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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

          Monday, November 11, 2002, Vol. 5, No. 223

                         Headlines

A U S T R A L I A

COLES MYER: Lew Buys More Shares to Bolster Re-election Bid
DJF PTY: Tasmanian Director Standing Trial on Fraud Charges
WATER WHEEL: Elliot Says Firm Never Intended to Deceive Market


C H I N A   &   H O N G  K O N G

CHAI WAI: General Meeting of Creditors Set for November 18
FULLINS GARMENT: Deadline for Submission of Proofs of Claim Set
FUNG YAN: Creditors Have Until November 23 to Prove Claims
HAO JACOB: November General Meeting of Creditors Set
IMERCHANTS LIMITED: Health Deteriorates with HK$22 MM 1H Loss

JOYFUL DESIGN: Creditors, Contributories to Hold Meeting Nov. 19
LEE HENRY: General Meeting of Creditors Set for November 21
LI KING: Creditors Have Until November 22 to Prove Claims
MACAT OPTICS: Hopes New Majority Investor Will Boost Standing
PCCW LTD.: Plans Early Retirement of US$233 Million Bank Loan

STOCKMARTNET HOLDINGS: 9-month Losses Widen to HK$14.8 Million
YEUNG YUK: Creditors Have Until November 22 to Prove Claims


I N D O N E S I A

ASTRA INTERNATIONAL: Six Creditors Support New Debt Plan
HOLDIKO PERKASA: To Raise 700 Million in Latest Stake Sale
TUBAN PETROCHEMICAL: Japanese Creditors Agree to Finance Plant


J A P A N

KK TATESHINA: Golf Course Applies For Rehabilitation
KK KORONET: Clothing Firm Applies For Rehabilitation
NTT DOCOMO: Enters Agreement Japanese Manufacturers
NTT DOCOMO: Trimming Executive Pay by 10-20%
NTT DOCOMO: Posts H102 Net Loss of Y168.35B

NTT DOCOMO: Looking For Foreign Alliances in Asia
ORIENT WATCH: Seeking Capital Injection to Stay Listed in TSE
SKY PERFECT: H102 Group Net Loss Quadrupled to Y18.59B
SOFTBANK CORPORATION: U.S. Unit Sells Yahoo Stock
SUMITOMO HEAVY: JCR Assigns BBB- Rating

TEIJIN LIMITED: Textile Maker Posts Y1.08B Loss
TOWA REAL: Reviewing Request For Financial Assistance

* Japan Corp. Credit Quality Dull in Third Quarter
*Credit Gap Widening Among Japan Non-Life Insurers


K O R E A

CHOHUNG BANK: Cerberus Jumps Into the Race to Bid For Bank
DAEWOO SHIPBUILDING: Wins 422.6B Order From Germany
HYOSUNG CORPORATION: Issuing W100B Bonds
HYUNDAI MOTOR: Unsold Cars Widens to 117,000 Units
KOREA ELECTRIC: Plans to Raise US$250M in December Via Loan

KOREA THRUNET: Closing Sale of Leased Line Assets to SK Global


M A L A Y S I A

AUTOINDUSTRIES VENTURES: Shareholders Okay Proposed Debt Plan
BERJAYA SPORTS: Subsidiary Ups ICULS Holdings to 5.3 Million
RASHID HUSSAIN: Plans Bond Issue to Refinance Short-term Loans
SIME DARBY: Takes Another US$200 Million 5-year Syndicated Loan
SIN HENG: Gets Another Extension for its Restructuring Proposal

SISTEM TELEVISYEN: Period for Getting Nod on Proposals Extended
TAI WAH: Asks Court to Annul Measures Passed During Illegal AGM
TECHNOLOGY RESOURCES: Telekom Malaysia Takes Loan to Back Bid


P H I L I P P I N E S

BAYAN TELECOMMUNICATION: In Tie-Up Talks With Foreign Groups
BAYAN TELECOMMUNICATIONS: Sees FY02 Net Loss of P2.4B
BENPRES HOLDINGS: Chief Strategist Christian Monsod Resigns
DMCI HOLDINGS: Delisting of Shares in PSE
PILIPINO TELEPHONE: Operating Loss Down 32%


S I N G A P O R E

KIM ENG: Unit Goes Into Liquidation
MULTINATIONAL TELECOM: SEC Files Criminal Charges Against Owners
NATSTEEL LTD: Clarifies "Refuses To Delay EGM" Report
NATSTEEL LTD: Recommendation of Financial Adviser, Winding Up
NATSTEEL LIMITED: Post Notice of Shareholder's Interest

NATSTEEL LIMITED: Revises Statement of Prospects
WEE POH: Enters Transaction With Yen Yee


T H A I L A N D

ADVANCE PAINT: Ups Sales Target Following Debt Plan's Approval

     -  -  -  -  -  -  -  -

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


COLES MYER: Lew Buys More Shares to Bolster Re-election Bid
-----------------------------------------------------------
Beleaguered Coles Myer director Solomon Lew is believed to be
behind the AU$64 million share purchase Thursday last week, in a
move seen to strengthen its bid for re-election to the board.

According to The Age newspaper, investment bank J.P. Morgan
crossed 10 million shares in Coles Myer at $6.40 after the
official close of trade.  J.P. Morgan had earlier bought shares
on behalf of the 52 percent Lew-controlled investment company
Premier Investments.

Thursday's buy, if indeed orchestrated by Lew's camp, would up
his total interest in the retailer by about 0.84 percentage
points to about 8.2 percent.  Premier owned 4.9 percent of Coles
Myer when the boardroom battle erupted two months ago.

There are now several shareholders opposed to the re-election of
Mr. Lew, which include the Myer family that owns 5% of the
company.  AMP, which holds a 1.4% interest in the retailer, as
well as Queensland Investment Corp. (0.6%), Argo Investments
(0.23%) are also opposed to Mr. Lew.  On Thursday, Gowing Bros,
which owns 200,000 of Coles Myer's 1.18 billion shares, also
joined the ranks of the opposition.

In the board, eight of 10 Coles Myer directors do not support
Mr. Lew's nomination for re-election as a director, but small
shareholders may have the crucial votes at the November 20
annual meeting, the paper said.


DJF PTY: Tasmanian Director Standing Trial on Fraud Charges
-----------------------------------------------------------
Mark Anthony Johnstone, a former Launceston company director,
has been ordered to stand trial in the Supreme Court, Tasmania
on 11 fraud charges relating to more than AU$1.4 million.

The Australian Securities and Investments Commission (ASIC)
alleges that while Mr. Johnstone was a director of DJF Pty Ltd,
which traded as MI Machinery at Youngtown in Launceston, he
knowingly assisted DJF in fraudulently obtaining finance of more
than AU$1.4 million from several banks and finance companies.

These companies were the Trust Bank, Avco Financial Services
Ltd, the Bank of Western Australia Ltd, National Mutual Life
Association of Australasia Ltd and Esanda Finance Corporations
Ltd.

DJF Pty Ltd was involved in the sale of farm and earth-moving
equipment and went into liquidation on May 4, 1999 with debts of
more than AU$2.5 million.

Mr. Johnstone will appear before the Supreme Court of Tasmania
on November 19, 2002.  The Commonwealth Director of Public
Prosecutions is prosecuting the matter.


WATER WHEEL: Elliot Says Firm Never Intended to Deceive Market
--------------------------------------------------------------
John Elliott, in his cross examination last week, claimed it was
not intentional that Water Wheel Holdings continued to trade
from September 1999 until its collapse in February 2000, despite
being insolvent.

Mr. Elliott, along with former Water Wheel managing director
Bernard Plymin, is currently facing a suit brought by the
Australian Securities and Investments Commission.  The
commission claims the two deliberately allowed the company to
trade when it could not pay its debts.  The commission alleges
that the company was insolvent beginning mid-September or early
October 1999.

According to The Age newspaper, Water Wheel collapsed into
administration in February 2000 after confirmation that trading
losses at the stockfeed and rice milling group had swollen to
more than AU$6 million in the year to December 3, 1999.

During Mr. Elliott's cross-examination, counsel for ASIC, Neil
Young, QC, asked Mr. Elliott if he would agree that Water Wheel
was in a "precarious financial position" at October 25, 1999,
when internal accounts indicated the company owed creditors
about $500,000 more than it expected to get from customers.

"I would call it a tough financial position," Mr. Elliott said.

Mr. Elliott contended that the important issues were to secure
the commercial deals.  Said deals were: (1) management needed to
secure a supply of rice from Rice-Growers Cooperative in New
South Wales, (2) fix satisfactory payment terms with its wheat
supplier, the NSW Grains Board; and (3) sell the loss-making
flour milling business.

Asked again if he believed that Water Wheel's financial position
was one that required careful monitoring by directors, Mr.
Elliott replied: "I don't think it required any more monitoring
than normal."

He said he could not recall asking management about Water
Wheel's trading results for September or October 1999, and
denied he suspected before the December 20 board meeting that
losses for the nine months to October 29 would run close to
AU$3.9 million.

He also denied he was aware that PricewaterhouseCoopers, which
was monitoring the company at the request of ANZ Bank, believed
that losses would be "much greater" than management's forecasts.



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


CHAI WAI: General Meeting of Creditors Set for November 18
----------------------------------------------------------
Creditors of Chan Wai Ming will hold a general meeting on
November 18, 2002 at 3:00 in the afternoon.  The meeting will be
held at the Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


FULLINS GARMENT: Deadline for Submission of Proofs of Claim Set
---------------------------------------------------------------
E.T. O'Connell, the official receiver and liquidator of Fullins
Garment Limited, announced on Friday that the last day for
receiving proofs of claim from creditors is November 23, 2002.

Creditors are to submit their proofs to Mr. O'Connell, which
holds office at the 10th Floor, Queensway Government Offices, 66
Queensway, Hong Kong.


FUNG YAN: Creditors Have Until November 23 to Prove Claims
----------------------------------------------------------
E.T. O'Connell, the official receiver and trustee of Fung Yan
Hung, announced last week that the firm intends to declare a
dividend.  Creditors who have not proven their debts by November
23, 2002 will be excluded from this dividend.


HAO JACOB: November General Meeting of Creditors Set
----------------------------------------------------
Creditors of Hao Jacob will hold a general meeting on November
18, 2002 at 2:30 in the afternoon.  The meeting will be held at
the Official Receiver's Office, 10th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong.


IMERCHANTS LIMITED: Health Deteriorates with HK$22 MM 1H Loss
-------------------------------------------------------------
Software solutions company iMerchants Ltd reported first half
net losses of HK$22.5 million, a considerable jump from last
year's losses of HK$16.6 million, AFX Asia said late last week.

