TCRAP_Public/020906.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Friday, September 06, 2002, Vol. 5, No. 177

                         Headlines

A U S T R A L I A

AUSTAR UNITED: ACCC Seeks Comment on Foxtel/Optus Proposal
AUSTAR UNITED: Reaches Service Agreement With FOXTEL, Optus
HILLGROVE GOLD: Posts January, April 2002 Quarterly Reports
PRESTON RESOURCES: Deed of Release With Resolute In Effect
UNITED ENERGY: Cancels Unquoted Securities

UTILICORP ASIA: Aquila Downgrade Triggers S&P to Cut Ratings


C H I N A   &   H O N G  K O N G

EASYKNIT INT'L: Parallel Trading Starts Today
GUANGDONG KELON: Transfer Registration Procedures Completed
INNOMAXX BIOTECH: 1H02 Net Loss Swells to HK$19.7M
PHOENIX SATELLITE: Books H102 Net Loss of HK$199.71M
ROYS CAMERA: Winding Up Petition Set for Hearing

SUPER POWER: Winding Up Petition Hearing Set
SHUN CHEUNG: Petition to Wind Up Pending
WEIDALI ELECTRONIC: Faces Winding Up Petition
WELFAT INVESTMENTS: Winding Up Petition to be Heard


I N D O N E S I A

KAWASAN INDUSTRI: Creditors Own Stake After Debt-to-Equity Swap
SALIM GROUP: IBRA to Sell Indosiar's Remaining Stake


J A P A N

IJIRI KOGYO: Applies for Civil Rehabilitation Proceedings
NIPPON TELEGRAPH: Formal Notice for Specialist Securities
NTT DOCOMO: Enables I-mode(R) Users to Block Spam Mail
SPORTS SHINKO: Goldman May Acquire Golf Course
TAISEI FIRE: R&I Cancels L-T CCC Rating

* Moody's Warns of Catastrophe From Financial Reforms


K O R E A

ASIANA AIRLINES: Creditors to Lend W90B to Unit Buyer
DAEWOO MOTOR: Posts Losses From Production Suspension
DAEWOO MOTOR: Subcontractors Will Resume Supplying Parts
HYUNDAI MERCHANT: Picks No Jung-ik to Fill CEO Post
KOREA ELECTRIC: Receiving Bids for Powercomm


M A L A Y S I A

ANGKASA MARKETING: Awaits SC's Reply on Proposed GWRS Appeal
CHASE PERDANA: Updates Defaulted Principal, Interest Payments
GENERAL SOIL: Unit's Winding Up Hearing Set for May 2003
HIAP AIK: Clarifies Variance Between Audited, Unaudited Results
KUANTAN FLOUR: 18th AGM to be Held on September 26

MALAYSIAN GENERAL: Proposes Scheme to Relevant Authorities
LAND & GENERAL: Reaches Settlement With Scheme Creditors
MECHMAR CORPORATION: Reduces Outstanding Loan Principal
MBF CAPITAL: Units' Scheme Restraining Order Extended
MYCOM BERHAD: Scheme Implementation Period Ends March 2003

PARIT PERAK: Danaharta Appoints Special Administrators
PLANTATION & DEVELOPMENT: Submits Proposed Restructuring Scheme
REKAPACIFIC BERHAD: Judicial Review Proceedings Pending
SENG HUP: Danaharta Gives One-year Moratorium Period Extension
SENG HUP: Enters Acquisition Agreement With KEB

SISTEM TELEVISYEN: Corporate Proposals Approvals Pending
WOO HING: Obtains Creditors Nod on Workout Proposal


P H I L I P P I N E S

ABS-CBN: Bourse Probes Broadcasting Firm on Loan News
ABS-CBN: Clarifies Report on Loan Default With 2 Banks
ALL ASIA: Available For Bidding Soon
DMCI HOLDINGS: Delisting of Shares Redeemed as of August 2002
NATIONAL POWER: Sets Auction to Cut P390M in Coal Expenses

PHILIPPINE LONG: PSE Reviews JG Penalties


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Enters Agreement With IMEC
CHARTERED SEMICONDUCTOR: Shares Falls 24% on Tuesday
NEPTUNE ORIENT: Expects US$106.6M 1H02 Net Loss
ST ASSEMBLY: Appoints Tae Suk Suh as COO


T H A I L A N D

DATAMAT PUBLIC: Inks Purchase Agreement With OCT
KIATNAKIN FINANCE: TRIS Assigns New Issue Rating
SIAM SYNTECH: Changes Auditor, Choosing KPMG
THAI MELON: Files Reorganization Petition in Bankruptcy Court

     -  -  -  -  -  -  -  -

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


AUSTAR UNITED: ACCC Seeks Comment on Foxtel/Optus Proposal
----------------------------------------------------------
The Australian Competition and Consumer Commission issued
Thursday draft undertakings offered by Foxtel, Optus, Telstra
and Austar provided under section 87B of the Trade Practices
Act.

The undertakings detail a series of measures offered by the
companies to overcome the competition concerns raised by the
ACCC about the proposed pay television arrangements between
Foxtel and Optus.

"The release of the draft undertakings for public comment should
not be seen as an indication that the ACCC has formed the view
that the undertakings alleviate all competition concerns raised
by the Foxtel/Optus content supply agreement and associated
arrangements", ACCC Chairman, Professor Allan Fels, said
Thursday.

"This process will be used by the ACCC to inform itself of
market views on whether the undertakings will likely address the
key competition concerns. A final decision will be made after
taking these views into account."

In June 2002 the ACCC concluded that proposed arrangements
between Foxtel and Optus in relation to pay television were
likely to breach the Act. It was found that the form of the
proposed arrangements would likely substantially lessen
competition and that there were four principal areas of concern.
These were:

   * the acquisition of content;

   * the likely dominance of the Foxtel distribution network;

   * the supply of pay TV services to households; and

   * the provision of channels to third parties who wish to
supply pay TV to customers.

The Act enables the ACCC to accept written undertakings in the
exercise of its powers. Such undertakings must be of substance
and address the conduct that has given rise to the perceived
breach of the Act.

"Since reaching its conclusion that the proposed arrangements
between Foxtel and Optus would likely breach the Act, Foxtel,
Optus, Telstra and Austar have offered the ACCC draft
undertakings", Professor Fels said.

Broadly speaking the draft undertakings provide for the
following:

   * access for third parties to Telstra's cable pay television
networks (both analogue and digital) as well as Foxtel's
analogue and digital set top units;

   * a commitment by Telstra to commence supplying a digital
subscription television carriage service and by Foxtel to
commence supplying digital set top unit services;

   * access for third parties who own, operate or control cable,
satellite or MDS networks to Foxtel programming (the basic
package and tiers);

   * acquisition by Foxtel and Optus of particular pay
television channels only on a non-exclusive basis;

   * Commitments that relate to the make up of Foxtel and Optus'
programming (including the level of expenditure on independent
Australian content) and the retail price of Foxtel programming;
and

   * removal of a first and last bid right clause that was
proposed to be granted to Foxtel in the event Optus decided to
sell certain assets.

"Given the number of parties providing draft undertakings and
the complexity of this matter, the ACCC has prepared an issues
paper which provides an over-view of the various draft
undertakings.

"At the same time the ACCC is also conducting market inquiries
in relation to a third line force notification lodged by Telstra
in July 2002. The notified conduct involves Telstra Pay TV
providing pay television services at a discount to retail
customers who also acquire telecommunications services from
Telstra Corporation.

"The ACCC is conducting market inquiries for these matters
simultaneously as the outcome of its considerations regarding
the proposed arrangements between Foxtel and Optus and draft
undertakings has the potential to impact on the competitive
environment in a number of telecommunications, and
telecommunications-related, markets. This may have implications
for the ACCC's assessment of the notification. A further issues
paper which has been prepared in relation to the notification
process is also being released seeking comment."

Comments are sought from interested parties on both the draft
undertakings and Telstra third line force notification by 27
September 2002.

Both the issues papers and draft undertakings will be available
on the ACCC's website at http://www.accc.gov.au/telco/fs-
telecom.htm.

Further information
Professor Allan Fels, CHAIRMAN, (02) 6243 1129 or
pager (02) 6285 6170
Mr Ross Jones, COMMISSIONER, (03) 9290 1818
Ms Lin Enright, DIRECTOR, PUBLIC RELATIONS, (02) 6243 1108 or
0414 613 520

BACKGROUND

Under section 87B of the Act the ACCC May accept written
undertakings given by a person in connection with a matter in
relation to which the ACCC has a power or function under the
Act. These undertakings may be withdrawn or varied at any time,
but only with the consent of the ACCC.

The following outlines the draft undertakings provided by
Foxtel, Optus,Telstra and Austar.

FOXTEL

* Analogue access undertaking - provides that Foxtel will give
the ACCC a written access undertaking in relation to the
declared analogue cable pay television service (set top unit
services in particular) under section 152BS of the Act. The
undertaking also refers to the fact that there will be specified
transition provisions from analogue to digital.

* Digital access regime - provides that Foxtel will supply
digital set top unit services to third parties in accordance
with specified terms when Foxtel commences supplying commercial
retail digital subscription cable television services.

* Commitment to digital - provides the conditions and timing
under which Foxtel will commence supplying a commercial retail
digital subscription cable television service.

* 3G, internet and high-speed broadband content rights -
provides that Foxtel will not jointly bid for, or license, such
rights to Telstra. Telstra Media, Sky Cable, News, PBL or their
related partes on an exclusive basis.

* Shared channels - provides that Foxtel will not acquire pay
television rights to particular channels currently acquired by
both Foxtel and Optus on an exclusive basis.

