TCRAP_Public/020724.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, July 24, 2002, Vol. 5, No. 145

                         Headlines

A U S T R A L I A

ANSETT GROUP: Kendell Sale Application Hearing Scheduled Today
AUSDOC GROUP: Directors Recommend Shareholders Accept Offer
CMG CH: Suspended From Official Quotation
ENVIRONMENTAL TECHNOLOGY: Joint Liquidators Appointed
GOODMAN FIELDER: AMP Ceases to be Shareholder

KARL SULEMAN: ASIC Orders Directors to Pay $20M Compensation
VELOCITY HOLDINGS: PwC Issues Case Profile  


C H I N A   &   H O N G  K O N G

DAILY SUNNY: Hearing of Winding Up Petition Set
DAILYWIN GROUP: Operations Loss Widens to HK24,610M         
DIPENDA LIMITED: Petition to Wind Up Pending
ESCADON LIMITED: Hearing of Winding Up Petition Set
FAIRWOOD HOLDINGS: Price, Turnover Movements Unexplainable

FINANCE HOLDINGS: Winding Up Sought by Trisight, Dynasty
G-VISION INT'L: Operations Loss Swells to HK$30,224,000    
GUANGDONG KELON: Auditor Appointment Underway
IDEALFUND DEVELOPMENT: Faces Winding Up Petition
REXCAPITAL INTERNATIONAL: Narrows Loss to HK$364,875       


I N D O N E S I A

ADIRA DINAMIKA: Pefindo Assigns `idBBB+' Rating
TELEKOMUNIKASI SELULER: Bimantara Seeks US$55.8M Fund Injection

* IBRA to Start Movable Goods Auction


J A P A N

AOKI CORP.: Takamatsu to Buy JPY1.5B Bond
AOYAMA TRADING: S&P Cuts Rating to BBB-pi
CHOGIN KINKI: FSA to Consider Public Funds for Successors
DAIEI INC: Liquidation Planned for Okinawan Unit
KINKI NIPPON: Moody's Downgrades Long-Term Debt Rating to Baa2

TAIHEIYO CEMENT: Moody's Lowers Debt Rating to B1
TOMEN CORP.: Plans to Liquidate U.S., Singapore Subsidiaries

* Japan's Banks May Not Recover $370M WorldCom Loans


K O R E A

CHOHUNG BANK: Fitch Raises Ratings to `BBB'
CHOHUNG BANK: Plans to Raise $250M to Repay Debt
DAEWOO MOTOR: Creditors Reject Report on Loan Refusal
KOREA ELECTRIC: 2Q02 Profit Rises 49% on Won's Strength
KOREA ELECTRIC: Fitch Ups Sr Unsecured Debt Rating to 'BBB+'

SEOUL BANK: Hana, Lone Star Vie to Take Over State-owned Bank


M A L A Y S I A

GEORGE KENT: Debt Workout Application Submission Underway
GULA PERAK: SC Grants Proposed Debt Restructuring Extension
IDRIS HYDRAULIC: KFCH Allows Settlement Agreement Extension
JASATERA BERHAD: Secures RM35M Apartment Construction Contract
JOHAN HOLDINGS: Debt Scheme Apps Submission Expected by Aug 30

KEMAYAN CORPORATION: Extends MOU Expiry Date to Oct 19
LION GROUP: New PLC Shares Issue Price Fixed at RM1.00/Share
MBF HOLDINGS: Unit Receives Winding-Up Petition
REKAPACIFIC BERHAD: Nomination, Remuneration Committees Formed
SISTEM TELEVISYEN: Breach of Contract Suit Rumor Untrue


P H I L I P P I N E S

BENPRES HOLDINGS: Not in Talks With SM Prime for Rockwell Sale
NATIONAL BANK: Cuts Losses to $27.9M
NATIONAL POWER: Resumes Monthly Fees Payment to Argentine Firm
PHILIPPINE LONG: First Pac Seeks Holders' OK on Board Seat Rule
PHILIPPINE LONG: SEC Questions Gokongwei's Discrepancy in MOA


S I N G A P O R E

DBS GROUP: Philippine Unit to Turn Over Business to SB Equities
DBS GROUP: Posts 18% Slide in Net Profit


T H A I L A N D

HEMARAJ LAND: August 14 Bondholders Meeting Scheduled
PRIOR INDUSTRY: Files Business Reorganization Petition
SINO-THAI: June Secured Contracts Amounts Bt344M
SRITHAI SUPERWARE: Releases Rehab Plan Completion Report
SUN TECH: Informs Court of Plan Implementation Extension      

     -  -  -  -  -  -  -  -

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


ANSETT GROUP: Kendell Sale Application Hearing Scheduled Today
--------------------------------------------------------------
A Meeting of Creditors to vary the Kendell Airlines (Aust) Pty
Ltd's Deed of Company Arrangement was held at 10:30am, Friday 19
July 2002, at the Ansett Building, Level 1, 501 Swanston Street,
Melbourne, 3000.

Kendell Deed Administrators, Mark Anthony Korda and Mark Francis
Xavier Mentha, filed an Application regarding Kendell Sale to
the Federal Court of Australia: Victorian District Registry:
V3125/02 on 19 July 2002. To see a copy of the Application, go
to http://www.bankrupt.com/misc/TCRAP_Ansett_App.pdf.

The matter was mentioned in the Federal Court, 305 William St,
Melbourne, 3000 on Friday 19 July 2002 and again at 2:15pm on
Tuesday 23 July 2002. The matter has been adjourned for hearing
to 10:15am on Wednesday 24 July 2002 at the Federal Court, 305
William Street Melbourne.

A transcript of the 19 July 2002 and the 22 July 2002
proceedings are found at
http://www.bankrupt.com/misc/TCRAP_Ansett_Trnscrpt719.pdfand  
http://www.bankrupt.com/misc/TCRAP_Ansett_Trnscrpt722.pdf,
respectively.


AUSDOC GROUP: Directors Recommend Shareholders Accept Offer
-----------------------------------------------------------
AUSDOC Group Limited and ABN AMRO Capital announced Monday the
opening of ABN AMRO Capital's $2.15 recommended cash takeover
offer for AUSDOC shares. The offer will be open for acceptance
until 7:00pm on 23 August 2002, unless extended.

The AUSDOC Directors unanimously recommend that shareholders
accept the $2.15 cash offer, in the absence of a higher offer.
Each AUSDOC Director has stated his intention to accept the
offer in respect of his AUSDOC shares, in the absence of a
higher offer. Collectively, the AUSDOC Directors and their
associates hold approximately 15% of AUSDOC shares.

AUSDOC Chairman, Michael Butler welcomed the dispatch of
documents to shareholders and commented "After conducting a long
and thorough sale process, AUSDOC is pleased that the offer is
now open for shareholders to accept".

ABN AMRO Capital's representative in Australia, JP Kaumeyer,
stated "Our offer is fully priced and we are expecting a strong
response from shareholders. Nevertheless, for our bid to succeed
within the offer period, we need shareholders to accept on a
timely basis".

REASONS FOR DIRECTORS' RECOMMENDATION

The reasons for the AUSDOC Directors' recommendation are set out
in the Target's Statement sent to shareholders. In summary, the
reasons are:

   * the Directors believe the offer represents fair value for
AUSDOC shares;

   * the offer is at a substantial premium to the AUSDOC share
price prior to the commencement of the AUSDOC sale process;

   * the offer is made at the end of an extensive sale process;

   * AUSDOC is not presently aware of any party intending to
make a higher offer for AUSDOC shares;

   * there is a risk the AUSDOC share price will fall if the
offer fails;

   * AUSDOC's ability to pay franked dividends in future is
limited; and

   * the offer is a straightforward cash offer.

SUBSTANTIAL PREMIUM

ABN AMRO Capital's offer price of $2.15 cash provides a
substantial premium for AUSDOC shareholders. It represents:

   * a 32% premium to the one month volume weighted average
price of $1.63 per share for AUSDOC shares to the close of
trading on 19 December 2001, the day prior to the commencement
of the AUSDOC sale process;

   * 41% premium to the three month volume weighted average
price of $1.53 per share for AUSDOC share to the close of
trading on 19 December 2001; and

   * a 46% premium to the volume weighted average price of
AUSDOC shares from 1 January 2001 to 19 December 2001 of $1.47.

OFFER CONDITIONS

The offer conditions are set out in full in the Bidder's
Statement sent to shareholders. These conditions include:

   * the Bidder and its associates acquiring a relevant interest
in at least 90% (by number) of AUSDOC shares;

   * no material adverse change in the financial performance or
position of AUSDOC;

   * execution of binding documentation regarding the proposed
Sydney premises consolidation of AUSDOC Information Management
warehouse sites; and

   * completion of the closure of the GoMail aggregation
business.

AUSDOC is not aware of any reason the offer conditions will not
be satisfied during the offer period.

Upon announcement of ABN AMRO Capital's intention to make a
takeover offer for AUSDOC shares on 18 June 2002, the proposed
offer conditions included:

   * FIRB approval;

   * completion of the sale and lease back of the Sunshine
property operated by AUSDOC Information Management for proceeds
of not less than $8.5 million;

   * completion of the sale of the DX Group business; and

   * AUSDOC's net debt (as adjusted for specified events) as at
30 June 2002 did not exceed $84.1 million.

These proposed conditions have been satisfied and, accordingly,
they are not conditions of the offer sent to AUSDOC shareholders
on Monday.

AUSDOC and ABN AMRO Capital will keep the market informed in
relation to the status of the offer conditions on a timely
basis.

Inquiries:

AUSDOC shareholders can call the AUSDOC Shareholder Information
Line on 1300 304 778 (international callers dial +61 2 9240
7537).


