TCRAP_Public/020828.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

         Wednesday, August 28, 2002, Vol. 5, No. 170

                         Headlines

A U S T R A L I A

AUSTRIM NYLEX: Narrows Net Loss to US$83M


C H I N A   &   H O N G  K O N G

ANSHAN NO. 1: Tractor Maker Faces Delisting
ASIA GLOBAL: Completes East Asia Crossing Subsea Cable System
CIL HOLDINGS: Winding-up Petition Hearing Delayed
CONFIDENT ENGINEERING: Faces Winding Up Petition
GUANGDONG KELON: Posts 113.78M Profit in First-Half

GUANGDONG KELON: Says Half-Year Profit Wasn't Audited
KONKA GROUP: TV Maker Back in the Black
MARINE WILL: Hearing of Winding Up Petition Set
PIONEER LANE: Winding Up Hearing Set on October 30
TAI HING: Court Sets October Winding Up Hearing

WAI CHUN: Winding Up Petition Set for Today


I N D O N E S I A

BANK NIAGA: Commerce Asset to Meet Management
INDAH KIAT: Posts First-Half Loss of $190.4M
TIJIWI KIMIA: First Half Loss Widens to $41.39M
UNITED TRACTORS: Heavy Equipment Provider Returns to Profit


J A P A N

ALL NIPPON: Inaugurates Freighter Operation to China and Korea
CHISAN CO.: Files Court Application for Reorganization
ISUZU MOTORS: R&I Downgrades Rating to B
MATSUSHITA ELECTRIC: Eliminates Use of CFCs
MITSUBISHI CHEMICAL: JCR Downgrades Rating to A, Affirms Rating

MITSUBISHI MATERIALS: Dissolves Partnership With Alcatel
NIPPON FOOD: Suspension to Remain Until Probe Completed
NIPPON TELEGRAPH: Unit Continues Momentum of U.S. Expansion
SHOWA DENKO: JCR Downgrades Rating to BBB-
SNOW BRAND: Receives 912 Voluntary Retirement Applications

* Japanese Regional Banks Still Troubled


K O R E A

DAEWOO MOTOR: Reorganization Plan Submission Expected Soon
DAEWOO SECURITIES: Unveils Possible Online Stock Fraud
HYNIX SEMICON: Creditors Postpone Meeting on Restructuring Plan
KIA STEEL: KDB to Name Up to Three Preferred Bidders
KIA STEEL: POSCO Drops Bid for Steel Maker


M A L A Y S I A

AMSTEEL CORPORATION: Narrows Losses to RM609M
EMICO HOLDINGS: Complies With KLSE Listing Requirements
MALAYSIAN RESOURCES: Completes Sale of Fibrecomm Shares
MENTIGA CORPORATION: Selling Interest in Selat Bersatu
MOL.COM BERHAD: KLSE Rejects AccessPortal Listing Application

PENAS CORPORATION: Confirms Winding Up Petition for Subsidiary
RAHMAN HYDRAULIC: Faces Summons in Chambers
S P SETIA: Delays Land Acquisition Approval
SASHIP HOLDINGS: Announces Winding-up of Powermatic
SASHIP HOLDINGS: Appoints New Audit Committee Member

SIME DARBY: Faces Trading Suspension Ahead of Q4 Results
SIME DARBY: May Post First Profit Rise in Three Years
TAP RESOURCES: Submits Debt Restructuring Proposal


P H I L I P P I N E S

NATIONAL POWER: Alstom, PNOC-EDC Proposes Plant Rehabilitation
METRO PACIFIC: Clarifies BCDA's Settlement Report
NATIONAL POWER: Files Application for Power Rate Discount Plan
UNITRUST BANK: PBCom Drops Interest in Takeover


S I N G A P O R E

BOUSTEAD SINGAPORE: Posts Notice of Shareholder's Interest
CHARTERED SEMICONDUCTOR: Upgraded to Trading Buy by Kim Eng
DATACRAFT ASIA: Insider Trading Probe Continues
THAKRAL CORPORATION: Back in the Black With $9.6M Profit


T H A I L A N D

KRUNG THAI: Directors Approve Restructuring Plan
THAI WAH: Pays Creditors US$935,214, Appoints New Directors

     -  -  -  -  -  -  -  -

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


AUSTRIM NYLEX: Narrows Net Loss to US$83M
-----------------------------------------
Diversified manufacturer Austrim Nylex Ltd booked a net loss of
A$151.98 million (US$82.62 million) for the year ended June 30,
2002, against a loss of A$269.23 million (US$146.35 million) for
the previous year. The company did not declare any dividends in
2001/02.

The recent loss followed $A97.6 million ($US53.06 million) in
writedowns and provisions.

Austrim said that general economic conditions remain good with
all operating divisions continuing to focus on improving
customer service, operating efficiency and profitability.

Managing director Peter Crowley said the Company has planned
further restructuring this year in an effort to improve its poor
performance. A major work-out program included the further
divestment of non-core assets and a focus on operations with
strong, long-term prospects.

Austrim's automotive and plastic products divisions would
undergo major restructuring programs. The Lyndhurst site would
also be closed and materials handling operations transferred to
the Seaford facility.

Management, sales and administration at Seaford, Huntingdale and
Lyndhurst would be merged into one small team.

The cost of the restructuring program would be about $A18.8
million (US$10.22 million), saving around A$14 million ($US7.61
million) in 2002/03.


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


ANSHAN NO. 1: Tractor Maker Faces Delisting
-------------------------------------------
Anshan No. 1 Construction Machinery Co. warned that it faces
delisting from the Shanghai Stock Exchange following its
reported net loss of 96.97 million yuan ($11.72 million) in the
first six months, compared with 49.7 million yuan a year ago.

The Anshan-based machinery maker has been in the red every year
from 1999 to 2001, and has been suspended from trading since
April.

Under the stock market rules, companies with three years of
losses have six months to post profits or face delisting
procedures.

The company, which is currently undergoing asset restructuring,
cited rising production costs and higher depreciation charges
for its financial woes.

It expects further losses in the third quarter of the year.


ASIA GLOBAL: Completes East Asia Crossing Subsea Cable System
-------------------------------------------------------------
Asia Global Crossing, a leading provider of integrated
telecommunications and IP services in the Asia Pacific region,
said yesterday that its East Asia Crossing subsea fiber optic
cable system has been completed.

East Asia Crossing is an approximately 19,500-km, fully
redundant subsea system that connects the growing
telecommunications markets of Asia: Tokyo, Osaka, Nagoya, Hong
Kong, Taipei, Seoul, Singapore, and Manila. With a total
upgradeable capacity of 2.56 terabits, East Asia Crossing is one
of the region's first truly high capacity pan-Asian networks.

"With the completion of East Asia Crossing, Asia Global
Crossing's network connects the major business centers that
account for more than 90 percent of all intra-Asian traffic
routes," Asia Global Crossing president and chief operating
officer Bill Barney said.

"As systems like East Asia Crossing are deployed, traffic no
longer needs to 'hub-and-spoke' through the United States to
reach another Asian destination. In fact, we are already seeing
that about 80 percent of our customers' data traffic stays
within Asia. Further, as Asian content continues to be developed
within Asia, we believe that with East Asia Crossing, Asia
Global Crossing is well positioned to capitalize on the region's
growth," said Barney.

East Asia Crossing is the only privately owned, non-consortia
intra-Asian network, and is monitored and maintained by the
Network Operations Centres in Singapore and in Sydney, both of
which are 100 percent owned by Asia Global Crossing.

Asia Global Crossing can offer Layer 1, 2 and 3 capabilities on
its own infrastructure, allowing Asia Global Crossing to provide
a full suite of telecommunications products and services to
customers in both Carrier and Enterprise sectors throughout the
region. Sole ownership also gives Asia Global Crossing
significant advantages in cost, flexibility, provisioning, and
fault management.

East Asia Crossing connects with Pacific Crossing for
connectivity to the United States. Pacific Crossing connects
with the Global Crossing network, allowing Asia Global Crossing
to provide customers with seamless connectivity to more than 200
cities worldwide. Through other interconnection agreements,
Asia Global Crossing also connects major business centers
throughout Australia and New Zealand.

Asia Global Crossing provides city-to-city connectivity and data
communications solutions to pan-Asian and multinational
enterprises, ISPs and carriers. Through a combination of
undersea cables and terrestrial networks, Asia Global Crossing
owns and operates the region's first truly pan-Asian
telecommunications network, which offers seamless connectivity
among the major business centers of the Asia Pacific region. In
addition, in combination with the Global Crossing Network, Asia
Global Crossing provides access to more than 200 cities
worldwide. Asia Global Crossing's largest shareholders include
Global Crossing, Softbank and Microsoft.

For inquiries, contact Asia Global Crossing's Madelyn Smith
(press) at telephone +1-310-481-4716, or +1-310-962-9644, or via
e-mail at madelyn.smith@asiaglobalcrossing.com. One may also
contact Selene Lo at telephone +852-2121-2936, or +852-9127-
9038, or via e-mail at selene.lo@asiaglobalcrossing.com.


CIL HOLDINGS: Winding-up Petition Hearing Delayed
-------------------------------------------------
The winding-up petition hearing against CIL Holdings Ltd has
been adjourned until November 4 following a Monday hearing, AFX
Asia reported.

The adjournment will allow the company to prepare to implement a
scheme pertaining to debt restructuring with its creditors, and
seek court sanctions for the scheme.

The Hong Kong Court earlier issued an order to adjourn the
Petition to 26th August 2002.


