/raid1/www/Hosts/bankrupt/TCRAP_Public/020809.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

            Friday, August 9, 2002, Vol. 5, No. 157

                         Headlines

A U S T R A L I A

BURNS, PHILP: Enters Terminals Business Sale Agreement
GOODMAN FIELDER: Posts Daily Share Buy-Back Notice
MAXIS CORPORATION: Reinstated to Official Quotation
PREHN INSURANCES: Adviser Pleads Guilty to A$1.7M Fraud
TRANSURBAN GROUP: Issues July Traffic, Revenue Data

TUART RESOURCES: Restriction Period Ended
UNITEDNETWORKS LTD: Sale May Affect Acquirer's Credit Rating
WORLDWIDE TECHNOLOGY: Unit Terminates KPMG as Financial Adviser


C H I N A   &   H O N G  K O N G

CAN DO: Sees No Reason for Share Price Decrease
FUJIAN GROUP: Audited Annual Results Dispatch Delayed
FUJIAN GROUP: Updates Winding-Up Petition Status
GO GO: Petition to Wind Up Pending
LAWRENCE CHAN: Faces Winding Up Petition

QUALITY HEALTHCARE: Acquisition Talks With Parties Ongoing
SINOTERM LIMITED: Winding Up Petition Hearing Set
SUNCORP TECHNOLOGIES: Posts Results Announcement Summary
TOPEARN INDUSTRIAL: Hearing of Winding Up Petition Set
YIN XING: Winding Up Petition Slated for Hearing


I N D O N E S I A

SEMEN PADANG: Parent Unlikely to Replace Board, Says Kim Eng
SINAR MAS: Capable of US$10-20M Payment to IBRA Escrow Account


J A P A N

DAIKYO INC: Files Application for Rehabilitation
GASHU ENTERPRISE: Hotel Operator Files for Bankruptcy
HITACHI LTD: US Unit Deploys WebMethods Integration Platform
MITSUBISHI CORP: Purchases Fixed Assets
NTT DOCOMO: Result of Share Repurchases


K O R E A

HYNIX SEMICONDUCTOR: Chipmaker Hikes Chip Prices
MEDISON CO.: Scraps Sale Plan
SEOUL BANK: Cutting Staff by 500
SEOUL BANK: Hana's Appointment Hits Snag
SEOUL BANK: PFMC Approves Merger Plan With Hana

SEOUL BANK: Government Plans to Sell Stake in Merged Bank


M A L A Y S I A

AMSTEEL CORP.: SC Grants Reporting Accountants' Review Waiver
ANGKASA MARKETING: Proposals in Line With Debt Workout Scheme
AOKAM PERDANA: Proposed Acquisition Submission Docs Underway
BESCORP INDUSTRIES: SC's PCDRS Approval Pending
DAMANSARA REALTY: Proposes Reconstruction, Restructuring Scheme

EMICO HOLDINGS: Issues Unrated Loan Stocks to Lenders
GENERAL LUMBER: Appoints Ernst & Young as Financial Adviser
HAI MING: Provides Unit's MOU Status Update
KIARA EMAS: Proposes Creditors' Scheme as Proposals Revision
L&M CORPORATION: Issues July Defaulted Interest Payment Update

L&M CORPORATION: LMASB Winding Up Petition Hearing Set
LAND & GENERAL: Provides Defaulted Payment Status Update
POS MALAYSIA: Strikes Off Dormant Companies
TIMBERMASTER INDUS: Units Liquidated After Agreements Completed


P H I L I P P I N E S

ALL ASIA: PDIC Takes Over Thrift Bank
NATIONAL BANK: Clarifies Bank Sale Report
PHILIPPINE LONG: Unit Files Petition to Cancel Digitel's Permit
RFM CORP: Clarifies Zuellig Joint Venture Report
SHEMBERG BIOTECH: Clarifies Newspaper Reports

UNITRUST DEVELOPMENT: PBcom Still Keen in Acquisition


S I N G A P O R E

ASIA PULP: Can Only Repay Creditors Up To US$20M Monthly
NATSTEEL LTD: Posts 1H02 Net Profit
SEMBCORP LOGISTICS: Posts Notice of Shareholder's Interest


T H A I L A N D

ONE-HOLDING: Files Business Reorganization Petition
RATTANA REAL: Enters Reciprocal Agreement With Great China
RATTANA REAL: Releases BOD No. 3/2002 Resolutions

     -  -  -  -  -  -  -  -

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


BURNS, PHILP: Enters Terminals Business Sale Agreement
------------------------------------------------------
The Board of Burns, Philp & Company Limited previously announced
on 18 April 2002 that it decided to sell its Australasian
Terminals Division.

Currently, the Company has entered an 8 August 2002 Agreement
for the sale of the Terminals Division to subsidiaries of Kaneb
Pipe Line Operating Partnership, LP for anticipated sale
proceeds of approximately AUD83 million. Completion of the sale
is conditional on obtaining a number of third party consents,
including New Zealand Overseas Investment Commission approval
and certain lessors' approvals. It is anticipated
that these consents will be obtained and the sale completed
prior to the end of August.

The Terminals Division provides bulk liquid storage and handling
services to the chemical, plastics and industrial food
ingredients industries in Australia and New Zealand. The
Terminals Division operates in New Zealand through the Burns
Philp Group's wholly owned subsidiary, Bulk Storage Terminals
Limited (BST).

Terminals is the largest industry participant in both the
Australian and New Zealand markets in terms of storage capacity
and geographic diversity of operations. It operates in four of
Australia's seven major ports (Coode Island in Melbourne, Port
Botany in Sydney, Geelong and Adelaide) as well as four of New
Zealand's six major ports (Auckland (in which BST has a 50%
interest), Mt Maunganui, Wellington and New Plymouth).


GOODMAN FIELDER: Posts Daily Share Buy-Back Notice
--------------------------------------------------
Goodman Fielder Limited posted this notice:

                   DAILY SHARE BUY-BACK NOTICE
              (EXCEPT MINIMUM HOLDING BUY-BACK AND
                     SELECTIVE BUY-BACK)

Name of Entity
Goodman Fielder Limited

ABN
44 000 003 958

We (the entity) give ASX the following information.

INFORMATION ABOUT BUY-BACK

1. Type of buy-back               On Market

2. Date Appendix 3C was given to  Tuesday 13/11/2001: Amended by
   to ASX                         appendix 3D lodged Friday
    21/06/02

TOTAL OF ALL SHARES BOUGHT BACK, OR IN RELATION TO WHICH
ACCEPTANCES HAVE BEEN RECEIVED, BEFORE, AND ON, PREVIOUS DAY

                                   BEFORE               PREVIOUS
                                   PREVIOUS                DAY
                                     DAY

3. Number of shares bought      70,881,763              92,722
   back or if buy-back is
   an equal access scheme,
   in relation to which
   acceptances have been
   received

                                      $                    $
4. Total consideration paid   107,465,187             152,644
   or payable for the shares

5. If buy-back is an on-market
   buy-back
                         Highest price paid   Highest price paid
                         $1.69                $1.64
                         Date:   17/07/2002

                         Lowest price paid    Lowest price paid
                         $1.30                $1.64
                         Date:   13/12/2001
                                              Highest price
                                              allowed under rule
                                              7.33:
                                              1.7493

PARTICIPATION BY DIRECTORS

6. Deleted 30/09/01            -

HOW MANY SHARES MAY STILL BE BOUGHT BACK.

7. If the company has disclosed     57,025,515
   an intention to buy back a
   maximum number of shares - the
   remaining number of shares to
   be bought back

COMPLIANCE STATEMENT

1. The Company is in compliance with all Corporations Law
requirements relevant to this buy-back.

2. There is no information that the listing rules require to be
disclosed that has not already been disclosed, or is not
contained in, or attached to, this form.

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


MAXIS CORPORATION: Reinstated to Official Quotation
---------------------------------------------------
The suspension of trading in the securities of Maxis Corporation
Limited was lifted before the commencement of trading on
Thursday, following receipt of an announcement clarifying the
Company's financial position and the completion of the capital
raising approved by shareholders at the general meeting held on
31 July 2002.


PREHN INSURANCES: Adviser Pleads Guilty to A$1.7M Fraud
-------------------------------------------------------
Joachim Prehn, a Burnie-based insurance agent and financial
adviser, pled guilty on Wednesday to 28 charges of fraud
relating to more than $1.7 million.

Mr Prehn was charged following an investigation by the
Australian Securities and Investments Commission (ASIC).

ASIC alleged that between 30 June 1995 and 13 July 1998, Mr
Prehn was knowingly involved in the misuse by Joachim Prehn
Insurances Services Pty Ltd, of client funds totaling
$1,714,229.

ASIC previously obtained Supreme Court orders appointing a
receiver to the property of Joachim Prehn Insurances Services
Pty Ltd and to Mr Prehn's personal assets, in order to secure
and preserve the assets of Mr Prehn for the benefit of investors
and creditors of the company.

In February 2000, ASIC permanently banned Mr Prehn from acting
as an investment adviser or as a representative of a securities
dealer.

Mr Prehn was remanded in custody by His Honor Mr Justice
Underwood, for sentencing on a date to be fixed.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.


TRANSURBAN GROUP: Issues July Traffic, Revenue Data
----------------------------------------------------
Transurban recorded 7.25 per cent growth year on year in average
daily transaction volumes on Melbourne CityLink in July 2002
(adjusted for motor cycles). Average weekday transactions
volumes were up 6 per cent on July 2001.

Traffic and fee revenue was $20.8 million ($18.9 million net of
GST), which was 11.6 per cent higher than for July 2001. The
average revenue per transaction was $1.20.

As Melbourne CityLink has been fully operational for more than
18 months and with month-to-month traffic trends being well
established, Transurban intends to discontinue monthly reporting
of traffic data after the issue of the report for September
2002. Subsequent reporting will be on a quarterly basis, with
the first such report covering the December quarter of 2002
issuing in early January 2003. This change in reporting
frequency will not affect Transurban's obligations under the
Corporations Law and the ASX Listing Rules in respect of
continuous disclosure.

                TRAFFIC AND REVENUE DATA FOR JULY 2002

                      DATA UP TO 31 JULY 2002

INPUT MONTH & YEAR                                   Jul-02
No of days included in calculations              31         23
No of public holidays excluded from weekday
calculation                                                  0

TOLL ZONE                            JULY 2002
                                AVERAGE DAILY TRANSACTION VOLUME

                                    ALL DAYS          WEEKDAYS

Tullamarine Freeway, Moreland Road
to Brunswick Road (Zone 1)           104,196           112,861

Racecourse Road to Dynon
Road (Zone 2)                         69,074            75,160

Bolte Bridge (Zone 3)                 61,417            66,701

Domain Tunnel & Burnley Tunnel
(Zone 4 & 8)                          76,528            84,220

Batman Avenue, Swan Street
to Flinders Street (Zone 5) -
formerly Exhibition Street
Extension                             13,625            15,043

Batman Avenue, Punt Road to
Swan Street (Zone 6)                  17,528            19,313

Monash Freeway, between Burnley
Street and Punt Road & Burnley
Tunnel (Zone 7 & 8)                  107,257           117,737

Monash Freeway, between Toorak
Road and Burnley Street (Zone 9)     107,589           118,140

TOTAL ALL ZONES                      557,216           609,175

Breakdown of Tunnels

Domain Tunnel (Zone 4)                37,351            41,420
Burnley Tunnel (Zone 8)               39,177            42,800
                                      76,528            84,220
PEAKS

Western Link                          19-Jul-02        278,900
Southern Link                         19-Jul-02        386,462
Both                                  19-Jul-02        665,362

Days ago, TCR-AP reported that a series of six bond issues,
totaling $1,190 million, has been successfully completed by
Transurban Finance Company Pty Limited, as part of the
refinancing of the group's debt. Of the proceeds of these
issues, $1,020 million will be used to repay the bridge facility
drawn down at Financial Close, as foreshadowed in the
announcement on 1 July 2002. The balance of $170 million will be
used to replace an equivalent amount of three year bank debt.


TUART RESOURCES: Restriction Period Ended
-----------------------------------------
The escrow period on 11,585,915 shares in Tuart Resources
Limited, and 3,000,000 options, expired 4 August 2002.

The release of these securities will signify the last of the
Companies' securities under escrow.

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


UNITEDNETWORKS LTD: Sale May Affect Acquirer's Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday the
forthcoming sale of UnitedNetworks Ltd. (BBB+/WatchDev/A-2) may
change the rating of the final owner, or owners, depending on
the impact on the acquirer's business and financial profile.
Although qualified bidders have not been announced, Vector Ltd.
(AA-/WatchNeg/A-1+) has signaled its intention to bid for the
assets and its rating was placed on CreditWatch with negative
implications on July 31, 2002, as a result of the need to debt
finance the transaction.

