TCRAP_Public/021014.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

          Monday, October 14, 2002, Vol. 5, No. 203

                         Headlines

A U S T R A L I A

COLES MYER: Hosting Discount Outlets
HIH INSURANCE: Adler Admits to Leaking Financial Results


C H I N A   &   H O N G  K O N G

ALWAYS FULL INTERNATIONAL: Winding Up Petition Pending
ASIA GLOBAL: China Netcom Acquisition Ends Speculation
CHINA EVERBEST: Winding Up Petition Slated for Month-end
MODERN PLASTIC: Hearing of Winding Up Petition Set
PCCW LTD: Chairman Li Plans to Up Stake Through Notes Purchase

PCCW LTD: Lehman Raising Rating to `Overweight/Positive'
PCCW LTD: May Pay Dividend in 2004
QUINTALINUX LIMITED: Facing Winding Up Petition


I N D O N E S I A

BANK NIAGA: Commerce Asset Eyes More Stake
INDOCEMENT TUNGGAL: Hopes To Raise $10.5M From Coal Mine Sale


J A P A N

DAIWA TOSHI: Court Sentences Three Executives
HOKKAIDO INTERNATIONAL: Will Write Off JPY1.6B Debt
ISUZU MOTORS: Plans To Unveil Business Plan by November
ITOCHU CORP.: Tokyo Unit Falsely Labeled Imported Eel
JAPAN HIGHWAY: Moody's Assigns A2 Rating to Y65B Bonds Due 2017

KENWOOD CORP: Merges Four Companies Into Kenwood USA
KUMAGAI GROUP: Cutting Debt to Y510B by End-March
MITSUBISHI MOTORS: Trimming 700 Staff in Dutch Unit
KAWASAKI HEAVY: Merges Equipment Business With Kobe Steel
OKI ELECTRIC: Expects First-half Net Loss of JPY11.5B


K O R E A

BYUCKSAN CONSTRUCTION: Set to Graduate From Debt Workout Scheme
SEOUL BANK: Combines Online Banking With Hana


M A L A Y S I A

ACTACORP HOLDINGS: Announces Director's Resignation
ACTACORP HOLDINGS: Enters Sale Agreement With Integrated Maker
CHASE PERDANA: Appeals to Stay in Arbitration Proceedings
KUALA LUMPUR INDUSTRIES: Awaits SC Nod for Restructuring
LAND & GENERAL: Completes Disposal of IRM Shares

LION GROUP: SC Approves Appeal on Debt Rehab Exercise
MALAYSIAN PLANTATIONS: Announces Deregistration of Dormant Unit
MALAYSIAN RESOURCES: Proposed Share Disposal Gets Approval
MGR CORPORATION: MITI Okays Proposed Restructuring Scheme
RENONG BERHAD: Aims to Raise RM400M Through Private Placement

RENONG BERHAD: Gains 5.1% After United Engineers' Cash Injection
RHB CAPITAL: Shareholders Give Nod EGM Resolutions
SASHIP HOLDINGS: Court Moves Hearing to November 19
SIME DARBY: Servitel Completes Disposal of Palmco Holding
TAI WAH: MITI Okays Unit's Sale to Ramatex

TAT SANG HOLDINGS: Finalization of Restructuring Plan Ongoing
TELEKOM MALAYSIA: Meeting With Celcom to Decide on Merger
TENAGA NASIONAL: Resolutions Get Approval From Shareholders


P H I L I P P I N E S

DIGITAL TELECOMMUNICATIONS: NEC Declares Firm in Default
METRO PACIFIC: Ayala Finalizes Acquisition Deal
NATIONAL POWER: Holds Auction for PhP4.3B Coal Supply Contracts


S I N G A P O R E

BOUSTEAD SINGAPORE: Survitec Acquires Unit for S$14.35M
CHARTERED SEMICON: Adjusts Convertible Notes' Price
CHARTERED SEMICONDUCTOR: Lists New Shares in SGX
CHARTERED SEMICONDUCTOR: Posts Notice of Director's Interest
FLEXTECH HOLDINGS: Closing Register of Loan Stockholders

INTRACO LIMITED: Unit Enters Voluntary Liquidation
ISOFTEL LIMITED: Posts Change in Shareholder's Interest


T H A I L A N D

KARAT SANITARYWARE: Kohler Bids Bt40.70/Share for 19.33% Stake
TPI POLENE: Plummets on News of Creditor Meeting Cancellation

     -  -  -  -  -  -  -  -

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


COLES MYER: Hosting Discount Outlets
------------------------------------
The Australian Competition and Consumer Commission (ACCC) has
granted Coles Myer Ltd interim authorization to include
concession businesses operating within its stores in discount
promotions.

Australia's consumer watchdog said the authorization allows
consumers to get the benefits of discounted prices offered by
the concession businesses, such as Calvin Klein jeans, Esprit
and Royal Doulton, in the lead-up to Christmas and New Year
sales.

ACCC Chairman Allan Fels said any promotional activity at Myer
Grace excludes concession businesses because such an arrangement
could constitute an agreement between competitors on price.


HIH INSURANCE: Adler Admits to Leaking Financial Results
--------------------------------------------------------
The HIH Insurance inquiry at the HIH Royal Commission continues
with director Rodney Adler admitting he met with a newspaper
journalist in February 2001 and disclosed the Company's interim
financial results before the results were released to the
market, ABC News reported.

The commission also heard Adler gave the journalist a copy of a
confidential letter he had written to the chairman, concerning
the company's solvency.

The interim results were ultimately never released to the
market.


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


ALWAYS FULL INTERNATIONAL: Winding Up Petition Pending
------------------------------------------------------
The petition to wind up Always Full International Limited is
scheduled before the High Court of Hong Kong on October 23, 2002
at 9:30 am.

Tse Chun Chiu, whose office is situated at Flat 2314, 23/F.,
Block A, Hoi Wan House, Hoi Fu Court, Mong Kok, Kowloon, Hong
Kong, filed the petition with the said court last July 31, 2002.


ASIA GLOBAL: China Netcom Acquisition Ends Speculation
------------------------------------------------------S
Sources from China Netcom Corp Ltd told the Business Weekly that
China Netcom's acquisition of Asia Global Crossing (AGC) has
finally ended speculation about its future. No more details were
revealed by the sources.

Reuters quoted a spokesperson that restructuring of the trouble-
striken firm was still going on and was likely to be completed
by the end of this year.

There was no direct confirmation or rejection of the deal in the
Reuters report except that AGC said it hoped to raise US$250
million through the restructuring.

However, domestic industry analysts predicted that China Netcom
(CNC) got a bargain as AGC is on the edge of bankruptcy.

AGC is 58.8 percent owned by the US-based Global Crossing, a
broadband telecoms service provider, which filed bankruptcy in
January.

According to a report by the Wall Street Journal, four bidders
showed interests in AGC but that was before Pacific Crossing's
bankruptcy.

Besides CNC, another Chinese company - Purple Communications -
was active in trying to acquire AGC.

Purple Communications, the Hong Kong-branch of a privately owned
value-added telecoms company in China, Mintel Inc, planned to
get a stake of AGC with help from strategic partners.

Mintel's spokesman said he was not aware of the company's AGC
bid.

CNC's acquisition of AGC is the start of China's telecoms
carriers' international exploration. (M&A REPORTER-ASIA PACIFIC,
Vol. No.1, Issue No. 202, October 11, 2002)


CHINA EVERBEST: Winding Up Petition Slated for Month-end
--------------------------------------------------------
China Everbest Engineering Development Company Limited is facing
a winding up petition, which is slated to be heard before the
High Court of Hong Kong on October 30, 2002 at 9:30 am.

Sze Sin of 2/F., 56 Rural Committee Road, Mui Wo, Lantau Island,
Hong Kong filed the petition last August 2, 2002.


MODERN PLASTIC: Hearing of Winding Up Petition Set
--------------------------------------------------
The petition to wind up Modern Plastic Products Company, Limited
is set for hearing before the High Court of Hong Kong on October
16, 2002, at 9:30 am.

