TCRAP_Public/021010.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

          Thursday, October 10, 2002, Vol. 5, No. 201

                         Headlines

A U S T R A L I A

AMP LIMITED: Becomes Substantial Sonic Holder
AMP LIMITED: Undertaking US$163.5 Cost Cutting in UK Unit
COLES MYER: Board, Shares Seeks Stability
PMP LIMITED: Posts Notice of Change in Director's Interest


C H I N A   &   H O N G  K O N G

CHINA STRATEGIC: Director Takes Over Y-ITC's 14.55% Stake
CNOOC LTD: Moody's Places Baa2 Rating on Upgrade Review
GREAT FINE ENGINEERING: Hearing of Winding Up Petition Set
PRESSURE VESSELS: Winding Up Petition Pending
SEA GIANT: Winding Up Petition Slated for October 31

YIN LUNG NONFERROUS: Faces Winding Up Petition


J A P A N

ALL NIPPON: Orders 4 DHC8-400 Airliners From Canada
AEON CO.: Trims Losses Slightly After Solid First Half Results
JAPAN STORAGE: JCR Downgrades Rating to BBB-
KENWOOD CORP: Shares Up 1.2% After Merger Report
KYUSHU ELECTRIC: Unit Halts PHS Service

NIPPON TELEGRAPH: Government Sells 91,800 Shares
NIPPON TELEGRAPH: May Fall After Unit Transfers 5,000 Workers
NIPPON TELEGRAPH: NEC Supports Systems Construction of Unit
SHOWA SANGYO: JCR Assigns BBB+ Rating


K O R E A

DAEWOO MOTOR: Expects Early Exit From Debt Workout Plan
DAEWOO MOTOR: Will Enter Auto Leasing Market
DAEWOO MOTOR: UK Unit Goes Into Administration
HYNIX SEMICON: Targets 5-7% DDR Chip Price Hike
KOREA ELECTRIC: Expects to Receive LOI For Shares in Power Unit


M A L A Y S I A

IDRIS HYDRAULIC: KLSE Withdraws Acquisition Approval
KUALA LUMPUR INDUSTRIES: Annual Report Due October 15
PANCARAN IKRAB: Enters MoU With Dijaya Shareholders
SUNWAY HOLDINGS: Sunway Credit Unit Enters into Lease Agreement
TECHNOLOGY RESOURCES: Posts Notice of Tan Poh Keat's Interest

TONGKAH HOLDINGS: KLSE Approves Request for Extension of Time


P H I L I P P I N E S

PHILIPPINE LONG: Responds to "Boardroom Brawl Brewing" Report
PHILIPPINE LONG: Singapore-Based Investors to Buy 24.4% Stake
STENIEL MANUFACTURING: In Debt Restructuring Talks With Banks
UNITRUST DEVELOPMENT: PBCom Open to Re-Bidding Participation


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Completes Rights Offering
CHEW EU: Posts Notice of Extraordinary General Meeting
FREIGHT LINKS: Plans Capital Reduction to Cut Losses
SEMBCORP INDUSTRIES: SCM Privatization Proposal


T H A I L A N D

L.P.N. DEVELOPMENT: Restructures Debt With Creditors
TELECOMASIA CORP: Investors Subscribe to THB14.75B Bond 1st Day
THAI PETROCHEMICAL: Court Moves Debt Case Hearing to November

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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


AMP LIMITED: Becomes Substantial Sonic Holder
---------------------------------------------
AMP Limited became a substantial shareholder in Sonic Healthcare
Limited on 4 October 2002.

Australia's leading financial services company acquired relevant
interest in the issued share capital of 13,399,031 ordinary
shares or 5.16 percent.


AMP LIMITED: Undertaking US$163.5 Cost Cutting in UK Unit
---------------------------------------------------------
AMP Ltd will undergo further cost-cutting at its troubled United
Kingdom business, Pearl Assurance, above a $A300 million
($US163.53 million) program already in place, the Australian
newspaper reports.

The division was the group's obvious area for cost savings, UK
head Tom Fraser told JP Morgan's investment conference in
Edinburgh, the newspaper said.

Fraser did not specify whether the cost cutting measure would
involve job losses.

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.


COLES MYER: Board, Shares Seeks Stability
-----------------------------------------
Shares of ailing retailer Coles Myer was expected to outperform
Tuesday as the company's board gains some stability with Rick
Allert indicating he will be in for the long haul if elected
chairman.

Allert has advised Australian winemaker Southcorp Limited he
would resign as chairman, director at its Annual General Meeting
on October 31, thereby removing conflict with Coles Myer
chairmanship.

Allert will likely be elected unopposed when Coles Myer board
meets today.

Coles Myer Chairman Stan Wallis announced in September he would
retire at the retailer's AGM on November 20. The announcement
triggered market speculation that Allert would take over as
chairman for six months.


PMP LIMITED: Posts Notice of Change in Director's Interest
----------------------------------------------------------
PMP Limited reported to the Australian Stock Exchange the
following information under listing rule 3.19A.2 and as agent
for the director for the purposes of section 205G of the
Corporations Act.

Name of Director         Marcia Anne Griffin
Date of last notice      04/09/2002

Part 1 - Change of director's relevant interests in securities

Direct or indirect interest             Direct                   

Nature of indirect interest
(including registered holder)           Nil                      

Date of change                          05/09/2002

No. of securities held prior
to change                               29,743                   

Class                                   Ordinary                 

Number Acquired                         8,900

Number disposed                         Nil

Value/consideration                     $9,790.00                

No. of securities held after
change                                  38,643                   

Nature of change                        On market trade settled  
                                        by application of
                                        directors fees.

Part 2 - Change of director's relevant interests in contracts

Detail of contract                      Nil                      

Nature of direct interest                                        

Name of registered holder
(if issued securities)                                           

Date of change                           

No. and class of securities to which
interest related prior to change                                 

Interest Acquired                                                

Interest disposed                                                

Value/consideration                                              

Interest after change


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


CHINA STRATEGIC: Director Takes Over Y-ITC's 14.55% Stake
---------------------------------------------------------
In a statement, China Strategic Holdings Ltd. (H.CSG) said that
Charles Chan Kwok Keung, a director at the company, would take
over Paul Y-ITC Construction Holdings' (H.PYI) 14.55 percent
stake in the investment holding firm.

The directors of China Strategic are of the view that the
proposal will not have any significant impact on the operations
and management of China Strategic.

Paul Y-ITC is 42.59 percent owned by ITC Corp. Ltd., while Chan
owns 34.82 percent of ITC Corp. Chan will pay Paul Y-ITC
shareholders HK$0.2 per share of China Strategic that Paul Y-ITC
owns.

TCR-AP reported in September that China Strategic Holdings Ltd
widened its net loss in the first half of the year to HK$153.699
million, against a loss of HK$24.774 million in the same period
last year.


CNOOC LTD: Moody's Places Baa2 Rating on Upgrade Review
-------------------------------------------------------
Moody's Investors Service said Tuesday it has placed the Baa2
issuer rating of CNOOC Ltd and the Baa2 senior unsecured rating
of its guaranteed subsidiary CNOOC Finance (2002) Ltd on review
for possible upgrade.

