TCRAP_Public/021008.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

          Tuesday, October 08, 2002, Vol. 5, No. 199

                         Headlines

A U S T R A L I A

AMP LIMITED: Will Meet Capital Requirements, UK Watchdog Says
ANACONDA NICKEL: Moody's Downgrades Murrin Murrin Unit
AUSTRIM NYLEX: Divests Wheel Products Business, Raising A$18M
COLES MYER: Aims for Myer Grace Store First Half Profit
COLES MYER: Directors Give Views to Lew

COLES MYER: Profit Target Looks More Complicated, CEO Says
COLES MYER: Premier Buys 12.5M Shares
GOODMAN FIELDER: GrainCorp, Cargill, Buy Flour Milling Business


C H I N A   &   H O N G  K O N G

ASIA GLOBAL: Parent May Change Company Name
CROWN HONOR: Faces Winding Up Petition
E-KONG GROUP: Faces Trading Suspension
LAWSONS LOGISTICS: Hearing of Winding Up Petition Set
TEM FAT HING: Narrows Net Loss to HK4179.698M

TREASURE COAST: Winding Up Petition Pending
WINNY GARMENT: Winding Up Petition Slated for October 9


J A P A N

ALL NIPPON: ANA Expects to Book Y7B Special Loss in First Half
DAIEI INC.: Shares Down 25.6% on Debt Fear
FUJITSU COMPONENT: Cutting Costs to Return to Profitability
MITSUBISHI ELECTRIC: Launches Renesas Technology With Hitachi
NIKKO CORDIAL: Offering Y40B 4-Yr Bonds Due 2006

NISSHIN STEEL: Moody's Lowers Rating to Baa3, Outlook Negative
SNOW BRAND: Enters Business Alliance With Nestle
SNOW BRAND: Suntory, Nissan May Buy Shares in Wholesaler Unit
TAIHEIYO CEMENT: Accelerates Debt Reduction Scheme


K O R E A

DAEWOO MOTOR: Court Orders Carmaker to Pay Withheld Wages
HANIL INSURANCE: Life Insurance Firm Undergoes Liquidation
HYUNDAI ENGINEERING: KDB Moves Ahead With Planned Sell-Off
HYUNDAI MERCHANT: Accounts Impossible to Trace, Lee Keun Says


M A L A Y S I A

CHG INDUSTRIES: Bank Negara Approves Warrants Issue
LONG HUAT: Guarantees RM252,064 Payment to Malayan Banking
NCK CORPORATION: Still in Payment Default
PAN PACIFIC: SC, KLSE Grants Extension of Time
PERNAS INTERNATIONAL: Exploring All Options to Improve Finances

SISTEM TELEVISYEN: KLSE Grants Extension of Time to December
SOUTH MALAYSIA: Cancels Two-Call Rights Issue


P H I L I P P I N E S

MONDRAGON INTERNATIONAL: Unveils Manual on Corporate Governance
MULTITEL INTERNATIONAL: SEC Slaps Cease-And-Desist Order
PHILIPPINE LONG: Clarifies Philippine Star Report
PHILIPPINE LONG: Planning to Issue STCP in November
PHILIPPINE TELEGRAPH: Clarifies Link Up With Digitel Report


S I N G A P O R E

CK TANG: Clarifies Issues Re Lawsuit Against Kei Chin Hou
FLEXTECH HOLDINGS: Posts Change in Shareholder's Interest
WEE POH: Response to SGX Queries


T H A I L A N D

JASMINE SUBMARINE: Moody's Puts Ba3 Rating on Downgrade Review
RAIMON LAND: Posts Warrant Conversion to Common Shares Results
THAI PETROCHEMICAL: Petition Against Debt Planner Set Today

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Will Meet Capital Requirements, UK Watchdog Says
-------------------------------------------------------------
The Financial Services Authority is confident AMP Ltd,
Australia's leading financial services company, will meet
capital requirements for its troubled British Pearl life
insurance arm.

According to chairman Sir Howard Davies, Britain's banking and
insurance watchdog is "confident that (AMP) will work their
capital position through in a way that satisfies us."

AMP chief executive Andrew Mohl restored investor confidence
over the past week that Pearl would meet capital requirements.

Early this month, TCR-AP reported that FSA told ABC TV's Inside
Business that AMP Limited's UK subsidiary, AMP-Pearl, has been
under performing for a number of months because of volatility in
international markets.

Shares in the company have been sinking to all time lows in
September as the market reacted to revelations the group had not
revealed the full extent of the financial troubles at its
British operations.


ANACONDA NICKEL: Moody's Downgrades Murrin Murrin Unit
------------------------------------------------------
Moody's Investors Service downgraded Friday the Caa3 senior
secured Notes rating of Murrin Murrin Holdings Pty Ltd (MMH) to
Ca, and the Caa1 senior secured Notes rating of Glencore Nickel
Pty Ltd to Ca.

The rating action follows the announcement of a debt
restructuring agreement that MMH and Glencore Nickel reached
with their respective secured creditors, and the likely recovery
rate on the secured bonds.

Moody's said it expects to withdraw the ratings when the
restructuring process is completed.

Under the restructuring agreement, a cash payment of US$190
million will be made, of which 60 percent will be shared pro-
rata among MMH's secured creditors, and 40 percent among
Glencore Nickel's creditors.

MMH and Glencore Nickel are associated through their 60
percent/40 percent equity interest in the Murrin Murrin nickel
and cobalt project in Western Australia. This represents a
recovery of approximately 25.6 cents in the dollar.

In addition to the cash payment, there will be a certain
allocation to secured creditors of any cash recoveries arising
from the arbitration proceedings against Fluor Daniel Pty Ltd in
relation to a contractual dispute regarding the design and
construction of the Murrin Murrin nickel plant.

The announced debt restructuring agreement was made with secured
creditors representing more than 75 percent of total secured
debt obligations. This level of acceptance now allows MMH and
Glencore Nickel to proceed with the restructuring.

MMH is ultimately owned by Anaconda Nickel Ltd, which is owned
33.8 percent by Glencore International AG and 23.7 percent by
AngloAmerican Plc.

The cash payment of $190 million will be funded from proceeds of
an equity rights issue by Anaconda to raise A$323 million.
Glencore will underwrite the equity issue.

Glencore Nickel Pty Ltd is ultimately 100 percent-owned by
Swiss-based Glencore International AG. Murrin Murrin Holdings
Pty Ltd is 100 percent owned by Australia's Anaconda. It has 60
percent interest in the Murrin Murrin Nickel/Cobalt project,
located in Western Australia. The other 40 percent of the Murrin
Murrin project is owned by Glencore International AG, through
Anaconda Nickel Pty Ltd and Anaconda Nickel Holdings Pty Ltd.


AUSTRIM NYLEX: Divests Wheel Products Business, Raising A$18M
-------------------------------------------------------------
Diversified industrial group, Austrim Nylex Limited, sold its
Toowoomba Metal Technologies (TMT) business effective 11 October
2002. This sale is part of a range of initiatives to strengthen
the Company's balance sheet through the reduction of borrowings.

The buyer of the 130 year old Toowoomba operation, which
supplies a variety of cast products and wheel components to the
local and overseas heavy transport industry, is a Queensland
company, CMI Limited.

Formerly part of the engineered products division, TMT, employs
300 people and posted annual sales of $33 million last year.

The divestment of TMT was instigated after Austrim Nylex
identified that it was not a core operating business.

