---

       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

           Tuesday, August 13, 2002, Vol. 5, No. 159

                         Headlines

A U S T R A L I A

ACMA ENGINEERING: Quek Replaces Director Wilson
AUSTRALIAN BIOFUELS: Enters Sale Agreement to Repay Debts
BALLARAT GOLDFIELDS: Releases 4Q Activities, Cash Flow Report
CTI COMMUNICATIONS: Issues Change of Director`s Interest Notice
SHANGANI HOLDINGS: PwC Posts Case Profile

VOICENET (AUST): HoA Renegotiated Air Purification System


C H I N A   &   H O N G  K O N G

CHESFORD LIMITED: Winding Up Petition Slated for Hearing
CHEUNG KONG: Takes S&P Downgrade in Dim Market
INNOVATIVE INTERNATIONAL: Enters Restructuring Agreements
MEGA POWER: Hearing of Winding Up Petition Set
SE ASIA: Widen Operations Loss to HK$11M

THEME INT'L: Cites No Reason for Share Price Increase
TRUE IMAGE: Petition to Wind Up Pending
WINKO CONTAINER: Winding Up Petition to be Heard
WOO KEE: Proposes Reorganization, Share Capital Increase


I N D O N E S I A

INDOFOOD SUKSES: Rising Material Cost Causes 16.3% Profit Fall


J A P A N

FUJITSU LTD: US Unit Appoints Scott Kennedy VP of SBD
HITACHI LTD: Receives Order From KDDI for 3G Mobile Com
NIPPON MEAT: Moody's Places A3 Rating on Possible Downgrade
NIPPON TELEGRAPH: Reveals 1Q Operation Data For FY2002
NISSAN MOTOR: Selling $1.1B Car Loan Notes

NTT DOCOMO: C&W Submits Opinion on Mobile Interconnection Terms
TDK CORP: Posts Notice of Stock Acquisition Rights


K O R E A

DAEWOO MOTOR: Young An Inks Deal on Bus Plant Acquisition
DAEWOO MOTOR: GM-Daewoo Auto Launching Likely to be Delayed
HYUNDAI MERCHANT: Ready to Turn Around Operations
SEOULBANK: Union Vows to Stage Strike by August or September
SEOULBANK: Union Threatens Lawsuit Against Financial Advisers

SEOULBANK: Hana Bank May Raise Bid or Take Legal Action


M A L A Y S I A

AMSTEEL CORPORATION: SC Grants Proposal Extension Until Sept 30
AUTOWAYS HOLDINGS: Seeks Four-Mo Extension to Submit 2001 Report
AVENUE ASSETS: Proposals Resolutions Passed at EGM
CHASE PERDANA: Judge Strikes Off Winding Up Petition
GULA PERAK: Proposes Renewal of Shareholders' Mandate

HONG LEONG: Unit Requests Dissolution
L&M CORPORATION: Provides Unit's Winding Up Additional Info
LONG HUAT: RHB Bank Withdraws Winding Up Petition
PLANTATION & DEVELOPMENT: Court Convened Creditors Meeting Set
REKAPACIFIC BERHAD: Initial Hearing Dates Moved to August 27-29

SAP HOLDINGS: Alor Setar Civil Suit No. 22-121-01Fullt Settled
SPORTMA CORPORATION: Modifies Corp, Debt Restructuring Scheme
SRIWANI HOLDINGS: Submits Proposals to SC, FIC
UCP RESOURCES: Enters Preliminary MOU Agreement W/ White Knight
UNITED CHEMICAL: Provides Defaulted Payment Details


P H I L I P P I N E S

BELLE CORP: Issues H102 Income Statement
FIRST PHILIPPINE: Additional Listing of Shares
GLOBAL EQUITIES: Seeks Loan Restructuring Via Debt-Asset Swap
NATIONAL POWER: RTC Dismisses Suit Against Napocor/Meralco
PHILIPPINE LONG: MSSI Launches E-Commerce Security Solutions


S I N G A P O R E

ASIA PULP: Debt Workout Plan Update
CYTECH SOFTWARE: Issues Profit Warning
SIN SOON: Widens Net Loss to S$8.209M
TELEDATA LTD: Executes Supplemental Agreement on Restructuring


T H A I L A N D

BAN-CHANG GROUP: Business Reorganization Petition Filed
BANGKOK RUBBER: Creditors OK Business Reorganization Plan
THE COGENERATION: Issues Tractebel Tender Over Results
COUNTRY (THAILAND): Posts Business Reorganization Progress
THAI WAH: Plan Administrator Approved the Quarter 2/2002

       -  -  -  -  -  -  -  -

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


ACMA ENGINEERING: Quek Replaces Director Wilson
-----------------------------------------------
The Directors of Acma Engineering & Construction Group Limited
announced that Andrew Quek has been appointed a Director
consequent upon the resignation of Kenneth Wilson.

At the end of 2001, Acma Engineering & Construction Group Li had
negative working capital, as current liabilities were A$11.17
million while total current assets were only A$9.60 million.


AUSTRALIAN BIOFUELS: Enters Sale Agreement to Repay Debts
---------------------------------------------------------
Indcor Limited announced Monday the signing of a Heads of
Agreement with Multiplex Constructions Pty Ltd and Australian
Biofuels Pty Ltd for Indcor to acquire Australian Biofuels
from Multiplex. Australian Biofuels is an ethanol fuel business
established to develop ethanol fuel production and distribution
facilities in Australia.

The acquisition of Australian Biofuels is subject to a number of
conditions precedent including due diligence, shareholder
approval, consolidation of capital and the raising of funds to
complete the transaction.

A prospectus will be issued to raise $3.5 million and it is
intended that existing shareholders will have a priority
entitlement to participate in the placement on terms to be
announced.

The funds raised will be used to repay the Australian Biofuels
Development Debt to Multiplex ($1.5 million). The balance of the
funds will be used to pay for Australian Biofuels 50% share of
the Bankable Feasibility for the Mossman Ethanol Project, which
is scheduled to be completed in calendar year 2002, a working
capital injection into Australia Biofuels and the remainder for
Indcor's ongoing operational costs.

In addition, a placement of $250,000 at 0.25 cents is proposed
immediately to generate interim funds to complete the due
diligence, prospectus preparation and independent expert's
report as part of the Notice of General Meeting to be prepared
for shareholders to consider the Australian Biofuels
acquisition. The placement will be made to Multiplex (30%) and
clients of a major Australian broking house.

A condition of the acquisition is that the capital of Indcor be
consolidated on an eighty (80) to one (1) basis. The
consolidation is subject to shareholder approval.

Multiplex, as part of the Heads of Agreement have undertaken to
support the initial placement and also the $3.5 million
fundraising to the level of 30%. Multiplex are currently the 30%
major shareholder in Indcor and have confirmed their intention
to maintain this level by support of the capital raising.

Consideration for the acquisition of 100% of Australian Biofuels
from Multiplex is a cash payment of $1.5 million to repay the
Development Debt owed by Australian Biofuels to Multiplex and
ten (10) million Indoor shares at the agreed value of $0.20 per
share (post consolidation).

In addition, Multiplex may also receive a further issue and
allotment of shares up to a value of $1.5 million, based on the
share price at the next stage of fundraising, on the successful
completion of the ethanol project finance and the successful
commissioning and commercial product sale from the first ethanol
facility to be constructed in Australia by Australian Biofuels.

Australian Biofuels is at an advanced stage in the development
and financing of the Mossman Ethanol Project in joint venture
with the Mossman Central Mill Co-operative. The proposed
facility will be based in Mossman, far north Queensland. The
final bankable feasibility document is currently being prepared
and due for completion in calendar year 2002.

The Mossman Central Mill Co-operative owns the Mossman Ethanol
Project 50% by Australian Biofuels and 50%. The Mossman Ethanol
Project is a 40ML/year ethanol production facility, which
produces ethanol from sugar cane molasses. The molasses will be
supplied under supply contracts from the Mossman Central Mill
together with secondary molasses supplied under contract from
other sugar cane mills in the immediate region. The Project has
product supply, joint venture and management contracts in place.

Offtake ethanol contract negotiations are at an advanced stage
for the Mossman total plant facility production. Indcor have
been advised that the Mossman Co-operative have funding support
commitments in place with the Australian Federal Government for
the Project construction as a renewable energy project of
Federal significance.

The Directors believe the signing of the Heads of Agreement to
acquire Australian Biofuels presents an exciting opportunity for
the development of a major renewable energy business for Indcor
Limited in Australia. Ethanol production from sugar molasses is
proven technology with the opportunity to market renewable fuel
into the Australian market.


BALLARAT GOLDFIELDS: Releases 4Q Activities, Cash Flow Report
-------------------------------------------------------------
Ballarat Goldfields NL's Board convened a general meeting of
shareholders for 28 May 2002 to consider the proposed sale of
BGF's gold assets to Rexadis Pty Ltd.

At the same time several requisitioned a separate meeting
shareholders seeking consideration of an alternative proposal
whereby BGF would retain its gold assets and effect changes to
the BGF Board.

Shortly thereafter a third meeting was requisitioned by a group
of members to consider an alternative recapitalization proposal.

The Takeovers Panel conducted an enquiry into aspects of BGF's
agreements with Rexadis. That enquiry culminated in the 'break
fee' shares arrangement being declared void and the scheduled
date for the BGF shareholder meetings being postponed by one
week until 4 June 2002.

General meetings of shareholders held on 4 and 5 June 2002
resolved that the Company would not sell its gold investments to
Rexadis Pty Ltd. The Rexadis transaction was effectively
cancelled as a result of that decision. By that decision,
members confirmed that Ballarat Goldfields NL was to remain a
gold exploration company and is to concentrate on development of
its exploration assets. The proposal to change the name of
Ballarat Goldfields was abandoned.

By cancellation of the proposed sale to Rexadis it remained a
responsibility of the Company to finance retirement of the debt
owing to ANZ Banking Group Limited. To that end, after the
general meetings the directors sought financing support from
those parties that had expressed investment interest in Ballarat
Goldfields NL as an exploration entity.

On 14 June 2002 the Company announced that it had arranged with
RFC Corporate Finance Ltd (RFC) and Eureka Capital Partners Ltd
(Eureka) for a financing structure to be put in place. That
structure comprised a combination of loan funds, equity issues
and an Underwritten Rights Issue. The loan funding and equity
issue aspects are detailed below.

