TCRAP_Public/020716.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Tuesday, July 16, 2002, Vol. 5, No. 139

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: New Management Sparks Shareholders' Support
BALLARAT GOLDFIELDS: Unit Seeks German Debt Recovery
CHROME GLOBAL: ASX Grants Shares Issuance at $0.01/Share
CMG CH: Discloses June 30 Net Tangible Asset Backing
COTTEE HEALTH: July 16 GM Scheduled

FAITHFUL STREET: Court Orders Trust Property Winding Up
LIFECARE HEALTH: Securities Representative Banned For Two Years
PASMINCO LIMITED: Creditors Meeting Adjourned to Aug 16
PRESTON RESOURCES: Enters Agreement to Access Gold Resources
TUART RESOURCES: Secures Working Capital Agreement With Lenders


C H I N A   &   H O N G  K O N G

401 HOLDINGS: Further Delays Circular Dispatch
CHINA OVERSEAS: Winding Up Petition Set for Hearing
CHINADOTCOM: Implementing Oracle e-Business Suite Solution
EASYKNIT INT'L: Securities Trading Suspended
FUJIAN INTERNATIONAL: Ordered to Pay $2.1M to Chelsea

PACIFIC GLORY: Winding Up Petition Hearing Set
SHAM TSENG: Winding Up Petition to be Heard
STAR EAST: Operations Loss Widens to HK$406,565
WORLDECOR.COM : Winding Up Sought by Chan Pik
YUNNAN KITCHEN: Petition to Wind Up Pending


I N D O N E S I A

ASTRA INTERNATIONAL: Sells Sumalindo Stake to Pesut Group
SALIM GROUP: Shareholders to Pay Rp729.4B to IBRA
SEMEN PADANG: Parent Gresik Affected on Rp200B Maturing Debt


J A P A N

FUJITSU LTD: Agrees to Develop Semiconductor Solutions With III
KANSAI ELECTRIC: R&I Assigns AA+ Long Term Debt Rating
MATSUSHITA ELECTRIC: Shifting 1,200 Workers to Unit
NIPPON SHOKUHIN: Unveiling Rehabilitation Plan by July End


K O R E A

HYNIX SEMICONDUCTOR: Denies Semiconductor Shutdown Report
HYUNDAI MOTOR: Hyundai Sec Downgrades Rating to 'Marketperform'
KIA STEEL: Hyundai Motor Shows No Interest in Bid


M A L A Y S I A

ANGKASA MARKETING: Posts Subscription, Disposal Updates
BERJAYA LAND: Aborts Proposed VGOs, Assets Transfer
CSM CORPORATION: Releases June 2002 Defaulted Payment Update
DEWINA BERHAD: SC OKs Proposals Time Implementation Extension
HO WAH: UOB Grants HWG Kintron RM47M Credit Facilities

HUME INDUSTRIES: Registrar of Companies Strikes Dormant Unit
MYCOM BERHAD: Obtains Proposed Acquisitions Extension
OLYMPIA INDUSTRIES: Gets Proposal Extensions
PAN MALAYSIA: Welcomes News Audit Committee Member
TEXCHEM RESOURCES: MITI Grants Proposals' Conditional Approval


P H I L I P P I N E S

BENPRES HOLDINGS: Clarifies Manila Standard Report
METRO PACIFIC: Denies Selling Shares in Bonifacio Land
PHILIPPINE LONG: Clarifies Joint Venture Report


S I N G A P O R E

CHUAN HUP: Winds Up Dormant Subsidiary
EWORLD OF SPORTS.COM: Unit Goes Into Liquidation
FLEXTECH HOLDINGS: FHL Group Implements Financial Restructuring
HOTEL PLAZA: Unit Disposes of ATH Stake; Restructuring Exercise
IPROPERTYNET PTE: 60% Stake Sale to Blitz Completed

OSSIA INTERNATIONAL: Units Enter Voluntary Liquidation


T H A I L A N D

DATAMAT PUBLIC: Decrease of Capital Interpretation Pending
MATCON TRADING: Files Business Reorganization Petition
NEP REALTY: Clarifies Warrants Issue, Unit's Listing News


        -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: New Management Sparks Shareholders' Support
------------------------------------------------------------
Anaconda Nickel Limited announced Friday that since the new management team
of Anaconda took over in December last
year, the Company has received overwhelming support from
shareholders. The financial markets have particularly responded to the open
and transparent disclosure regime subsequently adopted by management.

The Company appreciates that the current difficulties surrounding Anaconda
have attracted media attention but a small number of anonymous shareholders
have expressed concern that although the new management team has been able
to improve production and end previous cashflow deficits, the share price
has been declining.

All shareholders must recognize that the Company is only continuing to
operate with the co-operation and agreement of its secured creditors. The
agreement with secured creditors has only been reached because the major
bondholders have expressed their confidence in the ability of the current
Board and management team to reach an agreement to restructure debt and
recapitulate the Company in the interests of all shareholders, creditors and
employees.

In order to reach an agreement, the secured creditors will require certainty
that sufficient funds will be available from new sources of financing to
ensure completion of the agreed debt restructure. It is against this
background that Peter Johnston, Anaconda's Chief Executive Officer, said,
"We are here to represent all shareholders and that is what we are doing. We
have discussed a wide range of financing options with our secured creditors,
potential financiers and investors, and as foreshadowed in previous
announcements one of the options under consideration for raising equity is a
renounceable rights issue at a discount to the share price."

There has always been uncertainty as to the outcome of the Fluor
arbitration. There are no guarantees that the Joint Venture's claim against
Fluor will be successful or will not be appealed. Further, because the
secured creditors have security over the Joint Venture assets, they consider
that any proceeds of an outcome favorable to the Joint Venture will form
part of the settlement amount payable to them.

A private letter dated 8 July 2002 addressed to Directors of Anaconda Nickel
Limited from Mr James Bell, a Sydney-based lawyer, on behalf of a group
calling themselves the Anaconda Shareholder Action Group (ASAG), has been
distributed to the media within the past 24 hours, by an anonymous person
claiming to be a "concerned" Anaconda shareholder. In essence the
unsubstantiated claim made in the letter is that the Board and management
are favoring major shareholders at the expense of minority shareholders.

Mr Johnston stated, "The present directors of Anaconda have at all times
acted in accordance with their statutory responsibilities and fiduciary
duties as directors and in the best interests of all our shareholders. Since
I have been at Anaconda, we have ensured the market has been fully informed
about the full scope of the Company's operations and its financial position,
including the progress of its negotiations with secured creditors. The Board
of Directors unanimously supports the management of Anaconda and its
on-going efforts to recapitulate and restructure the Company's financial
position, and is confident that these efforts will deliver an acceptable
outcome."


BALLARAT GOLDFIELDS: Unit Seeks German Debt Recovery
----------------------------------------------------
As previously reported Ballarat Goldfields NL subsidiary, Oztrak
Group Pty Ltd has sought to recover debts from defaulting customers in
Germany through two legal actions.

In relation to one action the defendant has agreed to remit the
judgment amounts plus costs plus interest to Oztrak's subsidiary, Oztrak
Europe GmbH. The defendant has agreed to pay a total of $200,000 (subject to
exchange rate fluctuations) progressively over the next five months.

In relation to the second action, Oztrak Group has received advice that the
defendant is intending to enter into insolvency proceedings. Should the
insolvency application be made, there is significant uncertainty that Oztrak
Group Pty Ltd will be able to recover the quantum of the amount expected to
be officially awarded to it by the court when the written judgment is issued
later in July. The amount applicable is approx $2 million. Oztrak Group is
seeking further legal advice as to its rights and possible remedies should
this eventuate.

CANCELLATION OF PARTLY PAID SHARES

BGF has received permission from each of the holders of partly paid BGF
shares that the shares may be cancelled. Accordingly, BGF has requested ASX
record that all 38,000 partly paid shares are cancelled, effective 30 June
2002.


CHROME GLOBAL: ASX Grants Shares Issuance at $0.01/Share
--------------------------------------------------------
Chrome Global Limited announced that the Australian Stock Exchange Ltd has
granted it a waiver from listing rule 14.7 to the extent necessary to permit
the Company to issue up to 100,000,000 ordinary shares in the company at an
issue price of $0.01 per share, as approved by shareholders at the Annual
General Meeting on 9 April 2002.

The waiver is subject to these conditions:

   1. The shares are issued no later than 31 July 2002.
   2. The terms of this waiver are immediately released to the market.

TCR-AP reported on May 14 that the Company undertook Shares Offers, which
primary purpose is to obtain short term
working capital for the activities of the Company.  The funding
is required to enable the Directors the time necessary to pursue
longer term funding for Chrome.


CMG CH: Discloses June 30 Net Tangible Asset Backing
----------------------------------------------------
CMG CH China Investments Limited announced that its unaudited net asset
value (NAV) per ordinary share was A$0.66 as at 30 June 2002 (A$0.67 as at
31 May 2002). The NAV calculation
values investments using current market values and exchange rates and is
also after provision for tax on both realized and unrealized gains.

Early this month, TCR-AP reported that the restructuring of the Company is
proceeding to plan. The majority of the Investment Portfolio was
successfully transferred to the New Era PRC Fund on Monday 24 June 2002.


COTTEE HEALTH: July 16 GM Scheduled
-----------------------------------
Cottee Health Limited advised that the General Meeting of the Company will
be held at the Pilbara Room, Level C, Sheraton Perth Hotel, 207 Adelaide
Terrace, Perth, Western Australia on Friday, the 16th day of August 2002,
commencing at 10.00am.

BUSINESS

To consider and if thought fit pass these resolutions:

None of Resolutions 1, 2, 3, 4, 5 and 6 will be deemed passed unless all of
these resolutions have been passed at the Meeting

RESOLUTION 1 - CHANGE OF ACTIVITIES OF THE COMPANY

As an ordinary resolution:

That for the purpose of ASX Listing Rule 11.1.2 shareholders approve the
change of the principal activities of the Company to retailing and
wholesaling of intimate apparel and on-line franchise management.

RESOLUTION 2 -ALLOTMENT OF SHARES TO VENDORS

As an ordinary resolution:

That for the purposes of ASX Listing Rules 7.1 and, section 611 of the
Corporations Act 2001 and for all other purposes shareholders approve the
allotment of fifty million (50,000,000) ordinary fully paid shares in the
capital of the Company to the persons stated in the Explanatory Statement at
an allotment price of five cents (5c) per share for a total allotment value
of $2,500,000.00, pursuant to the provisions of an agreement entered into
between the Company and the shareholders of NoRegrets Ltd for the
acquisition by the Company of the shares in NoRegrets Ltd, full details of
which are contained in the Explanatory Statement accompanying this Notice of
Meeting.

RESOLUTION 3 - APPOINTMENT OF NEW DIRECTORS

As an ordinary resolution:

3.1 following the completion of the acquisition of shares of
NoRegrets Limited Mr Alister Norwood be appointed as Director of the
Company;

RESOLUTION 4 - CHANGE OF COMPANY NAME

As a special resolution:

That the name of the Company be changed to Fashion Intimates Limited;

RESOLUTION 5 - ISSUE OF SECURITIES

As an ordinary resolution:

5.1 For the purposes of Rule 7.1 of the Listing Rules and for all other
purposes the company and the directors are authorized to issue and allot up
to 80,000,000 fully paid ordinary shares ranking equally with other fully
paid ordinary shares at an issue price of not less than two and a half cents
(2.5c) such issue to be made no later than three (3) months after the date
of the resolution.

5.2 For the purposes of Rule 7.1 of the Listing Rules and for all other
purposes the company and the directors are authorized to issue and allot for
no consideration up to 80,000,000 options to subscribe for fully paid
ordinary shares exercisable at a price of not less than two and a half cents
(2.5c) and otherwise on the terms of the option conditions, to such persons,
companies or trusts as the Directors in their absolute discretion may
determine, such issue to be made no later than three (3) months after the
date of the resolution.

The Company will offer the securities the subject of this issue to all
holders of ordinary securities in priority to anyone else, and will issue
them in a fair and equitable manner. Apart from any agreement for the
allotment of securities the Company will limit the number of securities it
issues to a holder of ordinary securities to the higher of 5% of all the
securities being offered and the number that the holder would be entitled to
under a pro rata issue of all those securities.

