TCRAP_Public/020808.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Thursday, August 8, 2002, Vol. 5, No. 156

                        Headlines


A U S T R A L I A

AUSTRALIAN PLANTATION: Capital Reconstruction Completed
AUSTRALIAN PLANTATION: Issues Capital Reorganization Circular
DIGITAL NOW: Lodges May 2002 Filing in US Bankruptcy Court
DVT HOLDINGS: Posts Requisitioned Meeting Results
MAXIS CORPORATION: Places New Shares; Cancel Options

MAXIS CORPORATION: Re-quotation of Securities Starts Today
PASMINCO LIMITED: Seeks Further Creditors Meeting Adjournment
WESTERN METALS: Posts Change of Director`s Interest Notice


C H I N A   &   H O N G  K O N G

CAN DO: Enters Sale, Purchase Agreement With Vendors
CENTRAL NORTH: Fletcher Provides Proposed Acquisition Data
EAST NOBLE: Petition to Wind Up Pending
GUANGDONG KELON: Sale, Purchase Agreement Completed
JETFUND DEVELOPMENT: Faces Winding Up Petition

RICH BAND: Hearing of Winding Up Petition Set
SUNDAY COMMUNICATIONS: Amends Nortel, UOB Facilities Terms
TECHCAP HOLDINGS: Agreement Completion Date Moved to August 12


I N D O N E S I A

ASTRA INTERNATIONAL: Further Debt Talks Possible This Month
TELEKOMUNIKASI SELULAR: Fitch Ups Sr Unsecured Rating to 'B'


J A P A N

AEON CO.: Dissolves Two Subsidiaries
FURUKAWA ELECTRIC: Integrates Aluminum Business With Sky
SNOW BRAND: Creates Joint Venture With Otsuka Pharmaceutical
SUMITOMO REALTY: JCR Assigns Rating to BBB

*Japan's Major Life Companies in 2001/02 Squeezed, Says Fitch


K O R E A

HANBO CORP: Selling Furnace Steel Mill to Japanese Firm
HYNIX SEMICONDUCTOR: Creditors May Opt to Keep Chipmaker Intact  
HYUNDAI MOTOR: Union to Meet on Daimler Venture
SEOUL BANK: Facing Job Cuts, Branch Reductions
SEOUL BANK: Hana Bank Maintained 'Hold' on Bid Concerns, CSFB


M A L A Y S I A

ABRAR CORPORATION: Workout Proposal Finalization Continues
CSM CORPORATION: Approves Proposal Cut-off Date Extension
FW INDUSTRIES: RA Time Extension Application Pending
HAI MING: EGM Hopes for Shareholders' Nod on Proposed Scheme  
IDRIS HYDRAULIC: Court Grants Vesting Order Variation to Taban

KELANAMAS INDUSTRIES: Seeks Scheme Submission Extension
LAND & GENERAL: Replies KLSE's Debt Workout Plan Query Letter
MGR CORPORATION: FIC OKs Proposed Restructuring Scheme
PACIFICMAS BERHAD: Unit's Labor Dispute Hearing Scheduled
RAHMAN HYDRAULIC: Seeks Legal Advice on Originating Summons

RASHID HUSSAIN: Parties Mutually Agree to SPA Term Revisions
RNC CORPORATION: Provides Restructuring Scheme Status
SOUTHERN PLASTIC: Obtains Financial Institutions' Agreement
SOUTHERN PLASTIC: Seeks Requisite Announcement Time Extension
SRIWANI HOLDINGS: Proposes MA Sepang Debt Settlement


P H I L I P P I N E S

ALL ASIA: Clients Can Withdraw Under Emergency Case Category
HOME GUARANTY: Eyeing Fresh Capital Via Asset Sale
HOME GUARANTY: Issues P5B 5-Yr Zero-Coupon Bonds on August 12
NATIONAL BANK: Clarifies P10B Debt Settlement Report
NATIONAL STEEL: Roxas Urges Settlement With Malaysian Owner

PHILIPPINE LONG: Clarifies Business World Report


S I N G A P O R E

ALLIANCE TECHNOLOGY: Disposes of Unit Stake to Gilligan
CK TANG: Annual General Meeting Set on August 13
NATSTEEL LTD: Issues Additional Info on Shares Disposal
SEMBCORP LOGISTICS: Unit Enters Voluntary Liquidation
THAKRAL CORPORATION: Schedules AGM on August 26


T H A I L A N D

DATAMAT PUBLIC: Posts ESM No. 2/2545 Resolutions
INTER FAREAST: Files Business Reorganization Petition
PREMIER ENTERPRISE: Court Okays Rehabilitation Plan
UNITED BROADCASTING: Cancels Interim Dividend Payment

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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


AUSTRALIAN PLANTATION: Capital Reconstruction Completed
-------------------------------------------------------
Australian Plantation Timber Limited announced Tuesday that the
reconstruction of the company which was approved by the
company's creditors on 14 March 2002 and subsequently approved
by the company's shareholders on 24 April 2002 is now complete.

APL hereby notifies the Australian Stock Exchange Limited (ASX)
that:

   1. on 6 August 2002 Completion took place under:

     (a) the Heads of Agreement dated 22 December 2001 between
APL, Integrated Tree Cropping Limited and others; and

     (b) the Deed of Company Arrangement executed by APL on 14
March 2002.

   2. as a consequence the Deed of Company Arrangement executed
by APL terminated. Mervyn Jonathan Kitay has ceased to be the
Deed Administrator and APL is no longer subject to the Deed of
Company Arrangement. Furthermore, the Deeds of Company
Arrangement executed by certain APL subsidiaries, namely APT
Nurseries Pty Ltd, APT Forestry Pty Ltd, APT Finance Pty Ltd,
APT Projects Limited and APT Land Pty Ltd (DOCA Companies), on
14 March 2002 have also terminated. Mervyn Jonathan Kitay has
ceased to be the Deed Administrator under these Deeds of Company
Arrangement and the DOCA Companies are no longer subject to the
Deeds of Company Arrangement;

   3. as part of Completion, APL issued 198,412,621 ordinary
shares in the capital of APL to Integrated Tree Cropping Limited
(ABN 79 069 762 634);

   4. as part of Completion, APL issued 59,523,786 ordinary
shares in the capital of APL to Mervyn Jonathan Kitay as the
trustee of the Proposal A Creditors Trust;

   5. APT Projects Limited's dealers license authorizing it to
operate the various managed investment schemes which it
established remains in place, and APT Projects Limited will
continue to act as responsible entity of those schemes;

   6. in accordance with the resolution passed by APL
shareholders on 24 April 2002 APL will convert all its issued
ordinary shares into a smaller number of shares by a ratio of 5
to 1 (with fractional entitlements being rounded down) in
accordance with the timetable published by the ASX. In relation
to those:

     (a)  Director/Executive options granted by APL under its
Director/Executive Option Plan;

     (b)  Employee options granted by APL under its Employee
Option Plan; and

     (c)  Underwriter options granted by APL to Ord Minnett
Corporate Finance Limited,

which have not lapsed, the number of options will be converted
to a smaller number by a ratio of 5 to 1 (with fractional
entitlements being rounded down), and 5 will multiply the
exercise price of the options.

For further information, contact Company Secretary Peter Hatfull
at (08) 9389 0211.


AUSTRALIAN PLANTATION: Issues Capital Reorganization Circular
-------------------------------------------------------------
Participating Organizations are advised that the reorganization
of capital for Australian Plantation Timber Limited will
become effective from Thursday 8 August 2002.

The reorganization is by way of consolidating every five fully
paid ordinary shares in the capital of the Company into one
fully paid ordinary share.

Fractions will be disregarded.

The following timetable will apply.

   * 24 April 2002 Shareholder approval.

   * 6 August 2002 Conditions precedent to consolidation
fulfilled

   * 8 August 2002 Trading would normally commence in the
reorganized securities on a deferred basis, ASX Code:APLDA

   * 14 August 2002 Last day for the Company to register
transfers on a Pre-reorganization basis.

   * 15 August 2002 First day for the Company to register
securities on a post reorganization basis.

   * 21 August 2002 Dispatch date. Deferred settlement trading
would normally end. ASX Code: APL

   * 22 August 2002 Normal settlement T+3 trading would normally
commence

   * 27 August 2002 Settlement of trades conducted on a T+3
basis.

The securities of the Company are presently suspended from
official quotation. Participants will be informed by a separate
circular when the Company's shares are to be reinstated to
official quotation.


DIGITAL NOW: Lodges May 2002 Filing in US Bankruptcy Court
----------------------------------------------------------
Digital Now, Inc released on Tuesday the monthly filing it is
required to make to the United States Bankruptcy Court whilst it
is under Chapter 11 Administration. The attached filing covers
the month of May 2002.

The filing consists of a monthly operating report that includes
the following items:

   (a) Financial Background Information;
   (b) Income Statement; and
   (c) Cash Distribution Summary Report

Please note all figures are in US dollars and that the year to
date figures relate to the period from 1 January 2002.

Although the documents are publicly available from the US
Bankruptcy Court, in the interests of keeping the local
shareholders informed of the Company's financial situation the
Company has elected to make this release to the Australian Stock
Exchange.

A copy of the full May 2002 operating report is found at
http://www.bankrupt.com/misc/TCRAP_DNI0808.pdf.


DVT HOLDINGS: Posts Requisitioned Meeting Results
-------------------------------------------------
The General Meeting of DVT Holdings Limited shareholders on 7
August 2002 was a meeting requisitioned by two shareholders,
Bigshop.com.au Limited and Zero Nominees Pty Limited, to
consider resolutions sponsored by these requisitioning parties.
As previously announced, these parties have now requested the
cancellation of the meeting and the withdrawal of the
resolutions. However, DVT is under a legal obligation to hold
the meeting, as a result of litigation heard by the Supreme
Court of New South Wales in the matter. Therefore, the
meeting has proceeded, but there was no business to consider.

The Company notes that despite withdrawal of the resolutions,
the proxies received show an overwhelming support for the
incumbent board - proxies representing nearly 19% of the voting
shares of the Company were received; of these, less than 4%
supported the resolutions for the removal of directors.


MAXIS CORPORATION: Places New Shares; Cancel Options
----------------------------------------------------
The Directors of Maxis Corporation Limited, following the
satisfaction of the conditions of the placement of
shares approved at the recent EGM, confirmed that the shares
have been placed through ABN Amro Morgan and accordingly a duly
completed Appendix 3B. Also attached is an Appendix 3B for the
issue of options as approved at the EGM. Both appendices are
found at http://www.bankrupt.com/misc/TCRAP_MXS0808.pdf.

The Directors also advised 7,500,000 options previously issued
to a director have now been canceled.


MAXIS CORPORATION: Re-quotation of Securities Starts Today
-----------------------------------------------------------
The Directors of Maxis Corporation Limited advised Wednesday
that the Australia Stock Exchange has confirmed that the trading
suspension of the securities of the Company will be lifted and
that the shares of Maxis will be re-quoted at the commencement
of trading today, 8 August, 2002.

In the interest of a fully informed market before the re-
quotation of the Company's securities the Directors of Maxis
wish to provide the following information:

1. The Half Yearly Reviewed results of the Company released in
March this year included a note which referred to the continuity
of the company as a going concern being dependant on the final
payment of $650,000 outstanding under a Deed of Company
Arrangement (DOCA), to which two of the Company's subsidiaries
were subject. At that time there was no absolute certainty of
the payment being made.

The Directors advised that as anticipated at the time, the due
date and any threat to the Company as a going concern, as a
consequence of the DOCA, made the payment no longer exists.

2. The note in the Half Yearly accounts also referred to a
contract with the Group's major customer, which accounted for
the majority of the Group's revenue, being due for renewal on 15
December 2002 and whilst the Board believed the renewal of the
contract was probable, there was no certainty that it would
occur.

