TCRAP_Public/021017.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 17, 2002, Vol. 5, No. 206

                         Headlines

A U S T R A L I A

AMP LIMITED: SSB Welcomes Restructuring of U.K. Operations
COLES MYER: Goldman Sachs Keeps Rating at Neutral


C H I N A   &   H O N G  K O N G

ASIA GLOBAL: In Talks With NEC, KDDI on Default
ASIA GLOBAL: Posts Unaudited Second, Third Quarter Results
GOLDEN SPRINGINDUSTRIES: Facing Winding Up Petition
GREAT WALL ASSET: Goldman Sachs Buys Assets for CNY8B
HANG SHING FASHION: Winding Up Petition Slated for November

LIK KA FUNG COMPANY: Hearing of Winding Up Petition Set
MANNICON TRANSPORTATION: Winding Up Petition Set for Oct 31
SURE WIN PRODUCTION: Winding Up Petition Pending

* Moody's Withdraws Ratings on China ITICs


I N D O N E S I A

ASTRA INTERNATIONAL: Hopes to Clear 60% Debt in Rehab Deal


J A P A N

DAIEI INC: DBJ Invests JPY10B to Keep Afloat
ISUZU MOTORS: Recalls MU, Wizard Station Wagons
NTT DOCOMO: Starts I-mode BASE Service
TEIJIN LIMITED: Dissolves Joint Venture Deal With Dupont
TOKYO ELECTRIC: New Chief Vows to Restore Public Trust


K O R E A

DAEWOO MOTOR: Creditors May Provide US$750M Fresh Funds
DAEWOO MOTOR: GM Will Launch GMDAT Today
HYUNDAI MERCHANT: Banks Lend $1.05B for Unit Sale
SEPOONG CORPORATION: Virtualtek Buys Paper Maker for KRW202B
SEOUL BANK: Shareholders Meeting Set on November 12


M A L A Y S I A

ANSON PERDANA: Director Plans to Deal Shares
CYGAL BERHAD: KLSE Grants Extension of Time
HOTLINE FURNITURE: Reveals Variations to Debt Settlement Scheme
JASATERA BERHAD: KLSE Moves Approval Deadline to November
KUANTAN FLOUR: Changes Registered Address

MALAYSIAN RESOURCES: SC Gives Nod on Corporate Proposals
PANCARAN IKRAB: Discloses Restructuring Scheme Proposals
PEKELILING TRIANGLE: Danaharta Appoints Special Administrators
PENAS CORPORATION: Proposals Get MITI Approval
ROCK CHEMICAL: SC Approves Disposal of 30% Aalborg Stake

SISTEM TELEVISYEN: Corporate Proposals Get Approval From SC
WEMBLEY INDUSTRIES: Awaits Approval for Extension of Time


P H I L I P P I N E S

IPEOPLE INC.: Clarifies Disclosure Report, Dissolution of Unit
MUSIC CORPORATION: Board Abandons Restructuring Scheme
NATIONAL POWER: Launches US$400M Loan to Sub-Underwriters
PHILIPPINE LONG: Gokongwei May Renew Bid for 24.4% Stake
VICTORIAS MILLING: SEC Okays Articles of Incorporation Change


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Merrill Lynch Holds 11% Stake
CSC HOLDINGS: Posts Notice of Shareholder's Interest
FLEXTECH HOLDINGS: Stock Facing SGX Suspension
SUNRIGHT LIMITED: Posts $18.5M Net Loss in First Half
VIKAY INDUSTRIAL: Creates Nominating Committee


T H A I L A N D

ITALIAN-THAI DEVELOPMENT: Court Delays Hearing on Rehab Exit
MIDA ASSETS: Plans to Raise THB1 Billion From IPO
ROBINSON STORE: Raises Paid-up Capital to Bt14.8B
SANSIRI PLC: Board Approves Plan to Cut Share Par
SIAM SYNTECH: Suchat Boonbanjerdsri Steps Down From Board

TELECOMASIA CORP: Sells THB18.4B of Bonds
TELECOMASIA CORP: Stock Gains on FLAG's Removal From Chapter 11
TONGKAH HARBOUR: Loses Director, Internal Auditor

* Fitch Ups Four Largest Thai Banks' Ratings to BBB-

     -  -  -  -  -  -  -  -

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


AMP LIMITED: SSB Welcomes Restructuring of U.K. Operations
----------------------------------------------------------
Salomon Smith Barney retains "In-Line" recommendation for AMP
Limited, Australia's leading financial services company,
following the restructuring and departure of senior executives
at its U.K. operations, Dow Jones Newswires reports.

Valuation was up 2.1 percent to A$15.31 from A$12.87, the report
said.

The broker said CEO Andrew Mohl "has shown he is willing to make
tough decisions. The main issue is that his new team is
relatively inexperienced, especially in the U.K. life market and
will need time to prove themselves".

Earlier this week, the new chief executive has moved quickly to
make his mark by announcing a sweeping change to the troubled
United Kingdom business.

Mohl is splitting the UK financial services (UKFS) business into
mature and contemporary streams, as well as eliminating five
senior executives, including UKFS managing director Tom Fraser.

Shares in AMP 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: Goldman Sachs Keeps Rating at Neutral
-------------------------------------------------
Goldman Sachs reiterates market performer rating on ailing
retailer Coles Myer, pointing to the turnaround of Myer Grace
Bros as key strategic concern rather than boardroom moves.

Also pressuring the group will be slowing in housing boom while
expected increase in interest rates will provide headwind for
discretionary spending.

Meanwhile, Coles Myer's 8 of the 10 directors signed a letter on
Tuesday telling shareholders they should dump the group's
longest serving director, Solomon Lew, at the group's annual
meeting.

The directors said Lew should not be voted back in because he
has been on the board of the ailing retailer for 17 years and
has perceived conflicts of interest.


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


ASIA GLOBAL: In Talks With NEC, KDDI on Default
-----------------------------------------------
Asia Global Crossing is in discussions with its two principal
subsea cable construction contractors, NEC Corporation (NEC) and
KDDI Submarine Cable Systems Inc. (KDDI-SCS), concerning the
company's failure to pay in a timely manner certain amounts owed
to such contractors under payment deferral agreements negotiated
in the first quarter of the year.

Under the terms of these agreements, each of NEC and KDDI-SCS
could demand payment from the company of all amounts owed
thereunder, approximately $347 million. The outcome of the
company's discussions with NEC and KDDI-SCS cannot be predicted
at this time.

As previously announced, Asia Global Crossing continues
discussions looking to a completion of a restructuring of the
company. The outcome of these discussions cannot be predicted at
this time.


ASIA GLOBAL: Posts Unaudited Second, Third Quarter Results
----------------------------------------------------------
Asia Global Crossing reported Tuesday the following preliminary,
unaudited information concerning its business performance for
the quarters ended June 30 and September 30, 2002.  The company
also provided certain information relating to its liquidity
position and restructuring process.

The preliminary, unaudited financial information below should be
read in conjunction with the Note below.

Financial Overview

Revenue was $27.8 million for the second quarter and $32.1
million for the third quarter. Recurring services revenue, which
is revenue less amounts related to IRU amortization, was $21.9
million for the second quarter and $27.2 million for the third
quarter.

Not included in revenues or recurring services revenues are $3.2
million and $2.5 million, for the second and third quarters,
respectively, of revenues due from Global Crossing, the
collectibility of which is uncertain given the bankruptcy of
Global Crossing and several of its affiliates.

During 2001, Asia Global Crossing entered into a number of
transactions in which it provided capacity, services or
facilities to other telecommunications carriers and, at
approximately the same time, purchased or leased capacity,
services or facilities from these same telecommunications
carriers. The company refers such transactions as "reciprocal
transactions."

Following discussions with the United States Securities and
Exchange Commission, Asia Global Crossing has not included any
amounts from reciprocal transactions in the company's reported
revenues and recurring services revenues for the second and
third quarters of 2002 provided herein. Please see the Note
below for additional information.

Asia Global Crossing's previously disclosed first quarter 2002
revenue of $44.7 million has been reduced by $9.2 million
related to reciprocal transactions described in the company's
press release dated February 26, 2002.

For the purpose of comparing first quarter revenue with revenues
for the second and third quarters, the first quarter revenue
should be further reduced by $5.8 million related to accounts
receivable from Global Crossing and affiliates. For such
comparative purposes, Asia Global Crossing's first quarter 2002
revenue was $29.7 million and recurring services revenue was
$24.3 million.

A significant number of the company's transactions during 2001
were completed with telecommunications carriers from whom Global
Crossing purchased capacity, services or facilities at
approximately the same time as these carriers purchased
capacity, services or facilities from Asia Global Crossing.
While no such transactions have occurred during 2002, revenue
recognized from prior transactions was approximately $3.0
million for each of the first three quarters of this year.

Liquidity and Financial Restructuring

Asia Global Crossing had approximately $323.5 million in cash at
the end of the second quarter, excluding $70.1 million held by
its majority-owned subsidiary Pacific Crossing Ltd., and $253.5
million at the end of the third quarter, excluding $11.2 million
held by Pacific Crossing Ltd. Asia Global Crossing currently has
approximately $250.1 million in cash on hand, excluding
approximately $10.7 million held by Pacific Crossing Ltd.

Asia Global Crossing announced today that it will avail itself
of the 30-day grace period for paying the interest due on
October 15th on its $408 million of 13.375% Senior Notes due
2010.

Asia Global Crossing has appointed PricewaterhouseCoopers LLP as
its auditors, replacing Arthur Andersen.

Note

The financial information provided above is preliminary and
unaudited and has not been reviewed by PricewaterhouseCoopers
LLP. Actual results may differ, and are dependent upon
completion of an investigation into certain allegations
regarding accounting and reporting which were discussed in the
company's press release dated February 26, 2002. Results of
operations will depend materially upon the final determination
of asset impairments and could be affected by the conclusion of
the investigations. Accordingly, no results of operations beyond
revenue for the quarter are presented.

Asia Global Crossing provides city-to-city connectivity and data
communications solutions to pan-Asian and multinational
enterprises, ISPs and carriers. Asia Global Crossing's largest
shareholders are Global Crossing, Softbank and Microsoft.

For investor information, contact Asia Global Crossing's Los
Angeles, CA office at telephone +1 310 481 4783.


GOLDEN SPRINGINDUSTRIES: Facing Winding Up Petition
---------------------------------------------------
Industrial and Commercial Bank of China (Asia) Limited, whose
registered office is situated at ICBC Tower, 122-126 Queen's
Road, Central, Hong Kong is seeking for the winding up of
GoldenSpring Industries Limited.

The petition was filed last August 14, 2002 at the High Court of
Hong Kong, and will be heard before the said court on November
6, 2002 at 10:00 a.m.


GREAT WALL ASSET: Goldman Sachs Buys Assets for CNY8B
-----------------------------------------------------
Goldman Sachs Group Inc. has successfully bid for more than 8
billion yuan ($970 million) worth of distressed assets from
China's Great Wall Asset Management Co.

China Central Television reported that the U.S.-based investment
bank's offer was the most favorable of an unspecified number of
domestic and foreign bidders, including Morgan Stanley and Lone
Star Funds.