Moody's said it also placed the Baa2 issuer rating of CNOOC
Ltd's parent, China National Offshore Oil Corp (CNOOC), on
review for possible upgrade.

The review reflects the consistently solid debt protection
measures of CNOOC Ltd and CNOOC, and the continued stable policy
regime for the companies, the credit ratings agency said.

"The review will focus on the outlook for the group's financial
profile in the next three to five years as the growth strategy
for its key business sectors evolves," Moody's said in a
statement.

The Hong Kong-based CNOOC Ltd is an oil and gas exploration and
production company with operations concentrated in the offshore
part of China. It is currently owned 70.6 percent by China
National Offshore Oil Corporation (CNOOC), which in turn is
wholly owned by the central government of the People's Republic
of China.

CNOOC, headquartered in Beijing, China, has substantial
interests in oil and gas exploration and production, oil
services, and chemical companies, in addition to several large
downstream projects.


GREAT FINE ENGINEERING: Hearing of Winding Up Petition Set
----------------------------------------------------------
The petition to wind up Great Fine Engineering Limited was set
for hearing before the High Court of Hong Kong last October 2,
2002, at 9:30 am.

YipYee Luen of Flat E, 5th Floor, Tai Hing Building, 5 Luen On
Street, Ngau Tau Kok, Kwun Tong, Kowloon, Hong Kong filed the
petition with the said court last August 8, 2002.


PRESSURE VESSELS: Winding Up Petition Pending
---------------------------------------------
The petition to wind up Pressure Vessels Manufacturing Company
Limited is scheduled before the High Court of Hong Kong on
November 13, 2002 at 10:00 am.

Standard Chartered Bank, whose Hong Kong office is situated at
4-4A Des Voeux Road Central, filed the petition with the said
court last September 4, 2002.


SEA GIANT: Winding Up Petition Slated for October 31
----------------------------------------------------
Sea Giant Enterprises Company Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on October 31, 2002 at 9:30 am.

Cheung Yiu Nam Michelle of Room 3405, 34/F., Tin Hong House, Tin
Wan Estate, Hong Kong filed the petition last August 5, 2002.


YIN LUNG NONFERROUS: Faces Winding Up Petition
----------------------------------------------
The Industrial and Commercial Bank of China, Zhenzhen Branch of
North Block, Financial Centre, Shennan Road East, Shenzhen, the
People's Republic of China, is seeking for the winding up of Yin
Lung Nonferrous Metals Investment Limited.

The petition was filed on July 10, 2002 at the High Court of
Hong Kong, and was heard before the said yesterday at 9:30 a.m.


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


ALL NIPPON: Orders 4 DHC8-400 Airliners From Canada
---------------------------------------------------
All Nippon Airways (ANA) announced orders for four DHC8-400
turboprop airliners from Bombardier Inc. of Toronto Canada.

Air Nippon Network (A-Net, President and CEO: Toshimitsu So), a
fully owned subsidiary of Air Nippon (ANK), one of the ANA group
airline, will operate DHC8-400 between Osaka (Itami) and Kochi
on the island of Shikoku in autumn 2003.

A-net will double Osaka - Kochi service to 15 roundtrips a day
with four DHC8-400s, the brand new high-speed turboprops by
2005. Currently, ANK operates 7 flights a day with Boeing 737-
500 and Airbus 320.

"ANA's aim is to develop a new business utilizing landing slots
appropriated for propeller aircraft at Osaka's Itami airport and
our experience has proven the DHC8-400 to be the best match for
the job," said Yoji Ohashi, ANA's President and CEO.

A-Net was established on April 27, 2001 and operates from
Sapporo's Okadama airport to destinations within Hokkaido
(Kushiro, Hakodate, Monbetsu) and between Tokyo's Haneda airport
and Ohshima island with a total of seven roundtrip flights a
day.

DHC8-400 Characteristics
Length : 32.8 m
Width : 28.4 m
Height : 8.3 m
Engine : PW150A (x2)
Number of Seats : 74 seats
Number of Crew : 2 Cockpit Crew, 2 Cabin Attendants
Maximum Take-off Weight : 29,000 kg
Cruise Speed : 650 km/h

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, TCR-AP reports.

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.

For inquiries, contact Yasuo Taki, Public Relations, via e-mail
at y.taki@ana.co.jp.


AEON CO.: Trims Losses Slightly After Solid First Half Results
--------------------------------------------------------------
Supermarket chain operator Aeon Co. has trimmed its losses after
posting an operating profit of 58.3 billion in the first half of
this year, Dow Jones reported Wednesday.

"Besides, earnings were helped along a bit by foreign exchange
gains from a U.S. unit, which probably won't be repeated in the
second half."

The Company's shares declined 2.9 percent at 2,870 yen after
trading as low as 2,855 yen before the announcement.

According to a TCR-AP report, Aeon Co. Limited, formerly known
as Jusco Co. Limited, aims to shut down 30 outlets by the end of
February 2006, to improve the overall earnings structure.

The report said the Company's outlets posted billions of yen in
losses per year.

The report said the Company is planning to dissolve two units
namely Liz Japan Ltd and Sun-sun Land Co. in the current fiscal
year to March 2003.


JAPAN STORAGE: JCR Downgrades Rating to BBB-
--------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the rating of
Storage Battery Co., Ltd. on the following bonds from BBB to
BBB-, affirming the J-2 rating on the CP program.

Issue Amount(bn) Issue Date Due Date Coupon

bonds no.14 Y10 / Aug. 25, 1999 / Aug. 25, 2004 / 2.28 percent
CP Maximum: Y15 billion Backup Line: 0 percent

Japan Storage Battery incurred an operating loss for fiscal 2001
ended March 31, 2002. The parent profit dropped while the
lithium ion battery-manufacturing subsidiary, GS-Melcotec
(GSMT), joint venture with Mitsubishi Electric, plunged into
loss again. The revenue for the fiscal year dropped 13.9 percent
due to the weakened domestic automotive battery market and drop
in demand for lithium ion batteries for cellular phones.

Japan Storage Battery has been reducing costs through joint
procurement and consolidation of sales subsidiaries. It has also
gathered pace of manufacturing cost, shifting the production
sites to China. It will take time, however, to improve the
earnings, given the continuing downward pressure on the prices.
Although the Company has been reducing the interest-bearing debt
via securitization and group financing, improvement in the
financial ratios slowed down.

Competition with rivals is fierce in the automotive battery
market, although demand in the aftermarket will be stable.
Performance of GSMT improved so that it can now break even. The
business risk remains high, however. Demand for the secondary
batteries may increase in the future in line with the
penetration of high voltage power and practical application of
fuel battery. Japan Storage Battery needs to rebuild the
flexible production system and allocate the resources to the
growth business areas intensively.

Japan Storage Battery announced on October 3, 2002 that it would
sell GSMT to Sanyo Electric after turning GSMT into a wholly
owned subsidiary. GSMT will become an equity-method affiliated
Company of Japan Storage Battery. Impact of the sale on the
business operation and earnings of the Company is now known. JCR
will examine carefully.