The company blamed the current economic slump and the impact of
its recent restructuring for the poor performance.  Sales fell
to HK$4.4 million from HK$13.2 million due to a substantial
reduction in related hardware sales. Operating loss widened to
HK$22.5 million from only HK$14.7 million a year earlier.  No
interim dividend was declared, the news agency said.

Incorporated in Hong Kong, the company offers a selection of
software products that are sold together with consulting and
integration services.  The company, while specializing in
solutions for financial services, commerce and data security,
also provides bespoke solution development and system
integration services.


JOYFUL DESIGN: Creditors, Contributories to Hold Meeting Nov. 19
----------------------------------------------------------------
E.T. O'Connell, the official receiver and provisional liquidator
of Joyful Design Limited, announced last Friday that creditors
and contributories of the company will hold its first meeting on
November 19, 2002.

Creditors will meet at 2:30 in the afternoon, while the
contributories are slated to meet at 3:30 the same day.  Both
meetings will be held at the Official Receiver's Office, 10th
Floor, Queensway Government Offices, 66 Queensway, Hong Kong.


LEE HENRY: General Meeting of Creditors Set for November 21
-----------------------------------------------------------
Creditors of Lee Henry Junior will hold a general meeting on
November 21, 2002 at 10:00 in the morning.  The meeting will be
held at the Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


LI KING: Creditors Have Until November 22 to Prove Claims
---------------------------------------------------------
E.T. O'Connell, the official receiver and trustee of Li King
Foon, announced last week that the firm intends to declare a
dividend.  Creditors who have not proven their debts by November
22, 2002 will be excluded from this dividend.


MACAT OPTICS: Hopes New Majority Investor Will Boost Standing
-------------------------------------------------------------
The changing of shareholding interest at ST Macat Optics &
Electronics Co Ltd is expected to reverse its sagging earnings,
says an analyst interviewed by Xinhua Financial News recently.

The news agency said China's Ministry of Finance has already
approved a plan by Macat Group, currently the firm's largest
shareholder, to sell 68.58 million state shares to Shanghai
Beida Jade Bird Enterprise Development Co Ltd.

Upon its completion, the transaction will make Shanghai Beida
the largest shareholder in the listed company with a 21.17%
stake.  Macat will be reduced to third largest, the report said.

Already, Shanghai Beida has paid 125 million yuan (US$15.06
million) to Macat Group.

Pang Zhengwu, a Western Securities analyst, told the news agency
that the potential largest shareholder is expected to provide
necessary capital and resources support to the poor earner.

The shareholding restructuring follows recent low technology
level and weak product competitiveness which have undermined the
company's profitability.  Fund appropriation by big shareholders
has also squeezed the firm's cash flow and threatened its
financial health, the analyst said.

The listed producer of cameras and telescopes posted a loss of
2.3 million yuan for the third quarter, adding to an interim
loss of 4.16 million yuan, after its profit fell 95.5 percent
year-on-year to 1.79 million yuan last year.

As of December 31, Macat Group, had accounts receivables
totaling 29.33 million yuan (US$3.53 million) with the listed
company.  Macat Group said it will use the proceeds from the
stake sale to repay the debt.

Mr. Pang said he sees further medium-term upside for the ST
stock given its small loss, relatively high asset quality,
promising restructuring prospects and its recent
underperformance.

NOTES

ST (special treatment) companies are subject to a five percent
daily trading limit on their share price. Most of them have had
two consecutive years of losses, but ST status can also be
applied to companies found to have accounting or operational
irregularities or if their net asset-per-share drops below the
par value of their stocks.


PCCW LTD.: Plans Early Retirement of US$233 Million Bank Loan
-------------------------------------------------------------
PCCW Ltd plans to use internal cashflow to fund a plan to repay
US$233 million worth of bank loans ahead of schedule, Reuters
said last week, citing a client note of UBS Warburg.

In an interview with the news agency, Chief Financial Officer
Alex Arena confirmed the report, adding that the plan "is part
of [the firm's] de-leveraging strategy."

"This brings our total debt down by US$233 million.  This is
what we've told the market we would do," Mr. Arena told Reuters.

As of September the firm's total debt was about US$5.5 billion,
a level that has constrained the firm from paying a dividend
that many of its investors are clamoring for.  An updated total
debt figure was not immediately available.

PCCW has been refinancing the US$4.7 billion in bank debt the
one-time Internet firm was left with after it paid US$28.5
billion in 2000 for Hong Kong's former monopoly phone company
Cable & Wireless HKT.  The early payment will retire a loan
tranche due to mature in 2006, the news agency said.

According to the UBS Warburg client note, the prepayment
transaction will be completed by November 18.


STOCKMARTNET HOLDINGS: 9-month Losses Widen to HK$14.8 Million
--------------------------------------------------------------
Medium-sized brokerage firm Stockmartnet Holdings Limited
revealed last week that some of its subscribers have requested
termination of services before the end of the year.

The disclosure came with the posting of results for the nine
months to September.  The report highlighted net losses of
HK$14.8 million, a sharp increase from only HK$9.8 million last
year.

The company told AFX-Asia last week that given the low market
turnover, efficiency is no longer the priority of users of
Stockmartnet's online trading engine.  It also didn't help that
its trading platform on August 27 failed.

Sales during the period stood at HK$1.228 million. No
comparative figure was given.  No interim dividend was declared,
the news agency said.

The company was incorporated in The Cayman Islands.  It's
principal place of business, however, is located at Rooms 2501-
03, 25th Floor, Wing On Centre, 111 Connaught Road, Central,
Hong Kong.  The company provides electronic-based services to
small to medium-sized stockbrokers to enable them to compete
efficiently and cost-effectively.  It currently operates
SMonline, a trading engine, and www.stockmartnet.com, a Web
site.


YEUNG YUK: Creditors Have Until November 22 to Prove Claims
-----------------------------------------------------------
E.T. O'Connell, the official receiver and trustee of Yeung Yuk
Tin, announced last Friday that the company intends to declare a
dividend and preferential payment.

Preferential creditors and other creditors who have not proven
their debts by November 22, 2002 will be excluded from this
dividend.



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


ASTRA INTERNATIONAL: Six Creditors Support New Debt Plan
--------------------------------------------------------
Leading Indonesian automotive company PT Astra International
disclosed late last week that it had reached agreement with six
major creditors to restructure its US$820 million debt.

According to the Business Times, the six creditors together hold
30% of the firm's outstanding debts.  The company is currently
proposing a debt workout plan that will extend repayment period
to 2009 from 2006 and halve the amount it will repay in
principal over the next three years.

The company, which withheld the identity of the six creditors,
needs a two-thirds majority for the plan to become effective.
Observers, however, believe the firm could easily get approval
for the revised debt-restructuring plan, citing the much more
realistic repayment terms in the new proposal.


HOLDIKO PERKASA: To Raise 700 Million in Latest Stake Sale
----------------------------------------------------------
PT Holdiko Perkasa, the firm controlling the assets pledged by
the Salim Group as part of a complex debt settlement, signed
last week an MOU to sell its stake in several resort firms to a
Singaporean consortium.

According to Reuters, the stake sale will fetch about 700
million rupiah, which will be contributed to the fund-raising
campaign of the Indonesian Bank Restructuring Agency.  IBRA is
aiming to raise 43 trillion rupiah this year to help plug the
state budge deficit.

"IBRA and Holdiko today announced that a memorandum of
understanding for the sale of all Holdiko's entire shareholding
and loans to Holdiko in the Riau resorts and land banks has been
signed," read the statement by Holdiko, which Reuters obtained
last week.

IBRA controls Holdiko, a firm created in the wake of the Asian
financial crisis in the late 1990s.  Holdiko holds the assets
pledged by conglomerate Salim Group, one of the largest state
debtors.

The Singaporean consortium set to takeover Holdiko's stake
consists of its joint venture partners in the resort firms,
including Singapore Technologies Industrial Ltd, Tropical Resort
Ltd, Keppel Land Ltd, Overseas-Chinese Banking Corporation,
Overseas Union Banking Ltd, the Development Bank of Singapore,
UOL Equity Investments Pte Ltd, Pulau Holdings Pte Ltd and
Bintan Bay Resort Pte Ltd.

Holdiko did not elaborate on the details of its ownership stakes
in the resort firms, which are located in Riau province close to
Singapore, Reuters said.


TUBAN PETROCHEMICAL: Japanese Creditors Agree to Finance Plant
--------------------------------------------------------------
The long-delayed construction of the petrochemical plant owned
by PT Trans Pacific Petrochemical Indotama, a 59.5% subsidiary
of state-run PT Tuban Petrochemical Industries, may yet begin
production on schedule.

According to IndoExchange, a group of Japanese creditors plans
to extend the firm US$400 million in loans before the end of the
year to allow the plant to operate on time.  Production was
originally scheduled to begin by 2004 or 2005.

"The project has been 70% completed. So this funding is only for
the remaining 30%," Tuban Petrochemical President Yap Tjay Soen
told reporters at a press conference at the Indonesian
government's Investor Forum in Bali.

Trans Pacific Finance Director Mihir Taparia said negotiations
with two creditors, the Japan Bank for International Cooperation
and the Nippon Export Insurance Agency, have been progressing
well.

"Negotiations are at the government-to-government stage," he
said. "They strongly support the project."

The plant will have installed capacity of 3.6 million tonnes per
annum, comprising 1 million of aeromatic, 1 million of light
naphtha, and 1.6 million of kerosene and diesel.  It will be the
only other company to produce fuel in Indonesia other than
state-owned oil and gas giant, Pertamina.

Once the funding has been secured Trans pacific will resume
construction of the petrochemical plant, which will then take 2-
years to complete, IndoExchange said.

The Indonesian Bank Restructuring Agency acquired 70% of Tuban
Petrochemical through the restructuring of 4.1 trillion rupiah
(US$455 million) in debt owed by the former owner, the Tirtamas
Group.



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


KK TATESHINA: Golf Course Applies For Rehabilitation
----------------------------------------------------
KK Tateshina has applied for civil rehabilitation proceedings,
according to the Tokyo Shoko Research.

The Company has total liabilities of 6.1 billion yen.

The golf course, which has 53 employees, is located at
Takasaki-si, Gunma, Japan.


KK KORONET: Clothing Firm Applies For Rehabilitation
----------------------------------------------------
The Tokyo Shoko Research announced that KK Koronet has recently
applied for civil rehabilitation proceedings.

The Company has total liabilities of 16 billion yen.

The clothing firm, which has 300 employees, is located at
Osaka-si, Osaka, Japan.


NTT DOCOMO: Enters Agreement Japanese Manufacturers
---------------------------------------------------
Industry leaders NTT DoCoMo, Ericsson, Nokia and Siemens, and
Japanese manufacturers reach a mutual understanding to support
modest royalty rates for the W-CDMA technology worldwideEnsures
fair and competitive pricing for W-CDMA handsets and
infrastructure equipmentIndustry leaders NTT DoCoMo, Ericsson,
Nokia and Siemens today reached a mutual understanding to
introduce licensing arrangements whereby essential patents for
W-CDMA are licensed at rates that are proportional to the number
of essential patents owned by each Company. The intention is to
set a benchmark for all patent holders of the W-CDMA technology
to achieve fair and reasonable royalty rates.

