the Company in accordance with section 327(10)(a) of
the Corporations Act  2001.

CANCELLATION OF THE ORDINARY SHARES IN THE COMPANY HELD BY
RESOLUTE LIMITED

Resolution 3 - To consider and, if thought fit, to pass the
following resolution as a special resolution:

That, subject to and conditional on Resolutions 4 and 5 having
been carried, the approval by Resolute Limited of the
cancellation of its shareholding in the Company and the approval
of the schemes of arrangement for each of Bulong Operations Pty
Ltd and Bulong Nickel Pty Ltd by the Supreme Court of Western
Australia, the cancellation of the 17,439,855 ordinary shares in
the issued capital of the Company held by Resolute Limited on
the terms and conditions contained in the Explanatory Memorandum
accompanying this Notice of Annual General Meeting, is hereby
approved for all purposes, including for the purpose of section
256C(2)(a) of the Corporations Act 2001.

RELEASE OF RESOLUTE LIMITED BY THE COMPANY

Resolution 4 - To consider and, if thought fit, pass the
following resolution as an ordinary resolution:

That, subject to and conditional on Resolutions 3 and 5 having
been carried, the approval by Resolute Limited of the
cancellation of its shareholding in the Company and the approval
of the schemes of arrangement for each of Bulong Operations Pty
Ltd and Bulong Nickel Pty Ltd by the Supreme Court of Western
Australia, the release by the Company of Resolute Limited from
certain of its obligations and liabilities under the sale
agreement dated 3 November 1998 and the technical services
agreement dated 4 November 1998 in relation to the Bulong Nickel
Project on the terms and conditions contained in the Explanatory
Memorandum accompanying this Notice of Annual General Meeting,
is hereby approved for all purposes, including for the purposes
of rule 10.1 of the Listing Rules of Australian Stock Exchange
Limited.

DISPOSAL OF THE COMPANY'S MAIN UNDERTAKING

Resolution 5 - To consider and, if thought fit, pass the
following resolution as an ordinary resolution:

That, subject to and conditional on Resolutions 3 and 4 having
been carried, the approval by Resolute Limited of the
cancellation of its shareholding in the Company and the approval
of the schemes of arrangement for each of Bulong Operations Pty
Ltd and Bulong Nickel Pty Ltd by the Supreme Court of Western
Australia, the disposal by the Company of its main undertaking,
the Bulong Nickel Project, by the issue of an aggregate of
2,904,707,174 shares in Bulong Operations Pty Ltd to Barclays
Bank Plc and its related entities and the other holders of the
12.5 percent senior secured notes due 2008 issued by Bulong
Operations Pty Ltd on the terms and conditions contained in the
Explanatory Memorandum accompanying this Notice of Annual
General Meeting, is hereby approved for all purposes, including
for the purpose of rule 11.2 of the Listing Rules of Australian
Stock Exchange Limited.

To see a  full copy of the Notice of AGM, including Explanatory
Memorandum, go to http://www.bankrupt.com/misc/TCRAP_PSR0624.pdf


PRESTON RESOURCES: Resolute Deed of Release Executed
----------------------------------------------------
Preston Resources Limited and Resolute Limited (Resolute)
have executed on Thursday the Resolute Deed of Release (Deed).
The execution of the Deed is another milestone in the
restructuring of the Preston group.

Under the Bulong Sale Agreement, the Company, through its
wholly-owned subsidiary Preston Nickel Holdings, purchased from
Resolute the issued share capital of Bulong Operations and
certain other assets relating to the Bulong Nickel Project.
Bulong Operations and its wholly-owned subsidiary Bulong Nickel
jointly own all of the assets comprising the Bulong Nickel
Project.

Under the terms of the Bulong Sale Agreement, Resolute agreed to
make available a number of key employees who were integral in
the development of, and had a detailed knowledge of, the Bulong
Nickel Project. Resolute and Bulong Operations entered into an
agreement called the Technical Services Agreement dated 4
November 1998 under which those key employees were to make their
services available to Bulong Operations.

Under the terms of the Bulong Sale Agreement, Resolute gave
warranties in relation to the sale of the shares in Bulong
Operations to Preston Nickel Holdings. The warranties related to
the shares themselves, the status of the Bulong Nickel Project
and the financial condition of Bulong Operations and Bulong
Nickel as at the date of settlement.

Under the Bulong Sale Agreement, the Company, Preston Nickel
Holdings, Bulong Operations and Bulong Nickel each has material
financial obligations and liabilities owing to Resolute, which
they have not satisfied. The Deed provides that the Company,
Preston Nickel Holdings, Bulong Operations and Bulong Nickel are
released from these obligations to Resolute in return for
releasing Resolute from certain obligations and liabilities
under the Bulong Sale Agreement and the Technical Services
Agreement.

BENEFITS TO THE COMPANY, PRESTON NICKEL HOLDINGS AND BULONG
OPERATIONS

The Deed provides that the Company, Preston Nickel Holdings and
the Bulong Companies will release Resolute from certain
obligations and liabilities under the Bulong Sale Agreement and
the Technical Services Agreement, in return for:

   * a release by Resolute of all debts and liabilities owing to
it or to its related entities by the Company, Preston Nickel
Holdings, Bulong Operations and Bulong Nickel. The total amount
owing by the Company and its subsidiaries to Resolute, which is
to be released, is approximately $62,000,000;

   * cancellation of Resolute's existing shareholding in the
Company; and.

   * a release by Resolute of the Company's obligations to issue
further shares to Resolute.

The Resolute Deed of Release will become effective following the
satisfaction of certain conditions precedent.

BENEFITS TO RESOLUTE

Under the Resolute Deed of Release, the Resolute Group will be
released from all past, present and future obligations under the
Bulong Sale Agreement and the Technical Services Agreement,
apart from (in the case of the Bulong Sale Agreement) certain
continuing obligations.

The release includes any warranties or representations given by
them in the Bulong Sale Agreement or the Technical Services
Agreement in relation to the subject matter of those agreements.

All the conditions to the operation of the Resolute Deed of
Release must be satisfied or waived on or before 30 September
2002.

It is a condition precedent to the operation to the Bulong
Schemes of Arrangement that the Resolute Deed of Release be
executed and the conditions precedent to its operation satisfied
or waived.


PRESTON RESOURCES: Unit's Noteholders Meeting Convened
------------------------------------------------------
A meeting of holders of Bulong Operations Pty Ltd Senior Secured
Notes was convened at the offices of the Company at 16 Ord
Street, West Perth, Western Australia on the 20th June 2002,
pursuant to an order of the Supreme Court of Western Australia.

The meeting was convened to consider and, if thought fit,
approve the Scheme of Arrangement (Scheme) proposed by the
Company. The Scheme pertains only to a single class of
creditors, those being the Noteholders of the Company. Over 90
percent of the Noteholders by number and 95 percent of the
Noteholders approved the Scheme of Arrangement by value of
those attending the meeting. Over 93 percent of Noteholders
voted on the Scheme.

The results of this meeting will be presented to the Supreme
Court of Western Australia at a hearing scheduled for Friday 28
June 2002 as part of the process required to give effect to the
Scheme of Arrangement. Following the approval of the Scheme by
the Supreme Court and Preston shareholder approval at an AGM
scheduled for 15 July 2002, the restructuring of the debt and
capital of Bulong Operations Pty Ltd and subsequent
restructuring of the parent company, Preston Resources Limited
will be completed.


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


ACE DONE: Winding-Up Petition to Be Heard
-----------------------------------------
The petition to wind up Ace Done Investments Limited is
scheduled for hearing before the High Court of Hong Kong on
August 7, 2002 at 9:30 am.

The petition was filed with the court on April 24, 2002 by Bank
of China (Hong Kong) Limited (the successor corporation to Hua
Chiao Commercial Bank Limited pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap. 1167)) of 6th Floor, Bank
of China Tower, No. 1 Garden Road, Central, Hong Kong.


ASIA RESOURCES: Enters S&P Agreement With Vendors
-------------------------------------------------
The directors of Asia Resources Transportation Holdings Limited
announced that Billion Source (the Purchaser), a wholly-owned
subsidiary of the Company, entered into the S&P Agreement with
Ms. Fu and Ms. Lai, who are independent of the directors, chief
executive or substantial shareholders of the Company, any of its
subsidiaries or their respective associates (the Vendors) on
18th June, 2002 in relation to the acquisition of 51 percent
interest in the issued share capital of Value Brilliant
Investments Limited by the Purchaser from the Vendors at a total
consideration of HK$106,500,000.

