TCRAP_Public/020712.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

            Friday, July 12, 2002, Vol. 5, No. 137

                         Headlines

A U S T R A L I A

ANSETT HOLDING: ASIC Ends Air New Zealand Investigation
BRISBANE BRONCOS: Director Jack Lunn Resigns Post
CHIQUITA BRANDS: PMT Cuts Substantial Holding to 5.17%
EARTH SANCTUARIES: Completes Asset Sales
EVERLAST BATTERY: Issues Case Profile  

GENETIC TECHNOLOGIES: Posts PGGP Research Project Details
MCS Capital: S&P Assigns A$270,000 Class F Notes `BBB' Rating
SOUTHERN PACIFIC: Not Seeking Further Federal Funds
WAIVCOM WORLDWIDE: OCO Terminates Agreement With Administrators


C H I N A   &   H O N G  K O N G

ASIACONTENT.COM: Shareholders Approve Liquidation Plan
GOLDMATE DIAMOND: Petition to Wind Up Pending
GOLDMATE LIMITED: Winding Up Petition Hearing Set
DAILYWIN GROUP: Price, Turnover Movements Unexplainable
JIANGXI (H.K.) TOURS: Hearing of Winding Up Petition Set

NANJING PANDA: Share Price Tumbles After Warning
NANJING PANDA: Turnover Movement Inexplicable
TAI FOOK: Sinks Into Red Due to Bad Debts


I N D O N E S I A

ASIA PULP: IBRA Inks Deal With Creditors for Joint Debt Workout
INDAH KIAT: JSX Suspends Trading Over Late Statement Submission


J A P A N

HOKKAIDO INTERNATIONAL: Needs to Cut Costs, ANA Head Says
DAI NIPPON: Rehabilitation Gets Court Nod
NISSAN MOTOR: R&I Assigns LT Rating to BBB+
UFJ BANK: JCR Assigned A+ Rating to Bonds
WORLDCOM INC: May Sell Japanese Assets to Aid Restructuring

WORLDCOM INC: Files Revised Statement With SEC


K O R E A

KIA STEEL: POSCO Acquires Ailing Steel maker
SAMSUNG ELECTRONICS: HS downgrades Rating to Buy on Won Rise
SEOULBANK: Hana Demands Worker Cuts


M A L A Y S I A

AYER MOLEK: May-Nov 2001 Penalty Charges Stand at RM123,499.19
BERJUNTAI TIN: Director Mohd Ramli Resigns From Post
HAP SENG: Enters Property Disposal SPA With John Madsen
KEMAYAN CORPORATION: CMSB Conditional Disposal Annulled
KUALA LUMPUR: BNM Approves ECB's ICULS Issuance

FW INDUSTRIES: Faces Suit Filed by Hiap Teck Over Alleged Debt
FW INDUSTRIES: Answers KLSE's Litigation Queries
PAN PACIFIC: Provides Defaulted Payment Status Update
POLY GLASS: SC OKs Original Rights Issue Proceeds Utilization
SATERAS RESOURCES: Changes Registered Address

SITT TATT: Complying With Proposed Acquisitions Guidelines


P H I L I P P I N E S

BENPRES HOLDINGS: PhilRatings Downgrades Unit's LTCP at PRS Ba
FAIRMONT HOLDINGS: Megaworld Board Okays Swap Deal With Marina
PHILIPPINE LONG: Offers Global Clearinghouse Services W/ Itopia
PHILIPPINE LONG: Clarifies News Articles From PDI and Moody's
PHILIPPINE LONG: Asks US Court to Expedite Hearing

URBAN BANK: Exportbank in Talks to Sell Branches


S I N G A P O R E

ASIA PULP: Deutsche Bank Considers Consensual Restructuring
BBR HOLDINGS: Enters Separate Subscription Agreements
PANPAC MEDIA.COM: MoU With Diphthongs Terminated
SEMBCORP INDUSTRIES: Issues SCM Privatization Update
SPP LIMITED: Reveals HK Project Arbitration Proceedings Results


T H A I L A N D

ABICO HOLDINGS: Meeting Resolved to Give Unit Financial Aid
BANGKOK RUBBER: Reorganization Plan Approved, Under Review
CHRISTIANI & NIELSEN: Court Appoints CN Advisory as Planner
N.T.S. STEEL: Creditors Resolves Reorganization Plan Amendment
RAIMON LAND: Posts Shares Offering Results

        -  -  -  -  -  -  -  -

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A U S T R A L I A
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ANSETT HOLDING: ASIC Ends Air New Zealand Investigation
--------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
announced Thursday that it has closed its investigation into the
collapse of the Ansett Holding Ltd group (Ansett).

On 1 March 2002, ASIC advised that while no action would be
commenced against Ansett or its former directors, consideration
would be given to filing a representative action for damages
against Air New Zealand Limited (AIZ) in relation to the level
of its financial disclosures during 2001.

ASIC's March statement made it clear that several complex issues
would require additional investigation and assessment before
ASIC could finally decide on the merits of commencing
proceedings against AIZ.

Over the intervening four months, ASIC has given a high priority
to evaluating the prospects of successfully litigating against
AIZ on behalf of former shareholders or creditors. The
investigation has included interviewing more than 350 parties
who say they suffered financial loss as a result of Ansett's
failure; consultation with market and other experts; and
obtaining legal advice from external counsel on a range of legal
issues.

On the basis of the advice received, ASIC is unable to dismiss
the possibility that AIZ's level of disclosure concerning its
own and/or Ansett's forecast losses for the 2000-2001 financial
year may have been, at certain times during that year,
misleading and deceptive within the meaning of the Trade
Practices Act.

However, after considering the evidence compiled by ASIC since
March, Counsel, including Senior Counsel, have concluded that
only a minority of purchasers of shares are likely to be in a
position to prove that they relied directly on AIZ's conduct and
suffered financial loss.

Moreover, Counsel have advised that owing to the differing
positions of individual creditors, it would not be possible for
ASIC to pursue creditor claims by way of a single group
proceeding or class action. Instead, ASIC would be required to
bring each claim as a separate proceeding or, at best, as a
number of proceedings on behalf of different groups of
plaintiffs.

In those circumstances, the Commission has determined that the
public interest would not be served by incurring the cost and
risk of commencing proceedings against AIZ.

"The decision to close this investigation has been reached only
after exhaustive assessment of opportunities to assist former
shareholders, creditors and employees of Ansett," said ASIC
Chairman Mr David Knott.

"It has become clear that the legal and logistical obstacles
confronting ASIC are such that only a handful of those who
suffered loss would be likely to benefit from the commencement
of proceedings.

"Importantly, any action by ASIC would be of no assistance to
former employees of Ansett or to the general body of small
creditors (including frequent flyers). In those circumstances,
ASIC has decided to close its file on this matter', Mr Knott
said.

ASIC acknowledges that AIZ has cooperated fully with ASIC
throughout the course of the investigation.


BRISBANE BRONCOS: Director Jack Lunn Resigns Post
-------------------------------------------------
The Board of Brisbane Broncos Limited advised Thursday that Mr
Jack Lunn will retire from his position as company Director on
Thursday, 11 July 2002.

Mr Lunn has been a director of Brisbane Broncos Limited since 20
November 2001. The Board would like to sincerely thank Mr Lunn
for his contribution to the Broncos during his time as director
and wish him well in his future endeavors.

At the end of 2001, Brisbane Broncos had negative working
capital, as current liabilities were A$3.24 million while total
current assets were only A$2.29 million, Wrights Investors'
Service reported. The company has paid no dividends during
the last 12 months and has not paid any dividends during the
previous 2 fiscal years.


CHIQUITA BRANDS: PMT Cuts Substantial Holding to 5.17%
------------------------------------------------------
Permanent Trustee Company Limited and Permanent Trustee
Australia Limited decreased its relevant interest in Chiquita
Brands South Pacific Limited on 03 July 2002, from 7,744,823
ordinary fully paid shares (7.61 percent) to 7,394,823 ordinary
fully paid shares (5.17 percent).

TCR-AP reported on June 12 that Chiquita Brands signed on 7 June
a Heads of Agreement for the sale of Angas Park Fruit Company
Pty Ltd to the existing management team.

Angas Park is a well-known Australian brand that manufactures
and sells dried fruit to the grocery trade and as an
ingredient to the food processing industry. It was acquired by
CBSP in July 2000.


EARTH SANCTUARIES: Completes Asset Sales
----------------------------------------
Earth Sanctuaries Limited announced Wednesday that it completed
the sale of four sanctuaries Scotia, Yookamurra, Buckaringa and
Dakalanta to the Australian Wildlife Conservancy and the sale of
Blue Mountains Sanctuary to a company associated with former
Chairman, Dr Don Stammer.

Both sales were approved by shareholders at a General Meeting
held on 4 July 2002.