CONFIDENT ENGINEERING: Faces Winding Up Petition
------------------------------------------------
The Bank of China (Hong Kong) Limited of 14th Floor, Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong is seeking
for the winding up of Hong Kong Confident Engineering Limited.

The petition was filed on July 25, 2002, and will be heard
before the High Court of Hong Kong on October 16, 2002 at
10:00 a.m.


GUANGDONG KELON: Posts 113.78M Profit in First-Half
---------------------------------------------------
Guangdong Kelon Electrical Co Ltd reported a strong six months
to June net profit of 104.898 million yuan in the first half, up
from 15.698 million a year earlier.

The growth year-on-year was due mainly to stringent cost
controls. The company said in the first half, it succeeded in
cutting management expenses and sales and production costs.

Cost of sales fell to 1.833 billion yuan from 2.151 billion,
while distribution costs eased to 446.944 million yuan from
462.032 million and administrative expenses dropped to 130.472
million yuan from 165.543 million.

Guangdong Kelon, according to an AFX Asia report, had accounts
receivable worth 1.34 billion yuan at end-June, and it made a
345.27 million yuan provision for bad credit.

Its total assets at end-June amounted to 7.33 billion yuan,
while its debt stood at 4.58 billion.


GUANGDONG KELON: Says Half-Year Profit Wasn't Audited
-----------------------------------------------------
Guangdong Kelon Electrical Holdings Co. said in a statement to
the Hong Kong stock exchange that the half-year profit announced
early this week was not audited, as the newly appointed auditors
Deloitte Touche Tohmatsu did not have time to review the
results.

The refrigerator maker, which is at risk of bankruptcy because
of secret loans to its state-owned parent, said first-half net
income surged to 105 million yuan from 15.7 million yuan a year
earlier.

The company severed ties with parent Kelon (Rongsheng) Group in
May, saying Rongsheng still owes 902 million yuan. Kelon did not
mention the debt in its earnings announcement.

The company risks being delisted in Shenzhen if it chalks up a
third consecutive full-year loss.


KONKA GROUP: TV Maker Back in the Black
---------------------------------------
Konka Group Co Ltd posted a net profit of 24.2 million yuan
($2.92 million) in the first half of 2002, as the home
appliances industry recovered.

China's second largest television maker returned to profit after
a loss of 190.96 million yuan in the first half of 2001, Konka
said in an interim results report published in the official
Securities Times.

Konka had diversified into mobile phones over the past few years
after over-capacity in the television manufacturing industry
squeezed profit margins.


MARINE WILL: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up Marine Will Limited is set for hearing
before the High Court of Hong Kong on October 23, 2002 at 9:30
am.

Bank of China (Hong Kong) Limited, located at 14th Floor, Bank
of China Tower, No. 1 Garden Road, Central Hong Kong, filed the
petition with the said court on July 31, 2002.


PIONEER LANE: Winding Up Hearing Set on October 30
--------------------------------------------------
The petition to wind up Pioneer Lane Limited is set for hearing
before the High Court of Hong Kong on October 30, 2002
at 9:30 am.

Bank of China (Hong Kong) Limited, whose registered office is at
Bank of China Tower, No. 1 Garden Road, Central, Hong Kong,
filed the petition with the court on August 6, 2002.


TAI HING: Court Sets October Winding Up Hearing
-----------------------------------------------
Bank of China (Hong Kong) Limited is seeking for the winding
up of Tai Hing Group Limited.

The petition was filed on July 31, 2002, and will be heard
before the High Court of Hong Kong on October 23, 2002 at 9:30
a.m.


WAI CHUN: Winding Up Petition Set for Today
-------------------------------------------
The date for hearing of the petition to wind up Wai Chun
Piecegoods Company Limited is scheduled today, August 28, 10:00
a.m. at the High Court of Hong Kong.

Grandeur Fiber Company Limited of Chamnan Phenjati Business
Centre, Rama 9 Road, Huaykwang, Bangkok 10320, Thailand filed
the petition on May 3.


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


BANK NIAGA: Commerce Asset to Meet Management
---------------------------------------------
Commerce Asset-Holding Bhd has been invited to meet with Bank
Niaga management and to begin due diligence on the latter to
facilitate the submission of a final bid to acquire a 51 percent
stake in the Indonesian bank.

The Indonesian Bank Restructuring Agency (IBRA) is expected to
decide on the winning bidder and the closing of the sales
process towards the end of October.

Commerce Asset said registrations documents submitted for the
tender process included an irrevocable bank guarantee for
US$10.0 million for 90 days as a pre-condition for the company
to proceed further in the re-launched sales process of Bank
Niaga.

The government in June canceled the Bank Niaga sale after final
bidders, namely ANZ-Panin and Commerce Bank Bhd, bids in the
range of Rp20 to 30 per share. IBRA relaunched the stake sale
later on.


INDAH KIAT: Posts First-Half Loss of $190.4M
--------------------------------------------
PT Indah Kiat Pulp & Paper reported Monday a net loss of $190.4
million during the first half of this year from $46.8 million
the previous year.

The Indonesian unit of Singapore-incorporated Asia Pulp & Paper
Co. (APP) said its net loss widened on the higher cost of sales,
which during the period rose to $591.76 million from $570.85
million. The higher cost of sales pushed the company's operating
profit lower to $77.4 million from $123.45 million a year ago.

The company booked losses on interest expenses of $128.65. It
also attributed the net losses to foreign exchange losses of
$66.62 million.

APP is in talks with creditors after it stopped making payments
on its $13.9 billion of debt and obligations in March 2001. The
Indonesian Bank Restructuring Agency is one of APP's biggest
creditors because it took over the loans made by Bank
Internasional Indonesia to the Widjaja family's Sinar Mas Group,
which controls APP.

The pulp and paper producer owes about $1 billion to IBRA.


TIJIWI KIMIA: First Half Loss Widens to $41.39M
-----------------------------------------------
PT Pabrik Kertas Tjiwi Kimia revealed Monday an unaudited
consolidated net loss of $41.39 million in the first half of the
year against $2.65 million from the previous year.

Tjiwi Kimia said the figures were due to a booked foreign
exchange losses of $30.83 million and interest expenses of
$55.52 million.

The company did not comment further on its performance.


UNITED TRACTORS: Heavy Equipment Provider Returns to Profit
-----------------------------------------------------------
PT United Tractors reported a net profit of 335.4 billion rupiah
($37.6 million) in the six months to June, compared with a loss
of 174.5 billion rupiah in the year earlier period.

The heavy equipment unit of Indonesia's biggest automaker PT
Astra International said foreign exchange gains helped it return
to profit in the first half.

TCR-AP said earlier that United Tractors sold its 60 percent
stake in PT Berau Coal for somewhere between US$43 million and
US$45 million to help meet a US$95 million debt repayment due in
December.


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


ALL NIPPON: Inaugurates Freighter Operation to China and Korea
--------------------------------------------------------------
All Nippon Airways (ANA), was approved Monday by the Ministry of
Land Infrastructure and Transport to inaugurate international
cargo operations with its B767-300F aircraft, newly introduced
as the first medium-body freighter in Japan.

"China is going to form the core of ANA's international
operations and this is another step in our drive for leadership
in Asia," said Yoji Ohashi, ANA's President and CEO. "ANA keeps
on expanding its network in Asia and is prepared to offer the
region's most flexible and efficient cargo operations.

With the new freighter, ANA expects additional annual revenue of
five billion yen.

In addition, flights between Tokyo and Seoul will be code-shared
with Nippon Cargo Airlines (NCA) as a part of sales cooperation
of ANA and NCA in China and Korea market where cargo demand has
been particularly robust.

A summary of the operation plan may be found below.

Start Date for Operation: 8-Sep-02
Aircraft Type: Boeing 767-300 Freighter (JA601F)
Route/Frequency:
Tokyo (Narita) - Dalian/Three roundtrips per week
Tokyo (Narita) - Tianjin/One roundtrips per week
Tokyo (Narita) - Qingdao/One roundtrip per week
Tokyo (Narita) - Hong Kong/Three roundtrips per week
Tokyo (Narita) - Seoul/One roundtrip per week*

*Jointly operated with Nippon Cargo Airlines (NCA)

767-300 Freighter Characteristics
Maximum Cargo Payload: approx. 55 tons
Maximum Range:         approx. 6,000 kilometers
Flight Crew:           2 pilots

Basic Dimensions
Overall Length:       54.9 meters
Wing Span:            47.6 meters
Tail Height:          15.9 meters
Interior Cabin Width: 4.7 meters

All Nippon Airways Co., Ltd. - svc.ana.co.jp/eng/index.html -
was established in 1952. The Company is the 2nd largest airline
in Japan and accounts for about half of Japan's domestic air
transportation market.

For further information, please contact Masaru Shigemiya or
Yasuo Taki (Public Relations) at telephone 81(0)3-5756-5677 or
via e-mail at m.shigemiya@ana.co.jp.

TCR-AP reported last month that All Nippon posted a net loss of
9.5 billion yen for the year ended in March, the airline's
fourth annual loss in five years.


CHISAN CO.: Files Court Application for Reorganization
------------------------------------------------------
Daiwa Bank Holdings, Inc. gives notice that Chisan Co., Ltd.,
which is a customer of its subsidiary banks, The Daiwa Bank,
Ltd. (Daiwa Bank, President: Yasuhisa Katsuta), The Kinki Osaka
Bank, Ltd. (Kinki Osaka Bank, President: Yasuhiro Takatani) and
The Asahi Bank, Ltd. (Asahi Bank, President: Yukio Yanase),
filed an application to the Tokyo District Court for
commencement of corporate reorganization proceedings. As a
result of this development, there arose a concern that their
claims to the Company may become irrecoverable or their
collection may be delayed. Details were announced as follows:

1. Outline of the Company:
(1) Address: 6-12-18 Jingumae, Shibuya-ku, Tokyo
(2) Representative: Hiroshi Takei
(3) Amount of capital: 1,950 million yen
(4) Line of business: Management and administration of golf
courses and hotels

2. Fact Arisen to the Company and Its Date:
The Company filed an application to the Tokyo District Court for
commencement of corporate reorganization proceedings on August
26, 2002.

