TCRAP_Public/020702.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

            Tuesday, July 2, 2002, Vol. 5, No. 129

                         Headlines

A U S T R A L I A

ALLIED CARPET: Former Director Pleads Guilty
ASHANTI GOLDFIELDS: Proposed Note Restructuring Withdrawn
AUSDOC GROUP: Completes DX Group Sale
AUSDOC GROUP: Provides Undertakings in Relation to Break Fees
CMG CH: Changes Correspondent Office Address

DVT HOLDINGS: Court Requisitioned Meeting Ruling Set for Aug 7
ENERGY WORLD: Inks Agreement With CBA Re Outstanding Debts
SOFTWARE COMMUNICATION: DCLS Takeover Bid Grinds to a Halt
TRANSURBAN GROUP: Debt Refinancing Completed
UNITED ENERGY: Appoints KPMG as Auditor

UNITED ENERGY: Securities Trading Halted


C H I N A   &   H O N G  K O N G

CCT TECHNOLOGY: Narrows Operations 2002 Loss to HK$7,850
CIL HOLDINGS: Enters Subscription Agreement Extension
GRANDETEL TECHNOLOGIES: Auditors Issue Going Concern Opinion
HUNG PIU: Hearing of Winding Up Petition Set
TANG KWAI: Petition to Wind Up Pending


I N D O N E S I A

ASURANSI JIWA: Relationship W/ Canada Unaffected, Says Yusril
SINAR MAS: IBRA Receives US$90M Cash Settlement


J A P A N

DAEWOO JAPAN: Files for Bankruptcy Protection
HOKKAIDO INTERNATIONAL: President Apologizes for Bankruptcy
MARUBENI CORP: Unit Shuts Down Nine Branches Nationwide
MATSUSHITA ELECTRIC: Discloses Stock Acquisition Rights
NIPPON TELEGRAPH: New President Vows to Streamline Business

NISSHIN FIRE: S&P Assign 'BBB-'; Outlook Negative
TAISEI FIRE: Rehab Plan Puts Liabilities at Y95B


K O R E A

DAEWOO MOTOR: Selling Bus Factory Unit This Month
DAEWOO MOTOR: Suzuki Agrees to Invest in Joint Venture
HYNIX SEMICON: Creditors Nominate New Co-CEO, Board Members
HYNIX SEMICONDUCTOR: Trying to Avoid Sale After Break-Up
SEOULBANK: Dongbu-Led Consortium Drops Bid


M A L A Y S I A

BESCORP INDUSTRIES: All Resolutions Passed at 9th AGM
MEASUREX CORP.: Changes Name to `Paxelent Corporation Berhad'
MENTIGA CORPORATION: Undertakes Proposed Restructuring Scheme
MGR CORPORATION: Hires Bin Mohamed as Audit Committee Chairman
MTJ Development: RAM Reaffirms CP Rating at P2(bg)

NCK CORPORATION: Proposes Restructuring Scheme Revision
PAN MALAYSIA: EGM Resolved Articles of Associated Amendment
PERBADANAN JOHOR: RM500M IDS to be Refinanced via Debt Scheme
PROMET BERHAD: Court Orders Applications Hearing Postponement
SELOGA HOLDINGS: Buildcon Withdraw Winding Up Petition

SENG HUP: Posts Defaulted Payment Status Update
TAJO BERHAD: Replies KLSE's Query, Provides Add'l Info
TIMBERMASTER INDUSTRIES: Releases AGM Results
TRANS CAPITAL: AGM Deferment Request Pending


P H I L I P P I N E S

BELLE CORP: Amendment Re Approval on FRN's Due May 2002
METRO PACIFIC: AUB Interested in First e-Bank Unit
NATIONAL BANK: Shareholders' Approval Re Capital Stock
PHILIPPINE AIRLINES: Needs P2B to Buy Shares
PHILIPPINE LONG: JG Reiterates Non-Involvement in Bid


S I N G A P O R E

ARTEFERRO SINGAPORE: Enters Voluntary Liquidation
ASIA FOOD: Discloses Debt Rescheduling Update
ASIA PULP: Meets June Payment Obligation to IBRA
EXCEL MACHINE: Issues Profit Warning
EXCEL MACHINE: Negotiating With Banks on Debt Repayment

OAKWELL ENGINEERING: Posts Changes in G&W's Interests


T H A I L A N D

CENTRAL PAPER: Issues Warrant Exercise Results
COGENERATION PUBLIC: Posts Takeover Supplemental Form
EASTERN WIRE: Files Business Reorganization Petition
ITALIAN-THAI DEVELOPMENT: SET Grants Listed Securities

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ALLIED CARPET: Former Director Pleads Guilty
--------------------------------------------
Michael Frank Simich, former director of Allied Carpet
Industries Pty Ltd (Allied), pleaded guilty on Friday in the
Perth District Court to 59 fraud and theft charges relating to
the misuse of $3.1 million.

Mr Simich was remanded in custody for sentencing on 24 July
2002.

The plea related to 50 charges of fraudulently obtaining funds
from investors, seven charges of stealing funds obtained from
investors, and two charges of fraudulently obtaining a temporary
overdraft facility for Allied of $150,000 and a permanent
facility of $176,000 from the National Australia Bank.

Mr Simich obtained investments mainly from Western Australian
investors, through his company Allied and a partnership
International Corporate Carpets. He promised his investors high
returns over short periods, on investments in non-existent
carpet jobs.

Following delays in repayments to some participants in the
scheme, an investor successfully petitioned the Supreme Court of
WA to place Allied into provisional liquidation. The company
subsequently went into full liquidation on 6 December 2000.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.


ASHANTI GOLDFIELDS: Proposed Note Restructuring Withdrawn
---------------------------------------------------------
Ashanti Goldfields Company Limited said on Monday that it is
withdrawing the Proposed Note Restructuring which was announced
on 25 January 2002 and is implementing an early cash redemption
of all of its outstanding 5.5% Exchangeable Guaranteed Notes due
March 2003 and US$48 million outstanding under the existing
revolving credit facility

The cash redemption is being funded by the proceeds of a new
fund raising of approximately US$315 million as follows :

   * The early exercise of certain Warrants to raise at least
US$40 million

   * a new US$200 million revolving credit facility

   * the issue of US$75 million Mandatorily Exchangeable Notes
to Lonmin plc (Lonmin)

Ashanti will seek to effect a rights issue within 18 months so
as to enable all shareholders to participate in the re-
capitalization of Ashanti on the same terms as Lonmin.

Margin free trading arrangements announced on 18 March 2002 have
become unconditional and Ashanti will now have the benefit of
ongoing margin free trading.

Sam Jonah, Chief Executive of Ashanti, said "The transaction we
have announced today (Monday) meets all of Ashanti's financial
obligations pursuant to the Exchangeable Guaranteed Notes and
its existing revolving credit facility prior to their respective
maturities. Furthermore, the transaction enhances shareholder
value and minimizes dilution for existing shareholders when
compared with other alternatives. We are grateful for the
support shown by our major shareholders and creditors throughout
this process."

BACKGROUND

On 25 January 2002 Ashanti announced that it had agreed
conditionally with an ad hoc committee (Ad Hoc Committee) of
holders of the outstanding 5(1/2)% Exchangeable Guaranteed Notes
due 2003 of Ashanti Capital Limited (ACL) (Existing Notes) a
proposed restructuring of the Existing Notes (Proposed
Restructuring). Subsequent to that date Ashanti has proceeded
with the steps required to implement the Proposed Restructuring.
These steps have included: recommending the Proposed
Restructuring, posting the public documentation required to
implement the Proposed Restructuring (Scheme Documentation) and
convening the requisite meetings of the holders of Existing
Notes (Noteholders) and holders of ordinary shares of no par
value in Ashanti (Ashanti Shares). At the Court sanctioned
meeting of Noteholders held on 17 June 2002, approval was
obtained from Noteholders for the Proposed Restructuring.

The Proposed Restructuring remained conditional on, amongst
other things, sanction of the Cayman Islands Court and approval
of the holders of Ashanti Shares at an extraordinary general
meeting of Ashanti which had been convened for Monday. In view
of the fact that the Board of Ashanti is able to make Monday's
announcement, the Board of Ashanti will be proposing to
indefinitely adjourn the extraordinary general meeting to be
held on the same day and to withdraw the Proposed Restructuring.

As stated in the press announcement released by Ashanti at the
time of posting of the Scheme Documentation, the Ashanti Board
continued to review any other bona fide proposals which it
considered to be in the interests of Ashanti. On 11 June 2002,
Ashanti made an announcement that it was considering a proposal
relating to an alternative restructuring (Cash Redemption
Alternative) pursuant to which all of the Existing Notes would
be redeemed at par.

With the support of its two major shareholders, an alternative
structure is being implemented, which is believed by the Board
to be in the better interests of existing Ashanti shareholders
relative to the Proposed Restructuring.


AUSDOC GROUP: Completes DX Group Sale
-------------------------------------
AUSDOC Group Limited announced Monday that the sale of DX Group
to a subsidiary of Toll Holdings Limited (Toll) has been
completed. On 18 June 2002 AUSDOC announced it had executed
binding documentation to sell the DX Group, comprising DX
Express, Australian Document Exchange and the GoMailroom
management business, to a subsidiary of Toll.

SATISFACTION OF RELEVANT BID CONDITION

The takeover offer for AUSDOC shares announced by ABN AMRO on 18
June 2002 is subject to a number of conditions, including the
condition that before the end of the offer period the sale of DX
Group is completed. AUSDOC considers that this condition has now
been


AUSDOC GROUP: Provides Undertakings in Relation to Break Fees
-------------------------------------------------------------
Ausdoc Group Limited (Ausdoc) and ABN AMRO Capital (Belgium)
N.V. (ABN AMRO) on Friday provided undertakings to the Takeovers
Panel (the Panel) in relation to ABN AMRO's takeover bid for
Ausdoc.

The undertakings from both companies state that ABN AMRO would
waive all rights to the 90% break fee.

Break fees are a payment by a takeover target company to an
unsuccessful bidder in some circumstances where the takeover is
not successful or does not proceed.

On 14 June 2002, the Australian Securities and Investments
Commission (ASIC) made an application to the Panel for a
declaration of unacceptable circumstances in relation to the
affairs of Ausdoc.

The application related to an agreement between Ausdoc and ABN
AMRO, regarding the payment of break fees in respect of ABN
AMRO's takeover bid.

The agreement required Ausdoc to pay a range of break fees to
ABN AMRO if certain circumstances occurred. These circumstances
included where ABN AMRO did not obtain sufficient acceptances
under its bid to enable it to proceed to compulsory acquisition,
even though no higher rival takeover bid was made (90% break
fee).

The Panel accepted ASIC's submissions that the 90% break fee
would give rise to unacceptable circumstances, because it would
have the effect of coercing Ausdoc shareholders into accepting
the ABN AMRO bid.


CMG CH: Changes Correspondent Office Address
--------------------------------------------
CMG Ch China Investments Limited, in accordance with ASX Listing
Rule 3.14, advised of these changes in contact details for its
Correspondent Office:

              FORMER                        NEW

Address      Level 6, Colonial Center  Level 10, Colonial Center
             52 Martin Place           52 Martin Place
             Sydney NSW 2000           Sydney NSW 2000

Telephone    + 61 2 9226 8324          + 61 2 9226 8324

Fax          + 61 2 8224 6805          + 61 2 8224 6805

CMG CH invests primarily in the equity of companies whose assets
and businesses are located predominantly in China. Equity
investments accounted for 100% of 2001 revenues. Wrights
Investors' Service reports that the Company reported negative
earning as of December 31, 2001. It hasn't paid dividends during
the last 12 months.


DVT HOLDINGS: Court Requisitioned Meeting Ruling Set for Aug 7
--------------------------------------------------------------
DVT Holdings Limited refers to previous announcements concerning
the requisition notice received by Bigshop.com.au Limited and
Zero Nominees Pty Limited requesting the Company to call a
general meeting of shareholders to consider resolutions
sponsored by these requisitioning parties to remove and replace
directors.

The Board of DVT considered the requisition invalid on the basis
that it failed to comply with certain fundamental provisions of
the Corporations Act 2001 as well as the Company's constitution.
As a result of Bigshop's insistence that the requisition was in
fact valid, DVT instituted proceedings in the Supreme Court of
New South Wales, seeking a declaration on the invalidity or
otherwise of the requisition.

The Supreme Court has now heard the case, and given its ruling.
The Court held that four out of the seven proposed resolutions
were invalid (being the resolutions seeking to appoint directors
and the removal resolution that sought to remove persons not yet
appointed as directors). On the basis that Bigshop asserted that
the removal and appointment resolutions should not be considered
as a package, the Court held that the requisition was valid
insofar as it related to the three removal resolutions.

Therefore, DVT will be calling a general meeting of shareholders
to consider the valid resolutions requested within the
requisition notice to remove Messer's Simart, Rule and Hubbard
as directors of the Company. The Notice of Meeting and further
explanatory material will be dispatched to shareholders on
Thursday 4 July 2002, and the meeting will be scheduled for 7
August 2002. This is one week after shareholders will be asked
to consider and vote on resolutions to approve the proposed
merger with Utility Services Corporation.


ENERGY WORLD: Inks Agreement With CBA Re Outstanding Debts
----------------------------------------------------------
The Directors of Energy World Corporation Limited advised that
after extensive discussions the Company has reached a mutually
acceptable agreement with the Commonwealth Bank of Australia
to permit the outstanding obligations to the CBA to be paid in
full.

The Company and the CBA are now in the process of documenting
the understandings established and preparing appropriate
amendments to the Facility Agreement that exists between the
parties.

When the documentation is finalized further information will be
advised to Shareholders.

For further enquiries, please contact Mr Stewart Elliott, EWE
Managing Director or Mr Brian Allen on telephone number
612 9247 6888.


