TCRAP_Public/020703.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, July 3, 2002, Vol. 5, No. 130

                         Headlines

A U S T R A L I A

AUSTRALIAN PLANTATION: ITC Transaction Settlement Date Extended
HIH INSURANCE: Releases Commission's Hearing Schedule
MAXIS CORPORATION: GM to be Held on July 31
UNITED ENERGY: Sells Pulse/Edgecap, Utili-Mode to AGL
VISY INDUSTRIES: Southcorp Agrees Debt Rescheduling


C H I N A   &   H O N G  K O N G

G-PROP (HOLDINGS): Circular Dispatch Delayed
PROFIT STARS: Winding Up Petition Sought by Onway Engineering
SUNBIG TEXTILE: Winding Up Petition Hearing Set


I N D O N E S I A

ASTRA INTERNATIONAL: Affiliate Plans to Issue Rp200B Bond
TEXMACO GROUP: IBRA Agrees to Restructure Rp29.04T Debt


J A P A N

AOKI CORP.: R&I Affirms `C' L-T Debt Rating
DAIEI INC: Wants Baseball Club Shares Back
FURUKAWA ELECTRIC: R&I Downgrades L-T Debt, CP to `BBB+'
MERRILL LYNCH: Slashing One-Third of Retail Staff
SNOW BRAND: Moody's Confirms Caa1 Rating; Outlook Negative


K O R E A

MEDISON CO: Siemens Plans to Acquire Ultrasound Scanner Maker
SAMSUNG CORP.: R&I Confirms `BBB-' FC Sr L-T Credit Rating


M A L A Y S I A

KWANTAS CORPORATION: Proposes Bond Issue to Repay Debts
MBF HOLDINGS: To Consolidate Overseas Businesses to Reduce Debt
MECHMAR CORPORATION: 29th AGM Resolutions Duly Passed
MOL.COM BERHAD: Seeks Proposals Implementation Time Extension
PAN MALAYSIAN: Shareholders OK Articles Amendment

PAN PACIFIC: Formulates Debt Settlement Preliminary scheme
PENAS CORPORATION: Enters Debt Proposal MOU With White Knight
PERNAS INTERNATIONAL: Chairman Tunku Sulaiman Steps Down
PICA (M) CORP.: Answering Queries at Creditors' Meeting
PICA (M) CORPORATION: Updates Credit Facilities Status

PROMET BERHAD: Applies for Further Announcement Time Extension
SASHIP HOLDINGS: AGM Elects New Board of Directors
SEAL INCORPORATED: June 28 Defaulted Payment Stands at RM56.7M
TAP RESOURCES: Complying With KLSE's Obligations
TECHNOLOGY RESOURCES: Rejects Telekom's Claims

TIMBERMASTER INDUSTRIES: Unit's Winding Up Will Not Affect TI
UNIPHOENIX CORPORATION: Scheme Time Extension Request Pending


P H I L I P P I N E S

BENPRES HOLDINGS: Unable to Meet P19.606M Interest on LTCPs
MONDRAGON INT'L: Interim Agreement W/ Clark Extended One Year
PILIPINO TELEPHONE: Inks Subscription Agreement With PLDT


S I N G A P O R E

ACE NET: Bank Integration Triggers Winding Up
ASIAMEDIC LIMITED: Losing Unit Sells Fixed Assets
CHEW EU: Discloses March 2002 Financial Statement
L&M GROUP: Shareholder's Approve AGM Resolutions
LKN-PRIMEFIELD: E&Y Reveals Restructuring Proposal Revision

OAKWELL ENGINEERING: Updates Debt Restructuring Plan Status
OVERSEA-BANKING: Unit Enters Voluntary Liquidation
SIM LIAN: Voluntarily Liquidates Joint Venture Company
TELEDATA (SINGAPORE): Director, CEO's Resignations Pending


T H A I L A N D

HEMRAJ LAND: SET Grants Listed Securities
KASEMKIJ CONSTRUCTION: Business Reorganization Petition Filed
SIKARIN PUBLIC: Clarifies Theparak Hospital Sale      

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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AUSTRALIAN PLANTATION: ITC Transaction Settlement Date Extended
---------------------------------------------------------------
Mervyn Kitay, the Administrator of Australian Plantation Timber
Limited (subject to Deed of Company Arrangement), announced
Tuesday an extension of the date for the settlement of the
transaction with Integrated Tree Cropping Limited (ITC) until
early in August.

"There are certain conditions precedent to the settlement of the
transaction which have not yet been resolved. The extension
gives the parties further time to work together in an attempt to
satisfy those conditions or, if that cannot occur, it gives ITC
an opportunity to achieve a position by which the conditions can
be waived," Mr Kitay said.

Under the terms of the transaction agreed by creditors and
shareholders of APT, ITC will take a 50% interest in the
suspended APT in return for the sale of its managed investment
scheme business and the injection of equity and loan facilities.
Originally the transaction was due to settle in early May but
was held up for a number of technical reasons. "It would have
been good to have had the deal sewn up before the end of the
financial year," said Mr Tony Jack, ITC's managing director.

"However we are now busy planting this year's new plantations
and maintaining over 90,000 hectares of trees on behalf of ITC
and APT investors. It's better to get it right than to be
rushed."


HIH INSURANCE: Releases Commission's Hearing Schedule
-----------------------------------------------------
The HIH Rotal Commission will sit each Monday to Friday in July
and August.

As an exception, The Royal Commissioner has advised that the
Commission will not be sitting on Monday, July 1, but will be
sitting on Tuesday 2 July at 9:30AM and will sit for the
remainding days of that week.

Hours of Sitting

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

Commission Location

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


MAXIS CORPORATION: GM to be Held on July 31
-------------------------------------------
MAXIS CORPORATION LIMITED advised that a general meeting of
Company members will be held on 31 July 2002 at 10.30am
at the registered office of the Company at 59-61 Dickson Avenue,
Artarmon, NSW, 2064.

AGENDA

RESOLUTION 1

PROPOSED PURCHASE OF SHARES BY PAHTH TELECOMMUNICATIONS LIMITED
FROM SWF INVESTMENTS PTY LIMITED (SHARE PURCHASE TRANSACTION)

To consider and, if thought fit, pass (with or without
amendment) as an ordinary resolution pursuant to section 611,
item 7 of the Corporations Act 2001:

"That, the members of the Company approve, authorize and agree
to:

The transfer of up to 130,381,057 fully paid ordinary shares in
the capital of the Company, from SWF Investments Pty Ltd (ACN
089 327 748) to Pahth Telecommunications Limited (ACN 087 813
090) pursuant to the Share Purchase Transaction disclosed in the
Explanatory Memorandum dated 28 June 2002."

RESOLUTION 2

PLACEMENT OF SHARES UNDERWRITTEN IN ACCORDANCE WITH THE
AGREEMENT

Subject to Resolution 1 being passed (with or without
amendment), to consider and, if thought fit, pass (with or
without amendment) as an ordinary resolution pursuant to ASX
Listing Rules 7.1 and 10.11:

"That the members of the Company approve, authorize and agree
to:

The issue of 100,000,000 fully paid ordinary shares at $0.02 per
share in accordance with an underwritten placement pursuant to
the Heads of Agreement (Agreement) dated 24 April 2002 between
the Company and Pahth Telecommunications Limited and National
Telecoms Group Limited, to sophisticated investors and clients
of brokers appointed by the Company (which may include two
directors of the Company, Mr Swan and Mr Hovanessian, or either
of their nominees), and which will be sub-underwritten by either
Pahth Telecommunications Limited or National Telecoms Group
subject to:

   (a) the Australian Stock Exchange approving the re-quotation
of the existing fully paid ordinary shares in the Company and
approving the quotation of the new shares to be issued by the
Company under this resolution; and

   (b) the shares being issued within 14 days of the re-
quotation by the Australian Stock Exchange of the existing
shares in the Company and in any case no later than 3 months
from the date of this meeting (or in the case of the issue of
shares to Mr Swan or Mr Hovanessian, or either of their
nominees, no later than 1 month from the date of this meeting)
or such later date as the Australian Stock Exchange permits in
its discretion."

RESOLUTION 3

ISSUE OF OPTIONS TO VAZ HOVANESSIAN

To consider and, if thought fit, pass as an ordinary resolution
pursuant to section 208(1) of the Corporations Act 2001 and ASX
Listing Rule 10.11:

"That Vaz Hovanessian, a Director of the Company, or his nominee
be issued 10 million options to subscribe for 10 million
ordinary fully paid shares in the capital of the Company at
$0.02 each for a term of 3 years from the date of issue of the
options."

RESOLUTION 4

TERMINATION PAYMENT TO DIRECTORS

To consider and, if thought fit, pass (with or without
amendment) as an ordinary resolution, pursuant to ASX Listing
Rule 10.19:

"That the members of the Company approve, authorize and agree
to:

the payment of termination payments, where the aggregate of all
such payments exceeds 5% of the equity interest of the Company,
to Directors or where applicable to their service companies, in
accordance with the Service Agreements entered into with the
Company and as summarized in the Explanatory Memorandum dated 28
June 2002."

OTHER BUSINESS

To consider any other business that can lawfully be brought
before the meeting.


UNITED ENERGY: Sells Pulse/Edgecap, Utili-Mode to AGL
-----------------------------------------------------
United Energy Limited announced Tuesday the sale of Pulse
Energy, EdgeCap and Utili-Mode to AGL for a total of $880
million. Pulse shareholders, United Energy, Energy Partnership,
Shell Australia and Woodside Energy, and EdgeCap shareholders,
United Energy, Shell Australia and Woodside Energy, will share
the proceeds from the sale, which is expected to be completed by
31 July 2002.

United Energy will receive $83 million for its 25% interest in
Pulse Energy and its 50% interest in EdgeCap, while receiving an
additional $38 million for Utili-Mode, its wholly owned back
office business. These cash proceeds, less an estimated $5
million in transaction costs, will be used to reduce short-term
debt.

In connection with this transaction, United Energy expects to
record a one-off loss of $39 million after tax. This loss
primarily relates to the sale of Utili-Mode for less than the
written-down book value of the assets associated with this
business.

Excluding the impacts of this one-off loss, United Energy now
expects to record an increase in consolidated earnings per
security (EPS) for the full year. The Company is now forecasting
EPS of 21 to 23 cents for the year to 31 December 2002 rather
than 20 to 22 cents per security as previously advised.

United Energy's Chief Executive Officer, Bob Holzwarth, said
that the sale of the Pulse, EdgeCap and Utili-Mode businesses is
an important part of United Energy's aim to focus on its core
electricity network business.

"Our electricity network business will continue to provide
strong cash flows and a predictable earnings stream."

"Our exit from Pulse and EdgeCap leaves us with no exposure to
energy retailing or the energy merchant sector, which is vital
to focusing on our core business. The sale will also provide for
greater transparency of our business and a simplified financial
structure," he said.