3. Amount of Claims to the Company
Exposure of Daiwa Bank
Loans: 2.6 billion yen
Exposure of Kinki Osaka Bank
Loans: 3.5 billion yen
Exposure of Asahi Bank
Loans: 39.9 billion yen
Other banking subsidiary of Daiwa Bank HD, The Nara Bank, Ltd.
has no claims to the Company.

4. Impact of This Development on the Forecasted Earnings of
Daiwa Bank HD:

This development does not affect the earnings forecast of Daiwa
Bank HD for the fiscal year ending March 31, 2003 since the
subsidiary banks have already provided loan loss provisions to
cover the anticipated loss on their claims to the Company.


ISUZU MOTORS: R&I Downgrades Rating to B
----------------------------------------
Rating and Investment Information, Inc. (R&I) has downgraded
Isuzu Motors Ltd.'s long-term credit rating to B and removed
from the rating monitor scheme.

R&I has downgraded them as follows:
R&I RATING: B
(Downgraded from (BB-); Removed from the Rating Monitor scheme)
ISSUE: Domestic Commercial Paper Program
Issue Limit: 50,000 million yen
R&I CP RATING: b (Downgraded from (a-3); Removed from the Rating
Monitor scheme)

Isuzu Motors Ltd. set up the "Isuzu V-Plan" in May 2001, aiming
to rebuild itself. Since then, however, the domestic truck
market has slumped even further and the North American SUV
operation is in a deep depression, forcing the firm to announce
a new reconstruction plan including additional reorganization
steps. These include speeding up its staff cuts and a review of
the North American SUV operation.

The Company has also made a request for an increased
capitalization and financial assistance to cover the operational
reform, both from GM, asking for a cancellation of investment
shares and a third-party capitalization, and from its main banks
-- seeking its bankers to convert debt into stock.
If these aid measures materialize, there will probably be a
temporary improvement in finances, but there is also a
possibility that the new plan will be an even heavier financial
burden as it calls for structural reforms to be implemented
under a deteriorating market environment. As a result, the
target date for the achievement of the plan's goals will be a
year later than that set for the V-Plan.

The fact that Isuzu has been slower than other firms in the
sector to implement structural changes, both to operations and
finances, inevitably gives rise to concerns that the flexibility
of management policy in areas such as sales, R&D and plant and
equipment investment will be lost. As a result, R&I is
downgrading the Senior Long-term Credit Rating from BB- to B.
The ratings are being removed from the Rating Monitor scheme,
but it will still be necessary to monitor factors such as the
success of the Company's negotiations with its banks.

R&I RATINGS:
ISSUER: Isuzu Motors Ltd. (TSE Code: 7202)
Senior Long-term Credit Rating: B
(Downgraded from (BB-); Removed from the Rating Monitor scheme)
ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 17 Feb 10, 1998 Feb 10, 2003 Yen 10,000
Unsec. Str. Bonds No. 18 Feb 25, 1998 Feb 25, 2005 Yen 10,000
Unsec. Str. Bonds No. 22 Dec 09, 1999 Dec 09, 2002 Yen 5,000
Unsec. Str. Bonds No. 23 Dec 09, 1999 Dec 09, 2003 Yen 5,000
Unsec. Str. Bonds No. 24 Dec 09, 1999 Dec 09, 2004 Yen 5,000


MATSUSHITA ELECTRIC: Eliminates Use of CFCs
-------------------------------------------
Matsushita Electric Industrial Co., Ltd., known for National-
brand refrigerators, announced Monday that the Company plans to
make all models of over 300 liters capacity home-use
refrigerators CFC-free, which will minimize effect on global
warming, by the end of 2003.

In order to prevent global warming, MEI switched the
refrigerants used in its refrigerators from the most commonly
used CFCs*1 to alternate CFCs*2 in 1993. Then, in 1994, the
Company switched from CFCs to cyclopentane*3 as the foaming
agent used for the insulation used in its refrigerators. In
February 2002, the Company released a "CFC-free refrigerator"
that employs isobutane*4 instead of alternate CFCs as its
refrigerant as well as the foaming agent for its insulation.
This refrigerator does not damage to the earth's ozone layer and
minimize effect on global warming.

As a follow-up to the above initiatives, MEI will add the lineup
of CFC-free refrigerators to three new models, which are to be
released on October 1st and November 1st. The Company will also
completely phase out the use of CFCs in its over 300 liters
capacity models by the end of 2003.

In the years ahead MEI will continue to work to preserve the
earth's ecology and fulfill its social responsibility as a
manufacturer of household appliances by taking a leading role in
efforts to develop refrigerators with minimal impact on global
environment.

(Notes)
1.CFC - Destroys the ozone layer and contribute significantly to
global warming
2.Alternate CFC - Does not destroy the ozone layer but
contribute significantly to global warming
3.Cyclopentane - Does not destroy the ozone layer and has almost
no effect on global warming
4.Isobutane - Does not destroy the ozone layer and has almost no
effect on global warming

About Matsushita Electric Industrial Co., Ltd.

Matsushita Electric Industrial Co., Ltd.
(www.panasonic.co.jp/global/top.html), best known for its
Panasonic, National, Technics, and Quasar brands, is a worldwide
leader in the development and manufacture of electronics
products for a wide range of consumer, business, and industrial
needs. Based in Osaka, Japan, the Company recorded consolidated
sales of US$51.70 billion for the fiscal year ended March 31,
2002. In addition to stock exchanges in Tokyo (TSE: 6752) and
elsewhere in Japan, Matsushita's shares are listed on the
Amsterdam, Dusseldorf, Frankfurt, New York (NYSE: MC), Pacific,
and Paris stock exchanges.

For further information, please contact Yasuhiro Fukagawa,
International PR in Tokyo, at telephone +81-3-3578-1237, or fax
+81-3-5472-7608.

TCR-AP reported that for the fiscal year ended in March,
Matsushita posted a loss of 431 billion yen ($3.6 billion) the
worst loss since the Company was founded 80 years ago as sales
nose-dived in almost all of Matsushita's major sectors such as
cell phones, electronics parts, home appliances and industrial
equipment.


MITSUBISHI CHEMICAL: JCR Downgrades Rating to A, Affirms Rating
---------------------------------------------------------------
Japan Credit Rating Agency has downgraded the rating of
Mitsubishi Chemical Corporation on the following bonds from A+
to A, affirming the J-1 rating on the CP program.

Issue:
Amount(bn) / Issue Date / Due Date / Coupon
convertible bonds no.8
Y50 / Mar. 6, 1989 / Mar. 31, 2004 / 1.60 percent
CP:

Maximum: Y170 billion
Backup Line: 0 percent

Mitsubishi Chemical is the largest chemical firm in Japan. It is
engaged in petrochemicals, pharmaceuticals and functional
materials.

The Company has been making alliances as well as disposing of
facilities, facing severe business environment. These measures,
however, have not produced good results to date.

Petrochemicals division plunged into loss in fiscal 2001 due to
fall in demand while the earnings of pharmaceuticals increased,
supported by consolidation of Mitsubishi Welpharma and
introduction of new drugs. The operating profit was a third of
the originally forecast amount. The Company plunged into a large
net loss as a result of large amount of extraordinary loss
incurred due to write-downs of assets and severance payments. It
plans to increase both the revenue and profit sharply in fiscal
2002, assuming the passing of the prices of raw materials to the
petrochemical product prices, recovery of demand for IT related
products, contribution of Mitsubishi Welpharma and growth of
drugs. However, no optimism is guaranteed, given the increased
uncertainty over the demand both in Japan and abroad.

The Company has frequently incurred net losses recently,
impairing the equity capital. Given the business environment and
portfolio, it is unlikely that the financial structure will
improve sharply in the foreseeable future. JCR downgraded the
rating for the Company, accordingly.


MITSUBISHI MATERIALS: Dissolves Partnership With Alcatel
--------------------------------------------------------
In preparation for its business integration with Sumitomo
Electric Industries Ltd in October, Mitsubishi Materials Corp
has dissolved its partnership in the copper coil business with
Alcatel SA, the Nihon Keizai Shimbun reported.

Mitsubishi Materials will now concentrate on materials such as
copper alloys.

In 1998, Alcatel bought a 12 percent stake in Optec Dai-Ichi
Denko Co, a Mitsubishi Materials group firm making copper coil
used in home appliances and other products.

At around the same time, Mitsubishi Materials invested in
Alcatel's production units in the US and Portugal. The two firms
have now sold the stakes back to one another, the sources said.

Sumitomo Electric will merge Optec Dai-Ichi with Sumitomo
Electric's copper coil operations in October, with the new
Company created through the merger to be 80 percent owned.

Mitsubishi Materials will continue with its technical
cooperation with Alcatel in copper products other than coil, the
sources said.

TCR-AP reported that Mitsubishi Materials incurred the largest
19.1 billion yen pretax loss before extraordinary items for
fiscal 2001 through March 31, 2002 since its start of business
as Mitsubishi Materials after merger of the former Mitsubishi
Metal with Mitsubishi Mining & Cement in December 1990.

