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       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

          Thursday, October 03, 2002, Vol. 5, No. 196

                         Headlines

A U S T R A L I A

AMP LIMITED: Sets Out Plan to Improve Return to Equity
COLES MYER: Analysts Back Delay on Split
COLES MYER: Board Continues Marathon Meeting
COLES MYER: CSFB Cuts Ratings to Underperform
DCS TECHNOLOGIES: Appoints Sims Lockwood as Administrators


C H I N A   &   H O N G  K O N G

DC INTERNATIONAL: Faces Winding-Up Hearing
SHING YIP CONTRACTING: Winding Up Petition Hearing Set
V.G.I. ADVERTISING: Winding Up Hearing Set for October 9


I N D O N E S I A

BANK NIAGA: Bank Indonesia Okays Commerce Asset Buy


J A P A N

AIWA CO.: R&I Adjust Ratings to AA+
MAZDA MOTOR: Establishes Broadband Network for Domestic Dealers
MITSUBISHI MOTORS: SPM, MI Become Wholly Owned Units
NTT DOCOMO: Facing Further Losses on AT&T Wireless Stake
NTT DOCOMO: Enhances PDA Portal Services

SANRIO CO.: Will Discontinue Stock Investment
SNOW BRAND: Ministry Okays Rehabilitation Scheme


K O R E A

HYNIX SEMICON: May Sell Assets Separately
HYNIX SEMICON: Merrill Lynch Not Restricted From Selling Shares
HYNIX SEMICON: Shares Tumble on Report of Stock Writedown
HYUNDAI MERCHANT: Controversy Jeopardizes Restructuring Efforts  
HYUNDAI MERCHANT: Cuts 26 Jobs Under Restructuring Scheme


M A L A Y S I A

ABRAR CORPORATION: Announces Update on Restructuring Exercise
AUSTRAL AMALGAMATED: No Change in Plan to Regularize Financials
AUTOWAYS HOLDINGS: Finalizing Restructuring Scheme Terms
BESCORP INDUSTRIES: Awaits Development on Rehab Plan
DENKO INDUSTRIAL: Seeking Debt Restructuring Approval From SC

GENERAL LUMBER: Finalizing Restructuring Agreement
HAI MING HOLDINGS: Reveals Restructuring Details
HIAP AIK: Finalizing Terms of Restructuring Scheme
IDRIS HYDRAULIC: FIC Gives Nod on Restructuring Proposal
IDRIS HYDRAULIC: SC Approves Restructuring Exercise

KUALA LUMPUR INDUSTRIES: SC Approves Debt Rehab Plan
MGR CORPORATION: SC Dumps Application for RCULS Exemption
PENAS CORPORATION: Awaits Approval of Restructuring Plan
RAHMAN HYDRAULIC: Awaits SC, FIC Approval on Corporate Exercise
REPCO HOLDINGS: Awaits Approval to Implement Rehab Plans

RNC CORPORATION: Restructuring Scheme Pending KLSE Approval
SENG HUP: No Development on Restructuring Plan
TAP RESOURCES: Says No Change in Position
TAJO BERHAD: Details Facilities in Default
TAJO BERHAD: Gets One-week Extension to Submit Rehab Plan

TECHNO ASIA: Principal Agreement Extended to March 2003


P H I L I P P I N E S

ATLAS CONSOLIDATED: Elects Hilario Farcon as Acting CEO
BENPRES HOLDINGS: Unable to Pay Interest Payments in LTCP
PHILIPPINE LONG: Inks Subscription Agreement With PilTel
PHILIPPINE LONG: Gokongwei Drops Bid for Telecom


S I N G A P O R E

ASIA PULP: Reaches Debt Restructuring Agreement With Creditors
CHARTERED SEMICONDUCTOR: Underwriter Can Sell Shares Any Time
COMPACT METAL: Issues Financial Performance Update
HUA KOK: Widens Net Loss to US$12.51M
L&M GROUP: Proposes Unit's Debt Restructuring


T H A I L A N D

NEP REALTY: Proposes Rights Issue
SIAM SYNTECH: SET Posts NR Sign on Securities
THAI WAH: Updates Status of Investment in Tropical Resorts
WONGPAITOON GROUP: Releases More Info on Capital Reduction


     -  -  -  -  -  -  -  -       

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


AMP LIMITED: Sets Out Plan to Improve Return to Equity
------------------------------------------------------
AMP's new Chief Executive Officer Andrew Mohl has set out a
five-point plan for improving AMP's return on equity.

In a presentation to a Merrill Lynch conference in New York on
Tuesday 1 October 2002, Mr Mohl said he would do this by
concentrating on the Group's core businesses and reducing costs,
particularly in its UK Financial Services business.

"In managing the business to achieve a much stronger return on
equity, I will be pursuing a five-pronged reform agenda," Mr
Mohl said. "This involves:

* addressing channels and product lines with inadequate returns
on capital  our decisions will include exits and closures, as
well as transformation programs to rejuvenate low return areas
based on cost cutting and capital initiatives;

* closely managing our growth ambitions in the near term outside
our main businesses to ensure maximum focus on the areas where
our A$14 billion of capital is invested;

* increasing the transparency and quality of AMP's disclosure so
that we are regarded as truly outstanding corporate citizens;

* tackling some of the sacred cows and embedded behaviors in our
business that inevitably develop in a longstanding company,
particularly one with all but four years of its 153 year history
as a mutual society; and

* most importantly, leading AMP with passion, commitment and
absolute integrity.

"Investors have clearly not been comfortable with the results
being achieved by the business relative to the risks being run,"
Mr Mohl said.

"This has been compounded by a prolonged bear market that has
highlighted the leveraged nature of our business to equity
markets.

"Overall, at the Group level, return on equity (after smoothing
for investment market volatility) is currently around 12 per
cent. This is a mediocre return given the quality of assets in
the Group and below the average for our international peer
group."

In terms of return on invested capital at a business unit level,
the Australian Financial Services business is achieving a 15
percent return and is set to move higher in 2003, reflecting
improved capital management.

Henderson Global Investors is around 11 percent, which includes
sizeable goodwill. This represents a solid outcome in current
depressed market conditions.

Returns in the UK Financial Services business were down to 9.3
percent in the first half of 2002. With the allocation of an
additional A$1 billion of capital announced recently, this will
lower returns further. "AMP now has around half its capital
invested in the UK financial services business and the returns
we're getting, after adjusting for risk, are not good enough,"
Mr Mohl said.

"We need to improve those risk-adjusted returns and that will be
our key focus." Mr Mohl said that overall, an emphasis on
running the core businesses harder, true values based
leadership, and a passion to deliver quality products and
services for customers would lay the foundation for a major
turnaround in the fortunes of AMP.

"Our strategy is hardly unique so to be successful, we must
execute brilliantly. That's why I am religious in my belief that
success in financial services is 10 per cent strategy and 90
percent execution," he said.

For media inquiries, contact Matthew Coleman at telephone 61 2
9257 2700. For investor inquiries, one may contact Mark O'Brien
at telephone 61 2 9257 7053.


COLES MYER: Analysts Back Delay on Split
----------------------------------------
Analysts have backed Coles Myer Ltd's move to delay making any
decision on a possible spin-off of its Target store chain and
loss-making Myer Grace Bros. Department store chain until at
least after June next year.

"This is a positive outcome as it removes uncertainty in terms
of the timing of a potential major restructure," UBS Warburg's
Micheal Peet said.

Merrill Lynch analyst James Casey said the delay of such a major
restructure was logical given Chief Executive Officer John
Fletcher had only been in the position for 12 months, while the
company's senior management team had only recently been
finalized.

UBS Warburg currently rates Coles Myer stock as a Buy, while
Merrill Lynch maintains a neutral recommendation.


COLES MYER: Board Continues Marathon Meeting
--------------------------------------------
Coles Myer board continued Wednesday its two-day meeting, with
director Rick Allert expected to formally nominate for the
replacement of Stan Wallis as chairman, who retires at the
annual general meeting in November.

The race is on to win shareholder support with nine nominations
received for three board positions available at the coming AGM,
including director Solomon Lew and his supporter Mark Leibler,
who have both confirmed their intention to stand for re-election
to the board.

Coles Myer will unveil today a net profit before preference
share payments, expected at A$350 million to A$360 million
range.

The company last year posted a net profit of A$150.8 million,
but before restructuring costs and stock writedowns the figure
came in at A$333 million.


COLES MYER: CSFB Cuts Ratings to Underperform
---------------------------------------------
CSFB lowered its rating on ailing retailer Coles Myer to
underperform from neutral due to its relative share price
movement.

The analyst said that the group's patchy execution track record
and the weak state of Myer Grace Bros. imply ongoing risks to
group earnings forecasts.

It noted the group's strategic approach to non-food appears to
lack customer focus.


DCS TECHNOLOGIES: Appoints Sims Lockwood as Administrators
----------------------------------------------------------
DCS Technologies Ltd announced yesterday that the company has
appointed Michael James Humphris & David Lockwood of Sims
Lockwood of Level 15, 461 Bourke Street, Melbourne to act as
Joint & Several Administrator.


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


DC INTERNATIONAL: Faces Winding-Up Hearing
------------------------------------------
Li Chun Kan of Room 315, Shek On House, Shek Lei Estate, Kwai
Chung, New Territories, Hong Kong, is seeking for the winding up
of DC International Trading Company Limited.

The petition was filed on July 5, 2002 at the High Court of Hong
Kong, and was heard before the said court last October 2, 2002
at 9:30 a.m.


SHING YIP CONTRACTING: Winding Up Petition Hearing Set
------------------------------------------------------
The petition to wind up Shing Yip Contracting Engineering
Limited is set for hearing before the High Court of Hong Kong on
October 16, at 9:30 am.

Lok San Lung of Room 2304, Lok Tai House, Lok Fu Estate,
Kowloon, Hong Kong filed the petition with the said court last
July 23, 2002.


V.G.I. ADVERTISING: Winding Up Hearing Set for October 9
-------------------------------------------------------
The date for hearing of the petition to wind up V.G.I.
Advertising Limited is scheduled for October 9, 2002 at 9:30
a.m. at the High Court of Hong Kong.