It is expected other interested New Zealand parties include
Natural Gas Corp. Holdings Ltd. (A-/Stable/A-2) and Powerco Ltd.
(A-/Stable/A-2). Should it be announced that these, or other
rated entities, are to make bids, their ratings could also be
placed on CreditWatch. Whether the CreditWatch implication is
negative or positive would depend on the scale of the
acquisition bid and the proposed funding mix.

The formal bids for the assets of UnitedNetworks are expected to
be made by the end of August 2002.


WORLDWIDE TECHNOLOGY: Unit Terminates KPMG as Financial Adviser
---------------------------------------------------------------
The Board of Directors of Worldwide Technology Group Limited
announced that DP Computers Pte Ltd, the Singapore based wholly
owned subsidiary of the Company has terminated the services of
KPMG Consulting Pte Ltd as its Independent Financial Advisers.

TCR-AP reported on April 10, that in line with the capital
raising, the Company is undergoing a restructuring exercise to
streamline its regional operations.


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


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

The Company confirmed that, save for the announcement dated 5
August 2002 in relation to the discloseable transaction
involving issuance of new shares, there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.


FUJIAN GROUP: Audited Annual Results Dispatch Delayed
-----------------------------------------------------
The directors of Fujian Group Limited informed the shareholders
of the Company that as a result of the uncertainties surrounding
the outcome of the on-going debt restructuring, the Company has
not yet finalized the audited results of the Group for the year
ended 31 March 2002. In the circumstances, there will be a delay
in the publication of the Audited Results and the dispatch of
the annual report of the Company for the year ended 31 March
2002.

The Directors expect that the publication of the Audited Results
and the dispatch of the Annual Report will be no later than 30
September 2002. Due to the change of accounting staff and the
Company does not have enough resources to finalize the financial
statements, no unaudited final results of the Group for the year
ended 31 March 2002 is announced.

The delay in publication of the Audited Results and the dispatch
of the Annual Report constitute a breach of paragraphs 8(1),
11(1) and 11(3)(i)(c) of the Listing Agreement by the Company
and The Stock Exchange of Hong Kong Limited reserves its rights
to take further action against the Company and the Directors.

Trading of shares of the Company on the Stock Exchange has been
suspended since 16 February 2001. The Company is in the third
stage of delisting procedures in accordance with Practice Note
17 to the Rules governing the Listing of Securities on the Stock
Exchange as announced on 22 July
2002.


FUJIAN GROUP: Updates Winding-Up Petition Status
------------------------------------------------
The directors of Fujian Group Limited, in relation to the
Winding-Up Petition (HCCW 74/2002), announced that on the
adjourned Winding-Up Petition hearing on 29 July 2002, it was
ordered that upon the payment by the Company within 7 days from
29 July 2002 a sum of HK$607,477.00 into the court, being the
amount claimed by Mediterranean Shipping in High Court Action
No.HCA 1220/2002 (HCA 1220/2002), the Winding-Up Petition by the
Bank of China (Hong Kong) Limited be dismissed.

The Company shall pay the said sum of HK$607,477.00 into the
court as security pending the final determination of HCA
1220/2002.

Meanwhile, hearing of the First Application and the Second
Application for a summary judgment against the Company in HCA
1220/2002 will be heard at the same time on 26 August 2002.

The Company when appropriate will make further announcement.


GO GO: Petition to Wind Up Pending
----------------------------------
The petition to wind up Go Go City Club Limited was heard before
the High Court of Hong Kong on July 24, 2002.  The Company,
whose registered office is situated at Unit B, filed the
petition with the court on April 17, 2002 5/F., Elizabeth House,
250 Gloucester Road, Hong Kong.


LAWRENCE CHAN: Faces Winding Up Petition
----------------------------------------
The petition to wind up Lawrence Chan Holding Company Limited,
which is located at Room 1803-4, 18/F., Hon Kwok Jordan Centre,
7 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong, was set for
hearing before the High Court of Hong Kong on July 24, 2002.
The petition was filed with the court on April 17, 2002.


QUALITY HEALTHCARE: Acquisition Talks With Parties Ongoing
----------------------------------------------------------
The Directors of Quality HealthCare Asia Limited (QHA) and
ehealthcareasia Limited (EHA), in relation to certain
negotiations with various independent third parties, who are not
connected with, or acting in concert with, the directors, chief
executive or substantial shareholders of QHA or any of its
subsidiaries and their respective associates and the Hong Kong
Code on Takeovers and Mergers, with regard to possible
acquisitions of QHA's interest in EHA and/or possible
investments in EHA, updated shareholders on the progress of such
negotiations. Discussions between EHA and one of the independent
third parties with regard to possible investment in EHA are on-
going. However, no terms and/or conditions have yet been
finalized and no agreement has been reached in this regard.

The approaches and discussions may or may not lead to an
agreement. Should any agreement be reached as a result of any of
the approaches or discussions, such may or may not result in a
notifiable transaction for QHA under Chapter 14 of the Listing
Rules and may or may not result in a change in control of EHA. A
further announcement will be made should there be any
development arising out of any of the approaches and discussions
as and when appropriate.

Wrights Investors Service reports that as of the end of 2001,
the company's long-term debt was HK$67.35 million and total
liabilities were HK$259.55 million. Its long-term debt to equity
ratio of the company is 1.52.


SINOTERM LIMITED: Winding Up Petition Hearing Set
-------------------------------------------------
The petition to wind up Sinoterm Limited, registered address of
25/F., Chinaweal Centre, Nos 414-424, Jaffe Road, Wanchai, Hong
Kong, was heard before the High Court of Hong Kong on July 24,
2002.  The petition was presented to the court on April 17,
2002.


SUNCORP TECHNOLOGIES: Posts Results Announcement Summary
--------------------------------------------------------
SunCorp Technologies Limited announced on 5/August/2002:

(stock code: 1063)
Year end date: 31/12/2002
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
                                                 (Unaudited)
                                 (Unaudited)      Last
                                 Current          Corresponding
                                 Period           Period
                                 from 1/1/2002    from 1/1/2001
                                 to 30/6/2002     to 30/6/2001
                                 ('000)           ('000)
Turnover                             : 279,091          206,817
Profit/(Loss) from Operations        : 11,722           (14,150)
Finance cost                         : (1,701)          (9,387)
Share of Profit/(Loss) of Associates : NIL              NIL
Share of Profit/(Loss) of
  Jointly Controlled Entities        : NIL              NIL
Profit/(Loss) after Tax & MI         : 10,031           (23,551)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : 3.74 cents  (13.96 cents)
         -Diluted                    : N/A              N/A
Extraordinary (ETD) Gain/(Loss)      : NIL              NIL
Profit/(Loss) after ETD Items        : 10,031           (23,551)
Interim Dividend per Share               : NIL              NIL
(Specify if with other options)          : N/A              N/A
B/C Dates for Interim Dividend           : N/A
Payable Date                             : N/A
B/C Dates for (-) General Meeting        : N/A
Other Distribution for Current Period    : N/A
B/C Dates for Other Distribution         : N/A

Remarks:

1. The Group is principally engaged in designing, manufacturing
and trading of telephones and related equipment.

An analysis of the Group's turnover and contribution to
operating profit for the period by markets is as follows:

Geographical segments by location of customers for the period
ended 30 June 2002:

United          Other European          Asia
Kingdom         Countries               Pacific         Total
HK$'000         HK$'000                 HK$'000         HK$'000
TURNOVER
175,949         71,908                  31,234          279,091
================================================================
RESULTS
Segment results
18,888          6,699                   2,722           28,309
Other revenue                                           -
Unallocated other revenue                               169
Unallocated corporate expenses                          (16,756)
                                                        --------
Profit from operations                                  11,722
Finance costs                                           (1,701)
                                                        --------
Profit from operations after finance costs              10,021
Minority interests                                      (10)
                                                        --------
Profit for the period                                   10,031
                                                        ========

Geographical segments by location of customers for the period
ended 30
June 2001:

United          Other European          Asia
Kingdom         Countries               Pacific         Total
HK$'000         HK$'000                 HK$'000         HK$'000
TURNOVER
160,846         12,235                  33,736          206,817
================================================================
RESULTS
Segment results
6,644           1,806                   1,063           9,513
Other revenue                           533             533
Unallocated other revenue                               2,099
Unallocated corporate expenses                          (26,295)
                                                        --------
Loss from operations                                    (14,150)
Finance costs                                           (9,387)
                                                        --------
Loss from operations after finance costs                (23,537)
Minority interests                                      14
                                                        --------
Loss for the period                                     (23,551)
                                                        ========

As all of the Group's turnover and contribution to results were
derived from the design, manufacture and sale of telephones and
related equipment, no separate business segment analysis is
presented for the Group.

2. Profit (loss) from operations has been arrived at after:-
                                       Six months ended 30 June
                                       2002            2001
                                       HK$'000         HK$'000
Charging

Depreciation:
        - assets owned by the Group      540             8,476
        - assets under finance leases    56              56
Amortization of intangible assets        3,080           -

Crediting

Interest income                          67              159
Gain on disposal of property, plant & equipment -        309
                                         =======         ======

3. Earnings per share

The calculation of the basic earnings per share for the period
is based on the following data:

                                        Six months ended 30 June
                                        2002        2001
                                        HK$'000     HK$'000
Earnings for the purposes of basic
earnings per share                      10,031      (23,551)
                                        =======     ========

Weighted average number of ordinary
shares for the purposes of basic earnings
per share                               268,367,288 168,688,580
                                        =========== ===========

Diluted earnings per share for the period ended 30 June 2002 has
not been shown because there were no potential shares, which
have dilutive effect on the basic earnings per share outstanding
during this period.

The computation of diluted earnings per share for the period
ended 30 June 2002 has not assumed the exercise of the Company's
outstanding share options and convertible notes because their
exercise would increase the earnings per share.


TOPEARN INDUSTRIAL: Hearing of Winding Up Petition Set
------------------------------------------------------
The petition to wind up Topearn Industrial 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 17, 2002 by the
Company whose registered office is situated at 1019 Nan Fung
Centre, 264-298, Castle Peak Road, Tsuen Wan, N.T. Kong.


YIN XING: Winding Up Petition Slated for Hearing
------------------------------------------------
The petition to wind up Yin Xing (China) Property Investment
Consultants Limited, whose registered office is situated at Room
C, 20/F., 8 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong, was is
set for hearing before the High Court of Hong Kong on July 24,
2002.  The petition was filed with the court on April 16, 2002.


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


SEMEN PADANG: Parent Unlikely to Replace Board, Says Kim Eng
------------------------------------------------------------
Board replacement for PT Semen Gresik's troubled 51 percent-
owned unit PT Semen Padang, will probably not happen until next
year, prolonging the potential downside in Semen Gresik's share
price, AFX-Asia reports, citing Wilianto Ie, Kim Eng Securities
Research Head.

"The case has become one of those political issues making the
issue more complicated. We believe this will not completed by
the end of this year unless the government has serious talks
with all parties involved: the management, the local government,
and the people of West Sumatra," Wilianto Ie said.

The government has requested Semen Gresik to hold an
extraordinary general meeting if Padang unit refuses to comply
with demands that management step down by August 10. However,
Padang remains defiant and has the support of the local court,
which has dismissed a motion by Semen Gresik to conduct the EGM,
citing incomplete documentation. The matter is now before the
high court in the region.

Semen Gresik has been trying to replace the Padang management
since the unit's opposition to the group's privatization last
year. Semen Gresik President Director Satriyo earlier said that
he expected the unit's management to be replaced by June.


SINAR MAS: Capable of US$10-20M Payment to IBRA Escrow Account
--------------------------------------------------------------
The Sinar Mas Group is capable of depositing only US$10-20
million per month into an escrow account set up by the
Indonesian Bank Restructuring Agency (IBRA), short of the US$30
million IBRA has demanded, AFX-Asia reported Wednesday, citing
Sinar Mas Debt Restructuring Vice President G Sulistyanto.

"We only possess funding as large as that (US$10-20 million),"
Sulistyanto was quoted as saying.

Sinar Mas Group's total debt to IBRA amounts to US$1.25 billion,
of which Singapore-based subsidiary Asia Pulp & Paper Co Ltd's
portion is US$966 million.

APP last week deposited US$30 million into the escrow account,
after renegotiating IBRA's original demand that it pay US$100
million by July 31, and US$30 million each month thereafter.

IBRA has joined other major creditors in pressuring APP to do
more to cover its US$13.9 billion in debts after the company
called a standstill on repayments last year.


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


DAIKYO INC: Files Application for Rehabilitation
------------------------------------------------
Ailing condominium builder Daikyo Inc. on Tuesday filed with the
Land, Infrastructure and Transport Ministry for application of
the industrial revitalization law as a step to execute its
rehabilitation plan, Kyodo News said Tuesday.

