/raid1/www/Hosts/bankrupt/TCRAP_Public/020910.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

          Tuesday, September 10, 2002, Vol. 5, No. 179

                         Headlines

A U S T R A L I A

GOODMAN FIELDER: ABN AMRO Keeps Hold on Food Company
GOODMAN FIELDER: SSB Cuts Profit Forecasts
GOODMAN FIELDER: UBS Warburg Keeps Rating on 'Buy'
ONE.TEL LTD: PBL Chief Challenges Liquidator Inquiry


C H I N A   &   H O N G  K O N G

CHINESE ESTATES: Buying Back 212 Million Shares at HK$0.90 Each
CHINESE ESTATES: Faces Suspension From Hong Kong Exchange
CHINESE ESTATES: Posts HK$177M Net Loss on Impairment Loss
NANYANG HOLDINGS: First-Half Net Loss Widens to HK$12.2M
SOUNDWILL HOLDINGS: Widens First-Half Net Loss to HK$95.102M


I N D O N E S I A

BANK INTERNASIONAL: Set to Keep High CAR Until Year-End
GAJAH TUNGGAL: In US$500M Debt Revamp Deal With Creditors
GAJAH TUNGGAL: Rp10 Higher on Debt Restructure Report
INDOCEMENT TUNGGAL: Cement Maker Negotiating Asset Sales


J A P A N

ALL NIPPON: FTC Concerned Over Fare Cut Plan
FUJITA CORPORATION: TSE to Delist Stock by Dec
FURUKAWA ELECTRIC: Moody's Cuts Rating, Says Outlook Negative
JAPAN AIRLINES: TSE Seeks Commissioner Approval on Delisting
HOKKAIDO INTERNATIONAL: Eyes 100% Capital Reduction for Rehab
HOSOKAWA MICRON: Downgrades Rating to BB+
MARUBENI CORPORATION: NTA Orders JPY1.2B Payment in Back Taxes
SUMITOMO TRUST: Changes in Conversion Price of Preferred Stock
TOKYO ELECTRON: Discloses Formation of Joint Venture Firm


K O R E A

DAEWOO CAPITAL: Issuing W450B Asset-Back Securities
DAEWOO MOTOR: GM Signs US$107.5M Deal With Korean Suppliers
DAEWOO MOTOR: Unit Issues Asset-Backed Securities
KOREA ELECTRIC: Hanaro Gets Priority for Powercomm Bid
SSANGYONG MOTOR: Creditors Decide Against Sell-Off


M A L A Y S I A

ABRAR CORPORATION: Government Demands RM270,789 From Bangsar
ABRAR CORPORATION: Sets AGM for Sept 30
BEJAYA GROUP: Selling 51% Stake in Cosda for RM17.9M
NCK CORPORATION: Multi-Success Unit Enters SPA
OLYMPIA INDUSTRIES: Appoints PwC as Share Subscription Adviser

SAP HOLDINGS: Perangsang Unit Disposes of its PICN Stake
SEE HUP: Securities to be Traded "Ex-Dividend" in October
TECHNOLOGY RESOURCES: Replies to RM38M Face-off Query
WOO HING BROTHERS: Danaharta Appoints Special Administrators


P H I L I P P I N E S

BELLE CORPORATION: Enters Purchase Deal With Kuok Philippines
FIRST E-BANK: Clarifies Newspaper Reports
PHILIPPINE BANK: Dissolution of Subsidiary
PHILIPPINE LONG: Completes Refinancing Scheme
VICTORIAS MILLING: Posts FY02 Production Results


S I N G A P O R E

DATACRAFT ASIA: Dimension No Plans for Shareholders Buy-Out
ELLIPSIZ LIMITED: Unveils Corporate Restructuring
HONG LEONG: Posts Notice of Shareholder's Interest
NATSTEEL LTD: Signs Sale Agreement With Crown Central
NEPTUNE ORIENT: Preparing for Recovery to Come

PRESSCRETE HOLDINGS: Listing Quotation of New Shares


T H A I L A N D

ADVANCE PAINT: Implements Rehabilitation Plan
ADVANCE PAINT: 'SP' Sign Lifted by SET

     -  -  -  -  -  -  -  -

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


GOODMAN FIELDER: ABN AMRO Keeps Hold on Food Company
----------------------------------------------------
ABN AMRO keeps 'Hold' on Goodman Fielder Ltd, Australia's
largest food company, noting prospect of acquisitions increases
group's risk profile.

The 2002 fiscal year result was strong and in line with
expectations, reflecting improvements of past initiatives and
delivering A$327 million in cash flow; company has ability to
make A$500 million-A$600 million of acquisitions, and how it
best utilizes the money is crucial for share price performance.

The TCR-AP reported Monday that Goodman Fielder has improved in
its core operation and gains on the sale of its gelatin
business, which contributed to a 12.2 percent increase in net
profit for the year to June 2002 to A$132.4 million.

The company booked a significant item of A$30 million in gains
during the year to account for the divestment of the Leiner
Davis gelatin business while EBIT rose to A$254.2 million from
A$243.0 million.


GOODMAN FIELDER: SSB Cuts Profit Forecasts
------------------------------------------
Salomon Smith Barney cuts Goodman Fielder's earnings forecasts
in wake of the 2002 fiscal year result.

Net profit reduced by A$5.6 million to A$125.2 million in the
2003 fiscal year and by A$10.9 million to A$134.4 million in the
2004 fiscal year to reflect disposal of milling assets and lower
contributions from ongoing operations.

Analyst believes stock will be supported at current level for
the next 6 months given 56 million shares are yet to be bought
back.


GOODMAN FIELDER: UBS Warburg Keeps Rating on 'Buy'
--------------------------------------------------
Investment banker and securities firm UBS Warburg is sticking
with its 'Buy' recommendation on Goodman Fielder after Friday's
fiscal year results.

The New South Wales food company has under-leveraged balance
sheet and is well positioned to invest in key branded products
strategy and/or undertake capital management initiatives such as
share buybacks.


ONE.TEL LTD: PBL Chief Challenges Liquidator Inquiry
----------------------------------------------------
Publishing and Broadcasting Ltd (PBL) Chief Executive Peter
Yates claimed there was a potential conflict of interest in the
liquidator's inquiry into discount phone company, One.Tel, AAP
reported.

Mr. Yates' comments came after a financial newspaper reported
that PBL and former One.Tel joint managing director Jodee Rich
were set to seek the removal of One.Tel co-liquidator Steve
Sherman in the NSW Supreme Court.

They reportedly would argue that he was unable to investigate
properly the abandonment of a crucial $132 million rights issue
in the days leading up to One.Tel's collapse in May 2001 because
he had advised One.Tel's independent directors at board meetings
where the rights issue was discussed.

Mr. Yates refused to comment on possible legal actions.

The Australian Securities and Investment Commission (ASIC) is
pursuing a civil claim against Mr Rich and former One.Tel joint
managing director Brad Keeling, as well as former finance
director Mark Silbermann and chairman John Greaves. Hearing is
expected to take place in March.

One.Tel's major backers, PBL and News Ltd, claim they were
profoundly misled about the telco's financial position before
its collapse.


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


CHINESE ESTATES: Buying Back 212 Million Shares at HK$0.90 Each
---------------------------------------------------------------
Property developer Chinese Estates (Holdings) Ltd. plans to buy
back 212 million shares at a price of 90 HK cents apiece, the
Oriental Daily reported, citing unidentified market sources.

The repurchased shares will represent roughly 8 percent of its
issued capital, the paper adds.

The buy back will amount to approximately HK$190 million.


CHINESE ESTATES: Faces Suspension From Hong Kong Exchange
---------------------------------------------------------
The Hong Kong stock exchange said Friday that trading in the
shares of Chinese Estates Holdings Ltd. has been suspended from
0138 GMT (9:38 p.m. EDT Thursday) pending a price-sensitive
announcement by the property developer.

No further details were immediately available.

China Estates closed Thursday trading 2.5 percent higher at
HK$0.82.


CHINESE ESTATES: Posts HK$177M Net Loss on Impairment Loss
----------------------------------------------------------
Chinese Estates Holdings Ltd failed to return to profit with a
net loss of HK$177.804 million in the six months to June,
compared to a loss of HK$273.274 million a year earlier, due to
an impairment loss of HK$355.8 million for certain properties
under development.

Sales increased to HK$395.031 million from HK$332.311 million
previously.

In the six months, the property developer said demand for office
space remained weak. While the company managed to secure renewal
contracts from most of its existing tenants, the retail rate was
under pressure.

Under its office property portfolio, Harcourt House recorded an
occupancy rate of 97 percent from 91 percent last year. Windsor
House recorded an occupancy rate of 98 percent, unchanged from
last year, and MassMutual Tower recorded an occupancy rate of 84
percent.

On its property development, the company has seven major
projects on hand in Hong Kong and they are showing satisfactory
progress.

Meanwhile, the company's 50 percent owned Hilton Hotel in
Beijing had an average occupancy rate of 76 percent and recorded
a gross operating profit of HK$15.3 million. Sales of units at
Winson Plaza in Tianjin, comprising a 26-story residential tower
and a 29-story office tower, are still underway. The unsold
units have been 88 percent.

Chinese Estates said property values in Hong Kong are unlikely
to turn around in the second half due to the high unemployment
rate and weak local economy.

At the end of June, the company had total borrowings of HK$4.304
billion against HK$4.335 billion at the end of December. Net
debt to equity ratio stood at 21.5 percent compared with 18.6
percent at the end of December.


