TCRAP_Public/020715.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

            Monday, July 15, 2002, Vol. 5, No. 138

                         Headlines

A U S T R A L I A

CTI COMMUNICATIONS: Terpei Ceases to be Shareholder
GOODMAN FIELDER: Posts Daily Share Buy-Back Notice
HARRIS SCARFE: Releases Shareholders' Update From Liquidators
OPEN TELECOMMUNICATIONS: Appoints Voluntary Administrator
PHONEWARE LIMITED: Asset Distribution May Take One Year

WESTERN METALS: 8,000,000 Unlisted Options Expire


C H I N A   &   H O N G  K O N G

401 HOLDINGS: Proposes Convertible Bonds Issuance to Repay Debt
BILLION HARVEST: Winding Up Petition Set for Hearing
CAN DO: Appoints News Independent Non-executive Director
DAILYWIN GROUP: Price, Turnover Movements Inexplicable
LAI SUN: Likely to Book HK$240M Loss

PACIFIC GLORY: Winding Up Petition to be Heard
PALIBURG HOLDINGS: Independent Non-Exec Dir Gonzalez Resigns
SUNFLOWER PAPER: Faces Winding Up Petition


I N D O N E S I A

INDAH KIAT/TJIWI KIMIA: JSX Trading Resumes

* IBRA Appoints Global Coordinator Consultant for Merged Banks


J A P A N

FUJITSU LTD: Eyeing Further Restructuring
HOKKAIDO INTERNATIONAL: ANA Targets Y160M Profit on Revival Plan
KENWOOD CORP: Cutting 300 More Employees
NISSAN MOTOR: Unit to Close Saitama Plant
NTT DOCOMO: In 3G Talks With SingTel

TAIHEIYO COAL: Reaches Deal With Creditors to Repay Y19.4B Debt


K O R E A

DAEWOO ELECTRONICS: Creditors Plan to Split Up, Sell Firm
HYNIX SEMICONDUCTOR: Shares Plunge on Profit-Taking
SHINHAN BANK: S&P Assigns BBB on Unsecured Bonds


M A L A Y S I A

ANSON PERDANA: Unit KLT Gets EPU's Privatization Consent
DATAPREP HOLDINGS: Releases Proposed Acquisition Add'l Info
FACB RESORTS: Participates in SHB's Proposed SoA
HUME INDUSTRIES: Obtains MITI's Nod on Proposals
KEMAYAN CORPORATION: Court Adjourns Restraining Order to Aug 15

KRETAM HOLDINGS: Will Contest Unit's Winding Up Petition
KUALA LUMPUR: Proposing Resolution Revision at July 29 EGM
KUANTAN FLOUR: Welcomes Wai Loon as Non-Executive Director
SRI HARTAMAS: SC Grants Proposed Scheme of Arrangement Approval
SUNWAY HOLDINGS: Creditors OK Proposed Scheme of Arrangement

TECHNOLOGY RESOURCES: Posts EGM Cancellation Notice


P H I L I P P I N E S

METRO PACIFIC: Unit Enters CBA With Labor Union
PETROCHEMICAL CORP: Seeking Capital Infusion
PHILIPPINE LONG: Requests US Court to Review First Pacific Suit
PHILIPPINE LONG: First Pacific Confident on JV Deal


S I N G A P O R E

ALLIANCE TECHNOLOGY: Result of Creditors Meeting on July 5
ASIA PULP: Centre Issues Affidavit Re Judicial Management Order
ASIA PULP: Creditors to Share Sinar Mas Assets With IBRA
NATSTEEL LTD: CCL Extends Offer Period to Acquire Businesses
UNITED OVERSEAS: Fires 90 More Employees


T H A I L A N D

DATAMAT PUBLIC: Issues Info Memorandum on AIT Assets Acquisition
DATAMAT PUBLIC: SET Lifts `H' Sign
THAIOIL COMPANY: Files Business Reorganization Petition
WONGPAITOON GROUP: Warrant Exercise Leaves 403,230,585 Units

     -  -  -  -  -  -  -  -

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


CTI COMMUNICATIONS: Terpei Ceases to be Shareholder
---------------------------------------------------
Terpei Pty Ltd ceased to be a substantial shareholder in CTI
Communications Limited on 21 July 2002.

Wrights Investors' 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.


FALLRIGHT GROUP: Posts Case Profile
-----------------------------------
PricewaterhouseCoopers posted Fallright Group's case profile:

Territory :  Australia
Company Name:  Fallright Group Pty Ltd
Lead Partner:  Nick Brooke
Case Manager:  Ian Richardson
Date of Appointment:  8 July 2002
Normal Contact  :  Michael van Uffelen
Contact Phone No  :  (08) 9238 5105

PwC Office

Location :  Perth
PO Box :  GPO Box D198
Street Address:  Level 10, Australia Place 15 William Street
City  :  PERTH
State  :  WA
Postcode :  6000
DX  :  DX 77 Perth
Phone  :  (08) 9238 3000
Fax  :  (08) 9238 5299
Appointor :  National Australia Bank Limited
Registered Office of company:  42 Belmont Avenue, Belmont, WA,
6104
Company No / ACN  :  078 563 569
Type of Appointment :  Receiver and Manager
Lead Partner - Full Name:  Nick Brooke
Second Partner - Full Name:  Geoff Totterdell

Case Information (Last Updated 12/07/2002 01:57:07 PM)

Time  :  12:00 PM
Return time :  12:00 PM
Time  :  12:00 PM
Return time :  12:00 PM
Time  :  12:00 PM

Other Key Information

Report as to Affairs received from directors:

The directors have until 23 July 2002 to lodge a completed
Report as to Affairs (RATA) with the receivers. The receivers
will lodge the RATA with the Australian Securities and
Investments Commission upon receipt.

Dates of trading by insolvency practitioner:

The receivers were appointed on 8 July 2002. The receivers will
honor all purchase orders issued with the receivers authority
per the letter to suppliers above on normal trading terms. (30
days from date of invoice). Suppliers should check with the
receivers representatives (as detailed in the letter to
suppliers above) if they have pre-appointment orders on hand
before goods are delivered as the receivers will only accept
goods supplied under purchase orders authorized by their
representatives.

Business sold/ceased trading:

The businesses are presently being advertised for sale in the
financial press as follows:

Fallright Group
SALE OF BUSINESSES & ASSETS
Manufacturer and Distributor of Safety Harnesses & Equipment
Australia, with subsidiaries in New Zealand, South Africa
and Joint Venture Operations in Canada and Mexico

The businesses and assets of the Fallright Group (in
receivership) are offered for sale by Nick Brooke and Geoff
Totterdell, the Receivers and Managers.

Expressions of Interest are invited from prospective purchasers
for the businesses and assets combined or individually
including:

   * WA - Modern manufacturing, distribution, sales, service,
training facilities and offices (Leasehold) at Belmont
   * QLD - Sales office at Ascot
   * NSW - Sales representation in Newcastle
   * Intellectual property includes Australian patented harness
technology and licensing agreement for rope manufacturing
   * Australian operations had annual sales of AUD$7 million
   * Joint venture operations comprise 50% investments in
similar overseas businesses.

An Information Memorandum will be available to parties after
execution of a Confidentiality Agreement.

Expressions of interest are close of business on to be submitted
to the Receivers and Managers no later than noon on 26 July
2002.

For further information, please contact our representative:

Mr Ian Richardson
PricewaterhouseCoopers
Level 10, 15 William Street
GPO Box D198
PERTH WA 6840

Phone Number : (08) 9238 3320
Facsimile Number : (08) 9238 5299
Email Address : ian.richardson@au.pwcglobal.com

Job closure:

It is too early to estimate when the receiverships may conclude.

Background Information

Geoff Totterdell and Nick Brooke were appointed Receivers and
Managers of the Fallright Group of Companies by the National
Australia Bank on 8 July 2002. The sole director of the
Fallright companies (listed below) requested the National
Australia Bank to exercise their rights pursuant to their
securities due to the difficulties being caused to the Group by
an ongoing shareholder dispute.

The companies placed into receivership 8 July 2002 are:

   * Fallright Group Pty Ltd ( Receivers and Managers Appointed)
ACN 078 563 569
   * Fallright International Pty Ltd (Receivers and Managers
Appointed)
   * ACN 009 434 137
   * Fallright Holdings Pty Ltd (Receivers and Managers
Appointed)
   * ACN 086 197 524
   * Unique Concepts Australia Pty Ltd ( Receivers and Managers
Appointed)
   * ACN 091 158 388

(together "Fallright" or "the Fallright Group")

Fallright are designers, manufacturers, trainers, distributors
and exporters of specialist high quality fall protection and
rescue equipment in Australia, with subsidiaries in New Zealand
and South Africa, and Joint Venture Operations in Canada and
Mexico.

The businesses and assets of the Fallright Group (in
receivership) are offered for sale by Nick Brooke and Geoff
Totterdell, the Receivers and Managers.

Expressions of Interest are invited from prospective purchasers
for the businesses and assets combined or individually
including:

   * WA - modern manufacturing, distribution, sales, service,
training facilities and offices at Belmont
   * Qld - Sales office at Ascot
   * NSW- Sales representation in Newcastle

- Intellectual property includes Australian patented harness
technology and licensing agreement for rope manufacturing
- Australasian operations had annual sales of AUD$7 million
- Joint venture operations comprise 50% investments in similar
businesses in Canada and Mexico.

An Information Memorandum will be available to parties after
execution of a Confidentiality Agreement via the
www.pwcrecovery.com website at the businesses for sale section.

Expressions of interest are to be submitted to the Receivers and
Managers no later than noon on 26 July 2002.

For further information, please contact our representative:

Mr Ian Richardson
PricewaterhouseCoopers
Level 10, 15 William Street
GPO Box D198
PERTH WA 6840

Email: ian.richardson@au.pwcglobal.com
Phone: 61-(0)8-9238-3320
Fax: 61-(0)8-9238-5299

Current status of assignment and actions required by creditors

Creditors and suppliers are referred to the "Letter to suppliers
and creditors" which is found at
http://www.bankrupt.com/misc/TCRAP_Fallright0715.pdf.

The Notice details the requirement for suppliers to open new
accounts when dealing with the companies in receivership. The
main trading entity in Australia is Fallright International Pty
Ltd

Next milestone and estimated timetable

The closure date for expressions of interest for the purchase of
the businesses and assets of the Fallright group is 26 July
2002. It is envisaged sale negotiations may take a further 4-6
weeks to finalize.

Likely outcome for creditors and timetable

It is too early to advise whether there will be a dividend
payable to the unsecured creditors of the company. The receivers
do not have the power to pay the claims of trading creditors
(unsecured creditor claims). Should the receivers be discharged
the companies continue to trade, the Fallright group may make
arrangements with pre-appointment creditors. Alternatively
should an administrator or liquidator be appointed then they
will report to creditors on any dividend prospects.
(www.pwcrecovery.com)


GOODMAN FIELDER: Posts Daily Share Buy-Back Notice
--------------------------------------------------
Goodman Fielder Limited posted this notice:

                 DAILY SHARE BUY-BACK NOTICE
           (EXCEPT MINIMUM HOLDING BUY-BACK AND
                    SELECTIVE BUY-BACK)
Name of Entity
Goodman Fielder Limited

ACN or ARBN
44 000 003 958

We (the entity) give ASX the following information.