The companies together own the clear majority of the essential
Intellectual Property Rights (IPR) relevant to the W-CDMA
standard selected already by about 110 operators worldwide. This
arrangement would enable the cumulative royalty rate for W-CDMA
to be at a modest single digit level.

The above companies also own a significant number of the
essential patents applicable to the CDMA2000 standard. These
patents will be licensed at fair and reasonable terms.

As essential patent holders, Japanese manufacturers Fujitsu,
Matsushita Communication Industrial (Panasonic), Mitsubishi
Electric, NEC and Sony Corporation have also expressed their
willingness to co-operate with such arrangements.

"It is of the utmost importance for the mobile communication
industry and in the interest of both licensors and licensees
that the cumulative royalty cost of W-CDMA is maintained at a
competitive level which encourages both greater growth and
innovation in the industry," says Lothar Pauly, board member of
the Siemens Information and Communication Mobile Group. "As we -
the major IPR holders - make our patents available we ensure
that W-CDMA stays an open and globally acceptable technology."

"This initiative means that cumulative royalty rates of W-CDMA
are kept at a healthy level. For example according to the recent
developments in China the cumulative royalty rate seems to
remain even under our earlier targeted cumulative 5 percent
level. This makes the W-CDMA standard safe to invest in for
operators, manufacturers and application developers," says Yrj
Neuvo, Executive Vice President of Nokia. "We can see the IPR
initiative gaining support amongst the industry, and encourage
others to join."

" W-CDMA is the standard selected by most operators in the world
for their future business, and with this initiative we believe
the cumulative royalty will be even lower for W-CDMA than GSM,
which has enjoyed unrivaled success compared to any other
standard in the world says Torbjorn Nilsson, Senior Vice
President Marketing & Strategic Business Development of
Ericsson.

"This initiative is meaningful for promoting the W-CDMA services
by keeping cumulative royalty rate below 5 percent," says Kota
Kinoshita, Executive Vice President of NTT DoCoMo. "We have
discussed through the 3G Patent Platform Partnership (3G3P) how
to license essential patents at acceptable royalty rates. We
believe the intent of the arrangement is well harmonized with
that of 3G3P."

The W-CDMA standard is developed by the 3rd Generation
Partnership Project (3GPP). In the 3GPP standardization process
the declaration of essential IPRs is mandatory. The European
Telecommunications Standards Institute (ETSI) and the
Association of Radio Industries and Businesses (ARIB) in Japan
maintains an updated list of IPR declarations for 3GPP.

NTT DoCoMo 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 35 million
subscribers, and, launched in 2001 as the world's first 3G
mobile service based on W-CDMA. In addition to wholly owned
subsidiaries in Europe and North and South America, the Company
is expanding its global reach through strategic alliances with
mobile and multimedia service providers in the Asia-Pacific,
Europe and North and South America. NTT DoCoMo is listed on the
Tokyo (9437), London (NDCM), and New York (DCM) stock exchanges.
For more information, visit www.nttdocomo.com

i-mode and FOMA are trademarks or registered trademarks of NTT
DoCoMo, Inc. in Japan and other countries.

Nokia is the world leader in mobile communications. Backed by
its experience, innovation, user-friendliness and secure
solutions, the Company has become the leading supplier of mobile
phones and a leading supplier of mobile, fixed broadband and IP
networks. By adding mobility to the Internet Nokia creates new
opportunities for companies and further enriches the daily lives
of people. Nokia is a broadly held Company with listings on six
major exchanges.

Ericsson is shaping the future of Mobile and Broadband Internet
communication through its continuous technology leadership.
Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication
companies in the world. Read more at www.ericsson.com/press

The Siemens Information and Communication Mobile Group (Siemens
mobile) offers the complete range of mobile solutions including
mobile devices, infrastructure and applications. Devices include
mobile phones, wireless modules, mobile organizers and cordless
phones as well as products for wireless home networks. The
infrastructure portfolio includes GSM, GPRS and 3G mobile
network technologies from base stations and switching systems to
intelligent networks, e.g. for prepaid services. Mobile
Applications cover end-to-end solutions for Messaging, Location
Based Services or Mobile Payment. You can access further
information about Siemens mobile on the Internet at www.siemens-
mobile.com


NTT DOCOMO: Trimming Executive Pay by 10-20%
--------------------------------------------
NTT Docomo Inc. will cut compensation pay for its executives by
10 to 20 percent, Asia Times and Asia Pulse said on Friday.

The executives, including Company President Keiji Tachikawa,
will take the responsibility for the Company's massive losses
during the first half of this year on its investments in
overseas wireless phone service providers.

Until next March, monthly wages will be reduced by 20 percent
for the President, 15 percent for the Vice President, and 10
percent for other executives. This is the second time that their
pay has been reduced due to overseas losses. Bonuses will also
be suspended for a second time.

The Company will book a 573 billion yen loss on its holdings of
AT&T Wireless Services Inc and two other overseas carriers.


NTT DOCOMO: Posts H102 Net Loss of Y168.35B
-------------------------------------------
NTT DoCoMo Inc. posted an unconsolidated net loss of 168.35
billion yen in the first half of this year to September 30,
versus a loss of 27.81 a year ago, due mainly to huge investment
losses abroad, Kyodo News said on Thursday.

At the group level, the wireless unit of Nippon Telegraph and
Telephone Corp (NTT) managed to log a net profit of 4.17 billion
yen, down 95.3 percent from a year ago.

For a copy of the NTT's Operation Data for 2nd Quarter of 2002,
visit http://bankrupt.com/misc/tcrap_ntt1108.pdf


NTT DOCOMO: Looking For Foreign Alliances in Asia
-------------------------------------------------
NTT DoCoMo Inc will continue to look for foreign partners in
Asia despite posting hefty investment losses on overseas assets,
Reuters reported Thursday, citing DoCoMo President Keiji
Tachikawa.

Tachikawa added that alliances could come in the form of buyouts
or investments in minority stakes.

The mobile carrier invested 1.9 trillion yen ($15.62 billion) to
take minority stakes in several foreign carriers to promote its
"i-mode" wireless Internet technology and lay the foundations
for third-generation mobile services, but the strategy backfired
after the bursting of the tech and telecom share-price bubble.


ORIENT WATCH: Seeking Capital Injection to Stay Listed in TSE
-------------------------------------------------------------
Orient Watch Co. will find ways to improve its capital base and
wipe out its excess liabilities by March 2003 to stay listed on
the Tokyo Stock Exchange (TSE), Dow Jones reports.

The Company's liabilities exceeded assets by 2.85 billion yen at
a consolidated level as of September 30. It had asked its parent
Company Seiko Epson Corp. for a capital injection, but Seiko had
declined the request.

Orient reported a return to profitability in the first half to
September, but it needs to erase all of its excess liabilities
by the end of next March to stay listed on the Tokyo bourse. The
TSE delists companies whose liabilities exceed assets for three
straight financial years.


SKY PERFECT: H102 Group Net Loss Quadrupled to Y18.59B
------------------------------------------------------
Sky Perfect Communications Inc, operator of satellite
broadcaster Sky PerfecTV, quadrupled its group net loss to 18.59
billion yen in the six months to September 30, due to the
acquisition cost of the broadcasting rights for the World Cup
soccer finals and relevant program production expenses, reports
the Kyodo News.

The company posted a net loss of 4.64 billion yen in 2001.



SOFTBANK CORPORATION: U.S. Unit Sells Yahoo Stock
-------------------------------------------------
Softbank America Inc. (SBA), a unit of Softbank Corporation,
sold a part of its holding in Yahoo! Inc.

SBA sold 17,500,000 shares of Yahoo, for an aggregate price of
approximately US$294 million (translated amount in yen:
approximately 35.9 billion yen; exchange rate: $1=�122). Gain on
sale of such shares is expected to be approximately 26.1 billion
yen. SBA's stake in Yahoo is expected to decrease from
approximately 7percent to approximately 4percent after the
transaction.

Proceeds from the above-mentioned sale will be allocated for
reduction of interest-bearing debt in order to further
strengthen the financial position and for the broadband
business, which SOFTBANK as a group is developing vigorously,
and other businesses.

According to the Troubled Company Reporter-Asia Pacific Softbank
issued 188.67 billion yen in interest-bearing bonds, of which
21.5 billion yen are expected to mature by December and 43.6
billion yen by March 2004.

The Company posted a net loss of 88.76 billion yen in the year
ended in March, versus a profit of 36.63 billion yen a year
earlier, because of soured overseas investments and the steep
costs of setting up its ADSL business.

For more information, go to the Company's Website at
http://www.softbank.co.jp


SUMITOMO HEAVY: JCR Assigns BBB- Rating
---------------------------------------
Japan Credit Rating (JCR) has assigned a BBB- rating to the
following senior debts and CP program of Sumitomo Heavy
Industries, Limited.

RATIONALE:

Sumitomo Heavy Industries is one of the heavy machinery
manufacturers. It has been restructuring the operations to shift
from a heavy machinery manufacturer to a more diversified
manufacturer.

The standardized and mass production machinery that are earnings
sources of the Company centers on power transmission and
injection molding machines. These products enjoy strong client
base against the background of the worldwide sales network. On
the other hand, Sumitomo Heavy Industries suffers from
structural problems that are maturation of domestic markets,
stagnant capital spending and falling ship prices. It
restructured the construction machinery, industrial machinery
and shipbuilding operations by transferring them to joint
ventures and divesting itself of those operations.

The owners' equity was impaired by the loss incurred during
period fiscal 1998 through fiscal 2000 ended March 31, 2002
where Sumitomo Heavy Industries restructured the construction
machinery operation. The restructuring and lower yen turned the
construction machinery and shipbuilding operations into the
black in fiscal 2001 ended March 31, 2002. As a result, the
pretax profit before extraordinary items increased sharply.
Sumitomo Heavy Industries recorded a net income for the first
time in four years for fiscal 2001. It plans to increase the
profit continuously in fiscal 2002 through March 31, 2003 via
cutbacks in jobs and other restructuring measures. Although the
interest-bearing debt remains high, the debt will be reduced in
the future, given the expected increase in the operating income.

The impaired financial conditions should not be ignored.
However, JCR assigned a BBB- rating for the Company, taking into
account that profitable operations have been contributing to
improvement in the earnings and that risk of downward earnings
was reduced and will be reduced due to a series of restructuring
measures.