"We thought Goldman Sachs' proposal was the best compared," said
Shi Jian, secretary of the Great Wall president's office.

Great Wall expects a result from the negotiation by the end of
this year.

Great Wall, set up in 1999 along with asset management companies
Huarong, Cinda and Orient, is trying to resolve 345.8 billion
yuan in non-performing loans taken from the Agricultural Bank of
China.


HANG SHING FASHION: Winding Up Petition Slated for November
-----------------------------------------------------------
Hang Shing Fashion Wholesales Limited is facing a winding up
petition, which is slated to be heard before the High Court of
Hong Kong on November 6, 2002 at 10:00 am.

Industrial and Commercial Bank of China (Asia) Limited of ICBC
Tower, 122-126 Queen's Road, Central, Hong Kong filed the
petition last August 22, 2002.


LIK KA FUNG COMPANY: Hearing of Winding Up Petition Set
-------------------------------------------------------
The petition to wind up Lik Ka Fung Company Limited is scheduled
before the High Court of Hong Kong on October 23, 2002 at 9:30
am.

Santos Alfred Roberto of Flat 201, 3/F., Wai Hay Mansion, 201
Wanchai Road, Wanchai, Hong Kong, filed the petition with the
said court last July 31, 2002.


MANNICON TRANSPORTATION: Winding Up Petition Set for Oct 31
-----------------------------------------------------------
Mannicon Transportation 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.

Tsang Kar Lee of Room 149, Block 11, Ngau Tau Kok Lower Estate,
Kowloon, Hong Kong filed the petition last August 5, 2002.


SURE WIN PRODUCTION: Winding Up Petition Pending
------------------------------------------------
The petition to wind up Sure Win Production Limited is set for
hearing before the High Court of Hong Kong on October 30, 2002,
at 9:30 am.

Chan Ho Fai Stanford, whose office is located at Flat D, 47/F.,
the Panorama, 520-526 Castle Peak Road, Tsuen Wan, New
Territories, Hong Kong filed the petition with the said court
last August 2, 2002.


* Moody's Withdraws Ratings on China ITICs
------------------------------------------
Moody's Investor Services has withdrawn all ratings of six
regional Chinese international trust and investment corporations
-- Fujian ITIC, Guangdong ITIC, Shandong ITIC, Shanghai ITIC,
Shenzhen ITIC and Tianjin ITIC.

Moody's said the withdrawal of its ratings was prompted by a
change in the status and functions of the ITICs following reform
of the sector by the central bank after the closure of Guangdong
ITIC in 1998.

Under the change, the ITICs are no longer allowed to function as
capital raising windows for their respective provinces, and are
banned from deposit taking and debt issuing activities.

Moody's said many of the Chinese ITICs are being restructured
into institutions confined to basic trust business, fund
management and consulting, while those ITICs that do not meet
the criteria of the central bank are in the progress of
dissolution.

In April, TCR-AP reported that Fujian International Trust &
Investments Corporation (FITIC) defaulted on Y28.5 billion
(US$216 million) of bonds in 2001, including the FITIC 4.1% Bond
due '06.


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


ASTRA INTERNATIONAL: Hopes to Clear 60% Debt in Rehab Deal
----------------------------------------------------------
PT Astra International hopes its creditors will agree to a debt
restructuring proposal under which it will repay 60 percent of
borrowings, including loans worth $135 million and 165 billion
rupiah, coming due this year, Astra President Budi Setiadharma
told Dow Jones Newswires.

Creditors include Isuzu Motors Asia Ltd., Marubeni Corp., Itochu
Corp., and the Japan Bank for International Cooperation.

The country's largest carmaker has said in the past its debt
will be repaid through a debt restructuring including asset
sales and a rights issue. The debt plan is also likely to
include pushing back repayment of debt to 2012 from 2006
currently.

Astra, which is 32 percent owned by Singapore's Cycle & Carriage
Ltd., has debts totaling $726 million and IDR881 billion. Its
annual payments are due until 2006.


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


DAIEI INC: DBJ Invests JPY10B to Keep Afloat
--------------------------------------------
The Development Bank of Japan (DBJ) will invest 10 billion yen
in a new corporate revival fund worth Y60 billion to keep ailing
retailer Daiei Incorporated afloat, Kyodo News and Dow Jones
reports.

Daiei shares now increased 6.8 percent at 125 yen, with room to
gain after recent losing streak on fears about its financial
health.

Still below the 25 day moving average of 157 yen.


ISUZU MOTORS: Recalls MU, Wizard Station Wagons
-----------------------------------------------
Isuzu Motors will recall 1,762 units of MU and Wizard station
wagons for possible engine defects, Kyodo News reported
Wednesday, citing the Ministry of Land, Infrastructure and
Transportation agency.

The report said due to inappropriate wiring in the power
generator, it might become impossible to charge the battery. In
the worst case, the engine may shut down and fail to restart.

TCR-AP reported in August that Isuzu would slash about 200 jobs
and temporarily halt production at its U.S. Indiana plant in
September as the Japanese carmaker struggles to reduce its
sport-utility vehicle inventory amid a sales slump.

Isuzu said jobs would not be restored unless sales improve and
inventories fall. Isuzu will stop making Rodeo, Rodeo Sport and
Axiom sport-utilities at the Lafayette, Indiana, plant it shares
with fellow General Motors Corp. affiliate Fuji Heavy Industries
Ltd., for two weeks starting September 16, Subaru-Isuzu
Automotive Inc. spokeswoman Ann McConnell said.


NTT DOCOMO: Starts I-mode BASE Service
--------------------------------------
NTT DoCoMo, Inc. will begin its I-mode Service BASE N.V./S.A. on
October 15, 2002.

DoCoMo previously concluded a license contract with KPN Mobile,
BASE's parent Company, which sublicensed the service to its
subsidiary Company in Belgium.

(1) Operator: BASE N.V./S.A.

(2) Launch date: October 15, 2002

(3) Area: BASE's GPRS network area in Belgium

(4) Network: GPRS

(5) Model: n21i (manufactured by NEC), equipped with dual
browser to view i-mode-compatible HTML and WML1.X content

(6) Service details
E-mail (i-mode mail): Capable of sending and receiving e-mail
containing up to 1,000 alphanumerics

Content: i) 127 sites, provided by 49 national and international
content providers (as of Oct.15, 2002; these sites can be viewed
in Dutch, French and English)

ii) 8 content categories: news/weather, financial, travel,
leisure, fun/games, ringtones/images, chat/mail, guides

(7) i-mode charges
Basic monthly fee: 6 Euro (flat fee)

Content subscription: Both free and paid content will be
available Content charges can range from 0-2 Euro per month

(8) Sales channels: BASE shops at 43 locations throughout
Belgium (to be increased)

Earlier this month, DoCoMo said it would write down 573 billion
yen ($4.6 billion) for the first six months ended September 30
to account for the declining value of its investments in AT&T
Wireless Services Inc., KPN Mobile NV and Hutchison 3G HK
Holdings Ltd., TCRAP reports.

The write-downs are in addition to the 812.8 billion yen in
losses it booked last year after re-evaluating its overseas
holdings.

NTT DoCoMo - www.nttdocomo.com - is the world's leading mobile
communications Company with more than 44 million customers. The
Company provides a wide variety of leading-edge mobile
multimedia services. These include, the world's most popular
mobile Internet service, which provides e-mail and Internet
access to over 34 million subscribers, and, launched in 2001 as
the world's first 3G mobile service based on W-CDMA.


TEIJIN LIMITED: Dissolves Joint Venture Deal With Dupont
--------------------------------------------------------
Teijin Limited and DuPont K.K. announced Monday that the two
companies have come to an agreement to dissolve their 50/50
joint venture Teijin DuPont Nylon K.K (TDN).

Because both Teijin and DuPont put a high priority on minimizing
the impact to customers, measures will be taken to maintain
continuous supply during the transition. First, Teijin will take
over ownership of TDN on November 1, 2002 and will continue
operation until December 2003 supplying customers and the
markets served by TDN. The timing of the shutdown of the Mihara
plant is under discussion with the labor union and related
parties. Meanwhile, full-scale support with the cooperation of
Teijin and DuPont will be provided to customers to ensure smooth
conversion to products from other DuPont sites or other
companies. Then after the dissolution, DuPont will directly
market its products to customers through its Textiles and
Interiors (DTI) organization in Japan.

The dynamics of the Japanese market, influenced by economic
factors in and outside of Japan for the products made by TDN
necessitated this decision. In the past 5 years, the recession
in the construction industry negatively affected the demand for
nylon in carpets while demand in the apparel industry was
affected by a shifting mill base and changes in consumer
preferences. Furthermore, the recent global oversupply situation
had made it difficult for TDN to continue to contribute to
sustainable growth for Teijin and DuPont. The decision was made
after long and deliberate consideration of many other options by
the management of the two companies.

"DTI is committed to growth in Japan. We will continue to invest
and expand our resources to meet customer requirements while
bringing in innovation and technology to contribute to the
growth and development of the apparel, flooring, airbag and
industrial nylon markets in the region," said E. Anthony Tan,
President of DuPont Textiles and Interiors Asia Pacific.

"It is a painful decision to discontinue a business that has
been in the marketplace for nearly 40 years including the joint
venture period with DuPont," said Yoshinaga Karasawa, General
Manager, Industrial Fibers Business Group of Teijin Limited.
"Since we highly value our customer base, TDN will continue its
operation until the end of 2003 to ensure smooth transition of
products for our customers."

Employees seconded to the joint venture from Teijin and DuPont
will return to their respective parent Company.

Teijin Limited, established in 1918, was the first Japanese
Company to produce rayon yarn. Since then, the Company has
capitalized on its expertise in fibers to diversify into other
fields: Fibers & Textiles; Films & Plastics; Pharmaceuticals &
Home Health Care; Machinery & Engineering; New Products & Other
Business. At present, Teijin is utilizing its proprietary
technologies to expand into promising new areas.

During 2002, DuPont is celebrating its 200th year of scientific
achievement and innovation providing products and services that
improve the lives of people everywhere. Based in Wilmington,
Del., DuPont delivers science-based solutions for markets that
make a difference in people's lives in food and nutrition;
health care; apparel; home and construction; electronics; and
transportation.

Teijin Limited, established in 1918, was the first Japanese
Company to produce rayon yarn, and has remained an innovator and
leader in the development and commercialization of fibers. Since
then, the Company has capitalized on its expertise in fibers to
diversify into other fields. Today, the Company's operations
encompass five segments: Fibers and Textiles; Films and
Plastics; Pharmaceuticals and Home Health Care; Machinery and
Engineering; and New Products and Other Businesses.

According to Wright Investor's Service, Teijin Limited at the
end of 2002 had negative working capital, as current liabilities
were 495.59 billion yen while total current assets were only
459.33 billion yen.

For further information, contact Manabu Mori, Public Relations &
Investor Relations Office of Teijin Limited at telephone +813
3506-4055 or fax +813 3506-4150.


TOKYO ELECTRIC: New Chief Vows to Restore Public Trust
------------------------------------------------------
Tsunehisa Katsumata, President of Tokyo Electric Power Co.
(TEPCO), pledged to restore public trust following a series of
cover-up scandals concerning defects at its nuclear power
plants, Kyodo News reported Wednesday.