INFORMATION ABOUT BUY-BACK

1. Type of buy-back                 On Market

2. Date Appendix 3C was given to  Tuesday 13/11/2001
   to ASX                         Amended by Appendix 3D lodged
                                  Friday 21/06/2002

TOTAL OF ALL SHARES BOUGHT BACK, OR IN RELATION TO WHICH
ACCEPTANCES HAVE BEEN RECEIVED, BEFORE, AND ON, PREVIOUS DAY

                                  BEFORE               PREVIOUS
                                 PREVIOUS                DAY
                                  DAY

3. Number of shares bought      63,619,976             197,360
   back or if buy-back is
   an equal access scheme,
   in relation to which
   acceptances have been
   received

                                      $                    $
4. Total consideration paid      95,518,320             331,565
   or payable for the shares

5. If buy-back is an on-market
   buy-back
                         Highest price paid   Highest price paid
                               $1.69                $1.68
                               Date:   04/07/2002

                         Lowest price paid    Lowest price paid
                               $1.30                $1.68
                               Date:   13/12/2001
                                              Highest price
                                              allowed under rule
                                                    7.33:
                                                    1.7598
PARTICIPATION BY DIRECTORS

6. If buy-back is an on-market      -
   buy-back - name of each
   director and related party
   of a director from whom the
   company bought back shares
   on the previous day, the
   number of shares which the
   company bought back from
   each named director or
   related party, and the
   consideration payable for
   those shares.

HOW MANY SHARES MAY STILL BE BOUGHT BACK.

7. If the company has disclosed     64,182,664
   an intention to buy back a
   maximum number of shares - the
   remaining number of shares to
   be bought back

COMPLIANCE STATEMENT

1. The Company is in compliance with all Corporations Law
requirements relevant to this buy-back.

2. There is no information that the listing rules require to be
disclosed that has not already been disclosed, or is not
contained in, or attached to, this form.

Early this month, TCR-AP reported that the Company entered an
agreement with McCain Foods to sell the Goodman Fielder
International Taiwan (Goody Foods) as part of the Company's
strategy of selling non-core businesses to simplify and
streamline the business to improve returns to shareholders.


HARRIS SCARFE: Releases Shareholders' Update From Liquidators
-------------------------------------------------------------
M J Dwyer & L P Maxsted of KPMG, in reference to its appointment
as liquidators of Harris Scarfe Group (Receivers and Managers
Appointed)(In Liquidation) (HSHL) ACN 009 476 073 and ten other
companies through a resolution of creditors on 3 January 2002,
advised that on 15 March 2002 the Receivers and Managers
instituted proceedings against the Group's former Auditors,
Ernst & Young and PricewaterhouseCoopers.

It should be noted that this claim is an asset of the Group and
as such, at first instance, is covered by the ANZ Bank's
security. Given the ANZ Bank has security over all of the
assets of the Group, which includes the various companies' legal
claims against third parties, the Receivers and Managers have
the right to pursue these actions pursuant to their security.
The liquidators understand that this claim is yet to be
quantified. Any return to unsecured creditors and ultimately to
shareholders will be dependent on the outcome of these
proceedings or any other proceedings that may be issued and the
quantum of any judgment awarded by the Court pursuant to any
proceedings.

As a consequence, the liquidators are unable to determine at
this point in time, the quantum of any return to creditors and
shareholders in the winding up of HSHL. Accordingly, this
prevents the liquidators from issuing shareholders with a notice
pursuant to Section 104-145 of the Income Tax Assessment Act
1997, which would allow shareholders, if they elected, to claim
a capital loss on their shareholding. It may be some
considerable time before all these issues are resolved in the
Courts.

Further, the liquidators advised that pursuant to Section 493(2)
of the Corporations Act, any transfer of shares or alteration in
the status of members after the passing of the resolution to
place the Group into liquidation is void, without the consent of
the liquidator. The liquidators are currently not in a position,
nor will we be in the foreseeable future, to sanction any
transfer or alteration.

There are currently insufficient funds available in the
liquidation to enable as to conduct meetings of members or
creditors. However, for further information, please refer to
www.harrisscarfe.com.au and click on words "KPMG Link". The
liquidators will endeavor to post updates on the liquidation
from time to time.

Please contact either Omar Mirza on (08) 8236 3239 or Matthew
Lindh on (08) 8236 3194 of KPMG for further queries in
relation to this matter.


OPEN TELECOMMUNICATIONS: Appoints Voluntary Administrator
---------------------------------------------------------
Open Telecommunications Ltd advised Friday that the previously
announced sale of its OSS business has not been able to be
completed.

As a result, the directors have resolved that in their opinion,
the company is insolvent or likely to become insolvent within
the foreseeable future.

It has been resolved that Robert William Whitton and Peter
George Yates, Partners of Deloitte Touche Tohmatsu be appointed
joint and several administrators of the company.


PHONEWARE LIMITED: Asset Distribution May Take One Year
-------------------------------------------------------
J R Lindholm of Ferrier Hodgson, Deed Administrator of Phoneware
Limited (Subject to Deed of Company Arrangement) ACN 076 611
268, issued a shareholder Company update.  The steps that have
been taken to sell the business have resulted in employees
retaining their jobs and creditors being paid. However, there
will not be any surplus funds after creditors' claims settlement
for distribution to shareholders.

The Administrators understand that the Board is investigating
possibilities of achieving some value for shareholders.

At a creditors meeting held on 19 April 2002, creditors passed a
resolution requiring Limited to execute a Deed of Company
Arrangement (DCA) pursuant to Part 5.3A of the Corporations Act
2001.

The DCA was executed on 19 April 2002 and lodged with the
Australian Securities and Investments Commission as required.

On the same day, a contract for the sale of Limited's shares in
Phoneware Communication Systems Pty Ltd, Imedia Corporation Pty
Ltd, CTI International Pty Ltd and Phoneware Australia Pty Ltd
to Sirius Telecommunications Limited (Sirius) was settled.

Limited is also the holding company of P W Online Pty Ltd
(formerly known as Phoneware Online Pty Ltd) (Online), which is
also subject to a DCA.

The effect of the DCA on shareholders is as follows:

   1. Trading of Limited's shares has been suspended;

   2. The assets of the Group are being realized and will be
distributed to creditors in accordance with the terms contained
within Limited's DCA. This process might take up to twelve
months.


WESTERN METALS: 8,000,000 Unlisted Options Expire
-------------------------------------------------
Western Metals Limited advised that the following unlisted
employee options remained outstanding at 30 June 2002.

Number of        Exercise           Expiry            Class
Options          Price              Date

1,680,000        83 cents          8 December 2002   Employee
2,992,500        62 cents         15 November 2004   Employee
  800,000        83 cents          8 December 2002   Executive

In addition, the Company advised that 8,000,000 unlisted options
exercisable at $1.15 expired on 16 June 2002.

TCR-AP reported early this month that Western Metal's debt
restructuring arrangements with its major financiers continues
to progress positively and that, as previously foreshadowed, an
extension from 27 June 2002 to 16 July 2002 has met approval of
all parties for completion and execution of formal documentation
arising from the Common Terms Sheet signed on 15 March 2002.


================================
C H I N A   &   H O N G  K O N G
================================


401 HOLDINGS: Proposes Convertible Bonds Issuance to Repay Debt
---------------------------------------------------------------
The Directors of 401 Holdings Limited announced that on 10th
July, 2002, the Company entered into the MP Agreement and the CU
Agreement with MP and CU respectively whereby the Company has
agreed to issue and MP and CU have agreed to subscribe for the
MP Bond and the CU Bond respectively. The MP Consideration of
HK$3,000,000 was paid by MP upon signing of the MP Agreement
while the CU Consideration of HK$3,000,000 is to be paid by CU
upon completion of the CU Agreement.

THE MP AGREEMENT

Date  : 10th July, 2002

Parties : a) Merchant Partners Limited

   b) the Company

Terms  : The Company has agreed to issue and MP has
agreed to subscribe for the MP Bond.

Consideration : HK$3,000,000 and paid by MP in cash upon
signing of the MP Agreement.

Both parties on the basis of arm's length negotiations with
reference to the market price of the Shares commercially agreed
the MP Consideration. The Directors consider that the MP
Consideration to be fair and reasonable.

Assuming conversion of the MP Bond in full, the 300,000,000 MP
Conversion Shares (based on a conversion price of HK$0.01)
represent approximately 1.86% of the existing issued ordinary
share capital of the Company as at the date hereof and
approximately 1.82% of the issued ordinary share capital of the
Company, as enlarged by the issue of the MP Conversion Shares
(assuming that up to the date of issue of the MP Conversion
Shares, there will be no change in the issued share capital of
the Company).

The MP Conversion Shares will be issued pursuant to the general
mandate to the Directors at the Company's annual general meeting
on 29th August, 2001.

THE CU AGREEMENT

Date  : 10th July, 2002

Parties : a) China Units Enterprises Limited

   b) the Company

Terms  : The Company has agreed to issue and CU has
agreed to subscribe for the CU Bond.

Consideration : HK$3,000,000 and to be paid by CU in
cash upon completion of the CU Agreement.

Both parties on the basis of arm's length negotiations with
reference to the market price of the Shares commercially agreed
the CU Consideration. The Directors consider that the CU
Consideration to be fair and reasonable.

Assuming conversion of the CU Bond in full, the 300,000,000 CU
Conversion Shares (based on a conversion price of HK$0.01)
represent approximately 1.86% of the existing issued ordinary
share capital of the Company as at the date hereof and
approximately 1.82% of the issued ordinary share capital of the
Company, as enlarged by the issue of the CU Conversion Shares
(assuming that up to the date of issue of the CU Conversion
Shares, there will be no change in the issued share capital of
the Company).

The CU Conversion Shares will be issued pursuant to the general
mandate to the Directors at the Company's annual general meeting
on 29th August, 2001.

CONDITIONS PRECEDENT

Completion of each of the MP Agreement and the CU Agreement is
conditional upon:

   (i) the Listing Committee of the Stock Exchange granting
listing of and permission to deal in the MP Conversion Shares
and the CU Conversion Shares (as the case may be) to be issued
pursuant to the exercise of the conversion rights under the
respective MP Agreement and CU Agreement;

   (ii) to the extent required or appropriate, the Bermuda
Monetary Authority shall have granted its permission for the
issue of the MP Bond and the CU Bond (as the case may be) and
the free transferability of the MP Conversion Shares and the CU
Conversion Shares (as the case may be) which may fall to be
issued upon exercise of the conversion rights under the
respective MP Agreement and CU Agreement; and

   (iii) all other approvals (if any) to be granted by the
appropriate authorities.

If the relevant conditions precedent of the MP Agreement and the
CU Agreement are not fulfilled on or before 5:00 p.m. on 26th
July, 2002 (or such later date as may be agreed between the
Company and MP or CU (as the case may be)), the Agreement will
terminate immediately, subject to the liability of the parties
in respect of prior breaches. The MP Agreement and the CU
Agreement are not inter-conditional.

MP AND CU

As at the date of this announcement, each of MP and CU does not
hold any shareholding interest in the Company and are not
connected to each other. MP, CU and each of their beneficial
owners are Independent Third Parties.

PRINCIPAL TERMS OF THE MP BOND AND THE CU BOND

The terms of the MP Bond and the CU Bond are substantially the
same, details of which are set out below:

Aggregate principal amount

The aggregate principal amount of each of the MP Bond and the CU
Bond will be HK$3,000,000.

Interest

The MP Bond and the CU Bond will bear interest from the date of
issue at the rate of 2 per cent per annum above the prime
lending rate published by The Hong Kong and Shanghai Banking
Corporation Limited from time to time, on the principal amount
of the MP Bond and the CU Bond (as the case may be) outstanding,
which will be payable by the Company quarterly in arrears on the
last day of each quarter. The first payment will be made on the
last day of the first quarter after the date of issue of the MP
Bond and the CU Bond (as the case may be).

Repayment date and Redemption Rights of the Company

The final date of repayment will be the MP Maturity Date and the
CU Maturity Date (as the case may be) whereupon the Company
shall repay the principal amount outstanding under the MP Bond
and the CU Bond (as the case may be) together with all
outstanding interest accrued thereon. However, the Company may
at any time redeem all or part (in a minimum amount of
HK$100,000 or integral multiple thereof) of the outstanding
principal amount of the MP Bond and the CU Bond after giving not
less than 5 days' written notice to MP and CU (as the case may
be).