Mr Holzwarth reconfirmed United Energy's intention to meet its
dividend forecast of 17.25 cents per stapled security for the
financial year ended 31 December, 2002.


VISY INDUSTRIES: Southcorp Agrees Debt Rescheduling
---------------------------------------------------
Southcorp Limited announced Monday a rescheduling of the debt
owed by Visy Industries Limited, associated with the sale of the
Industrial Packaging component of Southcorp's Asia Pacific
Packaging Business to Visy Industries in January 2001. The sale
was part of Southcorp's move to establish itself as a pure wine
company.

As part of the sale, Southcorp agreed to provide vendor
financing for $144.5 million, payable by 31 January 2003.

The rescheduling results in the immediate payment of $83 million
by Visy, which was received by Southcorp after the close of
business on 28 June 2002. Further payments of $14 million plus
interest are expected to be received by June 2003, with the
balance now payable by 30 June 2005.

The rescheduling was agreed to by Southcorp to enable Visy to
implement plans to restructure this part of its business.


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C H I N A   &   H O N G  K O N G
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G-PROP (HOLDINGS): Circular Dispatch Delayed
--------------------------------------------
G-Prop (Holdings) Limited, in reference to the announcement made
by the Company dated 10th June, 2002 in relation to the
Supplemental S&P Agreements and the Supplemental Placing
Agreement in relation to the Proposed Acquisitions and placing
of the Additional Bonds, announced that the Company requires
additional time to finalize the statement of indebtedness for
inclusion in the Circular, an application has been made to the
Stock Exchange for an extension of time for the dispatch of the
Circular.

The Circular is currently expected to be dispatched to the
Shareholders on or before 10th July, 2002.


PROFIT STARS: Winding Up Petition Sought by Onway Engineering
-------------------------------------------------------------
The petition to wind up Profit Stars International Limited is
set for hearing before the High Court of Hong Kong on July 31,
2002 at 9:30 am.  

The petition was filed with the court on April 19, 2002 by Onway
Engineering Limited whose registered office is situated at Flat
L, 6th Floor, On Ho Industrial Building, 17-19 Shing Wan Road,
Tai Wai, Shatin, New Territories, Hong Kong.


SUNBIG TEXTILE: Winding Up Petition Hearing Set
-----------------------------------------------
The petition to wind up Sunbig Textile Trading Limited is
scheduled for hearing before the High Court of Hong Kong on July
3, 2002 at 11:30 am.  

The petition was filed with the court on March 28, 2002 by
Standard Chartered Bank being a corporation duly incorporated in
the United Kingdom and with a place of business registered in
Hong Kong pursuant to Part XI of the Companies Ordinance (Cap.
32) at Standard Chartered Bank Building, 4-4A Des Voeux Road
Central, Hong Kong.


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


ASTRA INTERNATIONAL: Affiliate Plans to Issue Rp200B Bond
---------------------------------------------------------
PT Federal International Finance (FIF), an affiliate of PT Astra
International, is planning to issue a bond of Rp200 billion to
be used as working capital for business development, Bisnis
Indonesia reports, quoting an unnamed source.

"The company [i]s currently preparing all things to issue bond
in the near future. The company [i]s in need of fresh money to
develop business outside the opening of bond market nowadays,"
the source said.

"We were in preliminary stage of bond issuance," FIF President
Director Ida P. Lunardi said, relating the Company had talked
with Bahana Securities, the appointed underwriter.

She added that up to now nothing has been signed in the process
of bond issuance because it was just at preliminary stage. Even,
she continued, its amount was yet to be decided.

Funds collected would be used as working capital for business
development.


TEXMACO GROUP: IBRA Agrees to Restructure Rp29.04T Debt
-------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has agreed to
restructure around Rp29.04 trillion in Texmaco Group debt
through the creation of two new companies (Newcos), AFX-Asia
reports, citing IBRA's asset management credit division Deputy
Chairman Mohammad Syahrial.

"IBRA will transfer Texmaco Group's loans to the Newcos. As a
replacement, the Newcos will issue the exchangeable bonds to
IBRA equal to the transferred debt," Syahrial said. "It (the
swap) is scheduled for mid-July."

He added that the coupon payments on the bonds, which will
mature between the 8th-11th year of the restructuring program,
would commence in the first year. It carries an annual yield to
maturity of 7 percent for the dollar bonds and 14 percent for
the rupiah bonds.

IBRA said that apart from restructuring the Texmaco Group's
combined debt, it is also restructuring each operating unit's
debt.

The two Newcos divide Texmaco's operations into two categories:
textiles and engineering.

The Newco for textiles is PT Bina Prima Perdana, 70 percent-
owned by IBRA and 30 percent by Texmaco. Its total debts,
comprising both principal and interest, are Rp9.035 trillion
rupiah. The Newco for engineering is PT Jaya Perkasa
Engineering, wholly owned by Texmaco, with total debts of
Rp20.007 trillion.

Bina Prima Perdana groups eight textile companies: PT Bina
Peranan Busana, PT MKI Tekstile, PT Polysindo Eka Perkasa, PT
Saritex Jaya, PT Sumatex Subur, PT Texmaco Jaya, PT Texmaco
Taman Synthetics and PT Wastra Indah.

Jaya Perkasa Engineering groups nine subsidiaries: PT Perkasa
Heavyndo Engineering, PT Perkasa Indosteel, PT Texmaco Perkasa
Engineering, PT Wahana Jaya Perkasa, PT Wahana Perkasa Auto
Jaya, PT Wisma Karya Prasetya, PT Perkasa Indobaja, PT MKI
Engineering and PT Texmaco Micro Indo Utama.


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J A P A N
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AOKI CORP.: R&I Affirms `C' L-T Debt Rating
-------------------------------------------
Rating and Information Investment, Inc. (R&I), on June 26, 2002,
has affirmed these ratings:

ISSUER: Aoki Corp. (TSE Code: 1886)
Long-term Bonds (2 series)
R&I RATING: C

RATIONALE:

The rehabilitation plan submitted to the Tokyo District Court by
Aoki Corp. under the Civil Rehabilitation Law was approved on
June 5, and will be confirmed on June 26. According to this
plan, there is a total of Y308.7 billion in outstanding debt,
and the recovery rate in principle will be 2.0%, although for
small creditors with claims of less than Y3.5 million yen the
full amount will be paid. Regarding the firm's Unsecured
Straight Bonds Nos. 3 and 5, payments of 120,000 yen against
each bond with a face value of Y1 million will be made in a
lump-sum payment within three months after the date of
confirmation of the rehabilitation plan.

Previous examples of default in Japan have tended to have
extremely low recovery ratios, about 10% for Yaohan Japan Corp.
and around 6% for JDC Corp. and recovery has taken a long time.
The first bond default covered by Civil rehabilitation Law, that
of Kawaden Corp., saw recovery completed in one year, but in
that case the recovery ratio was much higher, at more than 20%
(Y113,370 for each bond face value of Y500,000).

Aoki Corp., on this occasion, sees recovery in a short period of
time with a lump-sum payment within three months, but even so
there will be large losses of interest and principal. As a
result, R&I sees no need to change the rating for the bonds,
which is affirmed at C. R&I does not believe that there is any
meaning in continuing to publicize this rating until the
completion of the recovery process.

R&I RATINGS:

ISSUER: Aoki Corp. (TSE Code: 1886)
Long-term Debt
ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Conv. Bonds No. 3 Dec 25, 1987 Mar 31, 2003 Yen 15,000
Unsec. Conv. Bonds No. 5 Dec 21, 1988 Mar 31, 2004 Yen 30,000
R&I RATING: C (Affirmed)


DAIEI INC: Wants Baseball Club Shares Back
------------------------------------------
Troubled supermarket operator Daiei Inc wants a return of a
stake held by Tadashi Nakauchi in the professional baseball club
Fukuoka Daiei Hawks, Kyodo News said Saturday, citing Daiei
President Kunio Takagi.

As part of its restructuring scheme, the Company has been urging
Nakauchi, owner of the ball club, to give up 40 percent stake in
the Hawks, which he received from his father two years ago.


FURUKAWA ELECTRIC: R&I Downgrades L-T Debt, CP to `BBB+'
--------------------------------------------------------
Rating and Investment Information, Inc. (R&I), has removed these
ratings from the Rating Monitor scheme, and has downgraded them
as follows:

ISSUER: The Furukawa Electric Co., Ltd. (TSE Code: 5801)

ISSUE: Senior Long-term Credit Rating;
Long-term Bonds (9  series);
Preliminary Rating for the Shelf Registration Scheme;
R&I RATING: BBB+  (Downgraded from (A);
Removed from the Rating Monitor scheme)

ISSUE: Domestic Commercial Paper program
R&I CP RATING: a-2 (Downgraded from (a-1);
Removed from the Rating Monitor scheme)

RATIONALE:

The performance of OFS, the optical fiber cable division of the
US company Lucent Technologies, Inc., which The Furukawa
Electric Co., Ltd., acquired in November 2001, has been worse
than was originally expected, and it is becoming a heavy burden
on the company's consolidated operations. OFS has lowered the
break-even point through restructuring measures such as cutting
personnel and restraining investment, but this has not kept pace
with the fall in earnings, and losses are growing. With US
telecoms firms cutting their facilities investment, there
is a growing possibility that the slump in demand for fiber will
become protracted and that the market will continue to weaken,
so it is hard to envisage a return to profitability for OFS.

On the other hand, OFS holds numerous patents and has an
excellent R&D team, and its R&D and technological development
skills are at a world-class level. Nevertheless, it doesn't have
cash flow generation skills and it now appears that the
acquisition price was too high. Ultimately, Furukawa will be
forced to implement a further restructuring policy and write off
$451 million in goodwill, and this could greatly write down
Furukawa's consolidated equity capital.


MERRILL LYNCH: Slashing One-Third of Retail Staff
-------------------------------------------------
Merrill Lynch Japan Securities Co. Ltd. will cut 80 jobs from
its 250 retail sales workforce by the end of this month, AFP
said on Saturday.

In March, the firm slashed 1,200 staff in its retail division.

The latest staff cuts are in line with sales work assessments
set by Merrill in the US in January, the report said.

TCR-AP reported that Merrill's Japan retail brokerage posted a
net loss of 8.4 billion yen in the year ended March 2001. It had
losses of 7.4 billion yen a year earlier and 8.8 billion yen the
year before that.


SNOW BRAND: Moody's Confirms Caa1 Rating; Outlook Negative
----------------------------------------------------------
Moody's Investors Service confirmed on Monday the Caa1 senior
unsecured long-term debt ratings and the B3 secured debt rating
of Snow Brand Milk Products Co., Ltd. (Snow Brand). The outlook
is negative. The rating action reflects the company's recently
announced restructuring plan, which includes the spin-off of its
milk business and financial support from its main banks. The
negative outlook is based on Moody's concern that Snow Brand
will continue to face challenges over the short term in
regaining its brand image and profitability. The rating action
concludes the review initiated on February 22, 2002.