According to Wright's Investors Service, Japan Storage Battery
Co Ltd had a negative working capital at the end of 2002, as
current liabilities were 80.77 billion while total current
assets were only 71.57 billion.


KENWOOD CORP: Shares Up 1.2% After Merger Report
------------------------------------------------
Shares in Kenwood Corporation increased 1.2 percent at 87 yen,
after saying it will merge four companies into Kenwood USA and
eliminate undisclosed number of managerial and midlevel
positions, Dow Jones reported Wednesday.

The audio equipment maker says moves will be completed by
November 1.

Shares of Kenwood Corporation increased 24 percent earlier this
month after the receiving 27 billion yen ($221 million) in
financial assistance through bank loans and a sale of shares to
investors, TCR-AP reports.

The Company will spin off its money-losing audio division before
the end of this year to restore its balance sheet.

As of March 2002, the firm's debt exceeded its assets by 17
billion yen.


KYUSHU ELECTRIC: Unit Halts PHS Service
---------------------------------------
Kyushu Telecommunication Network Co, a unit of Kyushu Electric,
will end its personal handy-phone system (PHS) business in 2003,
Kyodo News reported Wednesday.

Kyushu Electric said the rehabilitation of the loss-making Astel
Kyushu PHS service business is difficult.

According to Wright's Investors Service, Kyushu Electric Power
Co Inc. had a negative working capital at the end of 2002, as
current liabilities were 780.16 billion while total current
assets were only 208.17 billion.


NIPPON TELEGRAPH: Government Sells 91,800 Shares
------------------------------------------------
The government sold 91,800 shares in Nippon Telegraph and
Telephone Corporation (NTT) for 39.57 billion yen on Tuesday in
response to its share-repurchase plan, Japan Times reports,
citing the Finance Ministry.

The government now holds 45.3 percent stake in NTT from 45.9
percent.


NIPPON TELEGRAPH: May Fall After Unit Transfers 5,000 Workers
-------------------------------------------------------------
Shares in Nippon Telegraph and Telephone Corporation (NTT) may
fall after NTT East transfers 5,000 full-time workers to other
units such as its regional outsourcing firms by next spring amid
severe fixed-line phone business environment, Dow Jones reports.

NTT East already transferred 45,000 in May and currently has
only 25,000 on payroll. NTT's ADR shares in New York fell $0.15
to $17, or to 422,620 yen compared with Tokyo's last cash price
of 429,000 yen.

According to a TCR-AP report, NTT would place purchase orders
for its own shares through brokerages at the closing price
trading on the Tokyo Stock Exchange Trading Network System
(i.e., ToSTNeT-2) in the 8:45 am session on October 8, 2002 with
the closing price of its common stock traded on the first
section of the Tokyo Stock Exchange market on October 7, 2002
(431,000 yen) (it will not change the method of trading or the
proposed trading time). The purchase orders will be placed only
in this trading time.


NIPPON TELEGRAPH: NEC Supports Systems Construction of Unit
-----------------------------------------------------------
NEC Corporation announced that it has fully supported the
systems construction of NTT Worldwide Telecommunications
Corporation (NTT-WT), a wholly owned subsidiary of NTT
Communications Corporation (NTT Com), for the launch of their
multi-protocol/multi-vendor compatible VoIP services (*1). The
services for interconnection among carriers/Internet Telephony
Service Providers (ITSPs), which target to start from October 10
use different types of protocols and VoIP equipment. NEC will
provide multi-protocol/multi-vendor VoIP Solution to customers
with flexible migration from existing network assets.

The global VoIP market *2 has been growing rapidly and it is
expected that IP telephony *3 will become the next generation
network (NGN). However difficulties in interconnection among
different VoIP protocols and vendor equipment, have been a major
obstacle in the service development of VoIP.

NTT Communications Clearinghouse (NTT-CH) provided by NTT-WT
will offer new VoIP clearinghouse service, which eliminates this
barrier and will also provide interconnection with a number of
carriers/ITSPs.

To realize this service, NEC, as a system integrator, has
partnered with TransNexus, Inc.and MediaRing, the leading
provider of secure, open interconnected solutions, to provide
the NTT-CH. In this partnership, NEC supports VoIP protocol
conversion, such as H.323 *4 and session initiation protocol
(SIP *5), and the open settlement protocol (OSP *6) which has
been specified by TIPHON *7 project.

Hans van der Veer (Lucent Technologies) who is Chair of TIPHON
said, "NEC is powerful VoIP equipment vender with a worldwide
presence. We are pleased that NEC becomes solution provider of
OSP. This is a clear sign of the market acceptance of the VoIP
related specifications of TIPHON."

NEC has a full line-up of VoIP solutions, with varieties of
products ranging from Infrastructure Server "CX6800", Call Agent
"CX6800-CA", Gate Keeper "CX6800-GK" and Media Gateway "CX3200".
NEC intends to further expand VoIP solution business to
international telecom carriers, ISPs and private companies under
multi-protocol/multi-vendor environment experienced by the
systems construction of Clearinghouse service.

Note:

*1 Multi-protocol/multi-vendor compatible VoIP service
This offers compatibility between equipment for different call-
control protocols, such as H.323 and SIP. The service aims to
realize connection with media gateway control protocol (MGCP)
and media gateway control (MEGACO) in the coming future.

*2 VoIP market
The market in 2001 was worth 9,634 million minutes of traffic,
an 81.5 percent increase from the previous year (source:
TeleGeography, Inc.; 2002).

*3 IP telephony
General term for voice and facsimile services using IP (Internet
protocol). VoIP refers to technology used to transmit voice via
packets. Voice will be made into packets using VoIP gateway. The
service is also named Internet telephony, net telephone or
computer telephony depending on terminals and transmission
networks.

*4 H.323
The ITU Telecommunication Standardization Sector (ITU-T)
standard for sending voice, data and video via IP-based
networks, including the Internet.

*5 SIP
Text-based application-layer control protocol for setting up
call-control of telephones over the IP network. It has been
standardized as RFC2543 at the Internet Engineering Task Force
(IETF).

*6 TIPHON
(Telecommunications and Internet Protocol Harmonization Over
Network)
Technical project under the ETSI to study specifications to
transmit voice over IP networks.

*7 OSP
Inter-carrier protocol to manage user authentication and
settlement in VoIP systems. In order to realize VoIP service
between multiple carriers, it is necessary to transmit
authentication and settlement information. Study is progressing
under ETSI TIPHON.

NEC Corporation - http://www.nec.com- is one of the world's  
leading providers of Internet, broadband network and enterprise
business solutions dedicated to meeting the specialized needs of
its diverse and global base of customers. Ranked as one of the
world's top patent-producing companies, NEC delivers tailored
solutions in the key fields of computer, networking and electron
devices, through its three market-focused, in-house companies:
NEC Solutions, NEC Networks and NEC Electron Devices. NEC
Corporation employs more than 140,000 people worldwide and had
net sales of approximately $39 billion in the fiscal year ended
March 2002.