There is no penalty against the Company for early redemption of
all or part of the outstanding principal amount of the MP Bond
and the CU Bond and upon early redemption, the Company shall pay
to MP and CU (as the case may be) the amount to be redeemed as
set out in the notice together with all interest accrued thereon
up to and including the redemption date. Upon receipt of the
redemption notice by the Company, MP and CU (as the case may be)
may, within 5 business days from the date of receipt of such
notice, serve a notice to the Company to convert all or part of
the MP Bond and the CU Bond (as the case may be) to be redeemed
by the Company.

Conversion

The conversion price will be the lower of (i) HK$0.01 per Share
or (ii) 80% of the average closing prices of a Share on the
Stock Exchange for each of the last ten Stock Exchange trading
days on which dealings in the Shares took or may have taken
place ending on the last of such trading day immediately
preceding the date of conversion, subject to adjustment, and
provided that no Share shall be issued at a discount to their
nominal value.

The conversion price was agreed after arm's length negotiations
and the Directors consider such conversion price as fair and
reasonable in view the market price of the Shares. Subject to
the other terms of the MP Bond and the CU Bond, each of MP and
CU has the right to convert (to the extent not already redeemed)
up to the maximum principal amount of the MP Bond and the CU
Bond (as the case may be) into MP Conversion Shares and CU
Conversion Shares at any time prior to the MP Maturity Date and
the CU Maturity Date (as the case may be).

The initial conversion price of HK$0.01 represents the average
closing price per Share of HK$0.01 for the last five trading
days immediately preceding 10th July, 2002.

Conversion rights may only be exercised in respect of 1,000,000
MP Conversion Shares and 1,000,000 CU Conversion Shares (as the
case may be) or integral multiples thereof or if the remaining
outstanding amount is less than HK$250,000, in the entire
outstanding amount. Fractions of Shares will not be issued on
conversion and no cash adjustment will be made in respect
thereof.

Shares to be issued upon conversion

The MP Conversion Shares and CU Conversion Shares will rank pari
passu in all respects with the Shares in issue at the date of
conversion.

300,000,000 MP Conversion Shares (assuming a conversion price of
HK$0.01), representing approximately 1.86 % of the existing
issued ordinary share capital of the Company and approximately
1.82 % of the issued ordinary share capital enlarged by the
issue of the MP Conversion Shares will fall to be issued by the
Company upon full conversion of the MP Bond at the initial
conversion price (assuming that up to the date of issue of the
MP Conversion Shares, there will be no change in the issued
share capital of the Company).

300,000,000 CU Conversion Shares (assuming a conversion price of
HK$0.01), representing approximately 1.86 % of the existing
issued ordinary share capital of the Company and approximately
1.82 % of the issued ordinary share capital enlarged by the
issue of the CU Conversion Shares will fall to be issued by the
Company upon full conversion of the CU Bond at the initial
conversion price (assuming that up to the date of issue of the
CU Conversion Shares, there will be no change in the issued
share capital of the Company).

The MP Conversion Shares and the CU Conversion Shares will be
issued under the general mandate granted to the Directors at the
Company's annual general meeting on 29th August, 2001.

Redemption Rights of MP and CU

MP and CU may require the Company to redeem all or any part (in
a minimum amount of HK$100,000 or integral multiples thereof) of
the outstanding amount of the MP Bond and the CU Bond (as the
case may be) at any time after the date of issue of the MP Bond
and the CU Bond (as the case may be) but before the MP Maturity
Date and the CU Maturity Date (as the case may be) by giving the
Company not less than 30 days' written notice, and the Company
may, instead of redeeming the MP Bond and the CU Bond in cash,
elect to satisfy the redemption by the issue of such number of
new Shares as shall equal the quotient of the sum of (i) the
principal amount of the MP Bond and the CU Bond (as the case may
be) to be redeemed; and (ii) a redemption premium at 100% of
such principal amount to be redeemed, divided by the conversion
price in effect on the redemption date specified by MP and CU
(as the case may be) in the redemption request.

Voting rights of the Bondholder(s)

MP and CU will not be entitled to receive notices of, attend or
vote at any meeting of the Company by reason only of it being
the holder of the MP Bond and the CU Bond.

Transferability

The MP Bond and the CU Bond are transferable or assignable
subject to full compliance with (i) relevant provisions of the
Listing Rules; (ii) the approval for listing in respect of the
MP Conversion Shares and the CU Conversion Shares (as the case
may be) and (iii) all applicable laws and regulations. Any
assignment or transfer of the MP Bond and the CU Bond may be in
respect of the whole or any part of the outstanding principal
amount of the MP Bond and the CU Bond (as the case may be). The
Company undertakes to inform the Stock Exchange immediately if
it comes to its notice that any of the MP Bond and the CU Bond
is proposed to be transferred to or dealt with by a connected
person of the Company (as defined in the Listing Rules).

Events of Default

MP and CU may demand repayment of the principal amount of the MP
Bond and the CU Bond respectively together with accrued interest
calculated up to and including the repayment date immediately
upon the occurrence of certain events including, amongst others,
(i) the failure of the Company to pay the principal amount when
due or failure of the Company to pay interest on the MP Bond and
the CU Bond (as the case may be) when due and such failure
continues for a period of seven days of the due date thereof;
(ii) the failure of the Company to comply with any of its
obligations under the terms and conditions of the MP Bond and
the CU Bond (as the case may be) and which default is incapable
of remedy or, if capable of remedy, is not remedied within 21
business days after notice of such default shall have been given
to the Company by MP and CU (as the case may be); (iii) an order
made or an effective resolution passed for winding-up of the
Company; or (iv) the Shares cease to be listed on the Stock
Exchange or are suspended from trading on the Stock Exchange for
a continuous period of 20 trading days due to the default of the
Company.

Listing

No listing of the MP Bond and the CU Bond will be sought on the
Stock Exchange or any other stock exchanges. Application will be
made to the Listing Committee of the Stock Exchange for the
listing of, and permission to deal in, the MP Conversion Shares
and the CU Conversion Shares.

REASONS FOR ISSUE OF THE MP BOND AND THE CU BOND AND USE OF
PROCEEDS

The reason for the issue of the MP Bond and the CU Bond is to
use the net proceeds of approximately HK$5,900,000 for repayment
of debts of the Group in the sum of approximately HK$2,400,000
and the remaining for working capital of the Group.

GENERAL

Application will be made to the Stock Exchange for listing of
and permission to deal in the MP Conversion Shares and the CU
Conversion Shares.

As at 30th June, 2002, the Group has outstanding (i) secured and
unsecured convertible bonds in an aggregate principal sum of
HK$21,690,000 and (ii) other secured borrowings in a sum of
HK$15,901,153 of which approximately HK$29.6 million are payable
within one year from the date of this announcement.

As at 30th June, 2002, the Group has approximately HK$620,000
cash. Assuming (i) the Company will not be required to repay the
outstanding principal amounts under the secured and unsecured
convertible bonds issued by the Company prior to their
respective maturity dates and (ii) the lenders of the overdue
secured loans in an aggregate amount of HK$8,889,264.68 will
agree to repayment of sums due to them upon the sale of the
properties provided as collateral and in view of the net
proceeds from the issue of the MP Bond and the CU Bond, the
Directors are of the view that the Company will have sufficient
working capital to meet its immediate liabilities.

OUTSTANDING LITIGATIONS

The Directors would also like to advise that since 4th June,
2002, the date of the latest one of the Announcements, three new
proceedings of claims with a total sum of approximately
HK$62,221 were commenced against the subsidiaries of the
Company. These include claims for renovation charge, rental fees
and cost of a claimant in respect of a small claim tribunal
award incurred by the subsidiaries of the Company and
negotiations are taking place between the relevant parties for
settlement of such claims. In addition, in relation to the
outstanding litigations as set out in the Announcements, a sum
of approximately HK$250,612 were settled with some of the
claimants. Such settlements were in relation to claims for
rental and management fees, payment for software application,
salaries due and outstanding management fees and were referred
to in the announcements of the Company dated 11th January, 2002,
3rd May, 2002 and 4th June, 2002.

Save as above, the Directors also confirm that the status of the
outstanding litigation as set out in the Announcements remain
unchanged and the Directors are continuing their discussions
with the holders of convertible bonds issued by the Company and
lenders of secured loans to obtain their consents to waive their
right to claim in relation to late payment of interest by the
Company and to agree upon terms for possible issue of
convertible bonds. Further announcements will be made to update
Shareholders regarding these matters as and when necessary.

DEFINITIONS

"Announcements" announcements of the Company dated 11th
January, 2002, 6th February, 2002, 18th February, 2002, 3rd May,
2002 and 4th June, 2002;

"CU" China Units Enterprises Limited, a company incorporated in
the British Virgin Islands;

"CU Agreement" a bond subscription agreement between the
Company and CU dated 10th July, 2002;

"CU Bond" an interest bearing convertible bond in the
aggregate principal amount of HK$3,000,000, at an interest rate
of 2 per cent per annum above the prime lending rate published
by The Hong Kong and Shanghai Banking Corporation Limited from
time to time, of the principal amount of the bond outstanding,
to be issued by the Company to CU;

"CU Consideration" HK$3,000,000, to be paid by CU in cash
upon completion of the CU Agreement;

"CU Conversion Shares" the Shares to be issued by the Company
under the CU Bond (upon exercise by CU of the conversion rights
attaching thereto);

"CU Maturity Date" the second anniversary date from the
date of issue of the CU Bond;

"Company" 401 Holdings Limited;

"Directors" directors of the Company;

"Group" the Company and its subsidiaries;

"Independent Third Party" an independent third party not
connected with the Company, the Directors, chief executive or
substantial shareholders of the Company or any of its
subsidiaries or their respective associates as defined under the
Listing Rules;

"Listing Rules" the Rules Governing the Listing of Securities
on the Stock Exchange;

"MP" Merchant Partners Limited, a company incorporated in the
British Virgin Islands;

"MP Agreement" a bond subscription agreement between the
Company and MP dated 10th July, 2002;

"MP Bond" an interest bearing convertible bond in the
aggregate principal amount of HK$3,000,000, at an interest rate
of 2 per cent per annum above the prime lending rate published
by The Hong Kong and Shanghai Banking Corporation Limited from
time to time, of the principal amount of the bond outstanding,
to be issued by the Company to MP;

"MP Consideration" HK$3,000,000, paid by MP in cash upon
signing of the MP Agreement;

"MP Conversion Shares" the Shares to be issued by the Company
under the MP Bond (upon exercise by MP of the conversion rights
attaching thereto);

"MP Maturity Date" the second anniversary date from the
date of issue of the MP Bond;

"Shares" ordinary shares of HK$0.01 each in the share capital
of the Company;

"Shareholders" shareholders of the Company;

"Stock Exchange" The Stock Exchange of Hong Kong Limited.


BILLION HARVEST: Winding Up Petition Set for Hearing
----------------------------------------------------
The petition to wind up Billion Harvest Corporation Limited will
be heard before the High Court of Hong Kong on August 14, 2002
at 9:30 am.  The petition was filed with the court on May 24,
2002 by Tang Hung Po of Flat B4, 19/F., 2-20 Kwong Shing Street,
Cheung Sha Wan, Kowloon, Hong Kong.


CAN DO: Appoints News Independent Non-executive Director
--------------------------------------------------------
The Board of Directors of Can Do Holdings Limited announced that
with effect from 10 July 2002, Ms. Chan Yuk, Foebe resigned as
an Independent Non-executive Director of the Company and Mr.
Kwong Wai Tim, William was appointed as an Independent Non-
executive Director of the Company.

On June 25, TCR-AP reported that Can Do Holdings at the 22 June
2002 adjourned extraordinary general meeting of the Company
(Adjourned EGM), did not pass these resolutions: the Open Offer,
the Bonus Share Issue and the Whitewash  Waiver.


