TCRAP_Public/020626.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

            Wednesday, June 26, 2002, Vol. 5, No. 125

                         Headlines

A U S T R A L I A

BURNS, PHILP: PPT Ups Relevant Shares
EMPIRE SYSTEMS: Michael Roussi Guilty on A$990,923 Deception
HIH INSURANCE: Issues Commissions Sitting Days Schedule
KINGSFORD SMITH: Flies Off With Investment-Grade Ratings
KISS CORPORATION: Ex-Director Dennis Charter Jailed

SOFTWARE COMMUNICATION: DCL's Offer Period to Close Friday
TUART RESOURCES: Releases Conversion of Debt to Equity Notice
VOICENET (AUST): Issues Satisfaction of Debt Notice


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: All Resolutions Pass at SGM
CIL HOLDINGS: Hires ICEA for Odd Lot Arrangement Services
CIL HOLDINGS: Undertakes Share Consolidation
MASTER PRINTING: Petition to Wind Up Pending
SOUTHERN MINING: Winding Up Petition Hearing Set

SPHEROID (HK): Hearing of Winding Up Petition Set
VASTGRAND INDUSTRIAL: Winding Up Petition Slated for Hearing


I N D O N E S I A

ASTRA INT'L: Daihatsu Deal Proceeds Use for Business Expansion
ASTRA INTERNATIONAL: Welcomes Setiadharma as New President
BUKAKA GROUP: IBRA Wins Bankruptcy Petition Against Muhammad


J A P A N

DAIEI INC: Unit Sells Convenience Store Ops to Mitsubishi
FURUKAWA ELECTRIC: S&P Lowers Rating to BB+pi
HITACHI LTD: Unit Secures S$78M Contract From SDC
HOKKAIDO INTERNATIONAL: Applies for Court Protection
ISHIKAWA BANK: US Fund Aims to Acquire Failed Bank

KDDI CORP: 3G Service Tops One Million Subscribers
KOKUSAI SECURITIES: Liquidates Overseas Units
NAGASAKIYA CO: Mizuho Unit Forgives Debt
NIPPON TELEGRAPH: Units Transfers Satellite Assets To JSAT
SNOW BRAND: Enters Agreement With Lotte Co


K O R E A

DAEWOO MOTOR: Suzuki Motor Takes Capital Stake in Carmaker
HANBO CORP: Selects Yamato Kogyo to Bid For Steel Mill
HANVIT LEASING: Woori Bank Contacts Investors to Sell 70% Stake
HYUNDAI HEAVY: May Incur W560B Loss on Hynix Shares
SAMSUNG ELECTRONICS: Plans to Repay US$300M Bonds


M A L A Y S I A

GEAHIN ENGINEERING: Soon Hin Legal Suit Claims RM243,844.71
GEORGE KENT: SC OKs Proposed New ESOS Implementation Extension
L&M CORPORATION: Unit's Winding Up Petition Hearing Today
METROPLEX BHD: In the Final Stage of Debt Workout Formalization
NCK CORP.: SC Grants Proposed Disposal Conditional Approval

RASHID HUSSAIN: Proposes US$200M Bond Restructuring
SEAL INCORPORATED: Inks JV Agreement With DKSB to Reduce Debt
TECHNOLOGY RESOURCES: Seeks Resolution Separation Today
TIMBERMASTER INDUSTRIES: Unit Faces Winding Up Petition


P H I L I P P I N E S

INTERNATIONAL CONTAINER: Clarifies Cash Dividend Declaration
KEPPEL PHILIPPINES: Shuts Down Four Subsidiaries
PHILIPPINE AIRLINES: Seeking US Domestic Air Rights
NATIONAL BANK: Expects P2.9B Net Loss in 2002


S I N G A P O R E

BIL INTERNATIONAL: Unit Enters Refinancing Agreement With UOB
HOTEL PROPERTIES: Winds Up Dormant Subsidiary
HOUR GLASS: Unit Enters Voluntary Liquidation
LKN-PRIMEFIELD: Files Objections to IRAS Assessments


T H A I L A N D

DATAMAT PUBLIC: SET Halts Stock Trading
HABITAT INDUSTRIES: Business Reorganization Petition Filed
ITALIAN-THAI: Posts Add'l Investment Change Info
ITALIAN-THAI: Reports Share Offering Results
SINO-THAI: Appoints New Audit Committee Member

     -  -  -  -  -  -  -  -

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


BURNS, PHILP: PPT Ups Relevant Shares
-------------------------------------
Perpetual Trustees Australia Limited increased its relevant
interest in Burns, Philp & Company Limited on 24 June 2002, from
66,268,344 ordinary shares (8.38%) to 79,767,898 ordinary shares
(9.94%).

Days ago, the Company and certain of its subsidiaries entered
into a Settlement Agreement to sell US$400 Senior Subordinated
Notes due 2012 (Notes Issue). The net proceeds of the Notes
Issue have been received by the issuer of the Notes, Burns Philp
Capital Pty Limited.


EMPIRE SYSTEMS: Michael Roussi Guilty on A$990,923 Deception
------------------------------------------------------------
Michael Roussi, also known as Misagh Roussi, has been convicted
in the Downing Center District Court, Sydney, on two charges of
improperly using his position as an officer of Empire Systems
Pty Limited (Empire Systems) to gain an advantage for his wife
Rita Rohani.

In a two-week trial before Judge Blackmore, the jury heard
details of Mr Roussi's involvement with Empire Systems, a large
computer retailer that went into liquidation in 1998.

The two charges alleged that Mr Roussi initiated a 'round robin'
of cheques. Mr Roussi caused two cheques totaling A$990,923 to
be drawn on Empire Systems' bank account and recorded in Empire
Systems' books as payments to two creditors.

However Mr Roussi caused the cheques to be paid to cash and re-
deposited into the same account, recorded as having been
received from his wife in payment of her outstanding loan
account.

Mr Roussi will appear for sentencing on Friday 16 August 2002.

The charges against Mr Roussi arose after an investigation by
the Australian Securities and Investments Commission (ASIC) and
were prosecuted by the Commonwealth Director of Public
Prosecutions.


HIH INSURANCE: Issues Commissions Sitting Days Schedule
-------------------------------------------------------
The HIH Royal Commission will usually sit each Monday to Friday
in June and July.

The Royal Commissioner has advised that the Commission will now
be sitting during the week commencing 1 July.

Hours of Sitting

The sitting times are usually Monday to Thursday 9:30 am to 11
am, 11:15 am to 12:45 pm and 2:15 pm to 4:30 pm unless there is
a mid afternoon break when the hearings will conclude at 4:45
pm. Fridays 9:15 am to 11:00 am, 11:15 am to 1:00 pm.

Commission Location

Level 8, 'The Landmark' 345 George Street, Sydney



KINGSFORD SMITH: Flies Off With Investment-Grade Ratings
--------------------------------------------------------
Standard & Poor's on Tuesday said it expects to assign
investment-grade credit ratings to the Southern Cross
Consortium's acquisition of Sydney's Kingsford Smith Airport
(KSA). The corporate credit rating of the parent, Southern Cross
Airports Corp. Holdings Ltd., is expected to be `BBB-'. The bulk
of the acquisition finance is to be issued by the company's
finance subsidiary and is expected to achieve a higher rating of
`BBB' due to structural protection and credit enhancements. A
subordinated hybrid instrument (Fliers) should achieve a `BBB-'
supported by separate dedicated credit enhancements. All ratings
will be confirmed once final documentation has been reviewed and
the transaction has been settled.

An aggressive financing structure is to be adopted, with a high
proportion of debt and debt-like instruments used to fund the
A$5.5 billion acquisition and provide for adequate reserves.
Included will be core senior debt and a facility to meet medium-
term capital expenditure demands. The group intends to refinance
a significant proportion of senior debt into the debt capital
markets within a year, which presents a major refinancing task.
The rating on the group is enhanced by the flexibility afforded
to it through the layers of equity and hybrids. The deferrable
coupons on the Fliers, which will account for about 10% of the
total funding structure, and the preference shares, which will
be a large component of the equity, add flexibility to the
otherwise stretched cash flows. The rating on the Fliers is
enhanced by the effective ranking as an unsecured creditor of
the operating and asset-owning company in the event of
liquidation and through its dedicated fully funded six-month
coupon-servicing reserve. Without these features, the ratings on
the Fliers would be lower.

The corporate and financing structure adopted is complex, which
has become a common feature of the Australian infrastructure
market. The senior debt, which will be most of the operational
and financing debt, is to benefit from first-ranking security
over the airport assets, a dedicated fully funded six-month
debt-service reserve, first claim on cash flows, limitations on
payments that can be made to the parent company, and will be
protected from the actions of the parent company. The Fliers
will be subordinated to all other current and future acquisition
and operational debt, will be issued out of the parent company,
but will benefit from a dedicated servicing reserve and a
guarantee from the operational company in the event of
liquidation.

KSA's position as Australia's gateway airport underpins its
robust revenue and cash flow, which will benefit from the recent
increase in aeronautical charges. A feature of the financing
structure is the requirement that the operating and senior debt
financing companies retain sufficient cash to maintain a
forward-looking maintenance capital expenditure reserve that
will be fully funded at financial close. The group will also be
required to meet all operating and senior debt financing
obligations, maintain a six-month senior debt debt-servicing
reserve that will also be fully funded at financial close. Cash
flow cover ratio hurdles that increase from 1.3 times (x) to
1.4x after June 30, 2004, must be met before free cash flow is
distributed by the parent company for payment to the Fliers,
preference shares or ordinary shareholders. Future financing is
subject to meeting cash flow cover ratio hurdles that increase
from 1.0x to 1.65x from July 1, 2006.

The safety margin on servicing the group's obligations will be
low for several years, with funds from operations interest cover
to rise from about 1.0x in 2003 and average 1.3x in the
following three years; internal funding of capital expenditure
will remain low for the foreseeable future. There is little room
for underperformance in any key operating metric, including
passenger growth rates, retail, property or car parking revenue,
operating or financing expenses, or capital expenditure.


KISS CORPORATION: Ex-Director Dennis Charter Jailed
---------------------------------------------------
Mr Dennis Charter, of Geelong, was convicted on Monday and
sentenced in the Melbourne County Court to 18 months jail in
relation to one charge of improperly diverting a cheque for
A$402,500.

The charge, brought by the Australian Securities and Investments
Commission (ASIC), followed an investigation into Kiss
Corporation Pty Ltd (Kiss Corporation), a failed multimedia
company with a recording studio facility in Chapel Street, South
Yarra during the late 1990s. Mr Charter was a director of Kiss
Corporation.

