TCRAP_Public/020729.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Monday, July 29, 2002, Vol. 5, No. 148

                         Headlines

A U S T R A L I A

CITIPOWER TRUST: S&P Places `BBB+' On CreditWatch Positive
EARTH SANCTUARIES: Issues Change of Director`s Interest Notice
FOREST PLACE: Receives Interim Asset Valuation Report
FOREST PLACE: Bank Completes Loan Facilities Review
IWL LIMITED: Posts Notice of Director`s Interest

NEWCREST MINING: FMR Corp Ups Shares to 6.12%
SOFTWARE COMM: Releases Commitments Test Entity Q4 Report
TUART RESOURCES: Suspended From Official Quotation


C H I N A   &   H O N G  K O N G

ANEX INTERNATIONAL: Turns On Power to Narrow Losses
DICKSON GROUP: Operations Loss Swells to HK$30,466M
GOLDEN MOON: Hearing of Winding Up Petition Set
ORIENT RESOURCES: Net Loss Widens Net Loss to HK$25,694M
PHOON LEE: Faces Winding Up Petition

PROFIT KING: Winding Up Petition Hearing Set
UP RIGHT: Winding Up Petition Slated for Hearing
SINO CONCERN: Winding Up Petition to be Heard


I N D O N E S I A

ASIA PULP: IBRA Asks US$100M Escrow Account Deposit by July-End
BAKRIE FINANCE: Bondholder Requests for Debt Settlement Plan
BANK NIAGA: Foreign Investors Eye 51% Stake Sale Next Month


J A P A N

FUJI ELECTRIC: Widens Net Loss to Y8.11B
HITACHI LTD: Integrates Semiconductor Manufacturing Firms
HITACHI LTD: Names New Telecommunications Company
KANSAI ELECTRIC: JCR Assigns AAA Rating
NEC CORP: Names Semiconductor Firm; Reorganization Continues

NEC CORP: Offers Early Retirement Scheme
NTT DOCOMO: Signs MOU With AT&T to Showcase US 3G Service
SNOW BRAND: Former Executives Plead Not Guilty in Beef Scandal
SUIDO KIKO: JCR Downgrades Rating to BB+
WORLDCOM INC: MTFG Credit Losses Likely


K O R E A

DAEWOO MOTOR: Buying Overseas Rights to "Daewoo" Brand for W35B
DAEWOO SECURITIES: KDB Acquires Hungarian Unit
HYNIX SEMICONDUCTOR: Repay W26.4B Matured Bonds to KDB


M A L A Y S I A

BRITISH AMERICAN: Strikes Off Non-Operating Subsidiaries
CHASE PERDANA: Court Grants Conditional Stay of Execution
CHASE PERDANA: Winding Up Petition Hearing Set on Aug 2
MBF HOLDINGS: Winding Up Petition Notice of Discontinuance Filed
NCK CORPORATION: RA Time Extension Application Rejected

PANCARAN IKRAB: KLSE Rejects Scheme RA Time Extension Request
PROJEK LINTASAN: RAM Reaffirms P3 Rating on RM60M RUF
SELOGA HOLDINGS: Seeks Further Regularization Time Extension
SENG HUP: Invites Participation in Tender
SENG HUP: Provides Defaulted Payment Status Update

TECHNOLOGY RESOURCES: Appoints Group Chief Executive Officer
TIME DOTCOM: Unit Provides Maintenance, Support Services


P H I L I P P I N E S

BENPRES HOLDINGS: Clarifies Rockwell Mall Sale Issue
GLASGOW CREDIT: SEC Orders Permanent Closure
NATIONAL BANK: SEC Approves Quasi Reorganization
PHILIPPINE LONG: Clarifies JBIC Loan Approval Report
PHILIPPINE LONG: Launches US$130M Term Loan Facility

UNITRUST DEVELOPMENT: PBCom Clarifies Bid Report


S I N G A P O R E

ASIA PULP: Reschedules Court Hearing to August 14
CHARTERED SEMICONDUCTOR: In Talks to Sell Oldest Wafer Plant
NATSTEEL LTD: Unit Forms Joint Venture Firm With CS
SEMBCORP LOGISTICS: Posts Notice of Shareholder's Interest


T H A I L A N D

EASTERN PRINTING: Files Business Reorganization in Court
NATURAL PARK: Share Registration Closing Date August 7
SINO-THAI: Posts Meeting No. 2/2002 Resolutions

     -  -  -  -  -  -  -  -

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


CITIPOWER TRUST: S&P Places `BBB+' On CreditWatch Positive
----------------------------------------------------------
Standard & Poor's placed last week its `BBB+' long-term rating
on The CitiPower Trust (CitiPower) on CreditWatch with positive
implications following the announcement that CitiPower was sold
to Cheung Kong Infrastructure Holdings Ltd. (A-/Stable/-) and
Hong Kong Electric Holdings Ltd. (A+/Stable/-). The `BBB+' long-
term rating on the guaranteed bank loan issued through CitiPower
I Pty. Ltd. will be withdrawn as it will be repaid on financial
close of the sale. The placement on CreditWatch reflects
Standard & Poor's expectation that the credit ratings on
CitiPower are likely to be raised or affirmed. Standard & Poor's
will be meeting with the new owners and expects to resolve the
CreditWatch within a month.

The `AAA' long-term credit rating assigned to the A$400 million
notes issued through CitiPower I Pty. Ltd. reflects the rating
of Ambac Assurance Corp. (AAA/Stable/-) as guarantor. These
notes will not be subject to the rating action as they will be
assumed by the new owners under the existing guarantee.

"The detail surrounding the new capital structure will determine
the impact on CitiPower's long-term and short-term ratings,"
said Colin Atkin, associate director, Corporate & Infrastructure
Finance Ratings. "Although CitiPower has been acquired by more
highly rated parents, the extent to which CitiPower's creditors
can rely on the new owners, and the final capital structure of
the local business, will determine the final rating outcome."

The ratings on CitiPower reflect its natural monopoly position
as a provider of electricity distribution services to
Melbourne's central business district, the transparent and
supportive regulatory environment underpinning these activities,
and its strong incumbent service area. Under the new ownership
structure, the energy retailing exposure will no longer affect
the business profile as the retail activities have been onsold
to Origin Energy Ltd. (BBB+/Stable/A-2).


EARTH SANCTUARIES: Issues Change of Director`s Interest Notice
--------------------------------------------------------------
Earth Sanctuaries Limited posted this notice:

CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company          Earth Sanctuaries Limited

   ABN                      80 008 164 903

We (the entity) give the ASX the following information under
listing rule 3.19A.2 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         Richard Vincent Ryan

   Date of last notice      09/10/2001

Part 1 - Change of director's relevant interests in securities

Direct or indirect interest        Indirect

Nature of indirect interest
(including registered holder)      Heraldic Nominees Pty Ltd
                                   (RVR Super Fund A/C)

Date of change                     26/02/2002

No. of securities held prior
to change                          5,000

Class                              Ordinary fully paid
                                   shares

Number Acquired                    6,000

Number disposed                    Nil

Value/consideration                $3000

No. of securities held after
change                             11,000

Nature of change                   Participation in Share
                                   Purchase Plan

Part 2 - Change of director's relevant interests in contracts

Detail of contract                      -

Nature of direct interest               -

Name of registered holder
(if issued securities)                  -

Date of change                          -

No. and class of securities to which
interest related prior to change        -

Interest Acquired                       -

Interest disposed                       -

Value/consideration                     -

Interest after change                   -

TCR-AP reported last week that Earth Sanctuaries completed
the sale of four sanctuaries; Scotia, Yookamurra, Buckaringa and
Dakalanta to the Australian Wildlife Conservancy and the sale of
Blue Mountains Sanctuary to a company associated with former
Chairman, Dr Don Stammer. Both sales were approved by
shareholders at a General Meeting  held on 4 July 2002.


FOREST PLACE: Receives Interim Asset Valuation Report
-----------------------------------------------------
Forest Place Group Limited, as previously advised on 13 March
2002, commissioned an independent firm of actuaries, Tillinghast
Towers-Perrin, to value the future cash flows from the sale of
leases which support the carrying value of the Group's major
assets, its retirement villages.

While a final Valuation Report has not yet been issued, the
Directors did receive a draft report on Wednesday. The valuation
numbers contained in the draft Report do not support the current
carrying value of the Group's retirement village assets.

The valuation was performed on data as at 31 March 2002. The
carrying value of retirement village assets in the consolidated
accounts of Forest Place Group Limited at 31 March 2002 was
$79,200,000. The draft valuation results are in the range of
$59,900,000 to $67,600,000.

The Directors are awaiting the final Valuation Report and will
then consider an appropriate write-down for the assets' carrying
value. As there is no Asset Revaluation Reserve, any write-down
will be recorded in the Statement of Financial Performance and
Forest Place will therefore report a significant loss for the
year ended 30 June 2002.

The main causes for the devaluation of the retirement village
assets appear to be changes in state and federal government
legislation.

From 1 July 2000, a new state Retirement Villages Act was
introduced. This new Act established a Capital Replacement Fund,
for the replacement of aging assets within a retirement village.
The Act transferred the obligation for this Fund from the
residents to the operator. Forest Place altered its exit fee
arrangement to compensate for this change, but the revised exit
fee did not gain market acceptance and sales of units fell. As a
result, stock levels increased, particularly at the Group's
largest village, Forest Place-Durack, which led to stagnant
lease prices.

The Group altered its exit fees in March 2002 to a more "market
Friendly" pricing model. Since that time there has been an
improvement in sales and rise in inquiries at all Forest Place
villages.

The valuation has been performed with the operator (the Forest
Place Group), bearing the full cost of the Capital Replacement
Fund.

At a federal level, the introduction of the Goods and Services
Tax from 1 July 2000 has also had an impact on the valuation. As
the industry is input taxed, there has been an increase in costs
without the ability, given market conditions, to pass on an
equivalent increase in lease prices.