Yung Kam Chun of Room 819, Ko Yuet House, Ko Yee Estate,
Kowloon, Hong Kong filed the petition with the said court last
July 16, 2002.


PCCW LTD: Chairman Li Plans to Up Stake Through Notes Purchase
--------------------------------------------------------------
PCCW Ltd Chairman Richard Li plans to raise his stake in the
fixed-line telecommunications operator with the purchase of
equity-linked notes (ELN) through his holding vehicle Pacific
Century Regional Developments Ltd, the Ming Pao Daily reported,
without citing sources.

An ELN is a combination of fixed income and equity security
which gives a modest interest rate but has an embedded options
structure giving investors the opportunity to participate in any
potential gain in the index or stock on which it is based.

Goldman Sachs or UBS Warburg will likely handle the ELN issue,
the report said.

It said the terms of the notes, including maturity, have yet to
be determined.

No details on the timing were provided.

PCCW's share price has been battered recently, falling below the
psychological HK$1 mark earlier last week and inciting market
talk that it may be removed from the benchmark Hang Seng Index.


PCCW LTD: Lehman Raising Rating to `Overweight/Positive'
--------------------------------------------------------
Lehman Brothers analyst Peter Milliken has raised the rating of
Hong Kong telecoms carrier PCCW Ltd to "overweight/positive"
from "equal-weight/positive", Bloomberg reported Friday.

Reason for such rating was not disclosed.

Earlier, TCR-AP reported that PCCW tapped Goldman Sachs to sell
its Hong Kong yellow pages business in an auction. The Company
hoped to raise HK$1-$2 billion (US$128-$256 million) from the
sale of the business.

The report said U.S. venture capital firm Carlyle Group and
Citibank's venture arm CVC were among the bidders.

PCCW is looking to shed non-core assets to pay down debt, which
totals US$5.5 billion.


PCCW LTD: May Pay Dividend in 2004
----------------------------------
PCCW Ltd. may pay a dividend yield as large as 3.5 percent to
4.5 percent in 2004 depending on the fixed-line
telecommunications company's profitability, Dow Jones Newswires
reports.

PCCW halted payouts when it took over Hongkong Telecom in August
2000.

According to PCCW spokeswoman Joan Wagner, the dividend will
have to be declared on distributable profit.

When PCCW announced a loss of HK$713 million in the first-half,
the company said it expected to be "cash-flow positive" in 24
months, and would start paying a dividend then.


QUINTALINUX LIMITED: Facing Winding Up Petition
-----------------------------------------------
Citibank N.A., whose registered office is situate at 50th Floor,
Citibank Tower, Citibank Plaza, 3 Garden Road, Central, Hong
Kong is seeking for the winding up of Quintalinux Limited.

The petition was filed on July 30, 2002 at the High Court of
Hong Kong, and will be heard before the said court on October
16, 2002 at 10:00 a.m.


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


BANK NIAGA: Commerce Asset Eyes More Stake
------------------------------------------
Commerce Asset-Holding Bhd, Malaysia's second largest banking
group, wants to buy an additional stake in Indonesia's Bank
Niaga once it completes a majority stake purchase, Reuters
reported Thursday.

"During conversations with Commerce...there was a desire (by
Commerce) to add to its ownership in Niaga. We will sell it
since IBRA will finish its job soon," deputy chairman of the
Indonesian bank restructuring agency (IBRA), I Nyoman Sender,
said.

He gave no concrete figures.

Commerce, which offered to buy Niaga at 26.5 rupiah a share, is
almost certain to win a 51 percent stake in mid-sized Niaga
after it recently passed a test conducted by Indonesia's central
bank.

Total proceeds from the majority stake sale have been estimated
at around 1.06 trillion rupiah ($117.7 million).

Currently, the government owns around 97 percent of Niaga.


INDOCEMENT TUNGGAL: Hopes To Raise $10.5M From Coal Mine Sale
-------------------------------------------------------------
PT Indocement Tunggal Prakarsa, Indonesia's second largest
cement producer, will raise $10.5 million from the sale of its
35 percent stake in coal-mining operation PT Indominco Mandiri
to PT Indo Tambangraya Megah, Dow Jones Newswires reports.

Indocement will also sell the remaining portion of its Indominco
stake to PT Centralink Wisesa. It did not state the exact amount
of shares to be sold to each company.

Indocement will use the proceeds to repay part of its debt.

Germany's Heidelberger Zement AG owns a 61.70 percent stake in
Indocement, while the Indonesian government holds a 16.87
percent stake. PT Mekar Perkasa, owned by the Salim Group, holds
a 13.47 percent stake, Japan's Marubeni Corp. controls 1.90
percent, and public investors hold a 6.06 percent stake.


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


DAIWA TOSHI: Court Sentences Three Executives
---------------------------------------------
The Osaka District Court sentenced three former executives of
failed securities firm Daiwa Toshi Kanzai to two to three years
in prison for defrauding clients through sales of securities
that were worthless, the Kyodo News reported Thursday.

The court sentenced former board member Hiromi Ogura, 67, to
three years in prison, Masahiro Adachi, 60, former President of
an affiliated firm, to two years in prison, and Kazuyoshi
Nakamura, 61, also a former board member, to two years in prison
suspended for five years.

The Daiwa Toshi Kanzai group collected 110 billion yen from
17,000 investors before it was declared bankrupt.


HOKKAIDO INTERNATIONAL: Will Write Off JPY1.6B Debt
---------------------------------------------------
The Hokkaido prefectural government has approved a resolution to
write off 1.609 billion yen in loans owed by the bankrupt
Hokkaido International Airlines, Kyodo News reported Friday.

The prefectural government, the airline's largest creditor, will
announce the write-off at a creditors' meeting at the Tokyo
District Court on November 6.


ISUZU MOTORS: Plans To Unveil Business Plan by November
-------------------------------------------------------
Isuzu Motors Limited is working out the details of its three-
year business plan with financial institutions and General
Motors (GM) before the end of November, Dow Jones reported
Friday.

Earlier this year, General Motors reduced its stake in Isuzu to
12 percent from 49 percent.

Isuzu shares fell 35 yen Thursday amid intensifying credit fears
in the broader market. Investors are wary that continued stock
market falls might reduce banks' ability to continue supporting
troubled borrowers.

Fitch said by participating in Isuzu's restructuring GM will not
only acquire valuable assets, but will also help ensure Isuzu's
continued participation in existing joint programs. These
include existing efforts in light and medium-duty trucks. One of
the more important of these programs is GM's upcoming mid-size
truck.

Developed in coordination with Isuzu, this truck represents a
strong move forward for GM's truck portfolio. These vehicles
(currently named the Chevrolet Colorado and the GMC Canyon) will
replace the existing Chevrolet S-10 / GMC Sonoma.
Similar in size to GM's current mid-size utilities and
possessing engines from the same architecture as the extremely
popular in-line six engine family, the increased size and
features of this new product will present much stronger
competition to trucks like the Ford Ranger, Dodge Dakota, Nissan
Frontier, and Toyota Tacoma.


ITOCHU CORP.: Tokyo Unit Falsely Labeled Imported Eel
-----------------------------------------------------
Itochu Fresh Corp, a unit of Itochu Corp, sold 100 tons of eel
imported from Taiwan falsely labeled as domestic, Kyodo News
reported Friday.

In January 2001, the unit packaged and falsely labeled the
imported eel as from Kagoshima Prefecture, and sold them to
restaurants and other businesses.


JAPAN HIGHWAY: Moody's Assigns A2 Rating to Y65B Bonds Due 2017
---------------------------------------------------------------
Moody's Investors Service assigned A2 ratings to Japan Highway
Public Corporation's (JH) Series 10 65-billion-yen Floating rate
senior secured bonds, due September 20, 2017. The rating outlook
is stable.

The government does not guarantee the bonds. The rating
assignment reflects Moody's belief that the Japanese Government
will continue to have strong incentive and willingness to
protect the position of JH's debtholders in an appropriate
manner.

JH is 100 percent owned by the government and its role is to
develop and operate a nationwide, high-quality motor transport
infrastructure, consisting of the national expressway network
and regional toll roads. The Ministry of Land, Infrastructure
and Transport is heavily involved in the supervision, planning,
budget, recoupment and funding of JH's operations.