The Ministry is expected to take one month to examine the
application. If approved, Daikyo will receive tax breaks.
The rehabilitation plan features 410 billion yen in financial
bailout from four major creditor banks such as UFJ Bank.


GASHU ENTERPRISE: Hotel Operator Files for Bankruptcy
-----------------------------------------------------
Gashu Enterprise, operator of the long-established hotel and
wedding parlor Meguro Gajoen in Tokyo, filed for bankruptcy
protection with the Tokyo District Court under the civil
rehabilitation law, Kyodo News said on Tuesday.

The court issued an order to protect the Company's assets from
creditors, as it continues operation as usual.

The hotel operator was unable to garner expected earnings from
Meguro Gajoen after the economy slowed sharply in 1990s, making
it hard to pay its debt.

The Company's total liabilities are estimated at 88.3 billion
yen. It employs a total of 257 workers.


HITACHI LTD: US Unit Deploys WebMethods Integration Platform
------------------------------------------------------------
WebMethods, Inc., the leading provider of integration software,
announced Wednesday that Hitachi America, Ltd., a subsidiary of
Hitachi, Ltd., deployed the webMethods integration platform, for
fully functional RosettaNet transactions, in just 20 days. The
webMethods integration platform provides Hitachi America with a
fast and flexible solution for transacting business with its
high tech manufacturing customers by leveraging the RosettaNet
standards to streamline the information technology supply chain.

The webMethods integration platform provides an out-of-the-box
solution for implementing RosettaNet Partner Interface Processes
(PIPs) as part of the integration solution for companies seeking
to resolve complex supply chain issues with trading partners.
Currently, Hitachi America uses RosettaNet to facilitate a
seamless exchange of information with its trading partners to
provide superior supplier responsiveness.

Through the deployment of the webMethods integration platform,
Hitachi America has established a completely automated
transaction process for connecting information from customer
purchase orders to its SAP back-office applications. The new
system streamlines the business processes with partners and
customers by enabling real-time delivery of business documents
regardless of technology infrastructure and without first
defining transaction sets.

"webMethods' integration solutions have allowed Hitachi America
to align our operations more closely with those of our
customers," said Greg Hattori, director, electronic business
solutions, Hitachi America, Information Technology Group. "In a
matter of 20 days, Hitachi America was able to deploy the
webMethods integration platform improving the efficiency and
connectivity of our IT systems."

webMethods, the leading provider of open solutions for
integration, is uniquely qualified to help enterprises
effectively leverage existing technology to realize the benefits
of integration by using the RosettaNet standards. webMethods was
the first Solution Partner to join the RosettaNet consortium and
is a Solution Provider Board member.

"webMethods has been actively involved in developing RosettaNet
solutions since its inception, and has implemented more
solutions than any other RosettaNet Solutions partner," said
Scott Crompton, vice president and general manager of
Manufacturing Business Unit, webMethods, Inc. "By deploying the
webMethods integration platform, Hitachi America was able to
quickly harness the benefits of automating business processes
with its trading partners."

About webMethods, Inc.

As the leading independent provider of integration software,
webMethods, Inc. (Nasdaq: WEBM - news) delivers the industry's
most comprehensive platform for enterprise-wide integration,
including complete support for Enterprise Web Services. The
webMethods integration platform allows customers to achieve
quantifiable R.O.I. by linking business processes, enterprise
and legacy applications, databases, Web services and workflows
both within and across enterprises. Through this seamless flow
of information, companies can reduce costs, create new revenue
opportunities, strengthen relationships with customers,
substantially increase supply chain efficiencies and streamline
internal business processes.

Founded in 1996, webMethods is headquartered in Fairfax, Va.,
with offices throughout the U.S., Europe and Asia Pacific.
webMethods has more than 850 customers worldwide including
Global 2000 leaders such as Bank of America, Citibank, Dell,
Eastman Chemical, The Ford Motor Company, Grainger, and
Motorola. webMethods' strategic partners include Accenture, AMS,
BMC Software, BroadVision, Cap Gemini Ernst & Young, Deloitte
Consulting, EDS, Hewlett- Packard, i2 Technologies, J.D.
Edwards, KPMG Consulting, SAP AG and Siebel Systems. More
information about the company can be found at http://
www.webMethods.com .

webMethods is a registered trademark of webMethods, Inc. in the
USA and certain other countries. All other company and product
names are the property of their respective owners.

CONTACT:
Jenny Song, +1-703-251-6457,
jsong@webMethods.com
Ivy Eckerman, +1-703-251-7153,
ieckerman@webMethods.com,

TCR-AP reported that Hitachi Ltd's cash and cash equivalents as
of June 30, 2002 amounted to 799.8 billion yen (US$6,665
million), a reduction of 229.5 billion yen (US$1,913 million)
during the first quarter. Debt on June 30, 2002 stood at 2,952.7
billion yen (US$24,606 million), 45.4 billion yen (US$379
million) less than at March 31, 2002.


MITSUBISHI CORP: Purchases Fixed Assets
---------------------------------------
Mitsubishi Corporation announced Tuesday the planned sale and
purchase of certain fixed assets, as detailed below.

1. Reason for Planned Sale and Purchase

In March 1998, Mitsubishi Corporation acquired the Mitsubishi
Shoji Building Annex and ground lease from Mitsubishi Estate
Co., Ltd. with the intention of rebuilding its new headquarters
on the site. The latest move will see Mitsubishi Corporation
also purchase the land, which is still owned by Mitsubishi
Estate, thereby giving Mitsubishi Corporation complete ownership
of both land and building. To this end, Mitsubishi Corporation
will sell the Mitsubishi Heavy Industries Building and certain
other real estate it owns to Mitsubishi Estate.


2. Details of Assets to Be Sold (million yen)

Assets and Address  Book Value    Selling Price Present Status
                   1,693.1       26,049.5      Presently leased
                                          as an office building

Address: 5-1, Marunouchi 2-chome, Chiyoda-ku
Land area: 1,973m2 (Official register)
Floor space: 18,645m2 (Official register)

3. Details of Assets to Be Purchased (million yen)

Assets and Address             Purchase      Present Status
                               Price
Land (Freehold)               20,802.0      Presently being
                                            leased for
                                            office use.

Mitsubishi Corporation acquired the
building and ground lease in March
1998.

Address: 3-1, Marunouchi 2-chome, Chiyoda-ku
Land area: 5,186m2 (Official register)

4. About Mitsubishi Estate

Company name                     Mitsubishi Estate Co., Ltd.
Address                          7-3, Marunouchi 2-chome,
                                 Chiyoda-ku, Tokyo
President                        Shigeru Takagi
Capital                          86,534,186 thousand yen (As of
                                 March31, 2002)
Main business                    Comprehensive real estate
developer


5. Sale and Purchase Schedule

Contract conclusion:  End of August 2002 (planned)
Transfer of ownership and possession:  End of September 2002
(planned)

6. Outlook-Effect on Earnings

These above transactions will result in gains on sale of 24.4
billion yen and 4.9 billion yen on a non-consolidated basis and
consolidated basis (US GAAP), respectively. However, Mitsubishi
Corporation does not plan to revise its projected consolidated
results for the year ending March 31, 2003, which were announced
on May 15 this year.

Please note that Mitsubishi Corporation manages results on a
consolidated basis and therefore does not disclose projections
for the parent Company.

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

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

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


NTT DOCOMO: Result of Share Repurchases
---------------------------------------
NTT DoCoMo, Inc. has repurchased its shares as follows, pursuant
to the provisions of Article 210 of the Japanese Commercial Code
governing the repurchase of shares.

1. Period of the share repurchases: Between August 1, 2002 to
August 7, 2002
2. Aggregate number of shares repurchased: 73,254 shares
3. Aggregate value of shares repurchased:  JPY 20,137,263,000
4. Method of repurchase: Purchase on the Tokyo Stock Exchange

(Reference 1)

Matters resolved on the repurchase of shares at the DoCoMo's
annual shareholders meeting on June 20, 2002.

- Type of shares to be repurchased: Shares of common stock of
DoCoMo
- Aggregate number of shares to be repurchased: Up to 1,000,000
shares
- Aggregate value of shares to be repurchased: Up to JPY
500,000,000,000

(Reference 2)

Total number of shares repurchased since the shareholders
resolution on June 20, 2002.
- Aggregate number of shares repurchased:  870,000 shares
- Aggregate value of shares repurchased: JPY 234,461,937,000

About NTT DoCoMo

NTT DoCoMo is the world's leading mobile communications company
with more than 40 million customers. The company provides a wide
variety of leading-edge mobile multimedia services. These
include i-mode, the world's most popular mobile internet
service, which provides e-mail and internet access to over 33
million subscribers, and FOMA, launched in 2001 as the world's
first 3G mobile service. In addition to wholly owned
subsidiaries in the United States, Europe and Brazil, the
company is expanding its global reach through strategic
alliances with mobile and multimedia service providers in the
Asia-Pacific, Europe and North America. The company is listed on
the Tokyo (9437), London (NDCM), and New York (DCM) Stock
Exchanges. For more information, visit www.nttdocomo.com. For
further information, please visit the NTT DoCoMo home page at:
www.nttdocomo.com/top.shtml

Contact:
NTT DoCoMo
Kenya Nakatsuka
k.nakatsuka@hco.ntt.co.jp
81 (0) 3 5156 1111


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


HYNIX SEMICONDUCTOR: Chipmaker Hikes Chip Prices
------------------------------------------------
Hynix Semiconductor Inc. increased prices of 256-megabit double
date rate (DDR) chips by about 15 percent after negotiations
with three or four large personal computer producers, Asia in
Focus reported Tuesday.

The names of the large personal computer producers were not
stated in the report.

Reports said the Company is still engaged in price talks with
other customers.

The chip manufacturer have succeeded in raising prices charged
to their regular customers for the second straight month, helped
by tight supply and rising demand.


MEDISON CO.: Scraps Sale Plan
-----------------------------
The plan to sell off Medison Co. has been scrapped due to low
bids received, Digital Chosun said Wednesday. Bidders of the
firm submitted their offers to acquire the Company but none of
them measured up to its expectations for the sales.

The bidders are Siemens of Germany and a consortium led by
Philips of the Netherlands.

Medison is now seeking ways to turn its operations around and
proceed independently.

The producer of ultrasonic scanners was declared bankrupt on
January 29, with total liabilities of 394.7 billion won.

Meanwhile, AFX Asia reported that Medison Co has is seeking
independent survival after an auction to sell the Company was
aborted due to low bids from interested firms.


SEOUL BANK: Cutting Staff by 500
--------------------------------
SeoulBank is expected to press ahead with its plan to cut its
workforce by 12.9 percent or about 500 employees, Digital Chosun
reported Wednesday.

The bank submitted a restructuring scheme to the government
early this year, featuring a scheme to cut about 500 employees
in the third quarter.

The Company has a total of 3,851 workers and executives on the
payroll.

An unnamed FSC official said that the issue of additional
manpower trimming after SeoulBank's merger into Hana will be
handled by the top management of the merged bank.

DebtTraders reports that Seoulbank's 3.791% floating rate note
due in 2006 (BKSE06KRN1) trades between 97 and 99. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BKSE06KRN1



SEOUL BANK: Hana's Appointment Hits Snag
----------------------------------------
The appointment of Hana Bank as the preferred negotiation
partner for the sale of SeoulBank has been postponed to next
week, Digital Chosun said Wednesday.

The Public Fund Oversight Committee (PFOC), the organization in
charge of selling off SeoulBank, said its members would meet
again next week to finalize their decision on the sale as some
of the private-sector members of the committee have voiced their
resistance to the committee's earlier procedures in picking
Hana.

The prices offered by Hana for Seoul turned out to be the
closest to the upper limit of SeoulBank's net worth that was
estimated by the agency firm for the deal.


SEOUL BANK: PFMC Approves Merger Plan With Hana
-----------------------------------------------
The Public Fund Management Committee (PFMC) has approved the
merger plan between Hana Bank and Seoulbank, Maeil Business
reported Tuesday.

The committee said one Hana Bank share would be swapped for
every 2.1 Seoulbank share in the merger.

The committee has designated Hana Bank to be given priorities in
negotiations for the acquisition of Seoulbank. Both parties will
sign a memorandum of understanding (MOU) anytime in August.


SEOUL BANK: Government Plans to Sell Stake in Merged Bank
---------------------------------------------------------
The government is planning to sell its shares in the merged Hana
Bank and Seoulbank if the deal goes through to local or
international strategic investors as early as possible, AFX Asia
and Seoul Economic Daily reported, citing Public Fund Oversight
Committee official Yoo Jae-han.

Yoo said the government would pursue a block sale of its
controlling stake in the prospective merged bank, amounting to
about 30 percent, to a strategic partner in a bid to promptly
recoup public funds.

The report said Allianz AG, the largest shareholder in Hana Bank
with a 9 percent stake, might take up the merged bank shares
from the government to defend its management rights.