Once a final Valuation Report is issued, and the Directors have
had an opportunity to review it in detail and consider its
findings, the precise amount to be written-down can be
determined.


FOREST PLACE: Bank Completes Loan Facilities Review
---------------------------------------------------
Forest Place Group Limited advised the market that its Bankers
have completed their review of the Forest Place loan facilities
and the Group received on Wednesday a letter setting out the
position going forward. While existing facilities have been
confirmed, the bank has declined to provide further funding for
development or for the holding of stock.

Forest Place is currently in the process of seeking other
sources of funding that are more suitable to the nature of the
business, with its deferred cash flows.

The Group is working to obtain funding to enable new stock to be
developed by January 2003. However, the current lack of new
self-contained unit stock at Forest Place - Albany Creek has the
effect of deferring sales and so will have an adverse impact on
the Group's profitability in the 2002/2003 financial year. This
deferral of sales has been factored into the 2002/2003 budget,
which forecasts a profit in excess of $3,500,000.

SALE OF LAND

Forest Place presently owns 5.8 hectares of land in Carina and
has Option Agreements to purchase a further 2.4 hectares. This
land was acquired for the purpose of developing a retirement
village. Given the Bank's reluctance to fund development and the
Group's current strategy to reduce bank debt levels, the
Directors resolved to dispose of this land providing an
acceptable price could be achieved.

Following the receipt of expressions of interest from several
potential purchasers, the Group entered into a contract for the
sale of the land with settlement scheduled to take place on 16
August 2002. Sales proceeds, of $6,290,000, will primarily be
applied to retire debt. Forest Place will record a profit of
approximately $750,000 on the sale of this land in the 2002/2003
financial year.


IWL LIMITED: Posts Notice of Director`s Interest
------------------------------------------------
IWL Limited posted this notice:

CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company          IWL Limited

   ABN                      53 078 119 212

We (the entity) give the ASX the following information under
listing rule 3.19A.2 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         Otto Buttula

   Date of last notice      24/12/2001

Part 1 - Change of director's relevant interests in securities

Direct or indirect interest             Indirect

Nature of indirect interest
(including registered holder)      Otto Buttula, has an
                                   interest in shares in IWL
                                   Ltd by virtue of his interest
                                   in Webinvest Pty Ltd

Date of change                     22/07/2002

No. of securities held prior
to change                          54,553,988

Class                              Ordinary

Number Acquired                    -

Number disposed                    818,491

Value/consideration                $212,807.66

No. of securities held after
change                             53,375,497

Nature of change                   Off market trade

Part 2 - Change of director's relevant interests in contracts

Detail of contract                      -

Nature of direct interest               -

Name of registered holder
(if issued securities)                  -

Date of change                          -

No. and class of securities to which
interest related prior to change        -

Interest Acquired                       -

Interest disposed                       -

Value/consideration                     -

Interest after change                   -

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


NEWCREST MINING: FMR Corp Ups Shares to 6.12%
---------------------------------------------
FMR Corp increased its relevant interest in Newcrest Mining
Limited on 22 July 2002, from 14,309,302 ordinary shares (5.03
percent) to 17,500,000 ordinary shares (6.12 percent).

Wrights Investors' Service reports that at the end of 2001,
Newcrest Mining had negative working capital, as current
liabilities were A$257.10 million while total current assets
were only A$181.14 million.


SOFTWARE COMM: Releases Commitments Test Entity Q4 Report
---------------------------------------------------------
Software Communication Group Limited posted its fourth quarter
report for entities on basis of commitments:

               QUARTERLY REPORT FOR ENTITIES
                  ON BASIS OF COMMITMENTS

Name of entity
Software Communication Group Limited

ACN or ARBN                Quarter ended (current quarter)
087 482 602                30/06/2002

CONSOLIDATED STATEMENT OF CASH FLOWS

Cash flows related to                   Current   Year to date
operating activities                    Quarter   (12 months)
                                        AUD'000      AUD'000

1.1  Receipts from customers            503        2,749
1.2  Payments for
       (a) staff costs                  (959)      (4,127)
       (b) advertising & marketing      (23)         (49)
       (c) research & development       -            -
       (d) leased assets                (28)        (110)
       (e) other working capital        (591)      (2,251)
1.3  Dividends received                 -            -
1.4  Interest and other items of
     a similar nature received          111          498
1.5  Interest and other costs of
     finance paid                       -          (1)
1.6  Income taxes paid                  -          (2)
1.7  Other (provide details if material) -            -

1.8  Net Operating Cash Flows           (987)      (3,293)

Cash flows related to investing activities
1.9  Payment for acquisition of:
       (a) businesses (item 5)          -        (207)
       (b) equity investments           -            -
       (c) intellectual property        -            -
       (d) physical non-current assets  -         (20)
       (e) other non-current assets     -          (9)
1.10  Proceeds from disposal of:
       (a) businesses                   -            -
       (b) equity investments           -            -
       (c) intellectual property        -            -
       (d) physical non-current assets  -            -
       (e) other non-current assets     -            -
1.11 Loans to other entities            -            -
1.12 Loans repaid by other entities     -            -
1.13 Other (provide details if material) -            -

     Net investing cash flows            -        (236)

1.14 Total operating and
     investing cash flows                (987)      (3,529)

Cash flows related to financing activities
1.15 Proceeds from issues of
     shares, options, etc.               -            -
1.16 Proceeds from sale of
     forfeited shares                    -            -
1.17 Proceeds from borrowings            -            -
1.18 Repayment of borrowings             -            -
1.19 Dividends paid                      -            -
1.20 Other (provide details if material) - Share issue expenses
-         (80)

     Net financing cash flows           -         (80)

     Net increase (decrease) in cash held  (987)      (3,609)

1.21 Cash at beginning of quarter/
     year to date                          10,242       12,864

1.22 Exchange rate adjustments to item 1.20  -            -

1.23 Cash at end of quarter                  9,255        9,255

PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE
DIRECTORS PAYMENTS TO RELATED ENTITIES AND ASSOCIATES OF THE
RELATED ENTITIES

                                              Current Quarter
                                                  AUD'000
1.24 Aggregate amount of payments to
     the parties included in item 1.2               70

1.25 Aggregate amount of loans to the
     parties included in item 1.11                  -

1.26 Explanation necessary for an understanding
     of the transactions

Item 1.24 comprises Directors remuneration, both executive and
non-executive.

NON-CASH FINANCING AND INVESTING ACTIVITIES

2.1  Details of financing and investing transactions which have
had a material effect on consolidated assets and liabilities but
did not involve cash flows

None

2.2  Details of outlays made by other entities to establish or
increase their share in businesses in which the reporting entity
has an interest

None

FINANCING FACILITIES AVAILABLE
Add notes as necessary for an understanding of the position.

                                          Amount       Amount
                                        available       used
                                          AUD'000      AUD'000

3.1  Loan facilities                         -            -
3.2  Credit standby arrangements             -            -

RECONCILIATION OF CASH

Reconciliation of cash at the end      Current     Previous
of the quarter (as shown in the        quarter      quarter
consolidated statement of cash flows)  AUD'000      AUD'000
to the related items in the accounts
is as follows.

4.1  Cash on hand and at bank          161          161
4.2  Deposits at call                  9,094        9,094
4.3  Bank overdraft                    -            -
4.4  Other (provide details)           -            -

Total: cash at end of quarter (item 1.22)   9,255        9,255

ACQUISITIONS AND DISPOSALS OF BUSINESS ENTITIES

                               Acquisitions        Disposals
                               (item 1.9(a))      (Item 1.10(a))

5.1 Name of entity               -                 -

5.2 Place of incorporation
    or registration              -                 -

5.3 Consideration for
    acquisition or disposal      -                 -

5.4 Total net assets             -                 -

5.5 Nature of business           -                 -

According to TCR-AP on Monday, Software Communication Group
Limited (Sofcom) informed that on 26 June 2002 at a Sofcom Board
meeting, the Board resolved that as a result of Robert Petty and
Michael Neistat's Board appointment, it will not file an
application to wind up the Company.


TUART RESOURCES: Suspended From Official Quotation
--------------------------------------------------
The securities of Tuart Resources Limited will be suspended from
quotation immediately, at the Company's request, pending the
release of an announcement.

Below is General Manager Frank Ashe's letter requesting
suspension, issued 25 July 2002:

"In reference to the current trading halt status of our
securities, we wish to advise that we are waiting for
information that is to be the subject of an announcement we
intend releasing. In the event that we do not receive this
information by the commencement of trading on Friday, and are
unable to make an announcement, in accordance with listing rule
17.2, we request suspension for all Tuart Resources Ltd
securities.

"We advise that as soon as the information is available we will
make the announcement and then request for the suspension status
to be lifted from all securities.

"No director or executive officer of Tuart is aware of any
reason to affect the granting of this suspension request.

"If you have any queries please contact either Martin Bennett or
myself."


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


ANEX INTERNATIONAL: Turns On Power to Narrow Losses
---------------------------------------------------
Electrical appliances maker Anex International Holdings reported
a net loss of HK$15.8 million for the year ended March 31, a
reduction from the previous loss of HK$23.7 million, the
Standard reported Friday.

Annex registered a 3.7% rise in turnover to HK$212.7 million and
posted a HK$13.3 million loss from operations, compared with a
HK$13.1 million loss a year ago.

The net loss for the year ended March 31 was smaller than a year
ago partially due to a HK$468,000 profit shared with associates.
For the year ended March 31, 2001, Anex shared a loss of HK$7.1
million with its associated companies.  Loss per share was
reduced from 5.5 cents for the financial year ended March 31,
2001, to 3.4 cents for the fiscal year ended March 31, 2002.

The Company did not recommend a final dividend.  There was no
dividend the previous year.