The consideration payable under the S&P Agreement will be
satisfied partially by the issue of 1,225,000,000 Consideration
Shares at a price of HK$0.037 each and partially by the issue of
the Bonds with an aggregate principal amount of HK$61,175,000.
The Consideration Shares represent a market value of about
HK$58.8 million based on the closing price of HK$0.048 per Share
as quoted on the Stock Exchange on 13th June, 2002.

The Proposed Acquisition constitutes a major transaction for the
Company under the Listing Rules.

A special general meeting of the Company will be convened as
soon as practicable at which resolutions will be proposed to
approve, among other things, the S&P Agreement and the issue of
the Consideration Shares.

A circular containing, inter alia, details of the Proposed
Acquisition and the issue of the Consideration Shares together
with a notice convening a special general meeting of the
Company, will be dispatched to the shareholders of the Company
as soon as practicable and in accordance with the provision of
the Listing Rules.


CHUEN HING: Winding-Up Petition Slated for Hearing
--------------------------------------------------
The petition to wind up Chuen Hing Construction Company Limited
is scheduled to be heard before the High Court of Hong Kong on
August 7, 2002 at 10:30 am.

The petition was filed with the court on May 6, 2002 by Sang
Sang Finance & Investments Limited whose registered office is
situated at Room 801, Mongkok Harbour Center, No. 638 Shanghai
Street, Mongkok, Kowoon, Hong Kong.


CIL HOLDINGS: Consolidates Shares
---------------------------------
CIL Holdings Limited requested market participants to note that
the ordinary shares of HKD0.0002 each (after capital reduction)
(Old Shares) in the capital of CIL Holdings Limited will be
consolidated into ordinary shares of HKD0.01 each (New Shares)
on the basis of 50 into 1 subject to its shareholders' approval
at the Special General Meeting to be held today, 24/June/2002.

Upon the proposals becoming effective, a temporary counter under
stock code 2948 and stock short name "CIL HOLDINGS" will be
established for trading in board lots of 2,000 New Shares each
to replace the present counter (stock code: 479) for trading
in board lots of 100,000 Old Shares each effective from
Tuesday, 25/June/2002.


GREAT STYLE: Winding-Up Petition Hearing Set
--------------------------------------------
The petition to wind up Great Style Development Limited is
scheduled to be heard before the High Court of Hong Kong on
August 7, 2002 at 9:30 am.  The petition was filed with the
court on April 30, 2002 by Chan Cheuk Kwan of Room 3418, Hin
Yeung House, Hin Keng Estate, Shatin, New Territories, Hong
Kong.


PROSPER ALLIED: Winding-Up Petition Set for Hearing
---------------------------------------------------
The petition to wind up Prosper Allied Development Limited will
be heard before the High Court of Hong Kong on July 10, 2002 at
9:30 am.

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


SMARTECH MANUFACTURING: Faces Winding-Up Petition
-------------------------------------------------
The petition to wind up Smartech Manufacturing Limited is set
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 20,
2002 by Lung Kee Metal Limited whose registered office is
situated at 1st Floor, Cheung Kong Electronic Building, 4 Hing
Yip Road, Kwun Tong, Kowloon, Hong Kong.


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


PRASETIO UTOMO: Integrates Operations With Ernst & Young
--------------------------------------------------------
Prasetio Utomo-Andersen Indonesia, the Indonesian unit of
troubled accounting giant Arthur Andersen, has merged its
operation on Thursday with the Indonesian affiliate of Ernst &
Young, Jakarta Posts reported Friday.

The merger followed months of talks, during which the troubled
firm also approached PricewaterhouseCoopers (PwC), and Deloitte
Touche Tohmatsu (DTT). Ernst & Young was finally available for
merger with the Arthur Andersen unit.

After the merger, the new firm will be known as Ernst and Young
Prasetio, Sarwoko, Utomo and Sandjaja.  John Prasetio, from
Andersen, will be the firm's chairman and Simon Halim, from
Ernst and Young, will retain his position as the chief executive
officer of the new firm.

As the reputation of Andersen's headquarters in Washington was
ruined following its involvement in the Enron scandal, seeking
mergers with other firms is the move taken by other Andersen
affiliates worldwide.


TIRTAMAS MAJUTAMA: IBRA Finalizes Group Restructuring
-----------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has moved
forward in restructuring loan of PT Tirtamas Majutama and Group
(TMG) with total value of loan obligation of 8 (eight) debtors
under AMC Rp4,158,986,842,802; (as of January 31'2002, amount is
being verified)

TMG restructuring carry out through a Newco scheme. In its
position, IBRA will transfer TMG's loan consist of 8 debtors
under AMC to Newco (see appendix 1 set at
http://www.bankrupt.com/misc/TCRAP_Tirtamas0624.pdf).In a
consequence, TMG will  become a Newco's debtor and Newco will
issue bonds to IBRA in equal to loan transfer within 10 years
period.

To secure the loan settlement according the Newco scheme, IBRA
require to be a majority shareholder. As many as 70 percent
Newco's shares is hold by IBRA and the remain 30 percent is hold
by the former owner of TMG namely Honggo Wendratno through PT.
Silakencana Tirtalestari. Honggo is also required to submit
Personal Guarantee (PG) to IBRA.

Moreover, to secure bonds payment by Newco, control is necessary
on some potential petrochemical companies as follow:

   * Total 70 percent shares of PT. Trans Pacific Petrochemical
Indotama (TPPI - Tuban Project)

   * Total 80 percent shares of PT Polytama Propindo (Polytama -
Balongan)

   * Total 50 percent shares of PT Petro-Oxo Nusantara (PON -
Gresik)

   * Total 50 percent shares of PT Pacific Fibretama Corporation
(PFC - Serang).

The source of repayment for Newco's bonds is come from:

   * Subsidiary dividend under Newco;
   * The fulfillment of TMG obligation to Newco, and
Other source of repayment such as TMG asset sales.

In connection to this loan settlement scheme, IBRA is preparing
additional agreements such as Transfer Agreement of 70 percent
TPPI shares, the Shareholder Settlement of Tuban Petro, Bonds
Issue Agreement and a few more.


SATELINDO INTERNATIONAL: To Receive Capital Injection
-----------------------------------------------------
DebtTraders analyst Daniel Fan (852-2537-4111) says, "Satelindo
International Finance BV will receive a capital injection of
US$75 million cash from its parent Indosat to comply with a debt
covenant."

He added that Indosat shareholders also approved the purchase of
the remaining 25 percent of Satelindo from Deutsche Telekom for
a cash consideration of US$325 million, which is enough for
Indosat to be the sole owner of Satelindo.

The first payment of US$65 million will be paid in September
while the remaining US$300 million will be paid through bond
proceeds.

Satelindo Blend's 4.481% floating rate notes due on 2005
(SATB05IDN1) are trading between 84 and 88. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=SATB05IDN1
for real-time bond pricing information.


SWADHARMA INDOTAMA: Pefindo Reaffirms "idBBB" Bond Rating
---------------------------------------------------------
Pefindo reaffirmed its rating of "idBBB"  for PT Swadharma
Indotama Finance (SWIF)'s Bond I/2000 (Rp150B) and Bond II/2001
(Rp75B).  The rating reflects SWIF's relatively stable business
and financial performance. Mitigating is SWIF relatively limited
access to the capital market since it is not listed yet at the
Jakarta Stock Exchange.

However, it has started to tap debt market through bonds
issuance in FY00 and FY01 totaling Rr225 billion. Currently, the
company is in the process of getting funding from several banks
to diversify its funding sources, which should improve its
flexibility to cope with the growing market. SWIF was
established in 1986 and as to date it engages in leasing and
consumer financing (99 percent) and factoring (1 percent).

Currently, Indomobil Group holds 51 percent ownership, Dana
Pensiun BNI 44.1 percent, and PT Trihandayani Utama 4.9 percent.
To support its operation, SWIF currently has 12 branches and
sub-branches located in Jakarta, Bogor, Bandung, Semarang,
Jogjakarta, Purwokerto, Surabaya, Denpasar, Bandar Lampung and
Medan, in addition to approximately 1,300 marketing networks
including dealers, sub-dealers, and showrooms nationwide.


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


DAIEI INC: Gets 630 Applicants for Early Retirement
---------------------------------------------------
Struggling supermarket chain operator Daiei Inc. gets only 630
employee applications for early retirement, short of its goal of
900 or more, during a second period for employee applications
held on June 6-8, Asia Pulse reported last week.

As part of its restructuring scheme, Daiei aims to have 1,400
workers take early retirement in 2002, in order to cut labor
costs by 6.6 billion yen.


