/raid1/www/Hosts/bankrupt/TCRAP_Public/020710.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 10, 2002, Vol. 5, No. 135

                         Headlines

A U S T R A L I A

ARC ENERGY: Issues Ops Update; Requests Shares Suspension
AUSTRIM NYLEX: Addresses The Age Article Over Profit
CTI COMMUNICATIONS: Veracruz Buys 9.5% of Shares
ENVESTRA LIMITED: ESC Regulatory Decision Brings Certainty
LEWIS DRISCOLL: ASIC Appoints Mortgage Scheme Liquidator

McWILLIAM NOMINEES: Panel Gives Two-Month OA Meeting Deferment
MURRIN MURRIN: S&P Lowers Floating-Rate Notes to `D' From `CC'
PASMINCO LIMITED: Aquila Lodges $153.7M Final Proof of Debt
PMP LIMITED: ACP Acquires TV Week JV Interest


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Hires Broker for Odd Lot Arrangement Services
GREAT ENTERPRISES: Winding Up Sought by Bank of China
HIH INSURANCE: Court Grants Creditors' Schemes of Arrangement
LASER AND AUDIO: Winding Up Petition to be Heard
NEW WORLD: Fitch Cuts Sr Unsecured Debt Rating to 'BB-'

QUAM LIMITED: 2001 Operations Loss Widens to HK$33,178


I N D O N E S I A

ASURANSI JIWA: Supreme Court Overturns Bankruptcy Ruling
BANK NIAGA: IBRA Starts Selling Shares on Stock Market
CAKRAWALA ANDALAS: Creditors Approve Rp1.4T Debt Rescheduling


J A P A N

HITACHI LTD: Cancels Plan to Close Chip Production Lines
HOKO FISHING: Nippon Meat to Acquire Units
ITOCHU CORP.: Share Offering Won't Affect Rating, Says S&P
MATSUSHITA ELECTRIC: Develops New System LSI for Digital HDTV
NIPPON CERAMIC: Sees Y676M Group Net Loss

YAMAICHI SECURITIES: Settles Suit Against Publisher Firm


K O R E A

DAEWOO SECURITIES: Expects Sale in Second Half
KOREA LIFE: KDIC Revalues Insurer at W1.2-1.6T
SAMSUNG ELECTRONICS: Salomon Smith Lowers Rating to Neutral
SHINHAN BANK: Issuing Debts Worth $300M


M A L A Y S I A

CHASE PERDANA: Construction Bid MOU Revoked
KUALA LUMPUR: Winding Up Petition Hearing Set on Aug 8
MTD CAPITAL: SC Grants Proposal Implementation Time Extension
PERDANA INDUSTRI: WSC Admitted to Official List
RAHMAN HYDRAULIC: Proposed Disposal, Transfer Approved

RASHID HUSSAIN: Gets Nod on Proposed Voluntary Partial Offer
SRIWANI HOLDINGS: CDRC Supports RM654M Debt Scheme Finalization
SRIWANI HOLDINGS: Proposes Asset Injection as Part of Debt Plan
TECHNOLOGY RESOURCES: Agreement Accessible Until March 2003
UNITED CHEMICAL: Provides Defaulted Payment Status Update


P H I L I P P I N E S

BENPRES HOLDINGS: Delays Stake Sale on Debt Concerns
BENPRES HOLDINGS: Offers 10-Yr Interest Payments on Loans


S I N G A P O R E

ACE DYNAMICS: Undertakes Industrial Division Restructuring
NATSTEEL LTD: Shareholders Approve Unit Share Disposal
RAFFLES HOLDINGS: Looking for Acquisitions
ULTRO TECHNOLOGIES: Experiencing Losses Despite JV


T H A I L A N D

PRASIT COURT: Files Business Reorganization Petition
RAIMON LAND: Appoints Seamico Securities as Financial Adviser
SUPALI PUBLIC: Dissolves Cayman Subsidiary
WONGPAITOON GROUP: Posts Warrant Exercise Results

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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ARC ENERGY: Issues Ops Update; Requests Shares Suspension
---------------------------------------------------------
Arc Energy NL provided this update on the progress of the Hovea
2 well and a request for the continuation of the current trading
halt.

UPDATE ON OPERATIONS

The current interpretation of the well results is that the
vertical well did not encounter the Dongara/Wagina section in
the Hovea 1 fault block accumulation. Gas shows have been
encountered in the secondary objective, the Irwin River Coal
Measures and wireline logs will evaluate the significance of
these shows once total depth is reached.

After completion of the logging and evaluation program as
planned, a decision will be made on the forward program.
Depending on the results of the evaluation, the well may be
plugged back and sidetracked to a location updip from the Hovea
1 well.

The detailed forward plan will be finalized once the vertical
well has been logged and evaluated over the next few days.

TRADING HALT

The Directors of ARC Energy NL requested an immediate suspension
of the Company's shares from quotation on ASX pursuant to
Listing Rule 17.2.

* Further to the recent trading halt in the Company's shares,
the Company advised that definitive results from the current
Hovea 2 well will not be available prior to commencement of
trading on 9 July 2002. The forward program to obtain these more
definitive results includes a logging and possible testing
program over the next few days. Consequently, the Company
requested a suspension of its shares for a further period until
complete information is available.

* It is the Company's intention to continue to issue periodic
updates to ASX during the period of this suspension. Once a
definitive interpretation of the vertical well results has been
made, the Company will advise ASX accordingly and will request
for its shares to resume trading.

* The Company in order to has requested this suspension
ensure that the directors of ARC are able to fully comply with
their continuous disclosure obligations and that there is a
fully informed market in the Company's shares.

* The Directors know of no reason why the suspension should not
be granted.

* There is no other information relevant to the request for this
suspension.

*Participants in the Hovea 2 well are: ARC Energy NL, 50
percent, and Origin Energy Developments Pty Ltd, 50 percent.


AUSTRIM NYLEX: Addresses The Age Article Over Profit
----------------------------------------------------
The Directors of Austrim Nylex Ltd on Tuesday clarified
speculation in The Age yesterday (July 9) relating to the
company "surprising the market with a small after tax profit for
the just completed financial year".

The Directors confirmed their March 2002 forecast that Austrim
Nylex's EBITDA (Earnings Before Interest Tax Depreciation and
Amortization) in the full year 2001/02 for ongoing operations
would be close to $100 million.

However, the directors cautioned that the final tax result to
be announced on August 30 will include costs associated with
restructuring and closure of businesses in the 2001/2002
financial year, including the sale of the textiles division,
costs related to the recently re-structured banking facilities
and further provisions.

Early this month, TCR-AP reported that the group has reached an
agreement to sell its motor vehicle fleet in South Australia to
the South Australian Government. The sale of the fleet, a
business of AH Plant Hire and comprising 424 motor vehicles, was
executed for $6.9 million.

According to Wrights Investors' Service, as of the end of 2001,
the company's long term debt was A$492.99 million and total
liabilities were A$698.94 million. The long term debt to equity
ratio of the company is 2.25, which is significantly higher than
where the long term debt to equity ratio was in the previous
year, when the long term debt to equity ratio was only 0.91.


CTI COMMUNICATIONS: Veracruz Buys 9.5% of Shares
------------------------------------------------
Veracruz Securities Pty Ltd became a substantial shareholder in
CTI Communications Limited on 20 June 2002 with a relevant
interest in the issued share capital of 2,100,000 ordinary
shares (9.50 percent).

Wrights Investor's Service reports that at the end of 2001, CTI
Communications had negative working capital, as current
liabilities were A$8.26 million while total current assets were
only A$6.46 million.


ENVESTRA LIMITED: ESC Regulatory Decision Brings Certainty
-----------------------------------------------------------
The Victorian Essential Services Commission (ESC) released on
Tuesday its Draft Decision on the review of the Access
Arrangement for Envestra Limited's  natural gas distribution
network in Victoria.

The draft decision proposes key financial criteria to apply to
the network over the period 2003-2007 including:

   * A 6.7% rate of return (post tax real)

   * Revenue of $111 million in 2003, increasing to $126 million
in 2007

   * An adjusted regulatory asset base of $697.5 million as at 1
January 2003

   * Operating and management costs of $40.6 million for 2003

   * $166 million allowed for capital expenditure over the five
year period for upgrading and extending the networks

Commenting on the decision, Envestras Managing Director, Mr
Ollie Clark said The draft decision would deliver revenue below
what was sought and excludes some expenditure that we believe
should be allowed.

The Company has commenced the detailed analysis of the 300 plus
page draft decision to understand the position the ESC has taken
on a number of key parameters.

When this review is completed Envestra will make submissions to
the ESC on matters we believe require further consideration.

The ESCs final decision is expected to be released in early
October and its provisions will be implemented on January 1
2003. Access Arrangements will then be in place for all
Envestras gas distribution networks, covering the period to June
30 2006 in Queensland and South Australia and to December 31
2007 in Victoria. Medium term revenue is thereby now largely
defined.

According to Wrights Investors', at the end of 2001, Envestra
Limited had negative working capital, as current liabilities
were A$89.97 million while total current assets were only
A$54.97 million. The fact that the company has negative working
capital could indicate that the company will have problems in
expanding.


LEWIS DRISCOLL: ASIC Appoints Mortgage Scheme Liquidator
--------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
obtained Friday orders in the Federal Court of Australia
appointing liquidators to the solicitors' mortgage investment
schemes operated by Hobart-based law firms Lewis Driscoll & Bull
and McCulloch & McCulloch.

Justice Heerey appointed registered liquidator John William
Woods to wind up the schemes.

The Lewis Driscoll & Bull scheme has 103 investors in 12 loans
with a capital value of approximately $2 million.