Expressway construction costs tend to be expensive in Japan
reflected in JH's large amount of debt, long recoupment period,
and high toll rates relative to those of its counterparts in
other countries.

JH is highly dependent on funds from Japan's Fiscal Investment
and Loan Program (FILP) system. Moody's expects that difficult
fiscal conditions for the Japanese Government and its policy to
restrain FILP expenditure will be factors constraining the
overall available funding from FILP over the intermediate term.
Due to both its long recoupment period and its high debt level,
JH needs substantial annual refinancing. Nevertheless, Moody's
expects that the government will continue to ensure redemption
of JH's debt in an appropriate manner.

The Japanese Government launched a plan to privatize JH by March
2006 and discontinued capital injection to JH for the fiscal
year starting April 2002. During 2002, a third-party panel
(established under the cabinet) will examine the form of
privatization and the cost-efficiency of the projected
investment. Moody's notes that increasing focus on investment
returns to JH could have a positive impact on JH's overall
recoupment ability.

In Moody's view, privatization does not necessarily
significantly change the risk of debt holders. Moody's expects
that the importance of national expressway infrastructure will
not materially change and that JH will continue to play an
important role in Japan's expressway operation, apart from its
organizational structure. Therefore, the government will
continue to have incentive and willingness to maintain its
involvement in JH and to supervise its operations. Furthermore,
it is expected to provide regulatory protection and appropriate
funding support.

Nonetheless, development of the privatization scheme could
influence bondholders' position - especially the legal and
regulatory frameworks, JH's function in the national expressway
operation and its capital and cash flow structures. In this
context, Moody's will continue to monitor the progress of the
privatization discussion and its potential impact on
bondholders.

TCR-AP reported last week that Japan Highway Public Corp.
admitted to the government that it is essentially insolvent,
with liabilities exceeding assets by 7 trillion yen.

The Company said its huge deficit in fiscal 2001 was based on
private-sector accounting methods. It also said any further road
construction would have to be paid for by taxpayers.

The Company's total liabilities totaled 25 trillion yen, of
which 22.7 trillion yen was in the form of loans for completed
roads and 2.3 trillion yen in investment from the government.

For a copy of its 2001 financial report, go to
http://www.jhnet.go.jp/english/annual.pdf.


KENWOOD CORP: Merges Four Companies Into Kenwood USA
----------------------------------------------------
Kenwood Corporation 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.

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. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No.
202, October 11, 2002)


KUMAGAI GROUP: Cutting Debt to Y510B by End-March
-------------------------------------------------
Kumagai Gumi Co. will sell its New York skyscraper named
America's Tower to Paramount Group Inc. for 50 billion yen, Dow
Jones reported Friday.

The skyscraper is owned by its U.S. unit KG 11177 LLC.

The Company's stocks have been under pressure amid recent active
selling of banks and heavily indebted construction, retail and
real estate companies after Japan's Bank Minister Heizo Takenaka
vowed to take a harsher look at bank's loan books.

Kumagai's stock price has remained below 20 yen for the last
month.

The struggling midsize general contractor aims to cut its group
interest-bearing debt to 510 billion yen by the end of March
2003 from 580 billion yen in 2002.

In the first fiscal half through September, Kumagai reduced the
debt by 13 billion yen.

Kumagai will liquidate its two U.S. real estate subsidiaries,
Kumagai International USA Corp. and KG A&A LLC, following the
sale of the office building.

The group is in the process of rehabilitation, after receiving a
Y430-billion-loan waiver in fiscal 2000.


MITSUBISHI MOTORS: Trimming 700 Staff in Dutch Unit
---------------------------------------------------
Mitsubishi Motors Corporation (MMC) is planning to lay off 700
workers, or 16 percent of its current workforce at its Dutch
unit Netherlands Car BV (NedCar) by 2006, Ananova and AFX News
reported Friday.

Mitsubishi Motors Corporation has announced a number of
initiatives to renovate its domestic dealership network.

The reorganization process, due to start in January 2003,
centers on the consolidation of MMC's Galant and Car Plaza
dealerships into a single network, and is a key pillar of the
Company's corporate strategy to reposition and strengthen its
domestic operations.

Rating and Investment Information, Inc. (R&I) expects that
splitting off truck and bus operations of Mitsubishi Motors
Corporation will have a major impact on MMC's financial
structure and cash flow structure, and is therefore placing the
ratings on the Rating Monitor scheme. New ratings will be
announced after an investigation off actors such as the
distribution of liabilities after the split, the financial
condition of the rated Company, and its future earnings
potential.


KAWASAKI HEAVY: Merges Equipment Business With Kobe Steel
---------------------------------------------------------
Kobe Steel Limited and Kawasaki Heavy Industries Limited (KHI)
has entered a joint venture agreement to combine its marketing
and design portions of their crushing equipment business, Kyodo
News reported Friday.

The new venture is expected to begin operations July 1, 2003,
they said in a statement.

According to TCR-AP, KHI's earnings have been facing downward
pressure due to the recent depressed operating performance of
its motorcycle business and the ongoing decline in earnings from
domestic public-sector projects, citing the Moody's Investors
Service.

Moody's is especially concerned about the recovery of KHI's
motorcycle business, given the severe competitive environment.

To counter these problems, KHI has implemented structural
reforms, including the restructure of its unprofitable
businesses. Moody's expects that such measures, combined with
KHI's recent strategy of further emphasizing the areas in which
it is competitive, will help improve the Company's cost
structure and earnings stability, but not to the extent of the
historical level.

KHI's balance sheet is weak for its rating category, and the
rating has been supported by the Company's well-balanced
business portfolio. Moody's expects that KHI's financial
condition will remain weak over the intermediate term. However,
given the current management focus on debt reduction, Moody's
believes that KHI's overall financial profile will gradually
improve.


OKI ELECTRIC: Expects First-half Net Loss of JPY11.5B
-----------------------------------------------------
Oki Electric Industry Co. sees a group net loss of 11.5 billion
yen in the first half of this year ending September 30, versus a
loss of 8.5 billion yen estimated earlier, Kyodo News reported
Friday.

The electronics maker attributed the expansion in the loss to
drops in orders from Nippon Telegraph and Telephone Corporation
and other telecom services firms, as well as foreign exchange
losses stemming from the yen's appreciation.

Rating and Investment Information, Inc. (R&I) on June 14 has
downgraded Oki Electric Industry Co. Ltd.'s Long-term Credit
Rating to BB+ from BBB.

Although Oki Electric Industry Co., Ltd., has been implementing
a reconstruction plan since 1998, including steps such as
withdrawing from some operations and cutting staff, the
operational environment has been changing even faster than the
effects of these restructuring measures emerge, and there has
still been no underlying improvement in the earnings structure.

The firm also tabled a consolidated final loss for the March
2002 term, and financial structure is deteriorating.


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


BYUCKSAN CONSTRUCTION: Set to Graduate From Debt Workout Scheme
---------------------------------------------------------------
Byucksan Construction is set to finish a creditor debt-
rescheduling program about three months ahead of schedule,
Digital Chosun reported Friday.

The Company has been advised by the creditors of their plan to
move the firm ahead of schedule.

Byucksan was placed under the rescue program in December 1998,
but the Company has posted net profits in the three consecutive
years since 1999.

The construction Company is ranked 24th in construction
execution capacity in Korea, with 4 trillion won in backlogged
orders.


SEOUL BANK: Combines Online Banking With Hana
---------------------------------------------
Hana Bank and Seoul Bank are planning to combine their online
banking on October 21, the Maeil Business Newspaper reported
Friday.

The two banks also decided to consolidate branches in Hong Kong.

Online subscribers of the two banks now total 1.18 million, with
Hana holding 710,000 users.

The banks will not charge commission fees for users who use any
online banking transactions.

