TCRAP_Public/020719.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Friday, July 19, 2002, Vol. 5, No. 142

                         Headlines

A U S T R A L I A

AQUARIUS PLATINUM: Starts Trading at LSE; Changes Board
CALTEX AUSTRALIA: Elizabeth Bryan Replaces Director Irving
DIGITAL NOW: US Bankruptcy Court OKs First Amended Reorg Plan
ENERGY WORLD: CBA Agrees to Facility Agreement Extension
FOSMEATS PTY: Former Director Davies Pleads Guilty

IWL LIMITED: Requests Trading Halt
UECOMM LIMITED: Awarded Contract With DigiDUBS
WESTERN METALS: Releases Fourth Quarter Activities Report


C H I N A   &   H O N G  K O N G

CALIFORNIA DREAMING: Winding Up Petition Hearing Set
CHINADOTCOM: Secures Multiple Wins for Enterprise Service
CHINA MOTION: Narrow 2001 Operations Loss to HK$107,753          
CIL HOLDINGS: Hires Broker for Odd Lot Arrangement Services
DAILYWIN GROUP: Town Health Becomes Substantial Holder

HOSTMAIN INVESTMENT: Winding Up Sought by Hien Lee
SANFORD INVESTMENT: Hearing of Winding Up Petition Set
WINDLY INTERNATIONAL: Winding Up Petition Slated for Hearing
WINKO MANAGEMENT: Petition to Wind Up Pending


I N D O N E S I A

ASIA PULP: Issues Indonesian Units' May 2002 Production Figures
BANK MANDIRI: S&P Rates 'CCC' to US$100M Subordinated Notes
PERTAMINA: Court Orders Discovery of Possible Collusion W/ PLN
SATELINDO INTERNATIONAL: Repaying US$400M Debt Before Maturity


J A P A N

FUJI FIRE: S&P Revises Negative Outlook to Stable
FURUKAWA CO: Enters Joint Venture Deal With Hitachi Unit
KAWANA HOTEL: Court Asks Creditors to Sell Ailing Hotel
NISSAN MOTOR: Kansai Off-Load Entire Stake in Carmaker
NTT DOCOMO: Launches I-mode Consulting Firm in Netherlands


K O R E A

HYUNDAI HEAVY: Secures $20M Power Plant Order in Israel
KIA MOTORS: Posts Loss of W429B Due to Strikes
KYUNGGI CHEMICALS: Mitsubishi Consortium Acquires Manufacturer


M A L A Y S I A

ABRAR CORPORATION: Submits Proposals to Danaharta for Approval
CHG INDUSTRIES: Writ of Summons' Discontinuance Notice Received
HIAP AIK: Submits 2001 Financial Statement, 2002 AGM Extended
KILANG PAPAN: MITI OKs Proposed Debt, Equity Workout Scheme
LIEN HOE: Proposed Acquisitions Successfully Completed

NCK CORPORATION: Unit Serves Writ of Summons
PARK MAY: Proposals Termination Reached With the Parties
POHMAY HOLDINGS: Provides Unit's Winding Up Petition Add'l Info
SITT TATT: Obtains MITI's Nod on Proposals
UNIPHOENIX CORPORATION: Restraining Order Hearing Set

UNIPHOENIX CORPORATION: Unit's Receivers Give Notice


P H I L I P P I N E S

BENPRES HOLDINGS: Equitable Bank Clarifies Manila Times Report
BENPRES HOLDINGS: Asking Creditors to OK Restructuring Plan
DMCI HOLDINGS: Suspension of Shares Trading Likely
METRO PACIFIC: Unilab's Campos to Join Pangilinan-Cojuanco
PHILIPPINE LONG: Negotiations With Fund Managers Continues

PHILIPPINE LONG: Pangilinan/Cojuangco Aims to Buy 30% Stake
PHILIPPINE LONG: First Pacific Submits MoA Copy to US SEC


S I N G A P O R E

ASIA PULP: Indonesian Units Posts Smaller FY Net Losses
CHARTERED SEMICONDUCTOR: Analysts Expect Q2 US$104.5M Net Loss
INTERNATIONAL PRESS: Issues Profit Warning


T H A I L A N D

NATURAL PARK: Undertakes Capital Reduction as Part of Rehab
SIAMSTEEL GROUP: Files Business Reorganization Petition
THAI TELEPHONE: SET Grants Listed Securities

     -  -  -  -  -  -  -  -

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


AQUARIUS PLATINUM: Starts Trading at LSE; Changes Board
-------------------------------------------------------
The Directors of Aquarius Platinum Limited announced the
commencement of trading of the Company's shares on the main
board of the London Stock Exchange (LSE).

The LSE code for Aquarius shares is AQP.

Aquarius' move to the main board comes at a time when the
Company's profile as a significant mid-tier PGM producer has
been bolstered by the acquisition of 50% of the Mimosa platinum
mine from Zimasco Consolidated Enterprises Limited (ZCE),
Aquarius' second mine, Marikana, is midway through construction
and the feasibility study on its third mine, Everest South,
nears completion.

As Aquarius joins the LSE main board, the Directors announced a
number of Board changes.

The directors welcomed Mr Patrick D Quirk as a non-executive
director of the Company. Mr Quirk has had a long and successful
career in the metals and mining sectors, operating in Zimbabwe,
South Africa, the United Kingdom, Switzerland and Monaco.
He was part of a consortium, which purchased the Mimosa Platinum
Mine from Union Carbide in 1993. He is currently a Director of
Zimaso Consolidated Enterprises Limited and Tati Nickel. Mr
Quirk holds a B.Comm from Rhodes University, Grahamstown. He is
currently resident in London.

The Company's current Chairman, Mr Nealon, will step down from
the Board at this time. He will retain his close links with the
Company in the role of senior adviser.

The directors wish to acknowledge and thank Mr Nealon for the
very significant contribution he has made to the development,
growth and success of Aquarius to date and welcome has continued
close association with the Company.

Mr Nealon has been associated with Aquarius since 1996. He has
guided the company's growth through the development and
construction of the Kroondal Mine, the listing of Kroondal
Platinum Mines Ltd on the JSE, numerous equity and debt raisings
in international markets, the initiation of the strategic
relationship with Impala Platinum Mines Limited, the listing of
the Company on the AIM market of the London Stock Exchange and
the recent acquisition of 50% of the Mimosa Platinum Mine.

In line with the principles of good governance and code of best
practice current non-executive director Mr Nicholas T Sibley
will assume the role of Non-executive Chairman. Aquarius expects
to be in a position to announce the appointment of a further
non-executive director to the Board of the Company shortly.

Mr Sibley has had an extensive career. He is a chartered
accountant by training and is a director of a number of quoted
investment companies. He was formerly chairman of Wheelock
Capital from 1994 to 1997, as well as executive chairman of
Barclays de Zoete Wedd (Asia Pacific) Limited, from 1989 to
1993. Mr Sibley is a former managing director of Jardine Fleming
Holdings Ltd and Barclays de Zoete Wedd Holdings Ltd. Mr Sibley
was appointed to the Aquarius Board in October 1999.

The Aquarius Platinum Limited Board now comprises:

Mr Nicholas T Sibley              Non-Executive Chairman
Mr Stuart A Murray                Chief Executive Officer
Mr Walter E Vorwerk               Financial Director
Ms Catherine E Markus             Non-Executive Director
Mr James H Slade                  Non-Executive Director
Mr Patrick D Quirk                Non-Executive Director

Wrights Investors' Service reports that at the end of 2001,
Aquarius Platinum Limited had negative working capital, as
current liabilities were A$201.14 million while total current
assets were only A$127.19 million.


CALTEX AUSTRALIA: Elizabeth Bryan Replaces Director Irving  
----------------------------------------------------------
The Board of Directors of Caltex Australia Limited on Thursday
appointed Ms Elizabeth Bryan to fill a casual vacancy on the
board following the retirement of Mr Malcolm Irving on 2 May
2002.

Ms Bryan currently serves as a director of Ridley Corporation
Limited, Western Metals Limited and Unisuper Limited.

Ms Bryan brings a strong financial background to her role as a
director of Caltex Australia Limited. In a distinguished
corporate career, spanning the period from 1968 to 2000, Ms
Bryan has served in a variety of financial and corporate roles.
Her most recent corporate role was as the Chief Executive
Officer of Deutsche Asset Management (Australia) Limited, after
serving in a number of executive positions with the organization
from 1992. Ms Bryan has developed a broad range of management
and financial skills during her career, which will be of great
benefit to Caltex Australia.

Below is Ms Bryan's notifiable interests at the date of her
appointment.

INITIAL DIRECTOR'S INTEREST NOTICE

   Name of Company        Caltex Australia Limited

   ABN                    40 004 201 307

We (the entity) give the ASX the following information under
listing rule 3.19A.1 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director       Ms Elizabeth Bryan

   Date of Appointment    18/07/2002

Part 1 - Director's relevant interests in securities of which
the director is the registered holder

Number & class of securities     Nil

Part 2 - Director's relevant interests in securities of which
the director is not the registered holder

   Name of holder &                  Number & class
   nature of interest                of securities

   Nil                                   -                        
                                                             
Part 3 - Director's interests in contracts

Detail of contract              Nil

Nature of interest              -

Name of registered holder
(if issued securities)          -

No. and class of securities
to which interest relates       -

According to Wrights Investors' Service, the company has paid no
dividends during the last 12 months and reported losses during
the previous 12 months. The company's long term debt was A$1.04
billion and total liabilities were A$1.93 billion. The long term
debt to equity ratio of the company is 1.26.


DIGITAL NOW: US Bankruptcy Court OKs First Amended Reorg Plan
-------------------------------------------------------------
Digital Now, Inc announced Wednesday that the US Bankruptcy
Court in Virginia has approved the Disclosure Statement which
contains the First Amended Plan of Reorganization. To see a copy
of it, go to http://www.bankrupt.com/misc/TCRAP_DNI0709.pdf.