NANYANG HOLDINGS: First-Half Net Loss Widens to HK$12.2M
--------------------------------------------------------
Nanyang Holdings Ltd, a property investment firm, reported a net
loss of HK$12.2 million in the six months to June, compared to a
loss of HK$5.8 million in the previous year.

The Wanchai, Hong Kong, -based company also reported that
operating loss for the first half of the year stood at HK$21.1
million against a loss of HK$10.5 million.

Sales figure dropped to HK$3 million from HK$14 million in the
year ago period.


SOUNDWILL HOLDINGS: Widens First-Half Net Loss to HK$95.102M
------------------------------------------------------------
For the six months to June, Soundwill Holdings Ltd reported a
net loss of HK$95.102 million against a loss of HK$53.730
million in the previous year.

The company's operating loss stood at HK$51.354 million compared
to a profit of HK$18.762 million.

Loss per share was at 3.05 cents from a loss of 1.72 cents.


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


BANK INTERNASIONAL: Set to Keep High CAR Until Year-End
-------------------------------------------------------
Bank Internasional Indonesia (BII) president Sigit Pramono said
his company is set to maintain a safe level for its capital
adequacy ratio (CAR) until the end of this year.

According to an Asia Pulse report, the bank's CAR rose to 27
percent from minus 40 percent. The central bank requires
Indonesian banks to have a CAR of at least 8 percent for this
year.

Sigit said BII is now in a position to extend credits after the
July injection of fresh funds by the Indonesian Bank
Restructuring Agency (IBRA), which took over the bank in 1999
from the Sinar Mas group in compensation for debt.

The president predicted that the bank will start earning a
profit of Rp100 billion (US$11.5 million) by the end of this
year, and is hoping for a break even in September.

In July, BII posted a loss of Rp400 billion and in August the
loss was smaller at Rp300 billion.


GAJAH TUNGGAL: In US$500M Debt Revamp Deal With Creditors
---------------------------------------------------------
PT Gajah Tunggal has on Friday night reached a debt
restructuring agreement worth US$500 million with foreign
creditors, Bisnis Indonesia reported, citing a source.

The debt, based on the report, has been restructured over a six-
year period.

No other details were provided.

Gajah Tunggal owes the Indonesian Bank Restructuring Agency
(IBRA) some 28 trillion rupiah and has been ordered to pay 1.0
trillion rupiah by October or face legal action.


GAJAH TUNGGAL: Rp10 Higher on Debt Restructure Report
-----------------------------------------------------
PT Gajah Tunggal was up 10 rupiah at 220 on volume of 1.4
million shares after Bisnis Indonesia reported that the
automotive manufacturer has signed an agreement with foreign
creditors to restructure its US$500 million in debt.

The report also said that the Jakarta-based Gajah Tunggal owes
IBRA some 28 trillion rupiah and has been ordered to pay 1.0
trillion rupiah by October or face legal action.


INDOCEMENT TUNGGAL: Cement Maker Negotiating Asset Sales
--------------------------------------------------------
Cement maker PT Indocement Tunggal Prakarsa is negotiating the
terms of a sales and purchase agreement, covering a planned
divestment of its stake in PT Indominco Mandiri, it hopes to
sign with Banpu Public Company Ltd Thailand.

Indocement owns 35 percent of PT Indominco Mandiri, a coal
mining company in East Kalimantan with an annual production
capacity of 3.5 million tons.

According to Indocement senior manager Christian Kartawijaya,
the deal is in its final phase.

Indocement is also in the process of negotiating the sale of its
33.98 percent stake in property subsidiary PT Wisma Nusantara
International.

Indocement will use the proceeds from the sale of the stakes in
Indominco and Wisma Nusantara to buy back its debts, which in
April was reported at US$845 million.

Earlier this month, TCR-AP reported that Indocement's net profit
in the first half rose to 878.9 billion rupiah, reversing the
year-earlier loss of 869.2 billion, due to a 1.05 trillion forex
gain on its dollar denominated debts.


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


ALL NIPPON: FTC Concerned Over Fare Cut Plan
--------------------------------------------
Japan Fair Trade Commission (FTC) Secretary General Akio Yamada
expressed concern over the sharp airfare cuts on the Tokyo-
Miyazaki route planned by Japan Airlines Co., Japan Air System
Co. and All Nippon Airways Co., PR Newswire reports.

"We have been investigating the possibility that (the airlines')
plans violate the Anti-Monopoly Law," said Yamada.

The three major carriers are set to simultaneously reduce ticket
prices on the route in an attempt to compete with the cut-price
fares offered by recent market entrant SkyNet Asia Airways Co.

According to TCRAP, ANA has carried out restructuring of the
hotel business, selling off and securitizing the offshore
hotels, as well as overhauled the lines jointly with the group
companies to improve the earnings.

In July, 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.


FUJITA CORPORATION: TSE to Delist Stock by Dec
----------------------------------------------
The struggling construction firm Fujita Corp. disclosed that its
stock would be delisted from the Tokyo Stock Exchange (TSE) on
December 6 in line with its restructuring scheme, Kyodo News
reports.

Fujita will split its relatively healthy construction operations
from its lackluster real estate business on October 1.


FURUKAWA ELECTRIC: Moody's Cuts Rating, Says Outlook Negative
-------------------------------------------------------------
Moody's Investors Service downgraded the long-term debt ratings
of Furukawa Electric Co., Ltd. and its supported subsidiary,
Furukawa Finance Netherlands B.V., from Baa1 to Baa3. The rating
outlook is negative.

The rating actions reflect Moody's concern that the recovery of
the Company's optical fiber and photonics businesses in the US
market will be considerably delayed, which would severely affect
the Company's operating performance over the next several years.
The rating action also incorporates Furukawa Electric's
substantially weakened balance sheet.

The negative outlook reflects the rating agency's view that the
Company's restructuring efforts may not be sufficient to
stabilize its earnings, considering the highly volatile telecom
market environment. This concludes the review initiated on June
25, 2002.

To cope with this prevailing severe operating environment,
Furukawa Electric has been implementing a drastic restructuring
of the OFS division, including staff reductions and cost
cutting. As a result, the Company will incur an approximately
Yen 75 billion of extraordinary losses (including good will
charges and restructuring charges) for the fiscal year ending
March 2003.

Moody's sees Furukawa Electric's financial profile to remain
weak over the next several years, given its expected poor
operating performance and cash flow. The Company initially
planned to pay off the debt associated with the OFS purchase by
selling asset holdings. However, due to the falling market price
of these assets, we expect that it would be difficult for the
Company to substantially reduce its debt level over the
intermediate term.

Furukawa Electric Co., Ltd. is Japan's second-largest electric
wire and cable manufacturer and is one of the world's leading
manufacturers of optical fiber.


JAPAN AIRLINES: TSE Seeks Commissioner Approval on Delisting
------------------------------------------------------------
The Tokyo Stock Exchange has applied for the approval of the
Commissioner of Financial Services Agency to delist equity
options on Japan Airlines Company, Ltd. and to list equity
options on Japan Airlines System Corporation as well as the
underlying stocks due to the upcoming stock transfer.

Subject to the approval of Commissioner of Financial Services
Agency, the delisting of the equity options on Japan Airlines
Company, Ltd., is scheduled for September 25, 2002 (last day of
trading will be September 20, 2002), and the listing of the
equity options on Japan Airlines System Corporation is scheduled
for October 2, 2002.

TCRAP reported in June that Japan Airlines Co Ltd (JAL) would
redeem its 17-year exchangeable corporate bonds issued on
December 13, 1987 ahead of the bonds' redemption date of March
31, 2005, in view of the approaching joint venture with Japan
Air System in October 2002.

As of June 18, 2002, a total of 18.664 billion yen worth of
bonds have not yet been redeemed. JAL issued a total of 25
billion yen of exchangeable bonds carrying a coupon of 1.6
percent.

For inquiries, contact Derivatives TSE Department at telephone
+81-3-3665-1864.


HOKKAIDO INTERNATIONAL: Eyes 100% Capital Reduction for Rehab
-------------------------------------------------------------
Hokkaido International Airlines Co, widely known as Air Do,
decided to undergo a 100 percent capital reduction exercise, the
Nihon Keizai Shimbun and AFX Asia reported Sunday.

The airline, which applied for court protection from creditors
in June 2002, has total debts of 6 billion yen.

Air Do will submit a reconstruction plan by September 23, 2002.

After the capital reductions, Air Do will seek investment of
around 3 billion yen. About 20 percent will come from All Nippon
Airways Co, which has pledged to fully support the Hokkaido-
based airline's reconstruction efforts.

Air Do intends to seek the remainder of the money from a
corporate rehabilitation fund formed by the government-backed
Development Bank of Japan and local firms.


HOSOKAWA MICRON: Downgrades Rating to BB+
-----------------------------------------
Japan Credit Rating Agency has downgraded the rating of Hosokawa
Micron on the following bonds from BBB- to BB+.

Issues Amount (bn) / Issue Date / Due Date / Coupon
convertible bonds no.1 Y7 / Oct. 8, 1998 / Sept. 30, 2003 / 1.5
percent

Hosokawa Micron is the world's largest provider of powder and
particle processing equipment and systems. It became the world
leader in the industry through M&A activities in the U.S. and
Europe.