On September 17, Tokyo Electric Power Co. (TEPCO) issued a
report on the internal investigation into inspection and
maintenance problems at its nuclear power stations.

Reflecting on the past problems found in the report, the
nuclear-related sections have been voluntarily investigating
other past inspection and maintenance work, and have found 8
unreported cases where there may also have been problems. In
these cases, Japanese power plant manufacturers, Toshiba Corp.
and Hitachi, Ltd, conducted the inspection and maintenance work.

According to Wrights Investors service, Tokyo Electric Power
Company Incorporated at the end of 2001 had negative working
capital, as current liabilities were Y3.02 trillion while total
current assets were only Y603.47 billion.


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


DAEWOO MOTOR: Creditors May Provide US$750M Fresh Funds
-------------------------------------------------------
The Korea Development Bank (KDB) is contemplating providing
US$750 million out of US$2 billion in fresh funds to a GM-Daewoo
joint venture called GM Daewoo Auto & Technology Co. (GMDAT),
Asia Pulse reported Tuesday.

In April, General Motors (GM) concluded an agreement to acquire
Daewoo by establishing the joint venture.

The US$2 billion loan comprises US$750 million at a fixed
interest rate of 6 percent, with the remaining US$1.25 billion
to be made accessible at market rates.

If it provides the US$750 million loan to GMDAT, GM and its
business partners will invest US$400 million, or a 67 per cent
stake, in the joint venture, while KDB will acquire a 33 per
cent stake by making a capital arrangement of US$197 million.

For the remaining US$1.25 billion loan, KDB is negotiating with
with Woori, Chohung and Korea Exchange banks to have the three
banks bear US$300 million each. KDB will then take care of the
remaining US$350 million.


DAEWOO MOTOR: GM Will Launch GMDAT Today
----------------------------------------
General Motors Corp. (GM) will launch the GM Daewoo Auto &
Technology Co. (GMDAT) today (October 17) with the creditor
banks of the failed Daewoo Motor, Asia Pulse reported Tuesday.

The new venture is set up to absorb the ailing Daewoo Motor.

Kim Jung-soo, Vice President of GM Daewoo Auto & Technology Co.
(GMDAT), which will own most of the assets of the Korean
carmaker, said the process of Daewoo Motor's liquidation will be
completed Thursday.


HYUNDAI MERCHANT: Banks Lend $1.05B for Unit Sale
-------------------------------------------------
Creditors of Hyundai Merchant Marine (HMM) agreed to lend $1.05
billion to a venture led by Norways' Wilh. Wilhelmsen to help it
buy an auto-shipping unit from HMM, Reuters reports.

Korea Development Bank, Korea Exchange Bank and Citibank will
extend the syndicated loans by the end of October.

HMM signed a $1.5 billion deal in August to sell 72 vessels to
the Norwegian ship owner, to resolve financial difficulties.

The Norwegian shipping group and its Swedish partner Wallenius
Lines AB will take 80 percent stake in the new entity that will
own the auto-shipping unit.

Hyundai Motor and Kia Motors will take the rest of the stake.


SEPOONG CORPORATION: Virtualtek Buys Paper Maker for KRW202B
------------------------------------------------------------
A Virtualtek Corp. led consortium has taken over paper maker
Sepoong Corporation for 202.3 billion won (US$160.68 million),
the Korea Herald reported Wednesday.

Major creditor Chohung said the consortium made an initial
payment of 20.2 billion won upon signing the takeover agreement
and will pay the remainder next January, when Sepoong is
liquidated.

Vituraltek is a leading provider of Web-base and wireless
Internet solutions.

The creditors have jointly managed the troubled paper maker
since Sepoong was placed under a debt workout program in 1998
after suffering financial problems linked to its business
expansion.

Wrights Investor's Service said the Company has paid no
dividends during the last 12 months. Sepoong last paid a
dividend during fiscal year 1996, when it paid dividends of
245.10 per share.


SEOUL BANK: Shareholders Meeting Set on November 12
---------------------------------------------------
Hana Bank and Seoulbank will hold a shareholders meeting on
November 12 to approve the banks' planned merger, the Korea
Economic Daily and Dow Jones reports.

The official merger of the two banks is scheduled for December
1.

The report said the banks have submitted Tuesday their
preliminary merger application to the Financial Supervisory
Commission.

TCR-AP reported earlier that more than W5 trillion has been
injected into Seoulbank since late 1997 in order to keep the
bank from collapsing due to a large number of bad loans.

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
===============


ANSON PERDANA: Director Plans to Deal Shares
--------------------------------------------
Anson Perdana Berhad director Soo Tian Chai @ Soo Kim Chey said
that it plans to deal in the shares of Anson during the closed-
period in respect of the pending announcement of Anson's
quarterly results for the fourth quarter ended 31 August 2002.

The director's current shareholdings in Anson is disclosed
below:

Interest     No. of Shares     % of Issued Capital
Direct        2,473,860              2.50%

The 1997 financial crisis adversely affected the operations of
Anson Perdana, and in year 2000, the Group's plantation
interests in Perak were disposed of for cash to meet working
capital requirements. In view of the adverse financial
conditions, the Company had developed an integrated debt-
restructuring scheme with financial institutions, trade and
other creditors.

The High Court of Malaya granted the Company and certain
subsidiaries a Stay and Restraining Order pursuant to Section
176(10) of the Companies Act, 1965. At the Court convened
creditors' meetings held on 15 March 2001 and 27 March 2001, the
majority of creditors approved the Scheme in terms of number and
value. On 24 October 2001, the Company submitted to the SC its
application in respect of the Scheme, which is now being
processed. The FIC approved the Scheme via its letter of 18
January 2002.


CYGAL BERHAD: KLSE Grants Extension of Time
-------------------------------------------
Further to the announcement by Cegal Berhad on 1 October 2002,
the Company wishes to announce that the Kuala Lumpur Stock
Exchange has approved an extension of time from 7 October 2002
to 30 November 2002 to enable Cygal to obtain all the necessary
approvals from the regulatory authorities.

TCR-AP reported in May that Cygal submitted proposals to the
relevant authorities on 8 February 2002 in pursuant to the
requirement imposed under Practice Note 4/2001 of the Listing
Requirements of the Kuala Lumpur Stock Exchange PN4.

The proposals refer to:

* Proposed Share Exchange;
* Proposed Debt Restructuring Comprising:
(i) Proposed Financial Institutions Scheme;
(ii) Proposed Non Financial Institutions Scheme; and
(iii) Proposed Part Settlement of Amount Owing to an
Offshore Financial Institution;

* Proposed Rights Issue;
* Proposed Acquisition of Property Development Companies;
* Proposed Employees' Share Option Scheme; and
* Proposed Transfer of Listing Status from Cygal to a New
Investment Holding Company.


HOTLINE FURNITURE: Reveals Variations to Debt Settlement Scheme
---------------------------------------------------------------
Public Merchant Bank Berhad (PMBB), on 20 September 2002,
announced on behalf of the Board of Hotline Furniture Berhad
(HFB) the details of the Proposed Restructuring Scheme,
encompassing:

(i) Proposed acquisitions of the entire equity interests in Jiwa
Property Sdn Bhd (JPSB), Kejuruteraan Mahajaya Sdn Bhd (KMSB),
Salak Park Property Sdn Bhd (SPP), Spangate Sdn Bhd (SSB) and
remaining 6% equity interest in Medan Damai Realty Sdn Bhd
(MDRSB) not already owned by JPSB (Proposed Acquisitions);

(ii) Proposed capital reduction of 90% of the share capital in
HFB to 21,788,000 ordinary shares of RM0.10 each and the
consolidation of 21,788,000 into 2,178,800 ordinary shares of
RM1.00 each in HFB (Proposed Capital Reduction and
Consolidation);

(iii) Proposed share swap of 2,178,800 HFB Shares with new
shares in Mahajaya Berhad on the basis of 1 HFB Share for 1 new
ordinary share of RM1.00 each in Mahajaya;

(iv) Proposed settlement of debts owing by the HFB Group with
the financial institution creditors of the HFB Group, the trade
creditors of HFB and the trade creditors of HFB's subsidiary
companies with corporate guarantees issued by HFB vide the
issuance of up to 20,000,000 new Mahajaya Shares; and

(v) Proposed transfer of the listing status of HFB to Mahajaya
and thereafter, Mahajaya will seek to transfer the listing of
its entire share capital from the Second Board to the Main Board
of the Kuala Lumpur Stock Exchange (KLSE).

On 26 September 2002, PMBB on behalf of the Board of Directors
of HFB, announced that the approvals-in-principle for the
Proposed Debt Settlement have been received from all the
Financial Institution Creditors and a majority of the Trade
Creditors.

Further thereto, PMBB wishes to announce that HFB and Mahajaya
Berhad have on 15 October 2002 entered into the supplemental
agreements with the respective vendors of JPSB, KMSB, MDRSB, SPP
and SSB. The salient terms of the Supplemental Agreements are as
follows:

(i) To vary certain parameters as set out in the conditional
sale and purchase agreement (SPA) for the Proposed Acquisitions
entered into on 20 September 2002, details of which are as
follows:

(a) To revise the parameters of the Proposed Debt Settlement
from the issuance of 20,000,000 new Mahajaya Shares to up to
19,600,000 new Mahajaya Shares and a cash payment of up to
RM900,000 to the Financial Institution Creditors and the Trade
Creditors as full and final settlement of all outstanding
amounts owing to the Creditors; and

(b) The Cash Payment shall be paid by Mahajaya to the affected
Creditors within 30 days from the date of the listing and
quotation of the Settlement Shares on the KLSE.

(ii) To vary the initial purchase consideration of the entire
equity interest in JPSB from RM173,309,000 to RM179,412,000
which shall be satisfied by the issuance of 143,529,000 new
Mahajaya Shares and RM35,883,000 nominal value of 5-years 3.5%
irredeemable convertible unsecured loan stocks ("ICULS");

(iii) To vary the initial purchase consideration of 6% equity
interest in MDRSB from RM7,900,000 to RM8,258,000 which shall be
satisfied by the issuance of 6,606,000 new Mahajaya Shares and
RM1,652,000 nominal value of ICULS; and

(iv) The vendors of KMSB, JPSB and MDRSB (Relevant Companies)
agree with HFB and Mahajaya that in the event the relevant
provisions as set out in the Relevant Companies' latest audited
accounts as at 30 June 2002 are insufficient compared to the
recommendation of the Reporting Accountants based on their due
diligence review, such shortfall shall be paid by the vendors of
the Relevant Companies to Mahajaya at such time as shall be
mutually agreed between the vendors of the Relevant Companies
and Mahajaya.

(i) to (iv) above are referred to as the Variations.

As a result in the revision in the purchase prices for JPSB and
MDRSB, the total new Mahajaya Shares and the ICULS to be issued
to the vendors of the acquiree companies are 196,482,000 new
Mahajaya Shares and RM49,123,000 nominal value of ICULS.

RATIONALE FOR THE VARIATIONS

The rationales for the Variations are as follows:

(i) The variations to the Proposed Debt Settlement represents
the full and final settlement with all the Creditors after
further negotiations with the latter.