Gross proceeds of approximately $18 million will be realised
through a combination of the purchase price and working capital
receipts. All management and employees will remain with the
business without any change to their entitlements or conditions
of employment.

Chief Executive and Managing Director of Austrim Nylex, Mr Peter
Crowley, said "We are delighted that another Queensland business
has purchased Toowoomba Metal Technologies and we wish the new
owners every success with it in the future". KPMG Corporate
Finance acted as strategic and financial advisor to Austrim
Nylex in the process.

The reduction of Austrim Nylex Limited's unacceptably high
borrowings remains the key focus for management and will be
achieved through further asset sales, tighter cash flow
management and focusing on improving business performance.

In August, TCR-AP reported that Austrim would undergo more
restructuring in this financial year in a bid to turn around its
fortunes, after the company booked a net loss of A$151.98
million (US$82.62 million) for the year ended June 30, 2002,
against a loss of A$269.23 million (US$146.35 million) for the
previous year. The company did not declare any dividends in
2001/02.

For further information, call Austrim Nylex's Peter Crowley at
telephone (03) 9529 2999, or Tim Allerton of City PR at
telephone (02) 9281 7272.


COLES MYER: Aims for Myer Grace Store First Half Profit
-------------------------------------------------------
Coles Myer Ltd chief executive John Fletcher said Sunday the
Myer Grace department stores would have to be back in the black
in the first half for it to turn profit this year.

"Traditionally the first half is the better half. If you take
the view that we'd both be disappointed if the full year wasn't
profitable, then the expectation would have to be that the first
half would be," Fletcher said on Channel Nine's Business Sunday
program.

The first half, which ends in January, includes the crucial
Christmas shopping season.

The Myer Grace stores posted a loss in 2001/02, holding back
profit growth for the ailing retail giant to just six percent
for a net profit of A$354 million ($195 million).


COLES MYER: Directors Give Views to Lew
---------------------------------------
Coles Myer said Monday in a statement to the Australian Stock
Exchange that eight directors of its Board have provided to
Solomon Lew their draft views on him standing for re-election.

The directors' views were provided to Mr Lew on Friday as part
of an internal process of preparation for the dispatch to
shareholders of the Notice of Meeting.

The process put in place by the Board last week required
directors who sought to include statements in the Notice of
Meeting about directors standing for re-election to make them
available to the relevant directors by 5 pm last Friday.

Directors who are the subjects of these statements are to
provide by noon on October 9 any statements they seek to be
included in the Notice of Meeting.

As part of the process, it is planned that at the Board meeting
on 0ctober 10, directors will review and then finalize the
materials to be included in the Notice of Meeting.

Shareholders will be informed of the outcome of the October 10
meeting.

For media information, contact Scott Whiffin at telephone 03
9829 5548, or Amanda Fischer (Analyst) at telephone 03 9829
4521.


COLES MYER: Profit Target Looks More Complicated, CEO Says
----------------------------------------------------------
Coles Myer Ltd chief executive John Fletcher said that a A$800
million goal in annual net profit by 2005-06 looks more
difficult than it did about six months ago when the target was
set.

"Is it a bit tougher than perhaps it was a year ago? Sure it is,
but I don't think anybody in the management team ... would want
to step away from some aspirational goals they actually believe
in," Fletcher told the Business Sunday program.

The chief executive's battle to turn around Australia's largest
retailer comes as it grapples major problems in its boardroom,
where directors are split into factions. Chairman Stan Wallis
may have to go much sooner.

Fletcher, however, said that the boardroom upheaval had not
distracted him nor the senior management.

He would not give also a A$400 million net profit forecast for
the fiscal 2003.


COLES MYER: Premier Buys 12.5M Shares
-------------------------------------
Premier Investments Ltd, half-owned by Coles Myer Ltd director
Solomon Lew, confirmed Monday it had increased its stake in
ailing retail giant Coles Myer to 5.869 percent, with an
additional 12.5 million shares.

The notice the Australian Stock Exchange said the 12.5 million
shares were purchased in an on-market transaction for a total
A$78.8 million, suggesting a value of A$6.30 per share.

Premier's buying is aimed at trying to secure enough votes to
back Lew's re-election to the company's board at the retailer's
annual general meeting in November.

Coles Myer also released a statement yesterday that eight of the
company's 10 directors have provided their draft views to Lew
over their position on him standing for re-election.


GOODMAN FIELDER: GrainCorp, Cargill, Buy Flour Milling Business
---------------------------------------------------------------
New South Wales food company Goodman Fielder Ltd. has completed
its previously announced sale of its Australian flour milling
and mixing business for around A$200 million, Dow Jones
Newswires reported.

The business, to be run in the future under the name Allied
Mills, was bought by a joint venture comprising GrainCorp Ltd.
and Cargill Australia Ltd.

Cargill's Ralph Selwood will head allied Mills.

Goodman Fielder said it has improved its core operations and
gains on the sale of its gelatin business, which contributed to
a 12.2 percent increase in net profit for the year to June 2002
to A$132.4 million.


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


ASIA GLOBAL: Parent May Change Company Name
-------------------------------------------
Global Crossing Ltd., the U.S. parent of Asia Global Crossing,
is considering of dropping the Global Crossing name, as it had
at present "very little brand power," Dow Jones Newswires
reports, citing Chief Executive John Legere.

"We have huge recognition," he said. "It just right now doesn't
necessarily drive towards the right perception."

Global Crossing is in the process of emerging from Chapter 11
bankruptcy with much-reduced debt and its network intact.


CROWN HONOR: Faces Winding Up Petition
--------------------------------------
Henkel Adhesives (HK) Limited of 18th Floor, Island Place Tower,
510 ing's Road, North Point, Hong Kong, is seeking for the
winding up of Crown Honor Warehouse & Transportation (H.K.) Co.
Limited.

The petition was filed on September 4, 2002 at the High Court of
Hong Kong, and was heard before the said court on September 18,
2002 at 9:30 a.m.


E-KONG GROUP: Faces Trading Suspension
--------------------------------------
The Stock Exchange of Hong Kong said that trading in the shares
of e-Kong Group Ltd has been suspended, pending an announcement
related to a proposed capital reorganization and a rights issue
of the company.

e-Kong last traded at HK$0.01.

TCR-AP reported in September that e-Kong Group incurred a net
loss of HK$115.328 million in the first quarter of 2002, versus
a HK$537.085 million a year ago.

The Company has paid no dividends during the last 12 months, or
during the previous three fiscal years. It also reported losses
during the previous 12 months.

The Group's principal activities are the provision of
telecommunication and corporate management services. Other
activities include the provision of Internet security solution,
sales and fulfillment solutions, insurance brokerage and
investment holding.


LAWSONS LOGISTICS: Hearing of Winding Up Petition Set
-----------------------------------------------------
The petition to wind up Lawsons Logistics Management Limited was
set for hearing before the High Court of Hong Kong last October
2, 2002, at 9:30 am.

Cheong Lee Chiu of Flat B, 3/F., Veng Hing Mansion, 152-156
Aberdeen Main Road, Aberdeen, Hong Kong filed the petition with
the said court last July 8, 2002.


TEM FAT HING: Narrows Net Loss to HK4179.698M
---------------------------------------------
Tem Fat Hing Fung (Holdings) Ltd reported that its net loss for
the year to April has narrowed to HK$179.698 million, from a
loss of HK$774.688 million in the same period of last year.

