TCRAP_Public/020916.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

          Monday, September 16, 2002, Vol. 5, No. 183

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Awarded US$80M From Contractor
ANACONDA NICKEL: Posts A$920M Net Loss for First Half
ANACONDA NICKEL: Share Drop on A$920M Net Loss Report Likely
AUSDOC GROUP: ABN Amro Completes Takeover Offer
COLES MYER: Shares Fall Anew Over Boardroom Conflict

MACQUARIE BANK: Simon Gautier Found Guilty of Insider Trading
PMP LIMITED: Appoints Graham Reaney as Non-Executive Director
TYNDALE CENTRAL: Court Probes Mervyn Roach on 12 Charges


C H I N A   &   H O N G  K O N G

ECYBERCHINA HOLDINGS: Served Winding-up Petition
FUJIAN JIUZHOU: Loss-making Trading Firm Loses Shenzhen Listing
GUANGNAN (HOLDINGS): Back in the Black After Restructuring
HONG PACIFIC: Hearing of Winding Up Petition Set
HUNTINGTON INDUSTRIES: Winding Up Hearing Set for October

NORTH BEAT: Court Schedules October Winding-Up Hearing
SHUN HING: Faces Winding Up Petition
WING ON CO: Ups Profit on Closure of Loss-Making Units


I N D O N E S I A

BANK MANDIRI: IPO Launch Planned for This Year
BANK NIAGA: CAHB Submits Final Bid for 51% Stake


J A P A N

FUJITSU LTD: Slashing 3,000 More Jobs in FY02
HOUFU TOCHI: Court Declares Real Estate Firm Bankrupt
HYOGO FUKUSI: Enters Bankruptcy
KINKI NIPPON: CFSA Okays Equity Options Listing
MATSUSHITA COMMUNICATION: TSE Delists Equity Options

MITSUBISHI TOKYO: Posts Notice of New Address


K O R E A

DAEWOO MOTOR: Schedules October GM-DAT Launch
HANBO IRON: Creditors to Complete US$370M Sale This Week
HYNIX SEMICON: Creditors Advise Bailout by Deutsche Bank
HYNIX SEMICON: KEB Denies Normalization Before Sale Reports
KOREA LIFE: Hanwha to Take Over 51% Stake for KRW775.2B

SSANGYONG MOTORS: Posts Operating Loss of $8.5M


M A L A Y S I A

AOKAM PERDANA: Defaults on Debt Payments
BERJAYA LAND: Appoints Shuib Bin Ya'Acob as Director
BERJAYA SPORTS: Units Purchase 8% Convertible Unsecured Loan
BIG STORE: Winding Up Petition Hearing Set on November 26
CHASE PERDANA: Restraining Order Obtained From KLSE

HAP SENG: KG Group Proposes Acquisition
HUME INDUSTRIES: Stocks Granted Listing From Exchange
PANCARAN IKRAB: Randy Chitty Quits General Manager Post
PANGLOBAL BERHAD: Unit Discloses Coal Production Volume
PAN MALAYSIA: Issues RM1.0 New Shares to Bumiputera Investors

PSC INDUSTRIES: Proposes Disposal Of PSC Asset Holdings
RASHID HUSSAIN: Restructuring Scheme Update
RHB CAPITAL: Discloses Update on Restructuring Scheme   


P H I L I P P I N E S

INTERNATIONAL CONTAINER: Unit Completes US$50M Loan Facility
NATIONAL POWER: ERC Gives More Time to Resolve Row With Meralco
NATIONAL POWER: Signs MoA With Cooperatives, Implements SPEED
PHILIPPINE LONG: Clarifies Philippine Inquirer Article
PHILIPPINE LONG: Exchanges Notes Due 2007, 2012

RFM CORP.: Launches PhP500M JV With Uni-President


S I N G A P O R E

ASIA PULP: Repays Remaining $40M Debt to Creditors
BIL INTERNATIONAL: Posts Notice of Change in Temasek's Interest
CHARTERED SEMICONDUCTOR: Shares Down 2.6%, Hit All-time Low
SSANGYONG CEMENT: Posts S15M Interim Net Loss
SEMBCORP INDUSTRIES: Posts Change in Temasek's Interest

WEE POH: Changes Registered Office Location


T H A I L A N D

SRITHAI SUPERWARE: Board Approves Srithai Electronics' Closure
THAI MILITARY: 17-Branch Closure Expected by Year-end


     -  -  -  -  -  -  -  -   

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A U S T R A L I A
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ANACONDA NICKEL: Awarded US$80M From Contractor
-----------------------------------------------
Anaconda Nickel Ltd's Chief Executive, Peter Johnston, said the
first phase outcome of the dispute with engineering company
Flour Daniel was at the low end of expectations. The Perth-based
company was awarded A$147.6 million (US$80.37 million) from
claims relating to defects in the screening and acid leach
circuits.

Anaconda reportedly claimed more than A$600 million from Fluor,
the design and construction contractor of its Murrin Murrin
nickel and cobalt mine in Western Australia. This was offset by
A$107.8 million awarded to Fluor from counterclaims relating to
bank guarantee drawn by Anaconda and other contractual amounts
previously withheld.


ANACONDA NICKEL: Posts A$920M Net Loss for First Half
-----------------------------------------------------
Despite producing a A$14.3 million operating profit in the 6
months to 30 June 2002, Anaconda Nickel Limited today announced
a net loss for the half year to 30 June 2002, of A$462.4
million, compared to a loss of A$457.5 million for the previous
half. For the full year to 30 June 2002, the Company reported a
net loss of A$919.9 million.

The loss reflects further significant write-downs in the
carrying value of the Murrin Murrin nickel cobalt plant, in
order to align the Company's balance sheet with valuations
agreed with secured creditors as part of the Company's on-going
debt restructuring and recapitalization negotiations. The loss
also reflects significant changes to accounting policies in
relation to exploration expenditure and deferred foreign
exchange losses.

The write-downs and accounting policy changes demonstrate
Anaconda's determination to clean up its balance sheet and
provide transparent accounts, reflecting a more realistic
valuation of the Company's assets.

Significant items in the result included:

A$ MILLION                    1ST HALF   2ND HALF     FULL YEAR

Cashflow from operations       (41.7)       9.4        (32.3)

Gross Profit/(Loss)            (29.2)      14.3        (14.9)

Deferred Hedging Loss              -     (121.5)      (121.5)

Write down of property, plant &
equipment                      (28.8)     (21.6)       (50.4)

Impairment of property, plant &
equipment                      (229.4)    (276.0)      (505.4)

Provision for unsuccessful
exploration                     (61.7)      (0.4)       (62.1)

Net Loss                       (457.5)    (462.4)      (919.9)

In addition to the write-downs, production disruptions
associated with the ramp-up of the Murrin Murrin nickel cobalt
project, higher costs associated with on-going plant
rectification works and lower than forecast nickel prices in the
first half of the year, had a negative impact on the results.

At year-end, 30 June 2002, Anaconda had a shareholders
deficiency of $413.6 million, a working capital deficiency of
$826.5 million and cash on hand of $6.1 million as well as the
undrawn facility of $11 million (US$6 million).

Anaconda Chief Executive Officer, Mr Peter Johnston said the
additional write-downs were necessary and unavoidable. "Our
secured creditors have ascribed values to the Company's assets,
and our balance sheet must reflect these values. By booking
these write-downs we have effectively cleaned up the balance
sheet and created a solid financial base for the Company going
forward", Mr Johnston said.

"With the debt restructuring and recapitalization process well
advanced, production steadily improving, costs coming down and
the plant operating cash flow positive, the Company can look
forward with greater optimism and confidence about the future,"
he added.