TCRAP reported that the Company posted a group net loss of Y6.44
billion yen (US$48.2 million) for the half-year ended Sept. 30,
2001. The austerity program is expected to allow SHI to save on
fixed costs and streamline its operations. The Company will
accept early retirement applications from 260 employees, mainly
at the parent Company, and transfer other workers to affiliates.


TEIJIN LIMITED: Textile Maker Posts Y1.08B Loss
-----------------------------------------------
Teijin Limited posted a group net loss of 1.08 billion yen for
the fiscal first half ending September 30, citing poor clothing
and textile sales and restructuring costs, according to Kyodo
News on Thursday.

The loss contrasts with a group net profit of 7.2 billion yen a
year earlier and translates into a net loss of 1.16 yen per
share against a net profit of 7.95 yen the previous year.

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 a copy of the Company's First Half 2002 Financial Statement,
visit http://bankrupt.com/misc/tcrap_teijin1108.pdf


TOWA REAL: Reviewing Request For Financial Assistance
-----------------------------------------------------
UFJ Bank Limited, a wholly owned subsidiary of UFJ Holdings
Inc., highly appreciates "New Business Plan" of Towa Real Estate
Development Co., Ltd. (Towa), which was announced on Thursday,
and is in the process of reviewing request for financial
assistance positively.

Towa's condo business has strong competitiveness and Towa will
be a sound Company, which can fulfill its social mission through
the implementation of "New Business Plan".

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_towa1108.pdf


* Japan Corp. Credit Quality Dull in Third Quarter
--------------------------------------------------
Standard & Poor's announced Thursday that Japan's credit
quality-as measured by the ratio of downgrades per upgrade-
showed improvement in the third quarter.

Eleven downgrades and four upgrades were recorded in the third
quarter (this data includes 'pi' ratings, or ratings based on
publicly available information, and excludes rated companies
that have no debt outstanding), compared with 17 downgrades and
three upgrades a quarter ago. The credit ratio-the ratio of
downgrades per upgrade-fell to 2.8 compared with 5.7 in the
second quarter and 15.0 in the first. Nonetheless, with the
Japanese economy expected to remain feeble due to slowing
exports, prospects for a sustained turnaround in credit quality
appear remote. Weak corporate earnings, persistent deflation,
and a declining equity market will have a negative impact on
corporate credit quality.

Globally, there were 246 downgrades and 75 upgrades, affecting
rated debt worth US$713.2 billion (JPY85 trillion) and US$74.1
billion (JPY8.8 trillion). The global corporate credit ratio
rose to 3.3 in the third quarter from 3.2 in the second,
reflecting corporate credit quality deterioration in most major
markets, barring Canada and the emerging markets. The credit
ratio for the U.S. rose to 3.9 in the latest quarter from 3.4 a
quarter earlier, and to 5.1 from 3.4 in the EU. Within emerging
markets, credit-quality improvements in the Asia-Pacific region
(particularly in Korea) and Eastern Europe/Middle East and
Africa more than compensated for the sharp deterioration in
Latin America, notably among Brazilian issuers. The emerging
market downgrade per upgrade ratio remained at 1.5 in the third
quarter. Meanwhile, the credit ratio fell to 2.3 from 4.0 in
Canada. Even though the global tally of downgrades declined in
the third quarter, the risk of additional downward pressure on
credit quality remains high.

All but one of the downgrades in Japan were recorded in the
industrial sector. The only action outside the industrial sector
affected an insurance company, Yasuda Mutual Life Insurance Co.,
which saw its capitalization deteriorate due to volatility in
the Japanese equity market and increased asset risk from
concentrated exposure to weakened domestic banks. Within the
industrial category, three downgrades were recorded in both the
capital goods and retail/restaurant subsectors, two downgrades
in high technology, and one each in transportation and
chemicals, packaging and environmental services.

There were five "fallen angels"-issuers that moved from
investment grade ('BBB-' and above) to speculative grade ('BB+'
and below)-recorded in the third quarter. The entire five
"fallen angels" -Aoki International Co. Ltd., Dainippon Ink and
Chemicals Inc., Kinki Nippon Railway Co. Ltd., Obayashi Corp,
and Toda Corp-are pi' rated entities.

Ratings on Daiei Inc., a 'pi' rated entity, were lowered to
'SDpi' from 'CCpi' on Aug. 20 after the superstore operator
reached a financial support package with its major creditor
banks. Meanwhile, figures from Teikoku Databank indicate that a
record number of listed companies (13) filed for bankruptcy in
the first half of fiscal year 2002 (April-September), a
testimony to the continued pressure on the Japanese corporate
sector.

Of the four upgrades in the third quarter, two were in the
retail/restaurants subsector and one each in consumer products
and diversified subsectors. The only "rising star" recorded in
the third quarter was in the retail/restaurant sector with the
upgrade of Isetan Co. Ltd to 'BBB-pi' from 'BB+pi' on Sept. 24
based on the company's improving profitability and cash flow
protection stemming from its enhanced merchandising capabilities
and its steady debt reduction. This action catapulted the issuer
from speculative grade ('BB+' and below) to investment grade
('BBB-' and above).

There are few signs yet of an improvement in near-term credit
quality. As of Oct. 8, the distribution of Outlooks and
CreditWatch implications revealed that of the 85 issuers
appearing under either of the two categories, issuers with a
negative bias significantly outnumbered those with a positive
bias. Of the total, only 39% were listed with a Stable Outlook,
60% with either a Negative Outlook or CreditWatch with negative
implications and only 1% with either a Positive Outlook or
CreditWatch with positive implications. Of all the firms listed
either under Negative Outlook or CreditWatch with negative
implications, the biggest concentration was in the 'AA-' rating
category followed by the 'BBB+' rating category.

The distribution of Outlooks and CreditWatch implications by
sector shows that banking, nonbank financial institutions, and
industrials each account for approximately one-third of the 51
issuers listed either under Negative Outlook or CreditWatch with
negative implications. With 16 issuers listed under Negative
Outlook and three with Stable Outlook, the banking sector
remains most at risk of further deterioration in credit quality.
The prolonged economic deceleration that began in the 1990s
combined with the rising number of bankruptcies affected the
performance of both regional and major banks, and drove credit
costs higher than core profits. Unless a concerted effort is
made to tackle the sizeable nonperforming loan burden, bank
credit quality will continue to suffer. The lukewarm reaction to
the recently released government's bad loan disposal program
signals that financial markets are not yet convinced that tough
steps have been taken. Within the industrial sector, the sectors
with the highest potential of further downgrades were capital
goods (five issuers on Negative Outlook) and retail/restaurants
(three issuers on Negative Outlook).


*Credit Gap Widening Among Japan Non-Life Insurers
--------------------------------------------------
Standard & Poor's Ratings Services said in a report published on
November 6 that ongoing earnings pressures in the Japanese non-
life sector are expected to lead to a further divergence in
credit quality.

"Amid weakening investment and underwriting performance,
increasing competition, and ongoing market liberalization, the
earnings outlook for all players will remain challenging,"
Standard & Poor's credit analyst and author of the report, Runa
Ichihari said.

"In this climate, small to midsize insurers that have no
effective strategy and insufficient financial resources will
find it increasingly difficult to survive on their own," she
added.

The current operating environment is making it extremely
difficult for Japan's non-life insurers to generate strong and
stable earnings from their core underwriting activities.
Standard & Poor's expects this situation to persist. Over the
past five years, the aggregate loss ratio for the industry has
increased to 59.2% from 53.8%. Over the same period, aggregate
net premium income fell by 5.8%, while claims payments rose by
6.0%. This clearly shows that profitability in the sector is
falling.

Moreover, investment income is being hurt by historically low
interest rates and a volatile stock market. Dividend and
interest income have been falling steadily in recent years,
decreasing by 6.7% in fiscal 2001 (ended March 2002). As a
result, investment income is unlikely to provide a sufficient
buffer against declines in underwriting profits.

"While companies have rightly responded by focusing on cutting
costs, the speed of these actions leaves much to be desired,"
Ms. Ichihari said. "In addition, while non-life insurers are
much stronger than their counterparts in the Japanese financial
sector, weak earnings and significant exposure to price
volatility in their investment portfolios are increasing
concerns over a slow erosion in capitalization."

At the end of fiscal 2001, domestic equities accounted for 20%-
30% of total assets at the major non-life insurers. This level
was lower than that of the previous year, as companies sold
stocks in an attempt to reduce their exposure to price
fluctuation risk. Despite these measures, unrealized gains on
Japanese equities still account for a large portion of non-life
insurer's capital, and as a result both earnings and
capitalization of non-life insurers are directly linked to stock
price movements.

Japan's non-life insurance industry is currently undergoing a
sweeping transition, brought on by deregulation and industry
consolidation. In the past fiscal year, Japan's market for
"third-sector" insurance products was liberalized. In addition,
the prohibition on over-the-counter sales of insurance products
at banks was lifted.

Perhaps more significant is the industry consolidation that took
place in fiscal 2001 and early fiscal 2002 through mergers or
the formation of joint holding companies by large insurers. Some
of the recently merged companies are working hard to benefit
from improved economies of scale by rapidly cutting operating
expenses, and are launching third-sector and other new
businesses to diversify their sources of earnings. A combined
ratio of between 90% and 95% is within reach for these companies
in three to five years.

"At small to midsize companies, the lack of comparable economies
of scale makes their situation quite different," said Ms.
Ichihari. "Cutting expense ratios below those of the major
insurers will be extremely difficult. While controlling loss
ratios will be critical, these smaller companies will probably
maintain combined ratios of around 100%.



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


CHOHUNG BANK: Cerberus Jumps Into the Race to Bid For Bank
----------------------------------------------------------
Cerberus, a United States investment fund, has jumped into the
race to acquire a 51 percent stake in Cho Hung Bank, along with
a consortium led by Shinhan Financial Group and Shinsei Bank of
Japan, Digital Chosun reports.

Cerberus is currently involved in due diligence on the bank,
along with the other three bidders. The U.S. fund has formed a
consortium for the bid with other foreign financial
organizations.

Financial market observers said the Shinhan-led consortium is
the front-runner for the bid.

The Shinhand-led consortium includes Warburg Pincus, a United
States investment fund, which intends to invest more than US$500
million for the bank acquisition. The fund puts the consortium
on an equal strength, in terms of financing power for the bid,
with the other bidders.


DAEWOO SHIPBUILDING: Wins 422.6B Order From Germany
---------------------------------------------------
Daewoo Shipbuilding & Marine Engineering Co. Limited received a
422.6 billion won order from Hamburg-Sud of Germany to build six
container ships, AFX Asia reports.

Delivery is scheduled for September 2005, it said in a statement
to the stock exchange.

According to Wright Investor's Service, at the end of 2001,
Daewoo Shipbuilding & Marine Engineering had negative working
capital, as current liabilities were 1.99 trillion Korean Won
while total current assets were only 1.30 trillion Korean Won.