* Supply of Foxtel pay television services - provides for the
supply of Foxtel pay television services to an owner, controller
or operator of cable access network, satellite network or MDS
systems on specified terms.

* Amendments to the Foxtel/Optus Content Supply Agreement -
provides for the removal of the first and last rights clause and
amendments allowing third parties to access the Optus network
for the conduct of a pay television service, provided that
subscribers to third party services also acquire the Optus
access package.

* Community channels - provides for the supply of two community
channels once Foxtel commences supplying a digital (cable or
satellite) pay television service.

* Local content - provides that Foxtel will spend a minimum
amount on Australian programs produced by third parties who are
not related parties of Foxtel, Telstra, Sky Cable, Telstra
Media, News or PBL.

* Non-affiliated channels - provides that at least 30 per cent
of the pay television channels in Foxtel's basic package (not
including the open broadcast re-transmission, the electronic
program guide or radio channels) will be comprised of non-
affiliated channels.

* Price of Foxtel's basic package - provides that the price of
Foxtel's basic package on Foxtel's cable and satellite pay
television services will not exceed the retail price, adjusted
for CPI of satellite services for at least three years after the
date the undertakings take effect.

OPTUS

* Shared channels - mirroring the Foxtel undertaking it provides
that Optus will not acquire pay television rights to particular
channels currently acquired by both Foxtel and Optus on an
exclusive basis.

* Amendments to the Foxtel/Optus Content Supply Agreement -
mirroring the Foxtel undertaking it provides for the removal of
the first and last rights clause and amendments allowing third
parties to access the Optus network for the conduct of a pay
television service, provided that subscribers to third party
services also acquire the Optus access package.

* Seven non-Foxtel channels - provides for at least seven
channels to be supplied on Optus' pay television service that
are not currently offered by Foxtel for at least three years
after the Foxtel/Optus Content Supply Agreement comes into
effect.

* Optus channels - provides that Optus will continue to provide
two channels which are compiled by Optus and comprise
programming created or acquired by Optus for at least three
years after the Foxtel/Optus Content Supply Agreement comes into
effect.

* Australian drama programs - provides that Optus will source
and show Australian drama programs on one or more of the Optus
channels for at least three years after the Foxtel/Optus Content
Supply Agreement comes into effect.

TELSTRA

* Declared analogue services access undertaking - Telstra
undertakes to change its current capacity allocations so as to
make 10 channels in respect of the declared analogue service
available on its HFC network on condition the ACCC accepts the
analogue access undertaking to be provided by Telstra under
section 152BS of the Act.  These channels would be for use by
persons other than Foxtel.

* Investment in digital pay television carriage service -
provides the conditions and timing under which Telstra will
commence supplying a digital subscription television carriage
service.

* Digital access regime - provides that Telstra will supply
digital carriage services to third parties in accordance with
specified terms when Telstra digitizes its HFC network.

AUSTAR

* Supply of Austar Pay Television Service - provides for the
supply of Austar pay television services to an owner, controller
or operator of cable access network, satellite network or MDS
systems an specified terms.


AUSTAR UNITED: Reaches Service Agreement With FOXTEL, Optus
-----------------------------------------------------------
Austar United Communications announced Thursday its role in the
proposed new subscription television industry arrangements,
which will secure the future of digital television for regional
and rural Australia and provide long term benefits for Austar.

Austar has reached agreements with FOXTEL and Optus, subject to
board approvals and any necessary regulatory consents, which
will see Austar become a customer of FOXTEL's satellite platform
and Austar and FOXTEL will cooperate in content creation. It
will also ensure that Austar customers will obtain access to any
new services FOXTEL develops, including near video on demand
(NVOD), interactive TV services and new channels.

The agreements will ensure that regional and rural consumers
have access to the best subscription television service
available, equal to or superior to that offered in the major
capital cities.

The key terms of the conditional agreements to be entered into
with FOXTEL and Optus, provide for:

   * dissolution of the existing satellite joint venture between
Austar and Optus;

   * Austar to migrate satellite services to a new satellite
platform, with no disruption to service;

   * Austar's consent to be given for distribution of XYZ
programming to Optus and Telstra;

   * options to renew current programming arrangements for
FOXTEL related channels in Austar territories;

   * Austar to be able to sublicense programming to
telecommunications providers which wish to bundle pay TV
services or to infrastructure operators within Austar's service
area; and

   * Austar to be given access to any new services developed or
acquired by FOXTEL, including near video on demand (NVOD)
offerings.

"These proposed agreements will provide tremendous long term
benefits to Austar and to consumers in regional Australia," said
John Porter, Chief Executive of Austar.

"First, they allow us to obtain any of the upside which will
flow from industry rationalization. This should result in
greater stability and, in time, a lower cost base.

"Secondly, there will be tangible benefits for Austar, such as
increased revenue generated by XYZ, access to new services and
satellite carriage arrangements, which are financially
favorable.

"Thirdly, Austar customers will continue to receive all of the
premium programming available in Australia and potentially a
whole lot more. The launch of the C1 satellite, which these
arrangements help to secure, will see satellite coverage
extended to areas such as Tasmania and North Queensland, which
currently are beyond range," said Mr Porter. "We expect this to
add about 200,000 homes to our service area, many of these in
places where decent free to air reception is unavailable."

Austar does not believe that anything in the proposed agreements
would breach the Trade Practices Act. However, it has decided to
offer voluntary draft undertakings pursuant to section 87B of
the Act to provide its content to infrastructure providers
within it territories. This undertaking has been supplied to the
ACCC and Austar is happy for the Commission to seek public
comment on it.

The undertaking is similar to one given by FOXTEL, ensuring the
competitive benefits of that arrangement are passed on to
regional Australia.

"Our proposal to provide content to infrastructure providers
will ensure that companies which, like Austar, are willing to
invest substantial sums in regional Australia will have access
to content in a convenient form," said Mr Porter. "This will
stimulate competition across a range of services, including
telephony and broadband data."

In summary, the draft undertakings provide that:

   * subject to programming rights, Austar will offer the full
package of Austar programming to an infrastructure provider who
has network, which passes at least 8,000 homes;

   * content would be delivered to a head end and then the
infrastructure provider would be responsible for delivery to its
customers;

   * pricing would be based on a retail minus model.


HILLGROVE GOLD: Posts January, April 2002 Quarterly Reports
-----------------------------------------------------------
Hillgrove Gold NL (Receivers and Managers Appointed) posted its
quarterly report for the period ending 31 January 2002 and 30
April 2002. Highlights for the January report are as follows:

Construction of the antimony trioxide plant continued during the
beginning of the quarter, but was suspended during December
awaiting clarification of funding issues.

On the 4th of January the Hillgrove Board was advised that
Tronoh Mines Malaysia Berhad, had appointed Mr Andrew Love and
Mr Alan Lewis of Ferrier Hodson as Receivers and Managers to
Hillgrove Gold NL and its subsidiary New England Antimony Mines
NL the previous evening.

Centfield Mining Pty Ltd, a subsidiary of New England Antimony
Mines NL was also placed in receivership at this time. The
Receivers and Managers have subsequently decided to continue
production activities at Hillgrove on a limited basis whilst
offering the companies for sale as a going concern.

In April, ore extraction and treatment continued during the
quarter with a greatly reduced workforce while negotiations
proceeded for the sale of the Company as a going concern.

All production activity at Hillgrove ceased 16 April 2002 and
the operation has been placed on care and maintenance whilst
offers for purchase of assets are being considered.

Go to http://www.bankrupt.com/misc/TCRAP_HGO0906.pdffor a copy
of the January and April Quarterly reports.


PRESTON RESOURCES: Deed of Release With Resolute In Effect
----------------------------------------------------------
Resolute Mining Limited announced Tuesday that the Deed of
Release entered into with Preston Resources Limited and various
of its subsidiaries is now effective.

In addition, Preston Resources has advised that its corporate
restructure has become effective.

This now ends the links between the two companies.

Resolute Mining's subsidiary, Resolute Limited maintains a
contingent exposure to Bulong Operations, now predominantly
owned by Barclays Bank PLC and the other Bondholders, through
its position as guarantor on the Sulphuric Acid Supply Deed.

This is a declining exposure over the period to October 2003,
when it will cease.


UNITED ENERGY: Cancels Unquoted Securities
------------------------------------------
United Energy Limited advised that due to the cessation of
employment of a participant in the United Energy Option Plan,
the Directors of United Energy Limited have resolved to cancel
the following options:

DATE OPTIONS   EXERCISE     OPTION     DATE OPTIONS    OPTIONS
GRANTED        PRICE        CLASS      CANCELLED       CANCELLED

14/12/01       $2.46       UELAQ       28/08/02        532,200
15/03/02       $2.09       UELAS       28/08/02        185,800

                                     TOTAL             718,000

Shareholders are requested to update records accordingly.


UTILICORP ASIA: Aquila Downgrade Triggers S&P to Cut Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services on Thursday had lowered its
ratings on issuances by Utilicorp Asia Pacific Pty. Ltd.,
Utilicorp Australia (Gas) Finance Pty. Ltd., Utilicorp Australia
Finance Pty. Ltd., and Utilicorp Finance NZ Co. to `BBB-/A-3'.
The actions reflect the downgrade overnight of Aquila Inc.'s
corporate credit ratings to `BBB-/A-3'. The outlook on the
Aquila rating is negative.

Aquila Inc. irrevocably and unconditionally guarantees all of
the debt issued by Utilicorp Asia Pacific Pty. Ltd., Utilicorp
Australia (Gas) Finance Pty. Ltd., Utilicorp Australia Finance
Pty. Ltd., and Utilicorp Finance NZ Co. All are wholly owned
subsidiaries of Aquila and are funding vehicles for the parent's
equity interests in Australia and New Zealand.