EVERLAST BATTERY: Issues Case Profile  
-------------------------------------
Pwcrecovery.com posted the case profile of ACN 008 457 298 Pty
Ltd, formerly known as Everlast Battery Service Pty Ltd:

Territory :  Australia  
Company Name:  ACN 008 457 298 Pty Ltd (Formerly known as
   Everlast Battery Service Pty Ltd)  
Lead Partner:  Phil Carter  
Case Manager:  Debbie Mills  
Date of Appointment:  15 April 2002  
Normal Contact  :  Will Souter  
Contact Phone No  :  (02) 8266 8798  

PwC Office  

Location :  Sydney  
PO Box :  GPO Box 2650  
Street Address:  201 Sussex St  
City  :  SYDNEY  
State  :  NSW  
Postcode :  1171  
DX  :  DX 77 Sydney  
Phone  :  (02) 8266 0000  
Fax  :  (02) 8266 5820  
Appointor :  Commonwealth Bank of Australia Limited  
Registered Office of company:  Block 5 Section, 24 Kembla
       Street, Fyshwick ACT 2609  
Company No / ACN   :  008 457 298  
Type of Appointment :  Receiver and Manager  
Lead Partner - Full Name :  Philip Patrick Carter  
Second Partner - Full Name :  Gregory Winfield Hall  

Case Information (Last Updated 13/06/2002 04:14:54 PM)  

Other Key Information  

Report as to Affairs received from directors:  
The director has 14 days to lodge with the Receivers and
Managers a Report as to Affairs, unless an extension of time is
granted.

Background Information  

Phil Carter and Greg Hall were appointed as Receivers and
Managers of Everlast Battery Service Pty Ltd (EBS) and WJOB Pty
Ltd (WJOB) on 15 April 2002.

EBS is operating from Fyswick, ACT and Ingleburn, NSW. WJOB is
operating in Sydney, Canberra, Brisbane, Melbourne, Adelaide,
Perth and Hobart.

The primary activity of the businesses is the remanufacture of
damaged bumper bars (plastic and metal) and headlights for sale
to smash repairers. The business also sells genuine and imported
non-genuine bumper bars and headlights.

The Receivers currently intend to continue to trade the business
operations and to offer these businesses for sale as a going
concern. Information is being prepared for potential purchasers
and will be posted in the Businesses for Sale area of
pwcrecovery.com as soon as it becomes available. Potential
purchasers will be able to register on-line to receive the
information.

Current status of assignment and actions required by creditors  

All suppliers/creditors will receive correspondence from the
Receivers and Managers relating to procedures for ongoing
trading and the opening of a new account for the Receivers and
Managers. A Receiver and Manager does not have the power to deal
with the claims of unsecured creditors. We will however invite
unsecured creditors to lodge details of their claims with the
Receivers and Managers who will pass them onto a Liquidator,
should one be appointed.  

Next milestone and estimated timetable  

The Receivers and Managers will post further updates after their
initial evaluation of the companies is complete.  


GENETIC TECHNOLOGIES: Posts PGGP Research Project Details
---------------------------------------------------------
Genetic Technologies Limited announced Wednesday that while it
continues to actively pursue out-licensing of its non-coding
patents as its first corporate priority to generate near-term
revenues, the Company is meanwhile also pursuing several
promising and socially responsible research projects based on
significant Australian innovations. GTG provided some details of
its Pathogen Genetics and Genomics Project (PGGP).

PGGP was first mentioned in the 2001 GTG Annual Report, when GTG
announced it had entered into a new collaboration with the
University of Melbourne to conduct research focussing on the
genetics and genomics of pathogens and parasites. Then, at the
GTG Annual Meeting in November 2001, the Executive Chairman
explained how this project would study novel, gene-based
approaches to controlling infectious and parasitic diseases in
humans and in livestock, and how such innovative approaches
might help reduce or obviate the current widespread use and
abuse of antibiotics in agriculture.

The Company provided further details of this project. The
international market for compounds to combat parasites in
livestock is estimated at $5-10 billion per year. Currently,
such infestations are controlled by the use of anti-parasitic or
antibiotic drugs.

However, emerging resistance to these drugs, and serious residue
problems in meat, milk and the environment are valid concerns
that require alternative long term solutions.

GTG believes that good science can provide new and
environmentally-friendly solutions. Specifically, the
Collaborative Research Agreement, which GTG signed, with the
University of Melbourne in April 2001 anticipated an innovative
program of research and development to explore alternative
approaches for controlling parasitic infestations in farm
animals. This programmed is directed by Associate Professor
Robin Gasser of the Department of Veterinary Science, with GTG
as the commercial partner. GTG will also own all inventions and
intellectual property developed under the PGGP program. Early
experiments are focussing on (1) the parasite cryptosporidium, a
well-known cause of contaminated drinking water, and (2) various
worms and related gene targets.

The Company reported at the end of the first year of such
research that we have achieved some encouraging early results. A
first provisional patent is now being filed by GTG and this work
is continuing. At an appropriate time, an industry partner may
be invited to join PGGP - to share both the costs and the
considerable upside potential for reward.

Further announcements about PGGP will be made in due course, as
appropriate.

On June 6, TCR-AP reported that the Company sold all of its
remaining Victorian mining assets. This disposal was achieved by
GTG selling all issued shares in its wholly owned subsidiary, Mt
Alexander Goldfields NL. The sale was settled on 4 June 2002.

According to Wrights Investors' Service, GenTech reported losses
during the previous 12 months and paid no dividends during the
last 12 months.


MCS Capital: S&P Assigns A$270,000 Class F Notes `BBB' Rating
-------------------------------------------------------------
Standard & Poor's assigned on Thursday its triple-'B'-plus
rating to MCS Capital Pty Ltd.'s A$730,000 series 1 class E
notes and its triple-'B' rating to MCS Capital's A$270,000
series 1 class F notes.

The additional CMBS debt issuance follows the original rated
debt issue totaling A$281.620 million on June 12, 2002.

According to Ashley Reed, director, Structured Finance Ratings,
the additional class E and F notes represent part of the undrawn
"headroom" capacity, determined by the original rating. To this
end, it is contemplated that MCS Capital will continue to issue
further notes up to their rated limited of A$307 million." The
additional rated notes have been drawn pursuant to the terms of
the CEN Subscription Agreement and will be used to fund works at
the Paradise Shopping Centre, held by syndicate MCS11.


SOUTHERN PACIFIC: Not Seeking Further Federal Funds
---------------------------------------------------
Southern Pacific Petroleum NL (SPP) clarified on Thursday some
potentially confusing media reports that have appeared in the
past few days.

EXCISE REBATE ON NAPHTHA SALES

The Federal Government's excise tax rebate arrangement for
naphtha sales from the Stuart Project to Australian refineries,
which was implemented in 1991, remains unchanged and are
available for SPP to access. The rebate applies to the Stage 1
technology project only, is capped at a maximum annual amount of
around A$36 million and is currently due to expire at the end of
2005.

In May 2002, the Federal Government temporarily broadened that
arrangement by providing SPP with the option of a sales grant
during the next 12 months for naphtha sales that would otherwise
not be eligible for the excise tax rebate. The existing excise
rebate scheme continues to apply until the end of 2005. The
recently announced grant provides SPP with the flexibility to
obtain Federal Government support in all markets where the
naphtha is sold. The grant does not provide an additional
benefit, but rather is an available substitute for the excise
rebate over the next 12 months.

The excise rebate or sales grant is only payable if the Stuart
project is successful in producing and selling naphtha and in
this regard is a relatively low risk R&D incentive. The maximum
annual amount of A$36 million is payable if SPP is successful in
producing and selling an annual amount of 667,000 barrels of
naphtha, which together with a similar amount of light fuel oil
produced in association with the naphtha, is the effective
capacity of the Stage 1 plant.

SPP is not currently seeking any further funding from the
Federal Government beyond these existing excise rebate and sales
grant arrangements, as incorrectly reported in the media.

NAPHTHA SALES TO MOBIL OIL AUSTRALIA

As advised on 1 July 2002, SPP has secured a sales contract with
Mobil Oil Australia Pty Ltd for all of the naphtha produced in
the Stage 1 project to the end of 2005. Over the contract term,
naphtha sales could total more than two million barrels. This
contract also includes all of SPP's current naphtha inventory of
around 180,000 barrels being stored in Melbourne, Sydney,
Brisbane and Gladstone.

First shipments to Mobil Oil Australia from the current
inventory are scheduled in July. Naphtha covered by these sales
will be refined in Australia and therefore will be eligible for
the excise tax rebate from the Federal Government.

STUART PLANT OPERATIONS RESUME

The Stuart Stage 1 Project resumed production operations on 6
July after a maintenance shutdown during which the ATP pre-heat
tubes were repaired and planned reliability improvements in the
plant were carried out.

Oil production is currently ranging between 2,500 and 3,000
barrels per day.


WAIVCOM WORLDWIDE: OCO Terminates Agreement With Administrators
---------------------------------------------------------------
Deed Administrator N Brooke of PricewaterhouseCoopers, on behalf
of Waivcom Worldwide Limited (Subject to a Deed of Company
Arrangement) ACN: 006 031 161, advised on Wednesday that that
O'Callaghan & Co Pty Ltd (OCO), have terminated the Agreement
with the Deed Administrators to restructure, re-capitalize, and
re-quote the listed but suspended shell of Waivcom.

OCO were unable to procure, on behalf of their client,
satisfaction of a number of conditions in the Agreement, and
their client elected to terminate the transaction on Tuesday in
accordance with the termination provisions contained in the
Agreement.

The Administrators are now in the process of reviewing the
options available to creditors in view of the failure of this
second attempt to sell the listed shell, and will report to
creditors on the status of this administration over the next few
weeks.

A creditors meeting will be held after the issue of report to
decide on the future conduct of the administration of the
company. Shareholders will be informed of the outcome of the
creditors meeting and expect this will be known by the end of
August 2002.