The Directors advised that following recent discussions with
the client, they believe there is reasonable prospect that the
contract may be extended when negotiations resume in September,
albeit with some modifications which could result in a reduction
in revenue. However, the positive net operating cash flow
currently being enjoyed by the Group and the fully underwritten
equity raising of $2.0 million announced last week would ensure
that the Group continues as a going concern.

Additionally, Directors are hopeful that outsourcing and a
product branding agreement recently secured, together with a
number of new prospects currently being pursued could
in due course provide additional income streams to at least
partially substitute for any potential loss of revenue from the
major contract.


PASMINCO LIMITED: Seeks Further Creditors Meeting Adjournment
-------------------------------------------------------------
The Administrators of major zinc producer Pasminco, John
Spark and Peter McCluskey of turnaround, insolvency and
reconstruction management group Ferrier Hodgson, announced
Wednesday that they would seek a further brief adjournment of
the second meeting of Creditors from 16 to 30 August, 2002.

The adjournment does not alter in any way the Administrators'
recommendation to creditors that they vote in favor of the
Pasminco restructure proposal.

Mr Spark said: "Extensive work is continuing to finalize the
necessary documentation, however given the complexity of the
Pasminco restructure proposal and the number of stakeholders
involved, there are some remaining terms of the documentation
that are yet to be agreed.

"It is vital that all necessary documentation is agreed prior to
creditors voting on the proposal, as the Deeds of Company
Arrangement are required to be executed within 21 days of the
Creditors' vote. Accordingly, we are proposing that creditors
resolve to further adjourn the meeting to 30 August, 2002.

"The second Creditors' meeting can only be adjourned for a
maximum of 60 days after the initial Creditors' meeting and
therefore must be held by no later than 13 September, 2002," Mr
Spark said.

The Administrators continue to recommend that Creditors vote in
favor of the Pasminco restructure proposal, known as the Equity
and Float Option, which would see an issue of shares in lieu of
debt to creditors and financiers owed approximately $2.8
billion. This equity would subsequently be partially sold down
via a public float.

"Preparation work for the Proposed float continues as
scheduled." Mr Spark said.


WESTERN METALS: Posts Change of Director`s Interest Notice
----------------------------------------------------------
Western Metals Limited released this notice:

CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company          Western Metals Limited

   ABN                      69 009 150 618

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

   Date of last notice      25/02/2002

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

Direct or indirect interest             Direct                   

Nature of indirect interest
(including registered holder)                                    

Date of change                          26/07/2002

No. of securities held prior
to change                               180,900,689              

Class                                   Ordinary                 

Number Acquired                         6,000,000 shares
purchased
                                        on market

Number disposed                         -      

Value/consideration                     $223,448.00              

No. of securities held after
change                                  186,900,689              

Nature of change                        On market purchase of    
                                        6,000,000 shares

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

Detail of contract                      -                        

Nature of direct interest               -                        

Name of registered holder
(if issued securities)                  -                        

Date of change                          -

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

Interest Acquired                       -                        

Interest disposed                       -                        

Value/consideration                     -                        

Interest after change                   -

Last month, TCR-AP reported that the Company, in consideration
of the Noteholders entering into debt restructuring
arrangements, had issued 121,358,721 fully paid ordinary  shares
(Escrowed Securities) to the Noteholders.


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


CAN DO: Enters Sale, Purchase Agreement With Vendors
----------------------------------------------------
The Directors of Can Do Holdings Limited announced that on 5
August 2002, Max Cyber Development Inc entered into the
Agreement with People Partner and Gate Smart (the Vendors),
which, together with their respective beneficiary owners, are
independent third parties not connected with the directors,
substantial shareholders and chief executives of the Company
and/or its subsidiaries or any of their respective associates.

Under the Agreement, Max Cyber agreed to purchase and the
Vendors agreed to sell a total of 30 shares in Power Insight of
US$1.00 each, representing 30% of its entire issued share
capital. Power Insight wholly owns NEA Energy, which is mainly
engaged in the supply and trading of liquid petroleum gas (LPG)
in bulk and in cylinder, the provision of piped gas and the sale
of LPG household appliance.

The consideration for the Acquisition is HK$60.0 million, which
is to be settled by way of issuance of 240,000,000 new Shares at
par of HK$0.25 per Share on Completion. Based on the closing
price of the Shares of HK$0.035 as at 5 August 2002, the market
value of the Consideration Shares is estimated to be
HK$8,400,000.

The Consideration Shares to be allotted and issued represent
approximately 19.5% and 16.3% of the existing and the enlarged
issued share capital of the Company respectively.

The Acquisition constitutes a discloseable transaction for the
Company pursuant to the Listing Rules. A circular containing
details of the Acquisition will be dispatched to Shareholders as
soon as practicable.

The Directors noted the recent decrease in trading price of the
Shares and stated that the Directors are not aware of any
reasons for such decrease. The Directors confirmed that there
are no negotiations or agreements relating to intended
acquisitions or realizations which are discloseable under
paragraph 3 of the Listing Agreement, neither are the Directors
aware of any matter discloseable under the general obligation
imposed by paragraph 2 of the Listing Agreement, which is or may
be of a price-sensitive nature.


CENTRAL NORTH: Fletcher Provides Proposed Acquisition Data
----------------------------------------------------------
Fletcher Challenge Forests Limited provided Wednesday the
following updated financial data in relation to the proposed
acquisition of the assets of the Central North Island Forest
Partnership (CNIFP), a joint venture between China International
Trust & Investment Corp. (CITIC) and Fletcher Challenge's forest
division.

INTEREST COSTS HEDGED

The Company has entered into an agreement which, contingent upon
the CNIFP purchase proceeding, enables the Company to fix a base
interest rate on US$200 million, for the two year period
commencing 16 September 2002, of 2.69% prior to bank margins
under the Company's proposed new debt facility.

Based upon this hedging transaction, recent Japanese Yen
denominated transactions and the general downwards movement in
global interest rates, the Company now expects interest costs to
be approximately NZ$5 million per annum lower than previously
projected in the Explanatory Memorandum to shareholders dated 17
July 2002 (the Explanatory Memorandum).

IMPACT OF LOWER NEW ZEALAND DOLLAR

The Company notes that the financial projections in the
Explanatory Memorandum assumed a US$/NZ$ exchange rate of 0.49.
The sensitivity of the Company's operating earnings to movements
in foreign exchange is shown on page 99 of the Explanatory
Memorandum.

At the current US$/NZ$ rate of 0.451, operating earnings and
free cashflow would increase by approximately $12 million per
annum.

FOREIGN EXCHANGE ACQUISITION RISK HEDGED

The CNIFP purchase price of approximately $650 million is
denominated in US dollars. Shortly after entering into the CNIFP
purchase contract with the Receiver the Company took out
cancelable forward exchange contracts which in substance provide
the Company with an option to buy US$250 million at an exchange
rate of 0.465. As a result, the Company is not exposed to
weakness in the New Zealand dollar below this level, in relation
to this component (US$250 million) of the purchase price. The
balance of the purchase price is
primarily to be funded in NZ dollars.

RETURN ON INVESTED CAPITAL EXCEEDS 10% AFTER TAXATION

The Company notes that it has valued the CNIFP assets adopting a
real after-tax discount rate of 8.1% (nominal rate of 10.2%). As
noted on page 18 of the Explanatory Memorandum the resultant
value exceeds the proposed purchase price. This implies a
nominal return on the funds to be invested in the CNIFP in
excess of 10% after taxation.

Returns on an annual basis increase over time, as the annual
harvest from the CNIFP lifts from its current level of
approximately 3.2 million m3 to its long-term level of 3.9
million m3. Accordingly, returns in the 2003/4 periods are not
indicative of the longer-term returns from the asset.

HARVEST SUSTAINABILITY

As a pre-completion requirement to the bank financing of the
transaction, the Company engaged an independent forestry
consultant to review, on the funding banks' behalf, the proposed
harvest levels of the combined estate. The independent
consultant has completed the review and concluded that the
combined estate is being harvested on a sustainable basis, and
indeed there is potential to increase the harvest level if
desired.


EAST NOBLE: Petition to Wind Up Pending
---------------------------------------
The petition to wind up East Noble Container Service Limited was
scheduled to be heard before the High Court of Hong Kong on July
24, 2002.  

The petition was presented at the court on April 16, 2002 by the
Company with a registered address of Room 1806, Vicwood Plaza,
No. 199, Des Voeux Road, Central, Hong Kong.


GUANGDONG KELON: Sale, Purchase Agreement Completed
---------------------------------------------------
The Board of Guangdong Kelon Electrical Holdings Company Limited
announced that the transfer of GKG's interest in Kelon
Advertising, Huaao Electronics and Wangao to Jia Ke (a wholly-
owned subsidiary of the Company) has been completed.

On 26 November 2001, the Company's wholly-owned subsidiary,
Shunde Jia Ke Electronics Company Limited entered into sale and
purchase agreements to acquire from Guangdong Kelon (Rongsheng)
Group Company Limited its entire interest in Shunde Kelon
Advertising Company Limited, Shunde Kelon Household Electrical
Appliance Company Limited, Shunde Huaao Electronics Company
Limited and Shunde Wangao Import and Export Company Limited
(collectively, the `Service Companies') respectively.

GKG was a substantial shareholder of the Company holding
approximately 34.06% of the Company's total issued share capital
at that time and accordingly the acquisition of GKG's interest
in the Service Companies by Jia Ke constituted connected
transactions under the Rules Governing the Listing of Securities
on the Stock Exchange of Hong Kong Limited (Listing Rules).

The board of directors of the Company announced that all of
GKG's interest in Kelon Advertising, Huaao Electronics and
Wangao had been transferred to Jia Ke and the transfer
registration procedures were completed in early August 2002.
Immediately thereafter, Jia Ke owns an 80% interest in Kelon
Advertising, a 70% interest in Huaao Electronics and an 80%
interest in Wangao.

However, the transfer of the 75% interest in Kelon HEA is still
in progress and the Company will make a separate announcement
once such transfer is completed.

Since GKG is no longer a connected person of the Company (as it
has disposed of its entire interest in the Company by virtue of
sale and purchase agreements dated 29 October 2001, 15 April
2002 and 30 April 2002 respectively), and the transfer of shares
in Kelon Advertising, Huaao Electronics and Wangao have been
completed, any future transactions between the Company (or its
subsidiaries) and any of the Service Companies will not
constitute connected transactions with GKG under the Listing
Rules.


JETFUND DEVELOPMENT: Faces Winding Up Petition
----------------------------------------------
The petition to wind up Jetfund Development Limited was heard
before the High Court of Hong Kong on July 24, 2002. The
petition was filed with the court on April 16, 2002 by the
Company whose registered office is situated at Room 1034, Lai Ho
House, Lai Kok Estate, Shamshuipo, Kowloon, Hong Kong.


RICH BAND: Hearing of Winding Up Petition Set
---------------------------------------------
The petition to wind up Rich Band International 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 16, 2002 by the
Company whose registered office is situated at Flat F, 24/F.,
Seabright Plaza, 9-23 Shell Street, North Point, Hong Kong.


SUNDAY COMMUNICATIONS: Amends Nortel, UOB Facilities Terms
----------------------------------------------------------
The Directors of Sunday Communications Limited announced that
the Group has on 30th July, 2002 entered into various documents
to effect certain amendments to the Nortel Facility and the UOB
Facility in order to, among others, accommodate changes to the
structure of the Group for various business developments and/or
cost saving measures, as well as to vary certain financial
covenants.