Under the restructuring plan, Snow Brand will spin off its
unprofitable milk business and set up a new company jointly with
the National Federation of Agricultural Cooperative Associations
(Zen-Noh) and the National Federation of Dairy Co-operative
Association (Zen-Raku-Ren) to merge their milk operations. The
Company will obtain a 30 percent equity share in the new
company, and Zen-Noh will be the largest shareholder with 40
percent. The three companies will streamline their current
production facilities and labor force, and aim to achieve
profitability in the financial year 2004.

The rating agency considers Snow Brand's major restructuring
measures are significant. Nevertheless, Moody's is still
concerned that uncertainties remain regarding how fast the
company can recover its brand image among consumers in order to
stabilize its sales and profitability.

The agreed financial package includes a capital injection of Y10
billion by Zen-Noh, Itochu and others, as well as debt
forgiveness and a debt equity swap of Y50 billion by the main
banks. As a result, the company expects a positive Y28 billion
of shareholder equity as of March 2003 on a non-consolidated
basis despite a net loss of Y16 billion for the financial year
ending March 2003. Moody's says that the strong financial
support from the main banks, including Norinchukin bank, remains
a key rating factor going forward.


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K O R E A
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MEDISON CO: Siemens Plans to Acquire Ultrasound Scanner Maker
-------------------------------------------------------------
Siemens AG President and Chief Executive Officer Heinrich Pierer
said the German firm plans to participate in the auction of
insolvent ultrasound diagnostic scanner maker Medison Co Ltd as
part of its efforts to reinforce its medical equipment business,
the Chosung Ilbo reported.

Pierer said that the merger between Medison's technology for
ultrasound diagnostic scanners and Siemen's overseas marketing
network will produce synergy and bring huge success in the
international market. (M&A REPORTER - ASIA PACIFIC, Vol. No.1,
Issue No. 128, July 01, 2002)


SAMSUNG CORP.: R&I Confirms `BBB-' FC Sr L-T Credit Rating
----------------------------------------------------------
Rating and Investment Information, Inc. (R&I), has affirmed a
rating of `BBB-' to Samsung Corp.'s Foreign Currency Senior
Long-term Credit Rating.

Samsung Corp. is a trading company belonging to the Samsung
Group, the largest business group in Korea, and has also
established itself in the leading position in the Korean
construction and housing sector. The stability of finances has
been heightened thanks to cutbacks on new investments and
reduction of debts. Nevertheless, earnings potential is still
low and debt is at a high level compared to cash flow. In view
of these factors, R&I are affirming the rating.

The trading division recorded an operating loss in 2001 because
of the slump in exports. The earnings of this division are
structurally low so the firm plans to concentrate the range of
business sectors in which it is involved in the future. This
division is also involved in overseas investments and in 2001 it
took profit by selling off part of its holding in a copper
smelting affiliate in Kazakhstan. The construction division,
meanwhile, is involved in two main businesses: construction and
housing. This division is assuming growing responsibility as a
comparatively stable earnings source as the trading division
shrinks in scale. The domestic construction market can expect
stable growth from both public works and private-sector
projects. Nevertheless, there is excess competition in the
sector and it is becoming harder to further improve profit
ratios. New investments in areas such as the internet are not
yet contributing to profits. Net profit on both consolidated and
non-consolidated bases has not exceeded Y100 billion over the
last several years on account of credit costs related to non-
performing assets from the past.

Samsung General Chemical (SGC), a consolidated subsidiary in
which the firm has a 37.5% holding, is also a drag on earnings.
There was a global slump in the chemicals market in 2001, and
SGC's losses expanded further. Although SGC's accounts are
included in consolidated statements because Samsung is the
largest shareholder, the company is in fact completely
independent. SGC may cease to be a part of consolidated
accounts, depending on the outcome of negotiations with
overseas investors. Samsung does not guarantee any of the debt
of SGC. Since 1998, Samsung has been restraining new investment
and trying to reduce debts. Consolidated interest bearing debt
stood at W4.8 trillion at the end of 2001, a large reduction
from W10 trillion at the end of 1997. This is now equivalent to
just 2.4 times equity capital. In addition to reducing debt,
there has also been progress in converting short-term debt into
long-term debt, and the debt maturity profile has stabilized.

There is no problem with subscription to the company's domestic
bonds thanks to its creditworthiness as the group's most
prestigious name. Even so, consolidated interest bearing debt is
equivalent to 7 times operating cash flow and 9 times EBITDA.
Even though about one-third of consolidated interest bearing
debt is related to SGC, the total is still high. Although a rise
in the value of the company's holding in Samsung Electronics is
a positive factor, it is unclear whether this asset can really
be sold or not. For the rating to be upgraded, it will be
necessary to reduce debt, which is still at a high level
compared to earnings potential, and resolve the relationship
with SGC, for example by selling the shareholding.


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


KWANTAS CORPORATION: Proposes Bond Issue to Repay Debts
-------------------------------------------------------
The Board of Directors of Kwantas Corporation Berhad announced
that the Company has submitted on 28 June 2002 to the Securities
Commission an application to issue RM100.0 million nominal Al-
Bai' Bithaman Ajil Serial Bonds (ABBA Bonds).

KAF Discounts Berhad (KAF) has been appointed by Kwantas as the
Lead Arranger for the ABBA Bonds.

RATIONALE FOR THE ABBA BONDS ISSUE

The ABBA Bonds will be utilized to refinance certain identified
bank borrowings of Kwantas and its subsidiaries into longer term
obligations to take advantage of the current prevailing interest
rates.

The ABBA Bonds will enable Kwantas to "lock-in" its financing
costs and eliminate any adverse interest rate fluctuations in
the future.

FINANCIAL EFFECTS OF THE ABBA BONDS ISSUE

Issued and paid-up share capital

The ABBA Bonds will not have any effect on the issued and paid-
up share capital of Kwantas.

Earnings

The ABBA Bonds will not have any effect on the earnings of
Kwantas for the current financial year ending 30 June 2002.

Net Tangible Assets (NTA)

The ABBA Bonds will not have any effect on the NTA of Kwantas
for the current financial year ending 30 June 2002.

Gearing

Since almost the entire proceeds of the ABBA Bonds will be
utilised to repay existing borrowings of Kwantas and its
subsidiaries, the gearing position will not be affected by the
issuance of the ABBA Bonds.

APPROVALS REQUIRED

The ABBA Bonds issue is subject to the approval of the SC.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

Insofar as the Directors of Kwantas are able to ascertain and
are aware, none of the Directors or substantial shareholders of
Kwantas or persons connected to them have any interest, direct
or indirect, in the issuance of the ABBA Bonds.

FURTHER ANNOUNCEMENT

In compliance with the Listing Requirements, Kwantas will issue
an announcement after receiving the decision of the SC for the
proposed issue of the ABBA Bonds.


MBF HOLDINGS: To Consolidate Overseas Businesses to Reduce Debt
---------------------------------------------------------------
MBf Holdings Berhad, in reply to the KLSE's letter dated 27 June
2002 regarding the article entitled, "MBf Holdings to sell
overseas businesses", announced that the Company is currently
looking into opportunities to consolidate, amongst others, its
overseas businesses.

Presently, MBfH has yet to negotiate with any potential parties
who are interested in the overseas businesses.

The Board of MBfH believes that by consolidating the overseas
businesses, it would help to reduce its debts level and enable
it to focus on its core business of credit card issuance.


MECHMAR CORPORATION: 29th AGM Resolutions Duly Passed
----------------------------------------------------
The Board of Directors of Mechmar Corporation Malaysia Berhad
informed that at the 29th Annual General Meeting of the Company
held on 27 June 2002 at The Auditorium of the Company, No
1,Jalan Perunding U1/17, Seksyen U1, Hicom-Glenmarie Industrial
Park, 40150 Shah Alam, Selangor Darul Ehsan at 10 am, the
following resolutions were duly passed by the shareholders
present at the meeting.

1. AUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2001

"THAT the Company's Audited Accounts for the year ended 31
December 2001 together with the Directors' and Auditors' Reports
thereon be and are hereby received and adopted."

2. DIRECTORS' FEE FOR THE YEAR ENDED 31 DECEMBER 2001

"THAT the payment of RM28,000 as Directors' Fee for the year
ended 31 December 2001 be and is hereby approved."

3. RE-ELECTION OF THE EXECUTIVE CHAIRMAN

"THAT Dato' Tan Kean Wan retiring by rotation under Article 99
of the Company's Articles of Association be hereby re-elected as
the Executive Chairman of the Company."

4. RE-ELECTION OF DIRECTOR

"THAT Mr Soo Tho Him Yip retiring by rotation under Article 104
of the Company's Articles of Association be hereby re-elected as
a Non- Director of the Company."

5. RETIREMENT OF DIRECTOR

"THAT Mr Low Hua Pek, who retires as a Director of the Company
pursuant to Article 99 of the Company's Articles of Association
be hereby accepted with regret."

6. RE-APPOINTMENT OF AUDITORS

"THAT Messrs Deloitte Kassim Chan be re-appointed as the
Company's Auditors and that the Directors be authorized to fix
their fees thereof."

7. PROPOSED AUTHORITY TO DIRECTORS TO ISSUE NEW SHARES UNDER
SECTION 132D OF THE COMPANIES ACT, 1965

"That pursuant to Section 132D of the Companies Act 1965, the
Directors be and are hereby authorized to issue shares in the
Company at any time and upon such terms and conditions and for
such purposes as the Directors may in their absolute discretion
deem fit, provided that the aggregate number of shares to be
issued does not exceed 10% of the issued shares capital of the
Company at the time, subject always to the approval of all
relevant regulatory bodies being obtained for such allotments
and issues and that the Directors be and are empowered to obtain
the approval for the listing of and quotation for the additional
shares so issued on the KLSE and that such authorities shall
continue in force until the conclusion of the next Annual
General Meeting of the Company."


MOL.COM BERHAD: Seeks Proposals Implementation Time Extension
-------------------------------------------------------------
AmMerchant Bank Berhad, formerly known as Arab-Malaysian
Merchant Bank, announced on behalf of the Board of Directors of
Mol.Com Berhad that it has on 27 June 2002 applied to the Kuala
Lumpur Stock Exchange (KLSE) for a two-month extension time
period, from 1 July 2002 till 31 August 2002, to obtain the
remaining authorities' approval for the implementation of the
Proposals.

The `Proposals' are:

   * Proposed Acquisition of Silicon Communications Sdn Bhd;
   * Proposed Subscription of Shares in Silicon;
   * Proposed Rights Issue; and
   * Proposed Increase in Authorized Share Capital.

MOL has obtained approvals from the Ministry of International
Trade and Industry and the Foreign Investment Committee on 9
January 2002 and 27 March 2002 respectively and is currently
pending the same from the Securities Commission.

Further announcements in relation to the above will be made in
due course.