The McCulloch & McCulloch scheme has 140 investors in 17 loans
with a capital value of $1 million.

"The appointment of an independent liquidator will ensure that
the remaining loans are realized in a timely manner", ASIC's
Regional Commissioner Tasmania, Simon Dwyer said.

"An independent liquidator will ensure that investors' interests
are maximized. The liquidator has orders to consult with
investors in their administration of the loans, and will provide
regular reports to ASIC and to investors in the scheme", Mr
Dwyer said.


McWILLIAM NOMINEES: Panel Gives Two-Month OA Meeting Deferment
--------------------------------------------------------------
The Takeover Panel advised on Monday that it has received an
application from McWilliam Nominees Pty. Ltd for a declaration
of unacceptable circumstances and interim and final orders in
relation to the sale of approximately 100 million shares in
Online Advantage on 3 June 2002. The shares were sold by
previous directors or escrowed shareholders of Online Advantage
(OA) and were sold in two special crossings by Shaw Stockbroking
Ltd and Euroz Securities Ltd. The shares constitute
approximately 46 percent of Online Advantage's issued shares.

McWilliam has sought interim orders requiring Online Advantage
to be run only in the ordinary course of its business until the
Panel has concluded its proceedings. It has also requested the
Panel to make interim orders postponing a meeting of Online
Advantage scheduled on Tuesday. The meeting was to consider
resolutions to wind up the company and to reappoint Mr Robert
Scott Altman, an independent director, who had been appointed to
fill a casual vacancy.

McWilliam announced on 31 May 2002, that it intended to make a
proportional takeover offer for approximately 60% of the issued
shares of Online Advantage. The price was announced to be three
cents per share.

The Panel has ordered that the Online Advantage meeting be
postponed for two months, or as the Panel specifies in a further
order. The Online Advantage meeting had originally been
scheduled for 4 June 2002, but was adjourned until 9 July 2002
following the resignation of two of the three directors of
Online Advantage and the appointment of two new directors.

The Panel has also ordered that, for a similar period, the
directors of Online Advantage only conduct its affairs in the
ordinary course of its business, and that they take no steps to
remove Mr Altman as a director of Online Advantage.

The sitting Panel for the application is Braddon Jolley (sitting
President), Brett Heading (sitting Deputy President) and Chris
Photakis.

Nigel Morris
Director, Takeovers Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3501
nigel.morris@takeovers.gov.au


MURRIN MURRIN: S&P Lowers Floating-Rate Notes to `D' From `CC'
--------------------------------------------------------------
Standard & Poor's said Monday that it lowered its issue ratings
on Murrin Murrin Holdings Pty. Ltd.'s (Murrin Murrin) US$62
million amortizing floating-rate notes due in 2005 to `D' from
`CC/Watch Neg' due to the company's failure to meet interest and
scheduled debt repayments. The US$2 million payment due on the
US$62 million floating-rate notes was not paid on the due date.
Murrin Murrin was able to make its payment obligations in March,
but was unable to replenish the debt service reserve account to
meet the most recent obligation on the floating-rate notes.

At the same time, the `CC' issue ratings assigned to Murrin
Murrin's US$340 million fixed-rate notes due in 2007 and
Glencore Nickel Pty. Ltd.'s (Glencore Nickel) US$300 million
bonds due in 2014 remain on CreditWatch with negative
implications where they were placed in February 2002. Glencore
Nickel has not replenished its debt service reserve account
after the June 1, 2002, payment.

"Both Glencore Nickel and Murrin Murrin have entered into a
forbearance agreement with bondholders who have agreed not to
take action in the short term," said Ian Greer, director,
Corporate & Infrastructure Finance Ratings. "The ratings on the
remaining bonds are expected to be lowered to `D' on their next
scheduled payment date or earlier depending on the outcome of
the negotiations."

Both issuers have relied on their shareholders to provide
funding to meet operating costs and scheduled debt-service
shortfalls. The Murrin Murrin joint venture has been under cash
flow pressure due to the weaker-than-expected operating
performance and low nickel and cobalt prices. Also, the
venture's progress toward commercially sustainable operations
has been slower than expected, thus compounding the already
tight cash position and uncertainty over the amount of
compensation in the arbitration with Fluor Daniel Australia Pty.
Ltd., the project construction engineers.


PASMINCO LIMITED: Aquila Lodges $153.7M Final Proof of Debt
-----------------------------------------------------------
Aquila Resources Limited's, as foreshadowed in its ASX
announcement on 3 July 2002, announced on Tuesday that it has
reviewed the amount previously claimed in its provisional proof
of debt lodged with the administrators of Pasminco Limited on 17
May 2002 and has now lodged a final proof of debt for
$153,715,872.

Based upon the discovery of documents already provided to Aquila
in accordance with the orders of the Supreme Court of Western
Australia, Aquila has determined that it has a cause of action
against Pasminco and intends to commence proceedings to recover
the amount owing to it.

The amount claimed represents Aquila's assessment of its damages
arising from the termination of its agreement to acquire
Pasminco's 49% interest in the Ernest Henry Mine (EHM). The
proof of debt was revised to take into account the strong cash-
flows generated by EHM as claimed by MIM Holdings Limited in its
media release of 27 June 2002.

For further information, contact Tony Poli on (08)9474 3311.


PMP LIMITED: ACP Acquires TV Week JV Interest
---------------------------------------------
Australian Consolidated Press is exercising a 20-year option to
acquire TV Week.

Pacific Magazines' entity Southdown Publications is well-
capitalized for future growth following a decision not to accept
a long-standing buy/sell option to acquire Australian
Consolidated Press's 50 per cent shareholding in TV Week.

Following this decision, Australian Consolidated Press will
acquire for $60.0 million PMP Limited's 50 per cent interest in
TV Week. This option was entered into by Australian Consolidated
Press and News Corporation in 1980, and inherited by PMP
Limited.

ACP's acquisition of the remaining 50 per cent of TV Week values
the magazine masthead at $120 million - representing an EBIT
multiple of more than 15 times.

The injection of $60 million into Southdown Publications
provides capital for further expansion of the group's existing
titles and the pursuit of further opportunities, which enhance
Seven Network's investment in the magazine business.

In September, Seven is expected to formally acquire PMP
Limited's 50 per cent interest of Pacific Publications.

Further details contact:

Ian Meikle                            Simon Francis
CEO                                   SEVEN NETWORK
02 94643329                           02 9967 7986


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C H I N A   &   H O N G  K O N G
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CIL HOLDINGS: Hires Broker for Odd Lot Arrangement Services
-----------------------------------------------------------
CIL Holdings Limited advised that in order to alleviate the
difficulties arising from the existence of odd lots of
Consolidated Shares, the Company has arranged for a broker to
match the sales and purchases of odd lots of Consolidated Shares
for Shareholders who become holders of odd lots as a direct
consequence of the Adjustment Proposal.

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

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


GREAT ENTERPRISES: Winding Up Sought by Bank of China
-----------------------------------------------------
Bank of China (Hong Kong) Limited is seeking the winding up of
Great Enterprises Group Company Limited.  The petition was filed
on April 30, 2002, and will be heard before the High Court of
Hong Kong on August 7, 2002 at 10:00 am.

Bank of China holds its registered office at 14th Floor, Bank of
China Tower, 1 Garden Road, Hong Kong.


HIH INSURANCE: Court Grants Creditors' Schemes of Arrangement
-------------------------------------------------------------
The Provisional Liquidators of the HIH Insurance companies in
Hong Kong were granted permission Monday to convene meetings at
which creditors will be asked to approve cut-off schemes of
arrangements for HIH Insurance (Asia) Limited, HIH Casualty &
General Insurance (Asia) Limited and FAI First Pacific Insurance
Company Limited. These meetings will be convened in November
2002.

The proposed schemes of arrangement deal with all direct
insurance creditors and the Employees Compensation Assistance
Fund Heard (as a creditor). Under tile Schemes, direct insurance
creditors would be required to submit all of their  claims at
any time prier to May 2003, with the intention that these claims
would be aced and finalized by the end of 2003. First dividends
would be expected in 2004, with small creditors receiving a
final settlement of their claims and larger creditors being paid
a first installment.

"Under a conventional liquidation, the expected dividends from
the HIH companies would likely be lower than under the proposed
schemes and could take a considerable amount of time to be
paid," explained Provisional Liquidator Peter Whalley, Partner
of PricewaterhouseCoopers. "The proposed Schemes should enable
us to finalize all claims processing and to settle in full with
a large volume of small claimants at an earlier stage. This
should reduce expenses, to the benefit of creditors as a whole."

"Although insurance schemes of arrangement are now commonplace
in the UK, this would be the first time that cut-off Schemes
have been applied to insurance insolvencies in Hong Kong. If
accepted by the creditors in November, this would represent a
very early transition town provisional liquidation to schemes of
arrangement, at just 19 months farm the start of insolvency
proceedings. This is expected to bring the benefit of earlier
dividend payments to HIH's creditors."


LASER AND AUDIO: Winding Up Petition to be Heard
------------------------------------------------
The petition to wind up Laser And Audio Shop Limited is
scheduled to be heard before the High Court of Hong Kong on
August 7, 2002 at 10:30 am.  The petition was filed with the
court on May 10, 2002 by Cheung Kwong Yick Joseph of Room 415,
Ngai Lam House, Tsui Lam Estate, Junk Bay, Kowloon, Hong Kong.


NEW WORLD: Fitch Cuts Sr Unsecured Debt Rating to 'BB-'
-------------------------------------------------------
Fitch Ratings, the international rating agency, has downgraded
on Monday the Long term Senior Unsecured debt rating of NWI from
'BBB-' (BBB minus) to 'BB-' (BB minus) and retained it on Rating
Watch Negative. NWI is a diversified investor with investments
in roads and bridges, power plants, water treatment plants,
cargo handling facilities and (more recently) TMT projects in
the People's Republic of China, including the Hong Kong and
Macau Special Administrative Regions. NWI is now 54.4% owned by
New World Development Company Limited, a dilution from the 60%
reported in December 2001.