CMG CH: Suspended From Official Quotation
-----------------------------------------
The securities of CMG CH China Investments Limited was suspended
from quotation prior to the commencement of trading on Tuesday,
23 July 2002, at the request of the Company, pending the
distribution of a majority of its assets to shareholders of the
Company by way of a fully franked dividend (A$0.066 per ordinary
share) and capital reduction (A$0.46 per ordinary share).

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


ENVIRONMENTAL TECHNOLOGY: Joint Liquidators Appointed
-----------------------------------------------------
The creditors of Australian Environmental Technology Limited
(AET), in a decision that finalizes action initiated by the
Australian Securities and Investments Commission (ASIC), have
appointed on Monday Messrs Chris Williamson and Kim Strickland,
of Hall Chadwick, as joint liquidators of the company.

The appointment comes a few days before a winding-up application
filed by ASIC was due to be heard in the Supreme Court of
Western Australia.

Background

ASIC obtained a court order in September 2001 requiring AET to
lodge its audited annual financial report and a directors'
report for the financial year ended 30 June 2000, within 14 days
of the order being served.

On 18 March 2002 ASIC filed an application for AET to be wound
up, following the company's failure to comply with the court
order

The directors of AET appointed Messrs Chris Williamson and Kim
Strickland of Hall Chadwick as the company's voluntary
administrators on 22 April 2002.

On 24 April 2002 Master Bredmeyer, at ASIC's request, ordered
the administrators to report to the court on AET's ability to
comply with its statutory reporting obligations, its solvency
and whether it would be in the interests of creditors for the
company be wound up.

ASIC's application was adjourned to 24 July 2002 to allow the
administrators sufficient time to investigate AET's affairs and
report to ASIC and the court. The administrators reported that
AET was both cashflow and balance sheet insolvent and not in a
position to resume trading.

AET claimed to be developing environmental products such as a
'fertigation unit', a 'worm burner' and a 'vermistabilization
unit'. ASIC alleged that AET had raised at least $1.7 million
from investors in the past two years


GOODMAN FIELDER: AMP Ceases to be Shareholder
---------------------------------------------
AMP Limited ceased to be a substantial shareholder in Goodman
Fielder Limited on 18 July 2002.

On July 1, TCR-AP reported that the Company entered an
agreement with McCain Foods to sell the Goodman Fielder
International Taiwan (Goody Foods) as part of the Company's
strategy of selling non-core businesses to simplify and
streamline the business to improve returns to shareholders.

Wrights Investors' Service reports that during the 12 months
ending 12 December 2001, the Company experienced losses
totaling A$0.01 per share. Its long-term debt was A$762.60
million and total liabilities were A$1.40 billion. The long term
debt to equity ratio of the company is 0.67.


KARL SULEMAN: ASIC Orders Directors to Pay $20M Compensation
------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
obtained consent orders Monday in the New South Wales Supreme
Court ordering that Mr Karl Suleman and Vivian Suleman pay
compensation of over $20 million to Karl Suleman Enterprizes Pty
Ltd.

The Court also disqualified Vivian Suleman from managing a
corporation for 25 years, after finding that she operated a
managed investment scheme that should have been registered, and
carried on a securities business without holding a dealers
license.

The Supreme Court ordered that:

   * Karl Suleman compensate Karl Suleman Enterprizes Pty Ltd to
the sum of $17,463,839 for breaches of directors duties;

   * Vivian Suleman compensate Karl Suleman Enterprizes Pty Ltd
to the sum of $2,571,022; and

   * that Karl and Vivian Suleman were jointly and severally
liable for $2,412,070 of the above compensation orders.

Further damages against Karl and Vivian Suleman may be claimed
by the liquidator of Karl Suleman Enterprizes Pty Ltd and the
liquidator of the Froggy Group of Companies at a later date.

The Court also granted injunctions restraining Vivian Suleman
from operating an unregistered managed investment scheme (namely
the Karl Suleman Enterprises Pty Ltd scheme or a substantially
similar scheme) and from carrying on a securities business.

The Court made similar declaration and restraining orders
against Karl Suleman on 6 May 2002.


VELOCITY HOLDINGS: PwC Issues Case Profile  
------------------------------------------
PricewaterhouseCoopers (PwC) issued this case profile:

Territory :  Australia  
Company Name:  Velocity Holdings Pty Limited  
Lead Partner:  Phil Carter  
Case Manager:  Debbie Mills  
Date of Appointment:  21 April 2002  
Normal Contact  :  Jenny Martin  
Contact Phone No  :  (02) 8266 5207  

PwC Office  

Location :  Sydney  
PO Box :  GPO Box 2650  
Street Address:  201 Sussex St  
City  :  SYDNEY  
State  :  NSW  
Postcode :  1171  
DX  :  DX 77 Sydney  
Phone  :  (02) 8266 0000  
Fax  :  (02) 8266 5820  
Appointer :  in writing under the common seal of the company  
Registered Office of company:  400 George Street, Sydney  
Company No / ACN  :  088 993 408  
Type of Appointment:  Deed Administrator  
Lead Partner - Full Name    :  Philip Patrick Carter  
Second Partner - Full Name  :  Gregory Winfield Hall  

Case Information (Last Updated 17/07/2002 12:07:04 PM)  

First Creditors' Meeting  
Date  :  29/04/2002  
Time  :  3:00pm  
Address:  Darling Park, Tower 2, 201 Sussex Street, Sydney  
Proxy return date:  29/04/2002  
Return time      :  9:00am  

Second Creditors' Meeting (or adjournment)  
Date  :  13/06/2002  
Time  :  11:00am  
Address:  Darling Park, Tower 2, 201 Sussex Street, Sydney  
Proxy return date:  12/06/2002  
Return time      :  5:00pm  

Other Key Information  

Report as to Affairs received from directors:  

The directors have received the Report as to Affairs, and a copy
was forwarded to creditors with my report dated 4 June 2002.

Background Information  

Phil Carter and Greg Hall were appointed joint Voluntary
Administrators of Velocity Holdings Pty Ltd and its subsidiary,
Velocity Systems International Pty Ltd on 21 April 2002.
Velocity Systems International Pty Ltd is the trading company
and same operates from premises in George Street, Sydney.
Velocity Systems International Pty Ltd developed the V-Banking
platform - an end-to-end solution for electronic delivery of
institutional banking products and services. The V-Banking
Platform has evolved to become a components platform and
application suite for development, management and electronic
distribution of all financial markets products.

The Voluntary Administrators are continuing the business
operations and are offering the business for sale as a going
concern.

At the Meeting of Creditors on 13 June 2002 the creditors
accepted the Deed of Company Arrangement.

Current status of assignment and actions required by creditors  

All creditors should have received correspondence from the Deed
Administrators relating to the execution of the Deed of Company
Arrangement (DCA) on 20 June 2002 for Velocity Systems
International Pty Limited (VSI) and the execution of the DCA on
28 June 2002 for Velocity Holdings Pty Limited (VH). Creditors
may inspect the DCA's at the Deed Administrators office, or at
PcW website or at the Australian Securities & Investments
Commission.

In the correspondence creditors were invited to lodge a formal
proof of debt form with supporting documentation. Creditors
should lodge the formal proof of debts before 8 August 2002.
Failure to do so may result in your exclusion from any potential
distributions.  

Next milestone and estimated timetable  

The company is continuing to trade under the DCA under the
control of the Deed Administrators, namely Phil Carter and Greg
Hall.

The Deed Administrators are continuing to negotiate with
interested parties for the sale of the business.

The DCA will terminate on 30 November 2002, unless a further
meeting of creditors is convened for the purpose of varying or
terminating the DCA.  

Likely outcome for creditors and timetable  

As reported to creditors on 4 June 2002 sufficient funds should
be available to enable a return to the priority creditors,
namely employees. If a sale of the business and/or assets of VSI
through the DCA can be negotiated then secured creditors may
also receive a distribution. However it is unlikely that the DCA
will generate sufficient monies to enable a return to the
unsecured creditors. (www.pwcrecovery.com)
   

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


DAILY SUNNY: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up Daily Sunny Construction Limited is
scheduled for hearing before the High Court of Hong Kong on
August 28, 2002 at 9:30 am.  The petition was filed with the
court on June 5, 2002 by Lam Oi Hon Peter of Flat G, 9/F., Block
6, Sherwood Court, Kingswood Villa, Tin Shui Wai, New
Territories, Hong Kong.  


DAILYWIN GROUP: Operations Loss Widens to HK24,610M         
---------------------------------------------------
Dailywin Group Limited announced on 19 July 2002:

(stock code: 897)
Year end date: 31/3/2002
Currency: HKD
Auditors' Report: Unqualified
Review of Interim Report by: N/A
                                                   (Audited)
                                  (Audited)        Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/4/2001    from 1/4/2000
                                  to 31/3/2002     to 31/3/2001
                                  ('000)           ('000)
Turnover                             : 220,812          240,358
Profit/(Loss) from Operations        : (24,610)         (23,463)
Finance cost                         : (9,072)          (7,797)
Share of Profit/(Loss) of Associates : N/A              N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities        : N/A              N/A
Profit/(Loss) after Tax & MI         : (33,552)         (31,491)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : (25.4 cents)     (24.2
cents)
         -Diluted                    : N/A              N/A
Extraordinary (ETD) Gain/(Loss)      : N/A              N/A
Profit/(Loss) after ETD Items        : (33,552)         (31,491)
Final Dividend per Share             : NIL              NIL
(Specify if with other options)      : N/A              N/A
B/C Dates for Final Dividend         : N/A
Payable Date                             : N/A
B/C Dates for (-) General Meeting        : N/A
Other Distribution for Current Period    : NIL
B/C Dates for Other Distribution         : N/A

Remarks:

1. After the cancellation of the listing of the Company's shares
on the London Stock Exchange, the United Kingdom, accounting
disclosure requirements applicable to this listing are no longer
applicable to the Group and the presentation of comparative
financial statements has been amended accordingly.