Profile

During FYE 30 June 2001, the Group consolidated and streamlined
its operations in both the industrial products and ICT sectors
to strengthen its financial position through the disposal of :
100% equity stake in LKH Lamps Sdn Bhd, 51% equity stake in
Dijaya Ceil Sdn Bhd, freehold land and building, plant and
machinery and stocks in LKH Wires & Cables Sdn Bhd and 41% in
Mcities.com Sdn Bhd.

Due to losses incurred by the Group up to 31 December 2001,
shareholders' funds after excluding reserves on consolidation
are in deficit by RM31.7m. The Company on 18 April 2001
announced, inter-alia, a rights issue of two for one at par,
which will result in an issue of approx. 150,674,600 shares,
raising RM150,674,000. The application is pending approval from
the relevant authorities. Completion of the rights issue will
significantly strengthen the financial position of the Group. As
at 31 December 2001, Tan Sri Dato' Tan Chee Yioun (TSVT), the
major controlling shareholder of the Company, has advanced
principal amount of RM125.05m to the Group. TSVT has indicated
that the whole of these advances will be applied towards the
subscription of his entitlement of the rights issue and has
further stated his intention to subscribe for any remaining
rights shares that are not taken up by other shareholders.


PAN MALAYSIAN: Shareholders OK Articles Amendment
--------------------------------------------------
Pan Malaysian Industries Berhad informed that at the
Extraordinary General Meeting held on 27 June 2002, the
shareholders of PMIB have approved the Special Resolution tabled
at the EGM in respect of the amendments to the Memorandum and
Articles of Association of PMIB.

Full text of the Notice of EGM is found at
http://www.bankrupt.com/misc/TCRAP_PanMalaysia0610.doc


PAN PACIFIC: Formulates Debt Settlement Preliminary scheme
----------------------------------------------------------
On behalf of the Board of Directors of Pan Pacific Asia Berhad,
Alliance Merchant Bank Berhad announced that PPAB together with
its appointed scheme adviser, Deloitte & Touche Consulting Group
Sdn Bhd has formulated a preliminary scheme to settle the debts
of PPAB and its group of companies (PPAB Group) and to
regularize the financial condition of the PPAB Group (Proposed
Scheme).

PPAB has met up with the lenders of PPAB Group to discuss the
Proposed Scheme. PPAB is currently waiting for feedback from its
lenders. Details of the Proposed Scheme will be announced once
the Proposed Scheme is finalized and the agreement-in-principle
for the said scheme has been procured from the lenders.

In the meantime, PPAB had made an application to the Kuala
Lumpur Stock Exchange to seek its approval for an extension of
another month from 30 June 2002 to 31 July 2002 for PPAB to
procure the agreement-in-principle from its lenders for the
Proposed Scheme prior to making the Requisite Announcement, in
order to fully comply with paragraph 5 of PN 4.


PENAS CORPORATION: Enters Debt Proposal MOU With White Knight
-------------------------------------------------------------
On behalf of the Board of Directors of Penas Corporation Berhad,
AmMerchant Bank Berhad, formerly Arab-Malaysian Merchant Bank
Berhad, announced that the Company on 27 June 2002, entered into
a Memorandum of Understanding (MOU) with Dato' Lim Sin Khong
(White Knight) to undertake a debt restructuring proposal to
regularize Pencorp's financial condition. The earlier MOU, which
was entered into between the Company and Island Hospital Sdn Bhd
on 8 August 2001, has lapsed on 8 November 2001.

SALIENT TERMS OF THE MOU

The MOU sets out the understanding for both parties to formulate
a restructuring scheme (Proposal) involving, inter-alia the
following; a capital reduction and consolidation in Pencorp's
share capital, exchange of the consolidated shares with Newco
shares, a scheme for debt settlement, injection of new business
into Newco and the transfer of listing status from Pencorp to
Newco.

The injection of new business into Newco involves the
acquisition the entire equity share capital of two (2)
companies, namely Vintage Tiles Industries Sdn Bhd (VTI) and
Vintage Tiles Holding Sdn Bhd (VTH). VTI and VTH collectively
own the entire issued and paid-up share capital of Vintage
Roofing & Construction Sdn Bhd (VRC) (collectively the "Target
Companies") from White Knight and the other shareholders of
Target Companies.

VTI is principally involved in the manufacturing and
distribution of roof tiles, and VTH is an investment holding
company. VRC is involved in roofing installation, re-roofing and
roofing consultation

All the above Target Companies were incorporated in Malaysia.

CONDITIONS OF THE MOU

The salient conditions to the MOU involves inter-alia the
following:

Sale and Purchase Agreement

Upon the finalization of negotiation and if the parties to the
MOU are agreeable to all the final terms of the Proposal, the
parties thereto shall enter into definitive agreement and
various sale and purchase agreements to be executed on or before
the expiry of sixty (60) days from the date of MOU (or such
extended time as may be agreed to by the parties).

Due Diligence

The parties to the MOU agreed that due diligence exercise shall
be allowed to be conducted on Pencorp and its subsidiaries as
well as the Target Companies by a firm of auditors/or solicitors
and the parties thereto also covenants to give whatsoever
assistance which is required to carry out the due-diligence
process.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

At present, to the best of the knowledge and belief of the
Board, none of the Directors, substantial shareholders or
persons connected with them has any interest, direct or
indirect, in the proposed acquisition of the Target Companies.

INSPECTION OF DOCUMENT

The MOU will be available for inspection at the Company's
registered office during normal business hours for a period of
two (2) months from the date of this announcement.

ANNOUNCEMENT UPON EXECUTION OF AGREEMENT

A detailed announcement will be made upon finalization of the
terms of the Proposal and the execution of definitive agreement.


PERNAS INTERNATIONAL: Chairman Tunku Sulaiman Steps Down
--------------------------------------------------------
Pernas International Holdings Berhad announced that the Ordinary
Resolution in relation to the Proposed Shareholders' Mandate for
Recurrent Related Party Transactions of a Revenue or Trading
Nature set out in the Notice of the Extraordinary General
Meeting dated 12 June 2002, was approved by the shareholders of
Pernas International Holdings Berhad at the Extraordinary
General Meeting held on June 27, 2002 at the Grand Mahkota
Ballroom, Hotel Istana, 50200 Kuala Lumpur.

The Company also announced that the Ordinary Resolutions set out
in the Notice of the 35th Annual General Meeting dated 5 June
2002, with the exception of resolution no. 9, were approved by
the shareholders at the Annual General Meeting held on June 27
at the Grand Mahkota Ballroom, Hotel Istana, 50200 Kuala Lumpur.

The motion to pass resolution no. 9 was withdrawn following the
resignation of YM Tunku Tan Sri Dato' Shahriman bin Tunku
Sulaiman as Chairman and Director of the Company on 26 June
2002.


PICA (M) CORP.: Answering Queries at Creditors' Meeting
--------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad, further
to its announcement on Practice Note 4, informed that after its
second creditors meeting held on 22 May 2002, the Company
together with its advisor CIMB has drafted the reply to answer
all creditors queries raised during the meeting.

The Company also has met up with some of the creditors to
further discuss and obtain the creditors' opinion on the
reconstruction scheme. The Company has planned to meet up with
the rest of the Creditors in the very near future.


PICA (M) CORPORATION: Updates Credit Facilities Status
------------------------------------------------------
The Board of Directors of Pica (M) Corporation Berhad
made this announcement for public release:

1. RM60 Million Guaranteed Revolving Underwriting Facility

Further to the Company's announcement on the status of the above
matter, the Court has fixed 18 July.2002 for hearing in relation
to the Plaintiff's striking out application. Apart from the
above, the legal proceeding is still pending in court.

2. RM5 Million Revolving Credit Facility & RM7 Million Short
Term Loan

Further to the Company's announcement, the Company wish to
inform that the Plaintiff has applied for summary judgment and
the application has been postponed to 9 September 2002. Apart
from the above, the legal proceeding is still pending in court.

3. RM50 Million Term Loan Facility

Further to the Company's announcement, the Company wish to
inform that Plaintiff's summary judgment application has been
postponed to 25 July 2002. Apart from the above, the legal
proceeding is still pending in court.

4. RM4 million Revolving Credit Facility & RM7 million Overdraft
Facility

Further to the Company's announcement, the Company informed
there is no further development from its last announcement and
the legal proceeding is still pending in court.


PROMET BERHAD: Applies for Further Announcement Time Extension
--------------------------------------------------------------
The Board of Promet Berhad informed that the Company has on 28
June 2002, made an application to the Exchange for a further
extension of time to 31 August 2002 to enable the merchant
bankers, advisors and the Company to complete the details of the
restructuring scheme in order to make the Requisite
Announcement.

Profile

Originally in the business of building contractors and civil
engineers, the Company diversified into the property and hotel
industries in 1981.

In early 1990, after a period of rationalization, the Group re-
focused its business plans and concentrated on four core
activities: steel fabrication, marine engineering and
construction, civil engineering and construction, property
investment and development. Subsequently, it divested its
interests in the hotel industry in 1993.

The Group has since disposed of its Teluk Ramunia Fabrication
Yard and all the assets at this Yard including temporary
structures as well as machinery, operating equipment and cranes
to Ramunia Energy and Marine Corporation Sdn Bhd pursuant to two
agreements dated 21 May 2001.

The Company is currently working out a restructuring scheme to
inject suitable assets to regularize its financial condition.


SASHIP HOLDINGS: AGM Elects New Board of Directors
--------------------------------------------------
At the Twenty-Seventh AGM of Saship Holdings Berhad convened on
June 27, all the resolutions including the re-elections of Dato'
Mohd Nor bin Abdul Wahid, Datuk Hj. Shuaib bin Hj. Lazim, Mr.
Yoong Weng Yip, En Rusli bin Hj. Idris, En. Rahiman bin Bustaman
and En. Mohd Zin bin Arif were carried.

The Board of Directors of SHB is now comprised of these
Directors:

Designation
1. Dato' Mohd Nor bin Abdul Wahid Executive Chairman
2. Tn. Hj. Mohd Zaki bin Hamzah Executive Director
3. Brigadier General (R) Dato' Mohd Fahami bin Hussain Non-
Independent Non-Executive Director
4. Datuk Hj. Shuaib bin Hj. Lazim Independent Non-Executive
Director
5. Mr. Yoong Weng Yip Independent Non-Executive Director
6. En Rusli bin Hj. Idris Independent Non-Executive Director
7. En. Rahiman bin Bustaman Independent Non-Executive Director
8. En. Mohd Zin bin Arif Independent Non-Executive Director

The following resolutions under special business were also
unanimously passed.

ORDINARY RESOLUTION

Authority to Allot Shares pursuant to Section 132D of the
Companies Act, 1965

"THAT pursuant to Section 132D of the Companies Act, 1965 and
subject always to the approval of the relevant authorities, the
Directors be and are hereby empowered to issue shares in the
Company from time to time and upon such terms and conditions and
for such purposes as the Directors may deem fit provided that
the aggregate number of shares issued pursuant to this
resolution does not exceed 10% of the issued share capital of
the Company for the time being and that the Directors be and are
also empowered to obtain the approval for the listing of and
quotation for the additional shares so issued on the Kuala
Lumpur Stock Exchange and that such authority shall continue in
force until the conclusion of the next Annual General Meeting of
the Company."