The committee will make its final decision whether to select
Hana Bank as the preferred buyer next week.


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


AMSTEEL CORP.: SC Grants Reporting Accountants' Review Waiver
-------------------------------------------------------------
Amsteel Corporation Berhad (ACB), Angkasa Marketing Berhad
(AMB), Lion Corporation Berhad (LCB) and Lion Land Berhad (LLB)
(collectively referred to as the "Lion Group" jointly announced
on 12 July 2002, inter alia, that the Securities Commission (SC)
has approved each of the relevant proposals within the proposed
debt restructuring exercises, divestment programmers and
corporate restructuring exercises of the Lion Group (Proposed
GWRS), that required the SC's approval, as proposed by the Lion
Group subject to certain revisions and conditions.

Amongst the various conditions imposed by the SC, the SC had
required the results of the Reporting Accountants' review of the
profit and cash flow forecasts and projections of the foreign
subsidiary and associated companies of ACB and AMB (Reporting
Accountants' Review Results) to be included in the Explanatory
Statements and Circular to be dispatched to the scheme creditors
and shareholders of ACB and AMB respectively.

Along this line, the Directors of ACB and AMB respectively
announced that, following an appeal submitted by ACB and AMB to
the SC, the SC has granted a waiver to ACB and AMB from the
aforesaid requirement to include the Reporting Accountants'
Review Results in the Explanatory Statements to be dispatched to
the scheme creditors of ACB and AMB respectively.

Accordingly, the Reporting Accountants' Review Results will only
be included in the Circular to be dispatched to the shareholders
of ACB and AMB respectively.


ANGKASA MARKETING: Proposals in Line With Debt Workout Scheme
-------------------------------------------------------------
On behalf of the Board of Directors of Angkasa Marketing Berhad,
OSK Securities Berhad announced that Angkasa Transport Equipment
Sdn. Bhd. (ATE), a wholly-owned subsidiary of AMB Venture Sdn.
Bhd. (AMBV), which is in turn a wholly-owned subsidiary of
Angkasa Marketing had entered into a sale and purchase agreement
with Tri-Ring Group Co. (Tri-Ring) and Wuhan Fortune Industry
Co., Ltd. (WFI) (Agreement) for:

   (a) the disposal by ATE of its entire 50% equity interest in
Wuhan Fortune to Tri-Ring, for a cash consideration of Rmb1
(equivalent to approximately RM0.46); and

   (b) the settlement of inter-company advances from ATE to
Wuhan Fortune (Inter-company Advances) amounting to Rmb167.56
million (equivalent to approximately RM76.93 million) for a cash
consideration of Rmb94.66 million (equivalent to approximately
RM43.46 million) payable by Tri-Ring and the waiver of the
interest on the Inter-company Advances to Wuhan Fortune
amounting to Rmb70.82 million (equivalent to approximately
RM32.51 million).

The Agreement was executed on 30 July 2002 and was subject to
the approval of the Board, which was obtained on 1 August 2002.

Proposed disposal by ATE, a wholly-owned subsidiary of AMBV,
which is in turn a wholly-owned subsidiary of AMB, of 50% equity
interest in Wuhan Fortune Motor Co., Ltd. (Wuhan Fortune) for a
cash consideration of Rmb1 (Proposed Disposal); and

Proposed settlement of inter-company advances to Wuhan Fortune
for a cash consideration of Rmb94.66 million and proposed waiver
of the interest on inter-company advances amounting to Rmb70.82
million (Proposed Settlement)

(The Proposed Disposal and Proposed Settlement are collectively
referred to as "the Proposals")

Further details on the Proposals are set out in the ensuing
paragraphs.

Proposed Disposal

Pursuant to the Agreement, ATE agrees to dispose of its entire
50% equity interest in Wuhan Fortune, comprising a registered
capital of USD6 million (equivalent to RM22.8 million),
including the rights, interests and obligations concerned, to
Tri-Ring for a cash consideration of Rmb1 (equivalent to
approximately RM0.46).

The registered capital of Wuhan Fortune shall be transferred by
ATE to Tri-Ring free from all pledges, liens, charges, mortgage
and encumbrances.

Tri-Ring will not be assuming any liabilities of ATE arising
from the Proposed Disposal.

The cash consideration for the Proposed Disposal of Rmb1
(equivalent to approximately RM0.46) was arrived at after
negotiations on a willing buyer-willing seller basis and after
taking into consideration the adjusted unaudited net liabilities
of Wuhan Fortune as at 31 May 2002 of Rmb176.94 million
(equivalent to approximately RM81.23 million).

Proposed Settlement

Pursuant to the Agreement, Tri-Ring proposes to settle the
Inter-company Advances outstanding as at 31 May 2002 of
Rmb167.56 million (equivalent to approximately RM76.93 million),
for a cash consideration of Rmb94.66 million (equivalent to
approximately RM43.46 million), subject to ATE agreeing to waive
the accrued interest on the Inter-company Advances as at 31 May
2002 amounting to Rmb70.82 million (equivalent to approximately
RM32.51 million).

The cash consideration for the Proposed Settlement of Rmb94.66
million was arrived at after negotiations on a willing buyer-
willing seller basis and after taking into consideration the
adjusted unaudited net liabilities of Wuhan Fortune as at 31 May
2002 of Rmb176.94 million (equivalent to approximately RM81.23
million).

Consideration for the Proposed Settlement

The total cash consideration of Rmb94.66 million (equivalent to
approximately RM43.46 million) for the Proposed Settlement shall
be payable by Tri-Ring in the manner as set out in Table I.

No interest will be paid by Tri-Ring in respect of the deferred
payments to be made to ATE for the Proposed Settlement.

As set in Table I found at
http://www.bankrupt.com/misc/TCRAP_AMB0809.pdf,the balance
consideration of Rmb66.27 million (equivalent to approximately
RM30.42 million) will be settled over a period of five (5) years
and it was agreed that Tri-Ring will provide the following
security to ensure the payment of the balance consideration:

   (i) Land use right located at No. 818, Lin Jiang Road,
Qingshan,Wuhan, People's Republic of China (PRC). Further
details of the property are set out in Table II at
http://www.bankrupt.com/misc/TCRAP_AMB0809.pdf;

   (ii) Land use right located at No 3, Wudang Road, Shiyan
City, Hubei, PRC. Further details of the property is set out in
Table II; and

   (iii) Shares held in Hubei Tri-Ring Co., Ltd. (Hubei Tri-
Ring).

On 31 July 2002, ATE and Tri-Ring entered into a separate
agreement for the provision by Tri-Ring of 23 million shares in
Hubei Tri-Ring, held by Tri-Ring, valued at Rmb70.84 million
(equivalent to approximately RM32.52 million) or Rmb3.08
(equivalent to approximately RM1.41) per share based on the NTA
of Hubei Tri-Ring as at 31 December 2001 as a contract bond for
the payment of the balance consideration (Security Agreement).

Other Salient Terms of the Agreement

The other salient terms and conditions of the Agreement are as
follows:

   (i) WFI shall confirm the share transfer between ATE and Tri-
Ring and the changes of classification of Wuhan Fortune, and
waive the priority right to buy the said shares.

   (ii) WFI agrees to return to Wuhan Fortune the property
certificates related to Wuhan Fortune.

   (iii) ATE agrees, within ten (10) days of the effective date
of the Agreement, to relieve all guarantees (if any) over the
Inter-company Advances, save and except for the existing
guarantee on the land and property owned by Wuhan Fortune at No.
818, Lin Jiang Road, Qingshan, Wuhan, PRC.

   (iv) ATE has the right to terminate the Agreement by giving
prior notice to Tri-Ring should the following events occur:

     (a) the performance of the transfer under the Agreement is
affected due to force majeure; and

     (b) Tri-Ring breaches the Agreement and the purpose of the
Agreement cannot be realized.

The termination of the Agreement, however, shall not affect
ATE's right to claim damages from Tri-Ring.

   (v) Tri-Ring also has the right to terminate the performance
of the Agreement by giving prior notice to ATE should the
following events occur:

     (a) the performance of the transfer under the Agreement is
affected due to force majeure; and

     (b) ATE breaches the Agreement and the purpose of the
Agreement cannot be realized.

The termination of the Agreement, however, shall not affect Tri-
Ring's right to claim damages from the default party.

   (vi) In the event, Tri-Ring delays its first payment
commitment after the seven (7) days period of the payment date,
it will have to pay ATE damages of 0.04% per day on the first
payment. In the event of a delay exceeding 15 days, ATE shall
have the right to terminate the Agreement and claim damages of
10% on the first payment.

   (vii) In the event, Tri-Ring fails to pay the balance
consideration according to the agreed mode of payment and time
frame, ATE will have the right to withdraw the share and
creditors' rights that has been transferred to Tri-Ring and also
retain the transfer consideration paid by Tri-Ring, or sell the
securities provided by Tri-Ring to compensate the loss and make
up the shortfall.

   (viii) Within one (1) year from the effective date of the
Agreement, should either the condition of the properties of
Wuhan Fortune differ from the audited report confirmed by ATE
and WFI, or should there be any undisclosed contingent
liabilities occurring, leading to losses of more than
Rmb2million (equivalent to approximately RM918,200); Tri-Ring,
upon confirmation from ATE and WFI, may claim for compensation
from ATE and WFI. If Tri-Ring fails to obtain confirmation from
ATE and WFI, Tri-Ring will have the right to claim from ATE and
WFI, depending on their responsibilities whereby ATE will be
responsible for the losses incurred, resulted by ATE between 1
July 2000 and the date of the handover, while WFI shall be
responsible for losses incurred as a result of the undisclosed
contingent liabilities.

   (ix) The law of the PRC is applicable for the settlement of
any legal disputes.

   (x) Any disputes arising from the Agreement should be
rendered by each party to arbitration commissions subordinated
by the China International Economic and Trade Arbitration
Commission, Beijing.

INFORMATION ON WUHAN FORTUNE

Wuhan Fortune was established and registered in the PRC on 19
September 1994 as an equity joint venture company. As at 31
December 2001, it has a registered capital of USD12,000,000
(equivalent to approximately RM45,600,000). The joint venture
partners are ATE and WFI, a company incorporated in the PRC.

Wuhan Fortune planned to operate an automotive vehicles and
parts manufacturing and marketing business in Wuhan Economic
Development Zone, Wuhan, Hubei, PRC. The product range includes
buses, trucks, special purpose modified vehicles for airports
and 'Renault' based models. The production assets are presently
lying idle.

The audited financial results of Wuhan Fortune for the past five
(5) financial years ended 30 June 2001 are set out in Table III
at http://www.bankrupt.com/misc/TCRAP_AMB0809.pdf.

The original cost and date of investment of Wuhan Fortune by ATE
are USD6 million and 3 February 1996 respectively.

INFORMATION ON TRI-RING AND HUBEI TRI-RING

Tri-Ring was incorporated on 2 June 1993 in the PRC under the
name of Hubei Machinery Group Co. as a state-owned enterprise
and assumed its present name in July 1998. It has a registered
capital of Rmb205.81 million (equivalent to approximately
RM94.49 million). The company is the major shareholder of Hubei
Tri-Ring.

Tri-Ring's principal activities are manufacturing special
automobiles and automobile spare parts, forging and pressing
machine tools, nodular graphite cast pipe, mini-special motors,
magnetic strip card, identity card, terminal machines and tools
and other products.

Hubei Tri-Ring is listed on the Shenzhen Stock Exchange in the
PRC and its present paid-up capital is Rmb259,443,360
(equivalent to approximately RM119.1 million) comprising
259,443,360 shares.

Based on the audited financial statements as at 31 December
2001, the NTA of Hubei Tri-Ring is Rmb795.44 million (equivalent
to approximately RM364.88 million) or Rmb3.08 (equivalent to
approximately RM1.41) per share. Hubei Tri-Ring recorded an
audited profit after tax and minority interest of Rmb48.28
million (equivalent to approximately RM22.17 million) for the
financial year ended 31 December 2001.

RATIONALE FOR THE PROPOSALS

The Proposals are in line with the AMB Group's proposed
corporate and debt restructuring scheme as announced on 5 July
2000, 8 October 2001 and 26 March 2002 to rationalize the
financial position of the AMB Group and to streamline its core
businesses by divesting its non-core and peripheral assets and
businesses (Proposed GWRS).

Wuhan Fortune has been identified as one of the non-core and
peripheral assets for divestment and the Proposals will result
in a total cash inflow to the AMB Group of Rmb94,664,894
(equivalent to approximately RM43.46 million) over the next five
(5) years to 2007, which will be utilized for the repayment of
bank borrowings, as and when received, and to defray the
estimated expenses for the Proposals of approximately RM350,000.
Based on the average interest rate of approximately 8% per
annum, the part repayment of bank borrowings would result in
interest savings of approximately RM1.04 million from the first
payment and RM0.48 million for each of the deferred payment for
subsequent years up to year 2007.