RESOLUTION 6 - ISSUE OF SHARES TO DIRECTORS

As a special resolution:

For the purposes of Part2E of the Corporations Act and ASX Listing Rules 7.3
and 10.11 shareholders approve the allotment of fully paid ordinary shares
in the capital of the Company to the following Directors of the Company or
their respective nominees in Satisfaction of Directors fees, such issue to
be made no later than (3) month after the date of the resolution.


DIRECTOR                         SHARES TO BE ISSUED

Mr John Palermo                  3,000,000
Mr Anthony Hamilton              3,000,000

RESOLUTION 7 - REMUNERATION OF DIRECTORS

As an ordinary resolution:

For the purposes of ASX Listing Rule 10.17 to approve up to
$250,000.00 as the total aggregate amount per annum payable for
directors fees to be divided between the non-executive Directors as the
Director's may determine.


FAITHFUL STREET: Court Orders Trust Property Winding Up
-------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has obtained on
Monday consent orders in the Federal Court of Australia that permanently
disqualify Mr James Stanley Phillips and Mr Ian Francis Cole from managing
corporations.

Mr Phillips is the managing partner of Landy and Company DFK (Landy & Co), a
Melbourne-based accounting firm, and Mr Cole is a senior accountant at Landy
& Co.

The Court also permanently restrained Mr Phillips, Mr Cole and entities
associated with them (Landy & Co, CG Landy Services Pty, Landy DFK
Securities Limited and Terra Firma Project Management Pty Ltd) from:

   * directly or indirectly operating managed investment schemes;
   * carrying on a financial services business; and
   * accepting or dealing in money from clients or the public for the
purpose of investment in any financial product, or lending those funds to
any person or entity.

Finally, the Court ordered the winding up of two property trusts, the
Faithful Street (Wangaratta) Property Trust and the Fyans Street (Geelong)
Property Trust. Terra Firma Project Management Pty Ltd (Terra Firma) was
trustee of the two trusts. All orders were obtained by consent.

ASIC alleged that the two trusts were unregistered managed investment
schemes that required registration, and that they were not being operated by
a licensed responsible entity, as required by law. ASIC also alleged that
the trusts were mismanaged and that some of the defendants provided
securities and investment advice when they were not licensed to do so.

On 2 May 2002, the Court made interim orders replacing Terra Firma as
trustee of the two property trusts with Mr Clyde White and Mr Philip Newman
of MGI Meyrick Webster.

All parties, including unit-holders of the property trusts, have now agreed
to the winding up of the trusts, following reports by the new trustees that
detailed significant irregularities in relation to the management of the
trusts, including the mixing of trust assets and the misuse of trust funds,
which were loaned to entities related to Mr Phillips and Mr Cole without
proper documentation or proper disclosure to unit-holders.

Mr Phillips' permanent disqualification from managing corporations contains
a limited exception relating to two corporations that control Mr Phillips'
personal affairs, and CG Landy Services Pty to the extent that it provides
only accounting and administrative services to Landy & Co.

The injunction against CG Landy Services Pty contains an exemption
permitting CG Landy Services Pty to loan money to Landy & Co for the sole
purpose of Landy & Co's accountancy practice. There are no exceptions to Mr
Cole's disqualification.

Landy DFK Securities Ltd (Landy Securities) previously held a restricted
dealers' license. Landy Securities' restricted dealers license was revoked
following an enforceable undertaking to ASIC that it would surrender its
license on 8 July 2002.

The defendants were ordered to pay ASIC's costs of the Court proceeding.


LIFECARE HEALTH: Securities Representative Banned For Two Years
---------------------------------------------------------------
Mr Peter Michael Taylor, a former securities dealer of Merrill Lynch
(Australia) Pty Limited (Merrill Lynch), has been banned for two years from
acting as a representative of a dealer.

The Australian Securities and Investments Commission (ASIC) began an
investigation into Mr Taylor's conduct following a notification by the
Australian Stock Exchange (ASX).

The investigation found that Mr Taylor engaged in market manipulation
between 29 June 2000 and 23 August 2000, with regard to the securities of
Lifecare Health Limited.

LifeCare, services and facilities provider to allied health and
sports medicine practitioners, has paid no dividends during the
last 12 months. It has also reported losses during the previous
12 months and has not paid any dividends during the previous 2
fiscal years, Wrights Investors' Service reports

Mr Taylor was also found to have breached Merrill Lynch's Staff Trading
Policy and its Discretionary Trading Policy, by trading on his own behalf
and for clients on a discretionary basis, without declaring that to Merrill
Lynch.

Mr Taylor also failed to keep proper records, and completed documentation
misrepresenting the office bearers of one of his companies. This
documentation was subsequently lodged with ASIC.

"Trading representatives have a responsibility to ensure the integrity of
the market", ASIC Director Enforcement, Allen Turton said.


PASMINCO LIMITED: Creditors Meeting Adjourned to Aug 16
-------------------------------------------------------
Messrs John Spark and Peter McCluskey of Turnaround, Insolvency and
Reconstruction Management Group Ferrier Hodgson, the Administrators of major
zinc producer Pasminco Limited, announced that on Monday Creditors' Meeting
had been adjourned pending the finalization of various restructure
documents.

The meeting has been adjourned until 16 August 2002.

The proposal to restructure Pasminco is a complex matter and the
Administrators and creditors consider it appropriate to finalize
documentation in respect of the Deeds of Company Arrangement before voting
on the proposal.

Mr Spark said: "Creditors today (Monday) elected to adjourn the meeting to
allow documentation required to implement the Deeds of Company Arrangement
to be finalized prior to voting on the restructuring proposal. We expect to
finalize the documentation within the next few weeks and following this the
creditors' meeting will be reconvened on 16 August 2002."

At that meeting, creditors are expected to vote on the Pasminco
restructure proposal, known as the equity and float option, which would see
an issue of shares in lieu of debt to creditors and financiers owed
approximately $2.8 billion. These interests would subsequently be partially
sold down via a public float, with the financiers retaining a residual
shareholding in the company.

"We believe the equity and float option represents the opportunity for the
best possible return to creditors and provides a good result for customers,
employees and other stakeholders. Work is well advanced on the new float and
investment banking firms Deutsche Bank, Salomon Smith Barney and UBS Warburg
have been engaged as Joint Lead Managers," Mr Spark said.


PRESTON RESOURCES: Enters Agreement to Access Gold Resources
------------------------------------------------------------
Preston Resources Limited has reached agreement to acquire all of the issued
capital of  a Malaysian company, Oriental Peninsula Gold (OPG), which has
the rights to undertake a feasibility study, over a period of three and a
half years, to earn equity in the Bau Project. The Project is located in
Sarawak, Malaysia, about 35km from the international airport at
Kuching, the regional capital. Infrastructure is well developed and the area
has a long history of gold production.

Resources identified to date total over 1 million ounces contained within
structurally controlled Carlin style orebodies. Prospectivity is high and
past production on the field is approximately 2Moz of which 700,000oz was
mined from the Tai Purit pit using conventional cyanidation at the turn of
the 19th century and CIP technology in the 1990s. Most of the remaining
resource is refractory in nature.

The agreement provides for Preston to elect to continue participation over
three project periods to earn 55% project equity. The elections are
summarized as follows:

CASH PAYMENTS     PROJECT EXPENDITURE        PERIOD
                      COMMITMENT

RM 500,000                                 On completion of CPs
RM 300,000                                 Within 18 months
                      RM   500,000         Within 18 months
                      RM 1,000,000         Within 30 months
                      RM 2,500,000         Within 42 months

Preston will acquire all of the issued capital of OPG by issuing
3,216,767 fully paid Preston shares to the shareholders of OPG and a
further 3,216,767 Preston shares to nominees of the legal owners of the Bau
Project, subject to meeting the necessary conditions precedent. Preston has
commissioned due diligence studies on both the corporate and technical
aspects of the project and anticipates meeting all of the conditions
precedent to the agreement within three months.


TUART RESOURCES: Secures Working Capital Agreement With Lenders
---------------------------------------------------------------
In the light of Tuart Resources Ltd's (Tuart) partially successful equity
raising, the Company has continued to explore
strategies to resolve its working capital needs for the present
financial year.

In this regard, Tuart has secured agreement in principle with a
syndicate of lenders based in Melbourne to provide medium term debt capital
to fund the operation of the 2 vineyards, Southern Wine Corporation Ltd's,
Preston Vale Vineyard, and Diamond Ridge
Management Co Ltd's, Diamond Ridge Vineyard, for the current
financial year. The details resolved to date are as follows:

1. In relation to Southern Wine the syndicate of lenders:

  1.1 intend to advance next week sufficient funds to take a full assignment
of the Commonwealth Bank of Australia's (CBA) mortgage over the Preston Vale
land - the CBA in this regard has agreed to extend its facility to enable
this assignment to take place:

  1.2 subject to the approval of the unitholders in the Fernvale Unit Trust
(a meeting of which will be called by SWC as soon as possible) the syndicate
of lenders has agreed in principle to lend an additional $3.8 million to SWC
subject to:

     1.2.1 SWC entering into a satisfactory arrangement with the
Australian Tax Office (ATO) in respect of accrued tax. In this
regard the ATO has issued a demand to SWC to pay the accrued tax and
negotiations are currently underway to try to make a satisfactory
arrangement;

     1.2.2 Tuart and SWC reaching a satisfactory arrangement with the
debenture holders who have appointed a receiver over Rivermax Enterprises
Pty Ltd to resolve their claim.

2. In relation to Diamond Ridge, subject to Diamond Ridge resolving matters
with the CBA and a syndicate of lenders, it is intended to borrow sufficient
funds to enable Diamond Ridge:

  2.1 to retire its secured debt to the CBA and to a second secured lender,
and

  2.2 to fully implement its Deed of Company Arrangement, in
particular, compromising with the ATO its outstanding tax
liabilities.

3. The terms of the finance are currently being resolved but will be for a
period of 3 years. Tuart will announce full details of the final terms as
soon as they are resolved.

4. Simultaneously with these initiatives Tuart is causing its
subsidiaries to take the following steps:

  4.1 In relation to Diamond ridge steps will be taken as soon as possible
to terminate the prescribed interest scheme.

  4.2 In relation to Southern Wine, SWC as manager of the SWC managed
Investment Scheme, intends to issue a call to the growers participating in
the SWC managed Investment Scheme for additional funds to meet the
management costs for the current financial year.

The SWC Managed Investment Scheme provides that if growers decline to meet
the call for managed fees then the managed investment scheme may be
terminated.

In the light of these initiatives, which should see the vineyards have
sufficient working capital, Tuart is moving as quickly as possible to
finalize full contract details with NexBanc for the sale of its entire 2003
harvest from the 2 vineyards - details of this arrangement were released to
the market on 13 May 2002.


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


401 HOLDINGS: Further Delays Circular Dispatch
----------------------------------------------
401 Holdings Limited, further to the Company's announcements dated 4th June,
2002 and 25th June, 2002 in relation to the Agreement, has applied to the
Stock Exchange for a waiver for the further delay in dispatch of the
Circular until 22nd July, 2002.

The Company requires more time to provide the relevant financial information
such as the cash flow projection and working capital of the Group and other
information requested by the independent financial adviser for incorporation
in its letter to be set out in the Circular. Therefore, it has applied to
the Stock Exchange for a waiver for the further delay in dispatch of the
Circular until 22nd July, 2002.


CHINA OVERSEAS: Winding Up Petition Set for Hearing
---------------------------------------------------
The petition to wind up China Overseas Jewellery Limited is scheduled to be
heard before the High Court of Hong Kong on August 21, 2002 at 9:30 am.  The
petition was filed with the court on May 28, 2002 by Lau Tak Ming Arrow of
Room 514, Mei Po House, Mei Tung Estate, Kowloon, Hong Kong.


CHINADOTCOM: Implementing Oracle e-Business Suite Solution
----------------------------------------------------------
Chinadotcom corporation announced on Thursday that the company has signed an
agreement with Karce International Holdings Co., Ltd (Karce) in which
chinadotcom e-solutions will help Karce to integrate a new ERP system
through the implementation of Oracle's e-Business Suite Solution.

Karce, established in 1991, is a listed company on the Hong Kong Stock
Exchange and is engaged in the manufacture and sale of electronic
calculators, organizers, printed circuits boards, conductive silicon rubb er
keypads, Digital Enhanced Cordless Telephones (DECT) and electronics toys
under its
own brand names "KARCE" and "COCO & JAN" on an OEM basis.

