TCRAP_Public/020709.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Tuesday, July 9, 2002, Vol. 5, No. 134

                         Headlines

A U S T R A L I A

AUSTRIM NYLEX: Hires Isaacs as Plant Hire Unit's Exec GM
CHROME GLOBAL: Enters Head of Agreement With Change
DIGITAL NOW: Lodges Amended Reorg Plan to US Bankruptcy Court
FOREST ENTERPRISES: Implementing Plan to Sustain Growth
JOYCE CORP.: Welcomes van Gogh as New CEO, Director

PASMINCO LIMITED: Discloses Ferrier Hodgson's Report
TRANSURBAN GROUP: Issues June 2002 Transaction Volumes, Revenue
TRANSURBAN GROUP: Obtains Material Adverse Effect Decision
VOICENET (AUST): Acquires Microgenix's Australasian Rights


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Parallel Trading to Start on Wednesday
EXECUTIVE ASIA: Faces Winding Up Petition
KG NEXTVISION: Trims 2001 Operations Loss to HK$12,879
NAM FONG: Contesting Writ of Summons in High Court
NEKO TRADING: Winding Up Petition Set for Hearing

WAH TAK: Price, Turnover Movements Inexplicable


I N D O N E S I A

ASURANSI JIWA: Pays Rp3B in Insurance Claims
PERTAMINA: Court Orders US$275M Bond as Int'l Arbitral Award
PERTAMINA TBK: Refuses to Pay Guarantee Funds to Karaha Bodas


J A P A N

ASAHI BREWERIES: S&P Upgrades Rating to 'BBBpi'
DAI NIPPON: Files for Protection From Creditors
DAIEI INC: Shutting Down 11 Stores
HOKKAI INTERNATIONAL: Starts Rehabilitation Proceedings
NISSAN MOTOR: Plans to Issue Y85B 3-Yr Bond

YAMAICHI SECURITIES: BOJ, MOF Divided Over Loan


K O R E A

HYNIX SEMICONDUCTOR: Micron May Resume Talks With Chipmaker
MEDISON CO: GE Drops Bid for Troubled Korean Firm
SEOUL BANK: JP Morgan, Lone Star Lines Up for Bid


M A L A Y S I A

EMICO HOLDINGS: FIC OKs Proposed Debt Workout Scheme Approval
FACB RESORTS: RM300M RSB Redeemed; RAM's BB3 Rating Withdrawn
JUTAJAYA HOLDING: Court Grants Winding Up Order
IDRIS HYDRAULIC: Regulatory Authorities OK Workout Exercise
PERDANA INDUSTRI: Updates Financial Regularization Scheme

SENG HUP: MITI Grants Conditional Approval
TECHNO ASIA: Claims Arbitration Proceedings Initiated
TECHNOLOGY RESOURCES: Appoints Abdul Majid as Board Chairman
TONGKAH HOLDINGS: Posts Notice of Optional Redemption
WING TIEK: Forman Definitive Agreement Extended


P H I L I P P I N E S

BENPRES HOLDINGS: Selling 10% MNTC Stake to Leighton
NATIONAL POWER: Cutting Rates; Projects P9.6B Loss
PETROCORP: Seeks US$100M Capital Injection
PHILIPPINE AIRLINES: Govt Units to Meet Airline on Put Option
PHILIPPINE LONG: Pangilinan, Cojuangco Prepare Offer

URBAN BANK: Export Bank to Revive Insurance Unit


S I N G A P O R E

BIL INTERNATIONAL: Issues Shareholder's Interest Notice
BIL INTERNATIONAL: Investor Backs Out of Acquisition Plans
BIL INTERNATIONAL: Recommends Rejection of Ross' Offer
PRESSCRETE HOLDINGS: Completes Capital Reduction Exercise
SEMBCORP LOGISTICS: Posts Notice of Shareholder's Interest


T H A I L A N D

ASIA HOTEL: Starts Rehabilitation Plan Preparation
ITALIAN-THAI: Releases Reorganization Plan Progress Report
NATURAL PARK: Court OKs Rehabilitation Plan Amendment
RAIMON LAND: Ups Registered Capital, Allots New Shares
THAI PETROCHEMICAL: Demands 12/31/00 Promissory Note Payment

THAI TELEPHONE: Posts June 2002 Warrant Exercise Results
WONGPAITOON GROUP: Explains 2001 Operations Performance

     -  -  -  -  -  -  -  -

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


AUSTRIM NYLEX: Hires Isaacs as Plant Hire Unit's Exec GM
--------------------------------------------------------
Austrim Nylex Limited announced Monday the appointment of David
Isaacs as Executive General Manager of its Plant Hire Division.

Mr Isaacs is well known in the plant hire industry, having 20
years experience in the provision of products and services to
the mining, building and construction industries.

He has previously held the positions of General Manager of
Wreckair and Brambles Equipment, while having also worked for
Clyde Industries and Fletcher Challenge.

Managing Director and Chief Executive Officer of Austrim Nylex,
Mr Peter Crowley, said "I am delighted that someone with David's
excellent track record and expertise will be leading our Plant
Hire business.

"He joins a committed and experienced new management team at
Austrim Nylex, as we work to restore shareholder value through
the process of re-structuring and rationalizing our operations",
he added.


CHROME GLOBAL: Enters Head of Agreement With Change
---------------------------------------------------
The rescue of Chrome Global Limited's IT and internet subsidiary
is closer to completion with Friday's announcement that it is to
joint venture with WA's new information technology services
group, Change Corporation Pty Ltd (Change).

CHROME and Change have signed a Heads of Agreement to
collaborate in providing information technology services and
consulting, as well as the development, distribution and
marketing of new products.

CHROME Global was taken out of Administration in January by a
consortium headed by Professional Public Relations (WA), while
Change Corporation was established by key executives of SMS
Management Technology and Method, a division of SMS. The
principals of Change Corporation are Stephen Langsford, Sandra
Paskett, and Geoff Drake-Brockman.

Change Corporation is a new information technology consulting
and solutions delivery group specializing in strategic areas of
IT such as enterprise architecture, application integration,
knowledge management and e-business.

Under PPR's rescue package, CHROME was positioned in the PPR
network throughout Australasia, becoming the IT provider for the
largest public relations network in Australia.

CHROME Managing Director and head of PPR (WA), Paul Niardone
said in one step CHROME had gained a low cost national footprint
and access to an extensive list of blue chip clients.

Mr Niardone said since coming out of administration CHROME
recorded a substantial increase in sales, 90% of which were
Eastern States clients.

In addition, CHROME'S new management structure had reduced the
company's cash flow burn from operations by 76% in the past six
months compared to the previous half year.

"The new venture will increase CHROME's capacity to manage and
deliver IT services within its existing framework, and without
incurring additional infrastructure costs," said Mr Niardone.

"The collaborative agreement brings together two complementary
companies with proven skills and expertise in offering strategic
consulting and IT solutions to business.

"Both companies have been examining ways to expand and
capitalize on recent growth," Mr Niardone said.

Change Corporation Joint Managing Director, Stephen Langsford,
said the joint venture was a natural progression after growing a
client base of medium to large WA enterprises.

Mr Langsford said the cooperative agreement meant Change
Corporation could expand its national client reach as well as
having international potential through the PPR Group.

"We are impressed with the technology staff of CHROME who'll be
transferring to Change Corporation. They have successfully
continued to build and support applications to quality clients
over an extended period, including the time when CHROME was
placed in administration," said Mr Langsford.

"We also see opportunity in the current marketplace for further
aggregation of complementary niche services firms to create an
alternative to existing service providers."

Mr Niardone said he'd initiated discussions with Change as the
company's principals were proven achievers and well respected in
the industry for the profitable delivery of quality consultancy
services.

He said Change Corporation would manage the delivery of services
and products to CHROME's clients including the Hoyts Theatre
Group, PPR (Australia), and Resort Condominiums International
(RCI).

"The new venture will enable us to develop CHROME's IT and
internet operations in association with Change Corporation,
while at the same time lowering our operating costs through
shared resources and other economies of scale.

"CHROME will take up equity in Change Corporation which will
have access to CHROME's network of contacts through its sales
force and affiliation with the Australia-wide PPR public
relations group.

"CHROME and Change are positioned to be one of the few IT
ventures in Australia to be able to guarantee clients the full
spectrum of IT services from e-business consulting and
solutions, through to design, implementation and long term
management and maintenance programs." Mr Niardone said.


DIGITAL NOW: Lodges Amended Reorg Plan to US Bankruptcy Court
-------------------------------------------------------------
Digital Now, Inc filed on Wednesday a First Amended Plan of
Reorganization with the US Bankruptcy Court in Virginia. This
Amended Plan supercedes that filed on 6 May 2002.

Court approval of the Amended Plan is required before it may be
accepted by creditors. The US Bankruptcy Court hearing to
consider approval of the Plan will take place on 15 July 2002.

The Board of DNI has maintained throughout this process that
creditors will achieve a superior settlement of their claims
under a plan of reorganization than would be the case if the
assets of DNI were liquidated under Chapter 7 of the US
Bankruptcy Code.

To see a copy of the Amended Reorganization Plan, go to
http://www.bankrupt.com/misc/TCRAP_DNI0709.pdf.