The industry is affected by capital investments of the
customers. The declining capital investments throughout the
customers will put downward pressure on the earnings of the
Company. The sales in the U.S. dropped sharply due to the
decline in capital spending there after the terrorist attacks on
September 11, 2001. As a result, the Company incurred an
operating loss for the first half of fiscal 2002 ended March 31,
2002.

It is estimated to incur a large net loss for the full fiscal
2002 ending September 30, 2002 due to the write-downs of
securities and costs for factory shutdown in the U.S. On the
other hand, the Company is burdened with amortization of
goodwill while the recovery of those investments in the M&A
activities delayed. It will carry loss forward as of end of
September 2002.

Hosokawa Micron plans to improve the earnings through factory
shutdown in the U.S. and spin-off of the R&D division to
expedite the developments of nano technology and composite
materials. Given the severe business environment and the
Company's financials, JCR downgraded the rating for the Company
from BBB- to BB+, however.


MARUBENI CORPORATION: NTA Orders JPY1.2B Payment in Back Taxes
--------------------------------------------------------------
The National Tax Authority of Japan has ordered Marubeni
Corporation to pay 1.2 billion yen in back taxes because it
failed to declare 3.5 billion yen in income in the four years to
March 31, 2001, Kyodo News reported Saturday.

The Company paid about 800 million yen to a local agent in
Nigeria and declared it as commission fees for selling printing
machines to the country during the four-year period, the report
said.


SUMITOMO TRUST: Changes in Conversion Price of Preferred Stock
--------------------------------------------------------------
The Sumitomo Trust & Banking Co., Ltd. notified that the
conversion price of the Series 1 Preferred Stock would be
adjusted as:

1. Change of conversion price:
New conversion price: 534 yen
(Previous conversion price: 811 yen)

2. Effective date
October 1st, 2002

3. Reason of adjustment:
In accordance with the terms and conditions of the Preferred
Stock with respect to the conversion into common stocks.

Sumitomo Trust and Banking Co.'s principal activity is the
provider of comprehensive financial services through a network
of 53 domestic branches, 14 sub-branches, 37 trust agencies,
four overseas branches, five overseas representative offices,
together with 20 consolidated subsidiaries and four affiliate
companies.

According to TCR-AP, Sumitomo Trust & Banking Co -
www.sumitomotrust.co.jp - expects to post losses in the year
ended March 31 due to an increase in appraisal losses on
shareholdings resulting from falling prices of financial stocks
such as banking issues.

The trust bank foresees a Y57 billion consolidated pretax loss
for fiscal 2001 instead of the Y45 billion profit it predicted
in November last year.


TOKYO ELECTRON: Discloses Formation of Joint Venture Firm
---------------------------------------------------------
Tokyo Electron Limited (Head Office: Minato-ku, Tokyo; CEO,
President: Tetsuro Higashi), Ebara Corporation (Head Office:
Ota-ku, Tokyo; President: Masatoshi Yoda), and Dainippon Screen
Mfg. Co., Ltd. (Head Office: Kyoto City, Kyoto Prefecture;
Chairman and President: Akira Ishida) announced that they have
entered into a memorandum of agreement to form a joint venture
Company, the purpose of which will be to develop, manufacture,
and market a "low energy electron beam direct writing system."

At present, information appliances and other kinds of digital
hardware are generating attention the world over. The short
product lifecycle of system LSI chips developed and manufactured
for use in these devices, however, leads to soaring
manufacturing costs of masks for miniaturization, as well as the
mask manufacturing lead times, becoming extremely serious
issues.

Based on the electron beam direct writing technology developed
during many years of research by Toshiba Corporation (Head
Office: Minato-ku, Tokyo; President: Tadashi Okamura), this is a
mask-less lithography system that pursues quick turnaround time,
advantageous to smaller manufacturing operations with a large
variety of devices, as seen in system on a chip (SoC) and system
LSI chip products.

A major feature of the system is that it will employ both a low
energy electron beam method, which is highly effective as a
countermeasure against proximity effects, and a character
projection method, which uses a circuit block as a single
character (fixed pattern) to write that pattern repeatedly. By
employing these methods, the system will improve throughput
substantially and sizably shorten production lead time.

With this key technology from Toshiba, the joint venture Company
will also develop related enabling technologies, as well as
conduct process verifications, with the aim of going into a
full-scale shipment of a system capable of a 65nm resolution by
2005.

Details of the joint venture Company are:

Name:              E-Beam Corporation (tentative name)
Address:           12-26, Konan 2-chome, Minato-ku, Tokyo
Capitalization:    450 million yen
Investment ratios: TEL: 40 percent, Ebara: 40 percent, Dainippon
Screen: 20 percent
President:         Hiroshi Furukawa (currently Counselor, Ebara
                   Corporation) Vice-President, Executive
Officer:           Akira Miura (currently Corporate Staff,
                   Marketing Dept.
                   Tokyo Electron Ltd.)
Employees:         25
Date of establishment: End of September 2002 (planned)

Ebara Corporation - www.ebara.co.jp - is a manufacturer and
seller of industrial machinery. Operations are carried out
through the following sectors: Engineering (pumps, fans,
compressors, turbines); Machinery (industrial medicine, system
engineering); Precision & Electronic equipment (production and
sales of machinery and equipment for the semiconductor
industries).

Dainippon Screen's principal activity is the design, manufacture
and distribution of desktop publishing (DTP), press equipment
and systems for the graphic arts industry. The Company -
www.screen.co.jp - has developed a wide range of equipment used
in semiconductor, liquid crystal display, hybrid substrate and
printed circuit board manufacturing supplier of shadow masks and
ultrafine metal meshes for use in colour television picture
tubes and other electronic applications. Operations are carried
out through the following divisions: electronic equipment and
components accounted for 56 percent of fiscal 2000 revenues;
graphic art equipment, 38 percent; office equipment and other, 6
percent.

Tokyo Electron Limited (TSE: 8035) - www.tel.co.jp/index_e.html
- was established in 1963 and now lies at the core of the Tokyo
Electron Group, one of the world's top manufacturers of
semiconductor production equipment, LCD production equipment,
computer systems and electronic components. Semiconductor
production equipment accounted for 86 percent of fiscal 2001
revenues; electronic components, 12 percent; computer systems, 2
percent and other, nominal.

TCR-AP reported earlier that Tokyo Electron Ltd. incurred a
group net loss of 4.2 billion yen in the first quarter through
June, versus a 3.5 billion yen loss in 2001.

The poor result was caused by a decline in sales of chip-making
equipment and a smaller gross margin.


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


DAEWOO CAPITAL: Issuing W450B Asset-Back Securities
---------------------------------------------------
Daewoo Capital Co. will issue asset-backed securities (ABS)
worth 450 billion won on accounts receivables worth 600 billion
as underlying assets, according the Friday edition of the Korea
Herald.

The debt will carry a maturity of one month to three years.

TCR-AP reported in February that the unit of the collapsed
Daewoo Group was currently allowed to keep afloat under a
creditor-initiated workout-restructuring scheme.

Daewoo Capital owes 1.9 trillion won to the state-run Korea
Asset Management Corp. (KAMCO), 974.4 billion won to Daewoo
Securities and 645 billion won to Seoul Investment Trust
Management Company.


DAEWOO MOTOR: GM Signs US$107.5M Deal With Korean Suppliers
-----------------------------------------------------------
General Motors Corp. (GM) has concluded contracts with 19 Korean
auto parts makers to purchase auto parts worth US$107.5 million,
PR Newswire reports, citing officials at the U.S. carmaker and
Daewoo Motor Co.

The deals come ahead of the planned setup in early October of GM
Daewoo Auto & Technology Co. (GMDAT), which will acquire most of
Daewoo's assets. In April, GM signed a contract to take over
Daewoo by establishing a new Company.


DAEWOO MOTOR: Unit Issues Asset-Backed Securities
-------------------------------------------------
Daewoo Motor Sales Corp. will sell asset-backed securities (ABS)
valued at 51.7 billion won on account receivables worth 52.8
billion won as underlying assets, the Korea Herald reports.

The debt issue will be made into two tranches - senior debts
worth 41.5 billion won and subordinated bonds worth 10.2 billion
won. The maturity ranges from 6 months to 3.7 years.

The unit of bankrupt carmaker Daewoo Motor also sold ABS worth
97.1 billion won in March this year.


KOREA ELECTRIC: Hanaro Gets Priority for Powercomm Bid
------------------------------------------------------
Korea Electric Power Corp. (KEPCO) has chosen a consortium led
by Hanaro Telecom Inc. as the preferred bidder to buy a
controlling stake in Powercomm Inc., Digital Chosun reports.

KEPCO has evaluated the bids submitted by three consortia,
including the Hanaro-led consortium, a Dacom-led consortium and
an Onse Telecom-led consortium, for the sale of Powercomm.

The power Company appointed the Dacom-led consortium as its
second-most preferred bidder.

The three consortia were the only bidders for the 30 percent
KEPCO stake in Powercomm.

DebtTraders reports that Korea Electric Power Corp.'s 8.250
percent bond due in 2005 (KORE05KRN1) trades between 112.504 and
113.066. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=KORE05KRN1


SSANGYONG MOTOR: Creditors Decide Against Sell-Off
--------------------------------------------------
After a Peugeot-Citroen consortium dropped its bid, creditors of
Ssangyong Motor Co are considering keeping the carmaker afloat
rather than selling it as no prospective buyer has emerged while
its profit base continues improving, the Naeway Economic Daily
reported.