Reconciliation statement of operating loss                              
                
                                         HK$'000       HK$'000
"Operating loss" as per last year                      25,370

Less: reclassify from "administrative expenses" to "finance
costs"      
  Amortization on issue cost of convertible loan stock    443             
  Release of issue cost of convertible loan stock                 
           - on redemption                         1,401           
           - on conversion                13            1,857
                                         ---------------------
                                                        23,513
Less: reclassify from "net interest payable" to "other operating
income"
  Interest income                 50
                                             -------
"Operating loss" as per submitted                       23,463
                                                       =======

Reconciliation statement of finance costs                               
                
                                         HK$'000         HK$'000
"Net interest payable" per last year                     5,890
Add: reclassify from "administrative expenses" to "finance
costs"       
  Amortization on issue cost of convertible loan stock     443             
  Release of issue cost of convertible loan stock                 
           - on redemption                         1,401           
           - on conversion                       13                  
   1,857
                                        ----------------------
   7,747
Add: reclassify from "net interest payable" to "other operating
income"
        Interest income                                     50
                                                        ------
"Finance costs" as per submitted                         7,797
                                                        ======
                                                
2.  LOSS PER ORDINARY SHARE

The calculation of basic loss per ordinary share is based on the
Group's loss for the year of HK$33,552,000 (2001: HK$31,491,000)
and on the weighted average of 131,899,864 (2001: 130,305,613)
ordinary shares in issue during the year.

The computation of diluted loss per ordinary share does not
assume the exercise of the outstanding share options as their
exercise would result in a reduction in the loss per ordinary
share in both years.


DIPENDA LIMITED: Petition to Wind Up Pending
--------------------------------------------
The petition to wind up Dipenda Limited is set for hearing
before the High Court of Hong Kong on August 14, 2002 at 9:30
am.  The petition was filed with the court on May 24, 2002 by
Bank of China (Hong Kong) Limited who registered office is
situated at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong.


ESCADON LIMITED: Hearing of Winding Up Petition Set
---------------------------------------------------
The petition to wind up Escadon Limited is scheduled to be heard
before the High Court of Hong Kong on September 18, 2002 at 9:30
am.  

The petition was filed with the court on July 2, 2002 by Bank of
China (Hong Kong) Limited, a banking corporation duly
incorporated in Hong Kong Special Administrative Region whose
registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.


FAIRWOOD HOLDINGS: Price, Turnover Movements Unexplainable
----------------------------------------------------------
Fairwood Holdings Limited noted Monday's decrease in the price
and increase in the turnover of Company shares and stated that
the Company is not aware of any reasons for such change.

The Company also confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.


FINANCE HOLDINGS: Winding Up Sought by Trisight, Dynasty
--------------------------------------------------------
Trisight Limited and Dynasty Hotel Limited are seeking the
winding up of China Finance Holdings & Engineering Company
Limited.  The petition was filed on May 6, 2002, and will be
heard before the High Court of Hong Kong on August 7, 2002.

Trisight and Dynasty hold its registered office at 7th Floor,
Jubilee Centre, No. 18, Fenwick Street, Wanchai, Hong Kong.


G-VISION INT'L: Operations Loss Swells to HK$30,224,000    
-------------------------------------------------------
G-Vision International (Holdings) Limited posted its interim
report with a year end date of 31 March 2002:

                                                  (Audited)
                                  (Audited)        Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/4/2001    from 1/4/2000
                                  to 31/3/2002     to 31/3/2001

Turnover                            : 210,541,000    264,093,000
Profit/(Loss) from Operations       : (30,224,000)   (3,200,000)
Finance cost                        : (606,000)      (1,756,000)
Share of Profit/(Loss) of Associates: (2,000)        (68,000)
Share of Profit/(Loss) of
  Jointly Controlled Entities       : -                -
Profit/(Loss) after Tax & MI        : (30,756,000)   (5,591,000)
% Change over Last Period           : N/A
EPS/(LPS)-Basic                     : (6.3 cents)    (1.5 cents)
         -Diluted                   : -                -
Extraordinary (ETD) Gain/(Loss)     : -                -
Profit/(Loss) after ETD Items       : (30,756,000)   (5,591,000)
Final Dividend per Share            : NIL              NIL
(Specify if with other options)     : -                -
B/C Dates for Final Dividend        : N/A              
Payable Date                        : N/A
B/C Dates for Annual General Meeting: 19/8/2002 - 22/8/2002 bdi.
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A

Remarks:

1. Adoption of New and Revised Statements of Standard Accounting
Practice

In the current year, the Group has adopted for the first time a
number of new and revised Statements of Standard Accounting
Practice (SSAPs) issued by the Hong Kong Society of Accountants.
The new and revised SSAPs have introduced additional and revised
disclosure requirements, which have been adopted in these
financial statements. Comparative amounts and disclosures for
the previous year have been restated in order to achieve a
consistent presentation. The adoption of the new and revised
SSAPs does not have any impact on the results for the current or
prior accounting periods.

2.      Loss Per Share

The calculation of basic loss per share is based on the net loss
for the year of HK$30,756,000 (2001: HK$5,591,000) and on the
484,853,527 shares (2001: weighted average number of 373,270,798
shares) in issue during the year.

No diluted loss per share has been presented for the year as the
exercise and conversion of the share options would result in a
decrease in the loss per share for the year.


GUANGDONG KELON: Auditor Appointment Underway
---------------------------------------------
The Board of Directors of Guangdong Kelon Electrical Holdings
Company Limited announced that the Company is at the advance
stage of its selection process regarding the appointment of the
Company's auditors for the financial year ending 31 December
2002.

The Company will continue to have meetings with certain audit
firms and the Board will use its best efforts to complete the
process as soon as possible. The Company will make a further
announcement as and when appropriate.


IDEALFUND DEVELOPMENT: Faces Winding Up Petition
------------------------------------------------
The petition to wind up Idealfund Development Limited will be
heard before the High Court of Hong Kong today, July 24, 2002 at
11:00 am.  

The petition was filed with the court on March 28, 2002 by
Standard Chartered Bank being a corporation duly incorporated in
the United Kingdom and with a place of business registered in
Hong Kong pursuant to Part XI of the Companies Ordinance
(Cap.32) at Standard Chartered Bank Building, 4-4A Des Voeux
Road, Central, Hong Kong.


REXCAPITAL INTERNATIONAL: Narrows Loss to HK$364,875       
----------------------------------------------------
Rexcapital International Holdings Limited, formerly known as
HiNet Holdings Limited, announced on 19 July 2002:

(stock codes: Ord: 155 & War: 1061)
Year end date: 31/3/2002
Currency: HK$
Auditors' Report: Unqualified
Review of Interim Report by: N/A
                                                 (Audited)
                                (Audited)        Last
                                Current          Corresponding
                                Period           Period
                                from 1/4/2001    from 1/4/2000
                                to 31/3/2002     to 31/3/2001
                                ('000)           ('000)
Turnover                             : 5,543            25,070
Profit/(Loss) from Operations        : (22,662)         (80,630)
Finance cost                         : (18,613)         (16,932)
Share of Profit/(Loss) of Associates : -                (1,355)
Share of Profit/(Loss) of
  Jointly Controlled Entities        : -                -
Profit/(Loss) after Tax & MI         : (364,875)       (744,498)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : ($0.033)         ($0.080)
         -Diluted                    : N/A              N/A
Extraordinary (ETD) Gain/(Loss)      : Nil              Nil
Profit/(Loss) after ETD Items        : (364,875)       (744,498)
Final Dividend per Share                 : Nil              Nil
(Specify if with other options)          : N/A              N/A
B/C Dates for Final Dividend             : N/A        
Payable Date                             : N/A
B/C Dates for (-) General Meeting        : N/A              
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A

Remarks:

(1) Adoption of new and revised Statements of Standard
Accounting Practice

In the current year, the group has adopted for the first time a
number of new and revised Statements of Standard Accounting
Practice (SSAP's) issued by the Hong Kong Society of
Accountants. Adoption of these SSAPs has led to a number of
changes in the group's accounting policies. Comparative amounts
for the prior year have been restated in order to achieve a
consistent presentation. Details of these changes are set out in
the annual report.

(2) Non-operating expenses
                                         2002    2001
                                         $'000   $'000(restated)
                        
(Gain)/loss on disposal of subsidiaries   (3,395)         13,333
Impairment losses on fixed assets         305,000        232,051
Provision for diminution in value of                    
  investment securities                   33,150          76,050
Loss on termination of new data centres   
  construction                            -               14,779
Legal and professional fees in connection                       
  with asset acquisitions                 -               3,900
Amortization of goodwill                  -               20,114
Impairment losses on goodwill             -               
291,289
Loss on disposal of listed investments    2,845           -
Gain on disposal of investment securities (14,000)        -
                                        ----------      --------
                                         323,600         651,516
                                         =======         =======

(3)     Loss per share

(a)     Basic loss per share

The calculation of the basic loss per share is based on the loss
attributable to shareholders of $364,875,000 (2001: $744,498,000
as restated) and the weighted average number of 11,128,887,000
(2001:  9,328,313,000 as restated) ordinary shares in issue
during the year.

(b) Diluted loss per share

Diluted loss per share for both years are not shown as the
potential ordinary shares are anti-dilutive.