Wong Wai Yin of Flat G, 13/F., Block 1, Broadview Court, 11 Shum
Wan Road, Hong Kong filed the petition with the said court last
July 10, 2002.


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


BANK NIAGA: Bank Indonesia Okays Commerce Asset Buy
---------------------------------------------------
The central bank of Indonesia approved on Wednesday the sale of
a 51 percent stake in PT Bank Niaga to Malaysia's Commerce Asset
Holding Bhd. for around $120 million.

The central bank's approval makes it likely the deal will now go
through.

Commerce offered to buy the publicly-listed Niaga at 26.5 rupiah
a share.

Last month, the Indonesian Bank Restructuring Agency (IBRA),
which is in charge of the Niaga sale, said Commerce had
submitted a final bid for the bank but this must pass several
stages as part of the country's banking regulations.

"IBRA has been told that Commerce has passed (the test)," Maman
Somantri, a deputy governor at the central bank, said.


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


AIWA CO.: R&I Adjust Ratings to AA+
-----------------------------------
Sony Corporation announced last week that it is to take over its
subsidiary, Aiwa Co., Ltd. on December 1, 2002.

In line with this, Rating and Investment Information, Inc.
(R&I), will on December 1 adjust the ratings assigned to Aiwa's
bonds (presently BBB-) to the same as those for Sony (presently
AA+), as Sony will succeed to the bonds.

The rating for Sony already takes into account the
creditworthiness of Aiwa, and there will be no change associated
with the merger.

Aiwa will become a full subsidiary of Sony on October 1, 2002
through an exchange of stock.

Audio-equipment maker Aiwa Co. revealed a group net loss of
Y46.58 billion (US$359.6 million) in fiscal 2001, up from Y39.01
billion a year earlier, TCR-AP reports.

Aiwa attributed the increased net loss to factors such as an
Y8.2 billion retirement benefit payout, a Y5.6 billion capital
loss associated with the sale of its factory equipment and a
Y4.7 billion cost related to inventories.


MAZDA MOTOR: Establishes Broadband Network for Domestic Dealers
---------------------------------------------------------------
With the cooperation of the NTT group, Mazda Motor Corporation
became the first domestic automobile manufacturer to establish a
broadband network linking the automaker and nationwide dealers
(excluding Mazda Autozam dealers).

The network will facilitate the exchange, sharing, and
utilization of large amounts of information. Mazda will
implement this system in approximately 700 new vehicle sales
sections and services/parts sections in domestic dealerships by
the end of FY2002, increasing the number to around 1,200
sections in the foreseeable future.

Mazda decided to introduce the broadband network in order to
manage the large volume of information handled by the current
network more effectively, and to improve work efficiency and
customer service. The telephone line network, presently in use
at a speed of approximately 64-128Kbps, has a speed of 10-
100Mbps with the aide of NTT West and NTT East's B FLET'S plan.

Through the broadband network it is possible to receive and send
large volumes of information quickly, thus dramatically
improving the operating environment of applications. For
example, dealers are able to significantly improve work
efficiency by immediately checking inventories of parts or cars
online, and preparing estimates for new/used cars and insurance,
etc.

Furthermore, by using the network to distribute promotional
footage of new cars, dealers can instantly provide customers
with the information they require, resulting in improved
customer service. In the future Mazda plans to fully utilize the
broadband network by introducing a wide range of applications
and systems.

In the "Millennium Plan," (Mazda's mid-term business plan
initiated in November 2000), Mazda refers to FY2002 as the "year
of growth." Domestic dealers have recorded profits for three
consecutive years. Through the establishment of the broadband
network and other similar infrastructure, Mazda is looking to
build on these steady profits in the future by further improving
work efficiency and customer satisfaction.

Mazda Motor Corporation - www.mazda.com - was established in
1920 and is one of Japan's leading automobile manufacturers.
With its headquarters in Hiroshima, Mazda has two plants in
Japan and manufacturing and assembly operations in sixteen other
countries. Mazda cars and trucks are sold in more than one
hundred and thirty countries. Ford Motor and Mazda agreed to
collaborate in 1979, Ford Motor Company started investing in
Mazda and increased its shareholding to 33.39 percent as of
March 31, 1999.

TCRAP reported that even though the Company has practically no
involvement in sales financing, the shareholders capital ratio
is low, at 9.96 percent, as a result of poor performances in the
past and the fragile management condition of domestic
dealerships and other factors.

There is still a heavy interest bearing debt burden in the
Company. Furthermore, the overseas sales ratio is at a high
level of 61.3 percent, mainly for the North American and
European markets, but production bases are concentrated in Japan
so earnings are vulnerable to movements in exchange rates.

Contact Mazda Motor Corporation's Mr. K. Yoshitake at
03-3508-5022 or via e-mail at yoshitake.k@tky.mazda.co.jp for
more information.


MITSUBISHI MOTORS: SPM, MI Become Wholly Owned Units
----------------------------------------------------
Mitsubishi Motors Corporation (MMC) recently signed separate
agreements with Suiryo Plastic Co., Ltd. and Mizushima
Industries Co., Ltd. for swap exchanges whereby both companies
will become wholly owned subsidiaries of MMC.

The exchanges are expected to take place on November 19, 2002.
MMC currently holds a 50 percent stake in Suiryo Plastic and
43.75 percent in Mizushima Industries.

The share exchange is part of MMC's ongoing Turnaround plan
which calls for concentrating on core operations, outsourcing
in-house manufacturing, reviewing equity stakes in affiliates,
and improving the efficiency of internal processes. By making
both companies wholly owned subsidiaries, MMC will be able to
look into ways to boost efficiency and competitiveness through
more efficient management with its in-house production, and
integrating or realigning operations through participation with
outside partners.

Suiryo Plastic manufactures plastic parts for bumpers,
instrument panels, and door trim panels. The majority of its
products are used by MMC's Mizushima plant-the Company's main
passenger car factory. Mizushima Industries is involved in
welding and painting vehicles built at the Mizushima plant, as
well as the manufacture of commercial and specially equipped
vehicles.

Outline of Suiryo Plastics Co., Ltd.

Business Lines:   Manufacture and sales of parts for automotive
and
                  agricultural equipment
Established:      1968
Capital:          100.3 million yen
Head Office:      Funaho-cho,Asakuchi-gun, Okayama-ken, Japan
Representative:   Hokuto Sugita
Employees:        Approx. 650
    
Outline of Mizushima Industries Co., Ltd.

Business Lines:   Automobile assembly; manufacture of specially
equipped
                  vehicles and automotive parts
Established:      1957
Capital:          64 million yen
Head Office:      Kurashiki-shi, Okayama-ken, Japan
Representative:   Takeshi Muramatsu
Employees:        Approx. 320


NTT DOCOMO: Facing Further Losses on AT&T Wireless Stake
--------------------------------------------------------
NTT DoCoMo Inc. may need to write down more of its 16 percent
stake in AT&T Wireless Services Inc. after the latter's shares
plunged 54 percent, reducing DoCoMo's investment by $2.4
billion, Bloomberg reported Tuesday.

In May, DoCoMo wrote down its original $10.2 billion investment
in AT&T Wireless by 506 billion yen ($4.1 billion) after the
U.S. Company's shares fell. Norio Wada, President of DoCoMo
Parent Nippon Telegraph & Telephone Corp. (NTT), raised the
prospect of further write downs last week when he said NTT is
re-evaluating DoCoMo's overseas investments.

"We expect this to be the last," said Makoto Sakuma, who manages
100 billion yen at Asahi Life Asset Management Co. "The question
is how DoCoMo will change its overseas strategy, particularly
when the Company is seeing stagnant growth in Japan's mobile-
phone market, which has already matured."

DoCoMo's shares fell as much as 5,000 yen, or 2.4 percent, to
203,000.

The Company lost 40 percent of their value in the last 12
months.


NTT DOCOMO: Enhances PDA Portal Services
----------------------------------------
NTT DoCoMo, Inc. and its eight regional subsidiaries recently
added four new features to DoCoMo's PDA (personal digital
assistant) portal site on October 1, 2002, providing PDA
infogate contract users with an even greater range of services.

Launched in February 2002, the PDA portal offers a wide variety
of content and applications. The new additions include tools for
storing information, accessing area-specific data, displaying
web graphics and developing secure, non-HTTP-based intranet
applications. In addition to these portal services, DoCoMo will
be providing a variety of multimedia services under the M-stage
brand.

Following is an overview of the new features available at the
portal, which can be accessed via a browser-equipped PDA
connected to any DoCoMo PDC, FOMA, PHS or DoPa mobile phone.

Information Storage

This feature allows users to copy and paste content from
"Chizumaru for PDA," a Japan Computer Graphic Inc. site that
provides map, address, dining, traffic and other useful
information, into their PDAs. The user simply clicks the icon
and the desired data is automatically transferred to relevant
applications, such as an address book or organizer. Available
free of charge, the function is compatible with Pocket PC,
Pocket PC 2002, Zaurus and Palm OS devices.

Area-Menu Information

The area-specific feature automatically provides information,
such as weather, shopping and restaurant location, relevant to
the PDA user's locale. Data is organized according to the area
in which the device is being operated, so that users can find
items easily and quickly without having to deal with a vast
amount of unrelated information. Free of charge, the new
function is available for PDAs connected to PHS or DoPa
terminals. "Weather gate" and "zm@p on net for infogate" content
will be provided by Access Crossing/Weather Information System
and Zenrin DataCom, respectively.

Web Graphics Display/Automatic Screen Adjustment

Available for Palm OS users, this feature enables web-based
graphics to be displayed. The function is compatible with the
ILINX, Inc's for infogate" browser and can be downloaded by
accessing the PDA portal content menu. (Following a one-month
free trial period, a monthly charge of 500 yen will apply.)

Development of Secure, non-HTTP-based Applications

This feature allows PDA infogate group users to develop secure,
non-HTTP-based applications, such as mail servers and stock
inventory data storage, for use on Company intranets. This
function will be limited to infogate and "group option" users,
and companies using dedicated networks.

