TCRAP_Public/021029.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

          Tuesday, October 28, 2002, Vol. 5, No. 204

                         Headlines


A U S T R A L I A

COLES MYER: Choice Between Lew and Fletcher Key AGM Issue
COLES MYER: Directors Want Solomon Lew Investigated
EMPIRE SYSTEMS: Former Director Sentenced to Ten Months in Jail
MIM HOLDINGS: Sells Non-core German Zinc Smelter


C H I N A   &   H O N G  K O N G

CHINA ANIMAL: High Court to Hear Petition Scheduled Nov. 13
CHINA LIAONING: November 6 Hearing on Wind Up Petition Set
CHINA LIAONING: High Court to Hear Wind up Petition on Nov. 6
DOT MEDIA: Petition Seeking Firm's Wind Up To Be Heard Nov. 6
FULL BRIGHT: Wind Up Petition Slated for Hearing

HING TAT: Petition Seeking Wind Up To Be Heard November 27
JR COLLECTION: High Court to Hear Wind Up Petition on Nov. 13
SMART DRAGON: Petition Seeking Wind Up To Be Heard Nov. 27
TRIFORD FINANCE: Wind Up Petition Hearing Set for November
WELSON CHEMICALS: Winding Up Petition To Be Heard November 13


I N D O N E S I A

BANK NEGARA: Fitch Rates US$100-150 Million Bonds "B-"
HOLDIKO PERKASA: Metropolitan Stake Going to Berca Indonesia
SINAR MAS: Agrees to Pay Creditors Monthly US$30M Starting 2003


J A P A N

ALL NIPPON: R&I Assigns BBB+ Rating
DAIWA SECURITIES: Swings Back Into The Black
ISUZU LIMITED: Withdraws From Joint SUV Production in US
KENWOOD CORPORATION: Halts Mobile Phone Production This Month
SUMITOMO MITSUI: Unit Revises 1H02 Financial Result


K O R E A

CHOHUNG BANK: Selects Successful Bidder by Next Month


M A L A Y S I A

BANK NIAGA: Commerce Bank Expected to Buy 51% Stake Yesterday
BERJAYA SPORTS: Unit Buys 8% Irredeemable Convertible Stocks
FW INDUSTRIES: Obtains Wind Up Petition Restraining Order
MWE HOLDINGS: Sells 55% Stake in Loss-making Skypark
TELEKOM MALAYSIA: Finalizes Deal to Ship Mobile Unit to Celcom

* KLSE Threatens to Delist Troubled Listed Companies by Dec. 31


P H I L I P P I N E S

BENPRES HOLDINGS: Unit Hikes Capital


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Clarifies 4Q02 Share Count and EPS
CHARTERED SEMICONDUCTOR: Stays in The Red, Warns of More Losses
EASYCALL INTERNATIONAL: AGM Set on November 28
GOODPACK LIMITED: Winding Up Dormant Subsidiary
ISOFTEL LIMITED: Posts Notice of Director's Interest

MEDIARING.COM: Appoints Khaw Kheng Joo as CEO


T H A I L A N D

KRUNG THAI: Will Refinance Bad Loans Due to Govt Pressure
TPI POLENE: Reverses Last Year's Q3 Gains Due to Forex Losses

     -  -  -  -  -  -  -  -

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


COLES MYER: Choice Between Lew and Fletcher Key AGM Issue
---------------------------------------------------------
CEO John Fletcher has threatened to bolt out of the struggling
retailer should Director Solomon Lew be re-elected to the board,
the Sydney Morning Herald reported yesterday.

In an interview with the Australian daily over the weekend,
Chairman Rick Allert disclosed that he and Mr. Fletcher had
talked recently where the latter expressed his desire to step
down if Mr. Lew's 17-year tenure in the board gets extended.

"If Sol gets back there'd have to be a level of discomfort. He
needs to think that through," the chairman told Business Sunday.

Mr. Fletcher and seven other directors including Mr. Allert are
advocating shareholders vote Mr. Lew off the board during the
group's annual general meeting slated on November 20.

According to Mr. Allert, Mr. Fletcher has expressed reservations
about Mr. Lew's $72 million worth of related-party dealings with
Coles Myer and the Lew family's financial involvement with rival
retailers including Witchery, NineWest and FCUK.  Mr. Lew has
pledged to sever all links with the suppliers.

Mr. Allert said he would try to persuade Mr. Fletcher to stay,
as the chief executive was "absolutely critical" to a recovery
at the struggling retailer.  Coles Myer has suffered a steep
decline in earnings due to problems with its apparel and general
merchandise businesses Target and Myer Grace.

Mr. Allert said no other directors had indicated they would
resign if Mr. Lew were re-elected but all would have to "think
through" their positions.  

Mr. Lew hit back on Sunday within hours of the interview,
criticizing Mr. Fletcher's role in the push to unseat him.

"The chief executive is accountable to the board," he said. "It
is entirely unacceptable that a chief executive should actively
seek the removal of a sitting director."

Mr. Lew suggested the opposition may stem from his stance on key
issues.  It is understood Mr. Lew has opposed during Mr.
Fletcher's tenure the timing and process of a move to spin off
the underperforming Myer Grace Bros department store chain and
the elimination of a shareholder discount card.  Last week the
other directors claimed in a statement the decision to scrap the
card was unanimous.

In addition, Mr. Lew has called for non-executive Coles Myer
directors to have the cash component of their remuneration cut
in half and their pay packets more aligned to performance and
payable in shares.

"I have raised legitimate issues and questions in relation to
very serious matters," Mr. Lew said. He went on to say that
while board unity was desirable, it should not be viewed as an
end in itself.

Mr. Lew has a 7.4 percent stake in Coles Myer through his listed
company Premier Investments and direct share purchases.  A
substantial part of the interest is hedged, allowing the shares
to be sold after the November 20 annual meeting.

Analysts estimate Mr. Lew needs at least 15-20 percent of Coles
Myer to ensure his re-election, the report said.


COLES MYER: Directors Want Solomon Lew Investigated
---------------------------------------------------
Coles Myer, the struggling retailer, has formally asked
corporate regulators and the Australian Stock Exchange to look
into how director Solomon Lew is trying to shore up his position
in the company's boardroom battle by "borrowing" the votes on
other people's shares, ahead of the company's annual general
meeting, AFX-Asia reported yesterday.

"It would be a sad day for corporate Australia if control of a
company were to change on the basis of borrowed votes," Coles
Chairman Rick Allert was quoted by the news agency, as saying
during an interview with a local television station.

Mr. Allert and Coles CEO John Fletcher want Mr. Lew ousted over
his opposition to a reform program that would split the company
by selling its loss-making non-retail businesses, including the
Myer, Grace Bros and Target stores.

