TCRAP_Public/020820.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

            Tuesday, August 20, 2002, Vol. 5, No. 164



ARCHIPELAGO FINANCE: Federal Court Orders Scheme Winding Up
CLUB CROCODILE: Plans to Raise Additional Working Capital
COTTEE HEALTH: All Resolutions Passed at GM
GOODMAN FIELDER: ACCC OKs GrainCorp/Cargill's Acquisition
GOODMAN FIELDER: ACCC to Oppose AWB's Proposed Acquisition

HIH INSURANCE: ICA Seeks Greater Security, Stronger Regulation

C H I N A   &   H O N G  K O N G

401 HOLDINGS: SPM Scheduled on September 10
DONGFANG ELECTRICAL: Narrows 2002 Net Loss to HK$29M
MR. COFFEE: Hearing of Winding Up Petition Set
PROMINENT HARVEST: Petition to Wind Up Pending
TEAMFORD ENGINEERING: Faces Winding Up Petition

YORK HONOUR: Winding Up Petition Slated for Hearing


ASTRA INTL: Unit's Stake Sale Proceeds Allotted to Debt Payment
DAYA GUNA: Faces Bondholders' Suit in New York Supreme Court
SEMEN PADANG: Pays Rp100B to JSTK; Seeks Balance Rescheduling

* IBRA Obtains US$522M From Credit Asset Sales


FUJITSU LTD: Appoints Lindsay Yelland to Advisory Board
ISUZU MOTORS: Fitch Comments on Restructuring; Negative Outlook
ISUZU MOTORS: JCR Placing Bonds/CP Under Credit Monitor
NIPPON MEAT: President to Take Pay Cut Over Beef Labeling Scam
PHONEIX RESORT: Narrows Net Loss to Y2.9B

SOGO CO.: FRC Approves Debt Relief Scheme


DAEWOO ELECTRONICS: DEM Acquires Ailing Electronics Firm
DONGBU ELECTRONICS: Posts FY02 1H Net Loss of W67.68B
HYNIX SEMICONDUCTOR: Creditors to Write Off Debt
KUN YOUNG: Cideco Group Raises Bid to 25%
SEOUL BANK: Government Chooses Lone Star To Acquire Bank


AUTOINDUSTRIES VENTURES: Posts August Defaulted Payments Status
FORESWOOD GROUP: Appoints PwC as Receivers, Managers
HAP SENG: Unit's Suit Settlement Agreement With LSMB Executed
KEMAYAN CORPORATION: Registry OKs Deregistration of Units
MALAYSIAN RESOURCES: Unit MCSB Faces Winding Up Petition

NCK CORP.: MITT Grants Proposed Restructuring Scheme Approval
OLYMPIA INDUS.: Unit's Winding Up Petition Hearing Set
SOUTHERN PLASTIC: In Final Phase of Restructuring With Lenders
SUNWAY CITY: MITI Approves Proposed CP/MTN Program
TAT SANG: Provides Defaulted Payment Status Update

TECHNO ASIA: Independent, Non-Exec Director Rahman Resigns


KUOK PHILIPPINES: Narrows H1 Net Loss to P156.293M
NATIONAL POWER: Addressing Concerns Over San Roque Dam Project
NATIONAL BANK: Board OK's Exercise Price Warrant Adjustment
PICOP RESOURCES: Hires Siguion Reyna as Compliance Officer
UNITRUST DEVELOPMENT: Court Orders PDIC To Stop Selling Assets


ASIA PULP: Unable to Pay $100M Requirement Payment This Month
ASIA PULP: Centre Solutions Withdraw Support For Court Action
ASIA PULP: Debt Restructuring Update
BOUSTEAD SINGAPORE: Posts Notice of Shareholder's Interest
CHEW EU: Bars Unit From Government Tenders

NEPTUNE ORIENT: Shares Fall as Analysts Forecast More Losses
WEE POH: Schedules AGM on August 30


BANGKOK STEEL: Posts Management Discussion, Q202 F/S Analysis
COGENERATION PUBLIC: SET Approves Delisting Request
GENERAL ENGINEERING: Inks Debt Restructuring Agreement W/ CAMCL
KHOO KHENG: Files Business Reorganization Petition
KRISDAMAHANAKORN PUBLIC: Reports Q102 Rehab Plan Progress

NATURAL PARK: SET Grants Securities Listing
NATURAL PARK: Ups Registered Capital Under Business Rehab Plan
THAI PETROCHEMICAL: Explains Greater Than 20% Net Profit Change

* SET Suspends Listed Companies

     -  -  -  -  -  -  -  -


ARCHIPELAGO FINANCE: Federal Court Orders Scheme Winding Up
The Australian Securities and Investments Commission (ASIC)
obtained Monday a winding-up order from the Federal Court in
relation to a sunken treasure investment scheme known as
Archipelago Finance Limited Partnership (AFLP), a limited
partnership incorporated in New South Wales.

The Court appointed Mr Robert Ferguson of Deloitte Touche
Tohmatsu, 190 Flinders Street Adelaide as liquidator of the

The scheme was managed by Mr John Joseph McNamara of Magill,
South Australia.

AFLP commenced raising money in December 2001 to finance a joint
venture arrangement with Philippines-based Archipelago Site
Survey Foundation Inc.

On 18 July 2002 the Federal Court made a number of declarations
including that the scheme was not registered as a managed
investment scheme, as required by the law.

"ASIC urges investors to only accept financial or investment
advice from people who are properly licensed or authorized to
give it," Jamie Orchard, ASIC Director Enforcement said.

Investors can check whether a financial adviser is authorized by
logging on to ASIC's website at

CLUB CROCODILE: Plans to Raise Additional Working Capital
Club Crocodile Holdings Limited posted this notice:


Information or documents not available now must be given to ASX
as soon as available.  Information and documents given to ASX
become ASX's property and may be made public.

Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,

Name of Entity
Club Crocodile Holdings Limited

68 010 715 901

We (the entity) give ASX the following information.


You must complete the relevant sections (attach sheets if
there is not enough space).

1. Class of securities issued          Ordinary Shares
   or to be issued                                                  

2. Number of securities issued         4,456,800
   or to be issued (if known)                                       
   or maximum number which                                          
   may be issued                                                    

3. Principal terms of the securities   Ordinary shares issued at
(eg, if options, exercise price     14 cents per share fully   
and expiry date; if partly paid     paid and payable in full
   securities, the amount              on application
   outstanding and due dates for                                    
   payment; if convertible securities,                              
   the conversion price and dates                                   
   for conversion)                                                  

4. Do the securities rank equally      Yes
   in all respects from the date                                    
   of allotment with an existing                                    
   class of quoted securities                                       

   If the additional securities        N/A
   do not rank equally, please                                      
   * the date from which they do                                    
   * the extent to which they                                       
     participate for the next                                       
     dividend, (in the case of                                      
     a trust, distribution) or                                      
     interest payment                                               
   * the extent to which they do                                    
     not rank equally, other than                                   
     in relation to the next                                        
     dividend, distribution or                                      
     interest payment                                               

5. Issue price or consideration        14 cents

6. Purpose of the issue (if            To raise additional
   issued as consideration for         working capital
   the acquisition of assets,                                       
   clearly identify those                                           

7. Dates of entering securities        14/08/2002
   into uncertified holdings                                        
   or dispatch of certificates                                      
                                      NUMBER  CLASS
8. Number and class of all        56,130,278  Ordinary Shares
   securities quoted on                                             
   ASX (including the                                               
   securities in clause                                             
   2 if applicable)                                                 

                                      NUMBER  CLASS
9. Number and class of all               Nil  N/A
   securities not quoted                                            
   on ASX (including the                                            
   securities in clause 2                                           
   if applicable)                                                   

10.Dividend policy (in the case        Equal Ranking
   of a trust, distribution            No Dividends Paid
   policy) on the increased                                         
   capital (interests)                                              


Items 11 to 33 are Not Applicable

You need only complete this section if you are applying for
of securities
34. Type of securities (tick one)

    (a) X  Securities described in Part 1

    (b)    All other securities

Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities

    Entities that have Ticked Box 34(a)

    Additional Securities Forming a New Class of Securities
(If the additional securities do not form a new class, go to 43)


    Tick to indicate you are providing the information or

35.     If the securities are equity securities, the names of
        the 20 largest holders of the additional securities,
        and the number and percentage of additional securities
        held by those holders

36.     If the securities are equity securities, a distribution
        schedule of the additional securities setting out the
        number of holders in the categories
         1 - 1,000
         1,001 - 5,000
         5,001 - 10,000
         10,001 - 100,000
         100,001 - and over

37.    A copy of any trust deed for the additional securities
(now go to 43)

    Entities that have Ticked Box 34 (b)

    Items 38 to 42 are Not Applicable



43. Payment method (tick one)

    X  To be paid on receipt of invoice

Cheque attached

Electronic payment made
Note: Payment may be made electronically if Appendix 3B is given
to ASX electronically at the same time.
Periodic payment as agreed with the home branch has been        
Note: Arrangements can be made for employee incentive schemes
that involve frequent issues of securities.


1.  Quotation of our additional securities is in ASX's absolute
discretion. ASX may quote the securities on any conditions it

2.  We warrant the following to ASX.

    *   The issue of the securities to be quoted complies with
the law and is not for an illegal purpose.

    *   There is no reason why those securities should not be
granted quotation.

    *   An offer of the securities for sale within 12 months
after their issue will not require disclosure under section
707(3) or section 1012C(6) of the Corporations Act.

    *   Section 724 or section 1016E of the Corporations Act
does not apply to any applications received by us in relation to
any securities to be quoted and that no-one has any right to
return any securities to be quoted under sections 737, 738 or
1016F of the Corporations Act at the time that we request that
the securities be quoted.

    *   We warrant that if confirmation is required under
section 1017F of the Corporations Act in relation to the
securities to be quoted, it has been provided at the time that
we request that the securities be quoted.

    *   If we are a trust, we warrant that no person has the
right to return the securities to be quoted under section 1019B
of the Corporations Act at the time that we request that the
securities be quoted.
3.  We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.

4.  We give ASX the information and documents required by this
form. If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.

Wrights Investors' Service reports that at the end of 2001, Club
Crocodile Holdings Limited had negative working capital, as
current liabilities were A$5.94 million while total current
assets were only A$1.78 million. The company has paid no
dividends during the last 12 months.

COTTEE HEALTH: All Resolutions Passed at GM
Cottee Health Limited advised that at a General Meeting of the
members of the company duly convened via Notice of Meeting dated
12 July 2002, all resolutions put to the members were passed.

TCR-AP reported on June 24 that a re-negotiated settlement has
been executed with Eiffel Technologies Limited (EIF) relating to
the sale to them of Pharmaction Manufacturing Pty Ltd and
Pharmaction Technical Services Pty Ltd.

The Cottee group has successfully restructured their finances
and has secured over $5.0m in debt and equity/convertible notes.
Funds in the order of $2.0 million to $2.7 million should flow
to EIF upon completion of the sale of the Property depending on
the sale price.

GOODMAN FIELDER: ACCC OKs GrainCorp/Cargill's Acquisition
Professor Allan Fels, the Australian Competition and Consumer
Commission Chairman, said Friday that it wouldn't oppose the
proposed acquisition of Goodman Fielder's flour milling
operation, Milling Australia, by a GrainCorp/Cargill joint

The ACCC considered whether the proposed acquisition would lead
to a substantial lessening of competition in markets for flour
milling and mixing in New South Wales and south eastern
Australia, in contravention of section 50 of the Trade Practices
Act 1974. Section 50 prohibits mergers and acquisitions that
will have the effect, or are likely to have the effect, of
substantially lessening competition in a market.

