TCRAP_Public/020807.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Wednesday, August 7, 2002, Vol. 5, No. 155

                         Headlines

A U S T R A L I A

ANALYTICA LIMITED: Issues Aug Top 20 Shareholders
ANALYTICA LIMITED: Share Placement Conclusion Successful
BALLARAT GOLDFIELDS: Divests Oztrak to Raise Capital
HORIZON ENERGY: Releases June 2002 Quarterly Report
INVESTORS FORUM: Insolvency Prompts Court's Winding Up Order

PASMINCO LIMITED: Awaits Restructuring Proposal Outcome
TUART RESOURCES: Issues Commitments Test Entity Q401 Report
UECOMM LIMITED: H102 Financial Results Show Major Improvement


C H I N A   &   H O N G  K O N G

ASIA SCORE: Faces Winding Up Petition
CHEERGEM LIMITED: Winding Up Petition Set for Hearing
CHINA SHIPPING: Post Resolutions of 2002 BOD 6th Meeting
EZCOM HOLDINGS: Widens 2002 Net Loss to HK$254.6M
IDEALFUND DEVELOPMENT: Petition to Wind Up Pending

INTERNET ACCESS: Hearing of Winding Up Petition Set
PALIBURG HOLDINGS: Unit PDBVI Enters Stanley Transfer Agreement
PALIBURG HOLDINGS: Seeks Settlement Proposal Approval


I N D O N E S I A

ASTRA INTERNATIONAL: DMC Injects Rp427.5 Capital in ADM
ASTRA INTERNATIONAL: Increasing Unit's Bond Issue to Rp300B


J A P A N

DAIEI INC: Shinsei Asks Retailer to Pay Debts by Year End
FUJITSU LTD: Selling Off Part of its 35.6% Stakes in Fanuc
HITACHI LTD: Expands SOC Capabilities With InSilicon
NIPPON TELEGRAPH: Prepares For Further US Unit Restructuring
TOKYO ELECTRON: Posts 1Q US35M Group Net Loss


K O R E A

HANBO LTD: Japan's Yamoto Acquires Hanbo Group Mother Company
HYNIX SEMICON: Launches Online Retail Site for Memory Modules
HYNIX SEMICONDUCTOR: Clears Up Missed Payment Confusion
HYUNDAI MOTOR: DaimlerChrysler JV Hits Union Snag
SEOUL BANK: Government Favors Hana Bank as Buyer


M A L A Y S I A

DATAPREP HOLDINGS: Issuing Debt Instruments to Creditor Banks
ESPRIT GROUP: Proposes Restructuring Scheme Revisions
EPE POWER: Defaulted Interest Payment Ups to RM717,481.43
FW INDUSTRIES: Finalizes Unit's Non-Core Business Disposal
GENERAL LUMBER: SIB Withdraws as Proposed Restructuring Adviser

L&M CORPORATION: Undergoes Discussions With White Knights
LION CORPORATION: Proposed GWRS Still in Progress
LONG HUAT: Seeks September Requisite Announcement Extension
MOL.COM BERHAD: Awaits SC's Rights Issue Utilization Approval
OMEGA HOLDINGS: Finalizing New Agreements, Revised Scheme

PAN MALAYSIA: Units' Liquidators Lodge Final Meetings Forms
PENAS CORP.: Submits Final Revised Debt Restructuring Proposal
RAHMAN HYDRAULIC: Issues Monthly Regularization Status Update
REKAPACIFIC BHD: Court Sets Judicial Review Hearing on Sept 17
SPORTMA CORPORATION: Proposed RCSLS Issue Application Pending


P H I L I P P I N E S

ALL ASIA: Enters Receivership, Closing Operations
FIRST PHILIPPINE: Completes Fund Raising Activity
NATIONAL BANK: Tan Has Right of First Offer
PHILIPPINE AIRLINES: GFIs Will Pursue Judicial Proceedings
PHILIPPINE LONG: Declares Cash Dividends

PHILIPPINE LONG: First Pacific Disappointed With Decision
UNITRUST DEVELOPMENT: Yuseco Pushes for Judicial Rehabilitation


S I N G A P O R E

ASIA PULP: Creditors May Oust Controlling Widjaja
BBR HOLDINGS: Reaches Agreement With Banker
FHTK HOLDINGS: Posts Notice of Shareholder's Interest
HIANG KIE: Enters Judicial Management
LIANG HUAT: Banking Restructure Still Under Review


T H A I L A N D

ITALIAN-THAI: Registered Capital Decreases to Bt3,738,678,180
PRASIT PATANA: Posts Rehab Plan Implementation Progress Report
PREMIER ENTERPRISE: Files Business Reorganization Petition
THAI HEAT: Increases Registered Capital

     -  -  -  -  -  -  -  -

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


ANALYTICA LIMITED: Issues Aug Top 20 Shareholders
-------------------------------------------------
Analytica Limited posted top 20 Listing as at 5 August 2002:

NAME                                     %      Rank

Psiron Limited                          43.71     1
Rural Finance Corporation                6.06     2
Tantallon Pty Lt                         4.73     3
Robert Alexander Reardon                 1.99     4
Janine Lillian Alexander                 1.99     5
Herbal Research Laboratories             1.99     6
Ameliam Pty Ltd                          1.91     7
Rennin Consultancy Inc                   1.59     8
Patrick Geoffrey Handbury &
Helen Patricia Handbury                  0.99     9
Julex Pty Ltd                            0.75     10
Grant And Lindner Pty Ltd                0.60     11
Microcaps Limited                        0.60     12
Problem Solving Share Purchase           0.60     13
Coletry Pty Limited                      0.60     14
Harris Johnsson Nominees Pty             0.40     15
Jimmy Rogers Pty Ltd                     0.40     L6
Professor Yoland Lim                     0.40     17
Walter Mcnally                           0.40     18
Swanston Superannuation Fund             0.40     19
United Tribes Of America Inc             0.40     20

On June 10, TCR-AP reported that Analytica Limited proposed to
raise approximately A$1.3 million by way of a renounceable offer
to shareholders of one New Share for each one share held on 20
June 2002 (Record Date), at 5 cents per New Share to retire debt
under the "come and go" facility with Psiron and to fund a
possible early retirement of the Deed of Company Arrangement.


ANALYTICA LIMITED: Share Placement Conclusion Successful
--------------------------------------------------------
Analytica Limited announced that the recent offer to place up
to 15% of the capital of the company with shareholders closed
oversubscribed. This offer referred to in the Prospectus as a
"Round-Up facility" attached significant shareholder interest.

The $1.3M fully underwritten Rights issue was also strongly supported with
48.8% of share entitlements being taken up by shareholders.

The underwriter is currently allocating the shortfall. It is expected that
the shortfall will be allotted later this week.

Following allotment of the shortfall, re-instatement of quotation on the ASX
will be applied for.

1,588,382 shares were allotted under the "round up facility" and
12,988,422 shares were allotted under the Rights Issue on 24 July 2002.

Below is the current Capital:

CAPITAL STRUCTURE as at 5 August 2002

Issued capital    25,166,019 fully paid ordinary Shares
                   8,000,000 convertible preference shares

UNLISTED OPTIONS

Currently there are 5,863,503 options on issue. Of these 875,034 are
Restricted Securities held in escrow till 25 October 2002. Details of the
options are:

NO OF OPTIONS   EXERCISE DATE    EXERCISE PRICE  IN ESCROW UNTIL

500,000         31 December 2006         $0.05           N/a
1,500,000       31 December 2006         $0.10           N/a
108,000         7 August 2003 -          $0.83           N/a
                2 September 2003
555,000         9 October 2004 -         $1.00           N/a
                4 January 2005
97,000          7 August 2003 -          $1.50           N/a
                20 October 2004
95,000          1 December 2002          $1.60           N/a
1,210,000       1 December 2003 -        $2.00           N/a
                7 February 2006
154,000         7 August 2005 -          $2.00   25 October 2002
                15 February 2006
623,470         18 July 2003             $4.00            N/a
511,033         18 July 2003 -           $4.00   25 October 2002
                31 July 2005
100,000         27 January 2004          $5.00   25 October 2002
35,000          31 July 2006             $10.00  25 October 2002
35,000          31 July 2007             $15.00  25 October 2002
25,000          31 July 2008             $20.00  25 October 2002
25,000          31 July 2009             $25.00  25 October 2002
290,000         3 June 2003 -            US$1.00         N/a
                12 February 2004


BALLARAT GOLDFIELDS: Divests Oztrak to Raise Capital
----------------------------------------------------
Ballarat Goldfields NL is finalizing arrangements with the intending
underwriter in respect to BGF's proposed capital raising plan. A prospectus
document is under preparation and is expected to be lodged with ASIC
shortly.

The BGF shareholder meetings held on 4 & 5 June 2002 effectively
resulted in BGF committing to re-activate its exploration assets. Retention
of Oztrak Group Pty Ltd within the BGF corporate structure is considered
incompatible with that objective. The proposed underwriter and BGF have
agreed that the capital raising opportunity requires BGF to dispose of its
interest in Oztrak Group so that BGF can again focus on gold exploration as
its core business.

Accordingly, BGF directors now advise that the Company will separate Oztrak
from BGF and that Oztrak Group will be offered for sale. Directors can give
no indication that any amount invested by BGF in Oztrak since acquisition
will be recovered on sale should a sale be transacted. BGF has previously
written down its intercompany loan to Oztrak.


HORIZON ENERGY: Releases June 2002 Quarterly Report
---------------------------------------------------
The Directors of Horizon Energy Investment Management Limited, the
Responsible Entity for Horizon Energy Investment Group released last week
the quarterly update for the three months
ended 30 June 2002.

OPERATING PERFORMANCE

Horizon's only investment is its 25% interest in the Loy Yang Power
partnership (LYP), LYP's key operating results for the period are shown in
the table below:
                                         3 MTH TO     3 MTH TO
                                         30/06/2002   30/06/2001

Generation revenue                       $159.3 m      $125.8 m
Other revenue                            $12.1 m       $12.8 m
Total Revenue                            $171.4 m      $138.6 m

Available Capacity Factor (ACF)(1)     92.4%         95.0%
Generation Sold                          3,657 GWh     3,738 GWh
Average generation revenue per MWh       $43.56        $33.65

The key observations to be noted are:

   * Unit 4 at LYP, which was offline since 22 December 2001 as a result of
an internal electrical fault sustained to the generator, returned to service
oil 16 April with the successful installation of a replacement generator
from Germany.