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


ADIRA DINAMIKA: Pefindo Assigns `idBBB+' Rating
-----------------------------------------------
Pefindo assigned a `idBBB+' rating for general obligation of PT
Adira Dinamika Multi Finance (ADRF).  The rating reflects the
company's favorable business position in motorcycle financing
and moderate financial performance.  The prospective growth in
the automotive sector, especially in motorcycle business has
also been taken into the rating consideration.  However, the
rating is slightly mitigated by the company's limited funding
sources, as it heavily relies on bank borrowings that eventually
could cap its growth.  

ADRF is an independent finance company established in November
1990.  Since its inception, ADRF has focused on automotive
financing (motorcycles and cars).  However, since 1996, ADRF had
focused more on motorcycle financing since the business gives
relatively higher and stable margins.  In addition, motorcycle
business has proven to be more resistant to the political and
economic uncertainties.  

Currently, around 90% of ADRF's total financing is used for
motorcycle financing and the remaining 10% is used for car
financing.  By the end of 2001, Maria Paulina Evadana Rahmat
owned 80.5% while Stanley Atmadja held 19.5% of ADRF's shares.


TELEKOMUNIKASI SELULER: Bimantara Seeks US$55.8M Fund Injection
---------------------------------------------------------------
PT Bimantara Citra is seeking foreign strategic investors to
inject US$55.8 million fresh funding into its unit PT
Telekomunikasi Seluler Indonesia (Komselindo), AFX-Asia reports,
citing company Corporate Secretary Edwin Kawilarang.

Kawilarang said the funding was made possible after PT
Telekomunikasi Indonesia, which controls a 35 percent stake in
Komselindo, agreed to allow the entry of strategic investors.

Telkom has stated it will not provide any fresh funds to
Komselindo, despite the risk of a dilution of its holding.

"Since Komselindo is one of our core businesses, there is no
other option for us (Bimantara) but to inject fresh funds,"
Kawilarang said, adding that the Company needs the additional
fund for cellular services development.

He also said that Komselindo's creditors have agreed to settle
US$172 million debt through debt-for-equity swaps.


* IBRA to Start Movable Goods Auction
-------------------------------------
Indonesia Bank Restructuring Agency (IBRA) announced Monday that
it plans to continue an auction for its movable goods. It will
start in Semarang on the 24th July 2002, Denpasar on the 26th
July 2002 and Makasar on July 31th 2002.

IBRA will coordinate the auction with the National Debt and
Auction Office (KP2LN). An Outcry Auction is chosen to be
applied in this auction.

As many as 270 lots of movable items are being offered, which
distributed as follows:

   * Semarang : 88 Lots
   * Bali : 89 Lots
   * Makasar : 93 Lots

It consists of electronic goods, office equipments such as
computers, telex machines, printers, Auto teller Machine, office
furnitures.

The aforementioned moveable assets originally was the assets
owned by the Frozen Banks (BBO/BBKU) and the Taken Over Banks
(BTO) which is either come from the original bank assets or
assets from the loan settlement or foreclose assets.


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


AOKI CORP.: Takamatsu to Buy JPY1.5B Bond
-----------------------------------------
Midsize construction firm Takamatsu Corp. and its group firm
will purchase 1.5 billion yen in bond with equity purchase
warrants to be issued by failed midsize construction firm Aoki
Corp., Kyodo News reports.

The acquisition is part of Takamatsu's efforts to help
rehabilitate the Osaka-based Aoki.

The Tokyo District Court approved in early June the
rehabilitation plan of Aoki Corp. The approval followed Mizuho
Corporate Bank's decision to release Aoki from its debt of 97.63
billion yen.

Aoki filed for court protection from creditors with the Tokyo
District Court on December 6 under the fast-track bankruptcy
Civil Corporate Revival Law, with group liabilities amounting to
522 billion yen.


AOYAMA TRADING: S&P Cuts Rating to BBB-pi
-----------------------------------------
Standard & Poor's said Friday that it had lowered its rating on
menswear retailer Aoyama Trading Co. Ltd. to triple-'B'-minus-pi
from triple-'Bpi', reflecting a deterioration in the Company's
profitability and the poor prospects for an earnings recovery in
the near term.

Aoyama has been taking measures to improve its business
performance by revitalizing its existing retail network and
launching new types of stores targeted at younger consumers.
However, amid weak demand and fierce competition in the Japanese
men's clothing industry, it will be difficult for the Company to
recover its profitability over the next couple of years.

Although it has maintained a strong market position and low
costs in the men's clothing business, Aoyama's earnings,
particularly in the business suit segment, have been adversely
affected by sluggish consumer spending, rising unemployment, an
aging customer profile, and intensifying competition among
various types of retailers in Japan. Brand recognition and
product differentiation in new stores aimed at younger consumers
are still weak, and as a result, these businesses are unlikely
to start contributing to the Company's overall earnings for a
few more years.


CHOGIN KINKI: FSA to Consider Public Funds for Successors
---------------------------------------------------------
The Financial Services Agency (FSA) will consider injecting
public funds into three new credit unions, following their
agreements last week to take over the operations of failed
Chogin Kinki Credit Cooperative. Kyodo News reports.

"We will move on with proceedings to make a final decision," FSA
Commissioner Shokichi Takagi said at a regular news conference.


DAIEI INC: Liquidation Planned for Okinawan Unit
------------------------------------------------
Daiei Inc. said Monday it will liquidate its loss-making Coco
Mart supermarket unit in Okinawa next February and close another
Daiei store in Kakogawa, Hyogo Prefecture, in December.

The struggling Kobe-based retailer said the move is in line with
its efforts to streamline operations.

Last week, Daiei Inc called on its three main lenders, UFJ Bank,
Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp., to swap
their 220 billion yen in combined financial claims for Daiei's
preferred stock. The three banks would obtain all the preferred
equities before selling part of them to the Development Bank of
Japan.


KINKI NIPPON: Moody's Downgrades Long-Term Debt Rating to Baa2
--------------------------------------------------------------
Moody's Investors Service Inc. said Monday it has downgraded
Kinki Nippon Railway Co.'s (Kintetsu) senior unsecured long-term
debt rating to Baa2 from A3, with the rating outlook being
stable.

The Osaka-based Kintetsu is Japan's largest non-JR railway
operator with 594 km of track in western and central Japan,
connecting Osaka, Kyoto, Nara and Nagoya. Its consolidated
revenues for the fiscal year ended March 31, 2002, were 1,155
billion yen.

The rating action reflects Moody's expectation that Kintetsu's
very high debt position and its modest sustainable profitability
will constrain its ability to meaningfully improve its debt
payment capacity over the intermediate term.

Kintetsu has been restructuring under-performing operations in
its group (such as hotels, leisure facilities, department stores
and real estate). While such efforts have been leading to
gradual improvement in operating performances of some
operations, Kintetsu has been suffering from equity erosion and
high debt position from these operations.

Moody's said that such restructuring has diverted its capital
and management resources from reinforcing its financial strength
and developing an upgraded group strategy, to cope with
structural softness of its core railway operations, which suffer
from a decreasing number of passengers.


TAIHEIYO CEMENT: Moody's Lowers Debt Rating to B1
-------------------------------------------------
U.S. credit-rating agency Moody's Investors Service Inc. said
Monday it has downgraded the senior unsecured long-term debt
ratings on Taiheiyo Cement Corporation to B1 from Ba2. The
outlook for Japan's largest cement maker is stable.

The rating action reflects Moody's views that the continued weak
demand for cement in Japan will constrain Taiheiyo's ability to
improve earnings and debt level over the medium term despite its
ongoing efforts to rationalize its domestic operations.

The action also reflects Moody's concern that its overseas
affiliate in Korea, Saangyong Cement Industrial Company (SCI),
could drain its financial fundamentals, should SCI's debt-
restructuring plan encounter delays.

Faced with severe market conditions for cement, Taiheiyo Cement
has been making aggressive efforts, such as reducing fixed
costs, streamlining distribution channels, and
consolidating/liquidating group companies, to improve its
operating performance.

The Tokyo-based company also plans to implement an asset
disposal plan that aims to de-leverage the group. While this
should help to improve Taiheiyo's cash flow, it will not allow
the company to substantially strengthen its capital structure.

Taiheiyo Cement has consolidated sales of 979.5 billion yen for
the fiscal year ending March 31, 2002.


TOMEN CORP.: Plans to Liquidate U.S., Singapore Subsidiaries
------------------------------------------------------------
Major trading house Tomen Corp. will liquidate two loss-making
overseas subsidiaries in line with the group's restructuring
program.

Oil Center Corp, which processes steel plates for automobiles in
Michigan, the United States, will be liquidated July 31, and
Tomen Steel Development & Investment Pte in Singapore will be
dissolved August 30, Tomen said.

Tomen Corp. is an Osaka-based trading company involved in
general importing and exporting practices, as well as other
finance and investment services around the world.

As of March 2001, Tomen has total current assets of US$7.2
billion against total current liabilities of US$9.1 billion.


* Japan's Banks May Not Recover $370M WorldCom Loans
----------------------------------------------------
Japanese banks may not be able to recover about 44 billion yen
($370 million) of outstanding loans to WorldCom, the US
telecommunications group that went bust on Sunday, the Financial
Services Agency said.

Mitsubishi-Tokyo Financial Group (MTFG), Japan's third-largest
bank, has about 17.06 billion yen of loans to WorldCom. It
expects to book 570 billion yen in loan-loss reserves for the
year ending in March.

MTFG said it did not expect the WorldCom loans to have an impact
on earnings. It has forecast a group net profit of 55 billion
yen for the year ending in March, after reporting losses of 152
billion yen last year. The loans to WorldCom were made by MTFG's
three Bank of Tokyo-Mitsubishi units.

Mizuho Holdings, the world's largest bank by assets, is
understood to have about the same level of exposure.