Background

The Nortel Facility and the UOB Facility have been used to
finance the Group's capital expenditure, working capital and
operating expenses.  Prior to the listing of the Company's
shares on the Stock Exchange in March, 2000, MCL granted as
security to the lenders fixed and floating charges over
substantially all of its assets and existing and future
undertakings and SUNDAY Holdings (Hong Kong) Corporation, MCL's
immediate holding company, created mortgages and charges on all
of its shares in MCL to Nortel and UOB. There has been no change
to the term of maturity and both facilities will mature in
September 2004.

Based on the Group's long-term strategy of offering an enhanced
range of wireless services under its "SUNDAY" brand, the Group
has been engaging in various measures to expand its business and
to save administrative and other operating costs (for example,
the acquisition of a 3G License and the establishment of joint
ventures with third parties).

On 30th July, 2002, the Group entered into various documents to
effect certain amendments to the Nortel Facility and the UOB
Facility in order to, among others, accommodate changes to the
structure of the Group for its various business developments
and/or cost saving measures, as well as to vary certain
financial covenants.

The amounts lent and interest provisions have not been varied.  
The changes to the Nortel Facility and the UOB Facility have
been negotiated.  Some constitute relaxations in favor of MCL
and others are in favor of, or clarify a protection offered to,
the lenders.  The changes accommodate and recognize developments
in the business of the Group since the Nortel Facility and the
UOB Facility were originally negotiated and the Directors
consider that the agreed amendments to the financing
documentation are beneficial to the Group.

Material amendments to the facilities

The material amendments to the Nortel Facility and the UOB
Facility are summarized as follows:

    (1) formal approval has been given for the establishment of
a number of wholly-owned subsidiaries (New Subsidiaries) of the
Company for various business development and/or cost saving
measures, so that inter-company loans subject to agreed limits
could be made for such purposes;

    (2) the following securities have been given to amplify the
security cover granted to the lenders so that it covers:

        (a) mortgages over the shares in, or the registered
capital of, the New Subsidiaries;

        (b) fixed and floating charges over all the assets of
the New Subsidiaries;
        
  (c) undertaking from the Company not to mortgage,
charge, pledge or dispose of any shares in a number of its
direct wholly-owned subsidiaries;

        (d) subordination arrangements and assignments in
relation to the relevant inter-company loans;

        (e) subject to TA's approval (and any condition they may
impose in giving such consent), assignment of the 3G License;

        (f) assignment of all rights and interests under any
service agreements/licensing agreements between (i) the Group
and (ii) certain members of the Group;

        (g) subject to necessary third party consents,
assignment of all rights and interests under any service or
other commercial contracts between (i) the Group and (ii) its
joint ventures, and in one case, the joint venture partner; and

        (h) the provision of a corporate guarantee by the
Company to secure all the obligations and liabilities of its
wholly-owned subsidiaries under the financing documentation;

    (3) the lenders' approval is required, whilst the facilities
remain outstanding, to amend the currently approved business
plans under which MCL must operate its business, in order to
permit capital expenditure required for the 3G business;

    (4) variations to the control over the operating accounts of
the Group, including:

        (a) the mandatory prepayments of principal amount of (i)
inter-company loans to MCL and (ii) proceeds from future fund
raising activities, to a debt service build-up account to
maintain a required level of funding in such account and for
application towards paying principal and interest on the Nortel
Facilities and the UOB Facilities on a pro-rata basis; and

        (b) limitations on withdrawals from a debt service
build-up account, a debt service reserve account and an excess
cash reserve account;

    (5) changes to the financial covenants in relation to
requirements for MCL in the following areas:

        (a) to reduce the EBITDA required for the year ending
31st December, 2002 and 31st December, 2003 and the six months
ending 30th June, 2004 respectively;

        (b) to reduce the debt service coverage ratio required
in 2002, and increase that required in 2003;

        (c) to increase of the tangible net worth for the year
ending 31st December, 2002 and 31st December, 2003 respectively;
and
    
       (d) to increase the expected average number of
subscribers.

The Directors consider that the amendments to the Nortel
Facility and the UOB Facility provide flexibility to the Group's
development and facilitate the Group to achieve its long-term
objectives.


TECHCAP HOLDINGS: Agreement Completion Date Moved to August 12
--------------------------------------------------------------
The Board of Directors of TechCap Holdings Limited, in regards
to the placing and subscription agreement dated 29 July 2002
(Agreement) made between Pacific Annex Capital Limited, Dr. Li
Zhong Yuan, the Placees and the Company, announced that the
Company, Pacific Annex and Dr. Yuan have agreed that the
completion of the Subscription will now take place on or before
the 14th day from the date of the Agreement, being 12 August
2002, instead of 5 August 2002.


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


ASTRA INTERNATIONAL: Further Debt Talks Possible This Month
-----------------------------------------------------------
PT Astra International may hold further debt reorganization
talks in the third week of August with a committee to be set up
by its creditors, IndoExchange reports, citing Astra President
Budi Setiadharma.

The Company, which appointed N M Rothschild & Sons Ltd as
Financial Adviser, wants to reschedule payments on US$726
million and Rp881 billion of debt, maturing 2006. Of the total,
US$133 million and Rp165 billion are due in December.

"We predict we cannot make a full payment on the debt that
matures in December. We still don't know what the situation is
for Astra in the four months ahead, but we may be able to repay
half the debt," Mr Setiadharma said.

On Aug 1, following debt recast talks, shares of Astra dropped
10.7 percent to Rp3,325 due to investor concern that the failure
of negotiations may force the company to sell more shares to
raise funds.

Astra's efforts to restructure its debt are the second such
exercise since the nation's currency tumbled during the 1997
Asian financial crisis. That first attempt was a failure.


TELEKOMUNIKASI SELULAR: Fitch Ups Sr Unsecured Rating to 'B'
------------------------------------------------------------
Fitch Ratings, the international rating agency, has raised on
Tuesday the senior unsecured foreign currency rating of PT
Telekomunikasi Selular (Telkomsel) from 'B-' (B minus) to 'B'.
This action follows Fitch's recent decision to raise the rating
of the Republic of Indonesia from 'B-' (B-minus) to 'B'.
Telkomsel's rating is capped by the rating of the Republic.

At the same time, Fitch has raised the rating on the US$150
million of notes issued by Telekomunikasi Selular Finance
Limited from 'B-' (B minus) to 'B'. Telkomsel irrevocably and
unconditionally guarantees the notes.

Fitch has also affirmed the senior unsecured local currency
rating of Telkomsel at 'BB-' (double B minus). The Outlook for
the ratings remains stable.


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


AEON CO.: Dissolves Two Subsidiaries
------------------------------------
Retailer Aeon Co. announced plans to dissolve two units namely
Liz Japan Ltd and Sun-sun Land Co. in the current fiscal year to
March 2003, JiJi Press reported Monday.

Aeon will close the joint venture's loss-making stores and
transfer strong-performing ones to other companies.

Liz Japan incurred recurring losses of more than 180 million yen
in the last two years due to sluggish sales.

As for the operations of Sun-sun Land, Aeon will take over most
of them and the rest will be sold to other firms.

The liquidation of the two units will cost of 1.2 billion yen in
fiscal 2002, but there will be no impact on its earnings
estimates for the year.


FURUKAWA ELECTRIC: Integrates Aluminum Business With Sky
--------------------------------------------------------
The Furukawa Electric Co., Ltd., SKY Aluminum Co., Ltd., Showa
Denko K.K. (Sky Aluminum's major shareholder), and Nippon Steel
Corporation are investigating the possibility of integrating the
business activities of Sky Aluminum with a Company to be created
by the spinning off of the light metals division of Furukawa
Electric.

The four companies formed an alliance to operate in the aluminum
business in January of 1998. This alliance established Alfus
Co., Ltd. in October of the same year, and Unifus Aluminum Co.,
Ltd. in April 2000. These moves integrated the companies'
respective sales divisions. In this manner, the companies have
continued to work towards ever more complete integration of
their aluminum business activities. The details of the latest
agreement are outlined below.

1. Furukawa Electric will spin off its light metals group. The
new Company will then integrate its operations with Sky
Aluminum.

2. The business integration will cover all aspects of the
aluminum business.

3. The commencement date for the integration will be October 1,
2003.

Through completely integrating all aspects of the aluminum
business, including manufacturing, the four companies will place
a new emphasis on speedily responding to wide-ranging and
rapidly changing customer needs. They will work to improve
product quality, further enhance important technologies, and
develop new products to achieve this goal. In addition, the
alliance will put in place a new production structure,
consisting of plants for flat-rolled materials in Fukui, Nikko
and Fukaya, to ensure a stable supply of products. Acting in
conjunction with the aluminum alloy shapes and casting
divisions, the new Company will aim to lead the domestic
aluminum manufacturing industry while developing the ability to
respond appropriately to global changes.

The four companies of the alliance intend to exhaustively
investigate the full range of issues relevant to the proposed
integration. As such, they would like to take this opportunity
to ask for the continued support and understanding of their
customers and other stakeholders.

About Furukawa Electric Co.Ltd.

Furukawa Electric Company Limited carries out operations through
the following divisions; INFORMATION & COMMUNICATION:
Manufacture and sale of information equipment; electronic
components, various plastic products and shape memory alloys;
ENERGY-RELATED PRODUCT: Manufacture and sale of bare wire,
aluminum wire, insulated wire & cable, magnet wire, power cable,
telecommunications cable, wire attached parts and construction;
MATERIALS: Copper alloy sheets, bars, aluminum sheets, plates
and extruded products; OTHERS: Manufacture and sale of lead,
alkaline and nickel batteries. Materials accounted for 37
percent of fiscal 2001 revenues; energy-related products, 24
percent; information and communication, 24 percent and others,
15 percent.

About Showa Denko K.K.

Showa Denko is a major manufacturer and marketer of chemical
products serving a wide range of fields ranging from heavy
industry to the electronic and computer industries. the Company
makes petrochemicals (ethylene, propylene), aluminum products
(ingots, rods) electronic equipment (hard disks for computers),
and inorganic materials (ceramics, carbons). The Company has
overseas operations and a joint venture with Netherlands-based
Montell and Nippon Petrochemicals to make and market
polypropylenes. In March 2001, SDK merged with Showa Denko
Aluminum Corporation to strengthen the high-value-added
fabricated aluminum products operations, and is today developing
next-generation optical communications-use wafers.

Contact:
Furukawa Electric Co.Ltd.
Suzuki Osamu
osuzuki@ho.furukawa.co.jp
03-3286-3050

Furukawa sees an appraisal loss of 46.2 billion yen ($389
million) on its U.S. fiber-cable division in the fiscal year
2002, TCR-AP reported last week.

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


SNOW BRAND: Creates Joint Venture With Otsuka Pharmaceutical
------------------------------------------------------------
Snow Brand Products Co has given up a tie-up plan with Nestle
Japan Holding Ltd for its child-care products and will instead
seek an alliance with Otsuka Pharmaceutical Co, Kyodo News said
Wednesday.

The Brand-Otsuka tie-up plan is expected on Wednesday. Under the
plan, Snow Brand will set up a wholly owned unit and divest its
child-care products division to the Company by next month. The
Company aims to sell 20 percent of the new firm to Otsuka
Pharmaceutical.

SUMITOMO REALTY: JCR Assigns Rating to BBB
------------------------------------------
Japan Credit Rating Agency on Monday has assigned a BBB rating
to the following bonds of Sumitomo Realty & Development to be
issued under the shelf registration.

Issue: bonds no.36
Amount: Y10 billion
Issue Date: August 27, 2002
Due Date: August 26, 2005
Coupon: 1.5 percent
Covenants: Negative Pledge & Collateralized
Commissioned Company: Yes
Shelf Registration:
Maximum: Y200 billion
Valid: two years from May 18, 2001

Rationale

Sumitomo Realty & Development is a major real estate Company of
Sumitomo group.