Mr Charter had earlier pleaded guilty to one charge relating to
the improper diversion of a cheque for $402,500 made payable to
Gotham Audio, which formed part of a loan that Kiss Corporation
had obtained in 1997 for A$1 million from GE Capital.

The cheque was subsequently deposited into a newly opened bank
account, at the time in the name of Cotham Audio Pty Ltd.

Mr Charter was ordered to serve nine months of the 18-month
sentence, with the balance to be served by way of a recognizance
order. The terms of the order require Mr Charter to be of good
behavior for two years and to pay A$500 for any breach of the
order during this period.

The Commonwealth Director of Public Prosecutions prosecuted this
matter.


SOFTWARE COMM.: Replies to ASX's Winding Up Application Query
--------------------------------------------------------------
Software Communication Group Limited, in respond to ASX's
facsimile letter of 24 June 2002 requesting further information
in respect to the announcement advising that as a result of the
Companies inability to secure a renewal of its Directors and
Officers Liability Insurance post 30 June 2002, that the Board
has resolved to make an application to the court to wind up the
Company, announced that in making the application, pursuant to
section 467 of the Act, the Court would fix a hearing date for a
future time and in the interim the Company seeks to appoint a
provisional liquidator for the purpose of maintaining the status
quo.

Accordingly, following an application by the Company pursuant to
section 461(1)(k) of the Act, the Court may exercise any of the
powers outlined in section 467 of the Act. If a provisional
liquidator is appointed by the court in accordance with section
472(2) of the Act, the provisional liquidator will be equipped
with  the powers conferred under section 477. In particular, we
note that  pursuant to sections 472(3)(4) and (5) the
provisional liquidator or  liquidator may, "carry on the
business of the Company".

In any event, on the appointment of a provisional liquidator,
the provisional liquidator would be obliged to assess the
Companies situation and, if appropriate, to comply with any
obligations imposed by operation of ASX Listing Rule 11.2 if and
when a decision is made to propose to sell any of the Companies
assets.

In respect of the second query, Sofcom confirmed that it has
acted in full compliance with the obligations imposed by ASX
Listing Rule 3.1.


SOFTWARE COMMUNICATION: DCL's Offer Period to Close Friday
----------------------------------------------------------
Software Communication Group Limited, in response to recent
enquiries regarding the notification of trading in Data &
Commerce Limited's securities and after consultation with
representatives of Australian Stock Exchange Limited, announced
that DCL agrees and undertakes, for the remainder of the offer
period, to disclose to the market within 3 hours of any order to
buy DCL securities being placed by a director or any associate
of a director of DCL.

The offer period is due to close at 5pm (WST) on Friday 28 June
2002. DCL will not be extending the offer past this date,
however the offer may be extended in accordance with the
Corporations Act.

After the offer period and in accordance with DCL's continuous
disclosure obligations any trading in DCL securities will be
disclosed to the market within 5 business days from the date of
the transaction and otherwise in accordance with the ASX Listing
Rules.


TUART RESOURCES: Releases Conversion of Debt to Equity Notice
------------------------------------------------------------
Tuart Resources Limited posted below its Conversion of Debt
notice:

APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT

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

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

Name of Entity
Tuart Resources Limited

ACN or ARBN
057 337 952

We (the entity) give ASX the following information.

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

1. Class of securities issued          (i) Fully paid ordinary
or to be issued                        shares (Shares)

2. Number of securities issued         (i) 30,678,162
   or to be issued (if known)
   or maximum number which
   may be issued

3. Principal terms of the securities   The principal terms of
(eg, if options, exercise price     these securities are
and expiry date; if partly paid     identical to
   securities, the amount              those shares and options
   outstanding and due dates for       currently quoted on ASX
   payment; if convertible securities,
   the conversion price and dates
   for conversion)

4. Do the securities rank equally      Yes
   in all respects from the date
   of allotment with an existing
   class of quoted securities

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

5. Issue price or consideration        30,678,162 shares at 0.24
                                       cents per share

6. Purpose of the issue (if            (i) Conversion of debt to
   issued as consideration for         equity
   the acquisition of assets,
   clearly identify those
   assets)

7. Dates of entering securities        24/06/2002
   into uncertified holdings
   or dispatch of certificates

                                      NUMBER  CLASS
8. Number and class of all       636,070,921  Ordinary shares
   securities quoted on          219,737,948  Options
   ASX (including the                         exercisable at
   securities in clause                       20 cents each
   2 if applicable)                           before 30/06/2003

                                      NUMBER  CLASS
9. Number and class of all        11,585,915  Shares (TRTAQ)
   securities not quoted           3,000,000  Options (TRTAS)
   on ASX (including the
   securities in clause 2
   if applicable)

10.Dividend policy (in the case        Same as for existing
   of a trust, distribution            share
   policy) on the increased
   capital (interests)

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

Items 11 to 33 are Not Applicable

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

34. Type of securities (tick one)

    (a) x  Securities described in Part 1

    (b)    All other securities

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

Entities that have Ticked Box 34(a)

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

Tick to indicate you are providing the information or documents

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

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

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

    Entities that have Ticked Box 34 (b)

    Items 38 to 42 are Not Applicable

ALL ENTITIES

Fees

43. Payment method (tick one)

Cheque attached

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

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

QUOTATION AGREEMENT

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

2.  We warrant the following to ASX.

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

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

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

    *   Section 724 or section 1016E of the Corporations Act
does not apply to any applications received by us in relation to
any securities to be quoted and that no-one has any right to
return any securities to be quoted under sections 737, 738 or
1016F of the Corporations Act at the time that we request that
the securities be quoted.

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

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

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

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


VOICENET (AUST): Issues Satisfaction of Debt Notice
---------------------------------------------------
Voicenet (Aust) Limited posted this notice:

APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT

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

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

Name of Entity
Voicenet (Aust) Limited

ACN or ARBN
33 004 701 062

We (the entity) give ASX the following information.


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

1. Class of securities issued          Ordinary Shares
   or to be issued

2. Number of securities issued         3,000,000
   or to be issued (if known)
   or maximum number which
   may be issued

3. Principal terms of the securities   Fully paid
   (eg, if options, exercise price
   and expiry date; if partly paid
   securities, the amount
   outstanding and due dates for
   payment; if convertible securities,
   the conversion price and dates
   for conversion)

4. Do the securities rank equally      Yes
   in all respects from the date
   of allotment with an existing
   class of quoted securities

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

5. Issue price or consideration        2.5 cents per share

6. Purpose of the issue (if            Satisfaction of Debt
   issued as consideration for
   the acquisition of assets,
   clearly identify those
   assets)

7. Dates of entering securities        07/06/2002
   into uncertified holdings
   or dispatch of certificates

                                      NUMBER  CLASS
8. Number and class of all       215,270,863  Ordinary
   securities quoted on
   ASX (including the
   securities in clause
   2 if applicable)

                                      NUMBER  CLASS
9. Number and class of all           500,000  Unlisted options
   securities not quoted           6,500,000  Executive options
   on ASX (including the
   securities in clause 2
   if applicable)

10.Dividend policy (in the case        -
   of a trust, distribution
   policy) on the increased
   capital (interests)

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

Items 11 to 33 are Not Applicable

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

34. Type of securities (tick one)

    (a) X  Securities described in Part 1

    (b)    All other securities

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

Entities that have Ticked Box 34(a)

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

Tick to indicate you are providing the information or documents

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

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

37.    A copy of any trust deed for the additional securities
(now go to 43) Entities that have Ticked Box 34 (b)

Items 38 to 42 are Not Applicable

ALL ENTITIES

Fees

43. Payment method (tick one)

Cheque attached

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

Periodic payment as agreed with the home branch has been
arranged

Note: Arrangements can be made for employee incentive schemes
that involve frequent issues of securities.

QUOTATION AGREEMENT

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

2.  We warrant the following to ASX.

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

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

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

    *   Section 724 or section 1016E of the Corporations Act
does not apply to any applications received by us in relation to
any securities to be quoted and that no-one has any right to
return any securities to be quoted under sections 737, 738 or
1016F of the Corporations Act at the time that we request that
the securities be quoted.

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

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

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

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


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


CIL HOLDINGS: All Resolutions Pass at SGM
-----------------------------------------
The Directors of CIL Holdings Limited announced that at the
Special General Meeting held on Tuesday, all the resolutions put
to the Shareholders in respect of, inter alia, the Adjustment
Proposal, the Scheme, the Recapitalization Issue, the
application of the Whitewash Waiver, the acquisition of Micky,
the grant of the Option and the grant to the Directors of
general mandates to issue new Shares and to repurchase existing
Shares, were duly passed by the Shareholders.

At the Special General Meeting, resolutions in respect of, inter
alia, the Recapitalization Issue, the Whitewash Waiver and the
grant of the Options were conducted by way of poll, all of which
were voted in favor by Independent Shareholders, holding an
aggregate of 11,550,529,400 Shares, representing 100 per cent in
the value of the total number of Shares held by Independent
Shareholders present and voting either in person or by duly
authorized corporate representative or by proxy.

Currently, the conditions to the Scheme and the Recapitalization
Issue as set out in the Circular are yet to be fulfilled. Should
there be any material changes to matters relating to the Scheme,
the Company will make an appropriate announcement if and when
necessary.

These events are expected to occur on the dates as set out
below:

Effective date of the Adjustment Proposal  4:00 p.m. 24th
June 2002

Dealings in Consolidated Shares commence  9:30 a.m. 25th June
2002

Original counter for trading in existing Shares in board lots
of 100,000 Shares temporarily closes  9:30 a.m. 25th June
2002

Temporary counter for trading in Consolidated Shares
in board lots of 2,000 Consolidated Shares in the form
of existing certificate(s) for existing Shares opens  9:30 a.m.
25th June 2002

First day for free exchange of certificate(s) for existing
Shares for new certificate(s) for Consolidated Shares  25th
June 2002

Original counter for trading in Consolidated Shares,
in board lots of 100,000 Consolidated Shares in the form
of new share certificate(s) for the Consolidated Shares re-opens
9:30 a.m. 10th July 2002

Parallel trading commences 9:30 a.m.  10th July 2002

Temporary counter for trading in Consolidated Shares in board
lots of 2,000 Consolidated Shares in the form of existing
certificate(s) closes  4:00 p.m. 31st July 2002

Parallel trading ends 4:00 p.m.  31st July 2002

Last day for free exchange of certificate(s) for existing Shares
for new certificate(s) for Consolidated Shares  5th August 2002


CIL HOLDINGS: Hires ICEA for Odd Lot Arrangement Services
---------------------------------------------------------
CIL Holdings Limited announced that in order to alleviate the
difficulties arising from the existence of odd lots of
Consolidated Shares, the Company has arranged for a broker to
match the sales and purchases of odd lots of Consolidated Shares
for Shareholders who become holders of odd lots as a direct
consequence of the Adjustment Proposal.

