TCRAP_Public/020814.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

          Wednesday, August 14, 2002, Vol. 5, No. 160

                         Headlines

A U S T R A L I A

ACMA ENGINEERING: Issues Initial Director`s Interest Notice
ANACONDA NICKEL: Answers ASX's Price Query
ANACONDA NICKEL: Provides Debt Talks Update With Creditors
AUSDOC GROUP: Panel Publishes Reasons for Decision
BALLARAT GOLDFIELDS: Proposes Appointment of New Directors

CAPRAL ALUMINIUM: Enters Facilities Modernization Agreements
DVT HOLDINGS: USC Becomes a Substantial Holder
PMP LIMITED: Exits UK, Australian Publishing Business
PREHN INSURANCE: Financial Adviser Draws Six-Year Jail Term


C H I N A   &   H O N G  K O N G

CHINADOTCOM: Q202 Net Loss Narrows by 86%
EARNWARD LOGISTICS: Winding Up Sought by Lunmas
HONG KONG CONSTRUCTION: Petition to Wind Up Pending
LIFETEC GROUP: Cuts Loss to HK$11.9M
M W LEE: Hearing of Winding Up Petition Set

NORTHEAST ELECTRICAL: Releases 2nd EGM Results
SINO ETERNITY: Winding Up Petition Slated for Hearing
YANION INTERNATIONAL: Loss Widens to HK$76.2M


I N D O N E S I A

ASTRA INTERNATIONAL: Unit's Rp300B Bond Issue Set at 18.5%
SEMEN GRESIK: Pefindo Places Rating on Alert W/ Neg Implication
SEMEN PADANG: Rp500B Loan Never Blocked by State Ministry


J A P A N

FUJITSU LTD: Shares Fall, Worries Linger on Data Leak
NIPPON MEAT: August Sales Drop 40%
NIPPON MEAT: Officials Grilled Over Labeling Scam
NIPPON TELEGRAPH: Contracts Up 22% For Flat-Rate Net Service
TOYAMA CHEMICAL: JCR Places BBB- Rating Under Credit Monitor


K O R E A

DAEWOO ENGINEERING: Wins Contract to Expand LNG Facility
HYNIX SEMICONDUCTOR: Unit Seeks Foreign Capital for Survival
HYNIX SEMICONDUCTOR: Sees FY02 Q2 Loss
HYUNDAI MERCHANT: President Signs Final US$1.5 BB Sale Contract
KOREA LIFE: Sale Negotiations in Final Stretch

SEOUL BANK: Government Welcomes Lone Star's Revised Bid
SEOUL BANK: Labor Union Finds Price Offers "Too Cheap"


M A L A Y S I A

DEWINA BERHAD: Updates Corporate Restructuring Exercise Status
EMICO HOLDINGS: Awaits Scheme Leaders Extension Decision
KUMPULAN FIMA: Provides Financial Regularization Status Update
MYCOM BERHAD: Clarifies Malay Mail Report
PANGLOBAL BERHAD: Releases Unit's Coal Production Volume

PLANTATION & DEVELOPMENT: Enters Conditional Scheme Agreement
SASHIP HOLDINGS: Submits Capital Reduction Petition to Court
SRIWANI HOLDINGS: Enters Restructuring Agreements
TAJO BHD: Modifies Proposed Restructuring Exercise
TECHNO ASIA: Administrators Submit Monthly Report to KLSE

TIME DOTCOM: Enters Related Party Purchase Transactions

* CDRC Shuts Down, Issues Status on Outstanding Accounts


P H I L I P P I N E S

ALL ASIA: Parent Will Not Block Investors; Union Demands Pay
NATIONAL POWER: PEPOA Pledges Support on SPEED Pricing Program
NATIONAL STEEL: Rehab Requires Tariff Protection
PICOP Resources: Corporate Life Status Update
PHILIPPINE LONG: Clarifies Digitel License Report


S I N G A P O R E

ASIA PULP: Likely to Have Five Financial Controllers
CK TANG LTD: Chairman to Acquire Loss-Making Orchard Store
TELEDATA LTD: Trims Interim Losses to $0.4M From 2M


T H A I L A N D

ADVANCE PAINT: Posts Capital Increase Report Form
NATURAL PARK: Fixes Share Registration Closing Date
SINOBRIT COMPANY: Files Business Reorganization Petition
THAI WAH: Explains 2Q02 Profit Increase Variance


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


ACMA ENGINEERING: Issues Initial Director`s Interest Notice
-----------------------------------------------------------
Acma Engineering & Construction Group Limited issued this
notice:

  INITIAL DIRECTOR'S INTEREST NOTICE

   Name of Company       Acma Engineering & Construction Group
       Limited

   ABN                   41 002 737 733

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

   Name of Director       Sing Hui (Andrew) Quek

   Date of Appointment    09/08/2002

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

Number & class of securities

Nil

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

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

  N/A                                   Nil

Part 3 - Director's interests in contracts

Detail of contract              Nil

Nature of interest              N/A

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

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

Wrights Investors' Service reports that at the end of 2001, 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.


ANACONDA NICKEL: Answers ASX's Price Query
------------------------------------------
Anaconda Nickel Limited, in reference to the query letter of
Australia Stock Exchange on 12 August 2002, replied as follows:

1. The Directors of Anaconda Nickel Ltd advised that they are
unaware of any new information that has not been disclosed to
the market that may have given rise to the movement in the share
price on Monday.

The senior management and advisors of Anaconda Nickel Ltd are
continuing negotiations in New York with representatives of the
secured creditors of Murrin Murrin Holdings Pty Ltd (MMH), an
indirectly wholly owned subsidiary of Anaconda Nickel Ltd, to
progress the restructuring of the MMH debt and the re-
capitalization of the Anaconda Group.

During the course of negotiations, one of the major secured
creditors declined to extend the existing forbearance agreement
beyond Wednesday. This position has been adopted
notwithstanding earlier indications that secured creditors would
extend forbearance until 2 September 2002. MMH and its advisers
are continuing discussions with this and other secured
creditors to ensure that a satisfactory outcome is reached on
behalf of all stakeholders including shareholders, suppliers and
employees. In the absence of an agreement by this secured
creditor to extend the forbearance Anaconda is not aware of what
action will be taken by secured creditors.

The Directors of Anaconda Nickel Limited are of the belief that
continuing negotiations with representatives of the secured
creditors will ultimately conclude in a headline agreement being
reached. Following conclusion of negotiations, in the event a
headline agreement is reached with secured creditors, it is a
condition of the terms thus far discussed that Anaconda
implement a rights issue to raise the funds required to repay
the secured creditors.

2. On the 28 February 2002 Anaconda announced a consolidated
loss of $457,534,000 for the half year period ended 31 December
2001. The company also announced it had initiated debt
restructuring negotiations with its US bondholders. In the
Directors' Report attached to the Financial Report for the year
ended 31 December 2001 the company indicated that a possible
outcome of the debt restructuring process is a review of the
carrying amounts of non-current assets. Additional
provisions/write downs to those made in respect of the period
ended 31 December may result from this review and may impact
upon the financial accounts for the year ended 30 June 2002.

3. The Company's financial accounts for the year ended 30 June
2002 remain incomplete until these reviews and further work is
undertaken. In addition, subsequent financial periods may be
materially impacted by the amount of any discount to the face
value of debt accepted by unsecured creditors.

4. Anaconda Nickel Ltd believes it is in compliance the listing
rules of the ASX and in particular the Continuous Disclosure
requirements.


ANACONDA NICKEL: Provides Debt Talks Update With Creditors
----------------------------------------------------------
As a result of further discussions with representatives of the
secured creditors of Murrin Murrin Holdings Pty Ltd (MMH), an
indirectly wholly owned subsidiary of Anaconda Nickel
Ltd, all representatives have now agreed to extend the existing
forbearance agreement until at least Thursday 15 August 2002 to
allow the finalization of negotiations to restructure the
debt of MMH.

As previously announced, it is contemplated that Anaconda will
implement a renounceable rights issue to raise additional
capital to enable this restructuring of debt and
recapitalization of the Company to proceed. Glencore has put a
draft proposal to the Anaconda Board to underwrite a rights
issue, however as the discussions continue with the
secured creditors and other potential underwriters, any proposal
cannot be considered further until these discussions have been
completed.

Once agreements have been finalized, Anaconda will initiate the
process of obtaining the requisite approvals from statutory and
regulatory authorities as well as from shareholders at an
Extraordinary General Meeting to be held in coming months.
Anaconda anticipates that the restructuring of debt and re-
capitalization of the Group may not be completed for an extended
period of time.


AUSDOC GROUP: Panel Publishes Reasons for Decision
--------------------------------------------------
The Takeovers Panel advised that it has published the reasons
for its decision in relation to the Ausdoc Group Limited
proceedings.

The Australian Securities & Investments Commission made the
application for a declaration of unacceptable circumstances and
orders on 14 June 2002. It was in relation to certain lock-up
arrangements specified in a deed entered into between Ausdoc and
ABN Amro Capital (Belgium) N. V. on 22 May 2002, including
various exclusivity, break fee and cost contribution
arrangements.

The Panel considered the issues and decided that one of the
break fees specified in the Deed gave rise to unacceptable
circumstances. The relevant fee was $2.5 million in the event
that ABN Amro made a takeover bid for Ausdoc on the agreed
terms, a 90% minimum acceptance fee in ABN Amro's bid was not
satisfied and not waived, and no higher bid for Ausdoc had been
made.

On 28 June 2002 both Ausdoc and ABN Amro offered to provide an
undertaking to the Panel in relation to the Deed. The Panel was
satisfied that the undertakings adequately addressed the Panel's
concerns in relation to the Deed and, therefore, decided to
accept those undertakings.

As a result the Panel then declined to make any declarations.

The Panel was constituted by Michael Tilley (sitting President),
Ian Ramsay and Luise Elsing.

The Panel's reasons are available on its website at:
http://www.takeovers.gov.au/Content/Decisions/decisions.asp

Nigel Morris
Director, Takeovers Panel
Level 47 Nauru House, 80 Collins Street,
Melbourne VIC 3000
Ph: +61 3 9655 3501
Email: nigel.morris@takeovers.gov.au


BALLARAT GOLDFIELDS: Proposes Appointment of New Directors
----------------------------------------------------------
Ballarat Goldfields NL has been working with its advisers
towards refinancing of the Company to the extent necessary to
enable it to:

   * settle all liabilities incurred to date; and
   * resume exploration and development of the company's gold
projects.

A number of changes have necessarily been made to the
refinancing arrangements announced on 14 June 2002. Specifically
it is now proposed that BGF will be refinanced through:

   * a non renouncable rights issue at 2.3 cents per share,
under a  prospectus, of one new share for every existing share
held to raise  approximately $2.8 million (Rights Issue); and

   * the completion of a public offer of up to 175 million
shares at 2.5 cents through the prospectus to shareholders and
third party investors to raise up to $4.3 million (Public
Issue).

The Rights Issue will be fully underwritten by RFC Corporate
Finance Ltd (RFC), subject to the same conditions as included in
the 14 June announcement plus the issue of a minimum of 140
million shares ($3.5 million) through successful completion of
the Public Issue. The Public Issue will not be underwritten,
however RFC has undertaken to use best endeavors to ensure
success of the Public Issue. The Rights Issue and Public Issue
are intended to be inter-conditional with the Public Issue to
raise a minimum of $3.3 million or such other amount
specified in the prospectus. Should the Public Issue be fully
subscribed the Company could receive a total of $7.25 million of
new funds (excluding payments for the costs of the issues).

Since the financing arrangements announced on 14 June, it has
become evident that the original funding proposal would have
been insufficient to recapitulate BGF sufficiently for its
shares to be readmitted for trading on the Australian Stock
Exchange Limited (ASX). The funding difference arose primarily
as a consequence of the reduced likelihood of BGF receiving any
of the approximate $2.3 million sought through Oztrak's
successful legal claim in Germany (see Company announcement of
31 July 2002). Under advice from RFC, the directors concluded it
necessary to include the Public Issue in the recapitalization
proposal.

The need for RFC to act as the single underwriter to the issue
arose due to time limitations on Eureka's key executives during
July and August. Eureka and RFC separately agreed that Eureka
would move from a lead underwriting role to a role as a sub
underwriter to RFC so as to enable the recapitalization to
progress to completion by the end of September. Eureka has
confirmed it will remain firmly committed to the Rights Issue in
the role as a substantial sub underwriter to RFC.