"Our production volume is ramping up given the rapid growth of our business.
The deployment of information technology is crucial to our continuous
success and hence we need a powerful integrated information system such as
Oracle ERP systems to cope with this growth and to enable us to make timely
and effective strategic business decisions," said Mr. Tong Shek Lun,
the Chairman and managing director of Karce International Holdings Co., Ltd.
"And chinadotcom's technical capabilities and their understanding of our
needs impressed us.

The Oracle e-Business Suite Solution is to be implemented by chinadotcom in
July 2002.  The success in the implementation can lay down a platform to
which Karce can further develop its e-business, SCM and CRM capabilities.
More importantly, Karce can remain competitive in the electronics industry
and be able to meet its customers' changing needs.

Daniel Widdicombe, Chief Financial Officer of chinadotcom corporation, said,
"We are very pleased that the implementation of the Oracle E-Business Suite
is one of the key projects for Karce in 2002.  This project again
demonstrates chinadotcom's proven track record in helping enterprises
transform their current business system to an advanced E-Business model.  We
are well positioned to continue to play an important role in helping
enterprises in Greater China continue with the development of key systems
for their businesses."

According to Wrights Investors Service, the company has paid no
dividends during the last 12 months and has not paid any
dividends during the previous 2 fiscal years.  It has also
reported losses during the previous 12 months.


EASYKNIT INT'L: Securities Trading Suspended
--------------------------------------------
Easyknit International Holdings Limited requested that trading in its shares
be suspended with effect from 9:30 a.m. Monday
15 July 2002 pending an announcement in relation to a proposed rights issue.

Wrights Investors' Service reports that at the end of 2001, the Company had
negative working capital, as current liabilities were HK$427.58 million
while total current assets were only HK$316.12 million.


FUJIAN INTERNATIONAL: Ordered to Pay $2.1M to Chelsea
-----------------------------------------------------
DebtTraders Analysts, Daniel Fan (852-2537-4111) and Blythe Berselli
(1-212-247-5300), reported that Fujian International Trust & Investments
Corp (FITIC) was ordered to meet $2.0 million defaulted bond payment to
Chelsea Investments. Chelsea sued to recover the principal and accrued
interest payments that were not made when FITIC shut down in January.

The FITIC 4.1% bonds due on 2006 (FUJI06CNN1) are trading between 55 and 60.
For more real-time bond pricing info, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=FUJI06CNN.


PACIFIC GLORY: Winding Up Petition Hearing Set
----------------------------------------------
The petition to wind up Pacific Glory Technologies Limited is scheduled to
be heard 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.


SHAM TSENG: Winding Up Petition to be Heard
----------------------------------------
The petition to wind up Sham Tseng Roasted Goose Restaurant Limited is
scheduled for hearing before the High Court of Hong Kong on August 7, 2002
at 11:00 am. The petition was filed with the court on May 13, 2002 by Yuen
Chi Kong of 5/F., 407A Shanghai Street, Kowloon, Hong Kong.


STAR EAST: Operations Loss Widens to HK$406,565
-----------------------------------------------
Star East Holdings Limited announced on Friday:

Year end date: 31/3/2002
Currency: HKD
Auditors' Report: Unqualified
Review of Interim Report by: N/A
                                               (Audited)
                               (Audited)        Last
                               Current          Corresponding
                               Period           Period
                               from 1/4/2001    from 1/4/2000
                               to 31/3/2002     to 31/3/2001
                               ('000)           ('000)
Turnover                        : 179,797          239,183
(Loss) from Operations          : (406,565)        (338,350)
Finance cost                    : (12,972)         (18,278)
Share of (Loss) of Associates   : (22,724)         (42,532)
Share of (Loss) of
  Jointly Controlled Entities   : (37,475)         (68,521)
(Loss) after Tax & MI           : (461,690)        (468,696)
% Change over Last Period       : N/A
(LPS)-Basic                     : ($0.31)          ($0.61)
     -Diluted                   : N/A              N/A
Extraordinary (ETD) Gain/(Loss) : Nil              Nil
(Loss) after ETD Items          : (461,690)        (468,696)
Final Dividend per Share        : NIL              NIL
(Specify if with other options) : -                -
B/C Dates for Final Dividend    : N/A
Payable Date                    : N/A
B/C Dates for (-) General Meeting        : N/A

Other Distribution for Current Period    : Nil
B/C Dates for Other Distribution         : N/A

Remarks:

1.  Turnover
                                 Year Ended      YearEnded
                                 31/3/2002       31/3/2001
                                 HK$'000          HK$'000

Movies, television dramas and documentary production,
distribution and licensing income   28,179          127,194
Investment in marketable securities 19,860          45,729
Theme restaurant income             82,473          37,862
Interest income from provision of finance 7,609           10,747
Property income                     4,612           7,313
Entertainment complexes and theme restaurant
franchising income                  6,599           4,512
Others                              30,465          5,826
                                    _______         _______
                                    179,797         239,183
                                    ======          ======
2.  Loss from operation has been arrived at after the following items:
                                     Year Ended      YearEnded
                                     31/3/2002       31/3/2001
                                     HK$'000          HK$'000
                                     (as restated)
Gross loss                            (46,945)        (29,156)
Other operating income                18,953          31,306
      Distribution costs              (9,457)         (4,409)
        Administrative expenses       (95,408)       (106,742)
        Loss attributable to property,
        plant and equipment           (54,463)         (30,799)
        Loss attributable to investment properties
                                      (15,110)         (20,348)
Loss attributable to properties held for
development                           (8,844)           (7,311)
Allowances for loans and receivables  (25,865)          (12,647)
Provision for restructuring costs     (26,890)                -
Unrealised loss on other investments  (514)             (11)
Impairment losses recognized in respect of
investments in securities             (114,956)       (10,000)
Gain on deconsolidation, disposal
and dilution of interest in subsidiaries 5,296         105,338
Gain on dilution of interest in an associate    -      30,737
Gain on disposal of jointly controlled entities -      3,054
Allowances for amounts due from associates (39,332)   (23,714)
Recovery of (allowances for) amounts due from
jointly controlled entities           6,970          (10,753)
Impairment loss recognized in respect
of goodwill                           -             (252,895)
                                      _______         __________
                                      (406,565)       (338,350)
                                      =========       ==========
3. Loss per ordinary share - basic

The calculation of the basic loss per ordinary share for the year is based
on the following data:

                                    Year Ended      Year Ended
                                    31/3/2002       31/3/2001
                                    HK$'000          HK$'000
                                    (as restated)
Loss:

Loss attributable to shareholders   (461,690)       (468,696)
Less:   Cumulative dividend for preference shares
          not yet declared during the year      -       (2,567)
                                    ___________     ___________
Loss attributable to ordinary shareholders
  for the purposes of basic loss per ordinary share
                                    (461,690)        (471,263)
                                    =========       ==========
  Number of ordinary shares:
  Ordinary shares
  Weighted average number of ordinary
  shares in issue
  for the purposes of
  basic loss per ordinary share      1,499,181,892   769,900,106
                                     ==============  ===========

The computation of diluted loss per ordinary share does not assume the
exercise and conversion of the share options and convertible notes as their
exercise and conversion would result in a decrease in the loss per ordinary
share for both years.

4. In the current year, the Group adopted Statement of Standard
Accounting Practice (SSAP) No. 30 "Business Combinations" issued by the Hong
Kong Society of Accountants and has elected not to restate goodwill
previously eliminated against reserves.  Accordingly, goodwill arising on
acquisitions prior to 1st April, 2001 is held in reserves and will be
charged to the income statement at the time of disposal of the relevant
subsidiary, associate or jointly controlled entity, or at such time as the
goodwill is determined to be impaired.  However, impairment losses in
respect of goodwill that arose between the date of acquisition of the
relevant subsidiary, associate or jointly controlled entity and the date of
adoption of SSAP 30 have been recognized retrospectively.  The effect of
this prior year adjustment is to increase the net loss for the year ended
31st March, 2001 by HK$252,895,000.

5. Certain figures of last year have been reclassified to conform with
current year's presentation.


WORLDECOR.COM : Winding Up Sought by Chan Pik
---------------------------------------------
Chan Pik Shan is seeking the winding up of Worldecor.Com (HK) Limited. The
petition was filed on May 10, 2002, and will be heard before the High Court
of Hong Kong on August 7, 2002 at 10:30 am.

Chan Pik Shan holds its registered office at Room 1817, Tin Wan House, Shun
Tin Estate, Kwun Tong, Kowloon, Hong Kong.


YUNNAN KITCHEN: Petition to Wind Up Pending
-------------------------------------------
The petition to wind up Yunnan Kitchen Health Food Limited is set for
hearing before the High Court of Hong Kong on August 7, 2002 by 11:00 am.
The petition was filed with the court on May 14, 2002 by Law Chi Ming of
4/F., 160 Reclamation Street, Yau Ma Tei, Kowloon, Hong Kong.


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


ASTRA INTERNATIONAL: Sells Sumalindo Stake to Pesut Group
---------------------------------------------------------
PT Astra International has agreed to sell its entire stake in listed timber
business PT Sumalindo Lestari Jaya to Pesut Group, Koran Tempo reported,
citing an unnamed source at the Government Forestry Department.

He added that five investors had taken part in a competitive bidding process
for the stake. "But finally Pesut Group won the tender and will buy Astra's
shares in Sumalindo," the source said, refusing to reveal the value of the
proposed sale.

Astra's spokesman could not immediately confirm the news, although he did
confirm that the company is in talks to sell its 75 percent stake in
Sumalindo as part of efforts to divest non-core assets to meet debt
repayments.

"As far as I know we are still in the process of negotiating, but I will
have to check on that and we will let the market know as soon as possible,"
he said.

The forestry department is looking into the proposed transaction, as
Sumalindo still owes it Rp270 billion in debt, which matured last year.

The government has fined the company for defaulting on the payment.


SALIM GROUP: Shareholders to Pay Rp729.4B to IBRA
-------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) had a meeting on Thursday
with Salim Shareholders, Soedono Salim, Anthoni Salim and Andree Halim (SS),
for a clarification process of the Oversight Committee (OC)'s temporary
recommendation. The recommendation is made as an implementation of
Shareholder Settlement (PKPS) namely the Master Settlement Asset Agreement
(MSAA) signed by SS.

Chairman Syafruddin A. Tumenggung, Deputy Chairman of AMI Taufik Mapaenre
Ma'roef and Division Head of PKPS 1 Ary Zulfikar and Anthony Salim from SS,
represents IBRA.

In essence, the OC's temporary recommendation contain the Legal Counsel Team
TBH) report on Soedono Salim MSAA, summarized as follows:

   1. The IBRA's claim settlement on SS in connection to misrepresentation:

     * SS is obliged to pay IBRA's claim of Rp729.4 billion in a short
period. This amount was previously agreed and approved by SS.

   * The claim compels to be made in cash by October 11 2002.

   * If SS defaults to make payment in such determined time, he will be
alleged of an infringement. In consequence, the punishment will fall
according to clause 10.2 stipulated in MSAA.

   2. Financial Due Diligence (FDD) implementation:

      * SS id obliged to submit all important data and information due to
FDD process carried out by KPMG in line with the term of reference (TOR).

     * If SS is uncooperative, in terms of data and information submission,
he will be alleged of an infringement according to clause 7.1 juncto clause
10.2 of MSAA

     * The final result of FDD is to be submitted to IBRA by the end of
August 2002.

In addition, IBRA announced the 15 (fifteen) shareholders of the Shareholder
Settlement-Debt Acknowledgement Deed (PKPS-APU). The mentioned shareholders
are The Tje Min (ex Bank Hastin), Husodo Angkosubroto (ex Bank Sewu
International), Atang Latief (ex Bank Indonesia Raya), Santosa Sumali (ex
Bank Metropolitan and Bank Bahari), Suparno Adijanto (ex Bank Bumi Raya
Utama), Hengky Wijaya Ng and Tonny Tanjung (ex Bank Tata), Iwan Suhardiman,
Omar Putihrai and Lidya Muchtar (ex Bank Tamara), David Nusawijaya and
Tarunodjojo Nusa (ex Bank Umum Servitia), Ulung Bursa (ex Bank Lautan
Berlian) and Trijono Gondokusumo (ex Bank Putera Surya Perkasa) and Nirwan
Dermawan Bakrie (ex Bank Nusa Nasional).