Holders of odd lots of Consolidated Shares who wish to take
advantage of this facility may contact Ms. Chow King Ling of
ICEA Securities Limited at telephone number: (852) 2115 8820
from 25th June 2002 to 31st July 2002 (both days inclusive).

Holders of Shares in odd lots should note that the matching of
odd lots is not guaranteed. They are advised to consult their
professional advisers if they are in doubt about the facility
described above.


CIL HOLDINGS: Undertakes Share Consolidation
--------------------------------------------
CIL Holdings Limited requested market participants to note that
the shareholders of the Company have approved the consolidation
of shares on the basis of 50 then existing ordinary shares (Old
Shares) of CIL HOLDINGS into 1 new ordinary shares (New Shares).

Effective Tuesday, 25 June 2002), 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 previous counter (stock code: 479) for trading in
board lots of 100,000 Old Shares each.


MASTER PRINTING: Petition to Wind Up Pending
--------------------------------------------
The petition to wind up Master Printing Company 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 19,
2002 by Chui Ching of Room A, 1/F., 19 Wai Fung Street, Ap Lei
Chau, Hong Kong.


SOUTHERN MINING: Winding Up Petition Hearing Set
------------------------------------------------
The petition to wind up Southern Mining Limited is scheduled 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 9, 2002 by River
Trade Terminal Company Limited whose registered office is
situated at Terminal Office Building, 201 Lung Mun Road, Tuen
Mun, New Territories, Hong Kong.


SPHEROID (HK): Hearing of Winding Up Petition Set
-------------------------------------------------
The petition to wind up Spheroid (HK) Limited will 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 25, 2002 by
Mohammad Safdar of Room A, 5/F., 568 Canton Road, Yaumatei,
Kowloon, Hong Kong.


VASTGRAND INDUSTRIAL: Winding Up Petition Slated for Hearing
------------------------------------------------------------
The petition to wind up Vastgrand Industrial 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 24, 2002 by Yau
Chiu Sze of Room 1412, Wang Lai House, Wang Tau Hom Estate,
Kowloon, Hong Kong.


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


ASTRA INT'L: Daihatsu Deal Proceeds Use for Business Expansion
--------------------------------------------------------------
PT Astra International will not use the proceeds from a pending
deal to reduce its stake in PT Astra Daihatsu Motor for debt
repayment, AFX-Asia reports, citing newly appointed President
Director Budi Setiadharma.

Setiadharma said Astra and Japan's Daihatsu Motor Co Ltd are in
the final stages of negotiations to reduce Astra's stake in
their joint venture to around 32 percent from 50 percent.
Daihatsu owns 40 pct while Nichiman, a Japanese trading company,
owns the remaining 10 percent.

"We hope to wind this up very soon. But we will not use the
funds from the Daihatsu deal to pay debt. They will be used for
expanding our businesses," Setiadharma said.

Astra is considering a debt rescheduling and rights issue as it
is highly unlikely to meet debt repayments this year and beyond
if it continues to rely solely on internal cashflows and the
proceeds of asset sales.

According to DebtTraders, Astra Overseas Finance's 4.809%
floating rate notes due on 2005 (ASII05IDS1) are trading between
75.5 and 76.5. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ASII05IDS1


ASTRA INTERNATIONAL: Welcomes Setiadharma as New President
----------------------------------------------------------
PT Astra International shareholders at its AGM held on Tuesday
have appointed Vice-president Budi Setiadharma as the company's
new president, replacing Theodore Permadi "Teddy" Rachmat, who
has been appointed as the new Chief Commissioner replacing Abdul
Rachman Ramly, AFX reports.

Setiadharma joined Astra in 1970 and is in charge of the
automotive division, which contributes more than 80 percent of
Astra's net revenues.

The shareholders have also appointed Director Michael Darmawan
Ruslim, who was also nominated as a candidate for the
presidency, as vice president. Ruslim, who joined the company in
1983, is responsible for managing Astra's non-automotive
subsidiaries.

The composition of the Board of Directors was unchanged, except
for Rudyanto Hardjanto, the President Director of PT Toyota
Astra Motor, who has resigned.

The Board of Commissioners remains unchanged after the
replacement of the Chief Commissioner, except for Edwin
Soeryadjaya, who was replaced by Juwono Sudarsono.


BUKAKA GROUP: IBRA Wins Bankruptcy Petition Against Muhammad
------------------------------------------------------------
The Supreme Court (MA) has granted a Judicial Review (PK) filed
by Indonesia Bank Restructuring Agency on bankruptcy petition
against Ir. Fadel Muhammad, former Bukaka Group President, and
give a cassation annulment filed by Fadel. The decision
No.014/PK/N/2002 copy was received by IBRA through a letter
No.02.075/VI/014.PK/N/2002.

Based on MA decision, Ir. Fadel Muhammad as a Shareholder of
Bank Intan is declared eligible owe some debt to IBRA Rp93,280
billion as set forth in the Shareholder Settlement - Debt
Acknowledgement Deed (PKPSPU) dated October 9, 2000 No.16.In
addition to its obligations to IBRA, Fadel also owes loans to
other creditors:

   * PT. Bank IFI
   * ING Barings South East Asia Limited
   * ING Bank

Previously, the Commercial Court declared Fadel Muhammad
bankrupt on June 13, 2001. In response to that, Fadel take 2
(two) legal actions:

Judicial Review on Debt Settlement Extension decision
Cassation on bankrupt status and his total obligation. The first
legal action was rejected by MA. On his causation petition, MA
rejected creditors claim includes IBRA meanwhile Fadel is still
declared bankrupt.

Aside from MA rejection, IBRA decided to take a further legal
action by filling Judicial Review (PK) petition. In the memory
of PK, IBRA stated there is a new evidence to against Fadel.
Moreover, IBRA concern is MA's consideration in coming up with
previous decision do not fully reflects the facts.

On June 11, 2002, MA re-issued its decision contain:

   * Approved PK petition filled by IBRA
   * Withdraw previous MA decision dated November 2'2002
No.037/K/N/2001
   * Reject PK petition filled by Fadel through his lawyer, G.P.
Aji Wijaya, S.H and Johnson Hutajulu, S.H.

As IBRA won this case, MA declared that Ir. Fadel Muhammad debt
Rp93,280 to IBRA is legally binding.


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


DAIEI INC: Unit Sells Convenience Store Ops to Mitsubishi
----------------------------------------------------------
Supermarket chain operator Daiei Inc. will sell unit Daiei
Logistics Systems Inc's distribution operations to a subsidiary
of Mitsubishi Corp, Dow Jones said Monday. The transaction,
valued at Y5.6 billion, will aid the Company trim its mountain
of debt.

Meanwhile, AFX reported that Daiei Logistics would change its
name to Logione Co Ltd on July 1, 2002. Logione will be
capitalized at 54 billion yen.


FURUKAWA ELECTRIC: S&P Lowers Rating to BB+pi
---------------------------------------------
Standard & Poor's said Monday that it had lowered its rating on
Japanese electrical wire producer Furukawa Electric Co. Ltd. to
double-'B'-plus-pi from triple-'B'-minus-pi, based on the
expectation that the Company's already weakened profitability
and cash flow protection will deteriorate further, given the
uncertain prospects for a recovery in its optical fiber business
and the weakened profitability of its other businesses.

The downgrade also reflects concerns that Furukawa's business
profile will deteriorate as a result of its acquisition of
Lucent Technologies Inc.'s optical fiber solutions (OFS)
division, which has demonstrated a weak operating performance
and has heightened Furukawa's exposure to the troubled U.S.
optical fiber market. In addition, concerns exist over the
impact of this high-priced and poorly timed acquisition on the
Company's capital structure.

Furukawa's acquisition of the OFS unit strengthened its market
position and technological capabilities in the optical fiber
business. However, conditions in the U.S. optical fiber market
have deteriorated as a result of severe excess capacity, and
show no concrete signs of recovery.

"Although Furukawa maintains a solid customer base in the
electric wire, nonferrous metals, and electronics components
businesses, its earnings and cash flow generation have been
insufficient to offset the poor performance of its optical fiber
business," said Takahiro Saimen, a credit analyst at Standard &
Poor's in Tokyo. "If this trend continues, Furukawa's overall
profitability and cash flow generation will remain very poor
over the next few years," he added.

In fiscal 2002, Furukawa plans to focus on high-value-added
metro fibers and optical fiber devices to improve its
profitability. However, the prospects for a recovery in demand
in the U.S. are uncertain, given the decline in capital
investments by telecommunications carriers and other companies.
Moreover, the prospects for demand growth in Japan and other
markets are also uncertain.

Further impairment of Furukawa's OFS-related investment assets,
such as goodwill, could cause severe damage to its relatively
healthy capital structure. Standard & Poor's will assess
Furukawa's ability to recover its profitability and cash flow
protection over the next two to three years. A further erosion
of its cash flow protection or any sign of liquidity pressures
or difficulties in refinancing could lead to another downgrade.

According to TCR-AP, As of March 2001, Furukawa Electric's long-
term debt stood at 183.33 billion yen while total liabilities at
789.34 billion yen.


HITACHI LTD: Unit Secures S$78M Contract From SDC
-------------------------------------------------
Hitachi Asia Ltd., a wholly-owned subsidiary and regional Asian
headquarters of Hitachi, Ltd., announced on June 21, 2002, it
had secured a S$78 million (5.4 billion yen) contract from
Sentosa Development Corporation (SDC) to build a new monorail
system, "Sentosa Express", to Sentosa Island.

The Sentosa Express will be built using the Hitachi straddle-
type small monorail system and will improve access to Sentosa
Island from the southernmost tip of Singapore. The planned route
for the air-conditioned small monorail system will include a 2.1
km long double track which will link the main island of
Singapore and Sentosa, with gateway stations at World Trade
Centre's HarbourFront MRT Station and Central Beach on Sentosa.
The monorail route is expected to have four stations. These
stations will be located strategically near popular tourist
spots such as the Merlion tower, Museum, Amusement parks and
Central Beach. Construction on the monorail is expected to begin
in January 2003 and estimated project completion date is end of
2005.

The straddle-type small monorail system was originally developed
by Hitachi in Japan as a small, standard and cost-effective
solution to the transportation needs of small to medium-sized
cities. Capable of negotiating small and sharp curves, this
technology is based on existing larger monorail systems
technology such as the Tokyo Monorail system, which is currently
operating from Haneda Airport to Hamamatsu-cho.

Highlight features of the small-type monorail system are the
reduced load impact on the guideway structure and the
minimization of space requirements for the train depot and
berth, which will lead to great cost savings in construction.

