/raid1/www/Hosts/bankrupt/TCRAP_Public/020801.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

            Thursday, August 1, 2002, Vol. 5, No. 151

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Issues June 30 Quarterly Review
AQUARIUS PLATINUM: Director Quirk Changes Interest
CENTRAL NORTH: Xylem Seeking Court Ruling
DVT HOLDINGS: Discloses EGM Results
GOODMAN FIELDER: GrainCorp Submits Offer for Milling Assets

TUART RESOURCES: Issues Southern Wine Debt Restructuring Status
WESTERN METALS: Issues Escrow Securities to Noteholders
WESTERN METALS: Provides Mt. Gordon Stage 2 Status Update


C H I N A   &   H O N G  K O N G

401 HOLDINGS: Books Net Loss of HK$101,364M
A.S.A.P. INFINITY: Winding Up Sought by Edit Point
CAN DO: Cites No Reason for Share Price Decrease
CAN DO: Operations Loss Narrows to HK$31,743M
CIL HOLDINGS: Parallel Trading Ceased on Wednesday

GUANGDONG KELON: Appoints Deloitte Touche as Auditor
HONOUR JOY: Hearing of Winding Up Petition Set
LONG CHINA: Winding Up Petition Hearing Set
ROCKAPETTA INDUSTRIAL: Petition to Wind Up Pending
SINO INFOTECH: Operations Loss Swells to HK$31,583M


I N D O N E S I A

ASTRA INTERNATIONAL: No Agreement Reached at Creditors' Meeting
SEMEN PADANG: Parent Gresik May Demand Management Changes


J A P A N

FUJITSU LTD: Launches 'Softek' Storage Management Software
FURUKAWA ELECTRIC: U.S. Cable Division Sees Y46.2B Loss
HITACHI LTD: Unveils 1Q Consolidated Financial Results
HITACHI POWDERED: JCR Affirms BBB+ Rating on Bonds
MITSUBISHI CORP: Moody's Reviews Ratings for Possible Downgrade

NTT DOCOMO: Schedules Sale of Shares Owned by NTT
TAISEI FIRE: Sompo Japan Acquiring Insurance Firm


K O R E A

DAEWOO MOTOR: Lender Bank Deals With Indian Unit Defaults
HYNIX SEMICONDUCTOR: Discloses No Failure in Bond Payment
HYNIX SEMICONDUCTOR: Selling Bonds to Pay July Debt  
HYUNDAI MERCHANT: Settles Takeover Deal With Scandinavian Firm
SEOUL BANK: KDIC Accepts Final Takeover Proposals From Bidders


M A L A Y S I A

AMSTEEL CORPORATION: Shareholders OK Proposed Disposal at EGM
AUTOWAYS CONSTRUCTION: Updates Material Litigation Status
BRISDALE HOLDINGS: Replies to KLSE's Winding Up Petition Query
FW INDUSTRIES: Unit Faces Legal Suit Filed by Perlite Over Debt
KUALA LUMPUR: Ordinary Resolution Passed at EGM

MBF CAPITAL: Revises Proposed Acquisition Purchase Price
SEAL INCORPORATED: Price Fixing Date Determined
SETEGAP BERHAD: Issues Proposals to Strengthen Capital Base
SINMAH RESOURCES: Resolutions Approved at 8th AGM
SUNWAY HOLDINGS: Unit Disposes of Entire Paid-up Share Capital


P H I L I P P I N E S

FIRST PHILIPPINE: Clarifies $50M Loan Settlement Report
NATIONAL POWER: DOE, PSALM Start Second Phase of IPP Review  
NATIONAL POWER: President Arroyo Launches SPEED Pricing Program
PHILIPPINE LONG: First Pac Awaits Five Point Plan Board Review
PHILIPPINE LONG: Board Vetoes Gokongwei Due Diligence


S I N G A P O R E

BIL INTERNATIONAL: Posts Notice of Shareholder's Interest
FASTECH SYNERGY: Slips Into $3M Interim Loss
SEMBCORP INDUSTRIES: Posts Notice of Shareholder's Interest
ST ASSEMBLY: Sees Q2 Net Loss of US$24-26M


T H A I L A N D

BANGKOK STEEL: Files Business Reorganization Petition  
SIKARIN PUBLIC: Releases Audit Committee Members' Names
TPI POLENE: Creditors to Vote for Restructuring Plan Amendment
VANACHAI GROUP: Fitch Assigns Secured Debentures `BBB+ (tha)'  

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Issues June 30 Quarterly Review
------------------------------------------------
Anaconda Nickel's Chief Executive Officer, P B Johnston,
announced Wednesday that production is improving at its Murrin
Murrin operations with production of 8,049 tonnes of nickel and
510 tonnes of cobalt for the quarter ended 30 June 2002, an
increase on the previous quarter. For the year ended 30 June
2002, Murrin Murrin produced 28,652 tonnes of nickel and 1,589
tonnes of cobalt compared with 20,260 tonnes of nickel and 1,350
tonnes of cobalt reported for the year ended 30 June 2001.

The Murrin Murrin Joint Venture generated $11.9 million cash
flow in the June quarter (before corporate overheads, hedging,
interest and other financing costs), reflecting the cost
reduction program, improved production and higher nickel prices.

Overcoming production variability remains a key priority for the
Company. For the June quarter there were two maintenance shuts
affecting nickel production. The first was a planned 6 day
shutdown which was brought forward following the small fire in
the area of the hydrogen sulphide plant in early May that
damaged electrical circuits. The second was a 2 day unplanned
refinery shutdown caused by scaling in the refinery circuit.

Anaconda's financial position remains difficult given its
inability to service its financial obligations, however we are
continuing to assess recapitalization options that will deliver
a favorable outcome for all our stakeholders including
shareholders, suppliers and employees. The Company continues to
operate with the cooperation and agreement of its secured
creditors as it works toward a restructuring of debt and a
recapitalization of the ANL Group.

Anaconda expects to reach a headline agreement with
representatives of the secured creditors of Murrin Murrin
Holdings Pty Ltd (MMH), an indirect wholly owned subsidiary of
the Company, involving a buyback of outstanding obligations held
by secured creditors at a discount to their face value. In
addition, a substantial part of any amounts accruing to MMH,
which may be awarded to the Murrin Murrin Joint Venturers by the
Arbitrators in the Fluor Daniel arbitration, will be allocated
to secured creditors as part of the buyback settlement.

Anaconda is currently assessing its options to raise capital to
facilitate this restructuring of debt and re-capitalization of
the Company that, if acceptable, may involve a substantial
renounceable rights issue. Discussions continue with potential
underwriters. To the extent all agreements are reached, we will
advise the market and initiate the process of gaining approvals
from statutory and regulatory authorities as well as from
shareholders at an EGM. In the interim, certain secured
creditors have informally agreed to a further extension of
forbearance from exercising their rights until 2 September 2002
pending the negotiation of a reconstruction of the ANL Group.

Anaconda anticipates that the restructuring of debt and
re-capitalization of the Group may not be completed for an
extended period of time as the terms of any agreements with the
secured creditors will need to be finalized and requisite
statutory, regulatory and shareholder approvals will need to be
obtained. The ultimate outcome of this process remains
uncertain.

Go to http://www.bankrupt.com/misc/TCRAP_ANL0801.pdfto see a  
copy of the Quarterly Review for the period ended 30 June 2002.


AQUARIUS PLATINUM: Director Quirk Changes Interest
--------------------------------------------------
Aquarius Platinum Limited posted this notice:

INITIAL DIRECTOR'S INTEREST NOTICE

   Name of Company        Aquarius Platinum Limited

   ABN                    087 577 893

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

   Name of Director       Patrick Quirk

   Date of Appointment    17/07/2002

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

Number & class of securities

Nil

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

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

  Mr Quirk has a beneficial             6,862,658 shares         
  interest in Zimasco                                             
  Consolidated Enterprises                                       
  Limited who were issued                                        
  with 6,862,658 shares in                                       
  Aquarius as consideration                                      
  for the acquisition by                                         
  Aquarius of a 50%                                              
  interest in ZCE Platinum
  Ltd                      

Part 3 - Director's interests in contracts

Detail of contract              N/A

Nature of interest              N/A

Name of registered holder
(if issued securities)          N/A

No. and class of securities
to which interest relates       N/A

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


CENTRAL NORTH: Xylem Seeking Court Ruling
-----------------------------------------
Fletcher Challenge Forests Limited was advised Wednesday by
solicitors acting for Xylem Investments that it is commencing
proceedings in relation to the Central North Island Forest
Partnership (CNIFP) purchase proposal. The proposal is scheduled
for shareholders' consideration on 13 August 2002. Rubicon
Limited will be joined as a party.

Xylem has advised that it will seek a Court ruling next week on
the question of Rubicon's entitlement to vote on the resolutions
on the agenda for the shareholders' meeting.

Fletcher Challenge has taken extensive legal advice regarding
the voting entitlements of Rubicon Limited and looks forward to
a judicial ruling on this matter as soon as possible. No change
to the date or time of the shareholders' meeting is envisaged.


DVT HOLDINGS: Discloses EGM Results
-----------------------------------
DVT Holdings Limited released the results of its Extraordinary
General Meeting held Wednesday morning.

RESOLUTION 1  

APPROVAL OF MERGER WITH UTILITY SERVICES CORPORATION LIMITED
(USC)

"That the merger of the Company and USC by way of the Takeover
Offer (including the issue of ordinary shares in the Company
under the Takeover Offer) as described in the Explanatory
Memorandum accompanying this Notice, be approved".

The resolution was passed on a show of hands. Proxies received
for the resolution were as follows:

FOR           AGAINST               OPEN       DISREGARDED/
                                                ABSTAINED

122,773,757      4,925,633         10,115,780        25,683,582

RESOLUTION 2      

REPLACEMENT OF ISSUED USC OPTIONS BY THE ISSUE OF DVT OPTIONS

"That subject to the completion of the Takeover Offer, the issue
by the Company of DVT Options (and any ordinary shares issued on
the exercise of those options) in replacement of issued USC
options as described in the Explanatory Memorandum accompanying
this Notice, be approved".

The resolution was passed on a show of hands. Proxies received
for the resolution were as follows:

FOR        AGAINST            OPEN           DISREGARDED/
                                              ABSTAINED
                                 
119,468,065     5,359,631      10,884,977            27,785,179

RESOLUTION 3

OTHER MATTERS - APPROVAL AND RATIFICATION OF PREVIOUS ISSUES OF
SHARES AND OPTIONS

"That the issue of:

   (a) 2,500,000 ordinary shares in the Company; and
   (b) 3,500,000 options over ordinary shares in the Company
(and any other ordinary shares issued on the exercise of those
options in accordance with their terms of issue), on the dates,
to the persons and on the terms described in the Explanatory
Memorandum, be approved and ratified".
               
The resolution was passed on a show of hands. Proxies received
for the resolution were as follows:

FOR       AGAINST            OPEN        DISREGARDED/
                                         ABSTAINED

146,544,998  1,931,703       9,932,321           5,089,730

The Company notes that Bigshop.com.au Limited (Bigshop)
supported all three resolutions, but that their votes have been
disregarded in respect of Resolutions 1 and 2 in accordance with
the voting exclusion statements thereto.

It is further noted that the approval of Resolution 1 has the
following consequences:

   * Offer Condition (c) of Annexure A to the Explanatory
Memorandum to the Notice of Meeting for 31 July 2002, which is
also Offer Condition 7.10(a)(iii) to the Bidder's Statement,
being approval of the proposed merger by DVT Shareholders, has
now been satisfied.

   * The condition precedent to Bigshop and Zero Nominees
undertakings to withdraw the resolutions requisitioned for
consideration by shareholders at the general meeting to be held
on 7 August 2002 has been satisfied. The Company anticipates
receipt of formal notification of such withdrawal from the
requisitioning parties shortly, and will make a further
announcement as to the status of the meeting scheduled for 7
August 2002 at that time.


GOODMAN FIELDER: GrainCorp Submits Offer for Milling Assets
-----------------------------------------------------------
GrainCorp Limited is pursuing investments in primary processing.

Consistent with this objective, GrainCorp, in conjunction with
Cargill Australia Limited, formally submitted on Wednesday a
conditional offer for the acquisition of Goodman Fielder's
Milling Australia assets.




TUART RESOURCES: Issues Southern Wine Debt Restructuring Status
---------------------------------------------------------------
Tuart Resources Limited provided information to the market
further to its announcement that it is negotiating a debt
facility.

On Friday, 26 July 2002 Tuart obtained formal approval from
financiers, subject to documentation, for a total borrowing of
$4.75 million for Southern Wine Corporation and the Fernvale
Unit Trust.

Drawdown of the first $950,000 is intended to re-finance the
existing Commonwealth Bank Secured Mortgage on the vineyard at
Preston Vale, owned by the Fernvale Unit Trust.

The unit holders of the Fernvale Unit Trust will borrow the
balance of the funds upon approval. In this regard a meeting
will be convened as soon as practicable to obtain consent.

As previously indicated, however, a condition of the loan will
require Southern Wine Corporation Ltd to compromise the
outstanding tax liability that arises in the period prior to the
acquisition of control of Southern Wine by Tuart.

On Friday, 26 July 2002, Southern Wine Corporation Ltd resolved
to convene a meeting of the growers of the SWC Managed
Investment Scheme. At this meeting growers will be asked to vote
on a range of proposals:

   (a) whether the growers individually contribute $1,800 per
growers unit (raising a total of $2 million) to fund the
shortfall in management expenses likely to occur in the current
financial year; or

   (b) the growers resolve to authorize Southern Wine to borrow
the funds on behalf of the growers secured against the growers
interest in the scheme to meet the ongoing expenses; or

   (c) whether the growers vote to terminate the managed
investment scheme.

In the event that no resolution is passed by the growers, South
Wine Corporation has resolved to initiate procedures under the
Corporations Act to terminate the managed investment scheme.
Termination of the scheme will not affect the ownership of the
land upon which the vineyard is situated. Southern Wine will
continue to own approximately 60% of the units in the Fernvale
Unit Trust with the balance being owned by growers.

A copy of Southern Wine Corporation's letter to each of the
growers is annexed at
http://www.bankrupt.com/misc/TCRAP_TRT0801.doc

Since the date of the last announcement the Australian
Securities and Investments Commission indicated that it holds
concerns as to Southern Wine Corporation Ltd's compliance with
its security dealers' license.

An application by ASIC seeking an order in those terms has been
lodged by ASIC in the Supreme Court.

To resolve ASIC's concerns and to formalize a compromise with
the ATO the directors of Tuart required the directors of
Southern Wine Corporation Ltd to take steps on Monday to appoint
Mr Mark Reilly and Mr Glen Featherby as joint and several
voluntary administrators of Southern Wine.

From initial discussions with the administrators of Southern
Wine Tuart believes it is still the intention of the
administrators to proceed with the meeting of growers described
above.