DICKSON GROUP: Operations Loss Swells to HK$30,466M
---------------------------------------------------
Dickson Group Holdings Limited announced on 23 July 2002:

(stock code: 313)
Year end date: 31/3/2002
Currency: HK Dollars
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                            : 374,236          1,066,304
Profit/(Loss) from Operations       : (30,466)         (634)
Finance cost                        : (1,881)          (1,766)
Share of Profit/(Loss) of Associates: (20,283)         (1,927)
Share of Profit/(Loss) of
  Jointly Controlled Entities       : (936)            692
Profit/(Loss) after Tax & MI        : (49,708)         (5,598)
% Change over Last Period           : N/A
EPS/(LPS)-Basic                     : (10.3 cents)   (1.2 cents)
         -Diluted                   : N/A              N/A
Extraordinary (ETD) Gain/(Loss)     : -                -
Profit/(Loss) after ETD Items       : (49,708)         (5,598)
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     : 20/8/2002 to
22/8/2002 bdi.
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : -

Remarks:

1. Segment Information

        The Group's turnover and contribution to operating
results for the year ended March 31, 2002, analyzed by principal
activity and by geographical market, are:
For the year ended March 31, 2002
    Construction
    and             Manufacturing
    maintenance     and
    work            trading         Others          Consolidated
    HK$'000         HK$'000         HK$'000         HK$'000
TURNOVER
External sales
        338,670         34,232          1,334           374,236
        =======         ======          =====           ========
RESULT
Segment results
        (17,832)        (9,434)         (2,334)         (29,600)
        =======         ======          =======
Unallocated other revenue                               10,095
Unallocated corporate expenses                          (10,961)
                                                       ---------
Loss from operations                                    (30,466)
                                                       ========
For the year ended March 31, 2001
        Construction
        and             Manufacturing
        maintenance     and
        work            trading         Others
Consolidated
        HK$'000         HK$'000         HK$'000         HK$'000
TURNOVER
External sales
       1,011,289       53,170          1,845           1,066,304
       =========       ======          ======          =========
RESULT
Segment results
        9,022           (990)           (828)           7,204
        ======          ======          ======
Unallocated other revenue                               6,770
Unallocated corporate expenses                          (14,608)
                                                       ---------
Loss from operations                                    (634)
                                                       ======

2. Loss per share

The calculation of the basic loss per share is based on the loss
attributable to shareholders for the year of HK$49,708,000
(2001: HK$5,598,000) and on the 482,762,000 (2001: weighted
average of approximately 482,761,000) shares in issue during the
year.

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

3. Comparative Amounts

Certain comparative amounts have been reclassified to conform
with the current years' presentation.


GOLDEN MOON: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up Golden Moon Industrial Limited is
scheduled to be heard before the High Court of Hong Kong on
August 14, 2002 at 9:30 am.

The petition was filed with the court on May 24, 2002 by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.


ORIENT RESOURCES: Net Loss Widens Net Loss to HK$25,694M
--------------------------------------------------------
Orient Resources Group Company Limited posted its results
announcement summary:

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                             : 151,537          190,644
Profit/(Loss) from Operations        : (21,432)         (11,448)
Finance cost                         : (2,762)          (4,217)
Share of Profit/(Loss) of Associates : (1,252)          2
Share of Profit/(Loss) of
  Jointly Controlled Entities        : -                -
Profit/(Loss) after Tax & MI         : (25,694)         (14,692)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : (2.81 cents)     (1.82
cents)
         -Diluted                    : -                -
Extraordinary (ETD) Gain/(Loss)      : -                -
Profit/(Loss) after ETD Items        : (25,694)         (14,692)
Final Dividend per Share             : NIL              NIL
(Specify if with other options)      : -                -
B/C Dates for Final Dividend         : -
Payable Date                         : -
B/C Dates for Annual General Meeting : 17/8/2002-23/8/2002 bdi.
Other Distribution for Current Period: -
B/C Dates for Other Distribution     : -

Remark:

BASIS LOSS PER SHARE

The calculation of the basic loss per share is based on the net
loss for the year of approximately HK$25,694,000 (2001:
HK$14,692,000) and on the weighted average of 914,594,604 (2001:
808,297,895) shares in issue during the year after adjusting for
the effect of the rights issue of shares by the Company.


PHOON LEE: Faces Winding Up Petition
------------------------------------
The petition to wind up Phoon Lee Piling Company 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 May 27, 2002
by Chow Chung Kan of Room 1729, 17th Floor, Wo Ping House, Li
Cheng Uk Estate, Kowloon, Hong Kong.


PROFIT KING: Winding Up Petition Hearing Set
--------------------------------------------
The petition to wind up Profit King (China) Limited is scheduled
to be heard before the High Court of Hong Kong on August 28,
2002 at 9:30 am.

The petition was filed with the court on June 4, 2002 by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.


UP RIGHT: Winding Up Petition Slated for Hearing
------------------------------------------------
The petition to wind up Up Right Engineering 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 23, 2002 by Caltex
Oil Hong Kong Limited whose registered office is situated at
42nd Floor, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.


SINO CONCERN: Winding Up Petition to be Heard
---------------------------------------------
The petition to wind up Sino Concern Development Limited is
scheduled for hearing before the High Court of Hong Kong on
September 4, 2002 at 9:30 am.

The petition was filed with the court on June 10, 2002 by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14th Floor, Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.


STARLIGHT INT'L: Incurs Net Loss After Tax of HK$39,832M
--------------------------------------------------------
Starlight International Holdings Limited posted its interim
financial report with 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
                                 ('000)           ('000)
Turnover                            : 932,781          1,325,555
Profit/(Loss) from Operations       : (29,316)         (37,499)
Finance cost                        : (9,066)          (13,909)
Share of Profit/(Loss) of Associates: (1,495)          (700)
Share of Profit/(Loss) of
  Jointly Controlled Entities       : -                -
Profit/(Loss) after Tax & MI        : (39,832)         (52,803)
% Change over Last Period           : N/A
EPS/(LPS)-Basic                     : (1.5 cents)    (2.0 cents)
         -Diluted                   : N/A              N/A
Extraordinary (ETD) Gain/(Loss)          : -                -
Profit/(Loss) after ETD Items            : (39,832)
(52,803)
Final Dividend per Share                 : NIL              NIL
(Specify if with other options)          : NIL              NIL
B/C Dates for Final Dividend             : NIL
Payable Date                             : NIL
B/C Dates for (-) General Meeting        : NIL
Other Distribution for Current Period    : NIL
B/C Dates for Other Distribution         : NIL

Remark:

LOSS PER SHARE

The calculation of the basic and diluted loss per share is
computed based on the following data:

                              31.03.2002       31.03.2001
Loss:
Net loss for the year and loss for
  the purpose of basic loss per share   39,832,302  52,803,421
              =================================
Number of shares:
Weighted average number of shares for
the purpose of basic loss per share 2,694,951,228 2,615,920,357

No diluted loss per share was presented as the effect of the
potential option shares outstanding during the year was anti-
dilutive.


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


ASIA PULP: IBRA Asks US$100M Escrow Account Deposit by July-End
---------------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has requested
Asia Pulp & Paper Co Ltd (APP) to deposit US$100 million in an
escrow account by the end of July, AFX-Asia reports, citing IBRA
Deputy Chairman of Asset Management Credit Mohammad Syahrial.

According to Syahrial, IBRA also requested APP to pay US30
million monthly to cover its debt obligations.

The request was sent to the Eka Tjipa Widjaja family of Sinar
Mas group on July 19 and IBRA has yet to receive a response from
the family.


BAKRIE FINANCE: Bondholder Requests for Debt Settlement Plan
------------------------------------------------------------
Gatut Subadio, the head of bondholders of Bakrie Finance
PT Bakrie Finance Corporation, has asked the company to design
the debt settlement plan on September 2002 as the company has
failed to pay the principal debt of Rp200 billion plus the
twentieth interest, which matured on July 23, 2002, Bisnis
Indonesia reports.

Gatut Subadio said his side was going to "send a letter to the
management and corporate lawyers for the clarification of the
payment and its settlement process that was being postponed."

He added that the company must issue the composition of debt
settlement in September 2002.

Bakrie Finance defaulted when it did not settle the 4th to 11th
bond coupon in 2001.


BANK NIAGA: Foreign Investors Eye 51% Stake Sale Next Month
-----------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) said three
foreign investors were ready to participate in the strategic
sale of 51% Bank Niaga stake scheduled to open next week until
September, Bisnis Indonesia reports, quoting IBRA Deputy
Chairman for Bank Restructuring Affairs I Nyoman Sender.

"There have been three foreign investors, all are new ones.
These investors come directly to sound for buying Bank Niaga,"
Nyoman Sender said, adding that the sale process plan had been
at agency's executive committee level.

IBRA planned to shorten the process, but stick to the same
procedures as that of first sale that had been cancelled for a
short time.

According to him, in the process financial due diligence would
not be applied. IBRA would only show brief prospectus of Bank
Niaga for stake appraisal. "Investors need not undergo due
diligence because the time was limited, it should end on mid-
September."

As of last week, the sold out Bank Niaga stake has earned Rp3
billion in funds. The outcome was very poor compared to planned
20% of total stake at stock market.

Bank Niaga has been injected Rp9.48 trillion fund at the time of
1999 recapitalization. The government bond fund has permanent
interest, and currently there have been efforts to change it
with floating interest bond.


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


FUJI ELECTRIC: Widens Net Loss to Y8.11B
----------------------------------------
Fuji Electric Co posted a group net loss of 8.11 billion yen in
the April-June first quarter versus a net loss of 5.76 billion
yen a year earlier, Kyodo News said Friday.

Group sales of the Company came to 158.50 billion yen, down 4.4
percent from a year earlier.