DAILYWIN GROUP: Price, Turnover Movements Inexplicable
------------------------------------------------------
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 relating 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 notes of the Company,
the Company 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.


LAI SUN: Likely to Book HK$240M Loss
-----------------------------------
Lai Sun Development is expected to book a loss of more than
HK$240 million from the sale of its 32.75% stake in Asia
television (ATV) to tom.com.  Lai Sun said Thursday the book
value was about HK$530.9 million for the stake, for which Lai
Sun will receive tom.com shares valued at HK$290.38 million.

Shares of Lai Sun plunged 25.83 percent to HK$0.112 in Thursday
after it said the sales represented a 45 percent discount to the
book value


PACIFIC GLORY: Winding Up Petition to be Heard
----------------------------------------------
The petition to wind up Pacific Glory Technologies Limited is
scheduled for hearing before the High Court of Hong Kong on
August 7, 2002 at 11:30 am.

The petition was filed with the court on May 17, 2002 by Law Man
Fat of Room 704, 7th Floor, Kam Hing House, Kam Tai Court, Ma On
Shan, New Territories, Hong Kong.


PALIBURG HOLDINGS: Independent Non-Exec Dir Gonzalez Resigns
------------------------------------------------------------
The Board of Directors of Paliburg Holdings Limited announced
that:

   (1) Mr. Francis Gonzalez ESTRADA resigned as an Independent
Non-Executive Director of the Company with effect from 9th July,
2002; and

   (2) Mr. Abraham SHEK Lai Him was appointed as an Independent
Non-Executive Director of the Company with effect from 10th
July, 2002.

The Board of the Company expressed its gratitude to Mr. Francis
Estrada for his past valuable contribution and to welcome Mr.
Abraham Shek to the Board.

Wrights Investors' Service reports that at the end of 2001,
Paliburg Holdings had negative working capital, as current
liabilities were HK$5.53 billion while total current assets were
only HK$1.21 billion.


SUNFLOWER PAPER: Faces Winding Up Petition
------------------------------------------
The petition to wind up Sunflower Paper Merchants Limited is set
for hearing before the High Court of Hong Kong on August 7, 2002
at 11:30 am.

The petition was filed with the court on May 16, 2002 by
Marubeni Hong Kong and south China Limited (formerly known as
Marubeni Hong Kong Limited) whose registered office is situated
at 20/F., tower 1, Admiralty Centre, 18 Harcourt Road, Hong
Kong.


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

INDAH KIAT/TJIWI KIMIA: JSX Trading Resumes
-------------------------------------------
PT Indah Kiat Pulp & Paper and PT Pabrik Kertas Tjiwi Kimia,
units of debt-laden Asia Pulp & Paper Co Ltd, resumed trading on
the regular board of the Jakarta Stock Exchange, starting
Friday, after promising to lodge audited 2001 financial reports
by the end of this month, AFX-Asia reported Friday, citing an
unnamed JSX spokesperson said.

"They will be allowed to trade again on Friday because they have
signed a written promise to submit audited reports by the end of
July," the spokesperson said.

Both were suspended on Wednesday from trade after missing
deadline to submit their audited reports. They also failed to
meet the April 30 deadline set by the Capital Markets
Supervisory Agency (Bapepam) due to tardiness of their auditors.

Indah Kiat incurred a net loss of US$260.425 million in 2001
compared to a loss of US$400.683 million in the previous year.
Tjiwi Kimia posted a loss of US$80.343 million compared to a
loss of US$359.661 million a year earlier.



* IBRA Appoints Global Coordinator Consultant for Merged Banks
--------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has appointed on
Thursday PT. Accenture, to be the Global Coordinator Consultant
for operational, credit, marketing, risk management, human
resources, IT, communications aspects, following determination
of the Project Director for 5 merged banks (Bali Bank, Universal
Bank, Prima Express Bank, Patriot Bank, and Artamedia Bank). It
also help a Project Director to prepare blue print and a new
banking model on a new bank as the result of merger.

PT. Accenture is expected to support the merger process targeted
to be accomplished in September 2002 for legal merger and
December 2002 for operational merger.

On the other hand, IBRA has prepared integration team consist of
the representative of 5 merged bank members in order to help
Project Director in terms for integration and operational
merger.

Due to the government policy, IBRA supervises the merger process
to achieve stronger capital structures, financial health, and
competitiveness, and to improve intermediary function.

During merger process, bank operational will be operating as
usual. The banks constantly give the best services to all
customers and publics. The government expects to all customers,
depositors, debtors, and publics to do the activities as usual.
In facts, government will guarantee the third party fund
referring to the Presidential Decree No. 26 of 1998, which is
stipulate the government assurance commission to accomplish
obligation of common bank.


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


FUJITSU LTD: Eyeing Further Restructuring
-----------------------------------------
Fujitsu Ltd is looking at further restructuring possibilities
for its ailing hardware operations, considering hard disk drives
and telecommunications equipment, Reuters said Wednesday, citing
Chief Financial Officer Takashi Takaya.

Mr. Takaya said the Company would consider cutting both jobs and
facilities.

The Company's consolidated operating loss in the April-June
quarter was likely to be less than last year's 42.3 billion yen
($359 million), although the figure would still be in the red,
Takaya said.

According to Takaya the firm expected a free cash flow to turn
positive next year and was confident the Company would be able
to generate enough cash in the years ahead to buy back shares
and prevent dilution when a recent convertible bond issue falls
due in 2009.


HITACHI LTD: Taiwan Unit Goes Into Liquidation
----------------------------------------------
Hitachi Ltd will liquidate its Taiwan unit Hitachi Technology
(Taiwan) Ltd in 2003, as part of a restructuring of its digital
media products' engineering operations, AFX Asia reported
Thursday.

Hitachi Technology (Taiwan) Ltd has a capital of T$353 million.
The parent firm said operations managed by the subsidiary would
be transferred to Japan.

For a copy of Hitachi Ltd's financial results for the fiscal
year 2001, ending March 2002 go to
http://bankrupt.com/misc/TCRAP_Hitachi0712.pdf


HOKKAIDO INTERNATIONAL: ANA Targets Y160M Profit on Revival Plan
----------------------------------------------------------------
All Nippon Airways Co (ANA) is aiming for Hokkaido International
(widely known as Air Do) to achieve 160 million yen of operating
profit by 2003 as part of its revival plan, the Nihon Keizai and
AFX Asia reported Thursday.

ANA is backing the reconstruction of Hokkaido International by
sharing with ANA's reservation system, taking on some of the
larger airline's cargo-transport orders, joining of fuel
purchase, cutting airline maintenance costs, replacing Air Do's
pilots with foreign pilots, and injecting 600 million yen in
capital into Air Do.

The integration of the two airlines' reservation systems and a
code-sharing arrangement on the Sapporo-Haneda (Tokyo) route
will likely boost Air Do's revenue by 470 million yen.

Air Do is expected to see an operating fund shortage of 930
million yen at the end of this year. ANA will cover the fund
shortfall by guaranteeing loans to be extended to the local
carrier by financial institutions.


KENWOOD CORP: Cutting 300 More Employees
-----------------------------------------
Ailing audio equipment maker Kenwood Corporation will slash 300
more jobs, bringing the total number of job cuts to 3,000 or 35
percent of the Company's workforce, Kyodo News reported Friday.
The move is part of the firm's restructuring program unveiled in
May.

Kenwood President Haruo Kawahara said the Company is drawing up
measures to improve its capital by the end of August to lessen
its negative net worth totaling 17 billion yen.

According to Wright Investor's Service, at the end of 2002,
Kenwood had negative working capital, as current liabilities
were 168.87 billion yen while total current assets were only
132.22 billion yen.

Company Profile:

Head Office 2967-3, Ishikawa-cho, Hachioji,
Tokyo 192-8525, Japan
Phone : 0426-46-5111
Fax : 0426-46-7960
URL : http://www.kenwood.com/

Paid-in Capital:
25,900 million yen

Number of Employees:
2,430

Business Lines
Manufacture and sales of
Home Audio
General Audio
Car Audio
Navigation System
Amateur Radio Equipment
Land Mobile Radio Equipment
License-free Transceiver
Mobile Telephone Equipment
Telephone Equipment
PC Components and so on

Main Domestic
Office
Yokohama R&D Center
16-2, Hakusan 1-chome, Midori-ku,Yokohama,
Kanagawa 226-8525, Japan

Phone : (045)939-7000
Fax : (045)939-7090
Hachioji R&D Center
2967-3, Ishikawa-cho, Hachioji, Tokyo 192-8525, Japan
Phone : (0426)46-5111
Fax : (0426)46-7960


NISSAN MOTOR: Unit to Close Saitama Plant
-----------------------------------------
Nissan Motor unit Calsonic Kansei Corp will close in October a
factory making dashboard instruments in the city of Saitama,
north of Tokyo, Kyodo News said Friday.

The report did not specify the reason of the closure.

The auto parts maker will relocate 300 workers at the plant to a
dashboard instrument plant in the city of Nihonmatsu, Fukushima
Prefecture.

TCR-AP reported last week that Nissan Motor Co Ltd is planning
to issue an 85 billion yen three-year domestic straight bond
with a 0.59 percent coupon, citing lead manager Daiwa Securities
SMBC Co Ltd. The bond payment will mature on July 19, 2005.

In its restructuring plan, Nissan had pledged to achieve an
operating margin of 4.5 percent and net debt of no more than 700
billion yen.


NTT DOCOMO: In 3G Talks With SingTel
------------------------------------
NTT DoCoMo, a unit of Nippon Telegraph and Telephone Corp.,
disclosed that it is in talks to form an alliance with KT
Freetel Corp and SingTel, GK Goh reported Thursday. The latter,
which delayed its roll-out of the award of its 3G contract,
citing evolving technology and market demand as its reasons, is
keen for a possible alliance in the 3G mobile services with NTT
DoCoMo, who has been a pioneer of the technology.

NTT DoCoMo has been looking at acquisition around the region and
SingTel is an attractive candidate that will provide a
synergistic fit. The Singapore government has also indicated
intention to sell down its stake in SingTel to a strategic
partner.

TCR-AP reported that in addition to the impairment loss
recognized by NTT DoComo in its consolidated financial report
for the six months ended September 30, 2001, the amount of which
was Y262.7 billion (or 300.8 billion yen on a non-consolidated
basis), the Company is recognizing a further impairment loss
amounting to Y550 billion for the year ended March 31, 2002 to
reflect significant drops in the market price or fair value of
the shares of some of its overseas investee affiliates.


TAIHEIYO COAL: Reaches Deal With Creditors to Repay Y19.4B Debt
---------------------------------------------------------------
Taiheiyo Coal Mine Co has reached an agreement with its
creditors on the repayment of debts totaling 19.4 billion yen
over a period of 20 years, Kyodo News said Wednesday.

The Company, which is based in Kushiro, eastern Hokkaido, ended
82 years of coal mining operations on January 30.


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


DAEWOO ELECTRONICS: Creditors Plan to Split Up, Sell Firm
---------------------------------------------------------
Creditors of heavily indebted Daewoo Electronics are planning to
split up the Company and hand over its home appliance and
display business to affiliate Daewoo Electric Motor Industries
Ltd, Reuters said Thursday.

Under the tentative plan, creditors will convert 450 billion won
($386.5 million) of Daewoo debt into equity and Daewoo Electric
Motor Industries will take over 1.2 trillion won of Daewoo's
debts.

The report said working-level officials from creditor banks had
a meeting on July 11 and submitted a plan to split the Company.
A final decision will be made on July 30.

Daewoo Electronics owes a total of 6.04 trillion won to
financial institutions. It was delisted from the Korea Stock
Exchange on March 18.