The 3 for 2 underwritten rights issue proposal developed on 14
June was intended to raise $4.3 million of new capital for
Ballarat Goldfields NL. The funds received as a result of the
rights issue would be applied to extinguish debt within the
Ballarat Goldfields NL group and to provide a modest amount for
working capital uses. The underwriting proposal was subject to
normal rights issue underwriting conditions, including the
underwriters' satisfaction with due diligence, completion of
sub-underwriting and other matters. The proposed underwriting
was also to be subject to escape conditions in relation to the
gold price (US$290 per ounce) and S&P/ASX 200 Index (3000 index
points). ASX granted a waiver from listing rule 7.11.3 to
permit the Company to conduct a pro rata non-renounceable 3 for
2 rights issue provided the issue was approved by shareholders.

BGF anticipated that the rights issue would open in August and
close in September 2002. The underwriters will become entitled
to underwriting fees equal in total to 5% (excluding GST) of the
issue proceeds. RFC will additionally, on re-instatement of BGF
to Australia Stock Exchange quotation, become entitled at no
cost to receive 5 million, 4-year options in BGF at an exercise
price of 3.45 cents per share.

ANZ Bank extended the Company's overdraft facility until 30
September 2002. On 13 May 2002 Eureka provided the Company with
a loan facility of $300,000 secured over assets of the Company,
repayable in 12 months with an interest rate equivalent to the
ANZ Bank 90-day bill rate plus 3%. Eureka provided a second loan
facility of $200,000 to the Company on 19 June 2002 on similar
terms and conditions to that dated 13 May 2002.

Ballarat Goldfields NL's re-launch as a gold development company
will again address the economic potential of Ballarat Goldfields
NL's exploration assets. Therefore, the path ahead for Ballarat
Goldfields NL as a gold explorer and project developer firstly
requires a review of exploration and development options for the
Ballarat Gold Project. It is expected that initial investment in
the project will be directed towards improving the value of the
project and management of technical risk. The Board intends to
commission a valuation of and assessment of options for the
remaining exploration assets.

Rexadis was allotted 4,322,589 new shares on 2 April at approx
2.3 cents per share, pursuant to the variation agreement dated 6
February 2002. Rexadis thereby became BGF's largest shareholder,
holding approx 4% of the issued capital. Director Mr J Roberts
converted an unsecured $100,000 loan to the Company into
1,111,111 new shares at 9 cents per share. During June BGF made
several placements of 13,820,933 new shares in total at 2 cents
per share to RFC and other parties raising $276,419.

After the expiry of June 2002 options and the cancellation of
partly paid shares the Company's issued capital as at 30 June
2002 comprises 125,127,220 fully paid ordinary shares only. The
largest shareholder is Alchemy Securities Pty Ltd, a subsidiary
of RFC, holding 6.25% of BGF's equity. There are 8,566
shareholders in BGF. The Top 40 shareholders account for 34.87%
of the capital or 43,622,186 shares. 7,409 members hold less
than a marketable parcel of 20,000 shares, collectively
comprising 21,047,007 shares or 16.82% of the capital.

A prospectus document and underwriting agreement were under
preparation during July and early August 2002. Eureka advised
that it would act as a sub underwriter to RFC and not as a lead
underwriter. The scope of the capital raising was adjusted
upwards to reflect the Company's projected cash requirements
through until end 2003. The format of the proposed issue was
also modified to an underwritten 1 for 1 rights issue at 2.3
cents per share plus public share issue of up to 175 million
shares at 2.5 cents per share to raise up to an additional $4.3
million.

The issues as now proposed at 9 August 2002 could generate up to
$7.1 million of funds for BGF. The $2.8 million rights issue is
interdependent on the public issue raising at least $3.3
million, providing a minimum cash injection of $6.1 million.
BGF's Notice of Meeting for adoption of the June 2001 annual
accounts and approval of other business related to the proposed
new issues was submitted to ASX on 9 August 2002. The proposed
underwriting agreement now provides escape conditions when the
gold price falls below US$290 per ounce or the S&P/ASX 200 index
falls below 2800 points.

Directors intend to request ASX to remove BGF's suspension from
quotation on ASX after closure of the rights issue and public
issue.

Subject to successful completion of the proposed rights issue
and the proposed public issue by BGF it is intended that the
current Board of BGF will resign and be replaced by three new
directors.

EXPLORATION

No funds were allocated to field exploration activity during the
reporting period. No underground work was carried out at the
Ballarat Gold Project, apart from minimal essential maintenance.

Project staff was primarily engaged in assisting the proposed
underwriter to conduct its due diligence and in preparation of
prospectus technical inputs.

OZTRAK GROUP

Oztrak Group received advice that the judgments awarded to it in
two cases had been upheld as a result of the two appeal hearings
held in Munich on 24 April 2002. The court held over the issue
of its written verdict in respect of the major case until 24
July 2002.

On 31 July BGF advised ASX that the defendant in the major case
had applied to the court to commence insolvency proceedings and
as a consequence it now appeared unlikely that Oztrak Group
would recover the approx $2.3 million awarded to it by the
appeal court in that matter.

Oztrak's sales revenues increased to $280,000 in this quarter
(excluding GST). Full year unaudited results for Oztrak Group
were: Revenues of $1,200,000 (FY 2001: $1,700,000); loss of
($1,800,000) including $1,000,000 write off of Goodwill (FY
2001: loss $3,612,000 including write down of inventory of
$1,442,000).

BGF's Board and the proposed underwriter to the planned
recapitalization of BGF has agreed that BGF needs to separate
Oztrak from BGF, the gold exploration company. Accordingly,
BGF's directors will seek to transact a trade sale of Oztrak
Group or other means of divestment.

Further details of the Fourth Quarter Activities and Cash Flow
Report are found at http://www.bankrupt.com/misc/TCRAP_BGF4.pdf.

First, Second and Third Quarter report are also found at
http://www.bankrupt.com/misc/BGF1.pdf,
http://www.bankrupt.com/misc/BGF2.pdfand
http://www.bankrupt.com/misc/BGF3.pdf,respectively.


CTI COMMUNICATIONS: Issues Change of Director`s Interest Notice
---------------------------------------------------------------
CTI Communications Limited posted this notice:

CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company          CTI Communications Limited

   ABN                      45 071 781 363

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

   Name of Director         Paul A Hardie

   Date of last notice      20/03/2002


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

Direct or indirect interest             Indirect

Nature of indirect interest (including registered holder)

Mr Paul Andrew Hardie
(Hardie Family Fund A/C)
Relevant interest under the circumstances set out in s608(1)
of the Corporations Act

Date of change                          09/08/2002

No. of securities held prior
to change                               100,000 options

Class                                   Ordinary fully paid
                                        shares and options
expiring
                                        30/06/2006

Number Acquired                        482,450 shares
                                       200,000 options

Number disposed                            Nil

Value/consideration                     $38,500

No. of securities held after
change                                  482,450 shares
                                        300,000 options

Nature of change                        Off-market transfer


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

Detail of contract                      N/A

Nature of direct interest               -

Name of registered holder
(if issued securities)                  -

Date of change                          -

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

Interest Acquired                       -

Interest disposed                       -

Value/consideration                     -

Interest after change                   -

Wrights Investors' Service reports that at the end of 2001, CTI
Communications had negative working capital, as current
liabilities were A$8.26 million while total current assets were
only A$6.46 million.


SHANGANI HOLDINGS: PwC Posts Case Profile
-----------------------------------------
PricewaterhouseCoopers (PwC) posted this case profile:

Territory :  Australia
Company Name:  Shangani Holdings Pty Ltd
Lead Partner:  Ian Hall
Case Manager:  Graham Killer
Date of Appointment:  12 August 2002
Normal Contact  :  Renae Obersky
Contact Phone No  :  (07) 3257 5098

PwC Office

Location :  Brisbane
PO Box :  GPO Box 150
Street Address:  Waterfront Place, 1 Eagle Street
City  :  BRISBANE
CState :  QLD
Postcode :  4001
DX  :  DX 77 Brisbane
Phone  :  (07) 3257 5000
Fax  :  (07) 3257 8004
Appointor :  National Australia Bank Limited
Registered Office of company:  c/- Anthony Wetmore & Co, Level 6
Sherwood House, 39 Sherwood Road, TOOWONG QLD 4066
Company No / ACN:  093 478 703
Type of Appointment :  Receiver and Manager
Lead Partner - Full Name:  Ian Richard Hall
Second Partner - Full Name:  Peter James Hedge

Case Information (Last Updated 12/08/2002 02:07:38 PM)

Time:  12:00 PM
Return time:  12:00 PM
Time:  12:00 PM
Return time:  12:00 PM
Time:  12:00 PM  (www.pwcrecovery.com)


VOICENET (AUST): HoA Renegotiated Air Purification System
---------------------------------------------------------
Voicenet (Aust) Ltd has signed a conditional Heads of Agreement
on Monday to acquire 50% of the technology through the
establishment of a joint venture entity with Microgenix Limited.

This agreement will enable Voicenet (Aust) Ltd to participate in
the worldwide development and marketing of the Microgenix Air
Purification System and will have a significant effect in
generating an early income stream for the Company.

The transaction is subject to shareholder approval and is
conditional on a number of matters including:

   (i) Voicenet (Aust) being satisfied with the results of a due
diligence examination covering the system, patent protection
applications, technical know-how and title to the technology.

   (ii) An advance of $3,000,000 in loan funds, subject to draw-
downs as defined under the performance clause in the Heads of
Agreement, such as loan funds to be over a 12 month period.

   (iii) shareholder approval of the resolutions necessary to
effect the acquisition.

Consideration for the acquisition will together with the above
loans comprise allotment of 200,000,000 fully paid ordinary
shares in Voicenet (Aust) Ltd to Microgenix Ltd at an issue
price of 2.5 cents per share.  Those shares are subject to a
performance clause over 12 months as defined in the Heads of
Agreement and will be subject to an escrow agreement with the
ASX.

BOARD COMPOSITION

The Company's existing directors, Mr Michael Silver - Chairman,
Mr Lindsay C S Sanford - Managing Director, Michael Ivkovic will
continue.

Mr Jim Palmer will be invited to join the board of Voicenet
(Aust) Ltd.  Mr Palmer is the Managing Director of Forman IT&T,
a marketing company that provides information technology
support.  Mr Palmer established and operated a highly successful
information technology business in the United Kingdom prior to
taking up residency in Australia.  The Directors believe that Mr
Palmer will contribute considerable marketing and operational
expertise to the Company as it develops and commercializes the
Microgenix system in the Australasian territory.

It is proposed that Lindsay C S Sanford will be Chairman and
Chief Executive Officer of the joint venture entity during the
development stage of the technology.

CAPITAL STRUCTURE

The table below shows the capital structure of Voicenet (Aust)
Ltd as it will be upon the successful completion of the
transaction.