It is still weak against the changes in the external environment
with few products having the largest market shares. Although
there is a sign of recovery of demand for IT- related products,
prospects for performance in the second half of the current
fiscal year remain uncertain.


NIPPON FOOD: Suspension to Remain Until Probe Completed
-------------------------------------------------------
The Ministry of Agriculture, Forestry and Fisheries will not
lift Nippon Food Inc.'s business suspension until it finishes
inspecting all of its beef, Dow Jones Newswires reported Monday.

The ministry said the probe is necessary to respond to the
fierce public criticism and doubts about the safety of the
Company's products.

Nippon Meat Packers, its parent firm, said founder and Chairman
Yoshinori Okoso, Vice Chairman Shigeo Suzuki and one other
executive would step down on August 28.

According to the Ministry, the Company disguised 3.1 tons of
imported beef as domestic beef after an inspection the Company's
offices and warehouses between August 21, and August 25.


NIPPON TELEGRAPH: Unit Continues Momentum of U.S. Expansion
-----------------------------------------------------------
NTT America, the U.S. subsidiary of NTT Communications
Corporation, the international and long distance service arm of
the largest telecommunications Company in the world: Nippon
Telegraph and Telephone Corporation, today announced further
expansion of its U.S. presence through the opening of a new
sales office in Detroit.

"We have long recognized the Detroit area as a global center of
large, multinational corporations -- particularly in key
industry sectors such as machinery and automotive
manufacturing," said David Ryan, Chief Operating Officer at NTT
America. Continues Gary LeJeune, Vice President of Sales for the
central region, "We're extremely pleased that this new office
will enable NTT America to build personal relationships and
provide local support to our customers in addition to the global
reach and commitment to quality they have come to expect from
NTT America."

Headed by Mark Gedman and Dan Cubbin, Global Account Managers
for NTT America, the Detroit office will focus on enabling local
customers to establish a reliable and efficient gateway to the
Asia-Pacific region, utilizing NTT America's service suites that
include international data network services, broadband Internet
access, VPN networks, dedicated server services and collocation.

"Our immediate goal is to let Michigan and Ohio area companies
know that we are now a local presence, and are eager to
demonstrate how we can support their critical operations in the
Asia-Pacific region, the site of the world's fastest growing
economy," says Gedman.

Added Cubbin, "With NTT America's unparalleled combination of
financial strength, leading-edge technology, proven customer
service and worldwide capabilities we look forward to bringing a
clear competitive advantage to our customers."

NTT America, Inc. (http://www.nttamerica.com)is North America's
natural gateway to the Asia Pacific, the world's fastest growing
market. As a leading provider of global business connectivity,
NTT America provides world-class network services and support,
as well as unmatched market knowledge that enables companies to
expand their business throughout Asia and around the world. NTT
America's Arcstar family of services includes managed network
services, systems integration, collocation, and 24-hour support
as well as a single point of contact for reliable end-to-end
connectivity.

NTT Communications (http://www.ntt.com/index-e.html),a
subsidiary of Nippon Telegraph and Telephone Corporation,
provides long distance and international telecommunications
reaching over 200 countries worldwide. Headquartered in Tokyo,
NTT Communications' Arcstar services operate in about 50
countries and have significant presence in Asia Pacific, North
America and Europe. Arcstar global services provide managed
data, multimedia and Internet services to some of the largest
companies in the world. NTT Communications, with the OCN brand,
is already one of the largest ISPs in Japan. Together with
Verio, the Denver-based global tier one ISP acquired last
September, NTT Communications is providing customers of all
sizes in the U.S., Japan, and throughout Asia with a complete
range of Internet-based business services -- from high-quality
IP network services including global connectivity, network
management and IP-VPN, to advanced Web-based business solutions,
including Web-hosting and e-commerce platforms.

For more information, contact Marc Eesley of GCI Group at
telephone +1-212-537-8112, or via e-mail at
meesley@gcigroup.com.


SHOWA DENKO: JCR Downgrades Rating to BBB-
------------------------------------------
Japan Credit Rating Agency has downgraded the following rating
of Showa Denko K.K. from BBB to BBB-, affirming the J-2 rating
on the CP program with maximum amount decreased to 50 billion
yen from 70 billion yen.

Issue:
Amount(bn) / Issue Date / Due Date / Coupon
convertible bonds no.3
Y30 / Feb. 16, 1990 / June 30, 2005 / 1.7 percent
CP:
Maximum: Y50 billion
Backup Line: 0 percent

Showa Denko is a major chemical Company, being engaged in
petrochemicals, gas & chemical products, electronics &
information materials, inorganic materials and aluminum.

Both revenue and profit for fiscal 2001 through December 31,
2001 dropped sharply from those for fiscal 2000 due to
deterioration in petrochemicals business as well as sluggishness
of aluminum and electrode businesses. The Company expected
originally that both the revenue and profit would increase.

It plunged into a large net loss, recording large amount of
extraordinary loss with respect to write- downs of assets and
severance payments. It will be able to secure a net income for
fiscal 2002, supported by turnaround of HD business, cut in
workforce and gains on sales of stocks of affiliated companies
and subsidiaries. However, the business environment should be
carefully observed continually.

The large extraordinary loss that has incurred to date due to
litigation over the product liability impaired the Company's
financial strength. The Company increased the equity level by
recording gains from land revaluation into the equity. The
shareholders' equity remained poor while the interest-bearing
debt reached as high as the sales as of end of December 2001,
however. The cumulative loss amounting to 51.7 billion yen as of
end of December 2001 will be cleared off by the end of December
2002 using the capital reserve and earnings retained in fiscal
2002. The financial conditions, however, will remain poor.

YJCR has been watching the earnings of the Company, believing
that it was necessary for the Company to improve and stabilize
the periodic earnings in order to strengthen the financial
structure over the intermediate term. Given the poor financial
structure and sharp deterioration in the earnings in the
previous fiscal year, JCR downgraded the rating for the Company.

According to Wright Investor's Service, at the end of 2001,
Showa Denko Kabushiki Kaisha had negative working capital, as
current liabilities were Y488.73 billion while total current
assets were only Y308.55 billion.

Showa Denko Kabushiki Kaisha's principal activity is the
manufacture and sale of chemical products serving a wide range
of fields ranging from heavy industry to the electronic and
computer industries.


SNOW BRAND: Receives 912 Voluntary Retirement Applications
----------------------------------------------------------
Snow Brand Milk Products Co. received 912 voluntary retirement
applications from 912 employees, Asia Pulse and Nikkei reported
Friday.

The move will reduce the Company's work force to 1,500 by the
end of March next year.

The applicants will retire on September 30 and receive special
severance pay equivalent to one to 10 months of salary according
to age.

The Company will separate its milk and ice-cream operations from
other businesses and focus on dairy products such as butter and
cheese.

TCR-AP said two former executives of Snow Brand Food Co., Hiromi
Sakurada and Masami Inoue pleaded not guilty on charges of
fraudulently obtaining 200 million yen in subsidies under a
government beef buyback program by false labeling meat.

Shigeru Hatakeyama and four other managers implicated in the
manual labor of actually falsifying the beef labels will stand
trial on August 30.

Prosecutors decided not to indict 12 other former employees who
allegedly followed their bosses' orders in labeling foreign beef
as Japanese.


* Japanese Regional Banks Still Troubled
----------------------------------------
Moody's Investors Service sees continued problems for Japan's
regional banks, noting that the rating outlook for the regional
banking system is negative.

Of the 30 regional banks rated by Moody's, six are under review
for possible downgrade, while the rating outlook for 9 others is
negative.

Furthermore, the credit ratings for those regional banks, now
either under review for possible downgrades or assigned a
negative rating outlook, range from a high of Aa3 to a low of
Ba1.

In a recent report entitled "Japanese Regional Banking System
Outlook 2002", Moody's says that there are continuing problems
facing the regional banking system. "Such a broad distribution
of entities facing downward rating pressure is a reflection of
the scale of problems confronting the overall Japanese regional
banking sector," Moody's says.

Moody's said the franchise value of the regional banks is being
seriously eroded across the board because of the hard economic
realities affecting Japan's regional economies.

Since the Japanese government's removal in April 2002 of its
blanket guarantee on banks' time deposit obligations, trends
indicate that money is gradually shifting away from
weaker/smaller entities to the stronger/larger regional and city
banks, and/or is shifting from time deposits to still fully
protected ordinary deposits. The guarantee on ordinary deposits
is scheduled to end a year later in April 2003, reflecting the
government's policy to introduce real market discipline.

The sector at the same time does display some strength, namely
the continued systemic support and the unchanged policy of
regulators to stabilize the regional banking system. This has
been confirmed by the FSA's decision to study measures to
facilitate integration among regional institutions and continue
protection of settlement accounts.

"These measures suggest that the government may be looking to
ensure the continued stability of the financial sector, which
would nullify some of the sting from market enhancing policies.
Although the removal of weak institutions would be a long-term
positive for the sector, introducing market discipline to a weak
banking system entails risk, and may be unduly disruptive to the
confidence in the system," Moody's says.

The Moody's report adds that a deterioration in the asset
quality of the regional banks may be inevitable and also warns
of the threat from their exposure - through substantial finance
- to development-type quasi regional government entities, such
as the land and development corporations and housing supply
corporations. Thus, the economic capitalization of Japan's
regional banks is set to face continuous pressure from the
effects of the economic downturn, while "Moody's remains
pessimistic that credit costs may continue to erode a high
proportion of pre-provision profits going forward."