Nippon Telegraph and Telephone Corporation - www.ntt.com - was
established in 1952 as a state-owned telecommunications public
corporation and in 1986 converted to a private Company to be the
largest telecommunications Company in Japan and the second
largest in the world. NTT and its subsidiaries provide a wide
range of telecommunications services. For further information,
please visit the Nippon Telegraph and Telephone home page at:
www.ntt.com/index-e.html

For more information, contact Akiko Shikimori of NEC Corporation
at telephone +81 3 3798-6511, or via e-mail at a-
shikimori@ay.jp.nec.com.


SHOWA SANGYO: JCR Assigns BBB+ Rating
-------------------------------------
Japan Credit Rating Agency (JCR) has assigned BBB+ rating to
Showa Sangyo Co. Limited to the following senior debts,
affirming the J-2 rating on the CP program.

CP Maximum: Y20 billion Backup Line: 0 percent

Showa Sangyo, established in 1936, is a diversified food
processor, engaging in flour milling, oils & fats, foods, feed
stuffs and glucose. The flour milling operation represents 20
percent of the total sales. It is also engaged in warehousing
and business development using the old factory sites.

Amid the deteriorating business environment of foods as a whole,
contributions of warehousing and business development to the
earnings of the Company are increasing. The warehousing and
business development divisions will produce good earnings,
shoring up the overall earnings of the Company. Although the
flour milling's earnings are low, they are stable while earnings
of frozen foods and foods are improving due to the restructuring
measures. On the other hand, oils & fats and glucose businesses
whose earnings had been relatively high decreasing the profits
due to rise in prices of raw materials and low unit prices. It
is recognized that the problem lies in the extremely fierce
competition of the industry. Shakeup is under way in the
industry. Showa Sangyo plans to take independent path amid the
shakeup of the industry in order to take advantage of the
business diversification, however.

Pace of improvement in the financial structure slowed down due
to the capital spending for the enhancement of the production
capacity of glucose and silo. The interest-bearing debt,
however, will likely decline, peaking out in fiscal 2002, given
reduction in the capital expenditures and sell-off of the
securities.

According to Wright's Investors Service, at the end of 2002,
Showa Sangyo Co Ltd had negative working capital, as current
liabilities were 74.79 billion while total current assets were
only 51.92 billion.


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


DAEWOO MOTOR: Expects Early Exit From Debt Workout Plan
-------------------------------------------------------
Daewoo Motor Sales Corporation (DMSC) may end its debt workout
program this year after posting profits for three years, Reuters
reported Tuesday, citing DMSC Chief Executive Officer Lee Dong-
ho.

The Company posted first half earnings to around 50 billion won
this year, versus 22 billion won a year earlier.

DMSC underwent restructuring after the 1997-98 Asian crisis,
which led to the collapse of its parent Daewoo Group and
ultimately an agreement under which a General Motors-led joint
venture agreed to revive key assets of the carmaker.

TCR-AP reported in September that Daewoo Motor Sales Corporation
would sell asset-backed securities (ABS) valued at 51.7 billion
won on account receivables worth 52.8 billion won as underlying
assets.

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


DAEWOO MOTOR: Will Enter Auto Leasing Market
--------------------------------------------
Daewoo Motor Sales Co. will enter the auto leasing market in
partnership with LG Card, LG Insurance and Seoul Auto Auction on
October 8, according to the Maeil Business Newspaper.

The unit of bankrupt carmaker Daewoo Motor can earn money by
leasing vehicles to customers on a monthly basis, while also
providing insurance and maintenance services.

Under the auto leasing services, customers will be able to drive
a new car with lowered expenses.

Daewoo intends to acquire a 50 percent stake of the domestic
market by early 2003.


DAEWOO MOTOR: UK Unit Goes Into Administration
----------------------------------------------
Daewoo Cars UK has been placed into administration, a step that
puts 450 jobs at risk, Reuters reported.

Ernst & Young has been appointed as administrators of the Daewoo
Motor subsidiary.

GM Daewoo, the new owners of the Daewoo brand, said they planned
to launch a new GM Daewoo UK sales organization pending final
negotiations with GM Daewoo and other parties in Korea.


HYNIX SEMICON: Targets 5-7% DDR Chip Price Hike
-----------------------------------------------
Hynix Semiconductor and Samsung Electronics Co. are targeting a
5 percent to 7 percent price hike for double date rate (DDR)
chips, Dow Jones and the Korea Herald reported Wednesday.

If successful, the price of 256Mb DDR chips is expected to rise
to $7.50 from the current $6 to $7.

According to industry Web site DRAMeXchange, 256Mb DDR chips
averaged $6.72 each.

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


KOREA ELECTRIC: Expects to Receive LOI For Shares in Power Unit
---------------------------------------------------------------
The Korea Electric Power Corporation (KEPCO) expects to receive
letters of intent (LOI) from investors by November 8 for a stake
in its unit Korea South-East Power Co., according to Dow Jones.

The Company was planning to sell a 34 percent-51 percent stake
in its wholly owned unit as part of the government's efforts to
privatize state companies.

Kepco will shortlist suitable investors and select a prime
bidder by early next year at the latest.


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


IDRIS HYDRAULIC: KLSE Withdraws Acquisition Approval
----------------------------------------------------
The Board of Idris Hydraulic (Malaysia) Bhd (IHMB) said in a
disclosure to the Kuala Lumpur Stock Exchange that Bank Negara
Malaysia (BNM) had vide its letter dated 2 October 2002
withdrawn the approval given earlier for Tahan Insurance
Malaysia Berhad, a wholly owned subsidiary of IHMB to acquire
Malaysia & Nippon Insurans Berhad.

However, the Management of Tahan is in the midst of appealing to
BNM for the said acquisition to take place.

TCR-AP reported early this month that the Foreign Investment
Committee and the Securities Commission had granted approval for
the IHMB's revised Proposed Restructuring Exercise, which
includes a Capital Reconstruction, Corporate Restructuring and
Debt Reconstruction.


KUALA LUMPUR INDUSTRIES: Annual Report Due Oct 15
-------------------------------------------------
Kuala Lumpur Industries Holdings Berhad said that the Kuala
Lumpur Stock Exchange has vide their letter dated 4 October 2002
approved the Company's application for an extension of time
until 15 October 2002 for the submission of the Annual Report
for the financial year ended 31 March 2002.

The Company was unable to release the Annual Report by the
deadline stipulated by paragraph 9.23(a) of the Listing
Requirements of the Kuala Lumpur Stock Exchange as The People's
Insurance Company (Malaysia) Berhad (PICM), a wholly owned
subsidiary of the Company which was sold to Talasco Insurance
Berhad after the financial year end, had delayed in finalizing
its audited financial statements for the financial year ended 31
March 2002.

The Company received the audited financial statements of PICM at
the end of August 2002.

Earlier this month, the TCR-AP reported that the Securities
Commission has approved the Company's Proposed Corporate and
Debt Restructuring Scheme.