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C H I N A   &   H O N G  K O N G
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ASIACONTENT.COM: Shareholders Approve Liquidation Plan
-------------------------------------------------------
Asiacontent.com, Ltd. (OTC Bulletin Board: IASIF.OB) announced
Wednesday that its shareholders voted to approve the voluntary
wind up and dissolution of the Company and a Plan of Dissolution
in a special meeting of shareholders held July 10, 2002. In
approving the Plan of Dissolution, BDO International was
appointed to serve as the liquidator for the Company. Following
the special meeting, the Company filed Articles of Dissolution
with the Registrar of Companies in the British Virgin Islands,
the Company's place of incorporation. This marked the official
commencement of the dissolution of the Company. The Company has
instructed its transfer agent to close its share register.

Upon the Company's entry into liquidation, the liquidator
assumed the responsibilities and fiduciary duties previously
held by the Company's Board of Directors. Accordingly, the
members of the Board of Directors resigned effective upon
commencement of liquidation.

As reported on June 14th, the Company's Board of Directors
considered a number of factors in recommending the voluntary
wind up and dissolution of the Company, including the Company's
recent performance, its previous unsuccessful efforts to sell
the Company or identify a strategic alliance partner and its
October 2001 spin off of the Internet Solutions operations.
It is expected that the wind up process will be completed in 24
months.


GOLDMATE DIAMOND: Petition to Wind Up Pending
---------------------------------------------
The petition to wind up Goldmate Diamond Limited will be heard
before the High Court of Hong Kong on August 7, 2002 at 10:00
am.  The petition was filed with the court on April 30, 2002 by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.


GOLDMATE LIMITED: Winding Up Petition Hearing Set
-------------------------------------------------
The petition to wind up Goldmate Limited is scheduled to be
heard before the High Court of Hong Kong on August 7, 2002 at
10:00 am.  The petition was filed with the court on April 30,
2002 by Bank of China (Hong Kong) Limited whose registered
office is situated at 14th Floor, Bank of China Tower, 1 Garden
Road, Hong Kong.


DAILYWIN GROUP: Price, Turnover Movements Unexplainable
-------------------------------------------------------
Dailywin Group Limited has noted the recent increases in the
price and trading volume of the shares of the Company and stated
that the Company is not aware of any reasons for such movements.

Save as disclosed in the joint announcement dated 22 May 2002
and the announcements dated 13 June 2002, 3 July 2002 and 9 July
2002 of the Company

The Company also confirmed, in relation to the acquisition of an
effective interest of approximately 99.79% in Wai Yuen Tong
Medicine Company Limited, the placing of shares in the Company
and the placing of options to purchase convertible Company
notes, 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.


JIANGXI (H.K.) TOURS: Hearing of Winding Up Petition Set
--------------------------------------------------------
The petition to wind up Jiangxi (H.K.) Tours Company Limited is
scheduled for hearing before the High Court of Hong Kong on
September 4, 2002 at 9:30 am.  

The petition was filed with the court on June 8, 2002 by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, 1 Garden Road, Hong Kong.


NANJING PANDA: Share Price Tumbles After Warning
------------------------------------------------
Nanjing Panda Electronics' share price plunged 13 percent on
Wednesday after the telecommunications equipment maker issued a
profit warning, as lower demand and greater competition ate into
its bottom line, South China Morning Post reported Thursday.

In an announcement to Hong Kong Exchanges and Clearing, the
company said it expected "a substantial decrease in profit" in
the six months to June 30, compared with the same period last
year.  It blamed the drop on a fall in overall demand in both
the domestic and overseas markets, without elaborating.

Panda said, in accord with mainland accounting standards, the
company's net profit in the first half of this year had fallen
more than 50%, But it could not give an estimate on the net
profit decline under Hong Kong's accounting standards.

According to Wrights Investors' Service, at the end of 2001,
Nanjing Panda Limited had negative working capital, as current
liabilities were 1.09 billion Chinese Renmimbi while total
current assets were only 777.32 million Chinese Renmimbi.


NANJING PANDA: Turnover Movement Inexplicable
---------------------------------------------
Nanjing Panda Electronics Company Limited has noted the recent
increases in trading volume of the shares of the Company and
stated that save for the announcement dated 9th July 2002 in
relation to the Profit Warning of the Company, the Company is
not aware of any reasons for such increase.

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.


TAI FOOK: Sinks Into Red Due to Bad Debts
-----------------------------------------
Tai Fook Securities incurred a net loss of HK$118.25 million for
the year to March 2002, versus a net profit of HK$93.4 million
the previous year, mainly due to a provision for bad debts, The
Standard reports. Turnover fell 33% to HK$270 million.  No final
dividend was proposed.  

"The results were very disappointing," Managing Director Peter
Wong said, adding that the Company had booked bad debts of more
than HK$70 million writing off two brokerage accounts.  

However, he said that the company had saved HK$20 million by
cutting costs 8%, and would cut costs by 30 percent this year.

Tai Fook's securities brokerage business had fallen 18 percent,
the corporate finance business had dropped 59 percent and the
securities finance business has posted a loss of HK$50 million.  
Turnover of its futures trading business grew 83 percent.  


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I N D O N E S I A
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ASIA PULP: IBRA Inks Deal With Creditors for Joint Debt Workout
---------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) signed an
agreement with Asia Pulp & Paper Co Ltd (APP)'s foreign
creditors for joint force to restructure the APP's US$13.4
billion in debt.

According to an AFX-Asia Thursday report, under a memorandum of
understanding, IBRA will jointly negotiate a restructuring plan
with the APP Group, participate in the restructuring plan on a
'pari passu' basis, and split with other creditors collateral
previously surrendered to IBRA by APP unit Sinar Mas Group.

A statement from the combined steering committee of APP's
creditors said that the MoU, signed by IBRA and the export
credit agencies of Germany, Japan and the US, also calls for the
APP Group to agree to the terms of a restructuring plan no later
than September 30, 2002.

It added that the MoU has been approved by the Financial Sector
Policy Committee, which comprises Indonesia's economics and
finance ministers as well as IBRA head Syafrudin Temenggung.

The Sinar Mas assets surrendered to IBRA are supposed to equal
145 percent of the US$1.25 billion in debt that APP owes PT Bank
Internasional Indonesia, which was taken over by IBRA in the
wake of the 1997-98 financial crisis.


INDAH KIAT: JSX Suspends Trading Over Late Statement Submission
---------------------------------------------------------------
The Jakarta Stock Exchange suspended PT Indah Kiat Pulp & Paper
and PT Pabrik Kertas Tjiwi Kimia from trading on the regular
market over failure to submit audited financial reports for
2001, AFX-Asia reports, quoting JSX spokesperson.

"The JSX will trade Tjiwi Kimia and Indah Kiat on all markets
once the companies submit a written explanation for failing to
submit their 2001 audited reports and clarify when they will do
so," the spokesperson said, adding that both stocks will only be
allowed to trade on the negotiating market.

Tjiwi Kimia and Indah Kiat, both units of Asia Pulp and Paper,  
lodged their unaudited reports minutes after the 5pm deadline on
Tuesday.

The JSX said this was not good enough and the companies have
failed to explain their tardiness in lodging audited accounts.

The JSX also suspended from regular trading PT Bhuwanatala Indah
Permai, PT Argo Pantes, PT Aryaduta Hotel, PT Gajah Tunggal and
PT GT Petrochemical Industries. The companies promised to submit
their audited results before the end of this month.


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


HOKKAIDO INTERNATIONAL: Needs to Cut Costs, ANA Head Says
---------------------------------------------------------
Hookaido International Airlines will have to restructure its
operations more radically to rebuild the firm, Kyodo News said
Wednesday, citing Nippon Airways (ANA) President Yoji Ohashi.

"Air Do needs to remedy its high-cost structure, including fees
for leasing planes and personnel and fuel costs," Ohashi said.

TCR-AP reported that the airline filed for court protection on
June 25 after surrendering to fierce competition from larger
airlines.


DAI NIPPON: Rehabilitation Gets Court Nod
-----------------------------------------
Dai Nippon Construction has been granted the approval of the
Tokyo District Court to start legal proceedings for its
rehabilitation, Kyodo News said Thursday.

The mid-sized contractor is required to submit a mandated
rehabilitation plan by Oct 22, 2002.

Meanwhile, affiliates Hatoyama Sports Land KK and Taiei Country
went under with combined obligations of 44.4 billion yen,
according to Teikoku Databank Ltd, a major credit research
agency.

The Group's principal construction activity involves residential
buildings, offices and schools, and civil engineering projects
such as roads, water mains and sewerage systems. Building
construction and civil engineering accounted for 99 percent and
other including real estate, 1 percent. The group has five
consolidated subsidiaries located in Japan.


NISSAN MOTOR: R&I Assigns LT Rating to BBB+
-------------------------------------------
Rating and Investment Information, Inc. (RI) on July 5 has
assigned Nissan Motor Co. Ltd's long-term debt rating to BBB+.

ISSUER: Nissan Motor Co., Ltd. (TSE Code: 7201)
Long-term Debt
New Issue (Issued under the Shelf Registration scheme)
R&I RATING: BBB+

RATIONALE:

Nissan Motor has been implementing a far-reaching management
reconstruction plan revolving around its alliance with Renault,
and earnings potential is improving thanks to lower procurement
costs, enhanced capacity utilization ratios resulting from
reductions to production capacity, and efforts to boost sales
efficiency. Nissan has also been aggressively selling securities
and land holdings and the assets of non-core businesses, so the
targets of the Nissan Revival Plan have been achieved one year
early. The outstanding consolidated interest bearing debt of the
automobile division stood at 435.0 billion yen at the end of the
term to March 2002, a reduction of 518.0 billion yen since the
end of the previous term, so financial structure has improved
considerably.