HYNIX SEMICONDUCTOR: Shares Plunge on Profit-Taking
---------------------------------------------------
Ending nine consecutive trading days of limit-up gains, shares
in troubled chipmaker Hynix Semiconductor Inc. crashed on profit
taking, AFP online reported Friday.

The plunge came hours after Hynix extended limit-up gains for a
10th consecutive day in early trade despite the falling
composite index, which fell 29.83 points, or 3.75 percent, at
764.88.

According to dealers the bullish run was propelled by hopes for
the survival of the debt-ridden chipmaker.

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



SHINHAN BANK: S&P Assigns BBB on Unsecured Bonds
------------------------------------------------
Standard & Poor's announced Friday that it had assigned its
triple-'B' rating to Shinhan Bank's (BBB/Stable/A-2) proposed
senior unsecured bonds, which will be drawn down from its US$2
billion MTN program, also rated triple-'B'. The amount and
maturity of the bonds will be determined later.

The rating on Shinhan reflects a recovery in the bank's
operating environment, improvements in its asset quality, and
stable profitability. The rating also takes into account its
relatively stable performance since the 1997 Asian financial
crisis and its moderate exposure to Korea's troubled chaebols.

At the same time, Shinhan faces heightened competition in the
small to midsize enterprise and household sectors, where it has
historically enjoyed competitive advantages, given the other
Korean banks' efforts to penetrate these markets.

The stable outlook on Shinhan reflects the likelihood that its
asset quality and profitability will be maintained at a level
consistent with the current ratings on the bank.


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


ANSON PERDANA: Unit KLT Gets EPU's Privatization Consent
--------------------------------------------------------
Anson Perdana Berhad announced that by its letter dated 2 July
2002 and received on 9 July 2002, its 30 percent associated
company Konsortium Lapangan Terjaya Sdn Bhd (KLT) has received
consent from the Economic Planning Unit of the Prime Minister's
Department (EPU) for:

   a) the privatization of highway from Kuala Lumpur to
Putrajaya be developed by Konsortium Lapangan Terjaya Sdn Bhd
through a combination of private and Government funding.

   b) the project cost (excluding land acquisition) of the
highway from Kuala Lumpur to Putrajaya is estimated to cost
about RM1.4 billion.

   c) Government finance of part of the cost of the highway at
Section 1, which is about 13km from the interchange at Kampung
Pandan to Technology Park Malaysia is estimate to cost about
RM884.71 million.

   d) Cost of acquisition of land estimated at RM295.0 million
will be borne by the Government.

   e) The highway from Kuala Lumpur to Putrajaya will be
operated using the open-system with 2 toll plazas located at
Putrajaya and at Salak South.

The Company will be making further announcements once more
details are available.


DATAPREP HOLDINGS: Releases Proposed Acquisition Add'l Info
-----------------------------------------------------------
The Board of Directors of Dataprep Holdings Berhad, in reference
to KLSE's Query Letter ID: JL-020708-40999 pertaining to the
Proposed acquisition of 51 percent equity interest in HRM
Business Consulting Sdn Bhd (HRMBC) for a cash consideration of
RM3.6 million, provided this additional information in relation
to the Proposed Acquisition:

   1. Dataprep does not assume any liability pursuant to the
conditional share sale and purchase agreement signed between the
Company and Chew Liong Kim and Ahmad Rizan Ibrahim for the
Proposed Acquisition (Agreement) on 2 July 2002.

   2. The Proposed Acquisition would have the effect of reducing
the announced unaudited consolidated net tangible asset by
approximately 6.4 sen per Dataprep share.

   3. Subject to the fulfillment of the conditions precedent as
set out in the Agreement and barring any unforeseen
circumstances, the Proposed Acquisition is expected to be
completed in the fourth quarter of 2002.

Profile

The Group rents and maintains data processing equipment and
software, markets computer systems and peripherals, personal
computers and computer software, and carries out research and
development of computer software.

Among the Group's key projects is the development of the
electronic community for Kulim High Tech Park. In 1997 the Group
signed a franchisee agreement with Telekom to market its
Corporate Information Superhighway Malaysia Bhd network
services.

The Company had, on 13 January 2000, entered into a MOU with VXL
Holdings Sdn Bhd on a proposed subscription of 40m new shares
and 15,151,515 warrants in Dataprep for RM53.03m cash by VXL.

The proposed subscription is an integral part of Dataprep's
proposed restructuring scheme involving a capital reduction and
consolidation, debt restructuring, subscription of shares with
warrants, offer for sale of shares to Bumiputera parties by VXL,
and offer for sale of warrants to existing shareholders of
Dataprep by VXL.

A debt settlement agreement was entered with all creditor banks
on 5 December 2000 and the SC approved the proposed
restructuring scheme on 7 June 2001. Continuation of the Group
and the Company as going concerns is dependent upon the
continued indulgence of its principal bankers until completion
of the proposed restructuring, which is expected by 30 December
2002.


FACB RESORTS: Participates in SHB's Proposed SoA
------------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of
FACB Resorts Berhad, further to its announcements dated 30 March
2001, 24 May 2001, 1 October 2001 and 2 October 2001, announced
that the Securities Commission (SC) had, via its letter dated 9
July 2002 granted its approval to SHB to implement the Proposed
Scheme of Arrangement of Sri Hartamas Berhad (Special
Administrators Appointed), which the Company will participate.

The Proposed Scheme of Arrangement of SHB encompasses the
following:

   (i) Proposed Assets Injection by FACB;

   (ii) Proposed Shares Swap;

   (iii) Proposed Capital Repayment by SHB;

   (iv) the proposed cancellation of the 43,004,083 Special SHB
Shares;

   (v) the proposed issue of 50,000,000 new HGB Shares at an
issue price of RM1.00 per HGB Share to the creditors of SHB;

   (vi) the proposed transfer of listing status of SHB to HGB;
and

   (vii) Proposed Restricted Renounceable Rights Issue.


HUME INDUSTRIES: Obtains MITI's Nod on Proposals
------------------------------------------------
On behalf of the Board of Directors of Hume Industries
(Malaysia) Berhad, Commerce International Merchant Bankers
Berhad announced that the Ministry of International Trade and
Industry has vide its letter dated 8 July 2002 approved the
Proposed Rights Issue, Proposed Bonus Issue and Proposed Capital
Distribution.

The Proposals are now conditional upon approval being obtained
from the Kuala Lumpur Stock Exchange for the listing of and
quotation for the new HIMB Stocks to be issued pursuant to the
Proposed Rights Issue and Proposed Bonus Issue.

The "Proposals" refers to:

   (a) Proposed Rights Issue of up to 250,335,630 New Ordinary
Stock Units of Rm1.00 Each in HIMB (HIMB Stocks) on the Basis of
One (1) New HIMB Stock for Every One (1) Existing HIMB Stock
Held on a Date and at an Issue Price to be Determined by the
Board of Directors of HIMB (Proposed Rights Issue);

   (b) Proposed Bonus Issue of up to 500,671,260 New HIMB Stocks
on the Basis of one (1) New Himb Stock for Every One (1)
Existing HIMB Stock Held After the Proposed Rights Issue
(Proposed Bonus Issue);

   (c) Proposed Increase in Authorized Share Capital from
Rm700,000,000 Divided into 700,000,000 Ordinary Shares of Rm1.00
Each to Rm1,010,000,000 Divided into 1,010,000,000 Ordinary
Shares of Rm1.00 Each; and

   (d) Proposed Distribution of up to 83,445,210 O.Y.L.
Industries Bhd. (OYL) Shares, Representing Himb's Equity
Interest in OYL to the Stockholders of HIMB by way of Capital
Distribution on the Basis of one (1) Ordinary Share of Rm1.00
Each in OYL for Every Twelve (12) Stock Units Held in HIMB after
the Proposed Rights Issue and Proposed Bonus Issue to be
Effected by Reduction in Share Premium Reserve Account and
Cancellation of Ten (10) HIMB Stocks for Every Twelve (12) HIMB
Stocks Held after the Proposed Rights Issue and Proposed Bonus
Issue (Proposed Capital Distribution).


KEMAYAN CORPORATION: Court Adjourns Restraining Order to Aug 15
---------------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad announced
that the Kuala Lumpur High Court has granted an adjournment with
an interim extension of the restraining order until 15 August
2002.

On June 28, TCR-AP reported that Kuala Lumpur High Court has
granted an interim extension of the restraining order until 11
July 2002. On June 7, Kuala Lumpur High Court has granted an
interim extension of the restraining order until 25th June 2002.


KRETAM HOLDINGS: Will Contest Unit's Winding Up Petition
--------------------------------------------------------
On behalf of the Board of Directors of Kretam Holdings Berhad,
Alliance Merchant Bank Berhad, announced that Jeffa Construction
Sdn Bhd (JCSB), effectively a 51%-owned subsidiary of KHB, had
been served a winding-up petition dated 5 July 2002 under
Section 218 of the Companies Act, 1965, by Pembinaan LEC Sdn Bhd
(LEC), a creditor of JCSB. The petition was presented to the
High Court of Sabah and Sarawak (Court) on 5 July 2002 and shall
be heard by the Court at Sandakan on 15 August 2002. The
petition had been served on JCSB on 10 July 2002.

1. Particulars of the claim under the petition

JCSB is indebted to LEC in the sum of RM3,135,113.66 for the
cost of work done at the request of JCSB at Pusat Perdagangan
Pandan, Mukim Pandan, Johor Bahru, Johor. However, JCSB is
unable to pay the debt owing to LEC. The petition had not
stipulated any interest payable for the above-mentioned petition
sum. However, the costs of this petition by LEC shall be borne
by JCSB.

2. Details of default or circumstances leading to the filing of
the winding-up petition against JCSB

JCSB, together with KHB and Rising Resources Sdn Bhd (RRSB),
another subsidiary of KHB, had on 5 April 2002 entered into a
debt restructuring agreement (DRA) with certain financial
institutions to restructure the debt amounting to RM397,644,304
collectively (Proposed Debt Restructuring). Details of the DRA
had been announced on 5 April 2002. The Proposed Debt
Restructuring, however, did not include the restructuring of the
above unsecured debt balance of RM3,135,113.66 owing to LEC.
During the formulation of the Proposed Debt Restructuring, JCSB
had informed its unsecured creditors of a possible disposal by
KHB of its 51% equity interest in JCSB. The proceeds from the
proposed disposal will be utilized to settle the debt owing to
both JCSB's secured lender and its unsecured creditors,
including the amount owing to LEC. Nevertheless, the outright
proposed disposal failed to materialize.

As the next best alternative, JCSB had agreed to a proposed
joint venture arrangement with Southcon Corporation (M) Sdn Bhd
(SCM) to establish a joint venture company for the purpose of
continuing and completing the development of a privatized
project under the jurisdiction of Males Bandaraya Johor Bahru.
JCSB will maintain an equity interest of 30% in the new joint
venture company while SCM will hold the remaining 70% equity
interest.

In consideration of JCSB granting the right to the joint venture
company to continue the development of the aforementioned
privatized project, SCM had undertaken to assume, amongst
others, the settlement of the outstanding unsecured debts of
JCSB, which include the debt of RM3,135,113.66 owed to LEC.
Details of the proposed joint venture arrangement had been
announced on 5 June 2002.

A deed of assignment between JCSB, SCM and LEC was executed on 5
June 2002 (Deed of Assignment) to absolutely assign the debt
owed by JCSB to SCM. Pursuant to the Deed of Assignment, JCSB
was released from its obligations to settle the debt of
RM3,135,113.66 to LEC.

Despite the above assignments, LEC had still taken out a
petition for winding-up against JCSB for non-payment of debt.
The petition had been served on 10 July 2002.

3. Cost of investment

The total cost of investment in JCSB to KHB, which was incurred
between 1993 and 1994, is approximately RM1.67 million.