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


DAEWOO MOTOR: Reorganization Plan Submission Expected Soon
----------------------------------------------------------
Creditors of Daewoo Motor Co. will submit a reorganization plan
to the Incheon district court this week, getting ready for a new
joint venture with General Motors (GM), Daewoo-GM Auto &
Technology, to be floated in late September or October, the
Korea Herald reported Monday.

The reorganization plan includes a loss-sharing scheme among
creditors and a restructuring plan to split off the automaker.

Last week, Korea Development Bank Governor Jung Keung-yong said
Daewoo Motor creditors have reached a deal in principle on some
key pending issues, including a loan-loss sharing plan among
creditors and each bank's debt burden for the fresh $2 billion
loan package promised to GM Daewoo Automobile Technology.

The creditors have been split over how to share the proceeds
from the sale of the Korean automaker to General Motors.

Daewoo Motor creditors agreed to sell bankrupt Daewoo's car
manufacturing assets to General Motors Corp. earlier this year.
GM and Daewoo Motor's creditors then set up GM Daewoo Automotive
Technology to run the operation.

Daewoo Group was declared bankrupt in 2000 with an estimated
debt of $15 billion after years of aggressive expansion and
Company mismanagement.


DAEWOO SECURITIES: Unveils Possible Online Stock Fraud
------------------------------------------------------
The National Police Agency has informed Daewoo Securities Co.
that one of its brokers is being sought in connection with a
fraudulent 25.8 billion won trade involving 5 million Delta
Information & Communication shares.

The broker, who was not identified, was based in the firm's
headquarters and handled retail clients.

The report said the broker left for the Philippines immediately
after the transaction was executive on August 23, using a false
corporate account under the name of Hyundai Investment Trust &
Management.

The Company will decide on what action to take against the
broker after the investigation.


HYNIX SEMICON: Creditors Postpone Meeting on Restructuring Plan
---------------------------------------------------------------
Creditor banks of Hynix Semiconductor have postponed their
meeting to discuss a restructuring proposal for the chipmaker,
the Korea Herald and Yonhap News Agency reported Monday.

Creditors are reportedly split over the proposed debt-for-equity
swap and debt collection framework, which were proposed by
Deutsche Bank AG, a financial adviser for the creditors.

Deutsche Bank proposed that creditors whose debt exposure to the
chipmaker is about 6 trillion won, are requested to forgive
unsecured debts worth 1.85 trillion won, equivalent to 50
percent of the total unsecured debts of 3.7 trillion won, in a
form of debt-for-equity swap.

The financial adviser proposed that the creditors should roll
over the remaining debts, estimated at about 4 trillion won, for
two years, in order to prevent the chipmaker from falling into a
liquidity crisis.

In the meantime, the creditors will not hold the meeting until
the details of the proposed debt-for-equity swap is further
specified.


KIA STEEL: KDB to Name Up to Three Preferred Bidders
----------------------------------------------------
Korea Development Bank (KDB), Kia Steel Co's main creditor, said
they were expected to name two or three preferred bidders Sunday
(August 25) for the steel maker, the Korea Economic Daily
reported.

The bank said two to three investors, including Haewon Steeltech
Co Ltd and Wonil Special Steel Co Ltd, have bid for Kia Steel
and all the bidders might be named preferred bidders depending
on bid prices, according to the report.

Haewon and Wonil are suppliers of auto components to Hyundai
Motor and Kia Motors, and are listed on the KOSDAQ market. (M&A
REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 169, August 27,
2002)


KIA STEEL: POSCO Drops Bid for Steel Maker
------------------------------------------
Citing lack of synergies and unpredictable profitability as
reasons, POSCO decided to drop its bid for Kia Steel Co Ltd via
its unit Changwon Specialty Steel Co Ltd, a POSCO spokesman told
the AFX-Asia News.

The POSCO unit sent a letter of intent to take over Kia Steel on
July 8.

Friday was the deadline for the auction of Kia Steel, a
specialty steel and auto parts maker, who has been under court
receivership. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No.
169, August 27, 2002)


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


AMSTEEL CORPORATION: Narrows Losses to RM609M
---------------------------------------------
Amsteel Corporation Bhd revealed a net loss of RM609.48 million
for the financial year ended June 30, from RM675.20 million a
year ago.

Amsteel's turnover improved to RM5.62 billion from RM5.13
billion.

Pre-tax loss was RM532.80 million due to the gain on disposal of
a subsidiary and an associated company amounting to RM74.80
million and higher profit contribution from steel, retail and
distribution divisions.

Amsteel has RM7.22 billion in borrowings as of June 30.


EMICO HOLDINGS: Complies With KLSE Listing Requirements
-------------------------------------------------------
Emico Holdings Berhad refers to its announcements dated 1 July
2002, 2 July 2002 and 18 July 2002 pertaining to approvals
received from the Securities Commission (SC), Foreign Investment
Committee and Ministry of International Trade and Industry for
the Proposed Debt Restructuring Scheme, Proposed Two-Call Rights
Issue, Proposed Employees' Share Option Scheme, Proposed
Increase in Authorized Share Capital.

Emico had, on 6 August 2002, submitted an application to the
Bank Negara Malaysia (BNM) on behalf of the Scheme Lenders to
seek an exemption from the BNM's requirement that requires all
financial institutions to only invest in BB Rated Private Debt
Securities (PDS).

Emico Holdings said Monday that BNM had, vide their letter dated
15 August 2002 which was received on 26 August 2002, informed
that the Scheme Lenders do not have to procure a separate
exemption from BNM in view that the SC had already exempted the
requirement for rating of the PDS to be issued by Emico pursuant
to the Proposed Debt Restructuring Scheme.

In this regard, Emico is pleased to announce that the Company
has complied with paragraph 5.1 of the Practice Note No:4 of the
Kuala Lumpur Stock Exchange's Listing Requirements which
requires the affected listed issuer to obtain all approvals
necessary for the implementation of its plan to regularize the
Company's financial conditions.


MALAYSIAN RESOURCES: Completes Sale of Fibrecomm Shares
-------------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of Malaysian
Resources Corporation Berhad (MRCB), had on 14 February 2002
announced that the Company had entered into a conditional Sale
and Purchase Agreement with Tenaga Nasional Berhad (TNB) for the
disposal of 15,000,000 ordinary shares in Fibrecomm Network (M)
Sdn Bhd (FNSB), representing MRCB's 20 percent equity interest
in FNSB, for a purchase consideration of RM22.0 million.

PMBB, on behalf of the Company, wishes to announce that the
proposed disposal was completed today.


MENTIGA CORPORATION: Selling Interest in Selat Bersatu
------------------------------------------------------
On 26 June 2002, AmMerchant Bank Berhad {formerly known as Arab-
Malaysian Merchant Bank Berhad} on behalf of Mentiga Corporation
Berhad, said Monday that the Company has on even date entered
into several conditional sale and purchase agreements for the
proposed disposal of the Company's 48.0 percent and 8.0 percent
equity interest in Selat Bersatu to Kuala Lumpur Kepong Berhad
and Perfect Portfolio Sdn Bhd respectively for a total cash
consideration of RM11,200,000.

It was also announced that the application for the Proposed
Disposal will be made within two months from the date of the
announcement.

According to the terms of the Conditional SPA, the Company shall
within sixty (60) days from the date of the Conditional SPA,
i.e. by 26 August 2002, submit the application for the Proposed
Disposal to the following authorities:

(a) the Securities Commission;
(b) the Foreign Investment Committee; and
(c) any other relevant Malaysian and/or Indonesian authorities
and/or regulatory bodies and/or financial institutions.

In this respect, on behalf of the Company, AmMerchant Bank would
like to announce that the parties have now agreed to extend the
abovementioned period for a further sixty (60) days. As
advertised in The Star and Utusan Malaysia on 24 August 2002,
the submission of the application has been deferred pending
finalisation of the audited accounts of Selat Bersatu and
Mentiga group of companies for the financial year ended 31
December 2001.

AmMerchant Bank added that the announcement does not relate to
the Company's restructuring scheme to regularize its financial
condition pursuant to Practice Note 4/2001 on the criteria and
obligations pursuant to paragraph 8.14 of the Kuala Lumpur Stock
Exchange Listing Requirements.


MOL.COM BERHAD: KLSE Rejects AccessPortal Listing Application
-------------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of the Board of Directors of
MOL.com Berhad, would like to announce that the Kuala Lumpur
Stock Exchange and the Securities Commission has vide a letter
dated 15 August 2002 and 22 August 2002 respectively, decided to
return the application of MOL AccessPortal Berhad, MOL's
subsidiary, for the Proposed Listing on the Mesdaq market of the
Kuala Lumpur Stock Exchange.

This is in view of the uncertainty on the outcome of the appeal
to the various conditions of the Securities Commission's
approval for the Proposed Rights Issue as announced by MOL on 25
July 2002.


PENAS CORPORATION: Confirms Winding Up Petition for Subsidiary
--------------------------------------------------------------
Penas Corporation Berhad clarified Monday that the Notice of
Winding Up Petition dated 15 May 2002 was served by hand to its
wholly subsidiary, Penas Construction Sdn. Bhd. by Multi-Usage
Trading Sdn. Bhd. on 17 May 2002 instead of 15 May 2002 as it
was announced on 22 May 2002.

On 23 July 2002, Penas Corporation has submitted a final revised
debt-restructuring proposal to Pengurusan Danaharta Nasional
Berhad (Danaharta) for their approval. Moving forward, the
Company has commenced discussion with their advisors/consultants
i.e. lawyers, accountants and relevant bankers to proceed with a
due diligence exercise for their purpose of submission of a
final debt restructuring proposal to the Securities Commission
(SC).