SOFTWARE COMMUNICATION: DCLS Takeover Bid Grinds to a Halt
----------------------------------------------------------
Data & Commerce limited (DCL) advised Friday that, at the end of
the offer period under its takeover bid for all of the fully
paid ordinary shares in the capital of Software Communication
Group Limited (Sofcom) (5.00pm (WST) on 28 June 2002), the
minimum acceptance condition of 50.1% set out in Section
8.8(a)(i) of DCL's bidder's statement dated 24 April 2002 (as
varied by a notice of variation dated 17 June 2002) has not been
satisfied.

In light of the above, DCL's takeover offer for Sofcom will not
proceed.


TRANSURBAN GROUP: Debt Refinancing Completed
--------------------------------------------
Completion of Transurban Group's debt refinancing occurred on 28
June 2002 with the execution of documentation for these
facilities:

* $170 million three year bank debt facility;
* $510 million five year bank debt facility;
* $1,020 million capital markets facility;
* $1,020 million 180 day bridge facility (see below);
* $30 million 364 day working capital facility;
* $50 million three year senior standby facility;
* $150 million 364 day subordinated standby facility; and
* $20 million letter of credit facility.

Drawdown of funds will occur shortly, following satisfaction of
conditions precedent.

The bridge facility will be replaced prior to its expiry by an
equivalent amount of bonds issued in the debt capital markets.
These bonds will have maturities of three, five and seven years
and the five and seven year maturities will be callable after
three years. Approximately two thirds of the bonds will be
credit insured by MBIA and as a result, will be rated AAA.
Further details of this component of the refinancing will be
provided when the bond issue has been completed.

The proceeds of the refinancing, together with reserves held
under the previous financing, will be used to retire current
borrowings and to pay fees and expenses related to the
refinancing.

As part of the retirement of current borrowings, Transurban has
agreed with holders of the CPI bonds issued by the City Link
Unit Trust to amend the terms of issue of those bonds to permit
voluntary redemption of all of the bonds before the current
maturity date of 15 March 2023.

Notice of the redemption may be given at any time before 15
September 2002. Redemption will be effected progressively, over
a period of six weeks from the notice date. The redemption price
will be determined on the redemption date, using a formula
reflecting a premium over the net present value of the bonds
calculated using a market interest rate.

The main immediate benefits from the refinancing will come from
reduced interest costs and the elimination of the amortization
payments and transfers to reserves required under the previous
financing facilities. The aggregate amount of these benefits
will be around $75 million in the 2002  03 year.

As CityLink usage patterns have largely settled into a phase of
stable growth, Transurban expects to be able to continue to
defer amortization of debt beyond the term of the new
facilities. The further deferral of amortization will bring
forward distributable cash, but will also increase total debt
above the levels which would have prevailed under the previous
financing. The higher levels of debt will result in increased
interest payments. The estimated net present value of these
effects over the remaining life of the CityLink concession,
based on current interest rates and a discount rate of 9 per
cent pa, is estimated to be approximately $100 million,
equivalent to 19.6 cents per stapled security.


UNITED ENERGY: Appoints KPMG as Auditor
---------------------------------------
United Energy Limited announced Friday that its Board of
Directors has appointed KPMG as its independent auditor. The
appointment is effective as of 26 June, 2002, following receipt
of the consent of the Australian Securities and Investment
Commission.

KPMG was selected by the Audit Committee, and the Board of
Directors after careful consideration of tenders from four firms
for appointment as auditor to the Company. The tender was
undertaken following the resignation of Arthur Andersen.

In accordance with ASIC's guidelines relating to the resignation
of Arthur Andersen as auditors for public companies,
shareholders will be asked to ratify the appointment of KPMG at
the Companys Annual General Meeting in April 2003.

RESULT RELEASE DATE

United Energy will release its 2002 half-year results on
Tuesday, 13 August 2002.


UNITED ENERGY: Securities Trading Halted
----------------------------------------
The securities of United Energy Limited will be placed in pre-
open at the request of the Company, pending the release
of an announcement by the Company.

Unless ASX decides otherwise, the securities will remain in pre-
open until the earlier of the commencement of normal trading on
Wednesday 3 July, 2002 or when the announcement is released to
the market.


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C H I N A   &   H O N G  K O N G
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CCT TECHNOLOGY: Narrows Operations 2002 Loss to HK$7,850
--------------------------------------------------------
CCT Technology Holdings Limited announced on 27 June 2002:

stock codes: 261 & 2936)
Year end date: 30/9/2002
Currency: HKD
Auditors' Report: Qualified
Review of Interim Report by: Both Audit Committee and Auditors
                                                 (Unaudited)
                                 (Unaudited)      Last
                                 Current          Corresponding
                                 Period           Period
                                 from 1/10/2001   from 1/10/2000
                                 to 31/3/2002     to 31/3/2001
                                 ('000)           ('000)
Turnover                             : -                83,768
Profit/(Loss) from Operations        : (7,850)          (35,206)
Finance cost                         : (2,179)          (2,628)
Share of Profit/(Loss) of Associates : -                -
Share of Profit/(Loss) of
  Jointly Controlled Entities        : N/A              N/A
Profit/(Loss) after Tax & MI         : (10,029)         (38,023)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : (1.57 cents)     (6.11
cents)
         -Diluted                    : (1.57 cents)     (6.11
cents)
Extraordinary (ETD) Gain/(Loss)      : -                -
Profit/(Loss) after ETD Items        : (10,029)         (38,023)
Interim Dividend per Share           : Nil              Nil
(Specify if with other options)      : -                -
B/C Dates for Interim Dividend       : N/A
Payable Date                         : N/A
B/C Dates for (-) General Meeting    : N/A
Other Distribution for Current Period: Nil
B/C Dates for Other Distribution     : N/A

Remarks:

1. Summary of the Independent Accountants' review report

The Independent Accountants have reviewed the unaudited interim
financial statements for the six months ended 31 March 2002
which does not constitute an audit.  Because of the significance
of the possible effect of certain limitations in evidence
available to the Independence Accountants, they were not able to
reach a review conclusion as to whether material modifications
should be made to the interim financial report for the six
months ended 31 March 2002.  For more details, please refer to
the press announcement issued by the Company on 28 June 2002.

2.  Loss per share

The calculation of basic loss per share is based on the loss for
the six months ended 31 March 2002 of HK$10,029,000 (six months
ended 31 March 2001: HK$38,023,000) and on 638,403,562 shares
(six months ended 31 March 2001: weighted average number of
622,015,696 shares) in issue, adjusted for the effect of the
Capital Reduction and Share Consolidation (as defined in the
composite document of the Company (then known as Wireless
InterNetworks Limited), CCT Telecom Holdings Limited and
Dongguan Defa Investment Limited dated 31 March 2002) in
accordance with the requirement of paragraph 42 of SSAP 5.

The computation of diluted loss per share for the six months
ended 31 March 2002 and 2001 has not assumed the exercise of the
convertible notes as their exercise would be anti-dilutive.


CIL HOLDINGS: Enters Subscription Agreement Extension
-----------------------------------------------------
CIL Holdings Limited, in relation to, inter alia, its
Restructuring Proposal, has entered into an extension agreement
on 28th June, 2002 (Agreement) with Mr Ke and the Subscriber to
extend the longstop date for the satisfaction of the conditions
set out in the Subscription Agreement (Conditions) from 5:00 pm
2nd July 2002 to 5:00 pm 2nd December 2002, in accordance with
the extension provision under the Agreement.

Save for the above amendments, all of the other provisions of
the Subscription Agreement shall remain the same and in full
force and effect. The reason for entering into the Agreement is
to allow extra time for the satisfaction of the Conditions under
the Agreement.

Investors are advised to exercise caution when dealing in the
Shares.


GRANDETEL TECHNOLOGIES: Auditors Issue Going Concern Opinion
------------------------------------------------------------
GrandeTel Technologies Inc. released on Firday its financial
results for the three months ending April 30, 2002.

For the three months period, the Company had reported a net loss
of C$0.6 million, compared with a net loss of C$1.7 million for
the same period a year ago.

Sales revenue decreased by C$0.14 million from C$0.45 million of
the same period a year ago. The decrease in revenue was due to
reduction in billing rates as the telecommunication industry in
China is preparing to open up as now China has entered the World
Trade Organization. The Company is operating in three major
cities in China, namely Shanghai, Guangzhou and Qingdao. The
overall gross profit margin for the year dropped significantly
as the Company used the transmission facilities of major
carriers in China for IP mode transmission.

Operating, selling and administrative expenses decreased by
C$0.17 million from last year's total of C$.0.64 million to this
year's total of C$0.47 million. The major reductions are about
C$0.04 million in depreciation and amortization expenses, C$0.05
million in salaries and wages and C$0.05 million in audit fee
payment. Other expenses of last year of C$0.15 million
was corporate services and overheads. With the closing of the
Hong Kong operation during last year, such costs were
eliminated.

In February 2002, Nakamichi Corporation, a company listed in
Japan and in which the Company holds 8,450,000 shares
(approximately 8% of total shares issued by Nakamichi), applied
to Tokyo District Court for Civil Restructuring Proceeding, this
is similar to a U.S. Chapter 11 Bankruptcy Protection filing.
The Company has made provision for its C$26.4 million investment
in Nakamichi in the year ended January 31, 2002.

In late November last year, the Company announced the acceptance
of put option exercisable by Class A shareholders pursuant to
the settlement of a major class action lawsuit in New York in
1999. The put period commenced from December 1, 2000 and ended
March 30, 2001. The acceptance or put price was US fifty (50)
cents per share. As the Company did not have the financial
resources, in accordance with the terms of the settlement
agreement, The Grande Holdings Limited, a major shareholder
holding about 28% of the Common Shares of the Company at that
time, honored the Put. The settlement agreement provided that,
in the event that Grande was required to honor any such Put, it
should be entitled to the reimbursement from the Company the
costs of honoring such Put. There were 11,098,574 Class A shares
outstanding.

The total number of Class A shares tendered and accepted were
7,060,606 shares. After acceptance of the Class A shares Put and
the conversion of all class A shares into common shares in
accordance with the terms of the settlement, Grande hold about
42% of the issued and outstanding shares of the Company. Grande
has notified the Company in June 2002 of its
intention to ask the Company for reimbursement of the costs of
honoring such Put. Accordingly, the Company has provided the
cost of honoring the Put of about C$5.65 million in the year
ended January 31, 2002 results.

The Company has renewed its bank loan with Hong Kong Bank of
Canada in December 2001. When Nakamichi Corporation filed for
Civil Restructuring Proceeding in February 2002, Hong Kong Bank
of Canada has asked Grande, and Grande has agreed, to provide
other listed shares in addition to the Company's Nakamichi
shares as securities for the loan. The loan was then renewed for
a period of 5 years from February 1, 2002. The loan is repayable
in quarterly payments of US$250,000 each plus a US$2 million
balloon payment in February 2007.

During the year, under loan agreements with The Alpha Capital
Group Limited, a subsidiary of Grande, the Company was provided
loans totaling C$60 million. The loans are repayable on demand
and carry interest at the Hong Kong prime lending rate plus 2%.

Although two defendants have entered into agreement to settle
the California lawsuit with the plaintiffs. Other defendants,
including the Company, has not yet reached an agreement to
settle with the plaintiffs.

The Company is still facing difficult time ahead as it still has
liquidity problem. The audited financial statements for the year
ended January 31, 2002 are prepared on a going concern
assumption and depends on the outcome of the following events:

   * The company's long distance fax and voice service
operations will be turned around and achieve break-even in the
coming year.

   * The remaining lawsuit in California will be settled so that
the Company will be able to raise additional financing to
strengthen its financial position and to take on new projects.

   * The Company will implement a restructuring to reduce its
debts, such as a debt to equity conversion program.

   * The Company will continue to receive financial support from
Grande.

GrandeTel is a Canadian company with its headquarter in Hong
Kong. The Company holds interests in joint ventures that offer
long distance discount fax and voice services in China.

GrandeTel Technologies Inc.'s April 30, 2002 balance sheet shows
a total shareholders' equity deficit of about C$37 million.


HUNG PIU: Hearing of Winding Up Petition Set
--------------------------------------------
The petition to wind up Hung Piu Development 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 Yun
Lee Tow Boat Company Limited having its registered office
situated at Flat B-6, 27th Floor, Shun Lee Building, 220 Ferry
Street, Kowloon, Hong Kong.


TANG KWAI: Petition to Wind Up Pending
--------------------------------------
The petition to wind up Tang Kwai Kee Manufactory Company
Limited is set for hearing before the High Court of Hong Kong on
July 17, 2002 at 9:30 am.  The petition was filed with the court
on April 10, 2002 by Deng Chin Ching of Room 321, Fu Keung
House, Tai Wo Hau Estate, Tsuen Wan, New Territories, Hong Kong.


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


ASURANSI JIWA: Relationship W/ Canada Unaffected, Says Yusril
-------------------------------------------------------------
Justice Minister Yusril Ihza Mahendra said that the bankruptcy
ruling against PT Asuransi Jiwa Manulife Indonesia, the local
unit of Canadian insurance giant Manulife, will not affect
Indonesia's good relations with Canada, Antara and IndoExchange
reported.

"This case won't involve the diplomatic connection which is
already well-established," Yusril said, stressing that the
Manulife case is strictly a legal matter.

Canada has appealed to Indonesia's Supreme Court regarding
Jakarta's Commercial Court June 13 bankruptcy ruling on its unit
AJMI. A receiver later ordered the company to shut down for five
days but Manulife resumed operations Thursday last week.

The bankruptcy ruling was the latest round in Manulife's bitter
legal battle with its former local partner the Dharmala Group.

Mahendra's Justice Ministry is currently investigating whether
the judges who declared AJMI bankrupt had been bribed.


SINAR MAS: IBRA Receives US$90M Cash Settlement
-----------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) announced Friday
that the Sinar Mas Group (SMG) owner has fulfilled the FSPC
decision. Due to acceleration of debt payment, 20% of total
SMG's obligation worth US$1,249 billion is re-schedule from
December 31 2002 to June 30 2002.