                            NUMBER OF SHARES   NUMBER OF OPTIONS

Current issued capital          247,610,575           4,200,000

Shares to be issued to          200,000,000*          -
Microgenix

Options to be issued to
new directors and introducers   -          30,000,000

Total                           447,610,575          34,200,000

* Note: These shares will be subject to escrow provisions.

FINANCIAL IMPLICATIONS

It is not possible, at this stage, to forecast projected cash
flow of income for the Microgenix products.  A number of
expressions of interest from possible licensees have been
received.

Subject to further capital raisings, the directors believe there
will be sufficient funds to complete the proposed transaction
and to contribute to working capital to enable business
development, marketing and distribution of the Microgenix system
and the Voicenet speech technology.

In addition, a further capital raising may be required to
satisfy the future development and expansion of Voicenet speech
and Microgenix products and will be subject to company cash flow
requirements.

Following settlement, the company will have approximately
$1,050,000 in cash and no debt.

SHAREHOLDERS MEETING

An Extraordinary General Meeting of shareholders will be held as
soon as possible after the conditions of the Heads of Agreement
are satisfied.  This meeting will consider the various
resolutions required to authorize the purchase of the new
business, make the share placement and option allocations.  A
Notice of Meeting will be distributed to shareholders for this
meeting.

The company will request a voluntary suspension of its
securities on the day prior to the General Meeting of members at
which shareholders approval for the transaction will be sought.
A simple majority of shareholders will be required to approve
the transaction.  Once the company has obtained shareholder
approval for the transaction the securities of the company will
be reinstated to trading.

EXISTING OPERATIONS

Voicenet (Aust) Ltd will continue to support its present in
Voicenet Speech Chile, and Voicenet Inc USA in product and
market development for the voice speech technology range of
products.


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


CHESFORD LIMITED: Winding Up Petition Slated for Hearing
--------------------------------------------------------
The petition to wind up Chesford Limited is scheduled to be
heard before the High Court of Hong Kong on September 11, 2002
at 9:30 am.  The petition was filed with the court on June 18,
2002 by Lin Bo Chun of 1721, 17th Floor, Wing Yuen House, Chuk
Yuen South Estate, Kowloon, Hong Kong.


CHEUNG KONG: Takes S&P Downgrade in Dim Market
----------------------------------------------
Credit agency Standard & Poor's downgraded Thursday its outlook
for conglomerate Cheung Kong (Holdings) to negative and
delivered a bleak prognosis for the Hong Kong property market,
South China Morning Post reported Friday.

The Cheung Kong report completed a review of all SAR developers
by S&P, which downgraded its outlook for five major property
companies, including Sun Hung Kai Properties and Swire Pacific.
S&P said the core property development business of Cheung Kong,
considered to be one of the strongest developers financially,
would be affected by persistent deflation and an overhang of
supply evident in the property market.

The credit agency said the downgrade reflected the challenges
facing Hong Kong's property market, and continuing uncertainty
over the telecommunications investments of Cheung Kong's 49.9%
owned conglomerate Hutchison Whampoa.

S&P reaffirmed a single A rating for Cheung Kong but warned that
if its profitability did not show a strong recovery in the near
term the rating could be changed.


INNOVATIVE INTERNATIONAL: Enters Restructuring Agreements
---------------------------------------------------------
The Receivers and the respective Boards of Directors of
Innovative International (Holdings) Limited announced that each
of the Compromise Agreement and the Subscription Agreement was
entered into on 10th July, 2002, in relation to the financial
restructuring of the Company. The Restructuring Agreements are
subject to a number of conditions including the Hong Kong Scheme
becoming effective.

The principal terms of the Restructuring Agreements and of the
Schemes are set out at
http://www.bankrupt.com/misc/TCRAP_Innovative0813.pdf

Immediately upon Closing, but before exercise of the
subscription rights attaching to the Warrants and of the Put
Option, the Investor together with parties acting in concert
with it will be interested in an aggregate of approximately
88.69% of the enlarged issued share capital of the Company. The
issue of the New Shares to the Investor as a result of the Share
Subscription will trigger an obligation for the Investor to make
a general offer for all the New Shares (other than those New
Shares already owned or agreed to be acquired by it or by
parties acting in concert with it) under Rule 26 of the Code.

Accordingly, the Investor will apply to the Executive for a
waiver pursuant to Note 1 on dispensations from Rule 26 of the
Code from its obligations and those of parties acting in concert
with it to make a general offer for all the New Shares other
than those already held by the Investor or agreed to be acquired
by it together with parties acting in concert with it.

Further details on this matter are found on
http://www.bankrupt.com/misc/TCRAP_Innovative0813.pdf


MEGA POWER: Hearing of Winding Up Petition Set
----------------------------------------------
The petition to wind up Mega Power Industries Limited will be
heard before the High Court of Hong Kong on September 4, 2002 at
9:30 am.  The petition was filed with the court on June 11, 2002
by Cheng Shuk Fan Fiona of Room 3316, Shek On House, Shek Lei
Estate, Kwai Chung, New Territories, Hong Kong.


SE ASIA: Widen Operations Loss to HK$11M
----------------------------------------
South East Asia Wood Industries Holdings Limited announced on 8
August 2002:

Year end date: 31/12/2002
Currency: HK$
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                             : 16,624           15,717
Profit/(Loss) from Operations        : (10,910)         (1,818)
Finance cost                         : -                (1)
Share of Profit/(Loss) of Associates : N/A              N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities        : N/A              N/A
Profit/(Loss) after Tax & MI         : (10,910)         6,732
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : (0.50 cent)      0.34
cent
         -Diluted                    : N/A              N/A
Extraordinary (ETD) Gain/(Loss)      : N/A              N/A
Profit/(Loss) after ETD Items        : (10,910)         6,732
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.      Accounting policies

These condensed consolidated financial statements have been
prepared in accordance with Hong Kong Statements of Standard
Accounting Practice (SSAP) No.25 "Interim Financial Reporting"
and the disclosure requirements of the Hong Kong Companies
Ordinance.  They have been prepared under the historical cost
convention.  The accounting policies adopted is consistent with
those used in the Group's annual financial statements for the
year ended 31 December 2001, except for the adoption of
the new SSAP 15 (Revised) "Cash Flow Statements" and SSAP 34
"Employee Benefits", the impact of which is summarized as
follows:

(a)     SSAP 15 (Revised) "Cash Flow Statements" prescribes the
provision of information about the historical changes in cash
and cash equivalents.

The condensed consolidated cash flow statement for the current
interim period and the comparative figures are presented in
accordance with the revised SSAP.

(b)     SSAP 34 "Employee Benefits" prescribes the accounting
and disclosure for employee benefits. This SSAP has had no major
impact on these financial statements.

2.      Tax
                                    Six months ended 30 June
                                    2002             2001
                                    (Unaudited)     (Unaudited)
                                    HK$'000         HK$'000

Overprovision in prior years        -               8,551
                                 ==============   ==============

No provision for Hong Kong profits tax has been made as the
Group had no assessable profits arising in Hong Kong for the
period (six months ended 30 June 2001: Nil).

A Group company operating in the People's Republic of China
(PRC) is exempt from income tax for two years starting from its
first profitable year of operations and is entitled to 50%
relief from income tax for the following three years under the
Income Tax Law of the PRC.  No provision for tax has been made
as this Group company did not generate any assessable profits
arising in the PRC during the period.

No provision has been made for taxes, which would arise on the
remittance to Hong Kong of retained profits of overseas
companies as it is not anticipated that these amounts will be
remitted in the near future.

The Company had no unprovided deferred tax at the balance sheet
date (2001: Nil).

3.      Earnings/(Loss) per share

The calculation of the basic loss per share is based on the
unaudited net loss attributable to shareholders for the six
months ended 30 June 2002 of HK$10,910,000 (six months ended 30
June 2001: net profit of HK$6,732,000) and the weighted average
of 2,170,601,235 shares (six months ended 30 June 2001:
1,985,193,370 shares) in issue during the period.

Diluted earnings/(loss) per share amounts for the six months
ended 30 June 2002 and 2001 have not been shown because there
were no dilutive events existing during these periods.


THEME INT'L: Cites No Reason for Share Price Increase
-----------------------------------------------------
Theme International Holdings Limited noted that the recent
increase in the price of the shares of the Company and stated
that we are not aware of any reasons for such increase.

The Company also confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the Board aware of any matter discloseable
under the general obligation imposed by paragraph 2 of the
Listing Agreement, which is or may be of a price-sensitive
nature.


TRUE IMAGE: Petition to Wind Up Pending
---------------------------------------
The petition to wind up True Image Production 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 18, 2002 by the
Company whose registered office is situated a Room 5308, The
Center, 99 Queen's Road, Central, Hong Kong.


WINKO CONTAINER: Winding Up Petition to be Heard
------------------------------------------------
The petition to wind up Winko Container Services Limited is set
for hearing before the High Court of Hong Kong on September 4,
2002 at 9:30 am.

The petition was filed with the court on June 10, 2002 by Li Lik
Sang of Room 2015, Yiu Fu House, Tin Yiu Estate, Tin Shui Wai,
Yuen Long, New Territories, Hong Kong.


WOO KEE: Proposes Capital Reorganization, Share Capital Increase
----------------------------------------------------------------
The Directors of Woo Kee Hong Holding Limited propose to put
forward proposals to the Shareholders to effect (a) the Capital
Reorganization involving, inter alia, the reduction of the Share
Premium Account, the cancellation of the Accumulated Losses, the
Share Consolidation and the Bonus Issue; and (b) an increase in
authorized share capital of the Company.

CAPITAL REORGANISATION

The Directors announce that they intend to put forward to the
Shareholders a proposal to effect a Capital Reorganization
involving:

(i) Reduction of the Share Premium Account

The Directors propose to reduce the Share Premium Account
which as at the Last Effective Date, has a credit of
approximately HK$426,127,000 and credit the amount arising there
from to the contributed surplus account of the Company which
will then be partially used to set off the whole of the
Accumulated Losses and for other purposes as permissible under
the laws of Bermuda and the bye-laws of the Company and as the
Directors consider appropriate.

(ii) Cancellation of Accumulated Losses

The Directors propose to apply an amount of approximately
HK$94,415,000 standing in the credit of the contributed surplus
account of the Company as at the date the Capital Reorganization
becoming effective to set off the Accumulated Losses.

(iii) Share Consolidation

The Share Consolidation will be made on the basis of every
ten issued and unissued Shares of HK$0.01 each in the capital of
the Company consolidated into one Consolidated Share of HK$0.10
each. On the basis of 704,435,585 Shares in issue as at the date
of this announcement, there will be 70,443,558 Consolidated
Shares in issue following the Share Consolidation.