It is understood that Mr. Lew last week sent a yellow proxy form
to shareholders on which Mr. Lew is the default proxy-holder if
a box next to Mr. Lew's name is not ticked or another person is
not nominated in writing, the West Australian said in a separate
report.

Mr. Lew's yellow voting forms have been filled in with votes for
the re-election of Mr. Lew and Mr. Leibler, while leaving the
other nominees blank.

Coles Myer had earlier sent shareholders a blue form at which
the default proxy was the company chairman and with no pre-
crossed voting boxes.

It is understood ASIC may release a statement this week about
the two sets of proxy forms, although a spokeswoman for ASIC
said there were no legal difficulties about companies or
candidates sending out more than one proxy form to investors,
the West Australian said.


EMPIRE SYSTEMS: Former Director Sentenced to Ten Months in Jail
---------------------------------------------------------------
Michael Roussi, also known as Misagh Roussi, appeared on Friday
before the Downing Centre Local Court, Sydney, and was sentenced
by Magistrate Emmett to ten months jail, to serve seven and a
half months.

Mr. Roussi pleaded guilty to being involved in the management of
Empire Systems Pty Limited (Empire Systems) between June 9, 1994
and April 1, 1998, when he was automatically prevented from
doing so on the grounds of bankruptcy.

Mr. Roussi was ordered to serve his term via periodic (weekend)
detention, and will begin his sentence on September 12, 2004,
following the completion of the two-year term of periodic
detention he was sentenced to on September 6 this year.

The September sentence related to Mr. Roussi's conviction on two
charges of having improperly used his position as an officer of
Empire Systems to gain an advantage of $990,923 for his wife,
Ms. Rita Rohani.

It followed a two-week trial in June 2002 before Judge
Blackmore, where the jury heard details of Mr. Roussi's
involvement with Empire Systems, a large computer retailer that
went into liquidation in 1998.

Some 1,500 creditors, primarily customers, lost approximately
$3.5 million when Empire Systems collapsed in April 1998.

"Mr. Roussi narrowly avoided a full custodial sentence today. As
he is already serving weekend detention, this further sentence
means he will continue to do so until April 2005 at the
earliest," ASIC Director Enforcement, Allen Turton said.

The charges against Mr. Roussi were laid after an investigation
by the Australian Securities and Investments Commission (ASIC).
They were prosecuted by the Commonwealth Director of Public
Prosecutions.


MIM HOLDINGS: Sells Non-core German Zinc Smelter
------------------------------------------------
Sudamin Investment GmbH will acquire the German zinc smelting
business MHD from the MIM group under an agreement announced
Monday.

The acquisition remains subject to government approvals
connected with satisfaction of the purchaser's financing
requirements for the continuing business and certain regulatory
approvals, and if these are obtained, is expected to be
concluded in December.

Sudamin is a subsidiary of Safeguard International Fund LP, a
United States based private equity firm with investments in
technology-oriented industrial businesses in Europe and North
America.  The MHD business comprises a zinc smelter, lead
smelter and zinc refinery at Duisburg. MIM owns a similar
business at Avonmouth in the UK.

The new investor group proposes to restructure the Duisburg
operation by adding additional secondary processing capacity and
various other equipment upgrades to ensure long-term viability
of the plant.

MIM Managing Director Vince Gauci said that the two smelters
were non-core businesses for MIM, which had been pursuing an
exit strategy for some time.

Mr. Gauci said that the acquisition agreement for MHD
represented a considerably better outcome for MIM shareholders
than closure.

Under the acquisition agreement for MHD, MIM will pay Euro 30
million (A$53 million) to fund anticipated cash losses from weak
zinc prices over the next 18 months and to contribute to the
plant's conversion to a total recycling operation.

After write-offs, MIM would book a loss of approximately A$68
million related to the divestment. Currently, the Duisburg plant
draws about half of its feed from secondary (recycled) sources
and half in the form of mine concentrates including 70 000
tonnes a year from MIM's McArthur River mine in Australia's
Northern Territory. Sudamin has agreed to continue processing
McArthur River concentrate at the current rate until the
Duisburg plant becomes a total recycling operation. It has also
been agreed that the crude lead produced at Duisburg will
continue to be supplied to MIM's lead refinery at Northfleet in
the UK.

One of MIM's key strategic objectives is to convert the high
revenues from its zinc-lead business into profits by reducing
transport, smelting and refining costs for its mines and exiting
the European zinc smelters. To this end, on-site production of
zinc metal at the McArthur River mine using the company's Albion
Process technology is under feasibility study.

"Today's announcement represents a satisfactory outcome for MIM
and Sudamin," Mr Gauci said. "On completion of the sale, MIM
will achieve its objective of exiting a non-core business with a
favourable financial outcome. For employees and the Duisburg
community, the plant would continue as a long-term viable
operation."

For more information visit the company's Web site:
http://www.mim.com.au

For further information:
Media:                               Investors:
Collin Myers                         Allan Ryan
GENERAL MANAGER                      CORPORATE AFFAIRS
Bus: (61 7) 3833 8285                PRINCIPAL ADVISER
Mobile: 0419 703 145                 Investor Relations
                                     Bus: (61 7) 3833 8295
                                     Mobile: 0419 781 380



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


CHINA ANIMAL: High Court to Hear Petition Scheduled Nov. 13
------------------------------------------------------------
A petition seeking the wind up of China Animal Fibre Company
Limited is scheduled for hearing before the High Court of Hong
Kong on November 13, 2002 at 10:30 in the morning.

Bank of China (Hong Kong) Limited whose registered office is
situate at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong filed the petition on September 6, 2002.  The law firm
Tsang, Chan & Wong represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tsang, Chan &
Wong, which holds office at the 16th Floor, Wing On House, 71
Des Voeux Road, Central, Hong Kong.

The Notice must state the name and address of the person, or if
a firm or his or their Solicitor (if any) and must be served or
if posted, must be sent by post in sufficient time to reach the
abovenamed law firm not later than six o'clock in the afternoon
of the 12th day of November 2002.


CHINA LIAONING: November 6 Hearing on Wind Up Petition Set
----------------------------------------------------------
A petition seeking the wind up China Liaoning Limited is
scheduled for hearing before the High Court of Hong Kong on
November 6, 2002 at 10:00 in the morning.

China Lioning Limited of 40/F., Office Tower, Convention Plaza,
1 Harbour Road, Wanchai, Hong Kong filed the petition on August
14, 2002.  Linklaters represents the petitioner.

Creditors and other interested parties may attend the hearing.  
They only neeed to notify in writing the law firm Linklaters,
which holds office at the 10th Floor, Alexandra House, 16-20
Chater Road, Hong Kong.


CHINA LIAONING: High Court to Hear Wind up Petition on Nov. 6
-------------------------------------------------------------
A petition seeking the wind up of China Liaoning Credit Limited
is scheduled for hearing before the High Court of Hong Kong on
November 6, 2002 at 10:00 in the morning.