A definitive agreement between the Company and the White Knight
is expected to be executed following the Danaharta's approval
for the debt-restructuring proposal. Thereafter, creditor
meeting will be convened in due course to discuss and approve
the proposal.


RAHMAN HYDRAULIC: Faces Summons in Chambers
-------------------------------------------
Rahman Hydraulic Tin Berhad (Special Administrators Appointed)
said Monday that a Summons in Chambers (ex-parte) dated 9 August
2002 was served on the following Respondents by Wong Koon Seng
(referred to as the Applicant):

1. Rahman Hydraulic Tin Berhad (RHTB);
2. Yeo Eng Seng;
3. Adam Primus Varghese Bin Abdullah; and
4. Wong Lai Wah.
(The 2nd, 3rd and 4th Respondents being the Special
Administrators of RHTB)

The Summons in Chambers (ex parte) was served on RHTB at its
solicitors' office on 22 August 2002.

For information, the Applicant had on 18 March 2002 submitted a
proposal to purchase the mining lease and related assets of
RHTB's tin mine for RM6,003,000.00 together with an earnest
deposit of RM120,060.00, according to the terms and conditions
stated in the Memorandum of Information on RHTB dated 1 March
2002. The Applicant's submission was then the sole offer for the
aforesaid mining lease and its related assets. The Applicant was
informed, by a letter dated 30 April 2002 that his proposal had
been rejected and the earnest deposit returned to him by way of
enclosure of the original cashier's order.

The Applicant contends that the 2nd, 3rd and 4th Respondents had
failed to consider relevant factors when rejecting the
Applicant's offer and has not returned the earnest deposit to
the Applicant when the 1st Respondent had on 30 July 2002
accepted the offer by Fook Wan Thye Credit & Leasing Sdn Bhd for
the said assets. The Applicant contends that he should be
awarded the mining lease and its related assets as he was the
sole proposer for the said assets at the material time.

In the Summons in Chambers (ex-parte), the Applicant claims,
inter-alia, the following relief:

1. Leave of Court to apply for a certiorari order by the
Honourable Court in respect of the decision of the Respondents
in rejecting the Applicant's offer to purchase the mining lease
and its related assets from the 1st Respondent vide the
Applicant's written offer dated 18 March 2002;

2. Leave of Court to apply for a certiorari order by the
Honourable Court in respect of the decision of the Respondents
in accepting the offer from Fook Wan Thye Credit & Leasing Sdn
Bhd for the mining lease and its related assets by the 1st
Respondent;

3. Leave of Court to apply for a mandamus order that the
Respondents reconsider the Applicant's offer dated 18 March
2002; and

4. An order to allow the Applicant to file an application for
Judicial Review for consideration and decision by the Court
within 14 days from the order of Court.

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

The Application for Judicial Review has been fixed for full
hearing on 18 September 2002. The Company's solicitors are
presently preparing the Affidavit in Reply to the Applicant's
Affidavit.


S P SETIA: Delays Land Acquisition Approval
-------------------------------------------
Further to the announcement made by Alliance Merchant Bank
Berhad on behalf of S P Setia Berhad on 1 April 2002 and 25 July
2002 respectively, Alliance said Monday that S P Setia and the
vendors of the land, See Hoy Chan Plantations Sdn Bhd, have
mutually agreed to the extension of time of up to 30 November
2002 to obtain the approval of the Estate Land Board in relation
to the Proposed Acquisition of Land.

The proposal includes an approximately 3,930 acres of freehold
land held under various titles situated primarily in Mukim Bukit
Raja, District of Petaling.


SASHIP HOLDINGS: Announces Winding-up of Powermatic
---------------------------------------------------
The Board of Directors of Saship Holdings Berhad said Monday
that its 99.6 percent subsidiary Powermatic Sdn Bhd has received
a sealed copy of the Petition for Winding-Up in the High Court
of Malaya.

The petition was initiated by the Petitioner, CTI Resources Sdn
Bhd for the sum of RM34,220.

The Court has fixed a date on 25 November 2002 for the hearing
of the above petition.


SASHIP HOLDINGS: Appoints New Audit Committee Member
----------------------------------------------------
Saship Holdings Berhad said Monday that it has appointed En.
Mohd Zin bin Arif as member of its Audit Committee effective
August 23, 2002.

Mohd Zin bin Arif, prior to his appointment, was the Secretary
to Minister of Law & Minister of Prime Minister Department,
Secretary to Defence Minister and Secretary to Foreign Minister.

The Audit Committee now comprise of the following:

1.Datuk Hj Shuaib bin Hj Lazim - Chairman, Independent Non-
Executive Director
2.Tn Hj Mohd Zaki bin Hamzah - Member, Executive Director
3.Mr Yoong Weng Yip - Member, Independent Non-Executive Director
4.En Rahiman bin Bustaman - Member, Independent Non-Executive
Director
5.En Mohd Zin bin Arif - Member, Independent Non-Executive
Director


SIME DARBY: Faces Trading Suspension Ahead of Q4 Results
--------------------------------------------------------
The Board of Sime Darby Berhad said Monday that the Kuala Lumpur
Stock Exchange has approved Sime Darby's request for suspension
in the trading of shares of Sime Darby from 9.00 a.m. to 5.00
p.m. on Tuesday, 27th August 2002.

The suspension will enable Sime Darby to disseminate its
announcement of results for the fourth quarter ended 30th June
2002 scheduled to be released on the same day.


SIME DARBY: May Post First Profit Rise in Three Years
-----------------------------------------------------
Kuala Lumpur-based Sime Darby Bhd may report a fourth-quarter
profit growth of 15 percent to 169 million ringgit, its first
profit growth in three years after palm oil prices rose,
according to Bloomberg's calculations based on analysts' full-
year forecasts.

Malaysia's oldest diversified company probably boosted profit 17
percent to 724 million ringgit ($191 million) in the year ended
June 30, according to the average forecast of analysts AM
Securities, HSBC, Merrill Lynch, Nomura, OSK Research and UBS
Warburg.

Sime Darby, which also builds homes and operates hypermarkets,
sells cars made by BMW in Malaysia, Hong Kong and Singapore. In
Malaysia, it assembles and sells Ford Motor Co. vehicles.

Sime Darby's businesses are in Malaysia, Hong Kong, Singapore,
Australia, Papua New Guinea and the Philippines.


TAP RESOURCES: Submits Debt Restructuring Proposal
--------------------------------------------------
The Board of Directors of TAP Resources Berhad, in a disclosure
to the Kuala Lumpur Stock Exchange, said that the Company has on
26 August 2002 submitted an application for the proposals to the
Securities Commission and the Foreign Investment Committee.

The proposals include a debt restructuring, profit guarantee
waiver and renounceable rights issue.

On 25 February 2000, the Company proposed to undertake a rights
issue of shares; restructuring of Group debts owing to financial
institutions, unsecured trade creditors and other creditors;
waiver of the profit guarantee for the financial year ending 30
April 000 via a proposed restricted issue of warrants to
entitled shareholders; and settlement of the debt owing to
subsidiary, TAP Construction Sdn Bhd amounting to approx. RM48
million.

On 1 November 2000, however, the SC informed that it is unable
to consider the Company's proposed waiver of the profit
guarantee and TAP is required to submit a fresh application,
which meets all of the SC's guidelines. Subsequently, on 22
January 2001, the Company was advised by the SC that it is
unable to consider the proposed debt restructuring and rights
issue until TAP reverts with a new scheme that addresses the
profit guarantee obligation, debt restructuring and rights
issue.

As a result, on 28 August 2001, TAP unveiled its revised
proposal entailing the issue of loan stocks to financial
institutions and trade and other creditors and proposed waiver
of profit guarantee by way of compensation by the guarantors to
the entitled shareholders through the subsidy of RM0.57 per
share in respect of a proposed renounceable rights issue of
shares. These corporate exercises are currently pending approval
of shareholders and relevant authorities, and is expected to be
completed by mid-2002.

Concurrent with the proposals, the Group plans to launch three
projects in the financial year 2002, namely the Azuria
Apartments in Tanjong Bungah, mixed housing development in
Senawang and second phase of Canary Infoport on a 30-year
concession with University Putra Malaysia.


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


NATIONAL POWER: Alstom, PNOC-EDC Proposes Plant Rehabilitation
--------------------------------------------------------------
French power giant Alstom and PNOC-Energy Development Corp.
(EDC) has proposed to rehabilitate the 75-megawatt (MW) Ambuklao
hydro-electric power plant of the National Power Corporation
(Napocor), the Philippine Star reported Tuesday.

Both firms are planning to forge a 50-50 joint venture for the
rehabilitation of the Napocor plant.

EDC President Sergio Apostol said they have talked with the
Power Sector Assets and Liabilities Management Corp. (PSALM)
President Edgardo Del Fonso on the matter. Under the Electric
Power Industry Reform Act (EPIRA), PSALM will absorb all the
assets and liabilities of Napocor.

The plant was constructed in 1956 and is now under a
rehabilitate-operate-lease (ROL) scheme. The hydro plant is
located in Bokod, Benguet.

The facility's rehabilitation started in 1993 by Miescor, a unit
of the Manila Electric Co. (Meralco). The rehabilitation was
supposed to run within a 15-year period from 1993 to 2008.


METRO PACIFIC: Clarifies BCDA's Settlement Report
-------------------------------------------------
Metro Pacific Corporation responded to the news article entitled
"BCDA willing to accept FBDC shares as settlement for Metro
Pacific debt" published in August 26, 2002 issue of the
Philippine Star.