Since March, the Murrin Murrin plant has been cashflow positive
(before corporate overheads, interest and financing costs) due
to a successful cost reduction program, improved production
levels and increases in nickel prices. Murrin Murrin produced
28,652 tons of nickel and 1,589 tons of cobalt for the year
ended 30 June 2002, compared to 20,260 tons of nickel and 1,350
tons of cobalt for the previous corresponding period.

Anaconda announced on Wednesday (11 September) that it was close
to finalizing negotiations with secured creditors that would see
Anaconda, and its joint venture partner Glencore Nickel, make a
cash payment of US$190 million to settle all outstanding debts
to its US bondholders.

"The Company has a new strategic direction, new management, and
a focus on a sustained improvement in both financial and
operating performance. Whilst we are not out of the woods just
yet, as a management team we have had to be financially prudent,
but at the same time we have been aggressive on reducing costs
and improving our operational performance. The balance sheet
remains unsatisfactory and the recapitalization program is
intended to address this situation.

Assuming we can conclude the restructuring and recapitalization
process before March next year, the plant will be producing at
budget forecast levels and will have been operating cash flow
positive for a year. Given the situation the company was in this
time last year, I'd say that would represent a significant
turnaround", Mr Johnston said.

For further information, contact John Quayle, Company Secretary,
at telephone +61 8 9212 8400, or Tony Dawe of Ward Holt
Corporate Communication at telephone +61 8 9221 8722.


ANACONDA NICKEL: Share Drop on A$920M Net Loss Report Likely
------------------------------------------------------------
Anaconda Nickel's shares are set to slide after posting last
week A$919.9 million net loss for the first half of the year,
Dow Jones Newswires reports.

According to the debt-laden Australian mining group, its loss
reflects further writedowns in carrying value of Murrin Murrin
plant and changes to accounting policies on exploration
expenditure and deferred FX losses.

Result was also affected by production disruptions associated
with Murrin Murrin ramp-up, higher costs from plant
rectification and lower-than-forecast nickel prices in the first
half of the year.


AUSDOC GROUP: ABN Amro Completes Takeover Offer
-----------------------------------------------
ABN AMRO Capital has waived the remaining offer condition and
declared its offer to AUSDOC Group unconditional.

"We are delighted to have reached this milestone which will
enable us to successfully complete our takeover offer. This is a
landmark Australian public-to-private deal and further
demonstrates ABN AMRO Capital's commitment to being a leading
provider of private equity in Australia and New Zealand," said
ABN AMRO Capital's representative, JP Kaumeyer.

"We look forward to working with management to optimise the
performance of AIM and Freightways and are excited about the
potential of each business," he said.

AUSDOC Chairman, Michael Butler, welcomed these developments and
said, "the AUSDOC Directors are pleased that the sale process
has been completed successfully. This process has delivered fair
value to AUSDOC shareholders through an offer price which is
substantially in excess of the AUSDOC share price prior to the
announcement of the sale process."

ABN AMRO Capital's offer to AUSDOC shareholders will close as
scheduled at 7:00pm on Friday, 20 September 2002. AUSDOC
shareholders who have already accepted the offer, or who accept
before the close of the offer, will be paid on or before 11
October 2002.

In accordance with the Corporations Act, ABN AMRO Capital
intends to compulsorily acquire all AUSDOC shares for which
acceptances are not received before the close of the offer.
Shareholders who have their AUSDOC shares compulsorily acquired
will receive $2.15 cash for each AUSDOC share - the same price
as under the offer - but will receive payment later than
shareholders who accept the offer.

The AUSDOC Directors recommend that any shareholders who have
not already accepted the offer do so before the close of the
offer. All AUSDOC Directors and their associates have accepted
the offer.

For inquiries, contact:

AUSDOC shareholders: AUSDOC Shareholder Information Line 1300
304 778 (international callers dial +61 2 9240 7537).

AUSDOC Group Limited
Alan Freer
Managing Director
AUSDOC Group Limited
Ph: 03 9676 1202

Peter Scott
Managing Director
UBS Warburg
Ph: 03 9242 6273

Geoff Drucker
Corporate Kudos
Ph: 03 9646 3444
Mobile: 0419 817 827

ABN AMRO Capital
JP Kaumeyer
ABN AMRO Capital
Ph: 02 8259 5167

Ross Hutcheson
Hutcheson & Co
Ph: 03 9600 2444

Sam Prentice
ABN AMRO Corporate Finance
Ph: 03 9612 1525


COLES MYER: Shares Fall Anew Over Boardroom Conflict
----------------------------------------------------
Coles Myer's shares fell for fourth consecutive day, down 1.5
percent at A$5.81, as investors remain unsettled by the
Company's boardroom tensions, Dow Jones Newswires reported
Friday.

This came after the Coles Myer board confirmed its support for
Stan Wallis to remain chairman until the conclusion of the
annual general meeting on November 20.

Coles Myer, Australia's largest retailer with more than 2,000
stores throughout Australia and New Zealand, has hit hard times
over the past couple of years, largely due to losses in its
department stores.

It was forced to downgrade profits earlier this year, sending
its share price spiraling.


MACQUARIE BANK: Simon Gautier Found Guilty of Insider Trading
-------------------------------------------------------------
Simon Gautier Hannes, a former executive director of Macquarie
Bank Limited, was convicted on Wednesday on one charge of
insider trading in the securities of TNT Limited (TNT) and two
charges under the Financial Transactions Reports Act, the
Australian Securities and Investment Commission said.

The conviction of Hannes follows a 15-week retrial in the
Supreme Court at Darlinghurst, which was prosecuted by the
Commonwealth Director of Public Prosecutions.

Hannes was originally convicted on the same charges in the
Sydney District Court in August 1999 and was jailed for two
years and two months and fined $110,000.

However, the New South Wales Court of Criminal Appeal quashed
the convictions following a decision in December 2000, and he
was released after serving 15 and half months of the sentence.
Today's convictions are the result of a retrial.

The insider trading charge related to Hannes, using the name
'Mark Booth', acquiring 5,000 TNT $2 call options in September
1996 through Ord Minnett Limited, when he had knowledge that TNT
was likely to be the subject of a takeover bid.

The Australian Securities and Investment Commission (ASIC)
investigation of 'Mark Booth's' trading started within 24 hours
of the announcement of a takeover by Dutch company Royal PTT
Nederland NV (KPN) at $2.45 on 2 October 1996.

Within two days, ASIC obtained court orders freezing the $2
million profit from 'Mark Booth's' trading, and this profit was
ultimately returned to the people who had sold the call options.

ASIC's investigation into the circumstances surrounding 'Mark
Booth's' purchase of call options was conducted in collaboration
with the Australian Federal Police and the Australian Stock
Exchange.

Using sophisticated investigation techniques, ASIC was able to
identify Hannes as the person who had bought the TNT $2.00 call
options.

During the trial, the Crown lead forensic evidence from a
handwriting expert and forensic computer expert.

The Financial Transactions Reports Act charges relate to Hannes
making six cash withdrawals in one day from different bank
branches and then using the cash to acquire 9 bank cheques,
again from various banks and branches, with a view to avoiding
the reporting requirements under the Act.

Hannes, who remains on bail, will appear for sentencing on 7
November 2002.


PMP LIMITED: Appoints Graham Reaney as Non-Executive Director
-------------------------------------------------------------
PMP Limited said it has appointed Graham Reaney as non-executive
Director of the company.

"We are delighted Graham has jointed the Board of PMP. Given his
previous executive experience, and current directorships of
other major listed Australian companies, Graham will be a
valuable and complementary addition to our Board," Chairman
James Donnelley said.

The 59 year old Mr. Reaney is a director of St. George Bank Ltd,
The Australian Gas Light Company Limited, Queensland Cement
Limited and So Natural Foods Limited.