It is anticipated that the prospectus for both the Rights Issue
and Public Issue will be lodged with ASIC in the next 1 - 2
weeks and will close in September 2002. It is anticipated that
trading in the Company's shares on the ASX will recommence
shortly after the issue of shares offered under the prospectus
occurs.

Under ASX Listing Rules it is necessary for shareholders to
approve the terms of the Public Issue before any shares can be
allocated.

The board has recognized that the Oztrak technology business
does not fit comfortably within the same corporate structure as
the exploration and development projects. Consequently,
directors are investigating disposal options for the Oztrak
business.

It is proposed that the following new appointments to the
Company's board will be made shortly following completion of the
capital raising:

   * Mr Colin Smith (as designated Chairman);
   * Mr Richard Laufmann (as designated Managing Director); and
   * Mr Laurance Shervington (as a designated non-executive
director).

It is proposed that each of the existing members of BGF's board
will stand down from their board positions following successful
completion of the capital raising under the prospectus. This
will include the termination of Mr Andrew Woskett as Managing
Director.

Mr Woskett has a contract of employment with the Company that
provides for Mr Woskett to be entitled to a termination payment
if the Company terminates his employment. Because of the
Company's funding need, the Company and Mr Woskett have agreed
to a settlement arrangement whereby Mr Woskett will receive cash
and shares in the Company in lieu of the termination payment
provided for in his employment contract. The issue of shares to
Mr Woskett as part of his termination package is required to be
approved by shareholders. This approval is also sought in the
attached notice of meeting documentation.

Mr Woskett has agreed to assist BGF with disposal of the Oztrak
business subsequent to the termination of his position as
Managing Director. This assistance is to be by way of a
consulting arrangement with Mr Woskett's remuneration linked to
the proceeds received by BGF for Oztrak.


CAPRAL ALUMINIUM: Enters Facilities Modernization Agreements
------------------------------------------------------------
As previously reported it is Capral Aluminium Limited's
intention to complete a significant capital expenditure program
to modernize the Australian facilities over the coming 12
months.

To facilitate this program agreements have been signed with the
following companies:

   (i) Tesrol Holdings Pty Limited. An Australian based private
company to assist with land and building development.

   (ii) Cometal Engineering SpA. An Italian based specialist in
extrusion press and handling equipment to develop low cost
manufacturing centers.

   (iii) Trevisan SpA. An Italian based specialist in aluminium
coating equipment to assist Capral in developing its capability
in this area.

This is part of Capral's strategy directed at significantly
reducing the current manufacturing cost of its products and
delivering higher quality and service.

The plans should be completed within three weeks and a more
detailed disclosure of the plan will be made with the company's
interim results announcement on 26th August 2002.

It is planned that the program will be completed in the second
half of 2003.


DVT HOLDINGS: USC Becomes a Substantial Holder
----------------------------------------------
Utility Services Corporation Limited (USC), in accordance with
its Supplementary Share Target's Statement dated 5 August 2002,
announced that on 12 August 2002 it acquired on market 222,701
shares in DVT Holdings Limited (DVT) at an average price of 3.1
cents per share.

USC now has a relevant interest in 26,916,864 DVT ordinary
shares.


PMP LIMITED: Exits UK, Australian Publishing Business
-----------------------------------------------------
PMP Limited announced Tuesday the sale of its UK publishing
business, Attic Futura, to the French publishing group Hachette
Filipacchi Medias for (GPB)40 million. Chief Executive Officer,
Robert Muscat, confirmed that the sale proceeds are in the
target range of fair value for this asset.

Further, as previously announced on 12 June 2002, PMP has now
given notice to exercise the Put Option over its 50% stake in
Pacific Publications, its Australian publishing joint venture
with Seven Network Limited, for $65 million.

The proceeds from both transactions will be put towards debt
reduction, leaving PMP free to focus on leveraging its core
business of pre-press, print and distribution.


PREHN INSURANCE: Financial Adviser Draws Six-Year Jail Term
-----------------------------------------------------------
David Knott, Chairman of the Australian Securities and
Investments Commission (ASIC), announced Monday that Joachim
Prehn has been sentenced to six years' jail after pleading
guilty to 28 counts of fraud.

Mr Prehn, a former Burnie-based insurance agent and financial
adviser, will serve a non-parole period of four years, and has
entered into a recognizance of $10,000 to be of good behavior
for two years from the date of his release.

Between 30 June 1995 and 13 July 1998, Mr Prehn was knowingly
involved in Joachim Prehn Insurance Services Pty Ltd
misappropriating client funds of $1,714,229.

In passing sentence, His Honor Mr Justice Underwood categorized
Mr Prehn's criminal conduct as ". sustained and deliberate. It
was entered into and persisted with to satisfy [a] pathological
urge to gamble. Each crime was a grave breach of trust committed
against those who could ill afford to lose their money".

The majority of clients defrauded by Mr Prehn's actions were
"retirees, or other people who depended upon their capital for
day-to-day living", His Honor said.

The insurance company Mr Prehn acted as an agent for has
compensated the clients who lost money as a result Mr Prehn's
actions.

In February 2000, ASIC permanently banned Mr Prehn from acting
as an investment adviser or as a representative of a securities
dealer. ASIC also obtained Supreme Court orders to appoint a
receiver to the property of Joachim Prehn Insurance Services
Pty. Ltd and to Mr Prehn's personal assets, in order to secure
those assets for the benefit of investors and creditors of his
company.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.


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


CHINADOTCOM: Q202 Net Loss Narrows by 86%
-----------------------------------------
Chinadotcom corporation -- www.corp.china.com -- announced
Tuesday its financial results for the second quarter ending June
30, 2002 under US GAAP.  Net loss narrowed by 86% from a year
ago to US$8.0 million, the same as compared to the previous
quarter.  Q2 2002 loss per share was US$0.08 versus $0.08 in Q1
2002 and US$0.57 in Q2 2001.

Chinadotcom posted revenue of US$15.2 million in Q2 2002, down
7% compared to US$16.4 million in Q1 2002.  Previous
expectations for Q2 2002 revenues included certain consulting
project revenues, which we now expect to record in Q3 2002.
Gross margin of 33% was US$5.0 million, down from 35%, or US$5.8
million in Q1 2002, primarily relating to ongoing price pressure
in the on-line advertising network business.  SG&A expenses for
Q2 2002 were US$11.1 million, down 11% compared to US$12.4
million in the previous quarter and 62% lower than US$29.0
million a year ago.  The company is working towards further
reduction in recurrent quarterly SG&A expenses to single digit
levels going forward.  As a result of this further improvement
in cost control Q2 2002 cash operating loss was US$6.2 million,
down from US$6.6 million in Q1 2002 and down 74% from a year
ago.

"Despite persistent weak market conditions, we have made
progress during the quarter in positioning ourselves for an
eventual upturn in economic conditions," said Daniel Widdicombe,
Chief Financial Officer of chinadotcom. "At the same time as
continuing to control operating expenses and maintaining
our current cash levels, we have been working to move up the
value curve through the introduction of more higher-margin
products that we have either developed internally, added through
acquisition, or through partnerships."

Evolution towards a broader base of higher margin products and
services

The company has made progress in its strategic re-positioning
and continues to push its evolution towards a broader base of
higher margin products and services.  The company has progressed
in the last quarter with several new additions to its current
400 plus installations, including Microsoft, A C Nielsen and
Swire Beverage.  Its five-year established software development
center in China is currently developing products for use on the
"Microsoft .Net" platform.

chinadotcom views China as a promising base for lower-cost
development of software products for distribution,
implementation and integration by its own operations across its
markets internationally, enabling the company to better
scale its costs to make it competitive in the mid-tier software
market.  In addition, the company is continuing to develop
partnerships with major software companies, focusing on securing
Greater China and international master distributorships for such
companies across various markets.  The push up the value curve
is also being achieved through securing longer-term
contracts with major enterprises as well as governments across
our key markets.

The integration of the B2B marketing database with the existing
marketing offering in Australia has progressed during the
quarter.  Resultant operational gains include reduced ongoing
database maintenance costs and office consolidation.  The B2B
database offering has been enhanced and sales cross-pollination
with the existing marketing services business achieved.
Opportunities to work more closely with the technology services
business in Australia have also been identified, particularly in
the area of e-mail marketing.

"Where we see opportunities, we will continue to develop our
existing portfolio of enterprise solutions that can
strategically broaden our business mix and drive longer term,
high margin and recurrent revenue," said Peter Yip, Chief
Executive Officer of chinadotcom.  "The combination of these
products and services provides opportunities for joint sales
calls, the sharing of market intelligence and cross platform
product developments enabling us to achieve our long-term goal
of becoming one of the leading providers of enterprise solutions
in Asia-Pacific."

Progress in Operations

* Technology Services

chinadotcom's e-solutions continues to show improvement in
building its base of long-term, recurring work derived from its
application outsourcing business and government services
practice.  Further cost savings were achieved in SG&A.  Our e-
solutions subsidiary signed a second large UK government agency,
the Department of Land Registry, to a multi-year relationship
while also being named recently to the UK Central Office of
Information roster -- a select list of pre-approved service
partners that UK government agencies work with.  Other major
client activity included new work with ING Barings, continuing
work with Cathay Pacific and the resumption of projects for
Emirates Airlines.

* Marketing & Media Services

The company continued its efforts during the quarter to better
align its e-marketing services with its e-solutions businesses.
In several markets, the company's e-marketing operating
infrastructure has now been shared with chinadotcom's e-
solutions operations, resulting in ongoing cost savings.  In
China, the company recently accelerated the rescaling of its
low-margin on-line advertising network business in order to
improve that operation.  In certain markets, chinadotcom has
ceased its funding of e-marketing units in the past 18 months
and will continue to review the prospects of its ongoing
operations.  Within the segment, the Korean operation posted a
strong performance on the back of increased marketing associated
with the successful World Cup soccer tournament.

The drive to diversify the service offering through increasing
non on-line advertising revenues, such as direct-marketing and
e-mail technology revenue, saw progress as such revenues
increased from 9% to 12%, with higher gross margins of over 60%.
New clients include BankWest, Time Inc., and American
Express.  In addition, our e-marketing entity continued ongoing
relationships with Samsung and Johnson & Johnson.

hongkong.com introduced Hong Kong's first web-based paid e-mail
service during the quarter and an enhanced SMS and e-Coupon
service was also launched. Performance at chinadotcom's travel
business improved and it was appointed as event
organizer/official publication/official daily for several major
travel trade events for the rest of the year and into 2003.

* Software Products

The company has introduced a series of new human resources
management products developed along with the existing PowerHRP
(Human Resources Payroll) module, including Power ATS
(Attendance Tracking System), PowerPay+ and PowerESS (Employee
Self Service).  Through coordinated sales and marketing
efforts the company has secured multiple wins for its PowerHRP
management software in China.  Since introduction, these
products have been licensed to multinational and local
enterprises.  For instance, the five-star hotel, J.C. Mandarin
in Shanghai has licensed the ATS solution that enables it to
track all employee rostering and shift information gathered from
the digital swipe card machine on the premises of the hotel.

chinadotcom's e-solutions arm continues to make progress with
its Software Development Center (SDC) in Beijing as part of the
company's focus on proprietary enterprise software applications
for local enterprises and multinationals particularly in
Mainland China.  One of the first products from this SDC will be
an Internet-based technology platform automating Customer
Relationship Management (CRM) processes especially tailored for
Mainland China. A number of potential customers have already
expressed interest in this product.

"What is paramount for us at this stage is to step up our focus
on developing and offering a broad base of higher-margin
business services and software products that will provide a
foundation for our long-term growth," said Raymond Ch'ien,
Executive Chairman of chinadotcom. "Current market trends, in
addition to the strength of our balance sheet, place us in a
favorable position to maintain this strategy, with the aim of
becoming the pre-eminent integrated Asian enterprise solutions
company."

Other Developments

With regard to the company's treasury program, as a result of
the strong performance of bond prices in the last quarter, the
mark to market impact on the company's treasury portfolio
recorded on the balance sheet has reduced from a loss of US$10.1
million at the end of Q1 2002 to a gain of US$1.8 million at the
end of Q2 2002.  The company has also reduced its exposure to
market risk by reducing the average term and improving the
credit quality of its treasury instruments, recording a realized
loss of US$2.6 million in Q2 2002.  The company is now engaged
in the process of outsourcing some or all of its treasury
portfolio to professional outside managers.  The company
believes that outsourcing its portfolio will provide a greater
breadth and depth of resources to be dedicated to the management
of its cash.