"The ACCC did not believe that the proposed acquisition would
substantially lessen competition in the markets for flour
milling and mixing in New South Wales and south eastern
Australia," Professor Fels said.

GrainCorp is predominantly involved in the provision of storage
and handling services in NSW and Victoria and grain trading.
GrainCorp's joint venture partner, Cargill, is a grain trader in
Australia.  Milling Australia is one of Australia's leading
milling operations with production facilities in most Australian

The ACCC conducted extensive market inquiries regarding
GrainCorp's bid. Market inquiries revealed that many market
participants were concerned about the proposed acquisition,
particularly about the possibility of GrainCorp discriminating
against particular users of its storage and handling system and
raising the costs of rival millers.

In particular, market respondents were concerned that GrainCorp
could use market power against rival millers by raising their
storage charges, denying them access to storage, strategically
purchasing grain that rival millers were short of, and blending
rival millers' grain with lower grades of grain.

The ACCC's market inquiries found that there were strong
constraints on GrainCorp's ability to discriminate against
particular users of its storage and handling facilities.

The main constraint was that the ownership of grain was not
fixed and millers could, and did, buy and sell large amounts of
grain within GrainCorp's storage system. This means that
GrainCorp would not be able to target grain within its system
because the owner of that grain could change.

In terms of access to storage, a large amount of grain entered
its system in the name of growers or traders and was then
purchased by millers. Therefore GrainCorp would not know who the
grain was destined for when it entered GrainCorp's storage

In terms of raising rival millers' storage costs, the ACCC
considered that millers' ability to contract for traders to hold
grain on their behalf, thereby defeating the price rise, would
deter GrainCorp from attempting to raise charges.

In terms of GrainCorp using knowledge of where millers' might be
short of particular types of wheat and bidding up the prices of
those stocks, the ACCC found that GrainCorp did not have
complete information of millers' stocks either because millers
used some storage other than GrainCorp's, or because wheat was
held for millers by traders in the traders' names, effectively
disguising the wheat. This was, to some extent, part of millers'
current commercial practice.

In terms of GrainCorp blending differing qualities of grain,
within a defined band, known in the industry as "co-mingling",
to disadvantage millers, the ACCC found that this was a current
practice in the industry and would be unlikely to be used to any
greater extent against rival millers in the future.

The ACCC therefore did not see how GrainCorp could raise rival
millers' costs through its storage and handling network in such
as way that would lead to a substantial lessening of competition
in the markets for flour milling.

GOODMAN FIELDER: ACCC to Oppose AWB's  Proposed Acquisition
The Australian Competition and Consumer Commission would oppose
the proposed acquisition by the Australian Wheat Board of
Goodman Fielder's flour milling operation, Milling Australia,
ACCC Chairman, Professor Allan Fels, said Friday.

The AWB is Australia's monopoly exporter of wheat and the
largest domestic grain trader. Milling Australia is one of
Australia's leading flour milling operations with production
facilities in most Australian states.

The ACCC conducted market inquiries regarding the proposed
acquisition of Milling Australia, among millers, grain traders,
food manufacturers, storage and handling companies, growers and

The ACCC found that AWB's acquisition of Milling Australia would
be likely to substantially lessen competition in the markets for
flour milling and mixing across Australia, and in grain trading
in Queensland, in contravention of section 50 of the Trade
Practices Act 1974. Section 50 prohibits mergers and
acquisitions that will have the affect, or are likely to have
the effect, of substantially lessening competition in a market.

The ACCC was concerned that the market power that AWB derives
from its strong position in grain acquisition through its
monopoly over the export of wheat, and its leading position in
the domestic trading market would enable it to substantially
lessen competition in the market for flour milling and mixing
were it to acquire a flour milling and mixing business.

The ACCC's market inquiries found that market participants were
concerned that the AWB has significant market power based on
substantial influence over wheat pricing through AWB's
management of the National Pool, and logistical advantages
through its discretion over grain "swaps" to millers, and an
informational advantage based on superior knowledge of likely
National Pool price movements.

Market participants expressed concern that the AWB would be
able, and would have an incentive, to use this market power to
raise rival flour millers' costs, were the acquisition to
proceed.  Among these concerns, a key concern of market
respondents was that AWB might discriminate against them in
terms of providing swaps of grain, which the ACCC found were
important to millers to lower grain acquisition costs. A swap,
is the swapping of one parcel of grain with another at a
different location, which can substantially reduce transport
costs for millers. AWB is the largest provider of swaps in

The ACCC was also concerned that the discretion that AWB had
over setting the price of wheat for the National Pool, on which
domestic wheat prices were based, could give it the ability to
raise rival millers' costs of purchasing wheat.

The ACCC also found that the proposed acquisition would have
been likely to lead to AWB exclusively supplying grain to
Milling Australia. This would be likely to substantially lessen
opportunities for other traders to supply grain, particularly in
Queensland where Milling Australia is a large purchaser of
grain. Accordingly, the Commission found that the proposed
acquisition would substantially lessen competition in the market
for grain trading and marketing in Queensland. AWB's substantial
presence in the grain trading market was a factor in this
element of the ACCC's view.

"The ACCC's view was based on its desire to ensure that flour
milling and mixing markets in Australia remain competitive, and
that the benefits of this competition, in the form of lower
prices, flow to the consumer," Professor Fels said.

The ACCC advised AWB that it was opposed to their proposed
acquisition. AWB considered it could address the ACCC'S concerns
with undertakings. However, as Goodman Fielder announced the
sales of its milling assets prior to any undertakings being
offered, the ACCC did not assess whether they would address the
competition concerns.

Further information

Professor Allan Fels,
(03) 9290 1812 or
pager (02) 6285 6170

Ross Jones,
(02) 6243 1161

Rachel Wolters,
Media Unit,
(02) 6243 1317


The ACCC has considered AWB Limited's (AWBL) proposed
acquisition of Milling Australia on a public basis.

AWBL is one of the world's largest wheat marking and management
companies. Its activities in Australia's grain market are
managed through its three subsidiaries: AWE International, AWB
Australia, and AWE Finance.

AWE International (AWBI) manages the National Pool for wheat
growers and is Australia's monopoly exporter of wheat. Through
the National Pool, grain is aggregated, divided according to
different specifications, and then marketed overseas. The
National Pool acquires approximately 75 per cant of wheat grown
in Australia.

Although primarily an organization focused on the export of
grain, the National Pool does have some involvement with the
domestic grain market. This can take the form of selling wheat
into the domestic market or, more commonly, through "swaps".
Swaps of wheat involve a domestic trader or miller swapping a
parcel of wheat they own with another parcel held by AWBI in a
preferred location. This can enable millers to make substantial
savings on their grain acquisition costs. AWBI charges a fee for
this service. AWBI's objective in participating in swaps is to
add value to the National Pool.

AWB Australia (AWBA) is a substantial trader of grain in the
domestic Australian market, and by some measures the largest
trader. AWBA acts as AWBI's agent in AWBI's involvement in the
domestic market, and for some overseas marketing functions. AWBA
is denied access to certain information regarding AWBI's
operation of the National Pool given that knowing how the Pool
price would change would give a trader a district advantage in
the domestic trading market. There is, however, information that
goes into calculations about future Pool price movements to
which AWBA does have access.

AWB Finance Limited provides a range of services to growers and
other AWE subsidiaries including funding and risk management

The Commission was concerned that AWBL's structure, particularly
the relationship between AWBI and AWBA, could given rise to the
possibility of preferential treatment of AWBA in AWBI's dealings
with the domestic trading market, and possible discriminatory
treatment of rival millers were AWBL to acquire a milling

The ACCC was also concerned that AWBI's control over the
National Pool price could enable it to raise prices for wheat at
times when rival millers were purchasing wheat, thus raising
their input costs.

The ACCC was also concerned that the possible information
advantage enjoyed by AWBA, gained through sharing AWBI's
information on wheat stocks owned by the National Pool, as well
as its own holding of wheat in the domestic market, and its
superior information regarding likely movements in the Pool
price, would give it an advantage that could not be matched by
other participants in the market.

HIH INSURANCE: ICA Seeks Greater Security, Stronger Regulation
The Insurance Council of Australia's submission to the HIH Royal
Commission recommends a reform package, which will provide
greater security for policyholders, strengthen the insurance
regulatory framework, and lead to more stability for the

The 120 page submission identifies complex regulatory overlap
between the Commonwealth and States, the failure of the Wallis
reforms to recognize the special nature of general insurance,
and the heavy tax burden as key issues to be addressed.

The submission emphasizes that the industry has just undergone
wide reaching regulatory reform, particularly amendments to the
General Insurance Act. Because it will be some time before the
full effects are evident, further changes should build on these
existing foundations.

To ensure greater consumer protection and provide a level
playing field, ICA calls for the definition of insurance
business to be widened under the Insurance Act to cover all
bodies offering insurance-like products, including medical
indemnity mutuals, schemes covering other professionals, and
self-insurers. All would be subject to the same statutory
prudential requirements as current licensed insurers.

The Australian Prudential Regulation Authority (APRA) should be
the single prudential regulator in Australia, and the States and
Territories should relinquish all such powers over their
statutory schemes eg CTP motor and workers compensation.

ICA recommends that APRA should be the lead regulator,
responsible for overcoming a range of regulatory gaps and
overlaps, and coordinating issues with other responsible bodies,
including the Australian Securities and Investments Commission
(ASIC) and the Australian Competition and Consumer Commission
(ACCC) and the Accounting Standards Board.

The submission says that while recent regulatory reform has made
the collapse of another insurer unlikely, Australia should
follow other OECD countries by establishing a Policyholder
Protection Scheme (PPS), to provide security and certainty for
affected policyholders should a failure occur.

The scheme would be run by insurers as a non-profit company
along the same lines as the current HIH Claims Support scheme.
Funds would only be raised after a collapse through
contributions by all licensed insurers, as well as a proportion
from the Commonwealth. Insurers would be able to pass the cost
on to policyholders if they chose.

However, ICA Executive Director, Alan Mason, said the specific
design of such a scheme would need to be broadly considered and
debated. "A policyholder protection scheme should only be
introduced following significant reform of the current
regulatory and taxation structures for general insurance in

"To do otherwise would amount to an unacceptable burden for
Australian policyholders, and the operations of general insurers
would be made more inefficient and costly."

Referring to the world record levels of tax, the submission says
Fire Service Levies in NSW, Victoria and Tasmania should be
abolished in favor of a more equitable method of funding
emergency services which distributes the cost across all
property owners regardless of whether they are insured or not.

Stamp duty in all States should be removed or at least phased
out and the NSW Insurance Protection Tax, introduced after the
collapse of HIH, should be removed.

"The heavy tax burden on the industry and on insurance products
reduces the affordability of insurance and should be removed.
Removal of state taxes would encourage the purchase of insurance
and create capacity for the funding of a policyholder protection
scheme," Mr Mason said.

"While the Royal Commission will obviously report its findings
on what specifically occurred at HIH, its recommendations on its
broader terms of reference will be very important to the future
of the general insurance industry in Australia.

"We are pleased to make these five submissions which are
designed as a package to provide the Commission with the most
comprehensive information based on the broadest industry
experience," ICA Executive Director, Alan Mason said.