The key points mentioned in the TBH report, which is reviewed by
OC, are:

   * the fifteen shareholders have been proven to fail in fulfilling the
obligation according to PKPS-PU.

   * all obligation has been due and therefore should be paid fully.

   * the shareholders are obliged to make payment within 90 days from the
letter date.

In line with above matters, the IBRA Chairman sent a written statement to
the fifteen shareholders on Friday July 12 2002 to make clarification
starting from Friday July 12 2002.


SEMEN PADANG: Parent Gresik Affected on Rp200B Maturing Debt
------------------------------------------------------------
The State-owned cement company PT Semen Gresik is facing the problem of the
maturation of its affiliate, PT Semen Padang, whose debt would be around
Rp200 billion on August 2002, Bisnis Indonesia reports, citing stock analyst
Danny Lesmana of PT Samuel Sekuritas.

He added that although it was Semen Padang's burden, it would ill
automatically affect Semen Gresik performance. He suggested that
coordination between the managements of Semen Gresik and Semen Padang is
needed to solve the problem.

Based on 2001 financial report, Semen Padang has long-term debt of Rp472.12
billion to ABN Amro Bank NV, Rp305.73 billion to Bank Mandiri, and Rp10.71
billion to Banque de Neuflize, Schlumberger Mallet, France.

The credit from Bank Mandiri, obtained in 1996, was utilized to finance
Indarung V project with maximum credit Rp587.6 billion. The loan will mature
in 2005 and being paid out in 20 monthly installments since March 2001.


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


FUJITSU LTD: Agrees to Develop Semiconductor Solutions With III
---------------------------------------------------------------
Fujitsu Limited and the Institute for Information Industry (III) announced
Thursday that in order to leverage their complementary technology
development strengths and deliver optimized semiconductor solutions to the
market in the fastest and most efficient manner, they have agreed to explore
co-development collaboration in the following three areas:

Media-rich PDA solutions utilizing Fujitsu's FR-V processor core
Common platforms for 3G mobile SIM applications
Products that apply FRAM (Ferroelectric Random Access Memory)
They further agreed that the initial focus of cooperation would be
media-rich PDAs utilizing Fujitsu's FR-V processors.

According to terms of the agreement, Fujitsu will provide III with its FR-V
platform equipped with a highly scalable Linux(*1)-based operating system
and Fujitsu's middleware, which makes the most of FR-V's media performance.
III will design software for media players and PDA applications, utilizing
Fujitsu's platforms. This collaboration will enable the two companies to
offer advanced media- rich PDA solutions with exceptional scalability.

Fujitsu is a global IT technology provider with state-of-the-art technology,
while III has software development capability as well as considerable
marketing strength, especially in Chinese-speaking areas. Capitalizing on
these complementary strengths will enable both parties to shorten
development cycles, more rapidly respond to changing market needs, and
consolidate their position as global market leaders.

(*1)
axLinux is a Linix-based operating system developed and offered by AXE for
embedded and mobile applications. Kernel tuning and debugging are carried
out independently.

*FRAM is a registered trademark of Ramtron International Corporation. All
other Company/product names mentioned may be trademarks or registered
trademarks of their respective holders.

About Fujitsu

Fujitsu is a leading provider of customer-focused IT and communications
solutions for the global marketplace. Pace-setting technologies,
high-reliability/performance computing and telecommunications platforms, and
a worldwide corps of systems and services experts make Fujitsu uniquely
positioned to unleash the infinite possibilities of the broadband Internet
to help its customers succeed. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 5 trillion yen (about US$38
billion) for the fiscal year ended March 31, 2002.

For more information, please see http://www.fujitsu.com/


KANSAI ELECTRIC: R&I Assigns AA+ Long Term Debt Rating
------------------------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned Kansai Electric
Power Co., Inc. a long-term debt rating of
AA+.

RATIONALE:

Kansai Electric Power's supply area includes all of the Kinki Region, as
well as parts of Fukui, Gifu and Mie Prefectures. Accounting for slightly
less than 20% of total domestic sales of electricity, it serves an area with
a greater density of demand than any other electric power firm apart from
Tokyo Electric Power, making it possible to operate its facilities
efficiently. For Kansai Electric Power, the areas of demand that are the
object of deregulation account for around 30% of the firm's
total demand, and commercial demand, an area where prices are high, also
represents a large percentage of the total. This competition for demand
sources is escalating. A number of new
market participants have emerged recently, mainly companies that have excess
power generation capacity in-house. Although their share of the market
remains very small, some clients have deserted Kansai Electric Power for
other suppliers. Furthermore, the prolonged recession has caused a slump in
electric power demand. Economic conditions in Kansai have been even weaker
than the average for Japan as a whole. Steel manufacturers, which are major
sources of power demand, are faced with the problem of excess production
capacity. These firms, and other
manufacturers as well, have been closing down plants or merging facilities.
For that reason, it will be important to follow trends in power demand very
closely in the future.

The slump in demand may lead to an excess of power generation capacity.
However, compared to the other electric power companies, Kansai Electric
Power obtains a large share of its power from generation facilities owned by
other companies. It has only a small number of large-scale generation
facilities currently under development. Furthermore, the company has quite a
bit of flexibility to adjust its power generation capacity to match actual
demand. For example, it is planning to conduct a long-term shutdown of its
combustion-based power plants, which have a total generating capacity of
over 5,000,000 kilowatts. The company has already lowered its power rates to
very competitive levels, it has introduced a diverse rate menu, and it is
concentrating on the development of consulting operations. Considering these
factors, Kansai Electric Power appears to have a solid earnings base, which
should not be seriously affected by the problems outlined above.

At present, the company is planning to reduce personnel and rein in capital
spending in an effort to further improve management efficiency and increase
free cash flow. Thus, the company's
financial position is expected to improve further in the future. With levels
of interest bearing debt that are already quite low, and plans to reduce
this debt burden at an even faster pace, R&I
believes that the company has a very competitive operating base that should
be able to withstand the impact of market entry by new participants.

On April 11, TCR-AP reported that Kansai Electric Power issued Y120 billion
worth of corporate bonds in the fiscal year to March 2003, down 20  percent
from the previous year, to improve its debt profile.

Wrights Investors' Service reports that at the end of 2002, the Kansai
Electric Power had negative working capital, as current liabilities were
ŁY.13 trillion while total current assets were only Y411.98 billion.


MATSUSHITA ELECTRIC: Shifting 1,200 Workers to Unit
---------------------------------------------------
Matsushita Electric Industrial Co will shift around 1,200 employees to unit
Matsushita Business Services Co., to further cut labor costs, Kyodo News
said Friday.

Some 200 workers who are aged 55 or over will lose their status as employees
of the parent firm and will become employees of the subsidiary. The other
will remain employees of Matsushita Electric.

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


NIPPON SHOKUHIN: Unveiling Rehabilitation Plan by July End
----------------------------------------------------------
Failed meat processor Nippon Shokuhin Co will disclose its rehabilitation
plan by the end of this month, Kyodo News said on Saturday.

According to TCR-AP, the Company was hit by a beef mislabeling scandal and
recently filed for court protection from its creditors.

Credit research firm Teikoku Databank said the Company has total liabilities
of 21.85 billion yen ($180 million).


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


HYNIX SEMICONDUCTOR: Denies Semiconductor Shutdown Report
---------------------------------------------------------
Hynix Semiconductor Inc rejected market rumors of its plan to close
semiconductor operations of its two wafer plants to upgrade technology, AFX
Asia said Friday.

The names of the wafer plants were not stated in the report.

"The rumors are not true... our plants are all on operation now and we have
no immediate plan to shut down," an unnamed spokeswoman of Hynix said.


HYUNDAI MOTOR: Hyundai Sec Downgrades Rating to 'Marketperform'
--------------------------------------------------------------
Hyundai Securities has downgraded its recommendation on Hyundai Motor Co
shares to "marketperform" from "trading buy" due to the negative impact the
won's rise against the dollar will have on its earnings in the second half,
and due to an expected rise in marketing costs arising from fiercer
competition in the local auto industry, AFX Asia reported Friday.

The report said Hyundai Motor faces fiercer competition in the domestic
market with Daewoo Motor and Renault Samsung Motors ready to launch new
models.

Industry analyst Kim Hag-ju said stronger competition may cut into Hyundai
Motor's domestic market share and result in higher marketing costs in the
second half.


KIA STEEL: Hyundai Motor Shows No Interest in Bid
-------------------------------------------------
Hyundai Motor said it has no plan to bid for the auction of Kia Steel Co
Ltd, AFX Asia said Friday.

Hyundai Motor spokesman Jake Jang said rumors that Hyundai will bid for Kia
Steel had affected their stock prices. He stressed that Hyundai had not
considered bidding for the firm and have no plans to do so in the future.

In 2001, Kia Steel posted 87.4 billion won in recurring loss, 9.0 billion
won in operating profit and 460 billion won in sales.

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


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


ANGKASA MARKETING: Posts Subscription, Disposal Updates
-------------------------------------------------------
The Board of Directors of Angkasa Marketing Berhad, in regard to the
Proposed subscription of 2,530,000 new ordinary shares of RM1.00 each in
Angkasa Transport Equipment Sdn. Bhd. (ATE), representing 9.19% of the
enlarged share capital of ATE, by Tan Sri Cheng Heng Jem (Proposed
Subscription); and Proposed disposal by AMB Venture Sdn. Bhd. (AMBV) of
25,000,000 ordinary shares of RM1.00 each in ATE, representing a 90.81%
equity interest in the enlarged share capital of ATE to Lion Asiapac Limited
(LAP) (Proposed Disposal), informed that:

1. in response to AMB Venture Sdn. Bhd. (AMBV)'s appeal to exercise the
Consideration Warrants within a period longer than 3 months, i.e. 3 years'
period from the date of obtaining Lion Asiapac Limited (LAP)'s shareholders'
approval for a separate resolution to waive their rights to receive a
general offer from AMBV and parties acting in concert with AMBV (Whitewash
Resolution) as announced on 20 May 2002 and taking into account the revised
Singapore Code on Take-overs and Mergers (Code) which took effect from 10
June 2002, the Securities Industry Council, Singapore (SIC), by its letter
dated 9 July 2002, ruled that AMBV and parties acting in concert with AMBV
will not be required to make a general offer on the shares not already held
by them in LAP pursuant to the issue of the LAP shares and warrants, being
the consideration for the Proposed Disposal ("Consideration Shares" and
"Consideration Warrants" respectively) and the exercise of the Consideration
Warrants shall subject to conditions, inter alia:

   1.1 a majority of independent shareholders of LAP present and voting at a
general meeting, held before the issue of the Consideration Shares and the
Consideration Warrants, approve by way of a poll, the Whitewash Resolution;

   1.2 AMBV and parties acting in concert with AMBV and parties not
independent of them abstain from voting on the Whitewash Resolution;

   1.3 AMBV and parties acting in concert with AMBV did not purchase and are
not to purchase any LAP shares or instruments convertible into, rights to
subscribe for and options in respect of LAP shares (other than the
Consideration Warrants to be issued):

     1.3.1 during the period between the announcement of the proposed issue
of the Consideration Shares and Consideration Warrants (Proposed Issue) and
the date of shareholders' approval is obtained for the Whitewash Resolution;
and

     1.3.2 in the 6 months prior to the announcement of the Proposed Issue
but subsequent to negotiations, discussions or the reaching of
understandings or agreements with the Directors of LAP in relation to the
Proposed Issue;

     1.4 LAP appoints an independent financial adviser to advise its
independent shareholders on the Whitewash Resolution; and

     1.5 to rely on the Whitewash Resolution, the issue of the Consideration
Shares and Consideration Warrants must be completed within 3 months of
shareholders' approval of the Whitewash Resolution. The acquisition of new
LAP shares as a result of exercising the Consideration Warrants must be
completed within 2 years of the date of issue of the Consideration Warrants.

Notwithstanding, all acquisitions of voting rights in LAP by AMBV and
parties acting in concert with AMBV (other than the acquisition of the
Consideration Shares and via the exercise of the Consideration Warrants) at
any time will be subject to the provisions of the Code.