Aquila Inc.'s (formerly UtiliCorp United Inc.) Australian
investments are in electricity and gas businesses. They include
a 34% ownership share in the Victorian electricity distribution
business United Energy Ltd. (A-/Positive/A-2) and a 50% interest
in the Victorian gas utility Multinet Gas. In fiscal 2000,
Aquila and United Energy acquired a 45% stake in AlintaGas Ltd.
(BBB/Stable/A-2), a gas distribution and retail utility in the
state of Western Australia. Aquila operates all of these
utilities.

The rating on Aquila reflects a markedly changed business
profile that is expected to emerge from its ongoing asset sales
program and the strategic shift away from unregulated energy
merchant activities. The negative outlook on the ratings is
based on the risk that the company may fall short of the amount
of asset sales necessary to restore the balance sheet to
appropriate levels of debt and equity. The company's future
profile is expected to consist mainly of regulated utility
operations in the U.S., Canada, and Australia, with a residual
portfolio of unregulated electric generating assets that will
not be strategically important to Aquila.


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


EASYKNIT INT'L: Parallel Trading Starts Today
----------------------------------------------
Easyknit International Holdings Limited requested market
participants to note that its parallel trading in the ordinary
shares will commence at 9:30 a.m. on Friday, 06 September 2002
under these particulars:

Stock Code  Stock Short Name     Board Lot    Certificate Color
----------  ----------------     ---------    -----------------
1218        EASYKNIT-NEW         5,000 shares     Pink
2961        EASYKNIT-OLD         200 shares       Light Green

Settlement of trading at each counter shall be in respect of the
shares traded at the respective counters.


GUANGDONG KELON: Transfer Registration Procedures Completed
-----------------------------------------------------------
The Board of Guangdong Kelon Electrical Holdings Company Limited
announced that the transfer of GKG's interest in Kelon HEA
to Jia Ke (a wholly-owned subsidiary of the Company) was
completed.

On 26 November 2001, the Company's wholly-owned subsidiary,
Shunde Jia Ke Electronics Company Limited (Jia Ke) entered into
sale and purchase agreements to acquire from Guangdong Kelon
(Rongsheng) Group Company Limited) (GKG) its entire interest in
Shunde Kelon Advertising Company Limited (Kelon Advertising),
Shunde Kelon Household Electrical Appliance Company Limited
(Kelon HEA), Shunde Huaao Electronics Company Limited (Huaao
Electronics) and Shunde Wangao Import and Export Company Limited
(Wangao) respectively.

On 5 August 2002, the board of directors of the Company
announced that the transfer of GKG's entire interest in Kelon
Advertising, Huaao Electronics and Wangao to Jia Ke had been
completed and the transfer of interest in Kelon HEA was still in
progress.

The Board now wishes to announce that GKG's entire interest in
Kelon HEA was transferred to Jia Ke and the transfer
registration procedures were completed on 4 September 2002.
Immediately thereafter, Jia Ke owns an 80% interest in Kelon
Advertising, a 70% interest in Huaao Electronics, an 80%
interest in Wangao and a 75% interest in Kelon HEA.


INNOMAXX BIOTECH: 1H02 Net Loss Swells to HK$19.7M
--------------------------------------------------
Innomaxx Biotechnology Group Limited announced on 4 September
2002:

(stock code: 340)
Year end date: 31/12/2002
Currency: HK$
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
                                                   (Unaudited)
                                  (Unaudited)      Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/1/2002    from 1/1/2001
                                  to 30/6/2002     to 30/6/2001
                                  ('000)           ('000)
Turnover                            : 27,610           14,631
Profit/(Loss) from Operations       : (17,953)         (2,936)
Finance cost                        : (1,229)          (264)
Share of Profit/(Loss) of Associates: NIL              NIL
Share of Profit/(Loss) of
  Jointly Controlled Entities       : NIL              NIL
Profit/(Loss) after Tax & MI        : (19,604)         (4,548)
% Change over Last Period           : N/A
EPS/(LPS)-Basic                     : (2.10 cents)     (0.78
cent)
         -Diluted                   : N/A              N/A
Extraordinary (ETD) Gain/(Loss)     : NIL              NIL
Profit/(Loss) after ETD Items       : (19,604)         (4,548)
Interim Dividend per Share          : NIL              NIL
(Specify if with other options)     : -                -
B/C Dates for Interim Dividend      : NIL
Payable Date                        : -
B/C Dates for (-) General Meeting   : NIL
Other Distribution for Current Period    : NIL
B/C Dates for Other Distribution         : NIL


PHOENIX SATELLITE: Books H102 Net Loss of HK$199.71M
----------------------------------------------------
The costs for new channels and goodwill write-offs have eaten
into Phoenix Satellite Television Holdings' earnings and dragged
the company into the red, the South China Morning Post reported
Wednesday.

The Growth-Enterprise Market-listed Chinese-language broadcaster
posted a net loss of HK$199.71 million for the year to June 30,
compared to a HK$53.98 million net profit in the previous year.
A goodwill impairment charge of HK$44.7 million arising from the
acquisition of Phoenix Chinese News & Entertainment late last
year was a key reason for the loss. However, by stripping out
the charge, Phoenix TV's full-year results still fell below
expectations.

The broadcaster saw operating costs surge 19.3 percent to
HK$850.05 million for the year, largely due to losses from new
channels, Phoenix InfoNews and Phoenix North America Chinese,
and Phoenix Chinese News & Entertainment.  Losses from the four
new channels more than doubled over the year to HK$211.75
million.


ROYS CAMERA: Winding Up Petition Set for Hearing
------------------------------------------------
The petition to wind up Roys Camera and Video Company Limited is
set for hearing before the High Court of Hong Kong on September
18, 2002 at 10:00 am.   The petition was filed with the court on
June 28, 2002 by Wong Wing Shing of Room 1706, Kui Wo House, Tai
Wo Estate, Tai Po, New Territories, Hong Kong.


SUPER POWER: Winding Up Petition Hearing Set
--------------------------------------------
The petition to wind up Super Power Motion Picture Company
Limited is scheduled for hearing before the High Court of Hong
Kong on September 11, 2002 at 10:00 am.

The petition was filed with the court on June 19, 2002 by the
Director of Lands of North Point Government Offices, 333 Java
Road, North Point, Hong Kong.


SHUN CHEUNG: Petition to Wind Up Pending
----------------------------------------
The petition to wind up Shun Cheung Godown & Transportation
Limited is scheduled to be heard before the High Court of Hong
Kong on September 11, 2002 at 10:00 am.  The petition was filed
with the court on June 19, 2002 by the Director of Lands of
North Point Government Offices, 333 Java Road, North Point, Hong
Kong.


WEIDALI ELECTRONIC: Faces Winding Up Petition
---------------------------------------------
The petition to wind up Weidali Electronic Company Limited is
scheduled to be heard before the High Court of Hong Kong on
September 25, 2002 at 9:30 am.

The petition was filed with the court on July 4, 2002 by Check
Chun Yat of Room 2402, Sui Yick House, Siu Sai Wan Estate, Chai
Wan, Hong Kong.


WELFAT INVESTMENTS: Winding Up Petition to be Heard
---------------------------------------------------
The petition to wind up Welfat Investments Limited will be heard
before the High Court of Hong Kong on September 11, 2002 at
10:00 am.   The petition was filed with the court on June 19,
2002 by The Commissioner of Inland Revenue of Hong Kong of
Revenue Tower, 5 Gloucester Road, Wanchai, Hong Kong.


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


KAWASAN INDUSTRI: Creditors Own Stake After Debt-to-Equity Swap
---------------------------------------------------------------
The creditors of PT Kawasan Industri Jababeka will hold a 73.74
percent stake in the company after it implements a debt-to-
equity swap, the AFX-Asia reported Thursday.

The out-of-court debt restructuring agreement, which was
approved by 34 creditors, states that US$211.792 million debt
would be converted into equity and retain the remaining
US$33.771 million. It would also convert US$29.916 million debt
into equity owed to five other creditors who did not take part
in the out-of-court settlement. The remaining US$33.771 million
debt will be restructured by converting it into rupiah-
denominated debt based on the exchange rate of Rp8,590 per US
dollar.

The rupiah-denominated debt will then be rescheduled for six
years with a 12-month grace period. The restructured debt will
carry an interest rate of 18.5 percent per annum.

For the debt-to-equity conversion, it said it will issue 13.326
billion shares without preemptive rights to the creditors.

The out-of-court debt restructuring agreement proposed after one
of the creditors, Good Precise Finance Ltd, filed a bankruptcy
petition against the Company in June for its failure to service
its obligation under a debt restructuring agreement approved on
Sept 5, 2001.

The industrial estate developer will hold an EGM on September
20.


SALIM GROUP: IBRA to Sell Indosiar's Remaining Stake
----------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) plans to sell
its remaining 8.26 percent holding in PT Indosiar Visual
Mandiri, a Salim Group subsidiary that was pledged to IBRA in
compensation for its Rp53 trillion (US$6 billion) debt to the
government.

Asia In Focus reports that IBRA already sold a 49 percent stake
in the company to TDM Asset Management.

Indosiar earned Rp337 billion in advertisement earnings in 2001,
or 27 percent of the country's total revenue from television
advertisements.


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


IJIRI KOGYO: Applies for Civil Rehabilitation Proceedings
---------------------------------------------------------
Ijiri Kogyo KK has applied for civil rehabilitation proceedings
on Wednesday under the Civil Rehabilitation Law, according to
Tokyo Shoko Research.

The Company has total liabilities of 10.2 billion yen.