About 7 office buildings including large-scale redevelopment
projects will be completed in the current fiscal year. The
management is pushing for these projects under the New Three-
Year Plan for fiscal 2001 through fiscal 2003 ending March 31,
2004. Competition with large buildings to be completed in 2003
for the tenants has already started. There is additional concern
about the operations of the office buildings in the future. The
vacancy rates of the existing office building may increase due
to the successive completions of construction of many new office
buildings. JCR considers that the Company has competitive edge,
given its holding of many relatively young buildings. Concerning
the condominium sales that have been performing well, JCR
considers it necessary to watch carefully the impact of changes
in the market conditions in the future.

The interest-bearing debt including liabilities for guarantee
decreased to 1,192.9 billion yen as of end of March 2002 as
planned. The financial structure has been improving. The Company
plans to reduce the interest-bearing debt to less than 10 times
the amount of the operating profit by the end of March 2004. JCR
will watch carefully how the Company deals with the impending
introduction of accounting for impairment of the fixed assets as
well as the progress of the debt reduction.

JCR announced the affirmation of BBB rating for the Company on
February 14, 2002. The bond proceeds will be used for retirement
of the bonds outstanding. Therefore, the issue will not have a
significant impact on the financial structure of the Company.


*Japan's Major Life Companies in 2001/02 Squeezed, Says Fitch
-------------------------------------------------------------
Recent turbulence in the domestic equity markets has pushed the
valuation of many life companies' stock portfolios further
underwater, and has again raised concerns about solvency, Fitch
reports.

Hampered by a combination of high payouts guaranteed to
policyholders in the 1990s and poor investment returns in the
current ultra-low domestic interest rate environment, levels of
internal capital generation are poor. This trend is also having
a drawn-out negative impact on solvency.

As a result, several companies raised additional capital in
2001/02, either in the form of 'foundation funds' ('kikin') or
subordinated debt. Compounding these problems are record numbers
of corporate bankruptcies, comparatively high unemployment and
stagnant wages - all three of which are eating into premium
income as households rein in their expenditure and reduce their
life policy coverage.

Some companies are seeing persistency ratios (a measure of
policyholder retention year on year) take an additional hit with
lapses and cancellations surging as policyholder confidence
wanes.

The report is divided into three sections. The first section
covers the major issues faced by the sector as whole: falling
policy persistency levels, exposures to stock market volatility
(and their effect on solvency margins, general asset quality and
the structure of investment portfolios), the continuing negative
spread problem and also the process of deregulation and new
product development. The second section covers each of the "Big
10" separately and in more detail, with emphasis on performance
in 2001/02. The third section of the report consists of an
extensive appendix containing detailed balance sheets, profit
and loss statements, operating indices and investment portfolio
performance data for all of the Big 10. Much of this data is not
readily available in English, and has been translated and
provided as an appendix to meet the demands of Fitch
subscribers.

The report is part of the agency's growing commitment to
covering the Japanese life insurance sector, a commitment
further demonstrated by the announcement on 11th July 2002 of an
Insurer Financial Strength Rating of 'AA' Outlook Negative for
Nippon Life, the largest life Company in Japan and the second-
largest in the world. In terms of policies written, the Japanese
life market is second only to that of the United States .

Contact:
Tokyo Tel: +81 3 3288 2736,
London Tel: + 44 20 7417 6327 Geoff Mayne,
London Tel: +44 20 7417 4378


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


HANBO CORP: Selling Furnace Steel Mill to Japanese Firm
-------------------------------------------------------
Hanbo Corporation has signed an agreement to sell its Busan
electric furnace steel mill to Japan's Yamato Kogyo Co. for 142
billion won (US$119 million), the Korea Herald reported
Wednesday.

According to analysts the sale of Hanbo's steel mill indicates
that the restructuring of the domestic steel industry
necessitated by the collapse of weak firms following the
outbreak of a foreign exchange crisis in late 1997 has entered
the final stage.

Hanbo Corp., which has been under court-led rehabilitation since
1997, selected Yamato as the preferred bidder in late June.


HYNIX SEMICONDUCTOR: Creditors May Opt to Keep Chipmaker Intact  
---------------------------------------------------------------
Creditors of Hynix Semiconductor Inc may decide later against
breaking up the chipmaker and selling its various parts, and
adopt a restructuring plan that would keep it intact, Money
Today and AFX Asia reported Monday.


Hynix is operating under the current structure while soliciting
possible buyers for each business unit.

Creditors may carry out additional debt restructuring to cut
financial costs for Hynix but there will be no further fresh
loans extended to the Company.

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


HYUNDAI MOTOR: Union to Meet on Daimler Venture
-----------------------------------------------
Hyundai Motor Co is planning to meet labor leaders over union
demands that risk ruining a multi-million dollar venture with
DaimlerChrysler AG, Reuters reported Tuesday.

Under the deal, Hyundai and DaimlerChrysler would hold 50
percent stakes each in a commercial vehicle plant in Chonju,
South Korea, and operate it as a joint venture.
      

SEOUL BANK: Facing Job Cuts, Branch Reductions
----------------------------------------------
Seoul Bank is facing job cuts and a reduction in its branches
due to its poor performance in its four consecutive quarters,
Asia Pulse said Wednesday, citing an unnamed official of the
Korea Deposit Insurance Corp. (KDIC).

"We need to take measures that include layoffs and reductions in
branches and wages if Seoul Bank fails to fulfill an agreement
with KDIC to improve its financial status," the official said.


SEOUL BANK: Hana Bank Maintained 'Hold' on Bid Concerns, CSFB
-------------------------------------------------------------
Credit Suisse First Boston has maintained its 'hold' rating on
Hana Bank, pointing to concerns over its possible acquisition of
the ailing Seoulbank, AFX Asia reported Wednesday.

If the merger goes through, Hana Bank will become South Korea's
third largest bank in terms of banking assets and its bottom-
line profit will improve on the back of tax benefits for the
next three years.

However, there will be no substantial improvement in its
relatively low pre-provision ROA (at around 1.5 pct compared
with its peers' 2.0-2.9 pct range) and high leverage ratio after
acquiring the cost-saddled Seoulbank, CSFB said.

"Although we foresee an instant warm response from retail
investors when Hana Bank is finally selected (next week), we
maintain our hold stance until we obtain clear evidence of the
bank resolving the potential concerns," CSFB added.


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


ABRAR CORPORATION: Workout Proposal Finalization Continues
----------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed), in
compliance with paragraph 4.1(b) of PN 4/2001, announced the
following:

On 10 January 2002, the Special Administrators (the SAs) of the
Company held a briefing for interested parties with strong
assets backing and management expertise on the tender procedure
for the submission of offers / proposals on the restructuring
exercise of the Company. The interested parties were required to
submit the offers / proposals on 23 January 2002.

On 6 March 2002, the SAs conducted a restricted re-tender
exercise for the two (2) shortlisted bidders who were required
to submit their revised offers / proposals by 13 March 2002. On
15 April 2002, the SAs of the Company selected a White Knight to
participate in the corporate debt restructuring exercise of the
Company.

On 16 May 2002, the SAs, for and on behalf of ACB, entered into
a Memorandum of Understanding (MoU) with several parties (the
White Knight) to regulate and record the basic understanding of
the key areas of agreement pending finalization and approval of
the Company's corporate restructuring proposal (the Workout
Proposal).

On 23 May 2002, the Company announced that the moratorium under
Section 41 of the Pengurusan Danaharta Nasional Berhad Act, 1998
(the Danaharta Act), which took effect from 27 May 2000, i.e.
the date of the appointment of SAs to the Company and which
expires on 26 May 2002, has been further extended to 26 May
2003. The extension of the moratorium is pursuant to Section
41(3) of the Danaharta Act.

On 11 July 2002, the SAs entered into a Facilitation of Listing
Agreement with Oilcorp Berhad and with the White Knight pursuant
to the MoU dated 16 May 2002 inter alia to transfer the listing
status of the Company to OilCorp Berhad.

Accordingly, the Company had on 15 July 2002 made its Requisite
Announcement to the Exchange in respect to its regularization
plan pursuant to Practice Note 4/2001 of the Exchange. The SAs
are currently finalizing the Company's Workout Proposal pursuant
to Section 44 of the Danaharta Act and the Workout Proposal will
be submitted to Pengurusan Danaharta Nasional Berhad (Danaharta)
for approval.

The Company's Workout Proposal will inter alia take into
consideration the interest of all stakeholders that will also
deal with the Company's plans to regularize its financial
condition, its inadequate level of operations and the minimum
RM60 million paid-up capital requirement for companies listed on
the Main Board of the Exchange.


CSM CORPORATION: Approves Proposal Cut-off Date Extension
----------------------------------------------------------
On behalf of the Board of Directors of CSM Corporation Berhad,
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), in relation to the Proposed Settlement
and Termination of Agreements Between the CSM Group of Companies
and Saujana Pertiwi Sdn Bhd (Proposal), announced that Saujana
Pertiwi had requested for an extension of the cut-off date by
which all conditions precedent pursuant to the Conditional
Settlement and Termination Agreement dated 3 May 2002 are to be
fulfilled.

In effect, CSM and its wholly owned subsidiary companies, CSM
Development Sdn Bhd, CSM Properties Sdn Bhd and CSM Capital Sdn
Bhd have agreed to extend the cut-off date by a further two (2)
month period from 3 August 2002 to 3 October 2002.


FW INDUSTRIES: RA Time Extension Application Pending
----------------------------------------------------
FW Industries Berhad is an affected company pursuant to
PN4/2001. Under PN4/2001, FWI is required to make a requisite
announcement to the KLSE, which contains detailed plans, the
implementation of which will enable FWI to regularize its
financial condition (Requisite Announcement). The Requisite
Announcement is to be made within six (6) months from the date
of the First Announcement, i.e. by 3 August 2002.

To date, FWI is still in the midst of negotiation and
finalization of its proposed corporate and debt restructuring
scheme and the Company anticipates that the deadline for the
Requisite Announcement of 3 August 2002 is unlikely to be met.

Accordingly, Southern Investment Bank Berhad announced on behalf
of the Board of Directors of FWI that an application was made to
the KLSE on 19 July 2002 for an extension of time for a period
of two (2) months for FWI to make the Requisite Announcement.
The outcome of the said application will be announced in due
course.


HAI MING: EGM Hopes for Shareholders' Nod on Proposed Scheme  
------------------------------------------------------------
Hai Ming Holdings Berhad, pursuant to Para 5.1 (a) of PN4/2001,
is required to make an announcement to the KLSE of the plan to
regularize its financial condition (Requisite Announcement),
failing which, the KLSE may impose a suspension on the
securities of the Company.

On 31 October 2001, Public Merchant Bank Berhad (PMBB) made the
Requisite Announcement on behalf of the Company as required
under Para 5.1(a) of PN 4/2001. Pursuant to Para 5.1(b) of PN
4/2001 of the KLSE Listing Requirements, Hai Ming was required
to submit its plan to regularize its financial condition to the
relevant authorities for approvals, within two (2) months from
the date of the Requisite Announcement, i.e. by 31 December
2001.

On 7 January 2002, PMBB had, on behalf of the Board of Directors
of the Company, submitted the Company's applications on the
Proposed Restructuring Exercise to the relevant authorities on
the Company's plan to regularize its financial condition.

Notwithstanding this, as required by PN4/2001, the Company must
obtain all the necessary approvals for the implementation of its
plans within four (4) months from the date of submission of such
plans for approvals i.e. by 6 May 2002.