HITACHI LTD: Splits Off Display Business
----------------------------------------
Hitachi, Ltd. announced on Wednesday that the board of directors
decided on the detailed plan to split off the Display Group as a
separate Company, Hitachi Displays, Ltd., on October 1, 2002 and
transfer the display business to the new Company, as announced
on February 28, 2002.

Hitachi is a leader in the development of Super TFT and other
display technologies that offer high picture-quality and a wide
viewing angle, and are well suited for displaying moving picture
images. Volume production of flat panel displays is carried out
at a highly efficient facility with glass substrates that are
among the worlds largest. Hitachi plans to build on its leading
position in the display business by establishing a new Company
that will centralize display operations from planning,
development and design to manufacturing and sales, facilitating
even faster decision-making. For the new Company's specialized
focus on displays, Hitachi is establishing a stable, high-profit
structure, and will focus on expanding its business globally and
developing new businesses.

Outline of new Company

Company Name : Hitachi Displays, Ltd.
Business : Planning, development, design, manufacturing and
sales of display devices
President and Director : Fumiaki Yonai
Capital : 10 billion yen (100 percent owned by Hitachi, Ltd.)
Split-off Date : October 1, 2002
Head Office : Tokyo, Japan
Major Production Works : Mobara City, Chiba Prefecture
Employees : Approximately 7,000 (consolidated basis) at time of
establishment
Sales : Approximately 228 billion yen (consolidated basis) in
the fiscal year ending March 31, 2004 (forecast)

Board of Directors and Auditors (Effective October 1, 2002,
Current Positions in Parentheses)
President and Director : Fumiaki Yonai (President & Chief
Executive Officer , Displays, Hitachi, Ltd.)
Executive Managing Director : Hironari Tanaka (Executive Vice
President, Displays, Hitachi, Ltd.)
Executive Managing Director : Hiromi Ohtani (General Manager,
Electronic Devices Sales Division, Semiconductor & Integrated
Circuits, Hitachi, Ltd.)
Director : Yoshimichi Shibuya (General Manager, International
Display Sales Division, Semiconductor & Integrated Circuits,
Hitachi, Ltd.)
Director : Yukihiro Sato (Senior Vice President, Manufacturing
Operation, Displays, Hitachi, Ltd.)
Director : Kenji Mukaiyama (Senior General Manager, Finance
Department, Displays, Hitachi, Ltd.)
Director : Makoto Fujioka (Senior General Manager,
Administration Department, Displays, Hitachi, Ltd.)
Director (not standing) : Takashi Kawamura (Executive Vice
President and Director, Hitachi, Ltd.)
Corporate Auditor : Kouichi Maruyama (Corporate Chief Engineer,
Displays, Hitachi, Ltd.)
Corporate Auditor (not standing) : Katsuto Kashiwahara (General
Manager, Investment Planning Office, Hitachi, Ltd.)
Corporate Auditor (not standing) : Kazuo Miura (General Manager,
Finance Department II, Hitachi, Ltd.)

Profile of New President
Name: Fumiaki Yonai
Date of Birth: December 13, 1948
Career:
April 1971 Joined Hitachi, Ltd.
February 1995 Senior General Manager, Cathode Ray Tube
Manufacturing Department, Electron Tube & Devices Division,
Hitachi, Ltd.
May 1997 Senior General Manager, Picture Tube Design Department,
Electron Tube & Devices Division, Hitachi, Ltd.
August 1998 Deputy General Manager, Electron Tube & Devices
Division, Hitachi, Ltd.
April 1999 Executive Vice President, Displays, Hitachi, Ltd.
April 2001 President & Chief Executive Officer, Displays,
Hitachi, Ltd.

TCR-AP reported that Hitachi posted consolidated losses of
117.42 billion yen in fiscal 2001. The Company attributed its
result to a sharp decline in global demand for semiconductors
and information technology-related products such as mobile
phones.


HOKKAIDO INTERNATIONAL: May Tie Up With ANA
-------------------------------------------
Struggling Hokkaido International Airlines and All Nippon
Airways (ANA) are likely to agree on tie-up package including
joint flight operations, Kyodo News said Thursday.

They are eyeing jointly conducting some of Hokkaido's six daily
round-trip flights connecting the major northeastern city with
the capital, with ANA selling the tickets and providing the
flights for Hokkaido.


KDDI CORP: Closing PDC Mobile Service by March Next Year
--------------------------------------------------------
KDDI Corp will close its nationwide cell phone service based on
the Japanese Personal Digital Cellular (PDC) standard from end-
March 2003, transferring clients to its alternative CDMA-based
services, AFX News said Thursday.

The firm had 1.057 million customers to its PDC service as of
April, compared with some 11.5 million for its CDMA-based
services.

TCR-AP reported in April that KDDI Corp would take a special
loss of Y229 billion for this business year to March 31 to shut
down the part of its PDC (personal digital cellular) network
operated by wireless brand "au" and waive Y20 billion in loans
to another struggling unit, DDI Pocket. The Company will cut its
annual capital spending to Y310 billion by March 2005.


NIKKO CORDIAL: R&I Assigns A- Rating; US$ SB Due 2005
-----------------------------------------------------
Rating and Investment Information, Inc. (R&I) has assigned A-
rating to Nikko Cordial Corp's Long-term debt new issue (Issued
under the Shelf Registration scheme).

ISSUER: Nikko Cordial Corp.
Long-term Debt
New Issue (Issued under the Shelf Registration scheme)
ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. US$ Str. Bonds due 2005 Jun 24, 2002 Jun 21, 2005 US$ 300

R&I RATING: ASenior
Long-term Credit Rating: A-

RATIONALE:

Nikko Cordial Corp. is the holding Company for the Nikko Cordial
group, one of Japan's leading securities houses. The retail arm,
Nikko Cordial Securities, Inc., has set up a wholesale
jointventure, Nikko Salomon Smith Barney Securities, Ltd.
(NSSB), together with Citigroup (formerly Travelers Group Inc.).
Profits fell substantially in the March 2002 term because of the
impact of the severe operational environment in areas such as
the dull stock market. It will be necessary to monitor whether
the Company can restore confidence in its Money Management Fund
(MMF), which sustained capital losses, and establish an asset
management system capable of expanding the stable earnings of
the assets held by the domestic retail operation.

The Company is aiming to further increase the floating
proportion of personnel costs and is implementing a voluntary
redundancy scheme, trying to create a cost structure that can
continue to secure a profit even when the stock market is
falling. One of the Company's strengths is its powerful domestic
client base, while it can also benefit from access to the
overseas networks, information services and product development
skills of Citicorp, which has a 20.8 percent stake. The
financial base is also relatively strong, so R&I believe the
Company should be able to retain a certain degree of
competitiveness.


NIKKO CORDIAL: S&P Ups Japan's NKK, Affirms Kawasaki Steel
Rating
----------------------------------------------------
Standard & Poor's said on Thursday that it had raised its rating
on Japanese steel maker NKK Corp to double-'B'-minus-pi from
single-'Bpi', based on the expected benefits from its merger
with former competitor Kawasaki Steel Corp.

At the same time, Standard & Poor's said that it had affirmed
its rating on Kawasaki Steel at double-'B'-minus-pi.

The upgrade of NKK also reflects the positive impact on the
Company's credit quality from its decision to limit its
financial exposure and commitments to the now bankrupt U.S.-
based National Steel Corp, previously a consolidated subsidiary.

NKK and Kawasaki Steel will establish a holding Company, JFE
Holdings Inc, on September 27, 2002, and consolidate their steel
making, engineering, and other operations under this Company by
April 2003.

"If the integration process is managed effectively, the
resulting economies of scale and improvement in the combined
entity's market position will provide JFE with an enhanced
business profile," said Makiko Yoshimura, a credit analyst at
Standard & Poor's in Tokyo.

"Announcements that less-competitive facilities will be
rationalized are a sign that the two JFE companies are beginning
to make some of the difficult decisions needed to curb excess
capacity in the Japanese steel industry," she added.

However, both NKK and Kawasaki remain vulnerable to the high
costs, surplus capacity, and poor demand prospects that afflict
the Japanese steel industry.

Amid gloomy market conditions -- compounded by a rising tide of
steel protectionism -- the pace of rationalizations in both the
Japanese and global steel industries has been slow.

As a result, the credit quality of the JFE partners and the rest
of the highly leveraged Japanese steel industry will remain
under pressure.

Industry prospects will remain weak for the foreseeable future,
given the lack of concerted efforts to address adverse supply
and demand fundamentals in Japan.