The highway and street construction firm, which has 70
employees, is located at Kofu-si, Yamanashi Japan.


NIPPON TELEGRAPH: Formal Notice for Specialist Securities
---------------------------------------------------------
Nippon Telegraph and Telephone Corporation (NTT) on Tuesday
posted a formal notice for specialist securities:

Application has been made to the UK Listing Authority for the
following securities to be admitted to the Official List.

Details of the Issue: U.S.$10,000,000,000 Euro Medium Term Note
Programme Update

ISSUER:  Nippon Telegraph and
         Telephone Corporation and NTT Finance Japan Co., Ltd.

Incorporated in:                   Japan
Guarantor:                         NTT
Incorporated in:                   Japan

Particulars relating to the issue may be obtained during usual
business hours for fourteen days from the date of this formal
notice from:

NTT                          The Bank of Tokyo-Mitsubishi, Ltd
3-1, Otemachi 2-Chone        London Branch
Chiyoda-ku                   Finsbury Circus house
Tokyo 100-8116               12-15 Finsbury Circus
                             London EC2M 7BT

In addition, a copy of the Particulars is available for
inspection at the Document Viewing Facility at the Financial
Services Authority, 25 The North Colonnade, London E14 5HS.


NTT DOCOMO: Enables I-mode(R) Users to Block Spam Mail
------------------------------------------------------
NTT DoCoMo, Inc. and its eight regional subsidiaries announced
Tuesday a new feature that will enable i-mode(R) users to block
spam mail (unsolicited e-mail advertisements) as the result of
anti-spam legislation that took effect on July 1, 2002.

The new law requires that the subject line of spam mails begin
with the Japanese phrase mishodaku kokoku (unsolicited
advertisement) and a special mark. As a convenience to its
customers, DoCoMo will begin automatically blocking all such e-
mails starting October 1, 2002. If users wish to receive such e-
mails, however, they can simply go to iMenu, the official i-mode
portal site, and change the setting free of charge beginning
September 24.

DoCoMo also announced Tuesday that from September 24 it will
begin enabling PDC-based i-mode users to block, or exclusively
receive, e-mail from up to 20 (currently 10) user-specified
addresses or domains.

New anti-spam measures will also be introduced for FOMA(R) i-
mode users. Beginning September 10, 2002, these users will be
able to specify up to 20 (currently 10) e-mail addresses, as
well as newly specify up to 20 domains.

DoCoMo will continue to innovate new anti-spam measures for the
enhanced convenience and utility of Japan's mobile Internet
environment.

i-mode and FOMA are trademarks or registered trademarks of NTT
DoCoMo, Inc. in Japan and other countries.


SPORTS SHINKO: Goldman May Acquire Golf Course
----------------------------------------------
Goldman Sachs Group may acquire the assets of failed Sports
Shinko Ltd., Bloomberg reported Thursday, citing Sports Shinko
Operations Director Michihiro Chikubu.

The report did not mention how much Goldman might pay for the
golf courses and hotels.

Goldman, which serves as the Company's financial adviser and
sent 10 employees from Nitto Kogyo Co., a golf course operator
it bought last December, to help reorganize Sports Shinko's
business.

Sports Shinko, which has about 70,000 members, filed for
bankruptcy in February with 210.9 billion yen ($1.8 billion) in
liabilities, according to Tokyo Shoko Research Ltd.

Nitto Kogyo's courses have more than 71,000 members. The
Japanese Company had sought protection from creditors for the
second time in five years.

Troon Golf Japan LLC will be named to manage Sports Shinko's
golf courses, Chikubu said. Troon manages Phoenix Seagaia, a 99-
hole resort bought by New York-based Ripplewood last May.

Sports Shinko trustee Matsuo Tahara, an attorney at Osaka- based
Habataji Law Office, will meet with creditors in September to
seek agreement on a debt proposal.


1. Outline of Sports Shinko

(1) Head Office: 4-2, Banzaicho, Kita-ku, Osaka, Japan.
(2) Representative: Toshio Kinoshita.
(3) Capital: 90 million yen.
(4) Business: Construction and operation of golf courses.

2. Event and dates

Application on the 28th of January 2002 by the Resolution and
Collection Corporation to the Osaka District Court for
commencement of corporate rehabilitation procedures in regard to
Sports Shinko.

3. Outstanding credit balances to Sports Shinko as of February
2002

The Bank of Tokyo-Mitsubishi, Ltd. : 2,859 million yen.
The Mitsubishi Trust and Banking Corporation: 5,988 million yen.


TAISEI FIRE: R&I Cancels L-T CCC Rating
---------------------------------------
Rating and Investment Information, Inc. (R&I) has canceled the
following ratings of Taisei Fire & Marine Insurance Co., Ltd. as
follows:

CANCELED RATING: (CCC)
Domestic Commercial Paper Program
CANCELED RATING: (c)

RATIONALE:

Rating and Investment Agency (R&I) adjusted the ratings for The
Taisei Fire & Marine Insurance Co., Ltd. to (CCC) and (c) on
November 22, 2001. The Tokyo District Court approved the
Company's reconstruction plans on August 31 and has set the
recovery rate for its outstanding obligations.

The medium-ranking non-life insurer has been seeking legal
bankruptcy protection.

This is the first instance in Japan of the bankruptcy of a non-
life insurer and R&I has maintained the ratings on the Rating
Monitor scheme so far while confirming matters such as the
recovery rate for the Company's obligations and insurance
policies. Under the plan approved by the Tokyo District Court,
the recovery rate for both general obligations and insurance
policies will be 77.03 percent, so it is now possible to confirm
and cancel the ratings.

Taisei will now be split into two units, a reconstruction
Company and a reinsurance Company, with the former merging on
December 1 with Sompo Japan Insurance Inc.


* Moody's Warns of Catastrophe From Financial Reforms
-----------------------------------------------------
Moody's Investors Service Inc. has called for the stability in
Japan's banking system, warning that market reforms in the
financial sector without stabilization could prove
`catastrophic.'

The agency said banks look increasingly likely to need public
funds, and that imposing `real market discipline' on the
currently fragile banking system could be harmful.

The risks of depositor confidence being shaken with the
government's plan to remove blanket guarantees on demand
deposits including current and savings accounts in April 2003.

"The system is not in a condition that could withstand the
potential fallout from a dramatic shift in depositor sentiment,"
the agency said.

"The worst imaginable scenario would be one where the safety net
mechanism is removed without resolving banking problems and
allowing 'market discipline' to produce a major banking crisis
and exacerbating deflation," Moody's said.

"This would be devastating to both the financial system and the
real economy. The shock to the country would be tremendous and
the resulting 'cost,' both tangible and intangible, will likely
to take much time to surmount."

"The least-damaging course of action is likely to be the
resolution of the gross under-capitalization in the banking
system with no loss to creditors," the agency said, noting that
this, as in the worst scenario, would entail an additional cost
to taxpayers.

"By not undermining the confidence-sensitive network and at the
same time alleviating the under-capitalization, market
perception toward Japanese banks would improve," it said.

The recent plans for a guarantee of non-interest bearing savings
deposits and for a new capitalization scheme for consolidating
regional banks reflect the government's recognition of the
banking system's inherent fragility.

"Moody's ratings for the Japanese banks heavily incorporate the
expectation of institutional support, and the government's
ability to ensure the stability of the system," the agency said.

"The still relatively high bank credit ratings reflect the
belief that the safety net provided to particularly the major
Japanese banks will remain in place for the foreseeable future."


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


ASIANA AIRLINES: Creditors to Lend W90B to Unit Buyer
-----------------------------------------------------
Creditor banks of Asiana Airlines may supply a 90 billion won
loan to Russel Asian Infrastructure Fund (RAIF), which is in
talks to acquire a 50.6 percent stake in the airline's unit
Asiana Airport Services Inc., Dow Jones reports.

Both parties will sign a final contract by the end of this month
for about 140 to 150 billion won.

Korea Exchange Bank and Hana Bank will lead manage financing of
the 90 billion won loan.

According to TCR-AP, at the end of 2000, Asiana Airlines had
negative working capital, as current liabilities were W1.47
trillion while total current assets were only W558.91 billion.


DAEWOO MOTOR: Posts Losses From Production Suspension
-----------------------------------------------------
Daewoo Motor has incurred huge losses due to the suspension of
its operation, as parts suppliers refused to supply new parts
since last month, Asia Pulse reports.

The resulting disparity of production cost Daewoo about 100.5
billion won (US$781.8 million).

The association of parts suppliers decided to resume their
supply on Wednesday, but normal operation of the carmaker is
unlikely this week since it will take time to prepare for the
actual operation.


DAEWOO MOTOR: Subcontractors Will Resume Supplying Parts
--------------------------------------------------------
Daewoo Motor Company's subcontractors and parts suppliers will
resume supplying parts to the carmaker on Wednesday, AFX Asia
reports, citing an unnamed Daewoo Motor official.

Subcontractors have suspended the supply of parts to Daewoo
since August 28 because of a dispute over the repayments of debt
owed by Daewoo, forcing a shutdown of all its plants since then.

The official said the resumption of parts supply is conditional
upon Korea Delphi, Daewoo's largest component supplier, resuming
supply first.

Meanwhile, the Yonhap news agency quoted a Korea Delphi official
as saying that the Company cannot resume the supply of parts to
Daewoo Motor until its demand for the repayment of 214.2 billion
won in debt owed by Daewoo Motor is met.

Officials from Korea Delphi and the association of parts
suppliers were not immediately available for comment.