About the Company:

Fuji Electric Ind. Co., Ltd. manufactures electronic parts such
as control switching equipment, circuit breakers, connecting
devices, indicators, displayers and other electronic-applied
equipment. Connecting devices accounted for 42 percent of fiscal
2001 revenues; control switches, 24 percent; applied electronic
equipment, 17 percent and indicators/displayers, 17 percent.

Address:
Fuji Electric Industry Company Limited
homepage: http://www.orogen.com.au/
585 Higashi-Hachimancho, Oikedori
Nakagyo-Ku Kyoto 604-0954
Japan  +81 75 221 7978
+81 75 251 0425


HITACHI LTD: Integrates Semiconductor Manufacturing Firms
---------------------------------------------------------
Hitachi, Ltd. will integrate four semiconductor-manufacturing
companies into two new companies on October 1, 2002. Hitachi
will integrate Hitachi Tohbu Semiconductor, Ltd., Hitachi Tokyo
Electronics Co., Ltd., Hitachi Hokkai Semiconductor, Ltd. and
Hitachi Yonezawa Electronics Co., Ltd. into East Japan
Semiconductor Technologies Co., Ltd. (tentative name) and North
Japan Semiconductor Technologies Co., Ltd. (tentative name), as
detailed below.

Hitachi has been executing a series of plans to reconstruct its
semiconductor business. Actions have included integrating and
restructuring manufacturing operations as well as design and
sales companies. The latest move is aimed at concentrating
resources on new companies, thereby raising operating efficiency
and strengthening manufacturing businesses. Concentrating
engineers on new companies will foster stronger technological
and development capabilities, while integration will enhance
efficiency and promote faster decision-making. The ultimate
result should be a more robust operating structure and stable
growth.

Plans call for Hitachi Tohbu Semiconductor and Hitachi Tokyo
Electronics to merge, with the former being the surviving
Company, which will then be renamed East Japan Semiconductor
Technologies. Coinciding with this, East Japan Semiconductor
Technologies will absorb the Sagami Works of Hitachi Hokkai
Semiconductor. The second new Company, North Japan Semiconductor
Technologies, will be formed from a merger of Hitachi Hokkai
Semiconductor and Hitachi Yonezawa Electronics, after spin off
the Sagami Works from the former Company. Hitachi Hokkai
Semiconductor will be the surviving Company and renamed.

East Japan Semiconductor Technologies will inherit the
sophisticated module, packaging and taping mounting technologies
of its two constituent companies, as well as some of large
module mounting lines. The Company will leverage these assets as
Hitachi's main back-end (assembly and inspection) manufacturing
Company for multi-purpose semiconductors, notably transistors
and diodes. It will also function as the mother fab for quickly
developing and bringing to market new products.

Meanwhile, North Japan Semiconductor Technologies will integrate
the microprocessor manufacturing operations of its two
constituent companies; the operations of Hitachi Hokkai
Semiconductor-which performs everything from front-end
manufacturing processes (fabricating IC s and LSI elements on
silicon wafers) notably for the H8 series and SuperHTM family,
to back-end processing-and back-end manufacturing processing
performed by Hitachi Yonezawa Electronics. This restructuring
strongly positions North Japan Semiconductor Technologies as
Hitachi's main entity for the integrated manufacture of
microprocessors.

The latest round of restructuring is not intended simply to
enhance flexibility in production, such as by sharing
facilities, and upgrade technology and development capabilities.
Raising the efficiency of sales, technical support and
peripheral tasks, will facilitate a swifter, more agile response
to customers' diversifying needs.

* SuperH is a trademark of Hitachi, Ltd.

Profile of New Companies After Integration (On October 1, 2002)

East Japan Semiconductor Technologies Co., Ltd. (tentative)
1. Headquarters: 3-3-2 Fujihashi, Ohme-shi, Tokyo
2. Capital:      2,060 million yen (Hitachi, Ltd. 100 percent)
3. President:    Yasutake Kuki
4. Employees:    about 2,250

North Japan Semiconductor Technologies Co., Ltd. (tentative)
1. Headquarters: 1007-39, Izumisawa, Chitose-shi, Hokkaido
2. Capital:      2,550 million yen (Hitachi, Ltd. 100 percent)
3. President:    Koji Yamanaka
4. Employees:    about 2,030

Profile of Companies Before Integration (As of March 31, 2002)

Hitachi Hokkai Semiconductor, Ltd.
1. Headquarters: 145, Aza Nakajima, Kameda-gun, Hokkaido
2. Established:  May 1970
3. Capital:      2,400 million yen (Hitachi, Ltd. 90 percent,
Hitachi ULSI Systems Co., Ltd. 10 percent)
4. President:    Sadao Yoneyama
5. Net sales:    73.9 billion yen (Year ended March 31, 2002)
                 (The fiscal year ending March 31, 2002)
6. Employees:    1,650 (As of March 31, 2002)
7. Business:     Development, design, manufacture and sales of
semiconductors and semiconductor
                 application products.

Hitachi Yonezawa Electronics Co., Ltd.
1. Headquarters: Aza Yagihashi Hanazawa Yonezawa-shi, Yamagata
2. Established:  January 1969
3. Capital:      330 million (Hitachi, Ltd. 100 percent)
4. President:    Hitoshi Horimuki
5. Net sales:    35.0 billion (Year ended March 31, 2002)
6. Employees:    570 (As of March 31, 2002)
7. Business:     Semiconductor back-end processing and
development, design, manufacture and
                 sales of system boards.

Hitachi Tohbu Semiconductor, Ltd.
1. Headquarters: 1-1 Nishi Yokotemachi, Takasaki City, Gunma
2. Established:  February 1965
3. Capital:      1,280 million (Hitachi, Ltd. 100 percent)
4. President:    Natsuki Kogiso
5. Net sales:    87.0 billion (Year ended March 31, 2002)
6. Employees:    1,321 (As of March 31, 2002)
7. Business:     Development, design, manufacture and sales of
multi-purpose semiconductors

Hitachi Tokyo Electronics Co., Ltd.
1. Headquarters: 3-3-2 Fujihashi, Ohme-shi, Tokyo
2. Established:  May 1963
3. Capital:      600 million (Hitachi, Ltd. 100 percent)
4. President:    Yasutake Kuki
5. Net sales:    50.2 billion (Year ended March 31, 2002)
6. Employees:    904 (As of March 31, 2002)
7. Business:     Manufacture and sales of semiconductor devices
and semiconductor equipment.


HITACHI LTD: Names New Telecommunications Company
-------------------------------------------------
Hitachi, Ltd. and Hitachi Telecom Technologies, Ltd. announced
Thursday the corporate name and management for a new Company,
which was the subject of a prior announcement made on April 24,
2002, "Hitachi Reorganizing Operations to Strengthen Hitachi
Group's Telecommunication Equipment Business."

Accelerated convergence of computers and communications and
progress with broadband technology are combining to bring a
"ubiquitous information society" ever closer to becoming a
reality. As this happens, the volume of data sent around
networks is expected to grow phenomenally, creating increasing
demand for communications network solutions services,
particularly related to IP (Internet Protocol) networks.
Meanwhile, the telecommunications equipment market is witnessing
escalating competition as national borders give way to market
forces. At the same time, technological innovation is propelling
us toward IP-based, open networks. Hitachi is conscious of the
need to bolster its competitiveness on the world stage in light
of these trends. This is being accomplished through greater
selection and concentration of resources to create speedier,
more efficient businesses.

Separating Hitachi's Telecommunication Systems Division along
with other Hitachi departments that handle marketing will form
the new Company and support services for telecommunications
equipment operations, and integrating these units with Hitachi
Telecom. The separation and integration takes advantage of
Japan's new corporate split-off system.

The new Company will be a core entity, providing products that
support the Hitachi Group in offering communications network
solutions, a central focus of its systems solutions business.
The new Company will integrate everything from development and
manufacturing to sales and maintenance of telephone switching
equipment for the public and private sectors, optical
transmission equipment, base stations for mobile communications
systems, IP-related equipment and network equipment. This will
significantly strengthen the Hitachi Group's communications
network solutions business.

New Company details are:

Profile of the New Company

1. Company name:          Hitachi Communication Technologies,
Ltd.
2. Capital:               3.0 billion yen
3. Main business lines:   Manufacturing and sales of
communications-related equipment
4. President:             Yukio Kawamoto (Presently President,
Hitachi Telecom)
5. Start of operations:   October 1, 2002
6. Address:               (Head office) D Building, Omori
Bellport, 6-26, Minami-ohi, Shinagawa-ku, Tokyo (Manufacturing
bases) 216, Totsuka-cho, Totsuka-ku, Yokohama, Kanagawa 94, Aza
Funabamukai, Kooriyamashi, Fukushima
7. No. of employees:      Approx. 1,540
8. Net sales Approx.:     60 billion yen(projected figure for
the fiscal year ending March 31, 2003)
9. Management:  President and Director:   Yukio Kawamoto
(President, Hitachi Telecom)

Senior Managing Director: Eiji Aoki (Head, Managing Officer
President, Telecommunication Systems Division, Hitachi)

Managing Directors: Kenzo Tamaki (Managing Director, Hitachi
Telecom) Tetsuaki Egawa (Managing Director, Hitachi Telecom)

Directors (Part time):    Kunihiro Kamiya (Managing Officer,
Chief Operating Officer, Information Business Group, Hitachi)
Kazuo Furukawa (Administrative Officer, Chief Operating Officer,
Information & Telecommunication Systems, Hitachi)

Executive Officers:       Hiroatsu Suzuki (Presently Director,
Hitachi Telecom) Hiroshi Yamazaki (Director, Hitachi Telecom)
Tokuoki Nishikawa (Director, Hitachi Telecom) Yoshihiro Miyano
(Vice President, Telecommunication Systems Division, Information
& Telecommunication Systems Group, Hitachi) Tsutomu Hayashi
(Senior Vice President, Telecommunications Network Sales
Division, Industrial & Infrastructure Information Systems
Sales Management Division, Hitachi) Ken Masuda (Executive Vice
President, Telecommunication Systems Division, Information &
Telecommunication Systems Group, Hitachi)

Corporate Auditor: Masanori Ariyoshi (Corporate Auditor, Hitachi
Telecom)

Auditors (part time): Hiroshi Yamauchi (Senior Manager, Group
Management Office, Hitachi) Kazuo Yoshioka (General Manager,
Finance Department, Information Business Group, Hitachi)

Reference:               Abridged Biography
Name:                    Yukio Kawamoto
Date and place of birth: Aug. 1936, Osaka
Abridged biography:
Mar.  1959     Kyoto University, Electrical Engineering
Apr.  1959     Joined Hitachi, Ltd.
Sep.  1966     Completed masters degree at University of
California
Aug.  1981     Appointed Deputy General Manager, Central
Research Laboratory, Hitachi
Jun.  1985     Appointed General Manager, Hitachi Research
Laboratory
Jun.  1989     Appointed Head, New Media Development
Feb.  1990     Appointed General Manager, Information & Image
System Division
Jun.  1991     Appointed Director
Jun.  1993     Appointed Managing Director
Jun.  1995     Appointed President, Hitachi Information Network,
Ltd.
Jun.  1999     Appointed President, Hitachi Telecom
Technologies, Ltd.