The downgrade reflects the significant increase in the business
and financial risks being run by NWI. Since 1999, it has
invested over HKD2.8 billion in the TMT sector against today's
market capitalization of HKD1.7bn - mostly in projects still at
an early stage of operation or development and with highly
uncertain prospects.

The shift from its traditional infrastructure sectors into the
TMT sector has resulted in lower earnings quality, increased
gearing, worsened interest coverage and reduced financial
flexibility for NWI. Net profit fell 99% to HKD15.1 million in
the financial year ended June 2001. Excluding gains and losses
on disposals, net profit fell 57% to HKD238m. NWI also recorded
a year-on-year decline in net profit of 72% to HKD100.1m in the
six months to December 2001. Indeed, NWI would have incurred a
loss of HKD13.6m during this period were it not for the
HKD113.7m gain made on disposal of assets.

The deterioration in performance was a result of the disposal of
NWI's marginally profitable projects, the disappointing results
of some of its road projects, and the losses incurred on its TMT
investments. Outstanding net debt (including loans from minority
shareholders) totaled HKD9.2bn as of December 2001 and net
gearing was at a record level of 64.8%, compared with 51.9% in
June 2000. Operating cash flow (defined as cash flow from
operations plus dividends and income from affiliates) turned
negative in FY2001 because of an increase in capex on an
interactive digital TV project in China.

This project is currently undergoing its field trial and NWI
expects to obtain an official permit for full deployment in
China if the trial is successful. Inventory investment
(including related prepayments) totaled HKD1.8bn as of December
2001 and is almost all related to TMT. The major challenge ahead
for NWI is to refinance a significant amount of debt falling due
in the next 12 months. In FY2001, NWI's cash flow deficit and
its investments in the TMT sectors were supported by non-
operating cash inflows including the repayment of shareholder
loans to NWI and one-off business disposals.

The rating takes account of the uncertainty of these cash flows
and the difficulties involved in taking profits out of the TMT
projects. Although traffic flow on NWI's major toll road,
Guangzhou City Northern Ring Road, recovered in the first four
months in calendar year 2002, total recurring cash flows going
forward will be reduced by business disposals.

NWI is retained on Rating Watch Negative. Fitch continues to be
in discussions with NWI about the company's business direction
and its refinancing plans. The resolution of the Rating Watch
will be largely dependent on those discussions.

Contacts: Hong Kong: Elizabeth Allen +852 2263 9696; Adam Preece
+852 2263 9559


QUAM LIMITED: 2001 Operations Loss Widens to HK$33,178
------------------------------------------------------
Quam Limited announced on 8 July 2002:

Year end date: 31 March 2002
Currency: HK$
Auditors' Report: Unqualified
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                             : 67,140           27,588
Profit/(Loss) from Operations        : (33,178)         (28,427)
Finance cost                         : (1,643)          (2,054)
Share of Profit/(Loss) of Associates : n/a              n/a
Share of Profit/(Loss) of
  Jointly Controlled Entities        : n/a              n/a
Profit/(Loss) after Tax & MI         : (34,760)         (30,481)
% Change over Last Period            : n/a
EPS/(LPS)-Basic                      : (1.10 cents)     (1.38
cents)
         -Diluted                    : n/a              n/a
Extraordinary (ETD) Gain/(Loss)      : n/a              n/a
Profit/(Loss) after ETD Items        : (34,760)         (30,481)
Final Dividend per Share             : Nil              Nil
(Specify if with other options)      : n/a              n/a
B/C Dates for Final Dividend         : n/a
Payable Date                         : n/a
B/C Dates for (-) General Meeting    : n/a
Other Distribution for Current Period: n/a
B/C Dates for Other Distribution     : n/a

Remarks:

1.      Reclassification of Turnover
                                     Year ended      Year ended
                                     31-Mar-02       31-Mar-01
                                     Turnover        Turnover
                                     HK$'000         HK$'000
  Continuing operations:
  Advertising and agency service fees     6,189           0
  Website management and related services 4,489           2,119
  Commission income on futures and
  securities trading                      9,158           0
  Advisory and placement fee income       17,116          0
  Net realized and unrealized gains and
  losses on other investments             14,511         (4,877)
  Investments income                      504             0
  Interest income from margin financing
  and money lending operations            3,403           0
                                          -------         ------
                                          55,370         (2,758)
  Discontinued operations:
  Manufacture and sales of portfolios,
  portable cases, luggage products,
  purses and accessories                  11,770          30,346
                                          --------        ------
                                          11,770          30,346
                                          --------        ------
                                          67,140          27,588
                                          ========       =======

Remarks:  *  Reclassification of turnover not reflected in year
ended 31  March 2001 Annual Report

2.      Continuing / discontinued operations

Analysis of the Group's turnover and contribution to by
continuing and discontinued activities is as follows:

                       Year ended        Year ended
                       31 March 2002   31 March 2001
                        Contribution to         Contribution to
        Turnover        operating loss  Turnover  operating loss
        HK$'000         HK$'000         HK$'000         HK$'000
Continuing operations
       55,370          (30,042)         (2,758)        (17,134)
Discontinued operations
       11,770          (4,779)          30,346          (13,347)
      --------        ---------       --------        ---------
       67,140          (34,821)         27,588          (30,481)
      =======         =======         ========         =========

3.      Loss per share

The basic loss per share was calculated based on the weighted
average of 3,169,694,901 (2001: 2,203,141,347) ordinary shares
in issue during the Period. No fully diluted loss per share was
presented since the exercise of share options granted to the
employees of the Group would have an anti-dilutive effect on
loss per share.


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ASURANSI JIWA: Supreme Court Overturns Bankruptcy Ruling
--------------------------------------------------------
The Indonesian Supreme Court has overturned a controversial
bankruptcy ruling against PT Asuransi Jiwa Manulife Indonesia, a
local unit of Canada's Manulife Financial Corp. (MFC), Dow Jones
reported Monday, citing Supreme Court spokesman Juju Abdul
Rozak.

"The appeal from Manulife was accepted. It was decided on
Friday," Rozak said.

According to Toton Suprapto, one of the three high court judges
who ruled in the case, "the verdict is to overrule the
commercial court's verdict and reject the bankruptcy demand."

PT Dharmala Sakti Sejahtera, AJMI's former joint venture
partner, brought the bankruptcy suit against the company for
failure to pay a dividend in 1999.

Last month, a court-appointed receiver linked to Dharmala forced
AJMI to close its business, leaving its policyholders without
coverage.


BANK NIAGA: IBRA Starts Selling Shares on Stock Market
------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has asked PT
Trimegah Securities to start selling its stake in PT Bank Niaga
through the stock market, Jakarta Post reports, quoting IBRA
Deputy Chairman for Bank Restructuring Unit, I Nyoman Sender.

"We asked Trimegah Friday to start the sale, in limited volume,"
Nyoman Sender said, refusing to comment on how many percent of
the shares were to be sold to the market at this stage.

IBRA plans to sell up to 20 percent of Bank Niaga through a
secondary offering to seek a price benchmark for the sale of
another 51 percent stake to strategic investors.

IBRA's initial plan to sell a 51 percent stake was canceled last
month due to low bids from the short-listed consortia led by
Australia's ANZ Banking Group and Commerce-Assets Holding Bhd.

The agency's appointment of Trimegah as its Chief Financial
Adviser for the secondary offering has caused controversy as
Business Competition Supervisory Commission (KPPU) last month
said that the company was involved in the Indomobil scandal.

However, KPPU Director Executive M. Nawir Messi, said the
commission would issue official statements later regarding the
matter.


CAKRAWALA ANDALAS: Creditors Approve Rp1.4T Debt Rescheduling
-------------------------------------------------------------
PT Cakrawala Andalas Televisi (ANTV) has received creditors'
approval to postpone paying debt of Rp1.4 trillion at a meeting
with the Jakarta Commercial Court, AFX-Asia reports, referring
to ANTV President Anindya Novian Bakrie.

"The majority creditors have approved and supported the
company's proposal to postpone paying debt at the meeting with
the Jakarta Commercial Court," Novian Bakrie said, adding that
the company's debt restructuring of Rp1.4 trillion is "clearly
settled."

The Company's debt is comprised of Rp147.8 billion, a bank loan
of Rp296.8 billion, and loans from affiliates and bonds of
Rp964.5 billion.

According to Bakrie, "We are happy as creditors have positively
responded to our proposal. The proposal is aimed at seeking the
debt to equity swap for non-commercial debts and the gradual
payment of commercial debts within 90 days once the Commercial
Court has ratified the meeting result."

PT Bakrie Investindo owns 60 percent stake in Cakrawala Andalas
Televisi and the rest is held by PT CMA Indonesia.


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


HITACHI LTD: Cancels Plan to Close Chip Production Lines
--------------------------------------------------------
Due to reviving demand, Hitachi Ltd. has canceled a plan to
close one of the four production lines at its Chitose and
Hokkaido plants by the end of next March, Dow Jones said Monday.

The Company is aiming to meet demand by using existing plants as
it is still hoping to slash capital spending on its chip
operations to 24 billion yen this fiscal year through next
March, compared with 220 billion yen in the year ended March
2001.


HOKO FISHING: Nippon Meat to Acquire Units
------------------------------------------
Meat processor Nippon Meat Packers Inc will sponsor the failed
Hoko Fishing Co and acquire four of the Company's business
units, Kyodo News reported Tuesday.