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


CHOHUNG BANK: Fitch Raises Ratings to `BBB'
-------------------------------------------
Fitch Ratings, the international rating agency, said Tuesday it
has upgraded the long term ratings of Chohung Bank, a Korean
commercial bank, to BBB from BBB-, and individual raised to C/D
from D.

The ratings changes reflect the substantial improvement in the
standalone financial profile of the Korean bank. In line with
general industry trends, bad debts have been significantly
reduced, loan loss reserve coverage raised and overall capital
adequacy rations also improved.

Chohung Bank experienced acute financial distress as a result of
the 1997/98 financial crisis and need substantial government
support. The bank's rehabilitation efforts have proved
successful, although provisioning costs will remain onerous, at
least in the short-term.


CHOHUNG BANK: Plans to Raise $250M to Repay Debt
------------------------------------------------
Chohung Bank is planning to raise $250 million in syndicated
loans in a bid to pay back maturing debt, the Korea Herald
reports.

The cost for the borrowing will likely be set at 40 basis points
above London Inter-Bank Offered Rate (Libor).

A Chohung Bank official said the lender has already started
subscription for the deal last week. Seven foreign investment
banks, including ABN Amro, Standard Charted and ING, will
arrange the deal, the lender said.

Last week, coordinating arranger ING Bank NV said that Chohung
Bank launched a $250 million two-year term loan facility. The
loan has a margin of 20 basis points over the Libor. Flat fees
range from 40 basis points for coordinating arrangers to 36
basis points for senior managers.

Deadline for commitment from general syndication participants
will be on July 30.

State-run Korea Deposit Insurance Corp. owns about 80 percent of
the lender, after injecting public funds into it.


DAEWOO MOTOR: Creditors Reject Report on Loan Refusal
-----------------------------------------------------
Korea Development Bank (KDB) and other creditor banks have
rejected a Maeil Business Newspaper report that Korea Exchange
Bank (KEB) and other major creditor banks refused to extend
US$2.0 billion in fresh loans to Daewoo Motor.

The local newspaper cited banking sources as saying that KEB,
Chohung Bank and Woori Bank are among four banks refusing to
extend the US$2.0 billion in fresh loans pledged under the final
contract to sell the South Korean automaker to General Motors
Corp in May.

A senior KDB spokesman said they have not even held any official
talks among creditor banks on the extension of the loans.

Separately, KEB also said it has not expressed any intent to
refuse to lend the money.


KOREA ELECTRIC: 2Q02 Profit Rises 49% on Won's Strength
-------------------------------------------------------
Korea Electric Power Corp. said that its net income in the
second quarter rose 49 percent to 718 billion won ($613
million), from 481 billion won a year earlier, after a stronger
won helped reduce the cost of its overseas debt.

Korea Electric, which has more foreign debt than any other local
company, benefited as the won value of its overseas debt
declined because the local currency gained against the dollar.

The average value of the won during the second quarter rose 3.8
percent from the first quarter, making it the fourth-best
performer among Asian currencies against the U.S. dollar. A year
earlier, the won fell 2.7 percent from the January-March period.

Korea Electric shares rose as much as 300 won, or 1.4 percent,
to 21,900, under-performing the benchmark Kospi index.


KOREA ELECTRIC: Fitch Ups Sr Unsecured Debt Rating to 'BBB+'
------------------------------------------------------------
Fitch Ratings, one of the leading international rating agencies,
said Monday it has raised its rating on Korea Electric Power
Corporation (Kepco) to BBB+ from BBB, with the credit outlook
set at positive.

Fitch said the upgrade of the Long-term foreign currency rating
reflects the company's robust performance despite challenging
global economic conditions during 2001.

In 2001, Kepco generated KRW8.3 trillion (USD6.3 billion) of
operating EBITDA, a figure that has grown at a compounded annual
growth rate of nearly 15 percent since 1996.

Fitch expects Kepco to continue to benefit from strong demand
conditions in Korea. Growth for the local economy is expected to
reach 6.25 percent in 2002, from the 3 percent registered during
2001.

The consequent increase in energy demand will deliver growth to
Kepco's top-line, as will any upward adjustments in electricity
tariffs in line with inflation. Further benefits to Kepco's
financial profile may be delivered by the sale of some of its
non-core assets, and the successful divestiture of its
generating subsidiaries, particularly if the proceeds from these
sales are used to reduce debt.

In preparation for the restructuring plan, the Korean government
has requested the Korean Development Bank to guarantee all
Kepco's external debt outstanding as of April 2, 2001. Debt now
affected by this guarantee amounts to some KRW11.3 trillion.


SEOUL BANK: Hana, Lone Star Vie to Take Over State-owned Bank
-------------------------------------------------------------
Hana Bank and Lone Star Funds are likely to become the final
contenders for the acquisition of the state-owned Seoul Bank.

Maeil Business Newspaper reported that U.S.-based private-equity
fund Lone Star Funds has offered 1.2 trillion won ($1 billion)
in cash to buy 100 percent of Seoul Bank, higher than the
bidding price of 500 billion won or more offered by Hana Bank to
buy a 51 percent share of the lender.

Hana Bank reportedly would pay in stocks, not cash, which is
unfavorable than Lone Star's offer.

The two favored bidders will submit their final proposals, which
contain their final bids, by the end of the week.

The Korean government, after bailing out the then troubled Seoul
Bank with the injection of public funds, has been trying to sell
it since 1998, but failed to find a possible investor.

Several suitors, including HSBC Holdings PLC and an investment
arm of Deutsche Bank, have shown interest in taking over Seoul
Bank, but the deals were not finalized due to a pricing gap and
other reasons.

Maeil Business Newspaper also reported that J.P. Morgan Chase &
Co. is still in the race to acquire Seoul Bank.


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


GEORGE KENT: Debt Workout Application Submission Underway
---------------------------------------------------------
George Kent (Malaysia) Berhad, in relation to the Proposed Debt
Restructuring which, stated that the submission of the
applications to the Securities Commission (SC) and the other
relevant authorities is expected to be made within four (4)
months from 22 March 2002.

Aseambankers Malaysia Berhad, on behalf of George Kent,
announced that the applications to the SC and the other relevant
authorities are not able to be submitted within the time frame
stipulated above until the completion of the legal and financial
due diligence of the Group, which currently are still in
progress.

In view of the above, the applications to the SC and other
relevant authorities are now expected to be submitted on or
before 30 August 2002.

The "Proposed Debt Restructuring" collectively refers to:

   * Proposed Debt Restructuring of GKM
   * Proposed Debt Restructuring of GK-Hardie Sdn Bhd (GKH)
   * Proposed Debt Restructuring of GK Equities Sdn Bhd (GKE)


GULA PERAK: SC Grants Proposed Debt Restructuring Extension
-----------------------------------------------------------
Aseambankers Malaysia Berhad, on behalf of Gula Perak Berhad,
announced that the Securities Commission had vide its letter
dated 17 July 2002 approved the extension of time to complete
the Proposed Debt Restructuring for another six (6) months to 25
January 2003.

The Proposed Debt Restructuring refers to:

   (i) The Bank Guarantee Facility of RM154.5 Million Pursuant
to RM150 Million Nominal Value of 3% 1995/2000 Guaranteed
Redeemable Bonds (1995/2000 Bonds);

   (ii) RM25 Million Revolving Credit (RC) Facility; and

   (iii) RM21 Million Syndicated Term Loan (TL) for KSB
Requirements & Rest Sdn Bhd, a Subsidiary of GPB


IDRIS HYDRAULIC: KFCH Allows Settlement Agreement Extension
-----------------------------------------------------------
Idris Hydraulic (Malaysia) Berhad, in respect to the Settlement
Agreement entered into between KFC Holdings (Malaysia) Bhd and
the Company, announced that KFCH on 19 July 2002 agreed to grant
to IHMB an extension period of up to 21 October 2002 (inclusive
of the date itself) for IHMB to obtain its shareholder's
approval in a general meeting in respect of IHMB's Proposed
Restructuring Exercise.

KFCH has also on the same date agreed to grant to IHMB an
extension period of up to 20 December 2002 for IHMB to procure
the transfer and registration of the title to Wisma KFC in the
name of KFCH and/or its nominees as legal and beneficial owner
free of any encumbrances.


JASATERA BERHAD: Secures RM35M Apartment Construction Contract
--------------------------------------------------------------
Jasatera Berhad has secured a project valued at RM5 million for
the construction of 550 units of low cost and medium cost
apartments and furnished this information:

1. The contract was awarded to Jasatera Berhad (JB) by Perfect
Eagle Holdings Sdn Bhd (PEHSB) on 18 July 2002.

2. The nature and extent of the directors'/major shareholders'
interest in the contract are shown below:

NAME    POSITION   SHAREHOLDING   SHAREHOLDING
                IN JB(%)    IN PEHSB(%)

Dato' Koo Yuen Kim, JP Director of JB & PEHSB  1.21
14.65*   98.2
Dr.Koo Woon Kee    Director of JB & PEHSB  0.97
0.91*    0.9
Ir. Lim Ching Soon  Director of JB & PEHSB  0.04     0.9
Total            100.0
* Indirect interest

3. The Board of Directors of Jasatera Berhad wish to state that
the contract is in the best interest of the
company.

4. The duration of the contract is 20 months from August 2002 to
March 2004.

5. The contract is a recurrent related party transaction of a
revenue nature for which a shareholders' mandate had been
obtained at the Extraordinary general meeting held on 28 June
2002.

6. The contract involves the contraction of 250 units of low
cost apartments and 300 units of medium cost apartments.

Location:- Lot CP 51554, Kg. Sungai Kayu Ara, Mukim Sungai
Buloh, Daerah Petaling Selangor Darul Ehsan.