Some other features of the straddle-type small monorail include:
1. Small and light vehicles with low noise levels
2. Vehicles capable of greater passenger carrying capacity
3. Slim guideway structure and design flexibility of the planned
route
4. Lower construction costs

For the Sentosa Express, Hitachi Asia Ltd., together with
Hitachi, Ltd., will be the builder of core systems such as
monorail vehicles (2 vehicles x 4 configuration); signaling and
power supply; operation systems and track switches; systems
design and systems integration.

In the near future, Hitachi Asia has plans to actively pursue
its South East Asian market in this region with Hitachi, Ltd.
such as provided for the Sentosa Express. The Hitachi group will
also actively seek to provide value-added end-to-end services to
its clients in the region through its leading-edge technology in
the straddle-type small monorail systems from planning support,
design, and manufacturing of projects to total systems
operations and maintenance (O & M).

Information contained in this news release is current as of the
date of the press announcement, but may be subject to change
without prior notice.

About Hitachi, Ltd.

Hitachi, Ltd. (TSE: 6501 / NYSE: HIT) 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

About Hitachi Asia Ltd.

Hitachi Asia Ltd., is a wholly owned subsidiary of Hitachi, Ltd.
Established in 1989 with regional headquarters in Singapore, it
has approximately 900 employees in Asia. The Company has 21
subsidiaries, branches and offices across 10 Asian countries.
The Company offers a wide range of systems, products and
services in market sectors, including information systems,
electronic devices, power and industrial systems and consumer
products. Fiscal 2001 (ended March 31, 2002) consolidated sales
totaled S$4.75 billion. For further information, please visit
the Hitachi Asia Ltd. home page at: www.hitachi.com.sg

Contact:
Yuuji Hoshino, Hitachi Asia Ltd.
+65 6536 0533
yhoshino@has.hitachi.com.sg

Chee Shin Yee, Hitachi Asia Ltd.
+ 65 6231 2529
sychee@has.hitachi.com.sg

Keisaku Shibatani, Hitachi, Ltd.(Japan)
+81-3-3258-2057
keisaku_shibatani@hdq.hitachi.co.jp

Seiichi Sato, Hitachi, Ltd. (Japan)
+81-3-3258-2057
satou-seiichi@ice.hitachi.co.jp

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: Applies for Court Protection
----------------------------------------------------
Hokkaido International Airlines will file for court protection
on June 25, Kyodo News reports. The Company has given up on its
restructuring efforts.

All Nippon Airways (ANA), which is in talks for a tie-up with
Hokkaido, is expected to give financial aid to the widely known
Air Do and share its six daily flights between Tokyo and
Sapporo.


ISHIKAWA BANK: US Fund Aims to Acquire Failed Bank
--------------------------------------------------
U.S. investment fund Metropolitan Mortgage & Securities Co. said
it is interested in acquiring Ishikawa Bank, Kyodo News said
Monday.

Ishikawa Bank filed for insolvency proceedings last December
with the Financial Services Agency (FSA), which immediately
appointed three administrators to take charge of the bank.

Metropolitan told the state-run Japan's Deposit Insurance Corp.
(DIC) that it aims to restructure Ishikawa Bank as a regional
financial institution by keeping its existing workforce,
Metropolitan lawyer Hideki Ushikubo said.

DIC is a state-run entity charged with dealing with failed
financial institutions.


KDDI CORP: 3G Service Tops One Million Subscribers
--------------------------------------------------
KDDI Corp. and Okinawa Cellular said on Monday that the total
number of subscribers to their third generation CDMA2000 1x
cellular phone service surpassed the one million mark on June
23, 2002, with a total 1,028,800 subscribers.

Launched on April 1, subscribers of the CDMA2000 1x service
numbered 334,100 by April 30, 695,700 by May 31 and topped the
one million mark in under three months after the launch.

The CDMA2000 1x service has a wireless Internet environment and
allows downstream data transmission at speeds of up to 144kbps
and upstream data transmission at 64kbps with the Internet
connection service EZweb and various other providers.

The service area covers 43 municipalities in Japan, and KDDI
plans to extend this to cover 90% of the population of Japan by
the end of 2002.

Handsets that are compatible with CDMA2000 1x include the GPS
Keitai (A3000) series, which have a highly-accurate location
information system that uses signals from global positioning
system (GPS) satellites, the camera-equipped GPS Keitai
(A3012CA) and the inter-changeable GPS Keitai (A3014S), as well
as six other models in the simple and user-friendly A1000
series.

According to a June 2002 report from the CDMA Development Group,
the total number of CDMA2000 1x and CDMA2000 1x/EV-DO
subscribers has exceeded 10 million.

CDMA2000 1x services are currently being offered by 15 companies
in seven countries in Asia, North America and Europe, including
Japan, South Korea, the U.S., Canada, Puerto Rico, Brazil and
Romania. The CDMA2000 1x/EV-DO service, capable of 2.4Mbps high-
speed data transmission, is now being marketed in South Korea.
As more companies roll out both of these services they are
expected to attract more and more subscribers around the world.

About KDDI CORPORATION

KDDI CORPORATION was established in 1984 and is currently the
second largest telecommunications Company in Japan, providing a
comprehensive range of voice, data, IP and mobile services to
both business customers and consumers. After merging with KDD
and IDO in October, 2000, KDDI serves over 15 million long-
distance subscribers, 1.4 million internet subscribers, 13
million mobile subscribers, and 3.3 million PHS subscribers.
KDDI has 34,000 km of highly reliable domestic network
infrastructure, in addition to optical submarine cable systems
such as TPC-5, Japan-US CN and China-US CN. KDDI also works to
develop advanced technology in the areas of radio & mobile,
lightwave, multimedia, and Internet communications. The KDDI
Group consists of approx 100 companies covering a wide variety
of telecommunications-related businesses such as engineering,
facility hosting, submarine cable construction, and R&D. For
further information, please visit the KDDI CORPORATION home page
at: www.kddi.com/english/index.html

Contact:
KDDI Corporation
Maede Haruhiko
ha-maede@kdd.co.jp
03 3347 6935

TCR-AP reported Monday that 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.

In April, 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.


KOKUSAI SECURITIES: Liquidates Overseas Units
---------------------------------------------
Kokusai Securities Co will liquidate overseas subsidiaries
namely Kokusai Europe Ltd of Britain and Kokusai America Inc. of
the United States, as part of preparations for Kokusai's merger
with three securities firms belonging to Mitsubishi Tokyo
Financial Group Inc Kyodo News said Tuesday.

The merger is slated for September 1, 2002.


NAGASAKIYA CO: Mizuho Unit Forgives Debt
----------------------------------------
Mizuho Holdings, Inc. announced on Monday that its wholly-owned
subsidiary, Mizuho Corporate Bank, Ltd., has decided to release
Nagasakiya Co., Ltd. and its affiliated companies (Nagasakiya
Estate Co., Ltd., Kanazawa Nagasakiya Co., Ltd) from some of
their debts in response to the reorganization plan approved in
the creditors' meeting on June 24, 2002. This decision is
subject to the approval of the reorganization plan by Tokyo
District Court.

1.Outline of Nagasakiya Co., Ltd. and its affiliated companies

(1)Nagasakiya Co., Ltd.
Address 7-14, Higashinihonbashi 3 chome, Chuo-ku, Tokyo
Assignee Mr. Kunimoto Fukuda, Mr. Shigeaki Momo-o, Mr. Hiroshi
Hashimoto
Capital JPY 11,787 million

(2)Nagasakiya Estate Co., Ltd.
Address 1-1, Higashinihonbashi 1 chome, Chuo-ku, Tokyo
Assignee Mr. Kunimoto Fukuda, Mr. Shigeaki Momo-o, Mr. Hiroshi
Hashimoto
Capital JPY 2,000million

(3)Kanazawa Nagasakiya Co., Ltd
Address 11, Nishiizumi 4 chome, Kanazawa City, Ishikawa
Prefecture
Assignee Mr. Kunimoto Fukuda, Mr. Shigeaki Momo-o, Mr. Hiroshi
Hashimoto
Capital JPY 100 million

2.Details of Relevant Developments

February 13, 2000 Nagasakiya Co., Ltd. and above affiliated
companies filed for commencement of corporate reorganization
procedure with the Tokyo District Court.
May 19, 2000 Commencement of corporate reorganization procedure
was decided.
June 24, 2002 The reorganization plan was approved in the
creditors' meeting.

3.Claims to be waived by Mizuho Corporate Bank, Ltd.

Subject to the approval by Tokyo District Court, Mizuho
Corporate Bank, Ltd. will release Nagasakiya Co., Ltd. and above
affiliated companies from their debts in the amount of JPY
79,448 million

4.Effect of this Development on Profit/Loss of Mizuho Holdings,
Inc.

This development will have no effect on Mizuho's previously
announced projections for this fiscal year.


NIPPON TELEGRAPH: Units Transfers Satellite Assets To JSAT
----------------------------------------------------------
Nippon Telegraph & Telephone Corp has agreed to transfer assets
of NTT East Corp and NTT West Corp to JSAT Corp for Y3.6 billion
on July 1, Kyodo News said Monday.

Under the deal, the units will transfer the combined 9.67
percent stake that they presently hold in the "N-STARa" and "N-
STARb" satellites to JSAT. Currently, JSAT holds a 60.33 percent
stake in each of these two satellites.

TCR-AP reported that 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.

The units are expected to ask Mizuho to reimburse them for the
losses.


SNOW BRAND: Enters Agreement With Lotte Co
------------------------------------------
Snow Brand Milk Products Co and Lotte Co will jointly set up an
ice cream manufacturing firm to be called Lotte Snow Co, Kyodo
News said Monday.

The new Company will be set up by the end of July and will
acquire the ice cream operations of Snow Brand. The firm is will
start operations on October 1 with a staff of 230. Lotte will
hold an 80 percent stake in the new Company.

Snow Brand Milk Products Co. will offer voluntary retirement to
1,000 workers in August as part of its rehabilitation program,
TCR-AP reports.

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


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


DAEWOO MOTOR: Suzuki Motor Takes Capital Stake in Carmaker
----------------------------------------------------------
Suzuki Motor Corp has agreed to take a capital stake in a new
firm that will acquire the assets of Daewoo Motor Co, Reuters
said Tuesday.

Suzuki said that a basic agreement had been reached with General
Motors Corporation (GM), and that it was still considering
operational cooperation.

Suzuki refused to give further details.

In April, GM agreed to capitalize the new Company through a $251
million cash investment, giving it the largest stake in the
venture of 42.1 percent, with the other investors holding 24.9
percent.

The new Daewoo will operate two plants in South Korea and a car
factory in Vietnam.