   * LYP's generation revenue for the June 2002 quarter of $159.3 million
was 26.6% higher than the previous corresponding period. The increase in
generation revenue reflects both strengthening pool prices and stronger
contract revenue, in spite of Unit 4 being offline for the first half of
April.

   * The revenues do not recognize any Unit 4 insurance proceeds.

(1) ACF represents the proportion of nameplate plant capacity, which was
available to meet demand over the period.

   * Plant ACF of 92.4%, which was below the previous corresponding period,
was impacted by the forced outage of Unit 4.

   * The unedited LYP profit, before adjustment for insurance proceeds, for
year ended 30 June 2002 is expected to be $11.8 million, an increase, of $9
million compared to the 30 June 2001 profit.

FINANCIAL CONDITIONS OF LOY YANG POWER

The key event impacting the financial conditions of LYP was the
forced outage of Unit 4. Unit 4 returned to service on 16 April
restoring available capacity to normal levels. In May LYP received formal
notification from the insurers granting indemnity to its claim relating to
the failure of the Unit 4 generator.

Since then LYP has received notification from the insurers, agreeing to make
an interim payment of $47 million towards the partial settlement of the Unit
4 generator claim. To date LYP has received $20 million, representing 43% of
the $47 million. Other members of the insurance syndicate are expected to
settle their share of the payment in the near future.

The interim payment represents a progress payment and does not
restrict the scope of future negotiations by LYP on the claim. LYP has not
waived any future rights for negotiations in relation to future claims or
claims to vary the interim payment. LYP is continuing discussions with
insurers on the full settlement of its insurance claim. The market will be
kept informed of further developments, as they become known.

Current modeling by LYP, which includes receipt of the $47 million progress
payment from insurers and other assumptions about electricity revenue (based
on current market prices and electricity price path assumptions), suggests
the Unit 4 outage will not result in LYP breaching any technical default
hurdles on its Senior Debt prior to the $500 million bullet repayment due in
May 2003.

ELECTRICITY MARKET DEVELOPMENTS

Demand weighted average pool price for the June 2002 quarter was
$48.73 per MWh, 51.8% above the June 2001 quarterly average of $32.12 per
MWh. The significant increase in pool prices reflected stronger peak demand
due to the 2002 winter being substantially cooler to-date than 2001, which
saw one of the mildest winters on record.

The contract market continued to be relatively subdued during the quarter,
with flat load contract prices for the 2003 and 2004 calendar years being
traded around $35 per MWh. LYP anticipates that retailers may look to renew
contract negotiations at some point for their domestic customer load
requirements for 2003 onwards.

OUTLOOK

The repayment of the $500 million bullet in 2003 remains the key
issue facing LYP at this time. The LYP partners have commenced
discussions with the Senior Lenders with a view to restructuring the
existing debt package. HEIML believes the resolution of this issue, and that
of insurance payments relating to the Unit 4 outage, will be the major steps
towards putting LYP on a stronger financial footing thereby unlocking the
value of Horizon's investment.


INVESTORS FORUM: Insolvency Prompts Court's Winding Up Order
------------------------------------------------------------
Following an application from the Australian Securties and Investments
Commission (ASIC) the Supreme Court of New South Wales on Monday made orders
winding up Australian Investors Forum Pty Ltd (AIF) on the grounds of
insolvency.

Mr Alex Macintosh of KPMG was appointed liquidator of AIF.

Three other companies related to AIF, Australian Capital Forum Pty Ltd, IT
Genius Pty Ltd and Suisse Credit Pty Ltd, have also recently been wound up
at creditors meetings.

Messrs Robert Whitton and David Lombe, of Deloitte Touche Tohmatsu, have
been appointed liquidators of those companies.

ASIC's proceedings seeking compensation and banning orders against Messrs
Dennis Anthony, Martin Lloyd-Cocks, Dominic Luvara, and Peter Topperwien
remain on foot.


PASMINCO LIMITED: Awaits Restructuring Proposal Outcome
-------------------------------------------------------
Pasminco Limited, which went into administration on September 2001, will
rise as a newly capitalized public company if a proposal presented in late
May comes to fruition, NewsEdge reported Tuesday.

The creditor banks, which Pasminco owes $A2.8 billion, will accept equity in
exchange for debt under the proposed restructuring. It would then offer
about 50% of the company to the public and institutions in an initial stock
offering valued at perhaps $A1 billion.

The Company's shareholders, would have the opportunity to go to the head of
the line to purchase the new stock, if they choose to do so. "You have got
to look at it as a new investment in a different business," Administrator
John Spark said.

Pasminco was once tagged as the world's largest integrated zinc producer
before it went into administration. Its debt at that time approached $A3
billion. Sagging zinc prices, a disastrous currency hedging policy, and an
untimely acquisition of Savage Resources, all contributed to the company's
downfall.


TUART RESOURCES: Issues Commitments Test Entity Q401 Report
-----------------------------------------------------------
TUART RESOURCES LIMITED posted this report:

               QUARTERLY REPORT FOR ENTITIES
                  ON BASIS OF COMMITMENTS

Name of entity
Tuart Resources Limited

ABN                      Quarter ended ("current quarter")
61 057 337 952                30/06/2002

CONSOLIDATED STATEMENT OF CASH FLOWS

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

1.1  Receipts from customers          364        1,200
1.2  Payments for
       (a) staff costs                (169)      (1,210)
       (b) advertising & marketing    -            -
       (c) research & development     -            -
       (d) leased assets              (98)        (343)
       (e) other working capital      (389)      (3,115)
1.3  Dividends received               -            -
1.4  Interest and other items of
     a similar nature received        -          112
1.5  Interest and other costs of
     finance paid                     (89)        (266)
1.6  Income taxes paid                -            -
1.7  Other (provide details if material) -            -

1.8  Net Operating Cash Flows         (381)      (3,622)

Cash flows related to investing activities
1.9  Payment for acquisition of:
       (a) businesses (item 5)        -            -
       (b) equity investments         -            -
       (c) intellectual property      -            -
       (d) physical non-current assets-         (11)
       (e) other non-current assets   -            -
1.10  Proceeds from disposal of:
       (a) businesses                 -            -
       (b) equity investments         -            -
       (c) intellectual property      -            -
       (d) physical non-current assets-            -
       (e) other non-current assets   -            -
1.11 Loans to other entities          -            -
1.12 Loans repaid by other entities   -            -
1.13 Other-payments for exploration expenditure(27)  (599)

     Net investing cash flows         (27)        (610)

1.14 Total operating and
     investing cash flows              (408)      (4,232)

Cash flows related to financing activities
1.15 Proceeds from issues of
     shares, options, etc.             377        3,192
1.16 Proceeds from sale of
     forfeited shares                  -            -
1.17 Proceeds from borrowings          134          728
1.18 Repayment of borrowings           (24)        (626)
1.19 Dividends paid                    -            -
1.20 Other-payments for share issue costs (14)        (136)

     Net financing cash flows           473        3,158

     Net increase (decrease) in cash held  65      (1,074)

1.21 Cash at beginning of quarter/
     year to date                          77        1,216

1.22 Exchange rate adjustments to item 1.20 -            -

1.23 Cash at end of quarter                 142          142

PAYMENTS TO DIRECTORS OF THE ENTITY AND ASSOCIATES OF THE DIRECTORS PAYMENTS
TO RELATED ENTITIES AND ASSOCIATES OF THE RELATED ENTITIES
                                         Current Quarter
                                         AUD'000

1.24 Aggregate amount of payments to
     the parties included in item 1.2     74

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

1.26 Explanation necessary for an understanding
     of the transactions   None

NON-CASH FINANCING AND INVESTING ACTIVITIES

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

During the quarter ended 30 June 2002 the following non-cash financing and
investing transactions occurred:

- Debt amounting to $2,485,437 was converted to equity.

2.2  Details of outlays made by other entities to establish or
increase their share in businesses in which the reporting entity
has an interest   None

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

                                          Amount       Amount
                                        available       used
                                        AUD'000

3.1  Loan facilities                     2,316        2,316
3.2  Credit standby arrangements         -            -

RECONCILIATION OF CASH

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

4.1  Cash on hand and at bank             60           16
4.2  Deposits at call                     -            -
4.3  Bank overdraft                       -            -
4.4  Other - dealers license security deposit  20           20
           - rental bank guarantee        62           41

     Total: cash at end of quarter (item 1.22) 142           77

ACQUISITIONS AND DISPOSALS OF BUSINESS ENTITIES

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

5.1 Name of entity               -                 -

5.2 Place of incorporation
    or registration              -                 -

5.3 Consideration for
    acquisition or disposal      -                 -

5.4 Total net assets             -                 -

5.5 Nature of business           -                 -

COMPLIANCE STATEMENT

1. This statement has been prepared under accounting policies, which comply
with accounting standards as defined in the Corporations Law or other
standards acceptable to ASX.

2. This statement does give a true and fair view of the matters disclosed.


UECOMM LIMITED: H102 Financial Results Show Major Improvement
-------------------------------------------------------------
Uecomm Limited Chief Executive Officer Peter McGrath said Tuesday the
Company's first half financial results, for the six months ending 30 June
2002, were a significant improvement on the corresponding half in 2001.

The Company reported on Tuesday that a half-year profit before tax of
$782,000 (2001: loss of $26.5 million before tax).

"In addition to an increase in our core revenue, we continued to
obtain the benefits of the cost containment measures implemented in the
latter part of 2001," Mr McGrath said.

FINANCIAL HIGHLIGHTS

Total revenues were $23.4 million compared to total revenue in the
corresponding half of $16.6 million. Total revenues included a one-off
amount of $6.5 million, in relation to the settlement with Lucent announced
in May this year.

Core revenue from sales has increased 19% (compared to the
corresponding half) from $14.2 million to $16.8 million. This is
excluding the 2002 impact of the Lucent settlement and 2001 interest revenue
of $1.528 million and revenue of $0.887 million relating to the dial-up
residential ISP business that was sold in late 2001.

Total operating costs, which consist of costs of services plus
operating expenses, excluding depreciation and interest were $16.3 million
for the six months ending 30 June 2002. This was nearly $6 million or 26%
less than the comparable operating costs of $22.2 million for the
corresponding half in 2001 (calculated after excluding one-off significant
costs in the first half of 2001 of $18.4 million).

OPERATIONS PERFORMANCE

Mr McGrath commented that "The strategy to restructure the business in 2001,
focusing on selling broadband data services to large corporate, government
organizations and service providers is achieving the right results. The
strong growth in sales revenue combined with the reduction in costs has
resulted in an improvement in underlying profitability, which was
particularly pleasing, considering the subdued trading conditions in the
wider economy".