Project:- Vista Damansara
"Cadangan pembangunan 250 units pangsapuri kos rendah dan 300
unit pangsapuri kos sederhana di atas sebahagian Lot CP 51554,
Kg. Sungai Kayu Ara, Mukim  Sungai Buloh, Daerah Petaling,
Selangor Darul Ehsan (Superstructure)

7. The documents relating to this contract can be inspected at
No. 29, Jalan SS 15/4E, 47500 Subang Jaya, Selangor Darul Ehsan

Days : Monday to Friday
Time : 9.00 a.m to 5.00 p.m.

Profile

Jasatera engages in construction of commercial and industrial
buildings and civil engineering works. Its subsidiaries are
involved in contracting for general building and civil works and
property development. The Company has participated in various
construction projects including the 88-storey Petronas Tower,
KLIA and Commonwealth Sports Centre in Bukit Jalil. In September
2000, the Company proposed to undertake a debt settlement
scheme, which included a capital reduction, a rights issue and
conversion of debt to redeemable convertible preference shares.

An agreement signed pursuant to the scheme has, however, lapsed
on 5 March 2001 and Jasatera is presently in the midst of
formulating a revised scheme following the SC's additional
requirements with respect to NTA backing of the Company.
Concurrently, Jasatera is seeking the approval of its financial
institution lenders for an extension of time to implement the
scheme. KLSE has given its approval for Jasatera to make the
requisite announcement on the revised scheme within the six-
month period ending 26 August 2001.


JOHAN HOLDINGS: Debt Scheme Apps Submission Expected by Aug 30
--------------------------------------------------------------
Johan Holdings Berhad (JHB), in reference the announcement dated
22 March 2002 (Announcement) in relation to the Proposed Debt
Restructuring, which stated that the submission of the
applications to the Securities Commission (SC) and the other
relevant authorities is expected to be made within four (4)
months from the date of the Announcement.

Aseambankers Malaysia Berhad, on behalf of JHB, wishes to
announce that the applications to the SC and other relevant
authorities are not able to be submitted within the time frame
stipulated above until the completion of the legal and financial
due diligence of the Group, which currently are still in
progress.

In view of the above, the applications to the SC and other
relevant authorities are now expected to be submitted on or
before 30 August 2002.

The "Proposed Debt Restructuring" comprises of:

  * Proposed Debt Restructuring of JHB;
  * Proposed Debt Restructuring of Prestige Ceramics Sdn Bhd  
(PCSB); and
  * Proposed Debt Restructuring of Johan Equities Sdn Bhd (JESB)


KEMAYAN CORPORATION: Extends MOU Expiry Date to Oct 19
------------------------------------------------------
On behalf of Kemayan Corporation Berhad, Public Merchant Bank
Berhad announced that the Company, Encik Ismail bin Othman
(IBO), Duta Nilai Holdings Sdn Bhd (DNH), Encik Hider bin
Othaman (HBO) and Encik Mohd Razip bin Hamzah (MRBH) have agreed
to extend the expiry date of the Memorandum Of Understanding
entered into between KCB, IBO, DNH, HBO and MRBH for three (3)
months to 19 October 2002.

The details of the proposed restructuring scheme are still being
finalized and accordingly, will be announced upon its
finalization and the execution of the formal agreement.


Profile : Prior to its public listing, the Company (SCHB)
undertook a restructuring exercise, which included the
acquisition of Sabah Development Bank Bhd (SDB) and Sabah Bank
Bhd (SBB). SCHB was, until then, principally a property
development company. With the completion of the restructuring,
SCHB was transformed into an investment holding company.


The Company disposed of SDB to the State Government of Sabah in
1999. In the year 2000, the Company also sold its entire equity
interest in SBB and on 15.11.2000, entered into a conditional
sale of shares agreement to dispose of its entire equity
interest in Suria Asset Management Sdn Bhd. As a result the
Company presently has no core business.

The management is in the process of identifying viable business
opportunities to form the new core business of the Company.

On 20.6.2001, Suria received a letter from the Sabah State
Economic Planning Unit informing Suria officially of the State
Government's approval to inject the Sabah Ports Authority into
Suria upon its incorporation. The parties involved are
negotiating on the terms of the injection. Permission for Suria
to proceed with the financial and legal due diligence on Sabah
Ports Authority was announced on 25.9.2001.


LION GROUP: New PLC Shares Issue Price Fixed at RM1.00/Share
------------------------------------------------------------
Lion Corporation Berhad (LCB), Lion Land Berhad (LLB), Amsteel
Corporation Berhad (ACB) and Angkasa Marketing Berhad (AMB)
(collectively referred to as the "Lion Group") jointly announced
on 12 July 2002, inter alia, that the Securities Commission (SC)
has approved each of the relevant proposals within the proposed
debt restructuring exercises, divestment programmers and
corporate restructuring exercises of the Lion Group (Proposed
GWRS) that require the SC's approval as proposed by the Lion
Group subject to certain revisions and conditions as set out in
the aforesaid announcement.

Further to the announcement, the Board of Directors of LCB, LLB,
ACB and AMB have noted that the theoretical market prices of the
shares of the respective public listed companies (PLCs)
(calculated based on the weighted average market prices of the
respective PLC shares for the 5 days up to 16 July 2002 and
after adjusting for the proposed capital reconstruction for the
respective PLC), are below the par value of the respective PLC
shares (including that of ACB after its proposed capital
reconstruction of RM1.00). Accordingly, the Board of Directors
of LCB, LLB, ACB and AMB have resolved to fix the issue price of
the new PLC shares to be issued by the respective PLCs pursuant
to the Proposed GWRS at RM1.00 per share.

In compliance with the SC's condition disclosed in the aforesaid
announcement, the issue price of the following new PLC shares to
be issued by the respective PLCs has however been fixed at
RM1.05 per share (at a 5% premium over the par value of the
respective PLC shares):

   * the new LCB shares to be issued in settlement of the
purchase considerations for the proposed acquisition of all ACB
shares from parties deemed connected to Tan Sri William Cheng
Heng Jem (TSWC) and Datuk Cheng Yong Kim (DAC); and

   * the new AMB shares to be issued in part settlement of the
purchase consideration of RM189.85 million for the proposed
acquisition of 74.25% equity interest in Silverstone Berhad from
Umatrac Enterprises Sdn Bhd (Umatrac), Posim Berhad, ACB, LCB,
Limpahjaya Sdn Bhd, and parties deemed connected to DAC and
TSWC.

Subject to the SC's approval, LCB further proposes that the
issue price of the new LCB shares to be issued for the following
acquisitions be fixed at RM1.00 per share, as opposed to the
minimum issue price of RM1.05 per share as required by the SC
vide its letters of approval dated 9 July 2002:

   * proposed acquisition of 40% equity interest in Megasteel
Sdn Bhd from Akurjaya Sdn Bhd, a 70% owned subsidiary of ACB,
for RM1,007.92 million; and

   * proposed acquisition of 50.45% equity interest in LLB from
the ACB group of companies (held via ACB, Umatrac and Konming
Investments Limited) for RM260.47 million.

Accordingly, the proposed issue price of the LCB shares of
RM1.00 per share for the above transactions may be subject to
change.

Shareholders of LCB, LLB, ACB and AMB and potential investors
are requested to refer to the announcements dated 5 July 2000,
11 September 2000, 19 October 2000, 8 October 2001, 26 March
2002, 9 May 2002 and 12 July 2002 for further details of the
Proposed GWRS. Defined term used in this Announcement shall
carry the same meaning as defined in the previous announcements.


MBF HOLDINGS: Unit Receives Winding-Up Petition
------------------------------------------------
MBf Holdings Berhad (MBfH) announced that a Winding-Up Petition
has been served on its wholly-owned subsidiary Alamanda
Development Sdn Bhd (Alamanda) by Mr Vijendran Ponniah.

The principal activity of Alamanda is property development.
Appended below is the content in relation to the winding-up
petition:

   * The winding-up petition was served on 19th of July 2002 ;

   * The amount claimed is RM558,113.10 to be shared equally by
Alamanda (RM279,056.55) and Messrs Bee Ling & Co ["BL"]
(RM279,056.55);

   * The claim relates to damages for malicious prosecution and
abuse of the process of the court wherein the Plaintiff claimed
to have suffered humiliation as a result of bankruptcy
proceedings commenced against him. Alamanda then Glocard
(Malaysia) Sdn Bhd, had instituted legal proceedings for
recovery an outstanding sum of RM7,591.44 due by the Plaintiff.
Alamanda's first solicitors, Messrs Azim, Ong & Krishnan had
obtained judgment in default against the Plaintiff through
Substituted Service and Alamanda's second solicitors, BL had
instituted bankruptcy proceedings against the Plaintiff on 1
December 1992. The Plaintiff contended that the Summons had
never been served on him and applied to the Court and obtained
judgment against Alamanda and BL resulting in the bankruptcy
notice being set aside, and further asserting that the whole
suit was unlawful and invalid. The apportionment of liability is
on 50:50 basis. Both Alamanda and BL had filed a Notice of
Appeal and pending a hearing date to be fixed;

   * The expected losses of RM279,056.55 would not have any
material operational impact and financial impact on the MBfH
Group;

   * Alamanda has instructed its solicitors to apply for Stay of
Execution.


REKAPACIFIC BERHAD: Nomination, Remuneration Committees Formed
--------------------------------------------------------------
The Board of RekaPacific Berhad announced the formation of the
Nomination and Remuneration Committees with effect from 19 July
2002. The composition entails:

Nomination Committee

a) Brig Gen. (B) Anim Bin Harun (Independent & Non-Executive
Director)
b) Datuk Dr. Ong Ah Soon (Independent & Non-Executive Director)
c) Mr. Lionel Koh Kok Peng (Non Independent & Non-Executive
Director)

Remuneration Committee

a) Brig Gen. (B) Anim Bin Harun (Independent & Non-Executive
Director)
b) Datuk Dr. Ong Ah Soon (Independent & Non-Executive Director)
c) Mr. Tan Gim Tuan (Executive Director)
d) Mr. Lionel Koh Kok Peng (Non Independent & Non-Executive
Director)

Profile

The Company has been granted a stay of the decision to de-list
its securities from the Official List of KLSE which had been
scheduled for 26 December 2001. The stay is pending disposal of
the application for judicial review of the decision to de-list.