As Court approval has now been obtained, the Amended Plan may
now be put to creditors for acceptance by way of a ballot. It is
expected that the results of the ballot will be available by the
end of August 2002.


ENERGY WORLD: CBA Agrees to Facility Agreement Extension
--------------------------------------------------------
The Directors of Energy World Corporation Limited (EWC)
announced Thursday that detailed discussions have been completed
with the Commonwealth Bank of Australia (CBA) and its
independent advisor regarding a program to achieve the sale,
refinancing or a separate stock exchange listing (magnetization)
of certain of EWC's assets in accordance with a timetable agreed
with CBA (the Program) which will allow settlement of EWC's
liabilities to the CBA in full. EWC and the CBA are now in the
process of documenting the understandings established and
preparing appropriate amendments to the Facility Agreement that
exists between the two parties.

Subject to EWC achieving certain ongoing milestones under the
Program, CBA has agreed to extend the term of EWC's various
facilities with CBA until 31 December 2002. CBA has indicated
that it may consider a further extension of the term of EWC's
facilities with CBA to June 2003, subject to certain agreed
milestones being met by EWC under the Program.

As part of the Program, detailed discussions are continuing with
various interested third parties regarding the magnetization of
Central Queensland Power Ltd (CQP) and other EWC assets
including Central Energy Australia Pty Ltd and the Basin Bridge
Power Project.

EWC has also appointed independent expert advisors to assess and
advise on the assets of Australian Gasfields Limited with the
intent of maximizing the return to EWC that might be achieved by
a disposal or a possible separate stock market listing or these
assets. In conjunction with the Program, management is also
working to further reduce overhead costs.

An internal working team dedicated to the project management of
the Program has been established to ensure that the obligations
of EWC under the Programmed are met. EWC is in the process of
appointing independent experts to assist with the implementation
of the Program.

In addition, EWC's major shareholder, Energy World International
Ltd (EWI), and its financial advisors have agreed, subject to
due diligence and all necessary shareholder approvals, to
provide EWC with a facility to underwrite the refinancing or
sale of CQP or its assets in accordance with the Programmed
milestones and to also provide working capital to EWC.

Further details in respect of specific material developments
under the Program will be advised to shareholders as they occur.

OTHER DEVELOPMENTS

EWC advised that it has reached an agreement to enable it to own
100% of the technical developments in LNG transportation
that have been undertaken over the last four years by the
Research and Development Syndicate in which EWC participated.

Also, further to its previous announcements, EWC advised that
the Indonesian Government has now recognized a new agreement in
relation to the Sengkang Gasfield and Power Project in
Indonesia. All monies have been paid in accordance with the new
agreement and approval has been given to extend the power
station by a further 65 MW. The amended Power Purchase Agreement
is now in the process of being finalized with the lenders and
PLN (the Indonesian Government electricity authority).

EWC also continues to work in conjunction with its main
shareholder, EWI to develop further opportunities in gas, LNG
and power project. EWC is continuing to investigate further
projects in the South East Asian region and further information
will be provided to shareholders as material developments occur.

Further inquiries, please contact Mr Stewart Elliott, EWC
Managing Director, or Mr Ian Jordan on telephone number 612-9247
6888.


FOSMEATS PTY: Former Director Davies Pleads Guilty
--------------------------------------------------
Mr Philip James Davies, a former director of the failed abattoir
company, Fosmeats Pty Ltd, which traded in South Gippsland as
Prom Meats, on Wednesday pleaded guilty in the Melbourne
Magistrates Court, to two charges laid by the Australian
Securities & Investments Commission.

Mr Davies, 40 years old, was charged with dishonestly misusing
his position as a director of Fosmeats, and the falsification of
company records.

ASIC alleged that Mr Davies dishonestly maintained and extended
credit facilities to the company by falsely advising a creditor,
Wesfarmers, that monies to the value of approximately $2.86
million owing to them had been deposited to a Wesfarmers
account.

ASIC further alleged that Mr Davies falsified Fosmeats books of
account, to the extent that they did not properly account for
the monies actually owing to Wesfarmers.

Mr Davies was remanded on bail to appear in the County Court for
a plea hearing on 1 November 2002.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.


IWL LIMITED: Requests Trading Halt
----------------------------------
The securities of IWL Limited will be placed in pre-open at the
request of the Company, pending the release of an announcement
by the Company. Unless ASX decides otherwise, the securities
will remain in pre-open until the earlier of the commencement of
normal trading on Monday, 22 July 2002 or when the announcement
is released to the market.

IWL Limited, formerly known as Investorweb Ltd, provides
financial advisory software, financial products (cash management
account & 3rd party sharebooking), research (managed investments
& equities), online media). It has paid no dividends during the
last 12 months and reported losses during the previous 12
months.


UECOMM LIMITED: Awarded Contract With DigiDUBS
----------------------------------------------
Uecomm CEO Peter McGrath announced Thursday the finalization of
a contract to deliver services to media company DigiDUBS Pty
Ltd.

Uecomm will deliver broadband data services connecting DigiDUBS
to 35 television stations in the metropolitan and regional
locations in seven states and territories. This will enable
DigiDUBS to provide greatly enhanced digital distribution of
advertising content.

DigiDUBS is a new Australian company that plans to deliver
advertising information in digital format to broadcasters around
Australia using a high-bandwidth terrestrial network. This will
allow the real time distribution of advertising material,
replacing the traditional methods such as physical tapes or one-
way satellite transmission.

Uecomm will connect DigiDUBS to its clients using state-of-the-
art optic fiber based broadband Ethernet services, to deliver
the reliability and scalability demanded by broadcasters. The
initial network rollout to 35 television stations will be
completed by October 2002.

Uecomm won the business against substantial competition from
other major Australian telecommunications carriers in response
to a confidential tender issued by DigiDUBS. The contract is
worth $2.2 million over the first year and has the potential to
extend for a 5 year + 5 year term.

According to Wrights Investors' Service, at the end of 2001,
Uecomm Limited had negative working capital, as current
liabilities were A$20.95 million while total current assets were
only A$9.97 million. The Company has paid no dividends during
the last 12 months. It also reported losses during the previous
12 months and has not paid any dividends during the previous
three fiscal years.


WESTERN METALS: Releases Fourth Quarter Activities Report
---------------------------------------------------------
Western Metals Limited released it fourth quarter activities
report. Below are key highlights in relation to its Corporate
activity:

Agreement has been reached on outstanding key aspects of the
debt restructure arrangements, particularly with respect to the
terms of ongoing support from the Noteholders. Important aspects
of the overall restructure include:

   * Agreed medium term debt restructure with the Company's
major financiers including past deferrals of hedge deliveries as
previously announced earlier this year;

   * Capital injection by way of interest to equity conversion
by the noteholders and a proposed rights issue to shareholders
generally;

   * 2O:l share consolidation to restructure the Company's
capital base;

   * Security being granted in favor of the Company's major
financiers and

   * Securement of a short term working capital facility to
assist with cashflows.

Go to http://www.bankrupt.com/misc/TCRAP_WMT0719.pdffor a copy  
of its report.


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


CALIFORNIA DREAMING: Winding Up Petition Hearing Set
----------------------------------------------------
The petition to wind up California Dreaming Limited is scheduled
for hearing before the High Court of Hong Kong on August 21,
2002 at 9:30 am.  The petition was filed with the court on June
3, 2002 by Bank of China (Hong Kong) Limited whose registered
office is situated at 14th Floor, Bank of China Toer, No. 1
Garden Road, Central, Hong Kong.


CHINADOTCOM: Secures Multiple Wins for Enterprise Service
---------------------------------------------------------
Chinadotcom corporation announced Wednesday that the company has
secured multiple wins for its OpusOne PowerHRP (Human Resources
Payroll) management software in Mainland China.  These recent
new wins demonstrate the marketplace success the company has
seen for its enterprise software solutions.  The company
continues to position itself with these products to help
enterprises in China raise their operating efficiencies.

The company has a series of new human resources management
products developed along with the existing OpusOne PowerHRP
module, including OpusOne Power ATS (Attendance Tracking
System), OpusOne PowerPay+ and OpusOne PowerESS (Employee Self
Service).  Since introduction, these newly developed products
have been licensed to multinational and local enterprises.  For
instance, the five-star hotel, J.C. Mandarin in Shanghai has
licensed the OpusOne ATS solution, which enables it to track all
employee rostering and shift information gathered from the
digital swipe card machine on the premises of the hotel.  Other
wins of this product include Hangzhou operation of Allergen
Pharmaceutical, Polymatch (Shanghai) Co., Ltd., Hangzhou Aventis
and Sapa Heat Transfer (Shanghai) Ltd. in Mainland China.

"We are pleased to see the solid performance and progress of our
OpusOne products in the areas of human resources payroll
management solutions," said Daniel Widdicombe, Chief Financial
Officer of Chinadotcom Corporation. "With China's accession to
WTO, enterprises, large and small, are increasingly focused on
improving their operational metrics in order to stay
competitive.  Many companies that have implemented financial
management and ERP systems are now turning to the second phase
of application deployment in the human resources/payroll arena
and we see this as a great opportunity to drive revenue growth,
although the financial impact on chinadotcom is still
relatively small."

OpusOne PowerHRP is 'vertical neutral', hence it is suitable
for companies in various sectors such as manufacturing,
professional services, hotel, IT, telecom and banking.  It has
already been installed in over 350 clients in Mainland China.  
Recent wins include the Shanghai operation of Haworth
Furniture, one of the largest furniture retailers in Greater
China, Guangzhou operation of CGU Insurance, a large MNC
insurance company, World Link, a Shanghai-based medical clinic,
International Paper Shanghai, Shanghai OMRON and Pharmacia &
Upjohn's Shanghai operation.

TCR-AP reported on May 16 that Chinadotcom's first-quarter net
loss had narrowed 71 percent to US$8 million as it had reaped
the benefits of cost cuts in a harsh operating environment.
The Company, which last year shed revenue streams along with
costs, reported turnover for the quarter of US$16.42 million,
compared with US$29 million a year earlier on a proforma basis.
Its year-earlier net loss was US$27.9 million.  