FOREST ENTERPRISES: Implementing Plan to Sustain Growth
-------------------------------------------------------
Forest Enterprises Australia Limited (FEA) announced Friday that
its revenue for the year ended 30 June 2002 will be
approximately $23m.

Revenue from its timber harvesting business will be
approximately $10m and consistent with levels achieved in the
prior financial year.

Recurrent lease and management income streams from prior year
timber investment projects increased slightly to $4.5m from the
18,000 hectares under management. This income stream is
contracted with some 3,000 woodlot growers and is expected to
produce a further $45m over the life of existing projects.

The company's subsidiary, Ausforestry Ltd, successfully marketed
1,400 new woodlots to investors for the financial year ended 30
June 2002. The prospectus for the current project remains open
until April 2003.

In announcing the outcome, the Interim Chief Executive Officer
of FEA, Chris Oldfield, said that the harvesting revenues and
lease and management revenues provided the company with a sound
and reliable income base. Woodlot sales, however, were
disappointing and down on expectations, coming on the back of a
period of substantial restructuring at FEA.

"The 2002 financial year was one in which we really needed to
consolidate our business. Substantial restructuring has taken
place, including the sale of over $4 million of surplus real
estate. As announced last week the company has successfully
negotiated long term financial arrangements with its existing
bankers and another leading independent financial institution,
including new funding of $6m. This has positioned us well for
the future. Whilst our financial results will not be announced
until August, our current forecast indicates a positive
turnaround in EBIT in excess of $8m over the previous year"
Mr Oldfield said.

"In addition to our traditional business of woodlot sales to
investors, the company is actively exploring a number of value
adding opportunities consistent with our aim of becoming a
significant player in Australia's forest products industry.

"The challenge for FEA is now to consolidate on these recent
developments, including the successful achievement of long term
finance, the diversification of our revenue streams and to
continue to provide a sound platform for sustained growth," Mr
Oldfield said.


JOYCE CORP.: Welcomes van Gogh as New CEO, Director
---------------------------------------------------
Joyce Corporation Limited, consistent with its earlier advice
that further restructuring of the organization was to be
implemented, announced on Thursday that Mr R J M Brown, Managing
Director & CEO, and Mr A C Edwards, Finance Director, will
be leaving the Company effective July 4, 2002 as part of the
planned reduction of the Corporate office.

Mr F J van Gogh, currently General Manager Joyce Foam Products,
located in Sydney, will assume the role of Chief Operating
Officer for Joyce Corporation Ltd and be appointed as a
Director, also effective Thursday.

As a result of these changes the structure of the Board is Mr D
A Smetana, Non-Executive Chairman, Mr J F Ries, Non-Executive
Director and Mr F J van Gogh, Executive Director.


PASMINCO LIMITED: Discloses Ferrier Hodgson's Report
----------------------------------------------------
The Administrators of Pasminco Limited ACN 004 368 674 and its
wholly owned Australian subsidiaries, recommend that creditors
accept the following Proposal:

   * Proposed public float of the restructured Pasminco as early
as November 2002

   * All unsecured creditors owed over $10,000 will receive
shares and a cash distribution in lieu of their debt

   * Security will be granted to assist the protection of
employee entitlements and the vast majority of employees will be
retained

   * The restructured Pasminco will be positioned to take
advantage of improved market conditions with:

     - substantially reduced debt
     - world class asset base underpinned by Century Mine
     - new Board of Directors
     - improved operating structure

   * Early return to creditors from proposed float

   * Flexibility to determine most viable structure prior to
float occurring

Go to http://www.bankrupt.com/misc/Pasminco0709.pdfto see a  
copy of Ferrier Hodgson's Report Pursuant to Section 439A of the
Corporations Act (200 1) Incorporating the Restructure Proposal,
with the Notice of Meeting of Creditors materials and annexure
to the Administrators' Report.


TRANSURBAN GROUP: Issues June 2002 Transaction Volumes, Revenue
---------------------------------------------------------------
Transurban Group disclosed its average daily transaction volumes
for June 2002 were 525,332 for all days and 610,198 for
weekdays. These volumes are respectively 4.5 per cent and 6.4
per cent higher than the corresponding volumes (excluding
motorcycle transactions) for June 2001. The lower increase
in the all days average is largely due to the fact that there
were only 19 weekdays in June 2002, compared to 20 in June 2001.

Trends in transaction volumes relative to May 2002 were in line
with expectations, taking into account:

   * One less day in June;
   * A lower proportion of weekdays in June;
   * A less favorable mix of weekdays in June;
   * The positive effect of Mothers' Day on non-weekday usage in
May; and
   * The negative effect of the Queen's Birthday holiday on non-
weekday  usage in June.

Toll and fee revenue for the month was $19.2 million ($17.5
million net of GST), which was 9 per cent higher than in June
2001. Average revenue per transaction was $1.22.

Average daily transaction volumes for the month of June 2002 are
set out in the following table.

The descriptions of the toll zones used in the table are
consistent with those used in the Transurban prospectus.

TOLL ZONE                               ALL DAYS    WEEKDAYS

Tullamarine Freeway, Moreland Road to
Brunswick Road (Zone 1)                  98,951       113,286

Racecourse Road to Dynon Road (Zone 2)   65,355        75,268

Bolte Bridge (Zone 3)                    57,996        66,469

Domain and Burnley Tunnels (1) (Zones 4 & 8)72,206        84,327

Batman Avenue, Swan Street to Flinders
Street (Zone 5)                           12,467        15,070

Batman Avenue, Punt Road to Swan Street
(Zone 6)                                  16,366        19,614

Burnley Tunnel plus Monash Freeway, between
Burnley Street and Punt Road (2)(Zones 7 & 8)100,798    118,017

Monash Freeway, between Toorak Road and
Burnley Street (Zone 9)                    101,191      118,147

TOTAL ALL ZONES (3)                        525,332      610,198

Notes: (1) This zone is referred to as "Zone 4/Domain Section"
in the Transurban prospectus.

(2) This zone is referred to as "Zone 5 / SE Arterial (Punt Rd
to Burnley St)" in the Transurban prospectus.

(3) Total may not equal sum of individual zones, due to rounding
effects Transaction Volumes and Revenue for June 2002


TRANSURBAN GROUP: Obtains Material Adverse Effect Decision
----------------------------------------------------------
Transurban Group has received on Thursday a determination on its
$36.6 million material adverse effect claim against the State of
Victoria.

Mr Henry Jolson QC, appointed by Transurban and the State to
determine the claim, handed down his findings on Wednesday.

Mr Jolson had been asked whether the development of Wurundjeri
Way and the widening of the Westgate Freeway was an event for
which Transurban should be compensated under its contract with
the State of Victoria.

In answering this question, Mr Jolson said "On the present
information and submissions before me, No."

The determination is the first step in the process set out in
the contract for determining this matter.

Transurban will now take this matter to the next stage of the
process provided for by the contract, which is arbitration.


VOICENET (AUST): Acquires Microgenix's Australasian Rights
----------------------------------------------------------
The Directors of Voicenet Australia Limited announce on Thursday
that the Company has entered into a Heads of Agreement to
acquire the rights to manufacture and distribute Microgenix Air
Purification products in the Australasian region.

The Microgenix Air Purification System was developed
specifically to address the problems of poor air quality and
cross-infection within enclosed environments and can be used in
conjunction with any air handling or air conditioning systems.

The unique advantage of the Microgenix System is that it has
been scientifically proven to eliminate up to 100% of all known
airborne virus and bacteria. In independent tests at the Center
for Chemical and Biological Defense Research at Porton Down in
the United Kingdom, the Microgenix System proved 99.85% - 100%
effective against simulated Anthrax.

Potential markets  or the Microgenix products include,
transport, hospitals, defense, offices and public buildings.

The Directors believe that this technology is innovative. This
transaction provides an opportunity to expand the Company's
existing technology development business into new products and
markets. It is expected to result in significant benefit and
value creation for Voicenet shareholders.

HEADS OF AGREEMENT

Voicenet (Aust) Ltd has signed a Conditional Heads of Agreement
to acquire the Australasian rights to the Microgenix system.
These rights are a sole and exclusive license to manufacture,
distribute, market and sell the system in the Australasian
region enabling Voicenet (Aust) Ltd to generate income from
sales of the product. A royalty of 5% on sales will be paid to
Microgenix Ltd.

The geographic region for these rights includes Australia, New
Zealand, Indonesia, Malaysia, Philippines, Singapore, Vietnam,
Thailand and Taiwan. In addition Voicenet (Aust) Ltd will have a
last right of refusal to rights over further Asian territories,
including Japan, China and India.

The Heads of Agreement is subject to shareholder approval and
conditional on a number of matters including:

   (i) Voicenet (Aust) being satisfied with the results of a due
diligence examination covering the system, the patent
applications, the technical know-how and Microgenix Ltd.

   (ii) Agreement on satisfactory terms for the License
Agreement, the Subscription Agreement and a Long Term Supply
Agreement for Biogreen 3000 (the chemical specifically designed
for use in the Microgenix system).

   (iii) The raising of at least $3,000,000 of additional
capital  by 30 September 2002.

   (iv) Shareholder approval of the resolutions necessary to
effect the acquisition.