The launch of the "Nissan 180" has meant that sales have been
rising and costs falling since April 2002, while product quality
and the speed of management have been enhanced, and efforts are
being made to maximize the effects of the alliance with Renault.
The key to the future will be whether the popularity of the
"March" can be extended into the medium-scale and standard
passenger car segments as well.

In June 2002, Nissan announced plans for a $500 million
investment on expanding the assembly plant in Canton,
Mississippi. The market environment in North America has become
more severe, with some companies starting to provide zero-
interest loans again, so it will be necessary to monitor whether
capacity usage rates can be maintained at levels sufficient to
ensure recovery of this investment in the period until the new
capacity comes on line in 2003, for example by boosting the
brand image and following sensible sales promotion strategies.


UFJ BANK: JCR Assigned A+ Rating to Bonds
-----------------------------------------
Japan Credit Rating Agency on Friday has assigned an A+ rating
to UFJ Bank bonds:

Issuer: UFJ Bank Limited (unlisted)
Issue: bonds no.14
Amount: Y100 billion
Issue Date: July 17, 2002
Due Date: July 17, 2007
Coupon: 1.01 percent
Covenants: Negative Pledge
Commissioned Company: No
Shelf Registration:
Maximum: Y1 trillion
Valid: two years from January 25, 2002

Rationale

JCR announced the downgrade of the long-term rating for the bank
from AA- to A+ on February 8, 2002.

The operating results announced on May 24 were forecasted with
the credit costs and net loss amounting to 1,074.5 billion yen
and 301.7 billion yen, respectively. JCR will continue to watch
carefully the earnings power and financial conditions of the
bank as well as the overall Japanese financial system.


WORLDCOM INC: May Sell Japanese Assets to Aid Restructuring
-----------------------------------------------------------
WorldCom Inc may sell its assets in Japan to restructure its
overall operations, the Nihon Keizai and AFX Asia reported
Wednesday.

Internet service arm, UUNet, became the first wholly foreign-
owned firm in 1998 to be licensed as a Type 1 telecommunications
service provider, meaning one that has its own telecom
infrastructure.

The Company integrated the operations of its three Japanese
firms in April 2001, because of weak performance, slashing staff
to 250 from 400.

The names of the other two firms were not disclosed in the
report.

Although WorldCom said it would not completely withdraw from
Japan, its rivals are said to be interested in acquiring the US
firm's fiber-optic network and other businesses because of their
customer base of major corporate users.

DebtTraders reports that Worldcom Inc's 11.250 percent bond due
in 2007 (WCOM07USR4) trades between 28 and 31. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=WCOM07USR4


WORLDCOM INC: Files Revised Statement With SEC
----------------------------------------------
WorldCom, Inc. announced on Monday that it delivered to the
Securities and Exchange Commission (SEC) a description revision
on July 1, 2002, regarding the facts and circumstances
underlying the events leading to WorldCom's June 25, 2002 press
release regarding its intent to restate its 2001 and first
quarter 2002 financial statements. The revision is more detailed
and includes four exhibits.

The revised statement is available on WorldCom's corporate
website at http://www.worldcom.com/infodesk/

About WorldCom, Inc.

WorldCom, Inc. is a pre-eminent global communications provider
for the digital generation, operating in more than 65 countries.
With one of the most expansive, wholly owned IP networks in the
world, WorldCom provides innovative data and Internet services
for businesses to communicate in today's market. In April 2002,
WorldCom launched The Neighborhood built by MCI - the industry's
first truly any-distance, all-inclusive local and long-distance
offering to consumers for one fixed monthly price. Effective as
of the close of regular trading on July 12, 2002, WorldCom will
eliminate its tracking stock structure and have one class of
common stock.

For more information, go to http://www.worldcom.com


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


KIA STEEL: POSCO Wants Ailing Steel Maker
-----------------------------------------
Steel giant POSCO has submitted a letter of intent regarding
acquisition of the ailing steel maker, Kia Steel Co., through
its unit, Changwon Specialty Steel Co., Maeil Business reported
Wednesday.

Other global companies abroad including Swiss steelmaker Duferco
made their bids to acquire Kia Steel.

Lead manager Samil Accounting Corp will take its preliminary due
diligence on about 20 bidders and choose a preferred negotiator
by the end of next month.

Kia Steel Co. has been put under court receivership since June
of 1998.


SAMSUNG ELECTRONICS: HS downgrades Rating to Buy on Won Rise
------------------------------------------------------------
Hyundai Securities has downgraded its rating on Samsung
Electronics Co to a 'buy' from 'strong buy', AFX Asia and Korea
Herald reported Wednesday.

"Stocks that suffered a downgrade can largely blame the strong
won, which is weighing on exports, and also weak third quarter
earnings," said Woo Dong-jae, an analyst at Hyundai.

Hyundai Securities industry analyst Simon Woo said that the
rating downgrade does not point to a change in his forecast for
Samsung's 2002 earnings but rather a need to review the timing
of any stock purchase.

"Investors are advised to hold back until August only with a
focus on bargain hunting opportunities," Woo said.

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 percent 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


SEOULBANK: Hana Demands Worker Cuts
-----------------------------------
Hana Bank demanded SeoulBank to trim its workforce by 1,000 as
one of the conditions for the acquisition, Digital Chosun
reported Tuesday.

An unnamed official at Hana said that the manpower reduction is
essential for maintaining Hana's competitiveness at the market
and upholding shareholders' interest.

The official said that only when SeoulBank cuts its workers by
25 percent would its per-capita productivity stand on a par with
Hana.


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


AYER MOLEK: May-Nov 2001 Penalty Charges Stand at RM123,499.19
--------------------------------------------------------------
The Ayer Molek Rubber Company Berhad, in reply to Query Letter
by KLSE reference ID: HY-020709-39102 regarding the Sessions
Court Kuala Lumpur S/No: 1-52-8831-02 Crestbeam Sdn Bhd vs the
Company, provided this additional information for public
release:

   1. The summon was dated 24 June, 2002 and served on Thursday,
4 July, 2002 at 2:40 p.m.

   2. The particulars of the statement of claim are as follows:

     (i) Rental of office space and penalty charges from May,
2001 till November, 2001 RM123,499.19

     (ii) Reinstatement works RM 83,160.00

     (iii) The interest rate reflected in the Statement of Claim
is 8% per annum from 13/December/2001 until full settlement.

   3. Crestbeam Sdn Bhd, the new owner of Wisma Goldhill with
effect from 10 April, 2001 is making a claim against the Company
on the clauses of the expired agreement signed between The Ayer
Molek Rubber Company Berhad (TAMRCB) and Nirwana Indah Sdn Bhd.
The said matter has been duly resolved in the legal dispute
between TAMRCB and Nirwana Indah Sdn Bhd. Nirwana Indah Sdn Bhd
in the said legal suit had requested the Company to vacate the
premises due to unpaid outstanding rental. Crestbeam Sdn Bhd has
got no local standi in making the clause under the Company.

   4. Nil.

   5. The Company has appointed Messrs Pritan, Eng and Suhaimi
to defend on behalf of the Company on the said matter.

   6. Nil.


BERJUNTAI TIN: Director Mohd Ramli Resigns From Post
----------------------------------------------------
Berjuntai Tin Dredging Berhad posted Change in Boardroom Notice:

Date of change : 08/07/2002  
Type of change : Resignation Boardroom
Designation    : Director
Directorate    : Independent & Non Executive
Name      : Mohamed Jamal Bin Dato' Mohd Ramli
Age      : 48
Nationality    : Malaysian
Qualifications : Masters of Business Administration, Cranfield
School of Managment, United Kingdom

Working experience and occupation  : Vice President - Pengkalen
Securities Sdn Bhd (June 1997 - December 1998), Executive
Director - L & M Corporation (M) Berhad (February 1999 - May
2002), Chairman - Ocean Capital Berhad (January 2002 - Present )  

Directorship of public companies (if any) : Malaysia Smelting
Corporation Berhad, Ocean Capital Malaysia Berhad

Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil

Profile

The Company (BTD) began as a tin mining company in Selangor. Due
to poor tin market conditions, it ceased all tin operations from
December 1993. BTD retained two dredges and kept them under care
and maintenance while the remaining units were sold. Meanwhile
BTD continued with its cement bricks manufacturing business. As
a result of the downturn in the property market, in October
1997, BTD suspended its bricks operations.

Currently, BTD is awaiting approval of its applications for
renewal of its mining leases and is continuing discussion with
the state government on the proposal to develop its mining land
into a mixed residential and commercial property. Besides this
proposal, the Board is seeking new business opportunities.

The Company had proposed to restructure the Group's financial
position. This involved the acquisition of property development
companies, Uniphoenix Jaya Sdn Bhd, Bukit Permata Sdn Bhd and
Oaksvilla Sdn Bhd; land in Bandar Sri Menjalara, Selangor, and
Mt Austin, Johor; and conversion of RM18.10m debts owed by BTD
to holding company Malaysia Mining Corporation. The proposal was
part of BTDs intention to be involved in property development.