Current Status of the Company's application to the relevant
authorities

A. The Foreign Investment Committee (FIC) had vide FIC's letter
dated 20 February 2002, received on 7 March 2002, granted its
approval for the Proposed Restructuring Exercise. An
announcement was made to the KLSE on 7 March 2002.

FIC's approval for the Proposed Restructuring Exercise is
subject to the condition that the equity structure of Hai Ming
is to be reviewed after a period of three (3) years.

B. The Securities Commission (SC) had, via:

   a. SC's letter dated 03 April 2002, for which an announcement
was made on 08 April 2002, approved the Proposed Restructuring
Exercise subject to certain conditions;

   b. SC's letter dated 09 April 2002 (in addition to the above
SC's approval letter dated 03 April 2002) approved the issuance
of Redeemable Convertible Secured Loan Stocks and Irredeemable
Convertible Unsecured Loan Stocks, for which an announcement was
made on 12 April 2002; and

   c. SC's letter dated 11 April 2002 approved the proposed
waiver to Mr Koh Poh Seng and parties acting in concert with
him, namely Ms Chai Kim Hua and Mr Koh Cheng Tuan, from the
obligation to extend a mandatory take-over offer for the
remaining shares not already owned by them in HMHB upon the
completion of the Proposed Acquisition of Koh Poh Seng Plywood
Co. (M) Sdn Bhd pursuant to Practice Note 2.9.3 of the Malaysian
Code on Take-Overs and Mergers, 1998, for which an announcement
was made on 17 April 2002.

   d. SC's letter dated 4 June 2002 approved the Company's
application made on 22 April 2002 to implement the proposed
acquisition of 30% interest in Yap Swee Thiam & Sons Industries
Sdn Bhd (YSTSB) and the existing investments of KPS Plywood Sdn
Bhd (KSB) (formerly known as Koh Poh Seng Plywood Co (M) Sdn
Bhd) and Akateak Sdn Bhd (ASB) of 60% and 10% respectively in
YSTSB concurrently with the other proposals under the Proposed
Restructuring Exercise mentioned in B(a). This approval was
announced on 6 June 2002.

and

C. The Ministry of International Trade and Industry (MITI) vide
MITI's approval letter dated 15 April 2002 approved the Proposed
Restructuring Exercise, for which an announcement was made on 17
April 2002.

HMHB is to discuss with the MITI regarding the compliance of the
equity conditions of its subsidiary companies after the
implementation of the proposed restructuring exercise.

The Company has received all the necessary approvals from the
relevant authorities to implement the proposed restructuring
scheme subject to the conditions imposed thereon. The Company
and the vendors of KSB, YSTSB and ASB have accepted all the
conditions imposed by the relevant authorities.

The Company has finalized the Circular to Shareholders dated 2
August 2002 to obtain shareholders' approval on the above
Proposed Restructuring Exercise at an Extraordinary General
Meeting to be held at Klang Executive Club, Bandar Baru Klang,
Klang, Selangor on 17 August 2002 at 10 a.m.


IDRIS HYDRAULIC: Court Grants Vesting Order Variation to Taban
--------------------------------------------------------------
Idris Hydraulic (Malaysia) Berhad (IHMB), in regards to the
Vesting Order for the Transfer of Insurance Business, Assets and
Liabilities of the People's Insurance Co. (Malaysia) Bhd (PICM)
to Tahan Insurance Malaysia Bhd (Tahan),  announced that on 30
July 2002, the High Court of Malaya Kuala Lumpur had granted
Tahan Order in Terms for variation order to paragraph 7(o) of
the Vesting Order dated 12 December 2001.

Tahan had also been given the order from the High Court of
Malaya to vary the effective date for the transfer of PICM's
insurance business, assets and liabilities to Tahan with effect
from 29 April 2002 as stated in Paragraph 2 of the Vesting Order
dated 12 December 2001.


KELANAMAS INDUSTRIES: Seeks Scheme Submission Extension
--------------------------------------------------------
AmMerchant Bank Berhad, on behalf of Kelanamas Industries Berhad
had applied for an extension of time for the Company to make the
necessary submission to the authorities in relation to its
Proposed Restructuring Scheme from 3 August 2002 to 3 September
2002.

The Proposed Restructuring collectively refers to:

   a) Proposed Acquisition of KIB;
   b) Proposed Acquisition of SBM Food Industries Sdn Bhd;
   c) Proposed Scheme of Arrangement;
   d) Proposed Acquisition of New Business;
   e) Proposed Special Issue;
   f) Proposed Offer for Sale;
   g) Proposed Acquisition of MPR;
   h) Proposed Acquisition of Plastronic;
   i) Proposed Transfer of Listing Status;
   j) Proposed Disposal/Liquidation; and
   k) Proposed General Offer Waiver (GO Waiver)


LAND & GENERAL: Replies KLSE's Debt Workout Plan Query Letter
-------------------------------------------------------------
Land & General Berhad, in reply to the Query Letter by KLSE
reference ID: NM-020801-39030 regarding the August 1 article on
The Start entitled, "Land & General creditors oppose debt
restructuring plan", informed that L&G had made full disclosures
in respect of the Company's debt restructuring scheme which was
under the auspices of the Corporate Debt Restructuring Committee
(CDRC). A Second Bondholders' Meeting will be convened on 13
August 2002 and the votes that will be cast at the said meeting
will determine the future of L&G.

The Company declined to comment on the article as it is an
unsolicited article.


MGR CORPORATION: FIC OKs Proposed Restructuring Scheme
------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of MGR Corporation Berhad
(Special Administrators Appointed), announced that the Foreign
Investment Committee (FIC) has in its letter dated 31 July 2002
(received on 2 August 2002) approved the Proposed Restructuring
Scheme, as proposed, subject to Crest Builder Holdings Berhad
increasing its Bumiputera equity interest to at least 30% upon
its listing on the Kuala Lumpur Stock Exchange.


PACIFICMAS BERHAD: Unit's Labor Dispute Hearing Scheduled
---------------------------------------------------------
Pacificmas Berhad has on 29 July 2002 received a Notice of
Mention of Case from the Industrial Court pertaining to a labor
dispute between PacificMas Fidelity Sdn Bhd [formerly known as
Konsortium Insurans Berhad (KIB)], a wholly owned subsidiary of
PacificMas Berhad and the National Union of Commercial Workers.
The above said case will be mentioned before the Industrial
Court on 7 August 2002.

PacificMas Berhad had on 15 August 2001 entered into a shares
sale agreement:

   (a) to acquire the entire issued and paid-up share capital of
Konsortium Insurans Berhad (KIB Acquisition); and

   (b) thereafter, to merge the general insurance business of
KIB with that of The Pacific Insurance Berhad (PIB) via the
transfer of the entire general insurance business of KIB to PIB.

The KIB Acquisition was completed on 1 December 2001 and the
general insurance business of KIB was transferred to PIB on 1
January 2002.

The labor dispute arose from the termination by KIB of all its
employees following the change of ownership of business.


RAHMAN HYDRAULIC: Seeks Legal Advice on Originating Summons
-----------------------------------------------------------   
Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
announced that an Originating Summons dated 17 July 2002 was
served on the following defendants by Speed Operations Sdn Bhd
and Assets Growth Berhad (collectively referred to as the
"Plaintiffs"):

   1. RHTB;
   2. Adam Primus Varghese Bin Abdullah (Special Administrator
of RHTB);
   3. Yeo Eng Seng (Special Administrator of RHTB); and
   4. Wong Lai Wah (Special Administrator of RHTB)

The Originating Summons was served on RHTB at its registered
office on 31 July 2002.

For information, Speed Operations Sdn Bhd had on 13 December
2001 withdrawn from the proposed restructuring scheme. As a
result RHTB had forfeited the Commitment Fees pursuant to the
Heads of Agreement dated 27 September 2000 and the Transfer of
Listing Status Agreement dated 26 February 2001 (hereinafter
referred to as the "Agreements").

It was contended by the Plaintiffs, that the defendants are not
entitled to forfeit the commitment fee of RM1.5 million paid by
Plaintiffs to the defendants pursuant to the Agreements (herein
referred to as the "Commitment Fees") and the forfeiture of the
Commitment Fee is a breach of the Agreements.

In the Originating Summons, the Plaintiffs are claiming, amongst
others, the following relief pursuant to the relevant provisions
of the Contracts Act 1950, Specific Relief Act 1950 and the
Rules of the High Court 1980:

   1. a declaration that the defendants are not entitled in law
to forfeit the Commitment Fee;

   2. an injunction that the defendants, namely RHTB, Adam
Primus Varghese Bin Abdullah, Yeo Eng Seng and Wong Lai Wah;
whether by themselves or through their servants, agents or by
any of them or otherwise, be prohibited and restrained from
utilizing, distributing, withdrawing, transferring, expending,
removing or in whatsoever manner deal with any portion of the
Commitment Fees until the outcome of the proceeding or until any
subsequent order;

   3. an order that the defendants refund the Commitment Fees to
the Plaintiffs within fourteen (14) days of date of service of
the said order to the defendants;

   4. an order that while awaiting the refund of the Commitment
Fees to the Plaintiffs or further order, the defendants shall
deposit the Commitment Fees into a separate bank account and
hold the monies in trust for the Plaintiffs within three (3)
days from the date of service of the said order to the
defendants;

   5. an order that the defendants pay the Plaintiffs all
interest accrued on the Commitment Fees from the date the
Commitment Fees were received until the date of refund to the
Plaintiffs;

   6. general damages;

   7. an order for the assessment of the general damages be
fixed by the Senior Assistant / Deputy Registrar;

   8. an order for the defendants to pay interest at the rate of
8% p.a. on the Commitment Fee from the date of filing of the
Originating Summon until the full refund/payment of the
Commitment Fee and interest accrued;

   9. costs; and

   10. other order or relief as deem fit by the Court.

The Company does not foresee any impact on its financial and
operational status.

The Company is now seeking legal advice on the proposed course
of action to be taken in respect of the action taken against it.
Any material development of the subject matter will be
announced.


RASHID HUSSAIN: Parties Mutually Agree to SPA Term Revisions
------------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Rashid Hussain Berhad (RHB);
and RHB Capital Berhad (RHB Capital), in relation to the
Proposed Group Restructuring Scheme, announced that
consequential to the 30 day extension of the period within which
applications to the relevant authorities are to be submitted, as
announced on 24 June 2002, the parties to the conditional sale
and purchase agreement for the Proposed Acquisition of Bank
Utama (Conditional Bank Utama SPA), namely Cahya Mata Sarawak
Berhad, Utama Banking Group Berhad, RHB and RHB Bank Berhad have
mutually agreed to vary Clauses 4.06 and 4.07 of the Conditional
Bank Utama SPA as follows:

   (a) the period within which the notice for convening the
extraordinary general meeting of the respective companies is to
be issued, is extended from the existing 90 business days from
the date of the Conditional Bank Utama SPA, to 120 business days
from the date of the Conditional Bank Utama SPA; and

   (b) the cut-off date by which all conditions precedent are to
be fulfilled, is extended from the existing 180 days from the
date of the Conditional Bank Utama SPA, to 210 days from the
date of the Conditional Bank Utama SPA.

Additionally, given that the application to the Kuala Lumpur
Stock Exchange (KLSE) can only be submitted after all approvals
from the other relevant authorities have been obtained, the said
application to the KLSE for the listing of and quotation for the
new RHB ICULS-A, new RHB ICULS-B and new RHB ordinary shares of
RM1.00 each arising from the conversion of RHB ICULS-A and RHB
ICULS-B thereof, is to be submitted no later than thirty (30)
days after approvals from all relevant authorities have been
received, instead of within sixty five (65) business days from
the date of the Conditional Bank Utama SPA pursuant to Clause
4.02(a) of the Conditional Bank Utama SPA.