Consideration for the acquisition will comprise a cash payment
of GBP1.0 million and the allotment of 200,000,000 fully paid
ordinary shares in Voicenet (Aust) Ltd to Microgenix Ltd at an
issue price of 2.5 cents per share.

BOARD COMPOSITION

The Company's existing directors, Mr Michael Silver - Chairman,
Mr Lindsay C S Sanford - Managing Director, Michael Ivkovic will
continue.

Mr Jim Palmer will be invited to join the board. Mr Palmer is
the Managing Director of Forman IT&T, a marketing company that
provides information technology support. Mr Palmer established
and operated a highly successful information technology business
in the United Kingdom prior to taking up residency in Australia.
The Directors believe that Mr Palmer will contribute
considerable marketing and operational expertise to the Company
as it develops and commercializes the Microgenix system in the
Australasian territory.

CAPITAL STRUCTURE

The table below shows the capital structure of Voicenet (Aust)
Ltd as it will be upon the successful completion of the
transaction.

                           NUMBER OF SHARES   NUMBER OF OPTIONS
Current issued capital       239,926,075            4,200,000
Shares to be issued to Microgenix  200,000,000*      -
Options to be issued to new
directors and                    -           30,000,000
introducers
Total                        439,926,075           34,200,000

*Note: These shares will be subject to escrow provisions.

FINANCIAL IMPLICATIONS

It is not possible, at this stage, to forecast projected cash
flow or income for the Microgenix products in the Australasian
territory.

Subject to a capital raising of $3,000,000, the directors
believe there will be sufficient funds to complete the proposed
transaction and to contribute to working capital to enable
business development, marketing and distribution of the
Microgenix system and Voicenet speech technology.

In addition, a further capital raising may be required to
satisfy the future development and expansion of Voicenet speech
and Microgenix products and will be subject to company cashflow
requirements.

Following settlement, the company will have approximately
$1,400,000 in cash and no debt.

SHAREHOLDERS MEETING

An Extraordinary General Meeting of shareholders will be held as
soon as possible after the conditions of the Heads of Agreement
are satisfied. This meeting will consider the various
resolutions required to authorize the purchase of the new
business, make the share placement and option allocations. A
Notice of Meeting will be distributed to shareholders for this
meeting.

The company will request a voluntary suspension of its
securities on the day prior to the General Meeting of members at
which shareholders approval for the transaction will be sought.
A simple majority of shareholders would be required to approve
the transaction. Once the company has obtained shareholder
approval for the transaction the securities of the company will
be reinstated to trading.

EXISTING OPERATIONS

Voicenet (Aust) Ltd's present operation in Voicenet Speech
Chile, and Voicenet Inc USA will continue to be supported in
product and market development for the voice speech technology
range of products.

Voicenet (Aust) Ltd recently made an announcement as to the
first commercial sale to Telemergencia in Chile; this contract
has now placed Voicenet on the international scene as a
Recognized Speech Provider. Voicenet is now being contacted by
various international clients for future potential sales.

The directors, consider the acquisition of the Microgenix system
to be a strategic investment that will enable Voicenet (Aust)
Ltd to become a multi-disciplined technology company with the
potential to generate two independent cash flows for the
company, thus creating future shareholder wealth.


================================
C H I N A   &   H O N G  K O N G
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CIL HOLDINGS: Parallel Trading to Start on Wednesday
----------------------------------------------------
CIL Holdings Limited requested market participants to note the
parallel trading in the ordinary shares of CIL Holdings Limited
will commence at 9:30 a.m. on Wednesday, 10 July 2002:

Stock Code  Short Name       Board Lot        Certificate Color
----------  ----------       ---------        -----------------
  479         CIL HOLD-NEW         100,000 shares   Yellow
  2948        CIL HOLD-OLD         2,000 shares     Pink

Settlement of trading at each counter shall be in respect of the
shares traded at the respective counters.


EXECUTIVE ASIA: Faces Winding Up Petition
-----------------------------------------
The petition to wind up Executive Asia Limited is set for
hearing before the High Court of Hong Kong on August 7, 2002 at
10:00 am.  The petition was filed with the court on May 2, 2002
by Sit Wai Man of Room 1808, Yiu On House, Yiu Tung Estate, Shau
Kei Wan, Hong Kong.  


KG NEXTVISION: Trims 2001 Operations Loss to HK$12,879
------------------------------------------------------
KG NextVision Company Limited posted this financial statement,
year end date, 31 March 2002:

Currency: HKD
Auditors' Report: Qualified
Review of Interim Report by: N/A
                                               (Audited)
                                Audited)        Last
                                Current          Corresponding
                                Period           Period
                                from 1/4/2001    from 1/4/2000
                                to 31/3/2002     to 31/3/2001
                                ('000)           ('000)
Turnover                             : 103,493      507,657
Profit/(Loss) from Operations        : (12,879)     (36,779)
Finance cost                         : (5,396)      (15,687)
Share of Profit/(Loss) of Associates: (13,488)      4,039
Share of Profit/(Loss) of
  Jointly Controlled Entities        : 1,300        (1,296)
Profit/(Loss) after Tax & MI         : (30,446)     (49,247)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : (1.27 cents) (2.44 cents)
         -Diluted                    : -                -
Extraordinary (ETD) Gain/(Loss)      : -                -
Profit/(Loss) after ETD Items        : (30,446)     (49,247)
Final Dividend per Share             : Nil          Nil
(Specify if with other options)      : -                -   
B/C Dates for Final Dividend         : -
Payable Date                         : -
B/C Dates for (-) General Meeting    : -
Other Distribution for Current Period: -
B/C Dates for Other Distribution     : -

Remarks:

(1) Analysis of turnover from continuing and discontinued
operations: (a) Continuing: HK$5,230K (2001: HK$13,502K); (b)
Discontinued: HK$98,263K (2001: HK$494,155K). Last year's
numbers had been restated to conform to this year's
presentation.

(2) Analysis of profit / loss from continuing and discontinued
operations: (a) Continuing: loss -- HK$71,278K (2001: loss --
HK$12,590K); (b)  Discontinued: profit -- HK$58,399K (2001: loss
-- HK$24,189K). Last year's numbers had been restated to conform
to this year's presentation.


NAM FONG: Contesting Writ of Summons in High Court
--------------------------------------------------
Nam Fong International Holdings, in reference to the Writ of
Summons dated July 3, 2002, received by the Company for a claim
of a total of approximately HK$850,000 as surety for an office
lease agreement between the Landlord and D L Management, a
wholly owned subsidiary of the Company, announced that the
Company will within 14 days state to the High Court its
intention to contest the proceedings and negotiate a settlement
with the Landlord.

The Company believes there will be no material adverse impact on
the financial position of the Company.

The Company also announced, in relation to the Winding up
Petition and the hearing on September 11, 2002, negotiations
with the Creditor are underway to re-schedule the payment. The
payment is proposed to be made from the rental income of
annually HK$29 million from Guangzhou Liwan Plaza, and, as an
alternative, proceeds from sale of non-core property assets and
cash and available banking facilities.


NEKO TRADING: Winding Up Petition Set for Hearing
-------------------------------------------------
The petition to wind up Neko Trading Company Limited is
scheduled for hearing before the High Court of Hong Kong on
August 7, 2002 at 11:00 am.

The petition was filed with the court on May 14, 2002 by Hui Ka
Ki of Flat 1, 10/F., Nga Yat House, Lok Nga Court, Ngau Tau Kok,
Kowloon, Hong Kong.  


WAH TAK: Price, Turnover Movements Inexplicable
-----------------------------------------------
Wah Tak Fung Holdings Limited has noted the recent decreases in
the price and increases in trading volume of shares of the
Company and stated that we are not aware of any reasons for such
changes.

The Company also confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.


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


ASURANSI JIWA: Pays Rp3B in Insurance Claims
--------------------------------------------
PT Asuransi Jiwa Manulife Indonesia (AJMI), whose regular
operations resumed on June 27, announced that it paid out more
than Rp3 billion in claims.

The payments were made to PT. Trigana Air Service on behalf of
four employees who did not survive a May 25, 2002 airplane crash
in Irian Jaya. AJMI paid the beneficiaries of each policyholder
a total of Rp1.3 billion for the Life Insurance policy and US$
225,000 (Rp1.935 billion) for the Accident Insurance policy.

Said Adi Purnomo, the Vice President Director of AJMI, "For 17
years AJMI has been providing security for its Indonesian
customers, and we are committed to continuing to provide the
best insurance packages for the long term. Unfortunately, the
claims we paid on July 1, 2002, come at a very difficult time
for PT. Trigana Air Service, but I am pleased that our products
are able to bring some security for the futures of the families
that were affected."

Added Adi Purnomo, "AJMI has a bright future in Indonesia. In
the short term, we are focused on completing all of the customer
business that was disrupted when our operations was forced to
close its doors last week. We are also waiting for the Supreme
Court of Indonesia to bring about a fair and just decision on
our appeal of the Central Jakarta Commercial Court's bankruptcy
ruling. In the long term, we are already developing new and
unique products to share with our customers and are also
preparing to recruit new staff as we focus on growth."

Said Nelly Husnayati, Assistant Vice President Agency, "Since we
resumed usual operations last Thursday (27/06/02) agents from
across Indonesia have already reported sales of new policies.
Top AJMI management have thanked all 400,000 customers for their
loyalty and their full support during our temporary closure and
I truly feel that the people of Indonesia, including all the
customers and our 4,000 employees, define the core strength of
our company."