(ii) The shortfall in provisions to be settled by the vendors of
the Relevant Companies is to ensure that the purchase
consideration, which is arrived at based on the adjusted NTA of
the Relevant Companies, will not be compromised should the need
for such provisions arise in the future.

(iii) The revision in the purchase prices of JPSB and MDRSB is
due to an increase in the open market values of the properties
of the JPSB Group and MDRSB as valued by M/s Khong & Jaafar on
27 September 2002, the details of which are set out in Table 1
below.

FINANCIAL EFFECTS

The Variations, vis-a-vis, the Proposed Restructuring Scheme are
not expected to materially affect the earnings of HFB for the
financial year ended 31 May 2003 as the Proposed Restructuring
Scheme is expected to be completed only at end of June 2003.

However, the Proposed Restructuring Scheme is expected to
contribute positively to the earnings of the enlarged Mahajaya
Group in the financial year ending 30 June 2004 due to the
earnings contribution from the Acquiree Companies.

STATEMENT BY DIRECTORS

The Board of Directors of HFB, having taken into consideration
the variations, vis-a-vis, the Proposed Restructuring Scheme, is
of the opinion that the Proposed Restructuring Scheme is in the
best interest of the HFB Group.

DOCUMENTS FOR INSPECTION

The Supplemental Agreements are available for inspection at the
registered office of HFB at 12th Floor (Right Wing), Menara
Kemayan, 160 Jalan Ampang, 50450 Kuala Lumpur during the normal
office hours from Monday to Friday (except public holidays) for
a period of 14 days commencing from the date of this
announcement.


JASATERA BERHAD: KLSE Moves Approval Deadline to Nov 20
-------------------------------------------------------
Pursuant to the announcement dated 20 September 2002, Public
Merchant Bank Berhad on behalf of the Board of Directors of
Jasatera Berhad said that the Kuala Lumpur Stock Exchange had on
14 October 2002 approved Jasatera's application for an extension
of 2 months from 21 September 2002 to 20 November 2002 to enable
the Company to obtain all the necessary approvals from the
regulatory authorities.

In September, TCR-AP reported that the Securities Commission has
approved Jasatera's restructuring proposals, which include the
reduction of the issued and paid-up share capital of
RM19,800,000 to RM3,996,000, the issuance of 27,442,075
irredeemable convertible preference shares (ICPS).


KUANTAN FLOUR: Changes Registered Address
-----------------------------------------
Kuantan Flour Mills Bhd said in a Kuala Lumpur Stock Exchange
disclosure that it has moved to a new address at 177 Floor 1
Jalan Sarjana Taman Connaught Cheras 56000 Kuala Lumpur.

Kuantan Flour Mills also said that Teo Lee Huat and See Siew
Cheng have resigned as Joint Secretary effective 15 October
2002.

Wrights Investors' Service reported that Kuantan Flour Mills at
the end of 2001 had negative working capital, as current
liabilities were Rp34.92 million while total current assets were
only Rp34.06 million.

The Company paid no dividends during the last 12 months. It also
reported losses during the previous 12 months.


MALAYSIAN RESOURCES: SC Gives Nod on Corporate Proposals
--------------------------------------------------------
On behalf of the Board of Directors of Malaysian Resources
Corporation Berhad (MRCB), AmMerchant Bank Berhad is pleased to
announce that the Securities Commission (SC) has, vide its
letters to MRCB dated 9 October 2002 (received on 14 October
2002), approved the Corporate Proposals.

Further, the application for the exemption from the obligation
from having to undertake a mandatory offer on the remaining
voting shares in The New Straits Times Press (M) Berhad Media
Prima Berhad (formerly known as Profitune Berhad) has also been
approved in the said letter. The SC's approval is subject,
inter-alia, to the following conditions:

i. compliance with all relevant requirements under the SC's
Policies and Guidelines on Issue/Offer of Securities; and
ii. compliance with conditions imposed by other relevant
authorities, if any.

TCR-AP reported in August the proposed revision to the corporate
restructuring scheme, which includes the Proposed MRCB Debt
Settlement and the Proposed Transfer of The New Straits Times
Press (Malaysia) Berhad (NSTP).

The salient features of the revised Proposed MRCB Debt
Settlement are as follows:

* the settlement addresses the RM465 million of the debts owing
to MRCB lenders, which are secured by the RHB, NSTP and TV3
shares (instead of RM567 million as previously announced); the
remaining debt of RM465 million will be settled fully in cash
(to be facilitated by bridging/extended facilities) and
consequently there will be no SPC-PDS issued; and

* the proposed put option of ICULS will replace the proposed put
option of SPC-PDS.

The revisions to the Proposed Transfer of NSTP involves:

* the increase in the transfer consideration for NSTP shares
from approximately RM357 million or RM3.80 per share to
approximately RM400 million or RM4.25 per share; and

* a change from an undertaking to provide a put option of SPC-
PDS to an undertaking to provide a put option of ICULS. MRCB and
Newco will execute a second supplemental agreement in relation
to the Proposed Transfer of NSTP.

The Proposed Revisions ensure the demerger ratio will be
maintained (in terms of the proposed distribution-in-specie of
Newco shares for MRCB shares) in the event of any issuance of
new ordinary MRCB shares of up to 97.5 million shares or 10% of
MRCB's existing share capital resulting from the Proposed
Private Placement or exercise of ESOS options prior to the
Proposed Demerger.


PANCARAN IKRAB: Discloses Restructuring Scheme Proposals
--------------------------------------------------------
On 3 February 2001, Pancaran Ikrab Berhad (PIB) announced that
the Company is an affected issuer pursuant to Practice Note
4/2001 (PN 4/2001) of the Kuala Lumpur Stock Exchange (KLSE)
Listing Requirements and is accordingly required to comply with
the requirements of PN 4/2001. The trading of the Company's
shares was also suspended on 23 July 2001.

In this respect, PIB is required to make an announcement to the
KLSE on its plan to regularize the financial condition of the
Company and implement the said plan by 31 December 2002 to
ensure that the Company's shares will not be delisted.

Further to the announcement dated 8 October 2002, Public
Merchant Bank Berhad (PMBB), on behalf of the Board of Directors
of PIB, is pleased to announce that PIB, Capital Abound Sdn Bhd
(CASB) and the vendors of the Acquiree Assets as defined herein,
had on 15 October 2002 entered into the following conditional
agreements as part of its plan to regularize its financial
condition:

(i) a sale and purchase agreement with Tan Seng An and Tan Bee
Lian to acquire the entire ordinary share capital of Dijaya Ceil
Sdn Bhd comprising 4,000,000 ordinary shares of RM1.00 each for
a purchase consideration of RM60,000,000 to be satisfied by the
issuance of 51,000,000 new ordinary shares of RM1.00 each in
CASB and RM9,000,000 nominal value of 3-year redeemable
convertible unsecured loan stocks (RCULS); and

(ii) a sale and purchase agreement with Tan Seng An and Tan Bee
Lian to acquire the entire ordinary share capital of Dijaya Ceil
Imex Sdn Bhd comprising 1,500,000 ordinary shares of RM1.00 each
for a purchase consideration of RM38,000,000 to be satisfied by
the issuance of 32,000,000 new CASB Shares and RM6,000,000
nominal value of RCULS;

The Company also proposes to enter into a sale and purchase
agreement with Tan Seng An and Khor Swee Chew to acquire the
entire ordinary share capital of Bueno Manufacture (Shanghai)
Co. Ltd comprising 850,000 ordinary shares of USD1.00 each for a
purchase consideration of RM19,000,000 to be satisfied by the
issuance of 16,000,000 new CASB Shares and RM3,000,000 nominal
value of RCULS. The sale and purchase agreement for the proposed
acquisition of Bueno, which is being prepared, should be entered
into within 7 days from the date hereof.

The Company has also commenced negotiations to acquire a piece
of freehold land held under title H.S.(D) No. 21149 P.T. No.
67622, Mukim Kuala Kuantan, Pahang Darul Makmur for an
indicative purchase consideration of RM8,000,000 to be satisfied
by the issuance of 8,000,000 new CASB Shares. Details of this
acquisition will be announced upon conclusion of the
negotiations.

The proposed acquisitions of Dijaya, Imex and Bueno are
collectively referred to as the Proposed Acquisitions.

Pursuant to the aforementioned agreements, PIB has proposed to
implement a restructuring scheme which shall consist of the
following exercises:
(i) Proposed Capital Reconstruction;
(ii) Proposed Set-Off of Share Premium and Reserves;
(iii) Proposed Share Swap;
(iv) Proposed Debt Restructuring;
(v) Proposed Acquisitions; and
(vi) Proposed Transfer Listing of PIB to CASB.

Proposals (i) to (vi) are collectively referred to as the
Proposed Restructuring Scheme.

Further details of the Proposed Restructuring Scheme are set out
in the ensuing paragraphs.

PROPOSED CAPITAL RECONSTRUCTION AND PROPOSED SET-OFF OF SHARE
PREMIUM AND RESERVES

Proposed Capital Reconstruction

The Proposed Capital Reconstruction entails the reduction of the
Company's present issued and paid-up share capital of
RM19,000,000 comprising 19,000,000 ordinary shares of RM1.00
each to 19,000,000 ordinary share of RM0.10 each, representing a
capital reduction of RM0.90 for every ordinary share held in
PIB. The capital reduction exercise is carried out pursuant to
Section 64 of the Companies Act, 1965.

The reduction of RM0.90 for every ordinary share of RM1.00 each
in PIB will give rise to a credit of RM17,100,000 which will be
utilized to reduce the PIB Group's accumulated losses as at 31
December 2001 of RM63,473,192 to RM46,373,192.

Upon the completion of the reduction of the share capital, the
issued and paid-up share capital of PIB of RM1,900,000
comprising 19,000,000 ordinary shares of RM0.10 each will be
consolidated into 1,900,000 ordinary shares of RM1.00 each in
PIB on the basis of 10 ordinary shares of RM0.10 each into 1
ordinary share of RM1.00 each in PIB.

Proposed Set-Off of Share Premium and Reserves

Based on the latest audited accounts of PIB for the financial
year ended 31 December 2001, the balances of PIB's share premium
account and reserve on consolidation are RM532,918 and
RM11,438,766 respectively. The share premium account represents
the cumulative premium from the previous issuance of PIB Shares
above par. PIB, proposed to apply the entire balance of the
share premium account and the reserve on consolidation to set-
off its accumulated losses.

Upon completion of the Proposed Set-Off of Share Premium and
Reserves, PIB Group's accumulated losses will be reduced from
RM46,373,192, after the Proposed Capital Reconstruction, to
RM34,401,508.

PROPOSED SHARE SWAP

Upon completion of the Proposed Capital Reconstruction, the
1,900,000 PIB Shares will be exchanged with new shares in CASB
on the basis of 1 PIB Share for 1 new ordinary share of RM1.00
each in CASB. Thereafter, PIB will become a wholly owned
subsidiary of CASB.

The new CASB Shares to be issued pursuant to the Proposed Share
Swap will upon allotment, rank pari passu in all respects with
the existing CASB Shares in issue save and except that they
shall not be entitled to any dividends, rights, allotments
and/or other distributions, the entitlement date (namely the
date as at the close of business on which the shareholders must
be registered in order to be entitled to any dividends, rights,
allotments and/or distributions) of which is prior to the date
of the allotment of the new CASB Shares.