Sales totaled HK$21.089 million, against sales of HK$1.73
billion in 2001.

The company has not paid interim dividends during the period,
and has not paid any dividends during the same period in the
previous year.

The company's auditors disclaimed the results for the year under
review because of limitations in the scope of their work and the
fundamental uncertainty regarding the going concern basis of the
accounts.

Hong Kong's Tem Fat Hing Fung (Holdings) Limited refines,
moulds, trades and distributes gold bullion, gold ornaments,
diamonds and other jewellery products in Hong Kong, the British
Virgin Islands, the People's Republic of China, Malaysia and
Australia.


TREASURE COAST: Winding Up Petition Pending
-------------------------------------------
The petition to wind up Treasure Coast Limited is scheduled
before the High Court of Hong Kong on October 9, 2002 at 10:00
am.

The petition was filed with the said court last July 15, 2002 by
Nio Soang Tek, whose registered office is situated at 24 Bonham
Strand West, 16th Floor, Flat C, Nam Pak Hong Building, Sheung
Wan, Hong Kong.


WINNY GARMENT: Winding Up Petition Slated for October 9
-------------------------------------------------------
Winny Garment Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on October
9, 2002 at 9:30 am.

Wong Mo Sheung of Flat 1006, Yung Yuen House, Chuk Yuen North
Estate, Kowloon, Hong Kong filed the petition last July 11,
2002.


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


ALL NIPPON: ANA Expects to Book Y7B Special Loss in First Half
--------------------------------------------------------------
All Nippon Airways expects to book a special loss of about 7
billion yen for the first half of this year from the sale of six
airplanes, Asia Times reported Monday.

The airline sold six Airbus jets with book value of 33 billion
yen for 26 billion yen as part of plan to trim maintenance
costs.


DAIEI INC.: Shares Down 25.6% on Debt Fear
------------------------------------------
Shares in troubled retailer Daiei Inc. fell 25.6 percent to 93
yen on Monday on concerns that banks will be forced to take
action on problem borrowers, Reuters reports, citing unnamed
analysts.

If banks tighten the screws on ailing borrowers, it could
trigger a wave of corporate failures, analysts have said.

"Investors are scared of the impact of rising bankruptcies,"
said Koichi Seki, equity manager at Chuo Securities.

Daiei received a $4 billion bailout from its main creditor banks
in February to help with its interest-bearing debts, which stood
at 2.14 trillion yen ($17.37 billion).


FUJITSU COMPONENT: Cutting Costs to Return to Profitability
-----------------------------------------------------------
Fujitsu Component Limited plans to restore profitability by
cutting personnel costs after posting a group net loss of 11.3
billion yen (US$92.17 million) for the year ended March 31,
2002, Asia In Focus reported Friday.

The Company is planning to slash 800 employees at its
manufacturing units in Johor, Malaysia and Jiangsu Province in
China by March 2003.

Fujitsu has offered workers early retirement in Japan, and aims
to trim its total work force from 5,050 employees at the end of
September to 4,200 by March 2003.

Fujitsu Component is a unit of Fujitsu Limited.


MITSUBISHI ELECTRIC: Launches Renesas Technology With Hitachi
-------------------------------------------------------------
Mitsubishi Electric Corporation and Hitachi Limited agreed to
establish a new semiconductor Company, Renesas Technology
Corporation that will focus on system LSI operations.

The new Company will be established on April 1, 2003 and will
aim to be a reliable semiconductor manufacturer, working as an
intelligent chip solution provider supporting system partners on
a global basis as part of their drive to create a prosperous
society in this "ubiquitous" era. This agreement is a result of
discussions to integrate system LSI businesses, which were
agreed to on March 18, 2002.

Hitachi and Mitsubishi Electric will take advantage of the
special provisions for corporate reorganization under the
Japanese Commercial Code to jointly establish a new Company and
will move both companies' semiconductor operations to the new
Company, including microcomputer, logic, analog and discrete
devices and memory (flash memory, SRAM etc.) with the exception
of DRAMs. The new Company will be established following Hitachi
and Mitsubishi Electric's completion of the legal procedures for
corporate split. The plans are to appoint Dr. Koichi Nagasawa
(currently Executive Vice President, Member of the Board Group
President, Semiconductor, Mitsubishi Electric) as Chairman &
CEO, and Satoru Ito (currently Senior Corporate Officer,
President & Chief Executive Officer of Semiconductor &
Integrated Circuits, Hitachi) as President & COO.

Upon establishment of the new Company, the sales/service
divisions and companies in Japan will be integrated. This will
create a single, end-to-end operation of development, design and
manufacturing to sales and service, allowing system solutions to
be provided based on the customer's point of view.

Regarding those employees who will be transferred to the new
Company, the terms and conditions of their existing employment
contracts will be honored in accordance with the applicable
legal requirements.

Over the past few years, the semiconductor business environment
has been characterized by new-product release cycles that are
increasingly shorter, as can be clearly seen in the personal
computer and mobile telephone markets. There is a strong need to
reduce the time required to move the semiconductors used in
those products from development to production.

Under these circumstances, Hitachi and Mitsubishi Electric
decided that their semiconductor operations should operate
autonomously as a new Company to further accelerate decision-
making on such issues as funding, capital investment and so
forth. Because the system LSI market expansion is forecasted to
continue, by fusing the world-leading technical prowess that
both Hitachi and Mitsubishi Electric have, the business can be
strongly promoted to make the new Company the world's top System
LSI supplier.

In practical terms, what this will mean is:

1) For microcontrollers, which are the core of system LSIs,
securing a steady business base with microcomputers as the new
Company's flagship business.

2) Enhancing operations in analog, flash memory and discrete
devices, where the companies have technological advantages and
building this up into a pillar of the new Company's profits.

3) In System on Chip (SoC) operations, where both Hitachi and
Mitsubishi Electric are strong in the leverage applied
technologies, hybrid products using combinations of
microcomputer, logic and analog technologies will be designated
as a growth area and the Company will aim for growth in this
field as a new business. In particular, it will aim for the
leading position in the mobile, network, automotive, and digital
home electronics application fields. Overall, Renesas Technology
Corp. plans to achieve sales of over 900 billion yen in FY 2003,
its first year.

A stable and firm financial position will be achieved through
integration by expanding sales, reducing costs by combining
development facilities, sharing manufacturing equipment and
purchasing materials in bulk.

The brand name to be used for marketing the new Company's
products is RENESAS*. Unified branding will be applied
progressively to products.

* The new unified brand, RENESAS is derived from Renaissance
Semiconductor for Advanced Solutions.

Business integration outline

1. Key points of the corporate split

(1) Schedule for the corporate split
General Shareholders Meeting to approve the intended plan of
corporate split: early February, 2003 (tentative)

(2) Method used for corporate split
1) Legal method used for corporate split:
A new Company will be formed by a corporate split procedure,
with Hitachi and Mitsubishi Electric being the companies to be
split, and Renesas Technology Corp. to be the new Company.
Hitachi and Mitsubishi Electric will be allocated new shares of
Renesas Technology Corp.

2) Reason for selecting this corporate split method:
The corporate split method was selected because it will allow
Hitachi's and Mitsubishi Electric's semiconductor operations to
be split off, handling in an all-encompassing manner the
succession of rights and obligations associated with the
integration of operations, allowing the running of the
operations to be transferred in a smooth manner.