NTT DoCoMo - www.nttdocomo.com - is the world's leading mobile
communications Company with more than 44 million customers. The
Company provides a wide variety of leading-edge mobile
multimedia services. These include I-mode, the world's most
popular mobile internet service, which provides e-mail and
internet access to over 34 million subscribers, and FOMA,
launched in 2001 as the world's first 3G mobile service based on
W-CDMA. In addition to wholly owned subsidiaries in Europe and
North and South America, the Company is expanding its global
reach through strategic alliances with mobile and multimedia
service providers in the Asia-Pacific, Europe and North and
South America.


SANRIO CO.: Will Discontinue Stock Investment
---------------------------------------------
Sanrio Co, a leading maker of character goods, will discontinue
stock investments because it fell into the red in the first half
of this year as a result of valuation losses on its stock
portfolio, Kyodo News reported Wednesday.

For the April-September fiscal first half, it will book
consolidated pretax and net losses of 10.1 billion yen and 13.2
billion yen, respectively.

According to Wright Investors Service, Sanrio Co Ltd. had
negative working capital at the end of 2002, as current
liabilities were Y80.72 billion while total current assets were
only Y71.28 billion.


SNOW BRAND: Ministry Okays Rehabilitation Scheme
------------------------------------------------
The Agriculture, Forestry and Fisheries Ministry have approved
the rehabilitation plan of Snow Brand Milk Products Co., Japan
Times reported Wednesday.

Under the scheme, the Company will spin off and combine its milk
business with the National Federation of Agricultural
Cooperative Associations (Zen-Noh) and the National Federation
of Dairy Cooperative Associations (Zenrakuren).

The dairy products firm was hit hard in 2000 by a widespread
food-poisoning scandal tied to its milk products.

The group suffered another savage blow from a beef-mislabeling
scandal caused by its unit Snow Brand Foods Co.

The unit was disbanded on April 30.


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


HYNIX SEMICON: May Sell Assets Separately
-----------------------------------------
Hynix Semiconductor Inc. may sell its assets to domestic and
foreign buyers separately, rather than seek to survive on its
own, Korea Herald and Dow Jones reported Tuesday.

Creditors will decide the fate of the chipmaker by the end of
2002 after its financial adviser Deutsche Bank AG (DB) finalizes
its restructuring plan in October, Korea Exchange Bank Senior
Managing Director Hans-Bernhard Merforth said.

Korea Exchange Bank is the lead creditor bank for Hynix.

Merforth was quoted as saying that all Hynix's modules will be
sold, "but it's just a matter of when and how."

Hynix could also seek a partnership with another chipmaker in
Taiwan or Japan.

DebtTraders reports that Hyundai Semiconductor's 8.625 percent
bond due in 2007 (HYUS07KRA1) trades between 60 and 65. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1


HYNIX SEMICON: Merrill Lynch Not Restricted From Selling Shares
---------------------------------------------------------------
Merrill Lynch, the underwriter for Chartered Semiconductor
Manufacturing Ltd.'s (CSML) rights issue, can sell its shares at
any time if its forced to purchase unwanted shares from the
wafer foundry's rights offer, AFX Asia and Business Times
reported Tuesday.

CSML is aiming to raise US$634 million through the issue of 1.11
billion new ordinary shares at S$1.0 each via an 8-for-10 rights
offer.

Singapore Technologies, which owns 60.5 percent stake in the
CSML, committed to subscribe to up to US$384 million of the
rights offer while Merrill Lynch agreed to take up about US$250
million.


HYNIX SEMICON: Shares Tumble on Report of Stock Writedown
---------------------------------------------------------
Shares of Hynix Semiconductor Inc. plunged as much as 13 percent
on newspaper reports that creditors will write down the value of
their shares at a ratio of one for every 20 existing shares,
Bloomberg and Korea Economic Daily reported Wednesday, citing
unnamed creditors officials.

Main creditor Korea Exchange Bank denied the report.

"No debt restructuring details have ever been discussed by
creditors or with advisers Deutsche Bank AG," Korea Exchange
spokesman Lee Sung Shik said.

Company spokesman Bang Min Ho said he did not know about such
plans by creditors.

Hynix's lenders, who took over the chipmaker in June in a 3
trillion won debt-for-equity swap, are trying to recoup $5
billion of loans after memory-chip prices fell by about a fifth
in 2002.


HYUNDAI MERCHANT: Controversy Jeopardizes Restructuring Efforts  
---------------------------------------------------------------
The controversy over Hyundai Merchant Marine (HMM)'s alleged
channeling of $400 million to North Korea is jeopardizing the
its bid to sell off its automobile-carrying fleet for $1.5
billion, Korea Herald reports.

The shipping firm has been pushing for the deal for more than a
year to raise funds and get out of the financial problems caused
by its involvement in the loss-making Mt. Geumgang tourism
project.

The sale proceeds will provide some 1.5 trillion won to HMM and
will resolve its liquidity problems by lowering its debt-to-
equity ratio to below 300 percent and helping reinvent itself as
a healthy shipping firm.

After drawn-out negotiations, HMM concluded a formal sale
contract with officials of two European shipping firms, Wilh.
Wilhelmsen ASA of Norway and Wallenius Lines AB of Sweden on
August 11.

The two European investors are to set up a joint venture with
Hyundai Motor Co. to acquire and operate HMM's auto-carrying
fleet.

Following the allegations, some of the participating banks are
reportedly rejecting at joining the financing scheme, which is
slated to be concluded by the end of this month.

"It is true that some banks are expressing concerns," a KDB
official said. "But we are confident about raising enough funds
since the recipient of the loan is not HMM but rather a joint
venture between the European firms and Hyundai Motor."

The official added that if other banks refuse to participate,
KDB will provide financing to the joint venture alone.

Should the KDB-led financing scheme fail, HMM would face
enormous difficulties. In the first place, it will be unable to
repay the 200 billion won worth of bonds maturing next month.


HYUNDAI MERCHANT: Cuts 26 Jobs Under Restructuring Scheme
---------------------------------------------------------
Hyundai Merchant Marine Co. (HMM) slashed 26 section chiefs and
mid-ranking management staff as part of its restructuring
scheme, AFX Asia reported Tuesday.

The Company has lost 50 percent of its managing directors and
one-third of directors in three weeks.

TCR-AP said that HMM is planning to repay its outstanding loans
of 310 billion won (US$253 million) to Korea Development Bank
(KDB) when it receives proceeds from the sale of auto-shipping
vessels worth 1.8 trillion won (US$1.47 billion) at the end of
this month.


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


ABRAR CORPORATION: Announces Update on Restructuring Exercise
-------------------------------------------------------------
Abrar Corporation Berhad in a disclosure to the Kuala Lumpur
Stock Exchange said that its Special Administrators on 10
January 2002 held a briefing for interested parties with strong
assets backing and management expertise on the tender procedure
for the submission of offers / proposals on the restructuring
exercise of the Company.

The interested parties were required to submit the offers /
proposals on 23 January 2002.

On 6 March 2002, the SAs conducted a restricted re-tender
exercise for the two (2) shortlisted bidders who were required
to submit their revised offers / proposals by 13 March 2002. On
15 April 2002, the SAs of the Company selected a White Knight to
participate in the corporate debt restructuring exercise of the
Company.

On 16 May 2002, the SAs, for and on behalf of ACB, entered into
a Memorandum of Understading (MoU) with several parties (the
White Knight) to regulate and record the basic understanding of
the key areas of agreement pending finalization and approval of
the Company's corporate restructuring proposal (the Workout
Proposal).

On 23 May 2002, the Company announced that the moratorium under
Section 41 of the Pengurusan Danaharta Nasional Berhad Act,
1998, which took effect from 27 May 2000, i.e. the date of the
appointment of SAs to the Company and which expires on 26 May
2002, has been further extended to 26 May 2003. The extension of
the moratorium is pursuant to Section 41(3) of the Danaharta
Act.

On 11 July 2002, the SAs entered into a Facilitation of Listing
Agreement with Oilcorp Berhad and with the White Knight pursuant
to the MoU dated 16 May 2002 inter alia to transfer the listing
status of the Company to OilCorp Berhad.

On 29 August 2002, Public Merchant Bank Berhad (PMBB), on behalf
of the Company, announced that the quantum and structure of the
proposed offer for sale of OilCorp Shares (Proposed Offer for
Sale) have been finalized. The Proposed Offer for Sale shall
involve an offer for sale of 43,900,000 ordinary shares of
RM1.00 each in OilCorp (OilCorp Shares) at an offer price of
RM1.10 by the creditors of ACB and the vendors of Oil-Line
Engineering & Associates Sdn Bhd.

On 2 September 2002, PMBB, on behalf of the Company, announced
that the Workout Proposal has been submitted to the Securities
Commission for approval.

The Company's Workout Proposal will inter alia take into
consideration the interest of all stakeholders that will also
deal with the Company's plans to regularize its financial
condition, its inadequate level of operations and the minimum RM
60 million paid - up capital requirement for companies listed on
the Main Board of the Exchange.


AUSTRAL AMALGAMATED: No Change in Plan to Regularize Financials
---------------------------------------------------------------
Austral Amalgamated Berhad (Special Administrators Appointed)
said in a disclosure to the Kuala Lumpur Stock Exchange that
there is no change to the status of the Company's plan to
regularize its financial condition since its last announcement
on 2 September, 2002, in which the Securities Commission (SC)
had, vide their letter dated 16 April, 2001, approved the
Company's plan to regularize its financial position.

The Company announced the details of SC's approval of the Scheme
and the proposed modifications of the Scheme on 20 April, 2001,
16 October, 2001, 2 July, 2002 and 2 September, 2002.


AUTOWAYS HOLDINGS: Finalizing Restructuring Scheme Terms
---------------------------------------------------------
Reference is made to the announcement dated 2 September 2002 by
AmMerchant Bank Berhad on behalf of Autoways Holdings Berhad
(AHB).

In compliance with the directive from the Kuala Lumpur Stock
Exchange (KLSE) and the KLSE Listing Requirements, AmMerchant
Bank, on behalf of the Board of Directors of AHB, wishes to
announce that the Company together with its advisers and vendors
of the new businesses are in the process of finalizing the terms
of the relevant agreements to be signed.