Creditors will hire a consulting Company to reevaluate Ssangyong
Motor and decide on its future fate based on the results of the
study by the end of this year. (M&A REPORTER-ASIA PACIFIC, Vol.
No.1, Issue No. 178, September 9, 2002)


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


ABRAR CORPORATION: Government Demands RM270,789 From Bangsar
------------------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed) said
Friday that Bangsar Properties Sdn Bhd (BPSB), a 100 percent
sub-subsidiary of Abrar, was served with a Writ of Summons on 4
September 2002 by the Government of Malaysia.

The Government of Malaysia is demanding for the total payment of
RM 270,789.92 of which RM 234,450.16 was for tax assessed for
the year of assessment 1998 and RM 36,339.76 being penalties
imposed on BPSB.

BPSB has to file its appearance in Court within 8 days from the
date the Summons was served on it, failing which the Government
may enter default judgment against BPSB.

The Company also wishes to announce that based on the latest
Audited Accounts of BPSB as at 31 March 2002, there is no
expected losses arising from this claim and there should not be
any operational and financial impact on ACB Group as full
provision has been made on the investment and inter - company
balance of BPSB.


ABRAR CORPORATION: Sets AGM for Sept 30
---------------------------------------
Abrar Corporation Berhad's (Special Administrators Appointed)
47th Annual General Meeting will be held at Grand Seasons
Ballroom, 2nd Floor, Grand Seasons Hotel, No. 72, Jalan Pahang,
50350 Kuala Lumpur on Monday, 30th September 2002 at 10.00 a.m.

In compliance with Paragraph 7.17 of the Listing Requirements of
the Kuala Lumpur Stock Exchange, a copy of the Notice of the
Meeting was advertised in last Friday's New Straits Times.

A copy of the Notice of the Meeting can be accessed at
http://bankrupt.com/misc/abrar_notice.pdf.


BEJAYA GROUP: Selling 51% Stake in Cosda for RM17.9M
-----------------------------------------------------
The Board of Directors of Berjaya Group Berhad (BGroup) said
that the company on 6 September 2002 entered into a Share Sale
Agreement (SSA) to dispose of its entire 51% shareholding in
Cosda (M) Sdn Bhd comprising 3,570,000 ordinary shares of RM1.00
each to Aneka Damai Sdn Bhd (ADSB) for a cash consideration of
RM2,142,000 or at RM0.60 per share, and an undertaking to repay
inter-company debt extended by BGroup to Cosda totaling
approximately RM15,826,998.

Currently, BGroup holds 3,570,000 ordinary shares of RM1.00 each
in Cosda and the remaining 3,430,000 ordinary shares of RM1.00
each are held by ADSB. BGroup has on 6 September 2002 entered
into a SSA to dispose of its entire interest in Cosda to ADSB
for a cash consideration of RM2,142,000 or at approximately
RM0.60 per share.

As part of the terms of the proposed disposal of Cosda by
BGroup, ADSB will undertake to repay the inter-company debt
owing by Cosda to BGroup together with interest thereof. As at
15 August 2002, total inter-company debt due to BGroup from
Cosda amounted to approximately RM15,826,998.

The sale consideration for the Proposed Disposal was arrived at
on a willing buyer-willing seller basis and after taking into
consideration BGroup's total investment cost in Cosda.

The entire 3,570,000 ordinary shares in Cosda will be disposed
of free from all liens, charges, equities and encumbrances
whatsoever and with all rights attaching thereto.

The sale consideration is payable to BGroup by ADSB in the
following manner:

(a) RM1,000,000 upon execution of the SSA; and
(b) the balance of RM1,142,000 together with the inter-company
debt of RM15,826,998 within fourteen (14) days from the date the
SSA becomes unconditional.

Berjaya said the cash proceeds of approximately RM17.9 million
will be utilized to reduce the Group's bank borrowings.


The Proposed Disposal will provide an opportunity for BGroup to
dispose of this non-performing investment and redeploy the cash
to repay borrowings thereby saving on substantial interest cost.

The Proposed Disposal will not have any impact on the share
capital, shareholding structure, consolidated earnings and net
tangible assets per share of BGroup.

Upon completion of the Proposed Disposal, BGroup will realise an
exceptional gain of approximately RM0.1 million.

The Proposed Disposal is only subject to the approval being
obtained by ADSB from the Foreign Investment Committee within
four months from the date of the SSA.

The Board of Directors of BGroup, having considered all the
relevant factors, is of the opinion that the Proposed Disposal
is in the best interest of the Group.

Berjaya expects to complete the proposed disposal within four
months from the date of the SSA.

Cosda was incorporated on 21 April 1990 in Malaysia. Cosda is
principally involved in property development. Presently, the
authorized share capital of the company is RM10,000,000
comprising 10,000,000 ordinary shares of RM1.00 each of which
7,000,000 ordinary shares have been issued and fully paid-up.

Cosda owns thirty-one (31) parcels of land totaling
approximately 53.74 acres with different sizes in Penang. The
subject property is located about 1 kilometer from the town of
Batu Ferringhi and 3.2 kilometers from the village of Teluk
Bahang.

The shares in Cosda were first purchased by BGroup in 1999. The
original cost of investment of BGroup in Cosda is approximately
RM2.1 million or at RM0.58 per share.

ADSB was incorporated on 5 June 1995 in Malaysia. The principal
activity of ADSB is investment holding. Presently, the
authorized share capital of the company is RM100,000 comprising
100,000 ordinary shares of RM1.00 each of which 10 ordinary
shares have been issued and fully paid-up.


NCK CORPORATION: Multi-Success Unit Enters SPA
----------------------------------------------
On behalf of NCK Corporation Berhad (Special Administrators
Appointed), Alliance Merchant Bank Berhad said Friday that NCK
subsidiary Multi-Success Builder Sdn Bhd had on 16 August 2002
entered into a sale and purchase agreement (SPA) for the
proposed disposal of approximately 1.189 hectares of land held
under Grant Mukim 817, Lot No. 1423 in the Mukim/Town of Kuala
Lumpur (Land) to Mampu Jaya Sdn Bhd for a cash consideration of
RM5,650,000 (Purchase Price) to Mampu Jaya Sdn Bhd (Purchaser).

The Proposed Disposal does not depart from the SC's Policies and
Guidelines on the Issue/Offer of Securities.

The Proposed Disposal should be completed by December 2002.

The salient terms of the SPA are as follows:

(a) The total sale consideration is payable as follows:
* 10% of the purchase price upon execution of the SPA;
* 90% of the purchase price (Balance Purchase Price) shall be
paid by the Purchaser to the solicitors of Multi-Success, Messrs
A. Zahari & rakan rakan, acting as stakeholders within 45 days
from the date of the fulfillment of the conditions precedent;

(b) The Land shall be disposed of free from encumbrances with
vacant possession (subject to squatters) but subject to all
conditions and restrictions in interest expressed or implied in
the document of title to the Land;

(c) There is a charge on the Land as security for a loan /
facility granted by Aseambankers Malaysia Berhad to Multi-
Success. Multi-Success and/or Messrs A. Zahari & rakan rakan are
authorised to liaise with Aseambankers Malaysia Berhad and to
utilise the Balance Purchase Price to procure a valid discharge
of the charge on the Land; and

(d) The conditions precedent stipulated in the agreements are to
be fulfilled within ninety (90) days from the date of the SPA or
such other extended date to be determined by Multi-Success at
its absolute discretion.

Basis of determining the sale consideration

The sale consideration of RM5,650,000 was derived from a tender
submitted by the Purchaser to the Board of Directors of Multi-
Success on 24 May 2002. The tender was in response to an
invitation by Multi-Success for interested parties to submit
tenders to acquire any assets or business of Multi-Success.

Original cost of investment

Multi-Success acquired the Land on 29 August 1995 for a total
consideration of RM4,970,000.

Based on the audited consolidated accounts of NCK as at 30 June
2001, the Proposed Disposal will result in a gain on disposal of
RM680,000 to the NCK Group.

Liabilities to be assumed by the Purchaser

The Purchaser will not assume any liabilities pursuant to the
Proposed Disposal.

Multi-Success was incorporated in Malaysia on 16 June 1995 as a
private limited company. The present authorized share capital of
Multi-Success is RM500,000 comprising 500,000 ordinary shares of
RM1.00 each of which 300,000 ordinary shares of RM1.00 each have
been issued and fully paid-up. The principal activity of Multi-
Success is property holding, however, Multi-Success has not
commenced operations since its incorporation.

Mampu Jaya was incorporated in Malaysia on 10 October 1984 as a
private limited company. The present authorized share capital of
Mampu Jaya is RM10,000,000 comprising 10,000,000 ordinary shares
of RM1.00 each of which 8,000,000 ordinary shares of RM1.00 each
have been issued and fully paid-up. The principal activity of
Mampu Jaya is as building contractors for the construction
industry.

Multi-Success is the registered owner of the freehold land held
under Grant Mukim 817, Lot No. 1423 in the Mukim / Town of Kuala
Lumpur, measuring approximately 1.189 hectares. The Land has
been charged to Aseambankers Malaysia Berhad as security for a
term loan facility granted to Multi-Success. The Land is
currently vacant. The market value of this piece of land as
valued by Henry Butcher Lim & Long Sdn Bhd on 14 September 2000
is RM5,110,000.

The net book value of the Land based on the audited financial
statements of Multi-Success for the financial year ended 30 June
2001 is RM4,970,000.