The obligation fulfillment is stated in the agreement sign by
IBRA and SMG on Friday. The agreement called the Partial Debt
Settlement. SMG is represented by Franky Widjaja, and from IBRA
is the Chairman Syafruddin A. Temenggung. In addition, both
parties also signed the Shares Custodial Agreement for remain
shares.

The settlement cash pay by SMG is worth US$1,249 billion plus
interest US$60 million by:

    * Cash settlement from Asia Pulp & Paper (APP) Group/Indah
Kiat US$90 million transferred to IBRA's account in BII.

    * As many as 16% shares of BII owned by former Eka Tjipta
Widjaja family transferred to IBRA on April 26 2002 or it equal
to 15 billion, US$27 per share. In total is IDR405 billion.

    * The settlement from the Certificate of Entitlement which
the value to be determined in the future through FSPC decision
No.KEP.02/K.KKSK/06/2002 dated June 21 2002.

   * Cash settlement/asset transfer from non-APP Group may be
needed.

SMG's payment through APP/Indah Kiat is approved by foreign
creditor of SMG through MoU which is also in line with FSPC
decision No.KEP.02/K.KKSK/06/2002 dated June 21 2002.

In MoU, three points are covered. First, IBRA still control all
SMG's collateral based on the Debt Settlement Agreement signed
on February 3 2001. Second, IBRA and foreign creditor will carry
out the Debt Restructuring. Third, IBRA will be one of the
leading roles together with foreign creditor to obtain optimum
recovery rate.


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


DAEWOO JAPAN: Files for Bankruptcy Protection
---------------------------------------------
Daewoo Japan, a unit Korea's troubled Daewoo, has filed for
bankruptcy protection with the Tokyo District Court on Friday,
leaving 69.9 billion yen in obligations, Kyodo News said
Saturday.

The firm is primarily involved in exporting steel and auto parts
to Daewoo Motor Co and has been ailing financially after the
Daewoo Motor Korea went bankrupt in November 2000.


HOKKAIDO INTERNATIONAL: President Apologizes for Bankruptcy
-----------------------------------------------------------
Michimasu Ishiko, President of Hokkaido International Airlines,
apologized to shareholders at their annual meeting Friday for
the firms' bankruptcy, Kyodo News reports.

The airline filed for court protection on June 25 after
surrendering to fierce competition from larger airlines.


MARUBENI CORP: Unit Shuts Down Nine Branches Nationwide
-------------------------------------------------------
Marubeni Corp unit Marubeni Chikusan Corp will close its 9
branches nationwide, due to a mislabeling scandal, Kyodo News
said on Saturday.

The agri-marine products firm will also outsource inventory,
transportation and other distribution-related procedures to
prevent similar mislabeling cases, the report said.

TCR-AP reported that the mislabeling case was revealed in March,
when the Fair Trade Commission discovered that the Sendai office
had been mislabeling chicken products between 1999 and 2001.


MATSUSHITA ELECTRIC: Discloses Stock Acquisition Rights
-------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. submitted on Thursday a
proposal at the ordinary general meeting of shareholders
regarding the issue of stock acquisition rights as stock
options, pursuant to the provisions of Article 280- 20 and
Article 280-21 of the Japanese Commercial Code, as amended.

The proposal was approved and passed as proposed by
shareholders, upon which the Board of Directors adopted
resolutions at its meeting, regarding the conditions for the
issue of stock acquisition rights.

The details of the conditions are:

1. Date of issue of stock acquisition rights:
To be issued July 15, 2002.

2. Total number of stock acquisition rights to be issued:
116 stock acquisition rights (1,000 shares of common stock
each).

3. Issue price of each stock acquisition right:
Nil.

4. Class and number of shares, which will be acquired upon
exercise of stock acquisition rights:

116,000 shares in aggregate of the company's common stock.

5. The amount to be paid upon exercise of each stock acquisition
right:

To be determined on July 15, 2002.

6. Total amount of the company's common stock to be issued or
transferred as a result of exercise of stock acquisition rights:

To be determined on July 15, 2002.

7. Period during which stock acquisition rights are exercisable:
July 1, 2004 through June 30, 2008.

8. Issue of stock acquisition rights certificates:
Stock acquisition rights certificates shall be issued only at
the request of holders of stock acquisition rights.

9.  Amount, to be transferred to stated capital, out of the
issue price of the shares to be issued upon exercise of stock
acquisition rights:

-One half of the issue price of a share, if issued, is
transferred to stated capital.

10. Number of persons to whom stock acquisition rights will be
offered:

-Directors of the company and select senior executives, totaling
35 persons.

(Reference)

1) Date on which Board of Directors resolved to submit a
proposal at the ordinary general meeting of shareholders
regarding the issue of stock acquisition rights: May 20, 2002.

2) Date of approval at the ordinary general meeting of
shareholders: June 27, 2002.


NIPPON TELEGRAPH: New President Vows to Streamline Business
-----------------------------------------------------------
Nippon Telegraph and Telephone Corp (NTT) President Norio Wada
vows to streamline NTT group businesses as part of his goal as
head of the Company, Kyodo News said Friday.

Wada said the overlapping of businesses among NTT group
companies is a wasteful practice in terms of management
resources. He stressed that the holding Company should take a
central role in controlling how businesses should be distributed
among operating member companies.


NISSHIN FIRE: S&P Assign 'BBB-'; Outlook Negative
-------------------------------------------------
Standard & Poor's on Monday has assigned its triple-'B'-minus
financial strength and long-term counterparty credit ratings to
Japan-based Nisshin Fire & Marine Insurance Co. Ltd. The outlook
on the long-term rating is negative.

"The rating on Nisshin Fire is based on the company's strong
capitalization, drastic cost reductions, and ongoing asset
restructuring," said Kai Nakajima, a credit analyst at Standard
& Poor's in Tokyo. "Moderating factors are the company's
deteriorated operating performance and intensifying competition,
mainly from large insurance groups."

Nisshin Fire is a small-to-midsize non-life insurance company,
and had about a 2% market share in terms of net premiums written
in fiscal 2001 (ended March 31, 2002). Since the appointment of
a new president in 2000, the company has focused on the
household market, small-to-midsize enterprises, and some large
organizations, such as police organizations. This strategy
should help it to differentiate itself from larger competitors,
which are still pursuing market share amid the severe price
competition in the commercial market.

Nisshin Fire has drastically lowered costs by changing its
compensation system and by cutting in half the number of its
full-time employees. As a result, the company's relatively high
expense ratio is expected to improve significantly in fiscal
2002. The company has also undertaken major reductions in risk
assets, especially bank-related cross-held shares and
subordinated loans. As a result, the strength and
diversification of Nisshin Fire's overall balance sheet
structure are expected to improve.

While Nisshin Fire's underwriting performance has improved due
to a decrease in natural disaster-related losses in fiscal 2001,
its overall operating performance has significantly worsened,
primarily as a result of a sharp increase in asset revaluation
losses on securities and additional voluntary early retirement
costs. Nisshin Fire's capital position is extremely strong
relative to the risks it assumes through its insurance and
investment activities, but is relatively weaker than that of
Japan's leading insurance groups.

"Our overall outlook on the non-life industry remains negative
based on the harsh competitive environment, the saturated
domestic market, and the stagnant domestic economy," Mr.
Nakajima said. "Nisshin Fire's strategy of shifting its
resources to the retail market mainly through small and midsize
agency channels could offset competitive pressures to some
extent. However, some uncertainty remains over the impact of
full-scale liberalization of the agency commission system in
April 2003 on the company's future business growth," he added.


TAISEI FIRE: Rehab Plan Puts Liabilities at Y95B
------------------------------------------------
Taisei Fire & Marine Insurance Co has total obligations of 94.5
billion yen, more than twice the 39.8 billion yen it reported at
the time of bankruptcy filing on November 22, 2000, Kyodo News
said Saturday.

TCR-AP reported in June that the insurance firm collapsed last
year after its reinsurance operations faltered under massive
payout obligations following the September 11 terrorist attacks
on the United States.


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


DAEWOO MOTOR: Selling Bus Factory Unit This Month
-------------------------------------------------
Daewoo Motor will sell its Busan bus factory sometime this
month, the Korea Herald said Monday. Daewoo Creditors said the
ongoing negotiations between Daewoo and Youngan Hat Co. Ltd. for
the sale of the factory will result in a memorandum of
understanding (MoU) as early as next week.

"We have reached an agreement on most things like price and
conditions. But since Daewoo Motors is under court receivership,
we just have to work out the details with the court and
lawyers," one of the creditors said.

Daewoo Motor's Busan bus factory manufactures about 6,000 buses
per year for the domestic market.


DAEWOO MOTOR: Suzuki Agrees to Invest in Joint Venture
------------------------------------------------------
General Motors Corp., which is taking over Daewoo Motor Co.,
said Monday that Suzuki Motor Co. has agreed to invest in the
planned GM-Daewoo joint venture, PR Newswire reports.

The Japanese automaker, in which GM holds a 10 percent share,
signed an agreement in Tokyo to buy 14.9 percent of GM-Daewoo
Auto and Technology for US$89 million. At present, GM holds 67
percent of GM-Daewoo Auto & Technology and Daewoo creditors have
the remaining 33 percent.


HYNIX SEMICON: Creditors Nominate New Co-CEO, Board Members
-----------------------------------------------------------
Creditors of Hynix Semiconductor Inc. on Friday has decided to
nominate Woo Eui-je as Co-Chief Executive Officer of the ailing
chipmaker and also named new candidates for the board of
directors, Dow Jones said Friday. Woo's nomination still
requires approval from the Board and the Company's shareholders.

Woo will oversee the Company's restructuring efforts while
Hynix' current CEO Sang Park swill oversee production and
administrative operations.

The chipmaker, which has a total debt of 6.6 trillion won, will
hold a shareholders meeting on July 24 to approve the new board
and discuss other pending issues that need to be resolved before
any major restructuring can take place.

Creditors and Hynix' executives refused to disclose the new
board of candidates.


HYNIX SEMICONDUCTOR: Trying to Avoid Sale After Break-Up
--------------------------------------------------------
Commerce, Industry and Energy Minister Shin Kook-hwan said that
moves to sell Hynix Semiconductor in pieces is not desirable as
the company could be viable after a restructuring, but instead
suggested that creditors should revive the ailing company first
before selling it, the AFX-Asia News reports.

Shin reiterated that a creditor-led restructuring and
rationalization of the company will be sufficient to resolve
Hynix's debt problems without a sale of core units.

"Hynix can survive if it carries through restructuring to
tackle its liquidity problems and divest inefficient
operations," he said.

He said all problems facing Hynix will be resolved if its share
price rises after a debt-for-equity swap. (M&A REPORTER - ASIA
PACIFIC, Vol. No.1, Issue No. 128, July 01, 2002)


SEOULBANK: Dongbu-Led Consortium Drops Bid
------------------------------------------
Dongbu Group-led consortium has given up its bid to acquire
Seoulbank as some local banks have shown a strong interest in
the state-run bank, Dongbu group spokesman Choi Jin-ho told AFX-
ASIA, adding that the government has already expressed its
preference for a healthy local bank as the new owner of
Seoulbank.

"The situation has changed significantly since we formed the
consortium with more than 300 local companies...we have come to
a conclusion that we have very little chance in the auction,"
he said. (M&A REPORTER - ASIA PACIFIC, Vol. No.1, Issue No. 128,
July 01, 2002)


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


BESCORP INDUSTRIES: All Resolutions Passed at 9th AGM
----------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed)
informed that the shareholders of Bescorp, during the Ninth
Annual General Meeting held on 25 June 2002, unanimously passed
all the resolutions as prescribed in the notice convening the
said meeting contained in the 2001 Annual Report.

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

Details on its default in payment could be found at
http://www.bankrupt.com/misc/TCRAP_Bescorp0624.xls


MEASUREX CORP.: Changes Name to `Paxelent Corporation Berhad'
-------------------------------------------------------------
Measurex Corporation Berhad informed that its name has been
changed to PAXELENT CORPORATION BERHAD on 25 June 2002.

The Certificate of Change of Name has been obtained from the
Companies Commission of Malaysia on 27 June 2002.

On June 14, TCR-AP reported that the Company, further to the
announcement dated 24 May 2002 in regard to Johor Bahru High
Court O/S No: 24-1021 Of 2002(4), Malayan Banking Berhad (MBB)
Vs MCB, was served with an application by MBB to have the
judgment of the High Court of the Republic of Singapore dated 19
April 2002 to be registered at the High Court of Malaya at Johor
Bahru by originating summons No: 24-1021-2002(4). The aforesaid
application was heard on 13 June 2002.

MCB has been advised by its solicitors that there are good
grounds to apply to set aside any such registration as the Court
of the Republic of Singapore did not have the jurisdiction to
determine the case, MCB intends to appeal against the said
decision and the enforcement of the said judgment in Malaysia
will be contrary to public policy in Malaysia.


MENTIGA CORPORATION: Undertakes Proposed Restructuring Scheme
-------------------------------------------------------------
On behalf of Mentiga Corporation Berhad, AmMerchant Bank Berhad
announced that the Company has entered into the following
agreements on 26 June 2002 for the proposed disposal of the
Company's entire equity interest of 56.0% in Selat Bersatu
comprising 5,600,000 ordinary shares of RM1.00 each (Shares)
(Sale Shares) to the following parties for a total cash
consideration of RM11,200,000:

   (i) a conditional sale and purchase agreement with Kuala
Lumpur Kepong Berhad (KLK) for the proposed disposal of 48.0% of
the Company's equity interest in Selat Bersatu Sdn Bhd (Selat
Bersatu) (Conditional SPA1) comprising 4,800,000 Shares to KLK
for a cash consideration of RM9,600,000; and

   (ii) a conditional sale and purchase agreement with Perfect
Portfolio Sdn Bhd (Perfect Portfolio) for the proposed disposal
of the Company's remaining 8.0% equity interest in Selat Bersatu
(Conditional SPA2) comprising 800,000 Shares to Perfect
Portfolio for a cash consideration of RM1,600,000.