Meanwhile, competition from foreign steel makers will present a
growing threat, as lower-cost players continue to achieve
improvements in quality.

The JFE companies, along with Nippon Steel Corp, will be
relatively better positioned to survive these difficult times,
given their greater economies of scale, higher market shares,
and less fragile financial profiles.

However, while all the major steel makers will benefit from
continuing access to funding from banks in the near term, the
companies may actually be weakened over time by the tolerance of
banks and shareholders for very high debt burdens without
drastic restructuring measures to improve the industry's
financial viability.


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


HYNIX SEMICON: Infineon Wants Europe to Investigate Chipmaker
-------------------------------------------------------------
Hynix Semiconductor Inc. and Samsung Electronics Co. said the
European Commission hasn't told them of any subsidy probe after
a report from Yonhap News said that rival Infineon Technologies
AG wants the European Commission to investigate whether both
companies received subsidies from the South Korean government,
which hurt the computer-memory industry, Bloomberg News reported
Friday.

The government holds stakes in many of Hynix's creditor banks,
including main lender Korea Exchange Bank.

DebtTraders reports that Hyundai Semiconductor's 8.250% bond due
in 2004 (HYUS04KRS1) trades between 68 and 78. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS04KRS1


HYNIX SEMICON: U.S. Justice Department Investigates Chipmaker
-------------------------------------------------------------
DebtTraders analyst Daniel Fan (852-2537-4111) said Hynix
Semiconductor is being investigated by the U.S. Department of
Justice on allegation that some chipmakers have been selling
chips at below production cost to drive out competition, citing
the Bloomberg News.

Chip prices have dropped to a low of $2 in early May from $4.5
in March. Hynix's potential buyer Micron and competitor Samsung
Electronics are also under investigation.


HYNIX SEMICON: KDB Asks to Repay W82.4B Bonds Maturing in July
--------------------------------------------------------------
Main creditor Korea Development Bank is asking Hynix
Semiconductor Inc. to repay 82.4 billion won in bonds that will
mature on July 23 and 27, AFX News said Friday.

The bank stressed that it purchased the bonds if they could be
converted into obligations secured by Credit Guarantee Insurance
Corp.

"Our demands for the conversion of the bonds into obligations
secured by the Credit Guarantee have been rejected. That's why
we are calling for the repayment of the bonds," an unnamed
official said.

The bonds were issued in July 2001.


HYNIX SEMICON: Kookmin Bank Disposes Stake in Chipmaker
-------------------------------------------------------
On June 7, 2002, Kookmin Bank made a decision to dispose its
stake in Hynix Semiconductor.

Kookmin Bank decided to sell off the stake, which it had
purchased in the course of debt restructuring of Hynix as agreed
by the creditors, in order to collect the invested principles.

1. Information on the Company
Company name: Hynix Semiconductor
Paid-in Capital: 26,217 billion Won
Issued and outstanding shares: 5,239,972,289 shares

2. Details of Kookmin Bank's disposition
Amount of disposition: 626 billion Won*
Number of shares sold: 125,344,136 shares
Number of shares owned after this transaction: 120,932,700
shares   Kookmin Bank's stake after this transaction: 2.31%

Kookmin Bank will dispose the remaining 2.31 percent as soon as
possible.

*The amount of disposition was calculated based on the par value
(5,000 Won) of the shares. The real disposition amount was 51
billion Won.


KOOKMIN BANK: Swaps Debt for Equity in KP Chemical
--------------------------------------------------
On June 12, 2002, Kookmin Bank swapped debt for equity to
purchase the common shares of KP Chemical in the amount of 36.5
billion Won, as agreed by the creditors of KP Chemical on
October 25, 2001 and on May 20, 2002.

1. Information on the Company

Company name: KP Chemical
Paid-in capital: 491.6 billion Won
Issued and outstanding shares: 98,337,782 shares
Major business: Petrochemical

2. Details of Kookmin Bank's investment

Amount of investment: 36.5 billion Won
Number of shares owned after this investment: 7,481,235 shares
Kookmin Bank's stake in the Company: 7.61 %

This will bring Kookmin Bank's total investment in equities for
this fiscal year, excluding investments in subsidiaries, to
375.5 billion Won, which is equal to 25.06 percent of our
previous year end's paid in capital.

DebtTraders reports that Kookmin Bank Ltd's 7.550% floating rate
note due in 2006 (CITN06KRS1) trades  between 98 and 99. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CITN06KRS1


KOREA LIFE: Government Wants Better Offer, Jeon Says
----------------------------------------------------
According to Finance Minister Jeon Yun Churl the government is
aiming to sell Korea Life Insurance at a higher price, two
months after Merrill Lynch & Co. valued the insurer at between
1.1 trillion won and 1.95 trillion won two months ago, Bloomberg
said Friday.

Korea Life incurred net income of 879.4 billion won in the year
ended March 31 compared with a year-earlier loss.

The government spent 3.5 trillion won rehabilitating the insurer
after saving the firm in 1999, is selling assets to recover
funds spent rebuilding the economy after the Asian crisis of
1997-1998.


SEOUL BANK: Attracts 15 Potential Buyers, Says MoFE Jeon
--------------------------------------------------------
Finance and Economy Minister Jeon Yun-churl said 15 local and
foreign investors showed interest in taking over Seoulbank and
the government plans to conclude a sale by the end of next
month, AFX New said Friday. The names of the potential buyers
were not disclosed in the report.

Seoulbank is wholly owned by the state-run Korea Deposit
Insurance Corp.

TCR-AP reported that 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.

DebtTraders reports that Seoulbank's 3.791% floating rate note
due in 2006 (BKSE06KRN1) trades between 97 and 99. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BKSE06KRN1


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


ANSON PERDANA: Proposals Price Fixing Date Determined
-----------------------------------------------------
On behalf of the Board of Directors of Anson Perdana Berhad,
Malaysian International Merchant Bankers Berhad announced that
the Board of Directors of Anson has determined 17 June 2002 as
the date for the fixing of the price of the securities to be
issued pursuant to the Proposed Debt Restructuring and Proposed
Rights Issue (Price Fixing Date). Accordingly, the Board of
Directors of Anson has fixed the following:

   (a) Issue/conversion price of the securities to be issued
pursuant to the Proposed Debt Restructuring

     - the conversion price of the redeemable convertible
secured loan stock-A has been fixed at RM1.00 per share;

     - the conversion price of the redeemable convertible
secured loan stock-B has been fixed at RM1.00 per share;

     - the new Anson shares to be issued as part settlement of
debts due has been fixed at RM1.00 per share; and

     - the conversion price of the irredemable convertible
unsecured loan stock has been fixed at RM1.00 per share.

   (b) Issue price of the securities to be issued pursuant to
the Proposed Rights Issue

     - the issue price for the rights shares has been fixed at
RM1.00 per share; and

     - the exercise price of the warrants has been fixed at
RM1.00 per share.

The issue/conversion/exercise price of RM1.00 per share,
represents a discount of approximately 7.41 percent from the
theoretical ex-rights of Anson shares of RM1.08 per share, after
taking into consideration the weighted average market price of
Anson shares for the five (5) consecutive market days (from 10
June 2002 to 14 June 2002) preceding the Price Fixing Date of
RM1.10 per share.


AUTOINDUSTRIES VENTURES: Regularization Plan Extended Until Oct
---------------------------------------------------------------
Autoindustries Ventures Berhad announced that the KLSE had, by
its letter dated 17 June 2002, approved the Company's
application for an extension of time up to 7 October 2002 to
enable the Company to obtain the necessary approvals for its
regularization plan from the relevant authorities.

On 31 May 2002, Commerce International Merchant Bankers Berhad
on behalf of the Company had on 20 May 2002 submitted an
application to the KLSE to seek the approval of the KLSE for an
extension of time to obtain all the approvals necessary to
regularize its financial position pursuant to PN4 of the Listing
Requirements.

Just days ago, TCR-AP reported that the Company has received the
necessary approvals on the proposed restricted issue of shares
from the Foreign Investment Committee on 29 April 2002 and
Ministry of International Trade and Industry on 28 May 2002.
However, the above Proposed exercise is still pending the
approvals from the following:

   i) Securities Commission;

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

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


AUTOWAYS HOLDINGS: Winding-Up Petitions Hearing Set on July 2
-------------------------------------------------------------
The Management of Autoways Holdings Berhad announced that the
Company and its subsidiary, Autoways Construction Sdn Bhd, has
each filed an application with the Kuala Lumpur High Court that
the orders made on 8 May 2002:

   (i) for the Winding up of the Company and its subsidiary,
ACSB;

   (ii) for the appointment of the Official Receiver as the
provisional liquidator; and

   (iii) for cost of the petition to be paid from the assets of
the Company and ACSB

be stayed pending the appeal by the Company and ACSB.