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.


CHINA MOTION: Narrow 2001 Operations Loss to HK$107,753          
-------------------------------------------------------
China Motion Telecom International Limited announced on 17 July
2002:

Year end date: 31/03/2002
Currency: HKD
Auditors' Report: Unqualified
Review of Interim Report by: Neither
                                                (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/04/2001    from 01/04/2000
                              to 31/03/2002      to 31/03/2001
                              Note  ('000)       ('000)
Turnover                        2 : 721,988            768,433           
Profit/(Loss) from Operations     : (107,753)          (213,318)         
Finance cost                      : (7,515)            (15,376)          
Share of Profit/(Loss) of
  Associates                      : 216                6,778             
Share of Profit/(Loss) of
  Jointly Controlled Entities     : 0                  0                 
Profit/(Loss) after Tax & MI      : (130,963)          (212,203)         
% Change over Last Period         : N/A       %
EPS/(LPS)-Basic (in dollars)    3 : (0.2492)           (0.4822)          
         -Diluted (in dollars)  3 : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)   : 0                  0                 
Profit/(Loss) after ETD Items   2 : (130,963)          (212,203)         
Final Dividend                    : 0                  0                 
  per Share                                                               
(Specify if with other            : N/A                N/A               
  options)                                                                
B/C Dates for
  Final Dividend                  : N/A          
Payable Date                      : N/A       
B/C Dates for (-)            
  General Meeting                 : N/A          
Other Distribution for            : N/A           
  Current Period                     
B/C Dates for Other
  Distribution                    : N/A          

Remarks:

1. The accounts have been prepared in accordance with accounting
principles generally accepted in Hong Kong (HKGAAP) and comply
with accounting standards issued by the Hong Kong Society of
Accountants.  This represents a change in the basis of
preparation from prior years when accounts were prepared in
accordance with International Accounting Standards.  

The directors consider that the financial year ended 31 March
2002 was the first full financial year for the Company since its
conversion of listing status and it is an opportune moment to
effect such change and the investment community in Hong Kong is
more familiar with HKGAAP which presents the financial position
fairly in accordance with market perception.  

There is no material financial impact to the consolidated
accounts for the year ended 31 March 2002 as a result of the
change in the basis of preparation and no adjustment to the
comparative figures presented in the consolidated accounts in
prior periods are considered necessary.
   
2. During the year under review, the operation of call center
services and internet related services were discontinued.  The
analysis of turnover and net loss from continuing operations and
discontinued operations are as follows:                           
                                   Turnover            Net loss          
                     
                                2002    2001        2002    2001        
                  
                             HK$'000  HK$'000   HK$'000  HK$'000
Continuing operations    716,506  727,803  (122,787) (168,286)
Discontinued operations    5,482    40,630    (8,176)  (43,917)     
Group total              721,988  768,433  (130,963) (212,203)

3. Loss per share
                                                  
                                                    Group          
                                           2002            2001
                                         HK$'000        HK$'000
Loss attributable to shareholders      (130,963)       (212,203)
          
Weighted average number of
ordinary shares in issue             525,475,573    440,027,564
Adjustments for share options and
warrants          93,531,570  59,060,944
   
Weighted average number of ordinary
shares for diluted loss per share      619,007,143   499,088,508

Basic loss per share (HK cents)        (24.92)        (48.22)
Diluted loss per share (note b)        N/A            N/A       
     
(a)   Basic loss per share is calculated based on weighted
average number of issued ordinary shares and the related income
amount.  

For the diluted loss per share, the weighted average number of
issued ordinary shares is adjusted to assume conversion of all
dilutive potential ordinary shares. The number of incremental
shares from assumed exercise of share options and warrants has
been determined using the treasury stock method.

(b)   Diluted loss per share for the years ended 31 March 2002
and 2001 has not been presented as the conversion of potential
ordinary shares to ordinary shares would have anti-dilutive
effect to the basic loss per share.


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

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

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


DAILYWIN GROUP: Town Health Becomes Substantial Holder
------------------------------------------------------
Dailywin Group Limited on 9th July, 2002, completed the
Acquisition and accordingly, WYT Medicine becomes a 99.79%
subsidiary of the Company. Following completion of the
Acquisition, Town Health becomes a substantial
shareholder of the Company with an interest of approximately
12.99% as at the date of July 17, 2002.

On 28th December, 2001, Wang On Group Limited announced that WYT
Medicine, then a non-wholly owned subsidiary of Wang On Group
Limited, entered into the Agreement with the Franchisee, which
is an indirect wholly owned subsidiary of Town Health. As the
Franchisee is an associate of Town Health which in turn is a
connected person of the Company, the Transactions arising from
the Agreement constitute ongoing connected transactions for the
Company pursuant to Chapter 14 of the Listing Rules following
completion of the Acquisition.

THE AGREEMENT DATED 28TH DECEMBER, 2001

Parties:

Franchisor : WYT Medicine, an indirect non-wholly owned
subsidiary of the Company

Franchisee : Charter Most Limited, an indirect wholly owned
subsidiary of Town Health

Principal : Town Health, whose role in the Agreement is
principally to guarantee the performance of the Franchisee
of its obligations under the Agreement

Pursuant to the Agreement, WYT Medicine has granted to the
Franchisee the right and license to operate the business of
selling the Products at a maximum of three Shops in the Shatin
District. WYT Medicine has also authorized the Franchisee to use
the trademarks and other intellectual property rights in
relation to the Products and to display any sign relating to the
Transactions granted at the Shop(s) in such manner as may be
directed by WYT Medicine.

Pursuant to the Agreement, WYT Medicine will, from time to time,
supply the Products to the Franchisee at the predetermined
discount to WYT Medicine's retail selling price at WYT
Medicine's retail shops.

Franchise fees:

Pursuant to the Agreement, the Franchisee had paid/will pay WYT
Medicine the following fees as the consideration
for the grant of the right to operate the Business during the
continuance of the Agreement:

   1. a non-refundable initial franchisee fee of HK$450,000 was
paid on 28th December, 2001 upon signing of the
Agreement;

   2. monthly management fees equal to 3% on the Gross Sales of
each month;

   3. monthly promotion and advertising fees equal to 2% on the
Gross Sales of each month; and

   4. an amount equals to 10% of the audited profit before tax
of the Shops for each financial year.

For items (2) and (3) above, the fees are payable within 30 days
after the issuance of the corresponding sales reports of the
Shops. For item (4), the share of profit is payable within 30
days after the issuance of the monthly management accounts of
the Shop(s), and adjusted in accordance with the audited
accounts of the Franchisee for each financial year.

The Directors confirm that the terms of the Transactions as
described above are on normal commercial terms, negotiated on an
arm's length basis, and have been or will be entered into in the
ordinary and usual course of business of the Group and are fair
and reasonable so far as the shareholders of Company are
concerned.

It is expected that the aggregate annual value of the
Transactions will not exceed HK$10 million and/or 3% of
the net tangible asset value of the Group, whichever is higher.

Term of the Agreement:

The Agreement takes effect upon execution and shall last for
five years if not otherwise terminated in accordance
with the terms of the Agreement.

LISTING RULES IMPLICATIONS

Following completion of the Acquisition, WYT Medicine has become
a subsidiary of the Company. At the same time, Town Health has
become a substantial shareholder of the Company, and thus is a
connected person of the Company.

Since the Franchisee is a wholly owned subsidiary of Town
Health, being a connected person, the Franchisee is an
associate of a connected person of the Company. Accordingly, the
Transactions constitute connected transactions for the Company
pursuant to Chapter 14 of the Listing Rules.

Given the ongoing nature of the Transactions, the Directors are
of the view that it would not be practicable to make disclosure
thereof or, if necessary, obtain the approval of the
shareholders of Company on each and every occasion as they
arise. In view of this, the Company will make an application to
the Stock Exchange for a waiver from strict compliance with Rule
14.25 of the Listing Rules in respect of the Transactions
subject to the conditions stated below.

Details of the Transactions will be included in the Company's
next published annual report and accounts.

REASONS AND BENEFITS FOR THE ENTERING INTO THE TRANSACTIONS

Following the completion of the Acquisition, the Group's
principal activities comprise the manufacturing and sale of
Chinese medicine, herbs and other medicinal products and the
manufacturing and sale of watches and bags. Given that Town
Health is principally engaged in the healthcare-related
business, the Directors consider that the franchise arrangement
pursuant to the Agreement represents an effective way for the
Group to enlarge its market share in the pharmaceutical business
without incurring additional investments. The Directors also
believe that the Transactions will bring additional
contributions to the Group.

THE WAIVER

Given the ongoing nature of the Transactions, the Directors are
of the view that it would not be practicable to make disclosure
thereof on each and every occasion as they arise. In view of the
above, the Company will make an application to the Stock
Exchange for a waiver from strict compliance with Rule 14.25 of
the Listing Rules regarding the Transactions in respect of each
and every occasion they arise subject to the following
conditions:

(1) the Transactions shall be:

   (i) entered into by the Group in the ordinary and usual
course of its business;

   (ii) conducted on normal commercial terms (which expression
will be applied by reference to franchise arrangements of a
similar nature made by WYT Medicine with independent third
parties); and

  (iii) entered into in accordance with the terms of the
Agreement;

(2) the aggregate annual value of the Transactions will not
exceed HK$10 million or 3% of the net tangible asset value of
the Group, whichever is higher;

(3) the independent non-executive Directors shall review the
Transactions annually and confirm in the annual report of the
Company for the financial years concerned that these were
conducted in the manner as stated in
paragraphs 1 and 2 above;

(4) the Company's auditors shall review the Transactions
annually and confirm in a letter to the board of Directors (a
copy of which shall be provided to the Listing Division of the
Stock Exchange) stating whether:

   (i) the Transactions have received the approval of the board
of Directors;

   (ii) the Transactions have been entered into in the ordinary
and usual course of business of the Group and carried out in
accordance with the terms of the Agreement; and

   (iii) the aggregate annual value of the Transactions for each
of the relevant financial year has not exceeded the maximum
amount as stated in paragraph 2 above;

(5) details of the Transactions in each financial year shall be
disclosed as required under Rule 14.25(1)(A) to (D) of the
Listing Rules in the annual report of the Company for the
financial year concerned together with a statement of the
opinion of the independent non-executive Directors and the
auditors of the Company referred to in paragraphs 3 and 4 above;
and

(6) the Franchisee shall provide to the Stock Exchange an
undertaking that, for so long as the Company's securities are
listed on the Stock Exchange, it will provide the Company's
auditors with full access to the relevant records relating to
the Transactions, for the purpose of the auditors' review of the
Transactions referred to in paragraph (4) above.