To date, the company has fully repaid its short-term credit
facilities, resulting in a strong, unencumbered balance sheet.
The company maintains access to two credit facilities that are
available for working capital, short-term liquidity issues and
acquisitions. "In light of a challenging quarter financially and
operationally and a lack of current visibility regarding the
timing of a global economic recovery, my team is prepared to
take further aggressive steps to achieve profitability and
increase shareholder value." Peter Yip, Chief Executive Officer,
said, "We will look to build our base of higher-margin software
products and services, as well as further rationalize non-
performing or low-margin businesses.  Loss of revenues on the
top line is likely in the near term but we believe that a
profitable company will be the eventual result.  As such, we
believe we are continuing to better position the company, and we
look forward to the future with confidence."

Conference Call

chinadotcom will hold a conference call to review its second
quarter 2002 earnings and operations at 4:00 pm on August 13,
2002 Hong Kong time.  Investors can call at that time to US Toll
Free 888-390-6586, US Toll Number: 712-271-3300, or Hong Kong
Number: 852-2258-4100; alternatively the conference call can be
heard on the Internet at
http://webcast.ibeam.com/starthere.asp?pres=20082.  For those
unable to listen to call in or listen to the live broadcast via
the web, a replay will be available after the call at
http://www.corp.china.com/shares.html.

    * Cash operating loss is defined as gross profit minus
selling, general & administrative (SG&A) expenses.


EARNWARD LOGISTICS: Winding Up Sought by Lunmas
-----------------------------------------------
Lunmas Interior Design Ltd. is seeking the winding up of
Earnward Logistics Limited.  The petition was filed on July 4,
2002, and will be heard before the High Court of Hong Kong on
October 2, 2002.

Lunmas Interior holds its registered office at No. 34, Wang Toi
Shan Yau Uk Tsuen, Pat Heung, New Territories, Hong Kong.


HONG KONG CONSTRUCTION: Petition to Wind Up Pending
---------------------------------------------------
The petition to wind up Hong Kong Construction (Works) Limited
will be heard before the High Court of Hong Kong on September
18, 2002 at 9:30 am.

The petition was filed with the court on June 24, 2002 by Bachy
Soletanche Group Ltd. whose principal place of business is
situated at 3rd Floor, Harcourt House, 39 Gloucester Road,
Wanchai, Hong Kong.


LIFETEC GROUP: Cuts Loss to HK$11.9M
------------------------------------
Lifetech Group Limited posted its results announcement summary
year ending 31 December 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                             : 13,338           4,865
Profit/(Loss) from Operations        : (8,169)          (14,061)
Finance cost                         : (1,272)          (2,527)
Share of Profit/(Loss) of Associates : (677)            (560)
Share of Profit/(Loss) of
  Jointly Controlled Entities        : -                -
Profit/(Loss) after Tax & MI         : (11,835)         (18,544)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : (0.8 cent)    (1.6 cents)
         -Diluted                    : -                -
Extraordinary (ETD) Gain/(Loss)      : -                -
Profit/(Loss) after ETD Items        : (11,835)         (18,544)
Interim Dividend per Share           : Nil              Nil
(Specify if with other options)      : -                -
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: Nil
B/C Dates for Other Distribution     : N/A

Remarks:

(1) Taxation

No provision for taxation has been made for the six months ended
30 June 2002 and for the six months ended 30 June 2001 as the
Group incurred a loss in both periods.

(2) Loss per share

The calculation of basic loss per share is based on the loss
attributable to shareholders for the six months ended 30 June
2002 of HK$11,835,000 (2001: loss of HK$18,544,000) and the
weighted average number of 1,478,686,277 shares (2001:
1,136,708,377 shares) in issue during the period.

The computation of diluted loss per share does not assume the
conversion of the company's outstanding share options since
their exercise would result in a decrease in loss per share.

(3) Loss after taxation and MI

Loss from operations has been arrived at after charging:

                                      Unaudited
                                      Six months ended 30 June

                                         2002            2001
                                         HK$'000         HK$'000
  Amortization of patent                   588             1,386
  Depreciation                             3,156           3,455
  Loss on disposal of investment property  -               141
  Loss on disposal of fixed assets         35              213
                                        ==========      ========


M W LEE: Hearing of Winding Up Petition Set
-------------------------------------------
The petition to wind up M W Lee & Sons Enterprises Limited is
scheduled to be heard before the High Court of Hong Kong on
October 9, 2002 at 10:00 am.  The petition was filed with the
court on July 16, 2002 by Samuel Tak Lee (also known as Lee Tak
Yee or Li, Tak Yee Samuel or Lee Cheong Yee) of House 1, 24-28
Mount Austin Road, Hong Kong.


NORTHEAST ELECTRICAL: Releases 2nd EGM Results
----------------------------------------------
The second extraordinary general meeting of Northeast Electrical
Transmission & Transformation Manufacturing Company Limited in
2002 was held at the Conference Room of the Company, 189 Taiyuan
South Street, Heping District, Shenyang, Liaoning Province, the
People's Republic of China (PRC) at 9:00 a.m. on 12 August 2002.

The meeting was attended by eight shareholders and proxies,
holding and representing 380,618,660 shares, which constitutes
43.58%
of the Company's total share capital of 873,370,000 shares. It
complied with the requirements of the Company Law and the
Articles of Association of the Company. Beijing Tongshang Law
Office had issued a legal opinion.

These resolutions were passed at the meeting that affirmative
votes were 380,618,660 shares, objected vote was 0 and abstained
from voting was 0. Affirmative votes represented 100% of the
total number of shares with voting rights:

   1. The appointment of Deloitte Touche Tohmatsu Certified
Public Accountants and Tohmatu Touche Tohmatsu Hua Yong
Certified Public Accountants as overseas auditors and domestic
auditors respectively;

   2. To consider and approve the Rules of Procedures at General
Meeting.


SINO ETERNITY: Winding Up Petition Slated for Hearing
-----------------------------------------------------
The petition to wind up Sino Eternity 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 11, 2002 by
Leung Wah Kwan of Room 912, Oi Yung House, Yau Oi Estate, Tuen
Mun, New Territories, Hong Kong.


YANION INTERNATIONAL: Loss Widens to HK$76.2M
----------------------------------------------
Yanion International Holdings Limited announced on 12 August
2002:

(stock code: 82)
Year end date: 31/12/2001
Currency: HKD
Auditors' Report: Qualified
Review of Interim Report by: N/A
                                                  (Audited)
                                  (Audited)        Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/1/2001    from 1/1/2000
                                  to 31/12/2001    to 31/12/2000
                                  ('000)           ('000)
Turnover                           : 175,486          288,913
Profit/(Loss) from Operations      : (72,474)         (37,158)
Finance cost                       : (3,344)          (4,399)
Share of Profit/(Loss) of Associates  : 0                0
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A              N/A
Profit/(Loss) after Tax & MI       : (76,197)         (43,714)
% Change over Last Period          : N/A
EPS/(LPS)-Basic                    : (19.2 cents)   (31.9 cents)
         -Diluted                     : N/A              N/A
Extraordinary (ETD) Gain/(Loss)       : N/A              N/A
Profit/(Loss) after ETD Items         : (76,197)       (43,714)
Final Dividend per Share              : Nil              Nil
(Specify if with other options)       : N/A              N/A
B/C Dates for Final Dividend          : N/A
Payable Date                          : N/A
B/C Dates for (-) General Meeting     : N/A
Other Distribution for Current Period : N/A
B/C Dates for Other Distribution      : N/A

Remarks:

1.  ANALYSIS OF TURNOVER AND PROFIT/(LOSS)

All turnover and profit/(loss) were arising from continuing
operations.

2. LOSS PER SHARE

The calculation of basic loss per share is based on the net loss
from ordinary activities attributable to shareholders for the
year of HK$76,197,000 (2000: HK$43,714,000) and the weighted
average of 397,849,029 (2000: 137,237,941) ordinary shares in
issue during the year.

The diluted loss per share for the year ended 31 December 2001
and 31 December 2000 have not been shown as the share options
outstanding during both years had an anti-dilutive effect on the
basic loss per share for both years.

3. PROFIT/(LOSS) AFTER TAXATION & MI

The loss after taxation and MI is including the Provision for
impairment in value of goodwill of HK$21,047,000 (2000: Nil),
and amortization of goodwill of HK$5,656,000 (2000: Nil)


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


ASTRA INTERNATIONAL: Unit's Rp300B Bond Issue Set at 18.5%
----------------------------------------------------------
The coupon rate of the Rp300 billion three-year bond issue of PT
Federal International Finance, a 99.99 percent-owned motorcycle
financing unit of PT Astra International, has been set at 18.5
percent, AFX-Asia reports.

"The rate has been set at 18.5 pct fixed for the three years,"
lead underwriter Bahana Securities' Assistant Vice President for
Investment Banking Nelwin Aldriansyah said.

Earlier, Federal International said a third "bullet" series
worth Rp75 billion will pay the entire principal amount of the
bond issue upon maturity in a single 'bullet' payment, rather
than in installments over the next three years.

According to DebtTraders, Astra Overseas Finance's 4.809%
floating rate notes due on 2005 (ASII05IDS1) are trading between
76.5 and 77.5. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ASII05IDS1


SEMEN GRESIK: Pefindo Places Rating on Alert W/ Neg Implication
---------------------------------------------------------------
Pefindo put the rating of PT Semen Gresik (Persero) Tbk. (SMGR)
and its Bond I/2001 on RatingAlert with negative implications.
This decision was due to the uncertainty of PT Semen Padang's
(SMPD) settlement on its Medium Term Notes (MTN) to PT Jamsostek
(Persero) amounting to Rp200 billion, due on August 15, 2002.

Any default on SMGR's subsidiaries', including SMPD's, financial
obligations will lead to a "selective default" status on SMGR's
corporate and bond ratings. Currently, both of SMGR's corporate
and bond ratings are `idA+' with a "stable" outlook, based on
the latest review on May 30, 2002.

Pefindo will closely monitor the settlement on this MTN.


SEMEN PADANG: Rp500B Loan Never Blocked by State Ministry
---------------------------------------------------------
The State Ministry has never tried to block the disbursement of
a Rp500 billion loan from PT Bank Mandiri to PT Semen Padang,
AFX-Asia reports, quoting State Minister Laksamana Sukardi's
restructuring and privatization Assistant Deputy Aloysius Kikro.

"Why would we do that? What is the benefit for us? Why should we
do something that will be disadvantageous for us?" Kikro said.

Semen Padang Lawyer Adnan Buyung Nasution said Monday that the
company is considering taking legal action against Bank Mandiri
over the delay of its loan disbursement to the company.

Semen Padang has signed an investment credit agreement with Bank
Mandiri on July 30, under which Bank Mandiri should have
gradually disbursed Rp500 billion to starting from Aug 1 to 14
to refinance its Rp200 billion debt to state-run PT Jamsostek
and Rp300 billion to ABN Amro Bank.

The delay has fueled suspicions from Padang that the government
is trying to block the loan as part of its moves to replace
Padang's management.

Kikro said Sukardi has ordered an investigation into the matter.


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


FUJITSU LTD: Shares Fall, Worries Linger on Data Leak
-----------------------------------------------------
Fujitsu Ltd's shares fell as low 603 yen on Monday, as worries
lingered over a data leak that could threaten its government
contracts, Reuters said Monday.

The Defence Agency will consider penalties against Fujitsu,
including possibly suspending it from bidding for future
contracts, after individuals who then tried to blackmail Fujitsu
obtained data from an agency network.

According to Kyodo news agency, a group of men last week
demanded money from Fujitsu and threatened to sell network
diagrams and Internet protocol addresses to communist North
Korea.

Fujitsu complained to the police on August 6 and the Defense
Agency said it would carry out an investigation.

Analysts noted worries that any penalties could also affect
Fujitsu's business with other government entities.

Last week, Morgan Stanley cut its investment rating on Fujitsu
to "equal weight" from "overweight", citing the Defense Agency
news as well as a weaker earnings outlook overall for the
current business year.


NIPPON MEAT: August Sales Drop 40%
----------------------------------
Nippon Meat Packers Inc. said the Company's processed food
products are expected to fall about 40 percent this month, Kyodo
News said Tuesday.