China Lioning Limited of 40/F., Office Tower, Convention Plaza,
1 Harbour Road, Wanchai, Hong Kong brought the petition on
August 14, 2002.  The petition is represented by the law firm
Linklaters.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Linklaters,
which holds office at the 10th Floor, Alexandra House, 16-20
Chater Road, Hong Kong.


DOT MEDIA: Petition Seeking Firm's Wind Up To Be Heard Nov. 6
-------------------------------------------------------------
Dot Media Industries Limited faces a wind up petition, which the
High Court of Hong Kong will hear on November 6, 2002 at 10:30
in the morning.

Koninklijke Philips Electronics N.V. Limited whose principal
place of business is situate at Groenewoudseweg 1, 5621BA
Eindhoven, The Netherlands brought the petition on August 16,
2002.  Petitioner in represented by Baker & McKenzie.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Baker &
McKenzie, which holds office at the 14th Floor, Hutchison House,
Hong Kong.


FULL BRIGHT: Wind Up Petition Slated for Hearing
------------------------------------------------
The High Court of Hong Kong will hear on November 6, 2002 at
10:00 in the morning the petition seeking the wind up of Full
Bright Development Limited.

Full Bright Development Limited of 40/F., Office Tower,
Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong brought the
petition on August 14, 2002 with the aid of Linklaters.

Creditors and other interested parties may attend the hearing.  
They only have to notify in writing Linklaters, which holds
office at the 10th Floor, Alexandra House 16-20 Chater Road Hong
Kong.


HING TAT: Petition Seeking Wind Up To Be Heard November 27
----------------------------------------------------------
The High Court of Hong Kong has scheduled for hearing on
November 27, 2002 at 10:30 in the morning the wind up petition
filed against Hing Tat Investment Limited.

Bank of China (Hong Kong) Limited whose registered office is
situate at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong filed the petition on September 25, 2002.  Tsang, Chan &
Wong represents the petitioner.

Creditors and other interested parties who support or oppose the
making of an order on the petition are encouraged to attend the
hearing.  They only need to notify in writing Tsang, Chan &
Wong, which holds office at the 16th Floor, Wing On House, 71
Des Voeux Road, Central, Hong Kong.


JR COLLECTION: High Court to Hear Wind Up Petition on Nov. 13
-------------------------------------------------------------
A petition seeking the wind up JR Collection Limited is
scheduled for hearing before the High Court of Hong Kong on
November 13, 2002 at 10:30 in the morning.

The Bank of China (Hong Kong) Limited whose registered office is
situate at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong filed the petition on September 7, 2002.  The petitioner is
represented by Tsang, Chan & Wong.

Creditors and other interested parties may attend the hearing.  
They only need to notify in writing Tsang, Chan & Wong, which
holds office at the 16th Floor, Wing On House, 71 Des Voeux
Road, Central, Hong Kong.


SMART DRAGON: Petition Seeking Wind Up To Be Heard Nov. 27
----------------------------------------------------------
The High Court of Hong Kong will hear on November 27, 2002 at
9:30 in the morning the petition seeking the wind up of Smart
Dragon (Hong Kong) Limited.

The Bank of China (Hong Kong) Limited whose registered office is
situate at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong, brought the petition on September 24, 2002.  Messrs.
Deacons represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Messrs.
Deacons, which holds office at the 3rd-7th, 18th and 29th Floors
Alexandra House, Chater Road, Central, Hong Kong.


TRIFORD FINANCE: Wind Up Petition Hearing Set for November
----------------------------------------------------------
The High Court of Hong Kong will hear on November 20, 2002 at
9:30 in the morning the petition seeking the wind up of Triford
Finance Company Limited.

Bank of China (Hong Kong) Limited whose registered office is
situate at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong brought the petition on September 18, 2002.  Petitioner is
represented by Koo and Partners.

Creditors and other interested parties who support or oppose the
making of an order on this petition are encouraged to attend the
hearing.  They only need to notify in writing Koo and Partners,
which holds office at 21-22/F., Bank of China Tower, 1 Garden
Road, Central, Hong Kong.


WELSON CHEMICALS: Winding Up Petition To Be Heard November 13
-------------------------------------------------------------
The petition seeking the wind up of Welson Chemicals (HK)
Limited is scheduled for hearing before the High Court of Hong
Kong on November 13, 2002 at 10:30 in the morning.

The Bank of China (Hong Kong) Limited whose registered office is
located at the 14th Floor, Bank of China Tower, 1 Garden Road,
Hong Kong filed the petition on September 7, 2002 with the aid
of Tsang, Chan & Wong.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing TSANG, CHAN &
WONG, whose office is located at the 16th Floor, Wing On House
71 Des Voeux Road, Central, Hong Kong.


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


BANK NEGARA: Fitch Rates US$100-150 Million Bonds "B-"
------------------------------------------------------
International credit rating agency, Fitch Rating, gave PT Bank
Negara's proposed US$100-150 million subordinated bond issue due
2012 a "B-" rating.

AFX-Asia says the rating is in line with the bank's ratings: "B"
in terms of short- and long-term senior foreign currency
ratings, "D" in individual rating and "4T" in terms of support.


"BNI's ratings reflect its reasonably sound overall financial
position, noting that future earnings should be sufficient to
cover existing loan quality problems," Fitch said in a
statement.

"However, the bank is constrained by the difficult operating
environment in Indonesia and the very strained finances of the
government, on which it is substantially dependent," says Fitch.

BNI has re-focused its lending on consumers and small- to
medium-sized enterprises in the wake of the 1997-98 financial
crisis, as corporate sector activity dried up.  It has also
undertaken an operational restructuring, although the full
benefits of this would not be seen until an upgrade to its
technology systems in mid-2005, Fitch notes.

BNI is Indonesia's second largest bank with 124 trillion rupiah
in assets.


HOLDIKO PERKASA: Metropolitan Stake Going to Berca Indonesia
------------------------------------------------------------
Berca Indonesia has been chosen as the winning bidder for the
47.5% stake of PT Holdiko Perkasa in property company PT
Metropolitan Kentjana.

Citing Holdiko vice president Irawati Koeswara, AFX-Asia said PT
Berca Indonesia's bid was higher than the other two bidders --
PT Puspita Nirmala and PT Sarana Inti Trasindo Perkasa.

She declined to specify the exact value proposed by Berca
Indonesia but said it is above a 600 billion rupiah.  Ms.
Koeswara said Holdiko and Berca Indonesia are now negotiating
the final details of the deal.

Metropolitan Kentjana's portfolio of property assets includes
the World Trade Center building and its neighbors Wisma
Metropolitan I and II in Jakarta's central business district, as
well as Pondok Indah Mall and Pondok Indah Estate in south
Jakarta.