KANSAI ELECTRIC: JCR Assigns AAA Rating
---------------------------------------
Japan Credit Rating Agency last week has assigned a preliminary
AAA rating to the following shelf registration of Kansai
Electric Power Company Inc.

Shelf Registration:
Maximum: Y360 billion
Valid: two years from July 29, 2002

Rationale

Kansai Electric Power is Japan's second largest electric power
Company in power sales with service areas being the entire Kinki
region and Fukui, Gifu, and Mie prefectures.

The business environment surrounding the electric power industry
is changing dramatically. The economy in the service area is
poor relative to those in other areas. It is not likely that the
economy will improve in the short run. The existence of strong
rival, Osaka Gas, as well as the large weight of materials
industries in the industry mix in the service area makes the
business environment severer. The Company is making efforts to
make the operations more efficient, restructuring the
operations.

It plans to construct a large-scale LNG plant in the future. The
total amount of capital spending will be much smaller than that
before, supported by the cut in the construction cost. The
Company has recently abolished the thermal power plant. Its
financial structure will likely improve, given these measures.


NEC CORP: Names Semiconductor Firm; Reorganization Continues
------------------------------------------------------------
NEC Corporation announced on Thursday that as part of the NEC
Group business reorganization announced in May, its
semiconductor business will be separated from NEC and
transferred to a new Company named "NEC Electronics Corporation"
to be incorporated on November 1, 2002. Kaoru Tosaka, Senior
Vice President, Member of the Board, and Company President, NEC
Electron Devices, of NEC will be appointed President of the new
Company.

Concentrating its management resources on system large-scale
integration (LSI) business, the new Company will strengthen its
global competitiveness, expanding its business as a specialist
enterprise that empowers its global customers by providing
semiconductor solutions for high-end system needs.

Improving customer satisfaction will be the fundamental goal of
all management decisions and this will be thoroughly embedded in
the "pull-type operation" style adopted by the new Company,
where the customer is the starting point of all business
activities; sales and marketing, product development, and
manufacturing.

Although NEC will initially hold 100 percent ownership of the
new Company, to ensure it evolves as an enterprise that holds a
strong global competitiveness, it is planned that the new
Company will conduct an initial public offering (IPO) as quickly
as possible.

Outline of the new Company

Outline of NEC Electronics Corporation
Company name:                     NEC Electronics Corporation
Scheduled Date of Incorporation:  November 1, 2002
President:                        Kaoru Tosaka
Major operations:                 Research, development,
manufacture, sale and services of semiconductors (except for
general purpose DRAMs)
Head office:                      Kawasaki City, Kanagawa
Prefecture, Japan
Stated Capital:                   50 billion yen
Number of shares to be issued
at the time of establishment:     100 million shares of common
stock
Net sales:                        Approximately 700 billion yen
Employees:                        24, 000
   Japan:                         18,800
   Overseas:                      5,200

Management team and system
At the time of the incorporation of the new Company on November
1, 2002, the new Company will have the following four directors
and three corporate auditors. To facilitate greater flexibility
in line with the nature of the global semiconductor market, the
small and focused Board of Directors, combined with the
introduction of a Company officer system, will insure speedy
decision-making, clear lines of responsibility and increasing
management transparency. Additionally, the new Company will, by
the time of its planned IPO, have outside directors to build a
comprehensive management platform that can effectively respond
to strong cyclical market fluctuations.

For complete information on management team changes, please see
NEC's home page at:
http://www.nec.co.jp/press/en/0207/2502-01.html

In addition to the establishment of NEC Electronics Corporation,
the color plasma display panel (PDP) business of NEC will be
transferred, effective October 1, 2002, to NEC Plasma Display
Corporation, a wholly owned subsidiary of NEC.

Outline of NEC Plasma Display Corporation

Outline of NEC Plasma Display Corporation
Company name:          NEC Plasma Display Corporation
President:             Satoshi Nakaichi (Associate Senior Vice
President, NEC Electron Devices and Executive General Manager,
Color PDP Operations Unit, NEC Electron Devices, of NEC)
Business Area:         R&D, manufacturing, sales, marketing and
servicing of plasma displays
Head Office:           Minato-ku, Tokyo, Japan
Stated Capital:        10 billion yen
Net sales:             Approximately 60 billion yen
Employees:             Apporixmately 1,100


NEC CORP: Offers Early Retirement Scheme
----------------------------------------
NEC Corporation offers early retirement to one sixth of its
headquarters and telecom workforce due to global economic
weakness and hesitant spending by firms on telecom equipment and
computers, BBC News reported Thursday.

The Company is offering early retirement to employees age 45 who
works at the NEC headquarters and at its telecom division, which
include its computer and optic fiber network business.

The report said around 5,000 people will be able to retire.

NEC cut 16,000 jobs during the 12 months to March in 2002.


NTT DOCOMO: Signs MOU With AT&T to Showcase US 3G Service
---------------------------------------------------------
NTT DoCoMo, Inc. and AT&T Wireless Services, Inc. have signed a
memorandum of understanding (MoU) on Wednesday to jointly
showcase third-generation (3G) mobile communications service in
the United States.

The service will be based on DoCoMo's FOMA 3G mobile
communications service, which DoCoMo is already operating in
Japan.

Under the agreement, DoCoMo and AT&T Wireless will open a 3G
demonstration room with a FOMA base station in an AT&T Wireless
office in New York this fall. Visitors will be able to
experience, with actual handsets, FOMA's many unique features
which may include videophone, "i-mode" mobile internet, "i-
motion" sound and video-clip distribution service, "Multiaccess"
simultaneous voice/data communications, as well as quality voice
and high-speed data transmission.

The demonstration room will be open to visitors such as
journalists, analysts, telecom operators, and vendors for one
year. By providing opinion leaders with demonstrations of the
new FOMA, the two companies hope to generate strong interest in
3G service as a prelude to a successful launch in the U.S
market.

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


SNOW BRAND: Former Executives Plead Not Guilty in Beef Scandal
--------------------------------------------------------------
Two former executives of Snow Brand Food Co., Hiromi Sakurada
and Masami Inoue pleaded not guilty Wednesday to charges of
fraudulently obtaining 200 million yen in subsidies under a
government beef buyback program by false labeling meat, Kyodo
News said Thursday.

Shigeru Hatakeyama and four other managers implicated in the
manual labor of actually falsifying the beef labels will stand
trial on August 30.

Prosecutors decided not to indict 12 other former employees who
allegedly followed their bosses' orders in labeling foreign beef
as Japanese.

Snow Brand Foods, a subsidiary of Snow Brand Milk Products Co.,
dissolved itself April 30.


SUIDO KIKO: JCR Downgrades Rating to BB+
----------------------------------------
Japan Credit Rating Agency has downgraded last week the rating
of Suido Kiko on the following bonds from BBB- to BB.

Rationale

Suido Kiko is a manufacturer of water treatment equipment. It is
a pioneer in waterworks. Sales to government and other public
offices account for 90 percent of the net sales.

Investments in the waterworks made by local governments have
been firm to date, reflecting their direct relation to people's
lives and their importance in safety. However, stable orders
from them will not likely in the future due to sharp cut in the
public works and constraint on the prices. The operating
environment surrounding the Company is becoming more and more
severe.

The management business of water filtration plants was opened to
private companies in April this year due to amendment of the
law. The Company started sales activities in fiscal 2001. JCR
will watch carefully to what degree these activities can lead to
increasing orders.

The Company plunged into a net loss for fiscal 2001 with its
sales decreased. It estimates that although the revenue will
likely drop to 18.8 billion yen, it would turn profitable in
fiscal 2002 securing a pretax profit before extraordinary items
of 250 million yen via the strengthening of the cost reductions.
Improvement in the earnings through cost reductions, however,
will be small. JCR considers it necessary to pay attention to
the future developments as to whether or not the Company can
obtain the earnings as planned as well as the orders and cost
reductions.

Although the Company has been repaying the short-term
borrowings, which were increased in the previous fiscal year,
the cash flows have been declining. The net assets decreased.
The financial stability is lower now than before. It will take
time for the Company to strengthen the financial base through
earnings retained.


WORLDCOM INC: MTFG Credit Losses Likely
---------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President -
Shigemitsu Miki) announced on July 22 that the credits provided
by its subsidiary, The Bank of Tokyo-Mitsubishi, Ltd. (BTM), as
well as by Bank of Tokyo-Mitsubishi Trust Company (BTMT) and BTM
Capital Corporation (BTMCC), both of which are subsidiaries of
BTM, to WorldCom, Inc. may eventually not be repaid due to:

1. Outline of WorldCom
(1) Company Name: WorldCom, Inc.
(2) Address: 500 Clinton Center Drive, Clinton, Mississippi
39056, U.S.A.s
(3) Representative: John Sidgmore
(4) Capital: U.S. dollars 57,911 million
(5) Business: Long distance telecommunications operator

2. Event and date of occurrence
WorldCom filed for protection under Chapter 11 of the U.S.
Federal Bankruptcy Act with the Bankruptcy Court for the
Southern District of New York on July 21, 2002 (Eastern Standard
Time in the U.S.).