(3) Stock allocation
1) Proportions of allocations:
At the point of the corporate split the new Company, Renesas
Technology Corp. will issue 5 million ordinary shares, out of
which Hitachi will be scheduled to receive 2.75 million (55
percent) and Mitsubishi Electric 2.25 million (45 percent)
shares.

2) Basis for calculation allocation rates:
In the interest of fairness and appropriateness of stock
allocation, Hitachi retained the services of Goldman Sachs
(Japan) Ltd. and Mitsubishi Electric employed the services of
J.P. Morgan Securities Asia Pte. Limited to calculate the value
of the businesses to be split. The result of these calculations
were used as a basis for discussions between Hitachi and
Mitsubishi Electric, which resulted in the parties' agreement to
use an allocation rate of 55:45, respectively.

3) Results of third-party calculation and methodologies: 2)
Reason for selecting this corporate split method:
The corporate split method was selected because it will allow
Hitachi's and Mitsubishi Electric's semiconductor operations to
be split off, handling in an all-encompassing manner the
succession of rights and obligations associated with the
integration of operations, allowing the running of the
operations to be transferred in a smooth manner.

Using data on the businesses to be split supplied by Hitachi and
Mitsubishi Electric, Goldman Sachs (Japan) Ltd. and J.P. Morgan
Securities Asia Pte. Limited applied the discounted cash flow
method (DCF), the comparative companies method, the comparative
contribution analysis and other methods to calculate the
shareholder value, on a consolidated basis, of the businesses to
be separated, and after taking overall account of other factors,
submitted an allocation rate range to Hitachi and Mitsubishi
Electric, respectively.

(4) Rights and obligations to be transferred to the new Company
Hitachi and Mitsubishi Electric will transfer their assets and
liabilities related to the operations and their contractual
positions in major contracts relating to the operations to the
new Company.

For more information, please see:
http://global.mitsubishielectric.com/news/2002/mel0553_b.html

Mitsubishi Electric Corporation -
www.mitsubishielectric.com/index.php - is a recognized world
leader in the manufacture, marketing and sales of electrical and
electronic equipment used in information processing and
communications, space development and satellite communications,
consumer electronics, industrial technology, energy,
transportation and construction. The Company has operations in
34 countries and recorded consolidated group sales of over
US$33BN in the year ended March 31, 2001.

Hitachi, Ltd. - global.hitachi.com - headquartered in Tokyo,
Japan, is a leading global electronics Company, with
approximately 320,000 employees worldwide. Fiscal 2001 (ended
March 31, 2002) consolidated sales totaled 7,994 billion yen
($60.1 billion). The Company offers a wide range of systems,
products and services in market sectors, including information
systems, electronic devices, power and industrial systems,
consumer products, materials and financial services.

TCR-AP reported in March that Mitsubishi Electric Corp expects
to post a consolidated net loss of Y70 billion in fiscal 2001
through March, due to weak performance of the electronic device
and information equipment division.

The firm, which employs a total 11,000 full-time staff and
contract workers on a consolidated basis in Japan, has total
liabilities of US$27.3 billion as of March 2001 compared to
total assets of US$33.1 billion.

For inquiries, contact Mitsubishi Electric Corporation's Robert
Barz of the Public Relations Dept. at telephone +81-3-3218-2346,
or via e-mail at Robert.Barz@hq.melco.co.jp.


NIKKO CORDIAL: Offering Y40B 4-Yr Bonds Due 2006
------------------------------------------------
Nikko Cordial Corporation is offering 40 billion yen in four-
year bonds with the following terms, an official at lead manager
Nikko Salomon Smith Barney said Monday.

Amount:                Y40 Billion
Maturity:              Oct. 18, 2006
Coupon:                0.92 percent (swaps plus 65 bps, No.189
JGBs plus 71.6 bps)
Issue Price:           100.00
Payment Date:          Oct. 18, 2002
Fees:                  0.45 percent  (total)
                       0.10 percent  (mgmt & underwriting)
                       0.35 percent  (selling)
Debt Ratings:          A- (R&I)
Denominations:         Y1 Mln

Chief Commission Bank: Bank of Tokyo-Mitsubishi

Interest is payable semiannually.

TCR-AP reported that Nikko Cordial Corporation fell into the red
for the year ended March 31 due to a drop in brokerage and
underwriting commission fees resulting from a slump in stock
markets.

The Company chalked up a group net loss of 36.36 billion yen
($286 million) in the three months ended March from 2.5 billion
yen a year earlier.


NISSHIN STEEL: Moody's Lowers Rating to Baa3, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service has downgraded Nisshin Steel Co.,
Ltd.'s senior unsecured debt ratings to Baa3 from Baa2. The
rating outlook is negative.

The rating action reflects Moody's view that Nisshin Steel's
ability to restore and stabilize its historical level of
profitability over the medium term will be hampered by the
industry's tough environment.

The negative outlook recognizes the uncertainty over whether the
Company can recover sustainable profitability through its
increased focus on strategic high-value-added products and its
ongoing cost cuts. This concludes the review initiated on July
1, 2002.

Nisshin Steel is a leading and competitive manufacturer within
Japan of various flat-rolled steel products, and is focused on
coated sheet and stainless steel products.

The Company has as a consequence initiated a series of deep cost
cuts. These measures in themselves are significant, but Moody's
notes that their effects could be partly offset by medium-term
pressures in the industry.

Nisshin Steel has maintained a moderate leverage position, and
its debt payment capacity - compared with its larger domestic
peers - is reasonable and less volatile. However, while the
Company is likely to further invest in its production facilities
to improve its productivity over the next few years, these
financing needs will constrain its ability to materially reduce
total debt.

Nisshin Steel's earnings rely heavily on its stainless steel
operation. The industry as a whole is restructuring through
business integrations and the establishment of alliances. In the
light of these changes and their possible impact on the Company,
Moody's is concerned about the outlook for Nisshin Steel's
relative industry position. The Company has an alliance with
Nippon Steel Corporation - its primary shareholder - in the area
of the mutual supply of semi-finished products, but suspended
talks in December 2001 on the integration of the two's stainless
steel operations.

Nisshin Steel is a leading manufacturer of flat-rolled stainless
steel products and coated carbon steel products.


SNOW BRAND: Enters Business Alliance With Nestle
------------------------------------------------
Snow Brand Milk Products Co., Limited and Nestle Japan Ltd. has
signed a memorandum of agreement on September 25, 2002, that
they will start discussions in view of constructing an extensive
business alliance.

Both parties aim at strengthening their product competitiveness
by the effective use of their management and technological
resources in various business fields and also plan to quickly
start a cooperative project team for the various areas of common
interest.

The discussions will include, but are not limited, to yogurts,
lactic acid drinks, desserts, dairy drinks, chilled drinks, ice
creams, infant formula and baby food, etc.

Fresh milk, butter, cheese, margarine and the like, mainstay
products for Yukijirushi Nyugyo, are not included. Regarding the
concrete business tie-up scheme, both parties will investigate a
wide range of possibilities by business area including sales
tie-up, licensing, joint ventures etc.

Nestle may also offer overall know-how in production processes
which includes production management, hygienic and quality
control.

Both parties do not plan to participate in each other's
management at parent Company level and neither to dispatch
directors.

Both parties plan to reach conclusions speedily, aiming at
communicating more details and starting implementation still
during this year.