HYUNDAI MERCHANT: Picks No Jung-ik to Fill CEO Post
---------------------------------------------------
Hyundai Merchant Marine has decided to appoint No Jung-ik as its
new Chief Executive Officer (CEO), replacing Chang Chul-soon,
who has been promoted to the position of Vice Chairman, Reuters
said Wednesday.

The Company will hold a special general shareholders' meeting on
September 24 to confirm the appointment.

No was a top executive at Hyundai Asan since March 2000.

No began his career at Hyundai group when he began working for
Hyundai Engineering and Construction in 1977, and concentrated
on the group's finance, accounting and planning operations. The
new CEO is a certified public accountant in Korea and in the
United States.

According to TCR-AP, as of March 31, 2002, Hyundai Merchant has
current assets of  $1.2 billion against current liabilities of
$2.3 billion.


KOREA ELECTRIC: Receiving Bids for Powercomm
--------------------------------------------
Dacom Corp, Hanaro Telecom, and Onse Telecom have submitted
offers to acquire Powercomm Co, a cable network subsidiary of
Korea Electric Power Corp (KEPCO), AFX Asia reported Wednesday.

KEPCO is planning to select a preferred negotiator by Friday.

Carlyle Group has not submitted a bid yet, while Dacom formed a
consortium with Korea Thrunet to bid for Powercomm.

DebtTraders reports that Korea Electric Power Corp.'s 8.250
percent bond duein 2005 (KORE05KRN1) trades between 112.377 and
112.810. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=KORE05KRN1


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


ANGKASA MARKETING: Awaits SC's Reply on Proposed GWRS Appeal
------------------------------------------------------------
The Directors of Angkasa Marketing Berhad, in accordance with
paragraph 8.14 of the Listing Requirements and paragraph 4.1(b)
of PN4, announced that as of 2 September 2002:

   1. the proposed group wide restructuring scheme announced on
5 July 2000, 8 October 2001, 26 March 2002 and 12 July 2002
(Proposed GWRS) is still in progress;

   2. RHB Sakura Merchant Bankers Berhad, the Financial Adviser
to the Company for the Proposed GWRS, had on 9 August 2002
submitted a joint appeal to the Securities Commission (SC) on
behalf of the Company, Amsteel Corporation Berhad, Lion
Corporation Berhad and Lion Land Berhad on certain of the
conditions imposed by SC in its letter of approval to the
Company for the Proposed GWRS (Appeal). An announcement would be
made upon the receipt of the SC's reply to the Appeal; and

   3. the Company has by a notice dated 19 August 2002 informed
the scheme creditors of the Company that the scheme meetings of
the Company whose debts are addressed under the Proposed GWRS,
will be held on 16 September 2002 at the Novotel Century Hotel,
17-21 Jalan Bukit Bintang, 55100 Kuala Lumpur.


CHASE PERDANA: Updates Defaulted Principal, Interest Payments
-------------------------------------------------------------
Chase Perdana Berhad updated on the status of its default in the
repayment of both the principal and interest of all credit
facilities granted by Financial Institutions, as detailed in the
table at http://www.bankrupt.com/misc/TCRAP_Chase0906.xls.

In relation to an update on the progress of the Company's
Proposed Debt Restructuring Scheme, Southern Investment Bank
Berhad announced that the Company is awaiting the approval of
the Securities Commission on the debt restructuring exercise.
There has been no further progress on this matter.


GENERAL SOIL: Unit's Winding Up Hearing Set for May 2003
--------------------------------------------------------
General Soil Engineering Holdings Berhad, in reply to Query
Letter by KLSE reference ID: KM-020902-54258, informed that its
wholly owned subsidiary, General Soil Engineering Sdn Bhd
(GSESB) has been served a Winding Up Petition under Section 218
of the Companies Act, 1965 by Jasatera Berhad on 2 September
2002.

In reference to the KLSE's fax which was received at 3 September
2002, the Company needed time to gather and compile the
information required though tried its very best to comply with
KLSE most stringent deadline. As requested, the Company
responded the query in the order set out therein:

   1. The petitioner is Jasatera Berhad.

   2. The petition was served on 2 September 2002.

   3. The amount claimed is RM 603,074.00, which is the sum due
and payable pursuant to a Settlement Agreement dated 13 February
2001 between the parties. No interest is chargeable.

   4. The total cost of investment as at 30 June 2002 is
approximately RM 14.3 million.

   5. As per item (3) above.

   6. GSESB is the principal operating subsidiary of the Company
and the core business, which supported the listing of the
Company. All the requisite licenses and permits for engineering
construction services are held by GSESB.

The said petition is expected to severely curtail the
business prospects of GSESB and may also result in creditors
demanding immediate cash settlement. Furthermore, debtors may be
encouraged to delay cash payments to GSESB. Overall, the
operational impact is expected to be extremely severe such that
a revival of its business prospects may be extremely difficult.

Similarly, the financial impact is also expected to be
extremely adverse. Although provision for diminution in value of
investment has already been made on grounds of prudence, a
successful petition would likely lead to a total collapse of the
Company.

   7. The immediate financial loss would be the said value of
investment of RM 14.3 million. As a direct consequence, the
assets of GSESB may be realized at depressed values in a winding
up scenario. Therefore, the financial losses may be very
substantial. However, such further losses are not quantifiable
with reasonable certainty.

   8. The Company intends to negotiate for a deferred settlement
on the grounds that the underlying business of GSESB will become
viable if sufficient time is allowed for the revival and
resuscitation of the business given the established goodwill of
the Group in the sector.

   9. The hearing date is 14 May 2003.


HIAP AIK: Clarifies Variance Between Audited, Unaudited Results
---------------------------------------------------------------
Hiap Aik Construction Berhad (Special Administrators Appointed),
in reply to Query Letter by KLSE reference ID: KH-020829-42343,
clarified that the variance in Group's loss after taxation and
minority interests as reported between audited and unaudited
results for the year ended 31 December 2001 are mainly due to:

1. An additional doubtful debts of RM24,086,000 for the Group
which were not anticipated after the announcement and
foreseeable losses of RM1,804,000 and reversal of attributable
profit of RM563,000 for project which were affected by external
factors beyond the management's control for example: -
escalating costs of construction. There was an under recognition
in other income received of RM3,541,000.

2. A project by a subsidiary was terminated by the client on May
2002. On reassessment, the attributable profit recognized prior
to termination of contract and the costs incurred to date of
RM13,087,000 were fully charged to the current financial year.

3. An allowance for foreseeable losses totaling RM3,866,000 for
a subsidiary was necessary in view of the uncertainty on land
owner to continue the joint venture development due to the
financial difficulty of HACB.


KUANTAN FLOUR: 18th AGM to be Held on September 26
-------------------------------------------------
The Board of Directors of Kuantan Flour Mills Berhad (KFM)
Informed that the Eighteenth Annual General Meeting of KFM will
be held:

Date  : 26 September 2002
Time  : 10.30 a.m.
Venue : Cempaka Room, Hotel Equatorial, Jalan Sultan
    Ismail, 50250 Kuala Lumpur

A full copy of the Notice of the Eighteenth Annual General
Meeting of KFM is attached at
http://www.bankrupt.com/misc/TCRAP_KFM0906.docfor your
attention.


MALAYSIAN GENERAL: Proposes Scheme to Relevant Authorities
----------------------------------------------------------
AmMerchant Bank Berhad {formerly known as Arab-Malaysian
Merchant Bank Berhad} (AmMerchant Bank), on behalf of Malaysian
General Investment Corporation Berhad, announced that the
Company had on 30 August 2002 submitted the application on the
Proposed Restructuring Scheme to the relevant authorities,
namely the Securities Commission, Foreign Investment Committee
and Ministry of International Trade and Industry.

On 16 July 2001, AmMerchant Bank announced the details of a new
restructuring scheme which involved, amongst others, a proposed
share exchange, proposed debt restructuring with the creditors
of MGIC and two (2) of its subsidiaries, MGIC Construction Sdn
Bhd and Magic Hill Resort Sdn Bhd, and proposed acquisition of
several income-generating assets (Proposed Restructuring
Scheme).


LAND & GENERAL: Reaches Settlement With Scheme Creditors
--------------------------------------------------------
Commerce International Merchant Bankers Berhad announced on
behalf of the Board of Directors of Land & General Berhad
that as at 5:00 p.m. on 30 August 2002, being the cut-off date
wherein Eligible Scheme Creditors elect to participate in the
BAB Swap, total debts amounting to RM642.143 million were
offered by Eligible Scheme Creditors to be settled pursuant to
the BAB Swap.

This represents an excess of RM434.704 million or 210% over the
value of the 29,634,164 ordinary shares of RM1.00 each in BAB
(BAB Shares) at RM7.00 per BAB Share offered to Eligible Scheme
Creditors pursuant to the BAB Swap.

Notwithstanding the above, the allocation of BAB Shares will be
made to the Eligible Scheme Creditors on a pro-rata basis, based
on the amount of Eligible Scheme Creditors' debts offered for
settlement.


MECHMAR CORPORATION: Reduces Outstanding Loan Principal
-------------------------------------------------------
MechMar Corporation (Malaysia) Berhad has during the month of
August paid RM4 million towards repayment of outstanding
principal due to a syndicated term loan managed by Utama
Merchant Bank Berhad thereby reducing the term loan to RM27
million.

There is no change in arrangement with the rest of the
outstanding loans. Repayment is as per agreed schedules, which
is attached at
http://www.bankrupt.com/misc/TCRAP_Mechmar0906.xlsfor
reference.