The said applications are fixed for hearing on 2 July 2002 at
9.00 a.m. before the Judge in Chamber.


BESCORP INDUSTRIES: Provides Defaulted Payment Status Update
------------------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed), as
required by the Kuala Lumpur Stock Exchange Practice Note
1/2001, provided an update on its default in payment, as
attached at http://www.bankrupt.com/misc/TCRAP_Bescorp0624.xls

The default by BIB as at 31 May 2002 amounted to RM58,668,371.72
made up of a principal sum of RM35,750,000 plus RM22,918,371.72
in interest for revolving credit facilities.

As at 31 May 2002, the remaining subsidiary companies of BIB,
namely Bescorp Construction Sdn Bhd (In Liquidation), Bescorp
Piling Sdn Bhd (In Liquidation), Bescorp Concrete Sdn Bhd (In
Liquidation), Bespile Sdn Bhd (In Liquidation), Farlil Sdn Bhd
(In Liquidation) and Waktu Cerah Sdn Bhd, defaulted on a total
sum of RM92,684,479.40 made up of a principal sum of
RM60,905,258.44 plus RM31,779,220.96 in interest for revolving
credit facilities, term loan, banker's acceptance, hire purchase
and lease facilities and RM54,918,893.55 for overdraft
facilities.

The decrease in total debts owing from the subsidiary companies
were due to a reduction in corporate guarantees granted to
certain subsidiary companies as a result of interim dividend
distributions payout from the proceeds of liquidation and over-
provision of interest charges.


CHASE PERDANA: Director Bin Katingan Resigns From Boardroom
-----------------------------------------------------------
Chase Perdana Berhad posted this notice:

Date of change : 07/06/2002
Type of change : Resignation Boardroom
Designation    : Director
Directorate    : Independent & Non Executive
Name      : Datuk Dr. Gapari Bin Katingan @ Geoffrey
         Kitingan
Age      : 54
Nationality    : Malaysian
Qualifications :

- Bachelor of Business Management
- Master of Public Administration
- Master of Arts in Law and Diplomacy
- PhD Political Economics

Working experience and occupation  : Appointed as Senator;
Deputy Federal Minister in Local Government & Housing Malaysia;
Elected member of Sabah Legislative Assembly; Founder/ Executive
Chairman of Koisaan Cultural Development Institute; Founder/
Chairman of People Development Foundation and Director of Sabah
Foundation,

Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil

Remarks : the Company received the resignation letter of Datuk
Dr Geoffrey on 18 June 2002.

Early this June, TCR-AP reported that the Company is attending
to the comments from Kuala Lumpur Stock Exchange on the draft
circular as well as queries from Securities Commission on the
Scheme. The Company had also extended the draft Explanatory
Statement (ES) to all Financial Institution lenders and is
currently awaiting their comments. The Company is expected to
finalize its circular and ES in due course.


HUME INDUSTRIES: Subsidiary Placed in Voluntary Wind-Up
------------------------------------------------------
Hume Industries (Malaysia) Berhad informed that Hume Poly
Products Sdn Bhd (H Poly), a wholly-owned subsidiary of the
Company, has been placed under Member's Voluntary Winding-up
pursuant to Section 254(1)(b) of the Companies Act, 1965. Mr
Ling Kam Hoong of Messrs Ling Kam Hoong & Co., No. 6-1, Jalan
3/64A, Udarama Kompleks, Off Jalan Ipoh, 50350 Kuala Lumpur has
been appointed as liquidator of H Poly on 19 June 2002.

H Poly had ceased its business operations since January 2000 and
there are no future plans to activate it.

There is no loss arising from the voluntary winding-up of H
Poly.

The voluntary winding-up of H Poly will not have any material
impact on the net tangible assets and earnings per share of the
HIMB Group for the financial year ending 30 June 2002.


NAUTICALINK BERHAD: KLSE's Rejects RA Time Extension
----------------------------------------------------
The Board of Directors of Nauticalink Berhad announced that the
KLSE vide its letter dated 17th June 2002, has rejected the
Company's application for the extension to make the Requisite
Announcement (RA).

NLB is therefore obliged to regularize its financial condition
in accordance with the requirements of Paragraph 8.14 of the
Listing Requirements and PN4 by 31st December 2002, failing
which the Company may be de-listed from the Official List of the
KLSE pursuant to Paragraph 16.09 of the Listing Requirements.


OLYMPIA INDUSTRIES: Disposes of Unit to Streamline Operations
-------------------------------------------------------------
The Board of Directors of Olympia Industries Berhad announced
the disposal of 195 ordinary shares of GBP1 each in its sub-
subsidiary, Suff Marine (Europe) Limited (SMEL) for a cash
consideration of GBP100.

SMEL is a 65 percent owned subsidiary of Suff Marine
International Sdn Bhd, which in turn is a 70 percent owned
subsidiary of Olympia Engineering Sdn Bhd, which in turn a
wholly-owned subsidiary of OIB.

SMEL was incorporated in Scotland on 4 May 1993 under the name
of Lubeseal Limited and assumed its present name on 2 August
1994. The authorized and issued paid-up capital are GBP300/-
comprising 300 ordinary shares of GBP1/- each. The principal
activity of SMEL is that of a service to the oil industry using
synthetic lubricants.

The disposal is in line with OIB's effort to streamline its
operations and concentrate on developing its core activities in
the provision of financial related services and the
consideration for the disposal was on a willing buyer and
willing seller basis.

The disposal has no material effect on the earnings per share
and net tangible liabilities of OIB's group for the financial
year ending 30 June 2002.

None of the directors and/or substantial shareholder of OIB or
person connected with them have any interest, direct or
indirect, in the disposal. The said disposal is not subject to
the approval of shareholders of OIB nor approval of the
authorities and in the opinion of the Directors are in the best
interest of OIB.


SEE HUP: Enters Guarantee, Indemnity Agreement With ORIX
---------------------------------------------------------
The Board of Directors of See Hup Consolidated Berhad announced
that the Company had on 14 June 2002 entered into a Guarantee &
Indemnity Agreement to provide a Guarantee and Indemnity of
Ringgit Malaysia One Hundred Forty Nine Thousand Seven Hundred
and Twenty (RM149,720.00) only to ORIX Leasing Malaysia Berhad,
in respect of leasing facility granted to Sahaunion Transport
Sdn. Bhd.(STSB), a subsidiary of the Company, for the
acquisition of two (2) units Carrier Air Refrigerator Unit -
Ultra Phoenix HDM94A, R22 Fixed In Container.

As a Guarantor, the Company shall jointly and severally
guarantee on demand by ORIX the punctual payment by STSB of all
rental, interest, and all other sums whatsoever due under the
Lease Agreement and the due performance of all STSB's obligation
and undertake to indemnify ORIX against all losses expenses
including legal costs on a full indemnity basis, charges and
damages incurred or suffered by the ORIX in consequence of any
failure by STSB to perform any of the obligations under the
Lease Agreement.

The amount of Guarantee and Indemnity was fixed based on the
amount of leasing facility granted to STSB. The said Guarantee
and Indemnity is a security to ORIX Leasing Malaysia Berhad for
the leasing facility granted to STSB.

The said Guarantee and Indemnity will not have significant
effects on the earnings per share, net tangible assets per
share, share capital and substantial shareholders' shareholding
of the Company for the current financial year.

In the event that STSB default in its obligation, See Hup will
pay off STSB's loan from internally generated funds.

The said Guarantee and Indemnity is not subject to the approval
of shareholders and any government authorities. The Company is
authorized to provide guarantee under clause 34 of its
Memorandum of Association and that power is vested to the Board
of Directors under Article 112 of its Articles of Association.

Mr. Li Chun Huat, a director of STSB, is deemed to have interest
in the above transaction as he is deemed connected to Team
Seventy-Eight Sdn. Bhd. (T78) and Batu Musang Holdings Sdn. Bhd.
(BMH) by controlling, directly more than 15 percent of the
voting shares in T78 and BMH respectively.

T78 is a major shareholder of STSB, controlling 38.078 percent
of the voting shares in STSB and BMH is a shareholder of STSB
holding 3.210 percent of the voting shares of STSB.

Mr. Li Chun Huat is also a person connected to Mr. Lee Choon
Chua, a director and shareholder of STSB.