Rationale for the proposed disposal

Multi-Success currently has negative shareholders' funds of
RM4,114,214 as at 30 June 2001. The Proposed Disposal is
expected to raise proceeds to meet the financial obligations of
Multi-Success.

Utilization of Proceeds

Multi-Success will receive proceeds totaling RM5,650,000 from
the Proposed Disposal. The proceeds will be utilized to redeem
the Land from Aseambankers Malaysia Berhad and to procure a
discharge of the Land. Any proceeds remaining after the
redemption and discharge of the Land will be utilized for the
settlement of the creditors of Multi-Success.

Financial Effects

Share capital

The Proposed Disposal will not have any effect on the issued and
paid-up share capital of NCK.

Earnings

The Proposed Disposal will result in a gain on disposal to the
NCK Group of RM680,000 or RM0.02 per share.

Net tangible assets

The Proposed Disposal will not have any material impact on the
net tangible assets of the NCK Group.

Shareholding structure

The Proposed Disposal will not have any effect on the
shareholding structure of NCK.

The Proposed Disposal is subject to inter-alia, the approvals of
the following:

(a) Pengurusan Danaharta Nasional Berhad for the Workout
Proposal of NCK, which was obtained on 13 August 2002;
(b) the Securities Commission (SC);
(c) The Foreign Investment Committee, for the proposed
acquisition of the Land by Mampu Jaya;
(c) any other relevant authorities and/or parties, if necessary.

None of the existing Directors and/or substantial shareholders
of NCK and persons connected to them has any interest, direct or
indirect, in the Proposed Disposal.

Alliance has been appointed as the Adviser for the Proposed
Disposal.

After due consideration of all aspects of the Proposed Disposal,
the SA of NCK are of the opinion that the Proposed Disposal is
in the best interest of the stakeholders of the Company.

The application to the SC for the Proposed Disposal will be made
within two months from the date of signing of the SPA.

The SPA is available for inspection at the NCK's office, 4th
Floor, Wisma NCK 3, Lot 45A, Section 92A, Batu 3 «, Jalan Sungai
Besi, 57100 Kuala Lumpur during normal business hours from
Monday to Friday (except for public holidays) for a period of 14
days from the date of this announcement.


OLYMPIA INDUSTRIES: Appoints PwC as Share Subscription Adviser
--------------------------------------------------------------
Olympia Industries Berhad (OIB) refers to their announcement
dated 11 October 1999 in respect of the Shareholders'
Subscription Agreement between the company and the Special
Administrators for and on behalf of Jupiter Securities Sdn Bhd
(Special Administrators Appointed) (JSSB) for the subscription
of 53,200,000 new JSSB ordinary shares of RM1.00 each at the
subscription price of RM1.00 each and as set out in the Workout
Proposal of JSSB.

The Board of Directors of OIB now wishes to announce that Messrs
PricewaterhouseCoopers has been appointed the Independent
Adviser to advise the independent directors and minority
shareholders of OIB as to whether the Proposed Subscription is
fair and reasonable and not to the detriment of minority
shareholders.

The resolution on the Proposed Subscription will be incorporated
in the Circular to Shareholders in respect of the Proposed
Restructuring Scheme of OIB and will be sent to all shareholders
in due course.


SAP HOLDINGS: Perangsang Unit Disposes of its PICN Stake
--------------------------------------------------------
SAP Holdings Berhad said that the Company's wholly owned
subsidiary, Perangsang International Sdn Bhd (PISB) has, on 6th
September 2002, disposed of all its 51% equity interest in the
capital of PICN Engineering Sdn Bhd (PICN) comprising 153,000
ordinary shares of RM1.00 each fully paid up for a total cash
consideration of RM119,123-68 based on the Net Tangible Asset
(NTA) value of PICN as at 30th June 2002.

The disposal of the 153,000 ordinary shares was made to three
parties, the details of which are as follows, 6,000 ordinary
shares (2%) to M/s Chip Ngai Engineering Works Sdn Bhd (CNEW),
88,200 ordinary shares (29.4%) to Ms. Azliza Binti Bujang and
58,800 ordinary shares (19.6%) to Encik Md Puzi Bin Mustafa.

CNEW currently holds the balance 49 percent equity interest in
the capital of PICN.

With the disposal, PICN ceases as a subsidiary of PISB.
Accordingly, the Joint Venture Agreement dated 12th April 2000
entered between PISB and CNEW was terminated with effect from
6th September 2002.

The aforesaid transaction will not have any effect on the issued
and paid-up capital of SAP Holdings Berhad (SAP) and is not
expected to have any material effect on the NTA and the earnings
of SAP Group for the current financial year.

The aforesaid transaction is not subject to the approval of any
relevant government authority or the shareholders of SAP.

None of the Directors or substantial shareholders of SAP have
any interest, direct or indirect, in the aforesaid transaction.


SEE HUP: Securities to be Traded "Ex-Dividend" in Oct
-----------------------------------------------------
See Hup Consolidated Berhad announced that its securities will
be traded and quoted [Ex - Dividend] as from 17 October 2002.

The last date of lodgment will be on 21 October 2002, while the
payable date will be on 18 November 2002.

See Hup did not disclose any further details.


TECHNOLOGY RESOURCES: Replies to RM38M Face-off Query
-----------------------------------------------------
Technology Resources Industries Berhad (TRI) refers to the Kuala
Lumpur Stock Exchange's query dated 3rd September 2002 on the
"The RM38 million face-off" news article appearing in the Edge
at page 6 and 62, on 2nd September 2002.

The Exchange has asked the Company to confirm or deny the
following statements contained in the said article:

"No mention is made, or demand made for the return, of payment
to the fourth board member who resigned, Mohd Ali Yusof.
... the total payout could be as high as RM50 million but that
only RM38.7 million is in dispute and is the sum the new TRI
Board ... wants back."

TRI, after making further due and diligent inquiry of the
directors and officers of the Company who have knowledge of the
facts, wish to announce:

(a) that RM15,000 was paid to Tuan Haji Mohamed Ali bin Yusoff
on 12th July 2002 in respect of the termination of his
employment as an adviser of Celcom (Malaysia) Berhad pursuant to
his contract of employment dated 20th July 2001;

(b) that, in addition to what was disclosed in our announcement
dated 28th August 2002, we wish to inform that EPF contributions
(employer's contribution) were also made by the Company in
respect of the sums paid to the former officers of the Company
as follows:

         Name                   Employer's EPF Contribution (RM)
Tan Sri Dato' Tajudin bin Ramli            3,647,485
Dato' Lim Kheng Yew                        1,446,793
Bistamam bin Ramli                           994,504


WOO HING BROTHERS: Danaharta Appoints Special Administrators
------------------------------------------------------------
Heng Ji Keng and Bradley Dean Norman were appointed by
Pengurusan Danaharta Nasional Berhad as Special Administrators
of Woo Hing Brothers (Malaya) Berhad (WHB) on 2 March 2000 and
10 October 2001 respectively pursuant to section 24 of the
Danaharta Act.

During the expression of interest exercise conducted for the
Company in January/February 2002, the Special Administrators
received several proposals for WHB's listing status and certain
properties. The Special Administrators evaluated these proposals
and accepted the combination of proposals that would result in
the highest return to the creditors of WHB.

In accordance with Section 44 of the Danaharta Act, the Special
Administrators prepared a debt and corporate restructuring
proposal comprising the following:

(a) Kamdar Proposals which comprise the following:

(i) Proposed Acquisition of Revenue Based Companies;
(ii) Proposed Acquisition of Asset-Based Companies;
(iii) Proposed Share Swap;
(iv) Proposed ROS Package A;
(v) Proposed ROS Package B;
(vi) Proposed Cash and Securities Transfers;
(vii) Proposed Placement By The Vendors;
(viii) Proposed Put Option Granted By The Vendors To The
Creditors Of WHB;
(ix) Proposed Transfer Of The Listing Status Of WHB On The
Second Board of the Kuala Lumpur Stock Exchange (KLSE) To
Positive Noble Sdn. Bhd. (PNSB);
(x) Proposed Transfer Of The Listing Status Of PNSB From The
Second Board Of The KLSE To The Main Board Of The KLSE;
(xi) Proposed Disposal of WHB;

(b) Proposed Sale of Watch Business and Properties;

(c) Proposed Debt Settlement; and

(d) Proposed Liquidation of WHB and its subsidiaries.

The Workout Proposal sets out the Special Administrators' plan
for WHB and its subsidiaries with the view of maximizing the
rate of recovery to WHB's creditors as compared to a liquidation
scenario. The Workout Proposal was approved by Danaharta and the
secured creditors of WHB respectively on 23 August 2002 and 28
August 2002 pursuant to Section 45 and 46 of the Danaharta Act.

The Special Administrators have appointed Commerce International
Merchant Bankers Berhad (CIMB) as the adviser for the Kamdar
Proposals and the adviser to procure approvals from the relevant
authorities for the Proposed Sale of Watch Business and
Properties.


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


BELLE CORPORATION: Enters Purchase Deal With Kuok Philippines
-------------------------------------------------------------
Belle Corporation and Abacus Gaming Technologies, Inc. on Friday
has concluded a purchase agreement with Kuok Philippine
Properties, Inc. for the purchase and sale of the latter's
interests in Pacific Online Systems Corp. consisting, primarily,
of its fifteen percent interest in the outstanding capital of
the aforesaid Corporation.