Should the aggregate value of the Transactions exceeds the
maximum amount set out in paragraph 2 above, the Company will
comply with the relevant disclosure and shareholders' approval
requirements under Chapter 14 of the Listing Rules.

DEFINITIONS

"Acquisition" : the acquisition of by the Company of an
effective interest of approximately 99.79% of WYT Medicine
pursuant to the agreement dated 22nd May, 2002 and entered into
by the Company, as purchaser, and Wang On Group Limited and Town
Health as vendors

"Agreement" : the franchise agreement dated 28th December, 2001
entered into between WYT Medicine and the Franchisee in relation
to the Franchise

"associate" : as ascribed to it in the Listing Rules

"Business" : the carrying on the business of sale of the
Products through the Shop(s) pursuant to the distinctive
business format and method developed and implemented by WYT
Medicine

"Company" : Dailywin Group Limited, a company incorporated in
Bermuda with limited liability and the shares of which are
listed on the main board of the Stock Exchange "Directors" :
the directors, including the independent non-executive directors
of the Company

"Franchise" : carrying on of the business of sale of the
Products through the Shop(s) by the Franchisee pursuant to the
distinctive business format and method developed and implemented
by WYT Medicine

"Franchisee" : Charter Most Limited, a company incorporated in
Hong Kong and an indirect wholly owned subsidiary of Town Health

"Gross Sales" : the gross amount of sales receipt in the course
of the Franchisee's business conducted on or from the Shops
"Group" : the Company and its subsidiaries

"HK$" : Hong Kong dollars, the lawful currency of Hong Kong

"Hong Kong" : the Hong Kong Special Administrative Region of
the People's Republic of China

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

"Products" : goods or products sold by WYT Medicine

"Shop(s)" : the retail shop(s) opened or to be opened by the
Franchisee in the Shatin District, pursuant to the Agreement

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

"Town Health" : Town Health International Holdings Company
Limited, a company incorporated in the Cayman Islands with
limited liability and the shares of which are listed on the
Growth Enterprise Market of the Stock Exchange and a substantial
shareholder of the Company

"Transactions" : the franchise arrangement between WYT Medicine
and the Franchisee and the related transactions pursuant to the
Agreement

"WYT : Wai Yuen Tong Medicine Company Limited, a company
incorporated in Hong Kong, a Medicine" 99.79% owned subsidiary
of the Company


HOSTMAIN INVESTMENT: Winding Up Sought by Hien Lee
--------------------------------------------------
Hien Lee Engineering Company Limited is seeking the winding up
of Hostmain Investment Limited. The petition was filed on April
25, 2002, and will be heard before the High Court of Hong Kong
on August 7, 2002 at 9:30 am.

Hien Lee Engineering holds its registered office at Room 1112-
1113, Hong Kong Plaza, 186-191 Connaught Road West, Hong Kong.


SANFORD INVESTMENT: Hearing of Winding Up Petition Set
------------------------------------------------------
The petition to wind up Sanford Investment Limited will 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 June 3, 2002 by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Toer, No. 1 Garden Road,
Central, Hong Kong.


WINDLY INTERNATIONAL: Winding Up Petition Slated for Hearing
------------------------------------------------------------
The petition to wind up Windly International Limited is
scheduled to be heard before the High Court of Hong Kong on
August 7, 2002 at 9:30 am.  

The petition was filed with the court on May 15, 2002 by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Toer, No. 1 Garden Road, Central, Hong
Kong.


WINKO MANAGEMENT: Petition to Wind Up Pending
---------------------------------------------
The petition to wind up Winko Management Services Limited is set
for hearing before the High Court of Hong Kong on September 11,
2002 at 11:00 am.  

The petition was filed with the court on June 19, 2002 by China
Merchants Container Services Limited whose registered office is
situated at Nos. 5-9 Tsing Keung Street, Tsing Yi Island, New
Territories, Hong Kong.


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


ASIA PULP: Issues Indonesian Units' May 2002 Production Figures
---------------------------------------------------------------
Asia Pulp & Paper Company Ltd announced Thursday the production,
sales volume and operating data for PT Indah Kiat Pulp and Paper
Tbk ("Indah Kiat"), PT Pabrik Kertas Tjiwi Kimia Tbk ("Tjiwi
Kimia"), PT Pindo Deli Pulp and Paper Mills ("Pindo Deli") and
PT Lontar Papyrus Pulp and Paper Industry ("Lontar Papyrus")
(collectively, the "Indonesian Subsidiaries") for May 2002.

For details of the said production, sales volume and operating
data, go to http://www.bankrupt.com/misc/TCRAP_APP0719.pdf.


BANK MANDIRI: S&P Rates 'CCC' to US$100M Subordinated Notes
-----------------------------------------------------------
Standard & Poor's on Tuesday assigned its triple-'C' rating to
the proposed US$100 million subordinated notes issue by
Indonesia's PT Bank Mandiri (Persero) (Mandiri; B-/Negative/C)
due 2012, with a call option in 2007.

The rating is based on the issue's subordinate ranking to all
senior unsecured debt of Mandiri, but ranks pari passu with all
future unsecured and subordinated debt. As the bank's
counterparty credit rating of single-'B'-minus is non-
investment-grade, the proposed issue is rated two notches below
the bank's counterparty credit rating. This is in accordance
with Standard & Poor's criteria, which holds the view that for
non-investment-grade ratings, as default risk increases, the
concern over recoverability takes on greater relevance, and
therefore, the greater rating notching.

The proposed US$100 million subordinated debt note is likely to
qualify for Tier-2 capital under Bank Indonesia's existing
capital adequacy regulations.

Any material change to the terms and conditions of the proposed
subordinated note issue could affect the rating on the issue.
Standard & Poor's credit ratings are not recommendations to
purchase, hold, or sell any particular security. In addition, a
rating does not comment on the suitability of an investment for
a particular investor.

The negative outlook on the bank's long-term counterparty rating
recognizes both the severe operating environment facing Bank
Mandiri and the significant financial pressures on the
Indonesian government. The struggling domestic economy
substantially reduces the degree of freedom the bank has to
improve its own financial profile. Given that about three-fifths
of Bank Mandiri's asset book comprises government local-currency
bonds, any deterioration in the government's credit standing
would have a knock-on effect on the bank. The Indonesian
government, in order to meet its 2002 financing requirements,
will require generous aid from the Consultative Group of
Indonesia, bilateral and commercial debt relief, and continued
disbursement from international lenders.


PERTAMINA: Court Orders Discovery of Possible Collusion W/ PLN
--------------------------------------------------------------
The U.S. District Court for the Southern District of Texas, in
an order entered on July 15, on Wednesday called for a period of
discovery to determine if PT Pertamina Tbk, Indonesia's state-
owned oil and gas company, is conspiring with PLN, Indonesia's
state-owned electric utility, to persist with illegitimate court
proceedings in Jakarta aimed at annulling a 2000 arbitral award
granted to KBC.

In April 2002, the same Court issued a preliminary injunction
ordering Pertamina to take no further action in Indonesia to
prosecute its action seeking to annul the arbitral award and in
an earlier order found the company in contempt of its temporary
restraining order.

KBC filed the motion for contempt in response to Pertamina's
continued prosecution of the action in Indonesia and its refusal
to obey the U.S. court's orders. In addition to presenting
evidence of Pertamina's actions, KBC also presented evidence
that Pertamina has conspired with PLN to impede the April 2002
Preliminary Injunction.

The July 15 ruling ordered that KBC is entitled to obtain
information regarding the relationship between PLN and Pertamina
and the extent to which PLN has involved itself in the actions
of Pertamina in the Indonesian lawsuit. The Court also ordered
Pertamina to present a witness with personal knowledge of the
matter to appear in the U.S. within 20 days of the July 12
Order. The Court expects to make a prompt ruling on the matter
after completion of the deposition by Pertamina's witness.

"As Pertamina faces another Order involving contempt, we are
pleased that Judge Atlas is taking Pertamina's actions very
seriously and we are confident that the discovery process will
allow for a full hearing on what is actually happening in
Jakarta," stated Christopher Dugan, partner, Jones, Day, Reavis
& Pogue, and chief litigator for KBC "This dispute is a
cautionary tale for other companies considering investments in
Indonesia. Pertamina's defiance of multiple court orders and its
refusal to adjourn the illegitimate proceedings in Jakarta adds
yet another chapter to what is already a long story."

About Karaha Bodas Company

Karaha Bodas Company, L.L.C. (KBC) was formed in 1994 to develop
and operate two geothermal power plants on the Indonesian island
of Java. KBC entered into a Joint Operating Contract with
Pertamina, Indonesia's state-owned oil and gas corporation, and
an Energy Sales Contract with Pertamina and PLN, Indonesia's
state-owned electric utility on November 28, 1994. The goal of
the project was to provide a much-needed, sustainable source of
clean energy to the people of Indonesia. Prior to its suspension
by order of the Government of Indonesia, KBC invested more than
US$100 million dollars to identify over 400MW of geothermal
energy reserves and develop infrastructure and community
resources in the area surrounding the project.