Holdiko is aiming to raise nearly 4.0 trillion rupiah through
asset sales to the Indonesia Bank Restructuring Agency (IBRA).   
Holdiko is a holding company established pursuant to the
Shareholding Settlement Agreement between IBRA and the Salim
Group.


SINAR MAS: Agrees to Pay Creditors Monthly US$30M Starting 2003
---------------------------------------------------------------
The Sinar Mas Group informed the Jakarta Stock Exchange last
week that beginning 2003 it will pay US$30 million a month to an
escrow account in Bank Mandiri, as part of an agreement reached
with creditors of its affiliates.

The payment will answer for the obligations of pulp and paper
subsidiaries Tjiwi Kimia, Indah Kiat, Pindo Deli and Lontar
Papyrus, said Asia Pulse, citing the stock exchange disclosure.

Toward the end of this year the group will also pay US$20
million to the escrow account.  In addition, it will have to pay
bond coupon to holders, the group said.  The payments will not
affect its working capital, Sinar Mas assures.

In August, another troubled unit, Palm-based consumer company
Sinar Mas Agro Resources & Technology also secured an agreement
from its creditors to restructure debts of 159.98 billion rupiah
(US$18 million).  Standard Chartered Bank agreed to extend
repayment of the debt until 2009.

Troubled Company Reporter-Asia Pacific previously reported that
the group, as of August 31, had debts of 181.99 billion rupiah
and US$103.99 million.  The remaining debt, which is still in
the process of restructuring, includes 113.14 billion rupiah and
US$85.81 million to foreign creditors.

Meanwhile, the Indonesian Bank Restructuring Agency (IBRA), as
the appointed leader of creditors approving the restructuring
program, hopes that bondholders would join the creditors in the
program, the report says.

Holders of bonds issued by the subsidiaries of Sinar Mas Group
have refused to take part in the restructuring program, which
will free the debtors from paying the principal of the bonds in
10 years.



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


ALL NIPPON: R&I Assigns BBB+ Rating
-----------------------------------
Rating and Investment Information, Inc. (R&I) has assigned All
Nippon Airways Co.'s long-term debt rating to BBB+ issued under
the shelf registration scheme.

Long-term Bonds (10 Series)

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)

Unsec. Str. Bonds No. 1 Jun 11, 1997 Jun 11, 2007 Yen 35,000
Unsec. Str. Bonds No. 2 Sep 19, 1997 Sep 18, 2009 Yen 20,000
Unsec. Str. Bonds No. 3 Sep 19, 1997 Sep 19, 2017 Yen 20,000
Unsec. Str. Bonds No. 4 Mar 25, 1998 Mar 25, 2008 Yen 20,000
Unsec. Str. Bonds No. 6 Apr 06, 1999 Apr 06, 2004 Yen 20,000
Unsec. Str. Bonds No. 7 Apr 06, 1999 Apr 06, 2007 Yen 10,000
Unsec. Str. Bonds No. 8 Jul 29, 1999 Jul 28, 2006 Yen 15,000
Unsec. Str. Bonds No. 10 Dec 16, 1999 Dec 16, 2011 Yen 10,000
Unsec. Str. Bonds No. 11 Mar 01, 2000 Mar 01, 2006 Yen 20,000
Unsec. Str. Bonds No. 12 Mar 01, 2000 Mar 01, 2010 Yen 10,000

RATIONALE:

The operating environment surrounding ANA is changing
significantly due to the integration of Japan Airlines Co.,
Ltd., and Japan Air System Co., Ltd. On domestic routes, there
are concerns over deterioration in profit due to fare cutting in
the short term.

However, in the medium term there are expectations of an easing
in competitive conditions due to the decrease in the number of
carriers and an increase in ANA's share of the high
profitability major routes. Therefore, it is likely that ANA
will continue to maintain a solid operational base in the
future. On international routes, the company will remain unable
to breakout of a structural deficit although profit looks set to
improve due to the concentration of management resources on
Narita Airport, which is anticipated to see a boom in demand.

According to Wright Investor's Service, at the end of 2002, All
Nippon Airways Co Ltd (ANA) had negative working capital, as
current liabilities were 444.86 billion yen while total current
assets were only 407.83 billion yen.


DAIWA SECURITIES: Swings Back Into The Black
--------------------------------------------
Daiwa Securities Group Inc posted consolidated net profit of
7.22 billion yen in the April-September first half of fiscal
2002, a reversal from a net loss of 131.58 billion yen a year
earlier.

According to Kyodo News, the profit was due largely to a cut in
sales and general administrative expenses which helped boost a
consolidated pretax profit sharply from 1.18 billion yen a year
earlier to 15.57 billion yen, the major brokerage house said.

More than 20 clients of Daiwa Securities Group Inc. have pending
lawsuits against the Company, seeking more than 300 million yen
in compensation, claiming they were cheated of millions of yen.

The plaintiffs claim a former employee at a Nagoya branch of the
major brokerage house encouraged clients to invest from 1997 to
2001, stressing the brokerage guaranteed her special
arrangements to purchase shares in blue chips cheaply.


ISUZU LIMITED: Withdraws From Joint SUV Production in US
--------------------------------------------------------
Struggling Japanese automaker Isuzu Motors Ltd said Friday it
will pull the plug on its unprofitable sport utility vehicle
(SUV) joint venture in the United States with Fuji Heavy
Industries Ltd as part of its three-year management plan.

Kyodo News says Isuzu will be the first Japanese automaker to
withdraw from auto production in the U.S.


KENWOOD CORPORATION: Halts Mobile Phone Production This Month
-------------------------------------------------------------
Japan's Kenwood Corp. (J.KNW or 6765) will stop producing mobile
phones at the end of October, the Nihon Keizai Shimbun Saturday
reported in its Saturday morning edition, citing company
sources.

The firm will halt output at a subsidiary in Yamagata Prefecture
and turn the unit into a production base for industrial wireless
equipment. The subsidiary plans to reduce its work force of
nearly 400 to about 150 through a voluntary retirement program
and other means.

Kenwood aims to put its restructuring efforts on track by
concentrating on areas where it retains competitiveness, such as
in-car devices.

The Yamagata subsidiary is a midsize manufacturer of mobile
phones for J-Phone Co., with an output of about 700,000 units in
fiscal 2001. Although the firm posted about Y1 billion in
operating profit on an estimated Y40 billion in sales that year,
the firm believes expanding earnings in the future will be
difficult.

Kenwood entered the mobile phone business in the U.S. in 1991,
and launched Japanese sales in 1994. It had about Y17 billion in
liabilities in excess of assets in the year ended March, but
plans to eliminate the negative net worth through financial
assistance from Asahi Bank, its main bank, by the end of this
year. It will implement sweeping cost cuts to speed its earnings
recovery.