2. as at the date of this announcement, the following conditions precedent
for the Proposed Subscription and/or Proposed Disposal are still
outstanding:

   2.1 the approval of the Securities Commission;

   2.2 completion of the Proposed Internal Restructuring of ATE and Proposed
Subscription (as more particularly set out in the Said Announcements);

   2.3 the approval of the shareholders of AMB and LAP at their respective
extraordinary general meetings to be convened for the Proposed Subscription
and/or Proposed Disposal, as the case may be;

   2.4 the approval of the Singapore Exchange Securities Trading Limited for
the Proposed Disposal and the listing of and quotation for the new LAP
shares to be issued pursuant to the Proposed Disposal;

   2.5 LAP being satisfied with the findings of the legal due diligence
review on the ATE group;

   2.6 the land use rights and property ownership rights from the Chinese
partner of ATE to Hefei Jianghuai Automotive Co Ltd and Anhui Jianghuai
Automotive Chassis Co Ltd, being obtained;

   2.7 the approvals of the Provincial Commission on Foreign Trade and
Economic Cooperation of the People's Republic of China (PRC) for certain
aspects of the Proposed Internal Restructuring of ATE; and

   2.8 the consent or approval of any relevant governmental authorities and
other relevant regulatory bodies in Malaysia, Singapore and the PRC, if
required.

AMB will inform the Exchange of any further developments in respect of the
Proposed Subscription and/or Proposed Disposal.


BERJAYA LAND: Aborts Proposed VGOs, Assets Transfer
---------------------------------------------------
The proposed restructuring exercise of Berjaya Land Berhad, which was
announced by Commerce International Merchant Bankers Berhad on 23 May 2001,
was comprised of:

   (i) The proposed bonus issue (of 2 for 3) by B-Land;

   (ii) The proposed voluntary general offers (VGOs) to be undertaken by
B-Land to acquire the remaining ordinary shares of RM1.00 each in Berjaya
Capital Berhad (BCap) and in Cosway Corporation Berhad (CCB) not held by
Berjaya Group Berhad (BGroup) and the parties acting in concert (Proposed
VGOs); and

   (iii) The proposed transfer of Berjaya General Insurance Berhad,
Inter-Pacific Capital Sdn. Bhd. and Cosway (M) Sdn. Bhd. by BGroup to B-Land
and pursuant thereof, the proposed transfer by B-Land of its entire
interests in BCap and CCB (obtained pursuant to the Proposed VGOs) to a new
company to be incorporated (Newco) (Proposed Assets Transfer).

On 28 June 2002, CIMB on behalf of the Board of BGroup, announced amongst
others, that the company will not be proceeding with the Proposed VGOs and
the Proposed Assets Transfer in view of the improving economic fundamentals
of the country and after taking into consideration the progress of the
respective group companies within BGroup (BGroup Revised Proposals
Announcement).

In line with the BGroup Revised Proposals Announcement and on behalf of the
Board of B-Land, CIMB announced that the Board of B-Land will accordingly
abort the Proposed VGOs and the Proposed Assets Transfer.

In the BGroup Revised Proposals Announcement, CIMB had also on behalf of the
Board of BGroup, announced the proposed settlement of its entire
inter-company balance due to B-Land through the issuance of 2% 10-year ICULS
of RM1.00 nominal value each in Newco (2% Newco ICULS).

In view of BGroup's revised proposals, and to resolve the put option
obligations for the 5% ICULS 1999/2009 of RM1.00 nominal value in B-Land
(B-Land ICULS) issued to the financial institutions (FIs) pursuant to a debt
restructuring of B-Land in 1999, CIMB announced on behalf of the Board of
B-Land, the B-Land Proposals. Further details of the B-Land Proposals are as
set out in the ensuing sections.

DETAILS OF THE B-LAND PROPOSALS

Proposed B-Land ICULS OFS

In 1999, pursuant to a debt restructuring exercise, B-Land entered into
several put options with the FIs wherein the FIs are entitled to put to
B-Land the B-Land ICULS held by them at a pre-determined option price for a
period of 3 years commencing from 31 December 2001. To facilitate the said
debt conversion exercise, BGroup had agreed to assume the put option (BGroup
Put Option Obligation).

In July 2002, several FIs have exercised their put options for approximately
RM184.2 million B-Land ICULS (Put Options). B-Land has accordingly notified
BGroup on the Put Options. In the light of its current financial position,
BGroup had informed B-Land that it would not be able to meet its obligation
pursuant to the BGroup Put Option Obligation. Nevertheless, BGroup has
undertaken to indemnify B-Land and/or its subsidiaries, all costs incurred
by B-Land and/or its subsidiaries (including all interest and incidental
costs) relating to any funding obtained by B-Land and/or its subsidiaries to
fulfill B-Land's obligations under the Put Options (BGroup's Indemnity
Proposal).

B-Land is primarily responsible to the FIs for the fulfillment of its
obligation under the Put Options, failing which the FIs will enforce such
rights as are available to them, including commencement of legal action
against B-Land as a result of such breach. In view of this, B-Land will
finance the Put Options from its internally generated funds and a new loan
from Southern Bank Berhad of RM205 million. B-Land has also made
arrangements for Immediate Capital Sdn. Bhd. (Immediate Capital), its
wholly-owned subsidiary to take up the Put Options of RM184.2 million B-Land
ICULS. Notwithstanding the BGroup's Indemnity Proposal, BGroup continues to
be liable to B-Land for its failure to assume the Put Options. As such,
B-Land will reserve all legal rights against BGroup and/or pursue other
appropriate actions.

BGroup has conceptually proposed that a total of up to RM798.9 million
B-Land ICULS be offered for sale to all shareholders of B-Land (excluding
BGroup and its wholly-owned subsidiaries), all ICULS holders of B-Land
(excluding the FIs who are holding the B-Land ICULS under the put option
arrangements with B-Land) and all the shareholders and ICULS holders of
BGroup.

As such, for the mutual benefit of both B-Land and BGroup, it is proposed
that Immediate Capital and the FIs, jointly undertake an offer for sale
(OFS) for a total of up to RM798.9 million B-Land ICULS (Proposed B-Land
ICULS OFS) at an indicative offer price of RM1.20 as follows:

   (a) Immediate Capital, of up to RM184.2 million B-Land ICULS; and

   (b) 15 FIs, of up to RM614.7 million B-Land ICULS.

to all shareholders of B-Land (save for BGroup and its wholly-owned
subsidiaries), the B-Land ICULS holders (excluding the FIs who are holding
the B-Land ICULS under the put option arrangements with B-Land) and the
shareholders and ICULS holders of BGroup (collectively referred to as
Entitled Persons).

Details of the basis and entitlement of the Entitled Persons under the
Proposed B-Land ICULS OFS are set out in Table 1 at
http://www.bankrupt.com/misc/TCRAP_Berjaya0716.doc.

As proposed by BGroup, the difference in the option price of the B-Land
ICULS and the offer price (Differential Costs) shall be borne entirely by
BGroup.

Any B-Land ICULS which are not taken up for any reason, shall first be made
available for excess application and if still not taken up, will be retained
firstly by the respective FIs and secondly, by Immediate Capital. As such,
Immediate Capital's portion of the B-Land ICULS will be offered for sale
first, followed by the FIs' portion. Accordingly, the Proposed B-Land ICULS
OFS will not be underwritten.

The proceeds of the Proposed B-Land ICULS OFS will accrue entirely to the
respective FIs and B-Land.

The details of the gross proceeds and the estimated Differential Costs to be
borne by BGroup arising from the Proposed B-Land ICULS OFS, will accrue to
B-Land and the FIs in the manner as set out in Table 2 at
http://www.bankrupt.com/misc/TCRAP_Berjaya0716.doc

The principal terms of the B-Land ICULS, in accordance to the Trust Deed
constituting the B-Land ICULS dated 21 December 1999 are set out in Table 3
at http://www.bankrupt.com/misc/TCRAP_Berjaya0716.doc

Proposed B-Land ICULS Early Conversion

The Proposed B-Land ICULS Early Conversion entails the offer for early
conversion of the entire RM894,457,587 B-Land ICULS during a specified
"window" period to be determined (Specific Conversion Period) such that one
(1) free B-Land Warrant will be attached to every one (1) new B-Land Share
issued pursuant to the conversion.

It is proposed for the exercise price of the B-Land Warrants to be
determined by the Board of B-Land at a future date, in accordance to the
SC's Policies and Guidelines on Issue/Offer of Securities.

The proceeds to be derived from the exercise of the B-Land Warrants (if any)
shall be utilized for the future working capital of the B-Land Group.

The indicative principal terms of the B-Land Warrants are set out in Table 4
at http://www.bankrupt.com/misc/TCRAP_Berjaya0716.doc

Proposed B-Land Bonus Issue

The Proposed B-Land Bonus Issue involves the issue of up to 1,789 million
new ordinary shares of RM1.00 each (B-Land Shares), credited as fully
paid-up, on the basis of one (1) new B-Land Share for every one (1) B-Land
Share held by its shareholders on a date to be determined and announced
later by the Board.

The maximum number of 1,789 million new B-Land Shares to be issued pursuant
to the Proposed B-Land Bonus Issue was arrived at based on the following:

   (i) issued and paid-up share capital as at 31 May 2002;

   (ii) assuming the full exercise of the outstanding employees share option
scheme (ESOS) options which are eligible for exercise and which would be
entitled to the Proposed B-Land Bonus Issue (in accordance to the provisions
of the ESOS bye-laws); and

   (iii) the full conversion of RM894,457,587 B-Land ICULS into new B-Land
Shares pursuant to the Proposed B-Land ICULS Early Conversion at the
conversion price of RM1.60 per B-Land Share, by way of surrendering RM1.00
nominal value of B-Land ICULS and cash payment of 60 sen.

The actual number of new B-Land Shares to be issued pursuant to the Proposed
B-Land Bonus Issue is thus dependent on the paid-up share capital of B-Land
on the entitlement date to be fixed by the Directors.

The Proposed B-Land Bonus Issue shall be capitalized entirely from the share
premium account and partly from the retained earnings of the Company,
details of which are set out in Table 5 at
http://www.bankrupt.com/misc/TCRAP_Berjaya0716.doc

The new B-Land Shares to be issued pursuant to the Proposed B-Land Bonus
Issue will, upon allotment and issue, rank pari passu in all respects with
the existing B-Land Shares save and except that they shall not be entitled
to any dividends, rights, allotments and/or other distributions, the
entitlement date of which is prior to the date of allotment of the new
B-Land Shares or any dividends declared or to be declared in respect of a
prior financial year.

The conversion price of any outstanding B-Land ICULS after the completion of
the Proposed B-Land ICULS Early Conversion and Proposed B-Land Bonus Issue
will be adjusted in accordance with the Trust Deed constituting the B-Land
ICULS dated 21 December 1999.

PART B

Proposed B-Land Inter-Company Settlement

As announced in the BGroup Revised Proposals Announcement, Newco has
proposed to settle on behalf of BGroup, the entire inter-company balance
owing by the company to B-Land through the issuance of 2% Newco ICULS.

As of 31 January 2002, the amount of inter-company balance owing to B-Land
is approximately RM1,317.0 million. On the assumption that the Proposed
B-Land Inter-Company Settlement will be completed by 30 June 2003, the
estimated inter-company balance will be approximately RM1,436 million.

Therefore, the estimated total amount of 2% Newco ICULS to be issued by
Newco will be approximately RM1,436 million nominal value of 2% Newco ICULS.

The indicative principal terms of the 2% Newco ICULS are set out in Table 6
at http://www.bankrupt.com/misc/TCRAP_Berjaya0716.doc

Proposed B-Land Capital Distribution Scheme

Following the completion of the Proposed B-Land Bonus Issue and Proposed
B-Land Inter-Company Settlement, it is proposed that B-Land undertakes a
capital distribution scheme, which comprises three (3) integral parts as
follows:

   (i) A capital repayment of 40 sen for every B-Land Share held on a date
to be determined, via the distribution of equivalent amount of 2% Newco
ICULS pursuant to Section 64 of the Companies Act, 1965;

   (ii) An intermediate bonus issue of up to 2,385 million new ordinary
shares of RM0.60 each in B-Land on the basis of two (2) new ordinary shares
of RM0.60 each for every three (3) ordinary shares of RM0.60 each held after
the capital repayment in (i) above; and

   (iii) The consolidation of approximately 1.667 ordinary shares of RM0.60
each held after the proposed intermediate bonus issue mentioned in (ii)
above into one (1) B-Land share of RM1.00 each.