The Consolidated Shares will rank pari passu in all
respects with each other and the Share Consolidation will not
result in any change in the relative rights of the Shareholders.

(iv)  Bonus Issue

The Bonus Issue will be made on the basis of ten Bonus Shares
for every one Consolidated Share held by Shareholders whose
names appear on the register of members of the Company on the
Record Date. Subject to approval of the Capital Reorganization
by the Shareholders and on the basis of 70,443,558 Consolidated
Shares in issue after the Share Consolidation, 704,435,580 Bonus
Shares will be issued pursuant to the Bonus Issue. The Bonus
Shares will be credited as fully paid at HK$0.10 after the Share
Consolidation by applying the amount of HK$70,443,558 standing
in the credit in the contributed surplus account of the Company
as at the Effective Date after deducting there from the amount
apply towards setting off the Accumulated Losses.

The terms and arrangements of the Bonus Issue are as
follows:

Record Date and closure of register of members

The registers of members of the Company will be closed from
Monday, 16 September 2002 to Wednesday, 18 September 2002, both
dates inclusive, and the Record Date for entitlement to the
Bonus Issue will be at 4:00 p.m. on Wednesday, 18 September
2002. In order to be qualified for the Bonus Issue, transfers
accompanied by the relevant share certificates must be lodged
with the Company's branch share registrar in Hong Kong, Standard
Registrars Limited, 5th Floor, Wing On Center, 111 Connaught
Road Central, Hong Kong not later than 4:00 pm on Friday, 13
September 2002.

Status of the Bonus Shares

The Bonus Shares will rank pari passu with the
Consolidated Shares in all respects except that holders of the
Bonus Shares will not entitled to the Bonus Issue.

Fractional entitlements

Fractional entitlements to the Bonus Shares will not be
issued but will be aggregated and sold for the benefit of the
Company.

Overseas Shareholders

The documents to be issued in relation to the Bonus Issue
will not be registered or filed under any securities legislation
of any jurisdiction outside Hong Kong and Bermuda. If on the
Record Date, a Shareholder's address on the Company's register
of members is in a place outside Hong Kong, no Bonus Shares will
be issued to the Overseas Shareholder as the offering of the
Bonus Shares by the Company to the Overseas Shareholder may
contravene relevant securities regulations in that Shareholder's
country of residence. Arrangements will be made for the Bonus
Shares, which would otherwise have been issued to the Overseas
Shareholders to be sold in the market as soon as possible. Any
net proceeds of sale, after deduction of expenses, will be
distributed in Hong Kong dollars pro rata to such persons and
remittances thereof will be posted to them, at their own risk,
unless the amount falling to be distributed to any such person
is less than HK$100, in which case it will be retained for the
benefit of the Company.

Certificates for Bonus Shares

It is expected that certificates for the Bonus Shares will
be posted to those entitled thereto at their own risk on or
before Wednesday, 2 October 2002. In the case of joint
shareholdings, the certificates for the Bonus Shares will be
posted to the address of the first named member on the register
of members of the Company in respect of such joint holding.
Dealings in the Bonus Shares are expected to commence on Friday,
4 October 2002.

Upon the Capital Reorganization taking effect, the board lot
size will remain at 2,000 Consolidated Shares. The Consolidated
Shares will rank pari passu in all respects with each other and
the Capital Reorganization will not result in any change in the
relative rights of the Shareholders.

In order to facilitate the trading of odd lots of Consolidated
Shares as a result of the Share Consolidation and the Bonus
Issue, the Company will, for a period of one month commencing
from the effective date of the Share Consolidation, provide a
"matching service" to Shareholders who wish to buy or sell their
holding of odd lots. Further information in this regard will be
set out in the circular to be dispatched to the Shareholders.

REASONS FOR THE CAPITAL REORGANISATION

The Company currently has no distributable reserve due to the
Accumulated Losses of approximately HK$94,415,000 as at the Last
Effective Date. The Directors are of the view that the
cancellation of the Accumulated Losses will enable the Company
to declare dividends to Shareholders at an earlier time than
having the Accumulated Losses set off against future generated
profits. At present, the Directors have no intention to declare
any dividends.

Upon the Share Consolidation becoming effective, the market
value of each board lot will be ten times higher than the market
value of the current board lot and therefore the overall
transaction cost and handling cost paid by Shareholders and the
Company respectively will be lower.

Insofar as the Bonus Issue is concerned, the Directors wish to
achieve and maintain greater liquidity in the Shares. The
Directors also wish to achieve a better Balance Sheet ratio of
issued share capital relative to the balance of reserves
available as part of the total shareholders funds.

The Directors believe that the Bonus Issue is able to address
and achieve both of these objectives. After the Bonus Issue, the
share capital will represent approximately 26% of the total
shareholders funds as at 31 December 2001, and with
approximately 774.9 million New Shares in issue, of which
approximately 47% represents a free float of shares not held by
the controlling shareholders, this shall provide the Company
with a wider capital base and increase the marketability of the
Consolidated Shares.

Based on the above reasons, the Directors consider that the
Capital Reorganization is in the interest of the Company and its
Shareholders as a whole.

PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL OF THE COMPANY

The Directors intend to put forward to the Shareholders a
proposal to effect an increase of authorized share capital of
the Company from HK$210,521,753.37 after Share Consolidation to
HK$350,000,000 by the creation of an additional 1,394,782,467
Consolidated Shares. The Directors have no present intention to
issue any part of the increased share capital other than the
Bonus Shares.

CONDITIONS OF THE CAPITAL REORGANISATION

The Capital Reorganization is subject to, inter alia, the
following conditions:

1. the passing of the relevant resolutions by the
Shareholders to approve the Capital Reorganization at the SGM;

2. the Stock Exchange granting the listing of, and permission
to deal in, the Consolidated Shares resulting from the Share
Consolidation, the Bonus Shares to be issued and alloted
pursuant to the Bonus Issue and any Consolidated Shares to be
issued and allotted pursuant to the exercise of the subscription
rights attaching to the Share Options; and

3. the publication of a notice in an appointed newspaper in
accordance with the requirements of the Companies Act.

TRADING ARRANGEMENTS FOR CONSOLIDATED SHARES

Subject to the Capital Reorganization becoming effective, which
is expected to be at 4:00 p.m. on Wednesday, 18 September 2002,
the Shareholders may on or after Thursday, 19 September 2002
until Thursday, 31 October 2002 submit certificates for the
existing Shares to the Company's branch share registrar in Hong
Kong, Standard Registrars Limited at 5th Floor, Wing On Center,
111 Connaught Road Central, Hong Kong, at the expense of the
Company, in exchange for new certificates for the Consolidated
Shares in issue. Thereafter, certificates for the existing
Shares will be accepted for exchange only on payment of a fee of
HK$2.50 (or such higher amount as may from time to time allowed
by the Stock Exchange) for each new certificate issued for the
Consolidated Shares. Nevertheless, certificates for the existing
Shares will continue to be good evidence of legal title and may
be exchanged for certificates for the Consolidated Shares at any
time.

The board lot size will remain unchanged at 2,000 New Shares
upon the completion of Capital Reorganization.

Any fractional entitlements to the Consolidated Shares will be
aggregate and sold and retained for the benefit of the Company.
In order to alleviate the difficulties arising from the
existence of odd lots of the Consolidated Shares as a result of
the Capital Reorganization, the Company has agreed to procure an
agent to stand in the market to provide matching services for
the odd lots of Consolidated Shares on a best effort basis
during the period from 19 September 2002 to 28 October 2002
(both dates inclusive). Further details of the odd lots
arrangement will be contained in the circular to be dispatched
to the Shareholders.


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


INDOFOOD SUKSES: Rising Material Cost Causes 16.3% Profit Fall
--------------------------------------------------------------
PT Indofood Sukses Makmur's first half operating profit fell to
Rp864.543 billion from a restated Rp1.034 trillion in the
previous corresponding period, a fall of 16.3 percent, with the
rising cost of imported raw materials squeezing margins, AFX-
Asia reports, citing President Director Eva Riyanti Hutapea.

According to an unnamed analysts, the fall in operating income
is greater than most expectations, with forecasts ranging from
Rp0.95 to Rp1.0 trillion.

However, the company reported a forex gain of Rp317.415 billion
compared to a loss of Rp366.605 billion previously.

"The increase in net income during the first semester of 2002
was primarily the result of the strengthening of the rupiah
relative to the US dollar, to an average rate of 9,499
rupiah/usd in 2002 from an average of 10,643 in 2001," Hutapea
said.

According to Wrights Investors' Service, at the end of 2001, PT
Indofood Sukses Makmur Terbuka had negative working capital, as
current liabilities were Rp6.06 trillion while total current
assets were only Rp5.25 trillion.


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


FUJITSU LTD: US Unit Appoints Scott Kennedy VP of SBD
-----------------------------------------------------
Fujitsu Software Technology Corporation (Fujitsu Softek), a
leading provider of storage management software, announced
Thursday the promotion of Scott Kennedy to Company officer and
Vice President of Strategic Business Development. He will report
directly to Fujitsu Softek President and CEO Steven F.X. Murphy.

In this newly created position, Kennedy is charged with
implementing and coordinating Fujitsu Softek's multi-department
strategic initiatives with the Fujitsu group worldwide. Here, he
will increase his efforts on the integration and market success
of Fujitsu Softek's newly acquired products and continue his
focus expanding the Company's reach with targeted emerging
technology companies in the storage industry.

"Scott is one of the key foundation builders of Fujitsu Softek
and has played an instrumental role in realizing the Fujitsu
Softek vision," said Murphy. "His extensive experience and
passion for Softek technologies will allow us to further develop
new and innovative partnerships to deliver best-of-breed storage
management solutions."

"There are very few players in the storage space as well
positioned as Fujitsu Softek," said Kennedy. "We have
tremendous business opportunities ahead, and I'm looking forward
to paving the way for delivering the most comprehensive storage
management solutions today."

Recently, Kennedy played a key role in the acquisition of
Vixel's SAN Management software and DataCore's virtualization
source code. These two acquisitions were key to Fujitsu Softek
becoming the first Company to supply a comprehensive suite of
storage management software that is hardware-vendor and OS-
platform independent. Kennedy joined Fujitsu Softek after 15
years at Amdahl Corporation, where he is credited with the
launch of Softek TDMFT software, the most successful vendor-
independent data migration product in the industry, which proved
to be a $100 million product with more than 400 customers
worldwide.