The scandal tainted firm blamed the projected drop on a series
of moves by supermarkets and other retailers to remove its
products from their shelves after a beef false labeling scandal
involving one of its units.

The retailers include major supermarket chain operators Ito-
Yokado Co, Seiyu Ltd and Aeon Co.


NIPPON MEAT: Officials Grilled Over Labeling Scam
-------------------------------------------------
Farm Ministry officials have questioned executives of Nippon
Meat Packers Inc. in connection with a beef-mislabeling scam
involving its unit Nippon Food Inc., the Japan Times reported
Tuesday.

The Ministry questioned Motoaki Shoji, Senior Managing Director
at Nippon Meat, and Heihachiro Azuma, Vice President of the
Company, and carried out a search on its unit for evidence of
abuse of a beef-buyback program to obtain government subsidies.

Azuma served as President of the unit, which Nippon Meat
President Hiroji Okoso has admitted passed off imported beef as
domestic and sold it to the buyback program intended to bail out
the domestic cattle industry battered by the outbreak of mad cow
disease in Japan last September.

Nippon Meat claimed that the heads of three sales offices, in
Ehime, Tokushima and Hyogo prefectures, are responsible for the
deception.

Officials at the Agriculture, Forestry and Fisheries Ministry
have said the government will consider filing a fraud complaint
against the unit.

The government will also consider a separate complaint against
Nippon Meat for allegedly destroying evidence related to the
fraud.


NIPPON TELEGRAPH: Contracts Up 22% For Flat-Rate Net Service
------------------------------------------------------------
Nippon Telegraph and Telephone Corp. said that contracts for the
Flet's flat-rate high-speed Internet services of its NTT East
Corp. and NTT West Corp. regional firms at the end of June were
up 22 percent from the end of March, Asia Pulse and Nikkei
reported Monday.

Total contracts for the Flet's ADSL (asymmetric digital
subscriber line) service increased to 1.38 million agreements,
up 43.5 percent from the end of March. Contracts for the Flet's
ISDN service totaled 1.36 million agreements, up 4.5 per cent.

This was the first time that the number of ADSL contracts
surpassed the number of ISDN contracts.

Contracts for the B-Flet's home-use fiber-optic service came to
41,000 agreements, up 127.8 per cent.


TOYAMA CHEMICAL: JCR Places BBB- Rating Under Credit Monitor
------------------------------------------------------------
Japan Credit Rating Agency on Monday has placed Toyama Chemical
Co., Ltd's BBB- rating on the following bonds under credit
monitor.

Issue:
Amount(bn) / Issue Date / Due Date / Coupon
convertible bonds no.1
Y10 / Apr. 12, 2000 / Mar. 31, 2005 / 1.0 percent

Rationale

Toyama Chemical and Taisho Pharmaceutical announced on August 9,
2002 that they would tie up in capital, research and
development, and marketing. Taisho Pharmaceutical will become
the largest shareholder of Toyama Chemical by acquiring 20
percent outstanding shares of it in September 2002. The two
companies will collaborate with each other for the research and
development of ethical drugs. They will establish a marketing
Company for the ethical drugs in Japan in October this year.

Toyama Chemical incurred the third consecutive net loss for
fiscal 2001 ended March 31, 2002, deteriorating the financial
structure. Stoppage of marketing of the mainline drug in October
2000 had adverse impact on the performance. The alliance will
increase the owners' equity of Toyama Chemical. Taisho
Pharmaceutical will extend support to it in other forms. JCR
placed the rating under Credit Monitor to examine the alliance
effects on the development of new type quinolone antibacterial
agent, T-3811, which was licensed out to Bristol-Myers Squibb,
and earnings and financials of Toyama Chemical.


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


DAEWOO ENGINEERING: Wins Contract to Expand LNG Facility
--------------------------------------------------------
Daewoo Engineering and Construction Co. has won a W180 billion
(US$149.12 million) contract from Korea Gas Corp. (KOGAS) to
build three liquefied natural gas (LNG) facilities in Tongyong,
South Gyeongsang Province, Asia Pulse reported Monday.

Daewoo and KOGAS will sign a formal agreement on August 20.

TCR-AP reported that Daewoo Engineering has W1.25 trillion in
outstanding debt.


HYNIX SEMICONDUCTOR: Unit Seeks Foreign Capital for Survival
------------------------------------------------------------
Hynix Semiconductor unit Hydis Display Technology is seeking
foreign capital to aid in its independent survival scrapping its
original sell-off plan, Maeil Business Newspaper reported
Monday.

Officials at the unit said negotiations with potential foreign
investors are already in progress, but Hydis is not interested
in a deal that would require it to relinquish managerial
control.

An announcement is expected by the end of August.

Hydis posted first-half sales of 460 billion won in 2002, with
recurring profits of 50 billion won on the due to a booming LCD
market.

A tentative deal to sell Hydis to Cando Corporation of Taiwan
for $400 million has been terminated because of differences on
the conditions.

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


HYNIX SEMICONDUCTOR: Sees FY02 Q2 Loss
--------------------------------------
Hynix Semiconductor Inc expects a net loss of 197 billion won in
second-quarter, as creditors weigh options on how to retrieve
their money from the ailing chipmaker, Reuters reported Sunday,
citing unnamed analysts.

In the January-March period, the chipmaker posted its first net
profit of $2.3 million versus a loss of $3.9 billion in 2001.

Creditors will decide this week on how to retrieve some $5
billion in loans they have given to the unprofitable firm.

Creditors may ask Hynix to dispose of non-memory chip units to
secure funds to keep it running and make it more attractive to
potential buyers.

Hynix shares dropped 84 percent as debts and low investment made
it unprofitable.


HYUNDAI MERCHANT: President Signs Final US$1.5 BB Sale Contract
---------------------------------------------------------------
Hyundai Merchant Marine Co President Jang Chul-soon signed a
final accord with Sjur Galtung, vice-chief executive of
Wilh.Wilhelmsen ASA and Carl Johan Hagman, President and CEO of
Wallenius Lines AB, to sell its auto-shipping operations for
USD1.5 billion to the consortium comprised of Wilh. Wilhelmsen
Ltd of Norway and Wallenius Lines AB of Sweden, and Hyundai
Motor Co and Kia Motors, a statement from the Company said.

The deal calls for the Scandinavian companies and Hyundai Motor
and Kia Motors to set up a joint venture to take over Hyundai
Merchant's 72 auto-shipping vessels and its business rights to
transfer automobiles, it said.

Hyundai Merchant plans to use the sales proceeds, which it will
receive in October, to pay down its short- and long-term debt,
which currently stands at KRW2.2 trillion, it said.

Of the US$1.5 billion total value of the contract, it will
receive net proceeds of US$1.3 billion, with US$200 million
being excluded to cover payments for purchased vessels. (M&A
REPORTER - ASIA PACIFIC, Vol. No.1, Issue No. 159, August 13,
2002)


KOREA LIFE: Sale Negotiations in Final Stretch
----------------------------------------------
Talks to sell off Korea Life Insurance Co. between Hanwha group
and the Korea Deposit Insurance Corp. is almost completed, with
that the only thing remaining is settling the sales price of the
life insurer, Digital Chosun said Monday, citing Deputy Prime
Minister Jeon Yun-churl.

The Hanwha group is the Company's sole bidder while the Korea
Deposit Insurance Corp. is a government bankruptcy agency in
charge of selling off the insurance firm.

TCR-AP reported that Korea Life incurred net income of 879.4
billion won in the year ended March 31 compared with a year-
earlier loss.

The government spent 3.5 trillion won rehabilitating the insurer
after saving the firm in 1999, is selling assets to recover
funds spent rebuilding the economy after the Asian crisis of
1997-1998.


SEOUL BANK: Government Welcomes Lone Star's Revised Bid
-------------------------------------------------------
Finance and Economy Minister Jeon Yun-churl said the government
welcomes the Lone Star Fund's revised bid for Seoulbank as it
reflects investors' positive reaction to the bank's
restructuring.

Jeon said the Public Fund Oversight Committee will hold a
session on August 16 to discuss the details on how to proceed
with the sale of the bank. He, however, did not elaborate.

The MoFE said last week the US investment fund has raised its
bid for Seoulbank, intensifying competition with Hana Bank,
which is also bidding.

Last week, the Korea Economic Daily quoted an unidentified
source at Lone Star as saying that it has raised its bid for
Seoulbank by proposing a profit-sharing scheme with the
government for a period of three years after the acquisition.
The official said the government is expected to collect an
additional KRW150 billion from the profit-sharing arrangement on
top of the KRW850 billion it stands to raise from the sale of
Seoulbank. (M&A REPORTER - ASIA PACIFIC, Vol. No.1, Issue No.
159, August 13, 2002)


SEOUL BANK: Labor Union Finds Price Offers "Too Cheap"
-----------------------------------------------------
Sparking yet another dispute over the sale of SeoulBank, the
bank's labor union said that its analysis of the offers made by
Hana Bank and the U.S.' Lone Star have been dirt-cheap, the
Digital Chosun reported.

The offers indicated that Hana is in fact getting paid as much
as KRW146 billion by the government for the acquisition.

The union said that Hana's offered price of KRW1 trillion for
SeoulBank does not include Hana's estimated KRWW899.6 billion in
tax savings on the deal, Hana's indemnity from SeoulBank's
KRWW118.9 billion exposure to syndicate loans to Russia and
bankrupt Dongah Construction Ind., and KRWW127.5 billion in
opportunity costs that Hana will earn once Lone Star drops out
of the bid.

The union also claimed that Hana demanded that the government
put pressure on SeoulBank unionists to abide by the Hana-
proposed manpower-trimming plan for SeoulBank. (M&A REPORTER -
ASIA PACIFIC, Vol. No.1, Issue No. 159, August 13, 2002)


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


DEWINA BERHAD: Updates Corporate Restructuring Exercise Status
--------------------------------------------------------------
AmMerchant Bank Berhad, on behalf of Dewina Berhad, in refer to
its Circular to Shareholders dated 8 March 2002 for the
corporate restructuring exercise, which includes, inter-alia, an
internal reorganization of the Company involving the disposal of
all its subsidiaries (excluding Dewina Holdings Sdn Bhd (DHSB))
to DHSB, a wholly owned subsidiary of Dewina, announced that the
Company has, on 7 August 2002 disposed the following
subsidiaries to DHSB:

   i) Dewina Food Industries Sdn Bhd;
   ii) Dewina Trading Sdn Bhd;
   iii) Dewina Food Services Sdn Bhd;
   iv) Delimar Sdn Bhd; and
   v) Dewina LSG Sdn Bhd.

The disposal of these subsidiaries to DHSB is pending
completion:

   (a) Dewina Host Sdn Bhd; and
   (b) Dewina Africa (Pty) Ltd.

The above internal reorganization is to facilitate, inter-alia,
the subscription by Haji Ibrahim bin Haji Ahmad of 99,998 new
ordinary shares of RM1.00 each in DHSB (hence resulting in the
dilution of the Company's shareholdings in DHSB from the
existing 100% to 0.002%), and thereafter, the acquisition by
Dewina of the entire issued and paid up share capital of MTD
Prime Sdn Bhd from Puncak Sabit Sdn Bhd, a wholly owned
subsidiary of MTD Capital Bhd.


EMICO HOLDINGS: Awaits Scheme Leaders Extension Decision
--------------------------------------------------------
The Board of Directors of Emico Holdings Berhad announced that
Arthur Andersen Corporate Advisory Sdn Bhd, on behalf of the
Company, wrote to the Scheme lenders for a CUT-OFF DATE (as
defined in the DRA) extension for a further two (2) months from
7 August 2002 to 6 October 2002.

Presently, the Company is awaiting the Scheme lenders' reply. An
announcement will be made when we have obtained written consents
from the MAJORITY LENDERS as defined in the DRA dated 8 August
2001.


KUMPULAN FIMA: Provides Financial Regularization Status Update
--------------------------------------------------------------
The Board of Directors of Kumpulan Fima Berhad, in accordance
with Paragraph 4.1 (a) of the Practice Note No. 4/2001(PN4),
which addresses the Criteria and Obligations pursuant to
Paragraph 8.14 of the KLSE Listing Requirements, announced that
the Company is an affected listed issuer.

The Company is an affected listed issuer following Paragraph 2.1
(a) of the PN4 whereby there is a deficit in the adjusted
shareholders' equity of the Company on a consolidated basis at
the present time. Paragraph 2.1(b),(c) and (d) are not
applicable at this juncture.