HANBO CORP: Selects Yamato Kogyo to Bid For Steel Mill
------------------------------------------------------
Hanbo Corp has chosen Yamato Kogyo Co Ltd from among its many
interested bidders to participate in its exclusive Pusan steel
sales talks, with the court's consent, AFX News said Tuesday.

An unnamed Company official said the Company expects around 140
billion won in proceeds. A memorandum of understanding (MoU)
will be signed this week and a definitive final contract is
expected next month.

Hanbo Corp was placed under court receivership in 1998.


HANVIT LEASING: Woori Bank Contacts Investors to Sell 70% Stake
---------------------------------------------------------------
South Korea's Woori Bank is contacting local and overseas
investors to sell  its entire 70.2 percent stake in unit Hanvit
Leasing and Finance Co., an  official at Woori Bank's finance
planning team said.

The Maeil Business Newspaper reported that among interested
investors are J.P. Morgan Chase & Co. and Lonestar.

The bank also plans to sell Hanvit Leasing's loans worth 350
billion won in a package deal, the official, who declined to be
named said.

Worri Bank aims to sell the stake and loans by year-end. The
official declined to give more details on the sale.

Woori Bank, formerly known as Hanvit Bank, holds 78.25 million
shares in Hanvit Leasing, which as of the end of March had a
total of W1.24 trillion in debt, exceeding its assets by 360
billion won.

Woori Finance Holdings is a government-owned financial holding
company set up in April last year to run several struggling
banks. Its units include flagship unit Woori Bank, Kwangju Bank,
Kyongnam Bank, Woori Investment Bank, Woori Asset Management
Co., Woori Credit Card Co. and Woori Finance Information.


HYUNDAI HEAVY: May Incur W560B Loss on Hynix Shares
---------------------------------------------------
Hyundai Heavy Industries Co. sees a 560 billion won loss from a
planned sale of its shareholdings of Hynix Semiconductor Inc.,
the Maeil Business Newspaper and Down Jones reported Monday. The
Company owns 34 million Hynix shares, at a book value of 17
thousand won a piece.

An unnamed Hyundai official said that to avoid the expected loss
from damaging its earnings, Hyundai Heavy plans to start selling
some of its Hynix shares gradually in 2002.

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.


SAMSUNG ELECTRONICS: Plans to Repay US$300M Bonds
-------------------------------------------------
Samsung Electronics aims to use its extra cash holdings to repay
US$300 million worth of foreign currency-denominated bonds ahead
of maturity, edaily and AFX News reported Monday.

The early repayment of the foreign bonds issued on November 1992
will mature in November this year. The move aims to cut the
firm's debt and to improve its finances.

TCR-AP reported that SEC has in the past several years tried to
diversify its profit source, reducing dependence on memory
semiconductors such as DRAM (dynamic random access memory) and
SRAM (static random access memory), while strengthening system
LSIs, LCDs (liquid crystal displays), mobile phones and consumer
electronics products. SEC's profit source has diversified as a
result, improving stability of cash flow.


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


GEAHIN ENGINEERING: Soon Hin Legal Suit Claims RM243,844.71
-----------------------------------------------------------
Geahin Engineering Berhad announced that on 20 June 2002 a legal
suit Soon Hin against the Company was served dated 17 May 2002.

Soon Hin is claiming it is owed RM243,844.71 for goods allegedly
delivered, with interest and costs, all of which are disputed by
the Company.

Meanwhile, the Company has instructed its solicitors to defend
it against the case. The Company will keep all relevant parties
informed about its outcome in due course.


GEORGE KENT: SC OKs Proposed New ESOS Implementation Extension
--------------------------------------------------------------
Aseambankers Malaysia Berhad, on behalf of George Kent
(Malaysia) Berhad, announced that the Company has received the
approval of the Securities Commission via its letter dated 19
June 2002 on the extension of time until 1 January 2003 for the
implementation of the Proposed Establishment Of New Employee
Share Option Scheme.

TCR-AP reported on June 13 that the Company does not intend to
implement the Proposed Issuance of up to 16,844,417 Replacement
Warrants to replace up to 16,844,417 Existing Warrants of the
Company (Proposed Replacement Warrants).


L&M CORPORATION: Unit's Winding Up Petition Hearing Today
---------------------------------------------------------
The Board of Directors of L & M Corporation (M) Bhd announced
that the hearing of the winding up petition in respect of the
winding up petition on L & M Kinabalu Sdn Bhd (the Company), a
subsidiary of L&M by Grorich Sdn Bhd had been postponed to 26
June 2002.

The Company was officially informed by the lawyer on 24 June
2002.

Grorich Sdn Bhd (GSB) was a supplier of construction material to
LMK. GSB had initiated legal proceedings against LMK claiming an
outstanding sum of RM298,867-15 for material supplied. However,
LMK was not defending against the legal proceedings as LMK
was under severe cashflow constrain and unable to meet its
liabilities.


METROPLEX BHD: In the Final Stage of Debt Workout Formalization
---------------------------------------------------------------
Metroplex Berhad, in reference to its earlier announcement dated
21 May 2002 in relation to the Proposed Debt Restructuring of
the Group with the Assistance of the Corporate Debt
Restructuring Committee (CDRC), informed that MB, in
restructuring its debts under the ambit of the CDRC, is in the
final stage of formalizing a debt restructuring agreement.

MB will make a further announcement to the Kuala Lumpur Stock
Exchange once a debt restructuring agreement is entered into
between MB and its lenders.

Early June, TCR-AP reported that MB's wholly owned subsidiary
company, Equity Holdings Sdn Bhd (39785-H) entered into a Sale &
Purchase Agreement on 29 May, 2002 to dispose of a land-based
property to Infra Sari Sdn Bhd (576859-D) for a consideration of
RM45,000,000.00. The total sale proceeds arising from the
disposal of the Property will be utilized for repayment of debts
and working capital of the Company.


NCK CORP.: SC Grants Proposed Disposal Conditional Approval
-----------------------------------------------------------
On behalf of NCK Corporation Berhad (Special Administrators
Appointed), Alliance Merchant Bank Berhad announced that the
Company has received the approval of the Securities Commission
(SC), via its letter dated 18 June 2002, for the Proposed
Disposal of UCP, the Proposed Disposal of Plant and Machinery
and a waiver on the moratorium on the ordinary shares of UCP,
subject to these conditions:

   (i) NCK is required to submit to the SC the actual proceeds
arising from the Proposed Disposals and the details of the
utilization of proceeds;

   (ii) NCK is required to submit the Workout Proposal prepared
by the Special Administrators for review and approval, where
necessary.

The Proposed Disposal entails:

   * Proposed disposal by Ng Choo Kwan & Sons Hardware Sdn Bhd
(NCK & Sons) (Special Administrators Appointed) and Fook Chuan
Trading Sdn Bhd (FC Trading) (Special Administrators Appointed),
wholly-owned subsidiaries of NCK, of their investments in UCP
Resources Berhad (Proposed Disposal of UCP)

   * Proposed disposal by NCK Wire Products Sdn Bhd (Special
Administrators Appointed), a wholly-owned subsidiary of NCK of
its plant and machinery (Proposed Disposal of Plant and
Machinery)


RASHID HUSSAIN: Proposes US$200M Bond Restructuring
---------------------------------------------------
AmMerchant Bank Berhad, formerly known as Arab-Malaysian
Merchant Bank Berhad, on behalf of the Board of Directors of
Rashid Hussain Berhad (Board), announced that Bondholders have
at the Bondholders' meeting held on 21 June 2002, approved the
Proposed Restructuring of the US$200 Million Rashid Hussain
Berhad 1.5% Per Annum Exchangeable Bonds Due 2007.

On 26 June 1997, RHB issued US$200 million nominal amount of
Rashid Hussain Berhad 1.5% per annum Exchangeable Bonds due 2007
(Bonds 97/07), which are exchangeable for ordinary shares of RHB
Capital Berhad (RHB Capital). The Bonds 97/07 are listed on the
Luxembourg Stock Exchange and were constituted by a trust deed
dated 26 June 1997 (Trust Deed) between the Company and Citicorp
Trustee Company Limited (Trustee), being the trustee for the
holders of the Bonds 97/07 (Bondholders

Under the terms of the Trust Deed, the Bonds 97/07 are
redeemable by RHB in USD at their nominal value upon its
maturity on 30 June 2007 or, if the Bondholders so elects,
Bondholders may at any time, prior to maturity, exchange the
Bonds 97/07 for an aggregate 49,121,000 RHB Capital ordinary
shares of RM1.00 each held by RHB at a preset exchange price of
RM10.25 per RHB Capital share, at a fixed exchange rate of
RM2.51745 = US$1.00. In addition, under the terms of the Trust
Deed, the Bondholders have a put option (Put Option) to require
RHB to redeem the Bonds 97/07 at 132.592% of its principal
amount, which is equivalent to US$265.184 million or
approximately RM1.008 billion (based on the current exchange
rate of US$1.00=RM3.80), on 30 June 2002 (Put Option Redemption
Date).

DETAILS OF THE PROPOSED BOND RESTRUCTURING

Following the announcement of the proposed RHB Group
restructuring scheme by AmMerchant Bank on behalf of RHB Group
on 20 March 2002, RHB proposed to Bondholders to restructure the
Bonds 97/07 in conjunction with the proposed restructuring of
certain other borrowings of RHB. At the Bondholders' meeting
held on 21 June 2002, Bondholders approved the settlement of the
Bonds 97/07 by way of an exchange of the Bonds 97/07 at the
accreted value for new USD265.184 million nominal amount of
Rashid Hussain Berhad Bonds 2002/2007 (New Bonds) with
approximately 340.439 million detachable warrants (New
Warrants). The New Warrants will entitle its holder to purchase
shares of RHB Capital held by RHB at an exercise price of RM2.96
per share, by way of cash payment or the surrender for
cancellation of the New Bonds at their accreted value or a
combination of both. The salient terms of the New Bonds, New
Warrants and the table that sets out the key terms of the New
Bonds and New Warrants as compared to the Bonds 97/07 are found
at http://www.bankrupt.com/misc/TCRAP_Rashid0626.doc

Pending the settlement of the Bonds 97/07 by way of New Bonds
and New Warrants, the terms of the Bonds 97/07 will be amended
so that any notices of redemption served by the Bondholders to
exercise the Put Option on the Put Option Redemption Date will
be cancelled and the Put Option Redemption Date will be extended
to 31 December 2002 or such later date as may be agreed by RHB
and the Trustee (Long-Stop Date) or such earlier date on which
RHB notifies Bondholders in writing that the conditions
precedent to the Proposed Bond Restructuring (as set out in
Section 6 below) have not been satisfied, and will not be
satisfied before the Long-Stop Date (Failure Date).