The move will mark the first exit of a leading brand from the
mobile phone market.

According to the Japan Electronics and Information Technology
Industries Association, domestic shipments of mobile phone
handsets, including cellular phones and personal handyphone
system devices declined 1.8% from a year earlier to 50.77
million units in fiscal 2001, registering the first year-on-year
fall.

Despite the shrinking market, manufacturers are forced to make a
growing amount of research and development investments due to
the rapid sophistication of handsets.

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

In August, ailing audio equipment maker Kenwood Corporation
discussed with its creditors a financial assistance deal worth
Y20B, centering on a debt-for-equity swap, including Asahi Bank
Ltd.

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


SUMITOMO MITSUI: Unit Revises 1H02 Financial Result
---------------------------------------------------
Sumitomo Mitsui Banking Corporation (SMBC) announced Friday that
its consolidated subsidiary, The Bank of Kansai, Ltd., has
revised its earnings estimates for the first half of fiscal 2002
ended September 30, 2002, which was published on May 24, 2002.

The Bank of Kansai, Ltd. Announces Revision of Earnings
Estimates for First Half of Fiscal 2002 And Impairment of 'Other
Securities' on Non-consolidated Basis.

The Bank of Kansai, Ltd. announced today revision of earnings
estimates for the first half of fiscal 2002 ended September 30,
2002, which was published on May 24, 2002.

1. Revision of earnings estimates (First half of fiscal 2002
ended September 30, 2002)

(Consolidated) (Millions of Yen)

                                    Operating Operating Net
                                     Income   Profit  Income

Previous estimate (A)               21,000    2,100  1,100
Revised estimate (B)                21,700    3,400  1,650
Difference   (B)-(A)                700    1,300    550
Percentage change                   3.3%    61.9%  50.0%

(Non-Consolidated) (Millions of Yen)

                                Operating  Operating Net
                                       Income   Profit  Income

Previous estimate (A)                 16,000    1,600    800
Revised estimate (B)                  16,100    2,600  1,250
Difference   (B)-(A)                  100    1,000    450
Percentage change                     0.6%    62.5%  56.3%

2. Factors behind the revisions

The core banking income is expected to hit a record high 5,200
million in the first half of fiscal 2002 thanks to a steady
increase in loans to consumers (centered on housing loans) and
small companies.

Though the amount of impairment of securities increased due a
sharp drop in the stock market, operating profit and net income
were favorable as a result of a decrease in credit cost from a
greater recovery of non-performing loans.

The consolidated estimates were revised in line with the above
revision of the non-consolidated estimates.

Consolidated and non-consolidated capital ratios are expected to
be approximately 8.4% and 8.5%, respectively.

Estimates for the full fiscal year are being prepared and will  
be presented at the time of interim result announcement.

3. Impairment of 'Other Securities'

The Bank of Kansai applies the mark-to-market method to
marketable securities classified as 'other securities', which
are defined under the Article 8-21 of the Regulations Concerning
Financial Statements.

Amount of impairment on such securities as of September 30, 2002
is as follows:

(Millions of yen)
                                                       Amount %

Impairment of other securities (A)                     466
Stockholder's equity as of March 31, 2002 (B)          40,877
                                                     (A)/(B) .1%
Operating profit for the year ended March 31,2002 (C)  3,398
                                                    (A)/(C)13.7%
Net income for the year ended March 31,2002 (D)        1,452
                                                    (A)/(D)32.1%

Impairment of 'other securities' whose market values are
available or can be rationally computed, such as listed  
securities and OTC securities, are calculated.

(Reference: Unrealized Losses on Securities after Impairment)


             (Millions of yen) September 30, 2002

Unrealized Losses                                      1,273

Amount to be stated on stockholders' equity (58%)      741

According to TCR-AP, Sumitomo Mitsui Banking Corp posted an
appraisal loss of 631.7 billion yen on its shareholdings at the
end of June, up 130.8 billion yen from the end of March.

The Company expects to post a year to March 2002 net loss of
over 300 to 350 billion yen due to bad loan disposals. The bank
will also revise its November forecast for the year to March
2002 losses from non-performing loan write-offs to Y1.6 trillion
from 1 trillion.



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


CHOHUNG BANK: Selects Successful Bidder by Next Month
-----------------------------------------------------
The government plans to select the successful bidder for Cho
Hung Bank by around the end of November, by short-listing four
of the eight bidders, the Digital Chosun said Friday.

A total of 15 domestic and foreign financial organizations had
earlier expressed intent to bid for the government-owned bank,
but only eight actually submitted a bid.

An official at the Ministry of Finance and Economy said that,
provided that the bidders' offers for the acquisition run in
favor of the seller, the government would not hesitate to sell
its total 80.01 percent stake in the bank.



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


BANK NIAGA: Commerce Bank Expected to Buy 51% Stake Yesterday
-------------------------------------------------------------
Commerce Asset Holding Bhd, which is the only qualified bidder
for the 51% stake in PT Bank Niaga, was expected yesterday to
make a decision on the proposed sale and purchase agreement.

According to AFX-Asia, the proposal was presented before the
officials of Commerce Asset more than a week ago, but a decision
could not be made right away.  The Indonesian Bank Restructuring
Agency, however, said a decision was likely yesterday.  Troubled
Company Reporter-Asia Pacific could not confirm as of press time
whether a deal had indeed been reached.

Commerce Asset passed a "fit and proper" test - an examination
of the bidder's suitability conducted by Bank Indonesia - prior
to negotiations for a final sale and purchase deal, having been
the only bidder invited to take the test.

Commerce Asset bid 26.5 rupiah per share for a total of 1.057
trillion rupiah, representing a price to book value level of
1.45 times.

The government currently owns around 97 percent of Niaga.


BERJAYA SPORTS: Unit Buys 8% Irredeemable Convertible Stocks
------------------------------------------------------------
The Board of Directors of Berjaya Sports Toto Berhad wishes to
inform that its wholly owned subsidiary, FEAB Properties Sdn Bhd
has purchased ICULS in the company as follows:

(1) Date of Purchase : 28 October 2002

(2) Number of ICULS Purchased : 128,000

(3) Minimum price paid for each ICULS : 2.84

(4) Maximum price paid for each ICULS : 2.87

(5) Total consideration paid : RM365,899.05

(6) Total number of ICULS held to-date : 4,710,000

(7) Cumulative consideration : RM13,311,792.15
paid to-date

The Company has obtained the necessary approvals for the above
purchase of ICULS up to an amount not exceeding RM1.2 billion.  
Details on the ICULS purchase were disclosed in the Company's
Circular to Shareholders dated 5th April 2002 and the Abridged
Prospectus relating to the Rights Issue of ICULS dated 20th June
2002.