Nippon Meat said it would send a business administrator and
provide operating funds to help rehabilitate the failed seafood
supplier.


ITOCHU CORP.: Share Offering Won't Affect Rating, Says S&P
----------------------------------------------------------
Standard & Poor's said Monday that the announcement of a new
share offering by Japanese general trader Itochu Corp. will not
immediately affect the rating on the company (--/--/B). However,
if implemented as planned, the new offering could have a
positive impact on Itochu's creditworthiness.

On July 5, 2002, Itochu announced that it aims to raise over Y60
billion through the public offering of 158 million new shares by
the end of this month. Over Y40 billion of the targeted proceeds
are likely to be applied towards the repayment of debt.

Like other Japanese trading companies, Itochu has a highly
leveraged financial structure. If the company is able to sell
its shares as planned, its equity base, including minority
interests, is estimated to increase to about 12% of total assets
from slightly over 10% at present. This would enhance Itochu's
currently small cushion against potential credit risks on its
assets, which in turn, could improve the company's
creditworthiness and provide it with more stable access to
funds, a crucial factor for trading companies.

Standard & Poor's will monitor the progress of Itochu's capital
enhancement plan, and will examine the degree to which the plan
allows the company to gain protection against potential asset
risks and enjoy more stable access to financing.


MATSUSHITA ELECTRIC: Develops New System LSI for Digital HDTV
-------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd. announced Tuesday the
development of the MN2WS0010, a new system LSI for digital HDTV
(high definition television) broadcast receivers that
accomplishes all back-end processing functions in a single chip.
It can also be configured to support a range of standards,
including digital broadcasting worldwide and MPEG-4 video
playback, simply by changing the processor software. As high-
performance and low-cost digital television sets become
available in the years ahead, digital receivers for both
satellite and terrestrial broadcasts are expected to grow in
popularity.

The new LSI incorporates 0.13 micron CMOS (complementary metal-
oxide semiconductor) process technology with 6-layer copper
wiring. Together with Matsushita's process technology, the
company's AV system, LSI, and core technologies make it possible
to fit 35 million transistors, including a 32-bit microprocessor
(AM34), a transport decoder, and a HD-AV decoder, onto a single
chip. The result is a single-chip solution that accomplishes all
back-end processing requirements for digital broadcast
receivers.

Previously, digital receivers for satellite broadcasts have
required a large number of LSIs and discrete components, however
the new LSI reduces the number of devices and components needed
for digital broadcast receivers and reduces the device mounting
area by half compared with the Matsushita's previous models.

Sample chipsets will be available in August 2002 at a price of
20,000 yen.

About Matsushita Electric Industrial Co., Ltd.

Matsushita Electric Industrial Co., Ltd., best known for its
Panasonic, National, Technics, and Quasar brands, is a worldwide
leader in the development and manufacture of electronics
products for a wide range of consumer, business, and industrial
needs. Based in Osaka, Japan, the company recorded consolidated
sales of US$51.70 billion for the fiscal year ended March 31,
2002. In addition to stock exchanges in Tokyo (TSE: 6752) and
elsewhere in Japan, Matsushita's shares are listed on the
Amsterdam, Dusseldorf, Frankfurt, New York (NYSE: MC), Pacific,
and Paris stock exchanges. For further information, please visit
the Matsushita Electric Industrial Co., Ltd. home page at:
www.panasonic.co.jp/global/top.html

Contact:
Matsushita Electric Industrial Co., Ltd.
Akira Kadota, International PR, Tokyo
kadota@hqs.mei.co.jp
Tel: 03-3578-1237 Fax: 03-3437-2776

TCR-AP reported last week that Matsushita Electric Industrial
Co., Ltd. submitted a proposal at the ordinary general meeting
of shareholders regarding the issue of stock acquisition rights
as stock options, pursuant to the provisions of Article 280- 20
and Article 280-21 of the Japanese Commercial Code, as amended.


NIPPON CERAMIC: Sees Y676M Group Net Loss
-----------------------------------------
Electronic components maker Nippon Ceramic Co sees a group net
loss of Y676 million for the January-June period, due to an
appraisal loss related to its reevaluation of inventories in
China, Kyodo said Saturday.

According to Wright Investors' Service, as of December 2001, the
Company's long-term debt was Y10.06 billion and total
liabilities were Y13.33 billion.

The Group's principal activity is the manufacture of fine
ceramic sensors and other electronic components. Operations are
carried out through the following divisions: ferrites accounted
for 32 percent of 2001 revenues; infrared sensors, 20 percent;
modules, 19 percent; supersonic sensors, 9 percent and other, 19
percent.


YAMAICHI SECURITIES: Settles Suit Against Publisher Firm
--------------------------------------------------------
Publisher Gakken Co has settled its 1997 lawsuit against defunct
Yamaichi Securities Co, which was liquidated in June 1999, by
agreeing to receive compensation of about 1 billion yen for
investment losses, Kyodo News said Tuesday.

The settlement was reached in line with a court recommendation.

TCR-AP reported that 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.

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


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


DAEWOO SECURITIES: Expects Sale in Second Half
----------------------------------------------
Daewoo Securities President Park Jong-soo said Korea Development
Bank is aiming to divest 30 percent of its stake holding in the
Company, the Korea Herald reported Monday. The President is
hoping that the deal will push through in the second half of
this year.

Korea Development Bank is the biggest shareholder of the firm
with a 39.1 percent stake, and has been looking for a possible
investor.

Woori Finance Chairman Yoon Byong-choel said that Woori is
interested to acquire a stake in the brokerage firm in return
for cash and stock. Woori is willing to pay cash and its own
stock, estimated at 700 billion won to 1 trillion won, for the
acquisition of the controlling stake.


KOREA LIFE: KDIC Revalues Insurer at W1.2-1.6T
----------------------------------------------
Korea Deposit Insurance Corp. (KDIC) has offered to sell a 51
percent stake in Korea Life Insurance Co. to a Hanwha Group-led
consortium between the value of 1.2 trillion won ($933.6
million) and 1.6 trillion won, higher than the 1.06 trillion won
previously agreed upon between both parties, the Korea Herald
said Tuesday.

For the acquisition of Korea Life Insurance, Hanwha has formed
an investment consortium with Orix of Japan and Macquarie of
Australia. Hanwha Group plans to take a stake of 63 percent in
the consortium, while Orix will own 30 percent and the Macquarie
7 percent.


SAMSUNG ELECTRONICS: Salomon Smith Lowers Rating to Neutral
-----------------------------------------------------------
Salomon Smith Barney (SSB) on Monday cut its rating on Samsung
Electronics to "neutral" because of an expected fall in chip
prices, the Korea Herald reports.

An SSB analyst said the Company's second-quarter performance
will deliver upside surprise, but third-quarter profits are
expected to swoon 36 percent compared with the second-quarter
figure, mainly because of a strong currency and a fall in prices
of TFT-LCDs. The chipmakers fourth-quarter earnings will dip
another 19 percent from the third quarter.

TCR-AP reported last month that Samsung Electronics is aiming to
use its extra cash holdings to repay US$300 million worth of
foreign currency-denominated bonds ahead of maturity.

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

DebtTraders reports that Samsung Electronics' 9.750% bond due in
2003 (SAMS03KRS2) trades between 104.493 and 104.627. For real-
time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=SAMS03KRS2


SHINHAN BANK: Issuing Debts Worth $300M
---------------------------------------
Shinhan Bank will offer euro bonds worth $300 million in July to
refund its maturing foreign currency denominated debt, the Korea
Herald said Monday. The report said the Company would disclose
the issue date and interest rate sooner or later.

ABN Amro, BNP Paribas and UBS Warburg will arrange the dollar-
denominated bond issuance.

Shinhan Bank is the flagship unit of Shinhan Financial Group.

In March, Troubled Company Reporter Asia Pacific reported that
FSS was investigating Shinhan Bank branches in Tokyo and Osaka
until March 21 because of losses worth W30 billion due to loans
it extended to former Chairman Lee Hee-gun. The agency had
focused its inspection on the size and impact the losses would
have on branch operations.


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


CHASE PERDANA: Construction Bid MOU Revoked
-------------------------------------------
Chase Perdana Berhad, in reference to the signed Memorandum of
Understanding (MOU) with Messrs J.S.R. Constructions Pvt. Ltd.
of Bangalore, India to bid for the construction of Lucknow
Bypass of North South-East West corridors under Phase II
Programme for the National Highway of Authority of India,
announced that the MOU has been revoked as the bid was
unsuccessful.

On June 6, TCR-AP reported that the Company is attending
to the comments from Kuala Lumpur Stock Exchange on the draft
circular as well as queries from Securities Commission on the
Scheme. The Company had also extended the draft Explanatory
Statement (ES) to all Financial Institution lenders and is
currently awaiting their comments. The Company is expected to
finalize its circular and ES in due course.



KUALA LUMPUR: Winding Up Petition Hearing Set on Aug 8
------------------------------------------------------
Kuala Lumpur Industries Holdings Berhad, in reply to Query
Letter by KLSE reference ID: NM-020704-37617, pertaining to the
Advertisement of Winding-Up Petition, appended the information
as required:

1) The petition was served on KLIH Project Management Sdn Bhd
(KLIHPRJ) on 17 June 2002.

2) The Petitioner has claimed for RM 1,839,517.27, which is the
amount outstanding as at 31January 2001 under an overdraft
facility, pursuant to a judgment obtained dated 14 May 2001,
together with interest at the rate of 3.0% per annum above the
base lending rate of 6.80% per annum until the date of full
realization and costs of RM 225.00.

3) The cost of investment in KLIHPRJ made by Kuala Lumpur
Industries Holdings Berhad (Special Administrators Appointed)
(KLIH) was RM 18.5 million. However, a provision for diminution
in value of this investment had been made during the financial
year ended 31 March 2000 and was reflected in the financial
statements for that year.