CASB proposes to liquidate PIB and its subsidiary companies upon
completion of the Proposed Restructuring Scheme.

PROPOSED DEBT RESTRUCTURING

The Proposed Debt Restructuring involves the settlement of debts
with financial institution creditors amounting to RM36,766,566
by the issuance of 25,000,000 new CASB Shares. PIB acknowledges
that the issuance of 25,000,000 new CASB Shares shall represent
the full and final settlement of all unsecured debts of PIB and
PIB's subsidiaries with corporate guarantees issued by PIB to
the FI Creditors. PIB is in the midst of securing the approvals-
in-principle from the FI Creditors for the Proposed Debt
Restructuring. Further details on the Proposed Debt
Restructuring will be announced in due course.

The new CASB Shares to be issued pursuant to the Proposed Debt
Restructuring will upon allotment, rank pari passu in all
respects with the existing CASB Shares in issue save and except
that they shall not be entitled to any dividends, rights,
allotments and/or other distributions, the entitlement date
(namely the date as at the close of business on which the
shareholders must be registered in order to be entitled to any
dividends, rights, allotments and/or distributions) of which is
prior to the date of the allotment of the new CASB Shares

PROPOSED ACQUISITIONS

Details of the Proposed Acquisitions

On 15 October 2002, PIB had entered into the following
conditional sale and purchase agreements with CASB and the
shareholders of Dijaya and Imex to acquire:

(i) the entire ordinary share capital of Dijaya comprising
4,000,000 ordinary shares of RM1.00 each for a purchase
consideration of RM60,000,000 to be satisfied by the issuance of
51,000,000 new CASB Shares and RM9,000,000 nominal value of
RCULS from Tan Seng An and Tan Bee Lian; and

(ii) the entire ordinary share capital of Imex comprising
1,500,000 ordinary shares of RM1.00 each for a purchase
consideration of RM38,000,000 to be satisfied by the issuance of
32,000,000 new CASB Shares and RM6,000,000 nominal value of
RCULS from Tan Seng An and Tan Bee Lian.

The Company also proposes to enter into a sale and purchase
agreement within 7 days from the date hereof to acquire the
entire ordinary share capital of Bueno comprising 850,000
ordinary shares of USD1.00 each for a purchase consideration of
RM19,000,000 to be satisfied by the issuance of 16,000,000 new
CASB Shares and RM3,000,000 nominal value of RCULS from Tan Seng
An and Khor Swee Chew.

The Company has also commenced negotiations to acquire the Land
for an indicative purchase consideration of RM8,000,000 to be
satisfied by the issuance of 8,000,000 new CASB Shares from the
vendors of the Land. Further details on the acquisition of the
Land will be announced upon conclusion of the negotiation.

Dijaya, Imex and Bueno are collectively referred to as the
Acquiree Companies.

The vendors of Dijaya, Imex and Bueno are collectively referred
to as the Vendors.

Basis of the purchase considerations

The basis of the purchase considerations for the Acquiree
Companies were arrived at on a "willing-buyer willing-seller"
basis after taking into consideration the guaranteed profit
after taxation of RM36,000,000 given collectively by the Vendors
for the three (3) financial years ending 30 June 2003 to 2005.

A special audit will be conducted on the financial, contractual
and trading position, business prospects and the legal,
corporate structure, contractual and statutory records of the
Acquiree Companies to determine the assets and liabilities of
the Acquiree Companies and to verify the accuracy of the
representations and warranties of the vendors on the Acquiree
Companies. The Special Audit shall be completed 2 months from
the date of the sale and purchase agreements for the Acquiree
Companies.

Should the results of the Special Audit compared to the Acquiree
Companies' accounts as at 30 June 2002 reflect any material
inaccuracy, incorrectness or incompleteness representing more
than 5% of the profit after taxation or the net tangible assets
of the Acquiree Companies, PIB and CASB shall be entitled to
terminate the respective sale and purchase agreements or claim a
reduction in the respective purchase prices of the Acquiree
Companies.

Mode of satisfaction of the purchase considerations

The purchase considerations for the Acquiree Companies are
proposed to be satisfied by the issuance of the following new
CASB securities:

(i) an aggregate of 99,000,000 new CASB Shares at its par value;
and

(ii) an aggregate of RM18,000,000 nominal value of RCULS
(Consideration RCULS).

Ranking of the new Shares to be issued

The new CASB Shares to be issued pursuant to the Proposed
Acquisitions will upon allotment, rank pari passu in all
respects with the existing CASB Shares in issue save and except
that they shall not be entitled to any dividends, rights,
allotments and/or other distributions, the entitlement date
(namely the date as at the close of business on which the
shareholders must be registered in order to be entitled to any
dividends, rights, allotments and/or distributions) of which is
prior to the date of the allotment of the new CASB Shares.

Status of sale shares and the Land

The ordinary shares of the Acquiree Companies shall be acquired
free from all claims, charges, liens, encumbrances and equity
whatsoever together with all rights attaching thereto including
all dividends, rights and distribution declared, paid or made in
respect thereof on or before the completion of the proposed
acquisitions of the Acquiree Companies.

Should PIB propose to acquire the Land, it shall be acquired
free from any claim, charge, mortgage, lien or encumbrance of
any kind but with all rights, titles and interests attached
thereto.

Assumption of liabilities

Save for the existing liabilities of the Acquiree Assets based
on their latest audited accounts as at 30 June 2002, CASB will
not assume any further liabilities pursuant to the Proposed
Acquisitions.

Other salient terms of the conditional sale and purchase
agreements for the Proposed Acquisitions

The other salient terms of the conditional sale and purchase
agreements for the Proposed Acquisitions are as follows:

(i) Variation as stipulated by the Securities Commission (SC) on
the respective purchase prices for the Acquiree Assets, the
proposed issue price of the CASB Shares at par value, the
Consideration Shares and the Consideration RCULS will be treated
in the following manner:

(a) Variation to the purchase prices of the Acquiree Assets
The number of Consideration Shares to be issued will be adjusted
to reflect the variation whilst the Consideration RCULS, if any
to be issued, will remain unchanged.
(b) Variation to the issue price of the new CASB Shares
The number of Consideration Shares to be issued will be adjusted
to reflect the variation of the issue price of the CASB Shares.
(c) Variation to the Consideration RCULS
The nominal value of RCULS shall be increased or reduced
accordingly whilst the number of Consideration Shares to be
issued will be adjusted to reflect the variation of the
Consideration RCULS to be issued.
(d) Variation to the Consideration Shares
The number of Consideration Shares shall be increased or reduced
accordingly whilst the nominal value of RCULS to be issued will
be adjusted to reflect the variation of the Consideration RCULS
to be issued.

(ii) In the event the application is rejected or a condition is
imposed in respect of any of the approvals referred to in
section 11 hereunder, the affected party shall within 14 days on
which the rejection of the application or where the condition is
made known:

(a) Accept the rejection or appeal to the relevant authorities
within 30 days from the date on which the rejection is made
known; or
(b) Accept the condition or reject such condition imposed by the
relevant authorities. The affected party may also appeal to the
relevant authorities to modify and/or withdraw such condition
within 30 days on which the condition is made known or such
longer period as mutually agreed by all parties. In the event
the relevant authorities refuse or fail to modify the condition
as requested by the affected party, such party shall within 14
days or such longer period as mutually agreed by all parties on
which the appeal is made known, accept such condition or reject
such condition by writing.

(iii) All the approvals required from all relevant authorities
as set out in section 11 hereunder should be obtained within 9
months from the date of the conditional sale and purchase
agreements or such other longer period as mutually agreed by all
parties;

(iv) The Vendors warrant that the cumulative aggregate minimum
profit after taxation of the Dijaya, including that of Imex and
Bueno, for the 3 financial years ending 30 June 2003 to 2005
shall not be less that RM36,000,000, the aggregate minimum
profit after taxation for each of the financial years ending 30
June 2003 and 2004 shall not be less than RM10,000,000 and for
the financial year ending 30 June 2005 shall not be less than
RM16,000,000. The salient terms of the profit guarantee
agreement to be entered into by the Vendors and CASB prior to
the completion of the proposed acquisitions of the Acquiree
Companies will include, inter-alia, the following:

(a) The Guaranteed Profit will be in respect of the cumulative
profit after taxation of the Acquiree Companies (excluding
losses made) in either or any or all of the Relevant Financial
Years as audited by a reputable auditor within four (4) months
from the end of the Relevant Financial Years;

(b) The Consideration RCULS to be issued shall serve as security
for the Guaranteed Profit during the warranty period and are to
be cancelled or converted to make good the shortfall in the
Guaranteed Profit or upon fulfillment of the terms of the Profit
Warranty respectively;

(c) In the event the cumulative profit after taxation of the
Acquiree Companies for the Relevant Financial Years shall be
less than the minimum yearly Guaranteed Profit, the profit
shortfall shall be made good by either:

(1) payment by the Vendors within 10 business days upon receipt
of the demand with a certified true copy of the audited accounts
of the Acquiree Companies for the Relevant Financial Years; or
(2) cancellation of such nominal value of Consideration RCULS;
or
(3) a combination of both (1) and (2) above.

In the event the Vendors fail to pay the Shortfall within 10
business days, CASB shall be entitled to cancel such nominal
value of Consideration RCULS that is equivalent to the Shortfall
without further reference or notice to the Vendors;

(d) In the event the Consideration RCULS are not sufficient to
cover the Shortfall, the Vendors shall pay CASB the shortfall
within 10 business days from the receipt of the written notice;
and
(e) The Vendors' liability for the Shortfall shall not exceed
the minimum yearly Guaranteed Profit and CASB shall have no
recourse against the Vendors for the Shortfall in excess of the
minimum yearly Guaranteed Profits unless the losses are
attributable to exceptional items which shall be certified by
the auditors.

(v) The Vendors undertake that they will not, for a period of 3
years after the completion of the proposed acquisition of the
Acquiree Companies, without written consent of CASB:

(a) either on their own account or for any other person directly
or indirectly solicit, interfere with or endeavour to entice
away from the Acquiree Companies (for purposes of similar trade
or business carried out by the Acquiree Companies) a client,
customer or employee of the Company; and
(b) either alone or jointly with or as manager, agent for or
employee of any person, directly or indirectly, carry on or be
engaged or concerned or interested in Malaysia in the business
of the Acquiree Companies or in any other business similar to
any business carried on by the Acquiree Companies and their
subsidiaries.

CASB was incorporated in Malaysia under the Act on 20 September
2002 as a private limited company. The authorized share capital
of CASB is currently RM100,000 comprising 100,000 CASB Shares,
of which 100 CASB Shares has been issued and fully paid-up. CASB
is currently dormant.

CASB will be used as an investment holding company to facilitate
the Proposed Restructuring Scheme of PIB. CASB will subsequently
assume the listing status of PIB pursuant to the Proposed
Restructuring Scheme and PIB will be delisted thereafter.

Dijaya was incorporated in Malaysia on 8 November 1996 under the
Act. The authorised share capital of Dijaya is RM10,000,000
comprising 10,000,000 ordinary shares of RM1.00 each of which
4,000,000 Dijaya shares have been issued and fully paid-up.