Raymond Jones, ICA President, said of the submission: "Despite
major regulatory changes in recent years there are still some
areas that need further reform if the Australian general
insurance industry is to operate as efficiently as possible and
policyholders are to be adequately protected.

"This submission is aimed at achieving greater uniformity and a
lower tax environment across all jurisdictions so that
unnecessary market complexities, costs and inconsistencies are
reduced or removed."

C H I N A   &   H O N G  K O N G

401 HOLDINGS: SPM Scheduled on September 10
401 Holdings Limited notified that a Special General Meeting of
the Company will be held at 9:30 a.m. on 10th September, 2002,
at Function Room, Basement, Luk Kwok Hotel, 72 Gloucester Road,
Wanchai, Hong Kong, for the purpose of considering and, if
thought fit, passing the following resolution as an ordinary
Company resolution:



(a) the agreement dated 22nd July, 2002 (Agreement) between
Precise Global Investments Limited and Cybermall Limited, a
wholly-owned subsidiary of the Company (Cybermall) (copy of
which has been produced to the meeting marked `A' and signed for
identification by the Chairman thereof) pursuant to which
Cybermall has agreed to acquire the entire interest in Sino Top
Technology Limited for the consideration of HK$13,200,000 which
shall be satisfied by the Company by:  

   (i) the issue and allotment of 660,000,000 ordinary shares
(Consideration Shares) of HK$0.01 each in the share capital of
the Company (Share) and

   (ii) the issue of convertible bond in an aggregate principal
amount of HK$6,600,000 the terms and conditions of which are set
out in the Agreement ("Convertible Bond") and the transactions
contemplated under the Agreement be and are hereby approved and
the directors of the Company be and is hereby authorized to
execute such documentation and take such actions on behalf of
the Company as they may consider necessary to complete and give
effect to the transactions contemplated under the Agreement; and

(b) the directors of the Company be and are hereby authorized to
issue the Convertible Bond and to allot and issue the
Consideration Shares and the Shares to be issued upon conversion
of the Convertible Bond."

DONGFANG ELECTRICAL: Narrows 2002 Net Loss to HK$29M
Dongfang Electrical Machinery Company Limited announced on
16 August 2002:

(stock code: 1072)
Year end date: 31/12/2002
Currency: RMB
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
                                 (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                            : 252,106          177,218
Profit/(Loss) from Operations       : (5,632)          (54,737)
Finance cost                        : (23,314)         (15,839)
Share of Profit/(Loss) of Associates: 105              -
Share of Profit/(Loss) of
  Jointly Controlled Entities       : -                -
Profit/(Loss) after Tax & MI        : (28,972)         (70,554)
% Change over Last Period           : N/A
EPS/(LPS)-Basic                     : (RMB0.064)       
         -Diluted                    : N/A              N/A
Extraordinary (ETD) Gain/(Loss)      : N/A              N/A
Profit/(Loss) after ETD Items        : (28,972)         (70,554)
Interim Dividend per H 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: -
B/C Dates for Other Distribution     : N/A

MR. COFFEE: Hearing of Winding Up Petition Set
The petition to wind up Mr. Coffee Trading Company Limited is
scheduled for hearing September 4, 2002 at 9:30 am.  

The petition was filed with the court on July 10, 2002 by Bank
of China (Hong Kong) Limited whose registered office is situated
at 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong

PROMINENT HARVEST: Petition to Wind Up Pending
The petition to wind up Prominent Harvest (Holding) Limited is
set for hearing before the High Court of Hong Kong on September
11, 2002 at 9:30 am.  The petition was filed with the court on
June 13, 2002 by Fok Siu Ming of Room 525, Wah Tai House, Wah Fu
Estate, Hong Kong.  

TEAMFORD ENGINEERING: Faces Winding Up Petition
The petition to wind up Teamford Engineering 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 26, 2002 by Wong
Yiu Ming of Room 906, Sheung Chi House, Sheung Tak Estate,
Tseung Kwan O, New Territories, Hong Kong.  

YORK HONOUR: Winding Up Petition Slated for Hearing
The petition to wind up York Honour Limited is scheduled to be
heard before the High Court of Hong Kong on September 4, 2002 at
9:30 am.  The petition was filed with the court on Bank of China
(Hong Kong) Limited whose registered office is situated at 14th
Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong.


ASTRA INTL: Unit's Stake Sale Proceeds Allotted to Debt Payment
PT Telekomunikasi Indonesia has paid US$53.9 million to acquire
an initial 30 percent stake in PT Pramindo Ikat Nusantara, its
partner in the joint operating scheme (KSO) for the Sumatra
region, AFX-Asia reports, quoting Telkom Investor Relations
Manager Setiawan Sulistyono.

"We have paid US$53.9 million to Pramindo, so now we gain full
operating rights of the KSO," Sulistyono said, adding that
Telkom would pay an additional US$23.8 million on Sept 15 to
acquire a further 15 percent of the company.

Telkom will acquire the balance of 55 percent of Pramindo, a
telecom unit of PT Astra International, over the following 27
months to close the purchase in December 2004.

"From October 1 to August 2003, we will pay US$12.8 million per
month," Sulistyono said. "From September 2003 to December 2004,
it will be US$15 million per month."

The aggregate present value of the entire transaction is US$425
million under a deal, which comprises Pramindo's existing debt
obligation of some US$86 million to the International Finance
Corp and Pramindo equity worth US$339 million.

Earlier, PT Astratel Nusantara, Pramindo's 35 percent
shareholder, said the US$54 million received from Telkom will go
directly towards the IFC debt, along with a further US$8.5
million from Pramindo itself. "The US$62.4 million will go
towards paying off the IFC debt," Astratel Vice President
Director Angky Tisnadisastra said.

The US$23.8 million expected from Telkom next month will
complete the repayment of the IFC loan.

DAYA GUNA: Faces Bondholders' Suit in New York Supreme Court
DebtTraders analysts, Daniel Fan(852-2537-4111) and
Blythe Berselli (1-212-247-5300) reported that fishery company
PT Daya Guna Sumudera has been filed a complaint by two
bondholders in the Supreme Court of New York over missed July
2001 coupon payment of its $225 million 10% Bond due on 2010
after giving up its plan to sell more vessels.

"Daya Guna believed that it could not obtain an approval to sell
some of its vessels to meet the coupon payment again in mid-2001
after the disposal in December 2000," Mr Fan and Berselli said.

According to DebtTraders, DGS International Finance Company
10.000% Bonds due on 2007 (DGSA07IDS1) are trading between 1.5
and 6.500. For more real-time bond pricing information, go to

SEMEN PADANG: Pays Rp100B to JSTK; Seeks Balance Rescheduling
PT Semen Padang, the ailing unit of PT Semen Gresik, paid on
Thursday half of its Rp200 billion principal debt to PT Jaminan
Sosial Tenaga Kerja (JSTK), AFX-Asia reports, citing Padang
Finance Director Muchlis Karanin.

"We have (partly) fulfilled our commitment to pay our debts to
Jamsostek by the due date by paying Rp100 billion on Thursday,"
Karanin said, adding that the company is seeking to reschedule
the remaining Rp100 billion principal debt.

Semen Padang took out Rp200 billion in medium-term notes from
JSTK in February this year. The debt's total interest amounts to
Rp44 billion.

The company had sought a Rp500 billion loan from PT Bank Mandiri
to pay its debts but at the last minute the bank refused to
disburse the money for the reason that Padang had not secured
the unanimous support of its shareholders.

"Padang has so far failed to secure loan agreements with any
local banks. It is seeking 6-9 month refinancing facilities, as
it does not need shareholder approval for short-term loans,"
Karanin said.

It funded its payment to JSTK using internal cashflows, with
roughly Rp50 billion coming from existing finances and another
Rp50 billion from distributors who agreed to accelerate payments
to the company.

"Our distributors have shown their concern for the company by
pre-paying their obligations to Semen Padang," Karanin said.

Karanin added that the company is confident it can repay the
full amount to JSTK in the near term, even if it fails to secure
a rescheduling deal.

"We will try to reschedule it, but if we cannot, we have other
options to help refinance the remaining debt," he said,
stressing that the company has received a positive response from
two local banks.

* IBRA Obtains US$522M From Credit Asset Sales
The Indonesian Bank Restructuring Agency (IBRA) has received
Rp4.7 trillion (US$522.2 million) in advance payment from the
sales of credit assets since last month, AsiaPulse via COMTEX
reported Friday.

IBRA Deputy Chairman Mohammad Syahrial said the Rp4.7 trillion
fund was 20 percent of the price the winning investors have to
pay for the credits they buy.

IBRA has offered to sell credit assets involving 2,582 debtors
with debts totaling Rp185 trillion under a credit asset sales
program launched since last month. It has sold loans totaling
Rp96 trillion in face value for which IBRA will receive Rp23.5
trillion "which means a 25 per cent recovery".

"Early next month IBRA will also sell property assets from which
it hopes to earn from Rp600 billion to Rp800 billion," Syahrial
said, adding that there are 1,673 units of property asset to be
sold by IBRA, including apartments, office buildings,
warehouses, factories, hotel, kiosks, villa houses, shop houses,
houses and land plots.

The property assets are asset settlement from indebted banks.


FUJITSU LTD: Appoints Lindsay Yelland to Advisory Board
Fujitsu Australia CEO, Phil Kerrigan, said Thursday that the
appointment of IT&T industry guru Lindsay Yelland as a member of
the Fujitsu Advisory Board will enhance the depth of experience
and knowledge available to the company as it continues its
expansion into the mobile and wireless market.

Mr Yelland joins David Mortimer, former Chair and CEO of TNT
Asia Pacific, company director, and prominent researcher in
economics and social policy. The Fujitsu Advisory Board provides
strategic advice to Fujitsu and its shareholders.

Mr Yelland is Chairman of Yambay Technologies and Legion
Interactive Pty Ltd and on the boards of PaperlinX Limited and
Ideas International Limited.

As a member of the Fujitsu Advisory Board, Mr Yelland brings his
wealth of industry knowledge and experience to bear in seeking
ways to improve Fujitsu's operational efficiencies and increase
market share.

Phil Kerrigan said the Advisory Board had made an important
contribution to Fujitsu's success over the past five years and
he believed Lindsay Yelland's appointment further strengthens
its value to the company.

"The inclusion of Lindsay Yelland in this select group has
already enhanced our ability to provide Fujitsu with clear
vision and advice necessary to help cement our position as a
leader in the provision of ICT solutions and services," he said.

Through a career spanning 30 years, Lindsay has established a
reputation as an agent of change with proven skills in managing
growth technology companies, and complex sales and service
environments. He is highly regarded for his honesty, integrity
and drive with a record in building credible and effective
management teams.

He has held senior management positions with Control Data Corp.,
Prime Computer, Data General and Apollo Computer before joining
Telstra, where he was Group Managing Director for Telstra
Business Solutions and Group Managing Director, Products and
Marketing. At Telstra he was also Chairman of On Australia (Big
Pond) for several years. After leaving Telstra in March 2000, Mr
Yelland was Acting CEO of Solution 6 until August 2000 and
chaired the Board of New Zealand Telco and pay TV provider,
Telstra Saturn, until May 2001. He is also a past director of
the Australian Information Industry Association and is a long-
standing member of the Australian Computer Society.