The Proposed Group Restructuring Scheme refers to:

   * Proposed Acquisition of Bank Utama (Malaysia) Berhad
by RHB Bank Berhad (Proposed Acquisition of Bank
Utama);

   * Proposed Transfer and Acquisition of RHb Leasing Sdn
Bhd and RHB Capital Properties Sdn Bhd;
   * Proposed Scheme of Arrangement to Privatize RHB
Sakura Merchant Bankers Berhad (RHB Sakura);
   * Proposed Acquisition and Transfer of Securities and
Securities Related Business Entities from RHB Capital to
RHB Sakura;

   * Proposed Voluntary Partial Offer by RHB to Increase its
Equity Interest in Shares and Warrants of RHB Capital up
to a Maximum of 75%; and

   * Proposed Repayment of Borrowings by RHB and RHB
Capital.


RNC CORPORATION: Provides Restructuring Scheme Status
-----------------------------------------------------
RNC Corporation Berhad provided the status of the Corporate and
Debt Restructuring Scheme as of 1 August 2002, as follows:

   (a) The Scheme is still pending the approval of Kuala Lumpur
Stock Exchange (KLSE) for the listing and quotation for the
ordinary shares, Reedeemable Convertible Secured Loan Stocks
(RCSLS) and Redeemable Convertible Unsecured Loan Stocks (RCULS)
on the Main Board of KLSE pursuant to the PRS; and
  
   (b) The Special Administrators and Affin Merchant Bank Berhad
are in the midst of finalizing an Information Circular detailing
the approved PRS, which will be sent out to shareholders in due
course after the receipt of clearance from the KLSE on the
content on the circular.
  
   (c) On 24th July 2002, KLSE had approved for an extension of
time of 3 months until 30th September 2002 to amend the Articles
of Association.


SOUTHERN PLASTIC: Obtains Financial Institutions' Agreement
-----------------------------------------------------------
Southern Plastic Holdings Berhad and the Group are still in
default of payments towards their bank borrowings (both
principal and interest) from certain financial institutions.

This was a result of the respective banks' actions in freezing
the bank borrowing facilities of the Group and the Company in
view of the Company's propasal of an informal restructuring
scheme. The bank borrowings of the Group and Company comprise
overdrafts, trade lines, and term loans.

The Board of Directors had circulated a revised proposal to the
financial institutions. The respective financial institutions
are currently replying to the proposal. The Company had obtained
principal agreements from the financial institutions, which
comprise at least 60% of the total borrowings of the Group. The
Board will announce the Scheme in due course upon its
finalization with its financial institutions and other relevant
parties.

Several financial institutions took legal actions to claim the
overdue amounts from the Group and the Company. The Company is a
corporate guarantor for certain of these amounts involved. The
contingent liabilities with respect to these corporate
guarantees amount to RM71 million. The Board is confident of the
success of the negotiation with the bankers and does not foresee
the crystallization of the corporate guarantees. The board has
employed qualified legal advisors to look into these claims to
protect the Group and the Company from legal suits in order for
the proposed restructuring scheme to be implemented.


SOUTHERN PLASTIC: Seeks Requisite Announcement Time Extension
--------------------------------------------------------------
Southern Plastic Holdings Berhad, pursuant to KLSE Practice Note
4/2001, paragraph 4.1(B), announced that a Revised Proposal to
restructure its Group's financial institution debt obligations
had been submitted to the respective financial institutions for
their comments and approval. The Company had obtained written
approval from several major bankers, which constitute
approximately 60% of the total borrowings. Several verbal
agreements had been obtained as well. The Company expects most
of its bankers to reply in writing before the end of August
2002.

The Company had also entered into memorandum of understanding
with several parties announced earlier. It is currently
arranging for the signing of the conditional Sales and Purchase
Agreements.

In view of the current progress, the Company has, through its
merchant bank, sought the Exchange's permission to extend the
date of its Requisite Announcement for another month from July
31 2002 until August 31 2002.


SRIWANI HOLDINGS: Proposes MA Sepang Debt Settlement
----------------------------------------------------
On behalf of Sriwani Holdings Berhad (SSB), Commerce
International Merchant Bankers Berhad announced that SHB through
Syarikat Sriwani (M) Sdn Bhd (SSSB), a wholly-owned subsidiary
of SHB, has on 1 August 2002, procured the written consent from
Malaysia Airports (Sepang) Sdn Bhd (MA Sepang) to a debt
settlement arrangement in respect of RM8,589,616 owing to MA
Sepang which is proposed to be settled through the issuance of
7,808,742 Irredeemable Convertible Preference Shares (ICPS-C) at
an issue price of RM1.10 per ICPS-C to MA Sepang.

DETAILS OF THE PROPOSED MA SEPANG DEBT SETTLEMENT

MA Sepang is an unsecured creditor of SSSB, from which SSSB
rents and operates its duty-free outlet at the Kuala Lumpur
International Airport. SHB through SSSB, has on 1 August 2002
procured the written consent of MA Sepang to a debt settlement
arrangement in respect of RM8,589,616 owing to MA Sepang by the
issuance of 7,808,742 ICPS-C at an issue price of RM1.10 per
ICPS-C.

This debt owing to MA Sepang does not form part of the scheme
liabilities to be restructured under the proposed debt-
restructuring scheme of SHB (Proposed Debt Restructuring
Scheme), details of which have been announced on 28 June 2002.
However, the ICPS-C to be issued pursuant to the Proposed MA
Sepang Debt Settlement shall be of the same series as the ICPS-C
to be issued pursuant to the Proposed Debt Restructuring Scheme,
the principal terms of which are as set out in Table 1 at
http://www.bankrupt.com/misc/TCRAP_SHB0808.pdf

RATIONALE FOR THE PROPOSED MA SEPANG DEBT SETTLEMENT

SHB and its subsidiaries (SHB Group) are currently in financial
difficulty and saddled with high level of debts, it is
increasingly difficult for the SHB Group to obtain external
borrowings to fund its business operations or to meet its debt
obligations. The Proposed MA Sepang Debt Settlement is part of
an effort by the SHB Group to restructure its other debts that
are due and do not form part of the Proposed Debt Restructuring
Scheme.

EFFECTS OF THE PROPOSED MA SEPANG DEBT SETTLEMENT

For the purpose of the effects of the Proposed MA Sepang Debt
Settlement, all references or abbreviations used shall have the
same meanings as those made in the announcement dated 28 June
2002 unless otherwise stated.

Issued and paid-up share capital

The effects of the Proposed MA Sepang Debt Settlement on the
issued and paid-up share capital of SHB are as set out in Table
2 at http://www.bankrupt.com/misc/TCRAP_SHB0808.pdf

Net Tangible Assets ("NTA")/Net Liabilities (NL)

The proforma effects of the Proposed MA Sepang Debt Settlement
on the consolidated NTA/NL of SHB based on the audited
consolidated financial statements of SHB as at 31 December 2001
are as set out in Table 3 at
http://www.bankrupt.com/misc/TCRAP_SHB0808.pdf

Earnings

The Proposed MA Sepang Debt Settlement is not expected to have
any effect on the earnings of SHB for the financial year ending
31 December 2002.

Substantial shareholding structure

The effects of the Proposed MA Sepang Debt Settlement on the
substantial shareholding structure of SHB are as set out in
Table 4 at http://www.bankrupt.com/misc/TCRAP_SHB0808.pdf

CONDITIONS OF THE PROPOSED MA SEPANG DEBT SETTLEMENT

The Proposed MA Sepang Debt Settlement is subject to and
conditional upon the following being obtained:

   (i) the approval of the Securities Commission (SC);

   (ii) the approval of the Foreign Investment Committee;

   (iii) the approval of the Kuala Lumpur Stock Exchange (KLSE),
for the admission of the ICPS-C to the Official List of the KLSE
and for the listing of and quotation for ICPS-C and the new SHB
Shares to be issued pursuant to the conversion of the ICPS-C on
the Main Board of the KLSE;

   (iv) the approval of the shareholders of SHB at an
Extraordinary General Meeting to be convened; and

   (v) the approvals of any other relevant authorities.

The Proposed MA Sepang Debt Settlement is conditional upon the
Proposed Debt Restructuring Scheme.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors or substantial shareholders of SHB or
persons connected to the Directors or substantial shareholders
of SHB have any interest, direct or indirect, in the Proposed MA
Sepang Debt Settlement.

STATEMENT BY THE DIRECTORS

The Board of Directors of SHB, after careful deliberation, is of
the opinion that the Proposed MA Sepang Debt Settlement is in
the best interest of the Company.

TIMING OF SUBMISSION TO THE SC

A submission to the SC for the Proposed MA Sepang Debt
Settlement is expected to be made within three (3) months from
the date of this announcement.


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


ALL ASIA: Clients Can Withdraw Under Emergency Case Category
------------------------------------------------------------
The Philippine Deposit Insurance Corp. (PDIC) said All Asia Bank
Corp. depositors who are in urgent need of money may approach
PDIC representatives and apply for the immediate release of the
money locked in their deposit account.

The bank was placed under receivership Friday due to its
insufficient realizable assets.

Depositors can withdraw early under the 'emergency' category,
when money is needed to meet medical and other emergency
requirements.

The deposit insurer covers up to 100,000 Philippine pesos of
individual savings.

PDIC's preliminary study revealed that the insurer is seeing
only about 300 million pesos in locked deposits, held by about
20,000 depositors.

All Asia Bank's head office is located in Davao City, with
branches in Buhangin District, Davao City, Digos City, Tagum
City, Koronadal and General Santos City (Central Mindanao).

As of end-June, the bank reported estimated deposit liabilities
of 712.84 million pesos and about 35,000 accounts.


HOME GUARANTY: Eyeing Fresh Capital Via Asset Sale
--------------------------------------------------
The Home Guaranty Corporation (HGC), a government-owned and -
controlled corporation, is looking to raise 7 billion pesos
(US$136.12 million) through the sale of assets within the next
five years.

HGC is set to hold its auction for PhP5 billion to PhP7 billion
worth of zero-coupon bonds on August 12.

HGC President Gonzalo Benjamin A. Bongolan said part of the
corporation's medium-term plan is to dispose of some of its
assets that are mostly flagship projects of the government, with
a housing component guaranteed by HGC through asset
participation certificates.

Among the projects are the Pabahay sa Riles, the National
Government Center, and a another project at the Smokey Mountain,
Mr. Bongolan said.

"We hope to do this at the soonest possible time. It could be a
sale, a joint venture," Mr. Bongolan said.

Proceeds of the bond offering will finance the Company's
guaranty servicing requirements.

The underwriters for the bond issue are First Metro Investment
Corp, ABN Amro Bank, BDO Capital and Investment Corp and
Multinational Investment Banking Corp.

The bond offering was earlier scheduled on July 17, but has to
be postponed because Home Guaranty was still seeking
authorization from the Office of the President to issue the
bonds. (M&A REPORTER - ASIA PACIFIC, Vol. No.1, Issue No. 155,
August 7, 2002)


HOME GUARANTY: Issues P5B 5-Yr Zero-Coupon Bonds on August 12
-------------------------------------------------------------
Home Guaranty Corp is set to issue 5 billion worth of five-year
zero-coupon bonds on August 12, AFX Asia reported Monday, citing
Company President Gonzalo Bongolan.

Proceeds of the bond offering will finance the firm's guaranty
servicing requirements.

The underwriters for the bond issue are First Metro Investment
Corp, ABN Amro Bank, BDO Capital and Investment Corp and
Multinational Investment Banking Corp.

In April, TCRAP reported that some banks are pressing state-run
Home Guaranty Corp. to cough up about P7 billion to pay maturing
debts that the government has incurred to finance several
housing-related projects.