Kuok has agreed to sell its interests in Pacific Online for a
total purchase price of twenty-five million pesos
(P25,000,000.00), thirty percent of which has been paid with the
remainder to be paid in equal quarterly installment over a two
(2)-year period. With the acquisition of Kuok's shares, the
Belle Group has Increased its equity interest in pacific online
from thirty-five percent to forty three percent.

Abacus Gaming's stake in pacific online, on the other hand,
Increased from thirty percent to thirty-seven percent). Pacific
online is presently leasing the lottery equipment used by the
Philippine Charity Sweeptakes office for its lottery operations
in the Visayas and Mindanao."

In June, TCRAP reported that Belle Corporation has secured the
approval of the required amount of holders of its Floating Rate
Notes due May 2002 (the FRN's) to amend the terms thereof.

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

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


FIRST E-BANK: Clarifies Newspaper Reports
-----------------------------------------
First e-Bank Corporation (FSTE) responded to the news article
entitled "AUB offering to buy branches of First e-Bank"
published in the September 5, 2002 issue of the Philippine Daily
Inquirer.

The article reported "Asia United Bank, controlled by Republic
Biscuit Corp. Of businessman Jacinto Ng, is planning to acquire
the branches of First e-Bank of the Metro Pacific group in line
with its expansion plans.

Aside from First e-Bank's 60 branches, AUB said it was also keen
on the substantial retail deposit base of Metro Pacific's
savings bank.

First e-Bank boasts of about 90,000 small and medium depositors.

FSTE, in a letter to the exchange dated September 5, 2002,
clarified that:

The Company reiterated their position in their previous letters
that there do exist merger and direct investment proposals into
the bank, all of which are non-binding.

At present, as is the normal procedure, these proposals are
still with the regulatory agencies for evaluation. Again, no
definitive agreements have been reached.

The Company likewise reiterate their assurance that to the
extent that there is any transaction in which the bank is
involved that would require public disclosure, the bank will
accordingly advise the Philippine Stock Exchange and the
investing public at the appropriate time and in the appropriate
manner.

According to TCRAP, First E-Bank posted a net loss of 279.784
million pesos in the first quarter to March, versus a loss of
261.984 million pesos in 2001, because of lower interest income.

The firm is a unit of Metro Pacific Corporation.

As of end-2001, Metro Pacific has 18.5 billion pesos in
consolidated interest bearing liabilities. Out of these loans,
11 billion pesos is attributed to the Company, 2.7 billion pesos
to Bonifacio Land Corp., 2.9 billion pesos to Fort Bonifacio
Development Corp., 1.1 billion pesos to Negros Navigation Co.,
and 765 billion pesos to Landco Pacific.


PHILIPPINE BANK: Dissolution of Subsidiary
------------------------------------------
Philippine Bank of Communications (PBC), in its letter dated
September 4, 2002, informed the Philippine Stock Exchange that
the Board of Directors has approved the dissolution of PBCom
Realty Corporation, a wholly owned subsidiary of the Bank.

The corporation was incorporated in January, 1998 and approved
by the BSP as Equity investment in November 18, 1997. However,
the Company did not start operations because of the problems
encountered by the real estate industry, in general.

The Company has since remained dormant until this decision to
dissolve.


PHILIPPINE LONG: Completes Refinancing Scheme
---------------------------------------------
Philippine Long Distance and Telephone Co. (PLDT) has completed
its refinancing exercise for the coming two years after closing
a four-year multi-currency loan of $145 million, DebtTraders
analysts, Daniel Fan (852-2537-4111) and Blythe Berselli (1-212-
247-5300) reported, citing the Finance Asia magazine.

The phone operator will use the proceeds to help repay a 19
billion yen loan maturing in June 2003 and a $103 million loan
due December 2003. PLDT has so far raised $644 million this
year.

The analysts believe that the completion of the refinancing
exercise will benefit the PLDT 11.375 percent Bond due in 2012.


VICTORIAS MILLING: Posts FY02 Production Results
------------------------------------------------
Victorias Milling Company, Inc. (VMC) recently posts production
results for the year-end as follows:

VMC posted 2 all-time records during the Crop Year (CY) August
31, 2002. Raw Sugar production was 5,082,945 50-kg. bags,
beating the previous record of 4,706,220 50-kg. bags made in CY
1975-1976.

The other record was on tons cane milled at 2,630,289 tons as
compared to 2,611,394 achieved in CY 1993-1994. VMC's mill
efficiency of 1.93 50-kilogram bags per ton cane is among the
highest in the country.

VMC processed approximately 26 percent of sugar cane produced in
Negros Occidental besting the 9 other operating mills in the
province. VMC refinery produced 6,484,654 50-kilogram bags.

According to TCR-AP, Victorias Milling Company Inc. is waiting
for the Securities and Exchange Commission (SEC) to approve the
debt-to-equity swap that allows the election of new directors to
oversee its rehabilitation program.

Pending with the SEC is an order to convert the Company's debt
to 27 creditor banks worth 1.1 billion pesos into a roughly 70
percent stake in the Company.

Another 2.4 billion pesos of the Company's debt will be
restructured into a 15-year loan.


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


DATACRAFT ASIA: Dimension No Plans for Shareholders Buy-Out
-----------------------------------------------------------
Contrary to market speculation, Datacraft Asia's parent,
Dimension Data, is not planning to buy out minority shareholders
in the Company, and no discussions are currently underway on
this matter, according to a filing to the Singapore Exchange
(SGX).

Datacraft Asia said rumors that Dimension Data was making an
offer to minority shareholders at Datacraft Asia and that the
Commercial Affairs Department (CAD) had ended its probe of the
Company could have been the reason for the runup.

"The Company and its directors wish to announce that they are
not aware of this development (the end of the CAD probe) and, to
the best of their knowledge, the rumor is unfounded," it said.

The Company issued the ststement after the Singapore Exchange
queried the Company as to the reason for the sudden surge in its
share price late Thursday afternoon. (M&A REPORTER-ASIA PACIFIC,
Vol. No.1, Issue No. 178, September 9, 2002)


ELLIPSIZ LIMITED: Unveils Corporate Restructuring
-------------------------------------------------
The Board of Directors of Ellipsiz Ltd announced Friday the
following changes to the Group:

1. Corporate Restructuring - Transfer of Businesses

As the Group scales into the region, consolidating its
operations becomes essential for it to better serve its
customers and to be more efficient in its operations. With
effect from the new financial year, the business activities of
all the companies within the Engineering Solutions Group, namely
Antech Instruments Pte Ltd, ESI Instruments Pte
Ltd, Factech Pte Ltd, Fluidix Pte Ltd, Solidvision Pte Ltd and
Tezt Pulse Pte Ltd were transferred to their fellow subsidiary,
Ellipsiz Singapore Pte Ltd, sformerly known as Excellent
Scientific Instruments Pte Ltd.

2. Change of Names of Subsidiaries

In conjunction with the streamlining of its businesses in the
Engineering Solutions Group, the Group also activates the change
of names of some of its subsidiaries to strengthen the Ellipsiz
identity.

a) Excellent Scientific Instruments Pte Ltd, a wholly-owned
subsidiary of the Company, has changed its name to Ellipsiz
Singapore Pte Ltd with effect from 28 March 2002; and

b) Tezt Inc, Corporate Number 95025833, a wholly owned4
subsidiary of the Company, incorporated under the laws of the
State of California, has changed its name to Ellipsiz USA, Inc.
with effect from 6 May 2002

c) Excellent Scientific Instruments (USA), Inc. (Corporation),
Corporate Number C2030854, a wholly owned subsidiary of the
Company, incorporated under the laws of the State of California,
has changed its name to Ellipsiz MicroFab Inc. with effect from
23 May 2002.

d) Prisma Scientific Instruments Services Sdn. Bhd., a wholly
owned subsidiary of the Company, incorporated under the laws of
Malaysia, has changed its name to Ellipsiz Malaysia Sdn. Bhd.
with effect from 26 June 2002.

We are in the process of changing the names of the Taiwan and
BVI subsidiaries to Ellipsiz Taiwan Inc and Ellipsiz BVI Inc.

3. Ellipsiz Shanghai: Incorporation of a wholly owned subsidiary
in Shanghai The Company has set up a wholly owned trading
Company in the Free Trade Zone of Shanghai on 20 March 2002 to
trade in equipment and spare parts. The registered capital of
the trading Company, Ellipsiz (Shanghai) International Ltd, is
SGD 360,600 (US$200,000).

The set up of the new subsidiary has no significant financial
impact on the Company's results for the year ended 30 June 2002.

4. Outsoz.com Pte Ltd: Cessation of Operation and Write off of
Investment The Company will cease the operation of its Supply
Chain subsidiary, Outsoz.com Pte Ltd. (Outsoz) with effect from
30 September 2002 in the light of the lack of customer demand.

The accumulated losses of Outsoz as at 30 September 2002 are
estimated to be $2.35 million. The Company has captured the full
loss of $2.35 million in June 2002 via the write off of its
investment and advances to Outsoz and the provision of potential
liabilities relating to payment made on behalf of Outsoz on its
existing liabilities.

5. MicroRoutes Pte Ltd: Cessation of Operation and Write-off of
Investment MicroRoutes Pte Ltd (MicroRoutes), a jointly
controlled entity, was incorporated in 2000 pursuant to a joint
venture agreement made between the Company and Alpine
Microsystems Pte Ltd ("Alpine"). MicroRoutes has an issued share
capital of 3,464,600 ordinary shares of par value $1 each, of
which the Company holds 50 percent (1,732,300 ordinary shares)
and the balance 50 percent is held by Alpine.