Mr. Reaney's business experience spans 30 years, during which he
has held a number of senior corporate appointments including
Managing Director of National Foods Limited and Managing
Director and Operations Director of Industrial Equity Limited.

The company will be seeking shareholder approval of Mr. Reaney's
appointment at the Annual General Meeting to be held in Sydney
on 17th October 2002. At that meeting, chairman James Donnelley
and Peter Chegwyn, Director and Chairman of Audit Committee,
retire by rotation and are seeking re-election.

For further information, contact Chief Executive Robert Muscat
at telephone (02) 9464 3580, or Company Secretary David Rowland
at telephone (02) 9464 3503.


TYNDALE CENTRAL: Court Probes Mervyn Roach on 12 Charges
--------------------------------------------------------
Mervyn Alexander Roach appeared in the Melbourne Magistrates
Court on Wednesday and was committed to stand trial on 12
charges laid by the Australian Securities and Investments
Commission (ASIC).

Mr Roach has been charged with three counts of obtaining money
by deception, three counts of obtaining a financial advantage by
deception, and six counts of using his position as a director of
a company to gain an advantage for himself.

ASIC laid the charges following an investigation into Mr Roach's
involvement in the affairs of Tyndale Central Pty Ltd and
Australian Property Investments.

ASIC alleges that the investors understood their money was to be
invested in property, and were not aware that instead it was
allegedly being diverted to accounts Mr Roach controlled.

Mr Roach has been bailed to appear in the Melbourne County Court
5 February 2003.

The Commonwealth Director of Public Prosecutions is prosecuting
this matter.


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C H I N A   &   H O N G  K O N G
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ECYBERCHINA HOLDINGS: Served Winding-up Petition
------------------------------------------------
A winding-up petition has been filed against eCyberChina
Holdings Ltd by ICEA Financial Services Ltd.

According to an AFX Asia report, the company is in talks to
settle the over HK$6.7 million in outstanding interest payments
in installments, once it finalizes a proposal to sell a piece of
property in China to a third party.

The HK$6.7 million represents the accrued interest of a loan it
obtained, the principal of which has already been repaid.


FUJIAN JIUZHOU: Loss-making Trading Firm Loses Shenzhen Listing
---------------------------------------------------------------
The A shares of Fujian Jiuzhou Group Co. were delisted from the
Shenzhen Stock Exchange as of the start of trade Friday after
the Chinese trade firm failed to turn a profit.

In an announcement in the Securities Times, the company said its
shares were suspended since April 16, after it posted its third
year of losses. It said on August 28 it posted a half-year loss
of 52.02 million yuan ($6.29 million).

Fujian Jiuzhou was embroiled in China's largest smuggling case
in 50 years. Its former chairman, Zhao Yuchang, was jailed for
life in February 2001 for his involvement in the multi-billion
dollar smuggling case, one of nearly 300 people implicated.

Securities regulators have also punished Jiuzhou for falsifying
profits from 1993 to 1997.


GUANGNAN (HOLDINGS): Back in the Black After Restructuring
----------------------------------------------------------
Guangnan (Holdings) Ltd, a subsidiary of Guangdong Holdings, was
able to return to profit in the six months to June due to
restructuring and effective cost controls.

The company recorded a net profit of HK$56.073 million for the
six months to June, compared with a loss of HK$9.808 million a
year earlier as sales dropped to HK$892.392 million from
HK$1.050 billion after the closure of the loss-making
supermarket operations.

At the end of June, the company had a cash balance of HK$202.442
million, down 11.2 percent from end-December due to the early
redemption of HK$50 million worth of interest-bearing
convertible bonds.


HONG PACIFIC: Hearing of Winding Up Petition Set
------------------------------------------------
The petition to wind up Hong Pacific Trading Limited was set for
hearing before the High Court of Hong Kong on October 30, at
10:00 am.

RBG Resources PLC (in liquidation), located at Grant Thornton
House, Melton Street, Euston Square, London NW1 2EP., U.K.,
filed the petition with the said court last August 3, 2002.


HUNTINGTON INDUSTRIES: Winding Up Hearing Set for October
---------------------------------------------------------
The date for hearing of the petition to wind up Huntington
Industries Limited is scheduled for October 30, 2002 at 10:00
a.m. at the High Court of Hong Kong.

RBG Resources PLC (in liquidation), located at Grant Thornton
House, Melton Street, Euston Square, London NW1 2EP., U.K.,
filed the petition with the said court last August 3, 2002.


NORTH BEAT: Court Schedules October Winding-Up Hearing
------------------------------------------------------
RBG Resources PLC (in liquidation) of Grant Thornton House,
Melton Street, Euston Square, London NW1 2EP., U.K., is seeking
for the winding up of North Beat Limited.

The petition was filed on August 3, 2002 at the High Court of
Hong Kong, and will be heard before the said court on October
30, 2002 at 10:00 a.m.


SHUN HING: Faces Winding Up Petition
------------------------------------
Hot Wing Engineering Limited of Room 1806, 18th Floor, Ricky
Centre, 36 Chong Yip Street, Kowloon, Hong Kong is seeking for
the winding up of Shun Hing P.C. Boards (HK) Limited.

The petition was filed on July 24, 2002, and will be heard
before the High Court of Hong Kong on September 18, 2002 at 9:30
a.m.


WING ON CO: Ups Profit on Closure of Loss-Making Units
------------------------------------------------------
The first half profit of Wing On Co International Ltd increased
to HK$162.035 million from HK$38.493 million after it closed two
loss making stores in Hong Kong and an unprofitable branch in
Tianjin, AFX Asia reported.

During the period, the company also made gains of HK$94.092
million from the disposal of certain properties.

A series of promotional campaigns, merchandising mix adjustment
and streamlining of operations have contributed to the
improvement of sales. The company's automobile dealership
business in the US also posted a strong performance.

The company had HK$820.8 million worth of cash and marketable
securities at the end of June. Total borrowings stood at
HK$836.4 million, down 90 million from December-end.


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


BANK MANDIRI: IPO Launch Planned for This Year
----------------------------------------------
PT Bank Mandiri's planned IPO will be launched this year as set
under the letter of intent (LoI) signed by the government with
the International Monetary Fund, the PRNewsAsia reported, citing
Bank Mandiri president EC Neloe.

Neloe said the launch of Bank Mandiri's IPO will be held before
the year-end. At this point, he said the government still needs
time to finalize the bank's new capital structure and extend the
current maturity of recapitalization bonds.

He said the Privatization Policy Team had previously set the IPO
for a 30% stake in the bank, of which 15% was supposed to be a
primary issue, with the other 15% comprising government shares.
However, the government later proposed to increase its share
offer to 30 percent and scrap the primary issue altogether, he
said. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 182,
September 13, 2002)


BANK NIAGA: CAHB Submits Final Bid for 51% Stake
------------------------------------------------
Commerce Asset-Holding Bhd (CAHB), Malaysia's second largest
lender, has offered to buy the 51 percent stake in Bank Niaga at
26.5 rupiah per share against the floor price of 24.84 rupiah
per share, the Star reported, citing Indonesian Bank
Restructuring Agency (IBRA) chairman Syafruddin Tumenggung.

The final bid reportedly could bring in around 1.06 trillion
rupiah (US$119 million) for the IBRA, which owns around 97
percent of Bank Niaga.

Syafruddin expects to complete the stake sale by the end of
October.

The divestment of Bank Niaga is part of an International
Monetary Fund-led economic reform programmed for Indonesia and
should also help the government bolster confidence in the
fragile banking sector.