Snow Brand Milk Products (Yukijirushi Nyugyo) was formed in 1925
by farming pioneers in Hokkaido and started the business with
the spirit of "developing dairy farming with cooperative
friendship and improve the physical standard of Japanese by
popularizing fresh milk and dairy products." Yukijirushi Nyugyo
will be positioned as the Company having the core business of
"Production and Sales of Milk and Dairy products" as in the
past.

Despite of the business tie-up form of this time, the raw milk
resources will be domestically procured as usual and Yukijirushi
Nyugyo will contribute to the development of the dairy and milk
industry in Japan.

Nestle S.A. (Head Office: Switzerland) who is the parent Company
of Nestle Japan was founded in 1867 by Henry Nestle. He invented
the first milk-based infant cereals as a replacement of mother's
milk to reduce high infant mortality rates prevalent at those
times. Nestle is a famous blue-chip Company, operating worldwide
who has powerful strategic brands and strong management
resources such as state-of-the-art know-how in food safety in
addition to the worldwide branding power and product
development. Nestle is committed to contributing to a better
quality of life of every consumer. In Japan, this spirit is
reflected by the corporate slogan "Nestle-Good Food, Good Life"

For further inquiries, contact Snow Brand Milk Products Co.,
Ltd. Public Relations Department at telephone 03-3226-2124, or
Nestle Japan Ltd. Public Relations Department at telephone
03-5769-6222.


SNOW BRAND: Suntory, Nissan May Buy Shares in Wholesaler Unit
-------------------------------------------------------------
Snow Brand Milk Products Co. will consider selling shares of its
food-wholesaling unit Yukijirushi Access Co. to Suntory Limited
and Nissin Food Products Co.

A report from the Nihon Keizai Shimbun said Snow Brand is also
discussing the sale of its Yukijirushi Access shares to Sapporo
Breweries Limited and Kagome Co., which is considering taking a
stake in Snow Brand Milk.

Kirin Brewery Co and Asahi Breweries Ltd will acquire a 3
percent stake in the unit on October 24, lowering Snow Brand
Milk's own stake to 27.7 percent.


TAIHEIYO CEMENT: Accelerates Debt Reduction Scheme
--------------------------------------------------
Taiheiyo Cement Corporation has decided to accelerate its debt
reduction plan given the continued tough business environment,
Dow Jones reports.

In addition to Y115 billion of funds already set out to repay
loans, Taiheiyo Cement is planning to generate Y130 billion by
selling its real estate and securities holdings and shrinking
investments/loans.

Even with a 15 billion yen loss on the real estate disposals,
the Company can reduce debts by Y230 billion over the next three
years.

The cement maker is planning to reduce its group interest-
bearing debt to below 700 billion yen by March 2005 from current
Y900 billion.


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


DAEWOO MOTOR: Court Orders Carmaker to Pay Withheld Wages
---------------------------------------------------------
Daewoo Motor Co. was ordered by the Incheon District Court to
give 2.4 billion won ($2 million) in withheld wages to 1,043
office workers, the Korea Herald and Bloomberg said on Monday,
citing Company officials.

The court ruled in favor of the workers, who had filed a lawsuit
seeking immediate payment of salaries unpaid between 1997 and
1999, when the automaker faced financial difficulties that led
to its insolvency.

Another group of 4,300 office workers will file a similar
lawsuit against the automaker for about 7.6 billion won in
unpaid wages.

Daewoo's creditors may have to pay all the wages because of the
carmaker's insolvency, which may delay the start of operations
for General Motors' new Company GM-Daewoo Auto and
Technology (GMDAT).

General Motors (GM) agreed in April to acquire its main assets
in a $1.17 billion transaction, forming a joint venture in which
the U.S. carmaker will take 67 percent.

Daewoo's Creditors will hold the remaining stake and provide $2
billion in loans to GMDAT.


HANIL INSURANCE: Life Insurance Firm Undergoes Liquidation
----------------------------------------------------------
Hanil Life Insurance will undergo liquidation procedures because
it failed to honor its commitment to improve its management, the
Digital Chosun reported Friday, citing the Financial Supervisory
Commission (FSC).

The FSC has begun taking steps to designate Hanil Life Insurance
as a non-viable financial organization.

Hanil is the fifteenth largest life insurance Company in Korea,
and has been operating insurance policies for 120,000
subscribers, worth a total 1.27 trillion won.


HYUNDAI ENGINEERING: KDB Moves Ahead With Planned Sell-Off
----------------------------------------------------------
The state-run Korea Development Bank (KDB) will move ahead with
the sell-off of Hyundai Engineering and Construction (HECC),
which is currently undergoing a debt-rescheduling program
offered by creditors, the Digital Chosun reported, citing a
report submitted for a National Assembly audit.

In the report, KDB said that it would work to enhance the
corporate value of the contractor through management
normalization plans before selling off the Company through a
merger and acquisition deal.

HECC made KRW152.9 billion in operational profits in the first
half of this year, for a KRW89.1 billion net profit, thanks to a
robust construction market. (M&A REPORTER-ASIA PACIFIC, Vol.
No.1, Issue No. 198, October 07, 2002)


HYUNDAI MERCHANT: Accounts Impossible to Trace, Lee Keun Says
-------------------------------------------------------------
Current laws does not allow regulators to trace the bank
accounts of Hyundai Merchant Marine Co (HMM) for the purpose of
checking whether it channeled 400 billion won to North Korea
ahead of the inter-Korean summit in 2000, AFX News reported
Friday, citing Financial Supervisory Commission Chairman Lee
Keun-young.

He said regulators could not exercise their right to trace the
accounts as long as HMM has not engaged in irregular
transactions.

Opposition lawmakers have alleged that the government used
Hyundai Merchant as a channel for some 400 billion won in loans
from the state-run Korea Development Bank to the North ahead of
the historical summit two years ago.


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


CHG INDUSTRIES: Bank Negara Approves Warrants Issue
---------------------------------------------------
On behalf of the Board of Directors of CHG Industries Berhad,
Commerce International Merchant Bankers Berhad is pleased to
announce that Bank Negara Malaysia has vide its letter dated 1
October 2002 approved the proposed issue of up to 21,532,501 new
warrants pursuant to the Proposed Rights Issue to the
shareholders of CHG, including those who are non-resident.

The Proposals are further subject to the approvals from, amongst
others, the Securities Commission, the Foreign Investment
Committee, the Kuala Lumpur Stock Exchange, the High Court of
Malaya, the lender banks involved in the Proposed Debts
Restructuring and the shareholders of CHG and any other parties
and/or authorities, if applicable.

The details of the approvals required for the Proposals are set
out in the announcement dated 27 August 2002.


LONG HUAT: Guarantees RM252,064 Payment to Malayan Banking
----------------------------------------------------------
Long Huat Group Berhad refers to its previous announcement dated
1 October 2002 in relation to a summon on the Company by Malayan
Banking Berhad (MBB) claiming RM252,064.54 plus interest due
under an Overdraft facility granted to L. Huat's Subsidiary
Idaman Kayangan Sdn Bhd.

L. Huat had issued a Letter of Guarantee to MBB for the said
facility.

The Summon was served on L. Huat as a second defendant for the
amount outstanding under overdraft facility granted to the first
Defendant, Idaman Kayangan Sdn Bhd, a 60 percent subsidiary of
L. Huat.

The details of the summons are as follows:

1) Date of presentation of the summons
The summon was presented at Temerloh High Court on 1 July 2002
by MBB's solicitor Messrs. Sazali & Lim.