DebtTraders reports that Seoulbank's 3.791 percent floating rate
note due in 2006 (BKSE06KRN1) trades between 97 and 99. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BKSE06KRN1


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


ACTACORP HOLDINGS: Announces Director's Resignation
---------------------------------------------------
Actacorp Holdings Berhad said in a disclosure to the Kuala
Lumpur Stock Exchange that Dato' HJ Salamon Bin Selamat has
resigned as Independent & Non Executive Director of the Board,
effective 10 October 2002.

Reason for his resignation was not disclosed.


ACTACORP HOLDINGS: Enters Sale Agreement With Integrated Maker
--------------------------------------------------------------
Actacorp Holdings Berhad said in a disclosure to the Kuala
Lumpur Stock Exchange that it has on 10th October 2002 entered
into a conditional Share Sale Agreement with Integrated Maker
Sdn Bhd for the proposed disposal of the entire share capital of
500,000 ordinary shares of RM1.00 each in Intrasia for a total
consideration of RM360,000.

None of the Company's directors, major shareholders and/or
person connected with them has any interest, direct or indirect
in the proposed disposal.

The Actacorp Board has adopted a restructuring scheme, which
involves a share swap, disposal of the Company and incorporation
of a new company, and the settlement of debts amounting to RM25
million.


CHASE PERDANA: Appeals to Stay in Arbitration Proceedings
---------------------------------------------------------
Reference is made to Chase Perdana Berhad (CPB)'s announcement
made on 17 May 2002 pertaining to the material litigation of CPB
against Pekeliling Triangle Sdn Bhd (PTSB) vide High Court Suit
No. S5-22-408-2000 (Court of Appeal Civil Appeal No. W-02-532-
2001) (Federal Court Civil Application No. 08-30-2002).

The Board wishes to announce that on 2 October 2002, the Federal
Court has granted CPB application for leave to appeal to the
Federal Court against the decision of the Court of Appeal dated
26 March 2002.

On 9 October 2002, CPB has filed the notice of appeal in the
Federal Court. Simultaneously, on the same date, CPB has filed a
notice of motion to the Federal Court for the following:

a) A stay of the arbitration proceedings initiated by the 1st
Respondent until the disposal of the Company's appeal against
the decision of the Court of Appeal dated 26 March 2002; and

b) The 1st Respondent to be restrained from revoking, canceling
or in any way dealing with the bank guarantee dated 16 March
1995 until the disposal of the appeal.


KUALA LUMPUR INDUSTRIES: Awaits SC Nod for Restructuring
--------------------------------------------------------
Ailing Kuala Lumpur Industries Holdings Bhd (KLIH) anticipates a
decision from the Securities Commission (SC) for the corporate
and debt restructuring scheme to be forthcoming, the Bernama
newspaper reports.

KLIH submitted in early February this year its comprehensive
restructuring proposal, which involves a reduction of existing
100 shares to only one share, rights issue, offer for sale,
sales of The People's Insurance Company (M) Bhd (PICM) and
acquisition of Taman Equine (M) Sdn Bhd.

Chairman Tan Sri Datuk Wan Sidek Hj. Wan Abdul Rahman said the
Company depends on residual assets to pay off its expenses and
essential overheads such as salaries, Employees' Provident Fund,
water and electricity.

The group has accumulated losses of about RM915 million over the
years and presently its shareholders' funds is in deficit of
more than RM400 million.

Its current liabilities of nearly 1 billion ringgit include
short-term borrowings of RM420 million, claims
admitted/intimated but not paid of RM165 million and other
payables and accruals of RM322 million.


LAND & GENERAL: Completes Disposal of IRM Shares
------------------------------------------------
Commerce International Merchant Bankers Berhad on behalf of the
Board of Directors of Land & General Berhad (L&G) said that the
conditions precedent to the Share Sale Agreement dated 18
January 2001 between the Company and Kelbourne Resource Sdn Bhd
have been duly fulfilled on 10 October 2002.

The agreement was in respect of the disposal of L&G of its 100
percent equity interest in Industrial Resins (Malaysia) Berhad
(IRM), comprising 15 million ordinary shares of RM1.00 each for
the consideration of RM30 million.

Accordingly, the IRM disposal has been completed on 10 October
2002.


LION GROUP: SC Approves Appeal on Debt Rehab Exercise
-----------------------------------------------------
The Directors of the Lion Group wish to announce that, following
an appeal submitted by the Lion Group to the SC, the SC has
approved the Lion Group's appeal on certain terms and conditions
imposed by the SC:

1. The SC has waived its earlier condition that the issues
affecting the joint-venture operations of the Lion Group in the
People's Republic of China (PRC) (Items of Concern) must be
resolved prior to the implementation of the Proposed GWRS. The
aforesaid waiver is subject to:

1.1 LLB, ACB and AMB furnishing irrevocable written undertakings
to the SC that all necessary steps will be taken to resolve the
Items of Concern as soon as possible;

1.2 The relevant vendor(s) of sale shares or purchaser(s)
issuing consideration shares (Relevant Party) (where the Items
of Concern apply) are required to indemnify the affected
purchaser(s) or the vendor(s), as the case may be (Affected
Party) of all cost and losses incurred by the Affected Party in
the event that the Relevant Party fails to resolve the Items of
Concern prior to the implementation of the Proposed GWRS. Any
cost and losses incurred by the Affected Party within 24 months
from the date of implementation of the Proposed GWRS (Subject
Period) pending efforts by the Relevant Party to resolve the
Items of Concern shall be fully indemnified by the Relevant
Party. Further, in the event the Relevant Party is still unable
to resolve the Items of Concern after the Subject Period, any
future potential cost or losses to be incurred by the Affected
Party shall also be fully indemnified by the Relevant Party
immediately; and

1.3 LLB, ACB and AMB are required to report the status of the
Items of Concern in their quarterly and annual reports until all
the Items of Concern are fully resolved.

2. The SC has waived its earlier requirement that 5 percent
premium be added to the theoretical market price of the new LCB
shares to be attached to the LCB Bonds to be issued by LCB to
the ACB group of companies (Subject LCB Shares) in settlement of
the purchase consideration for the proposed acquisition by LCB
of 40 percent equity interest in Megasteel Sdn Bhd and 50.45
percent equity interest in LLB, subject to a minimum issue price
of RM1.05 each. Instead, the SC has approved LCB's proposal to
fix the issue price of the Subject LCB Shares without any
premium, subject to the minimum issue price of RM1.00 per share.

3. The SC has waived its earlier condition that all loss making
operations of the AMB group of companies (AMB Group), including
companies operating in the PRC, must be divested within 2 years
after the Proposed GWRS has been approved by all relevant
parties. The aforesaid waiver is subject to:

3.1 AMB disclosing to its shareholders, inter alia, the details
of all loss making operations of the AMB Group and the steps
which have been taken or will be taken by AMB to turn around the
loss making operations of the AMB Group (Restructuring
Exercise);

3.2 AMB is required to report, inter alia, (i) the status and
progress of the Restructuring Exercise in its quarterly and
annual reports until all loss making operations of the AMB Group
have been fully divested; and (ii) an assessment by the
Directors of AMB in its annual report as to whether the
Restructuring Exercise is progressing as planned or an early
disposal shall be effected by the Directors of AMB to dispose of
the relevant loss making company.

4. The SC has waived its earlier requirement for a moratorium on
disposal of 50% of the new AMB shares to be issued for the
proposed acquisition of shares in Silverstone Berhad from
certain vendors namely LCB, Limpahjaya Sdn Bhd and Posim Berhad
(Disposal Moratorium). Instead, the SC has approved AMB's
proposal for the Disposal Moratorium previously imposed on the
AMB shares to be received by LCB, Limpahjaya Sdn Bhd and Posim
Berhad, to be imposed on ACB.

5. With regard to the proposed acquisition of 83.7 percent
equity interest in Posim Berhad by the LLB group of companies
(LLB Group), the SC has earlier required the LLB Group to comply
with the public shareholding spread requirement as stipulated in
the SC's Guidelines on Issue/Offer of Securities. However, the
SC has considered LLB's proposal and approved the shortfall in
the public shareholding spread of Posim Berhad to be addressed
within 6 months from the date of implementation of the Proposed
GWRS.