Fujitsu Software Technology Corporation delivers the first
powerful alternative to traditional storage management. The
Company offers a complete suite of storage management software,
which operates across multiple storage vendors and platforms
allowing customers to realize best-in-class ROI from their
storage assets. Fujitsu Software Technology Corporation offers
storage management solutions in storage resource management,
storage virtualization, SAN management, data migration,
replication, backup, disaster recovery/business continuance and
quality of service monitoring. Based in Sunnyvale, Calif., the
Company is backed by the financial strength of Fujitsu Limited.
For more information, visit www.softek.fujitsu.com

Press Contacts:
Katie Neuman
FitzGerald Communications, Inc.
(415) 986-9500 ext. 227
softek@fitzgerald.com Emory Epperson
Fujitsu Software Technology Corp.
(408) 746-6790
eepperson@softek.fujitsu.com


HITACHI LTD: Receives Order From KDDI for 3G Mobile Com
-------------------------------------------------------
Hitachi, Ltd. announced Thursday that has received an order for
CDMA2000 1xEV-DO radio access network systems for both 2GHz band
and 800MHz band. KDDI will launch test service in April 2003 for
2GHz band systems and commercial service in autumn 2003 for
800MHz band systems.

CDMA2000 1xEV-DO systems provided by KDDI consist of IP network,
multi-vender radio access networks, and mobile terminals. Among
these, Hitachi is responsible for radio access network.

CDMA2000 1xEV-DO, one of 3G mobile communications systems using
CDMA technology, was originally developed by Qualcomm, Inc.
(U.S.A.) and optimized for mobile high-speed data services. The
system adopts IP based network architecture and provides a peak
data rate of 2.4 Mbps within one 1.25MHz CDMA carrier. Due to
high compatibility, CDMA2000 1xEV-DO can utilize existing
CDMA2000 1x/cdmaOne cell sites, towers, and antennas.
Furthermore, CDMA2000 1xEV-DO has been registered to ITU as one
of third-generation Mobile Communication Systems (IMT-2000)
after completing its specification in 3GPP2.

Hitachi has been cooperating with KDDI to evaluate the
performance and service of CDMA200 1xEV-DO by providing systems
for field tests conducted by KDDI in Tokyo since 2000. Hitachi
believes the factors for this vender selection were Hitachi's
technical experiences gained from these field tests and
superiority of equipments.

Hitachi will seek to expand the sales of next generation
telecommunication systems by leveraging these experiences and
its technical know-how.

About Hitachi

Hitachi, Ltd., headquartered in Tokyo, Japan, is a leading
global electronics Company, with approximately 320,000 employees
worldwide.

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

CONTACT:
Hitachi America, Ltd.
Gerard F. Corbett, 650/244-7900
gerard.corbett@hal.hitachi.com


NIPPON MEAT: Moody's Places A3 Rating on Possible Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed the A3 senior unsecured
long-term debt rating of Nippon Meat Packers, Inc. (NMP) under
review for possible downgrade, following the disclosure of a
mislabeling by Nippon Food.

The action reflects Moody's concern that the disclosure by
Nippon Food Inc, a 100 percent-owned consolidated unit of NMP,
may have a significantly negative effect on NMP's brand image,
its earning and cash flow.

It was reported last week that Nippon Food disguised imported
beef as a domestic product to qualify for government subsidies.
The government subsidy system was introduced in the wake of an
outbreak of Bovine Spongiform Encephalopathy disease, known as
BSE, in September 2001.

Moody's review will focus on the Company's ability to manage and
control the risks that may threaten the Company' s franchise
value and its management's capability to implement effective
strategies and measures necessary to regain its competitiveness.

Moody's will assess the longer-term potential impact of the
scandal on NMP's operation and the Company's brand image.

Nippon Meat Packers, Inc., headquartered in Osaka, is a leading
Company in Japan's meatpacking and processing industry.


NIPPON TELEGRAPH: Reveals 1Q Operation Data For FY2002
------------------------------------------------------
Nippon Telegraph and Telephone Corp. have put together its
information on business operations for the first quarter of
FY2002. The information is provided in
http://bankrupt.com/misc/TCRAP_NTT0812.htm

For inquiries, please contact:

Ogata, or Hanai
IR Group, Department IV
Nippon Telegraph and Telephone Corporation
Tel: 03-5205-5581
Fax: 03-5205-5589
investors@hco.ntt.co.jp


NISSAN MOTOR: Selling $1.1B Car Loan Notes
------------------------------------------
Nissan Motor Co Ltd. on Thursday priced $1.1 billion in asset-
backed securities, supported by loans to borrowers who bought
their cars, Reuters reports.

Morgan Stanley headed the deal's underwriting team that included
ABN-AMRO, J.P. Morgan Securities, Merrill Lynch, Salomon Smith
Barney, S.G. Cowen and Williams Capital, market sources said.

Following are the terms and conditions of "AmeriCredit Auto ABS
2002-3":

Class A1 Issue Amount    $316 million
Average Life             0.39 years
Spread                   4-month Libor Libor minus 2 bps
Coupon                   1.704 pct
Price                    100
Ratings                  P1 (Moody's), A1-plus (S&P)


Class A2Issue Amount     $170 million
Average Life             1 year
Spread                   eurodollar futures + 11 bps
Coupon                   1.94 pct
Price                    99.99301
Ratings                  Aaa (Moody's), AAA (S&P)

Class A3 Issue Amount    $435 million
Average Life             2 years
Spread                   2-year swaps + 14 15 bps
Coupon                   2.60 pct
Price                    99.99642
Ratings                  Aaa (Moody's), AAA (S&P)


Class A4 Issue Amount    $183.26 million
Average Life             3.3 years
Spread                   Interpolated swaps + 12 bps
Coupon                   3.33 pct
Price                    99.98580
Ratings                  Aaa (Moody's), AAA (S&P)

Settlement Date:         August 19, 2002


NTT DOCOMO: C&W Submits Opinion on Mobile Interconnection Terms
---------------------------------------------------------------
Cable & Wireless IDC Inc. announced Wednesday that it has
submitted its opinion concerning mobile interconnection terms of
NTT DoCoMo Group to the Ministry of Public Management, Home
Affairs, Posts and Telecommunications (MPHPT) as of August 6.
Under Article 96-2 of the Telecommunications Business Law, Cable
& Wireless IDC requests the Ministry to issue an order to change
the terms and conditions of the NTT DoCoMo Group's
Interconnection Tariffs.

Cable & Wireless IDC intends to protect the public interest with
regards to the retail rate of calls originating from fixed
lines, and put an end to discriminatory price setting practices
against fixed line operators.

The Business Problem
The terms and conditions of the NTT DoCoMo Group have prevented
Cable & Wireless IDC from reaching agreement that would allow
Cable & Wireless IDC to create new services from fixed lines to
mobile phones. Specifically, fixed line carriers such as Cable &
Wireless IDC must surrender the right to set retail prices for
calls to mobile phones originating from their own fixed
networks. Cable & Wireless IDC believes it is discriminatory
that only fixed line operators are subject to such pricing
control by NTT DoCoMo.

Arguments
In its opinion paper to the Ministry, Cable & Wireless IDC
states that the current practice:

Is against the public interest because it keeps retail charges
paid by consumers, for calls from fixed lines to mobile,
artificially high.

Discriminates against fixed line carriers because all other
interconnecting carriers (mobile, PHS, international) are free
to set the retail price for calls originating from their
network. This restriction only applies to fixed line carriers.

Constitutes undue interference in Cable & Wireless IDC's own
business operations.

It is vital for Cable & Wireless IDC, a total solution provider
offering a full range of innovative IP, data, hosting and
telephone services to business customers, to establish a fair
and workable interconnection agreement with mobile operators, in
order to continue providing high-quality, reasonably priced
services to the market.


TDK CORP: Posts Notice of Stock Acquisition Rights
--------------------------------------------------
TDK Corporation announced Friday that the Exercise Price of the
stock acquisition rights to be issued as stock options (the
"Stock Acquisition Right(s)") and other related items were
decided pursuant to the resolution of the board of directors
held on August 1, 2002.

1. Issue date of Stock Acquisition Rights: August 9, 2002

2. Total number of Stock Acquisition Rights: 2,236.
The number of shares to be allotted to each Stock Acquisition
Right is 100 shares.

3. Class and number of shares to be issued upon exercise of
Stock Acquisition Rights: 223,600 shares of common stock of the
Company

4. Amount to be paid upon the exercise of each Stock Acquisition
Right: 590,900 Y
The Exercise Price: 5,909 yen

The Exercise Price is an amount which is the average of the
closing prices of the Company's shares of common stock on the
Tokyo Stock Exchange on each day (other than any day on which no
sale is reported) of the month immediately preceding the month
in which the date of the issue of the Stock Acquisition Rights,
August 9, 2002, falls, multiplied by 1.05 with any amount less
than one Japanese Yen arising out of such calculation to be
rounded upward to the nearest Yen.

5. Total paid-in value of the shares of the common stock of the
Company to be issued or transferred upon exercise of all the
Stock Acquisition Rights: 1,321,252,400 yen

* (1) Date of resolution of the board of directors that decided
the proposal at the 106th ordinary annual general meeting of
shareholders: May 8, 2002
(2) Date of resolution of the 106th ordinary annual general
meeting of shareholders: June 27, 2002

About TDK Corporation

TDK Corporation is a leading global electronics Company based in
Japan. It was established in 1935 to commercialize "ferrite," a
key material in electronics and magnetics. TDK's current product
line includes ferrite materials, electronic components and ICs,
wireless computer networking products, magnetic heads for HDD,
digital recording hardware and advanced digital recording media.
Net sales in FY2001 were JPN Yen 689 billion. For more
information about TDK, please visit www.tdk.co.jp. For further
information, please visit the TDK Corporation home page at:
www.tdk.co.jp

Contact:
Nobuyuki Koike
TDK Corporation
Tel: (81)-3-5201-7102
e-mail: nkoike@mb1.tdk.co.jp


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


DAEWOO MOTOR: Young An Inks Deal on Bus Plant Acquisition
---------------------------------------------------------
Daewoo Motor's creditors and Young An Hat Co. has signed a
preliminary document for the latter firm's takeover of Daewoo
Motor's bus production plant on Friday.

The deal includes Daewoo Motor's two bus production plants - one
in Busan and the other in Guilin, China, each with a production
capacity of about 6,000 units a year, is estimated at W140
billion.

The formal sales contract will due in September

Young An said it will pay about nine times the amount of its
annual sales for the bus operations.

The hat maker is claimed to be the largest in the world.