Caithness Energy, L.L.C. and FPL Energy, L.L.C., a subsidiary of
FPL Group, Inc., are majority owners of KBC. Caithness and FPL
Energy are leading developers and operators of renewable power
generation technology. The companies operate geothermal, wind
and solar power generation facilities throughout the United
States.

Overview of Dispute

In January 1998, former Indonesian President Suharto issued a
Presidential Decree that suspended the development of numerous
geothermal projects in Indonesia. Prior to the decree, KBC had
spent more than US $100 million dollars to explore and develop
geothermal resources in Indonesia and to construct related
infrastructure including roads, housing, and electrical
generation equipment.

Following the decree, PLN and Pertamina breached their
contractual obligations to KBC. In the parties' contractual
agreements, KBC, PLN and Pertamina agreed to settle all disputes
before an international arbitral tribunal in Geneva,
Switzerland, operating under United Nations rules. All parties
presented their cases to the Arbitral Tribunal, which ultimately
awarded KBC US$261 million in December 2000 for proven and
uncontested expenditures, lost profits, and the costs and
expenses of arbitration. Pertamina failed in two attempts to
appeal the ruling in Switzerland. The Award was confirmed in the
U.S. District Court for the Southern District of Texas in
December 2001.

The international arbitration process has run its course and the
appeals process has been exhausted. Despite this fact, Pertamina
has refused to honor its legal obligations. In an effort to
recover payment of the Award, KBC is pursuing all legal means
available. Steps include legal filings in the United States,
Canada, Hong Kong and Singapore to obtain and redirect
Pertamina's assets to KBC until the Award is paid in full. KBC
has won favorable rulings from courts in several jurisdictions;
Pertamina is appealing those decisions.

On March 14, 2002 Pertamina initiated a lawsuit in the Central
District Court of Jakarta, Indonesia, in an attempt to nullify
the Arbitral Award and prevent other legal proceedings to
enforce the Award from moving forward. The Jakarta proceedings
violate both the spirit and the letter of Pertamina's
contractual agreements with KBC, as well as the Arbitral Rules
of the United Nations Commission on International Trade Law
(UNICTRAL Rules), the New York Convention on the Recognition and
Enforcement of Foreign Arbitral Awards, which Indonesia signed
in 1981, and two U.S. court orders.

In May, courts in Hong Kong and Singapore affirmed the Swiss
arbitral tribunal's award to KBC and later extended Interim
Orders that freeze Pertamina assets and receivables there. The
courts have postponed finalizing the Orders due to appeals by
Pertamina based on technical matters that will not impact the
legal merits of the case. The courts have set dates for
additional hearings this summer.

In June, the U.S. Court of Appeals for the Second Circuit also
upheld a freeze on approximately $275 million of over $520
million frozen in trust accounts in the name of Pertamina. In
doing so, the Court denied a motion by the Government of
Indonesia, which had argued for the release of 95 percent of the
frozen funds. Appeals to determine the final disposition of the
contested assets will be heard in August before the Second
Circuit.

In July, The U.S. District Court for the District of Delaware
upheld a motion by KBC requiring Pertamina to post a US$261
million bond satisfying the Award in full, pending the removal
of a stay order in the Delaware Court. The Order provides a
legal avenue whereby KBC can secure payment from Pertamina, once
legal proceedings in New York and Texas are concluded. Pertamina
announced that it intends to refuse to comply with the Order.

The U.S. District Court for the Southern District of Texas
warned Pertamina on July 8, 2002 that pursuing efforts in the
Indonesian courts to annul an international arbitral award
granted to KBC could result in further sanctions to the company,
including a second ruling of contempt. In an April 26, 2002
preliminary injunction, the Court ordered Pertamina to take no
further steps in the illegitimate lawsuit. It found Pertamina in
contempt during the same month.


SATELINDO INTERNATIONAL: Repaying US$400M Debt Before Maturity
--------------------------------------------------------------
Satelindo International Finance BV, the cellular subsidiary of
the state-owned telecommunication service provider PT Indonesia
Satellite, will repay a debt of US$400 million before maturity
after Indosat made a US$75 million fund injection expected next
week, AsiaPulse reports, citing Satelindo President Unggul Saut
Marupa Tampubolon.

He said that the Company has a debt of US$400 million already
restructure in May 2000, but the restructuring agreement placed
restrictions on the company.

Satelindo's creditors set condition when approving the
restructuring that the company should not make a new investment
worth more than US$50 million.

Indosat plans to inject US$75 million into Satelindo after it
becomes a 100 percent owner of it by acquiring a 25 percent
stake from foreign investors, Indosat President Widya Purnama
said.

Satelindo Blend's 4.481% floating rate notes due on 2005
(SATB05IDN1) are trading between 85 and 88. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=SATB05IDN1
for real-time bond pricing information.


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


FUJI FIRE: S&P Revises Negative Outlook to Stable
-------------------------------------------------
Standard & Poor's on Wednesday has revised the outlook on its
triple-'B' long-term rating on Fuji Fire & Marine Insurance Co.
to stable from negative, based on the insurer's relatively
strong capitalization, more focused corporate strategy, and
enhanced financial flexibility supported by its new joint-
largest shareholders, ORIX Corp. (BBB/Stable/--) and the AIG
group (American International Group Inc.; AAA/Stable/A-1+).

Constraining factors on the rating include Fuji Fire's weakened
market position as a result of industry consolidation and
competition, and its lackluster underwriting performance due to
business concentration on auto insurance and geographically in
western Japan.

Fuji Fire will implement its revised business plan and restore
its pressured profitability, while achieving a more focused
business mix in retail and small to midsize corporate markets.

Despite relatively large investment losses in fiscal 2001 (ended
March 31, 2002), Fuji Fire's capitalization is relatively
strong, thanks to a capital injection of JPY34.4 billion from
ORIX and AIG group in March 2002. ORIX and the AIG group are now
the joint-largest shareholders of Fuji Fire, each owning 22.14%
of the company.

TCR-AP reported that Fuji Fire and Marine Insurance Co Ltd
expects to post a net loss of 18.7 billion yen in the year to
March 2002, wider than its earlier estimate of 900 million.

The non-life insurance provider is likely to incur an
extraordinary loss of 29.5 billion yen due to latent securities
losses.

In March, Fuji Fire said it would liquidate its wholly owned
unit in Luxembourg this month because it no longer gain much of
a business advantage from the investment firm due to the
changing environment.


FURUKAWA CO: Enters Joint Venture Deal With Hitachi Unit
--------------------------------------------------------
Furukawa Co. has set up a joint venture with Hitachi
Construction Machinery Co. to manufacture wheel loaders in
France, according to Japan Times Thursday.

Hitachi-Furukawa Loaders France S.A.S. is 50 percent owned by
Hitachi Construction Machinery and 49.2 percent owned by
Furukawa, a maker of civil engineering machinery.

In establishing the venture, both firms recapitalized Furukawa's
French subsidiary, Furukawa Loaders S.A.S., which has been
making wheel loaders at a plant in Genas.

The Furukawa unit, which had capital of 50,000 euros, became a
joint venture capitalized at 6 million euros.

Wheel loaders are used for loading soil, rock or ore on trucks.

According to TCR-AP Furukawa is making efforts to restructure
its machinery business globally by entering into joint ventures
in some products, liquidating overseas subsidiaries, and
reinforcing its industrial machinery operations.


KAWANA HOTEL: Court Asks Creditors to Sell Ailing Hotel
-------------------------------------------------------
The Tokyo District Court is requesting creditors of Kawana Hotel
to accept the court-sponsored plan to sell the hotel and its
golf links to Kokudo Corp for 22 billion yen, Kyodo News said
Thursday.

In May, Kawana Hotel filed for bankruptcy protection with the
Tokyo District Court.


NISSAN MOTOR: Kansai Off-Load Entire Stake in Carmaker
------------------------------------------------------
Kansai Paint Co. has offloaded its entire stake in Nissan Motor
Co. this year, according to the Nihon Keizai and AutoAsia on
Monday.

The relationship between both firms was virtually terminated
when Kansai Paint rejected Nissan's demands for lower prices.

Nissan had already sold its holding (half a million shares) in
the supplier. Kansai waited for Nissan's stock valuation to rise
before selling out, apparently booking a decent profit on the
transaction.

Kansai Paint, as of March 2001, held about 2.1 million Nissan
shares.

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

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


NTT DOCOMO: Launches I-mode Consulting Firm in Netherlands
----------------------------------------------------------
NTT DoCoMo, Inc. announced Tuesday that it will establish a
wholly owned subsidiary in Amsterdam, the Netherlands, to serve
as a hub from which to promote the speedy dissemination of i-
mode(R) service in Europe.

DoCoMo i-mode Europe B.V. will provide consultation regarding
technology and marketing, as well as support in the setup and
operation of i-mode services. The clients will be the following
operators in Europe to which DoCoMo has licensed i-mode
technology: KPN Mobile N.V., E-Plus Mobilfunk GmbH & Co. KG,
BASE, and Bouygues Telecom S.A., in the Netherlands, Germany,
Belgium, and France, respectively.

Other important tasks of the new company will be to promote i-
mode service in Europe, encouraging other operators to choose i-
mode as their mobile Internet service, and to provide
consultation to European operators who are willing to set up the
i-mode service. In addition, it will conduct studies of European
mobile communications markets.

This new subsidiary is evidence of DoCoMo's commitment to
expanding its i-mode service worldwide.

DoCoMo i-mode Europe B.V. will be established late in July of
this year, with capital of 2.4 million euros, and it will
initially employ about 10 people. The likely President of the
Company is Yusuke Kanda, who is currently working in the i-mode
Planning Department at NTT DoCoMo's headquarters.

i-mode and FOMA are trademarks or registered trademarks of NTT
DoCoMo, Inc. in Japan and other countries.

About NTT DoCoMo

NTT DoCoMo provides a wide variety of leading-edge mobile
multimedia services. These include i-mode, the world's most
popular mobile internet service, which provides e-mail and
internet access to over 33 million subscribers, and FOMA,
launched in 2001 as the world's first 3G mobile service.