"Uecomm is encouraged by the contract wins in the first half of 2002, across
both the government and corporate sectors, which will provide strong sales
revenue in the second half of 2002," said Mr McGrath.

In the six months ended 30 June 2002, Uecomm secured total contract values
of approximately $35 million, which was a significant increase on the
corresponding period in 2001. These new services have an average contract
term of approximately 30 months.

Uecomm sold services to a number of leading corporate customers in the first
half of 2002 including services sold to five Top 20
Australian listed industrial companies and two Global-100 companies.

Uecomm also secured a contract with DigiDUBS for the rollout of a high
capacity national network for the delivery of digital
advertising media. Major customer wins in the Government and
education sectors include: Queensland Health Department, CSIRO,
University of Queensland and Sydney Water.

Uecomm continues to see repeat business from our established customer base
with a number of major customers ordering additional services in the first
half of 2002. Uecomm was also successful in securing a number of major new
contracts in the service provider/wholesale segment.

CASH FLOWS

Net cash outflows from operating activities (before capital
expenditure) for the six months to 30 June 2002 was $1.98 million. The level
of payments due to suppliers has reduced from $17.5 million at 31 December
2001 to $10.5 million at 30 June 2002.

Capital expenditure for the six months was $7.3 million compared with $56.5
million for the corresponding period, reflecting the completion of the
strategic network build in late 2001.

Uecomm has access to an $80 million loan facility from major
shareholder United Energy. As at 30 June 2002, $28.7 million of this was
drawn leaving $51.3 million available.

OUTLOOK

The Company is targeting an increase in sales revenue in the second half.
Services sold in the first half add approximately $800,000 to monthly
revenue although the timing of this increase will depend on provisioning
times for a number of major services sold.

Uecomm will look to give further guidance on the 2002 financial
results following a third quarter business update.

Key Financials

As at 30 June              2002              2001
                            $m                $m

Total Revenue              23.4              16.6
EBITDA                      7.0             (24.0)
EBIT                        1.8             (26.5)
Profit before tax           0.8             (26.5)
Profit after tax            0.3             (18.9)
Capital Expenditure         7.3              56.5
Total Assets1              63.7             185.7
Net Debt                   28.7                 -
Shareholders Equity      119.1             154.9

Key Ratios                 2002              2001
                          (cents)           (cents)

Earnings per share         0.06             (3.75)
Net Asset Backing per
share                     23.6              30.6


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


ASIA SCORE: Faces Winding Up Petition
-------------------------------------
The petition to wind up Asia Score Limited was heard before the High Court
of Hong Kong on July 24, 2002. The petition was filed with the court on
March 16, 2002 by the Company whose registered office is situated at Unit 3,
10/F., Henley Industrial Center, 9-15 Bute Street, Mongkok, Kowloon.


CHEERGEM LIMITED: Winding Up Petition Set for Hearing
-----------------------------------------------------
The petition to wind up Cheergem Limited was set for hearing before the High
Court of Hong Kong on July 24, 2002.  The petition was filed with the court
on April 16, 2002 April 16, 2002 by the Company whose registered office is
situated at Room 1603, Carnarvon Plaza, 20 Carnarvon Road, Tsimshatsui,
Kowloon, Hong Kong.


CHINA SHIPPING: Post Resolutions of 2002 BOD 6th Meeting
-------------------------------------------------------
The Board of Directors of China Shipping Development Company Limited
announced that the 6th meeting of the 2002 Board was held on 2 August 2002
at 9:00 a.m. at 700 Dong Da Ming Road, Shanghai, the People's Republic of
China (PRC).

A quorum of Directors was present at the Meeting. Members of the supervisory
committee and the senior management staff were also present at the Meeting.
The Meeting was chaired by Mr. Li Kelin. The Meeting was duly convened in
accordance with the relevant provisions of the PRC Company Law and the
articles of association of the Company. The following resolutions were duly
passed at the Meeting:

1. the resolution regarding "further investment in Hainan Haixiang Shipping
Company Limited" Haixiang hipping, a subsidiary of the Company, and Huaneng
International Electricity Company Limited have jointly invested in Shanghai
Times Shipping Company Limited (Times Shipping). Times Shipping has achieved
good operating results since it first started operation two years ago. In
order to improve its shipping capacity, Times Shipping wished to increase
its registered capital from the original RMB50,000,000 (approximately
HK$46,728,972) to RMB100,000,000 (approximately HK$93,457,944).

Haixiang Shipping is required to increase its investment in Times Shipping
from the original RMB25,000,000 (approximately HK$23,364,486) to
RMB50,000,000 (approximately HK$46,728,972) accordingly. In order for
Haixiang Shipping to meet the requirement for its further investment in
Times Shipping, Haixiang Shipping is required to increase its own registered
capital by RMB50,000,000 (approximately HK$46,728,972). Therefore, the
Company proposes to invest a sum of RMB47,500,000 (approximately of
HK$44,392,523) in Haixiang Shipping;

2. the resolution regarding "the construction of two 42,000 ton vessels
(Vessels) for the transportation of refined and crude oil", in accordance
with the overall strategy of the Company in respect of its oil
transportation fleet. On 6 December 2000, the Company and Guangzhou Shipyard
International Company Limited, an independent third party, entered into an
agreement in respect of the construction of four tankers, with an option to
construct two further vessels, namely the Vessels.

The Company plans to exercise its option in respect of the construction of
the Vessels, in order to take advantage of the current tanker shipping
market and shipbuliding market conditions. The construction of the Vessels
is expected to be completed in March and July 2004, respectively. The total
investment is expected to be USD46,960,000 (approximately HK$366,288,000);
and

3. the resolution regarding "an application for a long-term loan facility to
be made to the Industrial and Commercial Bank of China (Shanghai branch),
which would be secured by pledging the Vessels". The application for the
long-term loan facility shall be made to the Industrial and Commercial Bank
of China (Guangzhou branch), and such facility shall be secured by pledging
the Vessels. The proposed long-term loan facility shall amount to
RMB299,398,200 (approximately HK$279,811,400), representing approximately
77% of the total expected investment for the Vessels.

This announcement is made in compliance with the simultaneous dissemination
of information requirement under paragraph 2(2) of the Listing Agreement.
The Company's A shares are listed on the Shanghai Stock Exchange, and it has
been requested by the Shanghai Stock Exchange to make an announcement
similar to this announcement.


EZCOM HOLDINGS: Widens 2002 Net Loss to HK$254.6M
-------------------------------------------------
Ezcom Holdings Limited announced on 5 August 2002:

(stock code: 312)
Year end date: 30/4/2002
Currency: HKD
Auditors' Report: Unqualified
Review of Interim Report by: N/A
                                                  (Audited)
                                  (Audited)        Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/5/2001    from 1/5/2000
                                  to 30/4/2002     to 30/4/2001
                                  ('000)           ('000)
Turnover                            : 1,480,218        752,846
Profit/(Loss) from Operations       : (211,157)        (14,219)
Finance cost                        : (7,224)          (9,610)
Share of Profit/(Loss) of Associates: -                -
Share of Profit/(Loss) of
  Jointly Controlled Entities       : -                -
Profit/(Loss) after Tax & MI        : (254,633)        (22,605)
% Change over Last Period           : N/A
EPS/(LPS)-Basic                     : (5.63 cents)  (0.69 cent)
         -Diluted                   : N/A              N/A
Extraordinary (ETD) Gain/(Loss)     : -                -
Profit/(Loss) after ETD Items       : (254,633)        (22,605)
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                        : -
B/C Dates for Annual General Meeting: 23/8/2002 - 29/8/2002 bdi.
Other Distribution for Current Period  : N/A
B/C Dates for Other Distribution       : N/A


IDEALFUND DEVELOPMENT: Petition to Wind Up Pending
--------------------------------------------------
The petition to wind up Idealfund Development Limited, whose registered
office is situated at Flat D, 20/F., Southeast Industrial Building, 611-619
Castle Peak Road, Tsuen Wan, N.T., Hong Kong, was set for hearing on before
the High Court of Hong Kong on July 24, 2002.  The petition was filed with
the court on March 28, 2002.


INTERNET ACCESS: Hearing of Winding Up Petition Set
---------------------------------------------------
The petition to wind up Internet Access H.K. Limited was scheduled for
hearing before the High Court of Hong Kong on July 24, 2002.

The petition was filed with the court on April 15, 2002 by the Company whose
registered address is situated at 21b, Loyong Court Commercial Building,
211-220 Lockhart Road, Wanchai, Hong Kong.


PALIBURG HOLDINGS: Unit PDBVI Enters Stanley Transfer Agreement
---------------------------------------------------------------
The boards of directors of Century City International
Holdings Limited, Paliburg Holdings Limited and Regal Hotels International
Holdings Limited, in relation to a settlement proposal for the Existing
Bonds and the proposed transfer of a 40 percent interest in the Stanley
Project from Paliburg to Regal, announced that on 2nd August, 2002, Paliburg
and its wholly-owned subsidiary, Paliburg Development BVI Holdings Limited
(PDBVI), entered into the Stanley Transfer Agreement with Regal.

Pursuant to the Stanley Transfer Agreement, the Paliburg Group has agreed to
sell and Regal has agreed to purchase the Paliburg Group's interest in the
Stanley Project and the Shareholder's Loan in consideration for the
Consideration Shares.

The Stanley Transfer Agreement

Date  : 2nd August, 2002
Vendor  : PDBVI, a wholly-owned subsidiary of Paliburg
Purchaser : Regal
Guarantor : Paliburg, which has agreed to guarantee the
due performance and observance of PDBVI's obligations
under the Stanley Transfer Agreement
Assets to be transferred/assigned : the transfer of the
entire issued share capital of Nice Tex and the
assignment of all the rights, title and interest of PDFL
in the Shareholder's Loan
Consideration : HK$470 million which shall be satisfied by
Regal issuing and allotting 1,958,333,333 new Regal
Ordinary Shares to PDBVI (or such other person(s) as
PDBVI may direct) at HK$0.24 per share

After completion of the Stanley Transfer, Paliburg will continue to
participate indirectly in the investment of the Stanley Project through its
investment in Regal. Paliburg will procure that out of the Consideration
Shares, approximately 1,896.5 million Regal Ordinary Shares will be issued
and allotted to the Regal Shares SPC upon completion of the Stanley Transfer
and will become the subject of the Subject Regal Share Agreement for the
implementation of the Settlement Proposal. These Subject Regal Shares will
represent

   (i) approximately 47.1% of the existing issued ordinary share capital of
Regal; and

   (ii) approximately 31.7% of the enlarged issued ordinary share capital of
Regal upon completion of the Stanley Transfer.