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J A P A N
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FUJITSU LTD: Slashing 3,000 More Jobs in FY02
---------------------------------------------
Fujitsu Limited has notified its labor union that the Company
will cut additional 3,000 workers this year, based on an
incentive program under which it will pay special allowances to
those who voluntarily quit, Kyodo News reported Friday.

The program will be applied to about 3,200 workers at the
Fujitsu's optical communications equipment factory in Oyama and
its mobile phone-related plant in Otawara, both in Tochigi
Prefecture.


HOUFU TOCHI: Court Declares Real Estate Firm Bankrupt
-----------------------------------------------------
The Tokyo Shoko Research Ltd. (TSR) said last Tuesday that the
Japan court has declared Houfu Tochi Tatemono KK bankrupt.

The Company has total liabilities of 13.2 billion yen.

The real estate firm, which has 60 employees, is located at
Houfu-si Yamaguchi, Japan.


HYOGO FUKUSI: Enters Bankruptcy
-------------------------------
Japan court has declared Hyogo Fukusi Seikyo bankrupt, according
to Tokyo Shoko Research Ltd.

The federal home loan mortgage corporation has total liabilities
of 70.10 billion yen.

The Company is located at Kobe-si, Hyogo, Japan.


KINKI NIPPON: CFSA Okays Equity Options Listing
-----------------------------------------------
Due to receipt of an approval from the Commissioner of Financial
Services Agency (CFSA), the Tokyo Stock Exchange (TSE) decided
to list the equity options on Kinki Nippon Railway Co., Ltd. as
the underling stock as one of component stocks of S&P/TOPIX150.

Listing date of the equity options on Kinki Nippon Railway Co,.
Ltd. is scheduled on September 25, 2002.

According to TCR-AP, Kinki Nippon Railway incurred a net loss of
34.5 billion yen for fiscal 2001 through March 31, 2002, writing
off the unrealized loss of the equity method real estate
Company. It offset the unrealized loss on land for business
purpose with the unrealized railway assets.

The financial structure deteriorated more than expected due to
the lowering net worth and the increasing interest-bearing debt
as well as the realization of unrealized railway assets.


MATSUSHITA COMMUNICATION: TSE Delists Equity Options
----------------------------------------------------
The Tokyo Stock Exchange (TSE) has received an approval from
Commissioner of Financial Services Agency to delist the equity
options on Matsushita Communication Industrial Co., Ltd. because
of the upcoming exchange of shares with Matsushita Electric
Industrial Co., Ltd.

Equity options on Matsushita Communication Industrial Co., Ltd

1. Date of delisting: September 25, 2002
2. Last day of trading: September 20, 2002
3. Exercise date: September 20, 2002

According to TCR-AP, cell phone maker Matsushita Communication
Industrial Co, posted Y19.87 billion group net loss for the
October to December period, due to delays in new models and the
maturing market.

The Company cut its forecast for the year that ends on March 31,
expecting a group net loss of Y44 billion, exceeding the range
of Y35-40.3 billion analysts had forecast.

Matsushita Communication Industrial Co., Ltd. is a principal
subsidiary of Matsushita Electric Industrial Co., Ltd., and
specializes in four business areas: mobile communications,
automotive multimedia, AV & security, and system solutions.


MITSUBISHI TOKYO: Posts Notice of New Address
---------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President:
Shigemitsu Miki) will move to a new Tokyo location effective
September 17, 2002. The Company's telephone and facsimile
numbers will nevertheless remain unchanged.

MTFG's new address will be:

Mitsubishi Tokyo Financial Group, Inc.
26F Marunouchi Bldg.
4-1, Marunouchi 2-chome
Chiyoda-ku, Tokyo 100-6326
Japan

Tel: 81-3-3240-8111(unchanged)
Fax: 81-3-3240-8203(unchanged)
http://www.mtfg.co.jp(unchanged)  

TCR-AP reported that The Mitsubishi Tokyo Financial Group plans
to dispose around $3.94 billion in bad loans in the year ending
March 31, 2003. The Company intends to sell them to the
Resolution and Collection Corp., a government-backed debt
collection agency.

Saddled with unprofitable investments and loans, the bank is
also considering auctioning some to investors.


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K O R E A
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DAEWOO MOTOR: Schedules October GM-DAT Launch
---------------------------------------------
GM-Daewoo Auto & Technology (GM-DAT)'s launching is scheduled in
early October, but procedures required for the launch have not
been completed, PR Newswire reports.

Daewoo Motor Co. has yet to complete its liquidation scheme as a
prerequisite for the launch of the new entity, GM-DAT.

For the launch of the new entity, the liquidation plan should be
finished within this week, but Daewoo Motor is not sure about
when the plan will be finalized.


HANBO IRON: Creditors to Complete US$370M Sale This Week
--------------------------------------------------------
An unidentified government official said talks between the
creditors of Hanbo Iron & Steel Co and AK Capital, on the sale
of the steel maker to the latter for about US$370 million, are
close to a conclusion, Chosun Ilbo daily reported.

AK Capital proposed a final bid price for Hanbo last week, he
said.

AK Capital is a Company set up by Joonghoo Industry, a midsize
real estate developer that has an interest in running steel
businesses.

The state-run Korea Asset Management Corp is the largest
creditor of Hanbo and is leading the talks to sell the Company.
(M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 182, September
13, 2002)


HYNIX SEMICON: Creditors Advise Bailout by Deutsche Bank
--------------------------------------------------------
Hynix Semiconductor's creditors were advised to bail the
chipmaker out by Deutsche Bank, DebtTraders analysts, Daniel Fan
(852-2537-4111) and Blythe Berselli (1-212-247-5300) reported,
citing the Bloomberg news.

Deutsche Bank recommended creditors exchange 2 trillion won
($1.7 billion) of debt into bonds convertible to shares.

Hyundai Semiconductor's 8.250 percent bond due in 2004
(HYUS04KRA1) trades between 75 and 76. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS04KRA1


HYNIX SEMICON: KEB Denies Normalization Before Sale Reports
-----------------------------------------------------------
Hynix Semiconductor's main creditor, the Korea Exchange Bank
(KEB), declined to confirm reports that they have been told by
Deutsche Bank that Hynix should be restructured and normalized
before a sale is considered, the Yonhap News Agency reported.

"We cannot confirm the reports," a KEB spokesman said.

The official said KEB President Lee Kang-won is now visiting the
bank's branches in Germany, London and other European nations,
adding that his visit to Europe has nothing to do with the Hynix
case.

The official said creditors and Deutsche Bank have still to
resolve issues in the restructuring plans for Hynix, including
debt restructuring.

"As far as I know, Deutsche Bank has not presented its final
version of the restructuring plans to creditors. There are many
issues to be sorted out yet," he said.

He also said it is unclear when creditors will meet to discuss
the restructuring plans for Hynix.

"We know we should conclude the issue at the earliest possible
time but no date has been fixed for the meeting of creditors,"
he said.

Earlier reports said that Deutsche Bank submitted the
recommendation early this week to creditors that creditors
should carry out a debt restructuring for normalization of the
Company before selling the chipmaker. (M&A REPORTER-ASIA
PACIFIC, Vol. No.1, Issue No. 182, September 13, 2002)


KOREA LIFE: Hanwha to Take Over 51% Stake for KRW775.2B
-------------------------------------------------------
The Public Fund Oversight Committee said the Hanwha Group-led
consortium will take over a controlling 51 percent stake in
Korea Life Insurance for KRW775.2 billion, the JoongAng Ilbo
Daily reported.

Hanwha will be allowed to make an upfront payment of KRW400
billion and the remaining KRW375.2 billion will be paid in
installments two years after the acquisition, it reported.

Hanwha also has an option to buy another 16 percent stake in
Korea Life when the life insurance Company is listed on the
exchange in the future.