2) Particulars of the Claim and amount
According to the summon, as at 11 June 2002 the total
outstanding amount of principal and interest under the overdraft
facility is RM252,046.54 together with interest at 8.9% per
year.

3) Details of the Default
L. Huat is a guarantor pursuant to an Overdraft Facility of
RM300,000 granted to Idaman Kayangan Sdn Bhd by MBB.

Idaman Kayangan Sdn Bhd had defaulted on the said facility and
no payment has been made either by L. Huat or Idaman Kayangan
Sdn Bhd. Accordingly, MBB had on 1 July 2002 via Messrs. Sazali
& Lim presented the notice of summon against Idaman Kayangan Sdn
Bhd, L.Huat and 2 other guarantor at Temerloh High Court.

4) Financial and Operation Impact
The summon process would not have a material impact on the
Group, since the L.Huat Group had ceased its major business
(i.e. timber operation).

5) Expected losses
There is no further expected material loss to L. Huat save for
legal costs and other costs related to the summon proceedings.

6) Steps taken and proposed in respect of the summon
The Board of Directors is seeking legal advice in respect of the
summon proceedings. In addition, L. Huat will also negotiate
with MBB for the purpose of restructuring the bank facility as
part of the overall restructuring exercise of L. Huat.


NCK CORPORATION: Still in Payment Default
-----------------------------------------
In compliance with Practice Note No. 1/2001, NCK Corporation
Berhad (Special Administrators Appointed) said Friday that there
has been no change in the status of the credit facilities on
which the Company has defaulted in payment since its previous
announcement dated 2 September 2002.

Total borrowings on which the NCK Group has defaulted on
payments stood at RM614,631,389 (inclusive of accrued interest)
as at 31 August 2002.


PAN PACIFIC: SC, KLSE Grants Extension of Time
----------------------------------------------
Pan Pacific Asia Berhad (PPAB) said Friday that the Securities
Commission (SC) had, vide its letter dated 3 October 2002,
approved the application by PPAB for an extension of time until
31 January 2003 to rebuild its core business.

The rebuilding of the core business of PPAB arose as a result of
the disposal of Peninsula Securities Sdn Bhd by PPAB to K&N
Kenanga Berhad, whereby the proceeds from the Disposal shall be
invested in a new business for PPAB.

The Kuala Lumpur Stock Exchange had also, vide its letter dated
3 October 2002, approved an extension of time until 30 September
2002 to enable PPAB to make an announcement of a plan to
regularize its financial condition.


PERNAS INTERNATIONAL: Exploring All Options to Improve Finances
---------------------------------------------------------------
Pernas International Holdings Berhad, in a disclosure to the
Kuala Lumpur Stock Exchange, said that it is currently exploring
all available options in its effort to improve its financial
position.

The statement follows the Exchange's letter to the Company dated
3 October 2002 on the articled entitled "Pernas restructuring
may involve asset sales, cash call" appearing in The New Straits
Times, Business Times, Page 1, on Thursday, 3 October 2002.

Pernas International said it would notify the Exchange upon the
finalization of a concrete plan.

The Company has also clarified in respect of the second sentence
in the reports, "The loss-making company, which has interests in
hotels, plantations and property, is about to be taken over by
businessman Tan Sri Syed Mokhtar Al-Bukhary for RM497 million,"
that it is not aware of any proposed takeover by any other party
apart from the proposed takeover by Restu Jernih Sdn Bhd as
announced to the Exchange on 8 April 2002.


SISTEM TELEVISYEN: KLSE Grants Extension of Time to December
------------------------------------------------------------
On behalf of the Board of Directors of Sistem Televisyen
Malaysia Berhad (TV3), AmMerchant Bank Berhad is pleased to
announce that the Kuala Lumpur Stock Exchange (KLSE) has, vide
its letter dated 4 October 2002, approved an extension of 3
months and 9 days from 22 September 2002 to 31 December 2002 to
enable TV3 to obtain the necessary approvals for its plan to
regularize its financial condition pursuant to Paragraph 5.1(c)
of Practice Note No.4/2001 (PN4) of the Listing Requirements of
the KLSE.


SOUTH MALAYSIA: Cancels Two-Call Rights Issue
---------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the South Malaysia
Industries Berhad (SMI), said Friday that the Company has
decided to abort the Two-Call Rights Issue after considering the
viability of proceeding with the implementation of the Two-Call
Rights Issue which it believes is impractical at this juncture
due to current weak market sentiment.

The Company expects to finance the group's development projects,
purchase of machinery and working capital as well as expenses
for the Exercises, initially proposed to be funded by the
proceeds from the Two-Call Rights Issue, with bank borrowings
and internal resources.

Notwithstanding the above, Alliance, on behalf of the Company,
is pleased to announce the fixing of the following prices:

(i) conversion prices of both zero-coupon redeemable convertible
secured loan stocks and zero-coupon irredeemable convertible
unsecured loan stocks to be issued pursuant to the Bonds
Restructuring and Debt Restructuring at RM1.20 per new ordinary
shares of RM1.00 each in SMI (Shares), representing a premium of
approximately 471.43% on the weighted average market price from
27 September 2002 to 3 October 2002 (both dates inclusive) of
RM0.21 per Share (Weighted Average Market Price); and

(ii) exercise price of the warrants to be issued pursuant to the
Bonds Restructuring, Debt Restructuring and Replacement of
Warrants at RM1.00 per new Share, representing a premium of
approximately 376.19% on the Weighted Average Market Price.


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


MONDRAGON INTERNATIONAL: Unveils Manual on Corporate Governance
---------------------------------------------------------------
Mondragon International Philippines Inc. (MON) informed the
Philippine Stock Exchange that the corporation has adopted the
Manual on Corporate Governance as a guide in the practice of
good corporate governance appropriate in the proper conduct of
its corporate affairs and the appointment of directors on
various committees:

Compliance Officer:
Jose Antonio U. Gonzalez

Nomination Committee:
Fernando Y. Adrias
Mercedes U. De Gonzalez
Basil L. Ong
Antonio M. Garcia

Compensation and Renumeration Committee:
Jose Antonio U. Gonzalez
Basil L. Ong
Antonio M. Garcia

Audit Committee:
Jose Antonio U. Gonzalez
Basil L. Ong
Antonio M. Garcia

Audit Committee:
Jose Antonio U. Gonzalez
Faustino S. Roberto
Ma. Cristina C. Millan

TCR-AP reported in February that that the casino firm has total
debts of PP7.5 billion, of which P5.3 billion is owed to
creditor banks namely Metropolitan Bank and Trust Co., Far East
Bank and Trust Co., Asian Banking Corp., United Coconut Planters
Bank and Land Bank of the Philippines.

It also owes Clark Development Corp (CDC) P325 million in lease
rental, another P82 million to Pagcor and about P23 million to
the BIR.


MULTITEL INTERNATIONAL: SEC Slaps Cease-And-Desist Order
--------------------------------------------------------
The Securities and Exchange Commission (SEC) has issued a cease-
and-desist order (CDO) against Multitel International Holdings,
Inc. (MIHI) to prevent the lending investor firm from soliciting
more investments from the public, Business World reported
Monday.

The SEC said Multitel has performed unauthorized quasi-banking,
such as accepting deposits and lending to more than 19 persons
without permission from Bangko Sentral ng Pilipinas.