For three full days, AJMI operations were closed as an employee
safety measure, following a public announcement from the former
curator ordering that operations of AJMI cease immediately. This
instruction came about even though the Supervisory Judge had
already written an order that stated the curator, the directors
of AJMI, and the employees, could continue operations as normal.
AJMI resumed to usual operations on Thursday, June 27, 2002.

Concluded Nelly Husnayati, "By now it must be clear to all
Indonesians that we remain committed to our operations in this
country. We have remained strong in our fight for justice and
have been rewarded with the loyalty and support of our customers
and our employees."


PERTAMINA: Court Orders US$275M Bond as Int'l Arbitral Award
------------------------------------------------------------
The U.S. District Court for the District of Delaware, in a
ruling announced on July 2, 2002, upheld a motion by Karaha
Bodas Company, LLC (KBC) requiring Pertamina, Indonesia's state-
owned oil and gas company, to post a US$275 million bond to
satisfy an international arbitral award granted to KBC to
resolve a contract dispute between the two companies.

The bond, which covers the full amount of the Award,
acknowledges KBC's right to payment and guarantees both a legal
avenue and available funds for KBC to secure payment, pending
the resolution of legal proceedings in federal courts in New
York and Texas.

"The Delaware Court's ruling protects and advances KBC's ability
to secure payment from Pertamina," stated Christopher Dugan,
partner, Jones, Day, Reavis & Pogue, and chief litigator for
KBC. "It also underscores the Court's commitment to enforce
foreign arbitral awards and uphold international legal
conventions."

An international arbitral tribunal granted KBC a US$261 million
Award in December 2000 as a result of a failed joint venture
between KBC and Pertamina. The Award was subsequently confirmed
by courts in the United States, Hong Kong and Singapore. To
date, Pertamina has refused to honor the Award or make payment
to KBC.

As a means of securing payment, KBC registered the judgment
confirming the Award in Delaware in February 2002, and filed
motions to garnish the assets of 16 Delaware corporations that
were acting as production sharing partners (PSPs) of Pertamina.
The companies potentially held assets belonging to Pertamina. In
response, the Delaware Court issued sixteen Restraining Notices
against the PSPs, which required them to redirect to KBC US$261
million in funds due to Pertamina. Pertamina and the affected
PSPs opposed the actions, and in April and May the court granted
a stay on the proceedings and ruled that, until the proceedings
resumed, the PSPs could release the restrained funds. The stay
is to remain in place until ongoing proceedings in federal
courts in Texas and New York, which are also aimed at securing
payment for KBC, are resolved.

The bond ruling, granted on June 27, ensures that sufficient
funds will remain available in Delaware to satisfy the Award at
the completion of legal proceedings.


PERTAMINA TBK: Refuses to Pay Guarantee Funds to Karaha Bodas
-------------------------------------------------------------
PT Pertamina refused to provide a guarantee fund of US$275
million to the Karaha Bodas Company (KBC) as requested by a
Delaware district court in the United States, Antara reported
Friday, citing Pertamina President Director Baihaki Hakim.

"The trial process has not yet finished, thus, I think (the US
court's verdict) has no permanent legality. Let us wait for the
final result (of this trial process)," Hakim said.

Christopher Dugan, KBC's lawyer, said in his press statement
that the guarantee fund would be returned to Pertamina if the
oil company finally won the case.

The Karaha Bodas geo-thermal electricity power plant was
cancelled by the Indonesian government due to the 1997 financial
crisis, which crippled the country's economy.


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


ASAHI BREWERIES: S&P Upgrades Rating to 'BBBpi'
-----------------------------------------------
Standard & Poor's on Thursday had raised its rating on Japan's
Asahi Breweries Ltd. to triple-'Bpi' from triple-'B'-minus-pi,
reflecting the company's improving market position and product
mix, its strengthening cash flow protection, and its steady debt
reduction.

"Asahi's position within the Japanese beer market continues to
improve, supported by its strong brand image, its ability to
adapt to market trends, and its aggressive, sophisticated
marketing campaigns," said Chizuko Satsukawa, a credit analyst
at Standard & Poor's in Tokyo.

"While other Japanese brewers are struggling to maintain their
market shares, Asahi's market share is expanding," she said.

In 2001, Asahi captured a leading share of 38.7% in the Japanese
beer and "happoshu" (low-malt beer) market, ahead of Kirin
Brewery Co. Ltd.'s 35.8%. Alcoholic beverages account for most
of Asahi's operating income. The company's geographic
diversification is limited, with overseas sales representing
less than 10% of total sales revenue.

Asahi boasts good operating efficiency, backed by economies of
scale and a focused brand strategy. The company's product
concentration is still relatively high, with about 80% of total
beer and happoshu sales volume for 2001 coming from the Super
Dry brand, Japan's top-selling beer since 1997. Nevertheless,
this risk should ease to some extent following the company's
entry into the growing happoshu and other low-alcohol beverage
markets.

Over the past several years, Asahi has achieved a steady
reduction in debt, backed by its solid cash flow from operations
and the disposal of financial assets such as "tokkin" specified
money trust investments. Total debt to capital was about 50% at
Dec. 31, 2001, down from over 60% in 1997.

Even after the recent acquisitions of alcohol businesses from
Kyowa Hakko Kogyo Co. Ltd. and Asahi Kasei Corp., total debt to
capital is likely to remain below 55% in the near term, given
Asahi's solid cash flows and its modest capital investment
plans.


DAI NIPPON: Files for Protection From Creditors
-----------------------------------------------
Dai Nippon Construction has filed with the Tokyo District Court
for protection from its creditors under the Civil Rehabilitation
Law, the Nihon Keizai Shimbun and AFX Asia said Friday.

The Company, which has more than 270 billion yen of debt, is
also burdened with large interest payments on group debts of
more than 150 billion yen due to failed golf courses and other
real estate projects.

About the Company

Dai Nippon Construction was established in 1944 and is a general
contractor. Building construction works including residential
buildings, offices and schools accounted for 55 percent of
fiscal 1999 unconsolidated revenues; civil engineering works
including roads, water mains and sewerage systems and land
preparation, 44 percent and real estate development, 1 percent.

Unconsolidated revenues accounted for 99.7 percent of fiscal
1999 consolidated revenues. The Company has five consolidated
subsidiaries, four in Japan and one in the United States. Kinki
Nippon Railway Co., Ltd. is the major shareholder with 40.79
percent of issued stock.

Address:
6-8, USA-MINAMI 1-CHOME
GIFU CITY GIFU 500-8555
JAPAN  

Telephone:
+81 58 2761111
+81 52 2191262  


DAIEI INC: Shutting Down 11 Stores
----------------------------------
Troubled supermarket operator Daiei Inc. will close 11 stores
throughout Japan by early next year, Namnews said last week. The
stores to be closed are in nine Japanese prefectures, including
Hyogo, Shizuoka, Yamagata, Akita and Kanagawa.

TCR-AP reported last month that Daiei has struggled to boost
sales as real household spending has dropped for nine straight
years. The Company is predicting a group net profit of 120
billion yen in the year to February, versus a loss of 333
billion yen in the year earlier period.


HOKKAI INTERNATIONAL: Starts Rehabilitation Proceedings
-------------------------------------------------------
The Tokyo District Court has granted approval to Hokkaido
International Airlines to take legal proceedings under the Civil
Corporate Revival Law, Kyodo News said Friday.

The airline gave up its own attempt at rehabilitation and
applied on June 25 for court-supervised restructuring efforts.
The Company must submit a rehabilitation plan to the court by
September 23.


NISSAN MOTOR: Plans to Issue Y85B 3-Yr Bond
-------------------------------------------
Nissan Motor Co Ltd is planning to issue an 85 billion yen
three-year domestic straight bond with a 0.59 percent coupon,
Reuters reported Friday, citing lead manager Daiwa Securities
SMBC Co Ltd. The bond payment will mature on July 19, 2005.

TCR-AP reported that in fiscal 2001, Nissan achieved a record
financial performance, posting an operating profit of Y490
billion. Its operating margin climbed to 7.9 percent and net
debt held by automotive units (excluding captive finance
companies) fell to about Y435 billion. In its restructuring
plan, Nissan had pledged to achieve an operating margin of 4.5
percent and net debt of no more than Y700 billion.


YAMAICHI SECURITIES: BOJ, MOF Divided Over Loan
-----------------------------------------------
The Bank of Japan (BOJ) and the Ministry of Finance (MOF) were
divided Friday on how to handle some 145 billion yen in a
possibly irrecoverable BOJ special loan to bankrupt Yamaichi
Securities Co., Kyodo News said Saturday.

According to BOJ Governor Masaru Hayami the central bank wants
the government to cover the loan loss.


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


HYNIX SEMICONDUCTOR: Micron May Resume Talks With Chipmaker
-----------------------------------------------------------
Micron Technology CEO Steven Appleton said his Company may
resume sales talks with Hynix Semiconductor, the Korea Herald
and Electronic Engineering Times reported Monday.

According to the EE Times, Appleton said he would reconsider the
deal with Hynix if contacted again.

Meanwhile, the EE Times reported that toward the end of this
month, Hynix creditors, which now own 80 percent of the Company
after converting bonds into equity, would move to take control
of the board. That would open the way to new negotiations with
Micron.