FW INDUSTRIES: Obtains Wind Up Petition Restraining Order
---------------------------------------------------------
FW Industries Berhad wishes to make these announcements:

(1) That the Company has on 25th October 2002 been served with a
Petition for Winding-Up presented by Messrs Ann Joo Metal Sdn.
Bhd. (Company No:260316-P) at the Shah Alam High Court and
scheduled to be heard on 7th January 2003;

(2) That the Company has also on 25th October 2002 been served
with an Ex-Parte Order of Court dated 17th October 2002
appointing Mr. Anthony Joseph Skelchy as the appointed
Provisional Liquidator;

(3) That the Company has on 28th October 2002 obtained an Ex-
Parte Order of Court dated 28th October 2002 to stay all
proceedings pertaining to the said Petitions including but not
limited to the exercise of the powers and duties of Mr. Anthony
Joseph Skelchy, the Provisional Liquidator for the Company
pending the final disposal of the Company's Application to set
aside the said Petition and the said Order of Court dated 17th
October 2002;

(4) That the Company's said Application to set aside the said
Petition and the said Order of Court dated 17th October 2002 has
been fixed for hearing on 21st November 2002; and

(5) That the Company shall keep the public informed on further
development and outcome of the said matters.


MWE HOLDINGS: Sells 55% Stake in Loss-making Skypark
----------------------------------------------------
The Board of Directors of MWE Holdings Berhad wishes to announce
that the Company has on 28 October 2002 entered into a Share
Sale Agreement with Mr Khor Chin Tian to dispose to the latter
its shareholdings of 550,000 ordinary shares of RM1.00 each in
Skypark for a cash consideration of RM167,750/-.

Skypark is a 55% owned subsidiary of MWE and the authorised and
paid-up share capital of Skypark is RM1,000,000/-.

Arising from the disposal, Skypark has ceased to be a subsidiary
of MWE on 28 October 2002.

RATIONALE OF THE DISPOSAL

The disposal is in line with the Group's plan to dispose of
companies which are either inactive, loss-making and non-core to
the Group's business.

FINANCIAL EFFECT OF THE DISPOSAL

The disposal is not expected to have any material effect on the
Group's earnings and the net tangible assets for the financial
year ending 31 December 2002.

INTEREST OF DIRECTORS AND SUBSTANTIAL SHAREHOLDERS

None of the directors nor substantial shareholders of the
Company and persons connected to the directors or substantial
shareholders has any interest, direct or indirect in the said
disposal.


TELEKOM MALAYSIA: Finalizes Deal to Ship Mobile Unit to Celcom
--------------------------------------------------------------
Telekom Malaysia announced yesterday that it had firmed up its
decision to sell its wholly owned mobile phone unit, TM Cellular
Sdn. Bhd., to Celcom (Malaysia) Bhd.

An agreement to this effect was supposed to be signed yesterday,
as well, Dow Jones Newswires reported.

"A full announcement on the terms of the Proposed Disposal will
be made by Telekom Malaysia after the signing of the said
agreement," the company said in a statement to the Kuala Lumpur
Stock Exchange.

No other details were provided, Dow Jones said.

TM Cellular is a loss-making unit of Telekom Malaysia, the
country's most dominant telecom player.  Celcom is the cellular
phone arm of Technology Resources Industries Bhd (TRI), a
struggling telecom that is currently in the middle of a lawsuit
seeking the recovery of remuneration packages illegally awarded
to three former directors.

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


* KLSE Threatens to Delist Troubled Listed Companies by Dec. 31
---------------------------------------------------------------
The Kuala Lumpur Stock Exchange has issued an ultimatum of until
December 31, 2002 for distressed public companies to stabilize
their financial positions or else face delisting.

The deadline for PN4 companies was issued last week, according
to AFX-Asia.  A PN4 company is defined by the KLSE as a
financially distressed firm with negative shareholder funds.

"Who would buy or take over such a company at this time?" Megat
Najumuddin asked at a press briefing after a presentation on
corporate governance.  He is the president of the Malaysian
Institute of Corporate Governance.

"Companies should practice self-regulation instead of depending
on authorities to enforce corporate governance rules," he said,
adding that the law enforcement process needs to be more
efficient to ensure that corporate offenders are brought to
justice.

"Justice must be seen to be done... Investors must know that
wrongdoers are being prosecuted... Our enforcement process is
taking too long and wrongdoers are getting away," Megat
Najmuddin said in support of KLSE's deadline.



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


BENPRES HOLDINGS: Unit Hikes Capital
------------------------------------
The Securities and Exchange Commission has approved the increase
in authorized capital stock of First Philippine Infrastructure
Development Corp., from P1 billion to P2.5 billion, the
Philippine Star said Saturday.

First Phil. Infrastructure is a 30-percent-subsidiary of Benpres
Holdings Corp.  Documents filed with the SEC showed the capital
hike was intended to finance additional working capital
requirements, the report said.

Organized in 1994, FPIDC operates an eight-kilometer tollroad
that is envisioned to connect the Subic Bay freeport area to the
North Luzon Expressway.

FPIDC has a 76.3-percent stake in Manila North Tollways Corp.,
which will undertake the rehabilitation, expansion and operation
of the North Luzon Expressway. Its other partners in MNTC are
Egis Projects SA of France (10 percent), Leighton Australia Ltd.
(10 percent) and the Philippine National Construction Corp. (3.7
percent)

MNTC's tollroad project involves the widening of the existing
84-kilometer North Luzon Expressway, construction of new
interchanges, upgrading of existing interchanges, and
installation of a new toll collection system. It is estimated to
cost $375 million, to be financed with 36 percent equity and 64
percent debt.

In July 2001, MNTC secured a $254-million loan from the Asian
Development Bank, International Finance Corp., Export Finance
and Insurance Corp., SEK of Sweden, and a consortium of foreign
banks.

The project benefits from having experienced tollroad companies
as sponsors. PNCC is a government corporation that has the
franchise for both the North Luzon Expressway and the South
Luzon Expressway.

Egis, on the other hand, developed and operates more than, 6,000
kilometers of toll expressways in Europe. The three sponsor
corporations will form an operations and maintenance company for
the operation of the tollroad.

Construction work on the project had incurred delays due to the
government's failure to acquire the necessary right-of-way (ROW)
for the widening of the road.

To eliminate the need for it to put in additional equity in the
tollroad company and to raise funds to pay off maturing debts,
Benpres is looking into the possibility of unloading its stake
in MNTC.

Benpres said earlier that the sale of its 30-percent equity
participation in MNTC might take place soon since discussions
are now ongoing with unit First Philippine Holdings Corp.

Other assets Benpres may divest to bring down overall debt to a
more manageable level are interests in Sky Vision's Beyond Cable
and Rockwell Land Corp.