TCR-AP reported that Fujitsu Ltd. is planning to cut 2,100 jobs
at its four components factories in Japan. The Company, which
posted a loss of $3.27 billion in 2001, will eliminate jobs at
plants where Fujitsu makes parts such as motherboards for
computers and other electronic parts for communications

ISUZU MOTORS: Fitch Comments on Restructuring; Negative Outlook
Fitch Ratings released Friday its comments on the recent
restructuring announcement by General Motors Corp. (GM)
minority-owned (49%) Isuzu Motors Ltd. (Isuzu). In total, Fitch
sees these actions as positive for GM, as it has effectively
secured control of the Isuzu assets that directly impact GM.
GM's senior unsecured debt is currently rated 'A-', while its
short-term debt is currently rated 'F-2'. The Rating Outlook for
GM is Negative.

Assuming Isuzu's plan receives approval from its creditors, GM
will inject JPY60 billion (approx. US$500 million) into Isuzu.
Of this total figure, JPY50 billion (approx. US$420 million)
represents the acquisition of interests in existing joint
ventures and intellectual property, while the remaining JPY10
billion (approx. US$ 80 million) represents an equity infusion.
When combined with the required consolidation of US$ 300 million
of existing debt held by these joint ventures, the total impact
on GM's net liquidity will be approximately US$800 million.

As a part of Isuzu's reorganization, GM will purchase an
additional 20% stake in DMAX, Ltd., a joint venture between
General Motors and Isuzu. This joint venture, located in Ohio,
operates an engine plant that is the sole supplier of diesel
engines to General Motor's very profitable full-size truck
platform. This engine, the Duramax 6600 V8 engine, is well
regarded by industry followers and has been key to GM's renewed
success in the heavy-duty segment of the light-truck market. By
acquiring a controlling stake in the joint venture, GM has
limited possible supply disruptions that could impact the sales
of its profitable full-size trucks.

GM is also acquiring a 60% stake in Isuzu Motors Polska Sp.
Z.O.O. (Ispol). Based in Poland, this operation makes the small-
displacement engines utilized in GM's European car business. By
securing a controlling stake in Ispol, GM has solidified its
diesel engine position in Europe as it attempts to meet rapidly
increasing European demand for diesel-powered vehicles.

In addition to these two controlling stakes in important joint
ventures, GM is also acquiring the ownership of the technologies
associated with the Duramax and Circle L engines manufactured in
these facilities. GM will also purchase ownership of other
vehicle and engine technologies that it would have otherwise
paid for through royalties over time.

By participating in Isuzu's restructuring GM will not only
acquire valuable assets, but will also help ensure Isuzu's
continued participation in existing joint programs. These
include existing efforts in light and medium-duty trucks. One of
the more important of these programs is GM's upcoming mid-size
truck. Developed in coordination with Isuzu, this truck
represents a strong move forward for GM's truck portfolio. These
vehicles (currently named the Chevrolet Colorado and the GMC
Canyon) will replace the existing Chevrolet S-10 / GMC Sonoma.
Similar in size to GM's current mid-size utilities and
possessing engines from the same architecture as the extremely
popular in-line six engine family, the increased size and
features of this new product will present much stronger
competition to trucks like the Ford Ranger, Dodge Dakota, Nissan
Frontier, and Toyota Tacoma.

In addition to the approximately US$420 million spent on asset
acquisition, GM will infuse approximately US$80M of equity into
Isuzu. Under the current restructuring plan, GM's existing
equity (which has been written down to zero by GM) will be
canceled. The US$80 million equity infusion will represent
approximately 12% of Isuzu's new equity.

Support for Isuzu is not limited to GM's efforts, as the current
plan would entail Isuzu's bank group not only swapping JPY100
(approx. US$ 833 million) of debt into preferred equity, but
also providing the additional loans necessary for the

Fitch will continue to monitor this issue for further

Chris Struve 1-312-368-3188
or Mark Oline 1-312-368-2073

ISUZU MOTORS: JCR Placing Bonds/CP Under Credit Monitor
Japan Credit Rating Agency on Thursday has placed Isuzu Motors
Ltd.'s BB and J-3 ratings on the following bonds and CP program
under Credit Monitor, respectively.

Amount(bn) / Issue Date / Due Date / Coupon
bonds no.13
Y10 / Sept. 20, 1996 / Sept. 20, 2002 / 2.75%
bonds no.14
Y10 / Feb. 20, 1997 / Feb. 20, 2003 / 2.375%
bonds no.15
Y10 / Feb. 20, 1997 / Feb. 20, 2004 / 2.65%
bonds no.22
Y5 / Dec. 9, 1999 / Dec. 9, 2002 / 2.10%
bonds no.23
Y5 / Dec. 9, 1999 Dec. 9, 2003 2.50%
bonds no.24
Y5 Dec. 9, 1999 Dec. 9, 2004 3.00%

Maximum: Y50 billion
Backup Line: 0%


Isuzu Motors announced its new three-year plan on Wednesday.
Under the plan, General Motors (GM) will write off all its
stocks and then contribute 10 billion yen anew. GM will also
send its official to Isuzu Motors. Isuzu Motors will request
Mizuho Corporate Bank and other primary lenders to exchange the
debt worth 100 billion yen for equity. Thirdly, Isuzu Motors
will strengthen collaboration with GM in the diesel engine

JCR has been pointing out that Isuzu Motors should rationalize
the large truck and recreational vehicles operations further,
strengthen the alliance and allocate intensively the resources
to the core businesses such as diesel engines and small
commercial vehicles. The new restructuring plan will allow the
company to enjoy financial assistance. The business base of
diesel engines will be strengthened due to the expansion in
stake of GM in this business. The positioning in GM group of the
turnaround of the commercial vehicles about which JCR is
concerned remains uncertain. There are no new drastic measures
for rehabilitation of the commercial vehicles. Isuzu Motors will
lay down detailed implementation plan for the restructuring. JCR
will pay close attention to the turnaround of commercial
vehicles as well as formulation of the implementation plan.

NIPPON MEAT: President to Take Pay Cut Over Beef Labeling Scam
Nippon Meat Packers Inc. President Hiroji Okoso will waive part
of his salary, agreeing to give up all claims on his allowances
and benefits to take responsibility for mismanaging the firm's
meat business operations, Japan Times said Sunday.

President Okoso believes he does not have to give up his post
because he was not notified of the mislabeling. Under his watch,
a Nippon Meat division, Nippon Food Inc., abused a state beef-
buyback program set up to aid meat producers during the mad cow
disease scare.

Nippon Food workers repackaged at least 1.3 tons of imported
beef to make the meat eligible for the subsidy program,
introduced after the discovery of mad cow disease in Japan last

PHONEIX RESORT: Narrows Net Loss to Y2.9B
Resort complex Phoenix Resort Ltd incurred an unconsolidated net
loss of 2.9 billion yen in the fiscal year ending in March
compared to a loss of 10 billion yen a year earlier, Kyodo News
reported Friday.

Phoenix is the operator of the Seagaia resort complex in
Miyazaki Prefecture.

SOGO CO.: FRC Approves Debt Relief Scheme
The Financial Reconstruction Commission (FRC) has approved a
government debt relief scheme in 2000 for the ailing department
store Sogo Co even though some members of the commission
expressed doubts about the plan, Kyodo News said Saturday.

In 2000, the FRC permitted a scheme to acquire and partially
forgive 200 billion yen in Shinsei Bank loans to Sogo to
minimize costs to taxpayers.


DAEWOO ELECTRONICS: DEM Acquires Ailing Electronics Firm
Daewoo Electric Motor Industries will be relisted on the main
bourse after acquiring Daewoo Electronics Co., the Korea Herald
reported Saturday, citing creditors of the struggling
electronics firm.

Daewoo Electric Motor, a unit of Daewoo Electronics, will
acquire the video and home appliance divisions of the ailing
electronics firm, while assuming part of its debt through a
purchase and assumption (P&A) deal valued at two trillion won.

Creditors will carry Daewoo Electronics' debts totaling 1.2
trillion won, and 450 billion won of which will be swapped for
equity in Daewoo Electric Motor.

The remaining four trillion won worth of debt will be taken off
the balance sheet by liquidating or selling the electronics
firm's remaining business units, creditors said.

Daewoo Electronics has total debts of six trillion won.

DONGBU ELECTRONICS: Posts FY02 1H Net Loss of W67.68B
Ailing semiconductor Dongbu Electronics incurred a net loss of
67.68 billion won ($56.4 million) in the first half, due to
slowing sales at home and abroad, the Korea Herald said

Dongbu Electronics' operating and ordinary losses increased to
43.15 billion won and 67.68 billion won, respectively, compared
to last year's 12.09 billion won and 12.31 billion won.

The Company's widening losses came after the countries top
rating agencies like Korea Management Consulting & Credit Rating
Corporation and the National Information & Credit Evaluation
Inc. has lowered its long-term credit ratings for Dongbu
Construction and Dongbu Hannong Chemical to the lowest
investment grade recently. The downgrade explains that the
takeover of ailing Anam Semiconductor for merger with its
nascent foundry business unit Dongbu Electronics would sharply
heighten financial risks for other Dongbu companies.

The Financial Supervisory Service has launched an investigation
into Dongbu Group's possible violation of financing limits in
takeover of Anam.

HYNIX SEMICONDUCTOR: Creditors to Write Off Debt
Creditors of Hynix Semiconductor are preparing a debt-
rescheduling scheme, including a write-off of part of Hynix'
total 6 trillion won in debt, to halt the deceleration of its
corporate value, Digital Chosun said Friday.

An unnamed high-ranking official of the Hynix creditor group
said that it is not possible to sell off the ailing chipmaker
right away, as currently no company is interested in buying the

He noted that the creditors would have to take a long-term plan
to sell off the company after taking short-term restructuring
steps, such as selling the firm's assets.

As of the end of June, creditors have loaned Hynix a total of
W6.08 trillion, with W900 billion to mature in 2003 and W3.4
trillion due in 2004. The debt write-off will be applicable to
those debts that will mature next year.

KUN YOUNG: Cideco Group Raises Bid to 25%
Cideco Co. increased its bid to buy insolvent Kun Young Co. to
25 percent or 201 billion won ($169 million), Korea Economic
Daily and Bloomberg said Monday.

In July, Kun Young creditors rejected a lower bid from an
investor group led by the corporate restructuring consultant.

The report said the bidding group included two unlisted
construction firms and another corporate restructuring

Kun Young, which has been in receivership since 1996, posted net
income of 18.5 billion won last year on sales of 176.6 billion

Kun Young constructs residential buildings.

Kun Young CO., Ltd. -
46-3 Chamwon-Dong
Socho-Gu Seoul 137-030

Korea (South)
+82 2 3697114
+82 2 3697439  

SEOUL BANK: Government Chooses Lone Star To Acquire Bank
The South Korean government has chosen Hana Bank over Lone Star
Funds to acquire SeoulBank for 1.1 trillion won ($924 million)
in stock, according to Bloomberg on Monday.

The purchase will increase Hana's assets by half and double its
branches to 600, adding a network that makes half of its loans
to households.

"The government is scared that Lone Star just wants to buy
SeoulBank for a short period and sell it at a profit," said Jang
Dong Hun, who manages 600 billion won at SK Investment Trust
Management Co., including Hana shares.