The sale price is based on Korea Life's corporate value assessed
at KRW1.52 trillion, it reported. (M&A REPORTER-ASIA PACIFIC,
Vol. No.1, Issue No. 182, September 13, 2002)


SSANGYONG MOTORS: Posts Operating Loss of $8.5M
-----------------------------------------------
Ssangyong Motors posted an operating loss of $8.5 million versus
$7 million, but operating loss before tax was $14.4 million
versus $5.6 million profit in the previous year, GK Goh reports.

Loss at bottom line was $15 million versus a profit of $2.9
million. The higher loss was due to an investment loss of $8.6
million comprised mainly of provisions made for the group's
venture capital investment in the US technology sector and lower
contribution from associated companies of $1.6 million versus
$9.8 million in the previous period.

GK Goh said both the building materials market and US technology
sector will not expect to improve in the near term, the Company
therefore expects to report a loss for the fiscal year 2002.


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


AOKAM PERDANA: Defaults on Debt Payments
----------------------------------------
Board of Directors of Aokam Perdana Berhad, pursuant to
paragraph 9.03 and 9.04 (l) of the listing requirements and
further to the Company's announcement made on 26 April 2002, 3
May 2002, 3 June 2002 and 6 July 2002, announced Thursday the
event of default in the payments of interest in respect of the
restructured creditors of the Aokam Perdana Berhad Group (APB).

In a statement to the Kuala Lumpur Stock Exchange, the Company
said that the performance of the Group is affected by the weak
timber market and tight financial position. Under this scenario,
the Company is unable to service the interest payment of the
restructured creditors.

The Group has obtained the approvals-in-principle from the
majority (in value) of the creditors to restructure the
loans/debts under the Corporate Proposals of Aokam, which
comprises of the Proposed Acquisition and Proposed Debt
Restructuring. The Vendors aborted the Corporate Proposals after
the termination of the acquisition.

At the present moment, the Company is in the midst of
negotiations with other potential white knights.

Any new Corporate Proposals or measures to address the
loans/debts would require fresh approvals from the creditors.

The legal implication, which may arise from the defaults, is
that the creditors could sue the Company, it said.


BERJAYA LAND: Appoints Shuib Bin Ya'Acob as Director
----------------------------------------------------
Berjaya Land Berhad has appointed Shuib Bin Ya'Acob as the
Company's new Director (Independent & Non Executive) as of
September 12, 2002.

Designation : Director

Directorate : Independent & Non Executive

Name : SHUIB BIN YA'ACOB

Age : 72

Nationality : Malaysian

Qualifications : Not Applicable

Working experience and occupation  : Not Applicable

Directorship of public companies (if any) : Not Applicable

Family relationship with any director and/or major shareholder
of the listed issuer : Not Applicable

Details of any interest in the securities of the listed issuer
or its subsidiaries : Not Applicable

In June, TCR-AP reported that the proposed restructuring
exercise of Berjaya Land Berhad, which was announced by Commerce
International Merchant Bankers Berhad on 23 May 2001, was
comprised of:

(i) The proposed bonus issue (of 2 for 3) by B-Land;

(ii) The proposed voluntary general offers (VGOs) to be
undertaken by B-Land to acquire the remaining ordinary shares of
RM1.00 each in Berjaya Capital Berhad (BCap) and in Cosway
Corporation Berhad (CCB) not held by Berjaya Group Berhad
(BGroup) and the parties acting in concert (Proposed
VGOs); and

(iii) The proposed transfer of Berjaya General Insurance Berhad,
Inter-Pacific Capital Sdn. Bhd. and Cosway (M) Sdn. Bhd. by
BGroup to B-Land and pursuant thereof, the proposed transfer by
B-Land of its entire interests in BCap and CCB (obtained
pursuant to the Proposed VGOs) to a new company to be
incorporated (Newco) (Proposed Assets Transfer).


BERJAYA SPORTS: Units Purchase 8% Convertible Unsecured Loan
------------------------------------------------------------
The Board of Directors of Berjaya Sports Toto Berhad (or BToto)
informed that its wholly owned subsidiary, FEAB Properties Sdn
Bhd has purchased ICULS in BToto as follows:

1. Date of Purchase : 12 September 2002

2. Number of ICULS Purchased : 98,000

3. Minimum price paid for each ICULS : RM2.92

4. Maximum price paid for each ICULS : RM2.98

5. Total consideration paid : RM289,758.45

6. Total number of ICULS held to-date : 1,396,000

7. Cumulative consideration: RM4,326,865.60 paid to-date

The Company has obtained the necessary approvals for the above
purchase of ICULS up to an amount not exceeding RM1.2 billion.
Details on the ICULS purchase were disclosed in the Company's
Circular to Shareholders dated 5th April 2002 and the Abridged
Prospectus relating to the Rights Issue of ICULS dated 20th June
2002.


BIG STORE: Winding Up Petition Hearing Set on November 26
---------------------------------------------------------
The Board of Directors of Ngiu Kee announced Thursday that Big
Store (TAR) Sdn Bhd, a wholly owned subsidiary of Big Store Sdn
Bhd, which in turn is wholly owned by Ngiu Kee was served with a
winding up petition via Shah Alam High Court Companies Winding
Up Petition No. MT5-28-144-2002 dated July 19, 2002, on
September 11, 2002. The hearing of the Petition has been fixed
on November 26, 2002.

DETAILS OF THE PETITION

The Petition has been presented pursuant to a purported debt
from BIG Store (TAR) Sdn Bhd to Syarikat KHY Enterprise Sdn Bhd
amounting to RM 401,321.29. The purported debt is purportedly in
respect of inter alia, alleged outstanding rentals purportedly
due by reason of a lease agreement in respect of the premises
known as Plaza KHY of which BIG Store (TAR) Sdn Bhd was tenant.
The amount is disputed by BIG Store (TAR) Sdn Bhd.

DIRECTORS' OPINION

The Board has taken legal in respect of the Petition and the
Board is of the view that the Petition is an abuse of process of
court made in bad faith. The Board has instructed its solicitors
to take all necessary action to have the Petition struck out or
dismissed including seeking an injunction to stop the Petitioner
from advertising the Petition.

EXPECTED FINANCIAL AND OPERATIONAL IMPACT

In December 2001, Dewan Bandaraya Kuala Lumpur (DBKL) have
closed down and sealed the premises for being unfit and unsafe
for public usage and pursuant to the notice by DBKL, the Board
had ceased operations of BIG Store (TAR) Sdn Bhd immediately
thereafter and it is to early to quantify the expected financial
losses resulting from the Petition.

Pursuant to the closure of BIG Store (TAR) Sdn Bhd by DBKL, the
Board instructed its solicitors to commence civil action against
Syarikat KHY Enterprise Sdn Bhd for the estimated loss of
business and profit approximately RM 74,000,000.00 which is
currently pending in the High Court of Kuala Lumpur.

Upon being served with Section 218 Notice on 12.3. 2002, BIG
Store (TAR) Sdn Bhd had immediately filed an application in the
High Court in Malaya to injuct Syarikat KHY Enterprise Sdn Bhd
from presenting the Petition for Winding Up which is in fact
fixed for Hearing on Friday, 13.9.2002

The Board has taken legal advice and in reliance of the same
have instructed its solicitors to commence civil proceeding
seeking substantial damages against Syarikat KHY Enterprise Sdn
Bhd and all its Directors in their individual capacity for
commencing the Petition with bad faith and malicious intend.

The Hearing dated of the Petition is set on November 26, 2002.