OBLIGATIONS OF KUMPULAN FIMA BERHAD AND/OR ITS DIRECTORS

Pursuant to PN4 and Paragraph 8.14 of the Listing Requirement
and PN4, the Company shall:

   i . Make an announcement (First Announcement) within seven
(7) market days from 30 August 2002 as prescribed in paragraph
4.1(a) of PN4.

   ii . Announce the status of its plan to regularize its
financial condition on a monthly basis until further notice from
the Exchange;

   iii . Announce its compliance or failure to comply with a
particular obligation imposed pursuant to PN4, as and when such
an obligation becomes due;

   iv . Submit monthly reports accompanied by statutory
declarations to the Exchange as the prescribed format in the
Appendix PN4/2001-A;

   v . Announce to KLSE a plan to regularize its financial
condition within 6 months from the date of the First
Announcement that fulfill the requisite announcement;

   vi . Submit its plan to regularize its financial condition to
the relevant authorities for approval, including the Securities
Commission within two (2) months from the date of the requisite
announcement; and

   vii . Obtain all approvals necessary for the implementation
of the plan from relevant authorities within the stipulated time
schedule pursuant to Paragraph 5.1 of PN4.

However, the Company is not required to appoint a monitoring
accountant as it does not fall into the ambit stated under
paragraph 6.1(a) (i) (ii) and 6.1 (b) of PN4.

CONSEQUENCES OF NON-COMPLIANCE

In the event the Company and/or its Directors fails/fail to
comply with the obligations set out in PN4, the trading of its
ordinary shares on the KLSE may be suspended and/or the Company
may be de-listed. However, the Company would be given due
process by KLSE before de-listing.

STATUS OF THE COMPANY PLAN TO REGULARISE ITS FINANCIAL CONDITION

The Company is aware of its obligations pursuant to the Listing
Requirements of KLSE and the consequences of its non-compliance.
Appropriate actions to address the negative shareholders' fund
has been taken as early as September 2001 where the directors of
KFIMA have decided to end the activities of stockbroking
business of Fima Securities Sdn Bhd (FSSB). Consequently, FSSB
enter into an agreement with M&A Securities Sdn Bhd (M&A) for
the disposal of its stockbroking business on 13 September 2001.

The sequence of events on the progress of the disposal of the
FSSB stockbroking business to M&A are as per Table 1 at
http://www.bankrupt.com/misc/TCRAP_Kfima0814.pdf.

In view of the events as per Table 1, particularly where the
dateline for the establishment of M&A Kuala Lumpur branch has
been extended to 28 October 2002, the gain of RM45 million which
was earlier recognized in the 4th quarter announcement on 28 May
2002 had to be reversed. The explanation for the variation
between the 4th quarter result announced on 28 May 2002 and the
announcement on the audited result for the year ended 31 March
2002 was made on 31 July 2002.

Had the gain been recognized in the financial statements for the
year ended 31 March 2002, the Group would have a positive
adjusted shareholders' fund as per Table 2 at
http://www.bankrupt.com/misc/TCRAP_Kfima0814.pdf.


MYCOM BERHAD: Clarifies Malay Mail Report
-----------------------------------------
Mycom Berhad, in response to the news report appearing in the
Malay Mail on Thursday, 8 August 2002, entitled, "Hope for
abandoned Bandar Sentul Utama Project", submitted its press
announcement as follows:

"The Board of Directors of Mycom Berhad wishes to clarify that
its wholly-owned subsidiary, Sentul Murni Sdn Bhd (SMSB) had its
representatives attended a meeting with the Ministry of Housing
and Local Government on 21 August 2001 together with purchasers'
committee members. At the said Meeting, SMSB had emphasized that
the Bandar Sentul Utama Project could not be carried out because
of squatters problem as the squatters located at the project
site had refused to be re-located to the completed low cost
units. In addition, the squatters constantly harassed our
contractor and workers to the extent that construction work was
difficult and could not continue.

The Meeting was also informed that there is a pending court case
to evict the squatters concerned. Until and unless the eviction
is completed, the completion of the construction is impossible.

The Housing Ministry did not give the green light to the
purchasers' committee to be the receivers and managers as
claimed in the news report as it was not the proper procedure."

The Board of Directors also announced that there has been no
change in status since the last monthly status announcement on 8
July 2002 in respect of the default in principal payments by its
wholly-owned subsidiaries, Tingkayu Plantation Sdn Bhd and
Pertama Land & Development Sdn Bhd.


PANGLOBAL BERHAD: Releases Unit's Coal Production Volume
--------------------------------------------------------
PanGlobal Berhad announced that the production volume of coal of
its wholly-owned subsidiary, Global Minerals (Sarawak) Sdn Bhd
for the month of July 2002 was 46,882.98 mt.

TCR-AP reported on May 20 that the Restraining Order under
Section 176 of the Companies Act, 1965 dated 21 September 1998
granted to PGB and four (4) of its subsidiaries, namely
PanGlobal Properties Sdn. Bhd., Limbang Trading (Limbang) Sdn.
Bhd., Global Minerals (Sarawak) Sdn. Bhd. and Menara PanGlobal
Sdn. Bhd, which expired on 15 May 2002, has been extended by the
High Court of Malaya for a further period of six (6) months to
15 November 2002.


PLANTATION & DEVELOPMENT: Enters Conditional Scheme Agreement
-------------------------------------------------------------
AmMerchant Bank Berhad, announced on behalf of Plantation &
Development (Malaysia) Berhad, that the Company has on 7 August
2002 entered into a conditional Restructuring Scheme Agreement
with Fountain View Development Sdn Bhd (FVD), the shareholders
of Everange Sdn Bhd (Vendors) and certain creditors of the
Everange Sdn Bhd (ESB) Group which comprises:

   i) Proposed capital reduction and consolidation;
   ii) Proposed establishment of a new company, FVD;
   iii) Proposed share swap;
   iv) Proposed debt compromise;
   v) Proposed acquisition of ESB;
   vi) Proposed settlement of debts to creditors of the ESB
Group;
   vii) Proposed transfer of listing status of P&D to FVD;
   viii) Proposed listing of and quotation for ordinary shares
of RM1.00 each (Shares) of FVD and irredeemable convertible
unsecured loan stocks (ICULS) of FVD; and
   ix) Proposed settlement and/or compromise with a contingent
unsecured creditor of P&D.

The above proposals will be collectively referred to as the
"Proposed Restructuring Scheme".

All the proposals comprised in the Proposed Restructuring Scheme
are inter-conditional upon each other.

As announced to the KLSE on 31 July 2002, the High Court of
Malaya, in Originating Summons No. MT3-24-1698-02, had on 29
July 2002 granted an order to convene meetings of the Scheme
Creditors and the members of the Scheme Companies pursuant to
section 176(1) of the Companies Act, 1965.

DETAILS OF THE PROPOSED RESTRUCTURING SCHEME

Proposed Capital Reduction And Consolidation

The Proposed Capital Reduction And Consolidation encompasses a
capital reduction exercise pursuant to Section 64 of the
Companies Act, 1965 to reduce the existing issued and paid-up
share capital of P&D.

It is proposed that the existing share capital of P&D of
RM159,828,000 comprising 159,828,000 Shares be reduced to
RM7,991,400 comprising 159,828,000 ordinary shares of RM0.05
each. The reduction of RM0.95 for every P&D share would give
rise to a credit of RM151,836,600 which would be utilized to
reduce the audited consolidated accumulated losses of P&D as at
31 December 2001 of approximately RM415,008,900 to approximately
RM263,172,300.

Forthwith upon the reduction of the share capital taking effect,
the Proposed Capital Reduction And Consolidation will entail the
consolidation of the issued and paid-up share capital of P&D.
The proposed consolidation of the ordinary shares of P&D will be
on the basis of every twenty (20) ordinary shares of RM0.05 each
being consolidated into one (1) Share, thereby consolidating the
159,828,000 ordinary shares of RM0.05 each in P&D into 7,991,400
Shares credited as fully paid-up.

Proposed Establishment Of A New Company

FVD has been recently incorporated and is proposed to acquire
the entire issued and paid-up share capital of ESB from the
Vendors. FVD is also proposed to assume the listing status of
P&D.

Proposed Share Swap

FVD will acquire the entire issued and paid-up share capital of
P&D after the Proposed Capital Reduction And Consolidation,
comprising 7,991,400 P&D Shares, for a total purchase
consideration of RM7,991,400, to be satisfied by the issuance of
7,991,400 new FVD Shares at par and credited as fully paid-up.

Proposed Debt Compromise

Scheme Companies

The companies within the P&D Group involved in the Proposed Debt
Compromise are P&D and Redztikah Sdn Bhd (Redztikah).

All corporate guarantees given by P&D to the creditors of
Invescor Ventures Sdn Bhd (Invescor), a wholly-owned subsidiary
of P&D and the subsidiaries of Invescor will also be
restructured via the Proposed Debt Compromise.

Scheme Amounts

The Scheme Amount is the amount of liability (actual or
contingent, as the case may be) owing by a Scheme Company to
such Scheme Creditor, which is the subject of the Proposed Debt
Compromise. The Scheme Amount to each of the Scheme Creditor is
generally the principal amount due together with any contractual
unpaid interest, at non-default interest rate, on any of such
principal amount as at 31 December 1999. The outstanding amount
of any contingent unsecured liability is subject to the
establishment of the actual liability. The Scheme Amounts for
the Scheme Creditors are based on the amounts confirmed by the
Scheme Creditors in the proof of debt exercise carried out on 8
November 2000.

Scheme Creditors

The Scheme Creditors identified in the Proposed Debt Compromise
comprise financial institution creditors, Pengurusan Danaharta
Nasional Berhad, Danaharta Managers Sdn Bhd, Danaharta Urus Sdn
Bhd, and non-financial institution creditors in relation to
corporate guarantees provided to creditors of Invescor, and a
contingent creditor in relation to a corporate guarantee
provided by P&D.

The Proposed Restructuring Scheme excludes lease and hire
purchase creditors, all preferential creditors and statutory
debts, trade and other general unsecured creditors, as these
creditors of the Scheme Companies will be paid in full in the
ordinary course of business. All other operating expenses, which
will continue to be incurred, will also be paid in the ordinary
course of business.

An outline of the principal terms of the Proposed Debt
Compromise is set out in Table 1. The proposed settlement to the
Scheme Creditors will be via the issuance of FVD RCSLS and
ICULS. The principal terms of the RCSLS and ICULS are set out in
Table 2 and Table 3 respectively.

A summary of the settlement amounts to the Scheme Creditors is
set out in Table 4.

The said tables could be found at
http://www.bankrupt.com/misc/TCRAP_P&D0814.pdf.

Proposed Acquisition Of ESB

FVD will acquire the entire issued and paid-up share capital of
ESB. The purchase consideration of ESB shall be based on the
audited consolidated NTA value of the ESB Group as at 31
December 2001 of RM366,896,240, adjusted for a discount of
RM896,240. Alternatively, the purchase consideration shall be
based on a value adjusted by the relevant authorities.

The purchase consideration of the Proposed Acquisition Of ESB of
RM366,000,000 is proposed to be satisfied via the issuance of
the following:

   * 150,000,000 new FVD Shares at an issue price of RM1.00
each, credited as fully paid-up; and

   * RM216,000,000 nominal amount of 3-year 3.5% FVD ICULS at
100% of its nominal amount.

The ESB Group

The involvement of the ESB Group in the property development
sector began in 1997 with the development of a commercial
complex in Pahang, which was successfully completed in 1999.
Presently, the ESB Group is involved in property development in
Selangor Darul Ehsan. It has a total landbank of 1,692.97 acres
located at Bukit Cherakah, Mukim Ijok, Kuala Selangor, Selangor
Darul Ehsan, which is within the township of Bandar Alam
Perdana. The landbank is located strategically along the new
toll-free Shah Alam-Batu Arang Highway.

Proposed Settlement Of Debts To Creditors Of The ESB Group

Debts to certain creditors of the ESB Group amounting to
RM244,000,000 is proposed to be settled via the issuance of the
following:

   * 104,000,000 new FVD Shares at an issue price of RM1.00
each; and

   * RM140,000,000 nominal amount of 3-year 3.5% FVD ICULS at
100% of its nominal amount.