3. Outstanding credit balances to WorldCom
BTM: Japanese yen 16,626 million
BTMT: Japanese yen 215 million
BTMCC: Japanese yen 217 million
(An official middle exchange rate of J.Yen 116.15 /US$1.00
quoted by BTM on Monday has been used to calculate the credit
balance.)

4. Influence over MTFG's business forecast
This event is not expected to have any material effect on MTFG's
previously announced business forecast for the current fiscal
year.

About Bank of Tokyo-Mitsubishi, Ltd.

The Bank of Tokyo-Mitsubishi, Ltd. was formed through a merger
between The Mitsubishi Bank, Limited and The Bank of Tokyo, Ltd.
which took place on April 1, 1996. For further information,
please visit the Bank of Tokyo-Mitsubishi, Ltd. home page at:
www.btm.co.jp/index_e.htm

About Mitsubishi Tokyo Financial Group

Established as holding Company for Bank of Tokyo-Mitsubishi,
Mitsubishi Trust Bank and Nippon Trust Bank. Listed on Tokyo,
New York and London exchanges, the group offers comprehensive
financial services, including investment banking and asset
management. Plans further expansion in October 2001, when
Mitsubishi Trust merges with Nippon Trust and Tokyo Trust Bank,
another Mitsubishi institution. For further information, please
visit the Mitsubishi Tokyo Financial Group home page at:
www.mtfg.co.jp/english


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


DAEWOO MOTOR: Buying Overseas Rights to "Daewoo" Brand for W35B
---------------------------------------------------------------
Daewoo Motor Co will buy trademark rights to the "Daewoo" brand
in overseas markets from Daewoo International for 35 billion
won, the Korea Economic Daily and AFX Asia reported Thursday.

The move will enable GM Daewoo Auto & Technology, which will be
launched in September, to use the brand exclusively in non-
Korean markets.


DAEWOO SECURITIES: KDB Acquires Hungarian Unit
----------------------------------------------
In a disclosure, Korea Development Bank (KDB) said it has signed
a final contract to buy Daewoo Bank (Hungary), a unit of Daewoo
Securities Co, from the broker.

"The acquisition will become a foothold for KDB to expand
banking services to local companies operating in Eastern Europe
and EU nations," it said in a statement.

KDB said the total consideration of US$29.20 million will be
fixed after a due diligence of the books of Daewoo Bank
(Hungary) whose net asset value is estimated at US$27.60
million.

The takeover follows KDB's signing of a memorandum of
understanding to acquire the Hungarian bank unit in May. (M&A
REPORTER - ASIA PACIFIC, Vol. No.1, Issue No. 147, July 26,
2002)


HYNIX SEMICONDUCTOR: Repay W26.4B Matured Bonds to KDB
------------------------------------------------------
Hynix Semiconductor Inc. repaid the Korea Development Bank 26.4
billion won in overdue unsecured bonds on July 24, AFX Asia said
Thursday, citing a Company statement to the Korea Stock
Exchange.

Creditors of Hynix Semiconductor will disclose details of the
Company's restructuring plan by the end of next month, TCR-AP
reported, citing Finance and Economy Minister Jeon Yun-churl.


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


BRITISH AMERICAN: Strikes Off Non-Operating Subsidiaries
--------------------------------------------------------
British American Tobacco (Malaysia) Berhad informed that the
following non-operating subsidiaries have been struck off from
the register of the Companies Commission of Malaysia pursuant to
the powers conferred under Section 308 of the Companies Act,
1965:

   1. Borneo Tobacco Company Sdn. Berhad
   2. Burley Tobacco Company Sdn. Berhad
   3. Brunei Tobacco & Cigarette Company Sdn. Berhad
   4. Sabah Tobacco and Cigarette Company Sdn. Berhad
   5. Sarawak Tobacco Company Sdn. Berhad
   6. The King Size Tobacco Company Sdn. Berhad

The companies were dormant from the date of application to their
striking off from the register.


CHASE PERDANA: Court Grants Conditional Stay of Execution
---------------------------------------------------------
The Board of Chase Perdana Bhd (CHB), in relation to the
material litigation of CPB against Pekeliling Triangle Sdn Bhd,
(PTSB) via High Court Suit No. S5-22-408-2000, announced that
following its application for a stay of execution before the
Court of Appeal, the latter, on 22 July 2002 granted a stay only
in respect of the Bank Guarantee until disposal of the Company's
application for leave to appeal in the Federal Court. The Court
did not stay the arbitration preceedings.

Profile

The Company's debt restructuring scheme (submitted to the SC on
12 July 2000) has been withdrawn and the Tripartite agreement
(signed between the Company, Sitt Tatt Bhd and Malaysian
Resources Corporation Bhd on 16 January 2001) has been
terminated. The Company is now in the process of formulating a
revised debt and corporate restructuring exercise.

On 25 June 2001, the Company appointed Messrs Arthur Andersen
Corporate Advisory Sdn Bhd to act as Independent Financial
Adviser to review and advise its lenders on a fresh scheme to be
presented by the Company before 11 July 2001.


CHASE PERDANA: Winding Up Petition Hearing Set on Aug 2
-------------------------------------------------------
The Board of Chase Perdana Bhd, pertaining to the winding up
petition No. D7-28-542-2002 against CPB by Pacific Network Sdn
Bhd (PNSB), announced that CPB's application to strike out the
winding up petition or in the alternative that all further
proceedings pursuant to the winding up petition be stayed
pending hearing and disposal of CPB's injunction application
(via KLHC Suit No. D3-22-841-2002) which was filed on 5 July
2002 is now fixed for hearing on 2 August 2002.

Further the injunction application (vide KLHC Suit No. D3-22-
841-2002) which was fixed for mention on 18 July 2002 is now
fixed for hearing on 12 December 2002.


MBF HOLDINGS: Winding Up Petition Notice of Discontinuance Filed
----------------------------------------------------------------
MBf Holdings Berhad, in reference to KLSE's letter dated 15 July
2002 regarding the Advertisement of Winding-Up Petition on Mbf
Property Services Sdn Bhd, informed that the matter has been
settled amicably between the parties, W.L. Neonlite Advertising
Sdn Bhd (Neonlite) and MBf Property Services Sdn Bhd.

Arising from the above, the solicitors for Neonlite filed a copy
of Notice of Discontinuance on 17 July 2002 with the High Court
of Malaya in Johor Bahru and confirmed that there was no
affidavit of service filed on the above-mentioned winding up
petition. They would withdraw the petition on the grounds that
both parties have reached the settlement and the papers were not
in order.


NCK CORPORATION: RA Time Extension Application Rejected
-------------------------------------------------------
The Special Administrators of NCK Corporation Berhad (Special
Administrators Appointed) announced that the Kuala Lumpur Stock
Exchange (KLSE) rejected the Company's application for a further
extension of time of two (2) months from 25 June 2002 until 26
August 2002 to make its Requisite Announcement (RA).

Nevertheless, as advised by the KLSE, the Company has until 31
December 2002 to regularize its financial condition in
accordance with the requirements of paragraph 8.14 of the KLSE's
Listing Requirements and PN 4/2001, failing which the Company
may be delisted from the Official List of the KLSE pursuant to
paragraph 16.09 of the KLSE Listing Requirements.

As announced on 26 June 2002, the SA on behalf of NCK, on 26
June 2002 entered into a Second Supplementary Agreement with
Kekal Sepakat Berhad, Era Julung Sdn Bhd, the shareholders of
Amalgamated Metal Corporation (M) Sdn Bhd, Benmarl Sdn Bhd and
Prescan Sdn Bhd and/or their nominee for the purpose of
implementing a restructuring scheme for NCK (Proposed
Restructuring Scheme). An appropriate announcement on the final
terms and the financial effects of the Proposed Restructuring
Scheme will be announced in due course.


PANCARAN IKRAB: KLSE Rejects Scheme RA Time Extension Request
-------------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Pancaran Ikrab Bhd, in relation to the abortion of
PIB's original proposed restructuring scheme, announced that the
Kuala Lumpur Stock Exchange (KLSE) has, vide its letter dated 23
July 2002, decided to reject the Company's application for an
extension of time to release the requisite announcement (RA) on
its plan to regularize its financial condition.

The KLSE has, via the letter, imposed a suspension on the
trading of the securities of the Company pursuant to paragraphs
8:14 and 16:02 of the KLSE Listing Requirements with effect from
9:00 a.m. on 31 July 2002, Wednesday until further notice.

As was announced on 1 July 2002 and 3 July 2002, the Company is
presently contemplating a proposed restructuring scheme to
regularize its financial condition.


PROJEK LINTASAN: RAM Reaffirms P3 Rating on RM60M RUF
-----------------------------------------------------
RAM has reaffirmed the short-term rating of P3 for Projek
Lintasan Kota Sdn Bhd's (Prolintas) RM60.0 million Revolving
Underwritten Facility (1997/2007) (RUF). The rating reflects
Prolintas' substantially lower debt level and an improved
operational track record.

However, these factors are moderated by the fact that toll
revenue generated by Prolintas will be unable to cover the
interest payments of RM20.6 million on its RM180 million
Government Support Loan, which are slated for 2004-2007. The P3
rating assigned to Prolintas' RUF (since 1997) primarily hinges
on the probability of financial support from parent company
Permodalan Nasional Berhad (PNB). RAM maintains its view that
PNB will continue to play the role of "lender of last resort"
should the need arise.