Conditional SPA1 and Conditional SPA2 are inter-conditional upon
each other. Conditional SPA1 and Conditional SPA2 are
hereinafter to be collectively referred to as "Conditional
SPAs".

(Items (i) and (ii) above to be collectively referred to as
"Proposed Disposal")

The remaining shareholders of Selat Bersatu, namely Amanah Saham
Pahang Berhad and Ospac Equitycorp Sdn Bhd, are also parties to
the Conditional SPA2 for the proposed disposal of their equity
interest of 30% and 14% respectively in Selat Bersatu.

On even date, the Company has also entered into a Memorandum Of
Understanding MoU with Singamip Enterprise Private Limited,
being the common vendor of Singamip Industry Sdn Bhd (Singamip
Industry) and PT Singamip Jaya Electronic (PT Singamip), Adat
Cemerlang Sdn Bhd, being the other vendor of Singamip Industry,
and Lim Chai Hock@ Lim Chye Hoo, being the other vendor of PT
Singamip (collectively to be referred to as "Vendors") for the
proposed acquisitions of the following:

   (a) the entire equity interest in Singamip comprising
2,500,000 Shares; and

   (b) the entire equity interest in PT Singamip comprising
160,000 ordinary shares having a par value of US Dollars (USD)
100 each.

(Items (a) and (b) above to be collectively referred to as
"Proposed Acquisitions")

The parties are entering into the MoU with a view to commence
negotiations and subsequently, finalise and conclude the terms
of the Proposed Acquisitions for the purposes of the Company's
proposed restructuring scheme, the indicative components
include, inter-alia, a capital reduction and consolidation
exercise, an issue of new warrants to the existing shareholders
of Mentiga, a scheme of debt settlement exercise with the
creditors of Mentiga, a restricted issue to parties to be
identified and a restricted offer for sale to the existing
shareholders of Mentiga (Proposed Restructuring Scheme).

DETAILS OF THE PROPOSED DISPOSAL

Background Information On Selat Bersatu

Selat Bersatu was incorporated in Malaysia under the Companies
Act, 1965 (Act) as a private limited company on 27 September
1995. Its authorized share capital is RM25,000,000 comprising
25,000,000 Shares, of which 10,000,002 Shares have been issued
and fully paid-up.

Selat Bersatu is principally an investment holding company.
Selat Bersatu owns approximately 90% of the equity interest in
PT Rebinmas Jaya (PT Rebinmas), a company that was incorporated
on 14 September 1993 in Indonesia. Its authorized share capital
is Rp21,000,000,000 comprising 21,000 ordinary shares with a par
value of Rp1,000,000 each, of which 10,500 ordinary shares with
a par value of Rp1,000,000 each have been issued and fully paid-
up.

PT Rebinmas owns an oil palm plantation located on leasehold
land measuring approximately 12,002 hectares with Sijil Hak Guna
Usaha issued by Badan Pertanahan Nasional Indonesia situated on
Pulau Belitung, Palembang, Indonesia (Indonesian Estate). The
lease is for a period of thirty (30) years from the date of
issue, being 19 February 1999. It has an unexpired term of about
27 years and will expire on 19 February 2029. About 6,000
hectares of the land is cultivated with oil palm with an average
age of trees of 4 years.

Based on the audited accounts of Selat Bersatu for the financial
year ended 31 December 2000, Selat Bersatu registered a loss
after taxation of approximately RM10.784 million. Its audited
net tangible liabilities (NTL) as at 31 December 2000 is
approximately RM16.427 million. The accounts of Selat Bersatu
for the financial year ended 31 December 2001 are currently
being audited.

Background Information On The Acquirors

(a) KLK

KLK was incorporated in Malaysia under the Act as a private
limited company on 6 July 1973. It was converted into a public
company on 21 August 1973 and assumed its present name. It was
listed on the Main Board of the Kuala Lumpur Stock Exchange
("KLSE") on 6 February 1974. Its authorized share capital is
RM1,000,000,000 comprising 1,000,000,000 Shares, of which
712,516,128 Shares have been issued and fully paid-up.
KLK is principally involved in the production and processing of
palm products, natural rubber and cocoa. Through its
subsidiaries, KLK mills and refines oil palm products,
cultivates ramie, manufactures oleochemicals, soap, esters,
latex gloves, toiletries and parquet flooring products. KLK also
develops properties and operates holiday bungalows.

(b) Perfect Portfolio

Perfect Portfolio was incorporated in Malaysia under the Act as
a private limited company on 24 February 1997. Its authorized
share capital is RM100,000 comprising 100,000 Shares, all of
which have been issued and fully paid-up.
Perfect Portfolio is principally an investment holding company.

Salient Terms Of The Conditional SPAs

Consideration

(a) In consideration of the sum representing ten percent (10%)
of the total purchase price of the Sale Shares paid by the
acquirors of Selat Bersatu (Acquirors) on the instructions of
the vendors of Selat Bersatu (Vendors of SBSB) to Messrs Wong Lu
Peen & Tunku Alina (Said Solicitors), to be dealt with as
stakeholders in accordance with clause 2.3.1(d) hereunder and
the receipt of which sum the Vendors of SBSB acknowledge, the
Vendors of SBSB agree to sell and the Acquirors to buy the Sale
Shares free from all claims, charges, liens, pledges or any
encumbrances whatsoever but with all rights attaching and
accruing thereto as at the date of the Conditional SPAs subject
to and upon the terms and conditions thereinafter appearing.

(b) The total purchase price of the Sale Shares free from all
claims, charges, liens, pledges or any encumbrances whatsoever
but with all rights attaching and accruing thereto as at the
date of the Conditional SPAs shall be the sum of RM11,200,000
(Purchase PriceIn this respect, the Vendors of SBSB expressly
agree that as at the date which is within twenty-one (21) days
from the last of the conditions precedent being fulfilled
(Completion Date), there shall be no indebtedness and/or
liabilities (whether actual, contingent, known or unknown or
otherwise and collectively referred to as the "Said
Indebtedness) in Selat Bersatu and its 90%-owned subsidiary, PT
Rebinmas (collectively referred to as the "Companies").

In the event that there shall be indebtedness and/or liabilities
in the Companies as at the Completion Date, the purchase price
shall be adjusted in accordance with the provisions set out in
clause 2.3.3(b).

(c) The balance of the purchase price representing ninety-
percent (90%) thereof shall be paid by the Acquirors to the
Vendors of SBSB on Completion Date.

(d) The Said Solicitors are authorized to place the said deposit
in an interest-bearing fixed deposit account to be uplifted and
released together with all interest accrued either to the
Vendors of SBSB in accordance with clause 2.3.3(c) and clause
2.3.4(b) or returned to the Acquirors in accordance with clause
2.3.2(c) and clause 2.3.4(a).

Conditions Precedent

(a) The parties expressly agree that the sale and purchase of
the Sale Shares shall be subject to the following conditions
precedent:

   (i) approval being obtained from the Foreign Investment
Committee (FIC) to the sale and purchase of the Sale Shares
subject to and upon the terms and conditions set out therein
such application to be made by the Acquirors within sixty (60)
days from the date of the Conditional SPAs provided that the
Vendors of SBSB have supplied the Acquirors with all relevant
information required by the Acquirors for such application;

   (ii) (if required) approval from any other relevant Malaysian
and/or Indonesian authorities and/or regulatory bodies and/or
financial institutions to the sale and purchase of the Sale
Shares subject to and upon the terms and conditions set out
therein such application(s) to be made by the Vendors of SBSB
within sixty (60) days from the date of the Conditional SPAs
provided however that the Acquirors have supplied to the Vendors
of SBSB all necessary information in the possession of the
Acquirors for such other approvals;

   (iii) approval of the shareholders of each of the Vendors of
SBSB to the sale and purchase of the Sale Shares subject to and
upon the terms and conditions set out therein which shall be
convened not later than sixty (60) days from the date of the
Conditional SPAs or such longer periods as may be stipulated in
writing by the Acquirors (Shareholders' Approval Period);

   (iv) approval of the shareholders of Selat Bersatu passed in
accordance with the memorandum and articles of association of
Selat Bersatu approving the transfer and registration of the
Sale Shares from the Vendors of SBSB to the Acquirors; and

   (v) the Acquirors being satisfied with the results of a legal
financial and operational due diligence to be carried out by the
Acquirors at the Acquirors' own cost and expense in respect of
the Companies. The Acquirors shall within fourteen (14) days
from the date of the Conditional SPAs commence the said due
diligence provided however that the Vendors of SBSB shall allow
or cause to be allowed free and unfettered access to the
Acquirors, its servants and/or agents to all books, records,
premises and/or properties of the Companies so as to enable the
Acquirors, its servants and/or agents to undertake and complete
the said due diligence.

(b) In respect of the said due diligence, the parties expressly
agree that upon the said due diligence being completed, the
Acquirors shall express its own opinion whether the Acquirors
are satisfied with the results of the same without having to
give any reason(s) whatsoever for such opinion. In the event
that the Acquirors in its own opinion are dissatisfied with the
results of the said due diligence, the condition precedent shall
be deemed not to have been fulfilled.

(c) In the event that the shareholders' approval is not obtained
within the Shareholders' Approval Period or in the event the
other conditions precedent are not fulfilled within three (3)
months from the date of the Conditional SPAs subject to such
extension(s) thereto as the parties may then mutually agree to,
the Conditional SPAs shall be terminated and be null and void
and of no legal effect and neither party shall have any claims
whatsoever against the other under or in connection with the
Conditional SPAs save for any antecedent breaches and save that
the Said Solicitors shall forthwith return the said deposit to
the Acquirors together with all interest accrued and accruing
under the interest-bearing account in which the said deposit has
been kept from the date of the Conditional SPAs until the date
of termination of the Conditional SPAs.

Completion Date

(a) On Completion Date, the sale and purchase of the Sale Shares
shall be completed.

(b) On Completion Date, the Acquirors shall pay to the Said
Solicitors the balance of the purchase price for the Sale Shares
less the said indebtedness, which will be determined by the
Acquirors pursuant to the second audit, conducted.

(c) The Said Solicitors shall hand over to the Vendors of SBSB
the said deposit together with all interests accrued and
accruing under the interest-bearing account in which the said
deposit has been kept from the date of the Conditional SPAs
until the Completion Date together with the sums paid upon:

   (i) the registration of the Sale Shares to the Acquirors duly
registered in favor of the Acquirors;

   (ii) the resignation of all the directors of the Companies;
and

   (iii) the appointment of the nominated directors and
secretary of the Acquirors as directors and secretary of the
Companies.

(d) In order to determine the said indebtedness as defined under
clause 2.3.1(b) above, the Vendors of SBSB shall allow the
Acquirors to conduct a second audit based on the latest
management and/or audited accounts of the Companies for the
latest month or accounting period ending before the fulfillment
of the last of the conditions precedent within three (3) days
after the Conditional SPAs become unconditional provided always
that the second audit shall be completed within fourteen (14)
days from its commencement subject always to availability of
documents.

Default

(a) In the event that any one of the Vendors of SBSB shall make
default in the performance of its obligations and covenants
therein contained, the Acquirors shall have the option (to be
exercised at the Acquirors' sole and absolute discretion) to:

   (i) either require a specific performance of the Conditional
SPAs by that defaulting vendor in which event the Acquirors
shall be entitled to the remedy of specific performance against
that defaulting vendor and it is expressly agreed that an
alternative remedy of monetary compensation shall not be
regarded as compensation or sufficient compensation for the
vendor's default in the performance of the terms and conditions
contained therein; and

   (ii) or terminate the Conditional SPAs by notice in writing
to the Vendors of SBSB whereupon the Conditional SPAs shall be
terminated and be null and void and of no legal effect and none
of the parties shall have any claims whatsoever against the
other in respect of or under the Conditional SPAs save for any
antecedent breaches and that the Said Solicitors shall return
the said deposit to the Acquirors together with all interest
accrued and/or accruing thereunder.

(b) In the event that the Acquirors shall make a default in the
performance of its obligations and covenants therein contained,
the Vendors of SBSB shall have the right to terminate the
Conditional SPAs by notice in writing to the Acquirors whereupon
the Conditional SPAs shall be terminated and be null and void
and of no legal effect and neither party shall have any claims
whatsoever against the other in respect of or under the
Conditional SPAs save that the said deposit together with all
interest accrued and/or accruing thereunder shall be forfeited
to the Vendors of SBSB absolutely as liquidated damages for the
Acquirors' breach and the Said Solicitors shall hand over the
said deposit to the Vendors of SBSB for this purpose.

(c) Notwithstanding any contained therein, the Acquirors shall
be entitled in any event to elect at its full and absolute
discretion not to proceed with the purchase of the Sale Shares
if for any reason whatsoever any portion of the Sale Shares
cannot be purchased.

Basis Of Arriving At The Disposal Consideration

The consideration for the Proposed Disposal was arrived at on a
willing-buyer-willing-seller basis after taking into
consideration the audited NTL of Selat Bersatu as at 31 December
2000 and also the estimated fair value of the Indonesian Estate
in its existing condition based on the directors' opinion.

Shares Disposed Free From Encumbrances

The Sale Shares shall be disposed free from all claims, charges,
liens, pledges or any encumbrances whatsoever but with all
rights attaching and accruing thereto as at the date of the
Conditional SPAs subject to and upon the terms and conditions
contained therein.

Original Cost Of Investment

Todate, Mentiga's cost of investment in the Sale Shares are set
out in Table 1 of this announcement, set at
http://www.bankrupt.com/misc/TCRAP_Mentiga0702.doc

In addition, based on the unaudited accounts of Selat Bersatu as
at 31 December 2001, there is an amount due and owing to Mentiga
by Selat Bersatu of approximately RM38.358 million. There is
also an amount due and owing to Mentiga Plantation Management
Sdn Bhd by Selat Bersatu of approximately RM4.203 million.
Pursuant to the Conditional SPAs, these inter-company advances
will be written-off by the respective parties.

Liabilities To Be Assumed

There are no liabilities or indebtedness to be assumed by KLK
and Perfect Portfolio, being the Acquirors, pursuant to the
Proposed Disposal in accordance with the terms of the
Conditional SPAs.