4) KLIHPRJ was unable to regularize the overdraft account and
service the monthly overdraft interest as requested by Bank
Utama (Malaysia) Berhad (Bank Utama), which led to the filing of
this winding-up petition.

5) There is no operational impact on the Group arising from the
aforesaid petition. The overdraft facility is secured against a
fixed charge of two (2) pieces of land belonging to another
subsidiary company. Should there be any surplus available
arising if the said land is successfully disposed of by Bank
Utama and the outstanding amount under this overdraft facility
settled, these proceeds shall accrue entirely to the unsecured
creditors of the Group in accordance with the terms of the
Proposed Corporate and Debt Restructuring Scheme (Scheme)
prepared by the Special Administrators.

6) At this point in time, the Company does not foresee that
there will be any losses arising from the aforesaid petition.

7) KLIHPRJ will not be taking any actions with regards to the
winding-up petition as all companies under the KLIH Group, with
the exception of those that will be taken over by the White
Knight under the Scheme, will eventually be wound-up as per the
Scheme.

8) The date of the hearing of the winding-up petition had been
fixed on 8 August 2002.


MTD CAPITAL: SC Grants Proposal Implementation Time Extension
-------------------------------------------------------------
On behalf of MTD Capital Bhd, Ammerchant Bank Berhad (formerly
known as Arab-Malaysian Merchant Bank Berhad), announced, with
regards to the Proposals, that the Securities Commission had,
vide its letter dated 1 July 2002, approved the Company's
application for an extension of time for the implementation of
the above Proposals to 6 March 2003.

The Proposals involve:

   * Disposal of MTD Prime Sdn Bhd;
   * Capital Repayment and Distribution; and
   * Placement


PERDANA INDUSTRI: WSC Admitted to Official List
-----------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Perdana Industri Holdings
Berhad (Special Administrators Appointed), announced that Wah
Seong Corporation Berhad (WSC) will be admitted to the Official
List and the listing of and quotation for its shares and
Irredeemable Convertible Unsecured Loan Stocks (ICULS) on the
Main Board of the Kuala Lumpur Stock Exchange (KLSE) with effect
from 9.00 am, Tuesday, 9 July 2002.

In respect of the above, the KLSE had, vide its letter dated 13
June 2002, approved the following:

   (i) Admission to the Official List and listing of and
quotation for WSC'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 (2002/2012 ICULS) on the Main Board of the KLSE.

   (ii) Listing of 178,999,998 new ordinary shares of RM0.50
each in WSC to be issued upon conversion of the 2002/2012 ICULS.

Upon the listing of WSC, PIHB will become a wholly-owned
subsidiary of WSC and will remain dormant. The Special
Administrators will continue to remain appointed to PIHB pending
completion of their administrative functions in order to hand
over PIHB to the management of WSC.


RAHMAN HYDRAULIC: Proposed Disposal, Transfer Approved
------------------------------------------------------
Rahman Hydraulic Tin Berhad Special Administrators Appointed),
regarding the proposed sale of RHTB's Pinang Tunggal Estate
(Estate Land) and the proposed transfer of its listing status
(Proposed Transfer Listing of RHTB) respectively (the Estate
Land disposal and Proposed Transfer of Listing of RHTB are
collectively referred to as the "Proposed Disposal and
Transfer"), announced that the Workout Proposal dated 25 June
2002, which incorporates the Proposed Disposal and Transfer, was
approved in accordance with the Pengurusan Danaharta Nasional
Berhad Act 1998 on 28 June 2002.

Under section 46(4) of the Danaharta Act, the Workout Proposal
binds the Company, all members and creditors of the Company and
any other person affected by the Proposal.

Some of the pertinent provisions, amongst others, of the Workout
Proposal are summarized in this announcement. Subject to proper
identification and for a period of 30 days after the date
hereof, any creditor of the Company can examine details of the
Workout Proposal during office hours from 9.00 a.m. to 5.00 p.m.
on any working day at the following address:

Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
c/o Ernst & Young
4th Floor, Kompleks Antarabangsa
Jalan Sultan Ismail
50250 Kuala Lumpur


RASHID HUSSAIN: Gets Nod on Proposed Voluntary Partial Offer
------------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) on behalf of Rashid Hussain Berhad,
announced that the Securities Commission (SC) has, vide its
letter dated 1 July 2002, approved RHB's application that RHB is
not required to comply with Section 11(8) and Practice Note
3.1(5) of the Malaysian Code on Take-overs and Mergers, 1998 to
obtain RHB Capital's shareholders approval in respect of the
Proposed Voluntary Partial Offer by RHB to increase its interest
to up to a maximum of 75 percent in the shares and warrants of
RHB Capital Berhad (Proposed Voluntary Partial Offer).

The approval of the SC is subject to these conditions:

   (i) RHB makes full disclosure in its circular and the
independent advice circular to shareholders of RHB the effects
of the Proposed Voluntary Partial Offer and the disposal of
RHB's shares held directly or indirectly by Tan Sri Dato' Abdul
Rashid Hussain (TSDARH) and Malaysian Resources Corporation
Berhad (MRCB); and

   (ii) TRDARH and MRCB are not allowed to vote on the
resolution in respect of the Proposed Voluntary Partial Offer at
the Extraordinary General Meeting of the shareholders of RHB to
be convened for the purpose of approving the Proposed Voluntary
Partial Offer.


SRIWANI HOLDINGS: CDRC Supports RM654M Debt Scheme Finalization
---------------------------------------------------------------
The Corporate Debt Restructuring Committee (CDRC) announced on
that it has successfully assisted Sriwani Holdings Berhad (SHB)
and its subsidiary companies to finalize a debt restructuring
agreement with their lenders to restructure their outstanding
debt of about RM654 million as at end December 2001.

The proposed debt-restructuring scheme (Scheme) involves
implementation of:

   * Proposed Capital Reduction and Consolidation - Capital
reduction of 98 sen for existing ordinary share of RM1.00 each
giving rise to a credit of RM118.8 million to be used to reduce
accumulated losses. Upon completion, the shares will be
consolidated into 2.4 million ordinary shares of RM1.00 each.

   * Proposed Share Premium Account Reduction - Cancellation of
the entire share premium account of RM45.4 million and applying
the credit therefrom to reduce accumulated losses.

   * Proposed Rights Issues - Rights Issue of new shares raising
up to RM63.7 million, to be used for working capital, repayment
of taxation and quit rent and assessment, upkeep of duty free
outlets and hotels and repayment of bank borrowings.

   * Proposed Restricted Issue - Restricted issue of new shares
raising approximately RM7.3 million to be used for working
capital.

   * Proposed Debt Restructuring Scheme - This will involve
conversion of the outstanding debts to restructured term loan,
irredeemable convertible preference shares and shares after some
payment in cash and also after some portion of unsecured debts
being waived.

   * Proposed Assets Disposal - Disposal of assets with
estimated value of RM310.1 million with proceeds used for
repayment of bank borrowings.

   * Proposed Assets Acquisition - Acquisition of two (2)
companies related to duty free business for RM26 million to be
satisfied entirely in shares.

SHB and its appointed merchant bank, Commerce International
Merchant Bankers Berhad, to the relevant authorities for
approval soon, will submit the Scheme. The Scheme is anticipated
to alleviate SHB's financial predicament and restore the company
to its original viability.


SRIWANI HOLDINGS: Proposes Asset Injection as Part of Debt Plan
---------------------------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of
Sriwani Holdings Berhad, announced that pursuant to the debt
restructuring agreement (DRA) entered into by SHB in connection
with the Proposals on 28 June 2002, SHB has on 5 July 2002
entered into the following agreements:

   (a) a subscription agreement (Subscription Agreement) with
Multi Espirit Sdn. Bhd. (MESB) for the participation by MESB in
the Proposals subject to terms and conditions set out in the
Subscription Agreement;

   (b) a share sale agreement (WPSB SSA) with Stuart Saw Teik
Siew, Yeoh San Hai and Saw Eng Huat Properties Sdn. Bhd. (SEH)
(collectively as "WPSB Vendors") for the acquisition of the
entire issued and paid-up capital of Winner Prompt Sdn. Bhd. for
a purchase consideration of RM9 million to be satisfied by the
issuance of 8,181,818 new ordinary shares of RM1.00 each in SHB
(SHB Shares) at an issue price of RM1.10 per share (Proposed
WPSB Acquisition); and

   (c) a share sale agreement (SESB SSA) with Stuart Saw Teik
Siew and Yeoh San Hai (collectively as "SESB Vendors") for the
acquisition of the entire issued and paid-up capital of Selasih
Ekslusif Sdn. Bhd. for a purchase consideration of RM17 million
to be satisfied by the issuance of 15,454,545 new SHB Shares at
an issue price of RM1.10 per share (Proposed SESB Acquisition).

The Proposed WPSB Acquisition and Proposed SESB Acquisition are
collectively referred to as "Proposed Assets Injection".

In connection with the Proposals, the Board of Directors of SHB
also proposes to implement:

   (a) proposed amendments to the memorandum and articles of
association of the Company to facilitate the issuance of the
five (5) series of irredeemable convertible preference shares
(ICPS), namely ICPS-A, ICPS-B1, ICPS-B2, ICPS-C and ICPS-D which
shall be issued pursuant to the Proposals (Proposed Amendments);
and

   (b) proposed increase in the authorized share capital of SHB
from RM500,000,000 to RM1,000,000,000 (Proposed IASC).