In the event that the Proposed Bond Restructuring becomes
unconditional (i.e. on satisfaction of all the conditions
precedent as set out in Section 6 below) on a date (Effective
Date) before the Long-Stop Date, all rights of Bondholders to
exercise the Put Option will be cancelled. In the event that the
Effective Date occurs on or before 31 December 2002 and the New
Bonds are not issued on or before that date, the interest which
will have accrued in respect of the period up to and including
the interest payment date falling on 31 December 2002, shall be
paid at a rate of 2.65184% per annum on the principal amount of
the Bonds 97/07 outstanding.

If the Put Option becomes exercisable (either on the Long-Stop
Date or the Failure Date), RHB will notify Bondholders that the
period in which Bondholders must deposit a certificate and
notice of redemption with any agent (as defined in the Trust
Deed) has commenced and that it will expire 30 days thereafter.
15 days after the expiry of such period, RHB will be required to
redeem such Bonds 97/07 at such amount as will cause the Bonds
97/07 to provide a yield to Bondholders (including interest paid
and accrued) from 26 June 1997 to the date of redemption of
7.05% per annum, calculated on a semi-annual basis.

RATIONALE FOR THE PROPOSED BOND RESTRUCTURING

The Proposed Bond Restructuring is being carried out in
conjunction with the proposed RHB Group restructuring scheme
which was announced on 20 March 2002 and which includes the
overall restructuring of RHB's borrowings. The Proposed Bond
Restructuring enables RHB to defer its repayment obligations
under the Bonds 97/07 and is expected to ultimately enable the
redemption of the New Bonds without a significant amount of cash
outlay or fund raising by RHB. Proceeds from the exercise of New
Warrants, which have an exercise price that is more reflective
of the current market price of RHB Capital shares, will be used
to redeem the New Bonds.

The terms of the Proposed Bond Restructuring also allows RHB to
better match its cashflow requirements for interest servicing
and repayment of the Company's borrowings with the improved
cashflow position of the Company resulting from the proposed
group restructuring scheme of the RHB Group.

FINANCIAL EFFECTS OF THE PROPOSED BOND RESTRUCTURING

Share Capital

The Proposed Bond Restructuring will not have any effect on the
issued and paid-up share capital of RHB.

Net Tangible Assets (NTA)

The Proposed Bond Restructuring will not have any immediate
material effect on the consolidated NTA of RHB. However, the
consolidated NTA of RHB may increase accordingly at a particular
point in time as and when the New Warrants are exercised based
on the exercise price of the New Warrants, the mode of
settlement and the quantum of New Warrants exercised.

Earnings

The Proposed Bond Restructuring will not have any material
effect on the earnings of the RHB Group for the financial year
ending 30 June 2002.

Major Shareholding Structure

The Proposed Bond Restructuring will not have any effect on the
major shareholding structure of RHB.

CONDITIONS OF THE PROPOSED BOND RESTRUCTURING

The Proposed Bond Restructuring is subject to, inter-alia, the
following additional approvals:

   (a) The Securities Commission;
   (b) Bank Negara Malaysia;
   (c) Foreign Investment Committee;
   (d) Kuala Lumpur Stock Exchange;
   (e) Labuan Offshore Financial Services Authority (which was
obtained on 10 May 2002);
   (f) Labuan International Financial Exchange;
   (g) Shareholders of RHB (at an extraordinary general meeting
to be convened); and
   (h) any other relevant authorities, if necessary.

CONDITIONS PRECEDENT AND EFFECTIVE DATE

The Effective Date will be the date on which RHB notifies
Bondholders that the Proposed Bond Restructuring has become
unconditional i.e. all the conditions precedent have been
satisfied as follows:

   (1) that RHB Bank Berhad has completed the proposed
acquisition of Bank Utama (Malaysia) Berhad;

   (2) that RHB holds or will hold a sufficient number of RHB
Capital shares to enable it to transfer, as soon as reasonably
practical and in any event within 28 days of the date on which
the New Bonds and New Warrants will be issued by RHB (Closing
Date), the relevant RHB Capital shares to the security trustee
to constitute the security for the New Bonds;

   (3) that RHB has restructured its approximately RM1,041
million secured short-term borrowings substantially in the
manner set out below:

     (i) by the repayment of a total of RM200 million in cash
towards the secured short-term borrowings and restructured the
remainder into:

       (a) RM360 million secured serial bonds or term loan with
maturities up to seven years;

       (b) RM200 million bonds guaranteed by banks whose
obligations are secured with a maturity of five years; and

       (c) approximately RM281 million secured revolving credit
facility with a term of up to three years; or

     (ii) in a manner that the Trustee agrees is not materially
prejudicial to Bondholders;

   (4) that RHB has completed the restructuring of its RM800
million 2.5% secured, non-convertible bonds due 25 June 2002 by
exchanging the same with unsecured subordinated debt issued by
RHB Bank Berhad, or in a manner that the Trustee agrees is not
materially prejudicial to Bondholders; and

   (5) that RHB has obtained all the relevant approvals,
authorizations and consents necessary for RHB to implement the
Proposed Bond Restructuring as mentioned in Section 5 above
including, but not limited to approvals to list the New Bonds on
the Luxembourg Stock Exchange and the Labuan International
Financial Exchange, to list the New Warrants on the Kuala Lumpur
Stock Exchange and that none of the conditions to such
approvals, authorizations and consents (if any) are materially
prejudicial to the Bondholders.

DEPARTURE FROM THE SECURITIES COMMISSION (SC) GUIDELINES

The Proposed Bond Restructuring contains certain terms in
respect of the issuance of New Warrants which depart from the
guidelines issued by the SC on 6 December 1994 on the issuance
of call warrants. RHB will be seeking an exemption from the SC
for the departure from these guidelines.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the directors and major shareholders of RHB and/or
persons connected with them, have any interest, direct and or
indirect, in the Proposed Bond Restructuring.

DIRECTORS' OPINION

The Board is of the opinion that the Proposed Bond Restructuring
is in the best interests of the Company.

ADVISER

RHB has appointed Credit Suisse First Boston as the financial
adviser with respect to the Proposed Bond Restructuring.
AmMerchant Bank has been appointed as the Adviser for the
proposed RHB Group restructuring scheme and to make the
necessary submissions to the relevant authorities on the
Proposed Bond Restructuring and the proposed RHB Group
restructuring scheme on behalf of RHB.

APPLICATION TO RELEVANT AUTHORITIES AND TIMEFRAME FOR COMPLETION

The application to the relevant authorities for the Proposed
Bond Restructuring is expected to be made within three (3)
months from the date of this announcement and the indicative
timeframe for completion of the Proposed Bond Restructuring is
by last quarter of 2002.


SEAL INCORPORATED: Inks JV Agreement With DKSB to Reduce Debt
-------------------------------------------------------------
The Board of Directors of Seal announced that on 21 June 2002
Seal entered into a joint venture agreement (JV Agreement) with
Darul Kencana Sdn Bhd (DKSB or Developer) for the purpose of the
development of all three (3) parcels of freehold land held under
Title G.M. 537, Lot 480, G. M. 536, Lot 481 and Grant No. 5432,
Lot 1213 measuring approximately 1.175 acres, 1.24375 acres and
29.53125 acres respectively all located at Mukim of Cheras,
Daerah Hulu Langat, Negeri Selangor (Project Land) and to
commence and complete the construction and development of a
mixed development including but not limited to residential
development (Project) (Proposed JV).

DETAILS OF THE PROPOSED DEVELOPMENT

Salient terms of the JV Agreement

The salient terms of the JV Agreement are as set out below:

   (i) The Developer acknowledge the awareness of the following:

     (a) a charge on the Project Land by Mayban Finance Berhad
(Chargee) as security for a outstanding loan amounting to
approximately Ringgit Malaysia (RM) 13,000,000 (Loan);

     (b) part of the Project Land is subject to compulsory
acquisition pursuant to Section 8 of the Land Acquisition Act
1960 (Acquisition); and

     (c) a private caveat by Adland Sdn Bhd (Caveator) on the
Project Land (Private Caveat).

   (ii) In consideration of RM500,000 only (Security Deposit)
paid by the Developer to the Seal's solicitors upon execution of
the JV Agreement, the Developer agrees and covenants to develop
the Project Land subject to and in accordance with the terms and
conditions contained therein. The Seal's solicitors are
authorized and directed by Seal and the Developer (collectively,
"Parties") to release the Security Deposit to the Chargee to
account of the repayment of the Loan upon the Chargee's approval
to the mode of repayment as stipulated in item (vii) below.

   (iii) The JV Agreement is conditional upon the following
conditions being fulfilled within six (6) months from the date
of the JV Agreement (the Approvals Period):

     (a) Seal obtaining the approval of its shareholders at a
general meeting for the JV and the transfer of the Project Land
upon the terms and conditions contained therein.

     (b) Seal obtaining the approval of the Appropriate
Authority, authorities whose approval are deemed necessary by
the Developer to carry out the Project on the Project Land
(including but not limited to Foreign Investment Committee) for
the JV and the transfer of the Project Land upon the terms and
conditions contained therein.

(Collectively, "Approval")

   (iv) The Developer agrees and covenants with the Seal as
follows:

     (a) To submit at its own costs and expenses all necessary
application for the subdivision of the said Project Land into
building plots in accordance with the layout plan as prepared by
the Developer and at the Developer's absolute discretion and as
approved by the relevant authority and to obtain the issuance of
qualified titles for each subdivided lot and also to pay all the
necessary fees for subdivision to the authorities; and

     (b) to prepare or cause to be prepared at their own costs
and expenses, proper layout plan or plans and thereafter to
submit the same to the appropriate authorities for approval.

   (v) Upon the approval of subdivision of the said Project
Land, the Developer shall within six (6) months from the date
thereof or such other longer duration as may be agreed upon by
the parties hereto from time to time, submit at its own costs
and expenses all necessary building plan, road plans,
engineering plans and sewage plans in respect of the Project to
the local and proper authorities for approval.

   (vi) Upon the approval of the building and other necessary
plans for the construction of the houses and the issuance of the
Developer's license and sale and advertising permit, the
Developer shall within twelve (12) months from the date thereof
commence in a workmanlike manner the construction of the houses
in accordance with the layout building and other necessary plans
approved by such appropriate authorities and to furnish them fit
for occupation accommodation and use in accordance with the
approved plans and specification with water and electricity
supplied thereto and shall construct all roads, drains, back
lanes and culvert thereto in accordance with the approved plans
and to the standard required by the appropriate authorities.