Rationale For The Proposed Disposal

The Proposed Disposal is in line with Mentiga's current efforts
to rationalize its investments and more importantly, to
restructure and regularize its financial condition in accordance
with the requirements of the KLSE, specifically paragraph 8.14
of the KLSE Listing Requirements and Practice Note No. 4/2001 on
the criteria and obligations of an affected listed issuer
pursuant to paragraph 8.14.

Presently, the Mentiga group of companies (Mentiga Group) does
not have the ability to service the interest on their borrowings
and repay the principal of their outstanding banking loans and
credit facilities. In addition, Mentiga has also extended
corporate guarantees to some of these lenders. With the Proposed
Disposal, Mentiga will raise RM11.2 million which will assist
the Company in settling part of these loans and credit
facilities with the balance to be restructured and settled under
the terms of the Proposed Restructuring Scheme to be finalized
and announced in due course. This will help reduce the total
bank borrowings of the Mentiga Group, which stands at
approximately RM67.798 million based on the Mentiga Group's
unaudited results as at 31 December 2001.

Utilization Of Proceeds Raised From The Proposed Disposal

The proceeds receivable by Mentiga pursuant to the Proposed
Disposal is RM11.2 million which will be utilized for part
settlement of the liabilities of the Mentiga Group and defray
all expenses relating to the Proposed Disposal.

SALIENT TERMS OF THE MOU

The MoU merely sets out the general understanding reached
between the Company and the Vendors in their recent discussions
concerning the Proposed Acquisitions and the Proposed
Restructuring Scheme. The parties have generally agreed in
principle to proceed to finalise the negotiations in respect of
the Proposed Acquisitions and the Proposed Restructuring Scheme
with a view to having a definite share sale and purchase
agreement ("SSPA") between the Company and the Vendors in
respect of the Proposed Acquisitions and incorporating all
terms, conditions and parameters of the Proposed Restructuring
Scheme.

The salient terms of the MoU are as follows:

(a) Mentiga and the Vendors confirm their intention to negotiate
and conclude the terms and conditions of both the Proposed
Acquisitions and the Proposed Restructuring Scheme.

(b) The parties further acknowledge and confirm that:

   (i) the negotiations between the parties pursuant to clause
(a) above subsequent to the MoU shall be conditional upon the
conclusion and execution of the SSPA and the agreement for the
Proposed Restructuring Scheme by Mentiga and the Vendors and
shall be subject to each party obtaining all such necessary and
relevant approvals as are required; and

   (ii) each of the parties thereto will in good faith use
reasonable endeavors to conclude the conditions leading to the
finalization of the terms of the transactions (including without
limitation, the consideration for each transaction) and the
execution of the SSPA within the period commencing on the date
of the MoU and expiring forty-five (45) days from the date
thereof (Lockout Period).

(c) Mentiga and the Vendors agree that during the Lockout
Period, they shall negotiate exclusively with each other only in
respect of both the Proposed Acquisitions and the Proposed
Restructuring Scheme. Each of the parties agree with the other
party that it shall not during the Lockout Period negotiate with
any other party with respect to both the Proposed Acquisitions
and the Proposed Restructuring Scheme.

(d) The parties shall, upon being advised by the professional
advisers of Mentiga that any material revision is required to be
made to the Proposed Restructuring Scheme (including any
amendment, variation or modification thereof) in order that the
Proposed Restructuring Scheme may be successfully implemented,
in good faith use reasonable endeavors to agree upon such
revisions, failing which, the parties may, notwithstanding
clause (c) above, mutually agree, in writing, to terminate the
MoU.

(e) The MoU represents the good faith, understanding and
statement of intention of the parties to proceed further with
the proposed transactions described therein and as such, is not
intended to have any legally binding effect, save and except for
clauses (a), (b), (c) and (d) above, other than a claim in
respect of a breach of these clauses. No party shall have any
claim against the other whatsoever in respect of the MoU.

INFORMATION ON THE COMPANIES TO BE ACQUIRED PURSUANT TO THE
PROPOSED ACQUISITIONS

Background Information On Singamip

Singamip was incorporated in Malaysia under the Act as a private
limited company on 25 August 1983. Its authorized share capital
is RM3,500,000 comprising 3,500,000 Shares, of which 2,500,000
Shares have been issued and fully paid-up.

Singamip's core business is in electronic related products. It
commenced its business operations in the manufacturing of oil,
wire and spring supply for electronic products. Singamip
subsequently expanded its operations to sub-contracting of
telecommunication, audio, video and digital video disc ("DVD")
including complete and semi-complete product assembly. Singamip
also continued expanding its manufacturing activities to
adaptor, resistor, plastic injection and polyfoam. Singamip's
manufacturing plant, which has four (4) production lines, was
initially located in Tampoi, Johor Bahru, Johor. However, the
operations was later moved to its current location in Skudai,
Johor, encompassing a land area of approximately 137,600 square
feet due to an expansion in business.

These are the main products sub-contracted by Singamip:

(a) car audio complete set inclusive surface mount technology,
printed circuit board (PCB) assembly until complete product
assembly;

(b) tuner pack (front end unit) semi-complete set for car audio
inclusive surface mount technology, PCB assembly and final
assembly;

(c) home audio (hi-fi) complete set inclusive surface mount
technology, PCB assembly until complete product assembly;

(d) DVD complete set inclusive surface mount technology,
mechanism assembly, PCB assembly until complete product
assembly; and

(e) auto insertion and PCB with surface mount technology, reflow
process.

Background Information On PT Singamip

PT Singamip was established in Indonesia within the framework of
the Foreign Capital Investment Law No. 1 of 1967 of the Republic
of Indonesia as amended by Law No. 11 of 1970 as a limited
liability company on 10 June 1989. Its authorized share capital
is USD20,000,000 comprising 200,000 ordinary shares having a par
value of USD100 each, of which 160,000 ordinary shares have been
issued and fully paid-up.

PT Singamip's core business is also in electronic related
products. It commenced its business operations in the
manufacturing of oil, wire, spring, adaptor and resistor supply
for electronic products. PT Singamip subsequently expanded its
operations to sub-contracting of audio and video including
complete and semi-complete product assembly. PT Singamip also
continued expanding its manufacturing activities to plastic
injection, polyfoam and PVC product which are supplied to the
electronic products and other type of industries such as motor
vehicle, plastic part and helmet polyfoam. PT Singamip was
initially set up in Cibinong, Bogor encompasing a land area of
approximately 26,788 square meters. However, the operations was
later moved to another factory located in Titisan Sukabumi,
encompassing a land area of approximately 48,500 square meters
due to an expansion in business.

It has also entered into some of the complete and semi-complete
product sub-contracting jobs such as mechanism, car audio and
headphone stereo assembly. The following are the main range of
product sub-contracted by PT Singamip currently:

(a) car audio complete set inclusive surface mount technology,
PCB assembly until complete product assembly;

(b) tuner pack (front end unit) semi-complete set for car audio
inclusive surface mount technology, PCB assembly and final
assembly;

(c) mechanism semi-complete set for cast & home audio inclusive
surface mount technology, PCB until final assembly;

(d) own manufacturing of coil, adaptor and wire product supply
to electronic products such as TV, audio, musical instrument;
and

(e) plastic injection, polyfoam and PVC product.

EFFECTS OF THE PROPOSED DISPOSAL AND MOU

Share Capital

The Proposed Disposal will not have any effect on the issued and
paid up share capital of Mentiga as the consideration for the
Proposed Disposal will be fully settled in cash.

Net Tangible Assets (NTA)

Based on the unaudited consolidated balance sheet of the Mentiga
Group as at 31 December 2001 and on the assumption that the
Proposed Disposal had been effected on that date, the effects of
the Proposed Disposal on the Group NTA are set out in Table 2 at
http://www.bankrupt.com/misc/TCRAP_Mentiga0702.doc of this
announcement, subject to review by the Reporting Accountants of
Mentiga.

Despite the gain on disposal of appoximately RM23.622 million,
the Group NTL increases to RM0.92 per share after the completion
of the Proposed Disposal due to the write-off of the
intercompany advances of about RM42.561 million. In any event,
SBSB is presently a loss-making entity and as such, the
repayment of these intercompany advances by SBSB based on its
current financial position is highly unlikely.

The accounts of the Mentiga Group for the financial year ended
31 December 2001 are currently being audited.

Substantial Shareholders' Shareholding

The Proposed Disposal will not have any effect on the
substantial shareholders' shareholdings in Mentiga as the
consideration for the Proposed Disposal will be fully settled in
cash.

Earnings

Based on the unaudited accounts of the Mentiga Group as at 31
December 2001 and on the assumption that the Proposed Disposal
had been effected on that date, at Mentiga Group level, the
Proposed Disposal is expected to result in an exceptional gain
on disposal of approximately RM23.622 million and the writing-
off of intercompany advances of about RM42.561 million , subject
to review by the Reporting Accountants of Mentiga.

The effects of the MoU will be announced upon finalization of
the terms of the Proposed Acquisitions and the Proposed
Restructuring Scheme.

CONDITIONS FOR THE PROPOSED DISPOSAL

The Proposed Disposal is conditional, inter-alia, upon the
following:

   (a) the approval of the Securities Commission (SC);
   (b) the approval of the FIC;
   (c) the approval of the shareholders of Mentiga at an
extraordinary general meeting (EGM) to be convened;
   (d) the approval of any other relevant Malaysian and / or
Indonesian authorities and / or regulatory bodies and / or
financial institutions; and
   (e) the completion of the legal, financial and operational
due diligence to be carried out on the Companies, the results of
which must be satisfactory to KLK and Perfect Portfolio.

The Proposed Disposal is not conditional upon the Proposed
Restructuring Scheme.

DEPARTURE FROM SC'S POLICIES AND GUIDELINES ON THE ISSUE / OFFER
OF SECURITIES (SC GUIDELINES)

The Proposed Disposal is in compliance with and do not depart
from the SC Guidelines.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

At present, to the best of the knowledge and belief of the Board
of Directors, none of the directors, substantial shareholders or
persons connected with them have any interest, direct and/or
indirect, in the Proposed Disposal and Proposed Acquisitions.

DIRECTORS' RECOMMENDATION

Having considered the rationale for the Proposed Disposal and
after careful deliberation, the Board of Directors is of the
opinion that the Proposed Disposal is in the long term interest
of Mentiga.

ADVISER

AmMerchant Bank has been appointed as the Adviser to Mentiga for
the Proposed Disposal and Proposed Restructuring Scheme.

ESTIMATED TIME FRAME FOR COMPLETION

Barring unforeseen circumstances, the Proposed Disposal is
expected to be completed in the last quarter of 2002.

APPLICATION TO THE AUTHORITIES

Application to the authorities for the Proposed Disposal will be
made within two (2) months from the date of this announcement.

DOCUMENTS FOR INSPECTION

The Conditional SPAs are available for inspection at the
Company's registered office during normal business hours from
the date hereof to the date of the EGM for the Proposed
Disposal.

The MoU is available for inspection at the Company's registered
office during normal business hours for a period of two (2)
weeks from the date of this announcement.

ANNOUNCEMENT UPON EXECUTION OF AGREEMENT

A further detailed announcement will be made upon finalization
of the terms of the Proposed Restructuring Scheme which will
also entail the execution of the SSPA for the Proposed
Acquisitions.


MGR CORPORATION: Hires Bin Mohamed as Audit Committee Chairman
--------------------------------------------------------------
MGR Corporation Berhad posted this notice:

Date of change : 27/06/2002
Type of change : Appointment
Designation    : Chairman of Audit Committee
Directorate    : Independent & Non Executive
Name      : Dato Haji Abdul Aziz Bin Mohamed
Age      : 60
Nationality    : Malaysian
Qualifications : Bachelor of Economics

Working experience and occupation  : Businessman
Directorship of public companies (if any) : Stone Master
Corporation Berhad
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil

Composition of Audit Committee (Name and Directorate of members
after change):

Dato Haji Aziz Bin Mohamed - Independent & Non-Executive
Chairman of The Committee
Keiichiro Muramatsu - Non-Independent & Non-Executive member
Loi Lung Kiong - Executive member

Profile

The Company (MGR) was engaged in sawn timber trading when it
began operations in 1985. It later expanded into the sale of
timber logs. In 1989, MGR ventured into downstream activities
beginning with wood mouldings. In mid-1996, MGR branched into
the downstream processing of plain plywood and subsequently
supplemented its furniture operation by moving into the
manufacturing of doors.

The acquisition of a sawmill in 1993 enabled the Company to
capture foreign markets. Henceforth, high-end value-added wood
mouldings and interior furniture were manufactured for the
European and American markets.

On 4 August 2000, the financial institution lenders of the
Company and its subsidiaries, Parakaya Plywood Sdn Bhd and
Kimanis Bay Timbers Sdn Bhd, entered into a debt restructuring
agreement with the Company, Parakaya, Kimanis and the Company's
major shareholder and Managing Director, Mr Loi Lung Kiong, to
restructure the outstanding bank borrowings of the Company,
Parakaya and Kimanis.

On 18 December 2000, the Company was asked to revise the
restructuring scheme taking into account issues raised by the
SC. The revised scheme was expected to be submitted tentatively
by end of May 2001.

On 5 April 2001, however, MGR's corporate adviser, CIMB resigned
and consequently, withdrew the proposal to the SC on 11 April
2001. Presently, MGR is looking at various options on its
corporate restructuring to be crystallized by the agreed May
deadline. Thereafter, a new adviser will be appointed to
finalise the scheme.


MTJ Development: RAM Reaffirms CP Rating at P2(bg)
--------------------------------------------------
Rating Agency Malaysia Berhad (RAM) has reaffirmed the enhanced
rating for MTJ Development Sdn Bhd's (MTJ) RM160 million
Guaranteed Commercial Paper Facility (CP) at P2(bg). MTJ is the
owner of the 5-star Hotel Nikko Kuala Lumpur (Hotel Nikko). The
enhanced rating reflects the unconditional and irrevocable
guarantee extended by UFJ Bank Ltd Labuan Branch (UFJ Bank),
which presently carries a short-term rating of F2 by Fitch.
Under the bank guarantee structure, all risks associated with
the CP are expected to be absorbed by the guarantor. The bank
guarantee also enhances the credit risk profile of the CP beyond
that of MTJ's inherent or stand-alone credit risk.