HYOSUNG CORPORATION: Issuing W100B Bonds
----------------------------------------
These are the terms and conditions of a bond offered on Friday
by textile firm Hyosung Corporation:

Type: unsecured corporate bonds

Issue Amount: 100 billion won ($82.83 million)

Maturity Date: Nov 8, 2005

Yield to Maturity: 5.76%

Payment Date: November 8, 2002

Lead Manager: Daishin Securities

The Group's principal activities are the manufacture, production
and trading of textile, chemical, industrial, and construction
products; and provision of information and communication
services. Products include nylon yarn, spandex, fabric, mipan,
plastic resin, polyesters bottle, propylene and polypropylene,
steel cord, bead, wire, ultra-high-voltage-transformer, gas
insulated switchgear, tire reinforcements, technical yarn and
interior. At 31-12-2001, the Company had 11 factories and 5
domestic branches.

According to Wright Investor's Service, at the end of 2001,
Hyosung had negative working capital, as current liabilities
were 2.76 trillion Korean Won while total current assets were
only 2.44 trillion Korean Won.


HYUNDAI MOTOR: Unsold Cars Widens to 117,000 Units
--------------------------------------------------
Hyundai Motor's unsold cars in the United States market
snowballed to 117,000 units as of October 1, from 47,800 as of
January 1, Automotive News reported on Wednesday.

Unsold cars of Kia Motors, a subsidiary of Hyundai Motor, rose
from 40,300 to 59,600 in the same period.

Reports said the sharp increase in the stockpile for the two
Korean automakers is due to an overextension of their shipments
to the US, only to hike their export figures.


KOREA ELECTRIC: Plans to Raise US$250M in December Via Loan
-----------------------------------------------------------
Korea Electric Power Corp. (KEPCO) plans to raise $250 million
next month via a five-year yen-denominated euro bonds or loan,
to repay maturing yen-denominated bonds issued in 1999, Dow
Jones reports.

The electric power provider will send out requests for proposals
to some investment banks.

KEPCO issued a $650 million 4.25 percent five-year bond in
September of this year. Deutsche Bank Securities Inc., Goldman
Sachs & Co., Salomon Smith Barney Inc. and UBS Warburg jointly
lead managed the bond offering.

According to Wright Investor's Service, at the end of 2001,
Hyundai Motor Company Limited had negative working capital, as
current liabilities were 17.88 trillion Korean Won while total
current assets were only 12.04 trillion Korean Won.

DebtTraders reports that Korea Electric Power Corp.'s 8.250
percent bond due in 2005 (KORE05KRN1) trades between 112.504 and
113.066. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=KORE05KRN1


KOREA THRUNET: Closing Sale of Leased Line Assets to SK Global
--------------------------------------------------------------
Korea Thrunet Co., Ltd., a major provider of broadband Internet-
access services in Korea, recently announced that the Company
closed the sale of assets related to its domestic leased line
business, including local fiber optic network and related
equipment, to SK Global Co., Ltd SKG on October 28, 2002. The
total sale price for the assets transferred was KRW 346.9
billion, or approximately US$ 283 million. The asset transfer
agreement was entered into on July 5, 2002 and was approved at
the shareholders' meeting on August 2, 2002.

The Company emphasized that, with the closing of the asset
transfer to SKG, the first phase of its corporate restructuring
plan to sell a headquarter building, HFC network, and assets
related to the domestic leased line business, has been
successfully completed. The Company now can focus on the
broadband Internet access business and drive its marketing
efforts on aggressive customer acquisition activities and
efficient customer retention programs. At the same time, with
the proceeds from the asset sales, the Company is able to repay
all outstanding debt maturing this year.

Sang Woo Kim, Senior Vice President of the Company, stated, "We
will now place our efforts in the second phase of restructuring,
i.e., raising capital for an aggressive marketing and
operational activities."

Founded in July 1996, Korea Thrunet Co., Ltd.
http://www.thrunet.comis a major provider of broadband Internet
access services in Korea. The first to offer broadband Internet
services in Korea with 1,306,366 paying end-users at the end of
September 2002. Thrunet service features "always-on" Internet
access at speeds up to 100 times faster than traditional dial-up
Internet access.

According to Wright Investors Service, at the end of 2001, Korea
Thrunet Co Ltd had negative working capital, as current
liabilities were 673.81 billion Korean Won while total current
assets were only 258.87 billion Korean Won.

Corporate Headquarters:
Korea Thrunet's principal offices are located at 1337-20,
Seocho-2 dong, Seocho-ku, Seoul, Korea 137-751.
Phone: 822-3488-8058
Fax: 822-3488-8511

CONTACTS:

In Korea, Yong S. Lee of Korea Thrunet Co., Ltd. Investor
Relations, +822-3488-8058, welcome@corp.thrunet.com; in U.S.,
Jennifer Angell of Thomson Financial Corporate Group Investor
Relations,
+1-212-807-5137, jennifer.angell@tfn.com, for Korea Thrunet Co.,
Ltd.



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


AUTOINDUSTRIES VENTURES: Shareholders Okay Proposed Debt Plan
-------------------------------------------------------------
Shareholders of Autoindustries Ventures Bhd approved last week
the company's proposed debt-restructuring scheme, clearing the
last hurdle to its effort to regularize its financial condition.

In an interview with The Star, Chief Financial Officer Pung Kok
Hooi said the company is confident that it would no longer be
categorized under Practice Note 4/2001 (PN4) status by year-end.

The scheme involves a restricted issue of 13 million new shares
at an issue price of RM1 each for cash and the issuance of two
million new shares to BI Walden Ventures Keempat Sdn Bhd and
Pacven Walden Ventures III L.P. at an issue price of RM1 per
share as part settlement of debts owed to the two.

This would provide the company with funds to repay its
borrowings as well as additional working capital, Mr. Pung told
reporters after the company's extraordinary general meeting in
Shah Alam.

"It will also enable the company to meet the minimum capital
requirement of RM40 million set by the Securities Commission for
companies listed on the KLSE second board and regularize AIV's
financial condition pursuant to its PN4 classification," he
added.

On completion of the proposals, AIV's debts would be reduced to
RM24 million from RM31 million as of September 27 this year, the
Star said.

Mr. Pung said the company had made steady progress, achieving a
profit after tax and minority interest of RM506,000 for the
financial period ended June 30.

"The implementation of this exercise would have further positive
effects, resulting in interest savings of approximately
RM400,000 per annum," he added.

Meanwhile, Mr. Pung said AIV is reducing its dependence on
Perusahaan Otomobil Nasional Bhd (Proton) as its single largest
customer, which currently contributes about 80% to group
turnover.

"In line with the implementation of Asean Free Trade Area, we
are taking steps to explore opportunities with other non-
national car makers to attain a better market share without the
need to rely on just a single customer base."

The group, he said, started supplying wipers to Perusahaan
Otomobil Kedua Sdn Bhd (Perodua) last year and recently secured
a contract from Oriental-Hyundai Sdn Bhd to supply car steering
column parts.


BERJAYA SPORTS: Subsidiary Ups ICULS Holdings to 5.3 Million
----- -------------------------------------------------------
The Board of Directors of Berjaya Sports Toto Bhd (BToto) wishes
to inform the public that its wholly owned subsidiary, FEAB
Properties Sdn Bhd, has purchased ICULS in BToto:

(1) Date of Purchase: November 7, 2002

(2) Number of ICULS Purchased: 90,000

(3) Minimum price paid for each ICULS: 2.95

(4) Maximum price paid for each ICULS: 2.99

(5) Total consideration paid: RM267,775.35

(6) Total number of ICULS held to-date: 5,370,000

(7) Cumulative consideration paid to-date: RM15,214,871.53

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 April 5, 2002 and the Abridged
Prospectus relating to the Rights Issue of ICULS dated June 20,
2002.


RASHID HUSSAIN: Plans Bond Issue to Refinance Short-term Loans
--------------------------------------------------------------
Rashid Hussain Bhd aims to raise 200 million-ringgit from a
planned bond issue, which the firm will use to refinance
existing short-term borrowings.

Citing a statement to the Kuala Lumpur Stock Exchange, AFX-Asia
said the company will issue 5-year, 3% bonds with detachable
rights to allotment of up to 239.086 million warrants.

The news agency said the bonds with the warrants will be
purchased by AmMerchant Bank as the primary subscriber at 100%
of the nominal amount.  AmMerchant will subsequently offer the
bonds, without the warrants, to Public Bank Bhd, the report
said.  Public Bank may then offer the bonds to other investors.

AmBank will offer the rights to allotment of the warrants, which
have a 2002-2007 tenure, to RHB shareholders at an indicative
offer price of at least 4.85 sen per warrant on a renounceable
basis.

The entire proceeds of 200 million ringgit from the bond issue
will be used to partially refinance RHB's existing short-term
bank borrowings.  Proceeds from the exercise of the warrants, if
any, will be utilized for the redemption of the bonds, RHB said.

The bond issue is in line with the previously announced
restructuring exercise for the Rashid Hussain group of companies
as part of a plan to merge the banking units of RHB and Utama
Banking Group Bhd, AFX-Asia said.


SIME DARBY: Takes Another US$200 Million 5-year Syndicated Loan
---------------------------------------------------------------
Sime Darby Bhd, the Malaysian conglomerate that has wound up
several troubled affiliates this year, has reportedly mandated
Standard Chartered Bank for a widely anticipated U.S. dollar
financing that could be as much as US$200 million in a five-year
syndicated loan.

Sources expect part of the funds raised to be used to refinance
a SG$152 million (US$86 million) loan maturing in 2004 that
Standard Chartered arranged for the firm last year.

Last month, the group appointed Encik Nik Din bin Nik Sulaiman
and Toh Cheng Hui as liquidators of Sime Leigh Sdn Bhd (SLSB).
SD Holdings Berhad holds 70% of the issued and paid-up equity of
SLSB, a wholly owned subsidiary of Sime Darby and the remaining
30% is held by W & Leigh & Co., a company incorporated in the
United Kingdom. SLSB was in the business of marketing marine and
protective coating paints until the cessation of its business
operations since September 2001.

According to a TCR-Asia Pacific report, the voluntary
liquidation of SLSB is not expected to have a material effect on
the earnings or net tangible assets of the Sime Darby Group for
the financial year ending June 30, 2003.

Two other wholly owned subsidiaries were also liquidated in May
this year.  Encik Nik Din bin Nik Sulaiman and Encik Ahmad
Kushairy bin Abdul Ghani are now liquidating Brickiln Towers Sdn
Bhd (BT) and Sime Darby Drilling Sdn Bhd (SDD).