CHASE PERDANA: Restraining Order Obtained From KLSE
---------------------------------------------------
The Board of Directors of Chase Perdana Berhad (CPB) announced
Thursday that a Restraining Order has been obtained from the
Kuala Lumpur High Court vide Originating Summons No. D3-24-87-
2002 dated 12 September 2002 pursuant to Section 176 (10) of the
Companies Act, 1965, for the Company and the following
subsidiaries:

LH Capital Sdn Bhd
Santun Indah Sdn Bhd
CPB-Plastronic JV Sdn Bhd
Imacentre Development Sdn Bhd

The Restraining Order is valid for a period of 130 days from the
date of the Order or for a period from the date of the Order up
to 6 December 2002, whichever comes first, pending lodgement of
the court order approving the Debt Restructuring Scheme of the
Company with the Companies Commission of Malaysia.

The sealed Order dated 12 September 2002 is pending extraction
from the Court.

On 5 and 6 March 2002, Southern Investment Bank Berhad had on
behalf of the Board of Directors of CPB, announced that the
Company will be undertaking a restructuring scheme involving
among others:

Reduction of share capital from RM 93,605,334 to RM 9,360,533 by
the cancellation of RM0.90 of the par value of each existing
ordinary share of RM1.00 each and the subsequent consolidation
into ordinary shares of RM1.00 each in the proportion of ten
(10) ordinary shares of RM0.10 each into one (1) ordinary shares
of RM1.00 each (Shares);

Reduction of the entire share premium account amounting to RM
159,553,660;

Debt restructuring with CPB's creditors under section 176 of the
Companies Act, 1965;

Rights issue of 28,081,602 CPB Shares on the basis of six (6)
CPB Shares together with nine (9) free detachable warrants
2002/2007 (Warrants) for every two (2) CPB Share held after the
capital reduction and consolidation to shareholders of CPB;
conditional restricted issue of up to 28,081,602 CPB Shares
together with 42,122,403 Warrants to Tan Sri Datuk Dr Mohan M.K.
Swami (TSDDM);

Share placement to meet the public shareholding spread
requirement, if necessary;

Exemption to TSDDM from having to undertake a general offer for
the CPB Shares not already owned by him; and mandatory assets
disposal program.

CPB had submitted its proposal to the authorities on 29 April
2002.

The Foreign Investment Committee via its letter dated 15 May
2002 has approved the proposed Scheme.

The Securities Commission has via its letter dated 6 September
2002 approved the proposed Scheme with conditions, which was
announced on 9 September 2002.

The Company has obtained the Order to prevent any further
winding up petition from jeopardizing the implementation of the
proposed Scheme.

The Foreign Investment Committee via its letter dated 15 May
2002 has approved the proposed Scheme and the Securities
Commission via its letter dated 6 September 2002.

The Company is currently finalizing the explanatory statement to
creditors and the circular to shareholders.


HAP SENG: KG Group Proposes Acquisition
---------------------------------------
Hap Seng Consolidated Berhad, with regards to its announcements
dated 25 October, 2001, 30 November, 2001, 6 December, 2001, 15
January, 2002, 22 February, 2002, 25 March, 2002 and 28 June,
2002 respectively regarding the proposed acquisition of 60% of
the issued and paid-up share capital in KG Pastry Manufacturing
Sdn Bhd and 60% of the issued and paid-up share capital in Kawan
Food Manufacturing Sdn Bhd [collectively referred to as the
Proposed KG Group Acquisition] for an aggregate sum of
RM52,500,000 which transaction was not completed.

As previously announced, the Stakeholders filed an inter-pleader
summons against the Vendors and the Company in the Kuala Lumpur
High Court (Originating Summons No. D6-24-19-02) to seek the
Court's directions as to how the 10% deposit amounting to RM5.25
million (together with accrued interest) for the Proposed KG
Group Acquisition ought to be dealt with. The inter-pleader
summons was currently fixed for hearing on 10 October 2002.

The Board announced that the parties have arrived at an out-of-
court settlement pursuant to which the Company had on even date
received the agreed sum of RM2.1 million as full and final
settlement of the dispute and that the said inter-pleader
summons will be withdrawn.


HUME INDUSTRIES: Stocks Granted Listing From Exchange
-----------------------------------------------------
Hume Industries (Malaysia) Berhad announced that the Company's
additional 1,000 new ordinary stocks units of RM1.00
each issued pursuant to the aforesaid Scheme will be granted
listing and quotation with effect from 9.00 a.m., Tuesday,
September 17, 2002.

In August, the Company announced a renounceable rights issue of
up to 250,242,630 new ordinary stock units of RM1.00 each in
HIMB at an issue price of RM2.00 per right stock, TCR-AP
reports.

The rights issue is payable in full upon acceptance, on the
basis of one rights stock for every one existing ordinary stock
unit of RM1.00 each held.


PANCARAN IKRAB: Randy Chitty Quits General Manager Post
-------------------------------------------------------
Pancaran Ikrab Berhad announced Thursday that Mr. T. Randy
Chitty, aged 34, has tendered his resignation as Group General
Manager with effective September 12, 2002.

According to TCR-AP, Alliance Merchant Bank Berhad, in relation
to the abortion of PIB's original proposed restructuring scheme,
announced that the Kuala Lumpur Stock Exchange (KLSE) has, vide
its letter dated 23 July 2002, decided to reject Pancaran Ikrab
Bhd's application for an extension of time to release the
requisite announcement (RA) on its plan to regularize its
financial condition.

As was announced on 1 July 2002 and 3 July 2002, the Company is
presently contemplating a proposed restructuring scheme to
regularize its financial condition.


PANGLOBAL BERHAD: Unit Discloses Coal Production Volume
-------------------------------------------------------
PanGlobal Berhad announced Wednesday that the production volume
of coal of its wholly owned subsidiary, Global Minerals
(Sarawak) Sdn Bhd for the month of August 2002 was 18,021.24 mt.

TCRAP reported in August that Taisho Company Sdn Bhd filed a
suit against PanGlobal Berhad and Toweltech Berhad (a former
wholly owned subsidiary of PGB until its disposal on 29 December
1995) in the High Court at Penang via Civil Suit No. 22-141-
1991.

The suit was in respect of an alleged friendly loan grants the
claim to PGB and Toweltech wherein Taisho claimed RM3,688,370.90
from PGB and RM1,822,276.44 from Toweltech with interest at 12%
per annum from 1 January 1991 until full settlement.


PAN MALAYSIA: Issues RM1.0 New Shares to Bumiputera Investors
-------------------------------------------------------------
Pan Malaysia Holdings Berhad, further to the announcements dated
27 June 2001 and 19 August 2002, Commerce International Merchant
Bankers Berhad, on behalf of the Company, wishes to announce
that the Securities Commission (SC) had, vide its letter dated 6
September 2002, approved a final extension of twelve (12) months
to 30 June 2003 for the Company to implement the Special Issue.

However, this extension is subject to the Company obtaining the
approval from the Foreign Investment Committee (FIC) to extend
the period to implement the Special Issue to 30 June 2003.

The Company had on 6 August 2002 obtained the approval of the
FIC to extend the period to implement the Special Issue to 31
December 2002 and the Company intends to apply to the FIC to
further extend the period to implement the Special Issue to 30
June 2003.

Wrights Investors' Service reports that at the end of 2001, the
company had negative common shareholder's equity of -288.65
million Malaysian Ringgits. This means that at the present time,
the common shareholders have essentially no equity in the
company. This is further compounded by the fact that among the
assets the company does have on its balance sheet, there are
152.41 million Malaysian Ringgits in intangible assets.