PANCARAN IKRAB: Enters MoU With Dijaya Shareholders
---------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Pancaran Ikrab Berhad (PIB), wishes to announce that the Company
had on 8 October 2002 entered into a MOU with shareholders of
the following companies to acquire the following:

(i) the entire issued and paid-up share capital of Dijaya Ceil
Sdn Bhd (DCSB) of RM4,000,000 comprising 4,000,000 ordinary
shares of RM1.00 each;

(ii) the entire issued and paid-up share capital of Dijaya Ceil
Imex Sdn Bhd (DCISB) of RM1,500,000 comprising 1,500,000
ordinary shares of RM1.00 each;

(iii) the entire issued and paid-up share capital of Ceiling
Decor Pte Ltd (CDS), a company incorporated in Singapore, of
SGD2.00 comprising 2 ordinary shares of SGD1.00 each; and

(iv) the entire issued and paid-up share capital of Bueno
Manufacture (Shanghai) Co. Ltd (BMS), a company incorporated in
Shanghai, China, of US$850,000 comprising 850,000 ordinary
shares of US$1.00 each.

((i) to (iv) above are collectively known as the Proposed
Acquisitions;
the shareholders of DCSB, DCISB, CDS and BMS are collectively
known as the Vendors; and
DCSB, DCISB, CDS and BMS are collectively known as the Acquiree
Companies).

PIB further intends to propose and implement a restructuring
scheme (Proposed Restructuring Scheme) to regularize its
financial position, comprising, inter-alia, the following inter-
conditional proposals:

(i) Proposed Acquisitions;

(ii) Proposed capital reduction and consolidation; and

(iii) Proposed debt settlement.

1. SALIENT TERMS OF THE MOU

The salient terms of the MOU are as follows:

(i) The purchase consideration for the Acquiree Companies will
be approximately RM120,000,000 to be satisfied by way of
issuance of 120,000,000 ordinary shares of RM1.00 each in Newco,
a company to be incorporated as a term in the sale and purchase
agreement (SPA) to be executed later to facilitate the Proposed
Restructuring Scheme. The purchase consideration for the
Acquiree Companies may be adjusted upon the finalization of the
SPA to be executed later and in accordance with the condition(s)
as may be imposed by the Securities Commission (SC);

(ii) The shares of the Acquiree Companies shall be acquired by
Newco free from all charges, liens, pledges, mortgages, trusts
and other encumbrances with all rights, benefits and
entitlements attached thereto;

(iii) The execution of the SPA shall be conditional upon the
following having been complied with by the Vendors:

(a) the Vendors having provided to PIB and its advisers full,
sufficient, relevant and critical information and data in
respect of the Acquiree Companies and/or of their business and
assets and PIB and its advisers having assessed and evaluated to
their satisfaction that such business and assets are suitable,
relevant and meet the criteria of the SC for the Proposed
Restructuring Scheme; and

(b) the Vendors having agreed to provide a joint and several
profit guarantee in favor of Newco, guaranteeing the forecasts
and projected profits of the Acquiree Companies and/or their
assets for a specified term;
(iv) The following terms and conditions shall constitute part of
the SPA to be executed for the Proposed Acquisitions:-
(a) the execution of a debt settlement agreement with the
creditors of PIB;

(b) obtaining all relevant approvals of the authorities in
relation to the Proposed Restructuring Scheme;

(c) PIB being satisfied with the results of PIB's investigation
into the legal, financial, contractual, tax and trading position
and prospects of the Acquiree Companies and the Acquiree
Companies' rights and title to its assets; and
(d) Any other consents and/or approvals, if any for the Proposed
Acquisitions;
(v) The Vendors are required to comply with the moratorium
condition imposed by the SC in respect of the Proposed
Restructuring Scheme;

(vi) Upon the execution of a formal SPA, the MOU shall be deemed
to be terminated and all obligations and liabilities of PIB and
the Vendors shall ceased to have any effect and neither parties
shall have any claims against each other for costs, damages,
compensation or otherwise suffered or incurred;

(vii) Either party may terminate the MOU by giving notice in
writing to each other provided that such termination must be
founded on reasonable grounds; and

(viii) The parties shall finalize and execute the SPA by 15
October 2002 or such other date as the parties may mutually
agree, failing which the MOU shall automatically become null and
void and of no legal effect and neither parties shall have any
claims against each other.

2. INFORMATION ON THE ACQUIREE COMPANIES

DCSB is a company incorporated in Malaysia under Companies Act,
1965 on 8 November 1996 with an authorized share capital of
RM10,000,000 comprising 10,000,000 ordinary shares of RM1.00
each. The issued and paid-up capital of DCSB is RM4,000,000
comprising 4,000,000 ordinary shares of RM1.00 each. DCSB is
principally engaged in commercial installation of ceiling and
partitioning works for commercial complexes, government
buildings, hotels, hospitals and others.

DCISB is a company incorporated in Malaysia under Companies Act,
1965 on 28 January 1999 with an authorized share capital of
RM5,000,000 comprising 5,000,000 ordinary shares of RM1.00 each.
The issued and paid-up capital of DCSB is RM1,500,000 comprising
1,500,000 ordinary shares of RM1.00 each. DCISB is principally
engaged in the distribution and wholesale of ceiling and
partitioning products to contractors and resellers.

CDS is a company incorporated in Singapore on 16 July 2002 with
an authorized share capital of S$500,000 comprising 500,000
ordinary shares of S$1.00 each. The issued and paid-up capital
of CDS is S$2.00 comprising 2 ordinary shares of S$1.00 each.
CDS is principally engaged in installation of ceiling and
partitioning works for private sector, commercial, housing and
government projects in Singapore and in distribution and
wholesale of ceiling and partitioning products to contractors
and resellers.

BMS is a company incorporated in Shanghai, China on 18 June 2001
with a registered share capital of US$1,000,000 comprising
1,000,000 ordinary shares of US$1.00 each. The issued and paid-
up capital of BMS is US$850,000 comprising 850,000 ordinary
shares of US$1.00 each. BMS is principally engaged in the
manufacture and distribution of rolled form steel products for
ceiling and partitioning.

The full details of the Proposed Restructuring Scheme will be
announced upon its finalization.


SUNWAY HOLDINGS: Sunway Credit Unit Enters into Lease Agreement
---------------------------------------------------------------
Pursuant to Chapter 10, Paragraph 10.08 of the Listing
Requirements, Sunway Holdings Incorporated Berhad (SUNINC)
wishes to inform the Kuala Lumpur Stock Exchange that its wholly
owned subsidiary Sunway Credit & Leasing Sdn Bhd (SCL) has
entered into a Lease Agreement to grant a leasing facility
amounting to RM25,585/- to Menara Sunway Sdn Bhd (MSW), a 51
percent owned subsidiary of Suninc. Sunway City Berhad (Suncity)
owns the remaining 49 percent.

SCL is a wholly owned subsidiary of Suninc with an authorized
and paid-up share capital of RM10,000,000/- and RM8,500,000/-
respectively. Its principal activity is providing financing
through leasing, hire-purchase, money lending and share
financing.