The Board of Directors of LCB, LLB, ACB and AMB shall be
deliberating on the SC's approvals set out above and conditions
imposed by the SC. Accordingly, an appropriate announcement
would be made in due course following the conclusion of the
Board of Directors' meeting of LCB, LLB, ACB and AMB.


MALAYSIAN PLANTATIONS: Announces Deregistration of Dormant Unit
---------------------------------------------------------------
Further to the announcement of Malaysian Plantations Berhad
dated 27 February 2002 in relation to a subsidiary of the
Company, Alliance Merchant Asset Management Sdn Bhd (AMAM)'s
application to the Registrar of Companies (ROC) to strike off
its name from the Register of ROC pursuant to Section 308(4) of
the Companies Act, 1965, the Company wishes to announce that
AMAM has been struck off from the Register of ROC (now known as
Companies Commission of Malaysia).

Accordingly, AMAM has ceased to be a subsidiary of the Company.


MALAYSIAN RESOURCES: Proposed Share Disposal Gets Approval
----------------------------------------------------------
On behalf of the Board of Directors of Malaysian Resources
Corporation Berhad (MRCB), Commerce International Merchant
Bankers Berhad (CIMB) is pleased to announce that the Securities
Commission (SC) has via its letter dated 9 October 2002 approved
the Proposed Disposal of 105,127,000 ordinary shares of RM1.00
each in Rashid Hussain Berhad (RHB) for a total cash
consideration of RM504,609,600 subject to the following
conditions:

(i) Full disclosure of the basis for determining the disposal
price in the circular to shareholders of MRCB;

(ii) The approval of the SC is required for any changes to the
proposed utilization of the proceeds from the Proposed Disposal
as set out below;

                                            RM'million
Repayment of bank borrowings                  454.1
Working capital (including RM500,000
for estimated expenses)                        50.5
TOTAL                                         504.6

(iii) Any extension of time for the said utilization of the
proceeds must be approved by a Board resolution and must be
fully disclosed to the Kuala Lumpur Stock Exchange ("KLSE");

(iv) Appropriate disclosure in relation to the status of the
utilization of proceeds from the Proposed Disposal must be made
in the Quarterly Report and Annual Report of MRCB until the said
proceeds are fully utilized; and

(v) Full compliance with the provisions in relation to the
implementation of the Proposed Disposal as stipulated under the
Policies and Guidelines on Issue/Offer of Securities issued by
the SC.

Further, CIMB and MRCB are required to provide written
confirmation on the compliance of all terms and conditions that
has been approved after the completion of the Proposed Disposal.


MGR CORPORATION: MITI Okays Proposed Restructuring Scheme
---------------------------------------------------------
AmMerchant Bank Berhad, on behalf of MGR Corporation Berhad
(Special Administrators Appointed) wishes to announce that the
Ministry of International Trade and Industry (MITI) has in its
letter dated 8 October 2002 approved the Proposed Restructuring
Scheme, as proposed, subject to the surrender of the
manufacturing license by the Company and its subsidiaries,
Parakaya Plywood Sdn Bhd and Kimanis Bay Timbers Sdn Bhd to the
Malaysian Industrial Development Authority.

The Company will be appeal to the MITI on the condition imposed.

The Foreign Investment Committee (FIC) had in August approved
the Proposed Restructuring Scheme, as proposed, subject to Crest
Builder Holdings Berhad increasing its Bumiputera equity
interest to at least 30 percent upon its listing on the Kuala
Lumpur Stock Exchange.


RENONG BERHAD: Aims to Raise RM400M Through Private Placement
-------------------------------------------------------------
Renong Bhd aims to raise RM400 million through a private
placement measure to prevent its shareholders' fund from being
in deficit, pending finalization of a longer-term plan to turn
around the Renong Group's business, Bernama reports.

"Should there be no buyer for the RM400 million worth of private
placement share at the par value of 50 sen each, United
Engineers (Malaysia) Bhd (UEM), Renong's major shareholder, will
take up the remaining shares not subscribed," executive vice
chairman Abdul Wahid Omar said.

"If UEM is to take up all the private placement shares, it will
end up with a shareholding of 48 percent in Renong," Abdul Wahid
said.

The private placement shares is based on the current market
share price or par value of 50 sen.

Should the market value falls below the par value of 50 sen, the
share price would be based on the par value of 50 sen.

Renong incurred a loss after taxation and minority interest of
RM101.0 million for the quarter ended June 30, 2002 of which
RM89.2 million relates to finance costs.

The group continues to incur losses due to substantial finance
cost from the Renong SPV bond.


RENONG BERHAD: Gains 5.1% After United Engineers' Cash Injection
----------------------------------------------------------------
Shares of Renong Bhd rose as much as 5.1 percent after state-
owned United Engineers Malaysia Bhd., which owns 31 percent of
Renong, agreed to inject more money into the company to revive
its financial health.

According to a Bloomberg report, United Engineers also agreed to
take up any of the rights offer shares that are not acquired by
other Renong shareholders.


RHB CAPITAL: Shareholders Give Nod EGM Resolutions
--------------------------------------------------
AmMerchant Bank Berhad is pleased to announce that the
shareholders of RHB Capital have approved all the resolutions
contained in the Notice of EGM dated 25 September 2002 at the
Extraordinary General Meeting (EGM) held on 10 October 2002.

AmMerchant Bank is also pleased to announce that at the EGM of
Rashid Hussain Berhad (RHB) and at the EGM and Court Convened
Meeting (CCM) of RHB Sakura held on even date, the shareholders
of the respective companies have also approved all the
resolutions tabled at their respective EGM and CCM.

In addition, AmMerchant Bank is further pleased to announce that
the Securities Commission (SC) has by its letter dated 9 October
2002 approved the Proposed Group Restructuring Scheme subject to
the following conditions:

(a) In relation to utilization of proceeds by RHB and RHB
Capital:

(i) the approval of the SC is required for any change in the
utilization of proceeds by RHB and RHB Capital if the change in
utilization results in the proceeds being utilized for purposes
other than the core businesses of RHB and RHB Capital;

(ii) the approval of the shareholders of RHB and RHB Capital is
required for any change in utilization of proceeds amounting to
25% or more. For changes in the utilization of proceeds
amounting to less than 25%, appropriate disclosure must be made
to the shareholders of RHB and RHB Capital respectively;

(iii) any extension of time for the utilization of proceeds by
RHB and RHB Capital must be approved by the Board of Directors
of RHB and RHB Capital respectively and full disclosure must be
made to the Kuala Lumpur Stock Exchange (KLSE);

(iv) appropriate disclosures must be made in the quarterly
report and annual report of RHB and RHB Capital in relation to
the status of the utilization of proceeds until the proceeds
have been fully utilized.

(b) Appropriate disclosures of the following in the circulars to
shareholders of RHB and RHB Capital:

(i) steps to be taken to comply with Practice Note 16 (Paragraph
2.3) of the Guidelines on Unit Trust Funds.

(ii) details of bank borrowings and adjusted gearing (after
taking into account the issuance of RHB Bank Tier II
subordinated debt and RHB Sakura Sub-Debt) and the future plans
to address the high gearing of RHB.

The above mentioned disclosures have been made in the circulars
to shareholders of RHB and RHB Capital dated 25 September 2002
respectively.

(c) Approvals of the shareholders of RHB, RHB Capital, RHB Bank
and RHB Sakura which save and except for the approval of
shareholders of RHB Bank have been obtained on even date;

(d) SC's approval for the issuance of the RHB Bank USD Sub-Debt,
RHB Capital Bonds and RHB Sakura Sub-Debt;

(e) SC's approval for the issuance of the proposed issuance of
USD200 million nominal value 10-year non callable 5-year RHB
Bank Tier II subordinated bonds (RHB Bank USD Sub-Debt),
proposed issuance of RM500 million in aggregate nominal value of
RHB Capital's redeemable unsecured serial fixed rate bonds (RHB
Capital Bonds) and the proposed issuance of RM165 million
nominal value of RHB Sakura Tier II subordinated-debt (RHB
Sakura Sub-Debt) which are lead managed by ABN AMRO Bank Berhad;
and

(f) RHB and RHB Capital are required to make monthly reports to
the SC in relation to the status of compliance with Practice
Note 16 (Paragraph 2.3) of the Guidelines on Unit Trust Funds.