During this period of time:

- Tuart will take steps to attempt to finalize the leading. We
are uncertain as to the impact the appointment of an
administrator will have on the finance approval.

- The lending proposal will form the basis for a Deed of Company
Arrangement to be put to creditors on the basis that upon
compromising of various debts the company's administration can
be terminated and returned to the control of Tuart.

- In the meantime if growers vote to provide additional equity
funds to finance the shortfall in management expenses then the
financial position of Southern Wine will be improved
considerably.

Alternatively, if the growers vote to terminate the scheme then
the ownership structure of the vineyard will be simplified and
this will enable Tuart to more readily deal with its beneficial
interest in the Vineyard.

In summary, the Board of Tuart believes that the step of placing
Southern Wine in administration is a necessary step to resolve
the historic debts inherited by the company when it took over
the Nelson Ridge Croup.

Tuart hopes that the finance package it secured can be
maintained.

The process of administration should ensure that the funds
raised from lenders are applied for the current economic
interests of the growers and Southern Wine (as a subsidiary of
Tuart) and are not utilized in paying out historic debts.


WESTERN METALS: Issues Escrow Securities to Noteholders
-------------------------------------------------------
Western Metals Limited announced on 26 July 2002 that, in
consideration of the Noteholders entering into debt restructure
arrangements, it had issued 121,358,721 fully paid ordinary
shares (Escrowed Securities) to the Noteholders. This
announcement provides additional details of the restrictions on
the sale of these shares. The same restrictions will also apply
to the second tranche of ordinary shares (approximately 621
million) and related options (approximately 207 million), which
will be issued, to the Noteholders if shareholder approval is
given and any shares issued upon the exercise of options.

Pursuant to the restructure arrangements and to ensure an
orderly market in its shares WML has entered into an escrow deed
dated 26 July 2002 with each of its Noteholders. This deed
involves voluntary commitment by the Noteholders and their
nominees (if any) that they will not, dispose of, or agree or
offer to dispose of (1) any of the Escrowed Securities until 31
August 2003 or (2) more than 50% of the Escrowed Securities from
1 September 2003 to 31 August 2004.

The voluntary escrow undertakings cease to apply on the
occurrence of any one of the following:

   (i) a takeover bid is made to acquire all or some of the
ordinary shares in Western Metals and the offers pursuant to the
takeover bid are for all or some of the ordinary shares in the
capital of Western Metals;

   (ii) the ASX is advised that the voting power of a
shareholder exceeds 50%;

   (iii) the ASX suspends trading of the ordinary shares in the
capital of Western Metals in accordance with the Listing Rules
for more than 20 successive trading days;

   (iv) Western Metals announces to the ASX an intention to sell
all or substantially all of its business undertaking or assets;

   (v) an insolvency event, such as the appointment of a
receiver and manager or an application being made for the
winding up of Western Metals;

   (vi) a court approves a scheme of arrangement, which would
result in a person having a relevant interest in more than 50%
of the ordinary shares of the capital of Western Metals;

   (vii) a Termination Event or an Event of Default under the
debt restructure agreements;

   (viii) Western Metals defaults in the payment to the
Noteholders and such default is not remedied within 21 days; or

The voluntary escrow undertakings do not apply to a transfer or
sale by the Noteholders under the following circumstances:

   (i) to a related body corporate of the Noteholder, if the
related body corporate agrees to be bound by the same terms and
conditions in relation to the securities with all necessary
changes;

   (ii) to a person to whom a Noteholder transfers some or all
of the Notes held by the Noteholder, if the person agrees to be
bound by the same terms and conditions in relation to the
securities;

   (iii) to another Noteholder; or

   (iv) to a financial institution with net assets of not less
than US$100 million or another shareholder of Western Metals,
but only if such transfers are by off-market dealings in
tranches of the shares or options of such size so as not to
unduly influence the orderly everyday market for securities in
Western Metals.


WESTERN METALS: Provides Mt. Gordon Stage 2 Status Update
---------------------------------------------------------
On 27 June 2002 Western Metals Limited announced the approval in
principle of the next stage of development of the Mt Gordon
Operations.

Following the signing of the debt restructuring agreements with
US Noteholders and counter party banks on Friday, Western Metals
is pleased to announce the go-ahead of the Stage 2 development
at Mt Gordon.   This development consists of the expansion of
the processing plant by the addition of a flotation circuit and
additional grinding, thickening and tailings disposal capacity.
Mining activities are planned to recommence in the Mammoth
underground mine in the September 2002 quarter with the first
development ore planned for the December 2002 quarter. Stage 2
will ensure at least three more years of copper cathode
production at 52,000 tonnes per annum through to at least June
2005.

The Mt Gordon Operations presently consist of an autoclave leach
plant treating high-grade chalcocite ores from the Esperanza
open pit. The plant uses the proprietary Mt Gordon Ferric Leach
technology to produce a high quality copper cathode for sale to
consumers.

Under current operations the high-grade ores from Esperanza open
pit will be exhausted in about March 2003. Stage 2 of Mt Gordon
is designed to counter this depletion of high-grade ore and
maintain ongoing operations to at least June 2005. This will be
achieved through the processing of lower grade chalcocite ores,
partly from the existing Esperanza open pit but mostly from the
redeveloped Mammoth underground mine.

These lower grade ores will be processed in a flotation plant
with a capacity of 2.2 million tonnes per annum to produce a
copper concentrate that will be fed to the existing leach plant.
The metallurgy of the Mammoth deposits is well understood as
previous owners of the lease mined it. Western Metals has
maintained the Mammoth mine on care and maintenance since 1999.

Existing facilities at the Mammoth underground mine include an
access decline, ventilation and other mine services, together
with some broken ore stocks. The presence of these facilities
has allowed Western Metals to undertake extensive underground
drilling and geotechnical assessments. Based on this work
together with considerations such as mine productivity and
continuity of production, Western Metals has selected sublevel
caving as the most appropriate mining method for Mammoth.

The underground workings will be accessed through the existing
decline. This is being stripped to allow the use of high
productivity 55 tonne trucks that will haul the ore to the
surface. Other redevelopment works will include the
rehabilitation and extension of mine services and ongoing stope
development. Production will focus initially on the Mammoth 2
Lens, with additional feed coming from Lenses B and D in due
course.

Total measured, indicated and inferred chalcocite resources at
Mammoth are estimated at 9,794,000 tonnes at 3.9% Cu as reported
in the June Quarterly Report. Mine planning to expand the mining
reserve is Continuing.

The estimated capital cost for the Mammoth underground operation
including mine development costs over the next 3 years is $46.6
million. The mill expansion and expanded employee accommodation
is estimated to cost $16.4 million.

Ausenco Limited has been awarded an EPCM contract for the
flotation plant and surface facilities. Commissioning of the
flotation plant is scheduled for first quarter 2003.

Underground mining operations will be conducted under a 3 year
contract by Brynecut Mining under the supervision of Mt Gordon
site personnel.

While this next stage of Mt Gordon's development has focused on
the period to June 2005, operations are planned to continue past
this date. In addition to the resource identified at Lens 2,
further drilling is planned for D and B Lens to fully evaluate
their chalcocite potential.

Outside of the Mammoth deposits supplementary chalcocite ore
from the Esperanza underground and Esperanza South deposits is
being evaluated.

Over the past year, laboratory test work has confirmed the
successful autoclave leaching of chalcopyrite ore. Preliminary
engineering studies have been undertaken on the conversion of
the existing plant to treat the chalcopyrite resources at
Mammoth and this is potentially a longer term development option
for Mt Gordon.

Western Metals has secure title at Mt Gordon and there are no
native title issues raised by this development. The development
can be accommodated within a revised Environmental Management
Overview Strategy (EMOS) and Plan of Operations (PoO) to be
agreed with the Qld EPA later this year.


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


401 HOLDINGS: Books Net Loss of HK$101,364M
-------------------------------------------
401 Holdings Limited posted its financial announcement summary
year ending March 31, 2002:

Currency: HKD
Auditors' Report: Modified
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)
                                                            
(Restated)
Turnover                             : 22,844           165,343
Profit/(Loss) from Operations        : (92,676)        (249,588)
Finance cost                         : (3,228)          (4,876)
Share of Profit/(Loss) of Associates : 53               (973)
Share of Profit/(Loss) of
  Jointly Controlled Entities        : -                -
Profit/(Loss) after Tax & MI         : (101,364)      (243,200)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : (0.70 cent)      (2.24
cents)
         -Diluted                    : N/A              N/A
Extraordinary (ETD) Gain/(Loss)      : -                -
Profit/(Loss) after ETD Items        : (101,364)        
(243,200)
Final Dividend per Share             : NIL              NIL
(Specify if with other options)      : -                -
B/C Dates for Final Dividend         : N/A              
Payable Date                         : N/A              
B/C Dates for (-) General Meeting    : N/A
Other Distribution for Current Period: -
B/C Dates for Other Distribution     : N/A

Remarks:

1.      OPERATING LOSS

The operating loss is stated after crediting and charging the
following and other charges in Remark 2:
                                        2002            2001
                                        HK$'000         HK$'000
                        
Crediting                       
                        
Interest income                         945             2,353
Gross rental income from properties     3,114           934
        Less : Outgoings                1,803           353
Net rental income from properties       1,311           581
Net exchange gain                       -               191
                        
Charging                        
                        
Auditors' remuneration                  
        - current year                  361             798
        - under provision in prior year -               185
Depreciation of owned fixed assets      1,591           1,481
Depreciation of fixed assets held under finance leases
                                        -               3,880
Net exchange loss                       26              -
Operating lease rentals in respect of land and buildings
                                        4,008           5,528
Operating lease rentals in respect of plant and machinery
                                        305             387
Staff costs excluding directors' emoluments
                                        16,005          42,243
                       
2.      OTHER CHARGES

                                        2002            2001
                                        HK$'000         HK$'000
                                
Waiver of debts                         201             8,928
Provision for bad and doubtful debts    (11,940)        (26,404)
Gain on disposal of subsidiaries        6,779           6,607
Loss on disposal and write off of fixed assets
                                        (1,951)         (3,571)
Net realised loss on disposal of investment securities
                                        -               (2,157)
Impairment loss on investment securities
                                        (21,287)        (90,830)
Provision for diminution in value of inventories
                                        (1,898)         -
Impairment loss on fixed assets         (125)           -
Provision for diminution in value of properties for sale
                                        (3,449)         (780)
Impairment of goodwill recognized upon the adoption of SSAP 31
                                        -               (41,543)
                                        ------------------------
                                       (33,670)        (149,750)
                                       ========================
3. LOSS PER SHARE

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

                                        2002            2001
                                        HK$'000         HK$'000
                                                        
(restated)
Loss                            
Net loss for the year                   101,364         243,200
Dividend for preference shares          636             776
                                        -----------------------
Loss for the purpose of basic loss per share
                                        102,000         243,976
                                        =======================
                                
Number of shares                                
Weighted average number of shares                               
  for the purpose of basic loss per share
                         14,528,227,063          10,872,009,615
                          ======================================
Basic loss per share                            
Current year/prior year as previously reported
                              0.70 cents              1.86 cents
                                
==================================
As retrospectively restated   0.70 cents              2.24 cents
                              ==================================

Diluted loss per share for the year has not been presented as
the effect of any dilution is anti-dilutive.

In the current year, the Group has adopted a number of new
Statements of Standard Accounting Practice (SSAPs).  Adoption of
these standards has led to a number of changes in the Group's
accounting policies. In addition, the new standards have
introduced additional and revised disclosure requirements, which
have been adopted in these financial statements. Comparative
amounts for the prior year have been restated in order to
achieve a consistent presentation.


A.S.A.P. INFINITY: Winding Up Sought by Edit Point
--------------------------------------------------
Edit Point Limited is seeking the winding up of A.S.A.P.
Infinity Limited. The petition was filed on June 4, 2002, and
will be heard before the High Court of Hong Kong on August 28,
2002.

Edit Point holds its registered office at 11th Floor, Catic
Plaza, 8 Causeway Bay, Hong Kong.


CAN DO: Cites No Reason for Share Price Decrease
------------------------------------------------
Can Do Holdings Limited has noted the recent decrease in trading
price of the shares of the Company and stated that the Company
is not aware of any reasons for such decrease.

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.


CAN DO: Operations Loss Narrows to HK$31,743M
---------------------------------------------
Can Do Holdings Limited announced on 26 July 2002:

Year end date: 31 March 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                             : 23,051           23,203
Profit/(Loss) from Operations        : (43,385)        (930,420)
Finance cost                         : (31,743)         (94,138)
Share of Profit/(Loss) of Associates : (3,837)          (99,811)
Share of Profit/(Loss) of
  Jointly Controlled Entities        : -                -
Profit/(Loss) after Tax & MI         : (78,965)         
(1,124,387)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : ($0.09)          ($2.78)
         -Diluted                    : N/A              N/A
Extraordinary (ETD) Gain/(Loss)      : -                -
Profit/(Loss) after ETD Items        : (78,965)         
(1,124,387)
Final Dividend per Share             : NIL              NIL
(Specify if with other options)      : -                -
B/C Dates for Final Dividend         : -                
Payable Date                         : -
B/C Dates for (-) General Meeting    : -
Other Distribution for Current Period: -
B/C Dates for Other Distribution     : -

Remarks:

1.      Loss Per Share

        The calculation of the basic loss per share is based on
the net loss attributable to shareholders for the year of
HK$78,965,000 (2001: HK$1,124,387,000), and the weighted average
of 878,542,904 (2001: 404,088,810) ordinary shares in issue
during the year, after taking into account of the effect of the
Rights Issue during the year.  The weighted average number of
ordinary shares in issue for the year ended 31 March 2001 was
not restated because there was no bonus element resulting from
the Rights Issue during the year.

        The diluted loss per share amounts for the years ended
31 March 2002 and 31 March 2001 have not been disclosed, because
the share options, convertible note, convertible bonds and
redeemable convertible preference shares outstanding during both
years had an anti-dilutive effect on the basic loss per share
for these years.

2. (Loss) from Operation

(Loss) from Operation including:
                  HK$'000

Gain on disposal of interest in an associate   17,877
Provision for impairment in value of goodwill (78,400)


CIL HOLDINGS: Parallel Trading Ceased on Wednesday
--------------------------------------------------
CIL Holdings Limited requested market participants to note the
parallel trading in the ordinary shares of the Company will
cease after the close of business on Wednesday, 31 July 2002.

As from the close of business on that day, the counter for
trading in the consolidated shares (stock code: 2948) of CIL
HOLDINGS as represented by old share certificates will be
withdrawn and trading in the shares of CIL HOLDINGS will only be
under the following arrangements:

Stock Code  Short Name          Board Lot    Certificate Color
----------  ----------          ---------    -----------------
479         CIL HOLDINGS        100,000 shares   Yellow


GUANGDONG KELON: Appoints Deloitte Touche as Auditor
----------------------------------------------------
The board of directors of Guangdong Kelon Electrical Holdings
Company Limited announced that the Company has appointed
Deloitte Touche Tohmatsu and Deloitte Touche Tohmatsu as the
Company's auditors in Hong Kong and the People's Republic of
China respectively, for the financial year ending 31 December
2002.