The capital repayment of 40 sen in (i) above will be satisfied entirely
through the 2% Newco ICULS to be received from Newco as a result of the
Proposed B-Land Inter-Company Settlement, as set out in Section 2.4 above.
Based on the enlarged share capital of B-Land on completion of the Proposed
B-Land Bonus Issue, the maximum amount of 2% Newco ICULS to be distributed
as capital repayment to all the B-Land shareholders will be up to
approximately RM1,431 million.

The intermediate bonus issue in (ii) above will be capitalized from the
retained earnings of the Company at that point in time.

The shareholdings of the B-Land shareholders, on completion of the Proposed
B-Land ICULS OFS, Proposed B-Land ICULS Early Conversion, Proposed B-Land
Bonus Issue and Proposed B-Land Capital Distribution Scheme are illustrated
in Table 7 at http://www.bankrupt.com/misc/TCRAP_Berjaya0716.doc.

Based on the illustration as set out in Table 7, a shareholder of B-Land
originally holding 1,000 B-Land Shares will hold 3,000 B-Land Shares and 500
B-Land Warrants after the Proposed B-Land ICULS OFS, Proposed B-Land ICULS
Early Conversion and Proposed B-Land Bonus Issue. There will be no change to
his shareholdings as the same quantum i.e. 3,000 B-Land Shares will be held
after the Proposed B-Land Capital Distribution Scheme. In addition, he will
also receive RM1,200 nominal value 2% Newco ICULS pursuant to the Proposed
B-Land Capital Distribution Scheme.

RATIONALE FOR THE B-LAND PROPOSALS

The rationale for Part A of the B-Land Proposals is as follows:

   (i) The Proposed B-Land ICULS OFS is to enable the Company to fulfill its
primary obligations for the Put Options and will offer the Entitled Persons,
a further opportunity to invest in B-Land, via an attractive convertible
instrument;

   (ii) The Proposed B-Land ICULS Early Conversion will enable B-Land to
enjoy interest savings equivalent to the coupon rate of the B-Land ICULS of
5% per annum for the remaining seven (7) years; and

   (iii) The Proposed B-Land Bonus Issue seeks to reward the shareholders of
the Company for its continuous support and will enable them to increase
their equity participation in the Company in terms of the number of shares
held. The increased number of shares held will further enhance the
shareholders' payoff under the Proposed B-Land Capital Distribution Scheme.

The rationale for Part B of the B-Land Proposals is as follows:

   (i) The Proposed B-Land Inter-Company Settlement will enable to resolve
the inter-company balances due by BGroup to B-Land; and

   (ii) The Proposed B-Land Capital Distribution Scheme will return to the
shareholders of B-Land, assets in excess of the Company's requirements, in
the form of liquid and marketable securities, to be received from Newco
pursuant to the Proposed B-Land Inter-Company Settlement.

FINANCIAL EFFECTS OF THE B-LAND PROPOSALS

Share Capital

The effects of the B-Land Proposals on the issued and paid-up share capital
of B-Land are as set out in Table 8 at
http://www.bankrupt.com/misc/TCRAP_Berjaya0716.doc

Net Tangible Assets (NTA)

For illustration purposes, the effects of the B-Land Proposals on the NTA of
the B-Land Group based on its unaudited consolidated balance sheet as at 30
April 2002, had the B-Land Proposals been effected on that date, are as set
out in Table 9 at http://www.bankrupt.com/misc/TCRAP_Berjaya0716.doc

Shareholding Structure

The effects of the B-Land Proposals on the shareholding structure of B-Land
as at 31 May 2002 are as set out in Table 10 at
http://www.bankrupt.com/misc/TCRAP_Berjaya0716.doc

Earnings

The conversion of the B-Land ICULS into new B-Land Shares (with free B-Land
Warrants attached) during the Specific Conversion Period pursuant to the
Proposed B-Land ICULS Early Conversion will enable the Company to enjoy
interest savings equivalent to 5% per annum, being the coupon rate of the
B-Land ICULS, for the remaining seven (7) years from 2003 to 2009.

The Proposed B-Land Bonus Issue will not have any effect on the earnings of
the B-Land Group except that the earnings per share of the B-Land Group will
correspondingly be diluted as a result of the increase in the Company's
issued and paid-up share capital.

The Proposed B-Land Inter-Company Settlement and Proposed B-Land Capital
Distribution Scheme will not have any effect on the earnings of the B-Land
Group for the financial year ending 30 April 2003 as it is expected to be
completed after the said financial year.

APPROVALS REQUIRED

The B-Land Proposals is conditional upon approvals being obtained from the
following:

   (i) the Securities Commission (SC) for the B-Land Proposals;

   (ii) the Foreign Investment Committee for the Proposed B-Land ICULS OFS
and Proposed B-Land ICULS Early Conversion;

   (iii) the Kuala Lumpur Stock Exchange (KLSE) for the listing of and
quotation for the B-Land Warrants and new B-Land Shares to be issued
pursuant to the Proposed B-Land ICULS Early Conversion and Proposed B-Land
Bonus Issue respectively and the new B-Land Shares to be issued pursuant to
the exercise of the B-Land Warrants, and for the listing of and quotation
for the 2% Newco ICULS to be issued by Newco to B-Land pursuant to the
Proposed B-Land Inter-Company Settlement and the new Newco shares to be
issued pursuant to their conversion thereof;

   (iv) the shareholders of the Company at two (2) extraordinary general
meetings (EGM) to be convened for Part A and Part B of the B-Land Proposals
respectively;

   (v) the shareholders of BGroup at an EGM to be convened for the Proposed
B-Land ICULS OFS;

   (vi) the Orders of the High Court of Malaya sanctioning the Proposed
B-Land Capital Distribution Scheme pursuant to Section 64 of the Act;

   (vii) the FIs in respect of the OFS of their respective portion of the
B-Land ICULS; and

   (viii) any other relevant authority and/or parties, if required.

The Proposed B-Land ICULS OFS, Proposed B-Land ICULS Early Conversion and
Proposed B-Land Bonus Issue are not inter-conditional. The Proposed B-Land
Capital Distribution Scheme is conditional upon the Proposed B-Land Bonus
Issue and the Proposed B-Land Inter-Company Settlement. The Proposed B-Land
Inter-Company Settlement and the Proposed B-Land Capital Distribution Scheme
are conditional upon the proposed BGroup members schemes to be implemented
pursuant to the BGroup restructuring proposals, as announced in the BGroup
Revised Proposals Announcement.

Part A of the B-Land Proposals will be implemented first while Part B of the
B-Land Proposals will be implemented along with the BGroup restructuring
proposals, as announced in the BGroup Revised Proposals Announcement.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors or substantial shareholders of the Company has any
interests in the Proposed B-Land ICULS Early Conversion, Proposed B-Land
Bonus Issue and Proposed B-Land Capital Distribution Scheme as the rights
and entitlements of the Directors, substantial shareholders of B-Land and
B-Land ICULS holders pursuant therein are also available to all other
shareholders/B-Land ICULS holders.

Tan Sri Dato' Seri Tan Chee Yioun (TSVT), Dato' Tan Chee Sing (DTCS) and
Robert Yong Kuen Loke (RYKL) are deemed interested in Proposed B-Land ICULS
OFS and Proposed B-Land Inter-Company Settlement by virtue of their common
directorships in B-Land and BGroup. Robin Tan Yeong Ching (RTYC) is a
Director of B-Land and is deemed interested in the said proposals by virtue
of him being the son of TSVT.

The above Directors will abstain from all the board deliberations of B-Land
pertaining to the Proposed B-Land ICULS OFS and Proposed B-Land
Inter-Company Settlement. Accordingly, they will also abstain from voting in
respect of their respective direct and/or indirect holdings in the B-Land
securities (if any), on the resolutions relating to Proposed B-Land ICULS
OFS and Proposed B-Land Inter-Company Settlement.

The common directorships of the above Directors in B-Land and BGroup are as
set out in Table 11 at http://www.bankrupt.com/misc/TCRAP_Berjaya0716.doc.
Details of their holdings in the B-Land Shares and B-Land ICULS as well as
their holdings in the BGroup Shares and BGroup ICULS as at 31 May 2002 are
set out in Tables 12 (a) and 12 (b) at
http://www.bankrupt.com/misc/TCRAP_Berjaya0716.doc
respectively.

BGroup is a substantial shareholder of B-Land with indirect equity interest
of 63.1% as at 31 May 2002. In addition, BGroup is also deemed interested in
the B-Land ICULS through the Put Options on the said B-Land ICULS.
Accordingly, BGroup will abstain from voting in respect of its direct and/or
indirect holdings in the B-Land securities, on the resolutions relating to
Proposed B-Land ICULS OFS and Proposed B-Land Inter-Company Settlement.

Save as disclosed above, the Company is not aware of any other Directors and
substantial shareholders of B-Land and persons connected to them by virtue
of Section 122A of the Companies Act, 1965 that has any interests, direct or
indirect, in the B-Land Proposals.

DIRECTORS' STATEMENT

The Board of B-Land, save and except for the Directors who are deemed
interested in the B-Land Proposals, as mentioned in Section 6 above, is of
the opinion that the B-Land Proposals are in the best interest of the
Company.

APPOINTMENT OF ADVISERS

The Board of B-Land has appointed CIMB as the Adviser to the Company for the
B-Land Proposals.

Subject to the approval of the relevant authorities, the Independent
Directors of B-Land has appointed Messrs. KPMG as the independent adviser to
advise the minority shareholders of B-Land on the Proposed B-Land ICULS OFS
and Proposed B-Land Inter-Company Settlement.

SUBMISSION OF APPLICATION TO AUTHORITIES

CIMB, on behalf of the Company, will submit an application for the Part A of
the B-Land Proposals to the SC and other relevant authorities (if required)
within three (3) months from the date of this announcement.

CIMB, on behalf of the Company, will submit an application for the Part B of
the B-Land Proposals to the SC and other relevant authorities (if required)
within six (6) months from the date of this announcement.


CSM CORPORATION: Releases June 2002 Defaulted Payment Update
------------------------------------------------------------
CSM Corporation Berhad, pursuant to the KLSE Practice Note No. 1/2001,
provided an update on the status of default in interest payments and
principal loan repayments of the CSM Group bank borrowings as at 30 June
2002, as set at http://www.bankrupt.com/misc/TCRAP_CSM0716.doc

The shareholders' approval on the proposed settlement & termination
agreement with Saujana Pertiwi Sdn. Bhd. (SPSB) whereby SPSB shall pay in
full the principal and outstanding interest on the overdraft facility of
RM45 million was obtained at an Extraordinary General Meeting convened by
CSM on 26 June 2002.


DEWINA BERHAD: SC OKs Proposals Time Implementation Extension
-------------------------------------------------------------
On behalf of Dewina Berhad with regards to the Proposals, AmMerchant Bank
Berhad, formerly known as Arab-Malaysian Merchant Bank Berhad, announced
that the Securities Commission had, vide its letter dated 9 July 2002,
approved the Company's application for an extension of time for the
implementation of the above Proposals to 6 March 2003.

The Proposal includes:

   * Rights Issue with Warrants;
   * Subscription of Approximately 99.99% of the enlarged
issued and paid-up share capital of Dewina Holdings Sdn
Bhd by Haji Ibrahim Bin Haji Ahmad, subsequent to an
Internal Reorganization by Dewina;
   * Acquisition of MTD Prime Sdn Bhd;
   * Waiver from Undertaking a mandatory general offer;
   * Increase in the Authorized Share Capital; and
   * Transfer from Second Board to the Main Board of the
Kuala Lumpur Stock Exchange


HO WAH: UOB Grants HWG Kintron RM47M Credit Facilities
------------------------------------------------------
The Board of Directors of Ho Wah Genting Berhad announced that its
wholly-owned subsidiary, Ho Wah Genting Kintron Sdn Bhd (HWG Kintron) had on
11 July 2002 accepted credit facilities up to a limit of RM47 million (UOB
facilities) from United Overseas Bank (Malaysia) Bhd (UOB) of 4072, Jalan
Bagan Luar, 12000 Butterworth, Pulau Pinang.

Security

The UOB facilities shall be secured by a Corporate Guarantee of RM21 million
to be made in favor of UOB and to be issued by HWGB.