Benpres said the divestment of its 24.5-percent stake in
Rockwell might take a while due to the prevailing slump in the
real estate market.

Angel Ong, Benpres vice-president for finance, said earlier the
company expected to raise about $200 million from the sale of
shares in its subsidiaries.

Benpres is seeking to reschedule repayments of its $596.9
million (approximately P30.9 billionm) in debts in order to
execute an orderly divestment of certain assets.

Credit Lyonnais was appointed as financial adviser to assist
Benpres in the debt restructuring program of its troubled
subsidiaries and address means to strengthen the group's capital
structure.

It was also tasked to search for a new investor in Benpres'
water utility unit Maynilad Water Services Inc.



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


CHARTERED SEMICONDUCTOR: Clarifies 4Q02 Share Count and EPS
-----------------------------------------------------------
Chartered Semiconductor Manufacturing announced a correction to
the fourth quarter 2002 share count and loss per American
Depositary Shares (ADS) guidance, which was provided in its
third quarter earnings release earlier today.

The figure provided in the release earlier today, 260 million
American Depositary Shares (ADSs), was incorrect. The corrected
fourth quarter 2002 guidance for share count and for loss per
ADS is:

- Average share count for EPS calculation: approximately 241
million ADSs.

- Loss per ADS: approximately $0.47 to $0.49 including a one-
time charge of approximately $0.02 per ADS associated with
workforce re-sizing.


CHARTERED SEMICONDUCTOR: Stays in The Red, Warns of More Losses
---------------------------------------------------------------
Chartered Semiconductor Manufacturing yesterday announced its
seventh straight quarter of losses and warned that its fourth
quarter outlook would be 'considerably weaker' than what it had
earlier advised.

It added that it was laying off 300 staff after reassessing the
pace of recovery in the global semiconductor industry.

For the third quarter ended Sept 30, Chartered's sales rose by a
hefty 63 per cent from the previous corresponding period to
US$129.5 million. The Q3 revenue was up 1.6 per cent compared
with the second quarter.

The Q3 US$89.4 million loss, however is within forecast.

On the current quarter, the world's third-largest maker of
customized computer chips said growth had 'slowed significantly'
since mid-September, as customers worked through their inventory
positions.

The weaker outlook is expected to depress Q4 revenue by 20 per
cent sequentially, resulting in a Q4 net loss of US$114 million
to US$117 million.

Despite the downbeat forecast, Chartered's shares - among the
worst performers in the local market - gained one cent to 94
cents yesterday with 14.6 million units traded.

Its Q3 loss per share came in at six US cents on a diluted
basis, down from seven US cents in Q3 2001.

But the wafer foundry said its capacity utilization rate - which
gauges the proportion of production capacity used - could slide
into the 'mid-30s'. This moves Chartered further away from the
estimated 70 per cent utilization target needed to get back in
the black. The utilization rate in Q3 was 39 per cent.

The company's vice-president & chief financial officer, George
Thomas, said: 'Chartered's outlook for Q4 2002 is considerably
weaker than projections earlier in the year, driven by both a
general delay in the semiconductor market recovery and by a
significant decline in our computer segment revenues, where we
believe some customers are working through excess inventory
which will probably take a couple of quarters to correct.'

Giving its take on Chartered, Kim Eng Ong Asia said: 'The
results show no fundamental improvement for the company.
Competitive pressures remain extreme and we expect losses to
continue to mount.'

The brokerage is maintaining its 'underperform' call on
Chartered's stock.

But JM Sassoon analyst Terence Wong painted a different picture.
'Chartered's balance sheet has been strengthened considerably
after the rights offering, with gross gearing falling from 0.9
times to 0.6 times,' he said.

'It will be armed with US$1.9 billion of ready funds for future
investments and business expansion, which should put it in good
stead when demand returns.'

Chartered's president and chief executive officer, Chia Song
Hwee, said the recent rights helped swell the company's cash
hoard to US$1.3 billion. 'That would adequately cover our
capital spending needs into 2004.'

Mr Chia said Chartered wants to eventually fund its own organic
growth, and this will be achieved when its eight-inch foundry
Fab 6 hits full capacity production of 29,000 wafers per month,
up from 12,000 to 14,000 now.


EASYCALL INTERNATIONAL: AGM Set on November 28
----------------------------------------------
The Annual General Meeting of EasyCall International Limited
will be at Tianjin University of Commerce Boustead College, West
of the Institute of Urban Construction, Jin Yan Road, XiQing
District, Tianjin, People's Republic of China, on Thursday
November 28, 2002 at 3.00 p.m.

AGENDA

Quorum

The Chairman to confirm that a quorum was present and to declare
the meeting open.

Notice of Meeting

The Chairman or the Secretary to the Meeting to confirm that
Notice of the Meeting has been given in accordance with the Bye-
Laws of the Company.

Minutes

The minutes of the Annual General Meeting of members held on 30
November 2001 to be read and approved.

Proxies

The proxy counts with regard to the following Resolutions to be
taken.

Annual Financial Statements

Resolution 1 To receive and consider the annual financial
statements, including the Directors' Report, Independent Audit
Report, Statement by the Directors, Profit and Loss Account,
Balance Sheet and Cash Flow Statement of the Company for the
financial year ended 30 June 2002.

Election of Directors

Resolution 2 To elect the following persons as Directors of the
Company, to serve until the next Annual General Meeting of the
Company, or until their respective successors are elected or
appointed:

(a) Re-election of Mark Carnegie as director
(b) Re-election of Wong Fong Fui as director
(c) Re-election of Dov Brener as director
(d) Re-election of Loh Kai Keong as director
(e) Election of Chia Yew Boon as director
(f) Election of John Tang as alternate director to Chia Yew Boon

Appointment of Auditors

Resolution 3 To appoint Messrs Deloitte & Touche of 6 Shenton
Way, #32-00 DBS Building Tower Two, Singapore 068809 as Auditors
of the Company for the current financial year.

Any Other Business

To consider any other business that may properly come before the
meeting.

NOTES:

Eligibility to vote

For the purposes of the Meeting, shares will be taken to be held
by persons who are registered as members 48 hours before the
appointed time for holding the Meeting.

Proxies

A member of the Company entitled to attend and vote at the
Meeting shall be entitled to appoint not more than two persons
(whether members of the Company or not) as the member's proxy or
proxies, to attend and vote on the member's behalf. Where two
proxies are appointed the appointments shall be of no effect
unless each proxy is appointed to represent a specified
proportion of the member's voting rights. If this Proxy Form is
executed under a Power of Attorney, a certified copy of the
Power of Attorney must be lodged at the Singapore Office of the
Company with the Proxy Form. Companies which have a Common Seal,
unless executing the Proxy Form by Power of Attorney, must
execute the Proxy Form under Seal. Forms of Proxy must be
deposited at the Singapore Office of the Company at least 48
hours before the time of the Meeting.