HONOUR JOY: Hearing of Winding Up Petition Set
----------------------------------------------
The petition to wind up Honour Joy Industries Limited is
scheduled for hearing before the High Court of Hong Kong on
August 7, 2002 at 10:30 am. The petition was filed with the
court on May 7, 2002 by 14th Floor, Bank of China Tower, 1
Garden Road, Hong Kong.


LONG CHINA: Winding Up Petition Hearing Set
-------------------------------------------
The petition to wind up Long China Trading Limited will be heard
before the High Court of Hong Kong on August 7, 2002 at 11:30
am.  

The petition was filed with the court on May 21, 2002 by Bank of
China (Hong Kong) Limited whose registered office is situated at
14th Floor, Bank of China Tower, 1 Garden Road, Hong Kong.


ROCKAPETTA INDUSTRIAL: Petition to Wind Up Pending
--------------------------------------------------
The petition to wind up Rockapetta Industrial Company Limited is
scheduled to be heard before the High Court of Hong Kong on
October 19, 2002 at 9:30 am.  

The petition was filed with the court on July 8, 2002 by Kwok
Chin Wing of Unit 1010, Peninsula Centre, 67 Mody Road, Kowloon,
Hong Kong.


SINO INFOTECH: Operations Loss Swells to HK$31,583M
---------------------------------------------------
Sino InfoTech Holdings Limited posted its interim report year
ending 31 December 2001:

Currency: HK$
                                                   (Audited)
                                  (Audited)        Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/1/2001    from 1/1/2000
                                  to 31/12/2001    to 31/12/2000
                                  ('000)           ('000)
                                                            
(Restated)
Turnover                             : 85,413           195,635
Profit/(Loss) from Operations        : (31,583)         (21,500)
Finance cost                         : (332)            (329)
Share of Profit/(Loss) of Associates : (11,530)         26,112
Share of Profit/(Loss) of
  Jointly Controlled Entities        : NIL              NIL
Profit/(Loss) after Tax & MI         : (70,486)         (14,878)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : (7.31 cents) (1.65 cents)
         -Diluted                    : N/A              N/A
Extraordinary (ETD) Gain/(Loss)      : N/A              N/A
Profit/(Loss) after ETD Items        : (70,486)         (14,878)
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 Annual General Meeting : 22/8/2002-25/8/2002 bdi.
Other Distribution for Current Period: NIL
B/C Dates for Other Distribution     : N/A

Remarks:

(1) LOSS AFTER TAX
Loss after tax has included a provision for impairment in value
of goodwill on acquisition of interest in an associate of
approximately HK$5,357,000 (2000: HK$14,044,000) and provision
for impairment loss on an associate of approximately
HK$24,387,000 (2000: Nil).

(2) PRIOR YEAR ADJUSTMENT
In restating the financial statements for 2000 on the basis of
the new accounting policy, goodwill of HK$8,929,000 has been
restated in the balance sheet as at 31 December 2000 and the net
loss from ordinary activities attributable to shareholders for
the year ended 31 December 2000 has decreased by HK$892,900 as a
result of the amortization of the goodwill for the year.  The
cumulative effect on prior years for goodwill amortization was a
decrease in the retained profits at 1 January 2000 by
HK$1,785,800.

(3) LOSS PER SHARE
The calculation of basic loss per share is based on the net loss
attributable to shareholders for the year of approximately
HK$70,486,000 (2000: HK$14,878,000) and the weighted average of
963,796,241 (2000: 904,074,213) ordinary shares in issue during
the year.

The diluted loss per share for the years ended 31 December 2001
and 2000 have not been presented as the effects arising from the
exercise of the Company's share options would have been anti-
dilutive.

(4) COMPARATIVE AMOUNTS
Due to the adoption of certain new and revised Statements of
Standard Accounting Practice during the current year, the
accounting treatment and presentation of certain items and
balances in the financial statements have been revised to comply
with the new requirements.  Accordingly, certain prior year
adjustments have been made and certain comparative amounts have
been reclassified to conform with the current year's
presentation.


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


ASTRA INTERNATIONAL: No Agreement Reached at Creditors' Meeting
---------------------------------------------------------------
PT Astra International Ltd met its creditors on Wednesday in
Singapore to seek the rescheduling of some US$830-850 million
worth of debts, AFX-Asia reports, citing Astra's Director John
Slack.

No agreement was reached, but an official from Rothschild,
Astra's Financial Adviser, said an agreement is likely within
2002.

"We don't expect a response (from the creditors) today. They've
just received the presentation for the first time. But we expect
them to study the presentation and form a creditors
committee...and then we, with Rothschilds, will work very
closely with that committee in the next few months to work out a
mutually acceptable solution," Slack said.

The Rothschild official said the debt rescheduling entails "a
stretching of maturity but I can't say what is the main
proposal."

"We wish to achieve restructuring within 2002. I don't think
there is any desire on the part of creditors to have a prolonged
period of negotiations...we want to get things done quickly," he
added.

Both Slack and the Rothschild official declined to give specific
details.

Slack said the current schedule of debt repayments was based on
projections, which are unlikely to be met under current
circumstances, made by Astra in 1998 and 1999.

According to Slack, the reason for approaching creditors is not
really because of this year's servicing but because of some
assumptions made back in 1998/99 relating to the growth of
business in Indonesia. We now believe that the growth forecast
has to be re-examined. "It wouldn't be as good as it was
expected back in 1998/99. There are other assumptions that were
too optimistic. So, we are hoping that creditors will allow us
to look at all these assumptions again and accept our revised
forecasts".

When asked to comment on Astra's rights issue and divestment
plans, Slack said the rights issue and asset divestment plans
are issues separate from the proposed debt rescheduling.


SEMEN PADANG: Parent Gresik May Demand Management Changes
---------------------------------------------------------
PT Semen Gresik said it may use its influence over negotiations
by subsidiary PT Semen Padang to secure Rp500 billion in bank
loans, to force management changes at the troubled unit, AFX-
Asia reports.

Semen Padang is currently negotiating with PT Bank Mandiri and
PT Bank Negara Indonesia to secure refinancing to pay debts
maturing in August which are guaranteed by Semen Gresik.

Semen Gresik Finance Director Cholil Hasan said that it is
possible Semen Gresik will demand management changes at Semen
Padang as a pre-condition to approving the loans. "Of course we
will think about some conditions ... we need to know the benefit
for us if we give our approval," he said.

"They won't just approve the loans without studying the risks
and benefits. Five hundred billion rupiah is a huge amount of
money," he answered when asked whether the banks will actually
require Semen Gresik's approval for the loans.

Semen Gresik has been trying to replace the its unit's
management since its opposition to the group's privatization
last year shelved the US$520 million sale of the government's 51
percent stake to Mexico's Cemex SA de CV.

Earlier, Semen Gresik President Director Satriyo said that he
expected the unit's management to be replaced by June. However,
opposition from the Padang community has raised the political
stakes of the move.


* IBRA Sends Written Statement to SN, PKPS-PU Shareholders
----------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) on Wednesday has
announced a temporary recommendation report from the Legal
Assistance Direction Team (TPBH), the Oversight Committee (OC)
and the Financial Sector Policy Committee (FSPC) regarding the
compliance level of Sjamsul Nursalim (SN) to PKPS cq. MSAA.

In essence, the report contains clarification from the Legal
Action Team (TBH) and aforementioned committees result about the
he obligation to make cash payment IDR 1 trillion as well as the
fulfillment of other conditions.

Therefore, the IBRA's Chairman conveys a written statement to
SN, ask him to have a discussion concerning the report on
Wednesday 31 July 2002.

In addition, IBRA also announces a report from TBH and OC
regarding the level of compliance of a Five Shareholder
Settlement-Debt Acknowledgment Deed (PKPS-PU) from BBKU.

The five shareholders are: James Sujono Januardy, Adi Saputra
Januardy, Baringin Panggabean and Joseph Januardy (ex Bank
Namura Internusa) and Andi Hartawan (ex Bank Baja
Internasional).

In general, TBH report mentioned three points. First, the five
shareholders have failed to fulfill their obligations according
to PKPS-PU. Second, all obligations are overdue and should be
paid completely. Third, payment should be made within 90 days
from the letter date sent to them by the Chairman.

In line with these matters, the Chairman sent a written
statement to them to rectify the situation.

If the shareholders do not fulfill their obligations as  
stipulated in the Agreement, legal action will be taken
according to existing law.


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


FUJITSU LTD: Launches 'Softek' Storage Management Software
----------------------------------------------------------
Fujitsu Limited launched on Monday its "Softek" line of
integrated storage management software for multi-vendor storage
environments. Softek represents a major enhancement of Fujitsu's
storage management software line-up and is part of the Company's
push to strengthen its storage systems business.

Positioned as a strategic product to be marketed on a global
basis, Fujitsu's Softek is based on the concept of "Simplifying
Data Storage." It optimizes use of available storage resources
in multi-vendor storage environments and helps to improve
customers' ROI through integrated and automated management.
Moreover, it reduces total cost of ownership, minimizes
application downtime by improving storage availability, and
protects business critical data from a disaster.

Leveraging special advantages that reflect the needs of advanced
users in North America, Fujitsu will promote Softek as a stand-
alone software product for multi-vendor storage hardware
environments. In addition, Fujitsu will provide the Softek
product lineup in combination with its ETERNUS storage systems
as a comprehensive storage solution offering.

"Softek ensures a consistent, secure, yet simplified management
approach to meet immediate as well as future storage needs,"
said Junji Maeyama, corporate senior Vice President of Fujitsu
Limited's Platforms Business Group. "We are determined to
provide our customers with storage systems that share the same
mission critical and lowest total cost of ownership values as
our enterprise servers. With the skills and intellectual
property we have put into Softek, we can do that."

The Softek Management Foundation integrates three principal
storage management segments: Storage Resource Management,
Storage Infrastructure and Storage Data Management. This
realizes storage management automation, centralization and
reporting across all storage management segments in a multi-
vendor storage environment. Other key advantages include:

By combining Storage Resource Management and Storage
Infrastructure, Softek dramatically improves storage resource
utilization.

Softek allows storage administrators to easily manage
configuration, performance and failures in large-scale, complex
SAN environments. This helps prevent SAN performance bottleneck
and problems, as well as realize quick troubleshooting and
remediation.

Softek's high-speed backup solution reduces downtime for data
backup from several hours to a matter of seconds. This allows
storage administrators to migrate data while applications are
running. These advantages help minimize downtime for data
protection or migration operations.

TCR-AP reported that Fujitsu reported a first quarter
consolidated operating loss of 29.0 billion yen (US$242
million), an improvement of 13.3 billion yen over the operating
loss recorded during the corresponding quarter of the previous
fiscal year. Due in part to costs associated with continuing
restructuring efforts, the Company posted a net loss for the
period of 56.4 billion yen (US$470 million), compared with a net
loss of 55.4 billion during the corresponding period last year.


FURUKAWA ELECTRIC: U.S. Cable Division Sees Y46.2B Loss
-------------------------------------------------------
Furukawa Electric Co Ltd expects to post an appraisal loss of
46.2 billion yen ($389 million) on its U.S. fiber-cable division
in the fiscal year 2002, Reuters said Monday.

The loss resulted after Furukawa revalued the goodwill from its
takeover of the U.S. unit, which it purchased from Lucent
Technologies Inc (LU), the Company said.

The optics-optics maker has widened its group loss forecast for
the year through next March, projecting a net loss of 115
billion yen, against its previous estimate of 49 billion yen.

For a copy of Furukawa Electric's revised earnings and dividend
forecast for fiscal year ending March 2003, go to
http://bankrupt.com/misc/TCRAP_Furukawa0731.pdf


HITACHI LTD: Unveils 1Q Consolidated Financial Results
------------------------------------------------------
Hitachi, Ltd. announced Tuesday its consolidated financial
results for the first quarter ended June 30, 2002.

During the period under review, although economies in the U.S.
and Asia showed signs of recovery, the uncertainty in the global
economic environment increased as the U.S. stock market
softened. The Japanese economy saw an upturn in exports, most
notably to the U.S. However, sluggishness in private-sector
investment persisted and consumer
spending remained lackluster.

Against this backdrop, consolidated net sales for the quarter
was 1,865.2 billion yen (US$15,544 million), 4 percent lower
than the same period of the previous year. But Hitachi managed
to post operating income of 13.6 billion yen (US$114 million),
reversing an operating loss of 10.9 billion yen (US$91 million)
in the previous year's first quarter, as
the Corporate Innovation Initiative, including Procurement
Renewal Project, produced results and structural reforms
implemented in the previous fiscal year yielded lower fixed
costs.

Other income came to 25.4 billion yen (US$212 million), an
increase of 14.5 billion yen (US$121 million) compared to the
first quarter of the preceding year, mainly reflecting a 16.2
billion yen (US$136 million) net gain on securities. Meanwhile,
other deductions were 38.1 billion yen (US$318 million), a year-
on-year increase of 12.4 billion Y (US$104 million). This
increase was primarily due to 22.8 billion yen (US$190 million)
in exchange losses, which negated the lower interest expenses
resulting from reductions in debt.

Income before income taxes was 1.0 billion yen (US$8 million),
and after the recognition of 6.3 billion yen (US$53 million) in
income taxes, the loss before minority interests amounted to 5.3
billion yen (US$44 million). Hitachi posted a net loss of 8.0
billion yen (US$67 million), net of minority interests, an
improvement of 25.9 billion yen (US$216 million) from the same
period of the previous year.

Financial Position

Operating activities used net cash of 18.2 billion yen (US$152
million), compared with net cash provided of 14.4 billion yen
(US$120 million) in the same period of the previous year,
principally due to the payment of special termination benefits
under early retirement plans. Efforts were, however, made to use
working capital more efficiently, such as by promoting Project
C, which reduced the time it takes to turn over inventory and
accounts receivable from 201 days at the end of June 2001, to
176 days at June 30, 2002.

Investing activities used net cash of 171.7 billion yen
(US$1,432 million), 49.8 billion yen (US$416 million) more year
on year, reflecting an increase in short-term investments due to
the transfer of some cash and cash equivalents. Cash used for
the purchase of property, plant and equipment decreased as
Hitachi made selective capital investments.

Free cash flows, the sum of cash flows from operating and
investing activities, were an outflow of 189.9 billion yen
(US$1,583 million), 82.5 billion yen (US$688 million) higher
year on year.

Financing activities used net cash of 19.3 billion yen (US$161
million), compared with net cash provided of 175.9 billion yen
(US$1,466 million) in the same period of the previous year,
reflecting the repayment of short-term borrowings by
implementing a new committed credit facility.