The commission had received numerous complaints that
Multinational Telecom Investors Corp. (Multitel), which was
slapped a permanent CDO last January, continues to operate as
MIHI. "We already told them to stop, but they are still
continuing operations," SEC chairperson Lilia R. Bautista told
reporters.

Under the CDO issued on October 4, MIHI is directed to stop from
accepting investments from the public and to show cause why the
order should not be made permanent. MIHI is given five days to
request for the lifting of the order.

Also, MIHI was found to have been engaged in questionable
dealings and practices, such as misuse of corporate funds to
finance operations of purportedly related entities like
Cellmode, Inc. and MMC Holdings, Inc.

The CDO also covers three of MIHI's marketing units, Oneheart
Multipurpose Cooperative, Everflow Group of Companies and Star
Enterprise Multi-Purpose Cooperative. The SEC said the three
were used to solicit investments from the public and later remit
it to MIHI to circumvent the cease order against Multitel.


PHILIPPINE LONG: Clarifies Philippine Star Report
-------------------------------------------------
The Philippine Long Distance Telephone Company, with reference
to the news article entitled "Tonyboy, Manny prepare final offer
to First Pacific" published in the October 7, 2002 issue of the
Philippine Star.

The article reported that: "Businessman Antonio O. Cojuangco and
Manuel V. Pangilinan, Chairman and President of the Philippine
Long Distance Telephone Co. (PLDT), respectively, are now
finalizing along with a foreign strategic partner their offer to
acquire the 24.4-percent controlling stake held by Hong Kong-
based First Pacific Co. Ltd. in the country's largest
telecommunications Company. Highly-placed sources told The Star
that following the withdrawal by the Gokongwei group of its
offer to acquire First Pacific's interest in PLDT, the top
management of the Hong Kong Company is now ready to sit down and
negotiate with Conjuangco and Pangilinan.

Philippine Long Distance Telephone Company (PLDT), in its letter
dated october 7, 2002, stated that:

Messrs. Antonio O. Cojuangco has not advised the Company of any
offer and Manuel V. Pangilinan along with a foreign strategic
partner to acquire First pacific's interst in PLDT.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_pldt1007.pdf


PHILIPPINE LONG: Planning to Issue STCP in November
---------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) is planning to
issue short-term commercial paper in November 2002, DebtTraders
analyst, Peter Fitzpatrick (1-212-247-5300) reported, citing a
letter from Citibank N.A. to the Securities and Exchange
Commission.

PLDT did not disclose how much it intended to raise from the
issue, nor did it specify how the funds would be used.

DebtTraders reports that Philippine Long Distance Telephone's
11.375 percent bond due in 2012 (TELP12PHS1) trades between 92
and 94. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP12PHS1


PHILIPPINE TELEGRAPH: Clarifies Link Up With Digitel Report
-----------------------------------------------------------
Philippine Telegraph and Telephone Corporation, in its letter
dated September 30, 2002, which was received by the Exchange on
October 3, 2002, stated that: "...please be informed that
commercial activation of toll interconnection between Digitel
and PT&T started last September 2000.

Per agreement, both carriers should submit to each other within
60 days from the end of the relevant month their respective
statements of account for settlement purposes. Unfortunately,
the said traffic declaration for settlement started only last
December 2001 and both parties required ample time to reconcile
the differences. The reconciliation uncovered a great disparity
during the matching of the respective call data records (CDR),
which subsequently led to disputes in the amount to be settled.

This settlement dispute was brought to the attention of NTC
Commissioner Eliseo M. Rio, Jr. during a meeting last April 23,
2002. An initial settlement amount of Php44,926,779.47 was
agreed and in this regard, PT&T submitted and negotiated with
Digitel several payment proposals. Digitel rejected the
proposals and imposed their own payment terms and conditions,
with a further detrimental move of blocking the PT&T-Digitel
interconnection link thereby affecting public services of both
carriers. PT&T requested for the intervention of NTC. In a
meeting last September 5, 2002, NTC Commissioner Rio summarized
the action points agreed to be undertaken immediately by both
parties: (i) Digitel must unblock the interconnection link
within one week therefrom; and (ii) PT&T must settle initially
its undisputed obligations to Digitel by paying Php 2,000,000
per month. PT&T also confirmed that it will pay the current
monthly traffic settlements when they become due.

However, in a subsequent communication to PT&T last September
10, 2002, Digitel added a new pre-condition to the traffic
settlement issue. Specifically, Digitel requires PT&T to make a
pre-payment amounting Php1,500,000 at the beginning of each
month allegedly to cover a portion of the expected traffic
payables of PT&T to Digitel. As of todate, Digitel has continued
to defy the directive of the NTC to immediately restore the
interconnection. PT&T on the other hand, awaits further action
by the NTC while also being prepared to immediately remit to
DIgitel the first of the committed Php2,000,000 monthly
payments."


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


CK TANG: Clarifies Issues Re Lawsuit Against Kei Chin Hou
---------------------------------------------------------
The Board of Directors of C. K. Tang Limited clarified the news
article by LianHe ZaoBao on October 7, 2002, relating to the
recent lawsuit against Kei Chin Hou, in connection with the
property at 27 St Thomas Walk (the Property), which was
subsequently withdrawn and settled.

The Company said Tang Choon Keng Realty Pte Ltd owns the
property and that C. K. Tang Ltd has been a lessee of the
Property.

The Company confirmed that the settlement of the lawsuit has no
financial impact on the Company.

TCR-AP reported that the Directors of C. K. Tang Limited
announced that as of 2 April 2002, the Company has applied
approximately $16.4 million of the proceeds from the Rights
Issue to repay its bank borrowings as was proposed in the
Abridged Prospectus dated 25 February 2002. The balance of the
proceeds of approximately $6.4 million will be used for working
capital requirements.


FLEXTECH HOLDINGS: Posts Change in Shareholder's Interest
---------------------------------------------------------
Flextech Holdings Limited posted a notice of changes in
substantial shareholder Au Sai Chuen's interests:
  
Date of notice to Company: 03 Oct 2002
Date of change of interest: 02 Oct 2002
Name of registered holder: Citibank Nominees (Singapore) Pte Ltd
Circumstance(s) giving rise to the interest: Sales in open
market at own discretion

Shares held in the name of registered holder
No. of shares of the change: 50,000
Percentage of issued share capital: 0.04
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$0.105
No. of shares held before change: 16,964,493
Percentage of issued share capital: 15.58
No. of shares held after change: 16,914,493
Percentage of issued share capital: 15.54

Holdings of Director and Substantial Shareholder including
direct and deemed interest
                                  Deemed       Direct
No. of shares held before change:    0       16,964,493
Percentage of issued share capital:  0          15.58
No. of shares held after change:     0       16,914,493
Percentage of issued share capital:  0          15.54
Total shares:                        0       16,914,493
No. of Warrants:                              6,153,846

The computation of the above percentage holding is based on the
issued and paid-up capital of S$16,327,047.60 divided into
108,846,984 ordinary shares of S$0.15 each in the capital of
Flextech Holdings Limited as at 2 October 2002.


WEE POH: Response to SGX Queries
--------------------------------
The Directors of Wee Poh Holdings Limited responded to the
Singapore Exchange Ltd's queries on the full-year financial
statement ended 30th June 2002.