DAEWOO MOTOR: GM-Daewoo Auto Launching Likely to be Delayed
-----------------------------------------------------------
The launch of the General Motors (GM)-Daewoo joint auto Company
set for September may be delayed because of differences among
Daewoo creditors, the Korea Herald reported Monday.

Creditors are discussing on how to distribute the preferred
stocks of the joint Company and money from Daewoo asset sales.
They still have not decided who will put up how much of the $2
billion in fresh funds required by the new Company, according to
the sources.

Creditors will work out a full compromise within two weeks at
the latest, but the procedural requirements after the compromise
will cause further delay.

The court will need two to three weeks to review the settlement
plan by the creditors.


HYUNDAI MERCHANT: Ready to Turn Around Operations
-------------------------------------------------
Hyundai Merchant Marine (HMM) is ready to turn its operation
around on the back of the successful sale of its car shipping
operation to a consortium formed by Wallenius Wihelmsen Lines
(WWL) and Hyundai Motor group, Digital Chosun reported Saturday.

The sale of its automobile transportation operation will cost
US$1.5 billion.

The Company has been under a severe credit crunch since March
2000, when an internal strife among the sons of Chung Ju-yung,
founder of Hyundai group, discredited the group.

Sale proceeds will be used to pay off outstanding debts of the
firm, Director Kang Sung-kuk said.

He further stressed that the Company will be cleared of its
yearly interest payment of 200 billion won and will lower its
debt-to-equity ratio to 300 percent, which is very low for a
shipping Company.


SEOULBANK: Union Vows to Stage Strike by August or September
------------------------------------------------------------
Seoulbank's labor union vowed Thursday to stage a strike this
month or early September, if the government sells the bank to
Hana Bank, which plans to merge with Seoulbank, Dow Jones
reported Thursday. Union members will vote on the strike on
August 12.

Seoulbank's 3,000 are union members opposed to the planned
merger with Hana Bank because of fears that it will result in
massive layoffs.

A committee recommended Hana Bank over Texas-based Lone Star
Fund as the prime bidder for Seoulbank.

The government wholly owns Seoulbank after injecting public
funds worth KRW5.6 trillion in 1998 to recapitalize the bank.

The sale of a controlling stake in Seoulbank is part of the
government's privatization plan and an effort to improve the
bank's business.

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


SEOULBANK: Union Threatens Lawsuit Against Financial Advisers
-------------------------------------------------------------
Seoulbank's union has threatened to file a lawsuit against the
government's financial advisers Goldman Sachs Group Inc. and
Samsung Securities Co. for allegedly providing an incorrect
analysis for choosing the prime bidder for Seoulbank, Dow Jones
reported Thursday, citing an unnamed high-ranking union
official.

"The wrong analysis can delay the collection of public funds or
reduce the amount of public funds the government can recover
from the Seoulbank sale," Lee Keun-soo, a union official, said
Thursday.

Lee said the union is planning to file the lawsuit this week.

In 2001, the Company has failed to meet some business and
financial targets set by the government as part of the bank's
recapitalization deal. To meet the targets Seoulbank has to
undergo restructuring, which will likely include layoffs.


SEOULBANK: Hana Bank May Raise Bid or Take Legal Action
-------------------------------------------------------
Hana Bank may raise its bid for Seoulbank or take legal action
if the government selects Lone Star as the preferred bidder for
the bank, after the US investor raised its own bid, AFX Asia and
Yonhap News reported Friday.

"We will take various possible countermeasures against Lone
Star's renewal of the proposal, which exceeds the July 31
deadline and thus is apparently invalid," an unnamed Hana Bank
official said in a statement.

Hana Bank President Kim Seung-yu said depending on the outcome
(of the government selection), we might raise our bidding price
or bring the case to the court.


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


AMSTEEL CORPORATION: SC Grants Proposal Extension Until Sept 30
---------------------------------------------------------------
The Board of Directors of Amsteel Corporation Berhad
announced that the Company had obtained the Securities
Commission's approval for an extension of time to 30 September
2002 for the relevant parties to complete the Proposals.

The "Proposals" collectively refers to:

   (i) Proposed disposal of 150,000 ordinary shares of RM1.00
each representing 100% equity interest in Optima Jaya Sdn Bhd
(OJSB), a wholly owned subsidiary of Amsteel to SCB Developments
Berhad (SCB) for a consideration of RM150,000 to be settled
pursuant to proposal (iii) below (Proposed Disposal);

   (ii) Proposed assumption of certain liabilities of OJSB by
Amsteel amounting to RM112,681,542 and waiver by Amsteel of
RM87,244,640 owing by OJSB to Amsteel; and

   (iii) Proposed settlement by SCB of the consideration for the
Proposed Disposal of RM150,000 and the net aggregate amount of
RM113,850,000 owing by OJSB to Amsteel via a cash payment of
RM10,000,500 and the balance of RM103,999,500 by an issue of
23,111,000 new ordinary shares of RM1.00 each in SCB valued at
RM4.50 per SCB share


AUTOWAYS HOLDINGS: Seeks Four-Mo Extension to Submit 2001 Report
----------------------------------------------------------------
Autoways Holdings Berhad informed that the Kuala Lumpur Stock
Exchange (KLSE) has granted AUTOWAY an extension of time until
31 October 2002 for the submission of the 2001 Annual Report in
compliance with Paragraph 9.23(a) of the KLSE Listing
Requirements.

The Company further informed that the reason AUTOWAY is not able
to release the 2001 Annual Report by the deadline stipulated by
paragraph 9.23(a) of the Listing Requirements was because as
announced in our announcement dated 8 May 2002, the High Court
of Kuala Lumpur has given the Order to wind up AUTOWAY and its
wholly-owned subsidiary, Autoways Construction Sdn Bhd (ACSB).
AUTOWAY had submitted an application for Stay of Execution with
the Kuala Lumpur High Court on 11 June 2002. The mention has
been fixed on 19 August 2002. AUTOWAY requires time to work on
the Annual Report upon obtaining the Stay of Execution from the
Kuala Lumpur High Court.


AVENUE ASSETS: Proposals Resolutions Passed at EGM
--------------------------------------------------
On behalf of the Board of Directors of Avenue Assets Berhad,
Commerce International Merchant Bankers Berhad, in reference to
the Proposals, announced that the shareholders of AAB have,
during the Extraordinary General Meeting (EGM) of the Company
held on 6 August 2002, approved and passed all resolutions as
set out in the Notice of EGM dated 22 July 2002.

The Proposals refers to:

   * Proposed Disposal of Mega Palm Sdn Bhd (In Receivership)
(MPSB), a wholly-owned subsidiary of AAB, to Country Heights
Properties Sdn Bhd for a Cash Consideration of RM1.00
(Proposed MPSB Disposal); and

   * Proposed Issuance of Rm14,500,000 of Rm1.00 Nominal Value
5-Year Zero Coupon Irredeemable Convertible Unsecured Loan
Stocks of AAB (ICULS B 2002/2007) at 100% of its Nominal Value
and Cash Payment of RM11,250,000 to Certain Financial
Institutions Pursuant to the Proposed Settlement Arrangement
between AAB and the Financial Institutions in Relation to the
Proposed MPSB Disposal (Proposed AAB Settlement)


CHASE PERDANA: Judge Strikes Off Winding Up Petition
----------------------------------------------------
The Board of Chase Perdana Berhad announced that the application
to strike out the winding-up petition No. D7-28-542-2002 against
CPB by Pacific Network Sdn Bhd. or alternatively stay the
winding up proceedings was heard on 6 August 2002.

The Judge ruled in favor of CPB's application and proceeded to
strike out the winding up petition.


GULA PERAK: Proposes Renewal of Shareholders' Mandate
-----------------------------------------------------
Gula Perak Berhad announced that the Company proposes to seek
renewal of the shareholders' mandate for recurrent related party
transactions of a revenue of trading nature at the forthcoming
Annual General Meeting.

The shareholders' mandate pertaining to the above was previously
obtained at the Extraordinary General Meeting held on 28
September 2001. In accordance to the Kuala Lumpur Stock Exchange
Listing Requirements, the shareholders' mandate shall lapse at
the conclusion of the forthcoming Annual General Meeting, unless
authority for its renewal is obtained.

A circular to shareholders in respect of the aforesaid proposal
will be issued in due course.

Last month, TCR-AP reported that the Securities Commission had
vide its letter dated 17 July 2002 approved the extension of
time to complete the Company's Proposed Debt Restructuring for
another six (6) months to 25 January 2003.


HONG LEONG: Unit Requests Dissolution
-------------------------------------
Hong Leong Industries Berhad informed that the Jersey Financial
Services Commission had, at the request of HLI Holdings Limited
(HLIH), an indirect subsidiary of the Company, dissolved HLIH
and removed the name of HLIH from the Register of Companies.

On February 22, 2002, TCR-AP reported that Hong Leong Maruken
Sdn Bhd (Maruken), a 70% owned subsidiary of the Company, has
been placed under Members' Voluntary Winding-up pursuant to
Section 254(1)(b) of the Companies Act, 1965. Maruken ceased its
business operations in March 2000 and there are no future plans
to activate it.


L&M CORPORATION: Provides Unit's Winding Up Additional Info
-----------------------------------------------------------
The Board of Directors of L & M Corporation (M) Bhd, in reply to
Query Letter by KLSE reference ID: MN-020805-40660, announced
that the following additional information on the default or
circumstances leading to the filing of the winding-up petition
against L & M Agencies Sdn Bhd (LMASB):

Moment Engineering Sdn Bhd (MHSB) was a supplier of machine
parts to LMASB. MH had initial legal proceedings against LMASB
claiming an outstanding sum of RM116,493.62. for material
supplied. However, LMASB was not defending against the said
legal proceedings as LMASB was under serve cashflow constrain
and unable to meet its liabilities.

LMASB had hitherto failed to settle the sum, which lead to the
filing of the above winding up.


LONG HUAT: RHB Bank Withdraws Winding Up Petition
-------------------------------------------------
Long Huat Group Berhad, in relation to the notice of winding-up
petition served by RHB Bank on Long Huat Group Timber Industries
Berhad (LHGTIB), the previous name of L.Huat, announced that the
Petition was served on L.Huat as a second defendant for the
amount outstanding under bank facility granted to the first
Defendant Ikman Industries Sdn Bhd (Ikman), a wholly owned
subsidiary of L.Huat.

On 9 August 2002, the petitioner withdrew the said petition.

The present name i.e L.Huat was adopted on 4 September 1993.


PLANTATION & DEVELOPMENT: Court Convened Creditors Meeting Set
--------------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Plantation & Development
(Malaysia) Berhad, announced that the Company has issued an
explanatory statement to the creditors of P&D and Redztikah Sdn
Bhd, a subsidiary of P&D, pursuant to section 177 of the
Companies Act, 1965, and a notice of court convened meetings of
creditors.