Prior to its liquidation, BT was involved in property investment
activities until the cessation of its operations in February
1994.  SDD, on the other hand, was involved in the ownership of
a rig and rig charter until it disposed of its drilling rig in
April 1997 and has ceased operations since then.


SIN HENG: Gets Another Extension for its Restructuring Proposal
---------------------------------------------------------------
On behalf of the SA, Southern Investment Bank Berhad wishes to
announce that the Kuala Lumpur Stock Exchange, via its letter
dated November 1, 2002, received on November 6, 2002, approved
the application for extension of time up to December 31, 2002.
This allows SHCM to obtain all the necessary approvals of the
relevant authorities in relation to the Proposals.  (This
announcement is dated 7 November 2002)

COMPANY PROFILE

The Company commenced operations at Jalan Kilang, Malacca, and
had been in the animal feeds business. It had over the years
expanded operations to cover Butterworth and Kuantan. In recent
years, the Company incurred losses, aggravated by the currency
crisis in 1997. As a result, on August 11, 1999 Danaharta
Nasional Bhd appointed Special Administrators to assume control
of the assets and affairs of the Company.  On July 5, 2000, the
Company received a voluntary take-over offer from FCW Holdings
Bhd for the acquisition of its entire share capital. However,
the take-over offer was rejected by the Securities Commission on
November 6, 2000 and hence aborted.

On February 9, 2001, a proposed scheme of arrangement to
restructure the debts of the Group was approved by Danaharta.
The proposal involves a rights issue, which was approved by the
SC on August 30, 2000 and is currently pending approval from
other relevant authorities for implementation.


SISTEM TELEVISYEN: Period for Getting Nod on Proposals Extended
---------------------------------------------------------------
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 High Court of Malaya granted Thursday last week an extension
of six (6) months from September 5, 2002 to March 5, 2003 for
TV3 to hold a shareholders' court convened meeting in relation
to the Corporate Proposals.

The Corporate Proposals are still subject to, among others, the
approvals from the shareholders of TV3 and the Foreign
Investment Committee in respect of the revisions to the
Corporate Proposals.

COMPANY PROFILE

The Company's core business is commercial television
broadcasting with operations located at Sri Pentas, Bandar
Utama. In addition to television broadcasting, the Company is
also involved in other activities that complement and enhance
its core business such as post- and pre-production services,
sports and event management, and training and education in film,
broadcasting and related activities.

The Company's products, i.e. programmes, are sold to Middle-East
and Asian countries while airtime sale is targeted to Malaysian-
based advertisers. For the period from August 2001 to May 2002,
the Company achieved a 47% share of television advertising and
40% share of viewership.

The Company on October 8, 2001 made an announcement to the KLSE
on its proposed corporate restructuring scheme. The scheme was
submitted to the SC on January 22, 2002 and is still pending SC
approval.

CONTACT INFORMATION: Aras 10, Menara MRCB
                     No.2, Jalan Majlis 14/10, Seksyen 14
                     40000 Shah Alam
                     Selangor
                     Tel: 03-5513 8080
                     Fax: 03-5512 2608


TAI WAH: Asks Court to Annul Measures Passed During Illegal AGM
---------------------------------------------------------------
Tai Wah Garments Manufacturing Bhd wishes to inform the public
that it has filed the Originating Summons and Summons in
Chambers to claim for the following relief:

(1) a declaration that the meeting held by the minority
    shareholders on October 31, 2002 (purported AGM) was
    unlawful and null and void;

(2) a declaration that all ten (10) resolutions passed and all
    decisions made, adopted and carried on October 31, 2002 were
    null and void in law; and

(3) a declaration that the present directors are lawful
    directors of TWGB and are authorized to manage the affairs
    of TWGB.

According The Edge Daily, about 70 minority shareholders on
October 31, 2002 proceeded to conduct an earlier scheduled "AGM"
even though the company had on the previous day postponed it
until further notice, for fear of a breach of peace.

The shareholders purportedly "voted" in new directors in the
absence of the incumbent board of directors. The company has
alleged that non-shareholders may have been present at that
meeting.

COMPANY PROFILE

In 1970, the Company commenced manufacturing knitted men's
underwear, which was exported to Singapore for resale to
countries such as the US and the UK. Tai Wah penetrated the
international market in 1982, producing under contract for
European buyers, branded apparel under the brand names Adidas,
Christian Dior, Ralph Lauren, Nike and Halmode.

In 1998, Tai Wah obtained a restraining order under Section 176
of the Companies Act, 1965 from the High Court of Malaya for the
purpose of implementing a restructuring scheme.

The restructuring scheme, announced in November 1998, involves a
proposed capital reduction and consolidation; debt
reconstruction; rights issue with warrants; special issues to a
group of senior management/operations staff and two independent
parties of Bumiputera investors; and the disposal of non-core
assets/ subsidiaries, namely, Tai Wah Ventures Sdn Bhd, Tai Wah
Development Sdn Bhd and Tai Wah Garments International Sdn Bhd.

Subsequently, in November 2000, the Company revised its scheme
in relation to the settlement terms and conditions for both
secured and unsecured creditors pursuant to the debt
reconstruction, special issues to Tai Wah's management team, and
the management team's exemption from having to undertake a
mandatory general offer after the special issues. The scheme was
submitted to the Securities Commission on November 20, 2000.  At
meetings convened for Tai Wah's scheme creditors on December 21,
2000, the creditors unanimously voted for the scheme as
proposed. The Company on February 22, 2001 responded to queries
raised by the SC on its restructuring scheme. Further queries
were raised by the SC in May 2001 to which Tai Wah's merchant
bankers responded accordingly. As such and in view of the change
in the economic environment, the Company submitted revised
financial projections in June 2001.

On June 11, 2001, the High Court sanctioned Tai Wah's proposed
debt reconstruction scheme as approved by the scheme creditors.
After another series of queries in July 2001, the SC gave its
approval on August 3, 2001 for the proposed restructuring scheme
subject to compliance with certain conditions. Subsequently, on
August 14, 2001, the Company obtained the SC's approval for the
proposed exemption to the seven investors (parties acting in
concert) from having to undertake a mandatory offer for the
remaining shares not owned by them. The scheme is currently
pending the approval of Tai Wah's shareholders and KLSE and was
expected to be completed by April 2002.

CONTACT INFORMATION: 519, Block A
                     5th Floor, Kelana Business Centre
                     97, Jalan SS7/2
                     Kelana Jaya, Petaling Jaya
                     Tel: 03-5821818
                     Fax: 03-5821933


TECHNOLOGY RESOURCES: Telekom Malaysia Takes Loan to Back Bid
-------------------------------------------------------------
Telekom Malaysia Bhd, which is trying to merge its loss-making
mobile phone unit with that of Technology Resources Industries
Bhd, is reportedly assembling a bank group for a one-year
bridging loan.

According to reports by major Malaysian newspapers, Telekom
needs about four billion ringgit (US$1.05 billion) in loans to
be successful in its mandatory general offer for shares of
Technology Resources.

In July, Telekom Malaysia engineered a board coup that forced
former TRI chairman and founder Tajudin Ramli, along with three
other trusted deputies, to resign.  Telekom CEO Md Khir Abdul
Rahman and four other executives were appointed to replace them.

The coup put in motion the merger of Telecom Malaysia's mobile
arm, TM Cellular, with Technology Resource's Celcom, the No.2
mobile group to upend the leadership of Maxis Communications in
the local market.

Telekom has long desired the company due to its 27% share of the
mobile phone market.  Although it has a near monopoly of the
fixed-line market, Telekom's mobile phone unit is weak.

The 75% state-owned telecom giant first got its chance to gain a
foothold in the company when Mr. Tajudin defaulted on personal
loans of 1.4 billion ringgit.  This allowed a state agency to
forfeit and sell his assets including 13% in the company.

Telekom snapped up the stake and has since spent 1.7 billion
ringgit boosting its ownership to 31%.  It plans to spend
another 3-4 billion ringgit to buy out other holders to complete
the marriage of its loss-making mobile business with the
company, Troubled Company Reporter-Asia Pacific said in July.

COMPANY PROFILE

Originally identified with the manufacture and sale of "Sharp"
brand electrical products in JV with Sharp Japan, Trusmadi Sdn
Bhd and the Roxy Group of Companies, the Company (TRI) made a
bold move in 1993 to divest its non-telecommunications related
businesses and focus solely on telecommunications related areas.

In line with its vision of becoming a fully integrated
communications company, TRI has since undergone further
restructuring that has seen the development of seven core
business thrusts namely mobile services, transmission,
international gateway, fixed network, value added
services/multimedia applications, data group/other services and
international ventures.

The Group's telecommunications operations are carried out
through subsidiary Cellular Communications Network (Malaysia)
Sdn Bhd (Celcom), the first private operator involved in
cellular telecommunication besides Telekom Malaysia Bhd. Entry
into the international telecommunications scene followed via JVs
and other arrangements with companies in Cambodia, China,
Tanzania, Bangladesh and Canada.

The Company is currently in the final stage of a debt
restructuring exercise in respect of US$375 million convertible
bonds and RM50 million Danaharta loan. A consolidated trust deed
agreement was signed on November 23, 2000 with the trustee of
the bondholders which stipulates revised terms and conditions of
the Company's financial obligation. The trust deed is pending
approval from shareholders and the relevant regulatory
authorities.

Subsequent to this, the Company, on June 28, 2001, announced to
undertake a proposed restricted issue, rights issue, early
redemption option, debt refinancing and internal restructuring.
The early redemption option proposal is with regards to the
restructured US$200 million bonds due 2004 (now US$ variable
rate bonds due 2002), restructured US$175 million bonds due 2004
(now US$ variable rate bonds due 2002) and restructured RM50
million overdraft and revolving credit facility with Danaharta
Urus Sdn Bhd.  The proposed debt refinancing is with regards to
the debt obligations of Celcom (Malaysia) Sdn Bhd of
approximately RM2 billion.

Pursuant to the proposed internal reorganization, Celcom would
become the new holding company, which would assume the listing
status of TRI and emerge as the new listing vehicle of the
restructured TRI Group.

CONTACT INFORMATION: 23rd Floor, Technology Resources Tower
                     (Letter Box No 24)
                     161B Jalan Ampang
                     50450 Kuala Lumpur
                     Tel: 03-2619555
                     Fax: 03-2632018



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


BAYAN TELECOMMUNICATION: In Tie-Up Talks With Foreign Groups
------------------------------------------------------------
Bayan Telecommunications Inc. (BayanTel) is currently in
alliance talks with some foreign groups in Asia involved in
telecommunications, reports the Philippine Star, citing BayanTel
Chief Finance Officer Gary Olivar.

The Company also expects to enter into a restructuring agreement
with its creditors (banks and bondholders) involving half a
billion dollars in debts by 2003.