The principal activity of Dijaya comprises the commercial
installation of ceiling and partitioning works for commercial
complexes, government buildings, hotels, hospitals and others.
Dijaya's portfolio of projects include prestigious landmarks
such as the Kuala Lumpur International Airport, Kuala Lumpur
Sentral Station, Plaza Sentral, projects in Putrajaya and Mid
Valley Megamall.

Imex was incorporated in Malaysia on 28 January 1999 under the
Act. The authorised share capital of Imex is RM5,000,000
comprising 5,000,000 ordinary shares of RM1.00 each of which
1,500,000 Imex shares have been issued and fully paid-up.

The principal activity of Imex comprises the bulk distribution
and wholesale of ceiling and partitioning products to
contractors and resellers. Its main products include all kinds
of plaster ceilings and related products, and gypsum boards for
partitioning and ceiling purposes.

Bueno was incorporated as a limited company in Shanghai, China
on 8 June 2001. The registered share capital of Bueno is
USD1,000,000 comprising 1,000,000 ordinary shares of USD1.00
each of which 850,000 Bueno shares have been issued and fully
paid-up.

The principal activity of Bueno is that of manufacturing and
distribution of rolled form steel products for ceilings and
partitioning. Bueno currently operates its manufacturing
activities in Qing Pu, Shanghai, China. The regional and sale
office is located at Far East International Plaza, Shanghai. The
main products manufactured by Bueno are ceiling tee and
galvanized steel skirting whereby the present production
capacity of its products is approximately 6,600 metric tonnes
per annum or 550 metric tonnes per month.

Since its incorporation on 8 June 2001, Bueno's financial
statements have not been audited.

The Proposed Transfer Listing entail the transfer of the listing
status of PIB to CASB whereby PIB will be delisted from the
Official List of the Second Board of the KLSE and CASB will be
listed in its place on the Second Board of the KLSE.

RATIONALE OF THE PROPOSED RESTRUCTURING SCHEME

The PIB Group has suffered losses for the past 4 financial years
since the financial year ended 20 September 1998, which has
resulted in a negative shareholders' fund of RM32,501,508 based
on the latest audited results as at 31 December 2001. More
importantly, the PIB Group had defaulted in servicing and
repaying its financial obligations to the bank lenders and
creditors as the Group's business as a whole cannot generate
sufficient revenue and cashflow to service and repay the total
debts owing to the unsecured bank lenders and creditors of
RM36,766,566 as at 30 June 2002. Furthermore, it is envisaged
that the PIB Group will not be able to generate sufficient
future profits and cashflow to enable it to meet its entire
financial obligation in the ordinary course of business or
through the sale of the assets.

In this respect, the Proposed Restructuring Scheme has been
formulated essentially to avoid the possibility of liquidating
PIB, of which, if it does take place, the creditors as well as
the shareholders will suffer substantially losses for the debts
owing and their investment in the Company respectively. Based on
a liquidation scenario, the creditors and the shareholders are
expected to obtain minimal recovery or none due to the huge
negative shareholders' fund of RM32,501,508 as at 31 December
2001. Thus, the Proposed Restructuring Scheme is aimed at
reviving and rebuilding the financial strength of the Company
through the injection of the profit generating assets via the
Acquiree Assets and thus provides the creditors and shareholders
an avenue to recover all or if not part of their debts or
investment.

The primary objective of the Proposed Restructuring Scheme is to
rescue the Company from the likely event of being wound up due
to its inability to meet its financial obligations as and when
they fall due, to prevent the Company and eventually CASB, from
running the risk of being de-listed from the KLSE pursuant to PN
4/2001 of the KLSE Listing Requirements, as well as to revive
and rebuild the financial strength of the Company/CASB. The
Company/CASB, may upon the completion of the Proposed
Restructuring Scheme, be able to regain the confidence of its
various stakeholders, hence be in the position to compete
competitively against the other players in the industry.

The Proposed restructuring Scheme is subject to and dependent
upon approvals being obtained from the relevant regulatory
authorities, details of which are set out in section 11
hereunder. In the event that the Proposed Restructuring Scheme
is rejected by the authorities for whatever reason, there can be
no assurance that PIB is able to exist as a going concern and
may also be de-listed from the Official List of the KLSE.

Presently, PIB and its subsidiary companies are specialized
industrial building contractors and are also involved in the
import, distribution and retail sale of fastening products.
After the completion of the Proposed Acquisitions, the enlarged
group held through CASB will be principally involved in the
distribution and installation of ceilings and partitions and the
manufacturing and distribution of rolled form steel products for
ceilings and partitions, which are indirectly related to the
property development and construction sub-sectors.

This new business activities will expose CASB to risks inherent
in the property development and construction sub-sector which
include, shortages of raw materials such as steel, labor costs,
shortages of labor including foreign workers, slow collections
and availability of bank borrowings.

Following the completion of the Proposed Restructuring Scheme,
the Vendors will emerge as the controlling shareholder in CASB.
In this respect, the Vendors as the new controlling shareholders
may introduce a new set of Directors who shall effectively
determine the future business direction of CASB. Thereafter, the
Vendors will be able to influence the outcome of the matters
requiring the vote of the CASB shareholders, unless it is
required to abstain from the voting by law and/or the relevant
authorities.

It is pertinent to note that the Acquiree Assets, via its
installation and distribution of ceiling and partitioning
products and the manufacturing and distribution of rolled form
steel products for ceilings and partitionings, has been able to
charter continued growth in its business. Moreover, Imex has
only commenced operations in 2002 whilst Bueno will only
commenced operations in 2003 and the continued growth in its
business during economic crisis cannot be ascertained. The
customers' dependence and trust on the Acquiree Companies'
ability to complete its contracts or produce high quality
products are essential to safeguard the reputation in the market
and face the onslaught of competition.

Like all business entities, changes in the political, economic
and regulatory conditions in Malaysia and elsewhere in the world
could materially affect the financial and business prospect of
the Acquiree Companies. Amongst the political, economic and
regulatory uncertainties are the changes in the political
leadership, currency exchange rules, changes in the accounting
policies and taxation.

Bueno is operating outside Malaysia and is subjected to China's
laws on investments and repatriation of profits. Currently,
there are not restrictions in foreign investment or on the
repatriation of profits arising from its investment in China.
However, no assurance can be given that the present government
policies will be maintained.

As the Acquiree Companies are mostly involved in the property
development and construction sub-sectors, their future prospects
are very much linked to the construction sector and the state of
the general economy of Malaysia.

The Proposed Capital Reduction and Consolidation, Proposed Set-
Off of Share Premium and Reserves, Proposed Share Swap, Proposed
Debt Restructuring and Proposed Acquisitions are inter-
conditional. The Proposed Acquisitions are inter-conditional
amongst each other.

The Proposed Transfer Listings are conditional upon the Proposed
Capital Reduction and Consolidation, Proposed Set-Off of Share
Premium and Reserves, Proposed Share Swap, Proposed Debt
Restructuring and Proposed Acquisitions.

The Proposed Restructuring Scheme is subject to the following
approvals being obtained:

(i) The High Court of Malaya for the Proposed Capital Reduction
and Consolidation and the Proposed Set-Off of Share Premium and
Reserves pursuant to Section 64 of the Act;

(ii) The approval of the SC for the Proposed Restructuring
Scheme;

(iii) The approval of the Foreign Investment Committee for the
Proposed Acquisitions;

(iv) The approval of the Ministry of International Trade and
Industry for the Proposed Acquisitions;

(v) The approval of the KLSE for the following:

(a) listing of and quotation for the existing CASB Shares and
the new CASB Shares to be issued pursuant to the Proposed Debt
Restructuring and the Proposed Acquisitions;
(b) listing of and quotation for the new CASB Shares arising
from the conversion of the RCULS; and
(c) the Proposed Transfer Listing.

(vi) The approval of the FI Creditors for the Proposed Debt
Restructuring;

(vii) The approval of the shareholders of PIB for the Proposed
Restructuring Scheme at a court convened meeting to be held
pursuant to Section 176 of the Act; and

(viii) The approval of any other relevant authorities, if
required.

The Proposed Restructuring Scheme is not expected to materially
affect the earnings of PIB for the financial year ending 31
December 2002 as it is expected to be completed only in the
second quarter of 2003.

However, the Proposed Restructuring Scheme is expected to
contribute positively to the earnings of the CASB Group in the
financial year ending 30 June 2004 due to the earnings
contribution from the Acquiree Companies.

Application to the SC for the approval of the Proposed
Restructuring Scheme shall be made within two months from the
date of this announcement.

The completion of the implementation of the Proposed
Restructuring Scheme is expected to require 8 months.

The terms of the Proposed Restructuring Scheme comply with the
requirements of the SC's Policies and Guidelines on Issue/Offer
of Securities and the SC's Guidelines on Offerings of Private
Debt Securities.

None of the Directors and/or substantial shareholders of PIB
and/or person connected to them have any interest, direct or
indirect, in the Proposed Restructuring Scheme.

The Board of Directors of PIB, having taken into consideration
all aspects of the Proposed Restructuring Scheme, is of the
opinion that the Proposed Restructuring Scheme is in the best
interest of the PIB Group.

PIB has appointed PMBB as the adviser for the Proposed
Restructuring Scheme.

An explanatory statement and circular to shareholders setting
out the details of the Proposed Restructuring Scheme together
with the notices of EGM and the court convened meeting will be
despatched to the shareholders of PIB in due course.

The conditional sale and purchase agreements dated 15 October
2002 for the Proposed Acquisitions are available for inspection
at the registered office of PIB at No. 8m Jalan SS21/39,
Damansara Utama 47400 Petaling Jaya, Selangor Darul Ehsan during
the normal office hours from Monday to Friday (except public
holidays) for a period of 14 days commencing from the date of
this announcement.


PEKELILING TRIANGLE: Danaharta Appoints Special Administrators
--------------------------------------------------------------
Pengurusan Danaharta Nasional Bhd has appointed special
administrators (SAs) for property development company Pekeliling
Triangle Sdn Bhd, effective Tuesday.

Lim Tian Huat and Chew Cheng Leong of Ernst & Young, will assume
control of the assets and affairs of the Pekeliling Triangle
with the suspension of the powers of the management and the
board.

A 12-month moratorium will take effect from the date of
appointment in order to preserve the assets of the company until
the SAs are able to complete their task. During that period, no
creditor may take action against the company.

The SAs will prepare a workout proposal that must be examined by
an independent adviser, who will review the reasonableness of
the proposal, taking into consideration the interests of all
creditors and shareholders.

If Danaharta approves the proposal prepared by the SAs, they
will call for a meeting of secured creditors to consider and
vote on the proposal.


PENAS CORPORATION: Proposals Get MITI Approval
----------------------------------------------
AmMerchant Bank Berhad, on behalf of Penas Corporation Berhad,
wishes to announce that the company has received the approval of
the Ministrty of International Trade and Industry (MITI) in
relation to the Proposals vide its letter dated 9 October 2002,
which was received on 14 October 2002.