In addition to wholly owned subsidiaries in the United States,
Europe and Brazil, the company is expanding its global reach
through strategic alliances with mobile and multimedia service
providers in the Asia-Pacific, Europe and North America. The
company is listed on the Tokyo (9437), London (NDCM), and New
York (DCM) Stock Exchanges.

For more information, visit www.nttdocomo.com.
For further information, please visit the NTT DoCoMo home page
at: www.nttdocomo.com/top.shtml

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


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


HYUNDAI HEAVY: Secures $20M Power Plant Order in Israel
-------------------------------------------------------
Hyundai Heavy Industries Co (HHI) gets a $20 million power plant
order from Noga Paz Omega (NPO) to build power plant facilities
worth $20 million in Israel, Dow Jones reported Thursday.

The Company said the order is to build a 15-megawatt power plant
run by diesel-fed engines on a turnkey basis.

The construction will be completed by November 2003, after which
NPO will provide electricity to about 50,000 households in
Haifas City.

HHI posted losses of W78.1 billion ($59.4 million) in 2001
versus to W161.5 billion in 2000, TCR-AP reports.

Hyundai suffered losses in 2001 due to poorly performing group
units namely Hynix Semiconductor Inc, cruise venture Hyundai
Asan, and Hyundai Petroleum Co. The Company revealed a loss of
W410 billion from its affiliates. Hyundai Heavy has been
battling to cut its stake in these affiliates, in its attempt to
go it alone and cut its ties with its parent Company, Hyundai
Group.


KIA MOTORS: Posts Loss of W429B Due to Strikes
-----------------------------------------------
Kia Motors Corp has incurred a production loss of 429 billion
won in lost sales due to the month-long partial strikes at its
assembly and maintenance plants.

The Company has a backlog of orders of 25,000 Sorento sport
utility vehicles and 17,000 Carens minivans and 6,000 Carnival
minivans.

The union is insistently requesting a monthly salary increase of
128,000 won and a performance bonus of 300 percent of the
monthly salary, against the company's proposal of 78,000 won pay
increase and 150 percent bonus payment.

In June, Standard & Poor's said had raised Kia Motor's rating to
double-'B' from double-'B'-minus, in conjunction with the
upgrade of Hyundai Motor Co. to double-'B'- plus from double-
'B'. The rating action reflects the continued strong operating
and financial performance of the Hyundai Motor Group and Kia's
strong linkage to the group. These factors are tempered by Kia's
narrower product range, weaker financial profile, and the
complexity of the Hyundai Motor Group's structure.

DebtTraders reports that Kia Motor Corp's 9.375% bond due in
2006 (KIAM06KRS1) trades between 113.965 and 114.749. For real-
time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=KIAM06KRS1


KYUNGGI CHEMICALS: Mitsubishi Consortium Acquires Manufacturer
--------------------------------------------------------------
Fertilizer manufacturer Kyunggi Chemicals Co. will be sold off
to a consortium led by Mitsubishi Corp for 88 billion won, Maeil
Newspaper reported Wednesday.

According to reports negotiations of the price may be raised up
to 95 billion won. Lead Manager KDB LoanStar said the signing is
scheduled on July 22.

KDB, Chohung Bank, Mitsubishi and National Agricultural
Cooperative Federation currently hold shares of the fertilizer
firm.

Kyunggi Chemicals, which went bankrupt in March of 1999, is
currently under court receivership.


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


ABRAR CORPORATION: Submits Proposals to Danaharta for Approval
--------------------------------------------------------------
The Special Administrators of Abrar Corporation Berhad  (Special
Administrators Appointed), namely Mr Lim San Peen and Ms Yap Wai
Fun of PricewaterhouseCoopers, announced that ACB had on 16 May
2002 entered into a Memorandum of Understanding with Oil-Line
Engineering & Associates Sdn Bhd (il-Line), Ascentland Sdn Bhd
(Ascentland), the vendors of Oil-Line (Oil-Line Vendors) and the
vendors of Ascentland (Ascentland Vendors), which sets out the
basis of a proposed corporate and restructuring scheme.

Further to the above announcement, ACB had on 11 July 2002
entered into a Facilitation of Listing Agreement with Oilcorp
Berhad (OilCorp), Oil-Line Vendors and Ascentland Vendors to
transfer the listing status of ACB on the Main Board of Kuala
Lumpur Stock Exchange to OilCorp (Proposed Transfer).

Concurrently with the above, OilCorp had also on 11 July 2002
entered into separate share sale agreements with the Oil-line
Vendors, for the proposed acquisition of 100% equity interest in
Oil-Line (Proposed Oil-Line Acquisition), and Ascentland Vendors
for the proposed acquisition of 100% equity interest in
Ascentland (Proposed Ascentland Acquisition).

The Proposed Oil-Line Acquisition and the Proposed Ascentland
Acquisition are collectively hereunder referred to as the
"Proposed Acquisitions".

The Proposed Transfer and the Proposed Acquisitions are part of
a scheme that will be undertaken by OilCorp, which includes,
inter-alia:

   (i) the proposed share exchange between ACB and OilCorp;

   (ii) the settlement of debts owing by ACB to its creditors
(Creditors) through the issuance of new ordinary share of RM1.00
each in OilCorp (OilCorp Shares

   (iii) the proposed acquisition by OilCorp of the entire
equity interest in Oil-Line and Ascentland;

   (iv) the proposed transfer of listing status of ACB to
OilCorp; and

   (v) Proposed offer for sale of OilCorp Shares by the
Creditors and Oil-Line Vendors at an offer price of RM1.10 per
OilCorp Share.

The Proposed Acquisitions, the Proposed Share Exchange, the
Proposed Debt Settlement, the Proposed Transfer and the Proposed
OFS are collectively referred to as the "Proposals".

The Proposals form an integral part of the workout proposal
(Proposed Workout) for ACB, which is being finalized by the SA
and will be submitted to Pengurusan Danaharta Nasional Berhad
(Danaharta) for approval.

Further details on the Proposals are found at
http://www.bankrupt.com/misc/TCRAP_Abrar0719.doc


CHG INDUSTRIES: Writ of Summons' Discontinuance Notice Received
---------------------------------------------------------------
CHG Industries Berhad, further to its announcement on 28 June
2002 pertaining to the Settlement Agreement Between the Company  
and Premier Advance Sdn Bhd (PREMIER) and NLS Sdn Bhd (NLS),
announced that it had on 15 July 2002 received the Notice of
Discontinuance of the Writ of Summons dated 11 July 2002.

Profile

The Group's core business is manufacturing plywood and other
veneer products for both the domestic and export market. The
Group is also involved in manufacturing and distribution of
plywood and other veneer products, logs extraction, manufacture
of office furniture and office seating products and trading in
building materials. With a monthly production capacity of
20,000m3, the Company operates its timber-related facilities
from Selangor, Johor and Kelantan. In the year 2000 the Group
accounted for 37% of Peninsular Malaysia's plywood and veneer
product exports, and was ranked the largest manufacturer and
exporter of plywood in Peninsular Malaysia by Maskayu.

The Group's investments in appropriate technologies and
productive assets have established manufacturing capabilities
that are highly flexible and suited to efficient batch
production. This has enabled the Group to choose materials with
flexibility to adapt to the prevailing market condition.

As announced on 18 April 2001, the Company expects to make an
announcement on the status of its proposed restructuring scheme
which was first unveiled on 17 October 2000, within six months.


HIAP AIK: Submits 2001 Financial Statement, 2002 AGM Extended
-------------------------------------------------------------
Hiap Aik Construction Berhad (Special Administrators Appointed)
announced that the Companies Commission of Malaysia vide its
letter dated 9 July 2002 has granted the Company:

   (i) A further extension of time until 30 September 2002 for
holding the Annual General Meeting for 2002 pursuant to S.143(2)
of the Companies Act 1965; and

   (ii) A further extension of time until 30 September 2002 to
present the audited financial statements for the financial year
ended 31 December 2001 pursuant to S.169(2) of the Companies Act
1965.


KILANG PAPAN: MITI OKs Proposed Debt, Equity Workout Scheme
-----------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Kilang Papan Seribu Daya
Berhad (Special Administrators Appointed), announced to the
Kuala Lumpur Stock Exchange that the Ministry of International
Trade and Industry (MITI) had approved the Company's proposed
debt and equity restructuring scheme subject to these
conditions:

   a) approval for the proposed debt and equity restructuring
scheme is to be obtained from the Securities Commission and

   b) approval for the proposed debt and equity restructuring
scheme is to be obtained from the Foreign Investment Committee.


LIEN HOE: Proposed Acquisitions Successfully Completed
------------------------------------------------------
On behalf of the Board of Directors of Lien Hoe Corporation
Berhad pertaining to the Proposed Acquisitions on 13 June 2002,
Southern Investment Bank Berhad announced that Lien Hoe has
completed the Proposed Acquisitions on 13 July 2002.

The Proposed Acquisition includes:

   * Proposed acquisition of the entire equity interest in
Billiontex Industries Sdn Bhd

   * Proposed acquisition of the entire equity interest in
Rusella Teguh Sdn Bhd

In accordance with the terms of the Proposed Acquisitions, Lien
Hoe has on 13 July 2002, issued RM107,490,084 nominal amount of
5-year 2% Irredeemable Convertible Unsecured Loan Stocks
2002/2007 (ICULS) as consideration for the Proposed
Acquisitions.

The ICULS will not be listed on the Kuala Lumpur Stock Exchange
(KLSE). However, the ICULS are convertible into ordinary shares
of RM1.00 each (New Shares) in the Company at a conversion price
of RM1.00. Approval-in-principle has been granted by the KLSE
for the listing and quotation of the New Shares arising from the
conversion of the ICULS on the Main Board of the KLSE.