SPECIAL RESOLUTION

Proposed Amendments to the Articles of Association

"THAT the proposed alterations, modifications, additions or
deletions to the Articles of Association of the Company be
hereby approved."


SEAL INCORPORATED: June 28 Defaulted Payment Stands at RM56.7M
--------------------------------------------------------------
Seal Incorporated Berhad informed that there had been no new
developments in relation to the default in payment of the
principal and/or interest of the bank borrowings of Seal
Incorporated Berhad and its subsidiaries (Group) since its
announcement dated 31 May 2002.

As at 28 June 2002, the Group's total default in payments to
financial institutions in respect of various credit facilities
is RM56.7million.


SUNTECH GROUP: Proposes Corporate Restructuring Exercise
--------------------------------------------------------
The Board of Directors of Sunway Building Technology Berhad
(Board) had announced on 13 May 2002 that the Company had
entered into a restructuring agreement with Sunway Holdings
Incorporated Berhad (SunInc), Sunway Construction Berhad
(SunCon), Mr Huang Jen Soong (HJS), Mr Lim Beng Keat (LBK) and
Dolomite Berhad (DB) (Restructuring Agreement) to effect a
restructuring scheme with the view of restoring the financial
health of Suntech group of companies (Suntech Group).

Pursuant to the Restructuring Agreement, the Proposed Corporate
Restructuring Exercise of Suntech Group would entail the
following:

   (a) Proposed Group Restructuring;
   (b) Proposed Divestment of Sunway Modular Construction Sdn
Bhd to SunInc;
   (c) Proposed Disposal of Suntech Assets and Liabilities to
SunCon;
   (d) Proposed Capital Reduction and Consolidation;
   (e) Proposed Acquisition of DB; and
   (f) Proposed Change of Name.

By a Supplemental Restructuring Agreement dated 27 June 2002
made between Suntech, SunInc, SunCon, HJS, LBK and DB
(Supplemental Restructuring Agreement), the Company has varied
and modified the initial structure of the Proposed Corporate
Restructuring Exercise of the Suntech Group.

Collectively, the Restructuring Agreement and the Supplemental
Restructuring Agreements are to be referred to as the
(Restructuring Agreements)

In furtherance to the Restructuring Agreements, the following
agreements have been entered into to give effect to the Proposed
Corporate Restructuring Exercise as follows:

   (a) The conditional sale and purchase agreement (SPA-SunCon)
dated 27 June 2002 made between SunCon, Sun-Block PMI Sdn Bhd
(formerly known as Sun-Block Sdn Bhd) (Sun-Block PMI) and
Suntech pursuant to the Proposed Disposal of SMSB and the
Transfer of Suntech Liabilities to SunCon;

   (b) The conditional sale and purchase agreement (SPA-SunInc)
dated 27 June 2002 made between SunInc and Suntech pursuant to
the Proposed Divestment of City Leader Sdn Bhd (City Leader) to
SunInc;

   (c) The conditional share sale agreement (SSA-DB) dated 27
June 2002 made between Suntech and Mr. Wilson Chan (in his
capacity as the company secretary of DB and as duly authorized
agent for the vendors of DB) with LBK and HJS pursuant to the
Proposed Acquisition of DB;

   (d) The collateral agreement dated 27 June 2002 (Collateral
Agreement) made between SunInc and SunCon as a collateral
agreement to the SPA-SunCon whereby SunInc has undertaken with
SunCon certain obligations in relation to the financial position
of inter-alia, SMSB on the completion of the Proposed Disposal
of Sunway Machineries Services Sdn Bhd (SMSB) and the Transfer
of Suntech Liabilities to SunCon.

On 13 May 2002, Suntech announced that the Company is an
affected listed issuer pursuant to the requirements of Practice
Note 4/2001, criteria and obligations pursuant to paragraph 8.14
of the Listing Requirements of the Kuala Lumpur Stock Exchange
(KLSE).

Briefly, the Proposed Corporate Restructuring Exercise will
entail the following exercises:

1.1 Proposed Group Restructuring

The proposed internal restructuring and reorganization of the
Suntech Group prior to the implementation of the Proposed
Disposal of SMSB and the Transfer of Suntech Liabilities to
SunCon, Proposed Divestment of City Leader to SunInc, Proposed
Capital Reduction and Consolidation, Proposed Acquisition of DB
and Proposed Change of Name.

1.2 Proposed Disposal of SMSB and the Transfer of Suntech
Liabilities to SunCon

The proposed disposal by Sun-Block PMI, a wholly-owned
subsidiary of Suntech of:

   (i) its entire equity interest in nine (9) of Suntech's
construction subsidiaries;

   (ii) Suntech Industries Sdn Bhd, its 30.0%-owned associated
company; and

   (iii) Suntech Assets (as discussed in Section 2.1.4 of the
detailed announcement), (all grouped under SMSB) after the
completion of the proposed Group Restructuring by Sun-Block PMI,
a wholly-owned subsidiary of Suntech as well as the transfer of
Suntech's liabilities (as discussed in Section 2.2.1 of the
detailed announcement attached) to SunCon for an indicative
purchase consideration of RM1.00.

1.3 Proposed Divestment of City Leader to SunInc

The proposed disposal of the entire equity interest in two (2)
of Suntech's manufacturing subsidiaries (all grouped under City
Leader Sdn Bhd) by Suntech to SunInc for an indicative purchase
consideration of RM23.0 million to be settled via the set-off of
inter-company balances outstanding.

1.4 Proposed Capital Reduction and Consolidation

The proposed capital reduction and consolidation whereby Suntech
shall reduce its issued and paid-up capital comprising 126.516
million ordinary shares of RM1.00 each to 126.516 million
ordinary shares of RM0.50 each (Reduced Shares). Thereafter, the
Reduced Shares will be consolidated into 63.258 million ordinary
shares of RM1.00 each in Suntech (Consolidated Shares).

1.5 Proposed Acquisition of DB

The proposed acquisition of 57,395,666 ordinary shares of RM1.00
each representing approximately 99.82% of the equity interest in
DB for an indicative purchase consideration of RM197,020,819 to
be satisfied by the issuance of 197,020,819 new ordinary shares
of RM1.00 each in Suntech.

1.6 Proposed Change of Name

The proposed change of name of Suntech upon completion of the
Proposed Group Restructuring, Proposed Disposal of SMSB and the
Transfer of Suntech Liabilities to SunCon, Proposed Divestment
of City Leader to SunInc, Proposed Capital Reduction and
Consolidation and Proposed Acquisition of DB.

2.0 DETAILS OF THE PROPOSED CORPORATE RESTRUCTURING EXERCISE

Kindly refer to the attachment found at
http://www.bankrupt.com/misc/TCRAP_Suntech0703.docfor the full  
announcement and details of the Proposed Corporate Restructuring
Exercise.


TAP RESOURCES: Complying With KLSE's Obligations
------------------------------------------------
The Board of Directors of Tap Resources Berhad, pursuant to
Practice Note No.4/2001 in relation to paragraph 8.14 of the
Listing Requirements of the KLSE (PN 4), made an announcement
for public release:

STATUS OF TAP AS AN "AFFECTED LISTED ISSUER" UNDER PN 4

TAP is deemed an "affected listed issuer" pursuant to PN 4 as
the Company recorded a deficit in its adjusted shareholders'
equity of approximately RM6.2 million based on its latest
unaudited consolidated announcement results for the financial
year ended 30 April 2002.

In view of the above, TAP is required to comply with provisions
of the PN 4.

OBLIGATIONS OF AN AFFECTED LISTED ISSUER

In accordance with PN 4, the Company is required to comply with
the following obligations:

   a) TAP has to make an announcement (the First Announcement)
within seven (7) market days from 15 February 2001 or from the
date it meets any of the prescribed criteria pursuant to PN 4;

   b) TAP has to announce the status of its plan to regularize
its financial condition on a monthly basis following the date of
this announcement, until further notice from the KLSE;

   c) TAP has to announce its compliance or failure to comply
with a particular obligation imposed pursuant to PN 4, as and
when such obligation becomes due;

   d) TAP has to submit monthly reports to the KLSE, accompanied
by statutory declarations duly executed by its Board of
Directors or two (2) directors duly authorized by the Board of
Directors within ten (10) market days from the end of the month
reported upon and must continue to submit until further notice
from the KLSE;

   e) TAP will submit its plan to regularize its financial
conditions to the relevant authorities for approval including
the Securities Commission within two (2) months from the date of
this Announcement; and

   f) TAP will obtain all approvals necessary for the
implementation of its plan to regularize its financial condition
within four (4) months from the date of submission of such plan
for approval.

The Company is not required to appoint an independent accounting
firm as a monitoring accountant as it does not fall under the
criteria set out in paragraph 6.1 of PN 4.

The above are collectively referred to as "Obligations".

CONSEQUENCE OF NON-COMPLIANCE

The Company will endeavor to meet the above Obligations as and
when they become due.

Failure to comply with the Obligations imposed on TAP by the
KLSE may result in TAP being regarded as a listed issuer whose
financial condition does not warrant continued trading and/or
listing of its shares on the KLSE.

STATUS OF TAP IN REGULARIZING ITS FINANCIAL CONDITION

TAP has announced a plan to regularize its financial condition
on 28 August 2001 and the status of the Company in regularizing
its financial condition will be announced concurrently with this
announcement by the Company's advisor, Malaysian International
Merchant Bankers Berhad.


TECHNOLOGY RESOURCES: Rejects Telekom's Claims
----------------------------------------------
Technology Resources Industries Berhad (TRI) said on Thursday
that Telekom Malaysia Berhad (TM) has alleged that TRI's action
in rejecting certain proxies at TRI's Annual General Meeting on
June 26, 2002 was:

   1. a ". departure from the basic rule of law and corporate
governance", and
   2. ".arbitrary action..."  

These allegations are grave and serious.  TRI is compelled to
vigorously deny them. TRI was merely complying with its duties
in enforcing regulations.

Many interested parties were watching June 26 meeting closely.  
It was therefore imperative that the Company conducted it to the
highest of standards.  The Company reiterates that if a
shareholder whose proxy form was defective had been allowed to
vote at the meeting, it would have brought all the resolutions
into question.

Some of the proxy forms received by TRI failed to identify the
securities account to which that proxy applied.  The Form of
Proxy and the Company's Articles of Association require this
information so that TRI can ascertain who the proxies represent
at the relevant time.  

TM disregarded the following requirement that is clearly printed
on the Form of Proxy:

Note 2: Where a member of the company is an authorized nominee
as defined under the Central Depositories Act, it may appoint at
least one (1) proxy in respect of each securities account it
holds with ordinary shares of  the Company standing to the
credit of the said securities account.