4. Financial and operation impact to KHB and its group of
companies (KHB Group)

KHB had given corporate guarantees to the secured lender and
unsecured creditors of JCSB, amounting to approximately RM28
million. The inability of JCSB to settle its debts owing to its
lender and creditors would result in the exercise of KHB's
corporate guarantees given to them.

Further, pursuant to the DRA, the winding-up proceedings against
JCSB may be regarded as an event of default and if declared as
such by the scheme lenders, may prove detrimental to the
proposed restructuring exercise currently undertaken by the KHB
Group.

5. Expected losses

In the event the winding-up proceedings are successful, the
exceptional loss expected to be incurred by the KHB Group is
approximately RM47.7 million.

6. Steps proposed by KHB in respect of the winding-up
proceedings

KHB shall proceed to contest the petition and file affidavit to
oppose the petition.


KUALA LUMPUR: Proposing Resolution Revision at July 29 EGM
-----------------------------------------------------------
Kuala Lumpur City Corporation Berhad advised that an
Extraordinary General Meeting will be held at the Auditorium,
No. 8, Jalan Binjai, Off Jalan Ampang, 50450 Kuala Lumpur on
Monday, 29 July 2002 at 9.00 a.m. for the purpose of considering
and, if thought fit, passing the following resolution:

ORDINARY RESOLUTION

Proposed revision to the mode of satisfaction of the purchase
consideration of RM55,000,000 relating to the acquisition by
Kuala Lumpur City Securities Sdn Bhd (KLCS), a wholly-owned
subsidiary company of Kuala Lumpur City Corporation Berhad
(KLCCB), of the business of WK Securities Sdn Bhd (WK) from
Nordin bin Baharuddin and Adam Primus Varghese bin Abdullah (as
Special Administrator of WK) which shall be satisfied in cash
instead of through the issuance of new ordinary shares of RM1.00
each in KLCCB as previously approved by the shareholders of
KLCCB at an Extraordinary General Meeting on 23 January 2001
(Proposed Revision)

THAT, approval be and is hereby given for the Company to revise
the mode of satisfaction of the purchase consideration of
RM55,000,000 relating to the acquisition of the business of WK
by KLCS, comprising the stockbroking business and all other
associated activities conducted by WK as at the date of
fulfillment of all the conditions of the Business Merger
Agreement dated 1 December 1999, the Variation Agreement dated 3
April 2000 and the Offer Letter dated 24 October 2000, to be
satisfied in cash instead of through the issuance of new
ordinary shares in the Company as previously approved at the
Extraordinary General Meeting of the Company duly held on 23
January 2001

AND THAT the Directors of the Company be and are hereby
authorized to give effect to the Proposed Revision with full
power to make any modifications, revaluations, variations and/or
amendments as may be required by the relevant authorities and to
take all such steps as they deem necessary or expedient in order
to implement, finalize or give effect to the Proposed Revision.


KUANTAN FLOUR: Welcomes Wai Loon as Non Executive Director
----------------------------------------------------------
Kuantan Flour Mills Bhd posted this Change in Boardroom Notice:

Date of change : 09/07/2002
Type of change : Appointment Boardroom
Designation    : Director
Directorate    : Independent & Non Executive
Name      : CHAN WAI LOON
Age      : 44
Nationality    : MALAYSIAN
Qualifications : University of London [LL.B (Hons)]

Working experience and occupation  : Advocate & Solicitor
Directorship of public companies (if any) : Nil
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

Wrights Investors' Service reported that at the end of 2001,
Kuantan Flour Mills Berhad had negative working capital, as
current liabilities were Rp34.92 million while total current
assets were only Rp34.06 million. The Company paid no
dividends during the last 12 months. It also reported losses
during the previous 12 months.


SRI HARTAMAS: SC Grants Proposed Scheme of Arrangement Approval
---------------------------------------------------------------
On behalf of Sri Hartamas Berhad (Special Administrators
Appointed), Commerce International Merchant Bankers Berhad
announced that the Securities Commission (SC) had, via its
letter dated 9 July 2002 granted its approval to SHB to
implement the Proposed Scheme of Arrangement, which encompasses
the following:

   (i) the proposed injection of the two (2) assets, namely
Bukit Unggul Eco-Media City's (BUEMC) undertaking (BUEMC
Undertaking) and Nexus Resort Karambunai's (NRK) undertaking
(NRK Undertaking) by FACB Resorts Berhad (FACB) and the minority
shareholders of FACB Marketing and Sales Services Sdn Bhd (FMSS
Minority Shareholders) into a shell company, namely Hartamas
Group Sdn Bhd (HGB), which will participate in the Proposed
Scheme of Arrangement, for an aggregate consideration of
RM660,000,000 to be settled by way of issue of 660,000,000
ordinary shares of RM1.00 each in HGB (HGB Shares) to FACB and
its subsidiary (FACB Group) and the FMSS Minority Shareholders
at an issue price of RM1.00 per HGB Share (Proposed Assets
Injection by FACB). HGB will be converted into a public company
prior to the implementation of the Proposed Scheme of
Arrangement;

   (ii) the proposed issue of 43,004,083 new HGB Shares by HGB
to SHB credited as fully paid-up, in consideration for, inter
alia, SHB issuing 43,004,083 ordinary shares of RM1.00 each
(Special SHB Shares) to HGB credited as fully paid-up, on the
basis of one (1) new HGB Share for every one (1) Special SHB
Share (Proposed Shares Swap);

   (iii) the proposed capital distribution of 43,004,083 new HGB
Shares to be issued pursuant to the Proposed Shares Swap by SHB
to its shareholders on the basis of one (1) new HGB Share for
every twenty (20) existing ordinary shares of RM1.00 each in SHB
(SHB Shares) held prior to the Proposed Scheme of Arrangement
and the proposed cancellation of the entire 860,081,667 existing
SHB Shares held prior to the Proposed Scheme of Arrangement
(Proposed Capital Repayment by SHB);

   (iv) the proposed cancellation of the 43,004,083 Special SHB
Shares held by HGB and the proposed issue of three (3) new SHB
Shares at an issue price of RM1.00 per SHB Share to the Special
Administrators and/or its nominated parties;

   (v) the proposed issue of 50,000,000 new HGB Shares at an
issue price of RM1.00 per HGB Share to the creditors of SHB;

   (vi) the proposed transfer of listing status of SHB to HGB;
and

   (vii) the proposed restricted renounceable rights issue of up
to 86,008,167 HGB Shares (Rights Shares) together with up to
86,008,167 new Warrants 2002/2007 (Rights Warrants) by HGB at an
issue price of RM1.00 per Rights Share, payable in full upon
acceptance, on the basis of two (2) Rights Shares plus two (2)
Rights Warrants for every one (1) new HGB Share held by the
existing shareholders of SHB on completion of the Proposed
Capital Repayment by SHB (Proposed Restricted Renounceable
Rights Issue).

SC had noted that the total gross proceeds receivable by HGB
from the Proposed Restricted Renounceable Rights Issue
(Proceeds) will be utilized in the core business of HGB.

These conditions must be met in respect of the utilization of
the Proceeds:

   (a) Approval of the SC must be obtained for any change in the
utilization of the Proceeds if the change involves utilization
for a purpose other that the core business of HGB and its
subsidiary (HGB Group);

   (b) Approval of the shareholders of HGB must be obtained for
any deviation of 25% or more from the original utilization. If
the deviation is less than 25%, appropriate disclosure is
required to be made to the shareholders of HGB;

   (c) Any extension of time from the time frame set by HGB for
the utilization of the Proceeds must be approved by a resolution
by the Board of HGB and must be disclosed in full to the KLSE;
and

   (d) Appropriate announcements/disclosure regarding the status
of utilization of the Proceeds must be made in the quarterly and
annual reports of HGB until the Proceeds have been fully
utilized.

The approval of the SC on the Proposed Scheme of Arrangement is
subject to the following conditions:

   (i) HGB needs to inform SC on the salient terms of the
Proposed Restricted Renounceable Rights Issue.

   (ii) The substantial shareholders and Directors of HGB are
not permitted to be involved in businesses that are in direct
competition with the businesses of the HGB Group.

   (iii) Any transactions between the HGB Group and
parties/companies related to the Directors/substantial
shareholders of HGB in future must be made on an "arm's length"
basis and should not be on terms which would be detrimental to
the HGB Group. In this respect, the Audit Committee of HGB is
required to monitor the relevant transactions and the Directors
of HGB are required to report such transactions (if applicable)
in HGB's annual report.

   (iv) HGB/SHB must fully disclose in the Abridged Prospectus
and the Circular to its shareholders regarding the following
matters:

     (a) Transactions and agreements made between the HGB Group
and companies related to the Directors and substantial
shareholders of HGB;

     (b) Any involvement/interest in business that the Directors
and substantial shareholders of HGB have which are in conflict
of interest with that of the HGB Group, together with steps
taken or to be taken to address the above competition or
conflict;

     (c) An independent opinion on the marketability of the
development project of BUEMC; and

     (d) HGB is required to have the rights of access to the
land of BUEMC and NRK at all times.

   (v) FACB must disclose in the Circular to its shareholders
regarding the following matters:

     (a) The future prospects and operation of FACB without the
BUEMC Undertaking and the NRK Undertaking; and

     (b) The effects on FACB after the disposal of the BUEMC
Undertaking and the NRK Undertaking.

   (vi) All restrictions on the assets under the BUEMC
Undertaking and the NRK Undertaking must be removed and are free
from any encumbrances and have vacant possession before the
implementation of the Proposed Assets Injection by FACB;

   (vii) Bukit Unggul Golf and Country Resorts Sdn Bhd, an
ultimate wholly-owned subsidiary of FACB, is required to re-
purchase from the individual buyers or cancel all the sales and
purchase agreements relating to all the 49 bungalow lots that
have been sold, prior to the implementation of the Proposed
Assets Injection by FACB;

   (viii) Karambunai Resorts Sdn Bhd, an ultimate wholly-owned
subsidiary of FACB, is required to obtain an individual title to
the NRK's hotel land measuring 64.467 acres prior to the
implementation of the Proposed Assets Injection by FACB;

   (ix) SHB/HGB is required to obtain/secure a bank loan
amounting to not less than RM76 million before the
implementation of the Proposed Scheme of Agreement to address
the cashflow deficit as in the management forecast;

   (x) HGB is required to have the rights of access to the land
of BUEMC and NRK at all times;

   (xi) HGB/FACB should ensure that it would not be involved in
any competing transactions or activities, which may decrease the
competitiveness/viability/value of BUEMC and NRK;

   (xii) SHB is required to obtain all necessary approvals from
the relevant authorities and comply with their terms, if any;
and

   (xiii) SHB/HGB is required to comply fully with the
requirements of the SC's Policies and Guidelines on Issue/Offer
of Securities in relation to the implementation of the Proposed
Scheme of Arrangement.


SUNWAY HOLDINGS: Creditors OK Proposed Scheme of Arrangement
------------------------------------------------------------
Sunway Holdings Incorporated Berhad informed Thursday that
pursuant to the orders issued by the High Court of Malaya and
the High Court of Singapore, a meeting of the creditors of
Sunway Juarasama Sdn. Bhd. (SJSB), a wholly-owned subsidiary of
the Company was held in Singapore on 11th July, 2002 to consider
the scheme of compromise and arrangement (Scheme) dated 10th
June, 2002 proposed to be made between SJSB and certain of its
creditors (Scheme Creditors) pursuant to Section 176 of the
Companies Act, 1965 and Section 210 of the Singapore Companies
Act, Chapter 50.

At this meeting, the Scheme was approved without modification by
84 Scheme Creditors out of 89 Scheme Creditors present and
voting, representing 98.24 percent in value of the Scheme
Creditors present and voting, as required under Section 176(1)
of the Companies Act, 1965 and Section 210 of the Singapore
Companies Act, Chapter 50. SJSB will now take the necessary
steps to apply to the High Court of Malaya and the High Court of
Singapore for Scheme confirmation.