Mr. Lee Choon Chua, a director of STSB is deemed to have
interest in the above transaction as he is also a shareholder of
STSB and by virtue of being a person connected to Mr. Li Chun
Huat, a director and major shareholder of STSB.

Mr. Yeap King Huat, Mr. Tan Choon Tee and Mr. Lim Tio Huat,
directors of STSB are deemed to be interested in the above
transaction as they are also shareholders of STSB.

Apart from the above, Mr. Lee Hean Beng, who is a director of
the Company is also a director of STSB. His interest in the said
Guarantee and Indemnity is to the extent of his shareholdings in
the Company.

Save as disclosed above, none of the directors and / or major
shareholders and / or person connected with a director or major
shareholder have any interest, direct or indirect, in the
guarantee and indemnity.

The Directors of the Company are of the opinion that the said
Guarantee and Indemnity is in the best interest of the Company
and of the said subsidiary.

The said Guarantee and Indemnity agreement will be available for
inspection during the normal business hour from 9.00 a.m. to
5.00 p.m. on Mondays to Fridays at the registered office of See
Hup at Suite 2-1, 2nd Floor, Menara Penang Garden, 42A, Jalan
Sultan Ahmad Shah, 10050 Penang for a period of two weeks from
the date of this announcement.


SELOGA HOLDINGS: KLSE Approves Regularization Plan Extension
------------------------------------------------------------
Seloga Holdings Berhad, pursuant to Para 5.1 of PN No.4/2001,
had on 10th May 2002 made an application for an extension of
time to submit the Regularization Plan to the relevant
authorities for a period of 51 days i.e 4th May 2002 to 24th
June 2002.

In this connection, on 17th June 2002 the KLSE has approved the
extension of time to 24th June 2002 to enable SELOGA to make a
submission of its regularization plan to the authorities for
approval.

On May 15, TCR-AP reported the Company is considering that
additional time will be required to finalize negotiation with
its creditors for the preparation for the submission to the
authorities and finalization of the details of the
Regularization Plan undertaken.


TECHNOLOGY RESOURCES: Asks TM to Commence Merger Negotiations
-------------------------------------------------------------
The Board of Technology Resources Industries Berhad noted
Telekom Malaysia's (TM) statement dated 7th June 2002 and
comments made to the media on 10th June 2002 regarding its
proposed plan to merge TMTouch with Celcom and the possibility
of a general offer for TRI.  The Board of TRI on June 17, 2002
issued the following statement:

In the spirit of transparency and good corporate governance and
in the interests of minority shareholders' rights, TM should
provide TRI shareholders with the following specific
information:

   ú When TM will make a General Offer (GO) for TRI;
   ú At what price TM will make a GO for TRI; and
   ú On what terms will the proposed merger of TMTouch and
Celcom (Malaysia) Bhd (Celcom) take place.

Implication of a delayed GO by TM

TRI's minority shareholders should consider why TM continues to
delay in giving an undertaking to make a general offer now.  The
Malaysian Code on Take-Overs and Mergers states:

"In the case of a mandatory offer, the offeror in any
take-over offer shall offer as consideration that is to be paid
or provided for the acceptances of the take-over offer an amount
of not less than the highest price (excluding stamp duty and
commission) paid or agreed to be paid by the offeror or any
person acting in concert with the offeror for any voting shares
to which the take-over offer relates within six months prior to
the beginning of the offer period."

Under this rule, TM is presently obliged to offer a minimum of
RM2.75 per share in the event that it makes a general offer for
TRI.  However, once six months have elapsed since TM's last
purchase at RM2.75, TRI shareholders will have no protection
from TM making an offer at a price that could potentially be at
a significant discount to both RM2.75 and the current share
price of RM2.45 (as at the close of trading 14th June 2002).

TM is seeking to obtain control of TRI now. TM should now make
an offer to all shareholders, which reflects its intended
control of the company.  TM should act in good faith and remove
the uncertainty TRI's minority shareholders now face.

TRI will enter into discussions with TM to consider all options

The Board of TRI reconfirms it is prepared to enter into
immediate direct discussions with TM to discuss a potential
merger with TMTouch and/or a GO in order to consider all options
that may be in the best interests of its minority shareholders.
In particular, TRI is now asking TM to consider the following:

   ú Commence discussions immediately on terms of a merger with
TMTouch;
   ú Exchange of information on TMTouch and Celcom to allow for
due diligence to take place;
   ú Undertaking by TM to make a GO for TRI shares; and
   ú TM representation on the Board of TRI after agreement of
terms of a merger and a GO.

TRI minority shareholders' rights are paramount

TM's singular action thus far to seek representation on the
Board of TRI prior to agreement on any terms of a merger or a GO
would only lead to a conflict of interest, whether actual or
perceived, which may weaken minority shareholders' rights and
the value of TRI.  Once TM has clarified its intentions to make
a GO and after the terms of a merger of TMTouch with Celcom have
been agreed and documented, the Board of TRI would support TM's
nomination on the Board of TRI.


UNITED CHEMICAL: KLSE Gives RA Extension Until June 30
-----------------------------------------------------
On behalf of United Chemical Industries Berhad, Alliance
Merchant Bank Berhad announced that the Kuala Lumpur Stock
Exchange (KLSE) had, on 17 June 2002, granted an extension of
time up to 30 June 2002 for UCI to make the Requisite
Announcement pursuant to Practice Note 4/2001 of the KLSE
Listing Requirements.

Profile

The Company (UCI), located in Penang, was set up to manufacture
polypropylene woven bags for flour. Through expansionary
programmers, the Company has increased its production capacity
and presently has modern technological machinery for the
manufacturing of polypropylene/polyethylene cloth and bags. The
raw materials for production are mainly sourced locally. The
Company has an estimated 12 percent share of the local market.
About 80 percent of the products is sold locally and the balance
20 percent comprising substantially polypropylene cloth is
exported mainly to the Netherlands and Australia. Currently,
annual production capacity and output stand at 2,400 m/t and
2,040 m/t respectively.

In September 1996, the Company entered into a SPA with Sungei
Wang Properties Sdn Bhd (SWP) to acquire Hongkew Holdings (M)
Sdn Bhd. However the SA was subsequently terminated. In late
June 2001, the Company appointed a merchant bank to formulate a
restructuring plan to regularize the Group's financial position.
This followed the Group's write-off of the investment incurred
to acquire Hongkew. To this end, UCI has also appointed a
solicitor to assist the Company in recovering deposits paid to
SWP.


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


BENPRES HOLDINGS: PhilRatings Downgrades LTCP Rating
----------------------------------------------------
Philippine Rating Services Corp. (PhilRatings) said Thursday
that Benpres Holdings Corporation's (Benpres) rating for its
outstanding P2.0 billion in long-term commercial papers (LTCPs)
maturing in October 2003 has been revised downwards from PRS Baa
to PRS C. A rating of PRS C is defined as: "In default."

In a report filed with the Securities and Exchange Commission
(SEC) on June 18, a copy of which was provided to PhilRatings on
June 19, Benpres stated that

".it was not able to make its interest payments on the Long Term
Commercial Papers which were due on June 17, 2002 and it will
not be able to make its interest payments amounting (sic) on the
7.875 percent Euronotes that will be due on June 19, 2002. In
lieu of such interest payments.BHC has recently made certain
proposals in relation to scheduled interest payments and
principal repayments."

Benpres' immediate pressing concern is its large amount of debt
maturing in the coming months. Obligations falling due include
its USD150 million in Eurobonds (about P7.5 billion using a
USD1:P50 exchange rate) maturing in December 2002 and its P2.0
billion in LTCPs maturing late next year. Benpres likewise
guaranteed the redemption of Bayantel preferred shares in 2003,
with an accreted value of USD167 million and has an obligation
to purchase Bayantel shares from option holders, valued at USD
52 million, exercisable in October 2002. At this point, it
remains unclear how the P2.0 billion in LTCPs, as well as the
Company's other obligations, will be paid.

Benpres has hired Credit Suisse First Boston as financial
adviser, tasked to pursue a Balance Sheet Management Program.  A
re-scheduling of debt maturities, including the outstanding
LTCPs,  is being worked out, according to the Company, with
negotiations with creditors presently on-going. This should give
Benpres ample time to liquefy its investments in certain
companies (e.g. tollroad, property development, cable, a minimal
portion of ABS-CBN), without going into distressed asset sales.
The timing of such divestments, however, continues to remain
highly uncertain. The Company has already identified its
media/broadcast and its power investments as the core businesses
to pursue going forward.