In addition, the SC has also approved the extension of time of
six (6) months for RHB Group to comply with Practice Note 16 of
the Guidelines on Unit Trust Funds in relation to RHB Capital's
100% equity interest in RHB Unit Trust Management Berhad
(through its 100% equity interest in RHB Sakura) and 34.3%
equity interest in CMS Trust Management Berhad (CMST) (through
its 70% equity interest in RHB Bank Berhad and RHB Bank's 49%
equity interest in CMST) following the completion of the
Proposed Group Restructuring Scheme. For information, Paragraph
2.3 of the said Practice Note provides that a holding company of
a unit trust management company shall not hold more than 20% of
the voting shares in another unit trust management company.

With the above mentioned approvals, the Proposals are now
conditional upon the following:

1) approval of the SC for:
(a) the conversion of the existing operations of Straits
Securities Sdn Bhd into a branch of RHB Securities Sdn Bhd
(formerly known as Rashid Hussain Securities Sdn Bhd) (RHS)
(b) the proposed transfer securities and securities related
business entities from RHB Capital to RHB Sakura save for 100%
equity interest in RHB Management Services (Jersey) Ltd from RHB
Capital to RHB Sakura;

2) sanction of the High Court of Malaya in relation to the
Proposed SOA;

3) approval of the shareholders of RHB Bank Berhad for the
Proposed Acquisition of Bank Utama, the Proposed Transfer and
Acquisition of RHB Leasing and the Proposed Transfer of RHBCP;

4) approval of the shareholders of Utama Banking Group Berhad
and Cahya Mata Sarawak Berhad in relation to the Proposed
Acquisition of Bank Utama;

5) approval of MOF via SC for the proposed transfer of 100%
equity interest in RHS from RHB Capital to RHB Sakura; and

6) approval of KLSE for:
(i) the admission to the Official List and the listing of and
quotation for the RHB Irredeemable Convertible Unsecured Loan
Stocks-A (RHB ICULS-A), RHB Irredeemable Convertible Unsecured
Loan Stocks-B (RHB ICULS-B) and the new RHB shares to be issued
upon conversion of RHB ICULS-A and RHB ICULS-B, on the Main
Board of the KLSE pursuant to the Proposed Acquisition of Bank
Utama;

(ii) for conversion of the existing operations of Straits
Securities Sdn Bhd into a branch of RHS; and

(iii) for the proposed transfer of 100% equity interest in RHS
from RHB Capital to RHB Sakura.

The Company expects to complete the proposals in December 2002.


SASHIP HOLDINGS: Court Moves Hearing to November 19
---------------------------------------------------
Further to the announcement made on 10 September 2002 on Summons
no.: 8-52-11509-02 in Kuala Lumpur Session's Court of Powermatic
Sdn Bhd (PSB), 99 percent subsidiary of Saship Holdings Berhad
(SHB) initiated by the Petitioner, Saft Sdn Bhd (formerly known
as Saft Nife Power Systems Sdn Bhd) for the sum of RM99,073.40,
the Board of Directors of SHB wishes to inform that the Court
has adjourned the hearing date to 19 November 2002 for the above
Summons.

PSB has been sued by CTI Resources Sdn Bhd, on which a Judgment
in Default of Appearance was entered for the sum of RM34,220. A
demand notice on the outstanding judgment sum was received on 20
November 2001. PSB has received a sealed copy of the petition
for Winding Up in the High Court of Malaya initiated by CTI.


SIME DARBY: Servitel Completes Disposal of Palmco Holding
---------------------------------------------------------
Sime Darby Berhad wishes to announce that its wholly owned
subsidiary, Servitel Development Sdn. Bhd., has completed on
Thursday the disposal of 23,738,316 ordinary shares of RM1.00
each in Palmco Holdings Berhad, representing 11.77 percent of
Palmco's existing issued and paid-up share capital, to IOI
Corporation Berhad for a consideration of RM109,196,253.60 or
RM4.60 per share.

With the disposal, Servitel now holds 44,370,684 ordinary shares
in Palmco, representing 22.00 percent of Palmco's existing
issued and paid-up share capital.


TAI WAH: MITI Okays Unit's Sale to Ramatex
------------------------------------------
Ramatex Berhad has obtained the approval from the Ministry of
International Trade and Industry (MITI) via its letter dated 8
October 2002 for the proposed acquisition of the entire interest
in Tai Wah Garments Industry Sdn Bhd, a wholly owned subsidiary
company of Tai Wah Garments Manufacturing Berhad (TWGM).

However, the proposed acquisition of land and buildings of TWGM
is still pending for approval from the Foreign Investment
Committee.

Early this month, TCR-AP reported that the Kuala Lumpur Stock
Exchange (KLSE) has vide its letter dated 24 September 2002
rejected TWGB's application for the extension of time until 30
September 2002 to make its requisite announcement regarding the
Phase 2 of its revised Restructuring Scheme by 31 October 2002.


TAT SANG HOLDINGS: Finalization of Restructuring Plan Ongoing
-------------------------------------------------------------
Tat Sang Holdings Berhad (TSHB) had on 17 September 2002 made on
announcement that it is an affected listed issuer pursuant to
Practice Note 4/2001 (PN4/2001) issued by the Kuala Lumpur Stock
Exchange.

Pursuant to paragraph 4.1(b), TSHB is required to make monthly
announcement on the status of its plan to regularize its
financial condition.

The Board of Directors wishes to announce that the Company is
still in the midst of finalizing its restructuring plan to
regularize the financial position of TSHB Group.

A comprehensive announcement will be made to the Exchange upon
finalization of the proposed restructuring plan.


TELEKOM MALAYSIA: Meeting With Celcom to Decide on Merger
---------------------------------------------------------
Telekom Malaysia Bhd's loss-making unit TM Cellular Sdn Bhd
(TMTouch) will meet with Celcom (Malaysia) Bhd on October 15 to
decide on the merger of their respective cellular operations.

Celcom is the cellular phone arm of Technology Resources
Industries Bhd (TRI).

Azzat Kamaluddin, chairman of Celcom's independent committee,
said that the valuation process of the proposed merger of their
cellular operations has been completed.

Under a merger timetable, the two parties are required to sign a
sale and purchase agreement by October 29.


TENAGA NASIONAL: Resolutions Get Approval From Shareholders
-----------------------------------------------------------
Commerce International Merchant Bankers Berhad said in a Kuala
Lumpur Stock Exchange disclosure that the shareholders of Tenaga
Nasional Berhad had, at the EGM held on 10 October 2002,
approved the resolutions on the proposed issue of five-year
unsecured Convertible Redeemable Income Securities (CRIS), and
five-year Guaranteed Exchangeable Bonds.

Earlier, the shareholders have also approved a plan to sell $500
million of convertible bonds to global investors within six
months.

Tenaga's new management team is actively restructuring debt,
which is expected to reduce interest costs and foreign exchange
risk, and extend debt maturities. Although proceeds from asset
sales should reduce debt over time, overall debt might increase
to finance future generation, distribution, and transmissions
expansion.

Tenaga has a cash balance of Malaysian ringgit (RM) 967 million
(US$255 million) and unused credit facilities of RM2.4
billion as of June 30, 2002. These resources should be
sufficient to address near-term debt repayments of RM1.1
billion.

Debts maturing over the next four years total about RM7.7
billion.


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


DIGITAL TELECOMMUNICATIONS: NEC Declares Firm in Default
--------------------------------------------------------
Digital Telecommunications Philippines, Inc. (DIGITEL) received
a facsimile copy of a letter dated October 8, 2002 from Clifford
Chance LLP representing NEC Corporation (NEC) declaring DIGITEL
in default of certain provisions of the Supply Contract dated
July 8, 1999 between DIGITEL and NEC.

The Notice of Default was issued after DIGITEL had given NEC a
letter dated October 3, 2002 citing material violations of the
terms and conditions of the Supply Contract by NEC, which
include among others the delay in the delivery of contracted
subscriber lines; the intermittent and unreliable performance of
the Wireless Local Loop System; the failure to post the
performance bond; and failure to turn-over certain permits
clearances and other government requirements, and demanding that
the same be rectified within five (5) days from receipt of said
letter.