On 26 November 2001, the SC informed it is unable to grant a
waiver to the Company for not complying with the minimum land-
bank requirement for property development companies of 1,000
acres. Consequently, the Board is deliberating on the course of
action to be taken.


HAP SENG: Enters Property Disposal SPA With John Madsen
-------------------------------------------------------
The Board of Hap Seng Consolidated Berhad, in reference to the
announcement in respect of the option granted to Mr. John
Madsen, an ex-director of the Company, to acquire the said
Property bearing the postal address of No. 6 Cerunan Tunku,
Bukit Tunku, 50480 Kuala Lumpur, announced that the Company had
on 9 July 2002 entered into a sale and purchase agreement (SPA)
with Mr. John Madsen pursuant to which the Company had agreed to
sell and Mr. John Madsen had agreed to purchase the said
Property on the terms and conditions therein contained (Proposed
Disposal).

Below are other salient details to the SPA in addition to the
information set out in an earlier announcement dated 27 March
2002:

(a) Payment Terms

The purchase price of RM5 million to be paid in full within
seven (7) days of the receipt by the Purchaser or the
Purchaser's Solicitors of all the Requisite Approvals, failing
which the Purchaser shall be granted an extension of thirty (30)
days thereafter to pay subject to a late payment interest of 10%
per annum.

(b) Requisite Approvals

The Proposed Disposal is subject to these approvals being
obtained:

   (i) the approval of the Foreign Investment Committee (FIC);

   (ii) the approval of the State Authority; and the approval of
any other relevant governmental authority as may be necessary or
required by law.

The said SPA in respect of the Proposed Disposal is available
for inspection at the registered office of the Company during
normal office hours on any working day for a period of two weeks
commencing on the date of this announcement.


KEMAYAN CORPORATION: CMSB Conditional Disposal Annulled
-------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad announced
that the conditional disposal of a wholly-owned subsidiary,
Citra Muhibbah Sdn Bhd (CMSB) to Ascend Profile Sdn Bhd for a
total cash consideration of RM1,200,000.00 was rendered null and
void by reason of the non-fulfillment of the Conditions
Precedent with the time therein stipulated and the absence of
any agreement for the extension of time.

TCR-AP reported last month that Kuala Lumpur High Court has
granted an interim extension of the restraining order until 11
July 2002.


KUALA LUMPUR: BNM Approves ECB's ICULS Issuance
-----------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of
Kuala Lumpur Industries Holdings Berhad  (Special Administrators
Appointed), announced that the Company has received the approval
of Bank Negara Malaysia (BNM) for the issuance by Equine Capital
Berhad (ECB) of irredeemable convertible unsecured loan stocks
(ICULS) to foreign parties pursuant to the proposed acquisition
by ECB of the entire equity interest of Taman Equine (M) Sdn
Bhd.

The approval of the BNM is subject to ECB obtaining the relevant
approvals and complying with the conditions imposed by the
relevant regulatory authorities.

The Proposal is still subject to approvals being obtained from
the following:

   (i) The Securities Commission;

   (ii) The Kuala Lumpur Stock Exchange (KLSE) for the
following:

     (a) The admission to the Official List and the listing of
and quotation for the entire issued and paid-up share capital of
ECB on the Main Board of the KLSE;

     (b) The listing of and quotation for the ECB ICULS on the
Main Board of the KLSE; and

     (c) The listing of and quotation for the new ordinary
shares of RM1.00 each in ECB to be issued pursuant to the
conversion of the ECB redeemable convertible secured loan stocks
A, ECB redeemable convertible secured loan stocks B and ECB
ICULS on the Main Board of the KLSE; and

   (iii) The Ministry of International Trade and Industry for
the recognition of Bumiputera investors pursuant to a proposed
offer for sale, if necessary, of ordinary shares in ECB.


FW INDUSTRIES: Faces Suit Filed by Hiap Teck Over Alleged Debt
--------------------------------------------------------------
FW Industries Berhad informed that on 26th June 2002 it had been
served with a legal suit dated 26th June 2002 by Hiap Teck
Hardware Sdn. Bhd.

Hiap Teck is claiming for the alleged sum of RM388,918.54 (the
Debt), being corporate guarantee granted by FW for goods
supplied by Hiap Teck to its subsidiary, Fieldwork Engineering
Sdn. Bhd. (FESB) together with interest of 1.5% per month on the
sum of RM264,425.98 from 18th November 1999 to 26th June 2002
(952 days) and costs of RM350.00. Hiap Teck is now demanding the
settlement of the Debt within twenty-one (21) days upon receipt
of the Statutory Notice, failing which, they may institute
winding-up proceedings against the Company.

Meanwhile, the Company has instructed its legal counsel to
defend the case and will keep all relevant parties informed
about its outcome in due course.


FW INDUSTRIES: Answers KLSE's Litigation Queries
------------------------------------------------
FW Industries Berhad, in reference to the Query Letter by KLSE
reference ID: PY-020709-39488, pertaining to Legal Suit:
Aseambankers Malaysia Berhad against the Company, replied the
queries dated 9th July 2002, as follows:

   1. In 1999, the previous Management team had appointed
Aseambankers as Adviser for a Proposed Acquisition, Proposed
Rights Issue with Warrants and the Proposed Establishment of
Employee Share Option Scheme (ESOS) (the Proposals). Due to
unfavorable market condition, the previous Management had not
proceeded with the said Proposals. Hitherto, Aseambankers had
demanded for the fees on services rendered but FW's Directors
opined that the fee should be further negotiated to an
acceptable sum and preferred it to be settled under the Proposed
Corporate Restructuring Scheme of FW.

   2. Except for the disputed alleged sum of RM72,553.00,
inclusive of interest and costs by Aseambankers, there is no
other and additional financial and operational impact on the
Group.

   3. The Company is only exposed to a potential contingent loss
on the disputed alleged sum of RM72,553.00 arising from the said
litigation.


PAN PACIFIC: Provides Defaulted Payment Status Update
-----------------------------------------------------
The Board of Directors of Pan Pacific Asia Bhd provided the
Default in Payment as at 30 June 2002 of PPAB and its
subsidiaries in accordance with the Practice Note No. 1/2001, as
set at http://www.bankrupt.com/misc/TCRAP_PanPacific0712.xls.

The Board also informed that there are no material changes in
PPAB's status of default from the date of last announcement
until 30 June 2002.

Early this month, TCR-AP reported that PPAB together with
its appointed scheme adviser, Deloitte & Touche Consulting Group
Sdn Bhd has formulated a preliminary scheme to settle the debts
of PPAB and its group of companies (PPAB Group) and to
regularize the financial condition of the PPAB Group (Proposed
Scheme).


POLY GLASS: SC OKs Original Rights Issue Proceeds Utilization
-------------------------------------------------------------
Poly Glass Fibre (M) Berhad, further to its announcement on 28
June 2002 in relation to the Proposed Revision of RM8.332
million from the original utilization of rights issue proceeds,
announced that the Company has decided to maintain the original
proposed utilization of proceeds as approved by the Securities
Commission on 21 December 2000.

Profile

Poly Glass pioneered the commercial production of fiber
glasswool in Malaysia and was the sole supplier until 1993. On
its own, the Company produces six product lines.

The Company's manufacturing facility is located in Prai, Penang.
Production output is 8,000 m/t per annum. Another plant in
Indonesia has an annual production output of 3,000 m/t and one
in Hubei, China, 3,000 m/t per annum. The products are exported
to Singapore, Indonesia, Thailand, Philippines, Australia, Hong
Kong, Taiwan, Brunei, Japan, New Zealand, Pakistan, India, UAE,
China, Vietnam, South Africa and Myanmar.

Poly Glass also owns a property development company which is
currently undertaking the development of Diamond Creeks Country
Retreat located adjacent to Proton City and close to the
township of Tanjung Malim.

Property development subsidiary Golden Approach Sdn Bhd (GASB)
is currently undergoing litigation arising out of a winding-up
petition originated on 4 January 1999 by Sri Binaraya Sdn Bhd, a
main contractor of GASB, on the grounds that GASB is unable to
pay an alleged debt of RM2,108,820.


SATERAS RESOURCES: Changes Registered Address
---------------------------------------------
Sateras Resources (Malaysia) Berhad posted this notice:
   
Change description : Registered
Old address    : 46th Floor, Empire Tower, City Square
   Center, 182 Jalan Tun Razak, 50400 Kuala
   Lumpur
New address   : Office Suite 19-17-1, Level 17, UOA Center,
      19 Jalan Pinang, 50450 Kuala Lumpur
Telephone no   : 21625288
Facsimile no   : 21618529
E-mail address   : sateras@time.net.my
Effective date   : 10/07/2002  

TCR-AP reported on May 9 that in respect of the Proposed
Settlement of RM254,170,157 debts owing to identified Creditors
of the Sateras Group and Proposed Restructuring Scheme informed
that Arab-Malaysian Merchant Bank Berhad, its new adviser, is
urgently working on the New Proposed Restructuring Scheme. The
Board will make details of the new proposal available as
soon as they are finalized.


SITT TATT: Complying With Proposed Acquisitions Guidelines
----------------------------------------------------------
Utama Merchant Bank Berhad (UMBB), on behalf of Sitt Tatt
Berhad, announced that the Securities Commission (SC) had
pursuant to its letter dated 3 July 2002 requested Sitt Tatt to
ensure that the Proposed Acquisitions submitted by Sitt Tatt to
the SC fully complied with the latest Guidelines on Acquisition
of Foreign Securities and Assets issued by the SC on 8 May 2002
(Latest Guidelines).