MBF HOLDINGS: Answers KLSE's Winding Up Petition Queries
--------------------------------------------------------
MBF Holdings Berhad, in reply to Query Letter by KLSE reference
ID: PL-020715-39944 regarding the Advertisement of Winding-Up
Petition on its unit MBf Property Services Sdn Bhd, furnished  
the additional information for public release:

1. The amount of RM72,183.00 claimed for is not inclusive of
interest;

2. The total cost of investment in MBf Property Services Sdn Bhd
(MBfPS) is RM1,020,000.00. However, full provision has been made
for diminution in the value of investment in MBfPS;

3. The claim came about as W.L. Neonlite Advertising Sdn Bhd
(Neonlite) was contracted by a developer, Eastern Enterprise Bhd
(In liquidation) (Eastern) to deliver and install directional
and other signages at its project at Paradise Skudai Hotel in
Johor Bahru. MBfPS acted in the capacity as a project manager to
Eastern, was in liaison with Neonlite on these works. Due to the
economic downturn in 1998, Eastern was unable to satisfy its
debts and through a petition by one of its creditors, Eastern
was placed under liquidation. As Neonlite was unable to recover
its claims from Eastern, it then initiated a claim on MBfPS
despite MBfPS was merely a project manager to Eastern;

4. The expected losses arising from the winding-up proceedings
is RM72,183.00.


NCK CORPORATION: Unit Serves Writ of Summons
--------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed)
announced that The China Engineers (Malaysia) Sdn Bhd had on 16
July 2002 served a Notice pursuant to Section 218 of the
Companies Act, 1965 to One-Two Marketing (East-Coast) Sdn Bhd, a
subsidiary of the Company.

According to the Notice, the Company has to pay to The China
Engineers (Malaysia) Sdn Bhd the sum of RM284,578.84 being the
judgment sum, interest and costs as at 15 July 2002 under the
Judgment obtained against the Company in the Sessions Court at
Shah Alam vide Summons No.2-52-5716-1998 dated 10 June 2002.

The Notice required the Company to pay The China Engineers
(Malaysia) Sdn Bhd within twenty-one (21) days from the receipt
of the Notice, failing which the Company shall be deemed to be
unable to pay the debts and appropriate action will be taken for
the winding-up of the Company.

The Management would appeal against the Judgment and take
appropriate actions to resolve the matter.


PARK MAY: Proposals Termination Reached With the Parties
--------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Park May Berhad, in
reference to its earlier announcements in relation to the
Proposals, announced that the Company had on 16 July 2002
entered into a memorandum with KKMB and Renong (the Parties)
whereby all the Parties have mutually agreed to terminate the
Heads of Agreement (HOA) in relation to the Proposals which was
entered into on 18 February 2002. The termination shall take
effect from 16 July 2002.

The Company advised that the termination was due to certain
terms and conditions of the Proposals that could not be agreed
upon by all the Parties.

The Proposals refers to:  

   * Proposed Acquisitions of Nine (9) Companies From Kumpulan
Kenderaan Malaysia Berhad (KKMB) for an Indicative Purchase
Consideration of Rm128.0 Million to be Satisfied by an Issuance
of 128.0 Million New Ordinary Shares of Rm1.00 Each in Park May
at Par (Proposed Acquisitions);

   * Proposed Application for Exemption by KKMB From the
Obligation to Make a Mandatory General Offer for the Remaining
Park May Shares Not Held by KKMB After The Proposed Acquisitions
(Proposed Exemption);

   * Proposed Restricted Offer For Sale (ROS) / Placement of
27,437,800 Ordinary Shares of Rm1.00 Each in Park May at Par by
Renong Berhad to the Minority Shareholders of Park May and
Identified Placees (Proposed Ros / Placement); and

   * Proposed Public Issue / Private Placement of 10,000,000 New
Ordinary Shares of Rm1.00 Each in Park May at Par (Proposed
Public Issue / Private Placement).


POHMAY HOLDINGS: Provides Unit's Winding Up Petition Add'l Info
---------------------------------------------------------------
Pohmay Holdings Berhad, in reference to the letter from the
Kuala Lumpur Stock Exchange (KLSE) dated 12 July 2002 requesting
the Company furnish the following information for public release
in relation to the Notice of Winding-Up on Pohmay Furniture
Industries Sdn Bhd (PFISB), a wholly owned subsidiary of Pohmay
appearing in The Malay Mail on Friday, 12 July 2002:

(1) The Company's solicitor has confirmed that after their
search with the High Court of Malaya (Court), the winding-up
petition of PFISB (Petition) was presented to the Court on 11
June 2002. However, as at to-date no Petition has been served on
PFISB at its registered office by Grandtronic Sdn Bhd
(Petitioner) or the Petitioner's solicitor. PFISB and Pohmay
only had noticed of the Petition filed from the advertisement in
the Malay Mail on 12 July 2002. Accordingly, the solicitor of
PFISB has on the same day written to the Petitioner's solicitor
requesting for a copy of the Petition and evidence of service of
the Petition.

(2) The claim under the Petition is in regard to a purported
claim (Purported Claim) by the Petitioner of the balance price
of goods sold and delivered to PFISB amounting to RM632,045.40
together with interest thereon at a rate of 8% per annum from
the last date of delivery and invoice viz. 20 November 2001
until the date of full settlement.

(3) The quantum of the Purported Claim was refuted by PFISB on
the grounds that the Petitioner has failed, neglected or omitted
to fulfill his obligations or to complete the delivery of goods
sold in the manner and form to the satisfaction of PFISB. The
Directors of Pohmay, with the advice of the legal adviser, are
of the opinion that the Purported Claim is unable to be
substantiated either in terms of value and the amount of goods
delivered. As such, no payment was made to the Petitioner by
PFISB to settle the Purported Claim.

(4) The total cost of investment of Pohmay in PFISB based on the
latest audited accounts for the financial year ended 31 December
2001 was RM10,057,500.

(5) In view of the quantum of the Purported Claim and PFISB is
not a core subsidiary of Pohmay, Pohmay is of the opinion that
the financial and operational impact of the winding-up
proceedings on the Group will be minimal.

(6) The expected losses to Pohmay Group (if any) arising from
the winding-up proceedings will be minimal.

(7) Based on the legal advice of its solicitor, PFISB has a
strong ground to strike out the Petition as it is unjustifiable
to wind-up PFISB being a solvent and prudent company.
Accordingly, PFISB has instructed its solicitor to file an
application to strike out the Petition. PFISB is also in the
process of taking the necessary steps to resolve the matter in
the best interest of the Company.


SITT TATT: Obtains MITI's Nod on Proposals
------------------------------------------
Utama Merchant Bank Berhad, on behalf of Sitt Tatt Berhad, that
the Company has received an approval from the Ministry of
International Trade and Industry (MITI) on July 13 2002 on the
Proposed Rights Issue, Proposed Acquisition, Proposed Waiver,
Proposed ESOS and Proposed IACS subject to the approvals being
obtained from:

   * the Securities Commission;
   * the Foreign Investment Committee; and
   * the Bank Negara Malaysia.

The Proposals collectively refers to:

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

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

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

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

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


UNIPHOENIX CORPORATION: Restraining Order Hearing Set
-----------------------------------------------------
On behalf of the Board of Directors of Uniphoenix Corporation
Berhad, Southern Investment Bank Berhad, in relation to the
granting of a restraining order by the High Court of Malaya
(Court) on 17 July 2001, to restrain all further proceedings in
any action or proceeding whatsoever and howsoever against UCB,
which expires on 16 July 2002, announced that the Company had on
12 July 2002, filed an application for the extension of the
restraining order for a further three (3) months from 17 July
2002.

The Court has fixed the hearing for the application on 26 July
2002. The announcement on the Court's decision in relation to
the application will be made in due course.


UNIPHOENIX CORPORATION: Unit's Receivers Give Notice
----------------------------------------------------
The Board of Directors of Uniphoenix Corporation Berhad,
pursuant to its announcement dated 20 April 1998, announced that
it received a letter dated 21 June 2002 from Deloitte KassimChan
notifying that Mr. Mak Kum Choon and Mr. Tan Bun Poo have ceased
to act as Receivers and Managers of the assets and undertakings
of its subsidiary, Asia Malt Sdn Bhd, from 21 June 2002.

Profile

Uniphoenix was formed to acquire then listed company,
Amalgamated Properties & Industries Bhd (API), in conjunction
with API's restructuring scheme. Upon completion of the scheme
in May 1990, API was removed from the Official List of KLSE on
11 June 1990 and Uniphoenix was listed in its place on the same
date.

In view of its focus on property development, Uniphoenix had in
December 2000 entered into an agreement to dispose of its entire
60.7% interest in Sam Long Chemicals Industries (Malaysia) Sdn
Bhd, one of its manufacturing concerns. The disposal was
effective on 3 December 2001.

Subsequently, in August 2001, the Company announced details of a
Group restructuring scheme which incorporates the transfer of
the Company's listing status to Hatia Sdn Bhd (Newco) and the
acquisition of four companies. Applications to the regulatory
authorities were submitted on 31 December 2001. FIC and BNM
approval were obtained on 22 January 2002 and 26 January 2002
respectively.


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


BENPRES HOLDINGS: Equitable Bank Clarifies Manila Times Report
--------------------------------------------------------------
Equitable PCI Bank, responded to the news article entitled "New
setback for Benpres" published in the July 16, 2002 issue of
the Manila Times.

The article said, "The Bangko Sentral ng Pilipinas (BSP) has
asked Benpres Holdings Corp's creditor banks to provide
additional loan loss buffers for their exposures in the
financially troubled conglomerate to protect the banking system
from further loan quality deterioration. Benpres recently
defaulted on interest payments to some $189 million in loans
owned to a combination of local and foreign banks, citing cash
flow difficulties at some of its poorly performing subsidiaries.
Other banks that reportedly have large loan exposures to Benpres
and its units include Equitable PCI Bank, the Rizal Commercial
Banking Corp. Security Banking Corp."