Cash and cash equivalents as of June 30, 2002 amounted to 799.8
billion yen (US$6,665 million), a reduction of 229.5 billion yen
(US$1,913 million) during the first quarter.

Debt on June 30, 2002 stood at 2,952.7 billion yen (US$24,606
million), 45.4 billion yen (US$379 million) less than at March
31, 2002.

Capital investment on a completion basis declined 27 percent, to
175.7 billion yen (US$1,464 million), and depreciation declined
12 percent to 116.2 billion yen (US$969 million).

All figures were converted at the rate of 120 yen = U.S. $1, the
approximate exchange rate on the Tokyo Foreign Exchange Market
as of June 28, 2002.

Outlook for the first half of fiscal 2002

Hitachi's first-quarter results were better than initially
expected thanks to strong performances by information-related
equipment and electronic devices. However, since the start of
the second quarter, uncertainty in the IT market has increased,
especially for PCs and mobile phones. Together with the sharp
appreciation of the yen, the Company's operating environment has
become increasingly difficult. Consequently, Hitachi has decided
at this point not to revise its projections for the interim
period, ending September 30, 2002, as announced in April this
year and detailed below.

The interim projections assume an exchange rate of 120 yen to
the U.S. dollar, whereas a rate of 130 yen to the U.S. dollar
was assumed in April.

Net Sales 3,850 billion yen (US$32,083 million)
(year-on-year decrease of 2 percent)
Operating income 70 billion yen (US$583 million)
Income before income taxes 53 billion yen (US$442 million)
Income before minority interests 17 billion yen (US$142 million)
Net income 5 billion yen (US$42 million)

To Access the Company's financial result by segments, go to
http://bankrupt.com/misc/TCRAP_Hitachi0731.pdf


HITACHI POWDERED: JCR Affirms BBB+ Rating on Bonds
--------------------------------------------------
Japan Credit Rating Agency (JCR) affirmed the BBB+ rating on
bonds of Hitachi Powdered Metals on July 29, 2002.

Issue:
Amount(bn) / Issue Date / Due Date / Coupon
convertible bonds no.1
Y3 / Apr. 10, 1996 / Sept. 30, 2003 / 0.6 percent

Rationale

Hitachi Powdered Metals is a manufacturer of powder metal
products of Hitachi group. The sales for fiscal 2001 through
March 31, 2002 were broken down into powdered metallurgy
products (85 percent) and chemical products (14 percent). It has
the world's 60 percent market share in conductive paints for
CRTs while it has Japan's largest market share in powdered metal
products. It is exposed to strong request from automakers to cut
the costs of powdered metallurgy products. It relies on chemical
products for the earnings.

Sales of machine parts dropped while pace of those of conductive
paints slowed down in fiscal 2001. Drop in sales of machine
parts led to sharp drop in earnings. There is uncertainty over
the performance in fiscal 2002, given expected sluggishness of
machine parts and delay in recovery of conductive paints. The
Company plans to increase the profit through cut in prime costs,
although the revenue will likely decrease slightly for fiscal
2002. The appreciated yen will have negative impact on the
earnings. Recovery of profit, therefore, may delay.

The good financial conditions will work as a buffer for the risk
of deterioration in the debt service capability. Issue for the
Company is to strengthen the competitiveness of the powdered
metallurgy products. There will be no problem with earnings from
the conductive paints, although there is sign of drop in the
earnings.


MITSUBISHI CORP: Moody's Reviews Ratings for Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service on Tuesday placed the A2 long-term and
Prime-1 short-term debt ratings of Mitsubishi Corporation (MC)
and its supported subsidiaries on review for possible downgrade.

The reviews are prompted by uncertainties over Mitsubishi's
ability to successfully implement its current business strategy
without increasing its overall risk profile under the current
operating environment.

While Moody's recognizes MC's management achievement in the past
10 years - to reduce its overall size of balance sheet,
including financial investment operations, while improving its
profitability, debt-equity balance and liquidity position -
there are increasing uncertainties as to whether its debt
financed investment strategy will be able to maintain the
current level of creditor protection under the increasingly
volatile operating environment domestically and globally.

Moody's said that review will examine whether MC's strategy
would ensure more stable and diversified earnings contribution
and withstand the changing Japanese industrial dynamics,
characterized by long-term elimination of inefficient players in
various industry segments. Moody's said that the review will
also focus on MC's ability to predict, and control the various
types of market, investment and credit risks associated with the
current strategy. Lastly, Moody's will re-examine the analytical
implication of MC's parent financial fundamentals in light of
the reliance of many of its subsidiaries and affiliates'
financial operations on parent's strong funding capability, as
well as the parent's increasing dependence on earnings
upstreamed from its consolidated entities.

The following debts are placed under review for possible
downgrade:

Mitsubishi Corporation and supported subsidiaries

Mitsubishi Corporation -- the A2 unsecured senior debt rating,
and A2 issuer rating.

Mitsubishi Corporation Finance PLC -- the A2 unsecured senior
debt rating and Prime-1 short-term debt rating.

Mitsubishi International Corporation -- the A2 unsecured senior
debt rating and Prime-1 short-term debt and commercial paper
rating.

MC Finance International B.V.-- the A2 unsecured senior debt
rating and Prime-1 short-term debt rating.

According to World'Vest Base, as of 2001, Mitsubishi Corporation
has 3.7 trillion yen in current liabilities and fixed assets of
908.14 billion yen.


NTT DOCOMO: Schedules Sale of Shares Owned by NTT
-------------------------------------------------
NTT DoCoMo, Inc. announced Monday a stock buy-back program to be
executed through ToSTNet-2. In response to this, Nippon
Telegraph and Telephone Corporation has decided to offer for
sale NTT DoCoMo shares owned by it as outlined below.

1. Terms of Offer

(1) Number of shares: 551,000 shares

(2) Price per share: 269,000 yen

(3) Total amount: 148,219,000,000 yen

Note: Depending on market conditions, portions of or the entire
number of shares offered may not be transacted according to the
terms of the sell order.

2. Other Matters

The results of the sale shall be announced after trading hours
for transactions executed at 8:45 a.m. on July 29 2002.

Reference: Outline of Stock Buy-Back Program Announced by NTT
DoCoMo
(1) Method of purchase: Purchase to be made at closing price
(269,000 yen) for July 29, 2002 and executed through the Tokyo
Stock Exchange's ToSTNet-2 (closing-price transaction) at 8:45
a.m. on July 30 2002.
(2) Number of shares to be purchased: 870,000 shares


TAISEI FIRE: Sompo Japan Acquiring Insurance Firm
-------------------------------------------------
Sompo Japan will acquire collapsed Taisei Fire and Marine
Insurance Co Ltd, AFX Asia reported Monday.

Sompo will absorb all of Taisei's assets and businesses after
the firm's reinsurance business is spun off into a separate
Company. Taisei will then be turned into a unit on October 1, as
Sompo absorbs 1 billion yen in Taisei capital and cancels all of
Taisei's shares with no payouts. Sompo will then merge with the
unit on December 1.

In 2001, Taisei went bankrupt due to the impacts of reinsurance
claims following September 11.

Sompo has paid Taisei 30 billion yen to become its
rehabilitation sponsor, but it is not clear how much it will get
back from the merger, the report said.


=========
K O R E A
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DAEWOO MOTOR: Lender Bank Deals With Indian Unit Defaults
---------------------------------------------------------
The consortium of banks, led by the State Bank of India (SBI),
will meet early this month to handle the cases of defaults by
Daewoo Motors (India) Limited (DMIL), the Hindu reported Sunday.

Earlier, Financial Institutions (FIs) took the case of their
term loans to Debt Recovery Tribunals (DRTs). FIs, including
ICICI, EXIM Bank and IDBI, have instituted legal proceedings
against DMIL for recovery of their combined exposure of
9,000,000,000 rupees (900 crores) in the beleaguered Company.
ICICI has moved the case in Mumbai DRT while other FIs have
filed a case before the DRT in Delhi.

The total working capital of banks in the Indian automobile
Company is 4,000,000,000 rupees (400 crores), Indian Overseas
Bank Chairman S C Gupta said.

Gupta said due to the firm's inability to service the interest
for the past six months, the account was categorized as Non-
Performing Asset (NPA) last month.

DMIL, which has an asset base of rupees 3,500 crores, has run
into trouble on account of the problems facing the parent
Company in South Korea.

*Indian Quotation Amount International Quotation
1 Crore 10,000,000.00        10 Million
10 Crores 100,000,000.00     100 Million
100 Crores 1,000,000,000.00  1 Billion


HYNIX SEMICONDUCTOR: Discloses No Failure in Bond Payment
---------------------------------------------------------
Hynix Semiconductor Inc. announced Tuesday that its cash flow
plan would have no failure in repaying the matured debenture
that KDB (Korea Development Bank) owned.

"The creditor council is negotiating to settle whether the
matured KRW 56 billion debenture is included in the financial
restructuring package made on October 31 last year. Hynix will
follow the result of the discussion," a Company spokesman said.
"The case is not a matter that can affect our cash flow and
debt repayment schedule."

On October 31 2001, creditors agreed on a financial
restructuring package for the chipmaker, under which KRW 3
trillion was converted into capital via debt-for-equity swap
while they wrote-off KRW 1.4 trillion in debt, and rolled over
other existing loans.

The press release is located at
http://www.hynix.com/eng/index.html


HYNIX SEMICONDUCTOR: Selling Bonds to Pay July Debt  
---------------------------------------------------
Hynix Semiconductor said that it would meet July obligations by
issuing 127.7 billion W ($107.3 million) in bonds, Reuters
reported Monday.

The chipmaker posted a loss of $3.9 billion in 2001 after
computer memory chip prices fell to record lows. It owes
creditors more than $2 billion and faces a possible split-up as
lenders weigh options for recollecting their money.

A plan for creditors is due next week from advisers Morgan
Stanley Dean Witter and Deutsche Bank. The planned bond issuance
of 8.5 billion won on July 31 would bring the month's tally to
127.7 billion won.

DebtTraders reports that Hyundai Semiconductor's 8.625 percent
bond due in 2007 (HYUS07KRA1) trades between 60 and 65. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1


HYUNDAI MERCHANT: Settles Takeover Deal With Scandinavian Firm
--------------------------------------------------------------
Hyundai Merchant Marine (HMM) and Wilhelm Wilhelmsen Ltd ASA's
agreement to buy the car transport division of HMM has been
settled between both firms, but taxation and financial aspects
has yet to be clarified before a final contract can be signed,
AFX reported Tuesday.

On May 31, HMM affiliate Kia Motors Corp and Wilhelm
Scandinavia's Wallenius-Wilhelmsen agreed to jointly buy auto-
shipping operations from Hyundai Merchant Marine.

Under the terms of their non-binding agreement, the three firms
will set up a joint venture to acquire auto-shipping operations
from Hyundai Merchant, with Wallenius-Wilhelmsen taking at least
an 80 percent stake and Hyundai and Kia 20 percent or below.

Wallenius-Wilhelmsen is a joint-venture set up between Sweden's
Wallenius Lines and Wilhelm Wilhelmsen Lines ASA.


SEOUL BANK: KDIC Accepts Final Takeover Proposals From Bidders
--------------------------------------------------------------
The Korea Deposit Insurance Corp. (KDIC) will receive final
acquisition proposals from bidders of Seoul Bank, who have
completed due diligence, Asia Pulse said Wednesday.

Lead Manager Goldman Sachs will hand the letters of proposal
over to the Corporation Wednesday. The Public Fund Management
Committee will then select a preferred negotiating partner, the
report said.

KDIC holds a 100 percent stake in Seoul Bank, which received a
total of 5.6 trillion won in public funds, TCR-AP reports. The
government has injected 610.8 billion won into the bank for its
recapitalization following the 1997-98 financial crisis.


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M A L A Y S I A
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AMSTEEL CORPORATION: Shareholders OK Proposed Disposal at EGM
-------------------------------------------------------------
Amsteel Corporation Berhad announced that the shareholders of
the Company have approved the following ordinary resolution at
the Extraordinary General Meeting of the Company held on 29 July
2002:

PROPOSED DISPOSAL BY AMSTEEL CORPORATION BERHAD (AMSTEEL) OF
100% EQUITY INTEREST IN OPTIMA JAYA SDN BHD (OJSB) TO SCB
DEVELOPMENTS BERHAD (SCB) FOR A CONSIDERATION OF RM150,000 AND
PROPOSED SETTLEMENT BY SCB, FOR AND ON BEHALF OF OJSB, OF DEBTS
OWING BY OJSB TO AMSTEEL TOTALING RM113.85 MILLION AS AT
COMPLETION

That subject to fulfillment of the conditions precedent provided
in the Sale and Purchase Agreement dated 20 June 2001 between
Amsteel and SCB (SPA) for the proposed disposal by Amsteel of
100% of its equity interest in OJSB, approval be and is hereby
given for Amsteel to dispose of its entire shareholding of
150,000 ordinary shares of RM1.00 each in OJSB representing 100%
of the equity interest in OJSB for a total cash consideration of
RM150,000 and for Amsteel to accept payment from SCB, for and on
behalf of OJSB, of the sum of RM113.85 million, to be settled
partially in cash of RM10,000,500 and partially by way of
23,111,000 new shares in SCB (valued at RM4.50 per share) in
consideration for Amsteel's:

   (i) assumption of certain liabilities owing by OJSB to its
trade, deferred and other creditors and to its related companies
as at completion; and

   (ii) waiver of all the liabilities owing by OJSB to Amsteel
other than the sum of RM113.85 million as at completion

upon the terms and subject to the conditions contained in the
SPA and that the Directors of Amsteel be and is hereby
authorized with full powers, for the purposes of completing and
giving effect to the aforesaid disposal, assumption and waiver
of liabilities, to assent to any conditions, modifications,
variations and/or amendments as may be required and/or approved
by the relevant authorities and to do all acts, deeds and things
as may be considered by the Directors of Amsteel to be necessary
or expedient to give full effect to and to complete the SPA.


AUTOWAYS CONSTRUCTION: Updates Material Litigation Status
---------------------------------------------------------
Autoways Construction Sdn Bhd, in reference to Shah Alam High
Court S/N: MTt5-22-781-2001, the Company vs Perangsang
International Sdn Bhd (PISB), informed that the application for
summary judgment was heard by the Court on 3rd and 4th of July
2002 and on 19th July 2002 the Learned Senior Assistant
Registrar delivered the decision allowing Plaintiff's
application for Summary Judgment with cost.

PISB's solicitor lodged a Notice of Appeal on 19th July 2002 and
also filed an application for a stay of execution on 24th July
2002. The application is fixed for hearing on 31st July 2002.