MicroRoutes requires substantial additional working capital for
its continuing operation.

In August 2002, the Company received news that Alpine's holding
Company, Alpine Microsystems, Inc, a U.S. incorporation, has on
1 July 2002 filed for Chapter 11 bankruptcy in the U.S. As
Alpine is unable to inject any additional funds into MicroRoutes
to sustain its operating expenses, the Company has reassessed
its continued investment in MicroRoutes and has decided to
proceed to write off its investment of $1.732 million in
MicroRoutes. The possible winding up of MicroRoutes is pending
further notices from the Office of the United States Trustee.


HONG LEONG: Posts Notice of Shareholder's Interest
--------------------------------------------------
Hong Leong Asia Ltd. posted changes in substantial shareholder
Kwek Holdings Pte Ltd.'s interest:

Name of substantial shareholder: Kwek Holdings Pte Ltd
Date of notice to Company: 06 Sep 2002
Date of change of deemed interest: 05 Sep 2002
Name of registered holder: Starich Investments Pte. Ltd.

Circumstance(s) giving rise to the interest: Open market
purchase
Shares held in the name of registered holder
No. of shares of the change: 324,000
Percentage of issued share capital: 0.091
Amount of consideration per share excluding brokerage,GST,stamp
duties, clearing fee: S$0.8970
No. of shares held before change: 4,939,000
Percentage of issued share capital: 1.39
No. of shares held after change: 5,263,000
Percentage of issued share capital: 1.481

Holdings of Substantial Shareholder including direct and deemed
interest
                                    Deemed       Direct
No. of shares held before change:   238,569,000   0
Percentage of issued share capital:  67.116       0
No. of shares held after change:    238,893,000   0
Percentage of issued share capital:  67.207       0
Total shares:                       238,893,000   0

Note:

Percent of issued and share capital is based on the Company's
issued share capital of 355,459,250 shares of $0.20 each as at 5
September 2002.


NATSTEEL LTD: Signs Sale Agreement With Crown Central
-----------------------------------------------------
The Board of Directors of NatSteel Ltd refers to its
announcement made on 17 August 2002 pertaining to its
acceptance, subject to the approval of the Company's
shareholders, of the revised offer by Crown Central Assets
Limited (CCL) to acquire all the businesses, undertakings and
assets of the Company, together with its investments in all the
subsidiaries and associated companies of NatSteel other than the
investments of NatSteel in NatSteel Broadway Ltd (NBL) and
NatSteel Brasil Ltda, free from all bank borrowings of NatSteel
and its subsidiaries as at 31 December 2001 (the Target Assets).

Execution of Sale and Purchase Agreement

The Board wishes to announce that it has signed a sale and
purchase agreement with CCL in respect of the proposed disposal
by the Company to CCL of the Target Assets.

Conditions Precedent

Completion of the Proposed Disposal under the Sale and Purchase
Agreement is conditional upon:

1. the approval of the Shareholders for the transactions
contemplated (including the Proposed Disposal and the voluntary
liquidation of the Company) under the Sale and Purchase
Agreement being obtained at an extraordinary general meeting
(EGM) to be convened and such approval not being varied or
revoked on or before such completion; and

2. the completion of the disposal of NatSteel's investment in
NatSteel Brasil Ltda (the NatSteel Brasil Sale).

Purchase Consideration

Under the terms of the Sale and Purchase Agreement, NatSteel
will receive from CCL S$350 million in cash for the Target
Assets less consolidated net bank borrowings (excluding NBL and
NatSteel Brasil Ltda) as stated in the Company's audited
consolidated financial statements as at 31 December 2001 (the
Purchase Consideration).

The Purchase Consideration was determined on an arms-length
basis. Based on the Purchase Consideration and NatSteel's
audited consolidated financial statements as at 31 December
2001, the value of the Target Assets ascribed by the Purchase
Consideration is 7.9 times earnings before interest, tax,
depreciation and amortisation (EBITDA) of the Group (excluding
NBL and NatSteel Brasil Ltda and including Group's share of
profits or losses from associated companies).

Upon completion of the acquisition by CCL of the Target Assets
and the NatSteel Brasil Sale, NatSteel will be an investment
holding Company with an expected total cash of approximately
S$733 million which includes cash from proceeds of the Revised
Offer of S$350 million less consolidated net debt as at 31
December 2001 (excluding NBL and NatSteel Brasil Ltda) of S$211
million, proceeds from the sale of NBL of S$334 million,
estimated proceeds (assuming tax free) from the sale of NatSteel
Brasil Ltda of S$249 million, proceeds from options granted by
the Company and exercised on or after 1 January 2002 and after
netting off estimated expenses.

This represents approximately S$1.90 per ordinary share of
S$0.50 each in the capital of the Company, based on a fully
diluted share capital of 386.3 million shares on liquidation.
This S$1.90 represents a premium of approximately 17.3 percent
over the last transacted price of S$1.62 on SGX-ST on 31 May
2002, being the last trading date in the shares of NatSteel
prior to the date of CCL's original offer on 3 June 2002.

Termination Fee

Under the Sale and Purchase Agreement, NatSteel will be required
to pay a termination fee of 3 per cent. of S$350 million in the
event that there is a successful competing offer (other than by
or on behalf of CCL) for (i) more than 50 per cent. of the
shares in the Company or (ii) all or substantially all of the
assets of the Company and its subsidiaries and associated
companies (whether by way of merger, purchase of shares,
purchase of assets or otherwise).

Rationale for the Proposed Disposal

Since the divestment of the electronics businesses via the sale
of the Company's interests in NatSteel Electronics Ltd in 2000
and NBL (the NBL Sale) in July 2002, the Group has significantly
diminished in size and has become more focused on the steel and
industrial sectors. Both sectors are capital intensive, cyclical
in nature and are experiencing capacity gluts and uncertain
prospects given the current economic outlook. This has resulted
in reduced interest from the investor community in the Company.

A disposal of the Target Assets facilitates the return and
distribution of the Company's capital to the Shareholders and
represents a step towards maximizing shareholder value via the
monetization of all the remaining assets of the Company.

Further to the receipt of an offer from CCL to acquire the
Target Assets on 3 June 2002, the Board solicited, received and
evaluated various offers for the Target Assets, including the
Revised Offer from CCL and other offers received from third
parties, in a competitive sale process undertaken by the Company
with the assistance of its financial adviser, Salomon Smith
Barney Singapore Pte Ltd.

The Board and its advisers evaluated the offers received in
terms of overall value, structure, timing, and financial
capability of the potential bidders, terms and conditions, and
certainty of completion. The Board announced, on 17 August 2002,
the acceptance of the Revised Offer, subject to the approval of
Shareholders. The terms of the Revised Offer are more attractive
than those of the other offers received by the Board and other
alternative considered and is anticipated to result in
Shareholders receiving cash distributions from the Proposed
Disposal within a reasonable time frame.

Under the Sale and Purchase Agreement, CCL agrees to offer
employment to all employees of the Company on terms and
conditions no less favorable than existing terms and conditions
and has undertaken to operate the core businesses in
substantially the same manner as they are currently operated
with plans to grow the Asian steel franchise in key growth
markets such as China.

In making its decision, the Board's objectives are to act in the
interests of NatSteel's Shareholders and the employees of the
Company as a whole, and to maximize shareholder value.

Financial Effects

The Target Assets have a total book value of S$837.3 million as
at 31 December 2001. The Purchase Consideration represents a
loss on disposal of S$652.9 million; based on the book value of
the Target Assets as at 31 December 2001 and after release of
goodwill, exchange differences and revaluation surpluses upon
disposal.

The Target Assets also made a loss before tax of S$159.4 million
for the financial year ended 31 December 2001.

The proforma effects of the Proposed Disposal on the earnings
and the net tangible assets (NTA) of the Group are set out
below. The Proposed Disposal has no effect on the issued
and paid up share capital of NatSteel.

In March 2002, the Company obtained Shareholders' approval for
the NatSteel Brasil Sale. In July 2002, the Company also
completed the NBL Sale (together with the NatSteel Brasil Sale,
the Sales). The proforma financial effects as set out below have
been prepared after taking into consideration the effects of the
NatSteel Brasil Sale and the NBL Sale.

According to TCRAP, at the half, NatSteel Limited had borrowings
of $389.8 million and cash of approximately $354.7 million. The
current offer by Crown has been extended to provide NatSteel and
its financial adviser an opportunity to conduct a competitive
sale process.


NEPTUNE ORIENT: Preparing for Recovery to Come
----------------------------------------------
Global transportation and logistics Company Neptune Orient Lines
recorded a loss of US$151.4 million for the six months ending in
June 30, on turnover of US$2.2 billion.

Turnover fell by five per cent from US$2.3 billion, largely
reflecting the record low rates in its APL Liner business in the
first half of the year. Liner volumes increased 12 per cent to
753,500 forty-foot equivalent container units (FEU),
significantly above expectations.

NOL Group President and CEO Flemming Jacobs said, "Our focus on
cost reduction is continuing to yield results, but, as we have
said before, no amount of cost reduction can compensate fully
for the massive reduction in rates. We are currently seeing an
improvement in rates, but we started the year from a very low
base and there's some way to go.