Equitable PCI, in its letter dated July 16, 2002, explained
that:

Being one of the leading conglomerates in the country, Equitable
PCI Bank has had a long-standing relationship with the Lopez
Group of Companies. As one of its banks, Equitable PCI Bank
provides the conglomerate a wide array of banking services,
including grant of credit and loan accommodations. We wish to
emphasize though that the significant majority of the Bank's
loan exposure to the Benpres Company is secured by hard assets.

The Bank has not received any directive from BSP requiring
additional loan loss buffers for its exposure to Benpres.

For a copy of the disclosure click on
http://bankrupt.com/misc/TCRAP_Benpres0718_Clarification.pdf


BENPRES HOLDINGS: Asking Creditors to OK Restructuring Plan
-----------------------------------------------------------
Benpres Holdings is asking creditor banks to approve its $597
million debt restructuring plan, DebtTraders Analysts, Daniel
Fan (852-2537-4111) and Blythe Berselli (1-212-247-5300)
reports, citing the Business World. If the debt restructuring
agreement cannot be completed within 12 months, creditor banks
would have to make a 50 percent provision against Benpres'
unsecured debt.

There would be no haircuts on principal and the holding company
would try to resume interest payment in November. The analysts
believe that the new guideline will make some creditor banks to
dispose of their exposure, because they have to write down their
loans anyway.

DebtTraders reports that Benpres Holdings' 7.875% bond due in
2002 (BENP02PHS1) trades between 55 and 58. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BENP02PHS1


DMCI HOLDINGS: Suspension of Shares Trading Likely
--------------------------------------------------
The Philippine Stock Exchange (PSE) may suspend shares of DMCI
Holdings from trade on July 23 unless the firm complies with the
PSE's disclosure requirements on or before that date, AFX Asia
reported Wednesday.

The report said DMCI failed to submit 200 copies of its first
quarter report or to pay the corresponding fines.

TCR-AP reported in April that DMCI Holdings Inc. has warned it
will not be able to wholly redeem or buy back the P2.4 billion
(US$46.98 million) convertible preferred shares it issued in
April five years ago due to financial constraints, citing DMCIHI
Chief Finance Officer Herbert M. Consuji.


METRO PACIFIC: Unilab's Campos to Join Pangilinan-Cojuanco
----------------------------------------------------------
Jose Campos, owner of Unilab, one of the Philippines' biggest
pharmaceutical firms, and real-estate developer Greenfield
Development Corp, is reportedly interested in joining the group
of Metro Pacific and Philippine Long Distance Telephone Co
(PLDT) CEO Manuel Pangilinan and PLDT Chairman Antonio Cojuangco
in the bid to take control of Metro Pacific's Bonifacio Land
Corp, the Philippine Star reported. The report said Mr. Campos
is interested in the development of Bonifacio Land's Fort
Bonifacio Global City.

However, the newspaper's sources said Cojuangco, Campos, and a
foreign group, which they could not identify, have formed a
joint venture to assume Metro Pacific's USD105 million loan owed
to Larouge BV. The same loan is the subject of an agreement
between Metro Pacific parent First Pacific Co Ltd and the
Gokongwei group, which is also forming a joint venture to take
control of First Pacific's controlling stakes in PLDT and
Bonifacio Land.

The report added that Metropolitan Bank and Trust Co had
provided the new venture a "significant" amount, which is
guaranteed by Cojuangco and Campos. (M&A REPORTER - ASIA
PACIFIC, Vol. No.1, Issue No. 141, July 18, 2002)


PHILIPPINE LONG: Negotiations With Fund Managers Continues
----------------------------------------------------------
Philippine Long Distance Telephone Co (PLDT) Chairman Antonio
Cojuangco and Chief Executive Manuel Pangilinan are in talks
with some foreign fund managers to raise cash to counter the
offer of the Gokongwei group for control of PLDT, Today
newspaper reported.

The report said the PLDT officials expect "positive
developments" on the fund-raising talks within the next few
weeks. (M&A REPORTER - ASIA PACIFIC, Vol. No.1, Issue No. 141,
July 18, 2002)


PHILIPPINE LONG: Pangilinan/Cojuangco Aims to Buy 30% Stake
-----------------------------------------------------------
Philippine Long Distance Telephone Co (PLDT) Chairman Antonio
Cojuangco and President Manuel Pangilinan aims to buy PLDT
shares to accumulate a 30 percent stake, the Philippine Star
reported, AFX Asia reported Thursday.

The report said once the consortium led by the two officials
acquires the 30 percent stake, they would be able to block the
entry of the Gokongwei group.


PHILIPPINE LONG: First Pacific Submits MoA Copy to US SEC
---------------------------------------------------------
First Pacific Co Ltd announced on Wednesday that it would submit
a copy of the Memorandum of Agreement (MoA) it signed with the
Gokongwei group of companies concerning the proposed takeover of
Philippine Long Distance Telephone to the US Securities and
Exchange Commission.

First Pacific's Board decided to submit the MOA for filing with
the relevant regulatory authorities in the U.S. in order to end
baseless speculation about the correctness of its originally
stated position to PLDT, which was that the MOA's material terms
and conditions were fully disclosed to the public in First
Pacific's 5th June, 2002 Hong Kong Stock Exchange announcement.
This will obviate the need to persist in legal proceedings
simply to prove a technical point.

For a copy of the press release, go to
http://bankrupt.com/misc/TCRAP_FirstPacific0718MOA.pdf


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


ASIA PULP: Indonesian Units Posts Smaller FY Net Losses
-------------------------------------------------------
Indonesian units of Asia Pulp and Paper (APP) namely PT Indah
Kiat Pulp & Paper and PT Pabrik Kertas Tjiwi Kimia, reported
smaller net losses in 2001, Asia Pulse reported Monday.

Indah Kiat incurred a net loss of US$260.4 million, 35 per cent
lower than the previous year. Tjiwi Kimia reported a loss of
US$480.1 million in 2001.

The decline in losses was caused by the U.S. dollar's rise
against the rupiah, which gave Indah Kiat a net foreign exchange
gain of US$31.9 million last year.


CHARTERED SEMICONDUCTOR: Analysts Expect Q2 US$104.5M Net Loss
--------------------------------------------------------------
Analysts are expecting Chartered Semiconductor Manufacturing Ltd
to post a second quarter loss of about US$104.5 million, its
sixth consecutive quarterly loss, Dow Jones reported Thursday.

The report said the analysts don't expect loss-making Chartered
to shift to the black until the second half of next year.

According to Standard & Poor's Asia Market Insight analyst
Chuanyang Lim, Chartered had a net debt position of US$160
million at the end-March, comprising over US$1 billion in debt
and US$880 million in cash.

The Company is 60.6 percent owned by government-linked Singapore
Technologies Pte Ltd.


INTERNATIONAL PRESS: Issues Profit Warning
------------------------------------------
Software contract manufacturer International Press Softcom Ltd
issued a profit warning this fiscal year despite securing S$12
million ($6.9 million) contract from Microsoft, Reuters said
Wednesday.

The Company said in a statement that its first half turnover
would be lower than the previous year due to the continuing
economic slowdown.

Although its business would improve in the second half aided by
the new contract, it said there was still a great deal of
uncertainty, which made profitability for 2002 uncertain.


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


NATURAL PARK: Undertakes Capital Reduction as Part of Rehab
-----------------------------------------------------------
The Central Bankruptcy Court issued an order approving the
Business Rehabilitation Plan as amended (Plan) of Natural Park
Public Company Limited (Company) on 26 June 2002.  According to
the Plan, it provides for N P K Management Service Co., Ltd.,
the Plan Administrator, to carry out the reduction of the
registered capital of the Company.  

On 16 July 2002, the Plan Administrator proceeded with the
reduction of the registered capital under the Plan, as follows:

1. Reduction of the registered capital of the Company from the
existing amount of Bt19,000,384,000 to Bt18,900,170, divided
into 378,003,400 shares, par value of Bt0.05, by canceling the
1,522,035,000 unissued ordinary shares, par value of Bt10,
amounting to Bt15,220,350,000, and by reducing the par value of
the 378,003,400 issued ordinary shares from Bt10 to Bt0.05 each.

2. Amendment to Clause 4 of the Memorandum of Association in
line with the reduction of the registered capital as follows:

"Clause 4.  Registered capital is Bt18,900,170      
        Divided into 378,003,400 Shares  
        With a par value of Bt0.05
        Shares are classified into:
          Ordinary Shares of 378,003,400 Shares  
          Preference Shares - Shares"


SIAMSTEEL GROUP: Files Business Reorganization Petition
-------------------------------------------------------
Stock investor Siamsteel Group International Company Limited
(DEBTOR) filed its Petition for Business Reorganization was
filed to the Central Bankruptcy Court:

   Black Case Number 708/2543

   Red Case Number For. -/2543

Petitioner: SIAMSTEEL GROUP INTERNATIONAL COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt3,020,407,431.83

Date of Court Acceptance of the Petition: September 7, 2000

Date of Examining the Petition: October 2, 2000 at 9.00 A.M.

Contact : Tel, 6792525


THAI TELEPHONE: SET Grants Listed Securities
--------------------------------------------
The Stock Exchange of Thailand (SET), starting from July 19,
2002, allowed the securities of Thai Telephone &
Telecommunication Public Company Limited (TT&T) to be traded  on
the SET after finishing capital increase procedures.
         
Name                         : TT&T
Issued and Paid up Capital
     Old                     : Bt28,123,455,040
     New                     : Bt28,123,459,040
Allocate to                  : 400 warrants exercise to 400
common shares
Ratio                        :  1 : 1
Price Per Share              : Bt4.85
Exercise Date                : June 28, 2002

Wrights Investors' Service reported that at the end of 2000,
Thai Telephone & Telecommunication Public had negative working
capital, as current liabilities were Bt45.32 billion while total
current assets were only Bt7.58 billion. The Company has paid no
dividends during the last 12 months. It has also reported losses
during the previous 12 months. The Company has not paid any
dividends during the previous 6 fiscal years.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
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The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***