EFFECTS OF THE PROPOSALS

The effects of the Proposals are as follows:

Share Capital and Shareholding Structure

The Proposals will not have any effect on the issued and paid-up
share capital and shareholding structure of AMB as it does not
involve the issuance of new AMB shares.

Earnings

Barring unforeseen circumstances and based on the assumption
that the Proposals are completed by 30 November 2002, the
Proposals would result in an estimated gain on disposal of
RM12.2 million (which includes an interest saving of RM1.0
million) to the AMB Group for the financial year ending 30 June
2003.

The gain of RM12.2 million was arrived at after taking into
account the provision for diminution in assets value made in the
financial year ended 30 June 2002, the share of the losses of
Wuhan Fortune subsequent to the financial year ended 30 June
2002 and exchange gains.

NTA

For illustrative purposes only and based on AMB's audited
consolidated balance sheet as at 30 June 2001 and assuming the
Proposals are effected as at 30 June 2001, the consolidated NTA
of AMB is expected to decrease by RM50.8 million or RM0.34 per
share as a result of the estimated losses arising from the
Proposals.

CONDITIONS TO THE PROPOSALS

The Proposals are conditional upon the following:

   (i) approval of Board of Directors of AMB, which was obtained
on 1 August 2002;

   (ii) approval of the shareholders of AMB;

   (iii) approval of the Securities Commission, Malaysia;

   (iv) approval of the Commission of Foreign Trade and Economic
Cooperation, PRC;

   (v) any other relevant authorities , if required.

The Proposals are inter-conditional.


AOKAM PERDANA: Proposed Acquisition Submission Docs Underway
------------------------------------------------------------
Aokam Perdana Berhad, as the affected listed issuer as defined
under Paragraph 2.1(a) of PN 4 due to deficit in the adjusted
shareholders' equity on a consolidated basis, announced that
Aokam together with the Advisers are in the midst of compiling
the submission documents on the Proposed Acquisition of the
entire issued and paid-up share capital of SKKPJ (TM) Sdn Bhd
together with the proposal to restructure the debts of Aokam
Group, to the relevant regulatory authorities.

Aokam Perdana Berhad is in discussion with the relevant lenders
to restructure and/or reschedule the loan. This debt
restructuring effort is an important component of the proposed
acquisition.

The Corporate Proposals will essentially address the issues
relating to the default announced under PN 1 of the Listing
Requirements and the other existing debts and borrowings of the
Group.


BESCORP INDUSTRIES: SC's PCDRS Approval Pending
-----------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed),
further to the Company's monthly announcement for the month of
August 2002 made on 1 August, 2002, informed that BIB had on 6
March 2002 and 21 March 2002, announced that the Proposed
Corporate and Debt Restructuring Scheme (PCDRS) had been
approved by the Foreign Investment Committee and Ministry of
International Trade and Industry respectively.  The Company has
yet to obtain the approval of the Securities Commission (SC)
pending the submission of the revised profit and cashflow
forecasts and projections of the Proposed White Knights as a
result of substantial negative variance in its profit after tax
for the immediate year.

The Company informed that an application has been made to the
Exchange for an extension of time of four (4) months from 10
August 2002 under Paragraph 5.1(c) of the Practice Note to
obtain the approval from the SC for the implementation of its
plan to regularize its financial condition. The application is
pending the approval from the Exchange.


DAMANSARA REALTY: Proposes Reconstruction, Restructuring Scheme
---------------------------------------------------------------
On behalf of Damansara Realty Berhad, AmMerchant Bank Berhad
(formerly known as Arab-Malaysian Merchant Bank Berhad), in
respect to the termination of several proposed acquisitions
which resulted in the DBhd group of companies' (Group) previous
proposed restructuring scheme being aborted, announced the
Group's new restructuring scheme involving the following:

   (a) proposed capital reduction and consolidation involving
the cancellation of 85 sen of the par value of the existing
ordinary shares of RM1.00 each in DBhd (Shares) and thereafter,
the consolidation of twenty (20) shares of 15 sen each into
three (3) Shares in DBhd (Proposed Capital Reduction And
Consolidation);

   (b) proposed exchange of the Shares in DBhd with new Newco
Shares on the basis of one (1) new Share in Newco for every one
(1) Share held in DBhd after the Proposed Capital Reduction And
Consolidation;

   (c) proposed acquisition of 177,000,000 "A" RCCPS of RM0.01
each in DTCSB by Newco from JCorp for a purchase consideration
of RM169,590,546 to be satisfied by the issuance of 169,590,546
new Shares in Newco at an issue price of RM1.00 per Share
(Proposed Acquisition Of `A' RCCPS);

   (d) proposed acquisitions of the following by Newco from JCD:

     (i) the RTA for a purchase consideration of RM380,203,488
pursuant to proposed conversion by JCD of its entire holding of
400,000,000 "B" RCCPS of RM0.01 each into an equivalent number
of new DTCSB Shares at a conversion price of RM1.00 per "B"
RCCPS. The purchase consideration is proposed to be satisfied by
the issuance of new Shares and new Irredeemable Convertible
Unsecured Loan Stocks-A in Newco (ICULS-A), and the assignment
and netting off of debts; and

    (ii) a ninety-nine (99) year leasehold development land
measuring approximately 240.59 acres in area located near Johor
Bahru to be developed for a mixed development project known as
Bandar Damansara Alif comprising mainly medium-cost and high-end
residential properties as well as mixed development for a
purchase consideration of RM180,000,000 to be satisfied by the
issuance of new Shares and new ICULS-A in Newco.

(Items (i) and (ii) above are to be collectively referred to as
"Proposed Acquisitions From JCD")

   (e) proposed exemption to JCorp and parties acting in concert
with it from the obligation to extend a Mandatory Offer for all
the remaining Shares in Newco not already owned by them after
the Proposed Acquisition Of `A' RCCPS and Proposed Acquisitions
From JCD, and also the proposed exemption to JCD and parties
acting in concert with it from the obligation to extend a
Mandatory Offer for all the remaining Shares in Newco not
already owned by them as a result of the increase in their
shareholdings upon conversion of ICULS;

   (f) proposed offer for sale / placement of the Newco Shares
held by JCorp and/or JCD to the Malaysian public including the
existing public shareholders of DBhd in order to comply with the
Securities Commission's and the KLSE's minimum 25% public
shareholding spread requirement; and

   (g) proposed admission of the entire issued and paid-up share
capital of Newco to the Official List of the KLSE and proposed
delisting of DBhd.

(Items (a) to (g) to be collectively referred to as "Proposed
Reconstruction and Restructuring Scheme")

The components of the Proposed Reconstruction And Restructuring
Scheme are inter-conditional upon each other.

The Proposed Reconstruction And Restructuring Scheme is subject
to the approvals being obtained from, inter-alia, the Securities
Commission, the Foreign Investment Committee, the KLSE, the
shareholders of the Company and any other relevant authorities.

AmMerchant Bank has been appointed as the Main Adviser to DBhd
for the Proposed Reconstruction And Restructuring Scheme. In
view that certain directors and substantial shareholders of DBhd
and persons connected to them are deemed interested in the
Proposed Reconstruction And Restructuring Scheme (please refer
to Section 7 of the attachment of this announcement for further
details), Public Merchant Bank Berhad has been appointed to act
as the Independent Adviser to the independent directors and
minority shareholders of DBhd.

For further details on the Proposed Reconstruction and
Restructuring Scheme, go to
http://www.bankrupt.com/misc/TCRAP_DBHD0809.pdf.


EMICO HOLDINGS: Issues Unrated Loan Stocks to Lenders
-----------------------------------------------------
Emico Holdings Berhad previously announced that the Securities
Commission, Foreign Investment Committee and Ministry of
International Trade and Industry respectively, approved the
Proposals without variation.

Pursuant to Bank Negara Malaysia (BNM) Circular dated 19 July
1999, commercial banks, merchant banks and discount houses are
allowed to invest in a Private Debt Securities with minimum of
BB rated securities. As part of the proposed debt-restructuring
scheme, Emico will be issuing unrated loan stocks to the
lenders. Hence, on behalf of the lenders, an application to the
BNM will be sought as soon as possible for exemption to hold an
unrated loan stocks.

The Proposals are:

   * Proposed Debt Restructuring Scheme
   * Proposed Two-Call Rights Issue
   * Proposed Employee Share Option Scheme
   * Proposed Increase in Authorized Share Capital


GENERAL LUMBER: Appoints Ernst & Young as Financial Adviser
-----------------------------------------------------------
The Board of Directors of General Lumber Fabricators & Builders
Bhd, with regards to the withdrawal of Southern Investment
Berhad as its Adviser, announced the appointment of the
following firms with the terms of reference set out in the
Letter of Appointments with immediate effect:

No.   Name of Firm   Function

1.  PM Securities Sdn Bhd   Adviser of the Company

2.  Ernst & Young    Financial Adviser

3.  W.Y. Chan & Roy    Solicitors

The appointment of the above firms is for the purpose of:

   * Proposed Debt Restructuring Scheme;
   * Proposed Acquisition of Kin Yip Wood Industries Sdn Bhd;
and
   * Proposed Transfer of Listing of the Company on the Second
Board of the Kuala Lumpur Stock Exchange to NewCo.


HAI MING: Provides Unit's MOU Status Update
-------------------------------------------
Hai Ming Holdings Berhad announced that Hai Ming Enterprise Sdn
Bhd (HME), a wholly owned subsidiary company of HMHB, had
entered into a Memorandum of Understanding (MOU) on 21 January
2002 to be appointed as one of the principal dealer of woodfree
paper in the Central Region of Malaysia for the 99 Group Center
Company Ltd (99 Group), a company incorporated in Thailand.

Pursuant to KLSE Listing Requirements in Paragraph 9.28, HMHB is
required to provide a quarterly update on the status of the MOU.

QUARTERLY UPDATE UP TO 31ST JULY 2002

Under the MOU, HME is required to purchase a monthly minimum
order of 150 metric tonnes within six (6) months of signing the
MOU. To-date, HME has ordered approximately 656 metric tonnes of
`AA' (Double A) paper with an estimated re-sale value of RM2.1
million.

Barring any unforeseen circumstances, HME is confident of
meeting the requirement leading to the eventual signing of the
dealership agreement with the 99 Group.

Other brand names sold by the 99 Group e.g. `Turbo' and `Swan'
are still under going market survey and will only be marketed by
HME later.

Yesterday, TCR-AP reported that the Company has finalized the
Circular to Shareholders dated 2 August 2002 to obtain
shareholders' approval on the 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.


KIARA EMAS: Proposes Creditors' Scheme as Proposals Revision
------------------------------------------------------------
On behalf of Kiara Emas Asia Industries Berhad, AmMerchant Bank
Berhad (formerly known as Arab-Malaysian Merchant Bank Berhad)
had on 17 January 2002, announced the Company's Requisite
Announcement pursuant to Practice Note No. 4/2001 of the Kuala
Lumpur Stock Exchange (KLSE).

In the aforementioned Requisite Announcement, the Company had
proposed that the claims of all of its financial institution
creditors would be determined on the basis of a cut-off date of
31 March 2001 (Proposed Debt Settlement). All corporate
guarantees given by Kiara Emas for the benefit of its
subsidiaries would be discharged and released upon approval by
the financial institution creditors of the terms of the Proposed
Debt Settlement. The total debt owing to the Company's financial
institution creditors, net of assets charged, was proposed to be
settled in the following manner:

   (a) All interest and penalty charges, if any, arising after
31 March 2001, shall be completely waived;

   (b) 80% of the total debt owing as at 31 March 2001 shall be
waived; and

   (c) 20% of the total debt owing as at 31 March 2001 shall be
settled by the issuance of 2% 5-yearredeemable convertible
unsecured loan stocks (RCULS) by Major Team Holdings Sdn Bhd
(MTHSB), on the basis of RM1.00 nominal value of RCULS for every
RM1.00 of debt.

Subsequently, on behalf of Kiara Emas, AmMerchant Bank had, on
23 April 2002, announced that the High Court of Malaya at
Seremban had, on 22 April 2002, granted a Restraining Order
pursuant to Section 176 of the Companies Act, 1965, to the
Company and its subsidiary companies namely, Hup Lee
Coachbuilders Sdn. Bhd. and Hup Lee Coachbuilders Holdings Sdn.
Bhd. The Restraining Order is valid for six (6) months effective
from 22 April 2002 and is to facilitate the Company's
restructuring scheme.