The Notice of Default was also issued after the parties failed
to come to an agreement to resolve their respective issues in
relation to the said Supply Contract. DIGITEL had stopped the
payment of the last three installment payment that fell due for
both principal and interest amounting to US$51,924,052.00
covering the period October 2001 to October 2002 precisely
because of NEC's violation of the supply Contract which remained
unremedied to this date.

As a consequence of said Notice of Default, NEC had accelerated
the payment date of the total contract value and demanded the
payment of the total principal amount of US$220,442,431.12
together with accrued interest of US$14,581,217.71 and overdue
interest of US$1.952,756,76.

DIGITEL will vigorously contest the said Notice of Default and
will pursue all legal options available to resolve the issues
between the parties, and shall accordingly inform the Honorable
Commission of the course of action taken on this matter.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_digitel1011.pdf


METRO PACIFIC: Ayala Finalizes Acquisition Deal
-----------------------------------------------
An unnamed "well-placed" source told the Manila Standard that
the group of Ayala Land Inc and businessman Jose Campos may
finalize a deal to acquire a controlling interest in Bonifacio
Land Corp from Metro Pacific Corp before the year ends.

The source said while negotiations among the parties are
ongoing, there are indications "it will be a done deal" for the
Ayala Land-Campos group "before the end of the year."

Yesterday, Ayala Land said it has not yet reached any agreement
with any parties on the extent of its possible participation in
ongoing development projects in Bonifacio Land's Fort Bonifacio
Global City.

Metro Pacific said it is still in talks with several parties,
including the Ayala Land-Campos group, on various debt
reductions, restructuring and development opportunities in the
Global City. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No.
202, October 11, 2002)


NATIONAL POWER: Holds Auction for PhP4.3B Coal Supply Contracts
---------------------------------------------------------------
The National Power Corporation (Napocor) will hold public
auctions between November and January for 4.3 billion pesos
worth of coal supply contracts, the Philippine Daily Inquirer
reported Friday.

The state-run Company will buy 2.67 million metric tons of coal
for its power plants in the provinces of Pangasinan, Zambales,
Quezon and Cebu, the paper said.

Auctions will be held on November 8 and 29 and on December 13
for three contracts, each for the supply of 325,000 metric tons
of coal for Napocor's 1,200-megawatt plant in Sual town in
Pangasinan and 600-megawatt plant in Masinloc town in Zambales.

Also on December 13 will be an auction for the supply 70,000
metric tons of coal for Napocor's 105-megawat plant in Naga town
in Cebu.

A fourth contract for the Sual plant would be auctioned off on
January 10. The contract would be good for two years, with
325,000 tons will be delivered for each year.

The report said Napocor is planning to secure supplies for its
700-megawatt plant in Pagbilao town in Quezon Province through
government-to-government deals.


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


BOUSTEAD SINGAPORE: Survitec Acquires Unit for S$14.35M
-------------------------------------------------------
The Board of Directors of Boustead Singapore Limited has entered
into a conditional agreement dated 10th October 2002 with
Survitec Group (Singapore) Pte Ltd to dispose of all of its
shares in its wholly owed subsidiary, W.H. Brennan & Company
(Pte) Ltd (WHB), for a cash consideration of S$14,350,000.00.

The consideration for the proposed disposal was negotiated on a
"willing buyer willing seller" basis between the parties and has
been agreed to after arm's length negotiations.

The proposed disposal of WHB is, amongst others, conditional
upon the following conditions being satisfied by 10 January 2003
or such other date as the parties may agree:

(a) the Company having obtained the approval of its shareholders
at a general meeting to enter into and implement the Agreement
in the manner described in or contemplated by the Agreement;

(b) the completion of the transfer of the fire safety, marine
safety, ATS electronics and marine leisure divisions of BSPL
from BSPL to WHB (Business Transfers);

(c) the completion of the transfer of all the shares in
Associated Technical Services Pte Ltd (ATS) by the Company to
WHB (ATS Transfer); and

(d) the capitalization of all amounts owed by WHB:

(i) to the Company in respect of a loan given by the Company to
WHB and the ATS Transfer; and

(ii) to BSPL in respect of the ATS Transfer and the Business
Transfers.

WHB is a private limited Company incorporated in Singapore on 14
October 1947 and is engaged in the marketing, servicing and
assembling of marine, aviation and fire safety, survival and
rescue equipment, maintenance and re-certification services and
supplies and the undertaking of general agency business. ATS is
a private limited Company incorporated in Singapore on 8 October
1996 and is currently dormant.

The businesses of BSPL to be transferred to WHB are as follows:
(a) the sale, distribution and servicing of marine safety
equipment such as inflatable life rafts, pyrotechnics and life
vests; (b) the design, supply, installation and commissioning of
fire protection systems for use on board ships, offshore
platforms and for land based applications and the servicing of
marine fire safety equipment on board vessels and special hazard
systems used on land; (c) the sale and maintenance of marine
electronics and telecommunication equipment such as satellite
communication equipment, echo sounders, and gyrocompasses; and
(d) the sale and servicing of marine leisure products such as
personal water crafts, sailing boats, out board motors and life
jackets.

The proposed disposal of WHB is part of the on-going overall
restructuring efforts of the Boustead Group to enhance
shareholder value and to refocus management resources on the
core businesses of the Group. The Group intends to concentrate
on developing its engineering and information technology
businesses and the businesses of WHB no longer fit into the
Group's overall strategy. The proposed disposal of WHB therefore
represents a divestment of non-core assets as part of the
Group's plans to rationalize its businesses.

It is intended that the net proceeds of approximately S$14.2
million, after taking into account the estimated expenses to be
incurred in connection with the proposed disposal of WHB, be
applied towards repayment of bank borrowings and working
capital.

Based on the audited consolidated accounts of Boustead and its
subsidiaries for the financial year ended 31 March 2002 (FY
2002) and the audited accounts of WHB for the same year, the net
book value of WHB (including the assets to be transferred to
WHB, as described in the conditions above) is S$10.5 million and
the net tangible asset value is the same at S$10.5 million. The
operating profit before income tax attributable to WHB based on
its audited accounts for FY 2002 is S$1.1 million.

The Group expects to record a gain in the current financial year
of approximately S$3.9 million arising from the proposed
disposal of WHB.

The proposed disposal outlined above is expected to have the
following financial effects on Boustead:

(a) the net tangible asset per share of Boustead will be
increased from S$0.24 to S$0.26, assuming that the proposed
disposal had been effected at the end of FY 2002;

(b) the loss per share of Boustead will be increased from
S$0.029 to S$0.031, assuming that the acquisitions had been
completed at the beginning of FY 2002.

None of the Directors of Boustead, or, as far as Boustead is
aware, its controlling shareholders, has any interest, direct or
indirect, in the proposed disposal of WHB.


CHARTERED SEMICON: Adjusts Convertible Notes' Price
---------------------------------------------------
In connection with Chartered Semiconductor Manufacturing Ltd.'s
previously announced rights offering on October 10, 2002, the
Company delivered an Officers' Certificate to the trustee under
its 2.50 percent Senior Convertible Notes Due 2006 relating to
the adjustment of the conversion price of the notes as a result
of the rights offering.

Based on the number of ordinary shares issued (directly or in
the form of ADS's) in the rights offering, the conversion price
has been adjusted from S$6.5170 per share (equivalent to
approximately US$36.3611 per ADS, based on a fixed exchange rate
of US$1.00 = S$1.7923, and the ordinary share-to-ADS ratio of
10:1) to S$4.7980 per share (equivalent to approximately
US$26.7701 per ADS). The adjustment is effective retroactively
as of September 18, 2002, which was the books closure date for
the rights offering.