AUTOINDUSTRIES VENTURES: Posts August Defaulted Payments Status
The financial position of Autoindustries Ventures Berhad, in
respect of its default in payments in the month of August, 2002

Name of Creditor     Principal(RM)  Interest(RM)  Total (RM)

i) Pacven Walden
Ventures III L.P.  2,730,955.03  1,387,105.22  4,118,060.25
ii) BI Walden
Ventures Keempat
Sdn Bhd    1,069,577.00  543,256.74    1,612,833.74
iii) Financial
Institutions  15,833,067.54   283,009.02   16,116,076.56

TOTAL    19,633,599.57   2,213,370.98   21,846,970.55

a) The reason for the default in payments and the measures to be
taken by the Company are as announced to the Kuala Lumpur Stock
Exchange (KLSE) on 14 December 2001.

As announced to the KLSE on 14 December 2001, one of the
measures taken by the Company to address the default in payments
is to carry out a Proposed Restricted Issue of up to 13,000,000
new ordinary shares of RM1.00 each at a proposed issue price of
RM1.00 each for cash and issue 2,000,000 new ordinary shares of
RM1.00 each to BI Walden Ventures Keempat Sdn Bhd (BIWV4) and
Pacven Walden Ventures III L.P. (Pacven Walden) at a proposed
issue price of RM1.00 each as part settlement of the amount due
(Proposed exercise).

The Company has received all the necessary approvals on the
proposed restricted issue of shares, which was announced by
Commerce International Merchant Bankers Berhad on 1 July 2002
and is now pending the approvals from the following:

   i) the KLSE for the listing of and quotation for the new AIV
shares to be issued pursuant to the Proposals on the Second
Board of the KLSE; and

   ii) the Shareholders of the Company at an Extraordinary
General Meeting to be convened.

b) There should not be financial and legal implications in
respect of the default in payments including the extent of the
Company's liability in respect of the obligations incurred under
the agreements for the indebtedness as the Management is
currently negotiating with the lenders on the rescheduling of
payment terms through the proposed exercise.

c) The Management is of the opinion that the default in payments
should not constitute any event of default under a different
agreement for indebtedness (cross default) due to the
management's initiative as indicated in Paragraph (b) above.

FORESWOOD GROUP: Appoints PwC as Receivers, Managers
Foreswood Group Berhad, pursuant to Section 188(1)(a) of the
Companies Act 1965, announced that Chew Hoy Ping (NRIC No.
570704-06-5369) and Kenneth Teh Ah Kiam (NRIC No. 500623-08-
5487) both of PricewaterhouseCoopers (PwC) have been appointed
joint and several Receivers and Managers (the Receivers) of the
property and undertaking of Foreswood Industries Sdn. Bhd., a
wholly owned subsidiary of Foreswood Group Berhad.

AmMerchant Bank Berhad appointed the Receivers on 15 August 2002
under the powers contained in the Debenture dated 4 April 1995,
27 July 1995, 10 October 1995, 27 December 1995, 4 April 1996,
27 July 1996 and 5 March 1997.

HAP SENG: Unit's Suit Settlement Agreement With LSMB Executed
The Board of Directors of Hap Seng Consolidated Berhad, in
respect of the legal suits filed by Lam Soon (M) Berhad [LSMB]
against its inter alia wholly owned subsidiary, Forward Supreme
Sdn Bhd [FSSB], in the Shah Alam High Court under Suit No. MT3-
22-575-2000 and MT2-25-68-2000 essentially to assert its right
of ownership over established trademarks such as "Knife" and its
associated trademarks [Suits], announced that LSMB has on 14
August 2002 executed a settlement agreement under which LSMB had
agreed to withdraw the said Suits against FSSB and its co-
defendants with each party to bear its own costs.

KEMAYAN CORPORATION: Registry OKs Deregistration of Units
The Board of Directors of Kemayan Corporation Berhad announced
that the respective Registry of Companies had approved the
application of the deregistration of these dormant companies:

   1. Kemayan Far East Pte Ltd - a sub-subsidiary company, and
   2. Kemayan Investments (Australia) Pty Ltd - a subsidiary

MALAYSIAN RESOURCES: Unit MCSB Faces Winding Up Petition
Malaysian Resources Corporation Berhad announced that a winding-
up petition D2-28-675-2002 against its wholly-owned subsidiary,
MRCB Construction Sdn Bhd (MCSB) has been presented to the High
Court on 1 August 2002. The winding-up petition was served by
Evertrend (M) Sdn Bhd (Evertrend) on 14 August 2002.

On 8 July 2002, Evertrend through its solicitors, Messrs V.L.
Decruz & Co served a Notice pursuant to Section 218 of the
Companies Act, 1965 dated 28 June 2002 on MCSB.

The total claim of RM186,303.30 is for the outstanding amount
due from MCSB to Evertrend as at 28 February 2002 for work done
at Phase 3A, Taman Kajang Utama, Residential Property RPID- Kota
Kemuning and Mutiara Sentul. No interest is imposed on the
amount claimed.

Since the amount claimed requires further verification of
workdone and formalization of related documents, MCSB has
invited Evertrend for a meeting, which was subsequently fixed
for 29 August 2002 after several postponements to resolve the
matter. Despite MCSB's attempt to reach an amicable solution,
Evertrend still decided to serve the petition on MCSB.

There is no financial impact to MRCB Group arising from the said
petition as the creditors of MCSB has no recourse to MRCB and
the particular claim of RM186,303.30 is not significant to MRCB
as against MRCB's audited shareholders' fund as at 31 August
2001 of RM473.1 million.

MRCB's original equity investment in MCSB was RM12 million. As
at 31 July 2001, the carrying value of MCSB in MRCB Group's
books has been fully written down. In the event of a winding-up
of MCSB, no losses will be incurred by MRCB Group.

MCSB (formerly known as SPKT Binaan Sdn Bhd) specializes in the
construction of residential property. MCSB's operation does not
constitute a material component of MRCB Group's engineering and
construction activities. As all of MCSB's projects in hand have
effectively been completed, the said petition will not have any
material impact on MRCB Group's operations.

MRCB is formulating a plan to resolve MCSB's liabilities with
its creditors on a comprehensive basis.

The winding-up petition is scheduled for hearing on 24 October

NCK CORP.: MITT Grants Proposed Restructuring Scheme Approval
On behalf of NCK Corporation Berhad, Alliance Merchant Bank
Berhad announced that the Company has received the approval of
the Ministry of International Trade and Industry (MITI), via its
letter dated 13 August 2002 for the Proposed Restructuring
Scheme. The approval of the MITI is subject to NCK obtaining the
approvals of the Foreign Investment Committee, which was
obtained via their letter dated 6 August 2002 and the Securities
Commission for the Proposed Restructuring Scheme.

The proposed acquisition of Amalgamated Metal Corporation (M)
Sdn Bhd (AMC) by Era Julung Sdn Bhd, which will be a wholly-
owned subsidiary of Kekal Sepakat Berhad (Newco), is subject to
the equity condition of which at least 70% of the shares in AMC
shall be acquired and held by Malaysians including at least 30%
to be held by Bumiputeras.

Based on the deemed shareholdings in Newco, AMC is considered to
have fulfilled the equity condition as stipulated barring
further changes to the equity structure of the company.

OLYMPIA INDUS.: Unit's Winding Up Petition Hearing Set
Olympia Industries Berhad, in reference to the status of
Winding-Up Petition filed by Tanjung Teras Sdn Bhd against its
subsidiary Mascon Sdn Bhd, have been informed by its solicitors
that the next mention date has been fixed on 24 September 2002.


The Company was incorporated under the name of Olympia
Plantations Sdn Bhd as a subsidiary of then listed company, Duta
Consolidated Bhd, which is now known as Olympia Land Bhd. It
ceased to be a subsidiary of Duta on 15 September 1990 and was
converted into a public company on 17 May 1991, following which
it adopted its present name on 18 July 1991 and was listed in
place of Duta on 12 March 1992.

The Group's main activities are in financial services, property
development, construction, property investment, gaming, and
travel and leisure. The Group's operations are substantially
carried out in Malaysia.

On 30 April 1999, Pengurusan Danaharta Nasional Bhd appointed
Special Administrators (SAs) over subsidiary Jupiter Securities
Sdn Bhd to assume control of the assets and affairs of the
Company. The SAs prepared a workout proposal, which was
subsequently approved by secured creditors on 11 October 1999.
The workout proposal involves capital injection, novation of
certain loans of Jupiter Securities to Olympia, settlement of
secured creditors holding pledged quoted securities, conversion
of secured creditors with third party charges to restructured
term loans and conversion of unsecured creditors to redeemable
convertible cumulative preference shares. The workout proposal
has been approved by all relevant authorities except the SC
where a conditional approval was received on 14 August 2000. The
workout proposal is envisaged to be completed in FYE 30 June
2002 pending approval of Olympia's restructuring scheme.

The restructuring scheme was entered into on 8 May 2000 by the
Company and certain of its subsidiaries (Jupiter Capital Sdn
Bhd, Dairy Maid Resort & Recreation Sdn Bhd, Olympia Plaza Sdn
Bhd, Olympia Land Bhd, and Mascon Sdn Bhd, and sub-subsidiaries
LC (BVI) Ltd and Miles & Miles Leisure Sdn Bhd) with financial
institution creditors. The scheme entails a proposed debt and
corporate restructuring comprising capital reduction and
consolidation, reduction of share premium account, rights issue
with detachable warrants, special issue, debt novation, debt
restructuring, acquisition of property companies and land,
disposal of property companies, inter-company settlement with
substantial shareholder Mycom Bhd and offer for sale.

The scheme was submitted to the SC in August 2000. In February
2001, the SC requested for a more comprehensive scheme for its

The revised scheme was submitted to the SC in July 2001.
Subsequently, a further amended scheme was submitted to the
relevant authorities for approval in December 2001. The scheme
as amended, has obtained approvals from BNM, FIC and MITI whilst
the approval from the SC is still pending. The amended scheme is
inter-conditional with the proposed restructuring scheme of
Mycom, which is also pending SC approval.

SOUTHERN PLASTIC: In Final Phase of Restructuring With Lenders
Southern Plastic Holdings Berhad (SPHB) has submitted to its
creditor banks the Company's proposed Debt Restructuring Scheme
and has received approvals comprising about 70% of the total
loan exposure.

Apart from the settlement scheme with the banks, SPHB will also
enter into agreements for the proposed acquisition of new
businesses related to the construction industry. The Company had
entered into a Memorandum of Understanding (MOU) with specific
parties a few months ago and is presently conducting a due
diligence of the businesses. The proposed acquisitions are
expected to bring in substantial positive cash flow and profits
to SPHB immediately upon completion of the corporate exercise.

To bolster its asset base, SPHB has proposed to acquire a number
of development properties. These projects are forecasted to
contribute to the bottom line of the Company within the next
three years.

"The management is working very hard to ensure that the proposed
scheme is submitted to the authorities by the end of August.
However, in compliance with the guidelines, we require all banks
involved in the exercise to give us their formal approval before
we submit. We have been in constant contact with lenders yet to
respond to the proposal as any delay in our submission will
ultimately affect our listed status.

However, from the feedback received, we are confident that our
scheme will be accepted as the terms of repayment are very

SPHB is presently classified under Practice Note 4 (PN4).

SUNWAY CITY: MITI Approves Proposed CP/MTN Program
Alliance Merchant Bank Berhad, on behalf of Sunway City Berhad
in respect of the Proposals, which include, inter-alia, the
Proposed CP/MTN Programme, informed that the Securities
Commission had, via its letter dated 18 July 2002, approved the
Proposed CP/MTN Programme.