Benpres, as a holding Company, relies on dividends paid by its
subsidiaries for its cash inflows. Its subsidiaries' own funding
needs, however, limit the amount, which may possibly be
upstreamed in the short to medium-term.

In year 2001, the Company posted a loss of P10.2 billion arising
mainly from its provision for losses for non-productive
investments (i.e. Bayantel).


DMCI HOLDINGS: Discloses De-listing of Shares
---------------------------------------------
DMCI Holdings, Inc. advised the Philippine Stock Exchange that
of the total preferred shares issued, below is the remaining
balance after taking into account the following:

2,400,000 total number of preferred shares issued by the Company
(596,895) shares held as of April 5, 2002 (125,770) shares
redeemed for the period of April 9 to May 31, 2002 [52,720 april
9-30] [73,050 may 1-31] (145,391) acquired by D.M. Consunji,
Inc. (376,020) redemption as agreed with the shareholders
1,155,924 remaining number of outstanding preferred shares.

In view thereof, a total of 1,244,076 preferred shares should be
delisted from the official registry of the exchange effective
Thursday, June 6, 2002. This brings the number of the Company's
outstanding preferred shares to 1,155,924.

TCR-AP reported in April that DMCI Holdings Inc. has warned it
will not be able to wholly redeem or buy back the P2.4 billion
(US$46.98 million) convertible preferred shares it issued in
April five years ago due to financial constraints, citing DMCIHI
chief finance officer Herbert M. Consuji.

According to Technistock.com, as of 2001, DMCI Holdings, Inc.
has total current assets of P5.39 billion and total current
liabilities were P5.64 billion.


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


CK TANG: Clarifies FY Financial Result Ending March 31, 2002
------------------------------------------------------------
Further to the Announcement dated 14 June 2002 on the Financial
Results for the year ended 31 March 2002, the Directors wish to
make the following comments in response to Paragraph 2 of the
letter from the Singapore Exchange Limited dated 17 June 2002.

Group operating profit before interest and depreciation declined
to $6.3 million from $14.3 million last year, due to a decline
in gross profits from lower turnover and a fall in average gross
margins by approximately 3 percentage points. The fall in
average gross margins came mainly from the department store
operations in Singapore and Malaysia. The economic slowdown and
weak consumer sentiment led to more aggressive promotions and
discounting, resulting in the fall in gross profit margin of
approximately 2 percentage points. Additional provision for
stock obsolescence also resulted in a further decline in gross
profit margin of approximately 1 percentage point.

TCR-AP reported that the Directors of C. K. Tang Limited
announced that as of 2 April 2002, the Company has applied
approximately $16.4 million of the proceeds from the Rights
Issue to repay its bank borrowings as was proposed in the
Abridged Prospectus dated 25 February 2002. The balance of the
proceeds of approximately $6.4 million will be used for working
capital requirements.


L&M GROUP: Shareholders Approve EGM Resolution on June 20
---------------------------------------------------------
The Board of Directors of L&M Group Investments Ltd wishes to
announce that the following resolution set out in the Notice of
Extraordinary General Meeting (EGM) dated 5 June 2002 circulated
to the shareholders, was tabled and approved by the shareholders
at the EGM held on 20 June 2002:

Ordinary Resolution

That pursuant to section 161 of the Companies Act, Cap. 50,
approval be and is hereby given to the directors of the Company
to allot and issue 166,867,570 new ordinary shares of S$0.10
each in the capital of the Company ranking pari passu in all
respects with the shares in the Company at S$0.10 per new
ordinary share for the purposes of giving effect to the Scheme
of Arrangement taken up by L&M Concrete Specialists Pte Ltd and
approved by the High Court of the Republic of Singapore on 15
May 2002 (the Scheme), on the terms and conditions of the Scheme
to the Participating Creditors (as defined in the Scheme).


NATSTEEL LTD: CCL Proposes to Acquire Assets
--------------------------------------------
The Board of Directors of NatSteel Ltd refers to its
announcement made on 14 June 2002 pertaining to the offer from
Crown Central Assets Limited (CCL) to acquire all the business,
undertakings and assets of the Company, together with its
investments in all the subsidiaries, associated companies of
NatSteel other than the investments of NatSteel in NatSteel
Broadway Ltd and NatSteel Brasil Ltda (the Businesses).

The Board is carefully evaluating the Offer and is also
exploring all other options. The Board (through its financial
advisor, Salomon Smith Barney Singapore Pte Ltd) is actively
soliciting expressions of interest from other third parties for
the Businesses. In doing so, the Board's objectives are to act
in the interests of NatSteel and its employees and shareholders
as a whole and to maximize shareholder value.

The Board notes that the independent financial advisor, ANZ
Singapore Limited, will be reviewing and advising the
independent directors of NatSteel on the Offer or any other
offer in due course, at which stage the Board will make a formal
recommendation to shareholders.

In the meantime, the Board wishes to clarify the following
matter relating to the Offer. In its announcement made on 3 June
2002, CCL provided an indicative timetable, from its
perspective, for the completion of the CCL acquisition of the
Businesses. The Board has been advised that, if the Offer
proceeds to completion, the distribution of all available funds
to NatSteel shareholders would involve a voluntary liquidation
of the Company. This process is expected to extend over an
appreciable period of time.

The Board also announces the appointment of Dr. Tan Tat Wai to
the special committee of the Board (Special Committee) to assist
in the assessment the Offer and any other offer that may be
received. Currently, Dr. Tan is a member of the Board and also
the group-managing director of Southern Steel Berhad. With his
considerable experience and knowledge of the steel industry, Dr.
Tan will provide the Special Committee with valuable insights in
its deliberations. Dr Tan has confirmed, inter alia, that if a
conflict of interest situation arises, he shall not participate
in any decisions of and shall abstain from voting on any
resolution of the Board in connection with the Offer.

The Board considers business continuity and stability to be of
utmost importance during this period and wishes to express its
full confidence in the NatSteel management team while the Offer
and all other options are being considered.

The Board will continue to keep shareholders informed as
developments warrant. In the meantime, the Shareholders are
advised to refrain from taking any action in relation to their
shares in the Company, which may be prejudicial to their
interests.

Weber Shandwick Singapore has been appointed as the
communications advisor to NatSteel Ltd in its consideration of
CCL's Offer and all other options.

For further information, please contact:

Communications Advisors
Weber Shandwick Singapore
Tel: +65 6825 8000

Andrew Pirie (Co-President, Asia Pacific)
Peter Poulos (Senior Vice President)
Ng Chip Keng (Account Manager), DID: +65 6825 8084, Email:
ckng@webershandwick.com

Financial Advisors

Salomon Smith Barney Singapore Pte Ltd
Tel: +65 6432 1240

Richard Seow (Managing Director)
Chang Tou-Chen (Director)
Feisal Zahir (Vice President)


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


HEMARAJ LAND: Paid-Up Capital Reaches Bt3,547,423,850
-----------------------------------------------------
Hemaraj Land and Development Public Company Limited, in
reference to the Issuance of Warrants, has amended the features,
the terms and conditions and the number of the warrants, which
resulted the total amount of warrants outstanding were
471,686,471 units. The new exercise price is Bt3.00 per share at
the ratio of 1 Warrant to 1 common share. The warrant holders
can exercise right every quarter on the 15th of March, June,
September, and December of each year through its maturity, which
now extended to 10 years. And the notification period is 14 days
prior to each of the exercise date.

The Company would like to report the results of warrant
conversion to common shares as at June 17, 2002 as follows:

Number of Warrant Holders  No. of warrants  No. of common shares

Thai persons    2          788,500          788,500

Therefore, there are 470,897,971 remaining warrants, and the
Company have a paid-up capital Bt3,547,423,850.  The total
number of issued shares will be 354,742,385 shares.


ITALIAN-THAI: Discounted Debt Repurchase Program Submitted
----------------------------------------------------------
ITD Planer Co., Ltd., as the Plan Administrator of Italian-Thai
Development Public Company Limited, informed that during June 3-
14, 2002, Creditors Class 5 and Class 6 who desired to
participate in the Discounted Debt Repurchase Program and/or
Voluntary Debt to Equity Conversion Program have completed and
submitted the form of offer for discounted sale of debt and/or
form of offer for debt to equity conversion to the Program
Manager.

Moreover, the Program Manager already performed its duties as
specified in the business reorganization plan, and delivered the
reports of the discounted debt repurchase and voluntary debt to
equity conversion to the Company.