In relation to the above, Sitt Tatt is currently working closely
with its advisers to ensure that the Latest Guidelines is fully
complied with as well as ensuring that the Vendors for the
Proposed Acquisitions obtain Bank Negara Malaysia's approval.

An announcement will be made in due course for any revision(s),
if any, which may be required, to comply with the Latest
Guidelines dated 8 May 2002.

The Proposals are:

   * Proposed Acquisitions of the entire issued and paid-up
share capital of Pyramid Manufacturing Industries Pte Ltd,
Singapore (Pyramid), CEM Machinery Pte Ltd, Singapore (CEM) and
PMI Plating Services Pte Ltd, Singapore (PMI) (Proposed
Acquisitions);

   * Proposed Waiver for MISL & Associates Sdn Bhd and Concerted
Parties from having to extend a mandatory offer for the
remaining shares in Sitt Tatt after the Proposed Acquisitions
(Proposed Waiver).

   * Proposed Rights Issue on the basis of one (1) new ordinary
share for every two (2) existing ordinary shares held (Proposed
Rights Issue);

   * Proposed Employees' Share Options Scheme of up to 10% of
the issued and paid-up capital of Sitt Tatt (Proposed ESOS); and

   * Proposed Increase in Authorized Share Capital (Proposed
IASC).


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


BENPRES HOLDINGS: PhilRatings Downgrades Unit's LTCP at PRS Ba
--------------------------------------------------------------
PhilRatings announced, following the assignment of a PRS C or
"in default" rating to Benpres Holdings Corporation (Benpres)
which holds a 24.5 percent stake in Rockwell and a 44 percent
stake in First Philippine Holding Corporation's (FPHC), that
Rockwell Land Corporation's (Rockwell) rating for its remaining
P1.67 billion in long-term commercial papers (LTCP), maturing
within 2002-2004, has been revised downwards to PRS Ba. FPHC PRS
A rating for its outstanding P800 million LTCPs falling due
between November 2003 and January 2004, on the other hand, is
still under review.

The PRS Ba rating on Rockwell's LTCPs is defined as: "Judged to
have speculative elements.Often the protection of interest and
principal payments may be very moderate, and thereby not well
safeguarded." The rating reflects the Company's weakened
financial profile resulting from continued low demand for
residential condominium properties and commercial lots. A
slowdown in sales, weak property prices, and an increased debt
level and consequently, financial charges, in the last two years
have negatively affected the Company's bottom line. Rockwell
incurred a net loss amounting to P791 million in 2001.

Rockwell's immediate concern is the quarterly repayment of its
LTCPs until 2004 and meeting its obligations on other maturing
short-term debt amounting to P2.2 billion. Of this amount, a
P714 million syndicated term loan will fall due in December
2002. Rockwell's target is to reduce its debt to about P2
billion by next year.  A substantial reduction in debt, as well
as any long-term improvement in its financial profile, however,
hinge on its ability to sell remaining completed condominium
units and some lots, the timing of which, given present market
conditions, is quite uncertain.

Pre-selling of Rockwell's Manansala residential condominium
project is presently on going and results have been satisfactory
to date. Proceeds from this, however, will go directly to the
construction of the proposed 650 condominium units. Lease and
other income from mall operations, on the other hand, cover
operating expenses and a portion of maturing obligations. The
Power Plant mall, at present, is fully tenanted and is
benefiting from an improvement in customer traffic, bolstered
partly by the completion of an access ramp from Edsa.

FPHC's rating of PRS A is under review pending the finalization
of a 3-5 year term financing needed to refinance the Company's
USD 85 million in convertible notes which have a put option
exercisable by early August 2002. Any delay in the Company's
efforts to improve its debt maturity structure to better match
cash flows may result in a rating change. Although the Company
is expected to benefit from stronger and improved cash flows
from its power subsidiary, First Generation Holdings Corporation
(FirstGen), going forward, its substantial amount of maturing
debt (i.e. about P8.57 billion) in the next two years exposes
the Company to significant refinancing risk.

FirstGen now contributes 94 percent to FPHC's revenues. Its Sta.
Rita gas-fired power plant already completed its first full year
of operations. The scheduled operation of the 500-MW San Lorenzo
plant within the month should further enhance the group's
earnings. At present, FPHC is also negotiating with a
prospective investor for the possible sale of a 20 percent stake
in FirstGen.

Benpres' present financial situation undoubtedly affects other
companies within the group, particularly in the area of
financial flexibility. The willingness of creditors to extend
new facilities and on what terms still remain to be seen.


FAIRMONT HOLDINGS: Megaworld Board Okays Swap Deal With Marina
--------------------------------------------------------------
In a disclosure issued to the Philippine Stock Exchange (PSE),
Megaworld Corp said its board of directors has approved plans to
swap some of the completed residential units in its Marina
Square Suites with Fairmont Holdings in exchange for the
latter's 30 percent stake in the joint venture development
project.

The board has authorized Megaworld Chairman and President Andrew
Tan to negotiate the terms of the swap and to execute the
corresponding agreement with Fairmont. (M&A REPORTER - ASIA
PACIFIC, Vol. No.1, Issue No. 136, July 11, 2002)

According to Technistock.com as of 2001, Fairmont Holdings has
total current assets of P4.45 million, compared to total
liabilities of P13.78 million.


PHILIPPINE LONG: Offers Global Clearinghouse Services W/ Itopia
---------------------------------------------------------------
Philippine Long Distance Telephone Inc. (PLDT) and iTopia, a
global telecommunications service provider and distributor
announced Wednesday they are extending their relationship to
provide Clarent- based Global Clearinghouse Service through
iTopia's international networks across Asia, USA and Europe.

Offered under iTopia Clearinghouse, this global alliance will
expand iTopia's capability to offer quality Global Clearinghouse
Services at attractive rates through the new expanded global
network capacity. This offering will enable iTopia Clearinghouse
and its alliance partner to provide viable alternative offerings
to traditional Public Internet based Clearinghouse.

"Efficient Global Clearinghouses are important business
functions of carriers and service providers as they continue to
explore ways to improve service levels and earnings. iTopia
believes that the demand for quality Clearinghouse services in
Asia, USA and Europe remains strong," said iTopia Managing
Director, Ng See Nguan.

iTopia Clearinghouse Services believes that the concept of one-
size-fits-all will not be able to meet the demands of the
carriers for quality wholesale traffic or re-file traffic at
attractive prices. The ability to bring these offerings to the
doorsteps of the carriers goes a long way in ensuring service
quality and tailored packaging options. iTopia and most of the
carriers in the Asia Pacific region remain strongly committed to
the Clarent platform and technology to support their future
business and services expansion.

Focused on delivering quality service, there has been a
significant migration in the Asia Pacific region, from older IP
platforms to Clarent. While other platforms require major
investments from service providers to fit "square service
products" through "round platforms", Clarent solutions offer
simple set- up, easy maintenance, rapid deployment and delivery
at significantly lower costs.

About PLDT

The Philippine Long Distance Telephone Company (PLDT) is the
principal supplier of domestic and international
telecommunications services in the Philippines. PLDT's
telecommunication network serves the Metro Manila area and 188
other cities and municipalities throughout the country. PLDT
also provides other services including Internet access, digital
leased lines, high-speed data transmission, and private
networking services. For more information, please visit
www.pldt.com.ph.

About iTopia

iTopia Group is a privately held multi-national Company focused
on the distribution, integration and provision of services for
IP based telephony products and communications. The Company has
a global presence and operates retail, wholesale and
clearinghouse facilities. Founded in 1998, iTopia is
headquartered in Kuala Lumpur, Malaysia with sales offices in
South East Asia, Hong Kong, China, India and United Kingdom. For
more information, please visit www.itopia.biz.

About Clarent

Clarent Corporation is a leading provider of Softswitch and
enterprise convergence solutions for next generation networks.
Clarent solutions enable service providers and enterprises to
quickly deploy an integrated network capable of carrying both
voice and data traffic, deliver capital and operating expense
savings, and generate new revenue opportunities with innovative
services. Founded in 1996, Clarent is headquartered in Redwood
City, California, and has offices in Asia, Europe, and North
America. For more information please visit www.clarent.com.

CONTACT: PLDT

Ridel C. Domingo, 63 2 816 8196
rcdomingo@pldt.com.ph
or
iTopia
Lim Siew Siew, 603 7880 1828
limss@itopia-ap.com
or
Asia PR. Comz
Wong Voal Voal, 65 9799 0551
voal@asia-pr.com


PHILIPPINE LONG: Clarifies News Articles From PDI and Moody's
-------------------------------------------------------------
The Philippine Long Distance Telephone Inc. (PLDT) clarifies
news articles from Philippine Daily Inquirer dated July 9 and
Moody's Investors Service dated July 3:

   1. "MVP Camp Draws up plan to keep PLDT," published in
Philippine Daily Inquirer and

   2. "Moody's Changes PLDT's Outlook to Negative', published in
Moody's Investors Service.

On the first item, PLDT said that the Company have not receive
any notice from Mr. M. V. Pangilinan and/or Mr. A. O. Cojuanco
of their plans, if any, "to take over the telecommunications and
property interests of First Pacific Company Limited", as
reported Thursday by the Philippine Daily Inquirer. In any
event, such plans, if any, are essentially shareholder matters
and until PLDT is notified of these plans, it is unable to
provide comment.