Originally, the Company was in the business of manufacturing
steel wire products. From late 1984, it ventured into non-steel
businesses.

In December 1996, majority ownership of the Company changed
hands from the Berjaya Group to Linksun Avenue, and with this, a
rationalization exercise was undertaken where the Group divested
its property-based business and investment/ development
properties. New companies were acquired in 1996, changing the
Company's focus to strategic equity investments, real estate
investments, and other related investments and financial
services.

Subsequently, on 3 January 2000, Public Bank Bhd pursuant to
Section 218 of the Companies Act, 1965, served a Winding-up
Petition the Company. The petition was, however, withdrawn on 24
August 2000 to allow the Company to proceed with a financial
restructuring proposal.

Whether the Company can implement a restructuring scheme,
however, depends on the outcome of the judicial review against
the de-listing of its securities.


SISTEM TELEVISYEN: Breach of Contract Suit Rumor Untrue
-------------------------------------------------------
Sistem Televisyen Malaysia Berhad, in reference to the Query
Letter by KLSE reference ID: ZO-020718-43583 pertaining to July
18 The Sun article entitled, "TV3 Sued for Breach of Contract",
replied that till to-date the Company has not been served with
any Writ of Summons from Inmedia Services Sdn Bhd and
accordingly, the Company won't be able to comment until a copy
of the same is served for the Company to examine the nature of
the claim.

However, the Company appended the information and chronology of
events in relation to this matter:

   (1) TV3 issued a Letter of Intent dated 23 February 2001 to
Inmedia Services Sdn Bhd (Inmedia)

   (2) Letter of Intent was accepted by Inmedia vide their
letter dated 27 February 2001

   (3) By way of Letter dated 4 April 2001, TV3 informed Inmedia
that TV3 is unable to proceed with the said proposal contained
in the Letter of Intent

   (4) Letter of Demand dated 11 March 2002 was received by TV3
from Inmedia's solicitors, Messrs Kang & Kang claiming for costs
allegedly incurred by Inmedia

   (5) TV3's solicitors had replied by way of letter dated 8
April 2002 to Messrs Kang & Kang denying all claims made by
Inmedia.


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


BENPRES HOLDINGS: Not in Talks With SM Prime for Rockwell Sale
--------------------------------------------------------------
Benpres Holdings Corporation, the listed flagship of the Lopez
Group of Companies, said it is not in talks with the group of SM
Prime Holdings owner Henry Sy for the potential sale of Rockwell
Land Corp's Power Plant shopping mall.

However, Benpres reiterated to the exchange it may unload its
stake in Rockwell Land as part of its asset sale program.

Benpres said in June it would reschedule payments of US$596.9
million (30.9 billion pesos) in total debt to improve its
financial condition. The Company is also lining up various
assets for sale to raise funds to aid service debt.

Among the assets Benpres may sell are stakes in First Philippine
Infrastructure Development Corp, Sky Vision's Beyond Cable and
Rockwell Land.


NATIONAL BANK: Cuts Losses to $27.9M
------------------------------------
Philippine National Bank (PNB) managed to reduce losses to 1.4
billion pesos ($27.9 million) in the first half from 3.9 billion
pesos in the same period last year.

In a statement released Monday, PNB attributed its improved
result to the decrease in interest expenses and lower
administrative expenses.

For the past year, the bank trimmed its workforce, cut costs and
relocated domestic branches to more strategic but cost-efficient
locations.

PNB president Lorenzo V. Tan said the bank expects to reduce its
losses by almost half this year and return to profitability by
2006.


NATIONAL POWER: Resumes Monthly Fees Payment to Argentine Firm
--------------------------------------------------------------
The National Power Corp. (Napocor) started payment of the
controversial capital recovery fee to Argentine firm IMPSA Asia
Ltd., BusinessWorld reported.

"We have made some payments (yesterday). We have submitted the
preliminary results of the findings to (Energy) Secretary
(Vincent) Perez (Jr.) last Friday and he has given the go-signal
for us to pay the capital recovery fees," Napocor officer-in-
charge Roland S. Quilala said.

The payment came after an independent project audit on the
rehabilitation of the Caliraya-Botocan-Kalayaan (CBK) hydro
complex in Laguna (Southern Luzon) found no irregularities in
the implementation of the project.

Preliminary results of an independent project audit conducted by
Meritec Ltd., a consultant based in New Zealand, found basis for
the payment of the capital recovery fee to IMPSA, Quilala added.

Based on Napocor data, the state-owned power firm made an
initial payment to IMPSA amounting to over $4.57 million to
cover capital recovery fee from March 22 to May 25. The Company
also paid 19.68 million pesos (US$390,631) to cover for
operation and maintenance fees for the same period.

Under the contract, Napocor is bound to pay $2 million in
monthly capital recovery fees once the rehabilitation of the
Kalayaan 1 power plant is completed.


PHILIPPINE LONG: First Pac Seeks Holders' OK on Board Seat Rule
---------------------------------------------------------------
Hong Kong's First Pacific Co. is seeking for a shareholders'
review of the Philippine Long Distance Telephone Co.'s bylaws
preventing a competitor company from being elected to the Board
of the country's telecommunications giant.

First Pacific said the change in PLDT's bylaws was adopted in
March 2001 by PLDT's board but was never ratified by its
shareholders.

The provision in PLDT's bylaws is a major stumbling block to
First Pacific's plan to sell its 24.4 percent stake in PLDT to a
joint venture it will form with the group of local businessman
John Gokongwei, who will own two-thirds of the joint venture.
Gokongwei holds a major interest in Digital Telecommunications
Philippines Inc. through JG Summit Holdings Inc.

Aside from First Pacific, PLDT's other major shareholders
include NTT Communications Corp., a unit of Nippon Telegraph &
Telephone Corp. (NTT) of Japan, which owns a 15 percent stake in
the company.


PHILIPPINE LONG: SEC Questions Gokongwei's Discrepancy in MOA
-------------------------------------------------------------
Securities and Exchange Commission (SEC) Chairman Lilia R.
Bautista said the SEC would ask Chinese-Filipino tycoon John
Gokongwei Jr. to explain what could be perceived as a move to
mislead the corporate watchdog over the involvement of JG Summit
Holdings in a 925-million-dollar joint venture with Hong Kong-
based First Pacific Co. Ltd.

First Pacific is selling its entire 24.4 percent interest in
Philippine Long Distance Telephone Company (PLDT), as well as
the security interest and rights to 50.4 percent of Metro
Pacific/BLC to a new company to be established in the
Philippines to be owned two thirds by the Gokongwei group and
one-third by First Pacific.

The SEC's reaction stemmed from the discrepancy between the copy
of the MOA filed with the US Securities and Exchange Commission
and that submitted to the Philippine SEC last Friday.

Both copies showed that Gokongwei signed the MOA for and on
behalf of the "Gokongwei family and JG Summit Holdings Inc."
However, the SEC noted that in the copy it obtained, the words
"family and JG Summit Holdings Inc." were crossed out and
replaced by the words "Gokongwei group."

In SEC's copy, the commission added, references were made to "JG
group" all the time.

Bautista said it "didn't sound right that he had submitted to us
something different from that submitted to the US SEC. He should
have known better."

PLDT said Monday that contrary to earlier filings and statements
made by Gokongwei, the document showed that JG Summit Holdings
was clearly a party to the MOA and that Gokongwei personally
signed the MOA on behalf of both the Gokongwei group and JG
Summit Holdings.

Gokongwei lawyer Perry Pe said that the change in the document
to exclude JG Summit had been made at the last minute and that
the group "failed to correct the other copy because they were
rushing."


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


DBS GROUP: Philippine Unit to Turn Over Business to SB Equities
---------------------------------------------------------------
DBS Group Holdings Ltd's Philippine brokerage unit, DBS Vickers
Securities, officially announced Monday the transfer of its
securities business to SB Equities Inc., the stock brokerage
unit of Security Bank Corp., in line with its decision to shut
down its operations in the country by August 31.

"The closure of the business is based purely on commercial
reasons and was taken after due consideration. The financial
decision was made in the best interests of its shareholders,
clients and employees," DBS Vickers said.

DBS Vickers said it would stop taking orders from clients
starting July 29.

Headquartered in Singapore, DBS Vickers remains one of the
largest brokerage firms in the region, with offices in Hong
Kong, Thailand, Indonesia and Malaysia. It has institutional
sales offices in the USA and UK.


DBS GROUP: Posts 18% Slide in Net Profit
----------------------------------------
DBS Group Holdings Ltd., Southeast Asia's largest bank, posted
Monday a net profit of 253.4 million Singapore dollars (US$146.4
million) in the second quarter, down 18 percent from S$308
million a year earlier and down 8.8 percent from S$278 million
in the first quarter.

According to a Dow Jones Newswires report, higher provisions for
loan losses contributed to the decline, as well as the absence
of one-time gains similar to those in the first quarter.

For the six months ended June 30, DBS's net profit fell nearly
16 percent to S$531.4 million from S$629.5 million a year
earlier due to higher provisions for possible bad loans, as well
as higher costs and goodwill charges arising from the
acquisition of Dao Heng Bank in Hong Kong.