The Stanley Transfer also provides Paliburg with an opportunity to maintain
an effective controlling interest in Regal, even after the phased release of
the Subject Regal Shares to the Existing Bondholders pursuant to the
Settlement Proposal.

After completion of the Stanley Transfer, the Regal Group's interest in
Chest Gain will increase from 30% to 70% and Chest Gain will continue to be
treated as a jointly controlled entity of Regal. No accounting gain or loss
will be recorded by Century City and Paliburg respectively as a result of
the Stanley Transfer.

The Stanley Transfer constitutes a discloseable transaction and is deemed to
be a connected transaction for each of Century City, Paliburg and Regal. The
several guarantee, which Paliburg has agreed to continue to provide in
respect of 40% of the bank borrowings of Chest Gain for the Stanley Project,
is also deemed to be a connected transaction for each of Century City and
Paliburg. Approvals of the independent shareholders of Century City,
Paliburg and Regal are therefore required for the Stanley Transfer and/or
the continuing several guarantee (as the case may be) under the Listing
Rules. Mr. Lo and his associates will abstain from voting at the respective
special general meetings of Century City, Paliburg and Regal in respect of
the resolution proposed for approving the Stanley Transfer and/or the
continuing several guarantee (as the case may be).


PALIBURG HOLDINGS: Seeks Settlement Proposal Approval
-----------------------------------------------------
The Board of Directors of Paliburg Holdings Limited announced that the
detailed terms of the Settlement Proposal have been finalized and
bondholders' circulars will be dispatched to the Existing Bondholders as
soon as practicable with a view to obtaining their approvals of the
Settlement Proposal.

The Settlement Proposal involves, among other things,

   (i) the transfer by Paliburg of its 100% interest in Paliburg Plaza and
Kowloon City Plaza which are subject to the mortgages created over them to
secure a securitization loan; and

   (ii) the phased release to the Existing Bondholders of the Subject Regal
Shares by Paliburg.

The Subject Regal Shares will represent approximately 31.7% of the enlarged
issued ordinary share capital of Regal upon completion of the Stanley
Transfer. Upon Bonds Settlement Closing, all the indebtedness in relation to
the Existing Bonds, amounting to approximately HK$3,646.4 million as at 31st
December, 2001, will be canceled.

On 2nd August, 2002, Paliburg entered into the Paliburg Acquisition
Agreement with the Vendors and Venture Perfect Investments Limited (VPI) for
the acquisition of the entire share capital of VPI in issue at the
completion date of the Paliburg Acquisition Agreement. In return, Paliburg
will issue 3,450 million to 4,750 million Paliburg Convertible Preference
Shares to the VPI Shareholders.

On 2nd August, 2002, Century City entered into the Share Swap Agreement with
the Vendors and the Paliburg Shares SPC. Under the Share Swap Agreement,

   (i) each of the Vendors (including the First Vendor on behalf of certain
New VPI Investors (if any, who will in aggregate own not more than 300
million Paliburg Convertible Preference Shares)) will sell Paliburg
Convertible Preference Shares to the Paliburg Shares SPC;

   (ii) the Paliburg Shares SPC will issue the Exchangeable Preference
Shares to each of the Vendors and certain New VPI Investors (Series A to the
First Vendor and Series B to the others); and

   (iii) the First Vendor has agreed to sell and Century City has agreed to
acquire the entire issued ordinary share capital of the Paliburg Shares SPC
at HK$8.00.

Each of the holders of the Exchangeable Preference Shares (both Series A and
Series B) can at any time during the Exchange Period (provided that the
Paliburg Shares SPC remains a wholly-owned subsidiary of Century City)
exercise the Rights to Put requiring Century City to acquire from it the
Exchangeable Preference Shares and, in return, Century City will issue one
Century City Ordinary Share for every Exchangeable Preference Share
acquired. Century City can exercise the Rights to Call (provided that the
Paliburg Shares SPC remains a wholly-owned subsidiary of Century City) to
acquire the Series A Exchangeable Preference Shares from the holders of the
Series A Exchangeable Preference Shares during the Exchange Period, provided
that, among other things, the Century City Group has restructured its debts
(in the reasonable opinion of the First Vendor), by issuing one new Century
City Ordinary Share for every Series A Exchangeable Preference Share then
acquired.

The Settlement Proposal constitutes a major transaction for each of Century
City and Paliburg. Approvals of the shareholders of, respectively, Century
City and Paliburg are therefore required for the implementation of the
Settlement Proposal under the Listing Rules.

According to DebtTraders, Paliburg International Finance's
3.500% Convertible bond due on 2001 (PALF01HKN1) trades between 25 and 29.
For real-time bond pricing information, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PALF01HKN1.


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


ASTRA INTERNATIONAL: DMC Injects Rp427.5 Capital in ADM
-------------------------------------------------------
Daihatsu Motor Co., Ltd. (DMC), Nichimen Corporation and PT Astra
International Tbk (AI) agreed that DMC would increase its capital in PT
Astra Daihatsu Motor (ADM), their joint-venture company in Indonesia. A new
Joint Venture Agreement to approve the increase of ADM's capital has been
signed among DMC, AI and Nichimen Corp in Jakarta on August 6, 2002.

This time, DMC injects additional capital of around Rp427.5 billion to ADM
to improve its performance in production and distribution for overcoming
more severe competition in anticipation of future liberalization of trading
between ASEAN member countries. Such capital injection will change DMC
ownership in ADM from 40 percent to 61.75 percent, AI shareholding from 50%
to 31.87% and Nichimen ownership from 10 percent to 6.38 percent. This
additional investment to ADM is expected to lead to further reinforcement of
Daihatsu business in ASEAN territory.

On the distribution & retail side, AI will still play its role as
distributor of Daihatsu vehicles of various models in Indonesia supported by
stronger collaboration from DMC. Up to June 2002, Daihatsu through various
products such as Taruna, New Zebra, Ceria, YRV and Taft/Rocky has been sold
for 10.141 units in Indonesia or 15% higher than the same period last year.


ASTRA INTERNATIONAL: Increasing Unit's Bond Issue to Rp300B
-----------------------------------------------------------
The Rp200 billion bond issue by PT Federal International Finance, a 99.99
percent-owned motorcycle financing unit of PT Astra International, will be
expanded to Rp300 billion after closing three times oversubscribed, AFX-Asia
reports, citing Nelwin Aldriansyah, lead underwriter Bahana Securities'
Assistant Vice President for Investment Banking.

"The issue will be increased up to 300 billion because we extended the
bookbuilding deadline due to strong interest from investors, and by the
close last Friday we had received demand worth Rp791 billion," Aldriansyah
said.

He had previously said the issue by Federal International would be increased
to Rp250 billion after receiving subscriptions for Rp620 billion by the
original July 31 deadline.

He added that the additional bonds will likely be issued through a third
series, for which the entire principal will be paid upon maturity in a
single 'bullet' payment, rather than in installments over the next three
years.

Aldriansyah said the indicative coupon for the issue has been narrowed to
between 18.375 to 18.5 percent, from the original range of 18 to 18.5
percent.

The company and its underwriters are awaiting written approval from
regulators before they decide on the final coupon and size of the issue.

According to DebtTraders, Astra Overseas Finance's 4.809%
floating rate notes due on 2005 (ASII05IDS1) are trading between
77 and 78. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ASII05IDS1


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


DAIEI INC: Shinsei Asks Retailer to Pay Debts by Year End
---------------------------------------------------------
Shinsei Bank is asking struggling retailer Daiei Inc to repay 70 percent of
its loans by the end of this year, Reuters and Pacific Business news
reported Monday.

Daiei owes Shinsei more than $841 million (more than 100 billion yen). At
the end of February, its overall debt to all lenders totals $18 billion
(2.14 trillion yen).

Shinsei is Daiei's biggest lender.


FUJITSU LTD: Selling Off Part of its 35.6% Stakes in Fanuc
----------------------------------------------------------
Fujitsu Ltd. will sell off part of its 35.6 percent stakes in Fanuc Ltd. by
the end of August but will remain as the major shareholder in the maker of
numerically controlled equipment, Xinhua News Agency reported Monday.

The sale proceeds, which will total to 80 billion yen (US$672.3 million),
will cover expenses for further restructuring of its sluggish communications
division.

The sale will be conducted under a scheme announced Monday by Fanuc to buy
back its own shares on open market formula by August 26.

Fanuc will purchase 14.99 million shares, or 6.3 percent of its outstanding
stocks, for 5,400 yen per share to underpin its stock price and improve its
financial and capital efficiency.


HITACHI LTD: Expands SOC Capabilities With InSilicon
----------------------------------------------------
InSilicon Corporation, a leading provider of connectivity intellectual
property (IP) technology for complex systems-on-chip (SOC), announced Monday
that Hitachi, Ltd., has licensed inSilicon's USB 2.0 PHY with USB 2.0
Transceiver Macrocell Interface (UTMI) for Hitachi's SOC development.

Hitachi develops SOC solutions for digital imaging applications such as
printers, scanners, and digital cameras. Under the terms of the agreement,
Hitachi will integrate inSilicon's certified USB 2 PHY in their embedded H8S
and SH processor-based SOC designs to provide cost-effective, high-speed USB
solutions for the LSI semiconductor market. Compared to USB 1.1, the new
high- speed USB 2.0 standard accelerates performance 40 times faster.

inSilicon's USB 2 PHY is the world's first semiconductor IP to pass Hi-Speed
USB 2.0 compliance testing -- a key achievement in ensuring functionality
and interoperability in next-generation USB 2.0 PC and consumer products.
The PHY is a complete mixed-signal semiconductor IP solution designed for
single-chip USB 2.0 integration in both device and host applications. The
USB 2 PHY integrates high-speed, mixed-signal, custom CMOS circuitry
compliant with the industry- standard UTMI specification. USB 2 PHY
technology supports the USB 2.0 480 Mbps protocol and data rate, and is
backward compatible with the USB 1.1 legacy protocol at 1.5 and 12 Mbps.

"Consumer products with USB 2.0 functionality will increase dramatically in
2003. inSilicon's stellar track record for USB semiconductor IP, combined
with their technical expertise and support, ensures successful connectivity
for our SOCs," said Hiroyuki Koizumi, manager, IP & CPU core development
department, semiconductor & integrated circuits, of Hitachi, Ltd. "Licensing
this sophisticated technology enables us to focus engineering resources on
our core SOC designs and gives us significant time-to-market advantages over
our competitors."