PSC INDUSTRIES: Proposes Disposal Of PSC Asset Holdings
-------------------------------------------------------
Board of Directors of PSC Industries Berhad announced Wednesday
that the Company and its wholly owned subsidiary, Penang
Shipbuilding & Construction Sdn Bhd and Amin Shah Holdings Sdn
Bhd had on 12 September 2002 entered into a Supplemental
Agreement pursuant to the Proposed Disposal of PSC Asset
Holdings Sdn Bhd.

Under the Supplemental Agreement, all parties have agreed to
extend the completion date from 12 September 2002 until the
expiry of six (6) months from the date of the Supplemental
Agreement or fourteen (14) days from the date the Share Sale
Agreement becomes unconditional, whichever is earlier.


RASHID HUSSAIN: Restructuring Scheme Update
-------------------------------------------
Rashid Hussain Berhad (RHB), with reference to the Company's
announcement dated 20 March 2002, 24 June 2002 and 1 August 2002
in relation to the Proposed Group Restructuring Scheme.

AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) (AmMerchant Bank), on behalf of RHB wishes
to announce Wednesday that the parties to the conditional sale
and purchase agreement for the Proposed Acquisition of Bank
Utama (Conditional Bank Utama SPA), namely Cahya Mata Sarawak
Berhad, Utama Banking Group Berhad, RHB and RHB Bank Berhad have
mutually agreed to further vary Clauses 4.06 and 4.07 of the
Conditional Bank Utama SPA as follows:

(a) the period within which the notice for convening the
extraordinary general meeting of the respective companies is to
be issued, is extended from the existing 120 business days from
the date of the Conditional Bank Utama SPA ending on 11
September 2002, to 30 September 2002; and

(b) the cut-off date by which all conditions precedent are to be
fulfilled, is extended from the existing 210 days from the date
of the Conditional Bank Utama SPA ending on 16 October 2002, to
31 October 2002.

The said extensions of time are required pending clearance by
the relevant regulatory authority of the circulars to
shareholders of the relevant companies and pending receipt of
outstanding approvals from the relevant regulatory authorities.


RHB CAPITAL: Discloses Update on Restructuring Scheme   
-----------------------------------------------------
RHB Capital Berhad, referring to the Company's announcement
dated 20 March 2002, 24 June 2002 and 1 August 2002 in relation
to the Proposed Group Restructuring Scheme.

AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) (AmMerchant Bank), on behalf of RHB
Capital wishes to announce that the parties to the conditional
sale and purchase agreement for the Proposed Acquisition of Bank
Utama ("Conditional Bank Utama SPA"), namely Cahya Mata Sarawak
Berhad, Utama Banking Group Berhad, RHB and RHB Bank Berhad have
mutually agreed to further vary Clauses 4.06 and 4.07 of the
Conditional Bank Utama SPA as follows:

(a) the period within which the notice for convening the
extraordinary general meeting of the respective companies is to
be issued, is extended from the existing 120 business days from
the date of the Conditional Bank Utama SPA ending on 11
September 2002, to 30 September 2002; and

(b) the cut-off date by which all conditions precedent are to be
fulfilled, is extended from the existing 210 days from the date
of the Conditional Bank Utama SPA ending on 16 October 2002, to
31 October 2002.

In addition, the parties to the respective conditional sale of
shares agreements for:

(i) the Proposed Transfer and Acquisition of RHB Leasing Sdn
Bhd, namely RHB Capital, China Development Industrial Bank Inc
and RHB Delta Finance Berhad;

(ii) the Proposed Transfer of RHB Capital Properties Sdn Bhd,
namely RHB Capital and RHB Bank Berhad; and

(iii) the Proposed Acquisition of 37% of Straits Asset Holdings
Sdn Bhd, namely G.K. Goh Holdings Limited, RHB Capital and RHB
Marketing Services Sdn Bhd;

have respectively mutually agreed to vary Clause 4.05 of the
respective conditional sale of shares agreements such that the
cut-off date by which all conditions precedent are to be
fulfilled, is extended from the existing 180 days from the date
of the respective conditional sale of shares agreements ending
on 16 September 2002, to 16 October 2002.

All the said extensions of time are required pending clearance
by the relevant regulatory authority of the circulars to
shareholders of the relevant companies and pending receipt of
outstanding approvals from the relevant regulatory authorities.

In addition, we refer to our announcement dated 24 July 2002 in
relation to the issue of RHB Capital Bonds. As stated in the
announcement, RHB Capital is proposing to issue RM500 million 5-
year redeemable unsecured bonds.

AmMerchant Bank, on behalf of RHB Capital wishes to announce the
finalization of the principal terms of the RHB Capital Bonds as
set out in Appendix I herein and that the RHB Capital Bonds will
now comprise RM500 million redeemable unsecured serial fixed
rate bonds with maturities ranging from 3 to 5 years.


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


INTERNATIONAL CONTAINER: Unit Completes US$50M Loan Facility
------------------------------------------------------------
ICTSI Limited, a unit of International Container Terminal
Services, has completed a US$50 million credit facility with
Credit Suisse First Boston International, AFX Asia reported
Thursday.

The loan, which was guaranteed by the parent Company, will be
used to finance foreign port projects being pursued by the unit.

According to TCR-AP, International Container Terminal Services,
Inc.'s debt level after the full redemption of the US$130
million convertible notes in March dropped to 2.5 billion pesos.


NATIONAL POWER: ERC Gives More Time to Resolve Row With Meralco
---------------------------------------------------------------
The Energy Regulatory Commission (ERC) will extend another three
months deadline for the National Power Corp. (Napocor) to work
out a transition supply contract (TSC) with Manila Electric Co.
(Meralco), the Philippine Star and AFX Asia reported Friday,
citing ERC Chairperson Fe Barin.

The power firms were unable to draw up a power supply deal due
to a dispute over an existing 10-year power supply contract.

Napocor has asked Meralco to honor its commitment to buy 3,600
Megawatts of power per month until 2004, but Meralco refused to
do so and failed to pay penalties worth to 5 billion pesos,
saying the contract had been nullified by the new power reform
law mandating transition supply contracts.

However, Barin said the ERC will start penalizing both firms if
they still fail to come to an agreement even with the extension.

The ERC can impose sanctions of 100,000 pesos plus 100 pesos per
day of delay in the filing of the transition contracts.


NATIONAL POWER: Signs MoA With Cooperatives, Implements SPEED
-------------------------------------------------------------
The National Power Corp has signed a memorandum of agreement
(MoA) with electricity cooperatives for the implementation of
the Special Pricing to Enhance Electricity Demand (SPEED)
program, AFX Asia reported Thursday.

Under the program, up to 0.92 pesos per kilowatt hour in
discounts will be made available to big industrial and
commercial power users.

"With this MoA, we anticipate that different industries such as
feed mills, beverage and bottling plants, shopping malls,
fertilizer manufacturing plants, food processing plants and
software manufacturing plants, among others, will start to enjoy
reduced power costs," Energy Secretary Vince Perez said.

Perez said 80 large power users nationwide are expected to
benefit from the SPEED program.

The program is awaiting approval by the Energy Regulatory
Commission.


PHILIPPINE LONG: Clarifies Philippine Inquirer Article
------------------------------------------------------
The Philippine Long Distance Telephone Company responded to the
news article entitled "FirstPac wants MVP out of PLDT, MPC"
published in the September 11, 2002 issue of the Philippine
Daily Inquirer.

The article reported that First Pacific Co. Ltd. Of Hong Kong is
set to boot out its executive chair Manuel V. Pangilinan as
chief of both Philippine Long Distance Telephone Co. and Metro
Pacific Corp. in a last-ditch attempt to quash staunch
opposition to the $925-M deal between First Pacific and the
Gokongwei group.

PLDT insiders admitted to the Inquirer that Pangilinan was now
aware of First Pacific's plan and was preparing his own course
of action to challenge such a move.