The court convened meetings of creditors are scheduled to be
held on 2 September 2002.


REKAPACIFIC BERHAD: Initial Hearing Dates Moved to August 27-29
---------------------------------------------------------------
The Board of Directors of Rekapacific Berhad, in reference to
its earlier announcements dated 19 April 2002 and 1 August 2002
regarding the Application for Judicial Review, clarified as
follows:

1. In respect of the oral clarification of Enclosure 11 and 18
(the Company's application for discovery, interrogatories and
leave to cross examine), the developments are as follows:

   i) The initial hearing dates of 1 & 2 July 2002 were
postponed by the Honorable Court to 27 & 29 August 2002.

   ii) Subsequently, the hearing date of 29 August 2002 was
further postponed to 17 September 2002.

   iii) As such, the hearing dates now stand at 27 August 2002
and 17 September 2002.

2. In respect of the substantive application for judicial
review, the hearing date has yet to be set by the Honorable
Court.


SAP HOLDINGS: Alor Setar Civil Suit No. 22-121-01Fullt Settled
--------------------------------------------------------------
SAP Holdings Berhad announced that the civil suit instituted by
AIMA construction Sdn Bhd against the Company and its
subsidiaries, SAP Leisure & Resort Sdn Bhd and SAP Langkawi
Development Sdn Bhd (via Alor Setar civil Suit No. 22-121-01)
has now been fully settled by the Company having paid the
Plaintiff a sum of RM1,340,862.38 together with costs of
RM25,000.00 by four (4) installments.

The Plaintiff's claim has accordingly been settled in full and
its solicitors have confirmed in writing via their letter dated
28th July 2002 to the Company's solicitors.

ALOR SETAR HIGH COURT S/NO. 22-123-2001
AIMA CONSTRUCTION SDN BHD VS SAP HOLDINGS BERHAD & SAP AIR HITAM
PROPERTIES SDN BHD

Further to the Company's announcement made on 30th November
2001, the Company announced that the civil suit instituted by
AIMA construction Sdn Bhd against the Company and its
subsidiaries, SAP Air Hitam Properties Sdn Bhd (vide Alor Setar
civil Suit No. 22-123-01) has now been fully settled by the
Company having paid the Plaintiff a sum of RM1,127,268.69
together with costs of RM25,000.00 by four (4) installments.

The Plaintiff's claim has accordingly been settled in full and
its solicitors have confirmed in writing via their letter dated
28th July 2002 to the Company's solicitors.


SPORTMA CORPORATION: Modifies Corp, Debt Restructuring Scheme
-------------------------------------------------------------
Affin Merchant Bank Berhad (Affin Merchant) on behalf of the
Special Administrator (SA) of Sportma Corporation Berhad
announced that the Company will be undertaking the following
modifications to the approved proposed corporate and debt-
restructuring scheme (Proposed Scheme) as described below:

   (i) Proposed modification to the Proposed Acquisitions via
the exclusion of acquisitions of the entire equity interest of
Pelita Pertama Sdn Bhd (Pelita Pertama), Desamawar Runding Sdn
Bhd (Desamawar) and Suen Tai (Sabah) Sdn Bhd (Suen Tai); and

   (ii) Proposed modification to the Proposed Rights Issue.

(Collectively hereinafter known as the "Proposed Modifications")

On 2 August 2002, Sportma, Harn Len Corporation Berhad (Harn
Len) and the respective vendors of the assets and company to be
acquired have entered into various supplemental agreements to
effect the Proposed Modifications.

Further details of the Proposed Modifications can be found in
the attachment at
http://www.bankrupt.com/misc/TCRAP_Sportma0813.doc


SRIWANI HOLDINGS: Submits Proposals to SC, FIC
----------------------------------------------
In compliance with the requirements of Paragraph 4.1 (c) of PN
4/2001, Commerce International Merchant Bankers Berhad, on
behalf of Sriwani Holdings Berhad, announced that SHB has on 9
August 2002 submitted an application on its plan to regularize
its financial position (Proposals) to the Securities Commission
(SC) and the Foreign Investment Committee for their approval.

In addition, CIMB also informed that the Company proposes to
revise the proposed utilization of proceeds arising from the
proposed restricted issue and proposed rights issue, which form
part of the Proposals, as set out in the earlier announcement
dated 28 June 2002.

The details of the revised utilization of proceeds are as set
out in Table 1 at
http://www.bankrupt.com/misc/TCRAP_Sriwani0813.gif,which have
also been incorporated in the aforesaid application to the SC.


UCP RESOURCES: Enters Preliminary MOU Agreement W/ White Knight
---------------------------------------------------------------
The Board of Directors of UCP Resources Berhad announced that on
7 August 2002, the Company has signed a Memorandum of
Understanding with Dato' Siah Teong Boon being a substantial
shareholder of Sri Naning Sdn Bhd, the potential white knight,
to evaluate and negotiate a corporate and financial
restructuring scheme involving, inter alia the following
proposal:

   * Proposed Capital Reduction
   * Proposed Debt Restructuring
   * Proposed Acquisition
   * Proposed Transfer of Listing Status

The Company wishes to highlight that the MOU is only a
preliminary agreement and a definitive agreement will be signed
once the proposals have been fully evaluated and finalized
between the respective parties.

None of the Directors or substantial shareholders of the Company
and/or persons connected with them have any interest, direct or
indirect in the MOU.


UNITED CHEMICAL: Provides Defaulted Payment Details
---------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
informed that there are no new significant developments in
relation to the various defaults in payment that were announced
on 5 July 2002.

The Board of Directors of UCI further provided an update on the
details of all facilities currently in default in compliance
with Section 3.1 of Practice Note 1/2001. Details are as per
Table A at http://www.bankrupt.com/misc/TCRAP_UCI0813.xls


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


BELLE CORP: Issues H102 Income Statement
----------------------------------------
Belle Corporation posted its statement of income for the 6
months ended:

(Amounts In Thousands)

Net Sales of Real Estate And Club Shares P84,594
Cost of Real Estate and Club Shares 35,332
Gross Profit 49,262
Depreciation and Amortization 46,472O
Operating Expenses 28,749
Income (Loss) Before Income Tax (25,959)
Other Income and Expenses 464,495
Income (Loss) Before Income Tax 438,537
Less: Provision For Income Tax 10,432
Net Income 428,104
Add: Retained Earnings (Deficit) Beginning (5,810,184)
Retained Earnings (Deficit) Ending (5,382,078)

TCR-AP reported that Belle Corporation on June 27 has secured
the approval of the required amount of holders of its floating
rate notes due May 2002 to amend the terms thereof.

The amendments include mainly:

   * the extension of the maturity date of the FRNs from May 10,
2002 to May 10, 2014;
   * an increase in the interest rate from 1.8 percent per annum
over the 6-month U.S. Dollar LIBOR rate to 2.0 percent per annum
over the 6-month U.S. Dollar LIBOR rate;
   * and the deferment and/or capitalization of interest from
the interest payment date in May 2001 through the interest
payment date in November 2002.

The principal amount outstanding under the FRNs is US$68.5
million, prior to the deferment and/or capitalization of
interest under the amended terms.


FIRST PHILIPPINE: Additional Listing of Shares
----------------------------------------------
The Philippine Stock Exchange approved on June 11, 1997, subject
to the actual availment and full payment of the shares, the
listing application of First Philippine Holdings Corporation
(the Company) to list additional 18,000,000 common shares
consisting of 10,800,000 class "A" and 7,200,000 class "B"
shares, with par value of P10.00 per share, to cover the
Company's Employee Stock Purchase Plan (ESPP) and Executive
Stock Option Plan (ESOP).

In Circular for Brokers No. 3279-99 dated December 24, 1999, the
Company's shares were declassified as approved by the SEC and
reflected in the Exchange's computer system on December 29,
1999.

In this connection, 2,300 common shares have been availed of and
fully paid under the Company's Executive Stock Option Plan and
Employee Stock Purchase Plan.

In view thereof, the listing of the 2,330 common shares availed
of under the stock option plan is set for Monday, August 12,
2002. This brings the number of common shares listed under the
Company's Executive Stock Option Plan and Employee Stock
Purchase Plan to a total of 8,489,869 common shares.

The designated Stock Transfer Agent is hereby authorized to
record and register in its books the above number of shares.

For a copy of the press release, go to
http://bankrupt.com/misc/TCRAP_FPH0812.pdf


GLOBAL EQUITIES: Seeks Loan Restructuring Via Debt-Asset Swap
-------------------------------------------------------------
Global Equities Inc is negotiating with its creditor banks for
the restructuring of its loans via a debt-asset swap, AFX Asia
and Philippine Star reported Monday, citing Company documents
filed with the Securities and Exchange Commission.

Global Equities is still in the process of restructuring its
loan obligations from various banks through dacion en pago
(payment in kind, by way of assets) or joint venture
arrangements.

Equitable PCI Bank has 285.31 million pesos in loan exposure to
Global Equities, while United Overseas Bank has a 231.5 million
loan to the firm.

Other creditor banks were not stated in the report.

About the Company
Address:
Pier 6, North Harbor, Binondo, Manila
(632) 843-9291

Global Equities Inc's principal activity is the management of
Companies engaged in the manufacture of absorbent cotton and
personal care products and in the provision of specialized
corporate facilities for end-users.

According to Wright Investor's Service, at the end of 2000,
Global Equities Inc had negative working capital, as current
liabilities were 773.16 million Philippine Pesos while total
current assets were only 66.98 million Philippine Pesos.


NATIONAL POWER: RTC Dismisses Suit Against Napocor/Meralco
----------------------------------------------------------
The Pasig City Regional Trial Court (RTC) has dismissed the
petition of over 40 organizations led by former senator Juan
Ponce Enrile asking the court to declare as unconstitutional the
collection of power purchase adjustment costs by National Power
Corp and Manila Electric Co, AFX Asia reported Friday.

Judge Alfredo Flores said that the Energy Regulatory Commission
should decide on the dispute over the collection of the
purchased power costs.

He stressed that no court except the Supreme Court can restrain
the implementation of the provisions of the power sector reform
law.


PHILIPPINE LONG: MSSI Launches E-Commerce Security Solutions
------------------------------------------------------------
The use of digital signatures, digital certificates and public
key infrastructure, as well as the knowledge of the Philippine
legal environment to help secure e-commerce was stressed by
ePLDT subsidiary mySecureSign (mSSI) general manager Luis O.
Gopez recently.