   (vii) The Developer shall pay to Seal (to account of the
Seal's Entitlement as stated in item (xii) below) such sum of
money in the manner as stated in item (vii)(a) and (b) below to
enable the Seal to redeem and discharge the Project Land from
the Chargee:

     (a) The Developer shall pay to the Seal's Solicitors a sum
of RM200,000 only per month payable on or before the 28th day of
each and every month commencing on the 28 July 2002 and the
Seal's Solicitors are hereby authorized and directed by the
Parties to release the same to the Chargee towards account of
the repayment of the Loan and the redemption of the Project
Land. The Developer's obligation to remit such repayment to the
Seal's Solicitors shall end upon full settlement of the Loan

     (b) Notwithstanding the above, the Developer agrees,
covenants and undertakes to pay to Seal further monies
equivalent to the outstanding amount of the Loan by 31 December
2003 to enable the Seal to redeem the Project Land from the
Chargee. Such payment shall be made payable to the Seal's
Solicitors who are authorized to forward to the Chargee
immediately.

   (viii) Seal shall apply to the High Court within one (1)
month from the date of the JV Agreement for an order to remove
the private caveat lodged by the Caveator against the Project
Land and shall endeavor to obtain the order within six (6)
months from the date of the JV Agreement or within one (1) month
from the date upon receipt of the written notification from the
Developer and or the Developers' Solicitors of their intention
to redeem the Project Land, whichever is the later provided that
the Developer shall in addition to the payment under item (vii)
above deposit a further sum of RM2,100,000 only with Seal's
Solicitors to account of the payment to Seal under item (xii)
below.

   (ix) Seal shall deliver vacant possession of the Project Land
to the Developer upon execution of the JV Agreement provided
that the Developer, its servants or agents is entitled to carry
out earthwork at the Developer own costs and expenses on the
Project Land after execution of the JV Agreement and provided
that the Developer shall only be entitled to commence work
(other than the earthwork) on the Project Land upon receipt or
deemed receipt by the Seal of a sum of not less than RM6,000,000
only being further payment by the Developer to account of the
payment to Seal under item (xii) below in addition to the
payment under item (vii) above

   (x) Seal shall give notice to the Developer within seven (7)
days from the date of receipt of acquisition compensation sum
under the said Acquisition and a sum equivalent to the
acquisition compensation sum shall be deemed paid by the
Developer to Seal to account of the payment under under item
(xii) below, Seal shall forward the said acquisition
compensation to the Developer within seven (7) days upon receipt
of the compensation sum.

   (xi) Upon the Default of Developer, Seal shall be entitled to
forthwith terminate the JV Agreement and in which event:

     (a) the Security Deposit shall be forfeited to the account
of Seal;

     (b) the acquisition compensation sum received by the Seal
shall belong exclusively to the Seal and the Developer shall
have no claim whatsoever over the acquisition compensation sum;

     (c) cost and expenses paid by the Developer under the JV
Agreement shall not be refunded in anyway whatsoever and the
Developer shall have no claim whatsoever against the Seal
regarding the costs and expenses of the Project;

     (d) all other monies paid by the Developer to the Seal
prior to the date of termination shall be utilized by the Seal
to remedy the breach and damage suffered by the Seal
particularly and not limited to the damage suffered by the Seal
consequent upon the commencement of work on the Project Land and
or launching of sale for the Project; and

     (e) balance thereafter (if any) shall be refunded to the
Developer without interest whatsoever within six (6) months.
(xii) As full consideration of the JV, the Developer agrees to
pay Seal RM21,000,000 only "the Seal's Entitlement). The
Developer shall pay Seal RM21,000,000 only to account of the
Seal's Entitlement regardless of the status of the development
of the Project in the following manner:

       (a) RM500,000 only payable under item (ii) of the JV
Agreement and the said Security Deposit shall be used to account
of part of the Seal's Entitlement;

       (b) Sufficient sum of monies but not exceeding
RM16,000,000 only to redeem and to obtain a discharge from the
Chargee of the Project Land payable in accordance with item
(vii) above; and

       (c) Balance sum (if any) shall be paid by the Developer
to Seal on or before 31 March 2004.

   (xiii) Seal agree and undertake to apply to the Appropriate
Authority within twenty one (21) days from the date of the JV
Agreement for the Approvals and to take all the steps and do all
things necessary to expedite the said application in order to
obtain the Approvals.

Information of the Land

The Project Land comprising three (3) parcels of freehold land
measuring a total of approximately 31.95 acres, which are all
vacant land, intended for development purposes. As at 30 June
2001, the net book value of the three parcels of land is
RM20,590,270.

The Property is presently charged to Mayban Finance Berhad as
security for credit facilities granted to Seal of RM12,000,000.

INFORMATION ON DKSB

DKSB was incorporated in Malaysia on 21 April 1993 under the
Companies Act, 1965 as a private limited company under its
present name.

The authorized share capital of DKSB is RM1,000,000 comprising
1,000,000 ordinary shares of RM1.00 each and its present issued
and paid up share capital is RM1,000,000 comprising 1,000,000
ordinary shares of RM1.00 each. The principal activity of DKSB
is that of property development.

RATIONALE FOR THE PROPOSED JV

Seal Group's performance has not recovered since the economic
crisis, which began in mid 1997. For the past three (3)
consecutive financial years ended 30 June 2001, Seal Group has
been incurring losses. In view of its current financial
position, the Board of Directors of Seal is reviewing various
options to restructure Seal Group's businesses in order to
return Seal Group to profitability and at the same time ensure
that Seal maintains its listing status.

An immediate requirement identified by the Board is to alleviate
the cashflow constraints by reducing the level of bank
borrowings of Seal Group hence saving on interest payments.

FINANCIAL EFFECTS OF THE PROPOSED JV

Share Capital

The Proposed JV will not have any effect on the issued and paid-
up share capital of Seal.

Earnings

Upon receipt by Seal of the RM21,000,000 from the JV Agreement
and the transfer of the Project Land to DKSB, Seal is expected
to record a gain of approximately RM410,000.

Net Tangible Assets (NTA)

Upon receipt by Seal of the RM21,000,000 from the JV Agreement
and the transfer of the Project Land to DKSB, the NTA of the
Seal Group will increase by RM410,000 which is the gain recorded
by Seal.

Substantial Shareholders

The Proposed JV will not have any effect on the substantial
shareholders of Seal.

Bank Borrowing

Upon receipt by Seal of the RM21,000,000 from the JV Agreement
and the full repayment of the Loan, the bank borrowings of Seal
will reduced from RM101,321,408 to RM88,321,408.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors and persons connected to the Directors of
Seal or substantial shareholders and person connected to the
substantial shareholders of Seal has any interest, directly or
indirectly in the Proposed JV.

DIRECTORS' RECOMMENDATION

The Directors, after careful deliberations on the Proposed JV,
are of the opinion that the Proposed JV is in the best interest
of Seal.

DOCUMENTS FOR INSPECTION

The JV Agreement in relation to the Proposed JV dated [21 June
2002] can be inspected at the Registered Office of Seal at No.
21 & 23, Jalan Hussein (Ground Floor), 30250 Ipoh, Perak Darul
Ridzuan, Malaysia from Mondays to Fridays (except public
holidays) during business hours for a period of three (3) months
from the date of this announcement


TECHNOLOGY RESOURCES: Seeks Resolution Separation Today
-------------------------------------------------------
Telekom Enterprise Sdn Bhd (TESB), a wholly-owned subsidiary of
Telekom Malaysia Berhad (TM), through CIMB Nominees (Tempatan)
Sdn Bhd, is requesting the Board of Technology Resources
Industries Berhad (TRI) separate the resolutions in relation to
the Recurrent Related Party Transactions (RRPT) at the
Extraordinary General Meeting (EGM) today, 26 June 2002.

In its proposed resolutions, TESB wants to separate the RRPTs
into transactions entered into with the DeTeAsia Group, the
Edaran Group, TM and Fiberail Sdn Bhd as detailed in the
Circular to Shareholders of TRI dated 10 June 2002 in relation
to the Proposed Shareholders' Mandate for RRPTs.

If the resolution is carried, there will be four (4) distinct
ordinary resolutions to be voted on by the shareholders of TRI
at the EGM of TRI for the respective RRPTs instead of one.

TESB, having assessed the Circular to shareholders of TRI dated
10 June 2002, is of the view that there are certain significant
transactions (which have been combined together in the original
sole ordinary resolution) on which TESB has the right to
exercise its vote. These transactions include those entered into
with the DeTeAsia Group and the Edaran Group (Transactions
Unrelated to TM).

By grouping all related transactions with the RRPTs between the
TRI Group and TM under a single resolution, TESB has been denied
the opportunity to exercise its right to vote on such
significant transactions notwithstanding that TESB is not an
interested party to these transactions.

As such, TESB has requested the Board of TRI to separate the
resolutions to allow TESB the opportunity to exercise its vote
on the Transactions Unrelated to TM.

In accordance with the Listing Requirements of the Kuala Lumpur
Stock Exchange, TESB shall continue to abstain from voting at
the EGM on the relevant RRPT resolutions in relation to TM and
Fiberail Sdn Bhd.


TIMBERMASTER INDUSTRIES: Unit Faces Winding Up Petition
-------------------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed) announced that a winding up petition dated 30 April
2002 was served on its wholly owned subsidiary, Wintrill
Corporation Sdn Bhd (Respondent) on 7 June 2002 by The New
Straits Times Press (Malaysia) Berhad (Petitioner).

The Petitioner claimed that the Respondent is indebted to the
Petitioner for an amount of RM78,587.13 as at 31 January 2002,
which comprise of judgment sum of RM74,418.96, interest of
RM2,772.87 as at 31 January 2002 (with interest still accruing
at a rate of 8% per annum from 1 February 2002 till date of
satisfaction) and costs of RM1,405.30 being the sum of a final
judgment. In consideration, charges incurred by the Respondent
in respect to advertising publication by the Petitioner at the
request of the Respondent.

The Petitioners had sent a Notice of Demand pursuant to Section
218 of the Companies Act 1965 dated 31 January 2002 to the
Respondent.

Based on the latest audited accounts of the Respondent, the
Respondent is dormant and inactive. There are minimal assets and
the Respondent is unable to repay their debts. The winding-up
proceeding against the Respondent is not expected to have any
significant financial or operational impact on TMIB.

The total cost of investment by TMIB in the Respondent is
RM2.00.


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


INTERNATIONAL CONTAINER: Clarifies Cash Dividend Declaration
------------------------------------------------------------
International Container Terminal Services, Inc., in reference to
Circular for Brokers No. 922-2002 dated April 19, 2002
pertaining to the cash dividend declaration approved by the
Board of Directors on April 18, 2002.

The Company would like to inform the Philippine Stock Exchange
that the Company has set June 17, 2002 as the payment date.

The Company did not give comparative figures or any other
details.