On February, TCR-AP reported that RAM has downgraded the short-
term rating of MTJ Development) RM160 million Guaranteed
Commercial Paper Facility (2001/2006), from P1(bg) to
P2(bg). This came as a result of Fitch IBCA, Duff & Phelps's
recent downgrade of the short-term rating of The Sanwa Bank (L)
Ltd (Sanwa Bank), from F1 to F2. The F2 rating corresponds to
the short-term rating of P2 on RAM's rating scale. The P2(bg)
rating reflects the strength of the unconditional and
irrevocable guarantee provided by Sanwa Bank. The backing of the
guarantee, in effect, enhances the credit risk profile of the CP
beyond that of MTJ's inherent or stand-alone credit risk.

MTJ is a single-purpose company set up to own and operate Hotel
Nikko. It is 80%-owned by Toyo Real Estate Ltd while Japan
Airlines Co Ltd holds the remaining 20%-stake.


NCK CORPORATION: Proposes Restructuring Scheme Revision
-------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of NCK Corporation
Berhad (Special Administrators Appointed), announced that the
Company had, on 26 June 2002 entered into a Second Supplementary
Transfer of Listing Status Agreement with Kekal Sepakat Berhad
(Newco), Era Julung Sdn Bhd (EJ), the shareholders of
Amalgamated Metal Corporation (M) Sdn Bhd (AMC), Benmarl Sdn Bhd
(Benmarl) and Prescan Sdn Bhd (Prescan) and/or their nominee to
revise the proposals in the Proposed Restructuring Scheme.
Details of the Proposed Restructuring Scheme Revision are found
at http://www.bankrupt.com/misc/TCRAP_NCK0702.html

EFFECTS OF THE PROPOSED REVISIONS TO THE RESTRUCTURING SCHEME

Share Capital

The effects of the Proposed Revisions to the Restructuring
Scheme on the share capital of Newco is set out in Table 1 at
http://www.bankrupt.com/misc/TCRAP_NCK0702.html

Proforma Net Tangible Assets (NTA)

The effects of the Proposed Revisions to the Restructuring
Scheme on the proforma NTA of Newco is set out in Table 2 at
http://www.bankrupt.com/misc/TCRAP_NCK0702.html.

Earnings

The Proposed Revisions to the Restructuring Scheme are expected
to enhance the future earnings of Newco as part of the proceeds
from the Proposed Restricted Issue, Proposed Public Issue and
Proposed Special Issue will be utilized to repay bank borrowings
resulting in lower interest expenses for Newco.

Shareholding Structure

The effect of the Proposed Revisions to the Restructuring Scheme
on the substantial shareholders of Newco is set out in Table 3
at http://www.bankrupt.com/misc/TCRAP_NCK0702.html.

SA'S RECOMMENDATION

After due consideration of all aspects of the Proposed Revisions
to the Restructuring Scheme, the SA are of the opinion that the
Proposed Revisions to the Restructuring Scheme is in the best
interest of the Company, its shareholders and creditors.

APPLICATION TO THE SECURITIES COMMISSION

Barring any unforeseen circumstances, the relevant applications
to the regulatory authorities in respect of the Proposed
Restructuring Scheme will be made within one (1) month from the
date of the signing of the Second Supplementary Transfer of
Listing Status Agreement.

The Proposed Restructuring Scheme is estimated to be completed
by February 2003.

DOCUMENTS FOR INSPECTION

The Second Supplementary Transfer of Listing Status Agreement is
available for inspection at the Registered Office of the SA, 4th
Floor, Kompleks Antarabangsa, Jalan Sultan Ismail, 50250 Kuala
Lumpur during normal business hours from Monday to Friday
(except for public holidays) for a period of 14 days from the
date of this announcement.


PAN MALAYSIA: EGM Resolved Articles of Associated Amendment
-----------------------------------------------------------
Pan Malaysia Corporation Berhad informed that at the 39th AGM
held on 26 June 2002, shareholders of the Company approved all
the ordinary resolutions and special business as set out in the
notice of the meeting. For the full text of the Notices of AGM
and EGM, check
http://www.bankrupt.com/misc/TCRAP_PanMalaysia0607.doc.

At the EGM held immediately after the conclusion of the 39th
AGM, shareholders of the Company have approved the Special
Resolution in respect of the amendments to the Articles of
Association of the Company.


PERBADANAN JOHOR: RM500M IDS to be Refinanced via Debt Scheme
-------------------------------------------------------------
Perbadanan Johor's (JCorp) RM500 million Zero Coupon Murabahah
Islamic Debt Securities (IDS) will mature on 30 June 2002.
However, the redemption of the IDS will only be met when JCorp
completes its debt-restructuring scheme. Based on the
announcement by the Corporate Debt Restructuring Committee
(CDRC) on 29 May 2002, the scheme was to have been completed by
the end of June 2002. Nevertheless, RAM understands that this
deadline may be extended to mid-July 2002. The scheme includes
the issuance of RM2.679 billion of Al-Bai Bithaman Ajil
Redeemable Bonds which will be guaranteed by the State
Government of Johor, a RM400 million Murabahah Revolving Credit
Facility and RM230 million of Redeemable Secured Certificates.

According to the same announcement by the CDRC, JCorp and its
dependent subsidiaries as well as their respective creditors
have signed a Debt-Restructuring Agreement to restructure
RM4.032 billion of debts, including the RM500 million IDS.


PROMET BERHAD: Court Orders Applications Hearing Postponement
-------------------------------------------------------------
Promet Berhad's legal counsel advised that the High Court has
adjourned these application hearings to 27 August 2002:

   (a) the application by Promet Berhad, Promet Fabricators Sdn
Bhd, Promet Developments Sdn Bhd and Promet Dikoyu sdn Bhd
(collectively referred to as "Scheme Companies") for an
extension of time of the Court Order to convene the various
meetings of their respective creditors and to restrain further
proceedings in any action or proceeding against the Scheme
Companies pursuant to Section 176 of the Companies Act, 1965
(the S176 Order);

   (b) the application by PB Securities Sdn Bhd as a respondent
to set aside the S176 Order; and

   (c) the application by Petro-Pipe Industries (M) Sdn Bhd to
intervene as respondent in the said matter.

In light of the above, the interim S176 Order continues to be in
force until the disposal of the above applications.


SELOGA HOLDINGS: Buildcon Withdraw Winding Up Petition
------------------------------------------------------
The Board of Directors of Seloga Holdings Berhad, in reference
to the announcement made by the Company on 4th June 2002 on the
winding up petition filed by Buildcon Concrete Sdn Bhd on Seloga
Jaya Sdn Bhd, the subsidiary of SELOGA, informed that the
Company's solicitors has received the confirmation from the
plantiff's solicitors confirming that the winding up petition on
25th June 2002 has been withdrawn by Buildcon Concrete Sdn Bhd.

Days ago, the Company had applied to the Kuala Lumpur Stock
Exchange on 24 June 2002 for a further extension of time to 24
July 2002 to make the submission of the regularization plans to
the authorities.

The extension of time sought by the Company was in view of
unexpected delays involved in the finalization of the submission
arising from the impact of the winding up petition served on the
Company's subsidiary, Seloga Jaya Sdn Bhd as well as the
suspension of trading of the Company's share on the KLSE.


SENG HUP: Posts Defaulted Payment Status Update
-----------------------------------------------
Seng Hup Corporation Berhad (Special Administrators Appointed) ,
as required by the KLSE Practice Note 1/2001, provided an update
on its default in payment, as enclosed in Appendix A found at
http://www.bankrupt.com/misc/TCRAP_Senghup0702.xls

The default by SHCB as at 31st May 2002 amounted to RM56,413,782
made up of principal sums, plus RM24,521,166 in interest for
revolving credit facilities, trade financing and overdraft.

P.T. Krisindo Mas, a subsidiary of SHCB had as at 31st May 2002,
defaulted USD2,280,000, made up of a principal sum plus
USD1,088,944 in interest, in respect of its property loan.

Dasar Jernih Sdn Bhd and Nazar Holdings Sdn Bhd both
subsidiaries of SHCB have respectively defaulted in the
principal repayment of their property loans amounting to
RM5,728,000 and RM1,180,000 together with interest of
RM2,116,555 and RM513,613 respectively as at 31st May 2002.

There are no other new development since our previous
announcement with regard to this Practice Note.


TAJO BERHAD: Replies KLSE's Query, Provides Add'l Info
------------------------------------------------------
Public Merchant Bank Berhad, on behalf of the Board of Directors
of Tajo Berhad, is pleased to provide the following additional
information as requested by the KLSE.

1. Number of shares and Warrants B in Mithril Bhd (Mithril) to
be issued to:

   (i) the secured and deemed secured creditors; and
   (ii) unsecured and deemed unsecured creditors respectively.

Details    No. of Shares in Mithril  Warrants B

Secured and deemed
secured creditors  55,000,000    18,333,333
Unsecured and deemed
unsecured creditors   31,490,189    31,490,189

2. The differences between RCULS A and RCULS B

There are no differences between RCULS A and RCULS B. The
distinction is made solely for the purposes of showing the
amount of RCULS used as security for the Saferay Guaranteed
Profit of RM18 million for the three (3) years ending 31
December 2005.

3. Shareholders' fund and total borrowings of Saferay (M) Sdn
Bhd for the past 5 financial years.

Details    Financial year ended 30 April
1997   1998   1999   2000   2001
RM'000  RM'000 RM'000 RM'000    RM'000

Shareholders Fund 320  519   2,231  4,988      9,246
Total borrowings  535  1,526  1,221  3,895      3,017

4. In respect of the Proposed MAAKK 1 Acquisition:

   (i) the existing use of the 29 subsidiary parcels of
commercial/office space (29 Parcels);

57% of the 29 subsidiary parcels of commercial / office space is
being occupied and tenanted.

   (ii) the encumbrances on the 29 Parcels, if any;
At this present moment, no individual titles have been issued
for the 29 Parcels. However, upon issuance of the 29 Parcels'
strata titles, the parcels should not be encumbered.

   (iii) the approximately age of Menara MAA - Kota Kinabalu;
and

The developer obtained the actual development order in 1995 with
construction of the area commencing in 1997. Actual Occupation
Certificate was obtained on 17 September 1999.

   (iv) the date of investment of Malaysia Assurance Alliance
Bhd (MAA) in the 29 Parcels.

MAA's date of investment in the 29 Parcels is 29 December 1997,
being the date of the Sale and Purchase Agreement entered into
between MAA and Tokojaya Sdn Bhd (Tokojaya).

5. In respect of the Proposed MAAKK 2 Acquisition:

   (i) the net book value of the 16 subsidiary parcels of
commercial space (16 Parcels) based on the latest audited
accounts of Tokojaya; and

The net book value of the 16 Parcels based on the latest audited
accounts of Tokojaya is RM6,723,035.

   (ii) the existing use of the 16 Parcels.

12 of the 16 subsidiary parcels are being rented out to various
parties and the remaining parcels are currently empty.

6. In respect of the 10,000,000 new Mithril Shares to be issued
pursuant to the Proposed MAAKK 2 Acquisition:

   (i) the ranking; and

The 10,000,000 new Mithril Shares to be issued pursuant to the
Proposed MAAKK 2 Acquisition shall rank pari passu in all
respects with the new Mithril Shares except that they will not
entitled to any rights, dividends, allotment and/or distribution
of which the entitlement date is before the allotment of such
shares.

   (ii) the issue price and the basis thereof.

The 10,000,000 new Mithril Shares to be issued as part
consideration for the Proposed MAAKK 2 Acquisition would be
issued at par value (i.e: RM1.00)

7. In respect of the Proposed MAA Kuching Acquisition:

   (i) the existing use of the 8 levels of space (8 Levels);

Of the 8 Levels covering approximately 50,652 square feet, 82%
is tenanted.

   (ii) the encumbrances on the 8 Levels, if any;

At this present moment, no individual titles have been issued
for the 8 Levels. However, upon issuance of the 8 Levels' strata
titles, the 8 Levels should not be encumbered. MAA has a power
attorney (PA) granted by the registered owner over the said
property from the joint venture agreement.

   (iii) the approximate age of Menara MAA - Kuching; and

The development order was obtained in 1994 while the occupancy
permit was obtained on 6th September 1997.

   (iv) the date of investment of MAA in the 8 Levels.

The date of investment of MAA in the 8 Levels began with the
joint venture agreement entered into between MAA and Sarawak
Land Custody And Development Authority on 25th November 1993.

8. In respect of the Proposed MAA Penang Acquisition:

   (i) the approximate age of Menara MAA - Penang;

"Sijil Penghunian" (Certificate of Occupancy) was obtained on 11
June 1999.

   (ii) the existing use of Menara MAA - Penang;

MAA Penang is approved for retail and commercial office space.
The retail space covers an area of 27,924 in net lettable area.
Currently, 6,488 square feet is being let out. As for the
commercial office space, which covers 78,471 square feet in net
lettable area with 642,254 square feet, is being let out. 66% of
the total lettable area is tenanted.

MAA is occupying 34,235 square feet which represents 32.1% of
the net lettable area of 106,395 square feet of the building.

   (iii) the encumbrances on Menara MAA - Penang, if any; and

There are no known encumbrances on Menara MAA Penang with the
titles in MAA's custody.

   (iv) the date of investment of MAA in Menara MAA Penang.

MAA's date of investment in the Menara MAA Penang is 1 July
1997, being the date of the Sale and Purchase Agreement entered
into between MAA and Strategic Design Sdn Bhd.

9. Whether the Proposed Restructuring Exercise has departed from
the Securities Commission's Policies and Guidelines.

The Proposed Restructuring Exercise does not depart from the
Securities Commission's Policies and Guidelines on Issue / Offer
of Securities.