In view of the above, on behalf of Kiara Emas, AmMerchant Bank
announced the following revisions to the Proposals:

PROPOSED CREDITORS' SCHEME

The Company proposes to enter into a scheme of arrangement with
its Scheme Creditors and MTHSB under Section 176 of the
Companies Act, 1965 (Proposed Creditors' Scheme). The Scheme
Creditors comprise:

   (a) Hong Leong Bank Berhad (HLBB), Malayan Banking Berhad,
AmMerchant Bank and Public Bank Berhad (collectively "Bank
Creditors"); and

   (b) The other creditors of Kiara Emas, classified as "Other
Creditors and Accruals" in the annual report of Kiara Emas for
the financial year ended 31 March 2001 (Other Creditors).

The terms of the Proposed Creditors' Scheme are as follows:

(a) Bank Creditors

   (i) The claims of the Bank Creditors will be determined on
the basis of a cut-off date of 31 March 2001;

   (ii) The total amount owing to the Bank Creditors as at 31
March 2001, net of assets charged, shall be settled in the
following manner:

     (A) 70% shall be waived; and
     (B) 30% shall be settled by the issuance of the RCULS by
MTHSB, on the basis of RM1.00 nominal value of RCULS for every
RM1.00 of debt;

   (iii) 50% of the interest accruing on the total amount owing
to the Bank Creditors as at 31 March 2001, for the period
commencing on 1 April 2001 and ending on the date of issuance of
the RCULS, inclusive of both dates, shall be payable by Kiara
Emas in cash on the date of issuance of the RCULS; and

   (iv) All corporate guarantees given by Kiara Emas for the
benefit of its subsidiaries shall be discharged and released
upon the issuance of the RCULS and the payment of the accrued
interest.

(b) Other Creditors

   (i) The claims of the Other Creditors will be determined on
the basis of a cut-off date of 31 March 2001;

   (ii) The total amount owing to the Other Creditors as at 31
March 2001 shall be settled in the following manner:

     (A) 70% shall be waived; and
     (B) 30% shall be settled by the issuance of the RCULS by
MTHSB, on the basis of RM1.00 nominal value of RCULS for every
RM1.00 of debt.

(c) Upon the implementation of the Proposed Creditors' Scheme,
all claims by the Scheme Creditors shall be deemed to have been
fully satisfied and the Scheme Creditors shall have no further
claims against Kiara Emas.

SALIENT TERMS OF THE RCULS

In view of the terms of the Proposed Creditors' Scheme, the
salient terms of the RCULS have been varied / added to as
follows:

   (a) The total nominal amount of the RCULS shall be up to
RM18,000,000; and

   (b) The RCULS cannot be offered, sold, transferred or
otherwise disposed of, directly or indirectly, except with the
consent of the Securities Commission (SC).

UTILISATION OF PROCEEDS

In view of the terms of the Proposed Creditors' Scheme, it is
proposed to utilize the gross proceeds of the Proposed Special
Issue and Proposed Restricted Issue amounting to RM20,999,999
for the following purposes:

   (a) Approximately RM5,226,000 will be used to satisfy 50% of
the interest accruing on the total amount owing to the Bank
Creditors as at 31 March 2001, for the period commencing on 1
April 2001 and ending on the date of issuance of the RCULS,
inclusive of both dates;

   (b) RM5,002,459 will be used to satisfy the consideration for
the Proposed Mandatory Offer (in the event that the offeree
shareholders of Stone World Sdn Bhd (Stone World) were to fully
accept the Proposed Mandatory Offer by electing for the Cash
Alternative);

   (c) Approximately RM2,000,000 will be used to defray the
estimated expenses of the Proposals and Proposed Exemption; and

   (d) The remainder will be used for working capital purposes.
Any differences in the actual amount of proceeds utilized for
the settlement of the interest accruing to the Bank Creditors
and the estimated expenses of the Proposals and Proposed
Exemption, will be adjusted in working capital.

PROPOSED EXEMPTION

As announced in the Requisite Announcement, Ample Potential Sdn
Bhd (Ample Potential) is deemed to be acting in concert with
Excellent Avenue (M) Sdn Bhd (Excellent Avenue) and Mr. Wong
Thiam Loy in relation to the Proposed Acquisition. Ample
Potential, Excellent Avenue and Mr. Wong Thiam Loy shall
hereinafter be collectively referred to as the "Concert
Parties".

In addition to being a shareholder of Stone World currently
holding one (1) ordinary share of RM1.00 each (Share) in Stone
World, Mr. Wong Thiam Loy also holds 102,000 Shares in Kiara
Emas. Mr. Wong acquired his Shares in Kiara Emas on 13 July 1999
at an average cost of RM1.73 each. As such, upon the completion
of the Proposed Shareholders' Scheme, he will hold 20,400 Shares
in MTHSB. His shareholding in MTHSB will increase to 40,800
Shares upon the completion of the Proposed Restricted Issue. In
the event that he were to accept the Proposed Mandatory Offer by
electing for the Share Alternative, he will hold a total of
40,801 Shares in MTHSB upon the completion of the Proposed
Mandatory Offer.

Upon the completion of the Proposed Shareholders' Scheme and
Proposed Acquisition, the Concert Parties will collectively own
54,509,800 MTHSB Shares, representing approximately 93.98% of
the enlarged issued and paid-up capital of MTHSB. Upon the
completion of the Proposed Special Issue, Proposed Restricted
Issue and Proposed Mandatory Offer, and assuming that the
Proposed Mandatory Offer is fully accepted by way of the Share
Alternative, the Concert Parties' aggregate shareholding will
increase to 57,819,601 MTHSB Shares, representing approximately
68.83% of MTHSB's enlarged issued and paid-up capital.

The Concert Parties will make an application to the SC under
Practice Note 2.9.3 of the Code to seek an exemption from the
obligation to undertake a mandatory offer for all the remaining
Shares in MTHSB not owned by them. Practice Note 2.9.3 allows an
application for an exemption to be made where the objective of a
transaction is to save the financial position of a company whose
voting shares are being acquired by an urgent rescue operation.

EFFECTS OF THE PROPOSALS AND PROPOSED EXEMPTION

Issued and Paid-Up Capital

The Proposed Shareholders' Scheme, Proposed Acquisition,
Proposed Special Issue, Proposed Restricted Issue, Proposed
Mandatory Offer and Proposed Creditors' Scheme will increase the
issued and paid-up capital of MTHSB in the manner set out in
Table 1 at http://www.bankrupt.com/misc/TCRAP_Kiara0809.html

Shareholding Structure

Based on Kiara Emas' Central Depository System Record of
Depositors as at 31 December 2001, the effects of the Proposed
Shareholders' Scheme, Proposed Acquisition, Proposed Special
Issue, Proposed Restricted Issue, Proposed Mandatory Offer and
Proposed Creditors' Scheme on the shareholding structure of
MTHSB are set out in Table 2 (assuming that the Proposed
Mandatory Offer is fully accepted by way of the Cash
Alternative) and Table 3 (assuming that the Proposed Mandatory
Offer is fully accepted by way of the Share Alternative) at
http://www.bankrupt.com/misc/TCRAP_Kiara0809.html

NTA and Gearing Ratio

Based on the audited consolidated balance sheet of Stone World
as at 31 December 2001, the pro-forma effects of the Proposed
Shareholders' Scheme, Proposed Creditors' Scheme, Proposed
Acquisition, Proposed Special Issue, Proposed Restricted Issue
and Proposed Mandatory Offer on the consolidated NTA and gearing
ratio of MTHSB are set out in Table 4 (assuming that the
Proposed Mandatory Offer is fully accepted by way of the Cash
Alternative) and Table 5 (assuming that the Proposed Mandatory
Offer is fully accepted by way of the Share Alternative) at
http://www.bankrupt.com/misc/TCRAP_Kiara0809.html

CONDITIONS PRECEDENT

As announced in the Requisite Announcement, the Proposals and
Proposed Exemption are subject to the following conditions
precedent, amongst others, which have to be fulfilled before the
Proposals and Proposed Exemption can be implemented:

   (a) The approval of the shareholders of Kiara Emas;
   (b) The execution of agreements by the financial institution
creditors of Kiara Emas in relation to the Proposed Debt
Settlement; and
   (c) The sanction of the High Court for the Proposed
Shareholders' Scheme, and an office copy of the Court order
being lodged with the Registrar of Companies.

As Kiara Emas now proposes to enter into the Proposed Creditors'
Scheme, the above-mentioned conditions precedent are replaced
with the following:

   (a) The approval of the shareholders of Kiara Emas for the
Proposals in an Extraordinary General Meeting;
   (b) The approval of the shareholders of Kiara Emas to the
Proposed Shareholders' Scheme at a meeting to be convened by an
order of the High Court and the approval of the Scheme Creditors
to the Proposed Creditors' Scheme at a meeting to be convened by
an order of the High Court, under Section 176 of the Companies
Act, 1965; and
   (c) The obtaining of the court order under the provisions of
Section 176 of the Companies Act, 1965 approving the Proposed
Shareholders' Scheme and Proposed Creditors' Scheme.

DOCUMENTS FOR INSPECTION AND OTHER MATTERS

Kiara Emas has on 1 August 2002 entered into a Supplemental
Agreement to the Sale and Purchase Agreement dated 17 January
2002, with MTHSB and Excellent Avenue, on the terms of the
Proposed Creditors' Scheme and the change in the conditions
precedent as set out above.

Shareholders of Kiara Emas who wish to inspect the Sale and
Purchase Agreement and the Supplemental Agreement in respect of
the Proposed Acquisition may do so during the normal business
hours at the Registered Office of Kiara Emas at Second Floor,
Union Commercial Center, 433 Jalan Temiang, 70200 Seremban,
Negeri Sembilan from Mondays to Fridays (except public holidays)
for a period of three (3) months from the date of this
announcement.

The audited results of Stone World for the financial year ended
31 December 2001 are set out in Table 6 at
http://www.bankrupt.com/misc/TCRAP_Kiara0809.html

A submission to the SC on the Proposals is expected to be made,
incorporating the revised terms set out above, within one (1)
week from the date of this announcement.


L&M CORPORATION: Issues July Defaulted Interest Payment Update
--------------------------------------------------------------
The Board of Directors of L & M Corporation (M) Bhd updated the
Exchange on the default in payments by the L&M Group. As at
31July 2002, the total default payments to financial
institutions in respect of various credit facilities by L&M
Group is RM192,098,246.91.

There is no further new development since the previous
announcement with regard to the steps taken to address the
default.


L&M CORPORATION: LMASB Winding Up Petition Hearing Set
------------------------------------------------------
The Board of Directors of L & M Corporation (M) Bhd announced
that a winding-up petition has been served on L & M Agencies Sdn
Bhd (LMASB), a sub-subsidiary of LMC on 30 July 2002 by Moment
Engineering Sdn Bhd (the Petitioner). The details of the
petition are as follows:

1. The date of the petition of winding-up was 16 July 2002 but
served on the Company on 30 July 2002. The hearing date is fixed
on 22 October 2002.

2. The amount claimed under the petition are RM116,493.62
including filing fees and interest at the rate of 8% per annum
from 23 December 1999 till the date of full settlement and costs
of RM2,200.00.

3. The Petitioner had served a Notice pursuant to Section 218 of
the Companies Act 1965 on the Company on 25 September 2001.
However, the Company is in no position financially to make
payment to the creditors. The Company has been non-operational
since year 2001.

4. The total costs of investment in L&M Agencies Sdn Bhd (LMASB)
was RM1.0 million.

5. The financial impact will be a write off of RM1.0 million
investment and potential write back of losses of about
RM11,013,542.00 to the Group Accounts due to deconsolidation
exercise. The shareholders fund stood at -RM10,013,542.00 as at
31 July 2002. There is no operational impact on the group as the
Company is inactive.

6. There is no losses expected from the winding-up proceedings.

7. The group proposed not to defend in the winding up
proceedings.


LAND & GENERAL: Provides Defaulted Payment Status Update
--------------------------------------------------------
The Board of Directors of Land & General informed that there are
no new significant developments in relation to the various
defaults in payment that were announced previously except for
the following:

1) CONVERTIBLE BONDS USD58.65 MILLION NOMINAL OUTSTANDING

A Second Bondholders' Meeting will be held on 13 August 2002 to
seek approval from the bondholders in respect of the proposed
restructuring of the USD58.65 million nominal amount of the
outstanding convertible bonds.

2) DEFAULT IN PAYMENT OF AMOUNT OUTSTANDING IN RESPECT OF
BANKING FACILITIES BY LEMBAH BERINGIN SDN BHD, A 70% SUBSIDIARY
OF L&G

Lembah Beringin Sdn Bhd (LBSB), a 70% subsidiary of L&G, had
defaulted in the principal repayment and interests thereon in
respect of banking facilities comprising an overdraft and a term
loan totaling RM18,657,800.91. As the aforesaid banking
facilities are secured by a charge over two parcels of land
belonging to Clarity Crest Sdn Bhd (CCSB), also a 70% subsidiary
of L&G, the bank lender had on 2 August 2002, served on CCSB, a
default notice dated 2 August 2002 with respect to the said
charge.