"(A) We note that the Group has adopted certain new/revised
Singapore Standards of Accounting Standards ("SAS") for FY 2002.
However, the Company did not disclose whether except for the
adoption of the new/revised SAS, the same accounting policies
and method of computation are followed in the financial
statements as compared with the most recent audited annual
financial statements. Please provide the above disclosures,
which is required by Para. 2(ii) of Appendix 7.2 of the Listing
Manual."

The new or revised Accounting Standards that the Group and the
Company adopted were:
SAS 10 (2000) - Events After Balance Sheet Date
SAS 12 (2001) - Income Taxes
SAS 17 (2000) - Employee Benefits
SAS 31 (2000) - Provisions, Contingent Liabilities and
Contingent Assets
SAS 35 (2000) - Discontinuing Operations
SAD 36 (2000) - Impairment of Assets

There are no significant effects on the adoption of the above
new/revised Accounting Standards.

Except for the above, the Company and the Group adopted the same
accounting policies and methods of computations in their
financial statements as compared to its audited financial
statements for the year ended 30th June 2001.

"(B) We note that the Group's working capital deficit has
deteriorated from S$3,530,000 as at 30 June 2001 to S$18,604,000
as at 30 June 2002. As such, please disclose the views of your
Company's Directors on (a) whether the Company can operate as a
going concern and if so, the basis for their views; and (b)
whether sufficient financial information has been disseminated
to ensure orderly trading in the Company's shares."

The deterioration of the Group's working capital deficit is due
mainly to the 41 percent decrease in the Group's turnover as
compared to the last financial year. The Group's turnover
dropped from S$104 million for the year ended 30 June 2001 to
S$61.3 million for the year ended 30 June 2002.

These led to a reduction in Trade Receivables and Work-in-
Progress of S$18.3 million and S$3.6 million respectively when
compared to the last financial year. Of these, approximately
S$6.6 million is attributed to provisions being made for
doubtful debts as well as bad debts written off.

Provisions of S$4.8 million were also made for the foreseeable
losses in the projects that were still on-going during the
financial year ended 30 June 2002.

There was also a realization of a fixed deposit of S$2 million
during the year ended 30 June 2002. The funds from this fixed
deposit were used to satisfy the creditors of the Group.

As we had mentioned in our announcement for the Pro-forma full
year results earlier, the same projects that were causing a drag
on the profit margin was still on-going as at 30 June 2002. As a
result, the same factors that had caused the losses continue to
dampen the profitability of the Group.

The Directors are of the view that the Group and the Company can
continue to operate as a going concern based on the following
reasons:

1. The situation with regards to W&P Piling Pte Ltd has been
contained and stabilized with the approval of the Scheme of
Arrangement with the Creditors under Section 210 of the
Company's Act, Chapter 50 by the High Court of the Republic of
Singapore on 04 Jan 2002.

2. There is continued support from the suppliers, creditors and
financial institutions. The Financial Consultant is currently
working to formalize the existing standstill agreement with the
financial institutions.

3. As mentioned in our Pro-forma full year results for the
financial year ended 30 June 2002, with the help of the
Financial Consultant, discussions are still on-going with the
various interested parties to secure the necessary funding.

4. Additional funds can be realized to finance the working
capital through the disposal of certain plants and machinery and
properties. The Financial Consultant is in the process of
seeking the financial institutions' concurrence on this matter.

5. A tender for a project worth up to S$38.9 million has been
submitted. The successful award of this project is presently
dependent on the success of our fund-raising activities.

Finally, the Directors of the Company are of the view that
sufficient financial information has been provided and properly
disseminated to the market to allow for the orderly trading in
the Company's shares.


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


JASMINE SUBMARINE: Moody's Puts Ba3 Rating on Downgrade Review
--------------------------------------------------------------
Moody's Investors Service said Friday it has placed on review
for possible downgrade the Ba3 rating of Jasmine Submarine
Telecommunications Co., Ltd's (JSTC) secured global notes, due
2011.

The rating action follows concerns over the solvency of JSTC's
parent Jasmine International Public Company Limited.

Moody's said the review would focus on the ability of Jasmine to
renegotiate with its creditors and the impact this may have on
JSTC.

Moody's has two primary areas of concern. Firstly, Jasmine
entered into foreign- currency swap contracts in June 1997 to
hedge the majority of principal repayment obligations of the
Notes, which significantly reduces JSTC's foreign exchange risk.
Interest payments on the Notes, however, remain fully exposed to
currency fluctuations, although this risk diminishes with
ongoing principal reductions.

The rating had incorporated Moody's understanding that the
parent company would continually apply benefits of the foreign
currency swap contracts to JSTC. Given problems at the parent
level it cannot automatically be assumed that JSTC will continue
to benefit from the currency swaps as these may be terminated in
the event of Jasmine entering bankruptcy or a corporate
restructuring.

Secondly, the review will focus on any potential impact of a
Jasmine restructuring or bankruptcy on the contractual
arrangement between Telephone Organization of Thailand (TOT) and
JSTC. Under that contract, there is a fixed contractual revenue
stream in Thai Baht from TOT, based on contracted capacity, paid
to JSTC.

Bangkok-based Jasmine Submarine Telecommunications Co., Ltd
operates two submarine fiber optic cable systems that form an
integral part of the long-distance transmission system of TOT.
JSTC's network continues to provide TOT with capacity to support
and back up its traffic volume in south Thailand and with
Malaysia.


RAIMON LAND: Posts Warrant Conversion to Common Shares Results
--------------------------------------------------------------
Semiconductor Ventures International Public Co., Ltd. issued
47,040,945 warrants with an exercise price of Bt12.50 per share
at the ratio of 1 warrant to 1 common share.

The warrant holders can exercise right every three months by the
end of working day of March, June, September and December of
each year through the maturity date. If the warrant holder wants
to exercise his or her rights, he or she has to notify within 14
days prior to each exercise date.

The notification period is between September 14 and 27, 2002 and
the exercise date is September 30, 2002.

The Company would like to inform that there was no application
to exercise the warrants for the period as of September 30,
2002.

TCR-AP reported yesterday that the Directors of Raimon Land, the
Bangkok-based real estate developer, have resolved to approve
that the Company enters into the connected transactions, which
includes the purchase of 286,544 shares in Strategic Property
Co., Ltd. from Seamico Securities Public Company Limited at the
approximated price of Bt5.75 each share, totaling Bt1,650,000.

The entry into the above transactions would be regarded as
connected transactions under the SET's regulation regarding
rules, procedures and disclosure of connected transactions of
listed companies and would not be exempted under clause 8 of the
SET's regulations.


THAI PETROCHEMICAL: Petition Against Debt Planner Set Today
-----------------------------------------------------------
Thailand's bankruptcy court will hear today a petition to name
the founder of Thai Petrochemical Industry PCL (TPI) as the
administrator of its debt restructuring plan.

The petition, the latest to be filed by TPI founder and former
Chief Executive Prachai Leophairatana, also seeks to remove
current administrator, Effective Planners Ltd.

A separate court in September found that work permits held by
Effective Planners' foreign executives did not allow them to
work in TPI. They were ordered to pay small fines, leading to
Prachai's latest petition.

The current petition also cited TPI's failure to meet a deadline
to repay a $200 million debt to creditors, by selling non-core
assets, as grounds to remove the administrator.

Effective Planners had earlier asked companies owned by
Prachai's family to repay baht-denominated promissory notes
issued to TPI between 1996 and 1999 for a total of around $200
million.

Effective Planners director Peter Gothard said the notes could
be used to pay TPI's debt.




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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