"Hitachi offers world-class, application-specific SOC solutions," said
Xerxes Wania, Vice President of mixed-signal business at inSilicon.
"Providing our USB 2.0 digital and mixed-signal technology to Hitachi's
customers ensures a solution that has been designed and tested for optimal
implementation and reuse. Our product delivers USB 2.0 PHY performance and
ensures interoperability for their designs."

About inSilicon

inSilicon Corporation is a leading provider of connectivity semiconductor
intellectual property used by semiconductor and systems companies to design
systems-on-chip that are critical components of innovative wired and
wireless products. inSilicon's technology provides customers faster time-to-
market, reduced risk, and lower development cost. The Company's broad
portfolio of analog and mixed-signal products and enabling connectivity
technologies, including USB, PCI, Ethernet, IEEE-1394, JPEG, and Java(TM)
Accelerators are used in a wide variety of markets encompassing
communications, consumer, computing, multimedia, and office automation.
Visit inSilicon at: http://www.insilicon.com.

About Hitachi

Hitachi, Ltd., headquartered in Tokyo, Japan, is a leading global
electronics Company, with approximately 320,000 employees worldwide. Fiscal
2001 (ended March 31, 2002) consolidated sales totaled 7,994 billion yen
($60.1 billion). The Company offers a wide range of systems, products and
services in market sectors, including information systems, electronic
devices, power and industrial systems, consumer products, materials and
financial services. For more information on Hitachi, please visit the
Company's Web site at http://global.hitachi.com.

TCR-AP reported last month that Hitachi has been executing a series of plans
to reconstruct its semiconductor business. Actions have included integrating
and restructuring manufacturing operations as well as design and sales
companies. The latest move is aimed at concentrating resources on new
companies, thereby raising operating efficiency and strengthening
manufacturing businesses.

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.


NIPPON TELEGRAPH: Prepares For Further US Unit Restructuring
------------------------------------------------------------
Nippon Telegraph and Telephone Corp will prepare, if necessary, another
restructuring scheme for US Internet access provider Verio Inc, Annova and
AFX News reported Friday, citing NTT President Norio Wada.

"We've been drastically shrinking operations of the data center, since last
year. And depending on the situation, we will consider restructuring the
operations of communications networks as well," he added.

Wada said that NTT DoCoMo Inc might allow its stake to decline in AT&T
Wireless Services Inc, if the US firm merges with another Company.


TOKYO ELECTRON: Posts 1Q US35M Group Net Loss
---------------------------------------------
Tokyo Electron Ltd. incurred a group net loss of 4.2 billion yen in the
first quarter through June, versus a 3.5 billion yen loss in 2001, Asia
Pulse said Monday.

The poor result was caused by a decline in sales of chip-making equipment
and a smaller gross margin.

Tokyo Electron is mainly engaged in the distribution of broad line-up of
original products including semiconductor production equipment, computer
systems and electronic components developed and manufactured by its
subsidiaries and also other suppliers.

The group also provides maintenance and repair services, leasing,
transportation, insurance and travel agency services. Semiconductor
production equipment accounted for 81 percent of fiscal 2000 revenues;
electronic components, 16 percent; computer systems, 3 percent and other,
nominal. The Company has twenty-eight consolidated subsidiaries. Overseas
sales accounted 58.3 percent of fiscal 2000 revenues.

Address
Tokyo Electron Limited
Hompepage: http://www.tel.co.jp/tel-e/index.html
3-6, Akasaka 5-Chome
Tbs Broadcasting Center
Minato-Ku Tokyo 107-8481
Japan  +81 3 55617000
+81 3 55617400


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


HANBO LTD: Japan's Yamoto Acquires Hanbo Group Mother Company
-------------------------------------------------------------
After five years and seven months in bankruptcy, Hanbo Group's mother
Company Hanbo Ltd was sold in installments to Japan's Yamoto Industries and
Promotion Corporations for KRW150 billion, the Digital Chosun reported,
citing Company director Kim Bong-su. The final sale contract will most
likely be signed on August 7.

Director Kim said, "The W10 billion worth of real estate left from selling
the steel and construction divisions will be divided among stock holders
then we will take procedures to clear off remaining debts."

However, Hanbo Steel in Chungnam Dangjin, which was an affiliate separate
from Hanbo group, is negotiating with AK Capital and is expected to sign a
formal contract somewhere around the end of this year. Hanbo Steel's sales
price is known to be in the W440-W480 billion range. (M&A REPORTER - ASIA
PACIFIC, Vol. No.1, Issue No. 154, August 6, 2002)


HYNIX SEMICON: Launches Online Retail Site for Memory Modules
-------------------------------------------------------------
Hynix Semiconductor recently opened a website, which offers its memory
module semiconductors to local consumers via the Internet, the Maeil
Business Newspaper said Tuesday.

The Company is selling two types of memory modules, the 128-megabit DRAM
(PC133) for 35,000 won per unit, the 256-megabitDDR (PC2100) for 91,000 won.

Hynix said it will expand its e-commerce network to provide its products via
online for users worldwide in the near future.


HYNIX SEMICONDUCTOR: Clears Up Missed Payment Confusion
-------------------------------------------------------
Hynix Semiconductor Inc. clarified last week that its missed payment last
month on a $48 million (56 billion won) debenture with Korean Development
Bank was due to confusion whether the security was part of last year's $2.3
billion debt-to-equity conversion and $1.1 billion debt write off package
from major creditors.

Hynix said the matter has been referred to the executive creditor council
for resolution.

If Hynix should have to redeem the full value of the debenture, the
chipmaker said it would have no problem in repaying the full amount.


HYUNDAI MOTOR: DaimlerChrysler JV Hits Union Snag
-------------------------------------------------
A joint venture commercial vehicle Company between DaimlerChrysler AG and
Hyundai Motor Co is expected to face difficulties over union calls for a
10-year job guarantee, Reuters and Maeil Business Newspaper reported on
Tuesday.

South Korean firms are bound by collective bargaining contracts, requiring
union approval of management decisions that affect jobs.

Hyundai aims to transfer employees at its commercial plant in Chonju to the
planned joint venture engine plant.

Hyundai will hold talks with union representatives starting Tuesday.

DaimlerChrysler owns 10 percent stake in Hyundai. Both firms formed a joint
venture to make diesel engines in 2001.

DebtTraders reports that Hyundai Motor's 7.600 percent bond due in 2007
(HYNM07KRS1) trades between 104.100 and 104.510. For real-time bond pricing,
go to http://www.debttraders.com/price.cfm?dt_sec_ticker=HYNM07KRS1


SEOUL BANK: Government Favors Hana Bank as Buyer
------------------------------------------------
The Korean government and the Korea Deposit Insurance Corp. (KDIC) seems to
favor Hana Bank as the buyer of Seoul Bank, and not Lone Start Fund, the
Korea Herald reported Tuesday, citing n unnamed official of the Financial
Supervisory Services (FSS).

The official said both parties believe that Hana Bank would be a better
partner for the Seoul Bank.

Hana Bank said that in the case it does acquire Seoul Bank to undergo a
merger, it would abstain from staff cuts since Seoul Bank's current
reduction plans to slash 300-400 workers as it signed with KDIC in June this
year is sufficient.

The final result of the Seoul Bank sale will likely be produced at the
committee conference this week.


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


DATAPREP HOLDINGS: Issuing Debt Instruments to Creditor Banks
-------------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian Merchant Bank), on
behalf of the Board of Directors of Dataprep Holdings Berhad, announced that
pursuant to the Debt Settlement Agreement and its supplemental agreement
entered into by Dataprep and its subsidiaries with the Creditor Banks on 5
December 2000 and 6 August 2001 respectively, the following instruments will
be allotted and/or issued to the Creditor Banks on 6 August 2002 as
settlement of the amount owing to the Creditors Banks:

   (i) RM30,000,000 nominal amount/ rights to allotment of nominal amount of
3-year 4.0% irredeemable unsecured loan stocks 2002/2005 (ICULS-3) at 100%
of the nominal amount of RM1.00 each; and

   (ii) RM34,062,520 nominal amount/ rights to allotment of nominal amount
of 5-year 4.0% irredeemable unsecured loan stocks 2002/2007 (ICULS-5) at
100% of the nominal amount of RM1.00 each.

A total of the rights to allotment of RM90,000 nominal amount of ICULS-3 and
RM90,000 nominal amount of ICULS-5 will be offered for sale, at 100% of the
nominal amount of RM1.00 each, by the Creditor Banks to persons to be
nominated by VXL Holdings Sdn Bhd for the purpose of meeting the minimum
public spread requirement for the listing of the ICULS-3 and ICULS-5 on the
Kuala Lumpur Stock Exchange.


ESPRIT GROUP: Proposes Restructuring Scheme Revisions
-----------------------------------------------------
Esprit Group Berhad is in the process of negotiation with its largest
creditor, Pengurusan Danaharta Nasional Berhad (Danaharta) on the Proposed
Restructuring Scheme. The Company, after various discussions with Danaharta
and Aseambankers Malaysia Berhad, has proposed some changes to the Proposed
Restructuring Scheme. The details of the revised scheme will be announced
once it is finalized.

In the meantime, the hearing for the Stay of Proceedings which was fixed for
hearing on 23 July 2002 has been adjourned to 19 August 2002 The Company has
also obtained the approval from the KLSE for an extension of time from 24
May 2002 to 31 August 2002 for the submission of relevant document
pertaining to the proposed plan to regularize the financial condition of the
Company.


EPE POWER: Defaulted Interest Payment Ups to RM717,481.43
---------------------------------------------------------
EPE Power Corporation Berhad, subsequent to the announcement dated 2 July
2002, has further defaulted in the payment of monthly interest of
RM717,481.43 due to several financial institution (FIs) under its revolving
credit (RC) facilities.

The status of the default of principal amount remains the same as previously
announced.

The Company informed that further announcement to KLSE will be made upon
successful completion of the negotiation with the lenders in respect of the
proposed debt-restructuring scheme.


FW INDUSTRIES: Finalizes Unit's Non-Core Business Disposal
----------------------------------------------------------
The Board of FW Industries Bhd informed that on 19th July 2002 Southern
Investment Bank Berhad on behalf of FW had applied to the Exchange for an
extension of time of two months for making the Requisite Announcement (RA).
This is to allow FW more time to negotiate and obtain approvals-in-principle
from financial institutions and creditors prior to the finalization of RA.

Since the last announcement on 1st July 2002, FW is still finalizing the
disposal of a non-core business subsidiary in order to facilitate the
formulation of corporate restructuring exercise by reducing corporate
guarantee in total of RM13.5 million granted to few bankers for the banking
facilities utilized by the said subsidiary.