The Proposals include the following:
(1) Proposed Composite Scheme of Arrangement and Compromise
Repayment to PenCorp's creditors and members pursuant to Section
176 of the Companies Act 1965;

(2) Proposed acquisitions of Vintage Tiles Industries Sdn Bhd
(VTI) and Vintage Tiles Holdings Sdn Bhd (VTH) by VTI Vintage
Berhad (VVB);

(3) Proposed exemption for the vendors of Vintage Group and
parties acting in concert to undertake a mandatory general offer
to acquire the remaining shares in VVB not owned by them;

(4) Proposed disposal of PenCorp;

(5) Proposed public issue and proposed offer for sale;

(6) Proposed placement of ICULS; and

(7) Proposed transfer of listing status of PenCorp to VVB.

The MITI, in approving the Proposals had imposed an equity
condition on VTI to be at least 70 percent held by Malaysians
inclusive of at least 10 percent reserved for Bumiputera.

The Proposals are still subject to the approvals of the
following:
a) the Securities Commission;
b) the Foreign Investment Committee;
c) the shareholders of Pencorp at an Extraordinary General
Meetings (EGM) to be convened;
d) each class of Scheme Creditors of Pencorp at meetings to be
convened pursuant to an order of the Court in accordance with
Section 176 of the Companies Act;
e) the Court pursuant to Sections 64 and 176 of the Companies
Act 1965 and the sanction of the Proposed Capital Reduction;
f) the approval of the KLSE for the listing of and quotation for
the entire issued and paid-up share capital of VVB and VVB's
ICULS on the Second Board of the KLSE; and
g) any other relevant authorities.

The Proposals shall become effective upon the lodgment of an
office copy of the Court order issued pursuant to item 6.1(7)
above with the Companies Commissions of Malaysia.


ROCK CHEMICAL: SC Approves Disposal of 30% Aalborg Stake
--------------------------------------------------------
Rock Chemical Industries (M) Bhd has received the Securities
Commission's (SC) approval for the implementation of the
proposed disposal of shares.

The proposed disposal involved 25.62 million RM1shares
representing 30 percent of the issued and paid-up capital of
Aalborg RCI White Cement Sdn Bhd to the Industrialisation Fund
for Developing Countries (IFU) for RM39.26 million cash.

The proposed disposal also involved 8.54 million RM1 shares,
which represents 10 percent of the issued and paid up share
capital of ARWC, to Aalborg White A/S for RM8.35 million cash.

Part of the proceeds arising from the proposed disposal will be
used for the partial repayment of term loan of RM6 million.

Rock Chemical Industries (Malaysia) Berhad said early this month
that its wholly owned subsidiary, RCI Concrete Products Sdn Bhd
(RCI-CP), had on 7 October 2002 disposed off its plant,
machinery and equipment for the manufacture of cement-based
terrazzo tiles, compressed concrete tiles and compressed
concrete pavers to Sun-Block PMI Sdn Bhd for the total sale
price of RM2 million.


SISTEM TELEVISYEN: Corporate Proposals Get Approval From SC
-----------------------------------------------------------
On behalf of the Board of Directors of Sistem Televisyen
Malaysia Berhad (TV3), AmMerchant Bank Berhad (formerly known as
Arab-Malaysian Merchant Bank Berhad) is pleased to announce that
the Securities Commission (SC) has, vide its letters to TV3
dated 9 October 2002 (received on 14 October 2002), approved the
Corporate Proposals.

Further, the application for the exemption from the obligation
from having to undertake a mandatory offer on the remaining
voting shares in The New Straits Times Press (M) Berhad by Media
Prima Berhad (formerly known as Profitune Berhad) has also been
approved in the said letter.

The SC's approval is subject, inter-alia, to the following
conditions:

i. compliance with all relevant requirements under the SC's
Policies and Guidelines on Issue/Offer of Securities; and
ii. compliance with conditions imposed by other relevant
authorities, if any.


WEMBLEY INDUSTRIES: Awaits Approval for Extension of Time
---------------------------------------------------------
Further to the announcement dated 30 September 2002, Wembley
Industries Holdings Berhad said that the Kuala Lumpur Stock
Exchange had vide its letter dated 14 October 2002 gave an
approval for an extension of time from 1 October 2002 to 14
October 2002 to submit applications in respect of the Proposals
to the relevant authorities.

The Proposals include Capital Reduction and Consolidation, Debt
Restructuring, Rights Issue; and Increase in Authorized Share
Capital.

As announced by the Company's financial adviser on 11 October
2002, a further application was made to the Exchange for an
extension of time from 14 October 2002 up to 31 October 2002 to
submit the applications in respect of the Proposals to the
relevant authorities. As at the date hereof, the Second
Application is still pending the approval of the Exchange.


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


IPEOPLE INC.: Clarifies Disclosure Report, Dissolution of Unit
--------------------------------------------------------------
IPeople Inc. informs the public of the typographical error made
in its disclosure dated October 11, 2002 regarding the
dissolution of IEWorks, Inc., a subsidiary of the Company.

The disclosure should be read as follows:

"In compliance with the disclosure requirements of the Exchange,
the Company informed the public that at the Special
Stockholders' Meeting of IEWorks, Inc., a subsidiary of iPeople,
Inc., held October 14, 2002, the stockholders present affirmed
the dissolution of IEWorks, Inc. by shortening its corporate
term of existence until October 31, 2002."

The press release is located at
http://bankrupt.com/misc/tcrap_ipeople1016.pdf


MUSIC CORPORATION: Board Abandons Restructuring Scheme
------------------------------------------------------
The Board of Directors of Music Corporation (MUSX) has decided
to abandon the proposed group-restructuring plan approved by the
Board of Directors and the stockholders on September 12, 2001
and October 04, 2001, respectively.

The Board has set the Annual Stockholders' Meeting of MUSX on
December 9, 2002. The venue and time of meeting will be
announced in due course. The close of business on November 8,
2002 has been fixed as the record date for the determination of
the stockholders entitled to notice of such meeting and any
adjournment thereof, and to attend and vote threat.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_musiccorp1016.pdf


NATIONAL POWER: Launches US$400M Loan to Sub-Underwriters
---------------------------------------------------------
The National Power Corporation has launched its widely
anticipated US$400 million one-year bridging loan to sub-
underwriters and participants, Reuters reported Tuesday.

The Philippine government guarantees the deal.

Napocor also aims to raise US$750 million in a bond offering
later in 2002, backed by a partial guarantee from the Asian
Development Bank that should cover the balance of the state
energy firm's financial requirements for this year.


PHILIPPINE LONG: Gokongwei May Renew Bid for 24.4% Stake
--------------------------------------------------------
Tycoon John Gokongwei may renew his bid for the 24.4 percent
controlling stake in Philippine Long Distance Telephone Co
(PLDT) Hong Kong's First Pacific Co. (H.FPC), Philippine Daily
Inquirer reports, citing an unnamed official of Gokongwei's JG
Summit Holdings Inc.

The official, however, declined to say what could trigger a
renewed
Gokongwei bid for First Pacific's Philippine assets.

Earlier this month, Gokongwei's group terminated its agreement
with First Pacific to form a joint venture that will acquire the
Hong Kong Company's controlling stake in PLDT.

Other sources said First Pacific is now offering its PLDT and
Bonifacio Land stakes to interested groups and is now willing to
settle for a price lower than that offered by the Gokongwei
group.

The sources said that the Salim group, which controls First
Pacific, had indicated to various local and foreign groups that
it was willing to sell its PLDT shares at a minimum price of $12
a share - much lower than the $21 a share offered by the
Gokongwei group. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue
No. 205, October 16, 2002)


VICTORIAS MILLING: SEC Okays Articles of Incorporation Change
-------------------------------------------------------------
The amendments to the Amended Articles of Incorporation of
Victorias Milling Company Inc. (VMC) was approved by the
Securities and Exchange Commission (SEC) on October 2, 2002 as
follows:

Authorized Capital Stock was decreased from P2,700,000,000
equivalent to 270,000,000 shares with par value of P10 to
P495,957,670 divided 170,432,189 shares, with a par value of
P2.91 per share, with the subscribed capital stock amounting to
P495,957,670 divided into 170,432,189 shares, with a par value
of P2.91.2.

The par value was further reduced from P2.91 to P1.00 per share
while simultaneously increasing the number of subscribed shares
from 170,432,189 with a par value of P2.91 to 495,957,670 with a
par value of P1.00 per share through a stock split.

TCR-AP reported earlier that Victorias Milling Company Inc. is
waiting for the Securities and Exchange Commission (SEC) to
approve the debt-to-equity swap that allows the election of new
directors to oversee its rehabilitation program.

Pending with the SEC is an order to convert the Company's debt
to 27 creditor banks worth 1.1 billion pesos into a roughly 70
percent stake in the Company.

Another 2.4 billion pesos of the Company's debt will be
restructured into a 15-year loan.


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


CHARTERED SEMICONDUCTOR: Merrill Lynch Holds 11% Stake
------------------------------------------------------
Merrill Lynch & Co. now holds 11 percent of Chartered
Semiconductor Manufacturing Ltd. (CSM) after selling unsubscribe
shares to three Singapore banks, Business Times and Bloomberg
reported Wednesday, citing Merrill spokesman Bob Sherbin.

DBS Group Holdings Ltd., United Overseas Bank Ltd. and Oversea-
Chinese Banking Corporation took up the remaining 5 percent of
shares. Singapore's three banks helped Merrill underwrite the
so-called rights offer.

The chipmaker hired Merrill to underwrite a sale of stock to
investors equivalent to a 16 percent stake in the Company.

In a filing to Nasdaq on Saturday, Merrill was left with 280
million of the chipmaker's shares.

In October, Chartered raised S$1.11 billion ($615 million) from
the sale to help pay for the construction of a chip factory.


CSC HOLDINGS: Posts Notice of Shareholder's Interest
----------------------------------------------------
CSC Holdings Limited posted a notice of changes in shareholder
Toh Ho & Chionh Holdings Pte Ltd's interest:
  
Date of notice to Company: 15 Oct 2002
Date of change of interest: 15 Oct 2002
Name of registered holder: Toh Ho & Chionh Holdings Pte Ltd
Circumstance(s) giving rise to the interest: Others
Please specify details: Discharged of security for a third party
liabilities

Shares held in the name of registered holder
No. of shares of the change: 11,000,000
Percentage of issued share capital: 2.47
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: Nil
No. of shares held before change: 123,930,000
Percentage of issued share capital: 27.85
No. of shares held after change: 134,930,000
Percentage of issued share capital: 30.32

Holdings of Substantial Shareholder including direct and deemed
interest
                                      Deemed      Direct
No. of shares held before change:   22,000,000  123,930,000
Percentage of issued share capital:     4.94       27.85
No. of shares held after change:    11,000,000  134,930,000
Percentage of issued share capital:     2.47       30.32
Total shares:                       11,000,000  134,930,000

Note:

Toh Ho & Chionh Holdings Pte Ltd's deemed interest comprises
shares held by Promix Concrete Pte Ltd as security for third
party liabilities.

TCR-AP reported that Construction firm CSC Holdings incurred a
net loss of S$10.266 million compared to S$12.757 million in the
previous year.

According to World'Vest Base, CSC Holdings Ltd at the end of
1999 has fixed assets of S$31.2 million and current liabilities
were S$33.6 million.