The Proposals refers to:

   * Proposed Capital Reduction and Consolidation;
   * Proposed Restricted Issue;
   * Proposed Rights Issue;
   * Proposed Debt Restructuring Scheme;
   * Proposed Assets Injection; and
   * Proposed Additional Issue

SALIENT TERMS OF THE SUBSCRIPTION AGREEMENT

The salient terms of the Subscription Agreement are as follows:

   (i) SHB agrees to issue and MESB or such nominees (Investor)
as may be agreed by the relevant scheme lenders and scheme
companies, who are parties to the DRA, agrees to subscribe in
full, the proposed restricted issue of 7,272,847 new SHB Shares
at the issue price of RM1.00 each;

   (ii) SHB agrees to issue and the Investor agrees to subscribe
in full the proposed rights issue of 16,969,977 new SHB Shares
and 272,731,763 ICPS-A, which is based on the rights entitlement
of the Investor pursuant to the Proposed Rights Issue;

   (iii) The Investor agrees to convert 20 million ICPS-A out of
the total ICPS-A to be subscribed by Investor pursuant to the
Proposed Rights Issue into SHB Shares, by way of tendering 20
million ICPS-A and payment of RM20 million in cash for
conversion into 20 million SHB Shares over a period twelve
months from completion of the DRA;

   (iv) The Investor undertakes to execute the relevant
agreements with the relevant lenders under the DRA for the
purpose of the proposed call option arrangement and first right
arrangement for the ICPS-B1, ICPS-B2 and the new SHB Shares
arising from the conversion of the ICPS-D as well as the
proposed call and put option arrangement for the SHB Shares to
be issued under the Proposed Debt Restructuring Scheme (Proposed
SHB Share Call and Put Option Arrangement), within thirty (30)
days from the date of the Subscription Agreement;

   (v) SHB shall, on behalf of the Investor, submit or cause to
submit an application to the Securities Commission or other
relevant authorities for a waiver to the Investor from having to
undertake a mandatory offer under the Malaysian Code on Take-
Overs and Mergers (Code).

Upon completion of the Proposals, MESB together with the vendors
of WPSB and SESB who are deemed parties acting in concert, will
own more than 50% equity interest in SHB. This will give rise to
an obligation by MESB and its parties acting concert, to extend
a mandatory take-over offer to the other shareholders of SHB to
acquire all the remaining SHB Shares it does not already own
(Mandatory Offer) pursuant to Practice Note 2.3 of the Code.
Further thereto, the obligation to extend the Mandatory Offer
may further arise upon the exercise of the relevant call option
under the Proposed SHB Share Call and Put Option Arrangement and
the conversion of the relevant ICPS pursuant to Practice Note
2.8 of the Code. SHB shall apply on behalf of the Investor, to
the SC for waivers from undertaking the Mandatory Offers
pursuant to Practice Note 2.9.3 of the Code (Proposed Waivers).

Pursuant to the Subscription Agreement, both SHB and MESB shall
agree and endeavor to maintain the listing status of SHB.
Pursuant thereto, SHB/MESB shall do all such acts deemed
necessary, including but not limited to, an offer for
sale/placement of such number of SHB Shares to comply with the
public shareholding spread requirements of the KLSE.

DETAILS OF THE PROPOSED ASSETS INJECTION

Proposed WPSB Acquisition

Pursuant to the WPSB SSA, SHB shall acquire from the WPSB
Vendors 5,500,000 ordinary shares of RM1.00 each in WPSB (WPSB
Shares) representing the entire issued and paid-up capital of
WPSB for a purchase consideration of RM9 million to be satisfied
by the issuance of 8,181,818 new SHB Shares at an issue price of
RM1.10 per SHB Share. SEH is principally an investment holding
company. The directors and substantial shareholders of SEH and
their respective shareholdings in SEH are as set out in Table 1
and 2 at http://www.bankrupt.com/misc/TCRAP_Sriwani0710.doc

The purchase consideration for the Proposed WPSB Acquisition has
been arrived at on a willing buyer-willing seller basis after
taking into consideration the earnings potential of WPSB and the
expected net tangible assets (NTA) of WPSB of at least RM8
million upon completion of the Proposed WPSB Acquisition as
represented and warranted by the WPSB Vendors. Pursuant to the
WPSB SSA, should the NTA value become less than the minimum
value represented and warranted upon completion of the WPSB SSA,
the WPSB Vendors shall pay to SHB on demand, in cash the
difference from the minimum value of the NTA. The audited NTA of
WPSB as at 31 December 2001 is RM6.75 million.

The WPSB Shares shall be acquired by SHB free from interest or
equity of any person (including among other things, any right to
acquire, option or right of pre-emption), mortgage, deposit,
charge, pledge, lien or assignment or any other forms of
encumbrance, priority, security interest or arrangement of any
nature but with all rights attaching thereto together with all
dividends and distributions declared, made and/or paid in
respect thereof on and after the date of completion of the WPSB
SSA. No other liabilities shall be assumed by SHB in connection
with the Proposed WPSB Acquisition.

The directors and substantial shareholders of WPSB and their
respective shareholdings in WPSB are as set out in Table 3 and
Table 4 respectively at
http://www.bankrupt.com/misc/TCRAP_Sriwani0710.doc.The
financial information of WPSB for the financial period from 31
March 2000 (being date of incorporation) to 31 December 2000 and
the financial year ended 31 December 2001 is as set out in Table
7 at http://www.bankrupt.com/misc/TCRAP_Sriwani0710.doc.Other
background information of WPSB is as set out in the
announcements dated 23 April 2002 and 28 June 2002. The original
cost of investment of the WPSB Vendors in WPSB and the dates of
the investment are RM700,000 made between 5 September 2000 and
27 November 2000, and RM1,300,000, RM2,500,000 and RM1,000,000
made on 18 January 2001, 19 February 2001 and 28 July 2001
respectively.

Proposed SESB Acquisition

Pursuant to the SESB SSA, SHB shall undertake to acquire from
the SESB Vendors 500,000 ordinary shares of RM1.00 each in SESB
(SESB Shares) representing the entire issued and paid-up capital
of SESB for a purchase consideration of RM17 million to be
satisfied by the issuance of 15,454,545 new SHB Shares at an
issue price of RM1.10 per share.

The purchase consideration for the Proposed SESB Acquisition has
been arrived at on a willing buyer-willing seller basis after
taking into consideration the earnings potential of SESB and the
expected NTA of SESB of at least RM12 million upon completion of
the Proposed SESB Acquisition as represented by the SESB
Vendors. Pursuant to the SESB SSA, should the NTA value become
less than the minimum value represented and warranted upon
completion of the SESB SSA, the SESB Vendors shall pay to SHB on
demand, in cash the difference from the minimum value of the
NTA. The audited NTA of SESB as at 31 December 2001 is RM6.524
million.

The SESB Shares shall be acquired by SHB free from interest or
equity of any person (including among other things, any right to
acquire, option or right of pre-emption), mortgage, deposit,
charge, pledge, lien or assignment or any other forms of
encumbrance, priority, security interest or arrangement of any
nature but with all rights attaching thereto together with all
dividends and distributions declared, made and/or paid in
respect thereof on and after the date of completion of the SESB
SSA.

The directors and substantial shareholders of SESB and their
respective shareholdings in SESB are as set out in Table 5 and 6
respectively at
http://www.bankrupt.com/misc/TCRAP_Sriwani0710.doc.The
financial information of SESB for the financial period from 21
August 2000 (being date of incorporation) to 31 December 2001 is
as set out in Table 8 at
http://www.bankrupt.com/misc/TCRAP_Sriwani0710.doc.Other
background information of SESB is as set out in the
announcements dated 23 April 2002 and 28 June 2002. The original
cost of investment of the SESB Vendors in SESB and the dates of
the investment are RM255,000 and RM245,000 made on 17 January
2002 and 31 May 2002 respectively.

The new SHB Shares to be issued pursuant to the Proposed Assets
Injection shall be issued at RM1.10, which is RM0.10 above par.
The issue price for the new SHB Shares has been arrived at after
taking into consideration the issue price of the SHB Shares and
the relevant ICPS to be issued to the relevant scheme lenders as
debt settlement pursuant to the DRA of RM1.10 per share. The 5-
day weighted average market price of SHB Shares as traded on the
KLSE up to 4 July 2002, being the day prior to the date of this
announcement is RM0.064. The new SHB Shares to be issued
pursuant to the Proposed Assets Injection shall, upon allotment
and issue, rank pari passu in all respects with the existing
issued and paid-up SHB Shares, save and except that they will
not be entitled to any dividends, rights, allotments and/or
other distributions made prior to the date of allotment of the
new SHB Shares. For avoidance of doubt, the new SHB Shares to be
issued pursuant to the Proposed Assets Injection shall not be
entitled to the Proposed Rights Issue.

INFORMATION ON MESB

The directors and substantial shareholders of MESB and their
respective shareholdings in MESB are as set out in Table 9 at
http://www.bankrupt.com/misc/TCRAP_Sriwani0710.doc.Other
background information of MESB is as set out in the announcement
dated 28 June 2002.

RATIONALE FOR THE PROPOSED ASSETS INJECTION, PROPOSED AMENDMENTS
AND PROPOSED IASC

Proposed Assets Injection

The Proposed Assets Injection is part of SHB's debt
restructuring plan announced on 28 June 2002 and is expected to
enhance the future earnings of SHB as well as to strengthen its
financial position. WPSB and SESB being involved in duty-free
related businesses, are expected to complement the existing
business of SHB and its subsidiaries, in particular wholesaling,
distribution and retailing of duty-free and non-dutiable
merchandise and provide synergistic benefits.

Proposed Amendments

The Proposed Amendments will facilitate the issuance of the ICPS
by the Company pursuant to the Proposals.