SELOGA HOLDINGS: Seeks Further Regularization Time Extension
------------------------------------------------------------
The Board of Directors of Seloga Holdings Berhad announced that
the Company had applied to KLSE on 24 July 2002 for a further
extension of time to 30 August 2002 to make the submission of
the regularization plans to the authorities.

The extension of time sought by the Company was in view of
unexpected delays involved in the submission as the Board is
fine-tuning the proposals' terms in order to achieve the
successful implementation and regularization of the Company's
financial position.


SENG HUP: Invites Participation in Tender
------------------------------------------
The Special Administrators of Seng Hup Corporation Bhd are
inviting potential investors with strong asset backing and
financial resources to participate in the company's debt
restructuring scheme via a proposed tender exercise.  Potential
investors are invited to tender for the listed vehicle or the
assets held by Seng Hup.  The Seng Hup Group is principally
involved in the business of lighting equipment and related
products and property investment.

The Special Administrators held a briefing on the tender
exercise for potential investors on 25 July 2002 at Pengurusan
Danaharta Nasional Berhad's premises at Level 12, Bangunan Setia
1, 15 Lorong Dungun, Bukit Damansara, 50490 Kuala Lumpur.

An Information Memorandum containing particulars of assets and
liabilities of Seng Hup and detailing terms and conditions of
participation in the tender exercise can be obtained from the
Special Administrators during or after the briefing date.

Interested investors may contact Ms Pauline Teh, Mr Lim Litt or
Mr Vincent Chew at tel. no. 03-21644323 or fax no. 03-21644373
to obtain further information on the tender.


SENG HUP: Provides Defaulted Payment Status Update
--------------------------------------------------
Seng Hup Corporation Bhd (Special Administrators Appointed), as
required by the KLSE Practice Note 1/2001, provided an update on
its default in payment, as found in
http://www.bankrupt.com/misc/TCRAP_SengHup0729.xls

The default by SHCB as at 30th June 2002 amounted to
RM56,442,653 made up of principal sums, plus RM25,033,918 in
interest for revolving credit facilities, trade financing and
overdraft.

P.T. Krisindo Mas, a subsidiary of SHCB had as at 30th June
2002, defaulted USD2,280,000, made up of a principal sum plus
USD1,112,468 in interest, in respect of its property loan.

Dasar Jernih Sdn Bhd and Nazar Holdings Sdn Bhd both
subsidiaries of SHCB have respectively defaulted in the
principal repayment of their property loans amounting to
RM5,728,000 and RM1,180,000 together with interest of
RM2,173,853 and RM527,394 respectively as at 30th June 2002.

There are no other new developments since the previous
announcement with regard to this Practice Note.


TECHNOLOGY RESOURCES: Appoints Group Chief Executive Officer
------------------------------------------------------------
Technology Resources Industries Berhad announced the appointment
of Dato' Mohamed Yunus Ramli bin Abbas as Group Chief Executive
Officer, effective 1 September 2002.

Dato' Ramli Abbas who is presently Group Chief Executive Officer
of Encorp Group Sdn Bhd, brings with him extensive experience in
the telecommunications industry. He started out in Motorola
Malaysia, Penang in 1974 and in his twenty seven years of
service with the Company, he has served in various capacities
including a regional capacity.

Dato' Ramli was Director of Strategy, Motorola Inc. USA, in
Florida for six years, before becoming Motorola Malaysia Vice
President and Country Manager from 1996 till 2001.

Dato' Ramli Abbas holds a Bachelor of Arts (Honours) degree in
Economics from the University of Malaya and an MBA (Finance and
Marketing) from Nova South Eastern University, Fort Lauderdale,
Florida.


TIME DOTCOM: Unit Provides Maintenance, Support Services
--------------------------------------------------------
Time Dotcom Berhad announced a recurrent related party
transaction of a revenue or trading nature entered into by the
Company's subsidiary, as set out in the table found at
http://www.bankrupt.com/misc/TCRAP_Time0729.doc,which by way of
aggregation exceeded RM1.0 million, being the lower prescribed
limit pursuant to paragraph 2.1 of the KLSE Practice Note No.
12/2001.

The recurrent related party transaction was carried out in the
ordinary course of business and on terms not more favorable to
the related party than those generally available to the public.
The terms were agreed on 24 July 2002.

Save as disclosed herein and as far as the Directors are able to
ascertain, none of the Directors and/or major shareholders of
the Company or its subsidiaries and/or persons connected to them
has any interest, direct or indirect, in the recurrent related
party transaction.


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


BENPRES HOLDINGS: Clarifies Rockwell Mall Sale Issue
----------------------------------------------------
Benpres Holdings gives clarification to these news articles as
follows:

1. "Sy, Lopezes in talks on Rockwell mall sale" published in the
July 22, 2002 issue of the Philippine Daily Inquirer.

2. "Benpres to sell 30 percent stake in FPIDC" published in the
July 20, 2002 issue of the Manila Standard.

Benpres Holdings Limited in its letter dated July 23, 2002,
clarified that:

1. Sy, Lopezes in talks on Rockwell mall sale - July 22, 2002,
Philippine Daily Inquirer. As part of its balance sheet
management plan, Benpres has earlier identified its stake in
Rockwell Land as part of its asset sale program. However, there
are no on-going negotiations with the group of Mr. Henry Sy for
the sale of the Rockwell Mall.

2. Benpres to sell 30 percent stake in FPIDC' - July 20, 2002,
Manila Standard. Similarly, Benpres has identified its stake in
First Philippine Infrastructure Development Corporation as part
of its asset sale program. We wish to confirm the appointment of
international investment bankers, ING Barings, as financial
adviser for Benpres in connection with the sale."

DebtTraders reports that Benpres Holdings' 7.875% bond due in
2002 (BENP02PHS1) trades between 58 and 61. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BENP02PHS1


GLASGOW CREDIT: SEC Orders Permanent Closure
--------------------------------------------
The Securities and Exchange Commission (SEC) has ordered Glasgow
Credit and Collection Services, Inc. to permanently stop its
operations, Business World reported Thursday.

A SEC investigation revealed that the pseudo-investment firm was
found to have offered securities such as investment contracts to
the public. These securities should have been subject to prior
registration with the SEC.

Glasgow lawyer Mark Averilla said the Company did not contest
the cease-and-desist order (CDO) and voluntarily closed down
operations since it wanted to have an amicable settlement with
the SEC.

He said Glasgow just wants to clear its name from the list of
"pyramiding" firms and to repay all the creditors.

The SEC is still evaluating Glasgow's proposal.

Glasgow officials will be meeting with clients on July 26, 2002,
at Zillion disco at the fourth level of Robinsons Galleria in
Ortigas (central Metro Manila).


NATIONAL BANK: SEC Approves Quasi Reorganization
------------------------------------------------
Philippine National Bank (PNB) with reference to Circular for
Brokers Nos. 1289-2002 dated May 20, 2002 and 1661-2002 dated
June 25, 2002 in connection with the approval by the Board of
Directors and Stockholders of PNB of these amendments to its
Articles of Incorporation:

1. The reduction of the par value per share from P60 to P40
resulting in the decrease of the authorized capital stock of the
Bank from P50 billion to P33.33 billion resulting in a surplus
of approximately P7.8 billion which will be used to wipe out the
Bank's deficit; and

2. The increase, thereafter, of the authorized capital stock of
the bank from P33.33 billion (after the quasi-organization) to
P50,000,000,040.00 and the creation thereby of preferred shares.

In relation thereto, the Bank, in a letter dated July 23, 2002
received by the Exchange on July 24, 2002 disclosed that:

"Please be informed that we have received from our legal counsel
on July 25 these certifications issued by the Securities and
Exchange Commission:

1. Certificate of Decrease of Capital Stock dated July 23, 2002;
2. Certificate of Filing of Amended Articles of Incorporation
(re: decrease in capital) dated July 23, 2002;
3. Certificate of Filing of Amended Articles of Incorporation
(re: increase in capital and creation of preferred shares) dated
July 23, 2002.


PHILIPPINE LONG: Clarifies JBIC Loan Approval Report
----------------------------------------------------
Philippine Long Distance Telephone Co. responded to news article
entitled "PLDT needs JBIC board approval for $80-M loan"
published in the July 25, 2002 issue of the Philippine Star.

The article reported, "Unless the Japan Bank for international
cooperation (JBIC) board finally approves its $80 million loan,
the Philippine Long Distance Telephone Co. (PLDT) may have
difficulty meeting some of its financial obligation which are
falling due very soon. Highy placed sources told The STAR that
the JBIC Board has already stricken off its agenda twice the
approval of the $80 million loan for PLDT, due to uncertainties
that continue to hound its ownership.

PLDT, in its letter dated July 25, 2002, clarified that:

"We would like to point out that the Philippine Star news
article written by Mary Ann LL. Reyes published Thursday
misconstrues the financial position of PLDT in several material
respects."


PHILIPPINE LONG: Launches US$130M Term Loan Facility
----------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) announced on July
24 that it has mandated Citigroup and ING Bank as Joint Lead
Arrangers and bookrunners for a US$130 million Multicurrency
Term Loan Facility. BNP Paribas and Mizuho have also joined as
Joint Lead Arrangers. This facility, which was launched
Wednesday, will refinance approximately half of the principal
amounts outstanding under two existing loans falling due in
2003, one a JPY19 billion syndicated term loan and the other a
US$103 million term loan, while the other half will be paid
down.

This refinancing is one of the key components of PLDT's
comprehensive liability management program to address debt
maturities in 2002 to 2004. The facility, in particular, would
address a significant part of PLDT's debt maturities in 2003.
Financing initiatives already successfully concluded by PLDT
under its liability management plan include, among others, the
US$149 million KfW/Hermes term loan refinancing facility, the
US$350 million notes issues, and the tender offer for two
outstanding bond issues due 2003 and 2004.