Our records show that 470 proxy forms, including 124 forms from
fifteen (15) institutional nominee companies, were completed
correctly. TRI is under no legal obligation to inform the
relevant shareholder of any defect in its proxy form.  It is not
TRI's job to advise TM how to complete a proxy form as we are
confident that TM has competent advisers.  Proxies of other
shareholders that were incorrectly or inadequately completed
were similarly rejected.  44 proxies were rejected for various
reasons, including incomplete forms and late submission.  Seven
of these supported Tan Sri Dato' Tajudin Ramli's re-election,
eleven were against and the balance did not indicate a choice.

TM also omitted to mention in its statement that those of its
proxies whose forms were regular were indeed allowed into the
AGM and further, participated in the proceedings. TM was able to
complete certain of its forms correctly, yet somehow failed to
properly complete others.

TM raises questions about corporate governance.  Instead of
using the weight of its shareholding to disregard the rights of
TRI's minority shareholders it should heed their wishes.  Those
minority shareholders clearly want TM to make a General Offer
for TRI BEFORE the proposed merger of TMTouch with Celcom and
the appointment of TM's directors to the TRI Board.  This was
clearly demonstrated by the overwhelming support of minority
shareholders at Wednesday's AGM.

It is puzzling why TM is blaming TRI for TM's omissions.

The EPF

TRI clarified why it rejected the EPF's Form of Proxy.  The
Companies Act and TRI's Articles of Association require that any
shareholder who appoints more than one proxy must specify the
proportion of that shareholding to be represented by each proxy.  
The EPF failed to comply with this requirement.

Press reports gave the impression that TRI had denied the EPF
its right to vote its 10.86% shareholding.  As far as TRI is
aware, EPF lodged a proxy for 9,177,500 shares representing only
0.46% of TRI.


TIMBERMASTER INDUSTRIES: Unit's Winding Up Will Not Affect TI
-------------------------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed), further to its announcement on 21 June 2002 and 25
June 2002, announced that there are no expected losses to the
Group arising from the winding-up petition served on its
subsidiary, Winthrill Corporation Sdn Bhd (WCSB).

TMIB has no intention to undertake any legal action in response
to the winding-up petition against WCSB.

TCR-AP reported that a winding up petition dated 30 April
2002 was served on its wholly owned subsidiary, Wintrill
Corporation Sdn Bhd (Respondent) on 7 June 2002 by The New
Straits Times Press (Malaysia) Berhad (Petitioner). The
Petitioner claimed that the Respondent is indebted to the
Petitioner for an amount of RM78,587.13 as at 31 January 2002,
which comprise of judgment sum of RM74,418.96, interest of
RM2,772.87 as at 31 January 2002 and costs of RM1,405.30 being
the sum of a final judgment.


UNIPHOENIX CORPORATION: Scheme Time Extension Request Pending
-------------------------------------------------------------
On behalf of the Board of Directors of Uniphoenix Corporation
Berhad, Southern Investment Bank Berhad, in relation to the
approval by the Kuala Lumpur Stock Exchange (KLSE) for extension
of time until 30 June 2002 to obtain approvals from the
authorities for the Proposed Restructuring Scheme, announced
that the Company has applied to the KLSE on 19 June 2002 for a
further extension of time for the Company to obtain approvals
from the authorities. The application is currently pending the
KLSE's decision.

Profile

In March 2000, Special Administrators (SAs) of HS accepted the
tender proposal submitted by JF Apex Securities Bhd (JFAS) to
acquire the business of HS. Subsequently, in May 2000, the SAs
entered into a Business Merger Agreement with JFAS to acquire HS
for RM100m. By August, the debt workout proposal as agreed by
the two parties, was approved by the SC and secured creditors.
On 12 January 2001, HS' shareholders agreed to the winding-up of
HS pursuant to which the distribution of any remaining assets
will be made by liquidators, Messrs Pricewaterhouse Coopers, to
settle all outstanding debt balances.

The Group unveiled its restructuring scheme in November 1998
comprising a comprehensive equity and debt restructuring,
injections of property development projects and fund raising
exercise. Since its submission to the SC in July 1999, the
Company has received approvals from the FIC and MITI. The scheme
was however aborted in December 2000.

In January 2001, the Company entered into two separate
agreements to acquire four property-related companies and one
construction-based company. The acquisition forms a part of the
Group's restructuring scheme involving capital and debt
reconstruction, share exchange and capital exercises. The new
assets, which complement the Group's property development arm,
will enable Uniphoenix to derive synergistic benefits. In view
of its focus on property development, Uniphoenix had in December
2000 entered into an agreement to dispose of its entire 60.7%
interest in Sam Long Chemicals Industries (Malaysia), one of its
manufacturing concerns.


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


BENPRES HOLDINGS: Unable to Meet P19.606M Interest on LTCPs
-----------------------------------------------------------
Benpres Holdings Corporation was not able to make its interest
payment on the Long-Term Commercial Papers in the amount of
P19,606,423, which was due yesterday, July 2, 2002.

In lieu of such interest payment and other payments under the
Long-Term Commercial Papers and the Euronotes, the Company has
made certain proposals in relation to scheduled interest
payments and principal repayments in accordance with the terms
of its Balance Sheet Management Plan.

To see a copy of the Company's report to the Securities and
Exchange Commission, go to
http://www.bankrupt.com/misc/TCRAP_Benpres0703.pdf

DebtTraders reports that Benpres Holdings' 7.875% bond due in
2002 (BENP02PHS1) trades between 55 and 58. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BENP02PHS1


MONDRAGON INT'L: Interim Agreement W/ Clark Extended One Year
-------------------------------------------------------------
Mondragon International Philippines, Inc, on June 28 informed
the Securities and Exchange Commission that the Interim
Agreement entered into by Mondragon Leisure & Resorts
Corporation and Clark Development Corporation, which expired at
the end of June 2002, has been extended for another period of
one (1) year.

Go to http://www.bankrupt.com/misc/TCRAP_Mondragon0703.pdfto  
see a copy of the Company's current report under Section 17 of
the Revised Securities Act.

On early June, the Company reported a widened net loss of 390.4
million pesos for the period ending 31 December 2001. The figure
is against a net loss of 277.7 million pesos in  the same period
last year.


PILIPINO TELEPHONE: Inks Subscription Agreement With PLDT
---------------------------------------------------------
Pilipino Telephone Corporation disclosed that on June 28, 2002,
it signed a Subscription Agreement with Philippine Long Distance
Telephone Company (PLDT) pursuant to which PLDT subscribed for
an additional 1,154,104 unissued shares of Class 1, Series J
preferred stock of the Company as a subscription price of
P,1,000 per share.

Check http://www.bankrupt.com/misc/TCRAP_Piltel0703.pdfto see a  
copy of the Company's report to Securities and Exchange
Commission.

TCR-AP reported on May that PilTel has decreased its net loss
for the three months to March to P868.9 million from the
year earlier loss of P1.362 billion. Piltel President, Napoleon
Nazareno said the Company was able to cut expenses with the debt
restructuring deal signed last year.


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


ACE NET: Bank Integration Triggers Winding Up
---------------------------------------------
Oversea-Chinese Banking Corporation Limited (OCBC Bank) and
United Overseas Bank (UOB) announced on June 25 that they will
be winding down their joint venture company, Ace Net Financial
Services Pte Ltd (Ace Net), in the light of the recent
integration developments at the two banks.

Ace Net was formed on 7 November 2000 with equal capital
contributions from four shareholder banks, namely, Keppel TatLee
Bank (KTB), OCBC Bank, Overseas Union Bank (OUB) and UOB, to
market and manage all their off-site ATMs under an integrated
ATM network.

Explaining the rationale to wind down Ace Net, Mr Victor Ow,
Chairman of the Ace Net Board of Directors and Executive Vice
President, Consumer and Community Lending, OCBC Bank, said,
"The recent integration of KTB into OCBC Bank and of OUB into
UOB has reduced the number of shareholder banks of Ace Net from
four to two. In the light of this two-member bank scenario, the
Board of Ace Net has decided that Ace Net as an independent
company with its own management team is no longer economically
viable."

Added Mr Bill Chua, Board Member of Ace Net and Executive Vice
President, Operations, UOB, "The winding down of Ace Net
notwithstanding, both UOB and OCBC Bank will continue to explore
ways to elevate the spirit of collaboration that brought about
the formation of the joint venture company in the first
instance."

Customers of both banks will not be affected and they will
continue to be able to use the existing shared ATM network of
OCBC Bank and UOB.

Following the winding down of the company, the Ace Net Board
will make every effort to review the skills and suitability of
Ace Net's small staff strength of seven for vacant positions
within the two banks. Serving separation notices will be a last
resort.


ASIAMEDIC LIMITED: Losing Unit Sells Fixed Assets
-------------------------------------------------
The Board of Directors of AsiaMedic Limited announced Monday
that its 60%-owned subsidiary, AsiaMedic Services Pte Ltd had on
27 June 2002 entered into a Sale and Purchase of Assets
Agreement (the Agreement) with Medical Equipment Credit Pte Ltd,
a company incorporated in Singapore and having its registered
office at 51 Goldhill Plaza Suite #07-10 Singapore 308900 to
dispose all its assets (including the Magnetic Resonance Imaging
(MRI) System) (Fixed Assets) at a sale consideration of
S$588,016 (Consideration) on the terms and conditions stated in
the Agreement. AsiaMedic Services Pte Ltd is in the business of
providing imaging-based diagnostic services using the MRI
System.

AsiaMedic Services Pte Ltd has decided to sell its Fixed Assets
because it is no longer financially viable and strategic to the
Group given the long-term prospects of the business, age of the
MRI and the increasing competition from other healthcare service
providers. This is in line with the Group's continuing efforts
to free up financial resources tied up with underutilized assets
and to sharpen the Group's focus.

With this disposal of the Fixed Assets, AsiaMedic Services Pte
Ltd will become a dormant company and will give up its premises
at 273 Thomson Road #01-05 Novena Gardens Singapore 307644.

AsiaMedic Services Pte Ltd contributed approximately S$719,000
to the Group's operating loss before income tax of S$3,203,331
during the financial year ended 31 December 2001.

The Consideration was arrived at on a willing buyer and willing
seller basis and represented an excess of approximately S$88,800
over the book value of the Fixed Assets.

The Company intends to use the proceeds from the disposal for
its future working capital. The disposal is not expected to have
a material impact on the earnings per share and the net tangible
assets of the Group for the current year.

The completion date for the Agreement is scheduled for 23 July
2002 or such other date as may be mutually agreed in writing
between AsiaMedic Services Pte Ltd and Medical Equipment Credit
Pte Ltd.

None of the Directors and Substantial Shareholders of the Group
has any direct or indirect interest in the disposal.