LBSB has been and is currently in discussion with the bank
lender for a proposed restructuring of the banking facilities.


POS MALAYSIA: Strikes Off Dormant Companies
-------------------------------------------
Pos Malaysia & Services Holdings Berhad (formerly known as
Phileo Allied Berhad) on 5 August 2002 made an application to
the Companies Commission of Malaysia to strike off the following
wholly owned subsidiary companies pursuant to Section 308 of the
Companies Act, 1965:

   1. PSH Education Sdn Bhd (formerly known as Phileo Allied
Education Sdn Bhd)

   2. PSH Research Sdn Bhd (formerly known as Phileo Allied
Research Sdn Bhd)

   3. Gerak Kawal Sdn Bhd - a wholly owned subsidiary of PSH
Venture Capital Sdn Bhd (formerly known as Phileo Allied Venture
Capital Sdn Bhd) which in turn is a wholly owned subsidiary of
PSH.

   4. Prima Managers Sdn Bhd - a wholly owned subsidiary of PSH
Properties Sdn Bhd (formerly known as Phileo Allied Properties
Sdn Bhd) which in turn is a wholly owned subsidiary of PSH.

The strike off exercise is not expected to have any material
effect on the earnings and net tangible assets of the Group for
the financial year ending 31 December 2002.


SRIWANI HOLDINGS: Regularization Status Remains Unchanged
---------------------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of
Sriwani Holdings Berhad, in compliance with the requirements of
Paragraph 4.1 (b) of PN 4/2001, announced that there are no
other changes in the status of SHB's plan to regularize its
financial condition since the last announcement on 1 July 2002
save for the following:

   (i) On 5 July 2002, SHB entered into a subscription agreement
with Multi Esprit Sdn. Bhd. (MESB) for the participation by MESB
in the debt restructuring proposals of SHB; and

   (ii) SHB has also on 5 July 2002 entered into two (2) sale
and purchase agreements (SPAs) with the respective vendors of
Winner Prompt Sdn. Bhd. (WPSB) and Selasih Ekslusif Sdn. Bhd.
(SESB) for the proposed acquisition of the entire equity
interest in WPSB and SESB by SHB.


TIMBERMASTER INDUS: Units Liquidated After Agreements Completed
---------------------------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed) announced that a workout proposal (the Proposal) for
Kompleks Perkayuan Timbermaster Smallholders Sdn Bhd (Special
Administrators Appointed) (the Company), a 72.5% owned
subsidiary of Timbermaster Industries, was approved in
accordance with section 46(3) of the Pengurusan Danaharta
Nasional Berhad Act 1998 (the Danaharta Act) on 25 July 2002.

Under section 46(4) of the Danaharta Act, the Proposal binds the
Companies, all members and creditors of the Companies and any
other persons affected by the Proposal.

As part of the workout proposal, which has been approved, KPTS
entered into following agreements on 13 June 2002:

   (i) Assets Sale Agreement in relation to the assets of KPTS
entered into between KPTS as vendor and Fundamental Production
Sdn Bhd (FPSB) as purchaser for a purchase consideration of
RM440,000.

These assets comprised of plant and machinery, equipment and
other chattels owned by KPTS; and

   (ii) Sale and Purchase Agreement in relation to three (3)
pieces of land of which Syarikat Yale Enterprise Sdn Bhd (Yale)
is the registered owner entered into between Yale as vendor,
KPTS and FPSB as purchaser for a purchase consideration of
RM5,560,000.

Yale is a wholly owned subsidiary of KPTS.

(hereinafter collectively known as "the Agreements").

KPTS's principal activity was to provide custom kiln-drying and
pressure treatment services for rubberwood and tropical wood. It
ceased operations towards the end of year 2000.

The RM6 million combined sale consideration was arrived at based
on a "willing buyer and willing seller" basis after taking into
account independent professional valuations. The key payment
terms of the sale are as follows:

   * a deposit sum amounting to RM1.2 million, which has been
paid to KPTS in the following manner:

     (i) a sum of RM375,000.00 has been paid upon signing of the
Agreements;
     (ii) a sum of RM275,000.00 was paid on 4 June 2002;
     (iii) a sum of RM550,000.00 was paid on 27 June 2002; and

   * the balance of RM4.8 million with interest thereon will be
settled in 36 monthly installments, the first installment
commencing on the first day of the month following the
completion date (as defined in the Agreements)

Based on the consolidated audited financial statements of KPTS
as at 31 December 2001, the net book value of the assets was
recorded at RM8,982,752.

Other relevant information on KPTS is as follows:

   (i) Based on KPTS's consolidated audited financial statements
for the year ended 31 December 2001, KPTS's consolidated net
loss for the year was RM5,842,483 and its consolidated net
tangible liabilities as at 31 December 2001 was RM22,794,716.

   (ii) The effect of the sale of the assets of KPTS (which
include the sale of the land belonging to Yale) on TMIB in
respect of earnings per share, net tangible assets per share,
share capital and the substantial shareholders of TMIB,
calculated based on the respective audited financial statements
for the year ended 31 December 2001 is summarized at the table
set at http://www.bankrupt.com/misc/TCRAP_Tmaster08098.pdf

   (iii) The proceeds from the sale of the assets of KPTS and
the land belonging to Yale will be dealt with under the workout
proposal prepared by the Special Administrators of KPTS and TMIB
pursuant to Section 44 of the Danaharta Act.

   (iv) The Agreements are subject to certain conditions, which
include:

     (a) Approval of the Ministry of International Trade and
Industry (if required);
     (b) Approval of the KPTS Workout Proposal by Pengurusan
Danaharta Nasional Berhad, which was obtained on 25 July 2002;
     (c) Approval of KPTS Workout Proposal by the secured
creditor of KPTS, which was obtained on 25 July 2002;
     (d) Approval of the Securities Commission (if required);
     (e) Approval of third parties under any agreements entered
into by or affecting KPTS (if required);
     (f) Approval of the shareholders of Yale for the sale of
the land belonging to Yale;
     (g) Approval of the shareholders of FPSB; and
     (h) Such other approvals, consents, permits or waivers of
any regulatory agency or authority or third parties necessary or
appropriate to permit the entry into and completion of the
transactions.

   (v) The rationale for the sale of the assets of KPTS (which
include the land belonging to Yale) to FPSB are as follows:

     * FPSB's offer of RM6 million is the highest offer obtained
following the second tender exercise held on 14 November 2001
for the sale of the assets; and

     * If such offer is not accepted, a further delay in the
sale of the assets of KPTS may have an adverse impact on their
value.

Following the completion of the Agreements, KPTS and Yale will
be liquidated.

   (vi) The Agreements are expected to be completed in December
2002.


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


ALL ASIA: PDIC Takes Over Thrift Bank
-------------------------------------
The Philippine Deposit Insurance Corp. (PDIC) has taken over All
Capital and Trust Corp. unit All Asia Bank, The Philippine Star
reported Thursday.

The thrift bank was placed by PDIC under receivership after it
decided that the bank could not go on operating without
incurring probable losses for its depositors.

The Bangko Sentral Ng Pilipinas (BSP) Deputy Governor Alberto
Reyes said the bank turned over its license to the BSP on July
31 and the Monetary Board decided to shut it down after its
books were examined.

The bank was found insolvent and its capital was less than the
minimum level required by the BSP for thrift banks.

As of June 30, the bank has estimated deposit liabilities of
P712.84 million and about 35,000 accounts.

The bank is now conducting an examination of the books to
determine the amount of insured deposits. Depositors could file
their settlement claims after the examination has been
completed.

All Asiabank's head office is located in Davao City with
branches in the Buhangin district; Digos City in Davao del Sur,
Tagum City in Davao del Norte; Coronadal South Cotabato and
General Santos City also in South Cotabato.


NATIONAL BANK: Clarifies Bank Sale Report
-----------------------------------------
The Philippine National Bank responded to the news article
entitled "PNB sale in 5 years set" published in the August 3,
2002 issue of the Manila TImes.

The article reported, "The government and the Lucio Tan group
signed a memorandum of agreement for the joint sale of their
stakes in Philippine National Bank (PNB) within five years. In
the process, both shareholders also turned over their respective
shares to JP MORGAN CHASE & CO., which bested 10, other banks in
the bid to become the escrow agent to facilitate future sale.
Under the scheme, a total of 67 percent of the bank's
approximately 500-million shares will be delivered to JP Morgan
Chase for safe keeping until such a time that both parties agree
to dispose of their holdings to a third party strategic
investor."

Philippine National Bank (PNB), in a letter to the Exchange
dated August 5, 2002, stated that:

"We hereby confirm the above news report as follows:

On August 1, 2002, the National Government and the Lucio Tan
Group signed the Joint Sale and Escrow Agreements formalizing
their agreement to jointly sell and facilitate such sale of a
majority stake of the Philippine National Bank to a strategic
third party investor. Also on the said date, JP Morgan Chase and
Co. was appointed as the escrow agent to hold the shares in, and
warrants of, the Philippine National Bank of both the government
and the Lucio Tan Group which will be subject of the joint sale
within a period of five years from date of the execution of the
Memorandum of Agreement (MOA).

On May 3, 2002, the National Government and the Lucio Tan Group
of companies (LTG) signed the Memorandum of Agreement on PNB's
rehabilitation.

Under the Joint Sale Agreement, the Government and the Tan
Group, which now have a 44.98 percent ownership stake each in
PNB after the approval and implementation of the quasi-
reorganization and debt-to-equity conversion, agree to sell at
least 67 percent of the ownership of PNB.

The joint sale will be subject to the Tan Group's right of first
offer and right to match. In the event that the Tan Group
accepts the Government-formulated floor price for the
Government's shares and exercises its right of first offer, the
Tan Group shall be allowed to match the highest offer made by a
third party for the Government's shares at a required public
bidding, or in case of a failed public bidding, at the highest
negotiated offer.

The Escrow Agreement provides for the custody by the escrow
agent, JP Morgan Chase, of the escrowed shares, warrants and
documents to facilitate the eventual joint sale.

In addition, please be informed that JP Morgan Chase and Co.
bested nine (9), not ten (10) other banks in its bid to become
the escrow agent to facilitate the future sale."

The press release is located at
http://bankrupt.com/misc/TCRAP_PNB0807.pdf


PHILIPPINE LONG: Unit Files Petition to Cancel Digitel's Permit
---------------------------------------------------------------
Smart Communications Inc has filed a petition objecting the
National Telecommunications Commission's (NTCs) move to extend
the term of the provisional authority issued to Digital
Telecommunications Philippines Inc (Digitel), to offer cellular
mobile telephone services (CMTS), AFX Asia reported Thursday,
citing NTC Commissioner Eliseo Rio.

Rio said Smart filed the petition citing Digitel's failure to
roll out its CMTS network and commence commercial operations
within the prescribed period.

Smart is a unit of Philippine Long Distance and Telephone Co.
The unit is opposing an acquisition by the Gokongwei group,
which owns Digitel.


RFM CORP: Clarifies Zuellig Joint Venture Report
------------------------------------------------
RFM Corporation, with reference the news article entitled "RFM,
Zuellig scrap talks on joint venture" published in the August 5,
2002 issue of the Philippine Daily Inquirer.

The article reported that, "Talks on a flour business joint
venture between local food and beverage firm RFM Corp. and
Switzerland-based Zuellig Group NA Inc. have fizzled out. In a
news briefing following a stockholders' meeting last week, RFM
Vice President Ramon Lopez disclosed that RFM and Zuellig were
no longer talking about any strategic partnership."

RFM Corporation (RFM), in its letter, stated that:

"We wish to advise that in response to a query from a reported
during the last RFM stockholders meeting, as to the status of
the discussions between RFM and Zuellig, we disclosed that the
said discussions seem to have fizzled out as there has been no
follow-through nor subsequent discussions between the parties to
date."


SHEMBERG BIOTECH: Clarifies Newspaper Reports
---------------------------------------------
Shemberg Biotech Corp. (SBC) President and CEO Benson Dakay
responded to a letter sent to Sun Star Cebu on Sunday. The fax
letter is asking clarification on newspaper reports.

A letter from a certain Ocampo of Plainville Subdivision,
Talisay City, Cebu, goes as follows:

"It has been reported that the Cebu-based Shemberg Biotech
Corp.'s (SBC) rehabilitation is a big question mark. It was
stressed that the Asian Development Bank (ADB), the Bank of
Philippine Islands (BPI) and several other local and foreign
creditors oppose Cebu Regional Trial Court Judge Isaias
Dicdican's decision to give due course to the carageenan
supplier's rehabilitation. The same report says the court's
decision did not require businessman Benson Dakay's company to
reorganize.

"I understand that BPI, in particular, has filed a petition for
certiorari against Judge Dicdican, a move that now makes
uncertain the firm's rehab plan. I am happy to note that the
bank made the move if only to stress that Shemberg's rehab
effort is useless and that the appellate court should reverse
the judge's earlier ruling allowing Dakay's company to undertake
it.