Purpose of the UOB facilities

The UOB facilities are for the following purposes:

   a) working capital requirements
   b) financing of local/import purchases
   c) financing of local/export sales
   d) for hedging the foreign currency exposure arising from an underlying
trade and/or financial transaction

The Company also informed, in reference to the credit facilities of RM25
million granted by EON Bank Berhad (EON) of 12th Floor, Wisma Cyclecarri,
288 Jalan Raja Laut, 50350 Kuala Lumpur to HWG Kintron which had
subsequently been increased to RM31.5 million,
that EON has further granted an additional RM10 million (the EON facilities)
to HWG Kintron to finance the purchase of raw materials for works
subcontracted to PT. Ho Wah Genting, a direct and indirect subsidiary of
HWGB, located in Batam, Indonesia.

The EON facilities shall be secured by an additional Corporate Guarantee of
RM10 million to be issued by HWGB to EON, thus totaling the Corporate
Guarantee issued by HWGB to EON to RM41.5 million.

DIRCTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors or substantial shareholders of the Company or persons
connected with them has any interest, direct or indirect in the acceptance
of both the aforementioned facilities.

STATEMENT BY THE BOARD OF DIRECTORS

The Board of Directors of the Company is of the opinion that the acceptance
of the said facilities is in the best interest of the Group.


HUME INDUSTRIES: Registrar of Companies Strikes Dormant Unit
------------------------------------------------------------
Hume Industries (Malaysia) Berhad informed that the Registrar of Companies
had, at the request of Konsortium Lebuhraya Ekspres Kuala Lumpur Sdn Bhd
(KLEKL), a wholly-owned subsidiary of HIMB, struck KLEKL from the register.
Accordingly, KLEKL is dissolved.

KLEKL had been dormant since its incorporation on 18 January 1993.


MYCOM BERHAD: Obtains Proposed Acquisitions Extension
-----------------------------------------------------
On behalf of the Board of Directors of Mycom Berhad, Alliance Merchant Bank
Berhad (Alliance), in regards to the Company's Proposed acquisitions of
land, companies and assets,
announced that Mycom had, on 11 July 2002, entered into two (2) agreements
for the extension of time for fulfillment of conditions precedent on the
following conditional sale and purchase (S&P) agreements (Extension
Agreements):

   (a) a conditional assets acquisition agreement dated 14 August 2000 and
its extensions dated 12 December 2000, 12 June 2001 and 12 December 2001
between Mycom, Olympia Industries Berhad (OIB) and its subsidiaries, namely
United Malaysian Properties Sdn Bhd, Mascon Sdn Bhd and Regal Unity Sdn Bhd,
for the proposed acquisition by Mycom of 100% equity interest in Olympia
Land Berhad, 100% equity interest in City Properties Development Sdn Bhd,
100% equity interest in Olympia Plaza Sdn Bhd, 100% equity interest in
Rambai Realty Sdn Bhd, 70% equity interest in Maswarna Colour Coatings Sdn
Bhd, 100% equity interest in Salhalfa Sdn Bhd, 100% equity interest in
Mascon Construction Sdn Bhd together with four (4) storey shop office
situated at Taman Shamelin Perkasa, Kuala Lumpur and a factory unit situated
at Beranang Industrial Estate, Selangor and five (5)-acre land situated at
District of Kota Kinabalu, Sabah for an aggregate purchase consideration of
RM73,175,000; and

   (b) a conditional land acquisition agreement dated 14 August 2000 and its
extensions dated 12 December 2000, 12 June 2001 and 12 December 2001 between
Mycom and Kenny Height Developments Sdn Bhd for the proposed acquisition by
Mycom of approximately 41.14 acres of land situated at Mukim Batu, Wilayah
Persekutuan for a purchase consideration of RM290,000,000.

The date for fulfillment of the conditions precedent of the above two (2)
conditional S&P agreements has been further extended for a further period of
six (6) months from 12 June 2002 to 12 December 2002 or to such later date
as the parties may agree.

DOCUMENTS AVAILABLE FOR INSPECTION

The Extension Agreements are available for inspection at Mycom's registered
office, Level 23, Menara Olympia, No. 8, Jalan Raja Chulan, 50200 Kuala
Lumpur during normal business hours from Monday to Friday (except for public
holidays) for a period of three (3) months from the date of this
announcement.


OLYMPIA INDUSTRIES: Gets Proposal Extensions
--------------------------------------------
Alliance Merchant Bank Berhad (Alliance) announced on behalf of the Board of
Directors of Olympia Industries Berhad that OIB had, in regard to the
Proposals, on 11 July 2002, entered into two (2) agreements for the
extension of time for fulfillment of conditions precedent on the following
conditional sale and purchase (S&P) agreements (Extension Agreements):

   (a) a conditional land acquisition agreement dated 14 August 2000 and its
extensions dated 12 December 2000, 12 June 2001 and 12 December 2001 between
OIB and Kenny Height Developments Sdn Bhd for the proposed acquisition by
OIB of approximately 32.3 acres of land situated at Mukim Batu, Wilayah
Persekutuan for a purchase consideration of RM210,000,000; and

   (b) a conditional assets disposal agreement dated 14 August 2000 and its
extensions dated 12 December 2000, 12 June 2001 and 12 December 2001 between
OIB and its subsidiaries, namely United Malaysian Properties Sdn Bhd, Mascon
Sdn Bhd and Regal Unity Sdn Bhd and Mycom Berhad (Mycom), for the proposed
disposal to Mycom of 100% equity interest in Olympia Land Berhad, 100%
equity interest in City Properties Development Sdn Bhd, 100% equity interest
in Olympia Plaza Sdn Bhd, 100% equity interest in Rambai Realty Sdn Bhd, 70%
equity interest in Maswarna Colour Coatings Sdn Bhd, 100% equity interest in
Salhalfa Sdn Bhd, 100% equity interest in Mascon Construction Sdn Bhd
together with four (4) storey shop office situated at Taman Shamelin
Perkasa, Kuala Lumpur and a factory unit situated at Beranang Industrial
Estate, Selangor and five (5)-acre land situated at District of Kota
Kinabalu, Sabah for an aggregate sale consideration of RM73,175,000.

The date for fulfillment of the conditions precedent of the above two (2)
conditional S&P agreements has been further extended for a further period of
six (6) months from 12 June 2002 to 12 December 2002 or to such later date
as the parties may agree.

The Proposals refers to:

   * Proposed acquisitions of land
   * Proposed disposal of companies and assets

DOCUMENTS AVAILABLE FOR INSPECTION

The Extension Agreements are available for inspection at OIB's registered
office, Level 23, Menara Olympia, No. 8, Jalan Raja Chulan, 50200 Kuala
Lumpur during normal business hours from Monday to Friday (except for public
holidays) for a period of three (3) months from the date of this
announcement.


PAN MALAYSIA: Welcomes News Audit Committee Member
--------------------------------------------------
Pan Malaysia Holdings Berhad posted this notice:

Date of change : 11/07/2002
Type of change : Appointment
Designation    : Member of Audit Committee
Directorate    : Independent & Non Executive
Name      : Dato' Seri Dr Ting Chew Peh
Age      : 59
Nationality    : Malaysian

Qualifications :
1. Bachelor of Arts from University of Malaya
2. Master of Science from University of London
3. Doctor of Philosophy from University of Warwick

Working experience and occupation  :
1. Member of Parliament since 1987
2. Formerly the Minister of Housing and Local
Government from 1990 to 14 December 1999

Directorship of public companies (if any) :
1. Pan Malaysia Capital Berhad
2. Puncak Niaga Holdings Berhad

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

Composition of Audit Committee (Name and Directorate of members after
change):
Dato' Mohd Ibrahim Bin Mohd Zain
Chairman of Audit Committee
(Independent Non-Executive Director)

Dato' Seri Dr Ting Chew Peh
Member of Audit Committee
(Independent Non-Executive Director)

Mr Khet Kok Yin
Member of Audit Committee
(Managing Director)

Wrights Investors' Service reports that at the end of 2001, the company had
negative common shareholder's equity of -288.65 million Malaysian Ringgits.
This means that at the present time, the common shareholders have
essentially no equity in the company. This is further compounded by the fact
that among the assets the company does have on its balance sheet, there are
152.41 million Malaysian Ringgits in intangible assets.


TEXCHEM RESOURCES: MITI Grants Proposals' Conditional Approval
--------------------------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of the Board of
Directors of Texchem Resources Bhd, announced that the Ministry of
International Trade and Industry (MITI) via their letter dated 8 July 2002
has no objection in relation to the Proposals but subject to the following
conditions:

   (a) allocation of 12,000,000 Texpack Shares is subject to the MITI's
separate distribution after the Proposed Listing have been approved by the
Securities Commission (SC); and

   (b) approval of the Foreign Investment Committee (FIC); and

   (c) approval of the SC.

The Board of Directors of TRB and Texpack are agreeable to the conditions
imposed by the MITI except for condition (b) above. The Board of Directors
of TRB and Texpack are of the opinion that the approval from the FIC is not
required as Texpack is a MITI licensed manufacturing company and accordingly
will appeal to the MITI on the said condition.

The "Proposals" refers to:

   * Proposed Acquisition by Texchem-Pack (M) Bhd (Texpack), a
Wholly-Owned Subsidiary of TRB of The Entire Equity Interest in
Texchem Engineering Plastics Sdn Bhd (TEP) for a Total Cash
Purchase Consideration of Rm24,400,000 (Proposed TEP
Acquisition);

   * Proposed Acquisition by Texpack of up to 100% Equity Interest in Izutex
Sdn Bhd (Izutex) for a Total Cash Purchase
Consideration of up to Rm17,700,000 (Proposed Izutex
Acquisition); and

   * Proposed Restructuring and Subsequent Listing of Texpack On
the Second Board of the Kuala Lumpur Stock Exchange (KLSE)
(Proposed Restructuring and Listing)


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


BENPRES HOLDINGS: Clarifies Manila Standard Report
--------------------------------------------------
Benpres Holdings Corp, with reference to the news report entitled "Creditors
want Lopez firm out of expressway project: published in the July 8, 2002
issue of the Manila Standard.

The article reported that "Multilaterial lending agencies and commercial
banks lending $400 million to the North Luzon Expressway project want Manila
North Tollways Corp. to assign a company with stronger financial
capabilities to take over the project. This after Lopez-controlled Benpres
Holdings Corp. defaulted on the payment of P2 billion long-term commercial
papers that fell due last month. The company likewise failed to meet
interest payments for the same LTCP as well as $150 million Eurobonds with
were both due last month. To satisfy the lending institutions, Lopez-owned
MNTC, which is the proponent of the project, has asked Asian Development
Bank and International Finance Corp. to transfer the project to its
subsidiary First Philippine Holdings Corp. FPHC, unlike other Lopez
companies, has been profitable.

Benpres Holdings Corporation (BPC), in its letter dated July 10, 2002,
stated that:

a) Multilaterial lending agencies and commercial banks are lending US261
million (including US$7.5 million L/C facility) and not US$400 million, as
reported in the Manila Standard article.

b) The statement that these lenders want MNTC "to assign a company with
stronger financial capabilities to take over the project" is also inaccurate
in the sense that the lenders did not require this from MNTC. Rather, MNTC
has requested its lenders to approve the replacement of Benpres with First
Philippine Holdings Corporation (FPHC) as sponsor in the MNTC Financing
Agreements. Such proposal, which was presented to the MNTC lenders prior to
the Benpres default announcements, is currently being evaluated by the MNTC
lenders."



METRO PACIFIC: Denies Selling Shares in Bonifacio Land
------------------------------------------------------
Metro Pacific Corporation, responded to the news article entitled "Tonyboy,
MVP beat Gokongwei to the punch on Boni Land deal" published in the July 12,
2002 issue of The Philippine Start.

The article reported that "In a surprising twist of events, a group led by
businessman Antonio O. Cojuangco and PLDT Presdient Manuel V. Pangilinan has
beaten the Gokongwei group to the punch and acquired majority control of
Bonifacio Land Corp. (BLC), considered the crown jewel of First Pacific Co.
Ltd. flagship Metro Pacific Corp.

Metro Pacific Corporation (MPC), in its letter dated July 12, 2002,
clarified that:

Metro Pacific Corporation (MPC) has not entered into any agreement to sell
any of its shares in Bonifacio Land Corproation.

As previously reported, MPC management continues to focus its efforts on its
debt reduction and restructuring objectives."