BRISDALE HOLDINGS: Replies to KLSE's Winding Up Petition Query
--------------------------------------------------------------
Brisdale Holdings Berhad, in reply to Query Letter by KLSE
reference ID: NM-020726-34164 pertaining to its Advertisement of
Winding-Up Petition, furnished the information as requested for
public release:

1. The Company received a Winding-Up Petition, which was
presented, vide Kuala Lumpur High Court Winding-Up Petition No.
D6-28-481-2002 on 30th May 2002. The said petition was served on
our subsidiary company i.e. Brisdale Resources Sdn Bhd (the
Company) on 28th June 2002 at the registered office which is
Tingkat 17, Blok B Menara PKNS-PJ, No. 17, Jalan Yong Shook Lin,
46050 Petaling Jaya, Selangor Darul Ehsan.

2. The total amount claimed under the petition is RM68,780.00
being claimed for liquidated ascertained damages pursuant to the
standard Sale and Purchase Agreement under the Housing
Development Act, 1965 including cost of RM1,366.00.

3. The total of investment in the Company by Brisdale Holdings
Berhad is RM10,578,472.50.

4. The Summary Judgment had been obtained by the petitioner
against the Company by way of summons in Kuala Lumpur Sessions
Court with summon no: 8-52-9978-2000 for the amount of
RM70,146.00 on 11th January 2002.

5. The Company does not foresee the amount claimed to have any
financial nor operational impact on the Group.

6. Apart from the amount claimed the Company does not foresee
any further losses except for legal cost in which we need to pay
the petitioner's solicitors as well as ours.

7. i. The Company has filed an Appeal in the Kuala Lumpur High
Court, which is hereby fix for hearing on the 30th April 2003.
The Appeal is against the Summary Judgment obtained on 11th
January 2002.

   ii. The Company has filed an Application to stay an execution
at Sessions Court and the Application will be heard on 3rd
September 2002 summon no: 8-52-9978-2000.

   iii. Finally, the Company is preparing to file in for a stay
against the Winding-Up Petition. As such, the Company has taken
all necessary steps to dissolve this matter.


FW INDUSTRIES: Unit Faces Legal Suit Filed by Perlite Over Debt
---------------------------------------------------------------
FW Industries Berhad informed that on 24th July 2002, Fieldwork
Engineering Sdn. Bhd. (FESB), a wholly-owned subsidiary of FW,
had been served with a legal suit dated 24th July 2002 by
Perlite Marketing Sdn. Bhd.

Perlite is claiming for the alleged sum of RM385,560.55 (the
Debt) for goods supplied to FESB together with interest of 8%
per annum on the sum of RM385,560.55 from 20th June 2001 until
realization and costs of RM350.00. Perlite is now demanding the
settlement of the Debt within twenty-one (21) days upon receipt
of the Statutory Notice, failing which, they may institute
winding-up proceedings against FESB.

FESB is disputing the accuracy on the principal amount of
Perlite's accounts and has instructed its legal counsel to
defend the case and will keep all relevant parties informed
about its outcome in due course.

Except for the disputed alleged sum of RM385,560.55 together
with interest and costs mentioned by Perlite and bearing any
unforseen circumstances, there is no other and additional
financial and operational impact on the Group.

FESB is not expected to expose to any other potential contingent
loss other than the disputed alleged sum of RM385,560.55 arising
from the said litigation.


KUALA LUMPUR: Ordinary Resolution Passed at EGM
-----------------------------------------------
The Board of Directors of Kuala Lumpur City Corporation Berhad
(KLCCB) informed that at the Extraordinary General Meeting of
the Company held on Monday, 29 July 2002 at the Auditorium, No.
8, Jalan Binjai Off Jalan Ampang, 50450 Kuala Lumpur, the
following Ordinary Resolution has been duly passed by the
shareholders:

ORDINARY RESOLUTION

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

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

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


MBF CAPITAL: Revises Proposed Acquisition Purchase Price
--------------------------------------------------------
Alliance Merchant Bank Berhad, for and on behalf of the Board of
Directors of Mbf Capital Berhad, announced:

   (i) a revision to the purchase consideration in respect of
the Proposed Acquisitions (as defined below) from RM118,444
million to RM125,736,003 in accordance with the terms of the
sale and purchase agreement (SPA) and supplemental sale and
purchase agreement (Supplemental SPA) entered into between MBf
Capital and Leisure Holidays Holdings Sdn Bhd (LHHSB) on 10
August 2001 and 27 February 2002 respectively;

   (ii) an agreement between Summerset, LHB and MBf Capital is
made in respect of the assets pertaining to the Proposed
Acquisitions; and

   (iii) a Proposed ESOS to the Eligible Employees and Executive
Directors of the new restructured MBf Capital Group (Newco
Group).

REVISION TO THE PURCHASE CONSIDERATION FOR THE PROPOSED
ACQUISITIONS

On 10 August 2001 and 27 February 2002, MBf Capital had entered
into the SPA and Supplemental SPA respectively with LHHSB for
the proposed acquisitions of:

   (i) LHB Group, comprising LHB, Summerset, Leisure Holidays
Marketing Sdn Bhd and Leisure Holidays Resorts Management Sdn
Bhd; and

   (ii) Leisure Commerce Square Sdn Bhd (LCS) Group, comprising
LCS and Leisure Golf & Beach Resort (Rompin) Sdn Bhd,

for a purchase consideration of RM118.444 million to be
satisfied by the issuance of 118.444 million new Newco shares of
RM1.00 each (Newco Shares) to be credited and fully paid up at
an issue price of RM1.00 per share to LHHSB.

The proposed acquisitions of LHB Group and LCS Group are
hereinafter referred to as the "Proposed Acquisitions".

A company by the name of Perfect Utilization Sdn Bhd (PUSB) had
been incorporated to take over the listing status of MBf Capital
pursuant to MBf Capital's restructuring exercise. In this
regard, Newco referred to above shall be PUSB.

The SPA and Supplemental SPA has provided for the increase or
reduction in the purchase consideration if the upward or
downward discrepancy is more than 5% from the net tangible asset
(NTA) position of the LHB Group and LCS Group upon completion of
a due diligence audit.

On 25 July 2002, MBf Capital had confirmed to LHHSB, upon
completion of the due diligence audit exercise, that the
purchase consideration for the Proposed Acquisitions will be
increased to RM125,736,003 to be satisfied by the issuance of
125,736,003 new PUSB Shares to be credited as fully paid up at
an issue price of RM1.00 per share to LHHSB.

The revised purchase consideration was arrived at based on the
adjusted NTA of the LHB Group and LCS Group of RM125,736,003
pursuant to the due diligence audit exercise.

AGREEMENT BETWEEN LHB, SUMMERSET AND MBf CAPITAL

Details of the Agreement

On 24 July 2002, Summerset, LHB and MBf Capital entered into an
agreement (Agreement) whereby:

   (i) it is confirmed that the valuation of the assets
pertaining to the Proposed Acquisitions will be made on the
premise that the layout plan and the building plans for the
hotel suites to be constructed on approximately 64.95 acres of
land forming part of the 834 acres of the Summerset development,
identified as the Marine Hotel Development, would be approved
for development of not less than one thousand (1,000) units of
hotel suites;

   (ii) Summerset will sell and LHB will purchase one hundred
and eight (108) units in the Marine Hotel Development (Sale
Units) at a total consideration of not less than RM27.0 million
and that all other terms and conditions in respect of the sale
and purchase of the Sale Units shall be mutually agreed between
Summerset and LHB; and

   (iii) Summerset will lease and LHB will take on lease one
hundred (100) units of the Colonial Hotel, South Wing (Lease
Units), for a period of twelve (12) years from the date of
vacant possession and fully furnished hand-over to LHB, and in
consideration of which LHB agrees to pay to or on behalf of
Summerset, 97% of the insurance premium, where the payback of
this scheme is made in year 8 of the lease period, the total
value of which shall be not less than 50% of the purchase price
of the 100 units, at an average price of RM220,000 per unit and
on such other terms and conditions as may be mutually agreeable
by Summerset and LHB.

Right of enforcement by MBf Capital

Subject to the completion of the SPA and Supplemental SPA in
accordance with the terms thereof, MBf Capital shall have the
absolute right to enforce the Agreement as well as all other
agreements entered into between Summerset and LHB, pursuant to
the Agreement, and compel Summerset and/or LHB to perform their
respective obligations and promises as set out in the Agreement
and all other agreements entered pursuant to the Agreement.

The Agreement may not be supplemented, amended or modified
except with the consent of all parties.

DETAILS OF THE PROPOSED ESOS

The Board of MBf Capital had on 22 July 2002 resolved to carry
out a Proposed ESOS to the Eligible Employees and Executive
Directors of the PUSB Group.

The PUSB Group comprises the MBf Capital Group, other than the
Remaining Subsidiaries (as defined in the announcement dated 10
August 2001), the LHB Group and the LCS Group ("PUSB Group" or
the "Group").

The principal features of the Proposed ESOS are as follows:

Number of New PUSB Shares offered

The total number of new PUSB Shares to be issued by the Company
in respect of which Options are offered to the Grantees under
the Scheme shall not at the time of Offer exceed ten per cent
(10%) of the total issued and paid-up share capital of the
Company.

There should be no further granting of Options should the
aggregate number of options offered exceed 10% of the total
issued and paid-up share capital of the Company.

Maximum allowable allotment and basis of allocation

Subject to any adjustments which may be made in accordance Bye-
Law with the:

   (a) no Option shall be offered for less than 1,000 PUSB
Shares to any Eligible Employee or for more than the Maximum
Allowable Allotment as set out in paragraph (b) below; and

   (b) subject to paragraph (a) above, the number of underlying
PUSB Shares comprised in an Offer that may be offered and
allotted to any Eligible Employee, in accordance with the terms
of the Scheme, shall be determined at the discretion of the ESOS
Committee but shall not be:

     (i) more than 50% of the PUSB Shares available under the
Scheme allocated, in aggregate, to Executive Directors and
senior management of the Group; and

     (ii) more than 10% of the PUSB Shares available under the
Scheme allocated to any Eligible Employee (including Executive
Directors) who, either singly or collectively through his/her
associates as defined in the Companies Act, 1965, holds more
than 20% or more in the issued and paid-up share capital of
PUSB.

In addition to the criteria for allotment as set out above, the
allotment to any Eligible Employee shall also be determined at
the discretion of the ESOS Committee based on the Eligible
Employee's seniority, performance, length of service and
contribution, present and potential. However, the allotment to
the various grades of Eligible Employees under the Scheme shall
be on an equitable basis.

Eligibility

The criteria of selection and allotment to be applied by the
ESOS Committee shall, without limitation, include the number of
years of service the Eligible Employee has rendered, the
performance, contribution, dedication and loyalty of the
Eligible Employee to the Group and the potential worth of the
Eligible Employee in terms of future direct or indirect
contributions to the continued success of the Group.

Any employee (including Executive Director) of the Group shall
be eligible to participate in the Scheme if, as at the Offer
Date, the employee:

   (i) has attained the age of eighteen (18) years; and

   (ii) is confirmed, employed and is on the payroll of a
company within the PUSB Group (other than a company, which is
dormant).

Notwithstanding the foregoing, the entitlement of an Executive
Director of PUSB under the Scheme must be approved by the
shareholders of the Company in a general meeting.

An Eligible Employee can only be made Offers in respect of
Shares up to his Maximum Allowable Allotment at any one time and
is allowed to participate in the ESOS currently in operation of
only one company within the Group.

Option Price

The price at which the Grantee is entitled to subscribe for each
PUSB Share shall be set at the weighted average market price of
the PUSB Shares as shown in the KLSE Daily Official List issued
by the KLSE for the five (5) market days immediately preceding
the Offer Date (subject to such adjustments in accordance with
Bye-Law 16) with an allowance for a discount of not more than
ten percent (10%) therefrom at the ESOS Committee's discretion
subject to the proviso that the Option Price per new PUSB Share
shall in no event be less than the par value of the PUSB Share.

Exercise of Option

The ESOS Committee may by notice given, at any time and from
time to time, before and/or after an Option is granted, limit
the exercise of the number and/or percentage of the Option
offered during the duration of the Scheme and impose any other
terms and/or conditions deemed appropriate by the ESOS Committee
in its sole discretion including amending or varying any terms
and conditions imposed earlier.

Duration of the Scheme

The Scheme shall be in force for a period of five (5) years
commencing from the date of the confirmation letter from the
adviser of the Company to the SC stating the following:

   (i) the Company has fulfilled the SC's conditions of approval
for the Scheme and that the Bye-Laws do not contravene any of
the provisions or guidelines relating to the ESOS as stipulated
under the Policies and Guidelines on Issue/Offer of Securities
of the SC; and

   (ii) the Company has obtained other relevant approvals for
the Scheme and has fulfilled any conditions imposed therein.
The Scheme may at the ESOS Committee's discretion be extended or
renewed (as the case may be) subject to an aggregate duration of
ten (10) years from the date of confirmation letter from the
adviser of the Company as provided herein. In the event that the
Scheme is extended or renewed in accordance with the terms
herein, the ESOS Committee shall furnish a written notification
to all relevant parties to the proposed extension or renewal of
the Scheme.

Rights attaching to the new PUSB Shares

The new PUSB Shares to be allotted upon any exercise of the
Option will, upon allotment, rank pari passu in all respects by
the then existing issued and paid-up PUSB Shares, and subject to
the adjustments in relation to the alteration of the share
capital during the Option Period, they will not entitle the
holders thereof to receive any dividends, rights, bonus issue
and any other distribution declared in favor of the holders of
PUSB Shares for which the entitlement date thereof precedes the
relevant exercise date of the Option and all new PUSB Shares
shall be allotted subject to all the provisions of the Articles
of Association of the Company.

In no circumstances whatsoever shall any Eligible Employee,
ceasing to hold the office or the employment by virtue of which
he is or may be eligible to participate in the Scheme, be
entitled to any compensation for any loss of any right or
benefit or prospective right or benefit under the Scheme which
he might otherwise have enjoyed whether such compensation is
claimed by way of damages for wrongful dismissal or other breach
of contract or by way of compensation for loss of office or
otherwise howsoever.

Termination

The Company may terminate the continuation of this Scheme at any
time. Prior to the termination of the Scheme, the Company must
satisfy the following conditions:

   (i) that the approval from the SC for the termination of the
Scheme has been obtained;

   (ii) that the consent from the shareholders of the Company at
a general meeting has been obtained wherein at least a majority
of the shareholders present must have voted in favor of the
termination; and

   (iii) that the written consent from all Grantees who have yet
to exercise their Option, either in part or in whole, has been
obtained.

RATIONALE

The Proposed ESOS is devised as a means of rewarding the
Eligible Employees and Executive Directors of the PUSB Group who
have stayed loyal with the PUSB Group during trying
circumstances and to provide them with an opportunity to
participate in the equity of the restructured entity, with the
objective of motivating them towards better performance and to
encourage continued loyalty.