CHEW EU: Discloses March 2002 Financial Statement
-------------------------------------------------
As announced by Chew Eu Hock Holdings Ltd on 6 June 2002,
pursuant to the Supplemental Deed (to the Put and Call Option
Agreement dated 30 January 2002) (together the "Option
Agreement") entered into by the Company with Hiap Hoe and the
Majority Shareholders, the subject of the proposed acquisition
(Acquisition) by the Company for which it will allot and issue
new shares in consideration therefore (Consideration Shares),
now comprises one property investment company, namely Bukit
Panjang Plaza Pte Ltd, and three property development companies,
namely Keng Hoe Development Pte Ltd, Siong Hoe Development Pte
Ltd and Guan Hoe Development Pte Ltd (collectively the "Hiap
Hoe Companies").

The proposed Acquisition and the issue of Consideration Shares
would result in the change of control of the Company, and the
Acquisition will be deemed to be a "Very Substantial
Acquisition" or a "Reverse Takeover" under Clause 1008 of the
Listing Manual of the SGX-ST. Pursuant to Clause 1008 of the
Listing Manual, the Company will be required to obtain the SGX-
ST's and its shareholders' approval for the Acquisition.

Further to the aforementioned 6 June 2002 announcement, the
Company provided additional financial information on the Hiap
Hoe Companies and updated financial information on the Company's
operating results.

(1) COMBINED FINANCIAL STATEMENTS OF THE HIAP HOE COMPANIES'
OPERATIONS

The combined operating results of the Hiap Hoe Companies for the
Financial Years ended 31 December 1999, 2000, and 2001, and for
the 3 months ended 31 March 2002 are set out below

$'000   FY1999  FY2000  FY2001   3 months   
        ended 31
   March 2002
Turnover  10,844 10,357  13,577 2,558

Operating profit
before depreciation,
interest and
taxation  7,638  6,627  7,903  1,988

Depreciation (1,543) (1,545) (1,550) (388)

Interest expenses (5,612) (4,155) (3,695) (883)

Operating profit
after depreciation
and interest but
before tax  483  927  2,658  717

Other income 228  357  785  282

Profit before
Taxation  711  1,284  3,443  999

Taxation  (289)  (400)  (1,823) (282)

Profit after
depreciation,
interest and
tax    422  884  1,620  717

Profit
attributable to
the shareholders 422   884   1,620  717

Note:

(1) The result of operations for the period under review is
based on the combination of the audited financial statements of
the Hiap Hoe Companies, except for the 3 months period ended 31
March 2002 which is based on the combination of the management
accounts. There were no changes in accounting policies
throughout the period under review, except for the adoption of
Statement of Accounting Standard (SAS) 34 which has been
reflected throughout the period under review.

The original subject of the proposed acquisition under the Put
and Call Option Agreement dated 30 January 2002 comprised
Hougang Point Ltd and the Hiap Hoe Companies (collectively the
"Original Hiap Hoe Companies"). As stated in the Company's
announcement dated 30 January 2002, the Original Hiap Hoe
Companies incurred a loss before and after tax based on the
unaudited management proforma consolidated accounts for the
financial year ended 2001. The loss before and after tax was a
result of the $5.97 million provision that was made for the
diminution in the value of the properties held under Keng Hoe
Development Pte Ltd, Siong Hoe Development Pte Ltd and Guan Hoe
Development Pte Ltd. It was cited in the same announcement that
the unaudited management proforma consolidated figures presented
in the announcement had not been reviewed by the auditors of the
Hiap Hoe Companies. Hence, the figures in the announcement dated
30 January 2002 were still preliminary and may be subject to
further adjustments and amendments.

In the audited financial statements of the individual Hiap Hoe
Companies for the financial year ended 2001, the provision for
the diminution in the value of the properties held under Keng
Hoe Development Pte Ltd, Siong Hoe Development Pte Ltd and Guan
Hoe Development Pte Ltd has been written back. During the audit,
the auditing principle under SAS 11 on Construction Contracts of
the Statement of Accounting Standard was considered for the
three development properties and no provision for anticipated
loss was considered necessary.

FINANCIAL STATEMENT OF THE CEH GROUP

The interim audited operating results of the CEH Group for the 8
months ended 31 March 2002 are summarized below.

$'000

Turnover       24,984

Operating profit/(loss) before depreciation,
interest and taxation     (58,923)

Depreciation      (520)

Interest expenses      (1,061)

Operating profit/(loss) after depreciation  
and interest but before tax    (60,504)

Other income      246

Profit/(loss) before taxation    (60,258)

Taxation       1,815

Profit/(loss) after depreciation, interest
and tax       (58,443)

Minority interests
  
Profit/(loss) attributable to the shareholders  (58,439)

Review of the performance of the CEH Group

For the eight months ended 31 March 2002, the CEH Group achieved
a turnover of $25.0 million. With the continued slowdown and
adverse conditions in the construction industry and with the CEH
Group's main operating subsidiary, Chew Eu Hock Construction Co.
Private Limited (CEH Construction) being placed under judicial
management since November 2001 , the CEH Group has not secured
any new contracts in the first eight months of this financial
year. In addition, in view of the CEH Group's cashflow problems,
the CEH Group has novated two major projects with the view to
ensuring that the projects are completed on time to minimize
further losses.

Of the CEH Group's net loss of approximately $58.4 million for
the eight months ended 31 March 2002, approximately $12.4
million is attributable to two qualifications that were referred
in the Annual Report for the financial year ended 31 July 2001
(2001 AR):

   (i) The first qualification in the 2001 AR was an amount of
$18 million which was included in work-in-progress (WIP) as at
31 July 2001. This amount of $18 million was in relation to
additional costs incurred on various construction contracts
arising from variation works. It was mentioned in the 2001 AR
that the CEH Group was in the process of claiming variation
orders from its customers to cover the additional costs
incurred. In the first eight months of the current financial
year, it was determined that approximately $9.9 million of such
WIP has to be written-off or provided for as these claims are
unlikely to be recovered from those customers.

   (ii) The second qualification in the 2001 AR was unrecorded
outstanding claims amounting to $9.5 million as at 31 July 2001.
These amounts were from various subcontractors which the CEH
Group was at that time disputing . It was mentioned in the 2001
AR that there was insufficient information then available to
form an opinion on whether those claims were valid and should be
accrued for. In the first eight months of the current financial
year, it was determined that $2.5 million of such claims should
be admitted.

The balance of losses of approximately $46.0 million for the
eight months under review are attributable mainly to the:

   (i) Approximately $6.4 million arising from write-down in WIP
being claims that are unlikely to be recovered from customers.

   (ii) Approximately $4.8 million of additional claims from
creditors accepted by the Judicial Manager (JM)

   (iii) Approximately $9.9 million arising from the novation of
two of CEH Construction's projects to another contractor in
order to ensure that the projects are completed on time and to
minimize further losses on these projects.

   (iv) Approximately $10.3 million arising from recognition of
losses in respect of certain projects of CEH Construction prior
to the appointment of the JM.

   (v) Approximately $3.4 million representing general operating
expenses of the CEH Group for the eight months under review.

   (vi) Approximately $7.3 million was provided for as doubtful
debts due from subcontractors who are now in financial
difficulties.

   (vii) Approximately $3.4 million representing deficit on
revaluation of investment properties and impairment charge on
fixed assets.

   (viii) Approximately $0.5 million representing loss on
disposal of a subsidiary.

PROFORMA FINANCIAL EFFECTS OF THE ACQUISITION

The proposed scheme of arrangement by CEH Construction and the
Company with the creditors (excluding secured creditors) of CEH
Construction (Creditors) pursuant to Section 210 of the
Companies Act, Cap. 50 of Singapore (Scheme) is in the process
of being finalized and determined by the Judicial Manager of CEH
Construction, pending the proofs of debts by the Creditors being
finalized.

The proposed Scheme is intended to restructure the liabilities
of CEH Construction. The Scheme provides for the debt
restructuring plan which comprises the following:

   (a) the Company shall assume the total liabilities owing by
CEH Construction to the Creditors whose proof of debt and the
extent or amount of which have been admitted and acknowledged by
the JM or approved by the High Court (Debts) and as full and
final settlement of the Debts, the Company will allot and issue
shares to the Creditors (Creditor Shares) at the price at which
Creditor Shares are issued to Creditors under the terms of the
Scheme (Conversion Price) based on the amount of that part of
the Debts owing to each Creditor.

   (b) Mr Chew Eu Hock, a Majority Shareholder, shall convert
his loan extended to the Company (MS Loan) to shares of the
Company (MS Converted Shares) at the Conversion Price (MS Loan
Conversion), and offer to transfer for free 26% of the MS
Converted Shares to the existing shareholders of the Company
(other than the Majority Shareholders and their associates), on
a pro-rata basis.

The amount of debts owing to the Creditors which are admitted by
the Judicial Manager for the purposes of the Scheme will have an
impact on the number of shares on the enlarged share capital of
the Company and hence would affect the issue price for the
Consideration Shares to be issued to Hiap Hoe in respect of the
Acquisition.

As the financial effects of the Acquisition on the enlarged CEH
Group is dependent upon the financial effects of the Scheme, the
proforma financial effects of the Acquisition on the enlarged
CEH Group post-Acquisition cannot be finalized at this point in
time. As such, the directors of the Company deem it prudent to
defer announcement of the proforma financial effects of the
Acquisition on the enlarged CEH Group until the numbers of the
Scheme are finalized.

DIRECTORS' RESPONSIBILITY STATEMENT

The Directors collectively and individually accept full
responsibility for the accuracy of the information given in this
Announcement, and confirm, after making all reasonable
enquiries, that to the best of their knowledge and belief,
subject to the Directors' cautions in this Announcement, the
facts stated and opinions expressed in this Announcement are
fair and accurate in all material aspects as at the date hereof,
and that there are no material facts the omission of which would
make this Announcement misleading.


L&M GROUP: Shareholder's Approve AGM Resolutions
------------------------------------------------
L&M Group Investments Limited announced Friday that the
following resolutions, as set out in the Notice of Annual
General Meeting on June 13, 2002 circulated to the shareholders,
were approved by the shareholders at the 20th Annual General
Meeting held on 28 June 2002:

As Ordinary Business

1. To receive and adopt the Audited Accounts of the Company for
the financial year ended 31 December 2001 together with the
Reports of the Directors and the Auditors.

2. To re-elect Mr Edwin Soeryadjaya, retiring by rotation
pursuant to Article 98 of the Articles of Association of the
Company.

3. To re-elect Mr John Ong Kee Yoo, retiring by rotation
pursuant to Article 98 of the Articles of Association of the
Company.

4. To re-elect Mr Chng Hee Kok, retiring by rotation pursuant to
Article 98 of the Articles of Association of the Company.

5. To re-elect Mr Lee Khoon Choy, retiring under the provisions
of Article 103 of the Articles of Association of the Company.

6. To re-elect Mr Peter Tay Yew Beng, retiring under the
provisions of Article 103 of the Articles of Association of the
Company.