MSW is a 51 percent owned subsidiary of Suninc with an
authorized and paid-up share capital of RM50,000,000/- and
RM33,480,000/- respectively. Its principal activity is
management and letting properties. The remaining 49 pc is owned
by Suncity.

SALIENT TERMS OF THE AGREEMENT

The leasing facility of RM25,585/- is in respect of the lease of
server and its related accessories for a term of 36 months and
bears a flat interest rate of 5.5 percent per annum.

The above terms of the agreement are the prevailing market
quoted terms, which are not more favorable to the related party
than those generally available to the public.

FINANCIAL EFFECTS OF THE TRANSACTION

The leasing facility will not have any material effect on the
net tangible assets and earnings of Suninc.

APPROVAL REQUIRED

The above transaction does not require the approval of
shareholders or any authorities.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

Tan Sri Dato' Seri Dr Cheah Fook Ling who is a major shareholder
of Suninc, has deemed interest in SCL. He also has deemed
interest in MSW via Suninc.

Tan Sri Dato' Seri Dr Cheah Fook Ling is also a director and
major shareholder of Suncity.

Accordingly, Tan Sri Dato' Seri Dr Cheah Fook Ling has abstained
from all Board deliberations of Suninc pertaining to the
transaction.

Save as disclosed above, none of the other directors or major
shareholders of Suninc or persons connected with them has any
interest, direct or indirect, in the aforesaid transaction.

STATEMENT BY BOARD OF DIRECTORS

The directors (save and except for Tan Sri Dato' Seri Dr Cheah
Fook Ling) are of the opinion that the transaction is in the
best interest of the Group.


TECHNOLOGY RESOURCES: Posts Notice of Tan Poh Keat's Interest
-------------------------------------------------------------
Technology Resources Industries Berhad (TRI) refers to their
announcement released on 11 September 2002 pertaining to the
appointment of Mr Tan Poh Keat as its Director.

Pursuant to Paragraph 9.19(18) of the Kuala Lumpur Stock
Exchange Listing Requirements and Section 135 of the Companies
Act, 1965, TRI wishes to inform that, further to the Notice of
Director's Interest given by him, he holds 22,000 Ordinary
Shares of RM1.00 each in TRI.


TONGKAH HOLDINGS: KLSE Approves Request for Extension of Time
-------------------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Directors of Tongkah Holdings Berhad (THB), wishes to inform
that the Kuala Lumpur Stock Exchange (KLSE) had approved the
Company's request for an extension of time from 6 September 2002
to 30 September 2002 for THB to announce its Requisite
Announcement.

On behalf of the Board, PMBB had on 30 September 2002, announced
to the KLSE of its plan to regularize the financial condition of
the Company.

Early this month, TCR-AP reported that THB entered into a Master
Agreement for the purposes of giving effect and implement a
proposed restructuring scheme to regularize its financial
condition.


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


PHILIPPINE LONG: Responds to "Boardroom Brawl Brewing" Report
-------------------------------------------------------------
Philippine Long Distance and Telephone Co. responded to the news
article "Boardroom brawl brewing at PLDT" which appeared in
October 9 issue of the Philippine Daily Inquirer, an
overwhelming majority of the members of the Board of Directors
of PLDT, including the independent directors, has authorized the
issuance of the statement below.

"We remain fully united in our continuing support of the
Company's President & CEO Manuel V. Pangilinan, and his
leadership and efforts to revitalize and strengthen the
operations and financial position of the Company.

Consistent with the Company's strategy to create value for all
the Company's shareholders, the Compoany, under the able
leadership of Pangilinan and the efforts of the management team
completed its liability management program, and remains focused
on delivering strong operating results.

We encourage the Company's management team and employees not to
be affected and distracted by the irresponsible acts of certain
sectors, which unfortunately have been dignified in newspaper
reports, aimed at discrediting Pangilinan, portraying our Board
as being in discord, and fomenting distrust among the members of
the Board.


PHILIPPINE LONG: Singapore-Based Investors to Buy 24.4% Stake
-------------------------------------------------------------
A group of Singapore-based investors offered to acquire the
controlling 24.4 percent stake of First Pacific Co Ltd in
Philippine Long Distance Telephone Co (PLDT), the Philippine
Star reported. The group, which was not identified, initially
presented the offer to PLDT President and First Pacific
executive chairman Manuel Pangilinan, who considers the offer
"too low."

The paper said this offer, together with "other offers," will be
presented to First Pacific.

Yesterday, PLDT Vice President and spokesman Menardo Jimenez Jr
said a number of groups "wish to make an offer" for First
Pacific's PLDT stake.

Jimenez said Pangilinan was not part of any of these groups,
which he also did not identify.

The original investors planning to buy into PLDT, the
Gokongweis, have withdrawn their offer after First Pacific
failed to ensure the Gokongweis access to PLDT records for due
diligence. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 200,
October 09, 2002)


STENIEL MANUFACTURING: In Debt Restructuring Talks With Banks
-------------------------------------------------------------
Steniel Manufacturing Corporation is negotiating with creditor
banks for the restructuring of its P851.5 million in loans ahead
of the October 10, 2002 deadline for its payment, the Philippine
Star reported Wednesday.

The Company received a notice of default on September 30
declaring the entire amount due and payable on or before October
10, as stipulated in the November 10, 2000 omnibus agreement
entered with the various lender banks.

Metro Pacific Corporation holds 72 percent in Steniel before it
was sold to the regional investment firm CVC Asia Pacific
Limited for P425.5 million.

MPC sold Steniel in line with its asset rationalization program
and debt management plan.


UNITRUST DEVELOPMENT: PBCom Open to Re-Bidding Participation
------------------------------------------------------------
The Philippine Bank of Communication (PBCom) is still open to
participate in the re-bidding for the rehabilitation of Unitrust
Development Bank, renewing its interest in the closed bank,
Business World reported.

Moreover, the source said PBCom is also questioning the decision
of the Philippine Deposit Insurance Corp. (PDIC) to reopen the
bidding process to other proponents.

PBCom officials were not available for comment.

PBCom had earlier been awarded the responsibility to
rehabilitate Unitrust.

Shareholders of the closed bank, however, refused to give their
support to PBCom's proposal. The PDIC then decided to reopen the
bidding for Unitrust.

Since the deposit insurer's announcement, only Citystate Savings
Bank has formally turned in its proposal to take over Unitrust.

Earlier,  Yuseco said the PDIC's move to reopen the bidding for
the rehabilitation of Unitrust is a mere "exercise in futility"
as he feels the deposit insurer will still find a way to thumb
down his group's proposal.

The Makati Regional Trial Court recently decided to extend the
order restraining the PDIC from selling the assets of the bank
or awarding the rehabilitation program to the winning proponent.
(M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 200, October
09, 2002)


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


CHARTERED SEMICONDUCTOR: Completes Rights Offering
--------------------------------------------------
Chartered Semiconductor Manufacturing has closed its eight-for-
ten rights offering on October 7, 2002 and it expects to issue a
total of approximately 1,109.6 million new ordinary shares. As
expected, gross proceeds from the offering were approximately
S$1,110 million. At the current exchange rate of US$1.00 to
S$1.79, this translates to approximately US$620 million.