MBF CAPITAL: Units' Restraining Order Expiration Extended
---------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of MBf Capital Berhad, in relation to the Court
sanction and restraining order for MBf Leasing Sdn Bhd (MBf
Leasing) and MBf Factors Sdn Bhd (MBf Factors), the two (2)
wholly owned subsidiaries of MBf Capital, announced that on 30
August 2002:

   (i) the High Court of Malaya in Kuala Lumpur (Court) has
adjourned the application by MBf Leasing and MBf Factors for a
court sanction and vesting order on the proposed scheme of
compromise of MBf Leasing and MBf Factors, to 26 September 2002
for hearing; and

   (ii) pursuant to the expiration of the restraining order of
MBf Leasing and MBf Factors on 22 August 2002, the Court has
extended the restraining order until the date of the decision on
the said petition.


MYCOM BERHAD: Scheme Implementation Period Ends March 2003
----------------------------------------------------------
On behalf of Mycom Berhad, Alliance Merchant Bank Berhad had on
29 August 2002, made an application to the Securities Commission
(SC) for an extension of time from 8 September 2002 to 7
September 2003 to implement the Proposed Restructuring Scheme.

The Board of Mycom now announced that the SC has advised AMB
that the implementation period for proposals, which involves
court proceedings, is twelve (12) months from the date of
approval of the proposals by the SC.

In this regard, the implementation period for the Scheme would
be from 8 March 2002 to 7 March 2003 and not from 8 March 2002
to 7 September 2002 as announced on 29 August 2002. Henceforth,
the application made to the SC as announced had been withdrawn
by AMB accordingly.


PARIT PERAK: Danaharta Appoints Special Administrators
------------------------------------------------------
Pengurusan Danaharta Nasional Berhad (Danaharta) has appointed
Special Administrators (SA) for Parit Perak Holdings Berhad
(PPHB) on 29 August 2002 under Section 24 of the Pengurusan
Danaharta Nasional Berhad Act, 1998 (the Act).

The SA has taken control and possession of PPHB's assets and
records. Subject to the outcome of an assessment of PPHB's
financial position, the SA shall as soon as reasonably
practicable from the date of his appointment prepare and submit
to Danaharta a proposal setting forth the Special
Administrator's plan with respect to the affected person.

In the meantime, the business operation is expected to continue
to operate as usual under the supervision of the SA. In
addition, there is expected to be no impact on the net tangible
assets and earnings per share of the Group nor will there be any
expected material or significant loss arising from the
appointment of the SA.


PLANTATION & DEVELOPMENT: Submits Proposed Restructuring Scheme
---------------------------------------------------------------
on behalf of Plantation & Development (Malaysia) Berhad,
AmMerchant Bank (formerly known as Arab-Malaysian Merchant Bank
Berhad) announced that the Company had, on 30 August 2002,
submitted its plan to regularize its financial condition
(Proposed Restructuring Scheme) to the Securities Commission,
the Foreign Investment Committee and the Ministry Of
International Trade And Industry for their approvals.

In addition, pursuant to subsequent review and confirmation by a
creditor of Redztikah Sdn Bhd, a subsidiary of P&D, the total
debts to be restructured via the Proposed Restructuring Scheme
amount to RM256,723,926 and not RM255,933,783 as previously
announced on 8 August 2002. As such, the nominal amount of
Redeemable Convertible Secured Loan Stocks (RCSLS) to be issued
to the creditors will be RM94,200,000 as opposed to the initial
amount of RM93,527,668. The nominal amount of Irredeemable
Convertible Unsecured Loan Stocks (ICULS) to be issued to the
creditors remains unchanged. The effects of this revision to the
scheme amount are immaterial. The submissions of the Proposed
Restructuring Scheme to the abovementioned authorities have
incorporated this revision.

P&D also announced that at the Court Convened Meetings Of
Creditors held on 2 September 2002, the Company, Redztikah and
the creditors, have agreed to adjourn the meetings to 19
September 2002.

Save for those disclosed above, there are no material
developments or changes to the Company's Proposed Restructuring
Scheme.


REKAPACIFIC BERHAD: Judicial Review Proceedings Pending
-------------------------------------------------------
The Board of Directors of RekaPacific Berhad made the following
announcement in relation to the status of the Restructuring
Proposal (the Nineteenth Monthly Status Announcement):

1. There has been no change in the status of the Company's
Restructuring Proposal as the Company's substantive application
for judicial review against the Securities Commission (SC) and
the Kuala Lumpur Stock Exchange (KLSE) in the matter of the de-
listing of the Company from the Official List is pending before
the High Court of Malaya at Kuala Lumpur.

2. On 30 August 2002, the Company wrote to inform the SC and
KLSE that, inter alia, the Company could not release a Requisite
Announcement before the final deadline of 31 August 2002 as
substantive judicial review proceedings are pending.


SENG HUP: Danaharta Gives One-year Moratorium Period Extension
--------------------------------------------------------------
The Special Administrators of Hup Corporation Berhad, namely Tan
Kim Leong, JP and Siew Kah Toong announced that the moratorium
period for the Special Administration of the Company has been
extended by Pengurusan Danaharta Nasional Berhad for a further
period of twelve (12) months from 9 September 2002 to 8
September 2003 to enable the completion and implementation of
the workout proposal in accordance with Section 46 of the
Pengurusan Danaharta Nasional Berhad Act 1998.


SENG HUP: Enters Acquisition Agreement With KEB
-----------------------------------------------
Seng Hup Corporation Berhad (Special Administrators Appointed)
has carried out an assessment and evaluation on the offers
submitted by interested parties pursuant to the tender exercise.
After assessing and evaluating the offers submitted to the
Special Administrators (SA), the SA and Pengurusan Danaharta
Nasional Berhad (Danaharta) has accepted the proposal submitted
by Kumpulan Emas Berhad (KEB).

Accordingly, Alliance Merchant Bank Berhad, has on behalf of
SHCB, announced that SHCB has on 27 August 2002, entered into a
Principal Agreement (PA) with KEB, for the acquisition of the
entire issued and paid up share capital of Salcon Engineering
Bhd (SEB), a subsidiary of KEB, from KEB and the other
shareholders of SEB by a new company to be incorporated (NewCo),
to regulate and record basic understanding of the key areas of
agreement pending finalization and approval of the Proposed
Workout of SHCB.


SISTEM TELEVISYEN: Corporate Proposals Approvals Pending
--------------------------------------------------------
On behalf of the Board of Directors of Sistem Televisyen
Malaysia Berhad (TV3), AmMerchant Bank Berhad (formerly known as
Arab-Malaysian Merchant Bank Berhad) announced the status of
TV3's plan to regularize its financial position as follows:

On 30 August 2002, the KLSE has approved the application to
exempt the Employees' Provident Fund Board (EPF) from having to
abstain from voting at the shareholders' court convened meetings
and extraordinary general meetings of both Malaysian Resources
Corporation Berhad (MRCB) and TV3 to consider the Proposed
Corporate Restructuring Scheme (Corporate Proposals) of MRCB and
TV3.

The approvals from the relevant authorities in relation to the
Corporate Proposals (including the revisions announced on 16
August 2002) remain pending.


WOO HING: Obtains Creditors Nod on Workout Proposal
---------------------------------------------------
The Special Administrators of Woo Hing Brothers (Malaya) Berhad,
further to the execution of the agreements with the various
parties for the transfer of the listing status and disposal of
the watch business and certain properties of the Company
(Proposals), prepared and submitted their Workout Proposal dated
8 August 2002 to Pengurusan Danaharta Nasional Berhad
(Danaharta). Danaharta and the secured creditors approved the
Workout Proposal pursuant to Section 45 and 46 of the Pengurusan
Danaharta Nasional Berhad Act 1998 on 23 August 2002 and 28
August 2002 respectively.

Commerce International Merchant Bankers Bhd (CIMB) has been
appointed as the merchant bank to submit the applications to the
relevant authorities for the implementation of the Proposals.
CIMB will be making the Requisite Announcement to the Exchange
shortly.


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


ABS-CBN: Bourse Probes Broadcasting Firm on Loan News
-----------------------------------------------------
The Philippine Stock Exchange (PSE) will investigate ABS-CBN
Broadcasting Corp. for allegedly providing misleading
information regarding its loan obligations, Dow Jones and
Business World reported Thursday.

If found guilty of misconstruing the facts or misleading the
public, it may be fined 50,000 pesos or more.

In a disclosure to the PSE on Tuesday, ABS-CBN said it has
closed a deal to exchange 3 billion peso worth of short-term
debts with five-year notes exchangeable to bonds.

ABS-CBN failed to mention, however, that two of its creditor
banks namely Standard Chartered Bank and BNP Paribas S.A. had
already declared the Company in default a few days earlier. Both
banks refused to participate in the exchangeable notes deal.

The Company's outstanding principal obligations with the two
banks amount to 100 million pesos and $3.6 million pesos,
respectively.

This drew the fury of the banks, prompting them to announce the
matter to the stock exchange Tuesday evening.

TCR-AP reported that ABS-CBN is the fifth Company among the
Benpres Holdings Corp. group facing debt-payment problems.
Benpres, which is the parent of ABS-CBN, is seeking to
reorganize $202 million of debt due this year.


ABS-CBN: Clarifies Report on Loan Default With 2 Banks
------------------------------------------------------
ABS-CBN Broadcasting Corporation, in response to the Philippine
Stock Exchange (PSE) letter dated September 4, 2002, concerning
the claims of their two creditor banks, BNP Paribas (BNP) and
Standard Chartered Bank (SCB), in their letter to the Exchange
dated September 3, 2002, the Company clarified the following
matters:

1. Timing of disclosure

On August 30, 2002, Friday at approximately 5:40 in the evening,
ABS-CBN message center at ELJ Communications Center received two
separate letters from BNP and SCB. In their letters, both banks
advised ABS-CBN that due to the Company's failure to pay on
their demand letters dated August 27, 2002, they are calling
ABS-CBN in default of their obligations per the Company's
respective Loan Agreements with them.