The Proposals collectively refers to:

   I. Proposed disposals of five (5) properties, plant and
machinery and lease rights, and redeemable preference shares
(Properties and Shares) with an aggregate value of up to RM892
million to ABS Real Estate Berhad (Formerly known as Domain
Hectares Sdn Bhd) (AREB), a special purpose vehicle (Proposed

   II. Proposed issue of commercial paper/medium term note
(CP/MTN) Programme by the Company of up to a nominal amount of
RM250 million (Proposed CP /MTN Programme);

   III. Proposed taking of operating leases by Suncity from AREB
and granting of sub-leases by Suncity to the respective vendors
of the Properties thereof; and

   IV. Proposed issue of asset-backed securities by AREB of up
to a nominal amount of RM450 million (Proposed ABS Issue) to
facilitate the purchase of the Proposed Disposals

TAT SANG: Provides Defaulted Payment Status Update
The Board of Directors of Tat Sang Holdings Berhad informed that
there are no new significant development in relation to the
various defaults in payment that were announced on 23 July 2002.
The Board provided an update on the details of banking
facilities, which are currently in default as per attached Table
1 at

The Company inform that the hearing date of the following legal
suits are scheduled:

1. Standard Chartered Bank (M) Berhad - VS - Mercuries & Muar
Wooden Furniture Mfg Sdn. Bhd. (MMWF) at Kuala Lumpur High Court
Suit No. : D5-23-1051-2001
Decision : The above suit case, which came up for the decision
of the Plaintiff's Application for Summary Judgment on the 1
August 2002. The Senior Assistant Registrar allowed the
Plaintiff's Application and recorded Summary Judgment against
all the defendants. Our Solicitors have filed an Appeal to the
Judge in Chambers.

2. Malayan Banking Berhad - VS - MMWF at Muar High Court
Suit No. : 23-108-2001
Decision : The above suit case, which was fixed for decision on
4 July 2002 and subsequent adjourned to 18 July 2002, the
learned Deputy of Registrar has allowed the Plaintiff's
Application for Summary Judgment. Our Solicitors had filed in
the Notice of Appeal to the Judge in Chambers on 23 July 2002
and the matter will be fixed for hearing on 10 October 2002.

3. Bumiputra-Commerce Bank Berhad - VS - MMWF at Muar High Court
Suit No. : 23-76-2001
Hearing date : An Application to amend the Writ of Summons and
Statement of Claims dated 16 May 2002 and Application for
Summary Judgment which was fixed for hearing of the Order 14
Application is still pending for the court to grant the

4. Bank Pembanguan & Infrastruktur Malaysia Berhad - VS - MMWF
Suit No. : 23-54-2002
Status of the suit : Memorandum of appearance was filed on 25
July 2002 and our solicitors had filed in defense on 8 August

TECHNO ASIA: Independent, Non-Exec Director Rahman Resigns
Techno Asia Holdings Berhad posted this Change in Boardroom

Date of change : 13/08/2002  
Type of change : Resignation Boardroom
Designation    : Director
Directorate    : Independent & Non Executive
Name      : Nowawi Bin Abdul Rahman
Age      : 47
Nationality    : Malaysian
Qualifications : N/A
Working experience and occupation    : N/A
Directorship of public companies (if any) : N/A
Family relationship with any director and/or major shareholder
of the listed issuer     : N/A
Details of any interest in the securities of the listed issuer
or its subsidiaries     : N/A

The Board of Directors of Techno Asia Holdings Bhd. (Special
Administrators Appointed) after the resignation of Nowawi Bin
Abdul Rahman will comprise:

Director    Designation
Tuan Haji Muhadzir Bin  
Mohd. Isa     Chairman cum Managing   
Chye Kit Choong    Executive Director
Wong Tunk Hing    Independent Non-Executive
Lim Ong Kim    Non-Executive Director
Rohaida Bte Abd Rahim   Independent Non-Executive Director
Khairil Ismahafiz Bin
Muhadzir          Non-Executive Director
Lee Sieng Meng    Non-Executive Director
Yap Ah Leng    Non-Executive Director


KUOK PHILIPPINES: Narrows H1 Net Loss to P156.293M
Kuok Philippines Properties Inc posted a net loss of 156.293
million pesos in the six months to June from 371.131 million a
year earlier, due to cost reduction efforts and a decrease in
foreign exchange losses after the restructuring of a dollar-
denominated loan, AFX Asia reported Friday.

The report said foreign exchange losses declined by 147 million
pesos in the six months from a year earlier, after the
conversion of its outstanding bonds worth US$37.5 million into a
long-term debt payable in five years.
The Company's principal activities are property holding and
investments. It is also authorized under its present charter to
engage via direct and indirect investments in the industries of
food, trading, agriculture, construction, and infrastructure
development, including energy-related projects, transportation
and manufacturing.

NATIONAL POWER: Addressing Concerns Over San Roque Dam Project
The Department of Energy and the National Power Corp. (Napocor)
assured last week that they will look into the concerns raised
by the groups that will be indirectly affected by the operation
of the San Roque Multi-Purpose Dam.   

This developed after Energy Undersecretary Jocot de Dios and
Presidential Adviser for Northern Luzon Rene Diaz met with the
leaders of indigenous people's groups, which picketed in front
of the Energy Building in Taguig.   

A consortium led by Sithe Energy, Marubeni Corp. and Raytheon
Corp. under a built-operate-transfer contract with Napocor is
building the San Roque project.   

"We have listened to the issues they wanted to present to us and
we have given them assurances that we will look into how we can
address their concerns in the same way that we have addressed
the concerns of the directly affected families," said
Undersecretary De Dios.   

Froilan Tampinco, Napocor Vice-President for Genco2,s aid that
the state-power firm has settled the claims of the communities
which will be directly hit by the impoundment of water from the

Undersecretary De Dios added that if there are some families
that have not been paid, it is because there are conflicting
claims by other members of the families on the same land. "We do
not want to be involved in these discussions because these are
family matters. We, however, reiterate our commitment to pay
these families once they have solved their respective

For his part, Mr. Diaz said it is important to make a
distinction between the concerns of those who will be directly
affected and those who will be affected only indirectly.   

"The project is already on its fifth year and quite a number of
dialogues have been held. There are many concerns we have to
deal with but the National Government's focus is to balance the
interests of the affected sectors with the long-term benefits of
the project," he said.   

About 4,968 hectares of land were acquired for the project
affecting some 1,700 landowners and tenants. The construction of
the dam affected some 481 households in San Manuel, Pangasinan;
233 in San Nicolas, Pangasinan; and 61 in Itogon, Benguet.   

With this, Napocor developed two resettlement sites. One in San
Manuel at Sitio Camanggaan, Barangay San Roque and the other in
San Nicolas at Sito Lagpan, Barangay San Felipe East.   

In the Itogon side, Napocor said it has paid some P366.744
million in ancestral land claims, improvements, relocation of
houses including burial grounds. Of the 97 cases of ancestral
land claims covering 512 hectares, Napocor has settled 91 cases
or equivalent to some P146.55 million of claims.   

To help improve the plight of indigenous peoples in Benguet,
Napocor has also engaged in electrification and livelihood
projects in Benguet province amounting to some P91.6 million.
Livelihood projects include general sewing, cattle raising, gold
smithing and trading.   

The San Roque Multi-Purpose dam Project is expected to  irrigate
about 70,800 hectares of farmlands in Pangasinan, Nueva Ecija
and Tarlac and will serve as a flood control system. Some 16
towns in Pangasinan and Tarlac are perennially submerged in
water due to the flooding of the Agno River .   

The power component of the project, on the other hand, will
province 345-megawatts (MW) of electricity to the Luzon Grid.

NATIONAL BANK: Board OK's Exercise Price Warrant Adjustment
Philippine National Bank, with reference to the meeting held on
August 16, 2002, that the Board of Directors of the bank has
approved the adjustments of the Exercise Price of Warrants from
P60.00 to P40.00, consistent with the Amendment of the Bank's
par value per share also from P60.00 to P40.00 (approved by the
SEC on July 23, 2002) subject to the approval of the Philippine
Stock Exchange and Securities and Exchange Commission (SEC).

The Board also approved the engagement of SGV and Co. for
purposes of determining the propriety of adjusting the Exercise
Price of PNB Warrants from P60.00 to P40.00.

Should you wish clarification of the matter, please do not
hesitate to let us know.

The press release is located at

PICOP RESOURCES: Hires Siguion Reyna as Compliance Officer
Picop Resources, Inc, in compliance with the Continuing Listing
Requirements of the Philippine Stock Exchange, announced that at
the regular meeting of the Board of Directors held in the
afternoon of August 14, 2002, Mr. Juanito E. Figueroa, Chief
Financial Officer, was designated by the Chairman of the Board,
Atty. Leonardo Siguion Reyna, as Compliance Officer of the
Company in connection with the Company's Manual on Corporate

The press release is located at

TCR-AP reported last week, 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

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.

UNITRUST DEVELOPMENT: Court Orders PDIC To Stop Selling Assets
The Makati Regional Trial Court has issued an order stopping the
Philippine Deposit Insurance Corp. (PDIC) from selling the
assets of Unitrust Development Bank, the Philippine Star
reported Saturday.

The temporary restraining order (TRO) will take effect for 20
days starting on August 14.

Under PDIC rules, the rehabilitation scheme must be approved by
at least two-thirds of the bank's depositors and stockholders.
Meanwhile, the bank must not be placed under liquidation.

Francis Yuseco and a group of Unitrust Development Bank
stockholders sought the restraining order to stop the PDIC from
bidding out anew Unitrust Bank after PBCom (the winning bidder
in an earlier public auction) failed to get the required two-
thirds consent of the bank's stockholders and depositors.

"We will file this afternoon (Aug. 16) for a judicial
rehabilitation order with the same court," Yuseco added. A
judicial rehabilitation order recognizes the petitioner's
(Yuseco, et. al.) rehabilitation program while stopping other
entities including the PDIC from rehabilitating or selling
Unitrust Bank.

With the TRO, PDIC will have to postpone its planned rebidding.
Likewise, the government will have to abort the liquidation
process, which it reportedly was about to start.

And should the court issue a judicial rehabilitation order, the
Yuseco group could well take control of the bank since the PDIC
or other government entities will be prevented from selling or
liquidating the bank.

Under the Yuseco group's rehabilitation scheme, the court will
appoint a receiver. Among those nominated are Flor Orendain,
former chief executive of the National Home Mortgage Financing
Corp.; Rene Jazmines of Manila Bank, and Mario Gutierrez of Rich

Other petitioners are Leopoldo J. Valcarcel, Fred L. Gutierrez,
Pedro Montanez, Minamoto Saiken Kaishu, and G. Universal Co.

The Yuseco group will choose from two prospective partners to
restart Unitrust Bank. They are the First Federal Banking Corp.
of Taiwan and NHI Capital, a RP-US joint business venture.


ASIA PULP: Unable to Pay $100M Requirement Payment This Month
Asia Pulp & Paper Co. (APP) will inform the Indonesia's bank
rescue agency (IBRA) that it can't make a required $100 million
payment into an escrow account by the end of August, and if
being forced the Company's daily operations will be hurt, citing
APP executive G. Sulistiyanto.

Asia Pulp creditors, owed $13 billion, want APP to pay into the
third-party account as a sign of its commitment to repay debt
unpaid since March 2001. The Indonesia agency took the lead in
asking for payment into the account, as it tries to work with
other creditors to secure payment.