EFFECTS OF THE PROPOSED ESOS

The effects of the Proposed ESOS on the issued and paid-up share
capital, net tangible assets (NTA), earnings and substantial
shareholders of MBf Capital are set out below:

Share Capital

The effects of the Proposed ESOS on the issued and paid-up share
capital of MBf Capital are set out in Table 1 at
http://www.bankrupt.com/misc/TCRAP_Mbf0801.gif

NTA

The Proposed ESOS is not expected to have any immediate effect
on the NTA until such time the Options are exercised. Any
potential effect of the Proposed ESOS on the NTA of the Group in
the future would depend on the number of Options granted and
exercised at any point in time, the price payable upon the
exercise as well as the utilization of proceeds raised from the
Options exercised.

Earnings

The Proposed ESOS is not expected to have any immediate effect
on the earnings until such time the Options are exercised. Any
potential effect of the Proposed ESOS on the earnings of the
Group in the future would depend on the number of Options
granted and exercised at any point in time, the price payable
upon the exercise as well as the utilization of the proceeds
raised from the Options exercised.

Substantial Shareholdings

The Proposed ESOS is not expected to have any material effect on
the substantial shareholdings of MBf Capital.

CONDITIONS

The Proposed ESOS is conditional upon the approvals of the
following:

   (i) the SC;

   (ii) the Kuala Lumpur Stock Exchange (KLSE) for the listing
and quotation of the new PUSB Shares arising from the exercise
of options under the Options granted under the Proposed ESOS;

   (iii) the shareholders at an extraordinary general meeting to
be convened; and

   (iv) any other relevant authorities.

ADVISER

Alliance has been appointed as adviser to MBf Capital for the
Proposed ESOS.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

Datuk Azizan bin Abdul Rahman is an Executive Director of the
Company. Therefore, he is deemed interested in the Proposed ESOS
and has accordingly abstained and will continue to abstain from
all deliberations on their respective entitlements under the
Proposed ESOS at the relevant meetings of the Board.

Save as disclosed above and as far as the Directors are aware,
none of the other Directors and substantial shareholders nor
persons connected to them has any interest, direct or indirect,
in the Proposed ESOS.

DIRECTORS' RECOMMENDATION

With the exception of Datuk Azizan bin Abdul Rahman, who is
interested in the Proposed ESOS, the Board, having considered
all aspects of the Proposed ESOS, is of the opinion that the
Proposed ESOS is in the best interests of MBf Capital and the
terms and conditions are fair and reasonable.

APPLICATION TO THE SC

The application to the relevant authorities will be made within
one (1) month from the date of this announcement.


SEAL INCORPORATED: Price Fixing Date Determined
-----------------------------------------------
On behalf of the Board of Directors of Seal Incorporated Berhad,
Proposed Private Placement of up to 11,214,000 New Ordinary
Shares of Rm1.00 Each in Seal (Placement Shares) Representing up
to 10% of the Existing Issued and Paid-Up Share Capital of Seal
(Proposed Placement), Commerce International Merchant Bankers
Berhad, announced that the Board has determined 26 July 2002 to
be the price fixing date.

The issue price of RM1.00 per Placement Share represents the par
value of Seal Shares whilst the five (5) days weighted average
market price of the Seal Shares until and including 25 July 2002
is RM0.87 per Seal Share.

In accordance to the Policies and Guidelines on Issue/Offer of
Securities issued by the Securities Commission, the issue price
of the Placement Shares must be fixed based on the five (5) days
weighted average price of the ordinary shares of RM1.00 each in
Seal (Seal Shares) prior to the price fixing date to be
determined by the Board with a discount of not more than 10% and
not lower than the par value of Seal Shares.

CIMB, as independent placement agent, announced that CIMB had on
23 July 2002, sent out an offer letter to one (1) placee to
subscribe for 4,822,000 Placement Shares at an indicative issue
price of RM1.00 per Placement Share.

Early this month, TCR-AP reported that as at 28 June 2002, the
Group's total default in payments to financial institutions in
respect of various credit facilities is RM56.7million.


SETEGAP BERHAD: Issues Proposals to Strengthen Capital Base
-----------------------------------------------------------
On behalf of the Board of Directors of Setegap Berhad,
AmMerchant Bank Berhad, formerly known as Arab-Malaysian
Merchant Bank Berhad, announced:

   (a) a proposed renounceable two-call rights issue of up to
26,612,334 new ordinary shares of RM1.00 each (Rights Shares) in
the Company with up to 13,306,167 detachable Warrants at a
proposed issue price of RM1.00 per Rights Share payable in full
upon acceptance on the basis of two(2) Rights Shares with one
(1) Warrant for every four(4) existing Shares held. The first
call of RM0.75 of the proposed issue price of RM1.00 is payable
in cash on application and the second call of RM0.25 is payable
out of the Company's Share Premium and Revaluation Reserve
accounts (Proposed Rights with Warrants Issue);

   (b) a proposed non- renouncable rights issue of up to
RM26,612,334 nominal value of ICULS at 100% of its nominal value
together with up to 26,612,334 detachable warrants (Warrants) on
the basis of RM1.00 nominal value of ICULS together with one(1)
Warrant for every two(2) existing Shares held (Proposed ICULS
with Warrants Issue); and

   (c) a proposed increase in the authorized share capital of
the Company from RM100,000,000 comprising 100,000,000 Shares to
RM200,000,000 comprising 200,000,000 Shares in the Company
(Proposed Increase in Authorized Share Capital).

The Proposals collectively refers to:

   * Proposed Two-Call Rights Issue of up to 26,612,334 New
Ordinary Shares of Rm1.00 Each (Rights Shares) in the Company
With up to 13,306,167 Detachable Warrants on the Basis of Two(2)
Rights Shares With One(1) Warrant for Every Four(4) Existing
Ordinary Shares of Rm1.00 Each (Shares) Held;

   * Proposed Rights Issue of up to Rm26,612,334 Nominal Value
of 5-Year 4% Irredeemable Convertible Unsecured Loan Stocks
(ICULS) at 100% of its Nominal Value With up to 26,612,334
Detachable Warrants on the Basis Of Rm1.00 Nominal Value of
ICULS With One(1) Warrant for Every Two(2) Existing Ordinary
Shares Held; and

   * Proposed Increase in Authorized Share Capital From
Rm100,000,000 Comprising 100,000,000 Shares of Rm1.00 Each to
Rm200,000,000 Comprising 200,000,000 Shares of Rm1.00 Each in
the Company

THE PROPOSED RIGHTS WITH WARRANTS ISSUE

Details of the Proposed Rights with Warrants Issue

The Company is proposing to implement the proposed renounceable
two-call rights issue of up to 26,612,334 Rights Shares with up
to 13,306,167 detachable Warrants at a proposed issue price of
RM1.00 per Rights Share (of which the first call of RM0.75 is
payable in cash on application and the second call of RM0.25 is
payable out of the Company's Share Premium and Revaluation
Reserve accounts). The Proposed Rights with Warrants Issue is to
be implemented on the basis of two(2) Rights Shares and one(1)
Warrant for every four(4) existing Shares held. The issue price
of the Rights Shares is payable in full upon acceptance.

The actual number of the Rights Shares and Warrants to be issued
pursuant to the Proposed Rights with Warrants Issue would depend
on the then issued and paid-up share capital of the Company
after taking into account the following:

   (a) the issued and paid-up share capital of the Company as at
31 December 2001 of RM49,702,667 comprising 49,702,667 Shares;

   (b) 3,141,000 options as at 22 July 2002 which has been
granted pursuant to the Company's employee share option scheme
(ESOS) and which may be exercised on or prior to the entitlement
date of the Proposed Rights with Warrants Issue; and

   (c) 381,000 options as at 22 July 2002, which may be granted
and exercised, on or prior to the entitlement date of the
Proposed Rights with Warrants Issue.

The Rights Shares (with Warrants attached) will be offered to
the shareholders of Setegap as per the Record of Depositors on
an entitlement date to be determined later upon obtaining the
approvals from all the relevant authorities.

Reserves available for capitalization

The Proposed Rights with Warrants Issue would entail the
capitalization of approximately up to RM6.65 million of the
Company's reserves of which the Company has proposed to
capitalize from its Share Premium and Revaluation Reserve
accounts. Based on the Company's audited accounts as at 31
December 2001, the Share Premium account balance available for
the capitalization stood at RM0.9 million.

To meet, inter-alia, the required level of reserves for the
Proposed Rights with Warrants Issue, the Company proposes to
undertake a revaluation of its existing subsidiaries from the
Company's cost of investment to the audited net tangible asset
(NTA) value of the subsidiaries as at 31 December 2001. Based on
the audited accounts of the subsidiaries of the Company as at 31
December 2001, the Company is able to revalue its investments in
subsidiaries to arrive at a revaluation surplus of approximately
RM10.8 million.

It is the intention of the Company to revalue the Company's
investment in subsidiaries based on the audited accounts of the
subsidiaries as at 31 December 2002, in order to maximize the
revaluation surplus.

Based on the NTA of the subsidiaries as at 31 December 2001, two
subsidiaries, namely Asphalt Industries Sdn Bhd and Paving Plant
& Processes (M) Sdn Bhd have in 1994 and 1998 respectively
revalued its land and buildings to a valuation of RM10.12
million. In this respect, the Company intends to seek the waiver
of the Securities Commission (SC) from having to undertake a
revaluation on all the other land and buildings within the
Setegap group of companies (Setegap Group).

Basis of determining the proposed rights issue price

The proposed issue price of RM1.00 for the Proposed Rights with
Warrants Issue was arrived at after taking into consideration
the following:

   (a) the par value of Setegap Shares of RM1.00 per share; and

   (b) weighted average market price (WAMP) of Setegap's Shares
for the five (5) market days up to 25 July 2002 of RM0.82.

The first call, i.e. the cash portion of RM0.75 per Rights Share
represents a discount of approximately 6.25% to the theoretical
ex-rights price of Setegap of RM0.80 based on the aforementioned
5-day WAMP.

The Company is proposing an exercise price for the Warrants at
RM1.30 per share, which currently represents a premium of 58.50%
over the WAMP for the five (5) days up to 25 July 2002.
In this regard, the Company intends to seek a waiver from the SC
to fix the issue and exercise price of the Rights Shares and
Warrants, at RM1.00 per Rights Share and RM1.30 per share,
respectively upfront at the point of announcement instead of at
a price-fixing date after the approval from the SC as required
in the SC's Guidelines on Issue/Offer of Securities (SC
Guidelines).

Ranking of the new shares arising from the Proposed Rights with
Warrants Issue

The new Rights Shares shall upon allotment and issue, rank pari
passu in all respects with the existing Shares of the Company
except that they shall not be entitled to the Proposed ICULS
with Warrants Issue and any dividends, rights, allotments and/
or any other distributions the entitlement date of which is
prior to the allotment of the Rights Shares.

THE PROPOSED ICULS WITH WARRANTS ISSUE

Details of the Proposed ICULS with Warrants Issue

The Company is proposing to implement a non-renounceable rights
issue of up to RM26,612,334 nominal value of 5-year 4% ICULS at
100% of its nominal value together with up to 26,612,334
detachable Warrants on the basis of RM1.00 nominal value of
ICULS and one(1) Warrant for every two(2) existing Shares held.
The actual amount of ICULS and Warrants to be issued pursuant to
the Proposed ICULS with Warrants Issue would depend on the then
issued and paid-up share capital of the Company after taking
into account the following:

   (a) the issued and paid-up share capital of the Company as at
31 December 2001 of RM49,702,667 comprising 49,702,667 Shares;

   (b) 3,141,000 options as at 22 July 2002 which has been
granted pursuant to the Company's employee share option scheme
(ESOS) and which may be exercised on or prior to the entitlement
date of the Proposed ICULS with Warrants Issue; and

   (c) 381,000 options as at 22 July 2002, which may be granted
and exercised, on or prior to the entitlement date of the
Proposed ICULS with Warrants Issue.

The ICULS (with warrants attached) will be offered to the
shareholders of Setegap as per the Record of Depositors on an
entitlement date to be determined later upon obtaining the
approvals from all the relevant authorities.

Indicative Salient Terms of the ICULS and Warrants

The principal terms of the ICULS and Warrants are set out in
Tables 1 and 2 below, respectively at
http://www.bankrupt.com/misc/TCRAP_Setegap0801.doc

Conversion and Exercise Price of the ICULS and Warrants,
respectively

The Company intends to seek a waiver from the SC to fix both the
conversion and exercise price of the ICULS and Warrants,
respectively at RM1.30 per share upfront at the point of
announcement instead of at a price-fixing date after the
approval from the SC as required in the SC's Guidelines. The
Company has proposed that both the conversion and exercise price
of the ICULS and Warrants be at RM1.30 per share, which
currently represents a premium of 58.50% over the WAMP for the
five (5) days up to 25 July 2002.

THE PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL

The present authorized share capital of the Company is
RM100,000,000 divided into 100,000,000 Shares of which
RM49,702,667 comprising 49,702,667 Shares has been issued and
credited as fully paid-up as at 31 December 2001.

In order to accommodate the issue of the new Rights Shares and
additional new shares arising from the conversion of the ICULS
and exercise of the Warrants, the Board of Directors of Setegap
proposes to increase the authorized share capital of the Company
to RM200,000,000 comprising 200,000,000 Shares by the creation
of an additional 100,000,000 Shares.

UNDERWRITING OF THE RIGHTS SHARES, ICULS AND WARRANTS AND
MINIMUM SUBSCRIPTION LEVEL

The major shareholder of the Company, Mr Chong Chee Huat, who
holds 8,628,998 Shares or 17.36% of the issued and paid-up share
capital of the Company as at 22 July 2002 has given his
undertaking to subscribe for his respective entitlement under
the Proposals comprising:

   (a) 4,314,499 Rights Shares with 2,157,250 Warrants attached;
and

   (b) 4,314,499 nominal value of ICULS with 4,314,499 Warrants
attached.

The Company is also in the process of procuring the undertakings
of other shareholders to subscribe for their respective
entitlements under the Proposed Rights with Warrants Issue.

After taking into consideration the minimum funding requirements
of Setegap Group pursuant to the Proposals vis-.-vis the current
economic climate and the current share market sentiment, the
Board has determined that the minimum level of subscription for
the Proposed ICULS with Warrants Issue is RM4.6 million (ICULS
Minimum Subscription Level).

There is no minimum subscription level for the Proposed Rights
with Warrants Issue.

Notwithstanding the above, arrangements will be made by the
Company and AmMerchant Bank for the remaining open portion of
the Rights Shares as well as up to the ICULS Minimum
Subscription Level.

RATIONALE OF THE PROPOSALS

Pursuant to the recent completion of a debt restructuring scheme
with its creditor banks with the assistance of the Corporate
Debt Restructuring Committee, the Board of Directors of Setegap
believes that the Proposals are presently the most appropriate
means to strengthen its capital base and raise funds, inter-
alia, for the Setegap Group's working capital requirements,
repayment for bank borrowings and to provide security for the
performance bond facilities necessary for its projects.
The Proposed Rights with Warrants Issue will allow shareholders
to enjoy the capitalization of the Company's reserves, whilst
the Proposed ICULS with Warrants Issue will also provide an
opportunity for the existing shareholders to further participate
in the equity of the Company at a low subscription price and
permits the Company to raise the necessary funds without an
immediate dilution to its earnings per share.