GENERAL LUMBER: SIB Withdraws as Proposed Restructuring Adviser
---------------------------------------------------------------
The Board of Directors of General Lumber Fabricators & Builders Bhd
announced that the Company is in the final stage of evaluating the proposal
with the view of signing the Memorandum of Understanding (MOU) in respect to
the proposal very soon.

The details of the proposal shall be announced upon the MOU's execution.

In view of the above, the Company further announced that Southern Investment
Bank (SIB) has withdrawn to be the adviser for the proposed restructuring of
the Company. The Company shall appoint a new adviser very shortly.


L&M CORPORATION: Undergoes Discussions With White Knights
---------------------------------------------------------
The Board of Directors of L & M Corporation (M) announced that the
Securities Commission (SC) has vide its letter dated 18 July 2002 indicated
that SC was unable to consider the Proposed Restructuring Scheme as
submitted on 3 September 2001 due to the appointment of the Receivers and
Managers for Orion Express (M) Sdn Bhd (OESB), the owner of the Park Inn
International Kuala Lumpur (Park Inn). SC was of the opinion that this
indicated that OESB is not in a good financial position to contribute to
L&M's cashflow in relation to the Proposed Restructuring Scheme.

The Board of Directors of L&M is in the midst of resolving several legal
matters pertaining to the conditional sale and purchase agreements and also
undergoing discussions with other potential white knights.

The Company has applied for extension of time to 31 December 2002 and is
pending approval from the Exchange.


LION CORPORATION: Proposed GWRS Still in Progress
-------------------------------------------------
The Directors of Lion Corporation Berhad, in accordance with Paragraph
4.1(b) of PN4 and Paragraph 8.14 of the Listing Requirements of the KLSE,
announced that as of 1 August 2002:

   1) the proposed group wide restructuring scheme announced on 5 July 2000,
8 October 2001, 26 March 2002 and 12 July 2002 (Proposed GWRS) is still in
progress;

   2) the KLSE had vide its letter dated 4 July 2002, approved the Company's
application for a further extension of time to 11 September 2002 for the
Company to obtain all outstanding regulatory approvals for the Proposed
GWRS;

   3) as announced on 12 July 2002, the Company has obtained approval from
the Securities Commission (SC) for the Proposed GWRS, which approval is
subject to certain conditions including the fixing of the price of the new
shares to be issued by the Company pursuant to certain proposals under the
Proposed GWRS;

   4) as announced on 19 July 2002, the Company proposed to appeal to the SC
to revise the issue price fixed by the SC for the new shares to be issued by
the Company in respect of certain proposals under the Proposed GWRS of
RM1.05 per share to RM1.00 per share.

The Board of Directors of the Company will be deliberating on the conditions
imposed by the SC and an appropriate announcement would be made in due
course with regard to whether the Company would be appealing to the SC
against any of the other conditions; and

   5) The approvals of the Foreign Investment Committee, Ministry of
International Trade and Industry and Bank Negara Malaysia for the Proposed
GWRS had already been obtained.


LONG HUAT: Seeks September Requisite Announcement Extension
-----------------------------------------------------------
Long Huat Group Berhad is still negotiating with a few parties for the
injection into L.Huat of new income generating assets and therefore is
unable to make the Requisite Announcement under PN4. With regard to the
deadline of 30 June 2002 set by the Exchange, L. Huat has applied for an
extension of time until 15 September 2002 to make the Requisite
Announcement.

In respect of the appointment of the monitoring accountant pursuant to
paragraph 6.1 of PN4, following the rejection by the Exchange via its letter
dated 28 June 2002 of L.Huat's application to differ the appointment until
mid-July 2002, L.Huat has accordingly wrote an invitation letter to an
accounting firm. However to date L.Huat has not receive any reply from the
said firm. Notwithstanding that, L. Huat had made an application to the
Exchange that the appointment of the monitoring accountant to be further
deferred.

L.Huat is making the necessary arrangements to comply with the above
requirement.


MOL.COM BERHAD: Awaits SC's Rights Issue Utilization Approval
-------------------------------------------------------------
The Board of Directors of MOL.com Berhad announced that there is no change
to the Company's plan in relation to the Proposed Rights Issue saves for the
Revised Proposed Acquisition that has been aborted as announced.

The Company has on 25 July 2002 submitted an appeal to the Securities
Commission with regards to the proposed utilization of the proceeds from the
Proposed Rights Issue for the financing/refinancing of the investment in the
information and communications technology companies, which is still pending
approval.


OMEGA HOLDINGS: Finalizing New Agreements, Revised Scheme
---------------------------------------------------------
Omega Holdings Berhad signed a Memorandum of Understanding (MOU) on 6
December 2001 with Selayang Budi Sdn. Bhd. (SBSB), and the shareholders of
SGGI Industries Sdn. Bhd., SGG Furniture Marketing Sdn. Bhd., Global Chairs
System Marketing Sdn. Bhd., American Home Furnishings Sdn. Bhd. and MP Metal
Furnishing & Design Sdn. Bhd. (collectively known as 'the companies').

The MOU concerns the proposed sale by the shareholders of the companies to
SBSB of the entire paid up share capital of the companies and a proposed
scheme of arrangement and corporate reconstruction of OHB (proposed scheme).

The Company thereafter signed a restructuring agreement on 7th February 2002
with the shareholders of Selayang Budi Sdn. Bhd., which included the
following:

   * Proposed capital reduction to reduce the existing issued and paid up
share capital of 298,949,331 ordinary shares of RM1.00 each to 14,947,466
ordinary shares of RM1.00 each.
Proposed write off of share premium account up to RM78.45 million.

   * Proposed acquisition of proposed subsidiaries:
As an integral part of the scheme, Selayang Budi Sdn. Bhd. (SBSB) had on 7
February 2002, entered into separate agreements with each of the vendors of
the following proposed
subsidiaries namely:

     - with the vendors of SGG Industries Sdn Bhd ('SGGI') for the
acquisition of the entire issued and paid up capital of SGGI for a total
purchase consideration of RM22.136 million to be satisfied by the issue of
22.316 million new SBSB shares at par.

     - with the vendors of SGG Furniture Marketing Sdn Bhd (SGGM) for the
acquisition of the entire issued and paid up capital of SGGM for a total
purchase consideration of
RM13.376 million to be satisfied by the issue of 13.376 million new SBSB
shares at par.

     - with the vendors of Global Chairs Systems Marketing Sdn Bhd (GCSM)
for the acquisition of the entire issued and paid up capital of GCSM for a
total purchase consideration of RM14.192 million to be satisfied by the
issue of 14.192 million new
SBSB shares at par.

     - with the vendors of American Home Furnishing Sdn Bhd (AHF) for the
acquisition of the entire issued and paid up capital of AHF for a total
purchase consideration of RM15.632
million to be satisfied by the issue of 15.632 million new SBSB shares at
par.

     - with the vendors of MP-Metal Furnishing & Design Sdn Bhd (MMFD) for
the acquisition of the entire issued and paid up capital of MMFD for a total
purchase consideration of RM14.664 million to be satisfied by the issue of
14.664 million new SBSB shares at par.

   * Proposed scheme of arrangement pursuant to Section 176 of the Companies
Act 1965, to exchange 14,947,466 consolidated shares in Omega Holdings
Berhad for shares in SBSB on the basis of one (1) SBSB share for every one
(1) consolidated share held in Omega to be satisfied by the issue of
14,947,466 new shares in SBSB.

   * Proposed settlement of RM114.05 million debt net of any security
available to the individual creditor banks should be waived to the limit
that only RM35 million shall be settled in the following manner:

     - 25% by way of issue of SBSB shares (settlement shares); and

     - 75% by way of SBSB ICULS.

   * Proposed issue up to 20,000,000 new SBSB shares to Bumiputra parties to
be nominated at an issue price of RM1.00 per share.

   * Proposed restricted offer for sale of settlement shares and ICULS by
the creditor banks to the registered shareholders of SBSB after the proposed
scheme of arrangement.

   * Proposed waiver from the mandatory takeover offer requirements.

   * Proposed listing transfer.

   * Proposed disposal of Omega Group to a Special Purpose Vehicle (SPV) for
a nominal cash consideration of RM1.00. It is further proposed that an
independent accounting firm or agent
be appointed to manage the SPV and implement an orderly disposal or
liquidation of Omega Group.

Subsequent to the signing of the Restructuring Agreement, the Company has
sent to the various creditor banks a copy of the proposed scheme and awaits
for the reply from the respective creditors. The Company together with the
vendors, merchant bankers and the due diligence solicitors had conducted a
due diligence planning meeting. A financial due diligence was conducted on
the proposed subsidiaries to be acquired and has been completed. The
Directors after having reviewed the findings have established that three of
the assets namely SGGI, SGGM and GCSM that form part of the restructuring
scheme are not acceptable.

Further to the above, SBSB had informed the Directors that the agreements
between SBSB with SGGI, SGGM and GCSM have been mutually terminated. The
Directors have taken steps to find replacements and are in the process of
finalizing to include new assets, which may then relate to the signing of
new agreements and a revised scheme. The Directors will make further
announcement when the details of these assets are finalized.


PAN MALAYSIA: Units' Liquidators Lodge Final Meetings Forms
-----------------------------------------------------------
Pan Malaysia Holdings Berhad, following its announcements on 20 December
2001 and 9 January 2002 concerning the members' voluntary winding-up of the
following subsidiaries, informed that subsequent to the respective final
meetings of these subsidiaries which were held on 26 July 2002, the
Liquidator of these subsidiaries had on 31 July 2002 lodged with the
Companies Commission of Malaysia and with the Official Receiver the returns
of holding of the final meetings (Forms 69):

   1. Buana Mewah Sdn Bhd
   2. Fibercorp (Sarawak) Sdn Bhd
   3. Fiberoptik (Sabah) Sdn Bhd
   4. GCIH (Malaysia) Sdn Bhd
   5. Giatjaya Enterprise Sdn Bhd
   6. Kejora Etika Sdn Bhd
   7. Pengkalen Comtec Sdn Bhd
   8. Pengkalen HB Property Services Sdn Bhd
   9. Pengkalen Hill Resort Sdn Bhd
   10. Serba Sinar Sdn Bhd
   11. Tenamaju Sdn Bhd

Pursuant to Section 272(5) of the Companies Act, 1965, on the expiration of
three months after the lodging of the aforesaid Forms 69, the aforesaid
companies shall be dissolved.