Appleton said Hynix has essentially been bankrupt, they're still
bankrupt and they will be bankrupt without substantial
restructuring.

DebtTraders reports that Hyundai Semiconductor's 8.625 percent
bond due in 2007 (HYUS07KRA1) trades between 62 and 70. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1


MEDISON CO: GE Drops Bid for Troubled Korean Firm
-------------------------------------------------
General Electric (GE) of the United States concluded that its
planned acquisition of Medison Co, a Korean maker of three-
dimensional ultrasonic medical scanners and MRI (magnetic
resonance imaging) systems, would not be of much benefit to the
firm, thus dropping out of the bid and leaving only two other
international giants, Germany's Siemens and Philips Electronics
of the Netherland, in the running, the Digital Chosun reported.
The final bid for Medison is due July 19.

GE Korea President Lee Chae-wook said that GE has already built
up a production infrastructure and price competitiveness for
ultrasonic scanners and MRI gadgets, which overlaps with
Medison's core products.

Siemens group, a German multi-national firm, announced that it
would participate in the bidding for Medison late last month,
and Philips Electronics has been moving forward with its bid.
Siemens boasts the third-largest market share, along with
another firm, in the global ultrasonic medical-equipment market,
while Philips enjoys the largest. (M&A REPORTER - ASIA PACIFIC,
Vol. No.1, Issue No. 133, July 08, 2002)


SEOUL BANK: JP Morgan, Lone Star Lines Up for Bid
-------------------------------------------------
J.P. Morgan Chase & Co and U.S. investment fund Lone Star have
lined up for the acquisition of Seoulbank along with Hana Bank,
the Korea Economic Daily and Reuters said Monday.

The three candidates will submit their final bid by the end of
this month, while the government will name a top negotiating
partner early next month.

Goldman Sachs and Samsung Securities are acting as lead managers
for the sale.


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


EMICO HOLDINGS: FIC OKs Proposed Debt Workout Scheme Approval
-------------------------------------------------------------
The Board of Directors of Emico Holdings Berhad announced that
the Foreign Investment Committee, via their approval letter
dated 22 June 2002, received on 2 July 2002, without variation,
the Proposed Debt Restructuring Scheme.

The FIC has further indicated that Emico's equity structure will
be reviewed three (3) years from the implementation of the
Proposed Debt Restructuring Scheme.

The Proposals refers to:

   * Proposed Debt Restructuring Scheme
   * Proposed Two-Call Rights Issue
   * Proposed Employees Share Option Scheme


FACB RESORTS: RM300M RSB Redeemed; RAM's BB3 Rating Withdrawn
-------------------------------------------------------------
FACB Resorts Bhd (FACB) has fully redeemed the remaining RM30
million of its RM300 million 5.5% Redeemable Secured Bonds
(1997/2002) (RSB) that matured on 27 June 2002. The redemption
was made using proceeds from its rights issue. As a consequence
of the redemption, the BB3(s) rating assigned to the RSB is no
longer applicable.

Meanwhile, the enhanced rating of BB3(s) for its RM420 million
Zero Coupon Secured Bonds (2001/2005) (ZCB) was reaffirmed in
April 2002. The ZCB was issued in April 2001 to part-refinance
the RM300 million RSB.

The underlying factors supporting the rating is the Group's weak
financial profile that is not anticipated to improve immediately
in light of the gestation period to develop FACB's Borneo Resort
Karambunai and Bukit Unggul Eco-Media City projects.
Additionally, FACB is expected to rely heavily on Hartamas Group
Bhd's (HGB) shares to meet the redemption obligations on its
RM420 million ZCB. FACB will own 79% of HGB shares after the
completion of its proposed scheme of arrangement for Sri
Hartamas Berhad. The enhanced rating reflects the credit
enhancement provided by the pledged properties, which afford a
security coverage of 1.89 times of the nominal value of the
RM420 million ZCB, based on the forced-sale value.


JUTAJAYA HOLDING: Court Grants Winding Up Order
-----------------------------------------------
The Board of Directors of Jutajaya Holdings Berhad, further to
the winding up petition served on its subsidiary Norsan Fishing
Net Industries Sdn Bhd (Norsan), announced that a winding up
order has been granted against Norsan by the Kuala Lumpur High
Court on 3 July 2002.

The Board will take an appeal upon further discussion.

TCR-AP reported on March 4 that Norsan Fishing Net Industries
Sdn Bhd (Norsan), a wholly owned subsidiary of Juta, is a
dormant company as the proposed development in Tebrau, Johor
Bahru had been shelved. Based on the Statement of Interest
claimed by Kian Hin & Co.(Pte) Ltd, the interest charged varies
from 6.4% per annum to 12.10 percent per annum. The interest
charged was from 1 August 1994 to 14 December 2001.


IDRIS HYDRAULIC: Regulatory Authorities OK Workout Exercise
-----------------------------------------------------------
On behalf of the Board of Directors of Idris Hydraulic
(Malaysia) Bhd, Commerce International Merchant Bankers Berhad
announced that the Controller of Foreign Exchange, the Ministry
of International Trade and Industry (MITI) and Bank Negara
Malaysia (BNM) via their letters dated 1 July 2002, 3 July 2002
and 3 July 2002, respectively, stated that they have no
objections to the revised Proposed Restructuring Exercise as
announced on 10 June 2002.

The approval of MITI is subject to:

   (i) approval from the Foreign Investment Committee; and

   (ii) approval from the Securities Commission.

The approval of BNM is subject to IHMB obtaining the approvals
from other regulatory authorities.

Proposed Restructuring Exercise includes the following:

   * Proposed Capital Reconstruction;
   * Proposed Corporate Restructuring; and
   * Proposed Debt Reconstruction.


PERDANA INDUSTRI: Updates Financial Regularization Scheme
---------------------------------------------------------
Perdana Industri Holdings Berhad advised that Wah Seong
Corporation Berhad (WASEONG)'s entire issued and paid-up share
capital comprising 303,308,988 ordinary shares of RM0.50 each
and RM89,499,999 nominal value of RM1.00 each of 2002/2012 10
year 3% ICULS arising from the aforesaid Restructuring Scheme,
will be admitted to the Official List of the Exchange, in place
of PERDANA. The listing and quotation of WASEONG's shares and
ICULS on the Main Board will be under the "Industrial Products"
and "Loans" sectors respectively, on a "Ready" basis pursuant to
the Rules of the Exchange, with effect from 9.00 a.m, Tuesday, 9
July 2002.

The Stock Short Name, Stock Number and ISIN Code of WASEONG's
shares and ICULS are:

Stock Short Name  Stock number  ISIN Code
Ordinary shares  WASEONG   5142   MYL5142OO004
ICULS   WASEONG-LA   5142LA  MYL5142LAM53

The reference price for WASEONG's ordinary shares and ICULS is
RM0.50 and RM1.00 respectively and the trading limit will be
500%.

The Conversion Price is RM0.50 for each new ordinary share in
WASEONG to be satisfied by tendering one (1) ICULS of RM1.00
each for two (2) new ordinary shares to be credited as issued
and fully paid-up share capital of WASEONG.

The ICULS may be converted at the option of the ICULS holders
into new ordinary shares in WASEONG at the Conversion Price at
any time from the issue date (i.e. 21 May 2002) up to and
including the Maturity Date (i.e 21 May 2012).

Kindly be advised that the shares and ICULS of WASEONG are
prescribed securities. Dealings in the aforesaid shares and
ICULS should be carried out in accordance with Securities
Industry (Central Depositories) Act, 1991 and the Rules of
Malaysian Central Depository Sdn Bhd.

Kindly also be reminded that only "free securities" can be
utilised for settlement of trades involving the aforesaid shares
and ICULS.

The Restructuring Scheme of PERDANA involves, inter alia, the
following:

   (i) Capital reduction of the existing issued and paid-up
share capital of PERDANA from RM35,873,133 comprising 35,873,133
ordinary shares of RM1.00 each to RM2,869,851 comprising
35,873,133 ordinary shares of RM0.08 each, by canceling RM0.92
of the par value of every existing ordinary share of RM1.00 each
and subsequent consolidation of every 25 ordinary shares of
RM0.08 each into 2 ordinary shares of RM1.00 each;

   (ii) Exchange of PERDANA shares with the shares of WASEONG on
the basis of 1 consolidated share of RM1.00 each in PERDANA for
2 ordinary shares of RM0.50 each in WASEONG;

   (iii) Acquisition of the entire Wah Seong Group, an
additional 13.01% equity interest in Petro-Pipe Industries (M)
Sdn. Bhd. and an additional 27.61% equity interest in Syn Tai
Hung Corporation Sdn. Bhd. and the industrial property for a
total purchase consideration of RM179,000,000 which will be
settled through the issuance of 179,000,002 ordinary shares of
RM0.50 each in WASEONG and RM89,499,999 nominal value of ICULS
(Acquisition of Wah Seong Group and Industrial Property);

   (iv) Waiver to certain vendors who are promoters of the Wah
Seong Group and parties deemed acting in concert with them from
the obligation to extend a mandatory general offer under Part II
Section 6 of the Code for the remaining shares not held by them
in WASEONG after the Acquisition of Wah Seong Group and
Industrial Property;

   (v) Restructuring of debt in PERDANA which shall be settled
by way of debt conversion into WASEONG shares, Redeemable
Preference Share A of PERDANA, Redeemable Preference Shares B of
PERDANA and debt write-off;

   (vi) Restricted offer for sale of 54,837,000 ordinary shares
of RM0.50 each in WASEONG by the offerors to the selected shares
offerees at an offer price of RM0.50 per ordinary share and the
restricted offer for sale of RM144,000 nominal value of
2002/2012 ICULS by Wah Seong (Malaya) Trading Co. Sdn. Bhd.,
substantial shareholder of WASEONG, to selected ICULS offerees
determined by the Board at an offer price of RM1.00 per ICULS;

   (vii) Transfer of Listing Status of PERDANA to WASEONG; and

   (viii) Proposed Liquidation of all the subsidiary companies
of PERDANA.