The PLDT sources said Antoni Salim, son of Indonesian tycoon
Soedono Salim and President of the Salim group that controls
First Pacific, was determined to relieve Pangilinan from his
posts in PLDT and MPC as the 'quarantine' imposed on Pangilinan
seemed to be no longer enough to get the deal through by the
Sept. 30 deadline. The sources said an official announcement
would be made anytime in the next few days.

"PLDT, in its letter to the Exchange dated September 11, 2002,
clarified that:

The article refers to alleged actions to be taken by First
Pacific and PLDT is not privy to their plans. However, as far as
we are aware, the report is false."


PHILIPPINE LONG: Exchanges Notes Due 2007, 2012
-----------------------------------------------
Philippine Long Distance Telephone Co (PLDT) swapped US$95.114
million worth of notes due 2007 and US$248.782 million in notes
due 2012 for exchange notes of the same tenures and amounts, AFX
Asia reported Friday.

Last month, PLDT announced an exchange offer for up to US$100
million of the 10.625 percent notes due 2007, and up to US$250
million of the 11.375 percent notes due 2012.

PLDT said in August that its obligation to accept the old notes
and swap them with the corresponding series of exchange notes
was subject to certain conditions, which it did not specify.

The exchange offer expired 5.00 pm, New York time, on Sept 11,
it said.

"PLDT undertook the exchange offers to satisfy a condition of
its sale of the old notes and did not raise any new cash
thereby," PLDT said.


RFM CORP.: Launches PhP500M JV With Uni-President
-------------------------------------------------
In a disclosure to the Philippine Stock Exchange (PSE), RFM Corp
and the Uni-President group have launched a 500 million pesos
food manufacturing facility for their joint venture in the
noodle business.

The joint venture company, RFM-President Enterprises Corp, will
be producing new noodle products for the local market. The
companies have set for the launching next month.

DebtTraders reports that RFM Capital's 2.750% convertible bond
due in 2006 (RFM06PHS1) trades between 100 and 110. For real-
time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=RFM06PHS1


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


ASIA PULP: Repays Remaining $40M Debt to Creditors
--------------------------------------------------
DebtTraders analysts, Daniel Fan (852-2537-4111) and
Blythe Berselli (1-212-247-5300) reported that Asia Pulp and
Paper finally plans to repay the remaining $40 million requested
by creditors, which will enable the resumption of discussions on
its debt plan.

The paper group had expressed earlier that it was not able to
pay and preferred to extend its debt for 13 years instead of
between eight and ten years.

DebtTraders reports that APP Finance VI Mauritius's 0.000
percent convertible bond due in 2012 (APP12IDN1) trades between
5.375 and 5.875. For real time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=APP12IDN1


BIL INTERNATIONAL: Posts Notice of Change in Temasek's Interest
---------------------------------------------------------------
BIL International Limited posted a notice of changes in
substantial shareholder Temasek Holdings (Private) Ltd's
interest:

Date of notice to Company: 12 Sep 2002
Date of change of interest: 09 Sep 2002
Name of registered holder: CDP : Universe Holdings 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: 400,000
Percentage of issued share capital: 0.03
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: 0.4764
No. of shares held before change: 103,071,848
Percentage of issued share capital: 7.53
No. of shares held after change: 103,471,848
Percentage of issued share capital: 7.56

Holdings of Substantial Shareholder including direct and deemed
interest
                                     Deemed      Direct
No. of shares held before change:    103,071,848  
Percentage of issued share capital:         7.53  
No. of shares held after change:     103,471,848  
Percentage of issued share capital:         7.56  

Total shares:                        103,471,848


CHARTERED SEMICONDUCTOR: Shares Down 2.6%, Hit All-time Low
-----------------------------------------------------------
Shares of battered Chartered Semiconductor Co. have declined 2.6
percent at S$1.47, Dow Jones reported Friday.

Trader says some investors are dumping shares now, as "there's
no way to know how price will adjust ex-rights on Monday".

Notes share price has fallen 14.5 percent since September 2, the
first trading day after the Company announced S$1.1 billion
rights issue.


SSANGYONG CEMENT: Posts S15M Interim Net Loss
---------------------------------------------
Ssangyong Cement posted an interim net loss of S$15 million
compared to an interim net profit of S2.85 million a year
earlier, Channel News Asia reported Friday.

The Company blamed the red ink on losses by its venture capital
investment in the US technology sector and lower sales volume
and weak selling prices for its cement and building materials
business.

Ssangyong Cement expects the full year to be in the red because
the construction industry in Singapore and Hong Kong is expected
to remain weak in the second half and further provisions are
likely to be made for its US venture capital investments.


SEMBCORP INDUSTRIES: Posts Change in Temasek's Interest
-------------------------------------------------------
Sembcorp Industries posted a notice of changes in substantial
shareholder Temasek Holdings (Private) Ltd's interest:
  
Date of notice to Company: 12 Sep 2002
Date of change of deemed interest: 05 Sep 2002
Name of registered holder: CDP: DBS TD WATERHOUSE
Circumstance(s) giving rise to the interest: Others
Please specify details: Error in trading (buy)

Shares held in the name of registered holder
No. of shares of the change: 4,000
Percentage of issued share capital: 0
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: 1.17000
No. of shares held before change:  
Percentage of issued share capital:  
No. of shares held after change:  
Percentage of issued share capital:  

Holdings of Substantial Shareholder including direct and deemed
interest
                                     Deemed         Direct
No. of shares held before change:    713,017,167 215,054,693
Percentage of issued share capital:        39.16       11.81
No. of shares held after change:     713,021,167 215,054,693
Percentage of issued share capital:        39.16       11.81

Total shares:                        713,021,167 215,054,693

This transaction was reported to Temasek on September 11, 2002.


WEE POH: Changes Registered Office Location
-------------------------------------------
The Board of Directors of Wee Poh Holdings Limited announced
Thursday that with effect from 2nd September 2002, the
Registered Office of the Company was changed from 413 Tagore
Industrial Avenue, Singapore 787803 to 213 Upper Thomson Road,
Singapore 574348.

Wee Poh Holdings Limited unveiled in July its first payment
under the Scheme of Arrangement (the Scheme) under Section 210
of the Companies Act of W&P Piling Pte Ltd (a subsidiary of Wee
Poh Holdings Limited).

The announcement said Wee Poh Holdings Limited on 26 April 2002
relating to the sanction of the Scheme by the High Court, the
Board of Directors announced that the first payment under the
Scheme was made on 26 July 2002 to all participating Creditors
whose claims have been admitted by the Scheme Administrator.


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


SRITHAI SUPERWARE: Board Approves Srithai Electronics' Closure
--------------------------------------------------------------
Srithai Superware said that the board of its subsidiary, Srithai
Electronics Co (formerly Srithai Property Co), approved on
September 9 the closure of the subsidiary.

Srithai Electronics had suffered losses for several years,
mainly because of the slow electronics industry worldwide and
obsolescence of machinery.

The closure, which would take place by year-end, would have no
negative impact on the group. Recognition of the loss on the
closure was expected to be minimal.


THAI MILITARY: 17-Branch Closure Expected by Year-end
-----------------------------------------------------
Thai Military Bank plans to close 17 unprofitable branches by
end of this year and another 10 next year, maintaining its total
branch network of 348, Bangkok Post reports.

Senior executive vice-president Montri Visoldilokpun said the
branches that have to be closed have been operating at a loss
since their establishment.

"They have 1.5 billion baht in combined deposits and loans or
about 100 million baht per branch," he said.

The total of 180 staff affected by the closures this year and
next year will be relocated to branches nearby or to those with
greater business potential.

There would be no lay-offs as 700 employees had accepted
voluntary retirement packages, the paper adds.



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