During a presentation in the recently concluded 2002 Conference
on IT Security and Privacy, Gopez said the nature of the
Internet Protocol (IP) is to be "open," which is why security
breaches can often happen, catching users unaware. "There are
however, a variety of techniques available to address security
holes within the Internet," Gopez said.

To counteract these malicious breaches, mySecureSign offers the
use of digital certificates to reliably identify users online.
mySecureSign is the Philippines' first and only certification
authority (CA) and a principal affiliate of VeriSign, the
world's largest CA and Internet security services provider.

Digital certificates are the digital-world equivalent of
identity documents such as passports and business licenses in
the physical world. These are unique digital IDs that establish
identity and enable users to digitally sign and encrypt online
communications.

Encryption, in general, is the conversion of data into a form
that cannot be easily understood by unauthorized people.

Public Key Infrastructure (PKI) is an online interaction that
lets users secure applications, communication and transactions
over any open network, such as the Internet. In line with the
passing of the E-Commerce Act of the Philippines, which defines
how electronic documents and electronic signatures can be
considered legally binding, PKI enables legally binding
communications and transactions and establishes secure and
private exchange of data and even money.

"PKI is really another term for digital certificates,
certification authorities and the legal practice that binds them
together," Gopez explained.

mySecureSign offers fully integrated Public Key Infrastructure
(PKI) managed services to issue digital certificates. The
objective of this is to enable the growth of e-commerce by
establishing trust and security in the Internet.

"Having a good security system is like buying good insurance,"
Gopez said in conclusion. "It's like you hope you don't need it
but someday, there's going to be a fire or you're going to be
hacked, and you'll be glad that you have a good security in
place."


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


ASIA PULP: Debt Workout Plan Update
-----------------------------------
The Widjajas family has been in intense negotiation with key
lender Indonesian Bank Restructuring Agency (IBRA), in the past
week over the terms set out by creditors as part of Asia Pulp
and Paper's debt workout plan, they said.

IBRA and other big creditors of APP had asked for a $100 million
in cash to go into a separate account at the end of July along
with monthly top ups of $30 million. This demand has only been
partly met so far.

Reports said creditors are not impressed with the latest offer
recently released KPMG report on the group's four Indonesian
units indicated the firms can afford the $30 million monthly
payment.

However, the Widjajas' latest offer is still an improvement on
the $30 million they put into an account in July, and the offer
of monthly payments of $10 to $20 million.

APP's offer to bump up the payments comes ahead of a mid-week
court hearing in Singapore, where Deutsche Bank and BNP Paribas
have petitioned for the Company to be put under judicial
management with independent accountants in charge.


CYTECH SOFTWARE: Issues Profit Warning
--------------------------------------
Cytech Software could come under selling pressure Monday after
the Group warned that it is likely to suffer operating losses
(ignoring exceptional gains) for its first half ending June 30,
Kelive reports.

Turnover declined substantially as a result of lower demand amid
the tough economic environment. It continues to face stiff
competition in China and this has resulted in further erosion in
its profit margins.

The Company's operating performance has deteriorated materially
since the second half of fiscal 2001 as more new players enter
the Chinese market. Its key ERP products are facing a saturated
market while its Banking Supervisory Information System projects
would also be adversely affected by increased regulations in the
banking industry to meet international standards following
China's entry into the WTO.

Although the group is currently trading near its all-time low of
$0.145, Kelive further downside to $0.125/share in the near
term. Kelive maintains avoid on the stock.

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


SIN SOON: Widens Net Loss to S$8.209M
-------------------------------------
Sin Soon Huat posted a net loss of S$8.209 million for the year
to May, versus a net loss of 1.106 million a year earlier, AFX
Asia said Thursday.

The losses were largely due to an S$8.8 million write-off on its
Thailand operation.

Financial Result for year to May

Sales - S$92.715 million versus 73.846 million
Net loss - S$8.209 million versus loss 1.106 million
Loss per share - 2.75 cents versus loss 0.37
Interim div - nil versus 0.1 cents

Company Profile

Sin Soon Huat Limited
Homepage: http://www.nscc.co.jp/
19 Jurong Port Road
619093
Singapore +65 265 6088
+65 261 2504

Sin Soon Huat Ltd trades and deals in industrial materials,
general hardware, general welding equipment and consumables,
cutting equipment and related products, imports, exports and
reconditions valves and pumps, provides training services in
technical skills, operates technical training center, and
develops property. Trading of industrial hardware accounted for
99 percent of fiscal 2000 revenues and property development, 1
percent.


TELEDATA LTD: Executes Supplemental Agreement on Restructuring
--------------------------------------------------------------
The Directors of Teledata (Singapore) Ltd announced Thursday
that the Company had on July 31, 2002 entered into a
supplemental agreement with its creditor banks and bondholders
(the creditor banks and bondholders collectively known as the
Creditors) (such agreement being the Supplemental Agreement),
the terms of which purport to amend certain terms of the Debt
Restructure Agreement dated May 21, 2002, made by and among the
Company and the Creditors (the Debt Restructure Agreement).

The Company had on May 21, 2002 announced its entry into the
Debt Restructure Agreement, and had in that announcement set out
the principal terms of the Debt Restructure Agreement.

Under the terms of the Supplemental Agreement, the moratorium
imposed on the Creditors, during which time the Creditors agree
to refrain from demanding payment or taking any action to
recover any amount due to it, would be extended from 30
September 2002 as stated in the Debt Restructure Agreement, to
October 31, 2002.


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


BAN-CHANG GROUP: Business Reorganization Petition Filed
-------------------------------------------------------
Real estate developer Ban-Chang Group Public Company Limited
(DEBTOR)'s Petition for Business Reorganization was filed to the
Central Bankruptcy Court:

   Black Case Number Phor. 16/2543

   Red Case Number Phor. 23/2543

Petitioner: BAN-CHANG GROUP PUBLIC COMPANY LIMITED

Planner: Asian Capital and Consultant Company Limited

Debts Owed to the Petitioning Creditor: Bt2,492,892,924.20

Date of Court Acceptance of the Petition: April 5, 2000

Court Order for Business Reorganization and Appointment of
Planner: May 4, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: May 18, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette on June 27,
2000

Deadline for Creditors to submit Applications for Payment in
Business Reorganization: July 27, 2000

Deadline to object Applications for Payment in Business
Reorganization: August 10, 2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: September 27, 2000

Appointment Date of the Creditors' Meeting for the Plan
Consideration: January 25, 2001 at 9.30 am. Convention Room no.
1105, 11th Floor Bangkok Insurance Building

Court had postponed the Hearing to March 21, 2001 at 9.00 am.
Court had issued an Order Cancelling the Order for
Reorganization since March 21, 2001

Announcement of Court Order for Cancelling the Reorganization :
in Matichon Public Company Limited and Siam Rath Company
Limited: April 2, 2001

Announcement of Court Order for Cancelling the Reorganization:
in Government Gazette: April 26, 2001

Contact: Ms. Bang-Orn Tel, 6792525 ext. 112


BANGKOK RUBBER: Creditors OK Business Reorganization Plan
---------------------------------------------------------
B. R. C. Planner Company Limited, as Planner of Bangkok Rubber
Public Company Limited, in relation to the scheduled Creditors'
Meeting for consideration of its Business Reorganization Plan
held on 8 August 2002 at 9.30 a.m. at Chaopraya Room, 3rd Floor,
Montien Riverside Hotel, informed that the meeting resolved to
approve the Plan. It also resolved that all groups of Creditors
accepting the business reorganization plan in the Creditors
Meeting have debts in the total amount of Bt6,723,666,817.03, or
69.30% of the debts of all the Creditors participating in the
meeting in person or by proxy.

The Official Receiver will submit the business reorganization
plan to the Central Bankruptcy Court to request approval.


THE COGENERATION: Issues Tractebel Tender Over Results
------------------------------------------------------
Tractebel S.A. reported the result of the Tender Offer it has
made to purchase the securities of The Cogeneration Public
Company Limited covering the period from May 30, 2002 to August
2, 2002:

Number of Shares    Percentage of Total
  issued shares

Common shares held
before the Tender Offer  1,183,173,844     98.23

Common shares offered
to be purchased           21,326,156      1.77
Common shares tendered        9,437,154     10.24
Common shares purchased       9,437,154     10.24
Common shares held after
the Tender Offer     1,192,610,998     99.01


COUNTRY (THAILAND): Posts Business Reorganization Progress
----------------------------------------------------------
Country (Thailand) Public Company Limited posted the progress of
the its Business Reorganization:

Events of Rehabilitation process No.1 in brief.

June 28, 2000 - The Company filed a petition for reorganization
of the company's business with the Central Bankruptcy Court.

July 28, 2000 - The Central Bankruptcy Court had ordered for a
business reorganization.

August 22, 2000 -  The Central Bankruptcy had appointed the
company to be the planner.

February 21, 2001 - The Company submitted rehabilitation plan to
Central Bankruptcy Court

March 20, 2001 -  The first meeting of creditors to consider the
Rehabilitation Plan

April 11, 2001 - The second meeting of creditors to consider the
Rehabilitation Plan

June 1, 2001 - The Central Bankruptcy Court issued an order to
cancel the business reorganization order in accordance with
section 90/48 paragraph four.

Events of Rehabilitation process No.2 in brief.

June 15,2001 - The Sukumvit Asset Management Co.,
Ltd.,(creditor) has filed a petition for reorganization of the
Company business with the Central Bankruptcy Court.

July 16, 2001 - The Central Bankruptcy Court has ordered for a
business reorganization and appointed "Neo World Consultant
Co.,Ltd to be the Planner

Jan 21, 2002 - The Planner submitted rehabilitation plan to
Central Bankruptcy Court.

March 5, 2002 - The company held a creditors meeting to consider
the company's rehabilitation plan and approved the plan.

May 20, 2002 - The Central Bankruptcy Court will be considered
the plan and accept the rehabilitation plan.


THAI WAH: Plan Administrator Approved the Quarter 2/2002
--------------------------------------------------------
Group Planner Company Limited, as the Plan Administrator of Thai
Wah Public Company Limited, unanimously approved the audited
balance sheet as at June 30, 2002 and income statement for the 6
months ended June 30, 2002 of Thai Wah Public Company Limited
with the Auditor's report thereon. Below is a summary of the
financial statement:

Reviewed
                                  Ending  June 30,
(In thousands)

Quarter 2               For 6 Months

            Year      2002        2001          2002        2001

Net profit (loss)  246,640   (133,363)       366,407   (325,910)
EPS (baht)            4.69      (2.54)          6.98      (6.20)


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

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

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

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

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

                 *** End of Transmission ***