The details of such reports can be summarized as follows:

1.      Discounted Debt Repurchase Program:

The weighted average percentage for the discounted debt to be
repurchased is 33.98 percent. The total of debts to be
repurchased is Bt3,964,056,410. In this case the Company shall
utilize funds to repurchase such debts in the amount of
Bt1,346,986,368.

2.      Voluntary Debt to Equity Conversion Program:

The weighted average price for the debt to equity conversion
equals Bt59.87.  The Company will issue 73,867,818 shares to the
certain creditors.  However, the Company will inform the
decrease of the Company's debts in such above-mentioned program
to SET thereafter.


THAI PETROCHEMICAL: EPL Press Briefing Convened on Friday
---------------------------------------------------------
Mr. Peter Gothard, Managing Director of Effective Planners
Limited, the Plan Administrator of Thai Petrochemical Industry
Public Company Limited, invited members of the press to a
briefing, entitled, "A detailed update on key elements of TPI's
rehabilitation plan and major future milestones," on Friday,
June 21, 2002 at 10:30 am at Ferrier Hodgson's office, 21st
Floor, Sathorn City Tower, 175 South Sathorn Road.

Things to learn from the briefing are:

   *  An update on key aspects of TPI's non-core asset sale
program

   *  Details of new programs implemented to further enhance
employee job security and benefits

   *  Specifics of progress made to date in achieving debt
reduction targets

   *  An analysis of best practice production forecasting and
implementation


RAIMON LAND: Releases Presentation Summary
------------------------------------------
Raimon Land Planner Co., Ltd., Plan Administrator for
Raimon Land Public Company Limited, posted below the summary of
its presentation to the public held on Wednesday, 19 June 2002,
as follows:

Overview

Raimon Land Plc. is a property company with its shares
listed on the Stock Exchange of Thailand. It has been
rehabilitated and is now a clean property vehicle ready to
reenter the market.

Set out below are details of its history:

1994    -       Raimon was listed on SET.

1998    -       As a result of economic difficulties, the
trading of its shares were suspended and the Company was placed
in Rehabilitation.

2001    -       Creditors' approved Rehabilitation Plan.

2002    -       The Company carried out a Private Placement.
        -       All debts were cleared and all significant
assets have been transferred to its Creditors as part
settlement.

Future Plans

June    -       The SET has been asked to allow the shares to
resume trading on the SET.
        -       Recommence trading on 26th June 2002.

July    -       The Company will issue 4 free rights warrants
for every 1 share held to shareholders in July 2002.
        -       The company also intends to undertake a Bt500
million Rights Issue (2 new shares with two new warrants
attached) (This is independent of but will be timed concurrently
with the above Rights Warrants Issue).

Implementation Plan

The following timetable is estimated:

2002            Event

26th June       First day of trading on SET.

Early July      Announce capital increase for every one existing
share, shareholders on the Register Close date, will receive;
                -   4 free Rights Warrants.
                -   2 new Rights Shares (to be subscribed at Bt5
each) plus two further free warrants.

Mid July        Register close.

Early August    Rights Issue period.

Mid August      Private Placement of shares under Excess Rights.

September       Right Warrants issued

October Release from Business Rehabilitation

Financial Status after Restructuring

The following is a pro-forma Balance Sheet is intended
to, inter alia, represent the Company after completion of the
restructuring, initial capital injection and settlement of all
debts.:

(Baht thousand)
Current Assets

Cash in hand and at banks                  10,424
Accounts receivable                        -
Inventory                                  14,724
Other current assets                       706
Total current assets                       25,855
Long-term assets

Property, plant and equipment (net)        23,530
Other assets                               1,310
Total Assets                               50,695
Liabilities and Shareholders' Equity
Current liabilities                        8,239
Total current liabilities                  8,239
Total Shareholders'' Equity                42,456
Total Liabilities and Shareholders' Equity      50,695

This is prior to the proposed capital increase of up to Bt500
million expected in August 2002.

Shareholding Structure

As at 10th June 2002, the Company's share structure was as
follows:

                              Existing Shares           %
Rights Warrants
Prior to the Rights Issue
Existing Shareholders      1,874,400         3.76    7,497,600
Creditors                  7,981,610        16.01    31,926,440
Seamico                    10,271,398        20.61   41,085,592
Knight Asia Group          4,000,000         8.03    16,000,000
Other Investor             25,715,802        51.59   102,863,208
                           49,843,210       100.00   199,372,840
The Rights Issue
New shares to be issued by Rights
and Private Placement **   99,686,420          -      -
New Warrants attached      -                   -      99,686,420
Proposed after the Rights Issue  149,529,630        299,059,260

Note :

1.  All Warrants will be exercisable at Bt5 at any time for a
period of up to 5 years
2.  Issuance of the all Warrants will only be after SEC approval
3.  It is intended to list the Warrants on the SET
4.  An ESOP scheme of up to 5 percent of the Company's enlarged
issued capital is also proposed

*   The Company will issue up to 99.69 million new shares (with
99.69 million free warrants attached) to existing shareholders
by means of a Right Issues at Bt5 and raising up to Bt500
million.

Investment and Capital Expansion
Subscription of the Rights Issue:

-    Any Rights Shares not subscribed for by existing
shareholders, either in the Rights Issue or during the Excess
Rights application process, will be placed by Seamico by private
placement and in consultation with the Board of Directors.

-    It is proposed to invite selected potential Private Placee
Investors to acquire shares in the Company by way of applying or
those Rights Shares not taken up in the proposed Rights Issue by
existing shareholders in July 2002.

-    For every 1 Rights Share subscribed for at Bt5 per share
(par value), the Investor will receive 1 free Rights Warrant.

-    The Rights Shares are expected to be traded on the SET in
August 2002.

-    Subject to SEC and SET approval, the Warrants are expected
to be traded in October 2002.

Future Plans

The company highlighted that the future direction of the company
would fall within the following real estate sectors:

        -       Residential Housing within Bangkok
        -       Single Detached Housing
        -       CBD Condominium
        -       CBD Residential Apartment

Resorts
        -       Niche resort hotels
        -       Resort villas for sale
        -       Located in major tourist locations in Thailand
Investment
        -       Refurbished offices
        -       Well-located retail
        -       Sale and leasebacks

The company outlined two opportunities currently under
evaluation:

Raimon Park  -       Buyback of 100 completed single detached
houses

Raimon Tower -  Conversion of office building into residential
condominium for sale

At end of the presentation the attendees were invited to submit
questions, the following questions were asked:

Question    :  If you proceed to redevelop the Raimon Tower
project what will be the                likely cost to complete.

Answer      :  At this stage the redesign of the project from
office to residential is still under process of obtaining the
necessary authority approvals so it is not possible to indicate
on Wednesday the final construction budget however in our
feasibility studies we have budgeted a figure of Bt450.00
million to complete construction.

Question    :  What will be the cash position of the company
post rights issue and will this be sufficient for the projects
that you are considering

Answer      :  Following the rights issue and on the assumption
that the full Bt500.00 million is raised the cash position of
the company will be in the order of THB 430.00 million.  The
difference is due to Raimon Land acquiring certain real estate
assets from Seamico Securities.  These transactions have
previously been disclosed.

At this stage no commitments have been made to invest in the
projects identified so initially the funds raised by the rights
issue will be sufficient to progress Raimon Tower.

Question    :  When you  transferred assets back to secured
creditors under the rehabilitation plan what was the basis for
establishing the transfer value.

Answer      :  The secured creditors agreed to accept the
average of two independent valuations prepared by Appraisal
Companies approved by the creditor committee.

Question    :  Does the company have an option to  purchase
these assets at the transfer value.

Answer      :  The company has a first and last right of refusal
to buyback the assets within 3 years should the creditor decide
to sell. The pricing of any buyback will be negotiated with the
creditor.

There were no further questions from the floor so the company
closed the presentation at 11.30 a.m.

Subsequent to the meeting closing there were further questions
addressed to the management by attendees from the media.

The general substance of these questions related to the
company's future plans and particularly specific project and
revenue projections.

The company's response to these questions was that prior to
capital raising through the Rights Issue it was to early to
provide specific projections and that the opportunities shown in
the presentation were still only at the planning stage.

When progress had been made to secure projects post Rights issue
the company would notify the public on any commitments that had
been made.


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

   Black case Number L.F. 4/2541

   Red case Number L.F. 4/2541

Petitioner: Suranakorn Muangmai Company Limited

Date of filing of the petition: September 4, 1998

Court Order: Court appoints the date to issue the order on
September 11, 1998

The date the Petitioner Withdrew the petition: October 1,1998

The date the Court disposed of the case: October 2, 1998

                                       ***********

           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 ***