SENG HUP: MITI Grants Conditional Approval
------------------------------------------
Seng Hup Corporation Berhad (Special Administrators Appointed),
further to its announcement made on 7 May 2002 on the extension
of time granted by the Kuala Lumpur Stock Exchange (KLSE)
pursuant to Paragraph 5.1 of Practice Note No 4/2001, informed
that it has yet to obtain the approval from the Securities
Commission (SC).

The Company has received an approval from the Ministry of
International Trade and Industries (MITI) vide its letter dated
20 May 2002 subject to the following conditions being obtained:

   (i) Approval from the Foreign Investment Committee (FIC);
   (ii) Approval from the SC; and
   (iii) All the 13,000,000 shares of Newco are categorized as
special shares whereby the distribution will be carried out
separately by MITI after the SC approves the proposals.

The KLSE, via its letter dated 4 July 2002, approved a further
extension of 2 months from 18 June 2002 to 17 August 2002 to
enable Seng Hup to obtain all the necessary approvals from the
regulatory authorities


TECHNO ASIA: Claims Arbitration Proceedings Initiated
-----------------------------------------------------
The Special Administrators of Techno Asia Holdings Berhad
announced the initiation of arbitration proceedings in respect
to two (2) claims:

1. The first claim is made by Techno Asia Holdings Berhad
(Special Administrators Appointed) together with Westmont
Offshore Sdn. Bhd. (WOSB) as claimants against Westmont Power
(Bangladesh) Ltd. (WPBL) as respondent.

A request for Arbitration had been made to the Secretariat of
the International Court of Arbitration in Paris on 25 June,
2002. The claim is for the sum of US$3,107,136.12. The Company
and WOSB are inter alia claiming for fees and interest for
technical services rendered pursuant to a Technical Assistance
Agreement (TAA). The TAA was entered into between WOSB and WPBL
on 20 March, 1999 and subsequently novated and assigned to the
Company on 13 April, 1999. The TAA specifies Singapore as the
place of arbitration.

2. The second claim is made by WOSB as claimant against WPBL and
Energycorp (UK) Ltd (EUK) as respondents.

A Notice of Arbitration was filed with the Registrar of the
Singapore International Arbitration Center (SIAC) on 25 June,
2002. The claim is for a sum of US$785,425.94. WOSB is inter
alia claiming for management fees, including interest, for
management services rendered pursuant to a Management Services
Agreement (MSA). The MSA was entered into between WOSB, WPBL and
EUK on 15 July, 2000 and specifies Singapore as the place of
arbitration.

Information with respect to service of the Request for
Arbitration and Notice of Arbitration will be made known when
more information becomes available to the Special
Administrators.

WOSB is a subsidiary of the Company and it has an interest of
31.58% in WPBL.


TECHNOLOGY RESOURCES: Appoints Abdul Majid as Board Chairman
------------------------------------------------------------
The Board of Technology Resources Industries Berhad announced
the appointment of Dato' Dr. Mohd Munir Abdul Majid as Chairman
of the Board of TRI with immediate effect.

In addition, the Board of TRI has appointed Mr Lim Kheng Guan as
a member of the Audit Committee in place of Dato' Lim Kheng Yew.

The Board of TRI is also pleased to announce that it has agreed
in principle that a board committee shall be established
pursuant to Article 88 of the Company's Articles of Association
to consider any proposal for a possible business combination of
Celcom (Malaysia) Berhad and TM Cellular Sdn Bhd.


TONGKAH HOLDINGS: Posts Notice of Optional Redemption
-----------------------------------------------------
Tongkah Holdings Berhad posted this Notice of Optional
Redemption:

     NOTICE OF OPTIONAL REDEMPTION

To holders of the five (5) year 1% - 2% Redeemable Secured
Convertible Bonds B 1999/2004 (Bonds B Holders)

Bonds B Holders are hereby notified that pursuant to the Trust
Deed dated 27 August 1999 (Trust Deed) constituting the Bonds B,
one-fourth of the outstanding nominal amount of Bonds B held by
the Bonds B Holders shall at the option of the Bonds B Holders
be redeemed (Redemption Rights) on the 3rd interest payment date
of the Bonds B falling on 29 August 2002 (the Redemption Date).

The Company is an affected listing issuer under Practice Note
4/2001 (PN4/2001) pursuant to the Kuala Lumpur Stock Exchange's
Listing Requirements and is in the midst of finalizing a plan to
restructure its indebtedness and regularize its financial
condition, which will be announced in due course (Restructuring
Plan). The Company will not be in a position to redeem one-
fourth of the Bonds B totaling RM68,995,090.75.

You may still exercise your Redemption Rights by executing and
lodging the Redemption Form with the Paying Agent at the address
below in connection with the exercise of the Redemption Rights
under the Bonds B which are deposited with the Malaysian Central
Depository Sdn Bhd (MCD) on or after 1 July 2002 but no later
than 5.00 p.m. on 9 August 2002 and otherwise subject to the
terms and conditions of the Trust Deed. However, no redemption
of Bonds B will take place on the Redemption Date but will be
considered under the Restructuring Plan.

Paying Agent:
PFA Registration Services Sdn Bhd
Level 13, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor Darul Ehsan

Tel : 03-77254888
Fax : 03-77222311

REDEMPTION FORMS MAY BE OBTAINED AT THE OFFICE OF THE PAYING
AGENT

Bonds B Holders who have lodged the Redemption Form to the
Company must not dispose, transfer or charge the Bonds B
intended for the exercise of their Redemption Rights, until the
exercise is completed by debiting the relevant portion of Bonds
B from the Bonds B Holders' Central Depository System ("CDS")
account. Failure to comply will jeopardize the Bonds B Holders'
Redemption Rights in this respect.

All enquiries concerning this notice should be addressed to the
Paying Agent or to the Company at the following address:

Tongkah Holdings Berhad
THB Satu, Level 2, West Wing
Jalan Damansara Endah
Damansara Heights
50490 Kuala Lumpur
Tel: 03-20943333
Fax: 03-20932323
Attention: Encik Abdul Rahim bin Awang/Mr. Noel Chua

By order of the Board
Noel Chua (LS 005781)
Lim Phooi Kee (MIA 2759)
Leong Oi Wah (MAICSA 7023802)


WING TIEK: Forman Definitive Agreement Extended
-----------------------------------------------
The Board of Directors of Wing Tiek Holdings Berhad informed
that the Company and JAKS Sdn. Bhd. have expressly agreed to an
extension of time of 14 (fourteen) days for the execution of the
formal definitive agreement on the Proposed Corporate Debt
Restructuring Scheme.

The extension of time shall commence on 4 July 2002. Both
parties have agreed that all terms and conditions of the
Memorandum of Understanding entered on 5 June 2002 shall
continue and remain valid until the execution of the formal
definitive agreement.


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


BENPRES HOLDINGS: Selling 10% MNTC Stake to Leighton
----------------------------------------------------
Benpres Holdings Corp is in talks to sell a 10 percent stake in
Manila North Tollways Corporation (MNTC) to Leighton Contractors
Asia Ltd., AFX Asia reported, citing Benpres Chief Finance
Officer Angel Ong. The Company aims to sell stakes in non-core
units to raise extra funds.

Benpres is currently seeking to reschedule all of its US$596.9
million debt.


NATIONAL POWER: Cutting Rates; Projects P9.6B Loss
--------------------------------------------------
Debttraders analysts Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300) reported that the National Power
Corporation (Napocor) would reduce its tariff to 2.48 pesos or
$0.05/KWh for Luzon, 3.2 pesos or $0.06/KWh for Visayas, and
1.44 pesos or $0.03/KWh for Mindanao.

Nacopor will have to absorb a projected loss of up to 9.6
billion pesos ($192 million) a month. The reduction in tariff
may force Nacopor to renegotiate its power purchase price with
Subic Power. The price of the Subic Power 9.5% due '08 fell to
92 from above par, which has a yield in line with CE Casecnan
11.95% Bond due '10. CE Casecnan has power purchase agreement
with the National Irrigation Administration.


PETROCORP: Seeks US$100M Capital Injection
------------------------------------------
Polypropylene producer Petrochemical Corporation of Asia Pacific
(Petrocorp) is seeking for new investors to infuse US$100
million in funds into the Company to pay off loans, AFX Asia
said Friday, citing Chief Operating Officer Henry Leung.

Petrocorp, which is 9 percent owned by PNOC Petrochemical
Development Corp, has not been able to pay some of its loan
obligations.