TECHNOLOGY RESOURCES: Posts EGM Cancellation Notice
---------------------------------------------------
Technology Resources Industries Berhad, further to the Company's
announcement on the cancellation of the Extraordinary General
Meeting scheduled to be held on 16 July 2002, posted this Notice
dispatched to shareholders of the Company:

NOTICE OF CANCELLATION OF EXTRAORDINARY GENERAL MEETING

To: All Shareholders

Extraordinary General Meeting of Technology Resources Industries
Berhad (TRI or the Company) scheduled on 16 July 2002, pursuant
to Section 144 of the Companies Act, 1965 for the purposes of
Removing and Appointment of Directors (the EGM).

We refer to the above matter.

1. As you are aware, we had, on 5 June 2002, dispatched
circulars and notices to you as shareholders of the Company
calling for the EGM. The EGM was called in view of the
requisition made by a shareholder, Telekom Enterprise Sdn Bhd
(TESB), on 17 May 2002 (Requisition). The purpose of the EGM was
to consider the following resolutions:

   1.1 Resolutions to remove the following directors of the
Company:

     (a) Tan Sri Dato' Tajudin Ramli;
     (b) Dato' Lim Kheng Yew;
     (c) Encik Bistamam Ramli; and
     (d) Tuan Haji Mohamed Ali Yusoff;

(collectively, the "Outgoing Directors")

   1.2 Resolutions to elect the following as the new directors of
the Company:

    (a) Dato' Dr Md Khir Abdul Rahman;
    (b) Dato'Dr Mohd Munir Abdul Majid;
    (c) Mr Lim Kheng Guan; and
    (d) Encik Rosli Man

(collectively, the "New Directors").

2. As you may also be aware, and as announced by the Company
on 3 July 2002, the Outgoing Directors have resigned as
directors of the Company on 3 July 2002 and the New Directors
have been appointed as directors of the Company in replacement
thereof.

3. As a result of the resignation of the Outgoing Directors
and the appointment of the New Directors on 3 July 2002, the
purpose for which the EGM was called for has ceased to exist. In
this regard, TESB has written to the Company to withdraw the
Requisition. A copy of the said letter dated 8 July 2002 is
attached herewith for your reference.

4. In view of the withdrawal by TESB, the Company has on 9
July 2002 announced to the Kuala Lumpur Stock Exchange (KLSE) on
its decision to cancel the EGM. As advised by its legal adviser,
Messrs Zaid Ibrahim & Co,the cancellation of the EGM would not
adversely affect the rights of TESB or any other shareholders of
the Company for the following reasons:

   (a) TESB was the party requisitioning for the EGM and TESB
itself has written to the Company to withdraw the Requisition
and has also agreed for the EGM to be cancelled. As such, the
rights of TESB would not be affected; and

   (b) There are no other motions or resolutions to be tabled at
the EGM. As such, the rights of the other shareholders of the
Company would also not be affected.

5. In light of the above, the Company believes that it is in
the best interests of all parties that the EGM be cancelled.

6. In this regard, NOTICE IS HEREBY GIVEN that the EGM
scheduled to be held at Ballroom 3 Level 2, Hotel Nikko Kuala
Lumpur, 165 Jalan Ampang, 50450 Kuala Lumpur on Tuesday, 16 July
2002 at 10.00 a.m is now cancelled.

7. RESPONSIBILITY STATEMENT

This Notice has been seen and approved by the Board of Directors
of TRI and they collectively and individually accept full
responsibility for the accuracy of the information given and
confirm that after making all reasonable enquiries and to the
best of their knowledge and belief, there are no other facts the
omission of which would make any statement herein misleading.

8. CONSENT

Messrs Zaid Ibrahim & Co has given and has not subsequently
withdrawn its written consent to the inclusion of its name and
all references thereto in the form and context in which they
appear in this Notice.

9. DOCUMENTS FOR INSPECTION

Copies of the following documents are available for inspection
at the registered office of the Company at 20th Floor, Menara
TR, 161B, Jalan Ampang, 50450 Kuala Lumpur during normal office
hours on Monday to Friday (except public holidays) for  a period
of one (1) month from the date of this Notice:

   (i) Memorandum and Articles of Association of TRI;

   (ii) Notice of Withdrawal of the Requisition from Telekom
Enterprise Sdn Bhd dated 8 July 2002; and

   (iii) The legal advice in respect of the cancellation of
the EGM from Messrs Zaid Ibrahim & Co dated 8 July 2002.

Yours faithfully,

For and on behalf of the Directors
TECHNOLOGY RESOURCES INDUSTRIES BERHAD

SHAMSUDDIN MOHD RASOM
Independent Non Executive Director


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


METRO PACIFIC: Unit Enters CBA With Labor Union
-----------------------------------------------
Metro Pacific Corp unit Negros Navigation Co (Nenaco) has signed
an agreement concerning a one-year moratorium on a collective
bargaining agreement (CBA) with its labor union, AFX Asia said
Thursday.

In a statement, Nenaco said the agreement with the union
replaces the CBA, which expired on March 31. Negotiations for a
new CBA with the union are not expected until December at the
earliest, with the new CBA to take effect only on July 1, 2003.

Nenaco President Conrado Carballo said the moratorium allows the
workers and the Company to concentrate on increasing
profitability.

Nenaco incurred a net profit after tax of 5 million pesos in the
first quarter, against a loss of 176 million a year earlier.

According to TCR-AP, as of end-2001, Metro Pacific has 18.5
billion pesos in consolidated interest-bearing liabilities.


PETROCHEMICAL CORP: Seeking Capital Infusion
--------------------------------------------
Shareholder Chemical Industries said Petrochemical Corporation
of Asia Pacific's (Petrocorp) is planning to ask investors to
inject fresh equity into the Company, AFX Asia said Thursday.

"Failure to secure such additional equity will not necessarily
mean cessation of operations considering that the Company has
continuously operated despite its prolonged difficult financial
situation." Chemical Industries said.

Petrocorp is in discussions with creditors as to how its
liabilities can be repaid.


PHILIPPINE LONG: Requests US Court to Review First Pacific Suit
---------------------------------------------------------------
Philippine Long Distance Telephone Company (PLDT) filed an
application on July 10 with the United States District Court to
immediately order First Pacific to file its Memorandum of
Agreement with the Gokongwei Group (the MOA) with the U.S.
Securities and Exchange Commission.

This move follows PLDT's filing of a suit in that Court on July
3, 2002 against First Pacific for failure to comply with certain
requirements under U.S securities law. This second filing seeks
to accelerate the process of judicial review in order to ensure
that alls shareholders will not be "deprived of important
information concerning the parties who seek to control PLDT, how
that control will be exercised, other material terms of the MOA,
and the arrangements the MOA apparently embodies," notes the
application.

"We are requesting the Court to immediately require First
Pacific to submit a copy of the MOA in compliance with the U.S.
Securities Exchange Act of 1934," said Buth Jimenez, VP for
Media and Communications. "We are doing this to speed up the
resolution of this issue, in the hope that we can resolve this
matter as quickly as possible and protect the interests of all
shareholders who are entitled to full disclosure of the MOA."

PLDT's application states that First Pacific failed to comply
with the U.S. federal securities law, because it filed an
amended Schedule 13D that omitted to include a copy of the MOA,
which seeks to transfer control of PLDT to the Gokongwei Group.
Instead, First Pacific merely attached a press release that
selectively disclosed some, but not all, of the terms of the
MOA, thus violating the requirements, purpose and intent of
Section 13(d) of the U.S. Securities Exchange Act of 1934.

PLDT's application further states that First Pacific's failure
to submit a copy of the MOA has harmed, and until corrected will
continue to cause irreparable injury to, PLDT and its
shareholders. These shareholders are being forced to trade in
PLDT stock without adequate information about who controls a
huge block of PLDT's stock, or the terms and conditions under
which the control will be exercised.

The press release can be found at
http://bankrupt.com/misc/TCRAP_PLDT0712_Suit.pdf


PHILIPPINE LONG: First Pacific Confident on JV Deal
---------------------------------------------------
First Pacific Co Ltd Executive Vice President for Group
Corporate Communications Rebecca Brown said the Company remains
confident it will be able to conclude the joint venture
transaction with the Gokongwei group over its controlling stake
in Philippine Long Distance Telephone Co (PLDT) by the third
quarter, saying their timetable has not changed.

Asked by AFX-Asia News whether First Pacific believes the
Gokongwei group will have enough time to conduct the due
diligence, which is a condition of the agreement, before the end
of the third quarter, she replied, "We are still of the belief
that the third quarter closing is achievable for this
transaction."

Reacting to newspaper reports that PLDT President Manuel
Pangilinan is planning to bid for Bonifacio Land to prevent its
joint sale with PLDT, Ms. Brown reiterated that First Pacific
has not received any offers apart from that of the Gokongweis.
(M&A REPORTER - ASIA PACIFIC, Vol. No.1, Issue No. 137, July 12,
2002)


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


ALLIANCE TECHNOLOGY: Result of Creditors Meeting on July 5
----------------------------------------------------------
The Judicial Managers of Alliance Technology and Development
Limited (In Judicial Management) announced that at the first
meeting of creditors of the Company held on the 5th day of July
2002 at 3.30 p.m., the creditors of the Company have received
and considered the Statement of Proposals dated 26 June 2002
prepared by the Judicial Managers of the Company. The creditors
of the Company considered and voted on these proposals:

   1. The sale of the Company's 100 percent shareholding
interest in Igel Vision Care Pte Ltd, a wholly owned subsidiary
of the Company (Proposal 1).

   2. The sale of the Company's 100 percent shareholding
interest in Beijing Underwater World Pte Ltd and Grosvenue (S)
Pte Ltd, the Company's 60 percent shareholding interest in
Nanjing Underwater World Pte Ltd and the Company's 80 percent
shareholding interest in Oceanis Pte Ltd (Proposal 2).

Proposal 1 made in the Statement of Proposals was approved by
93.33 percent in number and 96.33 percent in value of the
creditors, present and voting either in person or by proxy at
the meeting. Proposal 2 was approved by 93.33 percent in number
and 98.66 percent in value of the creditors, present and voting
either in person or by proxy at the meeting.


ASIA PULP: Centre Issues Affidavit Re Judicial Management Order
---------------------------------------------------------------
Centre Solutions (Bermuda) Ltd issued on July 9, 2002 an
affidavit in support of the petition filed by Deutsche Bank AG
and BNP Paribas for a judicial management order against Asia
Pulp & Paper Company Ltd (APP).

The affidavit was filed by Sukhdeep Singh Sandhu, Vice President
of Centre Solutions, in behalf of Centre as the owner of
receivables generated by Asia Pulp and Paper (APP) and various
subsidiaries and related companies of APP under the
securitization program referred to in this affidavit and also as
a creditor and or contingent creditor in support of the petition
filed by Deutsche Bank AG and BNP Paribas and Originating
Petition No. 2 of 2002 for a judicial management order against
Asia Pulp & Paper Company Ltd (APP).

Centre is of the belief that one or more judicial managers,
totally independent of APP, is required to look after the
interest of APP its members and creditors as a whole and to
ensure that any restructuring process is managed fairly and
transparently.  Centre said that it has been a victim of a
massive systematic fraud and breach of trust perpetuated by APP
in conjunction with various subsidiaries and related companies
of APP across the world that clearly demonstrates the need for
the appointment of one or more judicial managers.

For a copy of the affidavit go to
http://bankrupt.com/misc/TCRAP_APP0712_Affidavit.pdf

DebtTraders reports that Asia Pulp's 11.75 percent bonds due on
2005 (APP7) are trading between 28.5 and 30.5. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=APP7for
real-time bond pricing.