7. That pursuant to Section 153(6) of the Companies Act, Cap.
50, Messrs William Soeryadjaya and Lee Khoon Choy, who are over
70 years of age, be and are hereby authorized to continue in
office as Directors of the Company until the next annual general
meeting of the Company.

8. To approve Directors' fees of S$135,375 for the financial
year ended 31 December 2001.

9. To appoint Auditors and authorize the Directors to fix their
remuneration.

As Special Business

10. That pursuant to Section 161 of the Companies Act, Cap. 50,
approval be and is hereby given to the Directors to issue shares
in the Company at any time and upon such terms and conditions
and for such purposes and to such persons as the Directors may
in their absolute discretion deem fit provided that the
aggregate number of shares to be issued pursuant to this
resolution does not exceed 50 per cent. (50 percent) of the
issued share capital of the Company for the time being and that
the aggregate number of shares issued other than on a pro rata
basis to existing shareholders does not exceed 20 percent. (20%)
of the Company's issued share capital for the time being.

11.i) That approval be and is hereby given, for the purposes of
Chapter 9A of the Listing Manual of the Stock Exchange of
Singapore Limited, for the Company, its subsidiaries and target
associated companies or any of them to enter into any of the
transactions falling within the types of Interested Person
Transactions, particulars of which are set out in the Company's
Circular to Shareholders dated 12 June 1998 (the Circular) with
any party who is of the class of Interested Persons described in
the Circular, provided that such transactions are carried out in
the normal course of business and in accordance with the
guidelines for Interested Person Transactions as set out in the
Circular (the Mandate);

ii) That the Mandate shall, unless revoked or varied by the
Company in general meeting, continue in force until the next
Annual General Meeting of the Company; and

iii) That the Directors of the Company be and are hereby
authorized to complete and do all such acts and things
(including executing all such documents as may be required) as
they may consider expedient or necessary or in the interests of
the Company to give effect to the Mandate and/or this
Resolution.


LKN-PRIMEFIELD: E&Y Reveals Restructuring Proposal Revision
-----------------------------------------------------------
LKN-Primefield Limited, after the distribution of the formal
Debt Restructuring Proposal (Proposal) to all the Bondholders on
29 May 2002, has met up with the Bondholders on 19 June 2002 and
20 June 2002 to deliberate on the Proposal.

The Bondholders shared their views and requested additional
information and changes to the Proposal.

Ernst & Young Corporate Finance Pte Ltd, the Company's financial
adviser to the Proposal, is assisting in the collation of the
information requested and is advising the Company on a revised
Proposal based on feedback given by the Bondholders.

The Company will update shareholders on further developments to
the Proposal at a later date.


OAKWELL ENGINEERING: Updates Debt Restructuring Plan Status
------------------------------------------------------------
The Board of Directors of Oakwell Engineering Ltd, further to
the various announcements in respect of the Debt Restructuring
Plan under both the Scheme of Arrangement (Scheme) and the
Investment Agreement between the Company and G&W Group
(Holdings) Limited (G&W), announced that the terms of the Debt
Restructuring Plan, as approved previously by the shareholders
and secured creditors of the Company, are currently being
implemented with the assistance of the Scheme Managers, Messrs
Tam Chee Chong, Andrew Grimmett and Ms. Lim Siew Soo, currently
of Deloitte & Touche Corporate Finance Pte Ltd.

The Effective Date to implement the Debt Restructuring Plan has
been fixed on 25 June 2002, as approved by the Company's secured
creditors.

With effect from 25 June 2002,

   (a) the total current outstanding debt owing to the secured
creditors of approximately S$37 million as of 30 July 2001 will
be restructured into the Secured Creditor's Restructured Loan
and the Investor's Restructured Loan of S$3 million each (S$6
million in total), and the Conversion Debt of the balance amount
of approximately S$31 million;

   (b) both the Conversion Debt and the Investor's Restructured
Loan will be assigned to G&W; and

   (c) the Conversion Debt will be satisfied to the extent of
S$31 million by the issuance of 516,666,667 new shares of par
value S$0.05 each to G&W and co-investors, whereas the balance
of the Conversion Debt in excess of S$31 million will be waived
by G&W;

G&W also holds a 2-year Call Option allowing it to subscribe up
to 100,000,000 new shares of par value S$0.05 each in the
Company. The grant of the Call Option to G&W was approved and
ratified by shareholders of Oakwell on 28 May 2002. The Call
Option is assignable by G&W.

The Board of Directors welcomes G&W and the following co-
investors who will be substantial shareholders of the Company
upon issuance of the new shares in satisfaction of the
Conversion Debt:

Name of Substantial Shareholders Percentage of enlarged share
capital
G&W (1) 57.7%
Super Coffeemix Manufacturing Ltd 9.6%
M&I Electric Industries, Inc. 7.7%
(1)Shares are held via G&W's 100% owned subsidiary V. Plus
Venture Capital Pte Ltd

The Company will now be a subsidiary of G&W and a subsidiary of
Koh Brothers Group Ltd, which is the holding company of G&W. In
this respect, the Board is pleased to announce the appointment
of Ms Lee Mei Fong , currently the Group Financial Controller of
G&W as an executive director of the Company. The particulars of
Ms Lee Mei Fong pursuant to the requirements of Clause 902(2) of
the SGX Listing Manual will be furnished in a separate
announcement.

Following the implementation of the Debt Restructuring Plan, the
Company will be in a substantially stronger financial position
with group shareholders' funds in excess of S$36 million as
compared to S$6.9 million before. Together with the network of
business contacts brought in by G&W and the other co-investors,
the Board of Directors is confident that the Company is on a
firmer financial footing to strengthen its core business and
improve its performance in the next few years.


OVERSEA-BANKING: Unit Enters Voluntary Liquidation
--------------------------------------------------
At an Extraordinary General Meeting of KTB Investments Ltd, held
on June 28, 2002, the shareholder of the Company passed a
special resolution for the members' voluntary winding-up of the
Company. The Company is a wholly owned subsidiary of Oversea-
Chinese Banking Corporation Limited.

The Statutory Declaration of Solvency (Form 66) of the Company
executed by the Board of Directors, in compliance with the
Companies Act, Cap.50 was lodged with the Registrar of Companies
and Businesses on June 26, 2002.

The Company has ceased business operations and is currently a
dormant company. The issued and paid-up capital of the Company
is S$7,500,000.


SIM LIAN: Voluntarily Liquidates Joint Venture Company
------------------------------------------------------
The Board of Directors of Sim Lian Group Limited announced that
Arteferro Singapore (Pte) Ltd (AS), a joint venture company of
the Company, has been voluntarily liquidated.

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

The voluntary 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.


TELEDATA (SINGAPORE): Director, CEO's Resignations Pending
----------------------------------------------------------
The Board of Directors of Teledata (Singapore) Limited announced
that Mr Yang Boon Kiat has given notice of resignation as Chief
Executive Officer (CEO) and Director of the Company. Mr Yang
will continue his role as CEO and director of the Company until
end July 2002.

The Board expressed its appreciation for Mr Yang's contribution
to the Company and wished him well in his future endeavors. Mr
Yang is actively involved and has assisted the Company to make
significant progress in the cost rationalization and divestment
initiatives and also started a debt restructuring exercise for
the Company.

To assist and facilitate the handing over, the Board has
appointed Mr Michael Lee, the Managing Director of one of
Intraco Limited's subsidiaries, as the acting CEO with effect
from 1 July 2002. In addition, a sub-committee of directors,
comprising Mr Tan Keng Boon, Mr Chua Kee Lock and Mr Leong Siew
Hay, will be set up to take on the task of recruiting a new CEO
for the Company.


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


HEMRAJ LAND: SET Grants Listed Securities
-----------------------------------------
The Stock Exchange of Thailand (SET) starting from July 3, 2002,
allowed the securities of Hemraj Land and Development Public
Company Limited (HEMRAJ) to be traded on the SET after finishing
capital increase procedures.

Name                     : HEMRAJ
Issued and Paid up Capital
          Old            : Bt3,539,538,850
          New            : Bt3,547,423,850
Allocate to              : Warrant holder 788,500 units exercise
                           to subscribe 788,500 common stocks
Ratio                    : 1 warrant to 1 common stocks
Price Per Share          : Bt3
Payment Date             : June 17, 2002


KASEMKIJ CONSTRUCTION: Business Reorganization Petition Filed
-------------------------------------------------------------
Constructor Kasemkij Construction Co. Ltd (DEBTOR)'s Petition
for Business Reorganization was filed to the Civil Court and
transferred to the Central Bankruptcy Court:

   Black Case Number Phor. 10/2542

   Red Case Number Phor. 7/2542

Petitioner: Kasemkij Construction Co. Ltd: debtor

Planner: Ferrier Hodgson Co. Ltd

Debts Owed to the Petitioning Creditor: Bt6,966,244,401.64  

Date of Court Acceptance of the Petition: April 30,1999

Date of Examining the Petition: May 27,1999 at 9.00 AM

Adjourned date of examining the petition: June 1, 1999 at 9.00
a.m.

Court Order for Business Reorganization and Appointment of
Planner: June 9, 1999

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited on June 18, 1999

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette on July 22,
1999

Deadline for Creditors to submit Applications for Payment in
Business Reorganization: August 23, 1999

Deadline to object to any Application for Payment in Business
Reorganization: September 6, 1999

Deadline to submit the plan pursuant to Section 90/43 paragraph
1: October 22, 1999

The first adjourned date to submit the plan pursuant to Section
90/43 paragraph 1: November 22, 1999

The second adjourned date to submit the plan pursuant to Section
90/43 paragraph 1: December 22, 1999

Number of creditors filing Applications for Debt Repayment: 798

Amount of debts: Bt6,966,244,401.64

The planner submitted the plan on December 21, 1999

Set date for the creditors' meeting: January 26, 2000 at
Kurusapa at 9.30 AM

Adjourned date for the creditors' meeting: February 2, 2000 at
Kurusapa at 9.30 AM

The creditors' meeting did not pass the special resolution
accepting the plan on February 2, 2000. The official receiver
reported the result to the court. The Central Bankruptcy Court
appointed the date to consider on March 2, 2000 at the Central
Bankruptcy Court.

Court had issued an order disposal the case on March 2, 2000

Contact: Mr. Thanawat, Tel 6792525 ext 123


SIKARIN PUBLIC: Clarifies Theparak Hospital Sale      
------------------------------------------------
The Board of Directors of Sikarin Public Company Limited at a
meeting 6/2002 held June 27,2002 resolved to sell its affiliated
company, Theparak Hospital at Bt0.1 per share for 2,500,000
shares at the total cost of Bt250,000 to Mr.Surasak Suttamas,
who does not have any related business with the company in
accordance with the SET regulation.

The Company holds 2,299,770 shares. This is approximately 38.33
percent. The purpose of the selling is to utilize the money as
working capital of the company.


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

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