Proposed Transfer Of Listing Status

The listing status of P&D on the Main Board of the KLSE will be
transferred to FVD upon the completion of the Proposed
Restructuring Scheme.

With reference to Table 9, which could be found at
http://www.bankrupt.com/misc/TCRA_P&D0814.pdf,FVD will not be
able to meet the 25% public spread requirement as stipulated by
the Securities Commission (SC) upon completion of the Proposed
Restructuring Scheme. Sufficient number of FVD Shares will be
offered for sale or placed out, by the Vendors or the creditors
of the ESB Group to meet the public spread requirement.

Proposed Listing Of And Quotation For FVD Shares And ICULS

FVD will apply to the KLSE for admission to the Official List
and the listing of and quotation for the entire issued and paid-
up share capital of FVD, inclusive of all the FVD Shares to be
issued pursuant to the Proposed Restructuring Scheme, on the
Main Board of the KLSE. FVD will also apply to the KLSE for the
listing of and quotation for all FVD ICULS to be issued pursuant
to the Proposed Restructuring Scheme and all FVD Shares to be
issued upon conversion of the RCSLS and ICULS.

Proposed Settlement And/Or Compromise With A Contingent
Unsecured Creditor Of P&D

There is a contingent unsecured creditor by virtue of a
corporate guarantee or indemnity granted by P&D. The amount of
the contingent liability is up to but not exceeding the sum of
RM5,462,000. It is proposed that the Directors be authorized to
enter into, if they so deem fit, a compromise and/or a
settlement with the contingent unsecured creditor in respect of
such contingent liability, on terms NOT more favorable than
those applicable to the Contingent Unsecured Scheme Creditor
under Class D.

Status Of New FVD Shares

All new FVD Shares to be issued pursuant to the Proposed
Restructuring Scheme and upon conversion of the RCSLS and ICULS,
shall rank pari passu in all respects with the then existing FVD
Shares, except that the Shares shall not be entitled to any
rights, dividends, allotment and/or other distributions declared
before the issuance of the Shares or conversion of the RCSLS and
ICULS.

Exclusion Of Invescor And Its Subsidiaries

Invescor and its subsidiaries are excluded from the Proposed
Restructuring Scheme as the Invescor Group is currently
insolvent and the liquidation administration of the Group is
underway. Previously, Invescor was under the administration of
Messrs. KPMG Corporate Recovery Services Sdn Bhd in their
capacity as the Receiver and Manager of Invescor. At present,
the Official Receiver is acting as the Liquidator of Invescor.

RATIONALE FOR THE PROPOSED RESTRUCTURING SCHEME

The extent of the P&D Group financial difficulties was made
clear when the audited results of the P&D Group for the
financial year ended 31 December 1999 were released. For the
financial year ended 31 December 1999, the P&D Group suffered an
audited consolidated loss, which amounted to RM139.6 million as
compared to an audited consolidated loss of RM17.6 million for
the financial year ended 31 December 1998. From a surplus of
RM10.0 million as at 31 December 1998, the significant loss has
resulted in a deficit in shareholders funds of RM134.5 million
as at 31 December 1999. Shareholders' deficit as at 31 December
2000 was at RM123.8 million and subsequently, worsens to RM155.8
million as at 31 December 2001.

On 26 February 2001, P&D announced to the KLSE that it has been
deemed as an Affected Listed Issuer under Practice Note No.
4/2001 due to its negative shareholders' funds based on its
audited financial statements for the financial year ended 31
December 1999. As an Affected Listed Issuer, P&D is required to
regularize its financial condition by 31 December 2002, failing
which, P&D may be de-listed.

To regularize its financial condition, P&D had proposed a
restructuring scheme, which would enable P&D to restructure and
alleviate its current debt burden through debt waiver, and debt
conversion into redeemable convertible secured loan stocks
(RCSLS) and ICULS of FVD. By restructuring and extending the
tenure of the liabilities of the Scheme Companies, it is
expected that the Scheme Companies will be in a better position
to meet its working capital needs in the near future and service
future liabilities. The Proposed Acquisition Of ESB by FVD will
provide a new source of earnings and cash flows to the new FVD
Group.

The Proposed Restructuring Scheme has been prepared with the
primary objective of maximizing the amount recoverable to both
the shareholders of P&D and the Scheme Creditors. Without the
scheme, P&D is likely to face liquidation. In the event of
liquidation, the shareholders of P&D, who rank last in the
distribution of assets are unlikely to be able to recoup any of
their investments. Furthermore, via the Proposed Share Swap, the
shareholders of P&D will be able to continue to participate in
the new FVD Group. As for the Scheme Creditors, they will
receive better returns than they would have, had the Scheme
Companies been liquidated.

EFFECTS OF THE PROPOSED RESTRUCTURING SCHEME

Group Structure

The Group Structure before and after the Proposed Restructuring
Scheme is set out in Table 5 and Table 6 respectively at
http://www.bankrupt.com/misc/TCRA_P&D0814.pdf.

Issued And Paid-Up Share Capital

The proforma effects of the Proposed Restructuring Scheme on the
issued and paid-up share capital of P&D and FVD are set out in
Table 7 at http://www.bankrupt.com/misc/TCRA_P&D0814.pdf.

Net Tangible Asset

The proforma effects of the Proposed Restructuring Scheme on the
NTA position of P&D and FVD are set out in Table 8 at
http://www.bankrupt.com/misc/TCRA_P&D0814.pdf.

Shareholding Structure

The effects of the Proposed Restructuring Scheme on the proforma
shareholding structure of P&D and FVD, excluding the effects of
an offer for sale or placement of FVD Shares by the Vendors or
the creditors of the ESB Group to meet the 25% public spread
requirement are set out in Table 9 at
http://www.bankrupt.com/misc/TCRA_P&D0814.pdf.

Earnings

Barring unforeseen circumstances, the acquisition of the ESB
Group is expected to contribute positively to the earnings of
FVD.

Gearing

The proforma effects of the Proposed Restructuring Scheme on the
gearing of P&D and FVD are set out in Table 10 at
http://www.bankrupt.com/misc/TCRA_P&D0814.pdf

PROPOSED WAIVER FROM UNDERTAKING A GENERAL OFFER

Upon completion of the Proposed Restructuring Scheme, before
conversion of the RCSLS and ICULS, the combined holding of
certain shareholders of FVD will exceed 33%.

Pursuant to Part II, Section 6 of the Malaysian Code on Take-
Overs and Mergers 1998, these shareholders of FVD will be
required to extend a mandatory general offer to the remaining
shareholders of FVD to acquire all the remaining shares not
already owned by them. In this connection, these shareholders of
FVD will apply for a waiver from the SC under Practice Note
2.9.3 of the Malaysian Code on Take-Overs and Mergers 1998 in
relation to rescue operations, on their obligations to make a
mandatory general offer for the remaining FVD Shares not already
owned by them.

PROFIT GUARANTEE

It is proposed that P&D take the necessary actions, including
actions under the laws, on Siam Syntech Construction Public
Company Ltd and Rekafina Sdn Bhd (collectively referred to as
the "Profit Guarantee Guarantors") for the failure of the Profit
Guarantee Guarantors to fulfill their obligations under the
Profit Guarantee Agreement dated 12 June 1996.

APPROVALS REQUIRED

The Proposed Restructuring Scheme is further subject to and
conditional upon approvals being obtained from the following:

   i) SC;
   ii) FIC;
   iii) MITI;
   iv) Bank Negara Malaysia for the settlement of debts due to a
foreign creditor pursuant to the Proposed Restructuring Scheme;
   v) the KLSE for the transfer of listing status of P&D to FVD
and the listing of and quotation for FVD Shares and ICULS;
   vi) the Scheme Creditors at Court Convened Meeting of
Creditors to be convened pursuant to an Order of the Court in
accordance with section 176(1) of the Companies Act, 1965;
vii) the shareholders of P&D in relation to the capital
reduction exercise at an Extraordinary General Meeting and Court
Convened Meeting of Members pursuant to section 176(1) of the
Companies Act, 1965;
   viii) the High Court of Malaya pursuant to sections 64 and
176(1) of the Companies Act, 1965;
   ix) the grant of a waiver from the SC to the Vendors and
other relevant creditors of the ESB Group in respect of any
obligations to carry out a mandatory offer for FVD Shares
pursuant to the Malaysian Code of Take-overs and Mergers, 1998
arising from the Proposed Restructuring Scheme; and
   x) any other relevant authorities.

DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTEREST

None of the Directors have any material interest, direct or
indirect in the Proposed Restructuring Scheme.

ESTIMATED TIME FRAME FOR THE COMPLETION OF THE PROPOSED
RESTRUCTURING SCHEME

Barring any unforeseen circumstance and subject to granting of
all the required approvals, the Proposed Restructuring Scheme is
expected to be completed by the second quarter of 2003.

ADVISER

AmMerchant Bank has been appointed as the adviser to P&D for the
Proposed Restructuring Scheme.

DOCUMENTS FOR INSPECTION

The conditional Restructuring Scheme Agreement shall be made
available for inspection at the registered address of P&D at
Suite 1301, 13th Floor City Plaza, Jalan Tebrau, 80300 Johor
Bahru, Johor during business hours from Monday to Friday (except
public holidays) from the date of this announcement up to and
including the date of the Extraordinary General Meeting and
Court Convened Meetings of Members and Creditors, whichever is
later.


SASHIP HOLDINGS: Submits Capital Reduction Petition to Court
------------------------------------------------------------
Saship Holdings Berhad submitted a petition to reduce the
capital of Sabah Shipyard Sdn Bhd from RM241,250,000.00 to
RM12,062,500.00 and its capital from RM233,100,776.00 to
RM46,620,155.00. It also resolved to reduce the share premium
accounts of Sabah Shipyard Sdn Bhd totaling RM1,131,000.00 and
its own account totaling RM206,425,236.00.

The petition was presented on June 21, 2002 to the High Court of
Malaya at Kuala Lumpur was on the 21st day of June 2002
presented to the High Court of Malaya at Kuala Lumpur and is
directed to be heard on September 2, 2002.

To see a copy of the Petition Notice of Capital Reduction and
Share Premium Accounts Consolidation of Sabah Shipyard Sdn Bhd
and SHB, go to http://www.bankrupt.com/misc/TCRAP_SHB0814.pdf


SRIWANI HOLDINGS: Enters Restructuring Agreements
-------------------------------------------------
On behalf of Sriwani Holdings Berhad, Commerce International
Merchant Bankers Berhad, in relation to the debt restructuring
agreement (DRA) entered on June 28, 2002, with certain of their
respective creditors (Scheme Creditors) in relation to the
Proposals, announced that Multi Esprit Sdn. Bhd. (MESB) and the
relevant Scheme Creditors have on 8 August 2002 entered into the
following agreements pursuant to the DRA:

   (i) An ICPS-B Call Option Agreement for the proposed call
option to be granted to MESB by certain of the Scheme Creditors
for the purchase of up to 70% of the total irredeemable
convertible preference shares of RM0.10 each in SHB (ICPS)-B1
(Option ICPS-B1) and ICPS-B2 (Option ICPS-B2) to be issued to
them as compensation pursuant to the Proposed Creditors Scheme.
For the purpose herein, Proposed Creditors Scheme refers to the
proposed compromise and settlement arrangement between the
Scheme Companies and the Scheme Creditors;

   (ii) An ICPS-B First Right Arrangement Agreement for the
proposed first rights of refusal to be granted to MESB by
certain of the Scheme Creditors for the purchase of up to 30% of
the Option ICPS-B1 and the Option ICPS-B2;

   (iii) A Converted SHB Share Call Option Agreement for the
proposed call option to be granted to MESB by certain of the
Scheme Creditors for the purchase of up to 70% of the ordinary
shares of RM1.00 in SHB (SHB Shares) arising from the conversion
of the ICPS-D to be issued to them pursuant to the Proposed
Creditors Scheme;

   (iv) A Converted SHB Share First Right Arrangement Agreement
for the proposed first rights of refusal to be granted to MESB
by certain of the Scheme Creditors for the purchase of up to 30%
of SHB Shares arising from the conversion of the ICPS-D to be
issued to them pursuant to the Proposed Creditors Scheme; and

   (v) A SHB Shares Call and Put Option Agreement for the
proposed call option (SHB Share Call Option) and put option (SHB
Share Put Option) arrangements between MESB and certain of the
Scheme Creditors in respect of the SHB Shares to be issued to
the Scheme Creditors for settlement of the amount owing to them
pursuant to the Proposed Creditors Scheme.