The Company, which is still saddled with about $477 million in
debts due to massive telecommunications infrastructure
investments in the mid-90s, also plans to invest about a billion
pesos this year and more next year for data products and
services.


BAYAN TELECOMMUNICATIONS: Sees FY02 Net Loss of P2.4B
-----------------------------------------------------
Bayan Telecommunications Inc. expects to narrow its full year
net loss to 2.4 billion pesos due to lower interest rates and
improved operations, AFX Asia reports, citing Chief Finance
Officer Gary Olivar.

Olivar said the Company will be "conservative" in capital
expenditures though other officials of the Company have said the
capex budget for next year will be higher than this year's 1
billion pesos.

"We've spent almost all of the 1 billion pesos (capex for the
year) but we have to be conservative since we don't have the
support of the banks. There will be some (funds) left over," he
said.

Olivar said earlier restructuring talks with BayanTel's
creditors "continue to progress."

The Company does not expect financial support from parent
Benpres Holdings Corporation, which is also seeking to
restructure debt of about US$600 million.

BayanTel owes creditors a total of US$477 million.


BENPRES HOLDINGS: Chief Strategist Christian Monsod Resigns
-----------------------------------------------------------
Benpres Holdings Corp Chairman Oscar Lopez said Christian Monsod
is stepping down as the Company's Chief Strategist, reports the
AFX Asia.

Monsod will however remain a member of Benpres unit Manila
Electric Co's Board and Chairman of the Meralco board's
Oversight Committee on regulatory matters.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_benpres1108.pdf

DebtTraders reports that Benpres Holdings' 7.875 percent bond
due in 2002 (BENP02PHS1) trades between 53 and 58. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BENP02PHS1


DMCI HOLDINGS: Delisting of Shares in PSE
-----------------------------------------
DMCI Holdings announced that a total of 2,850 preferred shares
redeemed for the month of October should be delisted from the
official registry of the Philippine Stock Exchange effective
Wednesday, November 6, 2002.

This brings the number of the Company's outstanding preferred
shares to 567,320.


PILIPINO TELEPHONE: Operating Loss Down 32%
-------------------------------------------
Pilipino Telephone Corporation (Piltel) recorded an operating
loss of 2.2 billion pesos in the first nine months of 2002, a
decrease of 36 percent from the operating loss of 3,486.6
million pesos for the same period a year ago, citing a Company
statement to the Philippine Stock Exchange.

Net other expenses decreased from 16.1 billion pesos in the
first nine months of 2001 to 615 million pesos in the first nine
months of 2002 resulting from an asset impairment charge of 13.9
billion pesos and restructuring costs of 764.4 million pesos
incurred in the first half of 2001 as well as lower interest
expenses arising from the implementation of the debt
restructuring in June 2001.

The net loss for the first nine months of 2002 was 2.8 billion
pesos, compared to a net loss of 19.5 billion pesos in the same
period last year.



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


KIM ENG: Unit Goes Into Liquidation
-----------------------------------
The Board of Directors of Kim Eng Ong Asia Holdings Limited
announced that its wholly-owned subsidiary, KEFHKL, has been
placed in Members' Voluntary Liquidation on November 7, 2002 and
that Alan C W Tang and Alison Wong Lee Fung Ying of Grant
Thornton have been appointed liquidators of the said unit.

KEFHKL has been inactive since it discontinued its principal
activity of money lending upon the expiry of its moneylender's
license on July 16, 2001.

The voluntary liquidation of the said subsidiary will not have
any material effect on the net tangible assets and earnings per
share of the group.


MULTINATIONAL TELECOM: SEC Files Criminal Charges Against Owners
----------------------------------------------------------------
The Securities and Exchange Commission (SEC) will file before
the Department of Justice this week a criminal complaint against
the owners Saturnino and Rosario Baladjay and Directors of
Multinational Telecom Investors Corporation (Multitel) for
alleged fraudulent activities, reports the Philippine Star.

Jose Tomas Syquia, head of the SEC's Compliance and Enforcement
Department, said the SEC has been receiving complaints form
various individuals claiming they have been victimized by
Multitel and had been issued bouncing checks.

"We're already preparing the complaint. We will file it this
week," Syquia said.

However, Syquia did not say how many investors have already
formally filed a complaint against the Company.

Earlier reports said over 500 investors had already filed
individual complaints with the SEC against Multitel. Investors
include a group of doctors from St. Lukes Hospital, Manila
Sanitarium and Jose Reyes Medical Center.

The commission has already asked the Bureau of Immigration (BI)
to issue a hold-departure order against officers of Multitel who
can no longer be located by investors. SEC sources said the
couple might now be staying either in Bataan or Batangas. The
BI, however, has yet to act on the SEC's request.


NATSTEEL LTD: Clarifies "Refuses To Delay EGM" Report
-----------------------------------------------------
Natsteel Limited refers to the above article, which appeared in
the Straits Times on November 7, 2002.

The Straits Times article said (in paragraph 3) that ". this
(EGM) meeting is, to all intents and purposes, pointless since
the key people behind the management buyout, Mr Ang and two of
his lieutenants, decided to throw in their lot with rival bidder
98 Holdings last week".

We wish to clarify that it is important that Shareholders attend
and vote at the EGM. Shareholders are reminded that they still
have the choice between two competing offers:

- the proposed sale of Target Assets to CCL; and
- the 98 Holdings Offer.

Whether shareholders support the Proposed Sale, support the 98
Holdings Offer or wish to reject both offers, their vote on the
resolutions tabled at EGM may, in part, determine the outcome of
both offers.

If Shareholders wish to approve the Proposed Sale, they should
vote for all the resolutions tabled at the EGM.

If shareholders wish to accept the 98 Holdings Offer, they
should send in their acceptances of the 98 Holdings Offer AND
vote against all the resolutions tabled at the EGM. This is
because if all the resolutions tabled at the EGM are approved,
the 98 Holdings Offer may lapse as 98 Holdings has made it a
condition (amongst others) to their offer that the Proposed Sale
is voted down at the EGM (unless such condition is waived by 98
Holdings).

If shareholders wish to reject both the Proposed Sale and the 98
Holdings Offer, they should, amongst other things, vote against
all the resolutions tabled at the EGM.

Shareholders who do not vote at the EGM may therefore be leaving
the determination of the outcome of the two offers to the
Shareholders who attend and vote at the EGM.

Shareholders are therefore urged to attend and vote at the EGM.
Further details of the actions that should be taken by
Shareholders in determining the outcome of the two offers are
contained in the EGM Circular, the NatSteel Offeree Board
Circular and the cover letter dated 6 November 2002 to
Shareholders accompanying the EGM Circular and the NatSteel
Offeree Board Circular (the NatSteel Cover Letter).

The Company would be grateful if you would print this letter and
the enclosure as a response to the article referred to above.

For a copy of NatSteel's Cover Letter, click on
http://bankrupt.com/misc/tcrap_natsteel1108.pdf


NATSTEEL LTD: Recommendation of Financial Adviser, Winding Up
-------------------------------------------------------------
The Offeree Board Circular containing the advice and
recommendation of the independent financial adviser to the
independent directors of Natsteel Limited and the recommendation
of the independent directors of the Company on the 98 Holdings
Offer and the Crown Offer, has been dispatched to the
shareholders (the Shareholders of NatSteel) on Friday.

Despatch of Notice of Extraordinary General Meeting and EGM
Circular

The Board said that the EGM Circular has been dispatched to
Shareholders on November 8.  The EGM Circular contains, inter
alia, information relating to the Proposed Sale and the
Voluntary Liquidation.  The notice of EGM enclosed therein sets
out details of the resolutions to be tabled at the EGM to be
convened on 4 December 2002.

Waiver of Singapore Exchange SGX Listing Rule 1303(3)
Under Section 255(1) of the Companies Act, Chapter 50 of
Singapore (the "Singapore Companies Act, the liquidation of a
Company shall be deemed to have commenced at the time of the
passing of a shareholders' resolution for liquidation.

As such, if and only when the requisite Shareholders' approval
is obtained at the EGM in respect of the resolutions tabled
thereat (including a special resolution relating to the
Voluntary Liquidation), the Voluntary Liquidation of the Company
will commence.

Pursuant to Rule 1303(3) of the Singapore Exchange Securities
Trading Limited SGX Listing Manual, the SGX may at any time
suspend the trading of listed securities of an issuer if that
issuer's ability to continue as a going concern is in doubt.
Accordingly, the SGX may suspend the Shares once the requisite
Shareholders' approval is obtained at the EGM in respect of the
resolutions tabled thereat.

If the Shares are so suspended at that stage, it would preclude
optionholders (the Optionholders) under NatSteel's executive
share option scheme (the ESOS) from an opportunity to monetize
their new Shares (issued upon any exercise of such of their
options) which may be exercizable then under the ESOS) in the
market until the Company makes the relevant cash distributions,
pursuant to the Voluntary Liquidation, in 2003.

Therefore, the Company has written to and obtained approval and
confirmation from SGX that if and only when the requisite
Shareholders' approval is received at the EGM and the Voluntary
Liquidation commences as a result thereof, the Shares (including
the new Shares issued pursuant to the exercise of options under
ESOS) will be permitted to continue trading for 10 market days
(the Period after the commencement of the Voluntary Liquidation
of the Company).

In this respect, Shareholders and Option holders should note
that under the Singapore Companies Act, any transfer of shares
in a Company after the voluntary members' winding-up of that
Company has commenced should be void, unless made with the
sanction of the liquidators appointed over that Company.
Accordingly, the consent of any liquidators to be appointed in
respect of the Voluntary Liquidation must also be obtained for
any such proposed trading of Shares during the Period.


NATSTEEL LIMITED: Post Notice of Shareholder's Interest
-------------------------------------------------------
Natsteel Limited posted a notice of substantial shareholder
Temasek Holdings (Private) Ltd's interest:

Date of notice to Company: 07 Nov 2002
Date of change of deemed interest: 06 Nov 2002
Name of registered holder: Please see Appendix
Circumstance(s) giving rise to the interest: Others
Please specify details: Deemed Interest - Acceptance Of Takeover
Offer

Shares held in the name of registered holder
No. of shares of the change: 70,847
% of issued share capital: 0.02
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$2.00
No. of shares held before change:
% of issued share capital:
No. of shares held after change:
% of issued share capital:

Holdings of Substantial Shareholder including direct and deemed
interest
                                  Deemed     Direct
No. of shares held before change: 57,339,417 29,300,000
% of issued share capital:        15.6       7.97
No. of shares held after change:  57,410,264 29,300,000
% of issued share capital:        15.62      7.97

Total shares:                     57,410,264 29,300,000

Based on 367,643,237 shares as of November 5, 2002.