As of the close of the Rights Offering, a total of approximately
716.4 million new ordinary shares (directly or in the form of
ADSs), representing approximately 64.6 percent of the total
number of approximately 1,109.9 million new ordinary shares
offered under the Rights Offering, were subscribed for an
aggregate subscription price of approximately US$400 million
(approximately S$716 million). These subscriptions consist of:

Acceptances for a total of approximately 715.1 million new
ordinary shares pursuant to the exercise of primary ordinary
share rights; and

Applications for a total of approximately 1.4 million new
ordinary shares pursuant to the exercise of secondary ordinary
share rights.

Included in the above are subscriptions by Singapore
Technologies Pte Ltd and Singapore Technologies Semiconductors
Pte Ltd, Chartered's two largest shareholders, for a total of
approximately 671.3 million new ordinary shares, representing
approximately 60.5 percent of the total number of new ordinary
shares offered under the Rights Offering, for an aggregate
subscription price of approximately US$375 million
(approximately S$ 671 million) pursuant to their pre-commitments
to the Company.

Merrill Lynch (Singapore) Pte Limited will purchase a total of
approximately 393.2 million unsubscribe new ordinary shares,
representing approximately 35.4 percent. of the total number of
new ordinary shares offered under the Rights Offering, for an
aggregate purchase price of approximately US$220 million
(approximately S$393 million).

As part of the Rights Offering, approximately 259,000 rights,
representing approximately 0.02 percent. of the total number of
new ordinary shares offered under the Rights Offering, were
allocated in respect of ordinary shares (directly or in the form
of ADSs) issued between September 1, 2002 and the ordinary share
books closure date and the ADS record date, as the case may be.
Not all of the new ordinary shares underlying these rights are
subscribed for as of the close of the Rights Offering.

Definitive ADS Subscription Price

The Company further announces that the definitive subscription
price per new ADS is US$5.58 (which is the U.S. dollar
equivalent of the ordinary share subscription price of S$1.00,
multiplied by ten, based on the noon-buying rate in New York for
cable transfers in Singapore dollars as certified for customs
purposes by the Federal Reserve Bank of New York on October 7,
2002, the close of the Rights Offering).

As the Definitive ADS Subscription Price is lower than the
US$6.00 per ADS exercise price that each exercising ADS holder
has paid to Citibank, N.A., the ADS rights agent, on
subscription or application (to account for possible exchange
rate fluctuations), the ADS rights agent will refund as soon as
possible the aggregate excess in U.S. dollars to each relevant
ADS holder, without interest arising there from.

Delivery and Listing of Shares

The Company expects to allot, issue and deliver a total of
approximately 1,109.6 million new ordinary shares subscribed for
pursuant to the Rights Offering and to receive the aggregate net
proceeds of approximately US$612 million (approximately S$1,095
million) in respect of such new ordinary shares on or about
October 10, 2002.

The Company further expects that the new ordinary shares will be
listed and quoted on the Singapore Exchange Securities Trading
Limited with effect from 9.00 a.m. (Singapore time) on October
11, 2002 and the new ADSs will be listed and quoted on NASDAQ
National Market with effect from 9.00 a.m. (New York City time)
on October 11, 2002.

Chartered Semiconductor Manufacturing www.charteredsemi.com, one
of the world's top three silicon foundries, is forging a
customized approach to outsourced semiconductor manufacturing by
building lasting and collaborative partnerships with its
customers. The Company provides flexible and cost-effective
manufacturing solutions for customers, enabling the convergence
of communications, computing and consumer markets. In Singapore,
Chartered operates five fabrication facilities and has a sixth
fab in the process of being developed as a 300mm facility.

A Company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market and on the Singapore
Exchange. Chartered's 4,000 employees are based at 12 locations
around the world.

CONTACT:

Chartered Semiconductor Manufacturing
Investor Contacts:
Suresh Kumar, 408/941-1110
sureshk@charteredsemi.com
Clarence Fu, (65) 6360.4060
cfu@charteredsemi.com

Media Contacts:
Chartered U.S.
Tiffany Sparks, 408/941-1185
tiffanys@charteredsemi.com
Chartered Singapore:
Maggie Tan, (65) 6360.4705
tanmaggie@charteredsemi.com


CHEW EU: Posts Notice of Extraordinary General Meeting
------------------------------------------------------
The Extraordinary General Meeting of the Chew Eu Hock Holdings
Limited will be held at 58 Kallang Pudding Road, CEH Industrial
Building, Singapore 349330 on 24 October 2002 at 9.30 a.m. for
the purpose of considering and, if thought fit, passing with or
without any modification, the following resolution which will be
proposed as an ordinary resolution:

ORDINARY RESOLUTION:

APPOINTMENT OF NEW AUDITORS

That Ernst & Young, Certified Public Accountants, Singapore be
and are hereby appointed Auditors of the Company in place of the
resigning Auditors, Arthur Andersen, to hold office until the
conclusion of the next Annual General Meeting, at a remuneration
to be agreed between the Directors and Ernst & Young."

Explanatory Notes:

The current Auditors, Arthur Andersen has given notice to the
Directors of their intention to resign as Auditors of the
Company. The Directors would recommend and propose to members
the appointment of Ernst & Young as the new Auditors in place of
Arthur Andersen at the Extraordinary General Meeting to hold
office until the conclusion of the next Annual General Meeting
of the Company. Ernst & Young have consented to be appointed as
Auditors of the Company. Upon the appointment of Ernst & Young
at the Extraordinary General Meeting, Arthur Andersen's
resignation as Auditors of the Company will take effect.

NOTES:

A member of the Company entitled to attend and vote at the
Extraordinary General Meeting is entitled to appoint not more
than two proxies to attend and vote in his stead. A proxy need
not be a member of the Company

The instrument appointing a proxy must be lodged at the
registered office of the Company at 58 Kallang Pudding Road
C.E.H. Industrial Building, Singapore 349330 not less than 48
hours before the time appointed for the Extraordinary General
Meeting.

TCR-AP reported that Chew Eu Hock Holdings Ltd posted a net loss
S$35.325 million in the six months to January against a loss
S$1.129 million a year earlier.


FREIGHT LINKS: Plans Capital Reduction to Cut Losses
----------------------------------------------------
Beleaguered Freight Links Express Holdings is proposing to
reduce the par value of its shares to one cent each to write off
accumulated losses of $160.7 million as of April 30, the Straits
Times reports.

The firm also announced new capital injection in the form of a
memorandum of understanding (MOU) it signed with Epiqa. The
injection will result in a private placement of shares priced at
two cents each for between 16.66 percent and 30.1 percent of the
enlarged share capital.

Freight Links posted a net loss of $73.2 million for the year
ended April 30.