PHILIPPINE AIRLINES: Govt Units to Meet Airline on Put Option
-------------------------------------------------------------
Government financial institutions will have a meeting on July 9
to plan on how they can compel Philippine Airlines (PAL) to pay
2 billion pesos for the shares they hold in the airline,
Business World and AFX Asia reported.

PAL has until the end of July to respond to the government's
demand that the Company honor the put option over the shares,
the report said.

Debttraders reports that Philippine Airlines' 7.601% floating
rate note due in 2000 (PHPA00PHN1) trades between 8 and 14. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PHPA00PHN1


PHILIPPINE LONG: Pangilinan, Cojuangco Prepare Offer
----------------------------------------------------
Philippine Long Distance Telephone Co (PLDT) President Manuel
Pangilinan and Chairman Antonio Cojuangco Jr are preparing an
offer for First Pacific's controlling stake in Bonifacio Land
Corp, the Philippine Star reported.

Sources said the offer will be submitted to First Pacific in a
few days. (M&A REPORTER - ASIA PACIFIC, Vol. No.1, Issue No.
133, July 08, 2002)


URBAN BANK: Export Bank to Revive Insurance Unit
------------------------------------------------
Export and Industry Bank is planning to revive Urban Bank unit
Urban Life and General Insurance Inc, Business World and AFX
Asia said Monday, citing Export Bank President Benjamin
Castillo.

TCR-AP reported that Urban bank was ordered closed by the
central bank's Monetary Board after declaring a bank holiday on
April 25, 2000 because of liquidity problems.


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


BIL INTERNATIONAL: Issues Shareholder's Interest Notice
-------------------------------------------------------
BIL International Limited posted a notice of changes in
substantial shareholder Temasek Holdings (Private) Ltd's
interest:

Date of notice to Company: 05 Jul 2002
Date of change of interest: 13 Jun 2002
Name of registered holder: CDP : Universe Holdings Ltd
Circumstance(s) giving rise to the interest: Sales in open
market at own discretion

Shares held in the name of registered holder
No. of shares of the change: (600,000)
% of issued share capital: 0.04
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: 0.5817
No. of shares held before change: 102,930,848
% of issued share capital: 7.52
No. of shares held after change: 102,330,848
% of issued share capital: 7.48

Holdings of Substantial Shareholder including direct and deemed
interest
                                     Deemed       Direct
No. of shares held before change:   102,930,848  
% of issued share capital:          7.52  
No. of shares held after change:    102,330,848  
% of issued share capital:          7.48  
Total shares:                       102,330,848  

Standard & Poor's on Wednesday has affirmed its double-'B'
corporate credit rating on Singapore-headquartered investment
holding Company BIL International Ltd. (BIL) and removed the
rating from Credit Watch with negative implications, where it
was placed on Sep. 21, 2001. The outlook is stable.

The rating action follows the successful refinancing of BIL's
US$300 million bank debt, due originally on July 23, 2002,
through a new three-year revolving loan facility, thereby
eliminating near-term refinancing risks.

BIL is expected to record a profit in fiscal 2002, compared with
a net loss of US$119.6 million in fiscal 2001.


BIL INTERNATIONAL: Investor Backs Out of Acquisition Plans
----------------------------------------------------------
In a statement to the Singapore Exchange (SGX), BIL
International Ltd said a previously interested investor has
decided against acquiring select BIL assets, adding that no
definitive agreement between the two was formed.

Previously, the Company said it had been approached by an
investor interested in certain assets of BIL, and which had also
approached a substantial shareholder to buy a block of BIL
shares. (M&A REPORTER - ASIA PACIFIC, Vol. No.1, Issue No. 133,
July 08, 2002)


BIL INTERNATIONAL: Recommends Rejection of Ross' Offer
------------------------------------------------------
BIL International, in a letter to its shareholders, recommended
that holders of its capital notes pass on the latest offer by
Ross Securities Pty Ltd to purchase the notes at NZ$0.615 for
each capital note.

"BIL would like to repeat that the price offered by Ross
Investments does not represent fair value for the capital notes.
BIL is therefore recommending capital note holders not to accept
the unsolicited offer from Ross Investments," the Company said.
(M&A REPORTER - ASIA PACIFIC, Vol. No.1, Issue No. 133, July 08,
2002)


PRESSCRETE HOLDINGS: Completes Capital Reduction Exercise
---------------------------------------------------------
Further to the MASNET Announcement No.47 of 19 June 2002
released by Presscrete Holdings Ltd, the Directors of the
Company said Monday that following the grant of the order of the
High Court on 19 June 2002 confirming the reduction in the par
value of each ordinary share in the capital of the Company, a
copy of the Court Order has been lodged with the Singapore
Registrar of Companies and Businesses on 5 July 2002.
Accordingly, the Capital Reduction is now complete and
effective.


SEMBCORP LOGISTICS: Posts Notice of Shareholder's Interest
----------------------------------------------------------
Sembcorp Logistics Ltd posted a notice of changes in substantial
shareholder Capital Group Companies Inc's interest:

Notice Of Changes In Deemed Substantial Shareholding
Name of substantial shareholder: The Capital Group Companies,
Inc.
Date of notice to Company: 08 Jul 2002
Date of change of deemed interest: 05 Jul 2002
Name of registered holder: Raffles Nominees Pte Ltd
Circumstance(s) giving rise to the interest: Sales in open
market at own discretion

Shares held in the name of registered holder
No. of shares of the change: 33,700
% of issued share capital: 0
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$2.34
No. of shares held before change: 24,836,800
% of issued share capital: 2.92
No. of shares held after change: 24,803,100
% of issued share capital: 2.91

Holdings of Substantial Shareholder including direct and deemed
interest

                                    Deemed       Direct
No. of shares held before change:     77,307,200  
% of issued share capital:            9.07  
No. of shares held after change:      77,273,500  
% of issued share capital:            9.07  
Total shares:                         77,273,500  


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


ASIA HOTEL: Starts Rehabilitation Plan Preparation
--------------------------------------------------
Asia Hotel Public Company Limited has decided to prepare a
rehabilitation plan to propose to shareholders. It is on the
process of selecting an independent financial advisor and then
the company will inform the SET about progress of rehabilitation
plan continually.

On May 20, TCR-AP reported that Asia Hotel explained its Q1/2002
result for loss of Bt8.17 million as per consolidated financial
statements and for loss of Bt19.45 million as per company's
financial statements.  The differences in net losses between the
consolidated statements and the Company's financial statements
incurred due to the provision for doubtful debts of the lending
between the parent and subsidiary companies, and between the
subsidiary companies.


ITALIAN-THAI: Releases Reorganization Plan Progress Report
----------------------------------------------------------      
ITD Planner Company Limited, on behalf of Italian-Thai
Development Public Company Limited, informed that the result of
implementation of Discounted Debt Repurchase Program, Voluntary
Debt to Equity Conversion Program and Novation of Claim to
Special Purpose Vehicle has written off debt including the
principal and interest at normal rate, calculated up to
June 26, 2002 (Reorganization Commencement Date), under the
portion of Class 5 and Class 6 creditor amounting to Bt13,254
Million which consisted of the decrease of debt from Discounted
Debt Repurchase Program and Voluntary Debt to Equity Conversion
Program amounting Bt9,650 Million and the decrease of debt from
Novation of claim to ITD Special Purpose Vehicle Company Limited
amounting Bt3,604 Million.

As of this date, the Company has fulfilled the requirements
under the Business Reorganization Plan, as listed below, to
Class 5 and Class 6 creditors:

1. Remittance of Bt1,346,986,368 to the Creditors who
participated in the Discounted Debt Repurchase Program.

2. Issuance of 73,867,818 ordinary shares to the Creditors who
participated in the Voluntary Debt to Equity Conversion Program.

3. Transfer of Non Core Assets amounting Bt4,000 Million and
Debt amounting Bt3,604  Million  to ITD Special Purpose Vehicle
Company Limited and issuance of the share certificates to the
creditors/share holders.


NATURAL PARK: Court OKs Rehabilitation Plan Amendment
-----------------------------------------------------
NPK Management Service Company Limited, Plan Administrator of
Natural Park Public Company Limited, announced that the Central
Bankruptcy Court approved on June 26,2002 the Company's
application for amendment of the Rehabilitation Plan, according
to the resolution of creditors' meeting with the summary of the
amended plan as follows:

The Summary of The Amended Rehabilitation Plan

Debt Restructuring

1) The company debt is reduced from Bt15,696.27 million to
Bt7,697.90 million by creditors' debt reduction totaling  
Bt7,998.37 million.

2) The remaining debt of Bt7,697.90 million will be managed by  

   2.1) Conversion to equity for the amount of Bt6,924.66
million at par value of Bt10.

   2.2) The remaining debt of Bt773.24 million will be paid back  
within 5-7 years.

Capital Restructuring

1) Capital Decrease  

The Company will decrease capital by decreasing par value of
Bt10 per share to Bt0.05 each for 378,003,400 shares. The amount
of capital decrease totals at Bt3,761.13 million, which will
clear the accumulated deficit there for  the paid up Capital
decrease from Bt3,780,034,000 to Bt18,900,170.