PENAS CORP.: Submits Final Revised Debt Restructuring Proposal
--------------------------------------------------------------
On behalf of the Board of Directors of Penas Corporation Berhad, AmMerchant
Bank Berhad (formerly Arab-Malaysian Merchant Bank Berhad), announced the
status of Pencorp's plan to regularize its financial position.

On 23 July 2002, the Company has submitted a final revised
debt-restructuring proposal to Pengurusan Danaharta Nasional Berhad
(Danaharta) for their approval. Moving forward, the Company has commenced
discussion with their advisors/consultants i.e. lawyers, accountants and
relevant bankers to proceed with a due diligence exercise for their purpose
of submission of a final debt restructuring proposal to the Securities
Commission (SC).

A definitive agreement between the Company and the White Knight is expected
to be executed following the Danaharta's approval for the debt-restructuring
proposal. Thereafter, creditor meeting will be convened in due course to
discuss and approve the proposal.

A submission to the SC and other relevant authorities is expected to be
submitted within the time frame stipulated by the SC and KLSE.

Save for the above, there are no changes to the Company's plan to regularize
its financial position.


RAHMAN HYDRAULIC: Issues Monthly Regularization Status Update
-------------------------------------------------------------
Rahman Hydraulic Tin Berhad (Special Administrators Appointed),
in accordance with Paragraph 4.1(b) of Pratice Note No. 4/2001 (PN4) of the
Kuala Lumpur Stock Exchange Listing Requirements, announced the status of
the Company's plan to regularize its financial condition since its previous
Monthly Announcement made on 1 July 2002.

On 3 July 2002, Public Merchant Bank Berhad, on behalf of RHTB, announced
that an application for the Proposed Transfer of Listing Status had been
made to the Securities Commission on 29 June 2002.

On 5 July 2002, RHTB announced that the Workout Proposal of RHTB was
approved in accordance with the Pengurusan Danaharta Nasional Berhad Act
1998 (the Danaharta Act) on 28 June 2002. Under section 46(4) of the
Danaharta Act, the Workout Proposal binds the Company, all members and
creditors of the Company and any other person affected by the Proposal.

On 5 July 2002, RHTB placed an advertisement in the newspaper seeking
parties interested to take over its fully operational tin mine with mining
rights covering an area of approximately 700 hectares. On 30 July 2002, RHTB
accepted the offer from Fook Wan Thye Credit & Leasing Sdn. Bhd. to acquire
its operating tin mine with the right to enter, occupy and mine for a cash
consideration of 14,000,300 subject to terms and conditions to be agreed
upon by both parties. Further details on the sale of the operating tin mine
with the right to enter, occupy and mine will be announced upon finalization
of the terms and conditions of sale.

Any new developments on the Company's plan to regularize its financial
condition will be announced in due course.


REKAPACIFIC BHD: Court Sets Judicial Review Hearing on Sept 17
--------------------------------------------------------------
The Board of Directors of RekaPacific Berhad made the following announcement
in relation to the status of the Restructuring Proposal (the Eighteenth
Monthly Status Announcement):

   1. There has been no change in the status of the Company's Restructuring
Proposal as the Company's application for judicial review against the
decision of the Securities Commission and the Kuala Lumpur Stock Exchange to
de-list the Company from the Official List is pending before the High Court
of Malaya at Kuala Lumpur.

   2. In respect to the judicial review, the developments are as follows:

     i) The hearing date for the oral clarification of the Company's
applications for discovery, interrogatories and leave to cross examine had
been fixed for 17 September 2002; and

     ii) The hearing date of the substantive application for judicial review
has yet to be set by the Honorable Court.


SPORTMA CORPORATION: Proposed RCSLS Issue Application Pending
-------------------------------------------------------------
Reference is made to paragraph 4.1(b) of the Practice Note 4/2001 of the
Kuala Lumpur Stock Exchange (the Exchange)'s Listing Requirements whereby
the affected listed issuer is required to announce the status of its plan to
regularize its financial condition on a monthly basis until further notice
from the Exchange.

In this connection, the Special Administrators (SA) announced that the
revised Proposed Corporate and Debt Restructuring Scheme of Sportma
Corporation Berhad (Proposal) which was approved by the Securities
Commission (SC) via its letter dated 31 January 2002, the Foreign Investment
Committee via its letter dated 21 January 2002 and the Ministry of
International Trade and Industry via its letter dated 29 April 2002, is
still pending the following approvals from:

   (i) The SC for the issue of private debt securities, namely the Proposed
Issue of Redeemable Convertible Secured Loan Stocks (RCSLS);

   (ii) The Exchange for the transfer of the listing status of Sportma, and
the listing of and quotation for the new shares to be issued pursuant to the
Proposal.

The application to the Exchange and the SC for the RCSLS are pending
confirmation on the discharge of the encumbrances of the White Knight assets
to be injected into Sportma, via Harn Len Corporation Berhad.


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


ALL ASIA: Enters Receivership, Closing Operations
-------------------------------------------------
All Asia Bank Corp, formerly known as Banco Davao, closed operation Friday,
after being placed under receivership by the Philippine Deposit Insurance
Corporation, ABS CBN reported Monday.

PDIC Official representative Rogeliio Dolalia advised clients to wait for
the results of the PDIC's examination of the bank's books, after which
transactions would continue. He said it would take one month to complete the
process.

"We need to determine if, how much would be payable [of the PDIC] to the
clients of the banks," Dolalia said.

Dolalia said All Asia Bank has 90 days to propose rehabilitation to fill up
the bank's financial deficiency.

Dolalia assured clients that PDIC would return their money under the
existing rules of the agency. Individual deposits are insured only up to
P100,000.00.

All Asia Bank has 17,000 depositors from its six branches in Mindanao.


FIRST PHILIPPINE: Completes Fund Raising Activity
--------------------------------------------------
First Philippine Holdings Corporation (FPHC), with reference to the
disclosure of July 30, 2002, informed the Philippine Stock Exchange (PSE) on
Friday that the Company has successfully completed financial closing of its
fund-raising activity.

The arranger for the private placement of the guaranteed floating rate notes
(FRNs) issued by FPHC's wholly owned offshore subsidiary, FPH Fund
Corporation, is Credit Suisse First Boston International. The FRNs are
neither convertible nor exchangeable into shares. The coupon for the FRNs is
indexed against LIBOR.

In connection with the private placement arrangement, FPHC issued share
purchase option rights (SPORs) using its US$15million Meralco shares as the
underlying assets. The SPORs were acquired by an offshore affiliate.

The net proceeds from the funding activity of US$50 million, together with
the cash on hand, were used by FPHC to pay its US$86 million obligation
under the convertible notes, net of the US$35 million acquired by the same
offshore affiliate.

For a copy of the press release, go to
http://bankrupt.com/misc/TCRAP_FPHC0806.pdf


NATIONAL BANK: Tan Has Right of First Offer
-------------------------------------------
In a statement to the Philippine Stock Exchange (PSE), Philippine National
Bank said its major shareholder Lucio Tan has the right of first offer and
the right to match any price to be offered by other interested buyers of a
controlling stake in the bank.
The government and the Tan group each own 44.98 percent of PNB, after the
bank converted some of its debt to the government into equity. Tan
previously held 67 percent of PNB.

In the event that the Tan group accepts a government-formulated floor price
for the government's shares and exercises its right of first offer, the
group will be allowed to match the highest offer made by a third party for
those shares at a required public bidding or a negotiated sale.

On August 1, the national government and Tan signed a joint sale and escrow
agreement and appointed JP Morgan Chase as escrow agent to hold the PNB
shares and warrants covered by the joint sale.

Under the agreement, a block of at least 67 percent of PNB, consisting of
the shares held by the government and Tan, will be sold within a period of
five years from date of the execution of the joint sale agreement. (M&A
REPORTER - ASIA PACIFIC, Vol. No.1, Issue No. 154, August 6, 2002)


PHILIPPINE AIRLINES: GFIs Will Pursue Judicial Proceedings
----------------------------------------------------------
Government financial institutions (GFIs) will pursue judicial proceedings
against Philippine Airlines, Inc. (PAL) if the airline's guarantors fail to
honor their commitment under a put-option deal, the Business World and Yehey
Finance reported Monday.

Guarantors of the put-option deal are Fortune Tobacco and Asia Brewery, both
owned by PAL majority shareholder, Lucio Tan.

Last week, several PAL shareholders filed a complaint before a Makati City
trial court, citing the doctrine of "unforseen events" as grounds to be
released from their obligation to purchase over two billion Philippine pesos
(US$39.07 million at PhP51.195=$1) worth of PAL shares held by GFIs and the
government.

The complaint was filed by Ascot Holdings and Equities, Inc., Cube Factor
Holdings, Inc., Sierra Holdings and Equities, Inc., Network Holdings and
Equities, Inc., Pol Holdings, Inc., all of which currently hold Mr. Tan's
53.61 percent share in the airline.

DebtTraders reports that Philippine Airlines' 7.601 percent floating rate
note due in 2000 (PHPA00PHN1) trades between 8 and 14. For real-time bond
pricing, go to http://www.debttraders.com/price.cfm?dt_sec_ticker=PHPA00PHN1


PHILIPPINE LONG: Declares Cash Dividends
----------------------------------------
Philippine Long Distance and Telephone Co.'s Board of Directors' meeting on
August 1, 2002, declared the following cash dividends:

1. P0.50 per outstanding share of the Company's Series B 10 percent
Cumulative Convertible Preferred Stock, for the semi-annual period ending
August 31, 2002, payable September 30, 2002 to the holders of record on
August 30, 2002.

2. P0.50 per outstanding share of the Company's Series F 10 percent
Cumulative Convertible Preferred Stock, for the semi-annual period ending
August 31, 2002, payable September 30, 2002 to the holders of record on
August 30, 2002.

3. P0.50 per outstanding share of the Company's Series Q 10 percent
Cumulative Convertible Preferred Stock, for the semi-annual period ending
August 31, 2002, payable September 30, 2002 to the holders of record on
August 30, 2002.

4. P0.50 per outstanding share of the Company's Series V 10 percent
Cumulative Convertible Preferred Stock, for the semi-annual period ending
August 31, 2002, payable September 30, 2002 to the holders of record on
August 30, 2002.

5. P0.50 per outstanding share of the Company's Series Z 10 percent
Cumulative Convertible Preferred Stock, for the semi-annual period ending
August 31, 2002, payable September 30, 2002 to the holders to record on
August 30 2002.

6. P12,420,000.00 on the Company's Series IV Cumulative Non-Convertible
Redeemable Preferred Stock, payable September 15, 2002 to the holders of
record on August 21, 2002.