The Warrants, which are attached to the Rights Shares as well as
the ICULS, is intended to act as a sweetener to encourage
shareholders to subscribe for their respective entitlements.
Upon conversion of the Warrants (if any), the Company will also
be able to obtain additional proceeds to finance future working
capital requirements.

UTILISATION OF PROCEEDS

The utilization of gross proceeds that may be raised from the
Proposals will range from up to RM24.559 million (based on the
ICULS Minimum Subscription Level) to RM46.571 million (assuming
full subscription in relation to the Proposed ICULS with
Warrants Issue) is set out in Table 3 at
http://www.bankrupt.com/misc/TCRAP_Setegap0801.doc
  
The proceeds from the exercise of the Warrants, if any, will be
used for the working capital requirements of the Setegap Group.

FINANCIAL EFFECTS OF THE PROPOSALS

Share Capital

The effects of the Proposals on the issued and paid-up share
capital of the Company are detailed in Table 4 at
http://www.bankrupt.com/misc/TCRAP_Setegap0801.doc

Substantial Shareholdings

The effects of the Proposals on the shareholdings of the
substantial shareholders (holding 5% or more) of Setegap based
on the register of substantial shareholders as at 28 June 2002
are as shown in Table 5 at
http://www.bankrupt.com/misc/TCRAP_Setegap0801.doc

Earnings

The Proposals will not have any effect on the earnings of the
Setegap Group for the financial year ending 31 December 2002 as
it is expected to be completed only in the first quarter of
2003. However, the Proposals are expected to contribute
positively to the earnings of the Setegap Group in the future.

Net Tangible Assets (NTA)

Based on the last audited results of Setegap for the financial
year ended 31 December 2001, the audited NTA per Share of the
Group would be reduced from RM0.97 per Share to approximately
RM0.90 per Share after the Proposals (before conversion of the
ICULS and exercise of Warrants). Upon conversion of the ICULS
(assuming full subscription for the Proposed ICULS with Warrants
Issue) and assuming full exercise of the Warrants, the NTA per
share of Setegap is expected to be enhanced to RM1.07.

Dividend

Setegap declared a first and final gross dividend of 1.00% for
the financial year ended 31 December 2001. Barring any
unforeseen circumstances, the Board of Directors anticipates
that the Company will be able to maintain the same absolute
quantum of dividends for the financial year ending 31 December
2002.

DEPARTURE FROM THE SC GUIDELINES

The Company intends to seek a waiver from the SC for the
following from the SC Guidelines:

   (a) the requirement to undertake a revaluation of all other
land and buildings within the Setegap Group pursuant to the SC's
Guidelines; and

   (b) to fix the issue price of the Rights Shares at RM1.00
upfront at the point of announcement instead of a price-fixing
date after the approval from the SC;

   (c) to fix both the conversion and exercise price of the
ICULS and Warrants (pursuant to both the Proposed Rights with
Warrants Issue and Proposed ICULS with Warrants Issue)
respectively at RM1.30 per share upfront at the point of
announcement instead of at a price-fixing date after the
approval from the SC.

APPROVALS REQUIRED

The Proposals are subject to the following approvals:
  
   (a) the Securities Commission;
   
   (b) the shareholders of Setegap at an Extraordinary General
Meeting (EGM) to be convened;
   
   (c) the Kuala Lumpur Stock Exchange (KLSE) for the listing
and quotation of the Rights Shares, Warrants, ICULS and the new
Shares to be issued arising from the conversion and exercise of
the ICULS and Warrants respectively;
   
   (d) bank creditors of the Company pursuant to a debt
restructuring agreement dated 17 October 2000, if required; and
   
   (e) any other relevant authorities.

The Proposals are also subject to the Company completing a
revaluation exercise of its subsidiaries from the Company's cost
of investment to the audited net tangible assets value of its
subsidiaries as at 31 December 2002.

DIRECTORS' OPINION

After taking into consideration the rationale for the Proposals,
the Board of Directors of Setegap is of the opinion that the
Proposals are in the best interests of the Group.

DIRECTORS' AND/OR MAJOR SHAREHOLDERS' INTERESTS

None of the Directors and/or major shareholders and/or persons
connected to the Directors and/or major shareholders of Setegap
has any interest, either direct or indirect, in the Proposals
beyond their respective entitlements under the Proposals for
which all existing shareholders of Setegap are entitled to.

Arising from the ICULS Minimum Subscription Level, in the event
that shareholders do not subscribe for their respective
entitlements under the Proposed ICULS with Warrants Issue, the
shareholding of the substantial shareholder, namely Mr Chong
Chee Huat will increase upon conversion of the ICULS and
exercise of the Warrants pursuant to his subscription of his
entitlements under the Proposed ICULS with Warrants Issue.

APPLICATION TO THE RELEVANT AUTHORITIES

The application to the relevant authorities for the Proposals is
expected to be submitted within three (3) months from the date
of this announcement.

ADVISER

AmMerchant Bank has been appointed as the Adviser for the
Proposals.


SINMAH RESOURCES: Resolutions Approved at 8th AGM
------------------------------------------------
The Board of Directors of Sinmah Resources Berhad announced that
these resolutions have been approved by the shareholders of
SINMAH at the Eighth Annual General Meeting held on Monday, 29
July 2002 at 10.00 a.m.:

ORDINARY BUSINESS:

Resolution 1

To receive the Audited Financial Statements for the year ended
31 January 2002 together with the Reports of the Directors and
Auditors thereon.

Resolution 2

To approve the increase in the Directors' fees for the year
ended 31 January 2002.

Resolutions 3, 4, 5 and 6

To re-elect the following Directors retiring pursuant to Article
106 of the Articles of Association:

   (a) Mr Fong Kok Yong (Resolution 3)
   (b) Mr Fong Ngan Teng (Resolution 4)
   (c) Mr Fong Choon Kai (Resolution 5)
   (d) Tuan Haji Baharom Bin Abd Wahab (Resolution 6)

Resolution 7

To re-elect Encik Mohd Khasan Bin Ahmad who is retiring pursuant
to Article 100 of the Articles of Association.

Resolution 8

To re-appoint Messrs Arthur Andersen & Co. as Auditors of the
Company under the name of Messrs Hanafiah Raslan & Mohamad and
to authorize the Directors to fix their remuneration.

SPECIAL BUSINESS:

Resolution 9

To consider and, if thought fit, pass with or without
modifications, the following Ordinary Resolution:-

Ordinary Resolution

  * Authority to issue shares pursuant to Section 132D of the
Companies Act, 1965

"THAT pursuant to Section 132D of the Companies Act, 1965, the
Directors be and are hereby empowered to issue shares of the
Company at any time until the conclusion of the next Annual
General Meeting of the Company upon such terms and conditions
and for such purposes as the Directors may, in their absolute
discretion, deem fit, provided that the aggregate number of
shares issued pursuant to this resolution does not exceed 10% of
the issued capital of the Company for the time being and that
the Directors are also empowered to obtain the approval for the
listing of and quotation for the addition shares so issued on
the Kuala Lumpur Stock Exchange."


SUNWAY HOLDINGS: Unit Disposes of Entire Paid-up Share Capital
--------------------------------------------------------------
Sunway Holdings Incorporated Berhad informed that Sunway
Juarasama Sdn Bhd (SJSB), a wholly owned subsidiary of the
Company had on 29th July 2002 dispose off its 100% equity
interest in Sunway Asphalt & Readymix (S) Pte Ltd (formerly
known as Sunway Precast (S) Pte Ltd) (SARPL) comprising 2
ordinary shares of S$1.00 each to Sunway Orient Sdn Bhd (SOSB),
a wholly-owned subsidiary of the Company at a total cash
consideration of RM2,000.

SARPL, which is a wholly-owned subsidiary of SJSB, was
incorporated in Singapore on 24th December 1994. It has an
authorized and paid-up share capital of S$5,000,000/- and S$2/-
respectively. It is currently dormant and does not own any
assets.

None of the directors or persons connected with the Directors or
substantial shareholders of the Company has any direct or
indirect interest in the aforesaid disposal / acquisition.


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


FIRST PHILIPPINE: Clarifies $50M Loan Settlement Report
-------------------------------------------------------
First Philippine Holdings Corporation responded to the news
article entitled "FPHC taps $50-M loan to settle debt notes"
published in the July 27, 2002 issue of the Philippine Daily
Inquirer.

The article reported that First Philippine Holdings Corp. is now
in the final stages of negotiations with a still undisclosed
party for a financing facility amounting to $50 million.

Philippine Rating Services Corp. said this in a press statement
that its PRS A rating on the Lopez owned firm's outstanding P800
million in long-term commercial papers was still under review.
Philratings, in the same statement, quoted FPHC as saying that
all major terms and conditions governing the facility have
already been agreed upon.

However, Philratings added that the agreement has yet to be
signed pending minor revisions of the terms of the financing
facility.

FPHC is currently seeking to raise funds to pay $86 million in
debt notes held by the JP Morgan group ($20 million), the AIG
Group ($38 million) and cash strapped Benpres Holdings Corp.
($28 million).

According to FPHC, it already has $60 million in cash on hand to
partly cover the amount that will have to be paid in August.

First Philippine Holdings Corporation (FPH), in its letter dated
July 30, 2002, stated that:

The Company confirms that it is in the final stages of
negotiations to raise a net amount of US$50 million. It was
deemed appropriate to disclose this when the parties shall have
signed the appropriate financing documents.

The Company confirms the items in paragraphs 4 and 5 with a note
that a disclosure(s) shall be made thereon as appropriate.

A copy of the press release is located at
http://bankrupt.com/misc/TCRAP_FirstPhil0731.pdf


NATIONAL POWER: DOE, PSALM Start Second Phase of IPP Review  
-----------------------------------------------------------
Energy Secretary Vincent S. P,rez, Jr. assured the public on
Monday that the discussions on the terms of the power supply
contracts between the National Power Corp. (Napocor) and the
Independent Power Producers (IPPs) will follow the proper
procedures in government transactions with the end in view of
further reducing the country's electricity costs and lessening
the financial burden for Napocor.

"As the Energy Secretary who is tasked by President Gloria
Macapagal-Arroyo to be the point-man in resolving issues on the
IPP contracts, I want to assure everyone including the private
sector that the discussions on the terms and conditions of the
IPP contracts will be strictly above board. The public will be
properly updated any results at the end of the second phase
review," Secretary P,rez said.

Given the three-month deadline imposed by the President to come
out with concrete courses of action regarding the IPP contracts,
the energy chief said the Department of Energy (DOE) together
with the Power Sector Assets and Liabilities Management Corp.
(PSALM) have met with the IPPs last week to gather as much
information needed in the further review of the certain terms of
the IPP contracts.

He said initial one-on-one consultation with the IPPs are
necessary because the DOE and PSALM were not part of the three-
agency committee headed by the Department of Finance in the
review of the 35 IPP contracts entered into by Napocor.

"We also believe that one-on-one discussions with the IPPs  are
the most effective way to ensure the cooperation of the IPPs to
achieve our goal of lowering electricity rates and easing the
financial burden of Napocor," Secretary P,rez said.

He added that the one-on-one discussions with the IPPs form part
of the second phase of the review of IPP contracts. The first
phase was the review conducted by the three-man Inter Agency
Committee.

Six out of the 35 contracts were found to have no legal and
financial issues. Another 11 contracts out of the 35 contracts
had some remedial financial issues that need to be addressed to
assure that the government and the public is not being
financially prejudiced. Another two contracts had only remedial
policy issues.

The other 16 of the 35 contracts were found to have legal or
financial issues that need to be referred for appropriate study.

The second phase of the review, therefore, seeks to validate
further the findings of the Inter Agency Committee and find
mutually acceptable solutions for all parties concerned.

For more information, go to http://www.doe.gov.ph


NATIONAL POWER: President Arroyo Launches SPEED Pricing Program
---------------------------------------------------------------
President Gloria Macapagal-Arroyo announced Sunday that starting
in a few weeks large industrial customers in Metro Manila and
nearby provinces will now be able to enjoy much lower power
rates or about 25 percent lower than the present level as the
National Power Corp. (Napocor) and the Manila Electric Co.
(Meralco) agreed to implement a pricing incentive called Special
Program to Enhance Electricity Demand or SPEED.

The pricing incentive, which is part of President Arroyo's 10
Point Plan to reduce power rates, aims to stimulate electricity
demand and optimize the utilization of the existing power plants
by offering discounts on the incremental consumption of power
above the current base load.

SPEED is a joint initiative by the Department of Energy (DOE)
and Department of Trade and Industry (DTI) with Napocor and
Meralco in response to the President's directive in her State-
of-the-Nation-Address (SONA) only last Monday (July 22) "to
work together to give price incentives to large users so that
excess power can be utilized, economic activity can be
encouraged, and jobs can be created."

Immediately after President Arroyo's SONA challenged last Monday
both Meralco and Napocor have been holding numerous meetings to
thresh out a pricing incentive program at the urging of
Secretary Perez in close coordination with DTI.

Secretary Perez said SPEED will be implemented in phases. The
first phase will allow some 219 large industrial customers with
a minimum of 1,000 kW monthly demand and above to avail of the
program starting in September. The second phase will allow
another 437 industrial customers with a minimum of 500 kW
monthly demand to be included by October this year.

Meralco and Napocor will give fixed discount of 92-centavos and
80-centavos per kWh respectively for a minimum period of one
month or a maximum of 24 months.

Secretary Perez said this will cut the price of electricity to
P2.30 per kilowatt (kWh) from the present P3.10 for Napocor
industrial customers and P2.80 per kWh from the present P3.72
per kWh for Meralco industrial customers. The price discount
will be applied on the customer's incremental consumption or
above its customer base line (CBL).

"The implementation of this pricing incentive is another
milestone in the administration's resolve to lower the costs of
power. We know for a fact that high power cost has been one of
the issues raised by both the private sector with regard to
their high operating costs," Trade and Industry Secretary Mar
Roxas said.

The pricing incentive program was initially presented to the
Semiconductor and Electronics Industries in the Philippines,
Inc. (SEIPI) during its annual meeting over the weekend. SEIPI,
which is the largest and leading organization of foreign and
Filipino electronics companies in the country, warmly welcomed
the program. It will be recalled that SEIPI, in a statement to
the DoE, said it will strongly support the government's efforts
towards lowering of power rates as this would be a big relief in
terms of reducing the cost of doing business here in the
Philippines."

The energy chief added that the DOE and DTI hope to duplicate
and expand the coverage of the program to other industries
nationwide by talking to other distribution utilities such as
the Davao Light and Power Co. (DALIGHT).