ASIA PULP: Creditors to Share Sinar Mas Assets With IBRA
--------------------------------------------------------
Creditors of Singapore-based Asia Pulp and Paper, one of the
largest pulp and paper producer in the world, will get to share
the assets that Indonesia's Bank Restructuring Agency (IBRA) had
received from APP's parent, Sinar Mas, last month, the
ChannelnewsAsia reported.

According to ABN Amro Bank, which is heading the Combined
Steering Committee of Creditors of APP, a memorandum of
understanding has been signed with IBRA to achieve a fair and
expeditious restructuring of APP.

The deal resolves worries that IBRA will be compensated at the
expense of other creditors. (M&A REPORTER - ASIA PACIFIC, Vol.
No.1, Issue No. 137, July 12, 2002)


NATSTEEL LTD: CCL Extends Offer Period to Acquire Businesses
------------------------------------------------------------
The Board of Directors of NatSteel Ltd (NatSteel), in relation
to the offer from Crown Central Assets Limited (CCL) to acquire
all the businesses, undertakings and assets of the Company,
together with its investments in all the subsidiaries and
associated companies of NatSteel (the Group) other than the
investments of NatSteel in NatSteel Broadway Ltd and NatSteel
Brasil Ltda, free from all bank borrowings of the Group as at 31
December 2001 (the Businesses).

The Board wishes to announce that in a letter dated 10 July 2002
from CCL, CCL has agreed at the request of the Board to extend
the period of the Offer to 16 August 2002 (the Extension) in
order to provide the Company and its financial adviser, Salomon
Smith Barney Singapore Pte Ltd., an opportunity to conduct a
competitive sale process. Further, in a separate letter dated 10
July 2002 (a copy of which is attached), JPMorgan, financial
adviser to CCL, has confirmed that the aggregate amounts
available under third party financing upon drawdown of certain
facilities and certain existing cash funds of CCL are sufficient
to satisfy the aggregate purchase consideration of the Offer.
The Board notes that it has not had sight of the terms and
conditions, if any, of such Facilities.

To date, a number of third parties have expressed interest in
NatSteel. With the Extension, the Board and its financial
adviser, Salomon Smith Barney Singapore Pte. Ltd., are
continuing to evaluate these expressions of interest and will
conduct a competitive sale process. In doing so, the Board's
objectives are to act in the interests of NatSteel and its
employees and shareholders as a whole and to maximize
shareholder value.

In the meantime, the independent financial adviser (IFA), ANZ
Singapore Limited, will continue to review the Offer and any
other offers that are received.

It is anticipated that by 16 August 2002, the IFA shall be in a
position to advise the Board of its view on the Offer and any
other offers received by that time (subject to, among other
things, relevant legal documentation), at which stage the Board
will be in a position to make an announcement of its decision on
the Offer and any other offers received by that time (subject
to, among other things, relevant legal documentation), based on
such advice of the IFA. If the Board accepts the Offer or any
other relevant offer, the final recommendation of the
Independent Directors and the advice of the IFA will be
contained in a shareholders' circular to be issued by the
Company subsequent to 16 August 2002.

The Board wishes to reiterate that business continuity and
stability are of utmost importance during this period and wishes
to express its full confidence in the NatSteel management team
while the Offer and all other options are being considered.

The Board will continue to keep shareholders informed as
developments warrant. In the meantime, shareholders are advised
to refrain from taking any action in relation to their shares in
the Company, which may be prejudicial to their interests.

For a copy of the letter from Crown Central Assets Limited, go
to http://bankrupt.com/misc/TCRAP_Natsteel0712.pdf


UNITED OVERSEAS: Fires 90 More Employees
----------------------------------------
United Overseas Bank (UOB) cut 90 more employees, bumping the
number of employees retrenched in the last three weeks to 380,
GK Goh reported Friday.

This latest cut contradicts UOB's declaration that the June lay-
offs were the last. The bank hopes to save between $200 million
and $250 million in operating costs following the merger with
Overseas Union Bank (OUB).

Altogether, including the latest round of cuts, the merged group
has retrenched some 1,700 employees here and overseas. The
number of branches resulting from the merger has been whittled
down to 68 from 93 previously comprising 63 from UOB and 30 from
OUB.


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


DATAMAT PUBLIC: Issues Info Memorandum on AIT Assets Acquisition
----------------------------------------------------------------
The Board of Directors of Datamat Public Company Limited (DTM)
at meeting No. 9/2002 held on July 10, 2002, passed a resolution
approving DTM's issuance of 100,000,000 new ordinary shares with
the par value of Bt10 each as consideration for the
acquisition from its existing shareholders via share swaps of
all 50,000 shares in Advanced Information Technology Company
Limited (AIT) with the par value of Bt1,000.00 each.

Datamat has ascribed a transaction value of Bt370 million to
Advanced Information Technology, based on a current year
valuation of approximately 7.5 times projected AIT's earnings of
Bt49.3 million. Such transaction is subject to the Notifications
of the Stock Exchange of Thailand (SET) on the Assets
Acquisition.

Background

AIT was established in 1992 by a group of IT professionals. AIT
is in the business of providing information technology and
networking solutions to enterprises.  The business includes
systems integration (development, integration, implementation,
and deployment) both private and government sectors,
particularly in the telecommunications industry.  The company
maintains business relationships with major global hardware and
software vendors such as Compaq, HP and Microsoft.

Pre-acquisition (DTM)

Public        Cyber        Devonshire        Creditors (first 5
    Venture               banks
37.29%        13.35%         32.19%          17.17%

Post-acquisition (DTM)

Public      Cyber      Devonshire    Creditors(first    AIT
  Venture           5 banks)      Shareholders

32.13%       27.73%    11.5%         14.78%              13.86%

Post-acquisition (AIT)

DTM
            100%

1. Transaction date

DTM will enter into the transaction after it receives approval
from the shareholders' meeting no. 2/2002 to be held on August
5, 2002. The Board of Directors will determine date of
transaction later.

2. Parties involved.

Datamat proposes to purchase the entire interest in Advanced
Information Technology from its shareholders.  Under the
regulations of the relevant authorities, there are no
related parties to this transaction.

3. General characteristics of the transaction

Characteristic       :  Acquisition of assets and issuance of
securities and cash payment as
consideration.
Size of transaction  :  98.1% of the assets of DTM
Class of transaction :  Class 1   This transaction is considered
Class One due to the fact that the
proposed acquisition of assets in AIT
will equal approximately 98.1% of the
assets of DTM as registered in the most
recent financial statements.  The
transaction will therefore require the
approval of   75% of all the
shareholders present at the next
shareholders meeting and having right to
vote.

Note: Total value of consideration was used to determine
transaction size.

4. Details of the acquired assets

Name of Company :       Advanced Information Technology Company
Limited  (AIT)
Acquired assets :       Ordinary shares
Type of business:       Network and IT system integrator
Type of products:       AIT engages in the following services:
                        (1) Enterprise Data
                        (2) Network Solutions
                        (3) Network Management
                        (4) Professional Services
Paid-up capital   :     Bt50,000,000, with the par value of
Bt1,000.00
Major shareholders  of AIT   : As of 6th March, 2001

Name                           No. of shares   %
1. Mr. Siripong  Oontornpan      38,200       76.4
2. Mrs. Kingporn  Sopchokechai    2,400        4.8
3. Mr. Phisak  Jarudilok          2,000        4.0
4. Mr. Anurat  Danthanasarn       2,000        4.0

Board of Directors:  As of 4th June 2002
                     1. Mr. Siripong Oontornpan
                     2. Mrs Saowanee Oontornpan
                     3. Mrs. Natenapis Oontornpan

Total acquired shares:  50,000 shares
Shareholding ratio:     0.00% (prior to transaction)
Shareholding ratio:     100.00% (after the transaction)

Financial Information   (Audited)
(in 000 Baht)
                                  2001         2000

        Total revenue           377,046       398,048
        Net profit               13,328        12,248
        Total assets            189,393       145,020
        Total liabilities       122,520        83,476
        Paid-up capital          20,000        20,000
        Total equity             66,873        61,544
        Par value (Baht)          1,000         1,000
        EPS (Baht)               666.42        612.40
        Book value (Baht)      3,343.65      3,077.20
        DPS (Baht)               400.00        250.00

5. Total value of the consideration and conditions of payment
As consideration for the 100% of the outstanding shares in AIT,
DTM will provide 100 million new common shares (of par value
Bt10) at a price of 3.20 per share and Bt50 million in cash,
making the transaction value Bt370 million.

6. Criteria used to determine the consideration

Datamat has ascribed a value of Bt370 million to Advanced
Information Technology,  based on a current year valuation of
approximately 7.5 times projected AIT's earnings of
Bt49.3 million. DTM feels that this is a fair price.

To Datamat, particularly on the infrastructure side of the
systems integration business and  specifically in the rapidly
growing and highly lucrative telecommunications sector as
well as in public sector projects.  The two companies will enjoy
economies of scale across the whole of their business, allowing
Datamat to increase its capital value more rapidly.

8. Source of fund

DTM will offer it's newly issued 100 million shares plus cash of
Bt50 million in exchange for AIT shares.

9. Type and details of securities issued as consideration

Type of securities:     Ordinary shares of DTM
Number of shares:       100,000,000 shares representing 13.86%
    of structure
Par value:              Bt10

10. Condition of the transaction

The transaction is considered an asset acquisition under the SET
notifications on the Rules and Procedures and Disclosure of
Information concerning the Acquisition and Disposition of Assets
of Listed Companies and Connected Transactions of Listed
Companies and thus requires the shareholders to approve with the
votes of not less than of 3/4 of all the votes from the
shareholders present at the meeting and having the right to
vote DTM hereby certifies that this information is true and
complete in all respects.


DATAMAT PUBLIC: SET Lifts `H' Sign
----------------------------------
The Stock Exchange of Thailand (SET) posted `H' sign on the
securities of Datamat Public Company Limited (DTM) on the first
trading session of July 11, 2002, after DTM failed to submit the
details of the Board resolution concerning the decrease and
increase in capital and the purchase of common shares in Advance
Information Technology Co., Ltd. (AIT) to the SET.

Now, DTM has publicly released that information to the SET and
it was disseminated to the investors, therefore the SET lifted
`H' sign on the securities of DTM on the second trading session
of July 11, 2002.


THAIOIL COMPANY: Files Business Reorganization Petition
-------------------------------------------------------
Thaioil Company Limited (DEBTOR), engaged in refine oil, filed
its Petition for Business Reorganization to the Central
Bankruptcy Court:

   Black Case Number For. 25/2542

   Red Case Number For. 1/2543

Petitioner: Chase Manhattan Bank (BIBF Bangkok)

Planner: Vibhavadi Planner Company Limited

Debts Owed to the Petitioning Creditor: Bt93,939,611,325.00

Date of Court Acceptance of the Petition: December 21,1999

Court ordered for the business reorganization: January 10,2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette on January 18,
1998

Deadline for creditors to submit Applications for Payment in
Business Reorganization: February 18, 2000

Deadline to object to any Application for Payment in Business
Reorganization: March 2, 2000

Deadline to submit the plan: April 18, 2000

On March 31, 1999, the Central Bankruptcy Court issued an order
accepting the reorganization plan of the debtor pursuant to
Section 90/58 paragraph 1 of the Bankruptcy Act B.E. 2483 and
appointed Vibhavadi Administrator Company Limited to be a plan
administrator.

The Court ordered disposal the case: May 25, 2000

Contact: Ms. Umaporn, Tel, 6792525 ext. 142


WONGPAITOON GROUP: Warrant Exercise Leaves 403,230,585 Units
------------------------------------------------------------
Wongpaitoon Planner Company Limited, as the Business
Reorganization Plan Administrator of Wongpaitoon Group Public
Company Limited, announced in accordance with the Business
Reorganization plan on December 21, 2001, 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.

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 informed that there were no applications for the 1st
exercise of warrants as of April 1, 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
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

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

                 *** End of Transmission ***