Proposed IASC

The Proposed IASC is to accommodate the increase in issued and
paid-up share capital of the Company pursuant to the Proposals
and the subsequent conversion of the ICPS as well as to provide
for any future corporate exercise the Company may undertake.

PROSPECTS OF WPSB AND SESB

WPSB is principally involved in the wholesaling of non-dutiable
goods and duty-free merchandise with exclusive rights on
"Seagram" products while SESB is principally involved in the
retailing of duty-free merchandise and is a departmental store
cum supermarket operator in Johor Bahru Duty Free Complex.

WPSB and SESB is subject to certain risks inherent in the
retailing and tourism industry, which include but not limited to
shortages of products supply, increase in costs of labour,
business and credit conditions, entry of new players, changes in
disposal income as well as the political and economic
developments.

The Malaysian Retailers Association (MRA) has forecast retail
sales to grow by 4% to 5% in 2002 on the back of recent signs of
economic recovery in the region as well as the United States.
The fashion and fashion accessories category is expected to
expand by 9.6%, the department store-cum-supermarket by 8.6% and
the pharmacy and personal care subsector by 6.4%. The forecast
is in line with the first quarter 2002 report by the Malaysian
Institute of Economic Research showing Consumer Sentiment Index
(CSI) rose strongly in first quarter 2002 after falling below
the benchmark line of 100 points in the three preceding
quarters. The CSI is based on respondents' perception of their
current financial status and their expected employment outlook
for the next six months.

Statistics reviews by the Malaysia Tourism Promotion Board
(MTPB) reported that Malaysia received a record of 12.8 million
tourist arrivals in 2001, representing an increase of 25%. The
MTPB has forecast an inflow of tourist to surpass 14.0 million
by 2005, which is expected to translate into RM29.5 billion in
income for the nation. The first four months of 2002 saw an
inflow of 4.2 million tourists to Malaysia.

(Sources: The Edge and Malaysian Business Times dated 25
February 2002, the Sun dated 15 April 2002 and the Star dated 27
April 2002)

EFFECTS OF THE PROPOSED ASSETS INJECTION, PROPOSED AMENDMENTS
PROPOSED IASC AND SUBSCRIPTION AGREEMENT

The Proposed Amendments, Proposed IASC and the Subscription
Agreement shall not have any effects on the issued and paid-up
share capital of SHB, shareholdings of substantial shareholders
of SHB, the earnings of the SHB Group for the financial year
ended 31 December 2002 and NTA of the SHB Group based on the
audited consolidated financial statements of SHB for the
financial year ended 31 December 2001. The effects of the
Proposed Assets Injection have been disclosed in the
announcement dated 28 June 2002.

CONDITIONS OF THE PROPOSED ASSETS INJECTION, PROPOSED AMENDMENTS
PROPOSED IASC AND SUBSCRIPTION AGREEMENT

The conditions of the Proposals as disclosed in the announcement
dated 28 June 2002 shall also apply to the Subscription
Agreement while the Proposed Amendments and Proposed IASC are
conditional upon the approval of the shareholders of SHB at an
Extraordinary General Meeting to be convened.

In addition to the conditions of the Proposed Assets Injection
set out in the announcement dated 28 June 2002, the Proposed
Assets Injection is conditional upon the approval being obtained
from the Securities Commission and other relevant authorities
for the Proposed Waiver.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the other Directors or substantial shareholders of SHB
or persons connected to the Directors or substantial
shareholders of SHB have any interest, direct or indirect, in
the Proposed Assets Injection, Proposed Amendments, Proposed
IASC and the Subscription Agreement.

STATEMENT BY THE DIRECTORS

The Board of Directors of SHB, after careful deliberation, is of
the opinion that the Proposed Assets Injection, Proposed
Amendments, Proposed IASC and the Subscription Agreement are in
the best interest of the Company.

DOCUMENTS FOR INSPECTION

The WPSB SSA, the SESB SSA and the Subscription Agreement can be
inspected at the Registered Office of SHB at 418, Chulia Street,
10200 Penang from Mondays to Fridays (except public holidays)
during business hours from 9.00 a.m. to 5.00 p.m. for a period
of three (3) months from the date of this announcement.


TECHNOLOGY RESOURCES: Agreement Accessible Until March 2003
-----------------------------------------------------------
Technology Resources Industries Berhad, in reply to Query Letter
by KLSE reference ID: ZO-020702-62112, regarding the New Straits
Times article published on Tuesday, 2 July 2002, entitled,
"Telekom needs to convince Deutsche Telekom merger", clarified
that the Supplemental Agreement was signed between the Company,
DeTeAsia Holding GmbH, Celcom (Malaysia) Berhad and TR
International Limited on 7 February 2002. The agreement is
available for inspection until 10 March 2003 at the Company's
Registered Office.

The existence of this agreement was disclosed in the Abridged
Prospectus dated 11 March 2002 in relation to the Issuance of
Renounceable Rights Issue of 754,907,661 new ordinary shares of
RM1.00 in TRI at an issue price of RM1.00 per new ordinary share
on the basis of one (1) new ordinary share held in TRI.


UNITED CHEMICAL: Provides Defaulted Payment Status Update
---------------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
informed that there are no new significant developments in
relation to the various defaults in payment that were announced
on 7 June 2002.

The Board of Directors of UCI further provided an update on the
details of all facilities currently in default in compliance
with Section 3.1 of Practice Note 1/2001. Details are as per
Table A found at http://www.bankrupt.com/misc/TCRAP_UCI0710.xls.


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


BENPRES HOLDINGS: Delays Stake Sale on Debt Concerns
----------------------------------------------------
The sale of Benpres Holdings Corp's shares in the merged Sky
Cable-Home Cable television Company has been delayed due to
Benpres' debt problems, the Philippine Star and AFX Asia
reported.

The restructuring of P3.5 billion of the merged firms debt is
being hampered as creditor-banks assess the impact of Benpres'
financial problems on the cable firms.


BENPRES HOLDINGS: Offers 10-Yr Interest Payments on Loans
---------------------------------------------------------
Benpres Holdings Corp has offered to pay its creditors interest
on some US$189 million loans over a 10-year period, AFX Asia
reported Monday. The Company has presented its debt-
restructuring plan to creditors two weeks ago.

The report said the Company would sell non-core assets,
including investments in property, cable, water distribution,
tollways and telecommunications, and possibly some shares in
ABS-CBN Broadcasting Corp to raise cash to pay off debts.

Benpres has appointed Credit Suisse First Boston as financial
advisor for its debt-restructuring scheme.


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


ACE DYNAMICS: Undertakes Industrial Division Restructuring
----------------------------------------------------------
The Board of Directors of Ace Dynamics Limited (ADL) announced
Monday the following as part of a restructuring exercise of the
Company's industrial division:

1. The Company's wholly owned subsidiary, Uniweld Holdings Pte
Ltd will transfer its entire shareholding in the capital of AD
Safety Pte Ltd comprising 440,000 ordinary shares of S$1 each to
American Dynamics Holdings Pte Ltd for a consideration of S$2.

2. The Company's wholly owned subsidiary, American Dynamics Pte
Ltd will transfer its entire shareholdings in the capital of
Uniweld Malaysia Sdn Bhd comprising 5,000,000 ordinary shares of
RM1 each and Red Wing Shoe Shop Sdn Bhd comprising 3,671,944
ordinary shares of RM1 each to American Dynamics Holdings Pte
Ltd for a consideration of S$3,064,810.

3. The Company will transfer its entire shareholding in the
capital of American Dynamics Pte Ltd comprising 3,000,000
ordinary shares of S$1 each to American Dynamics Holdings Pte
Ltd for a consideration of S$3,467,104.

The above restructuring exercise is part of the Company's plan
to consolidate its industrial business under a sub-holding
company, American Dynamics Holdings Pte Ltd, which is itself, a
wholly owned subsidiary of the Company.

The transactions are not expected to have any material effect on
the earnings per share or net tangible assets of ADL in the
current financial year.

None of the directors or substantial shareholder of the Company
has any interest, direct or indirect in the transactions.


NATSTEEL LTD: Shareholders Approve Unit Share Disposal
------------------------------------------------------
In reference to the voluntary conditional take-over offer (the
Offer) for all the issued and paid-up ordinary shares of S$0.25
each (NBL Shares) in the capital of NatSteel Broadway Ltd (NBL),
a subsidiary of NatSteel Ltd (NSL), at S$3.23 in cash for each
NBL Share as announced on 21 May 2002 by Salomon Smith Barney
Singapore Pte. Ltd. (SSB), for and on behalf of Flextronics
International Limited (Offeror or Flextronics).

The Board of Directors of NatSteel Ltd (NSL) announced that at
the extraordinary general meeting of the Company held on 24 June
2002, the approval of shareholders was obtained for the disposal
of the 104,389,500 NBL Shares held by NatSteel Equity V Pte Ltd
(NEVPL), a wholly owned subsidiary of the Company, through the
acceptance of the Offer by NEVPL. Following the receipt of such
approval and in accordance with the terms of the Company's
undertaking to Flextronics, NEVPL tendered its acceptance of the
Offer in respect of all its 104,389,500 NBL Shares on 25 June
2002.

Offer Declared Unconditional

On 8 July 2002, SSB declared, for and on behalf of the Offeror,
that the Offer has become unconditional as of 8 July 2002.

Settlement

According to SSB's announcement dated 8 July 2002, payment by
the Offeror to NSL in respect of the Offer shall be made within
21 days of 8 July 2002.

Responsibility Statement

The Directors of the Company (including those who may have
delegated detailed supervision of this announcement) have taken
all reasonable care to ensure that the facts stated in this
announcement are fair and accurate and that no material facts
have been omitted from this announcement. Where information
relating to the Offer, the Offeror and parties acting in concert
with the Offeror has been extracted from SSB's announcement
dated 8 July 2002, the sole responsibility of the Directors has
been to ensure that such information has been accurately
extracted from it. The Directors jointly and severally accept
responsibility accordingly.