FLEXTECH HOLDINGS: Stock Facing SGX Suspension
----------------------------------------------
Flextech Holdings Limited refers to its announcement on
September 23, 2002, relating to the proposed restructuring of
the borrowings and business operations of the FHL group of
companies, that it proposes to seek the approval of the holders
of the Loan Stock 2002 for an extension and variation of the
Loan Stock 2002.

In this connection, a circular setting out details and
information on the terms of the extension and variation, and
information on the meeting of the holders of the Loan Stock 2002
to be convened, will be issued shortly by the Company to the
holders of the Loan Stock 2002.

In the meantime, as announced on 11 October 2002, the Company
will make payment of the interest due on 23 October 2002 in
relation to the Loan Stock 2002.

In view of the proposed Loan Stockholders' Meeting to seek
approval of the holders of the Loan Stock 2002 for the extension
and variation of the Loan Stock 2002, no redemption of the Loan
Stock 2002 would be made on 23 October 2002.

The Singapore Exchange Securities Trading Limited (SGX-ST) has
clarified that the trading of the Loan Stock 2002 will be
suspended with effect from 24 October 2002, pending the outcome
of the Loan Stockholders' Meeting and the finalization of any
legal documentation required (if the approval for the extension
and variation of the Loan Stock 2002 is obtained at the Loan
Stockholders' Meeting).

The Company also confirms that it will recognize, for purposes
of determining the future entitlements of holders of the Loan
Stock 2002, any trades in the Loan Stock 2002 carried out on the
SGX-ST on or before 5 p.m. on 23 October 2002, which would, in
the ordinary course of trading, be settled after 23 October
2002.

The Company will continue to update its shareholders and the
holders of the Loan Stock 2002 for further developments.


SUNRIGHT LIMITED: Posts $18.5M Net Loss in First Half
-----------------------------------------------------
Sunright Limited posted a net loss of S$18.5 million for the
fiscal year ending July 31, versus a net profit of S$1 million a
year earlier, according to Business Times.

Sunright Chief Executive Officer Sam Lim said the loss consisted
of a large $22.7 million depreciation resulting from its heavy
investment in production equipment.

He attributed the fall in sales mainly to 'continued weakness in
the equipment business as well as low utilization in the burn-in
and test services sector'.

"On the whole, the cyclical nature of the semiconductor industry
limited our ability to maintain or increase our turnover and
profit during the industry's downturn. It was impossible for us
to avert the impact of the unprecedented downturn," Mr Lim said.

"We are now on the road to recovery," Mr Lim noted. "With the
semiconductor industry expecting growth of between 9 and 11 per
cent in 2003, and with the increased outsourcing of burn-in and
testing of advanced devices, Sunright is positioning itself to
capitalize on these opportunities."

According to Wrights Investor's Service, the Company has paid no
dividends during the last 12 months. The Company also reported
losses during the previous 12 months.


VIKAY INDUSTRIAL: Creates Nominating Committee
----------------------------------------------
The Board of Directors of Vikay Industrial Limited has
established its Nominating Committee with effect on October 15,
2002. The composition of the Nominating Committee comprises of:

Lew Syn Pau - Chairman
Foo Meng Tong - Member
Goh Seh Leong - Member

The Chairman and Members of the Nominating Committee are
independent Directors.

According to Wright Investor's Service, Vikay Industrial Limited
at the end of 2001 had negative common shareholder's equity of -
3.52 million Singapore Dollars. This means that at the present
time, the common shareholders have essentially no equity in the
Company. This Company's total liabilities are higher than total
equity, which means that the money this Company owes are greater
than all of the assets of the Company.

The Company has paid no dividends during the last 12 months.
Vikay Industrial Limited last paid a dividend during fiscal year
1996, when it paid dividends of 0.00 per share.

The Group's principal activities are carried out through three
divisions: Liquid Crystal Displays: Designs and manufactures
various types of liquid crystal displays, including the Twisted
Nematic and Super Twisted Nematic types, for various
applications such as instruments, automobiles, telephones and
others.

The Group operates in Singapore, the People's Republic of China,
the USA, the United Kingdom and Malaysia.


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


ITALIAN-THAI DEVELOPMENT: Court Delays Hearing on Rehab Exit
------------------------------------------------------------
The Central Bankruptcy Court postponed on Tuesday a hearing on a
request by Italian-Thai Development Plc to exit its official
debt rehabilitation period.

No date was given for a new hearing.

Thailand's biggest construction firm entered the debt
restructuring process of the Central Bankruptcy Court last year
with about Bt22 billion in debt. Its Bt12.8-billion ($291.1
million) debt restructuring - involving a share buy-back, debt-
to-equity swap and debt rescheduling - has been completed and
the Court approved its rehabilitation plan last month.

Ital-Thai's major creditors are Siam Commercial Bank; investment
bank Credit Suisse First Boston, a unit of Credit Suisse Group;
and BNP Paribas Bank.


MIDA ASSETS: Plans to Raise THB1 Billion From IPO
-------------------------------------------------
Leasing firm MIDA Assets Co Ltd said Tuesday it plans to raise
about THB1 billion ($22.74 million) from an initial public
offering in the second quarter next year.

Managing Director Kamol Eawsivigoon said the company would
increase its registered capital by THB200 million from current
THB400 million through the IPO.

The IPO shares will have a par value of THB10 each.

Asset Plus Securities is acting as financial adviser for the
listing plan.

Some THB300 million of the proceeds will be used to refinance
its existing debt, which carries an annual interest rate of 10
percent, he said.

MIDA, which is 60 percent owned by the Eawsivigoon family, runs
hire purchase and leasing businesses mainly for electrical and
consumer products for low-income customers. It has paid-up
capital of 400 million baht.


ROBINSON STORE: Raises Paid-up Capital to Bt14.8B
-------------------------------------------------
Reference is made to an order of the Central Bankruptcy Court,
in Rehabilitation Red Case No. For. 21/2543, dated 2 May 2000,
to the effect that Robinson Department Store Public Company
Limited increase its paid-up capital from Bt1,480,881,510 to
Bt14,808,815,100 in compliance with the provisions of the
rehabilitation plan, and reduce its registered capital by 25
percent subsequent to the capital increase by means of a
reduction in the number of shares in proportion to the number of
shares held by the shareholders.

Subsequently, the Company has requested by notification of the
referenced letter that the date for registration of increase of
the paid-up capital and the date for closure of the register of
shareholder be postponed indefinitely.

Now, the Company is ready to proceed with the above matter.

Accordingly, the Company will apply for registration of the
increase of the paid-up capital and will allocate the shares
from the capital increase to its creditors, and the Company
fixes the date for the closure of the register of shareholders
on 29 October 2002 at 12.00 hours so that the name of
shareholders and the numbers of their shares to be reduced may
be determined by reason of the capital reduction.


SANSIRI PLC: Board Approves Plan to Cut Share Par
-------------------------------------------------
The board of Thai property developer Sansiri PCL has approved a
plan to cut the par value of its shares and use its reserve fund
to wipe out its accumulated losses, which amounted to Bt2.34
billion as of end-June.

Dow Jones Newswires reported that Sansiri has agreed to transfer
Bt11.3 million in reserve to partially offset the losses.

It will also cut its par value to Bt3.75 from Bt10, resulting in
a lower registered capital to Bt4.13 billion from Bt11.02
billion to clear the remaining losses.

TCR-AP reported in September that Sansiri Plc, part-owned by
U.S.-based Starwood Hotels & Resorts Worldwide, would have a net
profit of about 40 million baht ($925,900) in 2002 from revenue
of 1.2 billion baht.


SIAM SYNTECH: Suchat Boonbanjerdsri Steps Down From Board
---------------------------------------------------------
Plan administrator Siam Syntech Planner Co., Ltd. said in a
Stock Exchange of Thailand (SET) disclosure that it has approved
the resignation of Suchat Boonbanjerdsri as director of Siam
Syntech Construction Pcl effective 11 October 2002.

The plan administrator said there is no replacement yet for the
director post.

TCR-AP reported earlier this month that the SET still posted an
"SP" (Suspension) sign on the securities of SYNTEC because the
Bangkok-based construction firm is in the process of
implementation of a rehabilitation plan.


TELECOMASIA CORP: Sells THB18.4B of Bonds
-----------------------------------------
TelecomAsia Plc, Thailand's largest private fixed-line operator,
has sold 18.40 billion baht, or more than 80 percent of its
21.75 billion baht ($495 million) of bonds, at the close of
subscription Monday.

The company's bonds were opened for subscription from October 7,
with investors subscribing for 14.75 billion baht in bonds on
the first day.

The company offered to retail and institutional investors 6.75
billion baht in floating-rate bonds due February 2011, and only
to retail investors 15 billion baht of fixed-rate bonds due July
2008.

The proceeds will be used to refinance the company's dollar-
denominated debts.

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


TELECOMASIA CORP: Stock Gains on FLAG's Removal From Chapter 11
---------------------------------------------------------------
Shares of metropolitan fixed-line operator TelecomAsia Corp.
jumped 9.4 percent to Bt5.85 on news its affiliate FLAG Telecom
Holdings has been removed from Chapter 11 proceedings in the
U.S., Dow Jones Newswires reported.

"The rise should be mainly due to the news about FLAG. But
investors seemed to overreact to the news. It'll take time
before TelecomAsia fully benefits from FLAG," Kim Eng Securities
analyst Pisut Ngamvijitvong said.


TONGKAH HARBOUR: Loses Director, Internal Auditor
-------------------------------------------------
Tongkah Harbour Public Company Limited (THL) said in a
disclosure to the Stock Exchange of Thailand (SET) that Mr.
Prasit Jarupokkul has stepped down as CFO and Director of the
Bangkok-based tin miner.

Mr. Pisit Pon-In, has also resigned as Internal Auditor,
effective 16 October 2002, it said.

Tongkah Harbour will then inform the SET, its shareholders and
investors on the resolution in due course.

THL, which is under rehabilitation, has operated off-shore tin
mining since 1980 and was granted mining lease for the period of
25 years in Phuket Bay, Bangtao Bay and Ao-Chalong Bay for the
total areas of 17,600 Rais.


* Fitch Ups Four Largest Thai Banks' Ratings to BBB-
----------------------------------------------------
Fitch Ratings said Wednesday it has upgraded the long-term
foreign currency ratings of Bangkok Bank, Krung Thai Bank, Thai
Farmers Bank and Siam Commercial Bank to investment grade of
BBB- from BB+. The outlook remains stable.

The international rating agency said the "upgrade of the Big
Four banks' foreign currency ratings brings them into line with
their implicit local currency ratings, which Fitch has premised
on the strong expectation of government support to systemically
important banks."

By 0354 GMT, Bangkok Bank shares increased 1.71 percent at 44.50
baht and Thai Farmers gained 2.2 percent at 23.20 baht. Siam
Commercial Bank jumped 4 percent to 23.40 baht and Krung Thai
Bank rose 2.44 percent at 8.40 baht.

Fitch has also revised the outlook for Bank of Asia and Export
Import Bank of Thailand to Positive from Stable on their
existing BBB- investment grade foreign currency ratings.




S U B S C R I P T I O N  I N F O R M A T I O N

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