"As we have said previously, we came from a difficult past but
we are on the right track to full health with the recovery plan
set in motion three years ago. We are continuing to follow this
plan, although with the strong headwind this year, our progress
is being slowed.

"We took a hit in the first half. However, there is increasing
evidence that a recovery has begun, not only illustrated through
better volumes but also through some rate improvements."

Jacobs said NOL's supply chain management business, APL
Logistics (APLL), made encouraging gains at the revenue level,
but it was disappointing that the first half operating result
core EBIT (Earnings Before Interest and Tax) was not yet fully
showing the targeted improvement. However, he said initiatives
to increase operational and organisational efficiency, plus new
business being successfully won in the Americas and in Europe,
together with the joint venture developments announced recently
in China, would improve results somewhat in 2H02, and position
APLL for profitability in 2003.

American Eagle Tankers (AET), which transports crude oil,
contributed positively to the Group and maintained profitability
despite the more difficult operating environment in this sector
as well.

"Charter rates across the industry fell heavily in the first
half of the year," Mr Jacobs said, "but relatively speaking AET
still performed well."

Mr Jacobs said the positive impact of AET's purchase of
lightering Company MTLP in May would be felt in the second half
of 2002.

"The last twelve months have been tough for the whole industry,"
Mr Jacobs said, "but it is starting to look brighter.

Furthermore, traditionally in Liner shipping, business volumes
are stronger in the second half of the year, and current
indications are that volumes will continue to be brisk with
consequent high capacity utilisation. However, with the current
rates this will not be enough to translate into profitability
for the Liner activities in the second half of 2002.

"We said that 2001 was a tough year, with average trade-weighted
rates plummeting to levels last seen during the Asian crisis in
1997/98. Let me tell you that if we had the average 2001 rates
this year, we would have achieved profitability thanks to our
progress on the cost management side."

Jacobs said APL Logistics was actively reversing its performance
but still did not expect the full year to show a positive bottom
line. He expected AET and the Chartering division to maintain
profitability with some improvement in the tanker rates later in
the year.

"Our response to the difficult environment has been to intensify
our efforts to make us profitable by focusing on better yields,
lower unit costs and achieving greater operating flexibility,"
he said, and added "Now with signs that a recovery could be on
its way, those efforts mean that NOL and its companies are well
placed to make the most of that recovery as it unfolds."

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.


PRESSCRETE HOLDINGS: Listing Quotation of New Shares
----------------------------------------------------
The Board of Directors of Presscrete Holdings Limited announced
that in relation to the proposed acquisition by the Company of
NeoCorp Innovations Pte Ltd (NIPL) from Neo Investment Pte Ltd
and Neo Corporation Pte Ltd  (the Acquisition), the Company has
on Friday received the AIP from the Singapore Exchange
Securities Trading (SGX-ST) Limited for the listing and
quotation of the 333,333,333 new ordinary shares of $0.06 each
to be issued as consideration for the Acquisition (the
Consideration Shares).  The AIP is subject, inter alia, to the
following conditions:

1. The approval of shareholders of the Company for the
Acquisition.

2. The Company complying with the applicable SGX-ST listing
requirements.

3. Adequate disclosure in the circular to shareholders of the
Directors' evaluation and assessment of the merits of the
Acquisition.

4. Inclusion of the unaudited accounts of NIPL, based on the
assets and business contracts to be transferred to the Company,
made up to a date that is not more than 3 months prior to the
date of the issue of the circular to shareholders for the
Acquisition, such accounts are to be reviewed by a suitable
auditor.

5. The Company complying with the requirements of the SGX-ST in
relation to the placement of part of the Consideration Shares
following the Acquisition.

The SGX-ST's in principle approval is not an indication of the
merits of the Acquisition.

Presscrete Holdings Ltd posted a net loss of S$1.302 million in
the six months to May from 3.254 million a year earlier due to
lower interest charges arising from the deconsolidation of unit
Ceramic Technologies Pte Ltd's debts, TCR-AP reports.

Ceramic Technologies was placed under judicial management in
January 2002.


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


ADVANCE PAINT: Implements Rehabilitation Plan
---------------------------------------------
Advance Paint & Chemical (Thailand) Public Company Limited said
Friday the company has have proceeded with and implemented
certain steps in accordance with its rehabilitation plan and the
appointment of BangpaIn Planner Co., Ltd. as the Plan
Administrator as approved by the Central Bankruptcy Court on 5
July 2002.

The Business Rehabilitation Plan process as below:

1. Reduction and increase of the capital:

The Central Bankruptcy Court has issued the order approving the
Business Reorganization Plan of Advance Paint & Chemical
Thailand Public Company Limited on 5 July 2002 in which Bang
PaIn Planners Company Limited is the Plan Administrator.

In addition, detail of the plan provides that the Plan
Administrator, on behalf of the Debtor, reduce the original
registered capital by 75 percent and increase the new registered
capital as a proposal to new investors.

The plan Administrator has reduced the original registered share
from 13,920,100 shares to 3,480,025 shares by decreasing the
share from 4 shares to 1 share and rounding down to the smaller
amount and subsequently increased the registered capital to
167,480,025 shares with value of 10 Baht per share, which has
already been registered at the Ministry of Commerce on 26 July
2002.

2. The Allotment of new shares:

Refer to such Rehabilitation Plan and the order of the Central
Bankruptcy Court in 10 per share and the total amount of Baht
1,640,000,000 details are as follows:

2.1 Details of the Allotment

1. Lt.Gen.Surapun Pumkaew
The amount of shares: 800,000
Sales per share: 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

2. Lt.Gen.Kriengkrai Khumkhaengrithirong
The amount of shares: 500,000
Sales per share 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

3. MissLukravee Heangpapum
The amount of shares: 100,000
Sales per share: 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

4. Mrs.Nuchanart Kreesagnuang
The amount of shares: 5,000,000
Sales per share: 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

5. Mrs.Siriporn Salisattatkorn
The amount of shares: 200,000
Sales per share: 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

6. Mrs.Nataprang Manmai
The amount of shares: 400,000
Sales per share: 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

7. Mr.Samak Chaovapannn
The amount of shares: 800,000
Sales per share: 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

8. Mrs.Tananuj Treethippayabut
The amount of shares: 200,000
Sales per share: 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

9. Mrs.Nongnuj Chareonpanich
The amount of shares: 19,000,000
Sales per share: 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

10. Mr.Suilim Saejiew
The amount of shares: 3,000,000
Sales per share: 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

11. Mr.Vincent Hai Ning Chou
The amount of shares: 5,000,000
Sales per share: 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

12. Mrs.Pussaporn Ongprasert
The amount of shares: 3,000,000
Sales per share: 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

13. Mr.Nopporn Tangmunjittum
The amount of shares: 10,000,000
Sales per share: 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

14. Mr.Asawin Leelaina
The amount of shares: 27,200,000
Sales per share: 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

15. Eurasia Venture Limited
The amount of shares: 40,000,000
Sales per share: 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

16. Mr.Pakorn Makkranon
The amount of shares: 21,000,000
Sales per share: 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

17. Mr.Pisarn Tiyarungsrinukul
The amount of shares: 16,000,000
Sales per share: 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

18. Mr.Vorathep Suwanvanichakij
The amount of shares: 6,300,000
Sales per share: 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

19. Mr.Vivat Tamee
The amount of shares: 5,500,000
Sales per share: 1 Baht
The subscribed & payment date: 7-9 Aug 2002, 14 Aug 2002.

* The amount of shares 164,000,000 shares.

The sale offering to the person in article 2.1 is the offering
to limited group of persons according to the relevant
announcements of the Securities and Exchange Commission.

The Company has chosen its right to make repayment of debt to
the creditors under the provisions of the Company's Business
Reorganization Plan. One hundred percent of the amount of debt
under the Court order is 534,384,860.95 Baht calculated without
interest. The completion of making early repayment of debt
before the due date of 122,570,166.36 Baht under the Plan
between 20-27 August 2002 by the company which is 22.94 percent
of the amount of debt under the Court Order would entitle the
company to be waived of the remaining 77.06 percent of the debt
by the creditors under the Plan. This is the main objective of
Completion of the Business Reorganization Plan of the company
and, therefore, enables the company to request the termination
of the Plan based on the condition that the company complete the
debt restructuring of more than 50 percent of its total debt.

Therefore, APC wishes to apply for the relistng of the Company's
shares so that the shares will be tradeable on the Stock
Exchange of Thailand under REHABCO section.


ADVANCE PAINT: 'SP' Sign Lifted by SET
--------------------------------------
Advance Paint & Chemical (Thailand) Public Company Limited (APC)
has submitted the petition for trading reinstatement to the SET
because APC has completed its debt restructuring agreement by
more than 50 percent worth of total debts, and the
rehabilitation plan has been approved by the Bankruptcy Court on
5th July 2002.

In addition, APC has already disclosed major elements of
rehabilitation plan as specified by the SET's rules.

Therefore, the SET decides to lift "SP" sign from APC on 17th
September 2002 to allow the trading of such securities in
REHABCO sector.

Shareholders and investors should follow the companies' debt
restructuring and their rehabilitation plans before making
investment decision.

However, since this issue may affect the stock price of the
company in the market. Therefore, according to Clause 24 (3) and
(6) of the regulation on trading, clearing and settlement for
listed securities 1999, the ceiling and floor limits on the main
board of the securities of APC will be temporarily removed on
17th September 2002 to allow the market mechanism to work
freely.



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
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contained herein is obtained from sources believed to be
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subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***