NATSTEEL LIMITED: Revises Statement of Prospects
------------------------------------------------
The Board of Directors of Natsteel Limited announced the
following Revised Statement of Prospects (as defined and set out
in the Offeree Board Circular)

1) On 5 August 2002, in the announcement of the unaudited
results of the Group for the six months ended 30 June 2002, it
was stated, inter alia, that:

"The Group's Steel and Construction Products businesses mainly
serve the construction industry in Singapore and the regional
countries.  Construction demand in these markets continues to
remain soft while the China market is expected to maintain a
moderate growth rate.

International steel prices for long products have increased due
to a combination of rising scrap prices as well as shifts in
supply and demand arising from the imposition of selective
import duties by the United States.  In Singapore, steel prices
have firmed since mid-2002 together with those for raw materials
but prices of other building materials including cement and
related products remain depressed.

Steel Division

Benefits from recently contracted tonnages at better prices are
expected to filter through over the next six months.  However,
higher feed costs will moderate these gains.  Contributions from
regional mills are expected to be lower due to keener
competition, especially in China and Vietnam.  Overall, the
Steel Division is expected to at least maintain its first half
performance.

Industrial Division

Weak market demand, especially in Singapore for cement/ready-mix
and precast elements will result in losses for the Construction
Products group in the second half.  However, the Chemicals and
Engineering groups are expected to improve on their first half
performances.  Overall, the Industrial Division is expected to
incur losses for the next six months.

Electronics Division

Subject to customers' demand, BJ should be able to maintain its
first half performance.

The Group

The Group's continuing businesses registered a pre-tax profit of
$16.1 mil for the six months ending 30 June 2002.  Barring
unforeseen circumstances, the Directors expect that this
performance can be maintained for the second half of this year.
Together with the realized and anticipated gains from disposal
of the Group's stakes in NatSteel Broadway and NatSteel Brasil
respectively, the Group's total pre-tax profit is expected to be
substantially higher." Previous Statement

The Previous Statement was not made in connection with the
Offer.  The Directors have not issued a profit forecast for the
NSL Group for FY2002 in connection with the Offer.

The Previous Statement is now superseded by the Revised
Statement of Prospects.

Since the announcement of the Group's unaudited results for the
six months ended 30 June 2002, there have been certain
developments, which in the view of the Directors require a
refinement of the Previous Statement.  These developments
include the following: -

"Prospects - Continuing businesses

Electronics Division - Based on current levels of performance,
the division is now expected to perform better than in the first
half year.

The Group's continuing businesses registered a pre-tax profit of
$16.1 million for the six months ending 30 June 2002.  Barring
unforeseen circumstances, the Directors expect that this
performance can be maintained for the second half of this year.

However, profit after tax but before exceptional items for
continuing businesses is expected to be significantly lower in
the second half year than the S$18.5 million in the first half
year.  This is due to the reversal of excess tax provisions and
the recognition of deferred tax assets, which resulted in a tax
credit in the first half year. The Group expects to record a tax
expense in the second half.

Exceptional Items and tax

a) Provision for impairment in property, plant and equipment
- As set out on page 10 of the Offeree Board Circular, based on
the reports of Chesterton International Property Consultants Pte
Ltd, the valuation of Raffles Marina varies from S$68.0 million
to S$25.5 million depending on the number of new members it is
able to secure.  At the year-end, the Group will assess whether
any impairment writedown is required based on their assessment
of the future market for the sale of club memberships.

b) Potential loss of tax benefits- As at 31 December 2001,
the Group had tax losses of $89.0 million and capital allowances
of $16.0 million available for carry forward to offset against
future profits.  Certain of these losses and capital allowances
may be lost if there is a substantial change in the ultimate
beneficial shareholding of NatSteel Limited, unless a specific
waiver is obtained from the relevant tax authorities.  In
addition to the loss of the tax benefits, should there be a
substantial change in such shareholding prior to 31 December
2002, the Group will record, in the Income Statement for the
year ending 31 December 2002, an additional tax charge of
approximately S$7.5 million in respect of tax losses recognised
to-date.

c) Provision for investment in associated companies - At 30
September 2002, the Group took an exceptional charge of S$11.5m
in respect of provision for diminution in value of two
associated companies, to reflect the lower market values of a
quoted associated Company and the property held by an associated
Company respectively.

d) Transaction costs in respect of the proposed sale of
assets and shares - The Company has and will continue to incur
costs in respect of advisors' fees relating to the Proposed
Sale, the 98 Holdings Offer and any other competing offer which
may emerge, and any termination fee (as further discussed in
Section 3.1.4 of the EGM Circular) which the Company may have to
pay CCL.  The estimated costs incurred up to 31 December 2002
will be charged to the Income Statement for the year.

However, given the gains arising on the sales of NatSteel
Broadway and NatSteel Brasil, the Directors still expect the
profit after tax and exceptional items for the year to be
significantly higher than the previous year."  (the Revised
Statement of Prospects).

2) The Revised Statement of Prospects, for which the
Directors are solely responsible, was arrived at on bases
consistent with the accounting policies normally adopted by the
NSL Group and has been made based on the following assumptions:

(a) There will be no material changes in existing political,
legal or regulatory conditions affecting the activities of the
NSL Group, the industries or the countries in which the NSL
Group operates.

(b) There will be no material adverse effect from any changes
in the economic and financial positions of the NSL Group, its
suppliers and its customers.

(c) There will be no material changes in the principal
activities of the NSL Group.

(d) There will be no significant changes in the existing
management, organization structure and operational policies of
the NSL Group.

(e) There will be no material changes in the substantial
shareholders of NSL.

(f) There will be no material change in the bases or rates of
taxation, provident fund contributions, tariffs, duties, and
interest rates from those prevailing and which may affect the
NSL Group's performance.

(g) There will be no material change in inflation rates.

(h) There will be no material change in the prevailing foreign
currency exchange rates applicable to the NSL Group.

(i) Except for the disposal of NatSteel Broadway/NatSteel
Brasil, there will be no significant acquisitions or disposals
of subsidiaries, associated companies or investments by the NSL
Group.

(j) There will be no significant disruptions arising from
industrial or commercial disputes, or the supply of labour or
any other causes that will affect the operations, profitability
and financial position of the NSL Group.

(k) There will be no material changes in the costs of raw
materials and supplies, labour costs, overheads and other costs
from those currently prevailing.

(l) There will be no exceptional circumstances that require
provisions to be made by the Company nor the NSL Group in
respect of any material contingent liability, litigation or
arbitration, threatened or otherwise, abnormal bad debts,
uncompleted contracts or other assets, other than those already
provided in the accounts or disclosed.

(m) There will be no material changes in accounting policies
of the NSL Group.

The Board will continue to keep Shareholders informed as
developments warrant.  In the meantime, the Shareholders are
advised to refrain from taking any action in relation to their
shares in the Company, which may be prejudicial to their
interests.

The Directors of the Company (including those who have delegated
detailed supervision of this announcement) have taken all
reasonable care to ensure that the facts stated in this
announcement are fair and accurate, and that no material facts
have been omitted and they jointly and severally accept
responsibility accordingly.

Where any information has been extracted from published or
otherwise publicly available sources or is otherwise provided by
or on behalf of other parties, the sole responsibility of the
Directors of the Company has been to ensure that such
information has been accurately and correctly extracted from
such sources or as the case may be, accurately reflected or
reproduced in this announcement.

For further information, please contact:

Financial Adviser

Salomon Smith Barney Singapore Pte Ltd
Tel: +65 6432 1240

Richard Seow (Managing Director)
Chang Tou-Chen (Director)
Feisal Zahir (Vice President)

Communications Adviser:
Weber Shandwick Singapore
Tel: +65 6825 8000

Andrew Pirie (Co-President, Asia Pacific)
Peter Poulos (Senior Vice President)
Ng Chip Keng (Account Director)
DID: +65 6825 8084, Mobile: +65 9623 2166, Email:
ckng@webershandwick.com


WEE POH: Enters Transaction With Yen Yee
----------------------------------------
Pursuant to Clause 905(2) of the Listing Manual, the Board of
Directors of Wee Poh Holdings Limited announced that for the
period of July 1, 2001 to June 30, 2002, the Group had entered
into transactions with Yen Yee Construction Company (Yen Yee)
amounting to $1,012,483-46. Yen Yee is an "Interested Person" as
defined under Clause 904(4) of the Listing Manual being a
partnership comprising of Messrs Chua Leong San, See Yu Chuan,
Chew Tian Tong and Chew Eng Chong, the latter two being the
brothers of Mr Chew Yin What, who is the Chairman of the Board
and one of the substantial shareholders of the Company.

Based on the Group's latest audited accounts as at 30 June 2001,
the net tangible asset value of the Wee Poh Group is
approximately $20,415,925. The first threshold of 3 percent of
this value would be approximately $612,478 and the second
threshold of 5 percent of this value would be approximately
$1,020,796.

The transactions with Yen Yee were in respect of sub-contract
works for the Group's projects at TPE/Sengkang, Bukit Timah and
PIE/Adam Road. The contracts were awarded to Yen Yee based on a
review of several factors by the Group's tender committee
amongst which were Yen Yee's labour adequacy, past and relevant
experience, capability and tender price. The Directors are of
the view that sub-contracting the works to Yen Yee in respect of
the projects at TPE/Sengkang, Bukit Timah and PIE/Adam Road
enhances the overall cost effectiveness of the Group.

The Audit Committee has confirmed that the transaction was
conducted at arm's length and on normal commercial terms and is
not prejudicial to the interests of the Company and its minority
shareholders.

The Troubled Company Reporter-Asia Pacific reported that the
Company recorded a net loss, after tax and minority interests,
of S$17.6 million in the financial year ended 30th June 2002, of
which S$10.3 million is attributable to actual cost exceeding
internal projections in the Group's major projects.

In addition, provision was made for doubtful debts as well as
bad debts being written-off amounting to S$6.6 million. Finally,
the Group suffered a loss of S$1.4 million arising from the
disposal of fixed assets.



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T H A I L A N D
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ADVANCE PAINT: Ups Sales Target Following Debt Plan's Approval
--------------------------------------------------------------
Advance Paint & Chemical (Thailand) Plc, known for its Dutchboy
paint brand, is confident it can reach sales revenues of Bt250-
300 million next year.

APC managing director Preechai Punakasame told The Nation
recently that Cementhai Marketing, a unit of the Siam Cement
Group, has agreed to return as its distributor.  He believes
this will help the company achieve significant sales increases
in 2003.

APC's sales are expected to total Bt50 million this year. The
company completed a debt-restructuring agreement with the Thai
Asset Management Corporation early last month, after
rehabilitating its business operations since 1997.

To finance expansion of its business operations, APC plans to
issue a total of 250 million warrants next June, Mr. Preechai
told The Nation.  The Thai paint market is expected to grow by
10 percent to Bt8.5 billion next year.




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

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

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

This material is copyrighted and any commercial use, resale or
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