Last week, the bank rescue agency, the Export-Import Bank of the
U.S. and export credit agencies from Japan and Germany demanded
APP to pay $100 million before the end of August. The payment
came due in July.

The funds in the account will be used to help repay debts when a
debt restructuring deal is agreed.

ASIA PULP: Centre Solutions Withdraw Support For Court Action
Centre Solutions (CS) is withdrawing its support for an
application in Singapore's High Court to replace the management
of Asia Pulp & Paper (APP), alleging that it has been the victim
of a massive and systematic fraud by APP, the Straits Times
reported Satuday.

The statement did not elaborate on the decision.

Lawyers acting for Deutsche were trying to persuade Justice Lai
Siu Chiu to allow them to use a report by auditing firm KPMG
International on APP's cash flow and business position.

On Thursday, the judge said Deutsche's use of the privileged
information was a 'breach of faith'.

APP lawyers said its admission would violate the trust given by
the firm's management when it contributed to the report prepared
for the creditors' steering committee.

DebtTraders reports that APP China Group's 14.000% bond due in
2010 (PAP10IDS1) trades between 24.750 and 26.5. For real-time
bond pricing, go to

ASIA PULP: Debt Restructuring Update
Asia Pulp and Paper's 2,000-page report for debt restructuring
could not be used as evidence in a judicial management
application due to its confidentiality, according to DebtTraders
analysts, Daniel Fan (852-2537-4111) and Blythe Berselli (1-212-
247-5300), citing the Strait Times newspaper.

Deutsche Bank planned to introduce the report by KPMG, which was
regarded as a breach of faith by a Singapore judge. APP owes
Deutsche Bank and BNP Paribas $193 million and $20 million,

APP argued that its will be difficult to manage the company's
operating in Indonesia and China without the controlling Widjaja
family and the debt restructuring will stop.

Separately, Centre Solutions, a unit of Zurich Financial
Services Group, plans to withdraw its support for the

BOUSTEAD SINGAPORE: Posts Notice of Shareholder's Interest
Boustead Singapore Limited posted a notice of changes in
substantial shareholder Chew Leong Chee's Interest:

Date of notice to company: 15 Aug 2002
Date of change of interest: 14 Aug 2002
Name of registered holder: Chew Leong Chee
Circumstance(s) giving rise to the interest: Open market

Shares held in the name of registered holder
No. of shares of the change: 500,000
% of issued share capital: 0.27
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: $0.35
No. of shares held before change: 922,000
% of issued share capital: 0.5
No. of shares held after change: 1,422,000
% of issued share capital: 0.77

Holdings of Substantial Shareholder including direct and deemed
                                    Deemed   Direct
No. of shares held before change: 17,820,000 922,000
% of issued share capital:        9.62       0.5
No. of shares held after change:  17,820,000 1,422,000
% of issued share capital:        9.62       0.77
Total shares:                     17,820,000 1,422,000

Mr. Chew Leong Chee has a deemed interest in the shares held by:

Macondray & Company, Inc - 10,000,000 shares
Representations International (H.K.) Ltd - 6,400,000 shares
ARC Ventures Limited - 1,420,000 shares

Therefore, Mr. Chew Leong Chee's total interest (including
deemed interest) is 19,242,000 shares (10.39%)

No. of Warrants : 180,000
No. of Options : Nil
No. of Rights : Nil
No. of Indirect Interest : 1) Macondray & Company, Inc 500,000

2) Representations International (H.K.) Ltd 1,520,000 Warrants

CHEW EU: Unit Barred From Government Tenders
The Board of Directors of Chew Eu Hock Holdings Limited
announced Thursday that the Housing and Development Board
(Standing Committee on Debarment) (SCOD) has barred its wholly-
owned subsidiary, CEH Construction from tendering all government
projects for a period of 2.5 years with effect from 27 March
2002, following CEH Construction's novation of the building
contract at Punggol East Contract 6 - 8 and Common Green (an
aggregate of 1194 dwelling units).

As announced in the Company's Half Year Financial Statement and
Dividend Announcement dated 28 March 2002, CEH Construction has
been under judicial management since 7 November 2001, and the
Company and its group has not secured any new contracts during
the first half of this financial year. In addition, in view of
the Group's cashflow problems, the Group had novated and/or
subcontracted its remaining contracts to minimize further
losses. In light of the current financial conditions of the
Group and that the Group is undergoing a restructuring exercise,
the Group has not made an application to appeal the Scud's

The Company on 19 April 2002 announced the completion of its
capital reduction exercise to reduce the par value of its shares
from S$0.20 to S$0.005. The Company also announced that it has
entered into an option agreement and a supplemental deed in
relation to the acquisition of certain companies of Hiap Hoe
Holdings Pte Ltd and the issue and allotment of shares in the
Company in consideration therefore (the Acquisition). In
addition, the judicial manager of CEH Construction is in the
process of finalizing a scheme of arrangement to restructure the
liabilities of CEH Construction.

The Scheme and the Acquisition are inter-conditional, and are
additionally subject to several conditions precedent which
remain outstanding, including:

(i) in the case of the Scheme:

   (a) the approval of CEH Construction's creditors (Creditors);
   (b) the approval of shareholders of the Company;
   (c) the approval of the Court; and
   (d) the approval of the Singapore Exchange Securities Trading
Limited in respect of the listing and quotation of the shares
issued pursuant to the Scheme.

(ii) in the case of the Acquisition:

   (a) the approval of the SGX-ST in respect of the Acquisition
and the listing and quotation of the shares issued in
consideration of the Acquisition;
   (b) the approval of shareholders of the Company; and
   (c) the grant of a whitewash waiver by the Security Industry
Council in respect of the obligation of Hiap Hoe and its concert
parties to make a general offer (under Rule 14 of the Singapore
Code on Takeovers and Mergers) arising from or in connection
with its acquisition of the shares under the Acquisition and the
approval of the independent shareholders of the Company of the
whitewash resolution to waive their rights to receive a general
offer from Hiap Hoe and its concert parties.

As the debarment relates only to public sector contracts and is
pertinent only to CEH Construction, the Board of Directors is of
the view that the debarment will not apply to the enlarged group
following the Acquisition in relation to private sector
projects. In addition, the Group will be making an application
to appeal against the Scud's ruling upon the completion of the
Scheme and the Acquisition, as the enlarged group may then be in
a better position to tender for new government projects.

The Company is in the process of seeking the approval of the
SGX-ST in respect of the Acquisition. The extraordinary general
meeting of the Company to seek shareholder approval in respect
to the Acquisition and the Scheme, and the Creditors meeting to
seek the approval of the Creditors in respect of the Scheme,
will be convened as soon as practicable after the approval-in-
principal of the SGX-ST is obtained. Thereafter, the Company
will announce the progress and development of the Scheme and the
Acquisition in due course.

The trading of the shares of the Company has been suspended
since 29 January 2002 and CEH Construction has been in judicial
management since 7 November 2001. As such, the Board of
Directors had not made an earlier announcement on the debarment
as they are of the view that the debarment would not be material
information to the public under Chapter 7 of the SGX-ST listing
manual. The Board of Directors had intended to disclose the
details of the debarment in the circular in respect of the
Acquisition and the Scheme, which will be dispatched to
shareholders in due course. The Board of Directors is making
this announcement to update shareholders on the matter.


The Directors collectively and individually accept full
responsibility for the accuracy of the information given in this
Announcement, and confirm, after making all reasonable
enquiries, that to the best of their knowledge and belief, the
facts stated and opinions expressed in this Announcement are
fair and accurate in all material aspects as at the date hereof,
and that there are no material facts the omission of which would
make this Announcement misleading.

NEPTUNE ORIENT: Shares Fall as Analysts Forecast More Losses
Shares of Neptune Orient Lines Ltd fell 4.5 percent to 75
Singapore cents, their lowest level since November 2001, as the
container ship operator continues to suffer rapidly declining
freight rates, Bloomberg reported Friday, citing analysts.

``We expect weaker contributions from charter and higher debt
levels to drag down earnings into 2003," according to Ann Lim,
an analyst with Daiwa Institute of Research Pte.

Lim, who rates the stock "underperform," revised her 2002
forecast from a loss of $49 million to a loss of $209.8 million.

According to Michael Sia, an analyst at Deutsche Bank, Neptune
Orient would continue to report losses in 2003 and 2004 because
of falling rates and overcapacity. He forecast a $300 million
loss in 2003, and lower losses in 2004.

Recovery "is beyond the horizon," said Sia, who rates the stock
an "underperform."

Neptune Orient posted a loss of $56.6 million in 2001, compared
with a record net income of $178.5 million in 2000, hurt by its
container and logistics units. The company sees losses this year
because of lower freight rates.

WEE POH: Schedules AGM on August 30
The Extraordinary General Meeting of Wee Poh Holdings Limited
will be held on the 30th day of August 2002 at The Orchid
Country Club, 1 Orchid Club Road, Singapore 769162 at 09:30 a.m.
for the following purposes:


1. To consider and if thought fit, to adopt the following as
Ordinary Resolution:

"It was resolved that Messrs. Deloitte & Touche, Certified
Public Accountants, be and is hereby appointed as the Company's
statutory Auditors in place of the resigning Auditors, Messrs.
Arthur Andersen, to hold office until the conclusion of the next
Annual General Meeting at a remuneration to be agreed between
the Directors and Messers. Deloittte & Touche."

2. To transact any other business that may be transacted at an
Extraordinary General Meeting.


The current Auditors, Messrs. Arthur Andersen have informed the
Directors that the majority of their partners and personnel will
be joining Messrs. Ernst & Young. As such, Messrs. Arthur
Andersen have given notice to the Directors of their intention
to resign as Auditors of the company. The Directors would
recommend and propose to members the appointment of Messrs.
Deloitte & Touche as the new Auditors in place of Messrs. Arthur
Andersen at the Extraordinary General Meeting to hold office
until the conclusion of the next Annual General Meeting of the
Company. Messrs. Deloitte & Touche have consented to be
appointed as Auditors of the Company. Upon the appointment of
Messrs. Deloitte & Touche at the Extraordinary General Meeting,
Messrs. Arthur Andersen's resignation as Auditors of the Company
will take effect.

Notes :

1. A member of the Company entitled to attend and vote at the
Extraordinary General Meeting is entitled to appoint a proxy to
attend and vote on his/her behalf. A proxy NEED NOT be a member
of the Company.

2. The instrument appointing a proxy must be deposited at the
Company's Registered Office at 413 Tagore Industrial Avenue,
Singapore 787803, not less than 48 hours before the time set for
holding the Extraordinary General Meeting.


BANGKOK STEEL: Posts Management Discussion, Q202 F/S Analysis
Bangkok Steel Industry Public Company Limited submitted the
Financial Statement of  the company and its subsidiaries as at
June 30, 2002 and 2001. For the operational performance of the
company in the quarter 2/2002, the company had net profit of
Bt505.22 million compared with net loss of Bt582.50 million in
the prior year due to:

1. The company had a gain on foreign exchange of Bt243.43

2. The company had a gain on debt compromise of Bt553.07

3. The interest expenses decreased by Bt181.33 million.

However, the company's submission of financial statements is
only to end the controversy between the SEC and the company,
which the company deems that the financial statements have to be
performed in accordance with the judgment of the Central
Bankruptcy Court.  When adding to the assets appeared in the
only company's financial statement as at June 30, 2000, the
total assets would be Bt20,790 million, Bt970 million higher
than the liabilities appeared in the balance sheet of the same
date.  If the Supreme Court issues any judgment, the company
will take hold of that judgment to prepare the accurate
financial statement further.