Tajo wishes to point out that the KLSE requested that it reply
to the KLSE's queries within 2 market days from the date of the
KLSE query letter. The Board of Directors of Tajo had endeavored
to reply as soon as practicable, however, the slight delay in
replying to KLSE's queries was due to the time taken in
collating the above mentioned information from the various
vendors and relevant parties.


TAJO BERHAD: Provides Defaulted Payment Update Status
-----------------------------------------------------
Tajo Berhad (Tajo) provided an update on the details of all the
facilities currently in default in compliance with Section 3.1
of Practice Note 1/2001. Details are as per Table 1 found at
http://www.bankrupt.com/misc/TCRAP_Tajo0702.doc

A) REASON FOR DEFAULT IN PAYMENT

Due to the slowdown in the regional economy in general and the
construction and building industry specifically following the
financial crisis in late 1997, the cashflow generated from
operations was not sufficient to service the interest and
principal obligations to the lenders as and when they fell due.

B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS

Reference is made to our previous announcements dated 31 May
2002, 26 April 2002, 29 March 2002, 26 February 2002, 31 January
2002, 28 December 2001, 21 November 2001, 22 October 2001, 12
September 2001, 16 August 2001 and 5 July 2001.

On 10 October 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced their appointment as Tajo's Adviser
with regards to Tajo's revised plans to regularize its financial
condition pursuant to PN4. In the same announcement, it was also
announced that an application for an extension of time pursuant
to Paragraph 5.1(c) of PN4 has been made to KLSE on 10 October
2001 as the deadline granted by KLSE to enable Tajo to make a
resubmission of its regularization plans to the relevant
authorities for approval was on 10 October 2001.

On 1st November 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced that KLSE vide its letter dated 1
November 2001, has granted its approval for an extension of time
from 11 October 2001 to 28 February 2002 to enable Tajo to:

   1. Revise its regularization plan;
   2. Make a revised Requisite Announcement to KLSE; and
   3. Submit its revised plan to the regulatory authorities for
approval.

Further to the above, Tajo is also required to provide KLSE with
detailed progress reports on the development and/or latest
status of its regularization plan in accordance with the
following schedule:

   1st progress report by 15 November 2001;
   2nd progress report by 15 December 2001;
   3rd progress report by 15 January 2002; and
   4th progress report by 15 February 2002.

On 15th November 2001, Public Merchant Bank Berhad, on behalf of
Tajo, submitted the 1st progress report on the developments and
latest status of Tajo's regularization plan to KLSE. On 14th
December 2001, the 2nd progress report was submitted to KLSE and
subsequently, the 3rd progress was submitted to KLSE on 14th
January 2002. The fourth progress report was submitted on 15th
February 2002.

On 26th February 2002, Public Merchant Bank Berhad, on behalf of
Tajo had written to the KLSE seeking a further extension of time
of three (3) months from 28 February 2002 for Tajo to make its
revised Requisite Announcement. On 11 April 2002, Tajo announced
that, KLSE, on even date, did not approve Tajo's 0application
for a further extension and imposed a suspension on the
securities of the Company pursuant to paragraphs 8.14 and 16.02
of the listing requirements. The suspension took effect on 19
April 2002.

Tajo's Requisite Announcement was made via Public Merchant
Berhad on 10 June 2002 to the KLSE. Tajo has 2 months to submit
their proposal to the Securities Commission for approval wherein
the Securities Commission has up to 4 months to revert. With the
Requisite Announcement being made, the issue of the KLSE not
approving the extension of time is no longer relevant.

In the meantime, management is endeavoring to normalize the
trading of Tajo shares soonest possible through its on-going
plan to regularize Tajo's financial condition and in line with
the requirements of the relevant authorities.

Announcements will be made in due course on the progress of
Tajo's regularization plan.

C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT
IN PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S
LIABILITY IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE
AGREEMENTS FOR THE INDEBTEDNESS

The estimated total outstanding as at 31 May 2002, in relation
to the payments, which are in default and are the subject matter
of the restructuring scheme is RM181,900,761.

Since Tajo is either the principal borrower or the guarantor for
these loans, Tajo is liable for the full amount and any further
interest and financial cost levied there or until the settlement
of these debts.

D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN
STOCKS OR BONDS, THE LINES OF ACTION AVAILABLE TO THE
GUARANTORS OR SECURITY HOLDERS AGAINST THE LISTED ISSUER

Tajo's bonds were unsecured.

E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER
THE DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER
AND MANAGER

As a debenture holder pursuant to the secured loans made by MAA
to Tajo, MAA is empowered to appoint a receiver or receiver and
manager.

F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS
(CROSS DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE;
AND

The facilities listed above represent all the borrowings of the
Tajo Group, and as a result of the Proposed Scheme of
Arrangement "have not been serviced" (interest and principal)
since December 1998. As such they are all technically in
default.

The creditors have refrained from serious legal action other
than those, which have been disclosed in our Annual Report and
Circulars as well as Announcements, since they have voted
unanimously in favor of the Proposed Scheme of Arrangement on 15
August 2000.


TIMBERMASTER INDUSTRIES: Releases AGM Results
---------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed) announced that the following resolutions were duly
adopted at the Annual General Meeting held on 26 June 2002:

   1. Resolution 1: That the Audited Accounts for the financial
year ended 31 December 2001 and the Report of the Directors and
Auditors thereon be received, approved and adopted.

   2. Resolution 2: That the Directors' fees in respect of the
financial year ended 31 December 2001 be and is hereby approved.

   3. Resolution 3: That Y. Bhg. Dato' Muhamad Karimin @ Mohd
Karim bin Abdullah Omar, DMPT, DSSA, KMN, SMT, SMS, the Director
retiring by rotation in accordance with Article 102 of the
Company's Articles of Association be and is hereby re-elected to
the Board.

   4. Resolution 4: That Messrs Arthur Andersen & Co. be re-
appointed to hold office until the conclusion of the next Annual
General Meeting at which accounts are laid before the Company
and that their remuneration be determined by the Special
Administrators.


TRANS CAPITAL: AGM Deferment Request Pending
--------------------------------------------
The Board of Directors of Trans Capital Holding Berhad announced
that TCHB has obtained the approval of the Suruhanjaya Syarikat
Malaysia (SSM) for the extension of time of three (3) months
until 30 September 2002 to hold the annual general meeting (AGM)
of TCHB for 2002 pending approval from the KLSE.

The reason for not being able to hold the AGM on time pursuant
to Section 169 (1) of the Companies Act, 1965 because of the
following reasons which delayed the preparation and finalization
of the accounts of TCHB Groups:

   1) As a result of the appointment of the Receiver and Manager
of Trans Capital Sdn. Bhd., a subsidiary company of TCHB, all
the accounting books and related documents were handed over to
the Receiver.

   2) TCSB is awaiting confirmation from the bankers and
solicitors on the final balances due by TCSB to them
respectively in the restructuring/rescue scheme that is
currently being worked on with the white knight.


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


BELLE CORP: Amendment Re Approval on FRN's Due May 2002
-------------------------------------------------------
Belle Corporation on June 27 has secured the approval of the
required amount of holders of its floating rate notes due May
2002 to amend the terms thereof.

The amendments include mainly:

   * the extension of the maturity date of the FRNs from May 10,
2002 to May 10, 2014;
   * an increase in the interest rate from 1.8 percent per annum
over the 6-month U.S. Dollar LIBOR rate to 2.0 percent per annum
over the 6-month U.S. Dollar LIBOR rate;
   * and the deferment and/or capitalization of interest from
the interest payment date in May 2001 through the interest
payment date in November 2002.

The principal amount outstanding under the FRNs is US$68.5
million, prior to the deferment and/or capitalization of
interest under the amended terms.

DebtTraders reports that Belle Corporation's 5.830% floating
rate note due in 2002 (BELC02PHN1) trades between 35 and 40. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BELC02PHN1


METRO PACIFIC: AUB Interested in First e-Bank Unit
--------------------------------------------------
Metro Pacific Corp (MPC) unit First e-Bank Corp is a target for
acquisition by a local medium-sized bank, Asia United Bank
(AUB), BusinessWorld newspaper reported.

Negotiations between the two banks are ongoing despite reports
that Bank of Commerce (Bancommerce) is close to sealing a deal
to acquire First e-Bank.

On June 17, the M&A Reporter Asia Pacific reported that merger
talks between the First e-Bank Corp and Bancommerce have been
continuing despite the controversial sale of First Pacific's
interest in MPC to the Gokongwei Group. (M&A REPORTER - ASIA
PACIFIC, Vol. No.1, Issue No. 128, July 01, 2002)

According to TCR-AP, as of end-2001, Metro Pacific has 18.5
billion pesos in consolidated interest bearing liabilities. Out
of these loans, 11 billion pesos is attributed to the Company,
2.7 billion pesos to Bonifacio Land Corp., 2.9 billion pesos to
Fort Bonifacio Development Corp., 1.1 billion pesos to Negros
Navigation Co., and 765 billion pesos to Landco Pacific.


NATIONAL BANK: Shareholders' Approval Re Capital Stock
------------------------------------------------------
The shareholders of the Philippine National Bank on June 25 has
approved the following outstanding capital stock:

1. The reduction of the par value per share of the bank from P60
to P40 resulting in the decrease of the authorized capital stock
from P50 B to P33.333 B resulting in a surplus of approximately
P7.8 B which will be used to wipe out the bank's deficit;

2. The increase, thereafter, of the authorized capital stock of
the bank from P33.333 B to P50,000,000,040 and the creation
thereby of preferred shares with the following features:

   *non-voting, non-cumulative, fully participating on dividends
with the common shares;

   *convertible, at any time at the option of the holder who is
qualified to own and hold common shares, to common shares on a
one preferred share for one common share basis;

   *with mandatory and automatic conversion into common shares
upon the sale of such preferred shares to any person other than
the national government or any other government agency or
government owned or controlled corporation; and

   *with rights to subscribe to additional new preferred shares
with all of the features as herein provided, in the event that
the bank shall hereafter offer new common shares for
subscription, in such number corresponding to the number of
shares being offered.

3. The issuance in favor of PDIC, of 195,175,444 preferred
shares, at its par value of P40 per share, in support of the
increase in capital to P50 B, in payment of which, the bank
agreed to the conversion into equity of a portion of PDIC's loan
to the bank in the amount of P7,807,017,760;

4. The amendment of the articles of incorporation of the bank.


PHILIPPINE AIRLINES: Needs P2B to Buy Shares
--------------------------------------------
Debttraders analysts Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300) reported that Philippine Airline
(PAL), Inc.'s shares may be offered to Lucio Tan at a price of 5
pesos ($0.1) by Land Bank of the Philippines, citing the
Business World news.

Government financial institutions notified the flag carrier last
month they are exercising the put option. The current price of
the share is 1 peso ($0.02) only. The airline may need to come
up with 2 billion pesos ($40 million) to buy the shares. The put
option agreement is part of PAL's refleeting program in 1996,
which involved the acquisition of eight 747-800 airplanes and 24
airbuses.


PHILIPPINE LONG: JG Reiterates Non-Involvement in Bid
-----------------------------------------------------
In a letter to the Securities and Exchange Commission, JG Summit
Holdings Inc President Lance Gokongwei reiterated that the
company is not involved in the Gokongwei Group's bid for control
of Philippine Long Distance Telephone Co (PLDT).

"We reiterate that it was the Gokongwei Group and not JG Summit
Holdings that was the contractual party to the proposed joint
venture with First Pacific to acquire certain equity interests
in Philippine Long Distance Telephone Co," Gokongwei said in
his letter.

The SEC had ordered JG Summit to explain why First Pacific Co
Ltd named the Gokongwei company in a disclosure to the US SEC as
one of the family's companies involved in the PLDT deal.

He said First Pacific's mention of JG Summit in its disclosure
to the US was "merely descriptive" of the businesses engaged in
by the Gokongwei family.

"Clearly, the reference to JG Summit was for purposes of
describing the Gokongwei group and not to create, expressly or
impliedly, any contractual relationship between JG Summit and
First Pacific."

He added First Pacific's disclosures to the Hong Kong stock
exchange had consistently identified its counterparty as the
Gokongwei Group.

In a separate letter to the SEC, group founder John Gokongwei Jr
reiterated he had entered into the agreement with First Pacific
on behalf of the Gokongwei Group.

Gokongwei said, "there was never any intention that JG Summit
itself would be the contracting party to the proposed joint
venture." (M&A REPORTER - ASIA PACIFIC, Vol. No.1, Issue No.
128, July 01, 2002)


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


ARTEFERRO SINGAPORE: Enters Voluntary Liquidation
-------------------------------------------------
The Board of Directors of Sim Lian Group Limited announced on
Friday that Arteferro Singapore (Pte) Ltd (AS), a joint venture
firm of the Company, has been voluntarily liquidated.

As is 50 percent owned by Weldanpower Enterprises & Engineering
Services Pte Ltd, which in turn is a wholly owned subsidiary of
the Company.

The voluntarily liquidation of AS will not have any material
effect on the net tangible assets or earnings per share of the
Company for the financial year ending 30 June 2002.

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


ASIA FOOD: Discloses Debt Rescheduling Update
---------------------------------------------
The Board of Directors of Asia Food & Properties Limited (AFP)
and Golden Agri-Resources Ltd (GAR) on June 28 updated their
shareholders and the general public on the progress with their
debt rescheduling.

The AFP Group (including GAR Group) has rescheduled an
additional US$97.8 million of its debts (comprising bank loans,
bonds and trade facilities).

This relates to the Rp500 billion bonds due in April 2002 (Bonds
II) and Rp350 billion bonds due in August 2002 (Bonds III)
issued in 1997 by a subsidiary, P.T. Duta Pertiwi Tbk. Details
of Bonds II and Bonds III have been disclosed in Note 24 (b) and
(c) to the audited financial statements in AFP FY2001 Annual
Report.