The Company is also in the process of writing to the creditors
and the Official Assignee to obtain their approvals on the
proposed restructuring scheme.


BESCORP INDUSTRIES: Awaits Development on Rehab Plan
----------------------------------------------------
Reference is made to Paragraph 4.1(b) of Practice Note No.
4/2001 of the Kuala Lumpur Stock Exchange's Listing Requirements
whereby the affected listed issuer is required to announce the
status of its plan to regularize its financial condition on a
monthly basis until further notice from the Exchange.

Further to the announcement made to the Exchange on 2 September
2002, Bescorp Industries Berhad (BIB) said that there is no
material development to the Proposed Restructuring Scheme of the
Company.

TCR-AP said in August that that the vendor of TFP Precision
Industries Sdn Bhd (TFPPI) has withdrawn the proposed injection
of TFPPI into TF Cybron Sdn Bhd (the new holding company which
will assume the listing status of BIB) as part of the Proposed
Corporate and Debt Restructuring Scheme of the Company.


DENKO INDUSTRIAL: Seeking Debt Restructuring Approval From SC
-------------------------------------------------------------
Pursuant to Practice Note 4/2001 in relation to paragraph 8.14
of the Listing Requirements of the Kuala Lumpur Stock Exchange,
Denko Industrial Corporation Berhad is considered as an affected
listed issuer.

In compliance with Section 4.1 of Practice Note 4/2001 with
regards to disclosure obligations of the affected listed issuer,
Denko said that the application seeking approval on the proposed
corporate and debt restructuring scheme dated 30 August 2002 had
been submitted to the Securities Commission and other relevant
authorities.

The proposal is currently pending the relevant approvals.


GENERAL LUMBER: Finalizing Restructuring Agreement
--------------------------------------------------
The Board of Directors of General Lumber Fabricators & Builders
Bhd said that the company is in the process of finalizing the
definitive agreements in relation to the proposed restructuring
exercise of the Company as well as obtaining the approvals in
principle from the major creditors of the Company.

The Requisite Announcement (RA) shall be made in due course.

TCR-AP said in early September that General Lumber has revised
its restructuring scheme, which includes a debt settlement, and
a scheme of arrangement and compromise with its creditors.


HAI MING HOLDINGS: Reveals Restructuring Details
------------------------------------------------
Pursuant to Para 4.1 (b) of PN4/2001, Hai Ming Holdings Berhad
is required to issue a monthly status report to provide details
on its plan to regularize its financial condition on a monthly
basis on the first market day of each month.

Status of the Company's plan to regularize its financial
condition under KLSE PN 4/2001

a. On 26 February 2001, Hai Ming announced that the Company is
an affected issuer pursuant to PN4/2001 - the First
Announcement.

b. On 31 October 2001, Public Merchant Bank Berhad (PMBB), on
behalf of the Company, made an announcement to the Kuala Lumpur
Stock Exchange of the Company's plan to regularize its financial
condition - the Requisite Announcement - as required under Para
5.1(a) of PN 4/2001.

c. On 7 January 2002, PMBB had, on behalf of the Board of
Directors of the Company, submitted the Company's applications
on the proposed restructuring exercise to the relevant
authorities on the Company's plan to regularize its financial
condition (the Proposed Restructuring Exercise)

d. The Foreign Investment Committee (FIC) had vide FIC's letter
dated 20 February 2002, received on 7 March 2002, granted its
approval for the Proposed Restructuring Exercise. An
announcement was made to the KLSE on 7 March 2002.

e. FIC's approval for the Proposed Restructuring Exercise is
subject to the condition that the equity structure of Hai Ming
is to be reviewed after a period of three (3) years.

f. The Securities Commission (SC) had vide:

(i) SC's letter dated 03 April 2002, for which an announcement
was made on 08 April 2002, approved the Proposed Restructuring
Exercise subject to certain conditions;

(ii) SC's letter dated 09 April 2002 (in addition to the above
SC's approval letter dated 03 April 2002) approved the issuance
of the Redeemable Convertible Secured Loan Stocks and
Irredeemable Convertible Unsecured Loan Stocks, for which an
announcement was made on 12 April 2002;

(iii) SC's letter dated 11 April 2002 approved the proposed
waiver to Mr Koh Poh Seng and parties acting in concert with
him, namely Ms Chai Kim Hua and Mr Koh Cheng Tuan, from the
obligation to extend a mandatory take-over offer for the
remaining shares not already owned by them in HMHB upon the
completion of the proposed acquisition of KPS Plywood Sdn Bhd
(formerly known as Koh Poh Seng Plywood Co. (M) Sdn Bhd) (KSB)
pursuant to Practice Note 2.9.3 of the Malaysian Code on Take-
Overs and Mergers, 1998, for which an announcement was made on
17 April 2002;

(iv) SC's letter dated 4 June 2002 approved the Company's
application made on 22 April 2002 to implement the proposed
acquisition of 30% interest in Yap Swee Thiam & Sons Industries
Sdn Bhd (YSTB) and the existing investments of KSBand Akateak
Sdn Bhd of 60% and 10% respectively in YSTSB concurrently with
the other proposals under the Proposed Restructuring Exercise
mentioned in f(i). This approval was announced on 6 June 2002.

(v) SC's letter dated 23 September 2002 approved the Company's
application for an extension of one (1) month to 2 November 2002
to complete the Proposed Restructuring Exercise.

g. The Ministry of International Trade and Industry (MITI) vide
MITI's approval letter dated 15 April 2002 approved the Proposed
Restructuring Exercise, for which an announcement was made on 17
April 2002. HMHB is to discuss with the MITI regarding the
compliance of the equity conditions of its subsidiary companies
after the implementation of the Proposed Restructuring Exercise.

h. The Company had convened and obtained shareholders approval
at the Extraordinary General Meeting on 17 August 2002.

i. The Group and the Company are presently implementing the
Proposed Restructuring Exercise subject to certain conditions
being complied. The Proposed Restructuring Exercise will be
completed by October 2002.


HIAP AIK: Finalizing Terms of Restructuring Scheme
--------------------------------------------------
Further to the announcement made on 2 September 2002, AmMerchant
Bank Berhad, on behalf of Hiap Aik Construction Berhad (Special
Administrators Appointed), said that the Company is still in the
midst of finalizing the terms of the Proposed Restructuring
Scheme.

Full announcement detailing the Proposed Restructuring Scheme
will be announced in due course upon finalization.

TCR-AP reported in July that Hiap Aik defaulted in payment of
half-yearly interest of RM967,342 to the registered holders of 8
percent Irredeemable Convertible Unsecured Loan Stocks 2001/2006
(ICULS) that was due and payable last 30 June 2002.

The construction firm defaulted in its payment due to its
adverse cash flow position arising from losses incurred in
recent years.


IDRIS HYDRAULIC: FIC Gives Nod on Restructuring Proposal
--------------------------------------------------------
On behalf of Idris Hydraulic (Malaysia) Bhd (IHMB), Commerce
International Merchant Bankers Berhad (CIMB) on 10 September
2002 announced that the Foreign Investment Committee had vide
its letter dated 3 September 2002 stated that it has no
objections to the revised Proposed Restructuring Exercise.

On 1 October 2002, CIMB announced that Securities Commission had
vide its letter dated 27 September 2002 granted approval for the
revised Proposed Restructuring Exercise.

Other than the above, there is no change to the status of the
Proposed Restructuring Exercise as per the announcement made on
30 August 2002 pursuant to the provisions of PN4.

Proposed Restructuring Exercise includes the following:

* Proposed Capital Reconstruction;
* Proposed Corporate Restructuring; and
* Proposed Debt Reconstruction.


IDRIS HYDRAULIC: SC Approves Restructuring Exercise
---------------------------------------------------
On behalf of the Board of Directors of Idris Hydraulic
(Malaysia) Bhd (IHMB), Commerce International Merchant Bankers
Berhad (CIMB) said that the Securities Commission (SC) had vide
its letter dated 27 September 2002 stated that it has approved
the Proposed Restructuring Exercise as announced on 8 September
2001 and 10 June 2002.

SC also takes note that the Proposed Acquisitions by Tahan
Insurance Berhad of the entire interest in Tenaga Insurance
Berhad , the Peoples' Insurance Company (Malaysia) Berhad and
Malaysia & Nippon Insurance Berhad for a total cash
consideration of RM270 million will not require SC's approval.

The approval of SC is subject to the following conditions:

(i) Idaman Unggul Sdn Bhd (IUSB)/Tahan obtaining the approval of
Bank Negara Malaysia (BNM) for the proposed acquisition of
Tenaga, MNI and PICM by Tahan;

(ii) The Settlement Agreement entered into between IHMB and KFC
Holdings (Malaysia) Berhad on 22 March 2002 is implemented and
completed first before the rest of the proposals of the Proposed
Restructuring Exercise are implemented;

(iii) The open portion of the Irredeemable Convertible Unsecured
Loan Stocks-B (ICULS-B) must be fully underwritten whereby CIMB
will be the managing underwriter;

(iv) The latest net tangible asset (NTA) of Tahan at the time of
the implementation of the proposed transfer of Tahan to IUSB
must not be less than the NTA of Tahan as at 31 December 1999.
In this regard, the latest adjusted NTA of Tahan should be based
on a date not exceeding four months prior to the date of
implementation of the said proposed transfer;

(v) IHMB must ensure that Tahan is free from all encumbrances
before the said proposed transfer of Tahan is implemented;

(vi) IHMB/IUSB has complied with and will continue to comply
with all relevant laws and regulations, when implementing the
Proposed Restructuring Exercise;

(vii) Disposal of acquired assets/subsidiaries to a related
party and disposal of properties must obtain prior approval from
the SC;

(viii) In relation to the Redeemable Secured Loan Stocks (RSLS),
Irredeemable Convertible Unsecured Loan Stocks-A (ICULS-A) and
ICULS-B that will be issued pursuant to the Proposed
Restructuring Exercise of IHMB, IHMB/CIMB must:

(a) obtain the approval of the SC for any revisions to the terms
and conditions of the said issuance;

(b) furnish the FMF/JPB Forms (Facility Maintenance File) to the
SC and BNM;

(c) furnish a certified true copy of the executed Trust Deeds to
the SC;

(d) furnish the actual amount/size of the issuance of RSLS,
ICULS-A and ICULS-B upon finalization to the SC;

(e) furnish a written confirmation that the RSLS is non-
transferable and non-tradeable;

(f) furnish a written confirmation that the holders of RSLS do
not require a rating on the said RSLS.