COGENERATION PUBLIC: SET Approves Delisting Request
The Stock Exchange of Thailand (SET) has officially announced
that The Cogeneration Public Company Limited (COCO) will be
formally delisted from the SET on 23 August 2002 onwards. COCO's
securities will be listed securities until 22 August 2002.

The SET decision follows an earlier request from the management
of COCO that the company be delisted. The SET has decided the
company has fulfilled its obligations under the rules governing
the delisting of securities. Therefore, the Board of Governors
has approved the delisting of COCO's securities as it requested
by virtue of Section 171 (4) of the Securities and Exchange Act
B.E. 2535 (1992).

On July 25, TCR-AP reported that the Extraordinary General
Meeting No. 2/2545 resolved to approve the transfer of the
statutory reserve fund and the share premium reserve fund,
respectively, to compensate for the retained deficit of the

GENERAL ENGINEERING: Inks Debt Restructuring Agreement W/ CAMCL
General Engineering Public Company Limited has signed on August
15, 2002 a debt restructuring agreement with Chatuchak Assets
Management Company Limited (CAMCL) of which the principal amount
is Bt28 million, debt repayment within five years period.

The restructuring amount represents 11.31% of total debt of the
Company as at July 31, 2002.

The restructuring has no effect to company profit and loss

KHOO KHENG: Files Business Reorganization Petition
The Petition for Business Reorganization of Khoo Kheng Public
Company Limited (DEBTOR), engaged in mass communication
business, was filed in the Central Bankruptcy Court:

   Black Case Number 562/2543

   Red Case Number 630/2543


Debts Owed to the Petitioning Creditor : 1,029,598,524 Baht

Planner: The Far East Law Office (Thailand) Limited

Date of Court Acceptance of the Petition : July 21, 2000

Date of Examining the Petition : August 21, 2000 at 9.00 A.M.

Court Order for Business Reorganization : August 21, 2000

Court appointed the Planner : September 29, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited : October 9, 2000

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : October 26,

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver : January 26, 2001

Planner postponed the Date to submit the Business Reorganization
Plan #1st : February 26, 2001

Planner postponed the Date to submit the Business Reorganization
Plan #2ndt : March 26, 2001

Appointment Date of the Creditors' meeting for the Plan
Consideration had been postponed to May 2, 2001 at 9.30 am.
Convention Room no. 1105, 11th Floor Bangkok Insurance Building,
South Sathorn Rd.

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

Court had issued an Order Cancelled the Petition for Business
Reorganization pursuant to Section 90/48 since May 30, 2001

Announcement of Court Order for Cancelled the Petition for
Reorganization in Matichon Public Company Limited and Siam Rath
Company Limited : June 8, 2001

Announcement of Court Order for Cancelled the Petition for
Reorganization in Government Gazette : July 17, 2001

Contact : Mr Apiruk Tel, 6792525 ext 113

KRISDAMAHANAKORN PUBLIC: Reports Q102 Rehab Plan Progress
In reference to the rules and regulations of the Stock Exchange
of Thailand (SET) regarding the rehabilitation plan, any company
under rehabilitation (REHABCO) that its rehabilitation plan is
approved by its shareholders is required to retain a financial
advisor to providing the report on its operating performance in
each quarter during the period of the rehabilitation plan.
Krisdamahanakorn Public Company Limited (KMC) was notified by
the SET on March 5, 1999 regarding the classification of being
delisted by the SET.  KMC has notified the SET regarding its
intention to rehabilitate the company and has appointed Finansa
Securities Limited (Finansa) to be a financial advisor for
preparing of KMC's rehabilitation plan.

Finansa has prepared KMC's rehabilitation plan with the
cooperation of KMC and Ernst & Young Office Limited (E&Y) as
KMC's auditor who reviewed KMC's financial projection over the
2-year rehabilitation plan from 3rd quarter of 2000 to 2nd
quarter of 2002.

The extraordinary shareholders' meeting No. 1/2000 of KMC has
resolved to approve the rehabilitation plan on October 16, 2000.  
By the request of KMC under the conditions of the SET, KMC's
shares were resumed trading on the SET on December 7, 2000.

Since then, KMC and Finansa have submitted the progress reports
of rehabilitation plan for the 3rd and 4th quarters of 2000 and
the four quarters of 2001 to the SET.

KMC and Finansa have analyzed KMC's auditor reports of last 7
quarters (3rd quarter of 2000 to 1st quarter of 2002) compared
with KMC's financial projection under the rehabilitation plan.
The progress of the rehabilitation plan and operating
performance of last 7 quarters are as follows:
Overall operating performance of normal property development
business for the last 7 quarters.

Revenues from sales of property and revenue from construction
services are 21.77% and 39.38%  lower than the projection,
respectively. However, KMC can maintain 34.38% gross profit
margin, which is 0.45% higher than the projection.

The reasons that KMC's revenues are lower than the projection:

The current property market requires houses to be built
before sales. The property development companies have to
maintain  a significant amount of working capital while the
financial institutions  are very cautious in lending to property
development companies. As a result, KMC is able to construct
only limited number of houses at a time. Thus the actual sales
volume was caused by the mentioned factors. However, KMC tried
to maintain the gross profit margin at high level.

Revenue from management fees is 72.91% higher than the
projection. Revenue from interest income is over nine times
higher than the projection. Rental income, revenue from golf
course and other income are 12.46%, 4.38 and 37.74% lower than
the projection, respectively. Cost of sales and construction
services are lower than the projection figures due to the
decrease in sales of property and revenue from construction

NATURAL PARK: SET Grants Listed Securities
The Stock Exchange of Thailand, starting from August 20,2002,
(SET) allowed the securities of Natural Park Public Company
Limited (N-PARK) to be traded on the SET after finishing capital
increase procedures.
Name                : N-PARK
Issued and Paid up Capital
     Old            : 18,900,170 Baht
     New            : 18,900,860 Baht
Allocate to         : Existing Shareholders holding shares less
                      than 200 common shares to make up to one
                      share under the Business Rehabilitation
Number of Share     : 13,800 common shares
Ratio               : -
Price per share     : 0.05 Baht
Subscription and    : August 13,2002
payment period

NATURAL PARK: Ups Registered Capital Under Business Rehab Plan
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,
it provides for the Plan Administrator to carry out the increase
of the registered capital of the Company at least Bt300 million
to offer to the existing shareholders in proportion after the
conversion of the Creditors' debts into equity.  The Plan
Administrator therefore deems appropriate to have the Company
increase the registered capital under the Plan, as follows:

1. To increase the registered capital of the Company from the
existing amount of Bt6,945,935,080 to Bt201,432,117,320; namely,
to increase the registered capital by another Bt194,486,182,240
by issuing Bt19,448,618,224 new ordinary shares, par value of
Bt10 to offer to the existing shareholders in proportion after
the conversion of the Creditors' debts into equity, at the ratio
of one existing share entitled to 28 new shares, at the selling
price of 0.10 Baht per share, with the discounted price Bt9.90
per share, and to fix the date of subscription and payment of
the capital increase ordinary shares from 2-6 September 2002,
from 9 am to 3:30 pm. In case there are remaining unsubscribed
shares from the exercise of right of the shareholders, the Plan
Administrator will offer the remaining shares to the investor in
private placement under the plan, at the selling price of Bt0.10
per share.

2. To amend Clause 4 of the Memorandum of Association to be in
line with the increase of the registered capital of the Company
as follows:

    "Clause 4.      Registered capital is 201,432,117,320 Baht    
        Divided into 20,143,211,732  Shares  
        With a par value of 10 Baht    
        Shares are classified into:
        Ordinary Shares of 20,143,211,732  Shares  
        Preference Shares  ---- Shares"

The Company will close the share register on 23 August 2002, at
12:00 noon, whereupon the shareholders whose names appear in the
share register during the closing period will be entitled to the
subscription of capital increase shares under item 1.  Whereby
the Company notified in advance the fixing of the closing date
of share registration on 9 August 2002.

THAI PETROCHEMICAL: Explains Greater Than 20% Net Profit Change
Effective Planners Limited, as Plan Administrator of Thai
Petrochemical Industry Public Company Limited, in reference to
its Reviewed Financial Statements for the Quarter ended 30 June
2002, announced that the consolidated net profit after
extraordinary items was Bt1,454 million.  Compared to the
consolidated net profit after extraordinary items of the same
period of the prior year of Bt15,835 million, which results in a
difference of Bt14,381 million. The majority of this change can
be accounted for by:

1. Extraordinary items

During the quarter ended 30 June 2001, the company and its six
subsidiaries recorded a gain from adjusting accrued interest
expenses on default rates of Bt3,664.9 million and also a gain
of Bt12,526.6 million from converting unpaid accrued interest
and guarantee fees into share capital in compliance with the
company's and six subsidiaries Business Rehabilitation Plans.  
These gains reflect one of extraordinary accounting gains during
the quarter ended 30 June 2001 and do not arise in the quarter
ended 30 June 2002.

2. Foreign exchange gains

The Thai Baht strengthened against the US Dollar during the
quarter ended 30 June 2002 and as a result, the company had a
gain on foreign exchange of Bt2,513 million during the quarter
ended 30 June 2002.  During the same period of prior year
the Thai Baht declined and a loss arose on foreign exchange of
Bt1,245 million during the quarter ended 30 June 2001.

3. Sales income

During the second quarter ended 30 June 2002, sales income was
19,272 million, which was higher than the same period of the
prior year by Bt412 million.  This increase reflected higher
production levels and sales volumes.  Furthermore, the
ratio of sales to the cost of sales resulted in a higher gross
margin by 2.7% compared to the same period of the prior year.

4. Gain from asset valuations

During the quarter ended 30 June 2001, the company derived gains
on land revaluations of Bt846.0 million.  As the company
completed significant asset revaluations during the year ended
31 December 2001, there was no further impact of asset
revaluations in the quarterly financial statements ended 30 June

Furthermore, there was a gain of Bt933.8 million from an
increase in the value of the company's investment in an
associated company during the three months ended 30 June 2001.
From the fourth quarter of the year 2001, the company classified
this investment as a marketable equity security (not for
trading) to be recorded in the accounts at the lower of cost or
market value.  Accordingly, as a result of the change
in accounting treatment from the fourth quarter of the year 2001
no similar gains will be recorded in the profit and loss
statement in respect of increases in the value of this

5. Rehabilitation expenses

The rehabilitation expenses for the second quarter ended 30 June
2002 were Bt164 million which is a significant reduction in
rehabilitation expenses from the same period of the prior year
by Bt97 million.  The reduction arose from lower plan
administrator fees, security expenses and Creditor Steering
Committee fees.

* SET Suspends Listed Companies
The Stock Exchange of Thailand (SET) awaits the disclosure of
the following listed companies required through the general
investors since they are unable to submit their unreviewed semi-
annual financial statements specified by the Securities and
Exchange Commission (SEC):

1. B. Grimm Engineering Systems Public Company Limited
2. Modern Home Development Public Company Limited
3. M.D.X. Public Company Limited
4. Power-P Public Company Limited
5. Thai Engine Manufacturing Public Company Limited

The SEC has allowed listed companies that have been posted an SP
(Suspension) sign as a result of filing petition under
Bankruptcy Act to submit their unreviewed semi-annual financial
statements and management discussion and analysis (MD&A) within
45 days instead of submitting the reviewed quarterly financial

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

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

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

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