The Company's press release is located at
http://bankrupt.com/misc/TCRAP_PLDT0805.pdf

DebtTraders reports that Philippine Long Distance Telephone's 11.375 percent
bond due in 2012 (TELP12PHS1) trades between 92 and 94. For real-time bond
pricing, go to http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP12PHS1


PHILIPPINE LONG: First Pacific Disappointed With Decision
---------------------------------------------------------
First Pacific received a letter from Philippine Long Distance Telephone and
Company's Board and, having preliminarily reviewed it, First Pacific
expresses disappointment that the PLDT Board continues to block First
Pacific's proposed transaction.

On other matters that PLDT cited as supporting its position, First Pacific
considers these to be designed solely to divert public attention away from
the positive attributes of the proposed transaction.

First Pacific is reviewing its implementation alternatives and is proceeding
with the transaction.  Nonetheless, First Pacific remains open to the
possibility of a future meeting should the PLDT board reconsider its
position.

For further information, please contact:

Rebecca Brown Tel:  (852) 2842 4301
Executive Vice President
Group Corporate Communications

Sara Cheung Tel:  (852) 2842 4336
Assistant Vice President
Group Corporate Communications

Further information, including past announcements, can be accessed at
www.firstpacco.com
Email: info@firstpac.com.hk


UNITRUST DEVELOPMENT: Yuseco Pushes for Judicial Rehabilitation
---------------------------------------------------------------
Former Unitrust Development Bank President Francis Yuseco said he would push
for the judicial rehabilitation of the closed bank, Business World reported
Monday.

This, Yuseco said, unless the Philippine Deposit Insurance Corp. (PDIC)
withdraws the anti-dummy, falsification of documents and estafa charges
earlier filed against him.

Last week, the PDIC decided to reopen the bidding for Unitrust, as
shareholders of the closed bank rejected to support the rehabilitation
scheme earlier approved by the deposit insurer.

The task of rehabilitating Unitrust was awarded to the Philippine Bank of
Communications (PBCom).

The PDIC had earlier given PBCom until the end of September to secure the
consent of Unitrust shareholders for the implementation of the proposed
rehabilitation plan.


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


ASIA PULP: Creditors May Oust Controlling Widjaja
-------------------------------------------------
Creditors of Asia Pulp and Paper (APP) are considering whether to back
efforts to replace the controlling Widjaja family after a KPMG report noted
a series of transactions, which led to billions of dollars in losses,
Straits Times reported Saturday.

KPMG listed US$4.4 billion in transactions in the accounts of four key
Indonesian units namely Indah Kiat, Tjiwi Kimia, Pindo Deli and Lontar
Papyrus - during 1999 and 2000 that slashed the value of Asia's biggest
corporate debtor.

The accounting firm, which was commissioned by creditors, owed US$13.9
billion by APP.

It took 12 months to prepare the confidential report and was circulated to
selected creditors last week.

APP has 150 companies within the group but most of its main operations are
in China and Indonesia.


BBR HOLDINGS: Reaches Agreement With Banker
-------------------------------------------
BBR Holdings Ltd announced on Monday that:

(1) the Company has reached an agreement with its banker which has granted
revised banking facilities to a subsidiary of the Company and the Company
will continue to stand as guarantor for the facilities;

(2) the contractual dispute associated with a terminated contract and
liquidated damages claims as highlighted in Note 38 of the annual report for
the financial year ended 31 December 2001 (Annual Report) has been settled;
and

(3) the claims totaling $4.1 million rejected by the scheme manager to the
scheme of arrangement between a subsidiary and certain creditors of the
subsidiary (the "Scheme") as mentioned in Note 41 of the Annual Report have
been confirmed no longer payable to the creditors. The creditors' claims of
approximately $958,000 not proven in accordance with the Scheme are still
under review.


FHTK HOLDINGS: Posts Notice of Shareholder's Interest
-----------------------------------------------------
FHTK Holdings Ltd posted a notice of changes in substantial shareholder The
Development Bank of Singapore Ltd's interest:

Date of notice to Company: 01 Aug 2002
Date of change of interest: 31 Jul 2002
Name of registered holder: DBS Nominees (Private) Limited
Circumstance(s) giving rise to the interest: Others
Please specify details: Debt Restructuring Exercise / Change of Registered
Holder

Shares held in the name of registered holder
No. of shares of the change: 624,517
percent of issued share capital: 0.05
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: see footnote
No. of shares held before change: 5,620,653
percent of issued share capital: 0.46
No. of shares held after change: 6,245,170
percent of issued share capital: 0.51

Holdings of Substantial Shareholder including direct and deemed interest
                                    Deemed Direct
No. of shares held before change:    0     74,942,047
percent of issued share capital:           0     6.09
No. of shares held after change:     0     74,942,047
percent of issued share capital:           0     6.09
Total shares:                        0     74,942,047

1. Reference is made to the announcement by FHTK Holdings Ltd. on 1 October
2001 regarding completion of the Company's Debt Restructuring Exercise. The
Development Bank of Singapore Limited is one of the Group's Creditor Banks
referred to in the announcement. A total of 74,942,047 ordinary shares of
S$0.05 each in the capital of the Company (the Conversion Shares) have been
issued to The Development Bank of Singapore Limited pursuant to the
Company's Debt Restructuring Exercise. The Conversion Shares represent
approximately 6.09 percent of the total outstanding shares of the Company.

2. Arthur Andersen Associates (S) Pte Ltd, as escrow agent, holds the
Conversion Shares for the benefit of The Development Bank of Singapore
Limited.

3. The Conversion Shares are registered in the name of UOB Kay Hian Private
Limited. UOB Kay Hian Private Limited, as depositary agent, holds the
Conversion Shares for the benefit of Arthur Andersen Associates (S) Pte Ltd.

4. DBS Nominees (Private) Limited is the registered holder of The
Development Bank of Singapore Limited.


HIANG KIE: Enters Judicial Management
-------------------------------------
The High Court of Singapore last week granted the petition for Hiang Kie, to
be placed under judicial management, Straits Times reported Saturday.

The Company owns the popular Coffee Club chain in Singapore.

Appointed judicial Manager Ernst and Young (E&Y), will acquire the Company's
daily operations from its directors, including managing director and Coffee
Club founder Ong Siong Kai.

In June, Hiang Kie defaulted on $150 million worth of loans from OCBC Bank,
DBS Bank and HL Bank. These borrowings were made in the mid-1990s when the
Company invested heavily in developing industrial properties, including its
massive freehold Hiang Kie Complex 1 and 2 in Genting Lane and the Hiang Kie
Industrial Building in Woodlands.

Reports said the E&Y judicial management team has 60 days to come up with
plans on how to rehabilitate the business or sell all or part of its assets.

Hiang Kie has about $169 million worth of assets as of December 2000.


LIANG HUAT: Banking Restructure Still Under Review
--------------------------------------------------
Liang Huat Aluminium Limited said Saturday that it aims to provide a July
2002 update on the restructuring of the Group's banking facilities.

The Group's principal bankers are still in the process of evaluating the
proposals that have been submitted.

The Company will keep shareholders informed of further developments.


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


ITALIAN-THAI: Registered Capital Decreases to Bt3,738,678,180
-------------------------------------------------------------
Italian-Thai Development Public Company Limited holds the status of a
company having its ordinary shares listed on the Stock Exchange of Thailand
(SET) and entered into a business reorganization plan pursuant to the
Bankruptcy Act. The SET has required the Company to submit a progress report
in accordance with the business reorganization plan.

The Company, through ITD Planner Company Limited, the Plan Administrator,
informed that the Company has completed the registration in the decreased of
registered capital from Bt4,230,000,000 to Bt3,738,678,180 with the Ministry
of Commerce on August 1, 2002.


PRASIT PATANA: Posts Rehab Plan Implementation Progress Report
--------------------------------------------------------------
Charles Drury Ostick of PricewaterhouseCoopers Corporate Restructuring
Limited, the Plan Administrator of Prasit Patana Public Company Limited,
sets out below the Company's Progress Report on the implementation of its
Rehabilitation Plan for the period from 9 April 2002 to 9 July 2002:

   * The creditors and creditors' attorney, with total debt of Bt11,301,892,
115.64, attended the meeting on 13 May 2002 to consider and vote on the
restructuring documents of PYT.  The voting result was 98.37% of the
creditors approved the documents.

   * All approved restructuring documents were signed on 7 June 2002.

   * The budgeted capital expenditure for the period from 1 March 2002 to 31
December 2002 is 76.64 MB, and total spending for the period from 1 March
2002 to 30 June 2002 is 13.84 MB, respectively.

   * Registered capital reduction has been on 24 April 2002.

   * For unissued registered capital reduction through reduction of
15,000,000 unissued common share.  This reduces registered capital to
Bt900,000,000, consisting of 90,000,000 common shares with par value of
Bt10.

   * In accordance with clause 9.23 of the Plans, PYT has written off shares
formerly held by PYT2 in PYT, consisting of 5,036,900 shares, thereby
reducing its registered and paid up capital by that number of shares.  PYT2
has consented to this capital reduction.  After these reductions, PYT now
has registered and paid up  capital of Bt849,631,000 comprising 84,963,100
common shares with a par value of Bt10.  PYT has not paid for share capital
reduction, instead PYT will use those amounts to reduce its retained
deficit.


PREMIER ENTERPRISE: Files Business Reorganization Petition
----------------------------------------------------------
Premier Enterprise Public Company Limited, engaged in investment, car
dealing and area rental, filed its Petition for Business Reorganization to
the Central Bankruptcy Court:

   Black Case Number 38/2544

   Red Case Number -/2544

Petitioner: DATAPRO COMPUTER SYSTEM COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt18,231,096,000

Date of Court Acceptance of the Petition: January 22, 2001

Date of Examining the Petition: February 19, 2001 at 9.00 AM

Appointment for the Court Hearing: March 15, 2001 at 9.00 AM

Court cancelled the petition for Business Reorganization

Contact: Miss PhatareeTel, 6792525 ext 143


THAI HEAT: Increases Registered Capital
---------------------------------------
Thai Heat Exchange PCL. has registered its increasing capital
to the ministry of Commerce on August 1, 2002 in regards to its
rehabilitation plan:

                             26 June 2002        1 August 2002
                             Past (Baht)         Change  to
Authorized share capital    619,858,000.00       619,858,000.00
Issued and paid up
shares capital              539,594,000.00       546,228,000.00

                             Past (Share)      Change to (Share)
Common Stock                 22,551,200          25,764,200
Preferred Stock              31,408,200          28,858,600


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

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

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

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