"And, if it is true that Colgate Palmolive has cancelled
Shemberg's $10-million supply contract for toothpaste grade
carageenan age, then we can safely conclude that the local
corporation is losing heavily. An immediate closure of its
facilities is the best option it could take.

SBC President and Chief Executive Officer Benson Dakay issued
the following clarification:

A rival carageenan processor is engaged in a media campaign
feeding inaccurate information to discredit our Company before
our creditors, foreign buyers and the public.

SBC's corporate rehabilitation isn't a big question mark. It is
actually on track on its first year of implementation (2002). In
fact it is now ready to pay 20.379 million pesos to service
current interest payments covering the period January 1 to June
30, 2002 to seven creditors which include ADB, CDG, DEG, BPI,
UCPB, UB and SCB.

It is not true that Colgate cancelled SBC's $10-million supply
contract for toothpaste grade carageenan in 2001. Dakay said
there was no contract to cancel, as no contract was ever
executed in the first place. SBC qualified and was accredited by
Colgate to supply toothpaste grade carageenan starting in 1996.
Colgate purchased 463 metric tons in 1997 valued at $5.036
million to 545 metric tons in 1999, worth $6.237 million.

In mid-1999, Shemberg creditors who wanted to take over
management and sell the company to a competitor scared Colgate
Palmolive, which reduced its purchases to 250.4 metric tons in
2000. But convinced of Shemberg's track record in quality and
delivery, Colgate increased its purchases to 310 metric tons in
2001, Colgate continued its purchases for this year 2002.

And Shemberg has successfully presented its product to the newly
established Colgate Palmolive plant in Thailand, which placed an
initial order of four metric tons.

Dakay further stressed that BPI's opposition to SBC's
rehabilitation plan and its petition for certiorari came as a
surprise, if not a questionable move. Firstly, BPI isn't a
leader, only a minority shareholder with five percent ownership.

After acquiring FEBTC, BPI's shareholdings increased to 10
percent. "Why would BPI, a minority shareholder, oppose
rehabilitation when its purpose is to enable the company to pay
its obligation?" Dakay asked.


UNITRUST DEVELOPMENT: PBcom Still Keen in Acquisition
-----------------------------------------------------
Philippine Bank of Communications is still keen in acquiring
closed Unitrust Development Bank, but want the ownership issue
involving the latter resolved first by the Philippine Deposit
Insurance Corp (PDIC), AFX Asia reported Wednesday, citing PBcom
President Isidro Alcantara.

PBcom was unable to complete certain requirements requested by
PDIC in connection to the proposed rehabilitation of Unitrust
Bank.

Unitrust Bank collapsed in the wake of heavy deposit withdrawals
and an ownership dispute between its Filipino and Japanese
shareholders in 2001.

The PDIC had given PBCom until August 4 to get the approval of
two-thirds of Unitrust' owners on PBcom's possible takeover.


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


ASIA PULP: Can Only Repay Creditors Up To US$20M Monthly
--------------------------------------------------------
Asia Pulp and Paper (APP) can only repay creditors US$10 to US20
million a month, Channel News Asia reported Wednesday.

Creditors demanded APP hand over a one-off lump sum of US$100
million by the end of July, followed by US$30 million every
month after that under a proposed debt restructuring agreement.

The Company only managed to pay up US$30 million on time and is
now promising to transfer another US$10 million by the middle of
August.

Frustrated creditors including Deutsche Bank and BNP are
appealing to Singapore's High Court to get the firm placed under
judicial management.


NATSTEEL LTD: Posts 1H02 Net Profit
------------------------------------
NatSteel Limited posted a net profit of $25.1 million in the
first half of 2002 compared to a loss of $139.9 million in 2001,
Kelive reports.

The Steel Division was contributed to the better overall
performance of the group, and recorded a pre-tax profit of $12.1
million as compared to a loss of $25.4 million last year. The
Singapore steel operations were streamlined last year and
overseas steel benefited from the positive profit contribution
of its newly acquired Siam Industrial Wire unit and better
performance for Southern Steel.

In the Industrial division, the completion of a major pre-cast
contract in the first quarter and an increase in demand for
mortars contributed to a pre-tax profit of $1.5 million,
compared to an $8.2 million loss last year. In the Electronics
division, the performance of BJ Industries was weaker due to
lower margins and increasing competition.

During the course of the year, the Company approved Flextronics
international Limited's offer to acquire all the issued and
paid-up share capital of subsidiary NatSteel Broadway. The
estimated net proceeds arising from the sale are approximately
$334.7 million; and the gain on disposal is approximately $238.1
million. NatSteel Brasil was similarly divested for net proceeds
of $249 million.

Looking ahead, the group expects demand for Steel and
Construction Products businesses to remain soft due to the
inherent weakness of the construction industry, while the China
market is expected to maintain a moderate growth rate. However,
international steel prices for long products have increased due
to a combination of rising scrap prices as well as shifts in
supply and demand arising from the imposition of selective
import duties by the United States. In Singapore, steel prices
have firmed but prices of other building materials remain
depressed.

The offer from Crown Central Assets Limited to acquire all the
businesses, undertakings and assets of the Company, together
with its investments in all the subsidiaries, associated
companies of NatSteel, free from all bank borrowings of the
Group for an aggregate purchase cash consideration of $294
million has been extended to August 16, 2002. The offer price
per share works out to $1.84.

At the half, NatSteel Limited had borrowings of $389.8 million
and cash of approximately $354.7 million. The current offer by
Crown has been extended to provide NatSteel and its financial
adviser an opportunity to conduct a competitive sale process.

Kelive maintains Speculative Buy on the counter, as the shares
remain below the offer price.

For more information on Kelive market analysis, go to
http://www.kelive.com/kelive/userview/Home.jsp


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

Date of notice to Company: 06 Aug 2002
Date of change of deemed interest: 05 Aug 2002
Name of registered holder: DBS Nominees Pte Ltd
Circumstance(s) giving rise to the interest: Sales in open
market at own discretion

Shares held in the name of registered holder
No. of shares of the change: 264,000
percent of issued share capital: 0.03
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$2.095
No. of shares held before change: 50,695,400
percent of issued share capital: 5.95
No. of shares held after change: 50,431,400
percent of issued share capital: 5.92

Holdings of Substantial Shareholder including direct and deemed
interest
                                     Deemed Direct
No. of shares held before change: 75,498,500
percent of issued share capital:        8.86
No. of shares held after change:  75,234,500
percent of issued share capital:        8.83
Total shares:                     75,234,500


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


ONE-HOLDING: Files Business Reorganization Petition
---------------------------------------------------
One-Holding Public Company Limited (DEBTOR), engaged in
industrial and investment, filed its Petition for Business
Reorganization was filed at the Central Bankruptcy Court:

   Black Case Number 387/2543

   Red Case Number 449/2543

Petitioner: ONE-HOLDING PUBLIC COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt9,215,027,493

Planner: Filatex Planner Company Limited

Date of Court Acceptance of the Petition: May 25, 2000

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

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: June 26, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: July 25, 2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: October 25, 2000

Planner postponed the date for submitting the Plan #1st:
November 25, 2000

Planner postponed the date for submitting the Plan #2nd :
December 25, 2000

Appointment Date of the Creditors' Meeting for the Plan
Consideration : January 30, 2001 at 9.30 am. Convention Room no.
1105, 11th Floor Bangkok Insurance Building, South Sathorn Rd.

Meeting of Creditors had a special resolution accepting the plan
Court had issued an Order Canceling the Order for Reorganization
since March 13, 2001

Announcement of Court Order for Canceling the Reorganization in
Matichon Public Company Limited and Siam Rath Company Limited:
March 23, 2001

Announcement of Court Order for Canceling the Reorganization in
Government Gazette: April 17, 2001

Contact: Mr. Apiruk Tel, 6792525 Ext. 113


RATTANA REAL: Enters Reciprocal Agreement With Great China
----------------------------------------------------------
Rattana Real Estate Public Company Limited posted Information
Memorandum on Acquisition or Disposal of Assets with Great China
Millennium (Thailand) Co., Ltd., as follows:

1. Joint Venture Company : Great China  Millennium (Thailand)
Co., Ltd.

2. Company Address : No. 33/40, Surawong Road, Kwaeng
Suriyawong, Khet Bangrak, Bangkok Metropolis.

3. Registered Capital : Bt700,000,000, divided into 7,000,000
shares, par value of Bt100.

4. Type of Business :  Construction Business and Property
Development.

5. Shareholding Ratio : Rattana Real Estate Public Company
Limited holding  Preferred Shares at 42.86% of the registered
capital, amounting to 3,000,000 shares, totaling Bt300 Million.

6. Investors and Shareholding Ratio :

Names of Investors                 No. of shares     Percentage
Rattana Real Estate Public Company Limited  3,000,000    42.86
New Investors Group                         1,500,000    21.43
A D M Capital (Thailand) Co., Ltd.            375,000     5.36
Mr. Chaiwat Asawintarangkul                   375,000     5.36
Ms. Sumonmas Lipisonthorn                     375,000     5.36
Mr. Viritpol Oikasiwattana                    250,000     3.57
Mr. Preecha Keatkaew                          300,000     4.28
Mr. Maitee Yimyam                             300,000     4.28
Ms. Suwannee Parinyapornkul                   275,000     3.93
Mr. Sichatchai Saengnark                      250,000     3.57
Total           7,000,000   100.00

Relationship between the Investors and the Company/Directors :
- None-

7. Source of Funds : Borrowings from Great China Millennium
(Thailand) Co., Ltd.

8. Benefits to the Company from the joint venture company:

  In addition to dividends, the Company will enjoy the
benefits from debts restructuring and the opportunity to further
develop the project on the part of the Tower under the
conditions to be agreed in the reciprocal agreement, it being
considered as beneficial to the real estate business of the
Company also.

9. Calculation of Size of Transaction:

Size of Transaction is 12.44 percent of the total assets of the
Company, based on the Criteria of Total Value of Consideration.


RATTANA REAL: Releases BOD No. 3/2002 Resolutions
-------------------------------------------------
Rattana Real Estate Public Company Limited notified the
significant resolutions of the Board of Directors Meeting No.
3/2002, held on 5 August 2002, as follows:

1. Adoption of the Minutes of the Board of Directors  Meeting of
the Company No. 2/2002.

2. Acknowledgement of the passing away of Mrs. Somphorn
Assavasirisuk, which appointment of a new director to fill the
vacancy was  postponed, and which  Mr. Vitavas Vibhagool,
Managing Director, was  assigned to  consider and select a new
director for submission to the Board Meeting for consideration
in the subsequent occasion.

3. Acknowledgement of the resignation as Director and
Independent Director of Mr. Phongpinit Pinittanon, which
appointment of a new  director to fill the vacancy was
postponed, and which Mr. Vitavas Vibhagool, Managing Director,
was assigned to consider and select a new director and
independent director for submission to the Board Meeting for
consideration in the subsequent occasion.

4. Unanimous   approval  for  changing  the  authorized
directors who can sign to bind the Company as follows:

       "Mr. Chainid Ngow-sirimanee,  Mr.Vitavas  Vibhagool, Mr.
Apimorn Purimaporn, Mr. Nattachai Aramratsameevanit, two of four
directors  could  sign to bind the Company together with
affixing of the Company seal" due to the passing away of Mrs.
Somphorn Assavasirisuk as one of the former authorized director.

5. Consideration of ways to restructure the debts of the
Company, which are heavily burdening the Company. The meeting
unanimously resolved to propose to the  Shareholders Meeting for
approval for the Company to enter into a reciprocal agreement
with Great China Millennium (Thailand)Co., Ltd. in relation to
the Pratunam Complex Project.

6. Unanimous  approval  for setting  the  date  of the
Extraordinary General Meeting of Shareholders No.1/2002, to  be
held on 30 August 2002 at 10:00am at the Conference Room of
Company, No. 2922/305-306  Charn  Issara Tower II, New Petchburi
Road, Kwaeng Bangkapi, Khet Huaykwang, Bangkok Metropolis  and
fixing the agenda for the Extraordinary General Meeting of
Shareholders No.1/2002 to be as follows:

   1. To adopt the Minutes of Ordinary General Meeting of
Shareholders No.1/2002.
   2. To consider the solution to the debts problems of the
Company by entering into a reciprocal agreement in the Pratunam
Complex Project with Great China Millennium (Thailand) Co., Ltd.
and to consider other related matters.
   3. Other businesses (if any)

7. Unanimous   approval for fixing the closing date of share
registration from 19 August 2002 at 12:00 until the
Extraordinary General Meeting of Shareholders No.1/2002 will
adjourn, whereupon the Shareholders whose names appear in the
Share Register during the closing period will be entitled to
attend the Extraordinary General Meeting of Shareholders
No.1/2002.


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
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