NATIONAL BANK: Clarifies P10B Debt Settlement Report
----------------------------------------------------
The Philippine National Bank responded to the news article
entitled "PNB Settles P10-billion PDIC debt" published in August
1, 2002 issue of the Business World.

The article reported "The Philippine National (PNB) settled
some P10 billion in emergency loans from state-run Philippine
Deposit Insurance Corp. (PDIC) by signing over choice accounts
and assets. With the signing of the dacion or payment-in-kind
agreement, PNB transfers to PDIC some P10 billion in mortgages
covering 22 selected government accounts and assets. The
accounts, PNB said, include one from the National Government,
four from government-owned and controlled corporations, 12 from
local government units and five security instruments."

Philippine National Bank (PNB), in its letter dated August 1,
2002, stated that:

In this regard, we hereby confirm that the Philippine National
Bank has settled P10 billion of its emergency loans owed to PDIC
by the transfer through dacion en pago to PDIC of twenty-two
(22) loan accounts consisting of one (1) from the National
Government, four (4) from government owned and controlled
corporations, twelve (12) from local government units and five
(5) security instruments.

For a copy of the press release, go to
http://bankrupt.com/misc/TCRAP_PNB0806.pdf


NATIONAL STEEL: Roxas Urges Settlement With Malaysian Owner
-----------------------------------------------------------
Trade and Industry Secretary Manuel Roxas II will meet with
creditor banks of the National Steel Corp. (NSC), urging the
Company to settle their dispute with Malaysian owner Pengurusan
Danaharta Nasional Berhad over the request of the Malaysians for
voting rights regarding any corporate life-changing decision to
be taken in the board, Business World reported Tuesday.

Pengurusan Danaharta owns 82 percent in the steel maker.

The debt restructuring of NSC is dependent on all the creditors
to agree to a debt haircut and debt-to-equity conversion.

Malaysian owners would see a dilution of their shareholding in
NSC to about 20 percent following the debt restructuring.

The creditor banks, on the other hand, would gain majority
control of NSC.

The Malaysian owner will not infuse more funds in NSC and have
been opposed to any outright sale of NSC.

The banks have wanted to foreclose on NSC, but the government is
trying to keep the steel firm viable by convincing the banks to
restructure its debt, reopen the currently mothballed firm or at
least agree to allow another firm to operate its facilities.

The Company has total debts of P16 billion.


PHILIPPINE LONG: Clarifies Business World Report
------------------------------------------------
The Philippine Long Distance and Telephone Co responded to the
news article entitled "PLDT mulls falsification raps versus
First Pacific" published in the August 5, 2002 issue of the
Business World.

The article reported, "Philippine Long Distance Telephone Co.
(PLDT) is mulling falsification charges against its controlling
stockholder, First Pacific Co. Ltd., and JG Summit Holdings,
Inc. of the Gokongwei family. A PLDT lawyer said the charges,
due to alleged discrepancies in disclosures filed by First
Pacific and JG Summit locally and in the United States, may be
lodged before a Philippine or a US court. PLDT is mulling a
criminal suit against First Pacific and JG Summit following its
receipt of copies of an agreement the two firms had submitted to
PSE, SEC and the US SEC."

PLDT, in its letter dated August 5, 2002, stated that:

"We advise that our legal advisors have presented to our Board
of Directors the legal options available to the Company based on
the discrepancies between the Memorandum of Agreement and other
disclosures made by First Pacific Company Limited and the
Gokongwei Group in press releases and in submissions to the
United States Securities and Exchange Commission and Philippine
Securities and Exchange Commission.

"The Board will evaluate these options and determine which legal
actions the Company will pursue at the appropriate time, guided
by the overriding consideration of protecting the Company and
its shareholders. We wish to emphasize, however, that no
decision has been reached on which, if any, legal actions the
Company will pursue, except that the Company will be pursuing
the civil action pending with the U.S. District Court against
First Pacific Company Limited and its related parties for
violation of Section 13 (d) of the United States Securities
Exchange Act of 1934."

For a copy of the press release, go to
http://bankrupt.com/misc/TCRAP_PLDT0807.pdf


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


ALLIANCE TECHNOLOGY: Disposes of Unit Stake to Gilligan
-------------------------------------------------------
Alliance Technology and Development Limited, which is in
judicial management, had entered into an agreement to dispose
its entire stake in wholly owned subsidiary Igel Visioncare
(IVC) to Gilligan, as well as discharge a loan made to IVC for
S$7.1 million, to be paid by installment till December 2009, GK
Goh reports.

In addition, interest of S$0.034 million per month will also be
paid to the Company. The disposal is expected to have a positive
impact on the financial position of the entire group in future
periods.

IVC is primarily engaged in the business of manufacture of
contact lenses and related eye-care products.


CK TANG: Annual General Meeting Set on August 13
------------------------------------------------
The Annual General Meeting of the C.K. Tang Limited will be held
at Belimbing Room, Level 2, Marriott Hotel, 320 Orchard Road,
Singapore 238865 on Tuesday, 13 August 2002, at 10.30 a.m. for
the following purposes:

AS ORDINARY BUSINESS

1) To receive and adopt the Directors' Report and the Audited
Accounts for the financial year ended 31 March 2002, together
with the Auditors' Report thereon. (Resolution 1)

2) To re-elect Mr Foo Tiang Sooi, a Director retiring by
rotation pursuant to Article 86 of the Company's Articles of
Association. (Resolution 2)

3) To consider and, if thought fit, to pass a resolution
pursuant to Section 153(6) of the Companies Act, Cap. 50 to re-
appoint Mr Cecil Vivian Richard Wong as a Director of the
Company to hold office until the next Annual General Meeting of
the Company. (Resolution 3)

4) To approve the payment of S$108,500 as Directors' Fees for
the financial year ended 31 March 2002. (Resolution 4)

5) To appoint Messrs Ernst & Young, Certified Public
Accountants, Singapore, as Auditors of the Company in place of
the retiring Auditors, Arthur Andersen, and to authorize the
Directors to fix their remuneration. (Resolution 5)

AS SPECIAL BUSINESS

6) To consider and, if thought fit, to pass the following
resolutions as Ordinary Resolutions, with or without
modifications:

(a) "THAT pursuant to Section 161 of the Companies Act (Chapter
50) and Rule 806 of the new Listing Manual, authority be and is
hereby given to the Directors to issue shares in the Company
(whether by way of rights, bonus or otherwise) at any time and
upon such terms and conditions and for such purposes and to such
persons as the Directors may in their absolute discretion deem
fit, provided that the aggregate number of shares to be issued
pursuant to this Resolution does not exceed 50 per cent of the
issued share capital of the Company for the time being, of which
the aggregate number of shares to be issued other than on a pro
rata basis to shareholders of the Company does not exceed 20 per
cent of the issued share capital of the Company for the time
being, and, unless revoked or varied by the Company in general
meeting, such authority shall continue in force until the
conclusion of the next Annual General Meeting of the Company or
the date by which the next Annual General Meeting of the Company
is required by law to be held, whichever is the earlier."
(Resolution 6)

(b) "THAT the Directors of the Company be and are hereby
authorized, pursuant to the Section 161 of the Companies Act
(Chapter 50), to offer and grant options in accordance with the
provisions of the C.K. Tang Limited Share Option Scheme 2002
(the Scheme) and to allot and issue from time to time such
number of shares in the capital of the Company as may be
required to be issued pursuant to the exercise of the options
under the Scheme provided always that the aggregate number of
shares to be issued pursuant to the Scheme shall not exceed 15
per cent of the total issued ordinary share capital of the
Company from time to time." (Resolution 7)

7) To transact any other business which may be properly
transacted at an Annual General Meeting.

Explanatory Notes on Business to be transacted:

1. Mr Foo Tiang Sooi and Mr Cecil Vivian Richard Wong, when re-
elected, will remain as Members of the Audit Committee. Mr Cecil
Vivian Richard Wong is considered an Independent Director.

2. The current retiring Auditors, Arthur Andersen have informed
the Directors that the majority of their partners and personnel
have joined Ernst & Young. As such, Arthur Andersen have given
notice to the Directors of their intention to retire as Auditors
of the Company. The Company has received a Notice from a member,
Mr Foo Tiang Sooi, nominating Ernst & Young as Auditors of the
Company in place of the retiring Auditors, Arthur Andersen.
Ernst & Young have expressed their willingness to accept the
appointment. The proposal for the appointment will be put to the
members at this Annual General Meeting.

3. The ordinary resolution (6) proposed in item 6(a) above, if
passed, will empower the Directors of the Company from the date
of the above Meeting until the next Annual General Meeting to
issue shares in the Company not exceeding 50 percent of the
issued share capital of the Company for the time being, of which
the aggregate number of shares issued other than on a pro-rata
basis to existing shareholders does not exceed 20 percent of the
Company's issued share capital, for such purposes as they
consider would be in the interest of the Company. The percentage
of issued share capital is calculated based on the maximum
potential share capital at the time that the mandate is passed
(taking into account the conversion or exercise of any
convertible securities and employee share options on issue at
the time that the mandate is passed, which were issued pursuant
to previous shareholder approval), adjusted for any subsequent
consolidation or subdivision of shares. This authority will,
unless revoked or varied at a general meeting expire at the next
Annual General Meeting of the Company.

4. Ordinary Resolution No. 7 is to authorize the Directors to
offer and grant options and to issue shares in the capital of
the Company in accordance with the provisions of the C. K. Tang
Limited Share Option Scheme 2002 provided that the aggregate
number of shares issued shall not exceed fifteen per cent. (15
percent) of the issued share capital of the Company from time to
time.

Notes:

1. A member of the Company entitled to attend and vote at the
Annual General Meeting is entitled to appoint not more than two
proxies to attend and vote on his/her behalf. A proxy need not
be a member of the Company.

2. A member of the Company, which is a corporation is entitled
to appoint its authorized representatives or proxies to vote on
its behalf.

3. The instrument appointing the proxy must be deposited at the
registered office of the Company at 310 & 320 Orchard Road,
Singapore 238864 not less than 48 hours before the time
appointed for holding the Annual General Meeting or any
adjournment thereof.

TCR-AP reported that the Directors of C. K. Tang Limited
announced that as of 2 April 2002, the Company has applied
approximately $16.4 million of the proceeds from the Rights
Issue to repay its bank borrowings as was proposed in the
Abridged Prospectus dated 25 February 2002. The balance of the
proceeds of approximately $6.4 million will be used for working
capital requirements.


NATSTEEL LTD: Issues Additional Info on Shares Disposal
-------------------------------------------------------
Natsteel Ltd, with reference to the announcement dated 31 July
2002 on the disposal of our entire 23.3 percent shareholding
comprising of 1,400,000 shares in Point West London Limited
through our wholly owned subsidiary NatSteel Properties Pte Ltd,
we would like to provide the following additional information on
the said disposal:

(a) The factors taken into account in arriving at the sale
consideration

Point West is a property developer of a single residential
project in Kensington, London. The development of 397 units was
sold over the years with the last unit in July 2002.
The sale consideration comprises our share (in proportion to
shareholding) of the sale value of the final residential unit
and the undistributed cash received from earlier sales net of
bank and other liabilities.

(b) The value (book value, net assets value or the latest
available market value, whichever is applicable) attributable to
the 23.3 percent shareholding interest in Point West London
Limited.

The carrying book value attributable to the 23.3 percent
shareholding interest in Point West London Limited is S$3.2
million.


SEMBCORP LOGISTICS: Unit Enters Voluntary Liquidation
-----------------------------------------------------
SembCorp Logistics Ltd (SembLog) announced on Monday that Water
Jet Netherlands Antilles N.V., a 56 per cent owned subsidiary of
SembLog in the Philippines has been placed under members'
voluntary liquidation.