On the second item, PLDT acknowledge that Moody's has changed
it's credit rating outlook to negative from stable. PLDT believe
this arises primarily from the perceived delay in the completion
of PLDT's debt management activities, which in turn, has been
caused by the uncertainties from the recently disclosed
transaction between First Pacific Company Limited (First
Pacific) and the Gokongwei Group. The Company advised that
PLDT's debt management program has been proceeding well towards
its completion prior to the announcement of the First Pacific -
Gokongwei transaction.

For a copy of the disclosure click on
http://bankrupt.com/misc/TCRAP_PLDT_clarification.pdf


PHILIPPINE LONG: Asks US Court to Expedite Hearing
--------------------------------------------------
Philippine Long Distance Telephone Co's (PLDT) lawyers will ask
the New York District Court to expedite the hearing of its suit
against First Pacific over the disclosure of its deal with the
Gokongwei group to take a controlling interest in PLDT, Business
World and AFX Asia reported Wednesday.

The report said PLDT would also be asking the court for an
injunction to compel First Pacific to unveil a copy of its joint
venture deal with the Gokongwei group.


URBAN BANK: Exportbank in Talks to Sell Branches
------------------------------------------------
An official of Export and Industry Bank (Exportbank) says the
bank is now in talks with other commercial banks for the
possible sale of some of the closed bank's branches it had
inherited from the closed Urban Bank, Business World reported.
He also stressed the number of branches to be sold, should the
talks with other banks progress, will be very minimal.

Since it took over Urban Bank, Exportbank has already opened
five of the former's 28 branches, and plans to open eight more
before the year-ends. (M&A REPORTER - ASIA PACIFIC, Vol. No.1,
Issue No. 136, July 11, 2002)

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
=================


ASIA PULP: Deutsche Bank Considers Consensual Restructuring
-----------------------------------------------------------
Deutsche Bank announced Wednesday that it sees the Memorandum of
Understanding regarding Asia Pulp and Paper (APP) between
Indonesia Bank Restructuring Agency (IBRA) and the Export Credit
Agencies (ECAs), as an important stop in the right direction to
push the Widjaja family towards a consensual restructuring. In
particular, Deutsche Bank regards steps to be initiated such as
cash control mechanisms, to prevent diversion of funds, as vital
to the process. Creditors have been insisting on this for some
time to no avail.

Deutsche Bank therefore considers that a consensual
restructuring is most likely to be achieved under the
stewardship of independent judicial managers working with IBRA
and the other creditors. Accordingly Deutsche Bank's petition
for judicial management is complementary to the initiative
commenced by IBRA and the ECAs.

Deutsche Bank has also been served recently an affidavit by
Center Solutions, a unit of Zurich Financial Services Group. The
affidavit reinforces the need for judicial managers and Deutsche
Bank believes that other APP creditors will also share their
concerns.

A copy of Deutsche Bank's press release can be found at
http://bankrupt.com/misc/TCRAP_APP_DB_release.pdf


BBR HOLDINGS: Enters Separate Subscription Agreements
-----------------------------------------------------
The Directors of BBR Holdings (S) Ltd announced on Tuesday that
the Company has entered into separate subscription agreements
dated 8 July 2002 with:

   (a) Arthur Andersen Associates (S) Pte Ltd (AAA) pursuant to
which AAA has agreed to subscribe for 15,050,000 new ordinary
shares of S$0.05 each in the capital of the Company at a
subscription price per share of S$0.05 amounting to an aggregate
subscription price of S$752,500; and

   (b) Don Ho Mun-Tuke (Don Ho) pursuant to which Don Ho has
agreed to subscribe for 3,000,000 new ordinary shares of S$0.05
each in the capital of the Company at a subscription price per
share of S$0.05 amounting to an aggregate subscription price of
S$150,000

(collectively the Subscriptions)

The aggregate 18,050,000 new ordinary shares of S$0.05 each in
the capital of the Company (the New Shares) to be issued and
allotted to AAA and Don Ho respectively pursuant to the
Subscriptions will (when issued) rank pari passu in all respects
with the existing ordinary shares of the Company.

The Subscriptions are conditional upon, inter alia, the approval
of the Singapore Exchange Securities Trading Limited for the
listing and quotation of the New Shares on the Official List of
the SGX-Sesdaq. The issue of the New Shares is made pursuant to
the shareholders' general share issue mandate passed at the 8th
Annual General Meeting of the Company on 24 June 2002.

The New Shares represent approximately 1.57 percent of the
present issued and paid-up share capital of the Company and the
subscription price of S$0.05 for each New Share represents a
premium of 100 percent from the weighted average price of
S$0.025 for trades done on the Company's shares on 5 July 2002.
The subscription price of S$0.05 for each New Share is
equivalent to the issue price of S$0.05 for each new ordinary
share of the Company issued under the Scheme (as defined below).

The aggregate subscription prices of S$752,500 and S$150,000
payable by AAA and Don Ho respectively to the Company will be
set-off against (in full and final payment, settlement and
discharge of) the same amount owing by the Company to AAA and
Don Ho for services rendered to the Company by AAA and Don Ho as
independent financial adviser and scheme manager respectively in
connection with the scheme of arrangement between BBR
Construction Systems Pte Ltd (BBRCS), a wholly-owned subsidiary
of the Company and certain creditors of BBRCS (as previously
announced).

The issue of the New Shares will increase the existing issued
ordinary share capital of the Company as at the date hereof from
1,149,303,695 ordinary shares of S$0.05 each to 1,167,353,695
ordinary shares of S$0.05 each. The Group's un-audited net
tangible asset per share (based on the audited consolidated
financial statements of the Group as at 31 December 2001 but
taking into account the Scheme shares issued under the Scheme)
was negative S$0.00038. After adjusting for the issue of the New
Shares, the Group's un-audited net tangible assets per share as
at 31 December 2001 (taking into account the Scheme shares
issued under the Scheme) will be negative S$0.00037.

None of the Directors or substantial shareholders of the Company
has any interest, direct or indirect, in the issue of the New
Shares.

TCR-AP reported that the Company's Directors expect market
conditions to remain competitive and difficult for the year and
therefore the group's operating performance will remain weak for
the rest of the year and it expects the losses in the second
half of FY 2001 to be higher than that reported in the first
half of FY 2001. The additional losses are mainly due to the
provisions for certain litigation cases stated in the circular
to members dated 11 March 2002 (the Circular), additional
provision for doubtful debts, cost overruns, non-recoverable
inter-Company debts due from subsidiaries that had gone into
liquidation and losses arising from the disposals of fixed
assets.


PANPAC MEDIA.COM: MoU With Diphthongs Terminated
------------------------------------------------
The Board of Directors of Panpac Media.com Limited, in
connection with a Memorandum of Understanding (MOU) in relation
to a proposed joint venture with Diphthongs Pte Ltd (Diphthongs)
in the People's Republic of China (PRC), said that pending the
outcome of the proposed acquisition of Auston Technology Group
Pte Ltd as announced by the Company on various occasions, the
Company does not intend to proceed with the proposed
transactions contemplated under the MOU.

As such, the MOU was allowed to lapse in accordance with the
terms thereof by mutual agreement of the parties.

TCR-AP reported that Panpac Media.com Limited announced on March
3 that Mr. Jack Lin resigned as a Director of the Company with
effect from February 21, 2002. On February 8 the Company made an
announcement relating to the proposed voluntary winding up of
its wholly owned subsidiary, ZingAsia Pte Ltd (ZingAsia).


SEMBCORP INDUSTRIES: Issues SCM Privatization Update
----------------------------------------------------
The Board of Directors of SembCorp Industries Ltd (SCI)
announced Wednesday that the Company has been granted a waiver
by the Singapore Exchange Securities Trading Limited from having
to seek SCI shareholders' approval under Clause 1014 of the SGX-
ST Listing Manual in connection with the proposed privatization
by the Company of SembCorp Marine Ltd (SCM).

Additional Information

Further to SCI's announcement made on June 24, 2002 (which
includes a copy of the materials presented at the press and
analysts' conference held on June 24, 2002) in relation to the
Privatization, the Board of Directors would like to provide the
shareholders of the Company with the following additional
information:

1. The aggregate consideration of the acquisition of the SCM
shares (other than those already held by the Company) (SCM
Shares) is approximately S$583 million in cash and was arrived
at after taking into account various factors including the
market price of the SCM Shares and the net tangible assets per
SCM Share;

2. The attributable net assets and net tangible asset value of
the SCM Shares (both based on the last audited financial
statements of SCM as at December 31, 2001) and the open market
value of the SCM Shares (based on the last transacted price
immediately prior to June 24, 2002, being the date of the
announcement of the Privatization) to be acquired by the Company
in connection with the Privatization are approximately S$341
million, S$335 million and S$466 million respectively;

3. The 36.93 per cent share of operating profit before income
tax (PBIT) attributable to the SCM Shares to be acquired by the
Company amounts to approximately S$38.2 million (based on the
audited financial statements of SCM for financial year ended
December 31, 2001). The S$38.2 million will not have an
incremental impact on SCI Group's PBIT (being before minority
interests). The full PBIT of SCM is already consolidated as SCM
is an existing subsidiary of the Company;

4. The Company proposes to finance the Privatization through
borrowings;

5. Save as disclosed below, none of the directors or substantial
shareholders of the Company has any interest, direct or
indirect, in the Privatization:

   (i) Wong Kok Siew, a director and Deputy Chairman/CEO of the
Company, is also a director on the board of SCM. He has direct
interests of 75,000 shares and 475,000 options in SCM. He also
has direct interests of 236,446 shares and 1,900,000 options in
the Company;

   (ii) Lua Cheng Eng, a director of the Company, has 280,000
options in SCM; and

   (iii) Temasek Holdings (Pte) Ltd (Temasek) and Singapore
Technologies Pte Ltd (STPL) are substantial shareholders of the
Company with direct interests of 215,054,693 and 711,254,167
shares respectively in SCI. Temasek and STPL also have indirect
interests of 889,403,260 and 888,803,260 shares respectively in
SCM.