(ix) Tahan must comply with the terms as provided under
Paragraph 18.08 of the Policies and Guidelines on Issue/Offer of
Securities in relation to the Proposed Acquisitions.

In relation to the application to SC on behalf of Dato' Annuar
Senawi (Investor) and party acting in concert with him, for
exemptions from the mandatory offers obligation for the
remaining voting shares in IUSB for the following situations
under the Practice Note 2.9.3 of the Malaysian Code on Take-
Overs and Mergers (Code) have been approved as proposed:

(i) Upon implementation of the tranche I of the proposed
subscription of 150 million new ordinary shares of RM1.00 each
in IUSB (IUSB Shares) at an issue price of RM1.00 per IUSB Share
(Proposed Shares Subscription), the Investor and party acting in
concert with him will own 28,300,207 IUSB Shares representing
46.6% equity interest in IUSB. This will trigger a mandatory
offer obligation on the Investor and party acting in concert
with him for the remaining voting shares in IUSB pursuant to
Section 33B(2) of the Securities Commission Act, 1993 (SCA); and

(ii) Upon implementation of tranche II of the Proposed Shares
Subscription, the Investor and party acting in concert with him
will own 150,040,000 IUSB Shares representing 66.84% equity
interest in IUSB. This will trigger a mandatory offer obligation
on the Investor and party acting in concert with him as their
equity interest will increase by more than 2% within a period of
six (6) months pursuant to Section 33B(3) of the SCA.

However, the application to the SC for the exemption from the
mandatory offer obligation for the remaining voting shares in
IUSB that will only arise in the future, after the conversion of
the ICULS-B held by the Investor and party acting in concert
with him will only be considered by the SC after the following
matters have been fulfilled:

(i) The Investor and party acting in concert with him has
obtained approval from the independent shareholders of IUSB in
accordance with the "Whitewash" procedure as provided under
Paragraphs 5(b)(i)-(iv), Practice Note 2.9.1 of the Code.
Approval from the shareholders of IUSB, if obtained, will be
valid for the tenure of the ICULS-B;

(ii) IUSB is not allowed to implement any corporate proposals
which will change the percentage shareholdings of the Investor
and party acting in concert with him in IUSB prior to the
conversion of ICULS-B by the Investor and party acting in
concert with him which will result in a mandatory offer
obligation on them;

(iii) The Investor and party acting in concert with him are not
allowed to be involved in any transactions involving IUSB's
securities, during the tenure of the ICULS-B. Nonetheless, the
Investor can convert the ICULS-B or sell the IUSB Shares held by
them;

(iv) If the conversion of the ICULS-B by the Investors and party
acting in concert with him will result in their equity interests
in IUSB increase to a level exceeding the mandatory offer limit,
the Investor and party acting in concert with him, and CIMB are
required to inform the SC of the said transaction and confirm
that all conditions as mentioned in (i) (ii) and (iii) above,
have been fully complied with. The Investor and party acting in
concert with him, and CIMB are required to make the necessary
announcement to inform the shareholders of IUSB; and

(v) If the Investor and party acting in concert with him have
converted the ICULS-B held by them to a level whereby the
exemption from the mandatory obligation is no longer required,
the Investor and party acting in concert with him, and CIMB are
required to make the necessary announcement to inform the
shareholders of IUSB.

CIMB/IHMB is required to provide a written confirmation that all
the terms and conditions imposed by the SC have been fully
complied with after the completion of the Proposed Restructuring
Exercise.

IHMB is currently evaluating the conditions imposed by the SC
and seeking the agreement of the Investor on the conditions
imposed by the SC. An appropriate announcement will be made in
due course on the decision in respect of the conditions imposed
by the SC.


KUALA LUMPUR INDUSTRIES: SC Approves Debt Rehab Plan
-----------------------------------------------------
Pursuant to paragraph 4.1(b) of Practice Note No. 4/2001 of the
Listing Requirements of the Kuala Lumpur Stock Exchange, the
Special Administrators of Kuala Lumpur Industries Holdings
Berhad said that the Securities Commission has vide their letter
dated 20 September 2002 approved the Company's Proposed
Corporate and Debt Restructuring Scheme.

The approval, the Commission said, is subject to several
conditions as stipulated in the Company's announcement to the
Exchange on 24 September 2002.

The Company is currently in the process of implementing the
Proposals.


MGR CORPORATION: SC Dumps Application for RCULS Exemption
---------------------------------------------------------
Further to our announcement dated 3 June 2002, AmMerchant Bank
Berhad, on behalf of MGR Corporation Berhad (Special
Administrators Appointed), said that the Securities Commission
(SC) has in its letter dated 30 September 2002 (received on 1
October 2002) rejected the Company's application for an
exemption for the non-rating of the Redeemable Convertible
Unsecured Loan Stocks (RCULS) to be issued pursuant to the
Proposed Restructuring Scheme as the RCULS will be transferable
and tradeable through its listing on the Kuala Lumpur Stock
Exchange.

The Company is currently deliberating on the SC's decision and
any further course of action will be announced in due course.


PENAS CORPORATION: Awaits Approval of Restructuring Plan
--------------------------------------------------------
AmMerchant Bank Berhad wishes to announce the status of Penas
Corporation's plan to regularize its financial position.

There are no changes to the status of Pencorp's plan to
regularize its financial position since the last announcement
made on 2 September 2002 i.e. pending the Securities
Commission's, Ministry of International Trade and Industry's and
Foreign Investment Committee's approval for its proposals.

TCR-AP said in early September that Penas Corporation had in
August entered into a Definitive Agreement with VTI Vintage
Berhad and Dato' Robert Lim Sin Khong, Datuk Sari bin Suhut, Ong
Thuan Ming, Ong Guan Hooi and Cheah Suan Lee to effect the
Proposals, which includes:

1) Proposed composite scheme of arrangement and compromise
repayment to Pencorp's Creditors and members pursuant to Section
175 of the Companies Act 1965;
(2) Proposed acquisitions of Vintage Tiles Industries Sdn Bhd
(VTI) and Vintage Tiles Holdings Sdn Bhd (VTH) (collectively
Vintage Group) by VTI Vintage Berhad (VVB) (proposed acquisition
of Vintage Group);
(3) Proposed exemption for the vendors of Vintage Group and
parties acting in concert to undertake a mandatory general offer
to acquire the remaining shares in VVB not owned by them
(proposed exemption);
(4) Proposed Disposal of Pencorp;
(5) Proposed public issue and proposed offer for sale;
(6) Proposed placement of ICULS; and
(7) Proposed transfer of listing status of Pencorp to VVB.


RAHMAN HYDRAULIC: Awaits SC, FIC Approval on Corporate Exercise
---------------------------------------------------------------
In accordance with Paragraph 4.1(b) of Practice Note No. 4/2001
(PN4) of the Kuala Lumpur Stock Exchange Listing Requirements,
Rahman Hydraulic Tin Berhad announced the status of the
Company's plan to regularize its financial condition since its
previous Monthly Announcement made on 2 September 2002.

The Ministry of International Trade and Industry (MITI) has,
vide its letter dated 19 September 2002, approved the Proposed
Corporate Exercise subject to the approvals being obtained from
the Securities Commission (SC) and Foreign Investment Committee
(FIC).

The proposal involves IJM Plantations Sdn Bhd, a wholly owned
subsidiary company of IJM Corporation Berhad, which is to be
listed on the Main Board of the Kuala Lumpur Stock Exchange in
place of Rahman Hydraulic.

As at the date of this announcement, the Company is awaiting
approval from SC and FIC on its application for the Proposed
Listing Transfer.


REPCO HOLDINGS: Awaits Approval to Implement Rehab Plans
--------------------------------------------------------
In compliance with Practice Note 4/2001 in relation to Paragraph
8.14 of the Listing Requirements of the Kuala Lumpur Stock
Exchange, Repco Holdings Berhad (Special Administrators
Appointed) wishes to announce that it is still awaiting the
necessary approvals of the relevant regulatory bodies in order
to implement its plans to regularize its financial condition.

TCR-AP reported in September that its application to the
Exchange for an extension of time until 31 December 2002 to
comply with Chapter 7 of the Listing Requirements has not been
approved.


RNC CORPORATION: Restructuring Scheme Pending KLSE Approval
-----------------------------------------------------------
RNC Corporation Berhad, in a statement to the Kuala Lumpur Stock
Exchange, said that the Proposed Corporate and Debt
Restructuring Scheme (PRS) is still pending the approval of the
Exchange for the listing and quotation of the ordinary shares,
Redeemable Convertible Secured Loan Stocks (RCSLS) and
Redeemable Convertible Unsecured Loan Stocks (RCULS) on the Main
Board of KLSE pursuant.

RNC also said that the Special Administrators and Affin Merchant
Bank Berhad are in the midst of finalizing an Information
Circular detailing the approved PRS, which will be sent out to
shareholders in due course after the receipt of clearance from
the KLSE on the content of the circular.

The shareholders during the Annual General Meeting on 26th
September 2002 had approved the Company's amendments to the
Articles of Association.


SENG HUP: No Development on Restructuring Plan
----------------------------------------------
Reference is made to Paragraph 4.1(b) of Practice Note No 4/2001
of the Kuala Lumpur Stock Exchange's Listing Requirements
whereby the affected listed issuer is required to announce the
status of its plan to regularize its financial condition on a
monthly basis until further notice from the Exchange.

Further to the announcement made on 30 September 2002, by
AmMerchant Bank Berhad, Seng Hup Corporation Berhad
(Special Administrators Appointed) said that there is no
material development to the Proposed Restructuring Scheme of the
Company.