SEMBCORP INDUSTRIES: SCM Privatization Proposal
-----------------------------------------------
On June 24, 2002, SembCorp Industries Limited (SCI) announced
the proposed privatization of SembCorp Marine Ltd (SCM) by way
of a scheme of arrangement under Section 210 of the Companies
Act, Chapter 50 (Scheme).

Dealings

The Securities Industry Council has ruled that the respective
subsidiaries and associated companies of Temasek Holdings
(Private) Limited and Singapore Technologies (Pte) Ltd and their
respective directors are to be considered as associates of SCI
in respect of the Scheme. Accordingly, pursuant to Rule 12 of
the Singapore Code on Take-overs and Mergers, they are required
to disclose their dealings in the ordinary shares of S$0.10 each
in the issued share capital of SCM (Shares) as follows:

Name:   SingTel Investments Private Limited (Associate)

Date of disposal: October 3, 2002

Number of SCM Shares disposed: 600,000

Consideration per SCM Share excluding brokerage, clearing fee
and any applicable tax: S$1.085

Identity of the principal or associate or other person dealing
and, if different, the ultimate beneficial owner or controller:
For itself

Resultant amount of SCM Shares owned or controlled by the
Associate or other person in question and the percentage which
it represents: Nil

The Directors of SCI (including any who may have delegated
detailed supervision of this Announcement) have taken all
reasonable care to ensure that the facts stated in this
Announcement are fair and accurate and that no material facts
have been omitted from this Announcement, and they jointly and
severally accept responsibility accordingly. Where any
information has been extracted from published or publicly
available sources, the sole responsibility of the Directors of
SCI has been to ensure through reasonable enquiries that such
information is accurately extracted from such sources or, as the
case may be, reflected or reproduced in this Announcement.

According to Wright Investors Service, SembCorp Industries
Limited at the end of 2001 had negative working capital, as
current liabilities were 2.95 billion Singapore Dollars while
total current assets were only 2.56 billion Singapore Dollars.


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


L.P.N. DEVELOPMENT: Restructures Debt With Creditors
----------------------------------------------------
L.P.N. Development PLC. in a disclosure to the Stock Exchange of
Thailand said it had fully repaid its debts to its creditors.

It said that the third quarter balance sheet as of September 30,
2002 will have no any further restructuring debt with the banks.

Typically, the Bangkok-based property developer had repaid the
debts pursuant to note no.25 of notes to financial statements
for the each year ended June 30, 2002 and December 31, 2001 were
Loan Restructuring Agreement No. 2, 3 and 4.


TELECOMASIA CORP: Investors Subscribe to THB14.75B Bond 1st Day
---------------------------------------------------------------
TelecomAsia Corp. PCL said institutional and retail investors
subscribed to 14.75 billion baht of a planned THB21.75 billion
bond issue Monday, the first day of a subscription period
running to October 14.
      
Investors oversubscribed to an initial THB4.4 billion offering
of the floating- rate tranche, which is partially guaranteed by
World Bank investment arm International Finance Corp.

Pishnu Suntharanund, head of TelecomAsia's treasury department,
told Dow Jones Newswires that a greenshoe option of THB2.35
billion will be fully allocated to bring the tranche up to the
planned total THB6.75 billion. In this tranche, THB2.75
billion was allocated to institutional investors, and the
remainder to retail investors.      

Retail investors also subscribed to a little more than THB8
billion of an initial THB10-billion offering of 6.1% fixed-rate
bonds maturing July 2008, despite heavy rain, flooding and
related traffic congestion in Bangkok.

Pishnu said TelecomAsia intends to exercise a THB5 billion
greenshoe option for the fixed-rate tranche if subscriptions in
the remainder of the period are sufficient.

Issuance of both tranches is set for October 15.
      
The floating-rate bonds mature February 2011, and will pay a
floating rate equivalent to the average of major commercial
banks' prime lending rate.

The proceeds will be used to retire all of the company's dollar-
denominated debt. The company has said it plans to convert all
of its foreign currency- denominated debt into baht by the end
of 2002.

Lead underwriters for the issue are Merrill Lynch Phatra
Securities Ltd., Bangkok Bank PCL, Krung Thai Bank PCL, Siam
Commercial Bank PCL and Thai Farmers Bank PCL.

TCR-AP reported in September that TelecomAsia's board approved a
recapitalization plan, which includes a capital increase of up
to THB 6.2 billion. The proceeds from the capital increase will
be used to significantly reduce outstanding debt, estimated at
THB73 billion as of December 2001.


THAI PETROCHEMICAL: Court Moves Debt Case Hearing to November
-------------------------------------------------------------
Thailand's bankruptcy court had delayed until November a hearing
on whether a firm representing creditors of Thai Petrochemical
Industry Plc (TPI) will be removed as its debt planner, after a
Tuesday hearing failed to reach a decision, Reuters reported.

Judge Kamol Teeravetponkul said the court would hold a hearing
on the case from November 5 until December 17. He declined to
elaborate on the reason for the delay.

Analysts say the removal of Effective Planners could disrupt the
restructuring of Southeast Asia's biggest integrated
petrochemical plant and dampen investor confidence in Thailand.

TPI founder Prachai Leophairatana petitioned the court for the
removal of Effective Planners after it failed to meet a December
2001 deadline to sell $200 million in non-core assets to repay
debt.

Effective Planners is also seeking the approval of all
creditors, including Bangkok Bank, Citibank and Bank of America,
to delay the non-core assets sale plan until March 2003. TPI's
creditors are due to vote the issue on October 18, after several
delays.

TPI has been restructuring $3.8 billion of debt since 2000, by
swapping debt for equity and re-scheduling loan repayments and
selling non-core assets, which include a 143-MW power plant, a
49 percent stake in cement company TPI Polene Plc and gasoline
stations, port facilities and real estate.


* DebtTraders Real-Time Bond Pricing
------------------------------------

Issuer             Coupon   Maturity   Bid - Ask   Weekly change
------             ------   --------   ---------   -------------

Asia Pulp & Paper     FRN     due 2001  11.5 - 12.5      0
Asia Pulp & Paper     11.75%  due 2005    31 - 32        0
APP China             14.0%   due 2010    29 - 31        0
Asia Global Crossing  13.375% due 2006    19 - 21        -1
Bayan Telecom         13.5%   due 2006    18 - 20        0
Daya Guna Sumudera    10.0%   due 2007     3 - 5         0
Hyundai Semiconductor 8.625%  due 2007    66 - 69        0
Indah Kiat            11.875% due 2002    36 - 37        +3
Indah Kiat            10.0%   due 2007  27.5 - 29.5      0
Paiton Energy         9.34%   due 2014    70 - 75        0
Tjiwi Kimia           10.0%   due 2004    27 - 29        0
Zhuahi Highway        11.5%   due 2008    35 - 37        0

Bond pricing, appearing in each Thursday's edition of the TCR-
AP, is provided by DebtTraders in New York. DebtTraders is a
specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
information on institutional services, contact Scott Johnson at
1-212-247-5300. To view our research and find out about private
client accounts, contact Peter Fitzpatrick at 1-212-247-3800.
Real-time pricing available at www.debttraders.com




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.

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