RAFFLES HOLDINGS: Looking for Acquisitions
------------------------------------------
Raffles Holdings Ltd said it is seeking business acquisitions
and growth opportunities to improve its financial performance
and maximize shareholders' value, AFX Asia said Tuesday.

The Company issued the statement in response to a query from the
Singapore Exchange regarding the sharp rise in its share price
and trading volume recently.

TCR-AP reported that Raffles Holdings, subsidiary of CapitaLand
Ltd., has posted a loss of S$4.3 million in the third quarter
ending September in 2001 as the hotel operator suffered from
cancelled bookings from travelers following the aftermath of the
September 11 terrorist attacks. The company expects losses for
the fourth quarter as well. Raffles Holdings has a portfolio of
39 hotels with 13,457 rooms in 34 destination cities. Raffles
Holdings is a subsidiary of CapitaLand Limited, which has an
asset base of over S$18 billion.


ULTRO TECHNOLOGIES: Experiencing Losses Despite JV
--------------------------------------------------
Kim Eng Ong Asia Securities portal unit Kelive said it expects
Ultro Technologies Ltd to remain loss making despite plans for a
strategic alliance, AFX Asia reported Tuesday.

Ultro rose sharply yesterday ahead of the Company's disclosure
that it is in talks with an unidentified third party for a
potential joint venture.

Kelive said Ultro is in the midst of a restructuring that is
expected to return the group to profitability in 2003.

Founded in 1987, the Ultro Technologies Group of companies has
grown from a small trading firm to a multi-million dollar
business group.  The Company's core competencies lie in design &
manufacturing of Electronic connectors, die casting & precision
machining of aluminium, based components industrial
distribution.


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


PRASIT COURT: Files Business Reorganization Petition
----------------------------------------------------
Prasit Court Company Limited (DEBTOR), engaged in production,
sale, and service of goods, filed its Petition for Business
Reorganization to the Central Bankruptcy Court:

   Black Case Number For. 15/2543

   Red Case Number For. -/2543

Petitioner: PRASIT COURT COMPANY LIMITED

The Court ordered disposal the case: May 1, 2000

Contact: Mr. Chanin Tel 6792512


RAIMON LAND: Appoints Seamico Securities as Financial Adviser
-------------------------------------------------------------
Raimon Land Public Co., Ltd. has allotted the capital increase
ordinary shares to its existing shareholders as per the details
earlier notified to the Stock Exchange of Thailand by Raimon
Land Planner Co., Ltd. as its Plan Administrator.

The Company have appointed Seamico Securities Public Co., Ltd.,
one of the major shareholders of Raimon, as the financial
adviser in the  offer of the remaining capital increase ordinary
shares (if any) to the investors in  private placement.

The appointment of the financial adviser is categorized as a
connected transaction according to the Notification of the Stock
Exchange of Thailand Re: Rules, Procedures and Disclosure of
Connected Transactions of the Listed Companies. Below are the
details of the Information Memorandum.

INFORMATION MEMORANDUM ON CONNECTED TRANSACTION
RAIMON LAND PUBLIC COMPANY LIMITED
RE : APPOINTMENT SEAMICO SECURIEIS PUBLIC COMPANY LIMITED AS THE
     FINANCIAL ADVISOR


1.  Date, month, year of Transaction and Related Parties :
    Date of Transaction   :   13 May 2002.
    Related Parties       :
Employer   :  Raimon Land Planner Co., Ltd. ("Company")
as the Plan Administrator of Raimon Land  Public Co., Ltd.
("Raimon")
      Contractor :  Seamico Securities Public Co., Ltd.

2.   Nature of Transactions.

Reference is made to the Rehabilitation Plan approved by the
Central Bankruptcy Court, the resolution of the meeting of the
creditors of Raimon and the resolution of the meeting of the
Board of Directors of  Raimon Land Planner Co., Ltd. as the
Rehabilitation Plan Administrator No. 14/2002 dated 3 July 2002,
it is resolved to increase the registered capital of Raimon and
allot the capital increase ordinary shares of 99,968,000 shares
to the existing shareholders in proportion, at the ratio
of one existing share to two new ordinary shares, at the
offering price of five Baht per share.

In case there are unsubscribed shares from the subscription of
the existing shareholders in proportion, the said unsubscribed
shares shall be offerred to the other existing shareholders who
express their intention to subscribe the capital increase
ordinary shares in addition to their Excess Rights at the
offering price of five Baht per share, whereupon the Company
shall allot the remaining ordinary shares on Pro Rata
basis.  If there are further remaining shares from the
subscription of the aforesaid Excess Rights, the Rehabilitation
Plan Administrator shall offer the same to persons in private
placement at the offering price of five Baht.

Under the present circumstance, the Company sees that there is
high possibility that  the existing shareholders of Raimon may
not exercise their right to subscribe the capital increase
ordinary shares.  Therefore,  in order to reduce the risk that
the Company may not raise the entire amount of capital increase
which will affect the future operations of Raimon due to its
future projects requiring a high amount of capital.  The Company
therefore appoints Seamico Securities Public Co., Ltd. (Seamico)
as the financial adviser in the offer of the remaining capital
increase ordinary shares from the subscription of the existing
shareholders (if any) to the investors in private placement as
specified in the Rehabilitation Plan.

3.   Value of Transaction and Terms of Payment.

Value of Transaction   :  At the rate of 2.5% of the amount of
the capital to   be received from the investors in private
placement in the offer of capital increase ordinary shares,
whereupon the said fee is the  market price which Seamico
charges from its normal clients.

Since the Company has not offerred the capital increase ordinary
shares to the existing shareholders, the Company cannot specify
the number of the remaining shares from the subscription of the
existing shareholders.

The Company is therefore unable to show the value of the
transaction as required under the Notification of the Stock
Exchange of Thailand Re: Rules, Procedures and Disclosure of
Connected Transactions of the Listed Companies.

However, the Company will notify the value of the transaction to
the Stock Exchange of Thailand immediately upon knowledge.

        Payment Terms          :  The Company shall make
payments to Seamico after it has completely affected the change
of the paid up capital with the Ministry of Commerce.

4.   Names of Connected Persons.

Seamico Securities Public Co., Ltd. being a major shareholder in
Raimon Land Public Co., Ltd. at the ratio of 20.61% of the total
paid up capital of Raimon.

In addition, Mr. Robert William Mcmillen, the President of
Seamico, also acts as the authorized director of Raimon Land
Planner Co., Ltd.  Also, Mr. Robert William Mcmillen and Mr.
Ruengvith Dussadeesurapoj, also the President of Seamico, act as
the directors in Cha-Am Campus City Co., Ltd., which is a
subsidiary of Raimon.

5.      Nature and Scope of Interest of Connected Persons.

The services of the Financial Adviser of Seamico rendered to the
Company are the normal business transactions of Seamico, and the
rate of the service fee follows the market price.


SUPALI PUBLIC: Dissolves Cayman Subsidiary
------------------------------------------
Supalai (Cayman)Inc. a subsidiary, 100% wholly owned by Supalai
Public Company Limited, registered in Cayman Island, has filed a
strike off from the Register in Cayman on 27 June, 2002.  The
consequences are to be noted:

Investment ratio        :       100% owned
Type of Business        :       Investment in foreign countries
Capital paid-up         :       $5,000
Number of shares        :       500,000 shares,
Par value               :       $0.01
Reason for dissolution  :

Objective of set up is the pursuit for investment Return from
countries with  high  growth.  But, due to the global economic
crisis, Supalai (Cayman) Inc. was not successful as targeted.
Maintaining the company in Cayman, while there is no potential
business to be carried, is more costly to Supalai PLC.  Yet it
is determined to be dissolved.

Effect to Supalai PLC   :

Since Supalai PLC. uses equity method in booking Investment in
Supalai (Cayman)Inc., hence the Provision for loss exceeded
investment in subsidiary was fully recognized. The dissolution
will incur Supalai PLC. equity increasing by Bt228,189,304.11
in second quarter of 2002, as a result of reversing the stated
provision above.

In addition, Supalai PLC. had fully set up Allowance for
doubtful accounts for loan outstanding as shown in Financial
Statement.  However, prior to dissolution, Supalai(Cayman) had
sold off assets and investments for an aggregated amount of
Bt65,328,400. After reserve cash amount of Bt48,400 for
dissolution expenses, Bt65,280,000 was paid to Supalai PLC.  The
accounting adjustment for this transaction incurs Supalai PLC.
equity increasing by Bt21,179,200.

Consolidated Statements: Supalai PLC. will no longer consolidate
Supalai(Cayman)Inc. from second quarter of year 2002 onward.


WONGPAITOON GROUP: Posts Warrant Exercise Results
-------------------------------------------------
Wongpaitoon Planner Company Limited, as Business Reorganization
Plan Administrator of Wongpaitoon Group Public Company Limited,
Announced that the Company issued and offered warrants to
subscribe for new ordinary shares of the Company in the amount
of 403,230,585 units to the creditors, in accordance with the
Business Reorganization plan, on December 21, 2001.

The warrant holders are entitled to exercise their right
to subscribe shares on a quarterly basis of the accounting year
of the Company, i.e. on March 31, June 30, September 30  and
December 31.  If the exercise date is not a business  day  for
the  commercial  bank,  such  date  shall be the next following
business  day.

The Company also informed that there were no applications for
the 2nd exercise of warrants as of July 2, 2002. The number of
the remaining warrants is 403,230,585 units.


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
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contained herein is obtained from sources believed to be
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                 *** End of Transmission ***