TCR-AP said yesterday that Seng Hup had entered into a
supplemental principal agreement with KEB, and a sale and
purchase agreement with KEB, Mampu Alam Sdn Bhd (MASB) and
Eminent Triumph Sdn Bhd (ETSB).


TAP RESOURCES: Says No Change in Position
-----------------------------------------
The Board of Directors of TAP Resources Berhad made the
following announcement to the Kuala Lumpur Stock Exchange in
relation to the status of the proposed debt restructuring,
proposed profit guarantee waiver and proposed renounceable
rights issue.

TAP Resources refers to the announcement dated 2 September 2002
and said that there is no change in the Company's position.

TCR-AP said in September that TAP's shareholders have approved
the said proposals during the Extraordinary General Meeting last
August.

The proposals were subject to the approval from the Securities
Commission, the Foreign Investment Committee and the KLSE.


TAJO BERHAD: Details Facilities in Default
------------------------------------------
Pursuant to our announcements on 30 August 2002, 30 July 2002,
26 June 2002, 31 May 2002, 26, April 2002, 29 March 2002, 26
February 2001, 31 January 2002, 28 December 2001, 21 November
2001, 22 October 2001, 12 September 2001, 16 August 2001 and 5
July 2001 regarding Practice Note 1/2001, Tajo Berhad is pleased
to provide an update on the details of all the facilities
currently in default in compliance with Section 3.1 of Practice
Note 1/2001.

Refer to the details below:

   Lender       Principal   Estimated   Principal &   Notes
                   RM        Interest   Interest as
                                RM      At 31/08/02
                                            RM

Secured
Tajo Berhad
a) Malayan
Banking Berhad  33,660,000  13,143,131  46,803,131    Second
                                                     charge on
                                                       land &
                                                      building
                                                      (Note 1)
Resolute Omega
a) Malaysian
Assurance
Alliance        15,848,684  11,853,557  27,702,241   1st charge
                                                       land &
                                                      building
                                                      (Note 2)

Tajo Project
Management
a) Malaysian
Assurance
Alliance        12,523,461   6,860,528  19,383,989   1st charge
                                                       land &
                                                      building
                                                      (Note 2)
Unsecured
Tajo Berhad
a) Pengurusan    5,000,000   2,210,734   7,210,734    Unsecured
Danaharta
b) Bumiputra     1,900,000     979,109   2,879,109    Unsecured
Commerce Bank
c) BSN Merchant  5,000,000   2,274,104   7,274,104    Unsecured
Bank
d) Danaharta     9,115,483   4,571,458  13,686,941    Unsecured
Managers
e) Hongkong      2,573,429     790,343   3,363,772    Unsecured
Bank
f) Pacific Bank    218,215     67,976      286,191    Unsecured
g) Arab
Malaysian Bank   3,000,000   1,636,143   4,636,143    Unsecured

Tajo Project Management
a) Danaharta     21,658,749 11,645,065  33,303,814    Unsecured
Managers
b) Phileo           181,953     61,533     243,486    Unsecured
Allied Bank,

Able Shipping
a) MAA Credit    7,000,000   4,348,123  11,348,123    Unsecured
b) Aseambankers  2,090,000       -       2,090,000    Unsecured

Alpha Glow
a) Hongkong Bank   982,449     299,213   1,281,662    Unsecured
b) Arab          3,219,249   1,125,535   4,344,784      Hire
Malaysian Finance                                     Purchase
                                                      Agreement

REASON FOR DEFAULT IN PAYMENT

Due to the slowdown in the regional economy in general and the
construction and building industry specifically following the
financial crisis in late 1997, the cashflow generated from
operations was not sufficient to service the interest and
principal obligations to the lenders as and when they fell due.

MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS

Reference is made to the company's previous announcements dated
31 August 2002, 30 July 2002, 26 June 2002, 31 May 2002, 26
April 2002, 29 March 2002, 26 February 2002, 31 January 2002, 28
December 2001, 21 November 2001, 22 October 2001, 12 September
2001, 16 August 2001 and 5 July 2001.

On 10 October 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced their appointment as Tajo's Adviser
with regards to Tajo's revised plans to regularize its financial
condition pursuant to PN4.

In the same announcement, it was also announced that an
application for an extension of time pursuant to Paragraph
5.1(c) of PN4 has been made to KLSE on 10 October 2001 as the
deadline granted by KLSE to enable Tajo to make a resubmission
of its regularization plans to the relevant authorities for
approval was on 10 October 2001.

On 1st November 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced that KLSE vide its letter dated 1
November 2001, has granted its approval for an extension of time
from 11 October 2001 to 28 February 2002 to enable Tajo to:
1. Revise its regularization plan;
2. Make a revised Requisite Announcement to KLSE; and
3. Submit its revised plan to the regulatory authorities for
approval.

Further to the above, Tajo is also required to provide KLSE with
detailed progress reports on the development and/or latest
status of its regularization plan in accordance with the
following schedule:

1st progress report by 15 November 2001;
2nd progress report by 15 December 2001;
3rd progress report by 15 January 2002; and
4th progress report by 15 February 2002.

On 15 November 2001, Public Merchant Bank Berhad, on behalf of
Tajo, submitted the 1st progress report on the developments and
latest status of Tajo's regularization plan to KLSE. On 14
December 2001, the 2nd progress report was submitted to KLSE and
subsequently, the 3rd progress was submitted to KLSE on 14
January 2002. The fourth progress report was submitted on 15
February 2002.

On 28 February 2002, Public Merchant Bank Berhad, on behalf of
Tajo announced that Tajo is still in the process of evaluating
and negotiating with its potential "white knights", which forms
an integral part of its regularization plans. In view of that,
Public Merchant Bank Berhad on behalf of Tajo announced that
Tajo is unable to make the revised requisite Announcement by 28
February 2002. As such, Public Merchant Bank Berhad, on behalf
of Tajo, had written to KLSE on 26 February 2002 for an
extension of time of three (3) months from 28 February 2002 for
Tajo to make the revised Requisite Announcement.

On 11 April 2002, Tajo announced that, KLSE, on even date, did
not approve Tajo's application for a further extension and
imposed a suspension on the securities of the Company pursuant
to paragraphs 8.14 and 16.02 of the listing requirements. The
suspension took effect on 19 April 2002.

Tajo's Requisite Announcement was made via Public Merchant
Berhad on 10 June 2002 to the KLSE. Tajo has 2 months to submit
their proposal to the Securities Commission for approval wherein
the Securities Commission has up to 4 months to revert. With the
Requisite Announcement being made, the issue of the KLSE not
approving the extension of time is no longer relevant.

On 9 August 2002, Public Merchant Bank Berhad, on behalf of
Tajo, made an application to the Kuala Lumpur Stock Exchange
(KLSE), for the KLSE's approval to grant an extension of a
further one (1) week up to 16 August 2002 for Tajo to submit its
plan to regularize its financial condition to the relevant
authorities, in compliance with paragraph 5.1 (b) of PN4.

On 14 August 2002, PMBB, on behalf of Tajo, announced that an
application for the Proposed Restructuring Exercise had been
made to the relevant authorities, namely the Securities
Commission, The Foreign Investment Committee and the Ministry of
International Trade and Industry.

The KLSE, has by letter dated 26 September 2002, granted its
approval for an extension of time for a further one (1) week
from 9 August 2002 to 16 August 2002, for Tajo to submit its
plan to regularize its financial condition to the relevant
authorities.

Tajo is currently waiting for SC to revert on the Proposed
Restructuring exercise.

FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT
IN PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S
LIABILITY IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE
AGREEMENTS FOR THE INDEBTEDNESS

The estimated total outstanding as at 31 August 2002, in
relation to the payments, which are in default and are the
subject matter of the restructuring scheme is RM185,838,225.

Since Tajo is either the principal borrower or the guarantor for
these loans, Tajo is liable for the full amount and any further
interest and financial cost levied there or until the settlement
of these debts.

IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN
STOCKS OR BONDS, THE LINES OF ACTION AVAILABLE TO THE
GUARANTORS OR SECURITY HOLDERS AGAINST THE LISTED ISSUER

Tajo's bonds were unsecured.

IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER
THE DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER
AND MANAGER

As a debenture holder pursuant to the secured loans made by MAA
to Tajo, MAA is empowered to appoint a receiver or receiver and
manager.

WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS
(CROSS DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE;
AND

The facilities listed above represent all the borrowings of the
Tajo Group, and as a result of the Proposed Scheme of
Arrangement "have not been serviced" (interest and principal)
since December 1998. As such they are all technically in
default.

The creditors have however refrained from serious legal action
other than those, which have been disclosed in our Annual Report
and Circulars as well as Announcements, since they have voted
unanimously in favor of the Proposed Scheme of Arrangement on 15
August 2000.


TAJO BERHAD: Gets One-week Extension to Submit Rehab Plan
---------------------------------------------------------
The Kuala Lumpur Stock Exchange (KLSE), had vide its letter
dated 26 September 2002, granted its approval for an extension
of time for a further one (1) week from 9 August 2002 to 16
August 2002, for Tajo to submit its plan to regularize its
financial condition to the relevant authorities.

The announcement is in reference to the application of Public
Merchant Bank Berhad, on behalf of Tajo, to the KLSE for the
approval to grant an extension of a further one week up to 16
August 2002 for Tajo to submit its plan to regularize its
financial condition to the relevant authorities, namely the
Securities Commission, the Foreign Investment Committee and the
Ministry of International Trade and Industry.

Any new developments on the Company's plan to regularize its
financial condition will be announced in due course.


TECHNO ASIA: Principal Agreement Extended to March 2003
-------------------------------------------------------
Further to the announcement made on 2 September 2002, AmMerchant
Bank Berhad, on behalf of Techno Asia Holdings Berhad (TAHB),
wishes to announce that the parties to the Principal Agreement
and the Novation Agreement namely TAHB, Dr. Yu Kuan Chon, Semai
Warnasari Sdn Bhd and Giant Express Bhd had on 30 September
2002, mutually extended the Principal Agreement for a further
period of six months, commencing 7 September 2002 to 6 March
2003.

Save as disclosed above, there had been no other major changes
to the status of TAHB's plan to regularize its financial
position.

TAHB is currently awaiting the decisions of the relevant
authorities.