For a copy of the Officers' Certificate dated October 10, 2002
and its Exhibit 99.1, go to
http://bankrupt.com/misc/TCRAP_charteredsemicon1011.pdf


CHARTERED SEMICONDUCTOR: Lists New Shares in SGX
------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. said 1,109,623,763
new ordinary shares were allotted and issued on October 10,
2002, pursuant to the eight-for-ten renounceable rights offering
by the Company and that the Company has received the proceeds in
respect of such new ordinary shares.

The new ordinary shares will be listed and quoted on the
Official List of the Singapore Exchange Securities Trading
Limited (SGX) with effect from 9.00 a.m. (Singapore time) on
October 11, 2002 and the new ordinary shares in the form of
American Depositary Shares 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: Posts Notice of Director's Interest
------------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. posted a notice of
changes in Director Premod Paul Thomas' interest:

Date of notice to Company: 10 Oct 2002
Date of change of shareholding: 10 Oct 2002
Name of registered holder: Premod Paul Thomas
Circumstance(s) giving rise to the interest: Others
Please specify details: Allotted shares pursuant to the exercise
of rights to subscribe for new shares under Chartered's rights
offering

Shares held in the name of registered holder
No. of shares of the change: 14,400
Percentage of issued share capital: 0.00057
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$1.00
No. of shares held before change: 18,000
Percentage of issued share capital: 0.00072
No. of shares held after change: 32,400
Percentage of issued share capital: 0.0013

Holdings of Director including direct and deemed interest

                                   Deemed     Direct
No. of shares held before change:    0        18,000
Percentage of issued share capital:  0        0.00072
No. of shares held after change:     0        32,400
Percentage of issued share capital:  0        0.0013
Total shares:                        0        32,400


FLEXTECH HOLDINGS: Closing Register of Loan Stockholders
--------------------------------------------------------
Flextech Holdings Limited, pursuant to the terms of issue of the
$22,000,000 Principal Amount of 2.25 percent Unsecured Loan
Stock Due 2002 (Loan Stock 2002), the interest on the Loan Stock
2002 will be paid on 23 October 2002 for the period 24 April
2002 to 23 October 2002 (both dates inclusive).

Notice is hereby given that the Register and Transfer Books of
Loan Stockholders of the Company will be closed on 18 October
2002 for the purpose of determining persons entitled to the
payment of interest on the Loan Stock 2002 on 23 October 2002.

Duly completed transfers of the Loan Stock 2002 received by the
Company's Registrar, Lim Associates (Pte) Ltd, 10 Collyer Quay
#19-08, Ocean Building, Singapore 049315 up to 5.00 p.m. on 17
October 2002 will be registered for this purpose.

INTEREST WITHOUT TAX DEDUCTION

Singapore income tax at 15 percent is deductible from interest
paid on the Loan Stock 2002 to holders thereof not known to the
Company to be resident in Singapore for income tax purposes.

If you are resident of Singapore for income tax purposes and
wish to receive interest on your Loan Stock 2002 without any tax
deductions, you should submit to Flextech Holdings Limited, c/o
The Company's Registrar (if you hold Loan Stock certificate) or
The Central Depository (Pte) Ltd (CDP) (if you are the
Depositor) not later than the close of business on 17 October
2002 a Declaration duly completed, and signed before a witness.
The Declaration is not a Statutory Declaration and therefore
need not be signed before a Commissioner for Oaths.

If you are a body corporate and are holding Loan Stock 2002 as a
nominee, you should together with your Declaration, submit to
the Company's Registrar (if you hold Loan Stock certificate) or
the CDP (if you are a Depositor) a Letter of Undertaking.

If you are entitled to the Loan Stock 2002 interest, and have
not received the form, you may obtain a copy from the CDP. If
your Declaration is in order, the interest due on your Loan
Stock 2002 on 23 October 2002 will be paid to you without
taxation.

In August, TCR-AP reported that the shares of the Company
declined S$0.015 or 6.38 percent at a new all time low of 0.22
on concerns that it may have difficulties in raising funds to
meet debt payments.

Flextech Holdings will continue in its efforts towards raising
funds for additional working capital and further reduction of
bank borrowings.

For inquiries, contact Flextech Holdings Limited's Marcus Kok at
telephone 6295-3433.


INTRACO LIMITED: Unit Enters Voluntary Liquidation
--------------------------------------------------
The Board of Directors of Intraco Limited announced that Hexa
Timber (S) Pte Ltd, a dormant subsidiary of the Company, has
been placed in members' voluntary liquidation on October 7,
2002.

The above liquidation is not expected to have any material
effect on the net tangible assets and earnings per share of the
Intraco Group for the financial year ending 31 December 2002.

According to an earlier report from TCR-AP, the High Court of
Singapore has approved the Capital Reduction of Intraco Limited
on July 2, 2002 following the filing of an office copy of the
Court Order with the Registrar of Companies and Businesses in
Singapore.

On the Effective Date, the nominal amount of all shares in the
capital of Intraco, both issued and unissued, has been reduced
from S$1.00 to S$0.50.


ISOFTEL LIMITED: Posts Change in Shareholder's Interest
-------------------------------------------------------
Isoftel Limited posted a notice of changes in substantial
shareholder Au Sai Chuen's interest:
  
Date of notice to Company: 10 Oct 2002
Date of change of deemed interest: 09 Oct 2002
Name of registered holder: Citibank Nominees (Singapore) Pte Ltd
Circumstance(s) giving rise to the interest: Sale initiated by
financial institution to meet obligations

Shares held in the name of registered holder
No. of shares of the change: 20,000
Percentage of issued share capital: 0.009
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$0.045
No. of shares held before change: 39,938,000
Percentage of issued share capital: 17.45
No. of shares held after change: 39,918,000
Percentage of issued share capital: 17.441

Holdings of Substantial Shareholder/Director including direct
and deemed interest
                                       Deemed     Direct
No. of shares held before change:    39,938,000   25,000
Percentage of issued share capital:     17.45      0.01
No. of shares held after change:     39,918,000   25,000
Percentage of issued share capital:     17.441     0.01
Total shares:                        39,918,000 25,000

Percentage of shareholding calculated based on 228,868,152
shares in issue as of October 10, 2002.

TCR-AP reported earlier that Isoftel Ltd revealed a net loss of
S$29.062 million in the fiscal year 2001 against a profit of
294,000 in 2000.

The Board of Directors announced in September 2001 that the
first half-year results of the Company and Group are expected to
be worse than anticipated. The businesses of the Company and
Group, faced with significant slowdown in the telecommunications
industry, more particularly, in the US and Asian markets, have
declined substantially in the last 2 quarters.

The Group also is facing the growing trend of delayed
investments from customers who, in anticipation of the continued
worsening economic situation, have opted for prudence and prefer
to defer any new expansionary investment plans.


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


KARAT SANITARYWARE: Kohler Bids Bt40.70/Share for 19.33% Stake
--------------------------------------------------------------
Kohler Co. of the U.S.A. has offered a tender price of Bt40.70
per share for 9.12 million ordinary shares or 19.33 percent of
Karat Sanitaryware Public Company Limited, the Nation newspaper
reported.

The tender offer period of 45 business days runs from October 7
to December 11, 2002, both days inclusive, from 9am to 4.30pm on
every business day.

In September, Karat Sanitaryware signed a Refinancing Loan
Agreement and Land Sale and Purchase Agreement with Kohler,
where Tranche A totals US$17.50 Million and Tranche B US$650
Million.
           
Karat Sanitaryware produces sanitaryware such as bathtub, septic
tank, grease trap, water tank and air pump under the tradename
of YASUNAGA.


TPI POLENE: Plummets on News of Creditor Meeting Cancellation
-------------------------------------------------------------
TPI Polene tumbled 5.6 percent to end at THB13.50 on news that
the central bankruptcy court canceled last Wednesday a hearing
to mediate between the cement maker and its creditors.

TCR-AP reported earlier that the court delayed until November a
hearing on whether Effective Planners, which represents
creditors of Thai Petrochemical Industry Plc (TPI), will be
removed as its debt planner, after a Tuesday hearing failed to
reach a decision.

Judge Kamol Teeravetponkul said the court would hold a hearing
on the case from November 5 until December 17.

Siam City Cement has been in talks to acquire TPI Polene.




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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                 *** End of Transmission ***