Provisions for possible bad loans stood at S$105 million in the
second quarter, up from S$95.8 million in the first quarter and
up significantly from S$8.8 million a year earlier. Provisions
for the first half totaled S$200.7 million, up from S$46.5
million a year ago.


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


HEMARAJ LAND: August 14 Bondholders Meeting Scheduled
-----------------------------------------------------
Hemaraj Land and Development Public Company Limited would
convene a bondholders meeting relating to US$60,000,000 3
Percent Convertible Bonds Due 2003 issued by the Company (of
which the nominal value of US$23,804,000 is outstanding)
(Meeting) on Wednesday 14th August, 2002 at 9:00 a.m. at 18th
Floor, UM Tower, 9 Ramkhamhaeng Road, Suanluang, Bangkok,
Thailand.

The purpose of the meeting is to ask bondholders to consider and
approve the redemption by the Company of all outstanding bonds
at 50 percent of the nominal value, of which the redemption will
take place on the 9th September, 2002.  

All outstanding claims under the bonds including all accrued
interest, any other monetary debt, etc. would be waived and
discharged.  The Meeting is to be held in accordance with the
resolution of the Board of Directors' Meeting No. 5/2002 held on
15th July, 2002.


PRIOR INDUSTRY: Files Business Reorganization Petition
------------------------------------------------------
The Petition for Business Reorganization of Prior Industry
Company Limited (DEBTOR) was filed to the Central Bankruptcy
Court:

   Black Case Number Phor. 19/2542

   Red Case Number Phor. 21/2542

Petitioner: Prior Industry Company Limited

Planner : I.L.B. Company Limited

Debts Owed to the Petitioning Creditor: Bt2,335,766,319.47

Date of Court Acceptance of the Petition: November 18,1999

On December 30, 1999, the Central Bankruptcy Court issued an
order accepting the reorganization plan of the debtor pursuant
to Section 90/58 paragraph 1 of the Bankruptcy Act B.E. 2483

Set date for the creditors' meeting: January 21, 2000

Set date for the second creditors' meeting: February 17, 2000 at
9.30 AM

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: March 28, 2000

Deadline for creditors to submit Applications for Payment in
Business Reorganization: April 28, 2000

Deadline to object to any Application for Payment in Business
Reorganization: May 12, 2000

Number of creditors filing Applications for Debt Repayment: 432

Amount of debts: Bt4,142,239,394.27

Deadline for the Planner to submit the Plan to the Official
receiver: August 28, 2000

Appointment date for Creditors' meeting to consider the Plan:
September 11, 2000 at 9.30 am. 2nd Main Conference Room,
Srinakorn Bank (Headquarter)

Creditors' meeting accepted the Business Reorganization Plan:
September 11, 2000

Court Postponed the date of considering the Business
Reorganization Plan: October 31, at 13.30 pm.

Court issued an order not accepted the Reorganization Plan:
October 31, 2000

Announcement of Court Order for not accepted the Reorganization
Plan in Matichon Public Company Limited and Siam Rath Company
Limited: November 14, 2000

Announcement of Court Order for not accepted the Reorganization
Plan in Government Gazette: December 7, 2000

Contact: Mr. Songthom or Ms. Pataree, Tel, 6792514


SINO-THAI: June Secured Contracts Amounts Bt344M
------------------------------------------------
Sino-Thai Engineering & Construction Public Company Limited
(STECON) informed that in the month of June 2002 the Company
signed 4 contracts with total contract value of Bt344 million.
The details of the contracts are:

1) Construction of Highway No. 304 Minburi - Chachengsao Inbound
Route.
        - Project Owner: Department of Highway
        - Signing Date : 25 June 2002
        - Total Contract Value : Bt167,633,690 (VAT Included)

2) Additional work for the construction of Polycarbonate plant
in the area of installation and erection of piping system, air
ventilation and water system.
        - Project Owner : Mitsubishi Kakoki Kaisha, Ltd.
        - Signing Date : 19 June 2002
        - Additional Contract Value : Bt109,170,000 (VAT
Included)
        - Total Contract Value : Bt245,030,000 (VAT included)

3) Construction of Chachengsao Reservoir (2nd Stage).
        - Project Owner: Eastern Water Resources Developmemt and
Management PLC.
        - Signing Date : 17 June 2002
        - Total Contract Value : Bt53,376,497.34 (VAT Included)

4) Additional work for the construction of Polyester plant in
the area of equipment erection.
        - Project Owner: Thai Polyester Company Limited.
        - Signing Date : 3 June 2002
        - Additional Contract Value : Bt14,000,000 (VAT
Included)
        - Total Contract Value : Bt562,331,888 (VAT included)

On May 15, TCR-AP reported HTR Company Limited, an 80.90%
owned subsidiary of STECON, has received a financial support
from a related person, Perpetual Prosperity Company Limited.
Perpetual Prosperity has given a clean loan in the amount of
Bt50,000,000 to HTR Company Limited to repay and release
mortgage from Ekachart Finance Public Company Limited with the
same interest rate and repayment term.


SRITHAI SUPERWARE: Releases Rehab Plan Completion Report
--------------------------------------------------------
Srithai Superware Public Company Limited furnished additional
information of EGM on topic no. 4 as:

  * Appointment of an additional Director, and
  * Acknowledge completion of the Rehabilitation Plan of the
Company. Attached below is the completion report:

Completion Report of Rehabilitation Plan
                       Srithai Superware Pcl.

After the Southern Bangkok Civil Court ordered Srithai Superware
Pcl. (Srithai) to be put under Rehabilitation Process on May 28,
1999, and later approved the Rehabilitation Plan (the Plan) on
December 30, 1999, the Company was managed by the Plan
Administrator who took care of business administration and
assets management as specified in the Plan.

The Plan has specified essential aspects as:

"The implementation of the Plan will be completed when floating-
rate notes has been issued, and debt-equity swap completed.
Other tasks in the Plan such as repayment of the floating-rate
notes, end of silence period, and sales of non-core assets will
be implemented later."

Srithai has then completed the essential Plan details:

1. Conversion of US$84.2 million debt to floating-rate notes.

Srithai had converted affected debt of US$84.2 million,
comprising of foreign creditors' claim of US$84.2 million, into
floating-rate notes(FRNs).The FRNs were redeemable in 5 years
after date of conversion.  Implementation of this process  
detailed as following:

   1.1 Issuance of floating-rate notes
   
Srithai had converted a part of affected debt into secured
floating-rate notes.  The FRN was issued by Srithai to affected
creditors on 28 April 2000 for the amount of US$84.2 million.  
The FRN will be due in 2005.  Interest was serviced on quarterly
basis.

   1.2 Registration of Mortgage and Pledge of Assets to
Collateralize the Floating-rate Notes.

Srithai had mortgaged land and buildings, and machines. Also
Shares held by Srithai and the newly incorporated asset company,
Srithai Rungruengsaap (1999) Co., Ltd., was pledged as
collateral for the holders of the FRN as required by the terms
and conditions of the notes.

   1.3 Repayments to the Note-holders

Srithai had serviced interest charges of the FRN every quarter
as required by the Trust Deed, also principal amount of the FRN
were redeemed as per schedule in the Trust Deed.  Besides,
prepayments were also made.  Details are as following:

1st time  US$10.000 million in July 2000 (prepayment)
2nd time  US$1.250 million in October 2000 (repayment)
3rd time  US$3.368 million in January 2001 (prepayment)
4th time  US$1.250 million in April 2001 (repayment)
5th time  US$1.500 million in October 2001 (repayment)
6th time  US$1.500 million in April 2002 (repayment)
7th time  US$0.500 million in April 2002 (prepayment)
Total     US$19.368 million

In summary, there were repayments of US$5.500 million and
prepayments of US$13.868 million.  Total payments were US$19.368
million.  As a result, the outstanding balance of the FRN
dropped to US$64.832 million.

2. The Debt/Equity Conversion of Affected Debt, net of the
amount of FRNs conversion,  into ordinary shares issued by
Srithai.

Prior to the implementation of rehabilitation plan, total number
of issued shares of Srithai was 40 million shares at par Bt10
each. After the Meeting of Creditors voted for the Plan, and the
Court approved the Plan, Srithai had converted the balance of
affected debt, net of  FRN conversion, to equity.

Srithai had issued new 245.7 million shares at Bt10 par value on
28 April 2000. Registered capital of Srithai was increased from
Bt400 million to Bt2,857.1 million.

Srithai had restructured its assets to that its operation
results would be more efficient and more systematic.  The
corporate restructure was implemented according to the Plan. On
25 February 2000, Srithai Rungruengsaap (1999) Co., Ltd. was
established to hold parts of assets of Srithai.  Share capital
of the new company was Bt100,000 with par value Bt10 per share.

After Srithai had completed implementation of the essential
aspects of the Plan, a petition was submitted to Southern
Bangkok Civil Court to release Srithai from the rehabilitation
process. The Court was satisfied that implementation of the Plan
was successful, therefore Order for release of Srithai from the
Plan was made on July 15 2002, by virtue of Section 90/70 of the
Bankruptcy Act B.E. 2483.


SUN TECH: Informs Court of Plan Implementation Extension      
--------------------------------------------------------
Srisongkram Planner Company Limited, the Plan Administrator of
Sun Tech Group Public Company Limited, in reference to the
Central Bankruptcy Court's approval to the Company's Business
Reorganization Plan (the Plan) on May 3,2001, reported the
progress of the Plan:

   * On June 28, 2002, the Steering committee had a resolution
as specified in clause 11.1 of the Plan, to extend the
implementation of the Plan in case of the condition precedence,
from June 30, 2002 to December 31, 2002.

   * On July 18, 2002, the Plan Administrator has informed the
Central Bankruptcy Court about the said resolution.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

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

                 *** End of Transmission ***