"We also want the large industries located in the Visayas and
Mindanao regions to enjoy the same privilege of much lower
electricity costs so that we can bring down power rates on a
nationwide basis and make it competitive with those in our
neighboring countries. We will start the discussions with the
other utilities once we kick this off with Meralco," Secretary
Perez said.

The SPEED pricing program will have to be approved by the Energy
Regulatory Commission (ERC).

For a copy of the press release, go to http://www.doe.gov.ph


PHILIPPINE LONG: First Pac Awaits Five Point Plan Board Review
--------------------------------------------------------------
First Pacific has read various press reports that Philippine
Long Distance Telephone Company (PLDT) rejected First Pacific's
Five Point Plan, which was embodied in a letter that was sent
Monday to each of the thirteen members of PLDT's board of
directors.

First Pacific appreciates that each PLDT director may not have
had the opportunity to evaluate fully the Five Point Plan's
merits, prior to PLDT's statement of rejection. As such, First
Pacific anticipates that PLDT's directors, in the exercise of
their fiduciary duties to act in the best interests of all
shareholders, will consider the Five Point Plan, in detail,
before issuing a formal reply from such directors to First
Pacific's board.

As mentioned in First Pacific's letter to PLDT's directors, we
believe that the Five Point Plan will permit the boards of PLDT
and First Pacific to focus their attention and resources upon
achieving a mutually acceptable resolution of the current
impasse that has arisen between PLDT's board and First Pacific,
its single largest shareholder.


PHILIPPINE LONG: Board Vetoes Gokongwei Due Diligence
-----------------------------------------------------
In a statement to the Philippine Stock Exchange (PSE), the Board
of Directors of Philippine Long Distance Telephone Co (PLDT)
said they will not allow the Gokongwei group to conduct due
diligence on the Company.

"The PLDT board has already made a decision through their June
6, 2002 resolution against allowing a competitor to engage in
any form of due diligence," the statement said.

"The memorandum of agreement between First Pacific and JG Summit
Holdings Inc confirms that a competitor is party to the
transaction and is in violation of the PLDT by-laws, and
therefore cannot and will not be allowed due diligence."

On Monday, First Pacific Co Ltd proposed a five-point plan that
will address the PLDT management's opposition to the proposed
First Pacific-Gokongwei group joint venture, which will take the
controlling stake in PLDT.

The five-point plan calls for the First Pacific-Gokongwei group
to meet with PLDT management to work out the parameters for a
due diligence. It also proposed a meeting between the First
Pacific-Gokongwei group and NTT Communications, which has the
right of first refusal to First Pacific's shares in PLDT, to
discuss the details of the deal.

Earlier, PLDT said the Gokongweis should not be allowed to take
over the Company since they own competing phone Company Digital
Telecommunications Philippines Inc.

The Gokongwei group has maintained that its holding firm, JG
Summit, is not party to the deal. (M&A REPORTER - ASIA PACIFIC,
Vol. No.1, Issue No. 150, July 31, 2002)


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


BIL INTERNATIONAL: Posts Notice of Shareholder's Interest
---------------------------------------------------------
BIL International Limited posted a notice of changes in
substantial shareholder Temasek Holdings (Private) Ltd's
interest:

Date of notice to Company: 29 Jul 2002
Date of change of interest: 24 Jul 2002
Name of registered holder: CDP : Universe Holdings Ltd
Circumstance(s) giving rise to the interest: Open market
purchase

Shares held in the name of registered holder
No. of shares of the change: 400,000
percent of issued share capital: 0.03
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: 0.5514
No. of shares held before change: 103,230,848
percent of issued share capital: 7.55
No. of shares held after change: 103,630,848
percent of issued share capital: 7.58

Holdings of Substantial Shareholder including direct and deemed
interest
                                  Deemed Direct
No. of shares held before change: 103,230,848  
percent of issued share capital:        7.55  
No. of shares held after change:  103,630,848  
percent of issued share capital:        7.58  
Total shares:                     103,630,848  


FASTECH SYNERGY: Slips Into $3M Interim Loss
--------------------------------------------
Fastech Synergy Ltd posted a pretax loss of $3 million from $1.8
million profit a year earlier, GK Goh Research reports. The
Company incurred a gross loss of $0.5 million versus $4.3
million profit a year ago.

Turnover was affected by lower unit shipments and lower average
selling prices, as well as disruption from the relocation of
manufacturing facility. The loss suffered included non-recurring
charges such as retrenchment cost of $360K,
inventory/receivables/fixed assets write-offs of $117k and forex
loss of $126k. The group also recognized transitional impairment
loss on goodwill of $188k resulting from the adoption of new
accounting pronouncement.

Outlook:

The Group still expects to see some improvement in quarter-over-
quarter sales in line with tempered expectations in the
industry. However, any earnings arising out of this sales growth
for the remaining half of 2002 may not be enough to offset
losses already incurred in the first half. For FY03, management
is focusing its attention on meeting its customers' current
requirements and getting ready for the expected industry upturn.

According to Wright Investor's Service, at the end of 2001,
Fastech Synergy Ltd had negative working capital, as current
liabilities were 27.87 million Singapore Dollars while total
current assets were only 14.04 million Singapore Dollars.


SEMBCORP INDUSTRIES: Posts Notice of Shareholder's Interest
-----------------------------------------------------------
Semcorp Industries Ltd posted a notice of changes in substantial
shareholder Temasek Holdings (Private) Ltd's interest:

Date of notice to Company: 29 Jul 2002
Date of change of deemed interest: 26 Jul 2002
Name of registered holder: CDP: Keppel Insurance Pte Ltd
Circumstance(s) giving rise to the interest: Open market
purchase

Shares held in the name of registered holder
No. of shares of the change: 25,000
percent of issued share capital: 0
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: 1.34640
No. of shares held before change:  
percent of issued share capital:  
No. of shares held after change:  
percent of issued share capital:  

Holdings of Substantial Shareholder including direct and deemed
interest
                                          Deemed Direct
No. of shares held before change:        712,342,167 215,054,693
percent of issued share capital:                   39.12   
11.81
No. of shares held after change:         712,367,167 215,054,693
percent of issued share capital:                   39.12   
11.81
Total shares:                            712,367,167 215,054,693


ST ASSEMBLY: Sees Q2 Net Loss of US$24-26M
------------------------------------------
ST Assembly Test Services sees a second quarter net loss of
US$24-26 million, down from the year earlier net loss of 31.648
million due to improvement in sales, AFX Asia reported Tuesday,
citing analysts.

The Company incurred a net loss of US$26.553 million in the
first quarter to March on sales of US$39.404 million.

Analysts are interested to hear what ST Assembly has to say on
the outlook for the current quarter after semiconductor foundry
leader, Taiwan Semiconductor Manufacturing Co (TSMC), provided
surprisingly weak guidance.

OCBC Securities head of research Gregory Yap said ST Assembly
would post a second quarter net loss at US$26 million on sales
of 46.5 million.

According to Yap, OCBC Securities are downgrading ST Assembly to
a 'market perform' following weaker than expected second quarter
results and a bearish outlook from the world's largest foundry,
TSMC.

ING Baring analyst Lim Tee Wee said he is keeping his 'buy'
rating on ST Assembly despite the weak TSMC outlook. He expects
ST Assembly's second quarter net loss at US$25.2 million.

UOB Kay Hian analyst Leng Seng Choon expects ST Assembly to
report a net loss of US$24 million for the second quarter on the
back of a 12 percent rise in quarter-on-quarter sales.

Leng has a 'sell' recommendation for ST Assembly.


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


BANGKOK STEEL: Files Business Reorganization Petition  
-----------------------------------------------------
Iron products manufacturer Bangkok Steel Industry Public Company
Limited (DEBTOR)'s Petition for Business Reorganization was
filed in the Central Bankruptcy Court:

   Black Case Number 841/2543

   Red Case Number For. -/2543

Petitioner: SRIUTONG COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt18,913,562,303

Date of Court Acceptance of the Petition: October 13, 2000

Date of Examining the Petition: November 13, 2000 at 9.00 A.M.

Court postponed the date of Examining the Petition: December 6,
2000 at 9.00 A.M.

Court postponed the date of Examining the Petition: January 18,
2001

Court has cancelled the Petition for Reorganization: February
14, 2001

Contact: Tel, 6792525


SIKARIN PUBLIC: Releases Audit Committee Members' Names
-------------------------------------------------------
The Board of Directors meeting of Sikarin Public Co., Ltd
No.7/2002 held on July 29, 2002 passed resolutions appointed Mr.
Suchan Kosin to be a new committee beginning July 29, 2002.

1. Names of members of the Audit Committee are:

Remaining terms of Holding office
Chairman of the Audit Committee  Mr. Kittphan Sasanavin    3 Yrs
Member of the Audit Committee    Mr. Perasak Pisollabutr   3 Yrs
Member of the Audit Committee    Mr. Suchan Kosin          3 Yrs

2. The Audit Committee of the Company has the scope of duties
and responsibilities, and shall report to the board of directors
on:

1. To review the company's financial reporting process and the
disclosure of its financial information, in which the financial
statement must be correct, and sufficient.

2. To  review the company has adequate and effective internal
control systems.

3. To review compliance with the Securities and Exchange Acts,
Regulation of SET and any other relevant laws.

4. To consider select and appointment the company auditors
including the audit fee.

5. To consider compliance with all connected transaction
disclosures or the conflict of interests disclosures.

6. To report the activities of the audit committee in the
company's annual report, which must be signed by the chairman of
the audit committee.

7. To take care of any other matters assigned to it by the board
of directors.


TPI POLENE: Creditors to Vote for Restructuring Plan Amendment
--------------------------------------------------------------
The creditors of TPI Polene Public Company Limited has scheduled
end of September a meeting to vote on amending the company's
restructuring plan, AFX-Asia reported Wednesday, citing an
unnamed creditor source.

An amendment to the existing master restructuring agreement
(MRA), which requires 95 pct of creditors votes, has come up now
that Holcim has presented its proposal to a steering committee.

The source said that Holcim proposed that 1.36 billion new
shares of TPI Polene is to be subscribed by Siam City Cement,
325 million shares to be subscribed via a private placement by a
Siam Cement designee and 20 million shares to be subscribed by
both TPI Polene's current shareholder Prachai Leophairatana and
Siam City Cement.

The source added Holcim plans to deliver a draft of the new MRA
and debt repurchase document to scheme creditors by mid-August
and the final draft of MRA is to be delivered by mid-September.

According to TPI Polene President Orapin Leophairatana, the
company notified the steering committee of creditors that if
creditors disapprove of Holcim as new investors in TPI Polene,
the company will raise funds via a public share offer.


VANACHAI GROUP: Fitch Assigns Secured Debentures `BBB+ (tha)'  
-------------------------------------------------------------
Fitch Ratings (Thailand) Limited has assigned Long-term National
ratings of 'BBB+ (tha)' to the Bt1.7 billion three-year Secured
Amortizing Debentures issued by Vanachai Group Public Company
Limited (VNG). The rating reflects the group's creditworthiness
and the fact that the debentures are secured by land, plant, and
machinery owned by VNG and its subsidiary, Particle Planer Co.,
Ltd. (PP).

The proceeds were used to partially prepay the group's loan of
Bt3.4bn. The debentures are ranked pari passu with the new loan
and working capital facilities of VNG and PP. The credit
enhancement is based on the collateral value of VNG and PP's
assets, which totals Bt3.0bn and is equivalent to a collateral
value-to-loan ratio of 131%. It is also based on the value of
the group's collateral value totaling Bt5.8bn that equates to a
collateral value-to-loan ratio of 146%.

Its major shareholders, the Sahavat and Jareonnawarat families,
whose members still manage the company, established VNG. VNG
focuses on the production and distribution of Medium Density
Fiberboard (MDF) and Particle Board (PB), which are used in home
decoration and furniture business.

The rating reflects its dominant position in the local MDF and
PB markets, strong export earnings, competitive cost structure
through backward integration in glue production, and the good
quality control of its products and service.

The rating also reflects the recovery in VNG's financial
position since the 1997 financial crisis. Due to its exposure to
un-hedged foreign currency loans and new debt from its
investment, VNG entered into a debt-restructuring program in
late 1999. Since then, VNG's financial position has shown a
significant improvement. Its operating cash flows have recovered
strongly and new investment has been minimal. VNG's consolidated
net debt declined significantly from THB6.9bn at end 1998 to
Bt3.4bn in 1Q02, resulting in improved net debt to last-twelve-
month EBITDA ratio of 1.7x in 1Q02 compared to 13.6x in 1998.
Its EBITDA to interest expense ratio also improved to 6.8x in
1Q02 from 0.6x in 1998.

The current domestic supply of MDF and PB is in excess of demand
by 70% and 50% respectively though there is currently a pick up
in demand in the home decoration and furniture business in
Thailand. The domestic surplus has forced Thai MDF and PB
producers to rely more on export markets particularly China and
Korea, which are highly competitive. There has been strong
growth in export earnings since 1999, though further earnings
growth is likely to be limited over the next 2 years due to full
utilization of its major production facilities. Moreover, prices
of MDF and PB are unlikely to improve much further during the
next two years because of continuing domestic oversupply and
strong competition in its major export markets.

The rating also takes into account VNG's plan for a Bt3.0bn
expansion of its PB capacity that will add 450,000 cubic meter
per year in 2H04. While VNG's future debt is likely to increase
as a result of this expansion, the company's relatively sound
financial position should allow new debt to be taken on without
significantly affecting its debt servicing ability. Fitch
estimates its pro forma net debt to EBITDA ratio should stay
around 1.5-2.5x during 2002-2004.


* DebtTraders Real-Time Bond Pricing
----------------------------------

Issuer             Coupon   Maturity   Bid - Ask   Weekly change
------             ------   --------   ---------   -------------

AES China             10.125% due 2006    96 - 97.5    n/a
Asia Pulp & Paper     11.75%  due 2005  27.5 - 29.5     -1
APP China             14.0%   due 2010    23 - 25        0
Asia Global Crossing  13.375% due 2010    17 - 19       -3
Bayan Telecom         13.5%   due 2006  19.5 - 21.5     -2
Daya Guna Sumudera    10.0%   due 2007  3.25 - 5.25   -.25
Hyundai Semiconductor 8.625%  due 2007    57 - 65       -5
Indah Kiat            11.875% due 2002    31 - 32       -1
Indah Kiat            10.0%   due 2007    25 - 27        0
Sampoerno             8.375%  due 2006 97.25 - 99.25   n/a
Tjiwi Kimia           10.0%   due 2004    25 - 27      +.5
Zhuahi Highway        11.5%   due 2008    32 - 36        0

Bond pricing, appearing in each Thursday's edition of the
TCR-AP, is provided by DebtTraders in New York. DebtTraders is a
specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
information on institutional services, contact Scott Johnson at
1-212-247-5300. To view our research and find out about private
client accounts, contact Peter Fitzpatrick at 1-212-247-3800.
Real-time pricing available at www.debttraders.com


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
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                 *** End of Transmission ***