Other than the principal terms of SHB Share Call Option and SHB
Share Put Option that have been varied, the principal terms of
the above agreements are as set out in the announcement dated 28
June 2002. The varied principal terms of the SHB Share Call
Option and SHB Share Put Option are as set out in Tables 1 and 2
respectively at
http://www.bankrupt.com/misc/TCRAP_Sriwani0814.gif.

The Proposals collectively refers to:

    Proposed Capital Reduction and Consolidation;
    Proposed Restricted Issue;
    Proposed Rights Issue;
    Proposed Debt Restructuring Scheme;
    Proposed Assets Injection; and
    Proposed Additional Issue


TAJO BHD: Modifies Proposed Restructuring Exercise
--------------------------------------------------
Public Merchant Bank Berhad, on behalf of the Board of Directors
of Tajo Berhad, had on 10 June 2002, made the Company's
requisite announcement detailing its financial regularization
plans (Requisite Announcement), in compliance with the
requirements of Practice Note 4/2001 of the Listing Requirements
of Kuala Lumpur Stock Exchange. Following from the Requisite
Announcement, Tajo had continued with discussions and
negotiations with its major lenders.

In this regard, PMBB, on behalf of the Board of Tajo announced
variations to Tajo's Proposed Restructuring Exercise.

The variations to the relevant proposals constituting Tajo's
Proposed Restructuring Exercise are only in relation to:

   * Proposed Capital Reconstruction;
   * Proposed Rights Issue;
   * Proposed Debt Settlement;
   * Terms of the Warrants to be issued; and
   * Supplemental Agreements in respect of the Proposed
Acquisitions

With regards to the other proposals constituting Tajo's Proposed
Restructuring Exercise, there will be no change to the terms as
per the announcement dated 10 June 2002.

It has also been proposed that upon completion of the Proposed
Restructuring Exercise, Tajo/Mithril will establish an
employees' share option scheme (Scheme) for the benefit of
eligible employees and Executive Directors of Mithril (Proposed
ESOS).

Further details of the variations to the Proposed Restructuring
Exercise and salient terms of the Proposed ESOS as well as the
financial effects thereto are set out in the full announcement
found at http://www.bankrupt.com/misc/TCRAP_Tajo0814.doc.


TECHNO ASIA: Administrators Submit Monthly Report to KLSE
---------------------------------------------------------
Techno Asia Holdings Berhad, pursuant to PN 4/2001 in relation
to paragraph 8.14 of the Revamped Listing Requirements of the
Kuala Lumpur Stock Exchange (KLSE), being an affected listed
issuer announced that the monthly report for the month of July
2002 accompanied by the statutory declaration duly executed by
the Special Administrators had been submitted to the KLSE on 9th
August, 2002.

The Company also changed its registrar office. Below is the
Change of Registrar Notice:

Old registrar : M & C Services Sdn. Bhd.
New registrar : Tenaga Koperat Sdn. Bhd.
Address    : 20th Floor, Plaza Permata, Jalan Kampar, Off
    Jalan Tun Razak, 50400 Kuala Lumpur
Telephone No  : 03-40416522
Facsimile No  : 03-40426352
Effective date: 06/08/2002


TIME DOTCOM: Enters Related Party Purchase Transactions
-------------------------------------------------------
Time Dotcom Berhad is carrying on the business of investment
holding, provision of management and marketing/promotional
services and retailing of telecommunications products.

Pursuant to Paragraph 10.08 (1) of the KLSE Listing
Requirements, the Company announced three (3) related party
transactions entered into by the Company as set out in the table
at http://www.bankrupt.com/misc/TCRAP_Time0814.pdf.

These transactions were agreed upon based on terms which are not
more favorable to the related party than those generally
available to the public and will not have any material financial
effect on the Company's earnings, NTA and share capital nor will
they result in the change of substantial shareholders' holding
in the Company. None of the transactions are subject to the
approval of the shareholders or the relevant government
authorities.

The terms of the transactions were agreed upon on 18 June, 8
June and 23 April 2002 respectively. The purchase considerations
were satisfied in cash from internally generated fund.

Save as disclosed herein and as far as the Directors are able to
ascertain, none of the Directors and/or major shareholders of
the Company or its subsidiaries and/or persons connected to them
has any interest, direct or indirect, in the said related party
transactions.


* CDRC Shuts Down, Issues Status on Outstanding Accounts
--------------------------------------------------------
The Corporate Debt Restructuring Committee (CDRC) announced its
closure as of 31 July 2002.

The CDRC, the voluntary body which was set up in 1998 to mediate
and assist in the debt restructuring of viable companies, has
resolved 57 accounts with a total debt of RM45.8 billion.

Only four (4) accounts with a total debt of RM11.14 billion
i.e., Lion Group, Land & General Bhd, Metroplex Bhd and
Intrakota Komposit Sdn Bhd remained outstanding as at 31 July
2002.

Subsequently, on 5 August 2002, Metroplex Bhd withdrew itself
from the purview of CDRC while Intrakota Komposit Sdn Bhd was
discharged from CDRC. The resolution of their debts totaling
RM1.88 billion will take place outside the auspices of the CDRC.

The status of the remaining two accounts with a total debt of
RM9.3 billion are as follows:

Lion Group (RM8.6 billion)

An explanatory statement, which sets out details of the proposal
and plans for restructuring as approved by both the Creditors
Steering Committee of Lion Group and the Securities Commission
will be, sent out to all creditors. Creditors are expected to
vote on the proposal in end August/early September 2002 after
receipt of the explanatory statement.

Land & General Bhd (RM668 million)

The local creditors have signed the Debt Restructuring
Agreement. The company's bondholders are scheduled to vote on
the debt restructuring scheme in mid August 2002.

Upon the closure of CDRC, the above two outstanding accounts
will be monitored by the respective account's Creditors Steering
Committee and Pengurusan Danaharta Nasional Berhad.


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


ALL ASIA: Parent Will Not Block Investors; Union Demands Pay
------------------------------------------------------------
All Asia Capital and Trust Corporation has promised not to block
any investors who want to acquire All Asia Bank, Cebu Daily News
reported Monday, citing All Asia Bank Davao Branch Manager,
Shirley Taquero.

Taquero said the bank's employees' union has demanded the parent
Company that they will be paid for the month of August or
separation pay if necessary.

All Asia Bank was put under receivership to the PDIC on August 2
because the mother Company can no longer comply with the new
policy of the Bangko Sentral ng Pilipinas (BSP) to increase the
capital requirement of all financial institutions.

Oscar Lisaw, bank branching head of the bank, estimated that the
new capital requirement for the thrift bank outside of Metro
Manila could reach about P50-60 million.

The present requirement of the Central Bank for provincial
thrift bank is about P40 million.

According to TCR-AP, as of June 30, the bank has estimated
deposit liabilities of P712.84 million and about 35,000
accounts.

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


NATIONAL POWER: PEPOA Pledges Support on SPEED Pricing Program
--------------------------------------------------------------
Large commercial and industrial electric users outside the
Manila Electric Co. (Meralco) franchise area are also expected
to enjoy lower power rates, the Philippine Department of Energy
reports.

In a meeting with Energy Secretary Vincent S. Perez, Jr.,
members of the Philippine Electric Plant Owners Association
(PEPOA) signified keen interests to also provide pricing
incentives to large commercial and industrial electric users in
their respective areas where there is an excess power supply.

PEPOA is an organization of private electric utilities
nationwide. Among its members are: Angeles Electric Corp.,
Cagayan Electric Power & Light Co. (CEPALCO), Davao Light &
Power Co. (DALIGHT), Iligan Light & Power, Inc. Mactan Electric
Co., Tarlac Electric Inc., San Fernando Electric Light  & Power
Co. and Visayan Electric Co. (VECO).

"We are very pleased to announce that other utilities led by
the PEPOA members have also heeded the call of President Arroyo
to stimulate electricity demand and optimize the utilization of
the excess power capacity by offering discounts on the
incremental consumption of power above the current base load.
This in effect will expand the coverage of our SPEED (Special
Pricing to Enhance Electricity Demand) program that will be
offered to large industrial and commercial consumers in the
Meralco franchise area," Secretary Perez said.

SPEED, which is a joint initiative by the Department of Energy
(DoE) and the Department of Trade and Industry (DTI), will be
initially implemented by the National Power Corp. (Napocor) and
the Manila Electric Co. (Meralco). It will be recalled that
President Arroyo during her State-of-the-Nation-Address (SONA)
specifically ordered the two power companies-Meralco and
Napocor- "to work together to give price incentives to large
users so that excess power can be utilized, economic activity
can be encouraged, and jobs can be created." Offering of
pricing incentives is one of the President's 10 Point Plan to
reduce electricity rates.

"The strong interests shown by other distribution utilities
boost up the government's impetus to bring down the industrial
costs of power in the country and make our industries
competitive with the rest of the Asian neighbors. But while
various electric utilities they have shown support in the SPEED
program, we have to work out a scheme that specifically responds
to the market realities in their respective areas," Secretary
Perez said.

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

Meralco and Napocor will give fixed discount of 92-centavos and
80-centavos per kWh respectively for a minimum period of one
month or a maximum of 24 months. This will cut the price of
electricity to P2.30 per kilowatt hour (kWh) from the present
P3.10 for Napocor industrial customers and P2.80 per kWh from
the present P3.72 per kWh for Meralco industrial customers. The
price discount will be applied on the customer's incremental
consumption or above its customer base line (CBL).

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

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


NATIONAL STEEL: Rehab Requires Tariff Protection
------------------------------------------------
The government must first put in place continued tariff
protection for intermediate steel products to attract investors
in the National Steel Corporation (NSC), the Philippine Start
reported Tuesday, citing an unnamed prospective bidder.

NSC had petitioned the Tariff Commission for continued tariff
protection for imported steel billets and cold and hot-rolled
coils. Steel billets are currently slapped a three-percent
tariff.

Under the soon to be implemented Common Effective Preferential
Tariff (CEPT) program of the Asean Free Trade Agreement (AFTA),
ASEAN members are supposed to drop their effective tariff to
between zero and five percent starting January 2003.

Three parties who submitted formal bids for NSC in 2001 are
Allengoal Steel, Cathay Pacific Steel Corp. and Voest Alpine.


PICOP Resources: Corporate Life Status Update
---------------------------------------------
Picop Resources Corporation, with reference to Circular for
Brokers No. 1901-2002 dated July 24, 2002 in connection with the
expiration of the Company's corporate life on March 31, 2002.

The Philippine Stock Exchange is in receipt of a letter from the
Securities and Exchange Commission (SEC) pertaining to the
status of the Company's corporate life.

In view of the cessation of the corporate life of the Company,
as stated in the attached letter of the SEC, the Exchange will
impose an indefinite suspension on the trading of the shares of
the Company effective August 12, 2002. A copy of the SEC`s
letter is located at
http://bankrupt.com/misc/TCRAP_Picop0813.pdf

According to Wright Investors Service, at the end of 2001, PICOP
Resources Incorporated had negative working capital, as current
liabilities were 1.71 billion Philippine Pesos while total
current assets were only 1.29 billion Philippine Pesos.

The Group's principal activity is the manufacturing of wood and
paper products. The wood coming from the forests are used to
produce veneer, plywood, lumber and paper products consisting of
newsprint and kraft. Paper products accounted for 65 percent of
2001 revenues and Timber products, 35 percent.


PHILIPPINE LONG: Clarifies Digitel License Report
-------------------------------------------------
The Philippine Long Distance & Telephone Co. responded to the
news article entitled "Smart asks gov't to cancel Digitel
license" published in the August 8, 2002 issue of the Philippine
Star.

The article reported that, PLDT subsidiary Smart Communications
Inc. asked the government to cancel the provisional license of
Gokongwei wireless firm Digital Telecommunications Inc.
(Digitel). In a petition filed with the National
Telecommunications Commission on Friday, a copy of which was
obtained by the STAR, Smart said Digitel failed to complete the
installation and commence commercial operations of its cellular
mobile system within the prescribed period.

'Apparently, Digitel has shifted its strategy. From operating as
the third CMTS operator next to Smart and Globe Telecom, Digitel
is now seeking to take over the leading position through the
acquisition by the Gokongweis of PLDT.