6. None of the directors of SCM is proposed to be appointed to
the Company in connection with the Privatization.

Shareholders are advised to refer to the Announcement for
details on the particulars of the SCM Shares to be acquired, the
description of SCM's business, material conditions attaching to
the Privatization, the effects of the Privatization on the net
tangible assets and earnings per share of the Company for the
most recent financial year and the rationale for the
Privatization including the benefits.

According to Wright Investor's Service, at the end of 2001,
SembCorp Industries Limited had negative working capital, as
current liabilities were 2.95 billion Singapore Dollars while
total current assets were only 2.56 billion Singapore Dollars.


SPP LIMITED: Reveals HK Project Arbitration Proceedings Results
---------------------------------------------------------------
SPP Limited announced that on July 9, 2002 its wholly owned Hong
Kong incorporated subsidiary BPL (HK) Private Limited (BPLHK)
received in full the payment of HK$14,759,217.98 from a Hong
Kong incorporated Company Chun Wo Foundations Ltd (Chun Wo)
pursuant to an arbitral award dated May 17, 2002, which was made
in BPLHK's favor (the Award) in an arbitration proceeding (the
Arbitration).

On October 17, 2000, BPLHK commenced the Arbitration against
Chun Wo claiming for payment in respect of work done by BPLHK as
well as damages in respect of Chun Wo's repudiation of a
contract under which BPLHK undertook foundation works for Chun
Wo in Hong Kong in 1999/2000.

Under the Award, Chun Wo was ordered to pay BPLHK the sum of
HK$13,719,795.55 (the Award Monies) plus interest. Chun Wo paid
BPLHK a sum of HK$14,698,023.98 on July 4, 2002 and a sum of
HK$61,194 on July 9, 2002. As of July 4, 2002, the interest
amounted to HK$1,039,422.43.

The SPPL Group has made provision for the debt owing from Chun
Wo as per the details in item 32 of the Notes to the Financial
Statements in the Company's Annual Report for financial year
ended 31 December 2001.

Following the Award, Chun Wo filed an originating motion in the
Hong Kong High Court on June 6, 2002 for leave to appeal against
the Award (the Leave Application). The Leave Application seeks
an order that the Award be remitted to the arbitrator for his
reconsideration.

As for the costs of the Arbitration, BPLHK will have to apply to
the arbitrator for an award on costs in the event that there is
no agreement reached between the parties in this respect.

Subject to the outcome of Chun Wo's Leave Application, the
outcome of the appeal and any reconsideration of the Award by
the arbitrator (in the event that the Leave Application is
successful) and a determination on the issue of the arbitration
costs by the arbitrator (if there is no agreement between the
two parties), SPPL is of the opinion that the Award is expected
to have a positive impact on the SPPL Group's consolidated net
tangible assets and earnings for the current financial year
ending 31 December 2002. However, SPPL is not able to quantify
the final impact of the Award in view of the above
contingencies.

According to Wright Investor's Service, at the end of 2000, SPP
Limited had negative working capital, as current liabilities
were S$60.34 million while total current assets were only
S$47.74 million.


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


ABICO HOLDINGS: Meeting Resolved to Give Unit Financial Aid
-----------------------------------------------------------
Abico Holdings Public Co., Ltd., in reference to the Board of
Directors Meeting No. 3/2545 on 28 June 2002, passed a
resolution that the company enter into the obligation of
accepting to pay the debt as a joint debtor to Sino-Thai
Engineering and Construction Public Co., Ltd., which is the
trade creditor of Abico Land Company Limited, in the amount of
Bt40 million so that Abico Land Company Limited, the company's
subsidiary, would be without any due debt to Sino-Thai
Engineering, its creditor, according to the subsidiary's
condition of application for credits from a financial
institution.

The company holds 80% of the subsidiary's shares, which is its
major shareholder, and another 40% in the remaining
subsidiaries, split into 4  other shareholders, who have no
involvement and no interest with the company in making this
particular.  The names of the shareholders, other than the
company, are:

   * Sino-Thai Engineering and Construction Public Co., Ltd.,
holding 15% of the shares;

   * GF Public Co., Ltd., holding 9.5% of the shares;

   * Rajdamri Thurakit Co., Ltd., holding 0.5% of the shares.

This was so as to solve the debt burden problem and increase the
liquidity of the subsidiary, so the meeting passed the
resolution that the company gives its assistance by entering
into the obligation of accepting to pay the subsidiary's debt as
a joint debtor of the subsidiary's credit and accepting the
subsidiary as the company's debtor with the same amount
according to Managing  Director.


BANGKOK RUBBER: Reorganization Plan Approved, Under Review
----------------------------------------------------------
The Central Bankruptcy Court issued an order approving the
business reorganization of Bangkok Rubber Public Company Limited
and appointed B.R.C. Planner Company Limited as planner on 24
December 2001. The Planner had to prepare the business
reorganization plan and submitted to the Creditor Meeting and
the Central Bankruptcy Court on 22 April 2002.  However, the
Planner requests an approval from the Central Bankruptcy Court
for an extension of the plan submission period to 24 June 2002.

The business reorganization plan was submitted to the official
receiver on 24 June 2002, and the official receiver scheduled
the Creditor Meeting for consideration of this plan on 8 August
2002, at 9.30 a.m. at Chaopraya Room 3, Monthien Riverside
Hotel, Rama III Road, Bang Kho District, Bangkok.  

If the Creditors Meeting results in the business plan's  
acceptance, the official receiver will submit the business
reorganization plan to the Central Bankruptcy Court for request
for further approval.

      
CHRISTIANI & NIELSEN: Court Appoints CN Advisory as Planner
-----------------------------------------------------------
Christiani & Nielsen (Thai) Public Company Limited informed that
on July 8, 2002, the Central Bankruptcy Court issued an order
approving the Business Reorganization of the Company and
approving CN Advisory Co., Ltd. as the Planner. The rights and
duties of the Company would have passed to the Planner since
such date.


N.T.S. STEEL: Creditors Resolves Reorganization Plan Amendment
--------------------------------------------------------------
331 Planner Co., Ltd., in its capacity as the Plan Administrator
of N.T.S. Steel Group Public Company Limited, informed that on
date 8 July, 2002, the creditors' meeting passed a resolution to
approve the amendment for reorganization plan about NTS merger
with the Cementhai Holding Co., Ltd., the Siam Iron and Steel
(2001) (SISCO 2001) and the Siam Construction Steel Co.,
Ltd., (SCSC).

The official receiver will report the resolution to the Court
and the Court has set the date to conduct a hearing and
consideration of the above Plan on July 19, 2002, at The Central
Bankruptcy Court. The Planner will release the summary of
reorganization plan details after the Court had approved the
creditors' resolutions.


RAIMON LAND: Posts Shares Offering Results
------------------------------------------
Raimon Land Public Company Limited, according to its Business
Rehabilitation Plan, would increase the registered capital and
allot 4,061,200 ordinary shares, par value of Bt10, to the
Unsecured Financial Creditors for debt-to-equity swap in
proportion to the debts under the applications for debt
repayment, which were finally ruled.  

The Company already reported the result of the offering to SET
on 19 March 2002 that the Company had allotted 3,990,805
ordinary capital increase shares to the finally-ruled Unsecured
Financial Creditors with the remaining 70,395 ordinary shares
pending debt-to-equity swap.  

And on 24 May 2002, the Company registered the split of the par
value of ordinary shares from the par value of Bt10 to Bt5,
resulting that the number of the ordinary shares pending
debt-to-equity swap to increase from 70,395 shares to 140,790
shares.

Presently, the Central Bankruptcy Court/the Official Receiver
has finally ruled.  The Company, therefore, is desirous of
reporting the result of the offering of the remaining 140,790
shares, as follows:

1. Information Relating to the Shares Offering.

Types of Shares offered :  new ordinary shares
Number of Shares offered:  140,790 shares
Offered to              :  6 unsecured Financial Creditors as
   provided in the Rehabilitation Plan
Price per Share         :  Bt6.00 per share
Subscription and Payment Period:  5 July 2002.

2. The Result of the Shares Sale.

[ / ]   Totally Sold.
[   ]   Partly Sold Out, with shares unsold.

3. Details of the Shares Sale.
                                                                      
unit : shares

        Thai Investors        Foreign Investors            Total
      Juristic   Individual     Juristic    Individual

Number of Persons   4       1            1        --         6
Number of Subscribed   
Shares            94,662   27,677       18,461    --    140,790
Percentage of Total  
Shares Offered
for Sale     67.23    19.66        13.11     --      100

4.      Amount of Money Received from Shares Sale.
Total amount            :       Bt703,950.-               
Less expenses           :          -            
        Net amount received     :       Bt703,950.-       


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
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