The article reported "The Bases Conversion Development Authority
(BCDA) is agreeable to accepting shares and real estate assets
from the Fort Bonifacio Development Corporation as part of a
debt restructuring it is currently working out with the Metro
Pacific Corp.

According to BCDA President and Chief Executive Officer Rufo
Colayco, the BCDA is amenable to restructuring some P1 billion
due from MPC. The debt may involve the return of some real
estate assets and shares in FBDC. BCDA and MPC are partners in
FBDC, the joint venture Company created to develop the 215-
hectare For Bonifacio Global City. BCDA owns 45 percent of FBDC,
while MPC control 55 percent. Colayco said MPC is offering to
return another 150 hectares to BCDA. MPC had previously returned
65 hectares in BCDA due to increasing difficulty in developing
the former military camp and paying BCDA for the property it had
successfully bid for."

Metro Pacific Corporation (MPC), in its letter dated August 26,
2002, clarified that:

"Our current discussions with the BCDA are with respect to
settling approximately P1 billion with them relating to our
condominium joint venture, Pacific Plaza Towers (PPT). The
settlement involves real estate assets owned by MPC as well as
receivable from sales of PPT units. Our discussions do not
involve any shares of FBDC or any other Company, and we have
also not offered to return any property with an area of 150
hectares, as mentioned in the news article.

For a copy of the press release, go to
http://bankrupt.com/misc/TCRAP_MPC0827.pdf.


NATIONAL POWER: Files Application for Power Rate Discount Plan
--------------------------------------------------------------
The National Power Corp. (Napocor) will file an application to
the Energy Regulatory Commission (ERC) for the implementation of
the planned Special Program to Enhance Electricity Demand
(SPEED), which aims to extend pricing incentive for large-end
industrial consumers, Business World reported Tuesday.

The SPEED program proposes to extend a fixed discount of 80
centavos per kilowatthour (kWH) to industrial users in the Luzon
grid directly connected to Napocor for the incremental use of
power above their customer base line.

Napocor suggests a discount rate of 70 centavos (off-peak only)
for customers in the Cebu-Negros grid, and 10 centavos for
customers in the Mindanao grid.

The first phase will qualify some 219 large industrial consumers
in Metro Manila for the pricing incentive program. These are
firms with a minimum monthly demand of 1,000 kilowatts (kW) and
above.

The second phase will allow an additional 437 industrial
customers in Metro Manila, which register a minimum monthly
power demand of 500 kW to avail of the scheme.

The Malaca¤ang Palace said it would implement the SPEED pricing
incentive program starting next month as part of the
administration's 10-point power program aimed at reducing
electricity rates in the country.


UNITRUST BANK: PBCom Drops Interest in Takeover
-----------------------------------------------
Philippine Bank of Communications (PBCom) is no longer
interested in taking over closed Unitrust Development Bank, as
an ownership dispute between the latter's Filipino and Japanese
shareholders remain unresolved, Business World and AFX Asia
reported Tuesday.

PBcom was unable to complete certain requirements requested by
the Philippine Deposit Insurance Corp pertaining to the proposed
rehabilitation of Unitrust Bank.


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


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: 26 Aug 2002
Date of change of interest: 23 Aug 2002
Name of registered holder: Chew Leong Chee
Circumstance(s) giving rise to the interest: Open market
purchase

Shares held in the name of registered holder

No. of shares of the change: 6,000
Percentage of issued share capital: 0.003
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$0.34
No. of shares held before change: 1,422,000
Percentage of issued share capital: 0.77
No. of shares held after change: 1,428,000
Percentage of issued share capital: 0.77

Holdings of Substantial Shareholder including direct and deemed
interest
                                      Deemed        Direct
No. of shares held before change:   17,820,000   1,422,000
Percentage of issued share capital:       9.62        0.77
No. of shares held after change:    17,820,000   1,428,000
Percentage of issued share capital:       9.62        0.77
Total shares:                     17,820,000   1,428,000

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 19,248,000 shares (10.39 percent).

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

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


CHARTERED SEMICONDUCTOR: Upgraded to Trading Buy by Kim Eng
-----------------------------------------------------------
Kim Eng Securities has upgraded Chartered Semiconductor to a
'trading buy' from a 'sell', as the recent sharp decline in its
share price makes the Company an attractive takeover target, AFX
Asia reported Monday.

"Although Kim Eng are still negative on the fundamentals of the
Company and the outlook for the industry, it believe that it has
fallen to a level where there is reasonable 16 percent upside
potential," the report said.

Reports said Chartered's US$575 million convertible notes due
2006 might pose a problem to a possible takeover.

"Any takeover would require the buyer to repay the US$575
million of convertible notes, which would drain most of the cash
from Chartered," the report said.

"This means that any potential buyer must be prepared to inject
about another US$1 billion to finish building Fab 7 and for
capex spending, making the acquisition more expensive," the
report said.

Kim Eng said that there might be some positive surprises in
Chartered's third quarter earnings.

DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent convertible bond due in 2006 (CSM06SGN1) trades between
97.5 and 98.5. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1


DATACRAFT ASIA: Insider Trading Probe Continues
-----------------------------------------------
While Directors at Datacraft Asia are confident that they are in
the clear, a major investment bank has compared Datacraft's
probe by SGX with that of Amcol and Cam International, Kelive
reports.

For Amcol, although the two directors who came under insider
investigation were subsequently acquitted, Amcol's share price
fell 20 percent amidst the negative publicity. In Cam
International's case, the accused were charged and stock remains
suspended till today.

Since the Amcol case, MAS has since tightened insider trading
laws. Under the newly passed civil remedy or liability law (came
into effect in Mar 2000), the focus will no longer rest on the
proof of connection between the insider and the defendant.

Instead, the test is possession of information by the defendant,
irrespective of his connection with the Company. This means that
prosecution need only show that the defendant had knowledge of
the inside information to prove an insider trading charge. This
raises the bar for Datacraft's executives.


THAKRAL CORPORATION: Back in the Black With $9.6M Profit
--------------------------------------------------------
In the announcement of its first quarterly results, Thakral
Corporation Ltd reported Monday an operating profit of S$9.6
million for its first quarter ended 30 June 2002.

This figure represents a 96 percent improvement from the S$4.9
million reported in the corresponding quarter last year. The
Group's turnover for the quarter grew 13 percent to S$135.4
million compared to S$119.5 million in the corresponding period
of the previous year.

The Group achieved operating income after tax of S$0.6 million
for the quarter compared to a loss of $5.9 million in the
previous corresponding period. The current quarter income was
reduced by an unrealized exchange loss of S$5.5 million which
arose from the translation of the Group's foreign currency net
assets into Singapore Dollars due to the strengthening of the
latter in the current quarter. The improvement in income was
attributed to the healthy growth in the Group's core business in
addition to reduced financing costs following the restructuring
that was completed in the previous financial year.

"The Group's consumer electronics distribution and trading
division has continued to be our star performer, turning in a
three-fold increase in operating profit," said Mr. Inderbethal
Singh Thakral, Group Managing Director. "We enjoyed the benefits
of improved market conditions for our products, turnover grew by
17.7 percent and the division achieved a growth of 189 percent
in operating profit for the quarter, from S$4.4 million to
S$12.8 million year-on-year. We also continued with our policy
of conservative management of working capital in terms of faster
turnover of inventory and receivables," he added.

The two other business divisions, Contract Manufacturing (EMS)
and Home Entertainment, both reported lower turnover for the
quarter, incurring losses of S$820,000 and S$1.1 million,
respectively.

Consumer Electronics Division - the market conditions in China
have been stable and continue to offer attractive opportunities
for growth. With the Group's strong competitive position with
its suppliers and customers, business in this division is
expected to remain stable.

Contract Manufacturing Division - the Group expects economic
conditions for this division to remain challenging.

Home Entertainment - the Group has a strong competitive position
in this industry and is one of the leading players in China.
However, pricing pressures in the replication segment are
expected to continue into the next reporting period.

Thakral Corporation Limited is a leading distributor of consumer
electronics products in China, Hong Kong and Japan. Thakral is
listed on the mainboard of the Stock Exchange Singapore. Thakral
markets and distributes consumer electronics products such as
digital cameras and camcorders, plasma televisions, DVD and MP3
players and other audio products. Thakral also has manufacturing
facilities for contract manufacturing and a home entertainment
business unit that holds exclusive distribution rights for
movies from major Hollywood studios such as Disney, Warner
Brothers, Fox, MGM and Polygram.

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

For more information, contact Elie J. Baroudi/George Lau of
Thakral Corporation Ltd at telephone 65-6336-8966, or via e-mail
at e.baroudi@thakralcorp.com.sg or georgelau@thakralcorp.com.sg.

One may also contact Ms Daphne Liew of Golin/Harris
International Pte Ltd at telephone 65-6551 5421 or via e-mail at
daphne.liew@golinharris.com.sg.