This defeats the purpose for which the provisional authority was
granted to it, Smart legal affairs division head Rogelio Quevedo
told the STAR. It was also alleged in the complaint seeking to
cancel Digitel's CMTS license that based on the findings of the
NTC common carriers accreditation department itself, Digitel
incurred considerable delay in the implementation of phase one
of its mobile telephony project, which is to put up 98,696 lines
within 18 months from the grant of the provisional authority.

According to Smart, failure by Digitel to fulfill the conditions
set in its provisional authority is a ground for the
cancellation of its provisional authority to engage in the CMTS
business.

Digital Telecommunications Philippines, Inc. (DGTL), in its
letter dated August 8, 2002, clarified that:

"Please be informed that there is no truth to the news report
that Digitel is holding back on its investments in the cellular
network infrastructure. Digitel is proceeding with the
implementation of its CMTS network. In fact, Digitel already has
a working CMTS network and it had already asked the NTC to
intervene in its interconnection negotiation with SMART in view
of the latter's refusal to interconnect Digitel's CMTS network.

The NTC has scheduled another meeting this Friday in this regard
and the present administrative case subject of the press release
is merely a dilatory tactic being used by SMART to frustrate the
implementation of the government's mandate for the
interconnection of all telecommunications network as embodied in
Executive Order 59 and Republic Act 7925 of the Public Telecoms
Act of 1995.

For a copy of the press release, go to
http://bankrupt.com/misc/TCRAP_PLDT0813.pdf


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


ASIA PULP: Likely to Have Five Financial Controllers
----------------------------------------------------
Asia Pulp and Paper (APP) may have financial controllers from
IBRA to help monitor the Company's cash flow, according to
DebtTraders analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), citing the Bloomberg news.

IBRA will discuss the details with creditors on Thursday. APP
will not be able to pay $100 million to IBRA until the fourth
quarter. The Company deposited only $30 million last month and
offers to pay $10-20 million per month ahead of the hearing on
Wednesday. The Company's debt in China is current. APP suffered
from a collapse in pulp prices to $350 per tonne from a peak of
$1,000 per tonne in 2000.


CK TANG LTD: Chairman to Acquire Loss-Making Orchard Store
----------------------------------------------------------
Tang Wee Sung, Chairman of CK Tang Ltd, may buy the five-story
Orchard store of the loss-making firm, the Business Times
reported.

The sale of the store, which sits on a freehold site, is one way
for CK Tang to break away from its loan agreement with United
Overseas Bank.

According to Tang, the store could be sold to his privately
controlled vehicle Tang Choon Keng Realty. The store was valued
at S$238 million as of March 31, 2002.

The newspaper said a major source of CK Tang's losses in the
past is high interest rates. It is paying an interest rate of
7.50 percent a year for a S$110 million loan it took from UOB.

UOB had refused to allow CK Tang to refinance the loan but a
provision of the loan agreement allows CK Tang to break away
from the loan agreement if the store is sold, Tang said. (M&A
REPORTER - ASIA PACIFIC, Vol. No.1, Issue No. 159, August 13,
2002)


TELEDATA LTD: Trims Interim Losses to $0.4M From 2M
---------------------------------------------------
Teledata Limited posted interim losses of $0.4 million versus $2
million in the previous year, GK Goh reports.

Turnover grew 14% to $38 million due to completion of two major
projects as well as consolidation of Teledatacom Phils Inc,
which turned from an associate into a subsidiary in Aug 2001.
Gross profit fell 4% to $9.6m due to poorer margins of its
completed projects.

An exceptional gain of $1.1m (versus $0.5m loss yoy) arising
from the divestment of e-Corp.net Pte Ltd helped to cut the
bottom line losses.

Outlook:

Operating environment will continue to be difficult and
competitive for the whole of 2002. The group will continue to
streamline its operations in fiscal year 2002 to strengthen its
market position.

Since the half-year result announcement in Aug 2001, the
external economic environment for the telecoms services industry
has further deteriorated. As a result, the demand for the
services of Teledata (Singapore) Limited and its subsidiaries
has weakened significantly. In addition, several large domestic
and international projects were deferred from 2001 to 2002.

The Group expects the full year turnover for the year ending 31
December 2001 to be lower than that of the year ended 31
December 2000. The Group also expects the operating losses for
the second half of FY 2001 to be significantly higher than that
reported in the first half of FY 2001, resulting in a
substantial loss for the full year.

In addition, the Group will make substantial write-downs of
inventory, trade receivables, and fixed and intangible assets.

In view of the above, the Board of Directors of Teledata
(Singapore) Limited has appointed KPMG Consulting Pte Ltd to
assist them in assessing the performance and cash flow of the
Group as well as debt restructuring options, and enter into
negotiations with banks and bondholders. The Board has also
requested that the Stock Exchange of Singapore suspend the
trading of the shares of Teledata (Singapore) Limited for one
day on 12 December 2001, in view of the fact that this
announcement is made after 7.00pm.


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


ADVANCE PAINT: Posts Capital Increase Report Form
-------------------------------------------------
Advance Paint Chemical (Thailand) Public Company Limited posted
a report, in accordance to its Rehabilitation Plan and with the
permission order of the Central Bankruptcy Court of the red case
No.1025/2544 as of 17 July 2002 in respect of the increasing of
its capital/the allotment of the increasing shares detailed, as
follows:

1. Capital increase:

The Company has to perform the action according to the article
90/64 of the Bankruptcy Act. The registered capital of the
company will be increase from Baht 34,800,250 up to Baht
1,674,800,250 by issuing of the new 164,000,000 ordinary shares
at the per value of Baht 10 of each share .  The amount of the
increased capital will be Baht 1,640,000,000.

2. The Allotment of new shares:

In reference to the Rehabilitation Plan and the order of the
Central Bankruptcy Court in respect of the provision and the
order for the company to allot the new 164,000,000 ordinary
shares with Baht 10 per share and the total amount of Baht
1,640,000,000. Details are as follows:

   2.1 Details of the Allotment

     -Private placement not more than 35 groups
     -The amount of shares 164,000,000  Baht
     -Sale price per shares 1  Baht
     -The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002

The sale offering is offered to limited group, according to
the relevant announcements of the Securities and Exchange
Commission. There is no the allotment for the existing
shareholders. In the case of the allotment for any other
persons, the details of such persons are as follows:

     - There is no any relationship between those persons and
       the company
     - The principle of share price setting.

   2.2 There is no procedure on how to handle the case of the
fragment. In the case that there will be the fragment from the
allotment, The Plan Administrator, i.e. BangpaIn Planner Co.,
Ltd., shall have the authority to allot such unalloted shares to
any persons in limited group according to the relevant
announcement of the Securities and Exchange Commission at the
price of Baht 1 (one) per share.

3. The schedule for the Shareholder Meeting to seek the approval
for Capital Increase / Allotment of share.

Where the company is in the rehabilitation process and is
performing the activities as stipulated in the Rehabilitation
Plan, the capital increase is one of the activities as described
in the Plan and conformed to the court permission order as of 17
July 2002.

In addition, in reference to the article 90/59 of the Bankruptcy
Act, only the Plan Administration has its right to conduct the
business and asset of the Company including the right of all
shareholders except only for the right of shareholder to get the
dividend.  Therefore, there is no Shareholder meeting for the
approval of this Capital Increase.

4. The application for Permission of Capital Increase with the
Relevant Authorities and Conditions of such Permission.

The Company shall apply for registration of the capital increase
and amendment of the Memorandum of Association with Ministry of
Commerce. Furthermore, the Company shall submit an application
to the Stock Exchange to accept new shares as listed securities.

5. Objectives of Capital Increase and Application of the
Increased Funds:

   The increase of Capital is intended to be paid for the debt
of the company to its creditors at the discount rate as
described in the Rehabilitation Plan.

6. Benefits to be obtained by the Company from the Capital
Increase / Share Allotment

The Company will be able to pay all of the debts at the discount
rate according to the Plan.

7. Benefits to be obtained by Shareholders from the Capital
Increase / Share Allotment

   - The rehabilitation process will be achieved.
   - The Company will be able to request for the share trading
according to the regulation of the Stock Exchange.

8. Other necessary details for Shareholders in Supporting of
their Approval of the Capital Increase / Share Allotment.

- None-

9. Action Plan for the Capital Increase / Share Allotment
Approved by the Board of Directors.

   - August 9,2002   Inform the  SET.
   - August 9,2002   Share subscription close date.
   - August 14,2002  Share payment date.
   - August 15,2002  Register to the Ministry of Commerce of
   paid  shares.
   - August 16,2002  Inform the SET of paid shares.


NATURAL PARK: Fixes Share Registration Closing Date
---------------------------------------------------
The Central Bankruptcy Court issued an order approving the
Business Rehabilitation Plan as amended (Plan) of Natural Park
Public Company Limited on 26 June 2002.  According to the Plan,
the Plan Administrator to carry out the increase of the
registered capital to offer to the existing shareholders in
proportion after the conversion of the creditors' debts into
equity. The Plan Administrator therefore proceeds under the
Plan, as follows:

1. To fix the closing date of the share registration on 23
August 2002, at 12.00 a.m. whereupon the shareholders whose
names appear in the share register during the closing period
will be entitled to subscribe for the capital increase shares.

2. To increase the capital of the Company at least 300 Million
Baht but not exceeding  2,200 Million Baht, by issuing new
ordinary shares to offer to the existing shareholders in
proportion after the conversion of the creditors' debts into
equity, which definitive details will be further notified to the
shareholders after the completion of conversion of the
creditors' debts into equity.


SINOBRIT COMPANY: Files Business Reorganization Petition
--------------------------------------------------------
Sinobrit Company Limited (DEBTOR), engaged in machines and
accessories for developing computer programming system, filed
its Petition for Business Reorganization was filed at the
Central Bankruptcy Court:

   Black Case Number 558/2543

   Red Case Number 605/2543

Petitioner: SINOBRIT COMPANY LIMITED

Debts Owed to the Petitioning Creditor : 668,258,833.35 Baht

Planner : AsianCapital and Consultant Company Limited

Date of Court Acceptance of the Petition : July 20, 2000

Date of Examining the Petition: August 15, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner : August 15, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited : August 21, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : September 7,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver : December 7, 2000

Planner Postponed the date to submit the Business Reorganization
Plan #1st : January 7, 2001

Planner postponed the Date to submit the Business Reorganization
Plan #2nd : February 7, 2001

Appointment Date of the Creditors' meeting for the Plan
Consideration : March 14, 2001 at 9.30 am. Convention Room no.
1105, 11th Floor Bangkok Insurance Building, South Sathorn Rd.

The Meeting of Creditors had not passed the resolution accepting
the plan

Court had issued an Order Canceling the Order for Business
Reorganization pursuant to Section 90/48 since April 20, 2001

Announcement of Court Order for Canceling the Reorganization :
Matichon Public Company Limited and Siam Rath Company Limited :
May 2, 2001

Announcement of Court Order for Canceling the Reorganization in
Government Gazette : June 7, 2001

Contact : Miss Umaporn Tel, 6792525 ext 142


THAI WAH: Explains 2Q02 Profit Increase Variance
------------------------------------------------
Thai Wah Group Planner Co., Ltd. as the Plan Administrator
Of Thai Wah Public Co., Ltd., offered the following explanation
for the increase in profit of Bt692 million for the period ended
June 30, 2002 as compared to the same period of 2001.

1. Increase in foreign exchange gains of Baht 709 million
resulting from a Bt409 million gain in the translation of USD
loans as compared to a loss of Bt300 million in the
same period in 2001.

2. A Bt165 million reduction in interest expenses.  In
accordance with Thai Accounting Standard No. 34, "Troubled Debt
Restructuring", the interest rate used in the calculation
of future interest expenses was revised downwards to reflect the
prevailing market interest rate.

3. Gross profit is Bt106 million lower as compared to the same
period in 2001.  Gains made in higher average selling price, was
offset by lower sales volume and higher unit cost of sales.
Sales volume dropped 34% resulting in a Bt63 million lower gross
profit.

Additionally, a strengthening in the average selling price
(local and export selling prices increased 32% and 12%
respectively) was offset by a 54% increase in unit cost of sales
thus lowering the gross profit by another Baht 49 million.  The
increase in cost of sales is mainly due to a 44% increase in
tapioca root prices which is the company's primary raw
material.

4. Gain on sale of investment is Bt48 million lower in the
current period as no transactions materialized whilst in 2001
the company sold its investment in a subsidiary.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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                 *** End of Transmission ***