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


ATLAS CONSOLIDATED: Elects Hilario Farcon as Acting CEO
-------------------------------------------------------
The Board of Directors of Atlas Consolidated Mining and
Development Corporation have elected Hilario A. Farcon as its
Acting Chief Operating Officer and Noel T. del Castillo as
Assistant Corporate Secretary.

The annual stockholders' meeting of the corporation was reset to
December 20, 2002.

TCR-AP reported that the Company posted a net loss of 31.528
million pesos in the first quarter of this year, versus a net
loss of 625.698 million a year earlier.

Atlas Consolidated Mining and Development Corporation was
established through the merger of assets and equities of three
istinctive companies. These are Masbate Consolidated Mining
ompany, IXL Mining Company and and the Antamok Goldfields Mining
ompany. Its copper minesite is located in Toledo, Cebu while its
gold minesite is in Aroroy, Masbate. The Company is into mineral
and metallic mining and exploration and primarily produces
copper concentrates and gold with silver and pyrites as major
by-products.

The disclosure is located at
http://www.pse.org.ph/html/disclosure/pdf/dc2002_2593_AT.pdf


BENPRES HOLDINGS: Unable to Pay Interest Payments in LTCP
---------------------------------------------------------
The Philippine Stock Exchange disclosed that Benpres Holdings
Corporation (BHC) will not be able to make interest payment of
its long-term commercial paper maturing in 2003.

As earlier announced, BHC has appointed Credit Suisse First
Boston as its financial advisor in connection with its Balance
Sheet Management Plan.

BHC has proposed to make interest payments and principal
repayments to its creditors in accordance with the Plan.

The press release can be accessed at
http://bankrupt.com/misc/tcrap_benpres1002.pdf

DebtTraders reports that Benpres Holdings' 7.875 percent bond
due in 2002 (BENP02PHS1) trades between 53 and 58. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BENP02PHS1


PHILIPPINE LONG: Inks Subscription Agreement With PilTel
--------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) disclosed that on
October 1, 2002, PLDT signed a subscription agreement with
Pilipino Telephone Corporation (Piltel) pursuant to which the
Company subscribed for an additional 209,100 shares out of the
1,001,107 unissued shares of Class I, Series J preferred stock
of Piltel at a subscription price of P1,000.00 per share.

The press release is located at
http://bankrupt.com/misc/tcrap_pldt1002.pdf


PHILIPPINE LONG: Gokongwei Drops Bid for Telecom
------------------------------------------------
Regarding the Memorandum of Agreement (MoA) dated June 4, 2002
between First Pacific Company Limited (FPC) and the Gokongwei
Group (GG), in view of the expiration of the exclusivity period
on September 30, 2002 for the completion of the Transaction
contemplated under the terms of the MoA, the Gokongwei Group
acknowledge that FPC may now pursue the Transaction with third
parties.

Furthermore, in the light of (i) FPC's inability to perform the
terms of the MoA and satisfy the conditions of the MoA, (ii) the
difficulties encountered by FPC in attempting to implement the
Transaction, (iii) FPC's inability to complete the Transaction
within the time frame envisaged by the principals in their
discussions on this matter and, (iv) the open resistance of the
current management of both the PLDT and Metro Pacific/Bonifacio
Land Corporation (BLC) to the transaction, the Gokongwei Group
hereby withdraw their offer to acquire from FPC interests in
Philippine Long Distance and Telephone Co. and BLC and also
terminate the MoA.

For a copy of Gokongwei Group's letter to First Pacific, go to
http://bankrupt.com/misc/tcrap_mpc1002.pdf


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


ASIA PULP: Reaches Debt Restructuring Agreement With Creditors
--------------------------------------------------------------
Asia Pulp & Paper Company Limited (APP) confirmed Tuesday that a
preliminary agreement with certain creditors had been signed in
Bali, Indonesia on September 28, 2002 with respect to the
principal financial terms of the debt restructuring of its
principal Indonesian operating companies, namely PT Indah Kiat
Pulp & Paper Tbk, PT Pabrik Kertas Tjiwi Kimia Tbk, PT Pindo
Deli Pulp & Paper Mills and PT Lontar Papyrus Pulp & Paper
Industry.

Preliminary agreement was also signed regarding the key
principles for Company restructuring of the four main Indonesian
operating companies. Both agreements were entered into with (1)
The Indonesian Bank Restructuring Agency (IBRA), (2) the export
credit agencies for Germany, Austria, Canada, Spain, Sweden,
Italy, France, Denmark and Finland, and (3) Nippon Export and
Investment Insurance (NEXI).

Approach to Restructuring

It was agreed that, for the overall restructuring to be
successful, the APP Group should undertake a debt restructuring
and a Company restructuring. Accordingly, separate "key
financial terms for restructuring of debt of the four main
Indonesian operating companies" and "summary of key principles
for Company restructuring of the four main Indonesian operating
companies" were agreed in Bali.

Key Financial Terms for Debt Restructuring

Assumed EBITDA and Cash Available for Debt Service
The agreed key financial terms assume an average annual EBITDA
of US$750 million in the aggregate for the four main Indonesian
operating companies and the following aggregate amounts of
monthly cash available for debt service:

2003 - 2005 : US$30 million;
2006 - 2007 : US$35 million; and
2008 - 2012 : US$40 million.

If the published average Indonesian MTH pulp CIF price (being
the average of Hawkins Wright and RISI where available) falls
below US$400/MT for any given month, then the monthly cash
available for debt service shall be reset to US$25 million for
the following month. The difference between the amount of cash
available before the reset and US$25 million shall be deferred
and paid as soon as possible.

Restructured Debt Tranches

The proposed restructuring terms contemplate that restructured
debt would be split into the following three tranches, each
having a 10-year term:

1. Tranche A, in the amount of approximately US$1.2 billion,
would be a sustainable debt tranche, which would be amortized to
zero over the ten-year term and attract the following commercial
rates of interest:

2003 to 2005 SIBOR +1 percent (capped at a maximum of 6 percent)
2006 to 2007 SIBOR +2 percent (not capped) 2008 to 2012 SIBOR +3
percent (not capped)

2. Tranche B, in the amount of approximately US$3.0 billion,
would be a refinanceable tranche, which would be refinanced at
the end of its term and attract the following commercial rates
of interest:

2003 to 2005 SIBOR +1 percent (capped at a maximum of 6 percent)
2006 to 2007 SIBOR +2 percent (not capped) 2008 to 2012 SIBOR +3
percent (not capped)
If Tranche B is not refinanceable at the scheduled maturity
date, the Creditors may elect (a) to give the borrower one more
year to refinance or (b) to restructure Tranche B debt.

3. Tranche C, representing the remaining debt owed, would be an
unsustainable tranche with the following interest coupon:
2003 to 2005 1 percent 2006 to 2012 2 percent

Interest would be accrued and either be paid from excess cash
(through the cash sweep mechanism subject to cash availability)
or capitalized (in the absence of available excess cash).
Back end yield: An amount equal to 10 percent of the original
principal amount of the Tranche C debt outstanding on the final
maturity date is to be added to the amount of such debt on final
maturity.

Tranche C debt would be converted, on terms to be agreed, into
equity upon maturity of its ten-year term, unless retired
through debt buy-backs from excess cash during the term.

Application of Cash Available for Debt Service

Monthly cash available for debt service would be applied to pay
interest under Tranche A, interest under Tranche B, and
thereafter to repay principal under Tranche A or (in the event
that Tranche A has been fully repaid prior to its maturity)
principal under Tranche B.

Application of Excess Cash

Available excess cash would be applied towards (1) the
establishment and maintenance of a buffer in the aggregate
maximum amount of US$30 million, (2) the payment of interest
under Tranche C, and (3) apportioned between (a) prepayment of
principal under Tranche A (for the period from 2003 to 2005) or
Tranche C (for the period from 2006 to 20012) and (b) funding of
debt buybacks.

Pre-Effective Date Escrow Account

APP has placed US$100 million in escrow since September 30, 2002
for ultimate use in paying interest, funding debt buy-backs in
the context of the restructuring and professional fees. APP
agreed to place further funds in escrow in a monthly amount of
US$20 million until December 2002 and in a monthly amount of
US$30 million thereafter up to the effective date of the
restructuring.

Definitive Restructuring Plan

The intent expressed at the Bali meetings was to agree and sign
a definitive restructuring plan by December 31, 2002.

Key Principles for Company Restructuring

The agreed key principles for Company restructuring include the
following:

* Overall review of management;
* Cash control/cash management;
* Review of trading (including sales and purchases strategies;
* Improving efficiency and productivity.

There was agreement that the APP Group had enormous potential
and the successful implementation of a good financial and
Company restructuring would greatly assist the APP Group in
realizing this potential.

APP agreed to engage international consulting firms with
representative offices in Indonesia to focus upon the tasks
referred to in the key principles for Company restructuring.

Commenting upon the agreements, Teguh Ganda Wijaya, CEO of APP
stated:

"I am very pleased that significant progress has been made in
the restructuring discussions relating to APP's principal
Indonesian operating companies. I would like to thank IBRA, the
European and United States export credit agencies and NEXI for
their assistance in facilitating the signing of these
agreements. We now look forward to working with creditors in the
coming weeks and months in moving to a complete agreement on all
relevant restructuring issues and in approaching other major
creditors with a view to finalizing an overall restructuring
plan."

Mr. Wijaya also noted that: "The assumptions which underlie the
financial terms which have been agreed are optimistic and
challenging. We are, however, committed to using our best
efforts to meet the terms. The future prices of pulp and paper
will, of course, be a very important factor in this regard."

APP is one of the world's leading pulp and paper companies. With
current pulp capacity of 2.3 million tons and paper and
packaging capacity of 5.7 million tons, it ranks number one in
non-Japan Asia. Headquartered in Singapore, APP currently has 16
manufacturing facilities in Indonesia and China and markets its
products in more than 65 countries on six continents.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_app1002.pdf


CHARTERED SEMICONDUCTOR: Underwriter Can Sell Shares Any Time
-------------------------------------------------------------
If it is forced to purchase unwanted shares from the wafer
foundry's rights offer, Merrill Lynch, the underwriter for
Chartered Semiconductor's rights issue, can sell its shares at
any time, the Business Times reported.