TCRAP reported that the Group restructured its operations last
year to weed out loss making operations, taking one-time charges
totaling A$39.4 million (S$37.9 million). These comprised A$13.7
million (S$13.2 million) in impairment provisions against the
Group's Internet network infrastructure and paging
infrastructure equipment, a A$22.2 million (S$21.4 million)
provision made in respect of its Thai paging operations and a
A$3.5 million (S$3.4 million) charge arising from the disposal
of its Indonesian paging operations.


GOODPACK LIMITED: Winding Up Dormant Subsidiary
-----------------------------------------------
The Directors of Goodpack Limited announced that Goodpack
Limited's subsidiary, Able Agents Limited, has commenced
members' voluntary winding up.

Able Agents Limited, a 100 percent owned subsidiary incorporated
in Hong Kong, is dormant and its winding up will not have any
material impact on the net earnings per share or net tangible
assets per share of Goodpack Limited for the financial year
ending 31 December 2002.


ISOFTEL LIMITED: Posts Notice of Director's Interest
----------------------------------------------------
Isoftel Limited posted a notice of changes in Director Au Sai
Chuen's interest:
  
Date of notice to company: 25 Oct 2002
Date of change of interest: 23 Oct 2002
Name of registered holder: Citibank Nominees (Singapore) Pte Ltd
Circumstance(s) giving rise to the interest: Sale initiated by
financial institution to meet obligations
Shares held in the name of registered holder
No. of shares of the change: 50,000
% of issued share capital: 0.022
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: 0.055

No. of shares held before change: 39,531,000
% of issued share capital: 17.272
No. of shares held after change: 39,481,000
% of issued share capital: 17.25
Holdings of Substantial Shareholder/Director including direct
and deemed interest
                                  Deemed     Direct

No. of shares held before change: 39,531,000 25,000
% of issued share capital:        17.272     0.01
No. of shares held after change:  39,481,000 25,000
% of issued share capital:        17.25      0.01
Total shares:                     39,481,000 25,000


MEDIARING.COM: Appoints Khaw Kheng Joo as CEO
---------------------------------------------
MediaRing.com Limited has appointed Khaw Kheng Joo as the Chief
Executive Officer of the Company with effect on November 1,
2002. Khaw has been a director of the Company since March 6,
2002 and will continue to sit on the Board as an Executive
Director.

Khaw was previously the Senior VP of Celestica Inc., a listed
company on both the American and Canadian Stock exchanges.
Celestica is one of the largest electronic contract
manufacturers in the world. In Oct 2001, Celestica Inc. acquired
Omni Industries and Khaw assumed his current position overseeing
previous Omni Electronics entities in Singapore, Johore, Bintan,
Mexico and Shanghai with a staff of about 5000.

Prior to joining Omni Industries, Khaw had 26 years work
experience at Hewlett Packard in various positions with his last
assignment as General Manager of the Pocket PC Division.

In addition to MediaRing, Khaw currently sits on the board of
Total Automation, a listed company in Singapore as well as
Senoko Power. He had previously served on the board of EDB. He
is also a member of the advisory council for the business school
of Singapore Polytechnic.

According to TCR-AP, Mediaring.com Ltd revealed a net loss of
S$34.568 million versus a loss of S$55.955 million the previous
year.

In January, Media Ring announced a corporate restructuring and a
35 percent reduction in its worldwide workforce and operations
as the Company moves to focus on its higher growth
telecommunications products and services.



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


KRUNG THAI: Will Refinance Bad Loans Due to Govt Pressure
---------------------------------------------------------
Thailand's Krung Thai Bank intends to refinance bad loans owed
by borrowers, who had been delinquent since the 1997 financial
crisis hit the region, in an effort to boost its loan portfolio,
Dow Jones Newswires said yesterday.

The report said the state-owned bank is under heavy pressure
from the government to expand its loan book.

Bank analysts warn, though, that lending fresh funds to some of
Thailand's weakest or most recalcitrant debtors is a risky
strategy that could leave Krung Thai Bank with losses.  It could
also undermine investor interest in a public offering of shares
that Krung Thai Bank is expected to launch within months,
analysts told Dow Jones Newswires in separate interviews.

The bank has just concluded a capital restructuring, approved by
shareholders in September, in preparation for a public offering
and partial privatization expected in November or by early next
year.

The restructuring will allow Krung Thai to repurchase 10.80
billion warrants from the Financial Institutions Development
Fund (FIDF), which currently controls some 87 percent of Krung
Thai, for 0.61 baht per unit, for a total of 6.59 billion baht.

The restructuring reduces capital by 108 billion baht to 111.96
billion through the cancellation of 10.8 billion unissued shares
reserved for the warrant exercise.

The bank then reduces par value of shares to 5.15 baht from 10
baht, resulting in paid-up capital falling to 57.6 billion baht.

Excess reserves and funds gained from the par value reduction
will be used to wipe out accumulated losses of 76 billion baht.

Krung Thai's assets at the end of August totaled 1.105 trillion
baht, while total liabilities were at 1.035 trillion baht.


TPI POLENE: Reverses Last Year's Q3 Gains Due to Forex Losses
-------------------------------------------------------------
An undisclosed foreign exchange loss led troubled cement maker
TPI Polene Plc to post a third quarter net loss despite a 7.97%
increase in sales, AFX Asia reported yesterday.

Net loss for the three months to September amounted to 1.38
billion baht, reversing the year-earlier profit of 5.93 billion
baht.  The company, however, rode on the back of a 4.04 billion-
baht sales from 3.75 billion a year ago.   Total consolidated
revenues fell to 4.34 billion baht in the third quarter from
10.24 billion baht.

EBITDA was 832 million baht and 2.03 billion baht for the third
quarter and nine months, the company said.

The company said there were no disposal gains or reversals of
accrued default interest during the three months compared with
the same period last year.

In September, Judge Pichai Nilthongkham of the Thai Central
Bankruptcy Court ordered creditors to meet on October 9-10 to
consider two options to restructure the firm's one billion-
dollar debt.

The court said both sides had failed to agree during an earlier
meeting to decide restructuring strategies, which reportedly
included a capital hike and mortgaging some assets.

Most creditors of TPI Polene, a unit of Thailand's biggest
corporate debt defaulter, Thai Petrochemical Industry, want to
sell the majority stake to a strategic partner, Troubled Company
Reporter-Asia Pacific said in a previous report.

The court had earlier suggested that a public offering should
also be considered to raise capital and facilitate the
restructuring of the company.  On mortgage of assets, the
parties agreed to work out a detailed proposal to be submitted
to the official receiver.



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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Salve M. Mordeno, Maria Cristina Pernites-Lao, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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                 *** End of Transmission ***