International Container Terminal Services, Inc. clarified on
March 27 that the debt level after the full redemption of the
US$130 million convertible notes last March 12 dropped further
to P2.5 billion, and not US$2.5 billion. It was an inadvertent
typographical error.


KEPPEL PHILIPPINES: Shuts Down Four Subsidiaries
------------------------------------------------
Keppel Philippine Holdings, Inc. (KPHI) is closing down four
units namely Matamarine Technical Services, Inc. (MTSI), KP
Finance, Inc. (KPFI), KP Designing and Detailing, Inc. (KDDI),
and Opon KE Construction and Development, Inc. (OKDC), Business
World said Monday. The move aims to lower the Company's
operating costs.

KPHI posted a net loss of P46.8 million in 2001 from a net
profit of P4.4 million in 2000. This was due mainly to poor
performance of Keppel Bank Philippines, which is undergoing
rehabilitation.

KPHI has been undergoing business reorganization since 1998.


PHILIPPINE AIRLINES: Seeking US Domestic Air Rights
---------------------------------------------------
Philippine Airlines Inc said it should be permitted to service
domestic routes in the US after the US government called on the
Philippines to pursue its "open skies" policy, Business World
and AFX News reported Monday.

"If the US is adamant about open skies, then we will insist on
open skies in the real sense of the term ... Everything must be
reciprocal. If we must go into open skies, everybody ... should
open their markets," PAL President Avelino Zapanta was quoted as
saying.

"We are confident we can fight it out in their (US) market."

DebtTraders reports that Philippine Airlines 7.601% floating
rate not due in 2000 (PHPA00PHN1) trades between 8 and 14. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PHPA00PHN1


NATIONAL BANK: Expects P2.9B Net Loss in 2002
---------------------------------------------
Philippine National Bank (PNB) will expect to post a net loss of
2.9 billion pesos ($58 million) this year, down from a loss of
4.13 billion pesos in 2001, Reuters said Tuesday, citing
President Lorenzo Tan.

Tan stressed that the bank aims to lessen its bad loan ratio to
39 percent of its loan portfolio by the end of 2002, down from
53 percent at the end of 2001.


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


BIL INTERNATIONAL: Unit Enters Refinancing Agreement With UOB
-------------------------------------------------------------
The Board of Directors of BIL International Limited (BIL) wishes
announced that on 21 June 2002, a Facility Agreement has been
entered into between (1) BIL Asia Group Treasury Limited
(BILAGT), a wholly-owned subsidiary of BIL as borrower, (2) BIL,
as guarantor and (3) United Overseas Bank Limited (UOB), as
lender.

The lender has agreed to make available a multi-currency
revolving loan facility of up to US$280 million (the Facility).

Mr Arun Amarsi, Chief Executive Officer, said, "We are delighted
that we have been able to renew our financing facilities, which
underscores the strength of our focused strategy to enhance the
value of our investment portfolio."

It is intended that the proceeds of the Facility will be applied
towards inter alia, refinancing BILAGT's US$600 million
Transferable Loan Facility (TLF), arranged by HSBC, which
matures on 23 July 2002. The Facility will also be used to fund
BIL Group's working capital requirements and general corporate
purposes. The current outstanding amount on the TLF is US$300
million.

None of the Directors or substantial shareholders of BIL has any
interest, direct or indirect, in the Facility.

The refinancing has no significant impact on the gearing ratio
and the net tangible assets per share for the year ending 30
June 2002.

Enquiries:
BIL International Limited
Singapore Tel: +65 6438 0002
Arun Amarsi, Chief Executive Officer Email: a.amarsi@bil.com.sg


HOTEL PROPERTIES: Winds Up Dormant Subsidiary
---------------------------------------------
The Directors of Hotel Properties Limited (HPL) announced on
June 21 that a plan has been drawn up for the winding up and
dissolution of FP Asset Management Inc, a dormant subsidiary of
the Hotel Properties Limited.

Mr Lau Puay Heng has been appointed Liquidator to administer the
Plan of Dissolution for this subsidiary.

The dissolution of this subsidiary will have no impact on the
business or affairs of the Company.


HOUR GLASS: Unit Enters Voluntary Liquidation
---------------------------------------------
The Hour Glass Limited announced Monday that Multiple Properties
Pte Ltd, a dormant non-operating subsidiary Company, was placed
in members' voluntary liquidation on 20 June 2002.

The voluntary liquidation of the subsidiary Company will not
have any material effect on the net tangible assets and earnings
per share of the Group.


LKN-PRIMEFIELD: Files Objections to IRAS Assessments
----------------------------------------------------
The Board of Directors of LKN-Primefield Limited announced
Monday that the Company has recently received an assessment from
the Inland Revenue Authority of Singapore (IRAS) for the year of
assessment (Y/A) 1998 amounting to $18m with regard to the
extraordinary gain on its previous sale of land at No. 429 Bukit
Timah Road (Land at Hotel Equatorial). In addition, IRAS has
also applied section 10E provisions of Income Tax Act to the
rental income with effect from Y/A 1999 and the additional tax
payable assessed by IRAS from Y/A 1999 to Y/A 2002 is $3.5m.

The Company has filed objections against the above assessments.
Amongst other issues, the Company is disputing the selling price
used for the computation of the tax liability relating to the
abovementioned extraordinary gain. The final selling price was
$55.9m but the amount applied for the computation of tax payable
was based on the conditional selling price of $118m. The Company
has consulted its tax consultant and is of the opinion that
there is a strong basis that the surplus arising from the
disposal of the relevant property is capital in nature and
therefore should not be liable to tax. As regards the tax
liabilities from Y/A 1999 to Y/A 2002, the amount estimated by
the Company's tax consultant is about $71,000.


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


DATAMAT PUBLIC: SET Halts Stock Trading
---------------------------------------
The Stock Exchange of Thailand has posted "H" sign against the
stock of Datamat Public Company Limited due to the unconfirmed
news saying the company is in debt-to-equity swap process and
concerning about its profits in 2nd quarter of 2002.

The company is asked by the SET to give clarification to the
investors through the SET. The company is unable to render the
clarification that can be disclosed to the investors before this
morning trading session.

As a result, trading in DTM stocks is halted as from
morning session of June 25, 2002 onwards until the company
clarifies and discloses the clarification to the public through
the SET.


HABITAT INDUSTRIES: Business Reorganization Petition Filed
----------------------------------------------------------
Habitat Industries Thailand Company Limited (DEBTOR), engaged in
sales and produce carpets, carpet laying materials, and
pavements, filed it Petition for Business Reorganization was
filed to the Civil Court of Southern Bangkok:

   Black Case Number L.F. 5/2541

   Red Case Number L.F. -/-

Petitioner: Habitat Industries Thailand Company Limited debtor

Planner: Mr. Treethip Telarn

Debts Owed to the Petitioning Creditor: Bt638,001,624.34

Date of Court Acceptance of the Petition: November 20,1998

Date of Examining the Petition: December 25,1998 at 8.00 AM

Court order for dismissal of the Petition: December 25, 1998


ITALIAN-THAI: Posts Add'l Investment Change Info
------------------------------------------------
Italian-Thai Development Public Company Limited, with reference
to its letter dated May 28, 2002 regarding the change in its
investment, provides information as per the following details:

After the shares swap, ITD held 55,021,871 shares in Charoong
Thai Co., Ltd. which is 15.47% of Charoong Thai Co., Ltd.
registered paid up capital. Such of these numbers of share come
from shares swap of ITD in Siam Pacific Co., Ltd. for 981,380
shares to Charoong Thai shares for 26,006,570 shares and
indirect shares swap which ITD held in Siam Pacific Holding for
1,094,917 shares to Charoong Thai shares for 29,015,301 shares,
represented 7.31% and 8,16%of registered paid up capital of
Charoong Thai respectively. Therefore, after the above shares
swap, ITD does not hold any shares in Siam Pacific Co., Ltd. and
Siam Pacific Holding Co., Ltd. The summary is as follows:

1.) Value       =       26,006,570 + 29,015,301 shares
          =       55,021,871  shares
          =       Bt473,188,090.60

(Weight average price at Bt8.60, calculation based on the price
Bt7.90-9.30 during March 14,2002 to April 9, 2002)

2.) Comparison to the book value asset as of March 31, 2002
        =   473,188,090.60 x 100
  =   1.86 %
  =   25,506,829,000

3.) Share appraisal     :  Societe Generale (SG), Professional
Financial Advisor,  given analysis and their advice is
acceptable to both parties.

Furthermore, Siam Pacific Group, which is the receiver of the
mentioned shares swap, do not have any transaction with the
Company.


ITALIAN-THAI: Reports Share Offering Results
--------------------------------------------
ITD Planner Company Limited, as Business Reorganization Plan
Administrator of Italian-Thai Development Public Company
Limited, posted below the report of the results of a share
offering held on June 24, 2002

(F53-5)
ITALIAN-THAI DEVELOPMENT PUBLIC COMPANY LIMITED
   REPORT THE RESULTS OF A SHARE OFFERING
       June 24, 2002

1. Information relating to the share offering

      Class of shares offered          :  Common share
      Number of shares offered         :  123,000,000 shares
      Offered to                       :  Creditors under the
Business
Reorganization Plan
      for the debt to equity conversion
      Price per share                  :  Bt59.87 (debt to
      equity conversion
price)
      Subscription period              :  June 3 - 14, 2002

2. Results of the share sale

      (  ) Totally sold
      (/ ) Partly sold, with 49,132,182 shares remaining. The
Company has further process for those remaining shares :
According to the Business Reorganization plan, the Company will
cancel all remaining shares shortly.

3.      Details of the sale

        Thai Investors    Foreign Investors   Total
        Juristic   Natural   Juristic    Natural

No. of persons     33           108       7         1      149
No. of shares
subscribed  27,189,160  3,327,153  43,334,803  16,702 73,867,818
Percentage
of total        36.81          4.50       58.67    0.02   100.00
shares offered for sale


4.    Amount of money received from the share sale

        As the conversion from debt to equity of creditors under
the Business Reorganization Plan; thus, there are no proceeds
received from this transaction.

The Company hereby certifies that the information contained in
this report form is true and complete in all respects.


SINO-THAI: Appoints New Audit Committee Member
----------------------------------------------
The Board of Directors of Sino-Thai Resources Development Public
Company Limited, pertaining to its convened Board of Director
Meeting No. 2/2002 on June 24,2002, reported the resolutions
adopted at the said meeting, as follows:

The Board of Directors has unanimously resolved to appoint Mr.
Pricha Attavipach as a new member of Audit Committee in place of
Mr. Pinit Ampornpisit.

It was further resolved that Mr. Sivawong Changkasiri be
appointed as the Chairman of Audit Committee.


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
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