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


KRUNG THAI: Directors Approve Restructuring Plan
------------------------------------------------
Krung Thai Bank Public Company Limited, in a disclosure to the
Stock Exchange of Thailand, said Tuesday that its Board of
Directors:

1. Unanimously resolved to approve the Bank's restructuring
plan, comprising of the following matters and to propose all
such matters to be further considered and approved by the
meeting of shareholders, provided that the meeting of
shareholders shall resolve to approve the Bank's restructuring
plan in all matters as specified below, otherwise it would be
considered that the meeting of shareholders do not approve the
Bank's capital restructuring plan in all matters. If the Bank's
restructuring plan is completed, Financial Institutions
Development Fund (FIDF) will sell a portion of the Bank's shares
held by it to the public:

1.1 unanimously resolved to approve the repurchase of
10,800,000,000 warrants to purchase Class A preferred shares
from the FIDF with a price of Baht 0.61 per unit, totaling Baht
6,588,000,000. As the entering into the repurchase of Warrants
by the Bank from FIDF is deemed as a connected transaction under
the Notification of the Stock Exchange of Thailand, such
repurchase of Warrants transaction therefore must be approved by
the meeting of the Bank's shareholders by a vote of not less
than three-fourths of all voting shares of the shareholders or
their proxies attending the meeting and having voting rights,
provided that the votes of interested shareholders shall not be
considered. Details of which are pursuant to the disclosure
attached herewith. After repurchase of the Warrants, the Bank
shall cancel the repurchased Warrants and authorize the Board of
Directors, or any person designated by the Board of Directors,
to take any action necessary and related to the repurchase of
Warrants including entering into the Warrants repurchase
agreement with the FIDF.

1.2 unanimously resolved to approve a decrease of the Bank's
registered capital by writing off 10,800,000,000 authorized but
unissued Class A preferred shares due to repurchase of Warrants
from FIDF and cancellation of Warrants according to item

   1.1 above resulting in the fact that the Bank has no need to
reserve 10,800,000,000 Class A preferred shares for the exercise
of Warrants upon the approval granted by the Minister of
Finance.

1.3 unanimously resolved to approve an amendment of Clause 4 of
Memorandum of Association to be in accordance with the decrease
of the Bank's registered capital pursuant to item 1.2 above to
be read as follows:

Clause 4 Registered Capital Baht 111,969,122,500
Divided into 11,196,912,250 shares
At par value of 10 Baht by dividing into:

Ordinary Shares 11,191,412,250 Shares
Preferred Shares 5,500,000 Shares

1.4 unanimously resolved to approve the transfer of the Bank''s
reserves to eliminate the accumulated loss pursuant to the
following order:

a. Other reserves of Baht 16,091,944,685 which is the amount
remaining after the payment for Warrant repurchase
b. Legal reserve of Baht 1,485,000,000 and
c. Share premium of Baht 5,079,291,814

After decrease of the accumulated loss by all of the aforesaid
reserves, the Bank will have an accumulated loss balance
pursuant to the financial statements of the Bank as of June 30,
2002 which have not yet been audited and certified by the Bank's
auditor of Baht 54,372,723,590. Such figures are calculated by
basing on the financial statements which have not yet been
audited and certified by the Bank's auditor and may be changed
which will be later informed to the shareholders.

1.5 unanimously resolved to approve a decrease of the capital by
reducing the par value from Baht 10 to Baht 5.15 resulting in
reduction of the Banks' accumulated loss pursuant to the
financial statements of the Bank as of June 30, 2002 (which has
not yet been audited and paid-up capital to be Baht
57,602,750,000. Such figures are calculated by basing on the
financial statements which have not yet been audited and
certified by the Bank's auditor and may be changed which will be
later informed to the shareholders. The decreased amount of paid
up capital will be recorded to set-off all remaining accumulated
loss as set forth in the financial statements of the Bank upon
the approval granted by the Minister of Finance and the
compliance with Section 141 of the Public Company Limited Act B.
E. 2535, as amended.

1.6 unanimously resolved to approve the amendment to Clause 4 of
Memorandum of Association in compliance with the capital
decrease of the Bank by reducing par value as per item 1.5 above
to be read as follows:

Clause 4 Registered capital: 57,664,098,087.50 Baht
Divided into: 11,196,912,250 Baht
Preferred shares: 5,500,000 Shares

1.7 unanimously resolved to approve the amendment to Article 4
the Articles of Association of the Bank to comply with the
decrease of the Bank registered capital by writing off
10,800,000,000 authorized but unissued Class A preferred shares
as per item 1.2 above to be read as follows:

"Article 4. The shares of the Company shall be divided into two
types:
(1) ordinary shares which must be fully paid up; and
(2) 5,500,000 existing preferred shares which must be fully paid
up.  Apart from the rights to vote and receive dividends as in
the case of ordinary shares, the preferred shares shall also be
entitled to receive special dividends at a fixed rate of 3
percent per annum before ordinary shares.

Regarding newly issued preferred shares in addition to Article
4. (2) above, the Company shall be able to specify the voting
right to be less than that of ordinary shares."

2. unanimously resolved to approve the Bank to issue and offer
the subordinated debentures to be categorized in the second
class of fund of the Bank with the following preliminary
details:

Preliminary Details of Subordinated Debentures

Type : Unsecured, subordinated, name-registered debenture with
or without a debenture holders' representative

Total Amount of Subordinated Debentures: Not more than Baht
10,000,000,000 or equivalent amount in other currency

Term : Not more than ten years from the date of issuing of the
subordinate debentures

Allocation Method : To offer domestically and/or internationally
to the public, and/or institutional investors and/or specific
investors

Right of Early Redemption : At any time after the fifth
anniversary of the debentures with approval from the Bank of
Thailand

Right of Receive Debt Repayment of Debenture holders : Right to
receive debt repayment of the subordinate debenture holders will
be subordinated to depositors and other creditors of the Bank
but superior to creditors as per equity-like instrument
according to criteria defined by Notification of the Bank of
Thailand regarding Instruments to be Categorized as Fund for
Commercial Banks

The Board of Directors of the Bank or person designated by the
Board of Directors of the Bank is authorized to determine other
necessary and appropriate conditions and details in relation to
issuance and offer of subordinate debentures such as name,
amount to be offered at each time, term, offering price per
unit, interest rate, allocation method, right of early
redemption, including negotiating, execution in any documents,
and other necessary and appropriate acts; to list the said
subordinate debentures in any secondary market; as well as to
ask for permission from the relevant government agencies.

3. unanimously resolved to convene the Extraordinary General
Meeting of Shareholders No. 1/2545 on September 24, 2002 at 4.45
p.m. at Grand Ballroom, The Landmark Hotel, No. 138 Sukhumvit
Road, Klongteoy Nua Sub-district, Wattana District, Bangkok, for
consideration and approval of the following agenda:

Agenda 1 To consider and certify the General Meeting of
Shareholders No. 9 held on April 26, 2002;

Agenda 2 To consider and approval the Bank''s capital
restructuring plan which consists of the following matters to be
considered and approved:

Agenda 2.1 To consider and approve the repurchase of
10,800,000,000 warrants to purchase Class A preferred shares
from Financial Institutions Development Fund by the Bank at a
price of Baht 0.61 per unit totaling Baht 6,588,000,000 and the
cancellation of such repurchased warrants;

Agenda 2.2 To consider and approve the decrease of the
registered capital of the Bank by writing off 10,800,000,000
authorized but unissued Class A preferred shares with a par
value of Baht 10 each totaling Baht 108,000,000,000 from the
existing registered capital of Baht 219,969,122,500 to Baht
111,969,122,500;

Agenda 2.3 To consider and approve the amendment to Clause 4 of
the Memorandum of Association in order to comply with the
decrease of the registered capital from Baht Baht
219,969,122,500 to Baht 111,969,122,500;

Agenda 2.4 To consider and approve transfer of reserves in order
to reduce the accumulated loss of the Bank;

Agenda 2.5 To consider and approve the decrease of capital of
the Bank by decreasing par value from Baht 10 to Baht 5.15;

Agenda 2.6 To consider and approve the amendment to Clause 4 of
the Memorandum of Association in order to comply with the
decrease of capital by decreasing par value;

Agenda 2.7 To consider and approve amendment to the Articles of
Association of the Bank, Article 4 to be as follows:

Article 4. The shares of the Company shall be divided into two
types:
(1) ordinary shares which must be fully paid up; and
(2) 5,500,000 existing preferred shares which must be fully paid
up. Apart from the rights to vote and receive dividends as in
the case of ordinary shares, the preferred shares shall also be
entitled to receive special dividends at a fixed rate of 3
percent per annum before ordinary shares.

Regarding newly issued preferred shares in addition to Article
4. (2) above, the Company shall be able to specify the voting
right to be less than that of ordinary shares.

Agenda 3 To consider and approve the issuance and offer for sale
of subordinated debentures in the amount of not exceeding Baht
10,000,000,000 or an equivalent amount in other currency; and

Agenda 4 To consider other business (if any), and approving the
closing date of the register book to identify the shareholders,
who have the right to attend the Extraordinary General Meeting
of Shareholders No. 1/2545 from 12.00 p.m. on September 11, 2002
until the adjournment of the Extraordinary General Meeting of
shareholders No. 1/2545.


THAI WAH: Pays Creditors US$935,214, Appoints New Directors
-----------------------------------------------------------
Pursuant to the Central Bankruptcy Court order on February 14,
2001 approving the Business Reorganization Plan of Thai Wah
Public Company Limited, Plan Administrator Thai Wah Group
Planner Company Limited announced Tuesday the progress on the
implementation of Business Reorganization Plan as follow:

1. On June 28, 2002, the Company paid interest due on June 28,
2002 together with partial accrued interest to the creditors
under the Debt Restructuring Agreement a total of US$935,214.53
and Baht 30,846,233.45

2. On August 9, 2002, 2 additional directors were appointed to
the board of directors of Thai Wah Group Planner Company
Limited, the Plan Administrator. The 2 new directors are
designated by the creditors' steering committee to be
responsible for the amendment of Business Reorganization Plan of
Thai Wah Public Company Limited as well as any matter in
connection with non-core assets in accordance with the Business
Reorganization Plan of Thai Wah Public Company Limited and any
amendment thereof.



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

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

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

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

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

                 *** End of Transmission ***