Messrs Executrust Corporation N.V. in the Philippines has been
appointed as the liquidator of Water Jet Netherlands Antilles.

Water Jet Netherlands Antilles is dormant and its liquidation is
not expected to have any material financial impact on SembLog.

For media and investor enquiries, please call:

Chow Hung Hoeng (Ms)
Investor Relations
SembCorp Logistics
Tel: (65) 6462 8408/6357 9152
Fax: (65) 6468 2797 / 6352 2163
Email: chowhh@sembcorp.com.sg
Website: www.semblog.com


THAKRAL CORPORATION: Schedules AGM on August 26
-----------------------------------------------
The Nineth Annual General Meeting of the Thakral Corporation Ltd
will be held on August 26, 2002, Monday, at 11.30 am at Indiana
Room, Level 4, The Raffles City Convention Centre, 2 Stamford
Road, Singapore 178882 to transact the following business:
As Ordinary Business

(1) To receive and adopt the Directors' Report and Audited
Accounts for the financial year ended 31 March 2002 and the
Auditors' Report thereon.
(2) To re-elect the following directors each set out below
retiring under Article 95(2) of the Articles of Association of
the Company:

(a) N. Subramaniam
(b) Victor Loh

(3) To approve directors' fees of S$252,500 for the year ended
31 March 2002 (FY2001: S$218,000).
(4) To re-appoint Messrs Deloitte & Touche as the Auditors of
the Company and to authorize the directors to fix their
remuneration.
(5) To transact any other ordinary business of the Company.   

As Special Business

(6) To consider and, if thought fit, to pass the following
resolution as ordinary resolution, with or without any
modifications:

"That, in connection with or pursuant to the Thakral Corporation
Employees' Share Option Schemes 1997 and 2001 (the Schemes), the
directors of the Company be and are hereby authorized to from
time to time, during the continuance of this authority or
thereafter, allot and issue such number of ordinary shares of
S$0.05 each in the capital of the Company as may be required to
be issued pursuant to the exercise of options already granted by
the Company pursuant to the Schemes."

(7) To consider and, if thought fit, to pass the following
ordinary resolution, with or without any modifications:

"That approval be and is hereby given:

(i) for the Company, its subsidiaries and its target associate
companies (the Group) or any of them to enter, in the ordinary
course of business, into the transactions and arrangements for
the sale and purchase of consumer electronic products and/or
textiles (the Products) as described in the Company's Circular
to Shareholders dated 14 March 1997 (the Circular) with Thakral
Brothers (Pte) Limited and/or its subsidiaries (Thakral
Singapore), provided that all such transactions and arrangements
are: (a) entered into on an arm's length basis; (b) entered into
in accordance with the procedures contained in the Lock Out
Agreement (as defined in the Circular) and the procedures
described in the Circular; (c) in the case of transactions and
arrangements for the sale of the Products by the Group to
Thakral Singapore, entered into on normal commercial terms; (d)
in the case of transactions and arrangements for the purchase of
the Products by the Group from Thakral Singapore, entered into
on acceptable terms; and (e) subject to review by the Audit
Committee of the Company on a regular basis, and that the
directors of the Company be and are hereby d to take such steps
and exercise such discretion as the directors of the Company may
in their absolute discretion deem fit, advisable or necessary in
connection with all such transactions and arrangements;
(ii) such approval shall, unless revoked or varied by the
Company in general meeting, continue in force until the next
Annual General Meeting of the Company; and

(iii) the directors of the Company be and are hereby d to
complete and do all such acts and things (including executing
all such documents as may be required) as they may consider
expedient or necessary to give effect to this Resolution."

Statement pursuant to Clause 704(8) of the new Listing Manual of
the Singapore Exchange Securities Trading Limited

1. Ordinary Resolution 2 - The Board of Directors of the Company
considers Mr N. Subramaniam to be independent. If re-elected, he
will be re-appointed to the Audit Committee of the Board of
Directors of the Company.

Statement pursuant to Article 56 of the Articles of Association
of the Company

1. Ordinary Resolution 6 - This will authorize the directors of
the Company to issue shares in the capital of the Company
pursuant to the exercise of the options under the 1997 and 2001
Schemes.

2. Ordinary Resolution 7 - This is to renew the mandate to allow
the Company, its subsidiaries and its target associate companies
or any of them to enter into certain interested person
transaction with persons who are considered "interested persons"
(as defined in Chapter 9A of the Listing Manual of the Stock
Exchange of Singapore Limited) and more particularly described
in the Company's Circular to Shareholders dated 14 March 1997.
This authority, unless revoked or varied at a general meeting of
the Company, expires at the next Annual General Meeting of the
Company.

Notes:

1. A Depositor shall not be regarded as a member of the Company
entitled to attend the Annual General Meeting and to speak and
vote thereat unless his name appears on the Depository Register
not less than 48 hours before the time of the Annual General
Meeting.

2. A member of the Company entitled to attend and vote at the
Annual General Meeting is entitled to appoint not more than two
proxies to attend and vote in his stead, and where a member
appoints more than one proxy, he shall specify the proportion of
his shareholdings to be represented by each proxy. A proxy need
not be a member of the Company. In the case of a corporation,
the proxy form must be executed under seal or by hand of its
duly d officer or attorney.

The instrument appointing a proxy or proxies must be deposited
at the Company's registered office at One Phillip Street #16-00,
Singapore 048692, not later than 48 hours before the time
appointed for the Annual General Meeting.

In April, the Company completed its financial restructuring
scheme. Thakral Corp's total debt will be reduced from a current
level of approximately S$470 million as at 30 September 2001 to
about S$108 million at this financial year-end. Correspondingly,
interest burden will be reduced from a level of approximately
S$26 million in the current financial year to about S$4 million
for next year, based on the current rate of bank interest.


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


DATAMAT PUBLIC: Posts ESM No. 2/2545 Resolutions
------------------------------------------------
Datamat Public Company Limited  No. 2/2545 posted the
resolutions passed at the Extraordinary Shareholders' Meeting of
No. 2/2545, as follows:

1. The minutes of General Meeting No. 34 were approved.

2. Cancellation of the resolutions under Agenda 6, 7, 8 and 9 of
the Extra-ordinary Meeting No. 1/2545  was approved.

3. The purchase of 100% equity interest in Advanced Information
Technology Limited (AIT) was not approved.

4. An amendment to Clause 38 of Company's Regulation as to
Company's seal was approved.

5. The resolution that the Company's registered capital be
increased from Bt6,212,851,980 to Bt10,000,000,000 by an
issuance of 378,714,802 ordinary shares with a par value of
Bt10.00 each was approved.

6. A resolution providing for amendment to Clause 4 of the
Memorandum of Association regarding the registered capital to
record the increased capital was approved.

7. A resolution providing for a reduction  of the Company's
registered capital from Bt10,000,000,000 to Bt2,500,000,000 by
lowering the par value of each ordinary share from Bt10.00 to
Bt2.50  and the deficit and the Premium (discount) being set off
by the amount of reduction was approved.

8. A resolution providing for amendment to Clause 4 of the
Memorandum of Association regarding the registered capital to
record the change of par value of each ordinary share was
approved.

9. A resolution providing that the increased capital will be
offered for sale to specific investors not over 35 persons
and/or to 17 types of institutional investors in accordance with
the relevant Notifications of the Securities and Exchange
Commission was approved, the offering price can be below the par
value but not less than Bt1 per share.

The resolution provided that the Board of Directors shall have
the power to determine and change the details and conditions in
relation to the offer for sale of shares, for example, the
amount offered, the offering price and period  in compliance
with the Notification of SEC No. Kor Jor 12/2543 re Application
and approval of Newly-issued Shares.


INTER FAREAST: Files Business Reorganization Petition
-----------------------------------------------------
Office supplier rental and distributor Inter Fareast Engineering
Public Company Limited (DEBTOR)'s Petition for Business
Reorganization was filed to the Central Bankruptcy Court:

   Black Case Number 515/2543

   Red Case Number 548/2543

Petitioner: INTER FAREAST ENGINEERING PUBLIC COMPANY LIMITED
Debts Owed to the Petitioning Creditor: Bt1,670,839,000

Planner: Authur Andersen Company Limited

Date of Court Acceptance of the Petition: June 29, 2000

Date of Examining the Petition: July 24, 2000 at 9.00 AM

Court Order for Business Reorganization and Appointment of
Planner: July 19, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: August 2, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: August 29,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver: November 29, 2000

Planner postponed the Date for submitting the Plan #1st: January
3, 2001

Planner postponed the Date for submitting the Plan #2nd:
February 3, 2001

Meeting of Creditors had a resolution not accepting the plan
Court had issued the Order for Canceling the reorganization of
Inter Fareast Engineering Co., Ltd., since March 12, 2001

Announcement of Court Order for Canceling the Reorganization in
Matichon Public Company Limited and Siam Rath Company Limited:
March 20, 2001

Announcement of Court Order for Canceling the Reorganization in
Government Gazette: April 12, 2001

Contact: Mr. Apiruk Tel, 6792525 ext 113


PREMIER ENTERPRISE: Court Okays Rehabilitation Plan
---------------------------------------------------
Premier Planner Company Limited, as the Plan Administrator of
Premier Enterprise Public Company Limited, in reference to the
submitted petition of appeal to the Supreme Court asking them to
consider our Rehabilitation Plan, advised further that on 2
August 2002, the Supreme Court finally inferred that the appeal
of the company (as the debtor) and the Planner was reasonable in
every point.  

Therefore, as the Supreme Court has now passed the reversed
decision approving the company's Rehabilitation Plan, the
company through the Plan Administrator will be legally
proceeding with the implementation of the Rehabilitation Plan.

Now that the Company is able to implement the Rehabilitation
Plan, PE will be able to accomplish the debt restructuring thus
strengthening its financial status, enhancing the existing
operation and providing potential to increase investment for the
expansion of businesses in the future.  Besides, its subsidiary
and affiliate companies will continue and normally proceed with
their businesses as usual and will not be affected in any way.


UNITED BROADCASTING: Cancels Interim Dividend Payment
-----------------------------------------------------
United Broadcasting Corporation Public Company Limited has
held the Meeting of the Board of Directors No.3/2002 on 5 August
2002 at 2 p.m. at the Board Room, 15th Floor Tipco Tower, No.
118/1 Rama 6 Road, Kwaeng Samsen-Nai, Khet Phayathai, Bangkok
Metropolis. The Meeting has resolved the following material
matters:

1. Acknowledged the resignation of director, and elected
director.

The Meeting acknowledged the resignation of Mr. Gordon Clancy
from the office of Independent Director and the member of Audit
Committee. The Meeting also elected Miss Elizabeth Wang to
replace such resigned director. Therefore, the present Board of
Directors comprised of the following persons:

   1. Mr. Soopakij Chearavanont Chairman of the Board
   2. Mr. Supachai Chearavanont Director
   3. Mr. Chatchaval Jiaravanon Director
   4. Mr. Athueck  Asvanund  Director
   5. Mr. Vichaow  Rakphongphairoj Director
   6. Mr. Johannes Henricus Wilhelmus Hawinkels Director
   7. Mr. Jim Volkwyn Director
   8. Mrs. Kerstin Speer Director
   9. Mr. Visit Tantisunthorn Director
   10.Mr. Thanachai Wongthongsri Director
   11.Mrs. Aranrat Youkong Director
   12.Mr. Sahai Supsoontornkul Director and Chairman of Audit
Committee
   13. Miss Elizabeth Wang Independent Director and the member
of Audit Committee
   14.Mrs. Phenthippha Dulyachinda Independent Director and the
member of Audit Committee

2. Approved not to pay the interim dividends.


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

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

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

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


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

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

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

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

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***