A Chartered spokeswoman declined comment when asked by Business
Times whether Merrill has been given a free hand to sell its
rights shares.

Chartered is hoping to raise some US$634 million through the
issue of 1.11 billion new ordinary shares at S$1.0 each via an
8-for-10 rights offer.

Singapore Technologies, which controls 60.5 percent of
Chartered, has committed to subscribe to up to US$384 million of
the rights offer while Merrill Lynch has agreed to take up about
US$250 million. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue
No. 195, October 02, 2002)


COMPACT METAL: Issues Financial Performance Update
--------------------------------------------------
Compact Metal Industries Ltd.'s turnover for the six months
ended 30 June 2002 decreased by 7.9 percent to $51.2 million
compared to $55.5 million for the corresponding period in 2001.
This was due mainly to the slowdown in sales of the extruded
aluminium sections as a result of difficult and competitive
market conditions.

The Group incurred operating loss before tax of $16.3 million
compared to a loss of $1.0 million in the first half year of
2001. This was due to lower turnover and margins in the first
half year of 2002. The Group made a provision charge of $1.9
million for bad debts as well as write down of stock inventory
and work-in-progress in first half of 2002 as compared to
$69,000 for the same period in 2001. The hotel operation
suffered a loss of $1 million in the first half of 2002.

In addition, the Group provided $8.9 million for exceptional
items comprising a further provision of $1.5 million for a loan
to its associated Company and $7.4 million impairment loss for
the hotel in Johor Bahru and headquarters cum factory in
Singapore.

The Group also recognized a foreign exchange loss of $2.0
million for the current period compared to an exchange gain of
$2.7 million in first half year of 2001. It is mainly consists
of unrealized exchange loss from the translation of Singapore
dollar denominated loan due to the Company by its subsidiaries
in Malaysia and Indonesia whose books are kept in Malaysian
Ringgit and US$ respectively. The strengthening of the Singapore
dollar resulted in an unrealized exchange loss recognized by
these subsidiaries at the end of the financial period.


HUA KOK: Widens Net Loss to US$12.51M
-------------------------------------
Hua Kok International Limited posted a net loss of S$12.51 in
the first half of the fiscal year to June, compared to a loss of
2.56 million a year ago, due to fewer construction contracts in
the public housing sector, AFX Asia reported Tuesday.

Conditions in the domestic construction and precast sectors are
expected to remain difficult.

The Company expects to record a lower operating loss in the year
to June 2003.


L&M GROUP: Proposes Unit's Debt Restructuring
---------------------------------------------
L&M Group Investments Ltd (L&M) said L&M Prestressing Pte Ltd
(Prestressing), a wholly owned subsidiary, proposed to the High
Court of Singapore the scheme of arrangement with its unsecured
creditors of Prestressing (excluding certain creditors) (the
Unsecured Creditors) to restructure debts owed by Prestressing
to such creditors (the Scheme).

At the hearing on September 30, 2002 at the High Court of
Singapore, the Court granted leave for Prestressing to convene a
meeting of the Unsecured Creditors to be held on 14 October 2002
at 10.00 a.m. at 28 Tuas Crescent Singapore 638719 for the
purpose of considering and if thought fit approving the Scheme
subject to such modifications as may be made.

Pursuant to the terms and conditions of the Scheme, in the event
that all necessary approvals have been obtained by L&M and
Prestressing, L&M shall issue new ordinary shares based on the
weighted average price of the ordinary shares in the capital of
L&M for trades done on the Singapore Exchange Securities Trading
Limited one day prior to the day the Scheme is approved by the
Unsecured Creditors, in full and final settlement of all the
claims of the Unsecured Creditors of Prestressing.


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


NEP REALTY: Proposes Rights Issue
---------------------------------
According to the result of Extra-ordinary Shareholders' Meeting
No.1/2000 of Bangkok's jute products and plastic bags
manufacturer NEP Realty and Industry Public Company Limited held
on 18 February 2000, the warrants to purchase the Company shares
for the amount of 150 million units at offering price of Bt0.10
per unit were offered to the shareholder who has his or her name
in the shareholder registrar book closing on the date of 4
February 2000.

The ratio of offering is 3 warrants per 2 shares and each
warrant entitles the holder to purchase one ordinary share at an
exercise price of Bt5 quarterly.

The warrant life is 8 years from the issue date. The details of
subscription process are as follows:

1. Subscription Period: 9.00 a.m. to 3.00 p.m. of October 14 -
18, 2002

2. Subscription Place: Grand Hyatt Erawan Bangkok Hotel
M Floor, Board Room, 494 Rajdamri Road, Bangkok 10330
Tel. 0-2652-1619, 0-2652-0072 Fax. 0-2652-0072

3. Method of Subscription: The shareholder, who wishes to
subscribe the right warrants, must complete and sign in the
application, attach the subscription certificate to purchase the
warrants and make payment in full amount.

4. Method of Payment: The payment must be made full amount in
one time. In case of payment by Cheque, Draft, Bill of Exchange
or Payment order by bank, such payment shall not exceed October
18, 2002 and can be cashed in Bangkok Metropolitan in "account
payee only" basis payable to "NEP Realty and Industry Public
Company Limited for subscription the warrants". Moreover,
telephone number should be identified at the back of Cheque,
Draft, Bill of Exchange or Payment order by bank.

5. Renunciation of Subscription:In case of the shareholder who
is not subscribe the Warrants or payment is not made within
subscription period or the company can not collect the payment
in full, the company shall threat the shareholder is not intend
to subscribe the Warrants.

Note

1. Investors can study information and other details from an
information Memorandum.
2. Company will inform subscription rights, sending together
with the information Memorandum and subscription's form of
rights warrants to the existing shareholders who have the rights
to engage before 7 days of the subscription period.
3. This arrangement is managing to the existing shareholders in
proportion, Investors who engage the rights warrants cannot
engage more than amount of the allocation.

For future information regarding subscription right, please
contact Khun Wallada Thailand Securities Depository Co., Ltd. at
telephone 02-229-2866 or Khun Satha NEP Realty and Industry PLC
at telephone 02-617-1800, 02-271-4213.


SIAM SYNTECH: SET Posts NR Sign on Securities
---------------------------------------------
The Stock Exchange of Thailand (SET) first posted an "NP" sign
(Notice Pending) on Siam Syntech Construction Public Company
Limited (SYNTEC) on 30 August 2002 because it had failed to
submit its financial statement for the period ending 30 June
2002 by the specified deadline. The SET then posted an "SP"
(Suspension) sign on 6 September 2002 because SYNTEC failed to
submit its financial statement within five working days after
the SET first posted an "NP" sign against its securities.

However, SYNTEC has publicly released to the SET and investors
its financial statement, the SET has lifted an "NP" sign posted
and replaced it with an "NR" sign on the securities of SYNTEC
effective from 2 October 2002 onward.

However, the SET still posted an "SP" sign on the securities of
SYNTEC because the Bangkok-based construction firm is in the
process of implementation of a rehabilitation plan.


THAI WAH: Updates Status of Investment in Tropical Resorts
----------------------------------------------------------
Thai Wah Public Company Limited, by Thai Wah Group Planner
Company Limited as the Plan Administrator, reported in the Stock
Exchange of Thailand the status of the Company's investment in
Tropical Resort Limited's Convertible Loan.

Rather than injecting additional equity into Tropical Resorts
Limited (TRL), TRL shareholders decided to instead inject cash
into the company through loan stock amounting to US$8.0 million
to finance TRL's operations.

Except for one shareholder, all TRL shareholders subscribed for
the loan stocks in TRL.

Shareholders of TRL include NatSteel Resorts (HK) Limited
(30.00%), JAIC P-1A, P-2(A) & P-2(B) Investment Fund with Japan
Asia Investment Co., Ltd. as Investment Manager (18.81%), Chang
Fung Company Limited (11.59%), Thai Wah Public Company Limited
(19.80%) and TWR-Holdings Limited (19.80%).

Although TWC's shareholding in TRL is 19.80 percent, it
subscribed to only 15.4% (US$1.23 million) of the total
outstanding loan stocks. The balance was subscribed by other
loan stockholders / TRL shareholders.

Due to its investment charter, JAIC was not able to subscribe to
the loan stocks.

December 31, 2002 on September 13, 2002.

Loan stockholders have been in discussion with the management of
TRL for the loan stocks to be repaid in installments over 3 to 5
years commencing in 2003.

It is anticipated that TRL would be able to finalize the
proposed repayment plan and submit the same for loan
stockholders and shareholders' approval before the end of the
current year.

As the loan stocks are unsecured, TWC stands to lose both the
principle and accrued interest of the loan stock totaling
US$1,443,131 at June 30, 2002 in the event that TRL is
financially unable to meet its repayment obligations.

Thai Wah Public Co., - http://www.thaiwah.com- Ltd. has  
operated the business of manufacturing and selling agricultural
products. The principal merchandise is tapioca starch, pellets
and chips.


WONGPAITOON GROUP: Releases More Info on Capital Reduction
----------------------------------------------------------
As Wongpaitoon Group Public Company Limited informed the Stock
Exchange of Thailand regarding the closing date for the
shareholders' register in order to decrease the totally number
of shares existing on the date that the Central Bankruptcy Court
issued the order to reorganize the business of the Company.

Those shares to be decreased amounted to 28,000,000 shares at
the par value of Baht 10, as per the letter of the Company dated
September 30, 2002.

The sports shoes manufacturer said that the decrease of paid-up
capital will be rendered by decrease the number of shares
existing on the date that the Central Bankruptcy Court issued
the order to reorganize the business of the Company; i.e.
May 22, 2000, from 28,000,000 shares to zero (-0-) shares.

After this process, the paid-up capital of the Company will be
decreased from Baht 6,328,458,800 to Baht 6,048,458,800 and the
number of shares will be decreased from 632,845,880 shares to
604,845,880 shares.




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,
Salve M. Mordeno, Maria Cristina Pernites-Lao, Editors.

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

This material is copyrighted and any commercial use, resale or
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