For the MPC disclosure, go to http://bankrupt.com/misc/TCRAP_MPC0713.pdf


PHILIPPINE LONG: Clarifies Joint Venture Report
-----------------------------------------------
Philippine Long Distance Telephone Company (PLDT), in response to the news
article entitled "AT&T, PLDT in talks on new joint venture" published in the
July 11, 2002 issue of the Philippine Daily Inquirer. The article reported
"The local arm of AT&T is in talks with PLDT on a possible joint venture
that will form part of the American firm's $300-million network expansion
project. The development project is part of AT&T's global investment to
upgrade and expand its existing network all over the world. "The Company was
seriously considering PLDT because of its vast fixed line network. It is
likewise looking into a possible partnership with wireless giants Smart
Communicatins Inc."

PLDT, in its letter dated July 11, 2002, explained that:

"The article talks about AT&Ts plans and we cannot comment on their plans.
However, should the Company receive any proposal to participate in the
reported network expansion of AT&T, such proposal will be evaluated by the
Company in the usual course of business."


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


CHUAN HUP: Winds Up Dormant Subsidiary
--------------------------------------
The Directors of Chuan Hup Holdings Limited announced that Chuan Hup's
subsidiary, ACIS Holdings Limited, has been placed under member's voluntary
winding up. ACIS, a 100%-owned subsidiary in the British Virgin Islands, is
dormant.

The winding up of ACIS will not have any effect on the net earnings per
share or net tangible assets per share of Chuan Hup for the financial year
ending 30 June 2002.


EWORLD OF SPORTS.COM: Unit Goes Into Liquidation
------------------------------------------------
The Board of Directors of Eworld of Sports.com Limite informed on Friday
that the Company had commenced members' voluntary liquidation of W.O.S.
World of Sports (B) Sdn. Bhd., a dormant subsidiary of the Company.

The above liquidation is not expected to have any material impact on the
financial results or Net Tangible Assets of the Company for the financial
year ending 31 December 2002.


FLEXTECH HOLDINGS: FHL Group Implements Financial Restructuring
---------------------------------------------------------------
The Board of Directors of Flextech Holdings Limited (Flextech) announced on
Thursday that the Flextech group of companies (the FHL Group) has, since the
beginning of the financial year, implemented various measures to rebuild its
financial resources. These measures include the following:

   (a) the divestment on 30 January 2002 of 11.84 percent of the Company's
shareholdings in ASTI Holdings Limited which raised a total consideration of
$9 million;

   (b) the sale of assets in March 2002 by its subsidiary, Apogee Test Pte
Ltd, amounting to approximately $6.1 million;

   (c) the divestment on 9 July 2002 of 6.64 percent of the Company's
shareholdings in ASTI Holdings Limited which raised a total consideration of
$4.48 million.

As a result of these measures and assuming that the foregoing transactions
were entered into and completed on 31 December 2001, the Company is pleased
to announce that the breach in the financial covenants in the Company's 2.25
percent Unsecured Loan Stock due in October 2002 (the "Loan Stock 2002")
relating to the thresholds in respect of the ratio of all borrowings to the
Adjusted Total of Capital and Reserves (as defined in the Trust Deed entered
into between the Company and British and Malayan Trustees Limited dated 2
October 1997 relating to the Loan Stock 2002) have been remedied.

The Company will continue in its efforts towards raising funds for
additional working capital and further reduction of bank borrowings,
including the repayment of the Loan Stock 2002.


HOTEL PLAZA: Unit Disposes of ATH Stake; Restructuring Exercise
---------------------------------------------------------------
The Board of Directors of Hotel Plaza Limited (HPL) announced Friday that
its subsidiary, United BMEC Pte Ltd (BMEC) had disposed of its entire 25
percent stake (comprising all its 80,001 ordinary shares of B$1.00 each) in
the share capital of ATH Medic Sdn Bhd (ATH) to the remaining shareholders
of ATH for cash at par pursuant to a restructuring exercise.

In connection with the restructuring exercise, BMEC had acquired a 25
percent stake (comprising 80,000 ordinary shares of B$1.00 each) in the
share capital of Asterix United (B) Sdn Bhd (Asterix) for cash at par.

Asterix is incorporated in Brunei Darussalam and its principal activity is
in the distribution of laboratory, medical, and rehabilitative appliances,
equipment and products.

Following the completion of the restructure, ATH has ceased to be an
associated company of HPL, while Asterix has become an associated company of
HPL.

The funds received from the disposal of ATH were utilized to finance the
acquisition of Asterix and the above restructure is not expected to have a
material impact on the Company's net tangible assets or earnings per share
for the financial year ending 31 December 2002. None of the directors and
substantial shareholders of the Company has any interest in the transaction.


IPROPERTYNET PTE: 60% Stake Sale to Blitz Completed
---------------------------------------------------
Oversea-Chinese Banking Corporation Limited informed on July 8 that its
subsidiary iPropertyNet Pte Ltd (In members' voluntary liquidation) has as
of 17 June 2002 completed the sale of its entire 60% stake (amounting to
189,938 issued ordinary shares) in the share capital of Blitz Global
Communications Pte Ltd (Blitz) for a nominal consideration of S$1.00 on a
willing-buyer-willing-seller basis.

The sale is part of iProp's ongoing voluntary winding-up process. Following
the sale, Blitz has ceased to be a subsidiary of iProp. The principal
activity of Blitz comprises of the publishing of magazines.


OSSIA INTERNATIONAL: Units Enter Voluntary Liquidation
------------------------------------------------------
The Board of Directors of Ossia International Limited announced on Saturday
that the Company has commenced members' voluntary liquidation of its two
dormant subsidiaries, namely Ossia International (B) Sdn Bhd & Global
Concepts Apparel Sdn Bhd.
The above liquidation is not expected to have any material impact on the
financial results or net tangible assets of the Company for the financial
year ending 31 December 2002.


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


DATAMAT PUBLIC: Decrease of Capital Interpretation Pending
---------------------------------------------------------- Datamat Public
Company Limited informed the resolutions passed by the Board of Directors'
Meeting No. 9/2545, as listed below:

The Registrar of Section 139 of Public Limited Companies Act's
interpretation regarding the decrease of capital is pending. The time
required for the Registrar to consider such interpretation is
indeterminable.

Datamat, in pursuing a strategy of acquisition, has entered into several
agreements that will require the issuance of new shares in the near term.
In light of the indeterminable delay in the decrease of capital, the Company
has decided to undertake action to amend past resolutions in order to
preserve the rights and benefits of the shareholders.  The resolutions
detailed herein make up those necessary amendments.

It is very important to note that there is no effect on the business of the
company, its shareholders, or subsidiaries and there is no change in its
strategy or its plans.

1. Approval was unanimously given for cancellation of the resolutions under
Agenda 6, 7, 8 and 9 of the Extra-ordinary Meeting No.1/2545:

   1.1 The resolution of Agenda 6 in which the approval was given reducing
the amount of the Company's registered capital from Bt6,212,851,980 to
Bt621,285,198 by lowering the par        value of each ordinary share from
Bt10.00 to Bt1.00

   1.2 The resolution of Agenda 7 in which approval was given to the
amendment of Clause 4 of the Memorandum of Association regarding the
registered capital so as to conform to the change of par value of each
ordinary share.

   1.3 The resolution of Agenda 8 in which the approval was given increasing
the Company's registered capital from Bt       621,285,198 to
Bt1,000,000,000 by an issuance of 378,714,802 ordinary shares with a par
value of Bt1.00 each to be allocated for offering for sale to specific
investors and/or 17 types of institutional investors in accordance with the
relevant Notification of the Securities and Exchange Commission.  The
Board of Directors shall have the power to determine and change the details
and conditions in relation to the offer for sale of the shares, for example,
the amount offered, the offering price and period.

   1.4 The resolution of Agenda 9 in which the approval was given to an
amendment of Clause 4 of the Memorandum of Association regarding the
registered capital so as to conform to the increase of capital.

2. Approval was unanimously given to an amendment of which the resolution of
Board of Directors' Meeting  No.8/2545 that the term "100,000,000 new common
shares with a par value of Bt1.00
each to be allocated in consideration with the purchase of common shares in
AIT" in resolutions of Board of Directors' Meeting No. 8/2545 and any
records to SET should be amended to read as follows: "100,000,000 new common
shares with a par value of Bt10.00 each to be allocated in consideration
with the purchase of common shares in AIT"

3. Approval was unanimously given that the Company's registered capital be
increased from Bt,212,851,980 to Bt10,000,000,000 by an issuance of
378,714,802 ordinary shares with a par value of Bt10.00 each to be allocated
for offering for sale to specific investors and/or 17 types of institutional
investors in accordance with the relevant Notification of the Securities and
Exchange Commission.  The Board of Directors shall have the power to
determine and change the details and conditions in relation to the offer for
sale of the shares, for example, the amount offered, the offering price and
period.

4. Approval was unanimously given to an amendment of Clause 4 of the
Memorandum of Association regarding the registered capital be amended so as
to conform to the increase of capital.

5. Approval was unanimously given reducing the amount of the Company's
registered capital from Bt10,000,000,000 to Bt2,500,000,000 by lowering the
par value of each ordinary share from Bt10.00 to Bt2.50.

6. Approval was unanimously given to an amendment of Clause 4 of the
Memorandum of Association regarding the registered capital so as to conform
to the change of par value of each ordinary share.

7. Approval was unanimously given that the Extra-ordinary Meeting no. 2/2545
to be scheduled on 5th of August 2002, 14.00 hours, and  its agenda be
amended and read as follows:

   Agenda 1   To approve the minute of General Meeting No.34
   Agenda 2   To consider cancellation of the resolutions under     Agenda
6, 7, 8 and 9 of the Extra-ordinary Meeting
  No. 1/2545
   Agenda 3   To consider purchase of 100% of common shared in
    Advance Information Technology Ltd. (AIT).
   Agenda 4   To consider an amendment to Clause 38 of Company's
    Regulation as to Company's seal.
   Agenda 5   To consider increasing the Company's registered
  capital from Bt6,212,851,980 to Bt10,000,000,000
  by an issuance of 378,714,802 ordinary shares with
  a par value of Bt10.00 each.
   Agenda 6   To consider an amendment of Clause 4 of the
  Memorandum of Association regarding the registered
  capital so as to conform the increase of capital
   Agenda 7   To consider reducing the amount of the Company's
              registered capital from Bt10,000,000,000 to
  Bt2,500,000,000 by lowering the par value of each
  ordinary share from Bt10.00 to Bt2.50.
   Agenda 8   To consider an amendment of Clause 4 of the
    Memorandum of Association regarding  the
  registered capital so as to conform the  change of
  par value of each ordinary share.
   Agenda 9   Other matter (if any)


MATCON TRADING: Files Business Reorganization Petition
------------------------------------------------------
Matcon Trading Company Limited (DEBTOR), engaged in construction, filed its
Petition for Business Reorganization at the Central Bankruptcy Court:

   Black Case Number 303/2543

   Red Case Number For. -/2543

Petitioner: MATCON TRADING COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt519,986,149.69

Date of Court Acceptance of the Petition: April 21, 2000

Date of Examining the Petition: May 22, 2000 at 9.00 AM

The court ordered dismissal the petition for Business Reorganization: May
31,2000

Contact: Mr. Chanin Tel 6792512


NEP REALTY: Clarifies Warrants Issue, Unit's Listing News
---------------------------------------------------------
NEP Realty and Industry (Public) Co. Ltd. (NEP), clarified these  reports:

1. News concerning the issuing of warrants.

The Company informed that this issuance was from the resolution of the
Extraordinary Shareholders Meeting No. 1/2000, held on February 18, 2000.
The resolution approved the issuing of warrants to the existing shareholders
whose names are in
registration book on February 4, 2000 at the ratio of 2 existing shares for
3 warrants, which become the total of 150,000,000 units of warrants, at the
price of Bt0.10 per unit.  This warrant can be exercised every 3 month with
maturity period
for 8 years and the exercise ratio is 1 unit of warrant per 1 new ordinary
share at the exercise price at Bt5t.  At present, the company has applied
for the approval from the Security and Exchange Commission and the waiting
for the approval.

2. News concerning the application for listing its subsidiary,
Navanakorn Co. Ltd.

The Company clarified that when the company invested in the Navanakorn Co.
Ltd. in 1991, its it stated its purpose of investment to bring the
Navanakorn Co. Ltd. for listing in the Stock Exchange of Thailand.  So the
Company will then comply with its objective as stated.


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
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Inc., Washington, DC USA. Lyndsey Resnick, Maria Vyrna Nineza-Merlin, Maria
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Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

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