Consequently, the addressee officially received the letters only
on the morning of Monday, September 2, 2002. ABS-CBN management
upon receipt of the letters then took prompt action immediately
in substantial compliance with the rules of the PSE.

2. Use of the word default

Although the word default was not explicitly used in the
statement, in essence and in content, ABS-CBN's disclosure
sufficiently conveyed the facts constituting default. There was
no intent to mislead and the Company regrets if their disclosure
was misconstrued as such.

Rest assured that the Company would like to maintain an open and
honest relationship with the Exchange and that future
disclosures will be handled appropriately.

For a copy of BNP Paribas and Standard Chartered Bank's letter
to the Exchange and ABS' reply to the Exchange's query on the
said matter, visit
http://bankrupt.com/misc/TCRAP_ABSCBN0804p2.pdf

According to Wright Investors Service, at the end of 2001, ABS-
CBN Broadcasting had negative working capital, as current
liabilities were 7.11 billion Philippine Pesos while total
current assets were only 6.33 billion Philippine Pesos.


ALL ASIA: Available For Bidding Soon
------------------------------------
Within the next two weeks, All Asia Bank Corporation will be up
for bidding, Sun Star Davao Newspaper reported Tuesday.

All Asia Bank was taken over by Philippine Deposit Insurance
Corporation (PDIC) last August 3 because of insufficient
realizable assets.

The bank has total obligations of 712.84 million pesos.

According to the bank's branch head Oscar Lisao, the management
is now in talks with two investors, one of which is a foreign
firm, which has committed to infuse some 250 million pesos of
capital.

"What we want from the management is that they should accept the
investors so we can reopen the bank soon," Lisao said.

PDIC is given 30 days to complete its initial report.

The deposit insurer has until September 5 to finalize its
initial receivership report on the closed bank.

So far, about 80 percent of those who filed claims have been
paid through Land Bank of the Philippines.


DMCI HOLDINGS: Delisting of Shares Redeemed as of August 2002
-------------------------------------------------------------
DMCI Holdings, Inc., with reference to the Circular for Brokers
No. 2035-2002 dated August 2, 2002, the Company through SEC Form
17-C dated September 2, 2002, disclosed that:

"Of the total preferred shares issued, below is the remaining
balance after taking into account the following:

2,400,000 Total number of preferred shares issued by Company
(596,895) Shares held as of April 5, 2002
(137,830) Shares redeemed for the period of April 9-August 31,
2002

[52,720 April 9-30]
[73,050 May 1-31]
[5,320 June 1-30]
[1,390 July 1-31]
[5,350 August 1-31]

(145,391) Acquired by D.M. Consunji, Inc.
(376,020) Redemption as agreed with the shareholders

[8,830 - redeemed June 2]

[8,830 - redeemed July 2]
[8,830 - redeemed July 19]
[8,830 - redeemed August 15]
[200,000 - redeemed August 19]
[108,700 - redeemed August 22]

1,143,864 = Remaining number of outstanding preferred shares

In view thereof, a total of 5,350 preferred shares redeemed for
the month of August should be delisted from the official
registry of the Exchange effective Thursday, September 5, 2002.

This brings the number of the Company's outstanding preferred
shares to 1,143,864.


NATIONAL POWER: Sets Auction to Cut P390M in Coal Expenses
----------------------------------------------------------
The National Power Corporation (Napocor) will manage an auction
of coal supply deals totaling 260,000 tons to cut costs of 390
million pesos, the Philippine Daily Inquirer reported Wednesday.

The auction would be for two shipments of 65,000 tons each for a
1,200-megawatt plant in the town of Sual in Pangasinan province
and likewise for a 600-megawatt plant in Masinloc town in
Zambales province.

The report said it had a flexibility option in its contracts
with Chinese suppliers Shenhua Ltd. and Shanxi Coal Import and
Export Co. that allowed it to call for an auction for other
suppliers to offer prices lower than in the contracts.

The contracts give Shenhua and Shanxi the option to match the
price of the lowest bidder.

Shenhua supplies coal for the Masinloc plant at 30.20 dollars
per metric ton. Shanxi supplies the Sual plant at 27.90 dollars
a ton.

Napocor owns the Masinloc plant. The Sual and Pagbilao plants
are operated by Mirant Philippines under a build-operate-
transfer contract that says Napocor will procure fuel for the
plants.

Napocor will gain ownership of the Pagbilao plant in 2021 and of
the Sual plant in 2019.


PHILIPPINE LONG: PSE Reviews JG Penalties
-----------------------------------------
Philippine Stock Exchange (PSE) Director and Listing Committee
Co-Chairman Peter Favila said PSE agreed to review the penalties
imposed on JG Summit Holdings Corp over alleged disclosure
violations, but the PSE would not bend its rules, PRNewAsia
reported.

After hearing the JG Summit group's side, Favila said the PSE
management would review the matter and submit a recommendation
to the PSE board in the next two weeks.

The PSE plans to focus on non-monetary rather than monetary
sanctions to improve compliance on disclosure rules.

Favila added the PSE board had no discussions about the
potential delisting of JG Summit.

The PSE had fined JG Summit PhP30,000 pesos for failing to
immediately clarify reports that it was part of the joint
venture deal between its owner John Gokongwei Jr and First
Pacific Co Ltd to take over the Philippine Long Distance
Telephone Co. Coupled with the 1,000 pesos daily fine, that
penalty has now risen to PhP80,000.

The Company also faces potential delisting of its shares if it
does not pay the fine, PSE President Ernest Leung had said.

JG Summit has repeatedly said it was not part of the PLDT
transaction. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No.
176, September 5, 2002)


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


CHARTERED SEMICONDUCTOR: Enters Agreement With IMEC
---------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three silicon foundries, recently announced a joint technology
agreement with IMEC, Europe's leading independent R&D center for
microelectronics, that will result in Chartered offering 0.18-
micron silicon germanium (SiGe) BiCMOS manufacturing
capabilities by the second half of 2003. The addition of SiGe
BiCMOS complements Chartered's mixed-signal and RF CMOS
technology and broadens the offering of total product solutions
to give companies more choices in high performance, low noise
semiconductor technologies for the RF components of system-on-
chip (SOC) applications.

According to a new study from Semico Research, as leading
foundries expand the availability of cost effective processes,
the demand for SiGe integrated circuits is expected to
accelerate rapidly in the coming years, becoming a $2.7 billion
niche market by 20061. The study identifies several key
applications that will drive SiGe demand: cellular systems,
optical networking, hard disk drives, Bluetooth applications,
wireless local area networks, global positioning systems and
digital set top boxes.

"Chartered's approach uses an existing CMOS baseline process as
the starting point and will integrate the SiGe bipolar module to
deliver value-added high performance, and in the process reuse
their fully-qualified RF passive components. We believe this is
significant, because it gives foundry customers more options in
balancing overall system costs and performance requirements.
Also the timing is right, because Chartered's SiGe module is
targeted to be in place as demand hits," said Joanne Itow,
senior analyst at Semico Research.

Industrial Collaboration

Chartered joins IMEC's Industrial Affiliation Program on 0.18śm
BiCMOS process integration that targets the development of
manufacturable, fully integrated BiCMOS technology optimized for
low power, low noise RF applications in the 2 to 5GHz frequency
range. Under the terms of the non-exclusive agreement through
IMEC's Industrial Affiliation Program, IMEC will be licensing
its 0.18-micron silicon germanium-based bipolar module to
Chartered, along with the test chip structures and bipolar
model.

"Today's announcement is an example of industrial collaboration
at its best, and we're pleased to be partnering with such a
world-renowned semiconductor research organization," stated Dr.
Shi-Chung Sun, senior Vice President of technology development
at Chartered. "We conducted an extensive evaluation of SiGe
technologies, and concluded that IMEC's best meets our
requirements. It is also a strong complement to our existing RF
CMOS capabilities for SOC applications."

"This agreement expands the reach of our industrial affiliation
program into the foundry market," said Professor Gilbert
Declerck, President and CEO of IMEC. "We have worked primarily
with integrated device manufacturers on the SiGe project. By
teaming with Chartered, we combine IMEC's expertise in silicon
germanium-based BiCMOS technology, with Chartered's proven
mixed-signal and RF CMOS manufacturing processes. This means our
latest SiGe developments can be offered to more companies,
including the rapidly growing fab-lite and fabless segments."

Chartered's 0.18-micron SiGe BiCMOS Product Offering
Chartered's SiGe BiCMOS roadmap starts at the 0.18-micron node
and utilizes Chartered's 0.18-micron baseline CMOS and RFCMOS
processes, which are already in production.

The peak fmax of the 0.18-micron silicon germanium-based BiCMOS
process can exceed 100GHz. However, it is the low power features
of the bipolar transistors ft of 14GHz with a current density of
25 A/ m2 that are critical to Chartered's target markets. A
suite of passive components including spiral inductor, varactor,
metal-insulator-metal (MIM) capacitor and poly-silicon resistors
is also fully integrated into the process. The optimized bipolar
0.18-micron SiGe BiCMOS process allows designers to integrate RF
front-end and baseband chips for wireless communications or to
provide high-speed data rates for wireline applications.

A preliminary process design kit (PDK) is targeted for release
in the third quarter of 2003. The design kit will be compatible
with Chartered's CMOS library offering of standard cells and
I/O's, enabling designers to integrate as much of the system
solution as they desire. The 0.18-micron silicon germanium-based
BiCMOS module is expected to be available for pilot production
by the end of 2003.