DebtTraders reports that Philippine Long Distance Telephone's
11.375% bond due in 2012 (TELP12PHS1) trades between 90 and 93.
For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP12PHS1


UNITRUST DEVELOPMENT: PBCom Clarifies Bid Report
------------------------------------------------
Philippine Bank of Communications responded to the news article
entitled "PBCom backs out of bid to rehabilitate Unitrust"
published in the July 24, 2002 issue of the BusinessWorld.

The article reported that "The Philippine Bank of Communications
(PBCom) recently backed out on its bid to rehabilitate Unitrust
Development Bank as shareholders of the closed bank push for the
entry of Taiwan-based investor First Federal Banking Corp.
Industry sources Friday said PBCom has formally withdrawn its
proposal to rehabilitate Unitrust, giving way to First Federal's
proposal to revive the same. Meanwhile, a PBCom official who
requested anonymity confirmed that the bank is now having second
thoughts on actively pursuing plans to take over Unitrust. The
official, added, however, that PBCom has not formally withdrawn
its rehabilitation proposal for the controversial bank. The PDIC
has earlier given PBCom until the end of September to secure the
consent of Unitrust shareholders for the implementation of the
proposed rehabilitation plan."

Philippine Bank of Communications (PBC), in its letter to the
Exchange dated July 24, 2002 explained that:

PBC announced that PBCom had expressed interest to PDIC to
rehabilitate Unitrust upon the latters's invitation. Please note
that the invitation to bid was openly extended by PDIC to all
interested parties. Although it appears that PBCOM had been
shortlisted by PDIC, the Bank has actually not received any
formal acceptance of its proposed rehabilitation plan. As a
matter of fact, PBCOM was even requested by PDIC to complete
certain requirements pertaining to the proposed rehabilitation
of Unitrust.

After evaluating the additional requirements requested by PDIC,
PBCOM found these difficult to secure. Hence, the Bank gave
notice to the PDIC that compliance to the remaining requirements
is difficult at this time. Apparently, this is what was picked
up by BusinessWorld."


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


ASIA PULP: Reschedules Court Hearing to August 14
-------------------------------------------------
Asia Pulp and Paper's court hearing has been postponed by two
weeks to August 14, according to DebtTraders analysts, Daniel
Fan (852-2537-4111) and Blythe Berselli (1-212-247-5300),
citing the Bloomberg news.

Deutsche Bank and BNP filed a petition to replace the Widjaja
family. GE Captial, Oaktree, Citibank and Salomon Barney, which
have $3.6 billion exposure, are supporting the petition.

APP Int'l Finance Co BV's 11.750 percent bond due in 2005
(APP05IDN1) trades between 28.5 and 30.5. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=APP05IDN1


CHARTERED SEMICONDUCTOR: In Talks to Sell Oldest Wafer Plant
------------------------------------------------------------
Chartered Semiconductor is in talks with European semiconductor
firms on the possible sale of its oldest wafer fabrication plant
Fab 1 for S$360-400M, the Straits Times and AFX Asia reported
last week.

Among the possible buyers are ST Microelectronics, Infineon
Technologies and Philips Semiconductor.

"The business proposition has got to be better than what I have
today (Friday). If Fab 1 is profitable and generating cash it
will be hard for me to take that away."

TCR-AP reported earlier this month that analysts are expecting
Chartered Semiconductor Manufacturing Ltd to post a second
quarter loss of about US$104.5 million, its sixth consecutive
quarterly loss.

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

DebtTraders reports that Chartered Semiconductor Mnfg's 2.500%
convertible bond due in 2006 (CSM06SGN1) trades between 97.5 and
98.5. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1


NATSTEEL LTD: Unit Forms Joint Venture Firm With CS
---------------------------------------------------
The Board of Directors of Natsteel Ltd (NSL) announced on
Thursday:

1. NatSteel Chemicals Limited (NSC), a wholly own subsidiary of
NSL, has formed a joint venture Company with Changshu Calcify
Matter Co., Ltd. (CS) called Changshu NatSteel Calcific Products
Co., Ltd. (Changshu NatSteel) in the People's Republic of China
(PRC).

2. Changshu NatSteel has an initial registered capital of
RMB12,000,000 (equivalent to S$2,514,127). NSC will hold 60
percent of the equity with an investment of S$1,508,478. CS will
hold the remaining 40 percent. This investment will make
Changshu NatSteel a subsidiary of NSL.

3. Changshu NatSteel will be principally engaged in the
manufacture and sale of calcium derivatives products.

4. This transaction will be funded by internal resources and
bank borrowings and is not expected to have a material effect on
the earnings per share and net tangible assets per share of NSL
Group.

5. Save that Mr. Ang Kong Hua is both a director in NSL and NSC;
none of the directors or substantial shareholders of NSL has any
interest, direct or indirect, in this transaction.

TCR-AP reported in June that the Board of Directors of NatSteel
Ltd refers to its announcement made on 14 June 2002 pertaining
to the offer from Crown Central Assets Limited (CCL) to acquire
all the business, undertakings and assets of the Company,
together with its investments in all the subsidiaries,
associated companies of NatSteel other than the investments of
NatSteel in NatSteel Broadway Ltd and NatSteel Brasil Ltda (the
Businesses).

The Board is carefully evaluating the Offer and is also
exploring all other options. The Board (through its financial
advisor, Salomon Smith Barney Singapore Pte Ltd) is actively
soliciting expressions of interest from other third parties for
the Businesses. In doing so, the Board's objectives are to act
in the interests of NatSteel and its employees and shareholders
as a whole and to maximize shareholder value.


SEMBCORP LOGISTICS: Posts Notice of Shareholder's Interest
----------------------------------------------------------
Sembcorp Logistics Ltd. posted a notice of changes in
substantial shareholder The Capital Group Companies Inc's
interest:

Name of substantial shareholder: The Capital Group Companies,
Inc
Date of notice to Company: 24 Jul 2002
Date of change of deemed interest: 23 Jul 2002
Name of registered holder: DBS Nominees Pte Ltd
Circumstance(s) giving rise to the interest: Sales in open
market at own discretion

Shares held in the name of registered holder
No. of shares of the change: 375,000
percent of issued share capital: 0.04
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$2.1329
No. of shares held before change: 51,070,400
percent of issued share capital: 5.99
No. of shares held after change: 50,695,400
percent of issued share capital: 5.95

Holdings of Substantial Shareholder including direct and deemed
interest
                                       Deemed Direct
No. of shares held before change:      75,873,500
percent of issued share capital:             8.9
No. of shares held after change:       75,498,500
percent of issued share capital:             8.86
Total shares:                          75,498,500


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


EASTERN PRINTING: Files Business Reorganization in Court
--------------------------------------------------------
Printing service Eastern Printing Public Company Limited
(DEBTOR)'s Petition for Business Reorganization was filed at the
Central Bankruptcy Court:

   Black Case Number 334/2543

   Red Case Number 367/2543

Petitioner: EASTERN PRINTING PUBLIC COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt2,310,144,532.00

Planner: Mr. Yuth Shinsupakkul

Date of Court Acceptance of the Petition: May 2, 2000

Court Order for Business Reorganization and Appointment of
Planner: May 29, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: June 6, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette on July 6, 2000

Deadline for Creditors to submit Applications for Payment in
Business Reorganization: August 7, 2000

Deadline to object Applications for Payment in Business
Reorganization: August 21, 2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: October 6, 2000

Appointment Date of the Creditors' meeting for the plan
consideration has been postponed to January 16, 2001 at 14.00
pm. Convention Room no. 1105, 11th Floor Bangkok Insurance
Building, South Sathorn

Court had issued an Order Canceling the Order for Reorganization
since January 22, 2001

Announcement of Court Order for Canceling the Reorganization in
Matichon Public Company Limited and Siam Rath Company Limited:
January 30, 2001

Announcement of Court Order for Canceling the Reorganization in
Government Gazette: February 27, 2001

Contact: Mr. Anusit, Tel 6792525 Ext. 122


NATURAL PARK: Share Registration Closing Date August 7
------------------------------------------------------
The Central Bankruptcy Court issued an order approving the
Business Rehabilitation Plan as amended (Plan) of Natural Park
Public Company Limited on 26 June 2002.  After the reduction of
the registered capital, the Plan provides for the Plan
Administrator to carry out the combination of the par value of
shares from 200 shares (par value of Bt0.05) to one share (par
value of Bt10).  In proceeding, the Company is required to
notify the closing date of the share registration for fixing the
shareholders whose shares will be combined.

Therefore, the Plan Administration fixed the closing date of the
share registration from 7 August 2002, at 12:00 a.m. until
completion of the combination of share value under the Plan,
whereby shares of the shareholders on the closing date shall be
combined.


SINO-THAI: Posts Meeting No. 2/2002 Resolutions
-----------------------------------------------
Sino-Thai Engineering & Construction Public Company Limited
convened the Extraordinary Meeting of Shareholders No. 2/2002 on
July 23, 2002 and reported these adopted resolutions:

The Shareholders Meeting resolved to approve the amendment of
the Company's Par Value of Shares from Bt10 to Bt1 and the
amendment of the Company's Clause 4 of Memorandum of
Associations, as follows:

   The Registered Capital Bt1,020,000,000
   Divided into 1,020,000,000 Shares
   Par Value per share Bt1
   Ordinary Shares 980,000,000 Shares
   Preferred Shares 40,000,000 Shares

As a result of the change of the par value of shares, the price
and ratio of the exercising of the rights of warrants on
ordinary shares which have been issued to the Company's
shareholders according to the resolutions made at the
Extraordinary Meeting of Shareholders No. 1/2002 held on
February 14, 2002 will be amended as follows:

        Exercising price: From Bt10 to Bt1
        Exercising ratio: From 1 warrant entitles to buy 1
ordinary share to 1 warrant entitles to buy 10 ordinary shares.


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.

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