The details of the total debt rescheduled during the period July
2001 to 25 June 2002 for AFP and GAR Groups are as follows:

in US$ million
Debt rescheduled during July 2001 to
25 June 2002  AFP
(excluding GAR) GAR Total AFP
(consolidated)

Accumulative original balance (a)  156.1  225.9 382.0
Balance outstanding as at 31 May 2002 (b) 107.0  214.4 321.4

Note:

(a) This refers to the aggregate original amount of debt
rescheduled.
(b) This refers to the outstanding balance as at 31 May 2002 of
the aggregate amount of debt rescheduled. The figures differ
from (a) due to partial repayment of certain debts and
elimination on group consolidation of bonds held by
subsidiaries.

The following table shows the breakdown of total debt as at 31
May 2002 and the percentage of debt, which has been rescheduled:

US$ million
(Un-Audited) AFP
(excluding GAR) GAR Total AFP
(consolidated)

Short-term debt 1 298.3 503.1 801.4
Long-term debt 2 364.8 30.9 395.7
Total debt (bank loans, bonds and trade facilities) as at 31 May

2002 3 663.1 534.0 1,197.1

Rescheduled debt(b) as a percentage of total debt 4

16.1% 40.1% 26.8%

Note:

1 Short-term refers to amounts payable in 2002
2 Long-term refers to amounts payable from 2003 onwards
3 Figures available at the latest practicable date
4 Percentage of total debt rescheduled is computed for
information only

For ease of comparison, the amounts in Singapore Dollar have
been converted to United States Dollar equivalent at US$1 to
S$1.841 as at end of May 2002.

ABOUT ASIA FOOD & PROPERTIES

Asia Food & Properties Limited (AFP) is involved in three core
businesses: Agri-business, Food and Property, through its
investments in Indonesia, China, Malaysia and Singapore.
Headquartered in Singapore, the AFP Group employs about 45,000
people. The Group turnover for the year 2001 was S$1.5 billion.

AGRI-BUSINESS

The Agri-business operations are located in Indonesia and China.

Through its SGX-ST listed subsidiary, Golden Agri-Resources Ltd
(GAR), the Group's Indonesia Agri-business is one of the world's
largest vertically integrated oil palm plantation companies.
With a total planted area of 280,000 hectares, GAR operates 22
palm oil processing mills, two refineries and four kernel
crushing mills. The primary activities include oil palm tree
cultivation and harvest; processing of fresh fruit bunch into
crude palm oil (CPO) and palm kernel; and refining into value-
added products such as cooking oils, margarine and shortening.

The Group's China Agri-business operations include refineries,
port and oil-seed crushing facilities in Ningbo and Zhuhai,
China.

FOOD

The Group's Food operations, which are carried out by Zhuhai
Huafeng Food Industry (Group) Co., Ltd and its subsidiaries is
one of the largest manufacturers of instant noodles in China.
Its operations include the production, distribution and sale of
instant noodles throughout China.

PROPERTY

The Group's Property division in Indonesia is a leading
developer and is engaged in the development and construction of
commercial, residential and industrial properties, townships,
hotels and resorts. The Property division has long-term
investments in major commercial buildings, hotels and resorts,
and is involved in property sales, leasing and management of its
real estate development and investments in Indonesia, China,
Singapore and Malaysia.

For further information, please contact:

CORPORATE AFFAIRS - MEE-WAH TAN
Tel: +65 6329 5707 / 6220 7720
Fax: +65 6329 5709
E-mail: corpaff@afp.com.sg


ASIA PULP: Meets June Payment Obligation to IBRA
------------------------------------------------
Asia Pulp & Paper Company Ltd (APP) confirmed on Saturday that a
payment of US$90 million was made on June 28, 2002 by its
Indonesian operations under the terms of the agreement entered
into between the Sinar Mas Group (including APP companies) and
The Indonesian Bank Restructuring Agency (IBRA). This payment
reduces the amount of debt owing to IBRA, which is secured by
assets of APP's Indonesian operations (among other assets). The
Sinar Mas Group (including APP companies) has a debt obligation
of approximately US$1.2 billion to IBRA, of which 20 percent, or
approximately US$240 million was due and payable by June 30,
2002.

In addition to the payment made by the Indonesian operations of
APP, the Sinar Mas Group, through the Widjaja family, has
settled the balance of this installment of the
outstandings due to IBRA with assets previously pledged by the
Sinar Mas Group to IBRA, not being assets of APP Group.
As part of the arrangements concluded between the Sinar Mas
Group (including APP companies) and IBRA on June 28, 2002, IBRA
was granted a pledge of the shares in 3 Indonesian subsidiaries,
Indah Kiat, Tjiwi Kimia and Pindo Deli. The granting of these
pledges was a term of the original agreement reached between
IBRA and the Sinar Mas Group (including APP companies) in early
2001 and this term will now be implemented.

IBRA has agreed to take a leading and proactive role in the
consensual debt restructuring discussions currently under way
between the Indonesian operations of APP and its creditors.
IBRA's agreement to play a leading role in the restructuring is
intended to facilitate accelerated discussions with the
objective of agreeing the basic commercial terms of the
consensual debt restructuring. This is fully consistent with
APP's desire, and requests repeatedly made to creditors, that
details regarding the terms of the debt restructuring be
discussed and agreed as soon as possible. IBRA and APP recognize
the importance of this consensual debt restructuring which, if
not reached, may result in those APP entities with debt
obligations to, and assets pledged with, IBRA concluding a final
consensual debt restructuring in a bilateral arrangement with
IBRA.

Commenting on the arrangements with IBRA, Teguh Wijaya, Chief
Executive Officer of APP, said:

"The making of the payment today (Friday) to IBRA demonstrates
that the Sinar Mas Group (including APP companies) are dedicated
to settling their respective debt obligations to, and assets
pledged with, all creditors as soon as possible. We understand
the absolute necessity, and the importance for Indonesia, that
IBRA receives timely payment of amounts due to it under the
settlement between the Sinar Mas Group (including APP companies)
and IBRA. This is in everybody's interests as The Republic of
Indonesia continues to make significant strides in tackling the
enormous financial issues, which it faces. Our hope is that we
will work together in addressing our current debt problems and
ultimately enhance value for all concerned, including the many
thousands of Indonesians who are employed by the APP group."

Mr. Wijaya added:

"I am delighted that IBRA has agreed to play a leading and
proactive role in our debt restructuring discussions. I have
always been of the view that our debt restructuring discussions
would receive an enormous boost if a significant creditor(s)
agrees to play a proactive role and attempt to provide
leadership, as in the case of the restructuring of our debt in
China, to what is a very large and diverse group of creditors.
Hopefully, this will improve and enhance creditor organization
so that we can be successful in agreeing basic restructuring
terms as soon as possible and thereby enhance value for all
stakeholders."

APP is one of the world's leading pulp and paper companies. With
current pulp capacity of 2.3 million tones and paper and
packaging capacity of 5.7 million tones, it ranks number one in
non-Japan Asia. Headquartered in Singapore, APP currently has 16
manufacturing facilities in Indonesia and China and markets its
products in more than 65 countries on six continents.


EXCEL MACHINE: Issues Profit Warning
------------------------------------
The Directors of Excel Machine Tools Ltd announced on Friday
that due to the continued weak market in the global economy, the
Group expects to post a loss for the first half of 2002.

Although there were some signs of a recovery in the USA market,
this has not filtered down to the manufacturing sector. Demand
for machine tools in USA has stabilized after falling to the
lowest level in 2001.

The Group is taking steps to address the pressure on margins
through efforts to reduce costs and improve operational
efficiencies. Having conducted an extensive review of its
operations, the Group is undertaking certain restructuring
exercises to reduce both fixed and variable costs.

In anticipation of the Company's announcement of the Group's
results for the first half period ending 30 June 2002, to be
released on September 2002, the Directors deem it appropriate to
issue a profit warning to the shareholders.


EXCEL MACHINE: Negotiating With Banks on Debt Repayment
-------------------------------------------------------
In the full year financial statement and dividend announcement
made by Excel Machine Tools Ltd on March 29, 2002, and in
subsequent announcements made on April 3, 2002, May 8, 2002 and
May 31, 2002, the Company on Friday has stated that the Group is
in discussions with its bankers for their continued support,
including inter-alia, restructuring the repayment of the short-
term banking borrowings.

As part of its on-going discussions, the Group plans to schedule
a meeting with the bankers to discuss and review certain debt
restructuring proposals, which the Group has drawn up after an
extensive review of its operations. The Group will provide
regular monthly updates on the status of discussions, and shall
make the appropriate announcements upon the conclusion of the
discussions and when terms have been agreed upon between the
Group and its bankers.


OAKWELL ENGINEERING: Posts Changes in G&W's Interests
-----------------------------------------------------
Oakwell Engineering Limited posted a notice of changes in
substantial shareholder G&W Group (Holdings) Limited's interests
as follows:

Name of substantial shareholder: G & W Group (Holdings) Limited
Date of notice to company: June 26, 2002
Date of change of shareholding: June 25, 2002
Name of registered holder: V. Plus Venture Capital Pte Ltd
Circumstance giving rise to the change: Others
Please specify details: Deemed Interest - Allotment of new
shares to V.Plus Venture Capital Pte Ltd pursuant to the debt
restructuring plan of the Scheme of Arrangement.

Shares held in the name of registered holder

No. of shares of the change: 344,431,667
Percentage of issued share capital: 57.73
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: 0.06
No. of shares held before change: 0
Percentage of issued share capital: 0
No. of shares held after change: 344,431,667
Percentage of issued share capital: 57.73

Holdings of Substantial Shareholder including direct and deemed
interest

No. of shares held before change:
Percentage of issued share capital:
No. of shares held after change: 344,431,667 (Deemed)
Percentage of issued share capital: 57.73 (Deemed)
Total shares: 344,431,667 (Deemed)


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


CENTRAL PAPER: Issues Warrant Exercise Results
----------------------------------------------
Central Paper Industry Public Co., Ltd (CPICO) issued 120
million units of warrant No.1 (CPICO-W1) with 10 years term
offering to the existing shareholders during July 11-18, 2000.

The exercise is fixed on every 3 months of the normal working
hours of the Company's share registrar on the date 15th or the
next working day of March, June, September and December of
each year through the maturity date.

The Exercise Date shall be on 15th September, 2000 while the
last Exercise Date shall be on 15th June, 2010 respectively.
1 unit of warrant give the right to the holder to purchase 1
share of the company in the Exercise Price of Bt10 per share.

The company informed that there are 119,994,600 units of Right
Warrants No.1 (CPICO-W1), on the Exercise Date of June 17th,
2002 there is not any warrant holder exercised his rights to
purchase new ordinary shares.  Therefore, there are 119,994,600
units  remaining  Rights Warrants  No.1(CPICO-W).


COGENERATION PUBLIC: Posts Takeover Supplemental Form
-----------------------------------------------------
Cogeneration Public Company Limited posted this form:

     Supplemental Form to the Tender Offer Document
   of The Cogeneration Public Company Limited ("COCO")

1.      Objective of the form
[ ] Extension of the Tender Offer period
[ ] Correction of the Tender terms in the Tender Offer document
[ ] Announcement of the final Offer
[ ] Announcement of the final Tender Offer period
[/] Announcement of the number and percentage of the tendered
shares

2.      Date of submission: June 27, 2002

3.      Name of the tendered securities: Ordinary shares of The
Cogeneration Public Company Limited

4.      Name of the Tender Offeror: Tractebel S.A.

5.      Name of the Tender Agent: Merrill Lynch Phatra
Securities Company Limited

6.      Date of the Tender Offer document submission (Form 247-
4):  May 29, 2002

7.      Details of the Tender Offer

Before submission       After submission

7.1 Amount offered
to be purchased 21,326,156 shares       Not change
7.2 Offer price Baht 17 per share       Not change

7.3 Conditions of the Tender Offer

The Offeror does not have any
conditions to cancel    Not change
the tender offer.

7.4 Conditions on the    The Offeror will
number of shares to be   purchase all tendered
acquired in case where   shares  Not Change
the amount tendered during
tender offer is either

7.5 Last day of the tendered period August 2, 2002      Not
change

8.      Number and percentage of the tendered shares until June
26, 2002, which is the 20th business day of the Tender Offer
period

Type of Shares  Amount  Percentage of total issued shares
Ordinary Shares 310,013 shares  0.03 %

9.      Number and percentage of the shares in 8. together with
shares held currently by the Offeror

Type of Shares  Amount  Percentage of total issued shares
Ordinary Shares 1,183,483,857 shares    98.26 %


EASTERN WIRE: Files Business Reorganization Petition
----------------------------------------------------
Wire producer Eastern Wire Public Company Limited (DEBTOR)'
Petition for Business Reorganization was filed to the Central
Bankruptcy Court:

   Black Case Number For. 18/2542

   Red Case Number For. -/2542

Petitioner: Eakka Holding Company Limited

Debts Owed to the Petitioning Creditor: Bt1,596,089,325.38

Date of Court Acceptance of the Petition: November 8,1999

Date of Examining the Petition: December 7,1999 at 9.00 A.M.
On December 7, 1999 the petitioner withdrew the petition for
business reorganization.

The court allowed the withdrawal of the petition and ordered the
petitioner to publish the withdrawal of the petition in a
newspaper.

The Court had issued an order disposal the case on December 22,
1999

Contact: Ms. Amornrat Tel, 6792525


ITALIAN-THAI DEVELOPMENT: SET Grants Listed Securities
------------------------------------------------------
The Stock Exchange of Thailand (SET), starting from 2 July 2002,
allowed the securities of Italian-Thai Development Public
Company Limited (ITD) to be traded on the SET after finishing
capital increase procedures.

Name                       : ITD
Issued and Paid up Capital
     Old                   : 3,000,000,000  Baht
     New                   : 3,738,678,180  Baht
Allocate to                : Creditors under the Business
Reorganization
                             Plan for debt to equity conversion
                             73,867,818 shares
Ratio                      :  -
Price Per Share            : 59.87 Baht
Payment Date               : 3-14 June 2002


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

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