2) Combination of Par Value Shares

The company will combine 200 ordinary shares at par value of  
Bt0.05 per share into one ordinary share at par value
of Bt10 each there for the number of shares decrease from
378,003,400 shares par Bt0.05 to 1,890,017 shares par Bt10.

3) Share premiums of Bt1,732.64 million and appropriated
retained earnings of Bt36.63 million set aside statutory reserve
will clear the accumulated deficit

4)  Capital Increase    

The company will issue new ordinary shares at par value  
of Bt10 each as the following details:

   * Increasing capital for the total amount of Bt7,000 million
by issuing  700 million  new ordinary shares at par value of
Bt10 each to facilitate the creditors' conversion from debt into
equity.

   * Increasing capital at least for the total amount of Bt300
million to allot to shareholders after the creditors' conversion
from debt into equity in shareholding proportion. Number of new
ordinary shares, offering price, allotment, subscription period,
payment, conditions and other related details will be at the
discretion  of the plan administrator.

In the event that the shareholders do not exercise rights to
purchase such shares after the conversion from debt into equity,
the plan administrator is authorized to offer them for sale to
not more than 35 specific investors or investors from 17
institutes in accordance with the rules of Securities and
Exchange Commission

Fulfillment of Plan

Upon the completion of the conversion from debt into equity and
the capital increase for the amount of Bt300 million.


RAIMON LAND: Ups Registered Capital, Allots New Shares
------------------------------------------------------
Raimon Land Planner Co., Ltd. (Plan Administrator), acting in
the capacity of the Plan Administrator of Raimon Land Public
Company Limited, having office at 22nd Floor, Unit 2201-3, The
Millennia Tower, 62 Langsuan Road, Kwaeng Lumpini, Khet
Pathumwan, Bangkok, reported the implementation of the
Rehabilitation Plan (Plan) of Raimon Land in relation to the
increase of the registered capital and the allotment of new
ordinary shares:

1. Capital increase

The motion for court's permission to amend Raimon Land's
Memorandum and articles of Association approved by the Central
Bankruptcy Court on 13th June, 2002 and the resolutions of Board
of Directors' Meeting no. 14/2002 of the Plan Administrator
held on 3rd July, 2002 require Raimon Land to proceed with the
increase of the registered capital of Raimon Land by another
Bt1,999,360,000 from Bt249,920,000to be Bt2,249,280,000 divided
into 449,856,000 ordinary shares by an issue of 399,872,000 new
ordinary shares at the par value of Bt5 each.

2. Allotment of new ordinary shares

The allocation of 399,872,000 new ordinary shares at the par
value of Bt5 each, totaling Bt1,999,360,000 will be made.

Details of warrants under 2.1.1

Amount                    :  199,936,000 units
Offering price            :  Free
Number of reserved shares :  199,936,000 shares
Term                      :  5 years commencing from the issue
date of warrants.
Exercise ratio            :  1 unit of warrant to 1 new ordinary
share
Exercise price            :  Bt5 per share
Exercise period           :  On the last business day of March,
June, September and December
throughout the term of the warrants.

Additionally, Raimon Land may exercise its call option to
require warrantholders to exercise warrants, in whole or in
part, at any time by giving three months' prior notice to the
warrantholders.

If the warrants are not exercised within the specified period,
such warrants will be deemed expired.

Offering period           :  The warrants will be issued to
those existing shareholders after the SEC's approval has been
granted.

Allotment of unsubscribed shares

Any unsubscribed shares not taken up by the existing
shareholders under the rights issue would be first offered to
the major shareholders (namely, Seamico Securities Plc., Knight
Thai Strategic Investments Ltd., Quam Securities Co., Ltd.
and Newer Challenge Holdings Ltd.) at the same offering price of
Bt5 per share.

Any shares not taken up by those major shareholders described
above would be offered to those existing shareholders who have
applied for excess rights shares at the same offering price of
Bt5 per share on the pro rata basis (by reference to the total
number of excess rights shares and the total number of
shares subscribed under the excess rights).

Any unsubscribed shares remaining from the subscription
described above may be offered in one or several tranches from
time to time by way of private placement at the same offering
price of (Bt5) per share in accordance with the SEC's
notification no. Kor Jor.12/2543 regarding the application and
permission for offer of new shares.  The Plan Administrator and
if the Plan Administrator is no longer appointed, Raimon Land's
board of directors would be authorized to determine
the offering price, the subscription period, conditions and
other details of the allocation

3. Schedule for the shareholders' meeting for approval of the
capital increase and the allotment of new ordinary shares
        
No shareholders' resolution of Raimon Land is required since the
capital increase and the allotment of the new ordinary shares
would be made in accordance with the Plan.  On 3rd July, 2002,
the Board of Directors' Meeting No. 14/2002 of the Plan
Administrator resolved that Raimon Land proceeds with the
increase of the registered capital of Raimon Land and the
allotment of the new ordinary shares.


4. Purpose of capital increase and the use of the funds
        
5.1 To meet the requirements relating to fund raising scheme
provided in the Plan.

5.2 To pay for the purchase price of the property as follows:

   5.2.1   Bt53,000,000 payable to Strategic Property Company
Limited, a subsidiary of Seamico Securities Plc. for the
purchase price of an 8 story office building (with an
approximate area of 3,000 square meters), Preecha Complex,
located on Ratchadapisek Road, including the land (with the
total area of 2 ngan 4.3 square wah) on which the building is
situated; and

   5.2.2   Bt14,900,000 payable to Seamico Securities Plc. for
the purchase price of the vacant land in Pak Chong District
(with an area of 114 rai 0 ngan 40 square wah).  

5.3 To be utilized as the working capital of Raimon Land.

6. Expected benefits Raimon Land will obtain from the increase
of capital / allotment of new ordinary shares
        
   6.1  To be able to continue its business operations.

   6.2  To meet the requirements relating to fund raising scheme
provided in the Plan.

   6.3  To be utilized as its working capital.
        
7.  Benefits which the shareholders should expect from the
increase of capital / allotment of new ordinary shares
        
   7.1  To enable Raimon Land to meet the requirements under the
Plan thereby allowing Raimon Land to continue its business
operations during the court  rehabilitation process.

   7.2  To permit Raimon Land to have adequate working capital
for its business operations.

8. Schedule of action for the capital increase and allotment of
new ordinary shares

SCHEDULE FOR ALLOTMENT OF NEW ORDINARY SHARES

SUBJECT                                         DATE            
(2002)
Report to the SET.                          4th July
Registration of increase of the registered
capital.           no later than
12th July
Closing of the share register book.             18th July
Delivery of subscription package to SET for
distribution to the shareholders.               23rd July
Subscription and payment period for rights
issue and excess rights.    2nd to 8th
August
Payment period for private placement.           15th August
Registration of increase in the paid-up capital. 23rd August


THAI PETROCHEMICAL: Demands 12/31/00 Promissory Note Payment
------------------------------------------------------------
Thai Petrochemical Industry Public Company Limited (TPI), in
reference to the promissory note issued by Pornchai Enterprises
Co, Ltd, (PECL) dated 31st December 2000 in which PECL agreed to
pay the principal of Bt3,475,700,730.70 together with the
interest at the rate of 7.75 percent per annum to TPI, upon
demand, advised that the promissory note is due and payable.

Johnson, Stoke & Master, the authorized attorney of TPI by its
Plan Administrators, Effective Planners Limited, would initiate
legal proceedings against PECL, if payments are not met.

Go to http://www.bankrupt.com/misc/TCRAP_TPI0709.docto see a  
copy of the demand letter made by Piyaporn Thongsombat of
Johnson, Stoke & Master law office.


THAI TELEPHONE: Posts June 2002 Warrant Exercise Results
--------------------------------------------------------
Thai Telephone & Telecommunication Public Company Limited,
pursuant to its Business Reorganization Plan dated November 29,
2000, which had been approved by the Central Bankruptcy Court on
December 27, 2000, has allocated, at no cost, 281,155,610 units
of warrants, which give each holder the right to subscribe for
ordinary shares, to the entitled creditors and to the Company's
existing shareholders.

The warrants' term is 5 years, and 1 unit of warrants can be
exercised to purchase 1 ordinary share at Bt4.85 each from
October 1, 2001 to 17.00 hrs. of September 29, 2006. The details
of warrants' terms and conditions have been stated in the
Prospectus.

During the exercising period of June 2002, 400 units of warrants
were exercised by 1 warrant-holder. Therefore, total amount of
the unexercised warrants is 281,132,345 units. The Company shall
allocate 400 ordinary shares for this exercise and subsequently
apply to the Stock Exchange of Thailand for listing these new
shares as listed securities.


WONGPAITOON GROUP: Explains 2001 Operations Performance
-------------------------------------------------------
Wongpaitoon Group Plc., referring to the 2001 income statement
ended December 31, 2001, explained that its net loss decreased
by Bt761.30 million in 2000 to Bt290.59 million for the
following reasons:

1. Higher gross profit of Bt98.66 million because of efficiency
improvement and factory overhead expense reduction.

2. Lower selling and administration expenses by THB 353.27
million to Bt357.90 million due to decreasing the expenses and
improving inventory management system resulted in lower
suspension and write-off.

3. Lower interest payment by Bt191.81 million to Bt121.47
million as a result of debt to equity conversion in December
2000.

Subsequently, the Company found a lower net loss in 2001.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***