Chartered technologists will discuss the details of the
Company's SiGe strategy during its 2002 Tech Forum series, which
begins on September 4, 2002 in Taiwan and runs through the end
of September visiting locations in Japan, Europe and the U.S.
More information about the Chartered Tech Forums is available at
www.charteredsemi.com/forum.htm.

About IMEC

IMEC was founded in 1984 and today is Europe's largest
independent research center in the field of microelectronics,
nanotechnology, enabling design methods and technologies for ICT
systems. IMEC's activities concentrate on the design technology
for integrated information and communication systems; silicon
process technology; silicon technology and device integration;
nanotechnology, microsystems, components and packaging; solar
cells; and advanced training in microelectronics. IMEC is
headquartered in Leuven, Belgium, and has a staff of more than
1200 people including over 350 industrial residents and guest
researchers. IMEC has a 0.13śm 200mm pilot line and is ISO9001
certified. Its revenue of more than 120Meuro is derived from
agreements and contracts with the Flemish government and
companies, the EC, MEDEA+, the European Space Agency, equipment
and material suppliers, and semiconductor and system-oriented
companies worldwide. News from IMEC is located at www.imec.be.

TCR-AP reported in July that analysts are expecting Chartered
Semiconductor Manufacturing Ltd to post a second quarter loss of
about US$104.5 million, its sixth consecutive quarterly loss.

The report said analysts don't expect loss-making Chartered to
shift to the black until the second half of next year.

Research firm Multex Global Estimates said analysts expect
Chartered to lose another $343 million this year after its net
losses of $219 million in the six months to June 30.

Chartered has $831 million in cash and about $620 million in
credit lines on standby. The group's long-term debt totals $1.1
billion.

DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent convertible bond due in 2006 (CSM06SGN1) trades between
89 and 91. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1


CHARTERED SEMICONDUCTOR: Shares Falls 24% on Tuesday
----------------------------------------------------
The shares of Chipmaker Chartered Semiconductor (CHRT) retreated
nearly 24 percent on September 3 to a new annual low on heavy
volume, according to Schaeffer's Investment Research. The
decline was spurred by news that the Company had lowered its
third-quarter revenue outlook. The equity's put pits were
subsequently quite active, as almost 7,000 contracts traded on
the September 22.50 put, all of which translated into new open
interest.

During the morning, a number of large blocks changed hands
between the bid and the ask prices on the deep-in-the-money
position. Schaeffer's put/call open interest ratio (SOIR) for
CHRT saw a significant jump higher, advancing from 0.79 to 4.85,
an annual peak.

The Option Activity Watch is a report that takes a closer look
at three equities appearing in our most unusual option activity
report from the previous day. The Option Activity Watch is
published on www.SchaeffersResearch.com -- the home of Bernie
Schaeffer and Schaeffer's Investment Research.

DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent convertible bond due in 2006 (CSM06SGN1) trades between
89 and 91. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1


NEPTUNE ORIENT: Expects US$106.6M 1H02 Net Loss
-----------------------------------------------
Neptune Orient Lines sees a net loss of US$106.6 million in the
first half of 2002, due to a decline in freight rates and
container fleet overcapacity in major trades, according Dow
Jones on Thursday, citing analysts.

DBS-Vickers' analyst John Casey forecasts a net loss of US$85
million while GK Goh's analyst Masya Spek forecast US$128.9
million net loss.

TCR-AP reported that 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.

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.


ST ASSEMBLY: Appoints Tae Suk Suh as COO
----------------------------------------
ST Assembly has appointed Taek Suk Suh as the Company's new
Chief Operating Officer, AFX Asia reports.

The Company also appointed Jeff Osmun as Vice President for
Worldwide Sales and Marketing as well as President of US
operations.

The new senior appointments will significantly strengthen the
management leadership in the Company, ST Assembly President and
Chief Executive Officer Tan Lay Koon said.

TCR-AP reported that ST Assembly and Test Services Ltd.'s net
loss for the second quarter narrowed to US$20.253 million from
31.648 million a year earlier.

The Company incurred a net loss of US$26.553 million in the
first quarter to March on sales of US$39.404 million.


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


DATAMAT PUBLIC: Inks Purchase Agreement With OCT
------------------------------------------------
The Board of Directors of Datamat Public Company Limited, by
resolution of Board of Directors' Meeting No. 11/2002 dated 3rd
September 2002, granted management the authority to enter into
an agreement to purchase a controlling equity interest in the
business of Open Computing Technologies Limited. The Company
reported the detail of this transaction, as follows:

1) Transaction Date:  DTM will complete the transaction within
14 days after receiving final approval from the board of
directors meeting no. 11/2002 held on 3rd September 2002.

2) Parties involved:

Purchaser: Datamat Public Company Limited (DATAMAT)
Sellers: Shareholders of  Open Computing Technologies Limited
(OCT)
Relation with listed company: DTM Company Limited and DATAMAT
has common management and directors

3) General characteristics of the transaction:

Transaction: Acquisition of interest in OCT in exchange for debt
repayment of DTM Co., Ltd. To DATAMAT.
Type: Transaction No.3 ,Acquisition of Common Shares of OCT
totaling 258,996 shares (at 35 baht/share) equal to Bt9,064,860.
Number of shares: 258,996 shares
Total value:  Bt9,064,860 at a price of Bt35 /share of OCT
Size of Transaction: Below 15% of  (Total Value of Consideration
Method)
Method of Valuation: Value of consideration compared to total
assets of Datamet as of 30th June 2002.
Remark: The connected transaction is below 3% of the total
assets as of 30th June 2002. The said transaction is not subject
to the approval of the shareholders but the company must report
and disclose to the Stock Exchange of Thailand.

4) Detail of purchased assets: 258,996 common shares of Open
Computing Technologies Limited par value of Bt100 each (these
amount of shares are partially paid up at Bt50 per share) with a
total registered capital of Bt40,000,000 (400,000 shares at a
par value of Bt100) and paid up capital of Bt17,974,900.

Type of Business: Distributor of Sun Microsystems products and
services

Purchase price per share: Bt35
Percentage of holding before purchase: 15%
Percentage of holding after purchase:  79.75%
Board of Directors: as of 15th August 2002

         1. Mr. Manoo Ordeedolchest
         2. Mr. Narong Suphapipat
         3. Mrs. Hansa Tantranont
         4. Mr. Anuwat Wananuvejapong
         5. Mr. Beggi Peter Ton

Major Shareholders: as of 15th August 2002

                    Name                    No. of shares    %
             1. DTM Co. Ltd.                     258,996   64.75
             2. Mr. Ronnachai Siwadapisit         80,000   20.00
             3. Datamat Plc.                      60,000   15.00
             4. Others                             1,004    0.25

5) Value of consideration

DATAMAT will receive OCT shares from DTM Co., Ltd. in exchange
for debt repayment of Bt9,064,860.

6) Value of asset purchased: Bt9,064,860

7) Method of Valuation:  None

8) Benefits generated of the said transaction:

OCT's relationship with Sun Microsystems will add significant
access to one of the world's largest IT providers, broadening
the DATAMAT Group's overall product line. OCT's expertise in
hardware maintenance will supplement the DATAMAT Group's skill.

9) Source of fund     :  None


KIATNAKIN FINANCE: TRIS Assigns New Issue Rating
------------------------------------------------
TRIS Rating Co., Ltd. has on Wednesday affirmed the company
rating of Kiatnakin Finance PLC (KK) and the ratings of KK's
senior debentures at "BBB+". At the same time, TRIS Rating has
assigned to KK's proposed Bt1,000 million senior debentures a
rating of "BBB+". The proceeds from these proposed debentures
will be used to fund its business expansion and improve matching
of its assets and liabilities. Low cost funding will support
KK's ability to effectively manage its net interest spread. The
ratings still reflect KK's ability to maintain an acceptable
financial position.

TRIS Rating reported that the revenues from investments in
special assets that KK purchased via loan auctions of the
Financial Sector Restructuring Authority (FRA) are showing
improvement from Bt565 million in 2001 to Bt302 million for the
first-half of 2002. Revenues from hire purchase loans,
especially KK's used car loan portfolio, grew 24% from Bt235
million for the first half of 2001 to Bt367 million for the
first half of 2002. KK's net profit for the first half of 2002
was Bt751 million.


SIAM SYNTECH: Changes Auditor, Choosing KPMG
--------------------------------------------
Siam Syntech Planner Company Limited, as Plan Administrator of
Siam Syntech Construction Public Company Limited, pursuant to
the section 90/59 of the Bankruptcy Act B.E. 2483 (A.D.1940) and
amended Bankruptcy Act B.E. 2542 (A.D. 1999) Reorganization Law,
informed that it changed its auditor from K. Narong Puntawong
(Certified Public Accountant No.3315) of Ernst & Young Office
Limited to K. Narong Laktan or K. Nirun Leelamethawat (Certified
Public Accountant No.4700 and 2316) of KPMG Audit (Thailand)
Limited to auditing Financial Statement for the year ended as at
30 June 2002.


THAI MELON: Files Reorganization Petition in Bankruptcy Court
-------------------------------------------------------------
Polyester manufacturer Thai Melon Polyester Public Company
Limited (DEBTOR) filed its Petition for Business Reorganization
to the Central Bankruptcy Court:

   Black Case Number 243/2544

   Red Case Number -/2544

Petitioner: TANACHAD COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt14,134,254,000

Date of Court Acceptance of the Petition: April 2, 2001

Date of Examining the Petition: April 30, 2001 at 9.00 AM

Court had postponed the Examining date to June 1, 2001
Court issued the Order cancelled the Petition for Business
Reorganisation on June 8, 2001

Contact: Tel, 6792525


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 ***